As a seasoned crypto analyst with years of experience observing market trends and fluctuations, I have to say that the recent performances of Dogecoin (DOGE), Render (RNDR), and Arbitrum (ARB) are quite intriguing. Each of these digital assets has shown resilience in their own unique ways, reflecting the dynamic nature of the cryptocurrency market.
Bitcoin (BTC) remained muted, registering a marginal decline over the past 24 hours. It continues to hover just under the $62,500 mark. The crypto markets have not seen much movement over the past 24 hours, with cryptocurrencies such as Ethereum (ETH) registering a marginal increase to remain above $2,400, while Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Toncoin (TON), and others reported similar marginal increases.
As I analyze the current market landscape, it’s evident that the total crypto market capitalization saw a minimal dip, decreasing by 0.17% to reach approximately $2.17 trillion. On an entirely separate note, there has been a claim in an HBO documentary suggesting that renowned Canadian Bitcoin developer Peter Todd might be Satoshi Nakamoto, the elusive inventor of Bitcoin.
Crypto.com Sues The SEC
Crypto.com has decided to take legal action against the U.S. Securities and Exchange Commission (SEC), following a warning they received in August known as a Wells Notice, which indicates potential legal action by the regulatory body. The CEO of Crypto.com explained that this lawsuit is aimed at safeguarding the future of cryptocurrency within the United States.
To safeguard the American crypto sector’s future, we’re taking part in a collective effort with other industry players. This involves standing up for ourselves and challenging a government body that appears to be overstepping its legal boundaries in their actions.
As per the claims made by Crypto.com in their lawsuit, the Securities and Exchange Commission (SEC) has allegedly overstepped its boundaries and is impeding the expansion of cryptocurrency within the United States. The lawsuit argues that the SEC has been unfairly treating different cryptocurrencies, giving Bitcoin (BTC) and Ethereum (ETH) a free pass from regulatory oversight while applying regulatory pressure to other comparable digital assets. Notably, Crypto.com is not alone in taking legal action against the SEC; Binance and Consensys also filed lawsuits earlier this year after receiving similar notices.
Spot Bitcoin ETF Inflows Register Jump
On Monday, US-based Bitcoin ETFs experienced a significant surge in investments to the tune of $235 million. Leading the pack was Fidelity’s FBTC with an impressive $103.6 million, followed closely by BlackRock’s IBIT Fund with $97 million in inflows. Bitwise also saw $13 million in investment, while Ark Invest and 21shares’ ARKB recorded approximately $12.6 million. Lastly, VanEck’s HODL added just over $5 million to its holdings.
In summary, Grayscale’s Bitcoin Trust (GBTC, BRRR, EZBC, BTCW, and DEFI) along with spot Ether ETFs experienced no alterations or inflows last Monday. Market observers are eagerly awaiting catalysts that could boost the price of Bitcoin positively in Q4. The introduction of BlackRock’s new spot Bitcoin ETF options has sparked optimism among traders and analysts, who believe it may stimulate interest and potentially lead to a recovery. However, these new options need regulatory approval from the Commodity Futures Trading Commission.
HBO Documentary Alleges Peter Todd Is Satoshi Nakamoto
A HBO film broadcast on Tuesday suggested that Canadian Bitcoin innovator Peter Todd is the enigmatic inventor of Bitcoin, Satoshi Nakamoto. This film has sparked a heated discussion within the cryptocurrency sector. Given his significant contributions to various blockchain projects like OpenTimestamps, Counterparty, Mastercoin, and Zcash, Todd is now at the center of controversy due to the claims made in the documentary.
However, the Bitcoin developer has strongly denied being Satoshi Nakamoto and dismissed the documentary’s claims, calling them ludicrous.
Bitcoin (BTC) Price Analysis
Due to political uncertainties surrounding the U.S. elections and global economic concerns, Bitcoin (BTC) has been finding it tough to surpass $64,000. This hesitance among investors has led them to opt for cash instead of BTC. The cryptocurrency has failed to maintain its position above $65,000, indicating a drop in demand and limited opportunities for growth. Multiple attempts by Bitcoin to break through its resistance levels have been unsuccessful. A combination of factors, such as ongoing global economic uncertainty, the Middle East conflict affecting sentiment, and anticipation for the upcoming U.S. presidential elections, are contributing to BTC’s sluggish price action and negative investor sentiment. Traders are holding back on making significant moves until they can gauge the election results.
Although the robust U.S. jobs data for September alleviated some recession worries, it simultaneously reduced the predicted likelihood of a 0.50% interest rate reduction to zero percent, which was previously estimated at 40%, in mere two weeks.
Over the last few days, Bitcoin (BTC) has been fluctuating between $60,000 and $64,000 on the price chart. This is because buyers are finding it tough to break through important resistance points and moving averages. Initially, at the start of the week, BTC was quite bearish and fell below the 20-day Simple Moving Average (SMA) to a low of $60,309. On Wednesday, buyers tried to recover, but they failed to surpass the 20-day SMA as sellers stepped in and pushed the price down again. Consequently, BTC experienced a slight drop and ended up at $60,671. However, it showed a slight improvement on Thursday, only to see buyers reappear on Friday. This led to an increase of 2.14% for BTC, which rose to $62,214.
