As a seasoned trader with years of experience under my belt, I find myself constantly analyzing market trends and making informed decisions based on my observations. Let’s dive into the price action of these three cryptocurrencies: Chainlink (LINK), Ripple (XRP), and Hedera (HBAR).
This week, Bitcoin (BTC) surpassed $67,000 following a nearly 3% surge over the last day and an approximately 8% gain over the past week. The crypto market’s ongoing recovery is boosting its impressive run. Meanwhile, Ethereum (ETH) remains above $2,600, experiencing close to a 7% increase over the past week, with traders targeting the potential $2,700 milestone.
Most significant digital currencies, such as Dogecoin, Litecoin, Bittensor, and FET, have been on an upward trend, registering considerable growth. This has led to a 1.59% increase in the total market capitalization of cryptocurrencies, which now stands at approximately $2.31 trillion.
Pauline Shangett, ChangeNOW’s Chief Marketing Officer, pointed out that much like the surge in U.S. equities, the recent upsurge in cryptocurrency prices could be attributed to favorable economic indicators from China and the United States, along with a resurgence in investor interest. This has sparked speculation about a possible future reduction in interest rates by the Federal Reserve. Despite Bitcoin’s temporary dip after its initial growth, Shangett is optimistic that reaching $70,000 is now a realistic possibility. She further stated, “The next potential resistance level might be around $73,000. Overcoming this hurdle could trigger significant buying activity, potentially propelling Bitcoin towards the $80,000 to $86,000 price range.
More Positions Liquidated As Bitcoin (BTC) Surges Past $67,000
Bitcoin (BTC) momentarily reached a high of approximately $67,922 and is currently trading above $67,000. This represents an increase of nearly 8% over the past fortnight. As for October’s performance, BTC has yielded almost a 4% return so far. The surge in Bitcoin also resulted in the liquidation of approximately $32 million worth of short positions, while the overall crypto derivatives market witnessed a loss of around $289 million, with $160 million being short positions.
The surge in BTC and the broader market could be linked to China’s recent economic stimulus package, as analysts predict that investors may shift their focus from Chinese stocks towards cryptocurrencies. Despite China’s attempts to invigorate a sluggish economy, a recent policy meeting did not provide clarity on the exact amount of fiscal stimulus the government intends to implement. Market observers and economists continue to express skepticism about China’s ability to combat deflation.
It seems that the markets might interpret China’s economic stimulus as good news for Bitcoin, since there was an assumption that funds were shifting from Bitcoin to Chinese stocks, which could have negatively impacted cryptocurrency prices.
The ongoing US elections are fueling the surge in cryptocurrencies, as pro-cryptocurrency candidate Donald Trump has managed to narrow the gap significantly against Democratic candidate Kamala Harris, now standing almost evenly matched.
Improvements in Trump’s latest polling results may make the market more open to favorable news, potentially boosting its value.
Altcoins Follow Bitcoin (BTC)’s Lead
The surge in Bitcoin prices has resulted in increased values for most prominent cryptocurrencies, such as Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE). This rally suggests growing acceptance of cryptos due to broader economic shifts. Despite October being relatively stable so far, experts predict continued growth as the rally continues to build momentum. Analysts are also anticipating the upcoming “Uptober” surge, a term that typically refers to favorable price movements in October for Bitcoin. In fact, Bitcoin has experienced substantial gains in nine out of the last eleven Octobers.
Tesla Shifts $765 Million BTC To Unidentified Wallets
Tesla has transferred almost all of its Bitcoin (BTC) worth around $760 million to unknown wallets, sparking speculation it is planning on selling its holdings. Wallets linked to Tesla moved over 11,500 BTC to undisclosed wallets, with the company now holding only $7.64 in BTC. This marks the first time Tesla has accessed its Bitcoin wallets since selling most of its holdings in 2022.
