Crypto Price Analysis 10-10 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, CHAINLINK: LINK, SEI: SEI, ARTIFICIAL SUPERINTELLIGENCE ALLIANCE: FET

After a week of intense market fluctuations, it seems that the cryptocurrency landscape has been as unpredictable as ever. As someone who has witnessed numerous market cycles and trends, I can say with certainty that this is nothing new for those who have been around long enough.

As an analyst, I’ve observed a dip in Bitcoin (BTC) today, with its value slipping below the $61,000 mark and currently down approximately 3% over the last 24 hours. The cryptocurrency has been finding it challenging to hold its ground above the $60,000 level. According to insights from analytics firm Santiment, the broader crypto market seems to be experiencing a bearish trend, which has affected not just Bitcoin but also other key players such as Ethereum (ETH), Solana (SOL), and Ripple (XRP).

Warning was given to short-term Bitcoin holders that they might face challenges if Bitcoin drops below $61,000. Recently, Bitcoin’s price has been fluctuating within a limited range, suggesting a substantial price shift may occur soon due to its low volatility. Moreover, the total market capitalization of cryptocurrencies has decreased by 2.22% and now stands at $2.12 trillion.

Bitcoin (BTC) Registers Sharp Drop

Bitcoin (BTC) could not maintain its position around $62,000 and dropped below $61,000, where it’s currently being traded. Traders had anticipated a bullish October for cryptocurrencies, but the market activity this month has been rather subdued. The demand for assets is significantly low, which makes the current downturn particularly risky for short-term traders. The price fall has even dipped below the crucial $61,000 mark.

A new analysis indicates that short-term investors have been assuming greater risk recently, as the average price they sold Bitcoin for (BTC STH realized price) has increased significantly. At the same time, long-term investors were cashing out towards late September. The near future market behavior might be influenced by short-term holders, but given Bitcoin’s recent drop below $61,000, Burak Kesmeci, a CryptoQuant analyst, predicts that these investors could start feeling anxious.

Wall Street Set To Unveil New Crypto Spot ETFs

Financial institutions on Wall Street are gearing up to introduce an exchange-traded fund (ETF) that follows the value of XRP, the world’s second-largest digital currency. Canary Capital, a recently established digital asset firm led by former Valkyrie Funds co-founder Steven McClurg, has submitted an application to the Securities and Exchange Commission for the launch of the Canary Spot XRP ETF. The company expressed optimism about the increasing regulatory openness and growing investor interest in cryptocurrencies.

Currently, Canary has not provided a ticker symbol or an estimated fee for their ETF. If they are successful, it will mark the company’s first exchange-traded fund. The filing indicates that issuers are urging regulators to broaden crypto opportunities for retail investors, as the crypto market expands. Stephane Quellette, co-founder and CEO of FRNT Financial, commented on this matter.

This shows that Exchange-Traded Fund (ETF) providers are likely to adapt to the regulatory environment regarding perceived daylight, enabling them to introduce new investment products. Although it’s unclear if these new products will receive approval, it is logical for companies originating from the cryptocurrency ecosystem to expand their product portfolio in this manner.

Feds Charge Crypto Firms With Market Manipulation

On Wednesday, four cryptocurrency companies (Gotbit, ZM Quant, CLS Global, and MyTrade) along with 14 individuals were accused by the Feds of manipulating digital asset markets and engaging in wash trading – a type of illegal activity for the first time in this industry. The Department of Justice disclosed that it had confiscated approximately $25 million worth of cryptocurrency, and they went as far as creating a false digital token to trap the suspects while they were manipulating market prices.

It’s claimed that these firms conducted fake transactions involving digital tokens, thereby artificially increasing their market value to lure new investors. Subsequently, these individuals would offload their tokens as part of a ‘buy high, sell high’ scam, also known as pump-and-dump.

“In some instances, a modern financial tool like cryptocurrency collided with an age-old trick known as ‘pump and dump’. Just as it’s illegal in traditional markets, wash trading within the realm of cryptocurrency is not tolerated.

As a researcher, I’ve uncovered information suggesting that the FBI, in the course of an investigation, developed a token named NexFundAI. The allegations point towards ZM Quant, CLS Global, and MyTrade, who are suspected of either laundering these tokens or colluding to do so. Their alleged actions aimed at making the trading figures appear more attractive.