Even though it tried, Bitcoin failed to surpass its 20-day Simple Moving Average and experienced a slight dip on Saturday, only to rebound on Sunday. The weekend closed with BTC at $62,813, marking an increase of 1.19%. However, the effort to break above the 20-day SMA was unsuccessful.
This week started off with Bitcoin aiming to surpass both its 20-day and 200-day Simple Moving Averages, as well as the $65,000 mark. However, the buying force weakened after reaching a peak of $64,487 due to robust resistance at higher prices. Consequently, sellers stepped in, causing Bitcoin to dip below its 20-day and 200-day SMAs to $62,253, representing a decrease of 0.89%. On Tuesday, Bitcoin experienced a slight drop too after another unsuccessful effort to break through the moving averages. Currently, the price is hovering slightly up as both buyers and sellers are vying for control.
Over the recent trading sessions, Bitcoin’s price has remained relatively stable without much significant change. Buyers have been struggling to gather enough force to break through crucial resistance points, while sellers have failed to push Bitcoin below its current support level. If buyers can build momentum, they aim to push Bitcoin above its moving averages and retest the resistances at $64,000 and $65,000. Conversely, if sellers take control again, they will try to drive Bitcoin below the $60,000 mark.
Ethereum (ETH) Price Analysis
Similar to Bitcoin, Ethereum (ETH) has experienced a lull over the last few days, seemingly halting at the $2,500 mark and failing to rebound since then. For most of the preceding week, ETH found itself in the red, experiencing significant drops and falling below crucial support and moving averages. By Thursday, ETH had fallen below $2,400, reaching a low of $2,311 before stabilizing at $2,350. However, despite the predominant bearish outlook, ETH rebounded on Friday, registering an almost 3% increase and moving back above $2,400 to settle at $2,415. The weekend was a mix of ups and downs as ETH saw a minor decrease on Saturday before rising by 1.05% on Sunday to reach $2,440.
This week started with Ethereum (ETH) trying to break through the $2,500 mark, also encountering its 20-day and 50-day Simple Moving Averages (SMAs). It peaked at $2,519 daily, but lost steam, sliding into a negative territory as sellers dominated, dropping by 0.71% to close at $2,423. However, it bounced back on Tuesday, increasing by 0.73% to reach $2,440. As of now, the session shows ETH slightly dipping as both buyers and sellers are vying for control.
Investors aim to boost Ethereum (ETH) beyond the $2,500 mark, but currently, sellers are in control. If ETH manages to break above $2,500, it may advance towards $2,600 and even $2,700. Conversely, buyers will strive to maintain Ethereum’s price above $2,300. If this level is broken, ETH could plunge to around $2,200 or potentially lower.
Solana (SOL) Price Analysis
Solana’s (SOL) value has continued to falter since its low points last week, with the $150 mark yet to be reclaimed. The cryptocurrency dipped to a Thursday low of $133 before settling at $136, representing a 2.40% drop. A significant recovery was seen on Friday, boosting the price back over $140 and both the 50-day Simple Moving Average (SMA) and resting point at $143. However, the weekend began with a slight decrease on Saturday, followed by a swift bounce back on Sunday, pushing the value to $146. Despite this, the 20-day SMA served as a dynamic barrier, preventing the price from surpassing it.
Buyers made a strong push to go above $150 on Monday. They did find some initial success as SOL rose to a day high of $152, going above the 20-day SMA. However, it was unable to sustain momentum, and as a result, sellers took over, driving the price back below $150 to $143, a drop of almost 2%. SOL registered a marginal decline on Tuesday as sellers attempted to drive the price below $140. However, they were unsuccessful, as SOL remained above $140. The current session sees SOL marginally down as buyers and sellers struggle to establish control.
As a crypto investor, I’m optimistic about Solana (SOL). I believe buyers will aim for control and drive the price towards $150, and if we manage to break above this level, SOL could surge to $160 or even beyond. Conversely, sellers may try to pull SOL down below $140. If they succeed in breaching this level, the price might dip to $130. A fall below that could potentially take SOL as low as $110.
Ripple (XRP) Price Analysis
Ripple (XRP) has been surging ahead compared to the overall crypto market, thanks in part to the proposed XRP exchange-traded fund (ETF), which has sparked growing investor interest. Recently, Ripple CEO Brad Garlinghouse and Bloomberg Intelligence Senior Analyst Eric Balchunas announced updates about the XRP spot ETF filing.
“A new application has been submitted for the Canary XRP ETF, which is the second one and follows in the footsteps of Bitwise. This seems to be the first ETF offering from this issuer. They appear to be based out of Nashville, Tennessee. The only individual I’m familiar with who works in crypto-related ETFs in that location is Steven McClurg.
