As a seasoned trader with years of experience under my belt, I find myself constantly scanning the crypto market for promising opportunities. In this case, Dogecoin (DOGE) seems to be playing a game of cat and mouse with its 20-day SMA, which is acting as both resistance and support. The current session sees DOGE up by almost 1%, and I believe that buyers are making a strong effort to push it above the moving average and towards $0.115. However, sellers are not backing down easily, and they could potentially drive DOGE back below $0.110 if they manage to regain control.
On weekends, Bitcoin (BTC) experienced a rebound, dipping below $60,000 momentarily before rising. Over the last day, it has increased nearly 3% and is currently trading near $64,500, with investors hoping to push it towards $65,000. Similarly, Ethereum (ETH) saw a substantial increase over the same period, rising nearly 3%, and surpassing the $2,500 price point for the first time.
Kicking off the week, I’ve noticed a robust performance in the crypto markets, with almost every major digital currency showing gains. Solana (SOL) is seeing a nearly 5% surge, while Ripple (XRP) has climbed by 0.5%. The collective market cap of cryptocurrencies has also risen by 1.45%, currently standing at an impressive $2.22 trillion.
Bitcoin (BTC) Reserves Plummet To All-Time Low
Bitcoin (BTC) holdings at exchanges have reached an all-time low, suggesting that more investors are opting to keep their BTC rather than leaving it on platforms or offloading it. This decrease in exchange reserves is usually interpreted as a positive sign and indicates less pressure to sell the asset. Long-term Bitcoin enthusiasts remain active buyers, whereas short-term holders exhibit signs of selling.
Based on expert analysis, it appears that overall tendencies could stay optimistic if we take into account the investing habits of experienced players and the dwindling Bitcoin reserves in circulation. Regardless of Bitcoin’s current price fluctuations, its underlying foundation seems strong and resilient.
Russian Bitcoin Mining Hotspot To See Energy Boost
The Russian Bitcoin mining hub of Buratiya is set for an energy overhaul, as a modernized heat and electricity generating power plant is scheduled to start operations by 2029. As reported by the state-run news agency, this upgrade will enable Buratiya to build up a power reserve, thereby assisting Ulan-Ude, the regional capital, in managing rising demand on its power grid.
As an analyst, I’ve observed a significant surge in cryptocurrency mining activities in the Buratiya region, which has reportedly put a heavy strain on the local power grid. This observation aligns with Russian President Vladimir Putin’s statement about increased pressure on power grids in certain areas due to Bitcoin (BTC) mining. The Gusinoozerskaya TTP, serving the Buratiya region, faced damage in 2022 when a transformer failure and subsequent fire caused a power outage. Despite this setback, local officials remain optimistic about the plant’s potential to provide an extra power reserve for the region and even potentially supply electricity to Mongolia once it’s fully operational.
We’ll be able to install two extra power generators at Gusinoozerskaya. This expansion will provide an extra energy reserve.
Robert Kiyosaki And The Everything Crash
Renowned author Robert Kiyosaki has predicted a catastrophic stock market crash and the collapse of the “Everything Bubble.” Kiyosaki pointed out that gold is at an all-time high, but high gold prices mean investors are becoming pessimistic and moving to safer and more defensive assets, adding that higher gold prices are not necessarily a good sign, and he was expecting a major stock market crash.
If a significant drop in the stock market happens – something the renowned author foresees due to the prolonged period of high stock market values – it’s not great news for individuals who haven’t invested in gold, silver, or bitcoin. He advises people to educate themselves, join investment groups, and keep an eye out for post-crash deals. In a few years, once another bull market emerges, you’ll likely be among the wealthier, wiser investors.
Kiyosaki also warned of the “Everything Bubble” in a follow-up post, stating,
It’s predicted that the ‘Everything Bubble’ will burst, leading to a widespread collapse. In simpler terms, all assets like gold, silver, and bitcoin may experience a significant downturn.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) registered a sharp recovery over the weekend, allowing it to reclaim the $63,000 price and $64,000, as investor fears regarding inflation cooled. The cryptocurrency shot up over 7% after dropping below $60,000 on Friday, although the asset is stuck in a multi-month consolidation phase, which extends in a wide range of $55,000 to $71,000. BTC is looking to break out of its recent bearish phase, which began at the end of September after a failed attempt to push above $66,000. As a result, it dropped to a low of $59,907 on October 3 before recovering and settling at $60,802.
