As a seasoned crypto trader with years of experience under my belt, I find myself closely observing the market trends for Dogecoin (DOGE), Bittensor (TAO), and Fantom (FTM).
Over the last few trading sessions, I’ve noticed a rollercoaster ride in the crypto market, sparking quite a bit of guesswork among investors like myself. My favorite coin, Bitcoin (BTC), has been hanging out below the $61,000 mark and even took a minor dive over the past 24 hours. Towards the end of Friday, it dipped below $60,000 again, reaching as low as $58,930 before bouncing back and surging above the $60,000 threshold once more.
In contrast to Bitcoin’s decline, Ethereum (ETH) saw a slight rise, with Solana (SOL) also recovering to reach the $140 price point. Ripple (XRP) and Toncoin (TON) are both experiencing gains, at 1.22% for XRP and 0.70% for TON, respectively. The total crypto market value experienced a minor uptick of 0.03%, currently standing at $2.12 trillion.
Analysts Hint At $70,000 For Bitcoin (BTC)
By Thursday’s late hours, Bitcoin (BTC) dropped below $59,000, as its momentum waned following a robust beginning to October. This dip in momentum occurred after the publication of the US inflation report on October 10. The United States Bureau of Labor Statistics reported an increase of 2.4% in the Consumer Price Index (CPI) figures for September 2024, with core inflation at 3.3%. According to the CPI numbers for September, it appears that the inflation crisis has abated, as few market indicators suggest a return of high inflation.
The higher-than-expected inflation growth (2.4%) allows the Federal Reserve more flexibility to reduce interest rates again at the upcoming FOMC meeting. This is due to the fact that the initially anticipated inflation rate was 2.3%. Additionally, this suggests that despite a rate cut last month, the Federal Reserve still has some distance to go before reaching its goal of below 2% inflation. On the other hand, with inflation showing signs of cooling, savvy investors believe this could lead to an uptick in demand for Bitcoin, potentially instigating a bullish price turnaround.
Binance Plans To Delist Four Major Pairs
Starting on October 11, 2024, Binance will be discontinuing four trading pairs – APE/ETH, ATOM/BNB, BAL/BTC, and BNB/DAI – following a review of their listed pairs. Additionally, spot trading bot services for these pairs will no longer be available on that date. To avoid any potential losses, Binance advises traders to deactivate their bots promptly. Meanwhile, Binance has also announced it will support the BNSOL token, with open trading for the BNSOL/SOL pair starting on October 10.
HBO Comes Under Fire For Controversial Satoshi Nakamoto Documentary
As an analyst, I find myself in a position where I must address the recent controversy surrounding HBO following the debut of their highly-anticipated documentary concerning the enigmatic figure behind Bitcoin, Satoshi Nakamoto. The film has generated significant discussion and speculation, particularly due to its claim that Peter Todd, a well-known Bitcoin developer, is in fact Satoshi Nakamoto. This assertion, however, has been firmly refuted by Todd himself.
The Bitcoin community expressed significant doubt towards the documentary’s claims, as they felt it lacked convincing arguments or proof that Peter Todd is Satoshi Nakamoto. The film focused on Todd’s activities on the BitcoinTalk Forum and his emails with Hal Finney, but the documentary distorted the truth about Todd’s role in those communications. Additionally, the movie implied a connection between Todd and a secretive character named John Dillon, hinting that Todd employed this alias to push through a contentious Bitcoin update. However, this association was questionable.
Massive Movement Of BTC From Major US Exchange
As an analyst, I’ve noticed a significant event in the crypto space: Kraken, a renowned exchange, recently executed a substantial withdrawal of approximately 2,924 Bitcoin, equivalent to nearly $183 million. This transfer occurred across three transactions, with the BTC being moved to an undisclosed location. Post these Bitcoin transactions, $60 million worth of USDT was shifted from Kraken to Bitfinex.
On prior occasions, Bitcoin withdrawals from Kraken have taken place, but this latest withdrawal’s destination remains uncertain. It could potentially be an internal transfer within Kraken, or it might indicate a bullish trend that could impact the market favorably.
Bitcoin (BTC) Price Analysis
In the recent price trend, Bitcoin (BTC) has been experiencing a somewhat subdued October, as it battles to maintain its position above $60,000. Over the last day, BTC has dipped by approximately 0.50%, falling below $59,000 momentarily before rebounding over $60,000. This dip coincides with reported outflows of around $120 million from Bitcoin ETFs, which is adding to the asset’s price pressure. Additionally, the overall BTC dominance has decreased by 0.17%, with its market cap standing at $1.2 trillion. As per Edul Patel, CEO of Mudrex, Bitcoin is currently experiencing significant selling pressure due to institutional withdrawals and heightened political uncertainties.
Bitcoin is experiencing a surge in sell-offs, primarily caused by greater institutional withdrawals. Moreover, apprehension among investors is heightened due to the uncertainties surrounding the upcoming U.S. elections.