It’s yet to be determined if XRP spot ETFs will receive SEC approval. Examining its price chart, we notice that XRP took a significant plunge last week, going from a peak of $0.66 to a trough of $0.50 on Thursday. Since then, XRP has been moving horizontally, finding it difficult to surpass the 200-day Simple Moving Average and $0.55. It experienced a growth of 2.30% on Friday, reaching $0.53, but fell again into negative territory on Saturday, decreasing by 0.88%. A recovery on Sunday enabled XRP to record an increase of 0.74%, concluding the weekend on a positive note.
On Monday, XRP made an effort to surpass its 200-day Simple Moving Average (SMA), reaching a peak of $0.54. Unfortunately, it failed to break through the moving average and ended up in the negative territory, closing at $0.52 after a drop of 0.94%. On Tuesday, XRP experienced a minor growth before once again sliding into the red during the current session. Both buyers and sellers are vying for control over XRP, with it encountering resistance at $0.55 and the 200-day SMA. Should XRP manage to break through these hurdles, it could potentially reach the resistance at $0.58. If it surpasses this level as well as the 20 and 50-day SMAs, a move beyond $0.60 might become possible.
Dogecoin (DOGE) Price Analysis
On Monday, Dogecoin (DOGE) struggled to maintain its momentum and fell back in price after it couldn’t hold above $0.110, due to robust selling pressure. Looking at the price graph, DOGE was quite bearish during the previous week, slipping into negative territory when it failed to break through the $0.130 level. By Thursday, DOGE dropped as low as $0.101 before rebounding slightly and surpassing its 50-day Simple Moving Average (SMA). With DOGE finding a stable base at this point, it made a strong recovery on Friday, increasing by nearly 4% to settle at $0.109. Over the weekend, DOGE continued to trend upwards, rising by 0.46% on Saturday and 1.37% on Sunday, pushing past the resistance at $0.110 and the 20-day SMA, settling at $0.111.
On Monday, DOGE made an effort to rise, peaking at $0.115 before the day’s end. However, its upward momentum was halted by intense selling activity, causing it to drop nearly 3% and fall below the 20-day Simple Moving Average (SMA), settling at $0.108. The following day saw DOGE lose another 1.29%, dropping to $0.106. As of now, DOGE is showing signs of a potential recovery, gaining almost 2% and aiming to rebound above $0.110 and the 20-day SMA. If it manages to surpass these levels, there’s a possibility for it to regain ground towards $0.120.
Render (RNDR) Price Analysis
Over the weekend, Render (RNDR) fell beneath $5.50 despite a robust rebound on Friday, as selling pressure undercut its 50-day Simple Moving Average (SMA). A closer look at the price chart reveals that RNDR dipped to a low of $5.02 on Thursday, sliding below the 50-day SMA before closing at $5.24. However, it experienced a significant recovery on Friday, rising over 8% and regaining its position above both the 50-day SMA and $5.50, reaching $5.67. Yet, with the 20-day SMA serving as a formidable resistance level, RNDR plunged back into negative territory on Saturday, shedding almost 4% to land at $5.44. The price saw high volatility on Sunday, as sellers aimed to push RNDR below the 50-day SMA while buyers tried to lift it above $5.50. In summary, RNDR ended the weekend with a minor bearish movement.
This week started off with selling pressure continuing following the failure for RNDR to break through $5.50. Overpowered buyers, sellers caused RNDR to drop by nearly 4%, bringing its price down to $5.23. On Tuesday, there was a recovery as it increased by 1.90% and reached $5.34. However, it failed to surpass the 50-day Simple Moving Average (SMA) and has been falling again during this session. Currently, RNDR is down by 1.15%, with sellers aiming to drive the price below $5. The buyers will try to push RNDR back above the 50-day SMA. If they manage to do so, a move towards $4.50 may occur.
Arbitrum (ARB) Price Analysis
Similar to other digital currencies, Arbitrum (ARB) predominantly remained in a downtrend during the past week. It dipped to $0.531 on Wednesday and slipped beneath the 50-day Simple Moving Average (SMA). However, ARB rebounded slightly after hitting a low of $0.514 on Thursday, showing a minimal growth and closing at $0.534. The token continued to climb higher on Friday, surging nearly 6% to move above the 50-day SMA and settle at $0.565. Yet, it slid back into negative territory on Saturday, decreasing by 2.74% to $0.550 but managing to stay above the 50-day SMA. The price of ARB recovered on Sunday, increasing by 1.78% and ending the week optimistically at $0.559.
On Monday, buyers attempted to drive the price up towards $0.600, reaching a peak of $0.575. However, due to intense selling pressure, it dipped into negative territory, ending the day at $0.549, a decrease of 1.86%. The bearish trend continued on Tuesday as ARB dropped below its 50-day moving average after a fall of 1.67%, settling at $0.540. Currently, the session shows ARB slightly decreasing as sellers aim to push the price lower. Buyers are eager to regain control and raise ARB above its 50-day moving average once more.
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2024-10-09 15:10