Bitcoin (BTC) Price Analysis

Over the last day, Bitcoin (BTC) has fallen approximately 2.5%, dropping below the important $62,000 threshold and reaching a low of $60,375 earlier today before rebounding. The month of October hasn’t gone as planned for BTC as it struggles to achieve substantial growth beyond key resistance points. Last week, Bitcoin experienced considerable bearish pressure and volatility, hitting a low of $59,907 on Thursday, but then recovered and surpassed the $60,000 mark and the 50-day Simple Moving Average (SMA) to end at $60,802. On Friday, Bitcoin saw an increase of over 2%, finishing the day at $62,104. However, the 20-day SMA is acting as a dynamic obstacle to further growth.

Initially, there was a minor decrease on Saturday, followed by a 1.19% increase on Sunday that concluded the weekend optimistically. Attempts were made to push the price to $65,000 on Monday, but the momentum fizzled out at $64,481. Subsequently, sellers took over and drove the price beneath both the 20-day and 200-day moving averages to $62,253. Tuesday saw sellers preventing another advance towards $65,000, causing a slight decrease instead. The pressure to sell intensified on Wednesday as BTC dropped by 2.50% to $60,628, falling below an essential support level. However, it has bounced back during the current session and is nearly 1% higher, trading slightly above $61,000.

The bulls are working hard to keep Bitcoin (BTC) above $61,000 and $60,000. If BTC manages to recover from these levels, it suggests that buyers aren’t waiting for a large drop before they start purchasing. A recovery could potentially push BTC towards $65,000. However, a bearish Moving Average Convergence Divergence (MACD) implies that sellers are currently in control, but this could change to a bullish trend if BTC recovers to $65,000. Conversely, if BTC falls below $60,000, it might slide down to $58,000 or even $55,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has dipped by approximately 1.5%, momentarily falling below $2,400, reaching a low of $2,350, but then rebounding. ETH has been finding it tough to climb back above $2,500 and has been fluctuating between $2,300 and $2,500 since the past week. After spending most of the last week in negative territory, ETH made a significant comeback on Friday, surging by nearly 3% and regaining its position above $2,400 to reach $2,415. It experienced a minor decline on Saturday before a 1.05% increase on Sunday pushed the price up to $2,440.

On Monday, ETH made an effort to surge past $2,500 but peaked at $2,519 before stalling. This was due to intense selling pressure that overpowered the market, causing sellers to dominate. Consequently, ETH shifted to a downward trend, dipping below its 50-day Simple Moving Average and ending the day at $2,423 following a 0.71% decrease. On Tuesday, ETH experienced a slight rebound, gaining 0.73% to reach $2,440. However, selling pressure resurfaced on Wednesday, causing ETH to plummet nearly 3%, slipping under $2,400 and settling at $2,369. Nevertheless, the price has regained during the current session and is currently rising by around 1.50%, trading slightly above the $2,400 mark.

As a researcher, I’m observing that Ethereum (ETH) is facing resistance near the $2,500 mark and its moving averages, indicating cautiousness among buyers when it comes to higher prices. If ETH can break through these levels, bulls might regain control, potentially pushing the price upwards towards $2,600 and even $2,700. Conversely, if sellers manage to take charge, we could see ETH falling back to around $2,300 or even $2,200.

Solana (SOL) Price Analysis

On Friday, Solana (SOL) briefly moved back above $140 and its 50-day Simple Moving Average (SMA), thanks to a recovery. Yet, it failed to maintain the upward momentum and dipped slightly on Saturday before rebounding on Sunday, ending the weekend with a nearly 3% increase overall. Despite this, SOL has been unable to surpass its 20-day SMA, indicating a lack of strong bullish pressure pushing the price above $150. In simpler terms, Solana’s price dropped below $140 and hasn’t been able to gain enough strength to move past that level or the 20-day average price, despite some brief recoveries.

This week’s opening saw Solana (SOL) surpassing $150 and reaching a peak of $152 for the day. Yet, the bullish momentum faltered, giving way to sellers who dragged SOL back under $150 and below its 20-day Simple Moving Average (SMA). As a result, SOL experienced a decrease of 1.76%, ending the day at $143. Pessimism continued on Tuesday with a slight dip in SOL, which deepened on Wednesday as SOL dropped beneath the 50-day SMA and $140 to $139, following a nearly 3% decline. Today’s session finds SOL slightly rising, with buyers attempting to push it back above $140.

Investors might aim to drive Solana’s (SOL) price back over $140 and past its 50-day Simple Moving Average. Even though SOL has faced some difficulties lately, if it surpasses $150, this could signal a turnaround, with buyers taking control. If SOL breaks above $150, it may head towards the significant resistance at $160. Conversely, if sellers manage to keep SOL below $140, its price might dip down to the support level of $130. At present, the Moving Average Convergence Divergence (MACD) shows a bearish trend, suggesting that sellers are in control for now.