Examining the Bitcoin price trend, we observe a significant rebound on Friday following its bounce off the 50-day Simple Moving Average (SMA). The cryptocurrency eventually closed at $62,104, having increased by 2.14%. A slight downturn was seen on Saturday, but Bitcoin regained its upward momentum on Sunday, rising by 1.19% to reach $62,813. On Monday, BTC attempted to surge above the 200-day SMA and target $65,000, climbing as high as $64,487 initially. However, the buying pressure waned at higher levels, enabling sellers to regain control. Eventually, Bitcoin fell below both the 20 and 200-day SMAs and ended the day at $62,253, suffering a decrease of 0.89%.
On Tuesday, Bitcoin struggled to hold onto gains, failing again to break through its 200-day Simple Moving Average (SMA), resulting in a slight decline. The downward trend continued on Wednesday, with Bitcoin dropping by approximately 2.5% and falling below the 50-day SMA, settling at $60,628. The price dipped beneath the $60,000 support level on Thursday, reaching a daily low of $58,925 as sellers took control. However, Bitcoin managed to recover from its low and climb back above $60,000, ending the day at $60,312, though it still could not surpass the 50-day SMA. As of now, Bitcoin is showing a 0.7% increase, with buyers aiming to push the price beyond $61,000 and the 50-day SMA.
Regardless of Bitcoin’s recent price challenges, analysts remain hopeful for an upturn in October. They have also increased the chances of a rate reduction after the November 7 meeting to 86%, suggesting that Bitcoin might be on the brink of another significant surge following the FOMC meeting.
Ethereum (ETH) Price Analysis
On Thursday, Ethereum (ETH) dipped to $2,311. But on Friday, there was a significant rise of nearly 3%, causing ETH to surpass $2,400 and reach $2,415. The weekend started with a slight dip on Saturday, but the price bounced back on Sunday, with ETH climbing by 1.06% to hit $2,440. This positive trend continued from the previous week. However, pessimistic feelings surfaced on Monday following an unsuccessful attempt to break through $2,500. At its peak on Monday, ETH touched $2,519 and exceeded the 50-day Simple Moving Average (SMA). Yet, it couldn’t maintain the bullish energy in the face of continuous selling pressure and fell back under the 50-day SMA, closing at $2,422 after a decline of 0.74%.
On Tuesday, ETH saw a recovery but failed to surpass $2,500, eventually closing at $2,440 following a 0.75% rise. However, selling pressure intensified on Wednesday, causing ETH to drop nearly 3%, falling below $2,400 and ending the day at $2,369. ETH displayed volatility on Thursday as sellers tried to drive the price under $2,300 while buyers aimed to restore the $2,400 level. In the end, buyers managed to take control but were unable to propel ETH above $2,400. Instead, it finished at $2,384 with a 0.65% increase. As of now, ETH has regained its position above $2,400, with the price rising slightly less than 1%.
As a researcher, if Ethereum’s bullish supporters can maintain their momentum, Ethereum (ETH) may strive to surpass the $2,500 mark once more. However, for any optimistic outlook to become reality, they need to ensure that ETH remains above the $2,400 level. A drop below $2,400 would suggest that sellers have regained control.
Solana (SOL) Price Analysis
On Friday, Solana (SOL) surged past the $140 mark, aiming to reverse its recent downward trend and reach beyond the $150 price point. After touching a low of $133 on Thursday, SOL bounced back strongly, recording a 4.63% growth on Friday. This surge pushed SOL above its 50-day Simple Moving Average (SMA) and closed at $143 for the day. A slight dip occurred on Saturday, but SOL recovered with nearly a 3% increase by Sunday’s end, placing it just beneath the 20-day SMA at $146. On Monday, SOL tried to break above the 20-day SMA and $150, reaching a high of $152. However, momentum waned, causing a 2.57% decline that brought SOL back down to $143 by the end of the trading day.
On Tuesday, the price decreased by 0.34% to $143. The next day, Wednesday, saw an escalation of selling activity that caused SOL to drop below its 50-day moving average and $140 mark, losing 2.96%, ending the day at $139. There was a surge in volatility on Thursday as sellers aimed to drive SOL under $130 and buyers tried to lift it back up to $140, but SOL only experienced a minimal decline and closed at $139. In the current session, SOL has risen by 1.63%, reclaimed the $140 price level, and is now trading at $141. Investors are now focusing on pushing SOL above its 50-day moving average.
Should traders manage to drive the price beyond the current moving average, there’s potential for a rise towards $150. Conversely, if traders regain control and cause Solana (SOL) to fall below $140, we might see a downward trend reaching the $130 support zone.
Ripple (XRP) Price Analysis
Ripple (XRP) is finding it tough to surpass its 200-day Simple Moving Average (SMA), as it moves along in a limited range, fluctuating between approximately $0.52 and $0.55. Despite a generally bearish week, XRP closed the weekend on an uptick, gaining 0.74% to finish at $0.533. On Monday, buyers tried to push XRP over its 200-day SMA, taking it as high as $0.546 in the process. However, their efforts were met with strong selling pressure, causing XRP to slide back into negative territory and eventually decrease by 0.94%, ending the day at $0.528.