By the beginning of the previous week, BTC reached a high of $64,481 as buyers pushed it above the 20 and 200-day SMAs. However, with intense selling pressure at this level, BTC turned bearish as sellers pushed the price back below the moving averages to $62,253, a drop of 0.95%. By Thursday, BTC slipped below the 50-day SMA and dropped to a low of $58,927, losing the crucial $60,000 support level. However, buyers pushed the price back above $60,000, eventually settling at $60,312, a drop of 0.52% compared to the previous day.
On Friday, Bitcoin bounced back from its support levels, showing a robust recovery that led to a 3.54% increase, taking it above the 50-day Simple Moving Average (SMA) and setting it at $62,446. Buyers aimed to propel BTC even higher, attempting to surpass both the 20 and 200-day SMAs, but their efforts were halted when Bitcoin reached a peak of $63,430 for the day. On Saturday, BTC continued its ascent, rising by 0.98% above the 20-day SMA to reach $63,055. However, the 200-day SMA served as a resistance level, causing Bitcoin to slide back into negative territory on Sunday. It dipped to a low of $61,787 before recovering and settling at $62,635 following a 0.67% decline.
The current session sees BTC up by 2.35% and trading just above the $64,000 mark after markets made a strong start to the new week, with inflation fears cooling. BTC is currently trading above the $64,000 level. Buyers will look to build momentum and push BTC past $65,000. Should such a move materialize, BTC could push towards $70,000. On the other hand, sellers will look to push BTC back below the 20 and 200-day SMAs. If the price dips below the moving averages, it could drop back to $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is currently up by almost 3% over the past 24 hours, having made a strong recovery after a relatively muted price during the previous week. ETH had started the month on a bearish note after dipping below the 20 and 50-day SMAs on October 1. While the price stabilized around the $2,300 mark despite attempts by sellers to drag the price lower, buyers had been unable to build momentum and push ETH above the moving averages and $2,500. By Wednesday, sellers had managed to drag ETH to a low of $2,369 as bearish sentiment around ETH intensified.
On Thursday, ETH reached its lowest point for the day at $2,330 but managed to rebound as more buyers joined in, closing the day at $2,384, marking a 0.65% increase. The trend continued on Friday with ETH rising by 2.27%, ending the day at $2,438. Despite this, it failed to surpass the 50-day Simple Moving Average (SMA). On Saturday, after reaching $2,447, ETH went above the 50-day SMA for the first time, but sellers stepped in at that level causing ETH to dip back into negative territory on Sunday. It dropped to a low of $2,438 before closing at $2,468, representing a 0.37% decrease.
As a crypto investor, I’m pleased to see the markets kicking off the week with optimism, and Ethereum (ETH) is no exception. It’s currently surging by nearly 3%, breaking through the significant $2,500 barrier. This surge can be attributed to China’s dovish inflation report, which seems to have acted as a trigger, spurring this recovery in the crypto market for the first time since October 14 when ETH last breached the $2,500 level.
Solana (SOL) Price Analysis
Over the weekend and through today, Solana (SOL) has experienced significant growth, with an approximately 4% increase in the last 24 hours. This upward trend follows a strong rebound in the crypto market after a challenging week.
After dipping to $139, SOL experienced a significant resurgence on Friday, surging nearly 5% and reclaiming positions above $140 and the 50-day Simple Moving Average at $145. The weekend saw a gradual increase in SOL’s value, though the price movement was somewhat subdued due to substantial selling activity. In spite of this selling pressure, SOL managed to climb by 0.66% on Saturday and 0.91% on Sunday, concluding the weekend at $147. The current trading session finds bulls in command as they strive to maintain SOL’s position above $150 and surpass the 200-day Simple Moving Average.
Ripple (XRP) Price Analysis
The price movement of Ripple (XRP) remains subdued, as it moves horizontally within the market rather than making significant progress, despite a general upturn in the crypto sector. Since dipping beneath its 200-day Simple Moving Average (SMA) on October 2 and reaching a low of $0.507 on October 3, XRP has been stuck in this horizontal pattern. Although it enjoys a solid support level at $0.50, which has halted any further price drop, buyers have failed to gather enough strength to surpass the 200-day SMA, which now serves as a barrier of resistance. The latest effort by XRP to rise above this 200-day SMA was on Thursday, when it peaked at $0.544 for the day.