Dogwifhat (WIF) Price Analysis

Over the weekend, Dogwifhat (WIF) experienced a significant rebound from its low of $1.97 on Thursday. However, the surge in momentum slowed down this week as buyers took a back seat, allowing sellers to take control. WIF saw a notable increase of nearly 13% on Friday, pushing past $2 and settling at $2.29. Despite attempting to surpass the 200-day Simple Moving Average (SMA) on Saturday, it fell by 1.77%, dropping to $4.25. However, WIF made a powerful comeback on Sunday, soaring over 14% and breaking both the 200-day SMA and the $6.50 resistance level, closing at $2.57.

The current week began with buyers attempting to push towards $3, as WIF surged to a day high of $2.80. However, intense selling pressure meant the bears overwhelmed the bulls and pushed the price back down. WIF eventually registered a drop of almost 2% and settled at $2.52. Bearish sentiment persisted on Tuesday as WIF dropped by 2.72%, slipping below $2.50 and settling at $2.45. Buyers attempted a recovery on Wednesday but were thwarted as sellers regained control, pushing WIF down by 5.55%. As a result, WIF slipped below the 200-day SMA and settled at $2.32. The current session sees WIF up by 1.29% as buyers attempt to push back above the 200-day SMA and towards $2.50.

Chainlink (LINK) Price Analysis

Throughout the week, Chainlink (LINK) predominantly dipped, losing its gains achieved since plummeting to a low of $10.35 on Thursday. Yet, LINK staged a powerful comeback on Friday, surging nearly 4% to reach $11.08. The optimistic mood continued over the weekend, with LINK experiencing a 1.52% growth on Saturday, climbing above its 50-day Simple Moving Average (SMA) and settling at $11.24. Unfortunately, it only managed a minor increase on Sunday, moving to $11.27.

Yesterday, LINK attempted to surpass its 20-day Simple Moving Average (SMA) and reach $12, peaking at $11.74 during the day. However, heavy selling pressure outweighed buying activity, causing LINK to slide back below the 20-day SMA, ending the day at $11.16 after a 0.95% decline. The bearish trend strengthened on Tuesday as LINK plunged by 3.03%, falling beneath the 50-day SMA and settling at $10.82. In continued selling, LINK dropped an additional 2.74% to $10.53. Currently, LINK is experiencing a minor recovery of 0.93%, aiming to regain support. While buyers aim to rebuild momentum and drive LINK back towards $11, sellers are strategizing to push LINK below the $10.50 level.

SEI Price Analysis

SEI’s progress halted at its 200-day Simple Moving Average (SMA), having unsuccessfully tried to surpass $0.50 and being pushed back from that level twice. However, over the weekend, SEI made a notable recovery, climbing by nearly 6% on Friday to reach $0.419. This upward trend was disrupted on Saturday when sellers aimed to push the price beneath the 20-day SMA. Although SEI dropped by 2.25%, it managed to remain above this moving average. On Sunday, SEI rebounded from the 20-day SMA, increasing more than 7% and reaching $0.439. Yet, it was unable to surpass the 200-day SMA. Buyers made an attempt to push SEI above the 200-day SMA on Monday, as the price rose to a high of $0.463.

Despite persistent buying pressure, bears managed to regain control, causing SEI to fall beneath its 200-day Simple Moving Average (SMA) to $0.426, marking a nearly 3% decline. On Tuesday, SEI made an effort to surpass the 200-day SMA, reaching $0.459, but failed to maintain that level and closed at $0.432 with a 1.47% increase. The selling pressure increased on Wednesday, driving SEI below its 20-day SMA to $0.403, representing a drop of almost 7%. In the current trading session, buyers and sellers are in a stalemate as they compete for control over SEI.

Artificial Superintelligence Alliance (FET) Price Analysis

This week, the progress of the Artificial Superintelligence Alliance (FET) has slowed down, sliding back into negative territory following an unsuccessful attempt to surpass its 20-day Simple Moving Average. On Thursday, FET dropped to a low of $1.33, but managed to rebound over the weekend, climbing as high as $1.47 on Sunday – an increase of nearly 5%. The momentum continued on Monday as FET tried to break through its 20-day SMA, peaking at $1.55 during the day. However, it failed to sustain this level and subsequently dipped, ending the day at $1.46, showing a minimal decrease in value.

On Tuesday, FET experienced a decline, dropping approximately 3% to reach $1.42. On Wednesday, bearish feelings grew stronger, causing FET to drop nearly 6%, fall beneath its 50-day moving average, and settle at $1.34. Currently in the ongoing session, FET is experiencing a slight decrease as sellers aim to drive the price below $1.30 while buyers try to counteract this and push the price back above the 50-day moving average.

2024-10-10 14:06