The company acquired BTC in early 2021 when the asset was trading between $29,000 and $40,000. It explained the purchase as a way to increase flexibility in diversifying and maximizing returns on its cash reserves. However, it sold off a majority of its BTC holdings at a loss in early 2022.
Grayscale Adds DOGE To List Of Potential Crypto Products
Grayscale Investment Company has expanded its potential investment options by listing 35 different altcoins, such as Dogecoin, on their watchlist. This list was disclosed in a recent blog post, where the prospective tokens were divided into five main groups: Currencies, smart contract platforms, financials, cultures, and utilities. The majority of these assets belong to the smart contract platform category, with Grayscale selecting a diverse mix of networks like Aptos, Sei, Celestia, and Ethereum’s scaling solution Mantle.
Among the tokens from various networks, you’ll find Arbitrum (ARB), Cosmos (ATOM), Polygon (MATIC), Toncoin (TON), and Tron (TRX). Additionally, Grayscale is contemplating including three projects connected to Solana in their list: JUP, PYTH, and IMX.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) soared ahead during a bullish week, breaking through $67,000 to hit a peak of $67,881 on Tuesday, propelled by encouraging market updates. Given Bitcoin’s recent resurgence, analysts are contemplating whether it could potentially reach a new record high in October. Multiple indicators suggest that the Bitcoin trend might persist as optimism grows within the market. For three consecutive days, Spot Bitcoin ETFs have experienced inflows, with $253 million on Monday and $555 million on Tuesday, amounting to a total of $926 million over this period.
Over the past month, major Bitcoin holders (BTC whales) have been actively buying BTC. As per CryptoQuant’s data, these large investors are primarily stockpiling their BTC on platforms like Coinbase and Bitfinex, while Binance and Bybit have predominantly short positions. This trend suggests that while big players are accumulating more BTC, retail traders appear to be running out of steam. Additionally, the increase in bullish speculation has boosted open interest to a current level of $38.4 billion.
Observing the Bitcoin price graph, we notice that BTC rebounded significantly after dipping under the 50-day Simple Moving Average (SMA) and reaching a daily low of $58,927 on Thursday, eventually closing at $60,312. The recovery started for BTC on Friday, as it gained 3.54% to rise above the 50-day SMA and finish at $62,446. Attempts were made by buyers to surpass not only the 20-day SMA but also the 200-day SMA, however, these efforts were unsuccessful. The weekend commenced with BTC moving above the 20-day SMA following a 0.98% increase, thereby crossing $63,000 to reach $63,055.
Even though the 200-day Simple Moving Average served as a barrier for advancement, Bitcoin failed to rise higher on Sunday, instead dipping 0.67% to $62,635, falling below the 20-day SMA once more. The weekend ended bearishly for Bitcoin, but the beginning of the new week saw a bullish reversal due to a broader market upswing. Consequently, Bitcoin overtook both the 20 and 200-day SMAs, climbing above $65,000 and settling at $65,992 following a 5.36% increase. The asset experienced significant volatility on Tuesday as it confronted strong resistance at $66,000. This resistance caused Bitcoin to drop to a low of $64,779 before rebounding and rising by 1.53%, reaching $67,000, its highest point in weeks.
At present, Bitcoin (BTC) shows a slight decrease as both buyers and sellers compete for dominance. However, a bullish Moving Average Convergence Divergence (MACD) suggests that buyers hold the advantage, potentially causing BTC to climb further as market sentiment remains optimistic. If buyers can regain control of the session, Bitcoin could head towards $70,000 and potentially establish a new record high. Conversely, sellers aim to push the price below $65,000 and toward the 20 and 200-day Simple Moving Averages (SMAs). The Relative Strength Index (RSI) is approaching overbought territory; if it crosses above, a brief correction could occur before Bitcoin continues its ascent towards $70,000.