Despite trying, XRP was unable to surpass its 200-day Simple Moving Average and closed at $0.530 on Friday following a 1.24% growth. On Friday itself, XRP climbed higher by 1.55% to reach $0.538. The pressure to sell increased over the weekend, resulting in only a small rise for XRP on Saturday before it dipped back into negative territory, ending the weekend at $0.432 after a decline of 1.35%. Currently, in the ongoing session, XRP is up by 1.13%, aiming to make another effort to surpass its 200-day Simple Moving Average.
Dogecoin (DOGE) Price Analysis
Over the weekend, Dogecoin (DOGE) surpassed $0.110 and is currently trying to break through its 200-day Simple Moving Average (SMA), as market activity remains high due to buyers and sellers vying for control. The well-known meme coin rebounded after reaching a low of $0.102 on Thursday, dipping below the 50-day SMA and an essential support point. However, the buyers managed to push the price back above the moving average, causing DOGE to close at $0.106 following a decrease of 1.67%. Despite ending in the negative on Thursday, Dogecoin experienced a significant recovery on Friday, climbing nearly 5% and settling at $0.111.
Over the weekend, Dogecoin (DOGE) saw a minimal increase on Saturday before falling again on Sunday, closing at $0.111. Today, DOGE is nearly 1% higher, aiming to break above its short-term resistance, the 20-day Simple Moving Average (SMA), and reach $0.115. Conversely, sellers are trying to pull DOGE below the 20-day SMA, down towards $0.110. If DOGE falls beneath this point, it may drop as low as $0.106, where the 50-day SMA could provide support for the price.
Polkadot (DOT) Price Analysis
Polkadot (DOT) is showing signs of a robust comeback as it aims to surpass its 20 and 50-day moving averages, following a promising start to the current week. On Wednesday, DOT dipped below the significant $4 mark due to selling pressure that pushed it down to $3.95. However, it swiftly rebounded above $4 and ended at $4.02. On Thursday, sellers momentarily pulled DOT back below $4, but a strong recovery ensued, resulting in a 1.49% increase and a closing price of $4.08. The upward trend continued on Friday, with DOT gaining 2.21%, reaching $4.17.
Price action was mixed over the weekend as DOT reached a high of $4.26 on Saturday before dropping and settling at $4.20 after an increase of 0.72%. Despite a strong recovery, DOT fell back in the red on Sunday thanks to strong resistance at $4.20. Sellers dragged the price to a day low of $4.09 before DOT recovered marginally and settled at $4.16, a drop of 0.95%. The current session sees DOT up by 2.40%, with the price having pushed to $4.26. Buyers will look to push DOT above the 20 and 50-day SMAs. We could see a surge to $4.50 if it can move past these levels. A break above $4.50 could set DOT on the way to $5. However, should sellers retake control, DOT could drop back to $4.
Injective (INJ) Price Analysis
Injective (INJ) has started the week on a bullish note despite falling into the red over the weekend and experiencing considerable volatility. INJ dropped to a low of $18.53, slipping below $20 and the 50-day SMA after a highly bearish week. Buyers were able to push INJ up marginally as it ended Thursday at $19.20. INJ made a strong recovery on Friday, rising by 6.43%, reclaiming $20 and going above the 50-day SMA to settle at $20.44. Buyers attempted a move past the 20-day SMA on Saturday as INJ reached a day high of $21.05.
Despite facing heavy selling pressure, INJ failed to rise above its moving average. This caused buyers’ momentum to wane, causing INJ to drop from its daily high and end at $20.42. Sellers tried to push INJ below the 50-day Simple Moving Average (SMA) on Sunday, taking it down to $19.66. However, it bounced back from this level, closing at $20.30 with only a minor decrease. The current session finds INJ up by 6%, thanks to a robust recovery in the crypto market. Buyers aim to push INJ beyond the $21.50 resistance level. If they succeed, INJ could reach $23, where the 200-day SMA may pose a challenge.
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2024-10-14 14:18