On Tuesday, XRP managed to gain slightly (0.47%) and reach a price of $0.530, despite experiencing some market turbulence. However, it dipped again on Wednesday, losing 1.39% and settling at $0.523. Attempts were made by buyers on Thursday to push the price above its 200-day Simple Moving Average (SMA), with XRP peaking at $0.544 for the day. Despite a strong push, it failed to surpass the 200-day SMA and ended up at $0.529 after a 1.22% increase. Currently in this session, XRP is up by 1.55%, trading around the $0.538 mark as buyers strive to break through the 200-day SMA once more.
Dogecoin (DOGE) Price Analysis
As an analyst, I’m observing that Dogecoin (DOGE) is currently attempting to regroup following its unsuccessful attempt to surpass the 20-day Simple Moving Average (SMA) over the weekend. Prior to the weekend, DOGE showed a strong bullish trend and managed to reach $0.111 by Sunday, encountering a level of substantial resistance due to the 20-day SMA. On Monday, buyers made an effort to push higher, peaking at $0.115 during the day. Unfortunately, they couldn’t maintain the momentum and slid back into negative territory, falling below the 20-day SMA once more. By the end of the day, DOGE closed at $0.108 after a decline of 2.70%. The selling pressure continued on Tuesday, causing DOGE to drop by an additional 1.29% and settle at $0.106.
On Wednesday, DOGE experienced a recovery as buyers lifted it to a peak of $0.112. However, it failed to surpass the 20-day Simple Moving Average (SMA) and retreated from this benchmark. The market saw a growth of 0.94% for DOGE, leaving it at $0.107. Negative feelings about the asset resurfaced on Thursday as sellers forced it below its support level to reach a low of $0.102. Nevertheless, buyers managed to push the price back above $0.105 and the 50-day SMA, ending the day at $0.106 following a decrease of 1.67%. In today’s trading session, DOGE has risen by nearly 2% and is currently hovering around the $0.108 mark.
Bittensor (TAO) Price Analysis
Bittensor (TAO) aims to end the week on an optimistic note following several days of decline that kept it below $650. To start this week, TAO showed a powerful surge towards the $700 mark. However, due to intense selling pressure, sellers managed to regain control, causing a 3.90% drop in TAO, leaving it at $609 on Monday. On Tuesday, buyers attempted a comeback as TAO climbed up to $645, but once again, sellers took over and pushed the price down slightly to $605.
On Wednesday, TAO fell below $600, dropping nearly 6%, ending the day at $570 due to increased selling pressure. On Thursday, TAO experienced significant fluctuations as buyers aimed to regain control and surpass $600, while sellers sought to drive the price beneath the 20-day Simple Moving Average (SMA). Despite the efforts of sellers, who managed to decrease TAO by 1.37% to $562, buyers maintained the position above the 20-day SMA and $550. Currently, in the ongoing session, buyers are trying to push TAO above $600, showing a growth of almost 5%.
If TAA surpasses $600, it signals strength among buyers, potentially leading to a rise towards $650 and $700. Conversely, if sellers reclaim control, they may attempt to push TAA below its 20-day Simple Moving Average (SMA). In this case, TAA might decline to around $500.
Fantom (FTM) Price Analysis
Currently, Fantom (FTM) is encountering significant obstacles near the price point of $0.70, as investors attempt to counteract the negative momentum that has been influencing this cryptocurrency. Last week, FTM displayed a bearish trend, and by Thursday, it had fallen beneath both the 20-day and 200-day moving averages (SMAs) to $0.60. It rebounded on Friday, climbing to $0.63 after a 4.08% increase, but failed to surpass the 200-day SMA and slid back into negative territory on Saturday, declining by 3.54% to return to $0.60. However, FTM saw a robust recovery on Sunday, gaining nearly 8% to surpass the 200-day SMA to reach $0.65. Unfortunately, it was unable to exceed the 20-day SMA at that point.
On Monday, it surpassed its daily average following a turbulent trading day that led to FTM peaking at $0.69 before closing at $0.66, representing a 0.85% rise. The price continued climbing on Wednesday, increasing by 2.49% to reach $0.67. Attempts were made by buyers to push the price above $0.70 on Wednesday, with FTM reaching a high of $0.71. However, due to substantial selling pressure at this level, FTM dipped back into negative territory, decreasing by 2.42% to $0.66. Thursday witnessed another effort to push the price above $0.70, as FTM reached its highest point of $0.70. Yet again, buyers lost momentum, and sellers took control, causing FTM to drop below the 20-day moving average after a 4.51% decline, settling at $0.63. Currently, FTM is up by 2.55%, trading near the $0.64 level during this session.
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2024-10-11 15:14