Ethereum (ETH) Price Analysis
In simpler terms, Ethereum (ETH) has experienced a halt in its recent recovery during the last two trading sessions due to buyers failing to gather enough strength to reach the $2,700 mark, which ETH was previously denied at yesterday. The latest surge for ETH started on Thursday and saw a minimal gain after dropping to $2,330. It closed the day at $2,384, showing an increase of 0.65%. On Friday, bullish momentum grew as ETH surpassed the $2,400 level, rising by 2.27% and ending the day at $2,438. Attempts were made to push above the 50-day Simple Moving Average (SMA) on Friday but were unsuccessful. ETH continued its upward trend on Saturday, surpassing the 50-day SMA to reach $2,477 after recording a 1.60% increase.
On Sunday, the buying force encountered considerable obstacles, causing them to lose their pace. This led Ethereum (ETH) to experience a slight decrease, ending at $2,468. The new week started off with ETH surpassing both its 20 and 50-day moving averages following a 6.54% rise, which also saw it go beyond $2,500 and $2,600 to close at $2,630. The $2,600 mark has proven challenging for ETH, as it faced substantial resistance there. Predictably, Ethereum showed high volatility on Tuesday as buyers aimed to push it towards $2,700 while sellers sought to drag it below $2,500. Consequently, ETH reached a peak of $2,686 and a low of $2,538 before ending the day at $2,607.
In the present situation, Ether (ETH) is experiencing a slight increase, with both buyers and sellers vying for dominance. Sellers aim to push ETH below the $2,600 mark, while buyers might try to push it towards $2,700 again. If ETH manages to break above this level, it could potentially surge to $2,850.
Solana (SOL) Price Analysis
Similar to Ethereum, Solana (SOL) has faced difficulties in continuing its upward trend over the last couple of days, finding it challenging to surpass $160. Following a drop to a daily low of $135 the day before, SOL rallied by nearly 5% on Friday, climbing above the 50-day Simple Moving Average (SMA) and settling at $145. The 20-day SMA served as a resistance level, causing SOL’s momentum to wane during the weekend. Despite this, it managed to record slight gains on Saturday and Sunday, pushing above the 20-day SMA and ending the weekend with a slight rise at $147.
On Monday, SOL experienced a notable increase as the new week commenced, propelled by a widespread crypto market recovery due to encouraging macroeconomic news that sparked a substantial price rise. This surge pushed SOL up nearly 7% and over key levels like the 200-day Simple Moving Average (SMA) and $150. However, SOL encountered resistance at $160 for the fourth time since August and failed to sustain momentum, dropping to a daily low of $150 on Tuesday before buyers intervened, lifting the price back up to $154 by day’s end – marking a 2% decline. As of now, the current session shows SOL trading slightly lower as both buyers and sellers vie for control.
If sellers retain control of the session, SOL could drop below $150 and drop to $140. On the other hand, if buyers regain control, SOL could test $160 again. A break above this level could see SOL rally to $180-$190.
Bittensor (TAO) Price Analysis
Over the weekend, Bittensor (TAO) momentarily broke through the $650 mark but failed to reach $700 as buyers faltered. This dip was anticipated due to the Relative Strength Index (RSI) indicating that TAO was nearing the overbought zone. On Friday, TAO bounced back from its 20-day Simple Moving Average (SMA), experiencing a surge of 10.58% and closing at $622 after peaking at $643. The bullish sentiment continued on Saturday, with TAO reaching a high of $682 before settling at $656 following a 5.58% increase. Notably, TAO ended the day above its previous mark of $650.
Initially, TAO failed to maintain its position above the specified level and plunged into the negative territory on Sunday, with sellers causing a 2.29% decrease to reach $641. On Monday, there was an attempt at recovery as the broader market improved and TAO rose to a peak of $678. Yet, sellers regained control, pushing the price back below $650 to $632, a 1.41% decrease. The bearish trend strengthened on Tuesday as TAO dipped by 5.48%, falling below $600 and settling at $597. However, it found support near the 20-day Simple Moving Average (SMA) and has since risen by 1.26%, with buyers aiming to reclaim $650.
Chainlink (LINK) Price Analysis
Chainlink (LINK) is aiming to surpass the barrier at approximately $11.50 and potentially reach $12, following a promising start to the week. However, LINK’s price movement was varied during the previous week, reaching a daily low of $10.24 on Thursday before showing some recovery. As the price is near its support level, investors stepped in on Friday, pushing LINK up by 3.35% and reaching $10.90. With the 50-day Simple Moving Average acting as a hindrance to further growth, momentum slowed down on Saturday, causing LINK to increase by 0.85% and reach close to $11 before dipping again on Sunday, falling by 2.31% and closing at $10.74.
On Monday, LINK surpassed $11 and crossed the 50-day Simple Moving Average (SMA) following a 5.03% rise that took its value to $11.28. The market saw increased volatility on Tuesday as buyers tried to push LINK above $11.50 while sellers aimed to pull it below $11. In the end, buyers managed to gain the advantage, causing LINK to rise by 1.50% and move above its 20-day SMA, closing at $11.45. Yet, during the current trading session, LINK has slipped back into the red after failing to break through the resistance at $11.50. It’s now almost 2% lower, trading at $11.25. Buyers aim to keep LINK above the 50-day SMA and try to regain control of the session. If LINK can reverse the current bearish trend, we might see another effort to push it above $11.50.
Ripple (XRP) Price Analysis
On Monday, Ripple (XRP) managed to surpass its 200-day Simple Moving Average (SMA), yet its price movement remains uncertain compared to other market players. Over the past few weeks, XRP has been confined within a limited range between $0.50 and $0.55, as shown in the price chart. Despite multiple attempts to break above the 200-day SMA throughout last week, XRP failed each time, with its most recent effort happening on Friday when it reached $0.538.
Once more, the progress of XRP slowed around its 200-day Simple Moving Average (SMA) over the weekend. On Saturday, it experienced minimal growth, only to decline on Sunday, closing the weekend at $0.530, a drop of $0.002. However, on Monday, XRP managed to surpass its 200-day SMA with a 3.10% rise that took it to $0.548. Despite this, it failed to maintain the upward trend and slipped back into negative territory on Tuesday following increased volatility. The closing price for Tuesday was $0.541, just above its 200-day SMA. As of now, buyers are attempting to push XRP above $0.55, while sellers aim to pull it below the 200-day SMA in the current trading session.
Hedera (HBAR) Price Analysis
To start off the current week, Hedera (HBAR) showed promising progress but also experienced considerable fluctuations as it aims to stabilize above its 20-day and 50-day Simple Moving Averages (SMAs). Previously, HBAR began on a downward trend last week, reaching a low of $0.048 on Thursday. However, it swiftly rebounded, gaining 1.73% to reach $0.050. The growth continued on Friday, with HBAR increasing nearly 3% to hit $0.051. The upward trend slowed over the weekend due to increased volatility, as buyers failed repeatedly to push the price above the 20-day SMA on Saturday. Consequently, HBAR dropped by 1.30% and settled at $0.051. On Sunday, sellers tried to pull the price below $0.050, causing HBAR to reach a daily low of $0.049. However, it managed to recover slightly and ended the day at $0.050 after experiencing a minor decline.
To start this week, market volatility continued, with sellers trying to pull HBAR’s value below $0.050. Despite this, buyers held their ground against the selling pressure, resulting in a 3.84% increase for HBAR, settling at $0.052 – slightly above its 50-day moving average. The bullish sentiment grew stronger on Tuesday when HBAR surpassed its 20-day moving average after rising by 6.43%, ending the day at $0.056. Buyers aimed to push HBAR towards $0.060 but were unable to do so, as the price leveled off following a high of $0.058. Currently, the session shows HBAR decreasing by more than 3%, with sellers attempting to drive its value below both the 20-day and 50-day moving averages.
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2024-10-16 15:04