As a seasoned cryptocurrency investor with a keen eye for market trends, I must say that the current state of Cardano (ADA) is quite intriguing. Having witnessed numerous bull and bear runs over the years, I can confidently say that ADA’s recent surge above the 50-day SMA is a positive sign. If it manages to breach the $0.40 level, it could be an excellent opportunity for long-term investors like myself.
Bitcoin (BTC) remains steadfast above the $60,000 mark, with its value showing minimal fluctuations. At present, it’s being exchanged around the $60,700 price point. The total market capitalization of cryptocurrencies currently hovers at approximately $2.15 trillion, representing a 0.72% rise over the last day.
Despite experiencing an approximately 21% rise since dropping below $50,000 on August 5th, Bitcoin has had difficulty maintaining levels above $60,000. This hesitation in growth may be attributed to cautious investors who are shifting their focus from Bitcoin to bonds and stocks as the demand for Bitcoin futures has decreased.
Bitcoin (BTC) Still Sluggish
1. Bitcoin is currently experiencing a mix of opposing tendencies, leading to reduced enthusiasm among investors. Economic indicators hint that traders are gravitating towards more secure investments like stocks, while temporarily abandoning cash positions. The growth in the stock market has mirrored a fall in US Treasury bond yields, suggesting increased demand for conventional safe-haven assets. Investors seem content with accepting lower returns on fixed-income assets at present. On the other hand, Bitcoin’s derivative metrics show signs of robustness and potential for growth.
Is A Parabolic Rally On The Cards?
2024 has been a rollercoaster ride for Bitcoin (BTC). Notable occurrences have transpired such as the debut of spot Bitcoin ETFs and the halving event. Unlike past halving instances, Bitcoin reached a fresh record high prior to the halving this time around. However, approximately four months following the halving, Bitcoin has yet to reclaim its previous all-time high. On the flip side, BTC has experienced a 13% decline over the last month. This has sparked interest in Q4, with experts pondering if Bitcoin might surge during this quarter.
Coinglass data shows that BTC has always had positive returns in Q4 during halving years. The cryptocurrency recorded gains of 58% in 2016 and 168% in 2020. BTC also posted positive returns in 8 out of 11 years between 2013 and 2023, with average gains of 88%. If we look at historical data, there is a 73% chance of a BTC rally in Q4 2024. Ki Young Ju, the founder and CEO of CryptoQuant, stated that BTC’s 2020 rally began in Q4 2024, and BTC’s current phase suggests it could be setting up for a parabolic rally in Q4.
As a seasoned crypto investor, I’m eagerly anticipating the upcoming quarter. Given that the previous Bitcoin halving cycle saw a bull rally kick off in Q4, I can’t help but feel a sense of excitement for this year’s Q4. I have a feeling that even the whales won’t let it be an uneventful period with just flat year-on-year performance.
ETH Sentiment Still Bearish
Despite a decrease in Ethereum‘s gas fees to a five-year low, the overall trend for ETH prices has remained downward, with the cryptocurrency failing to sustain itself above $2,600. However, there has been a slight improvement of $1.75 over the past 24 hours. The decline in gas fees might be due to market stagnation, recent network improvements, and a surge in Layer-2 usage.
Lowering gas fees may seem beneficial initially, but it brings up some worries because it leads to less token destruction (burning) and ultimately increases the circulating Ethereum supply.
Bitcoin (BTC) Price Analysis
Despite facing resistance near $62,000 and weak demand due to Bitcoin whales adopting a cautious stance, Bitcoin (BTC) has held steady above the $60,000 mark this week. The price movement for BTC has been volatile, with significant increases and decreases throughout the period. Following a 1.90% drop on Sunday that ended the previous week bearishly, BTC began the current week by nearly recovering those losses, rising 1.73% to $59,501 on Monday. Buyers tried to outnumber sellers and push towards $60,000 on Tuesday, initially succeeding as BTC reached an intraday high of $61,401. However, heavy selling pressure at higher levels allowed the bears to regain control, pushing BTC below $60,000 and the 20-day SMA. The cryptocurrency ended Tuesday with a 0.73% decline, closing at $59,068.
On Wednesday, Bitcoin (BTC) recovered and moved into positive territory due to a market surge following the publication of FOMC meeting minutes. The optimistic atmosphere helped BTC regain its position above the 20-day Simple Moving Average (SMA) and surpass $60,000 to close at $61,134. However, on Thursday, the 50-day SMA and associated resistance caused a slowdown in buying momentum, leading BTC to drop by 1.16% and settle at $60,423. Importantly, BTC managed to stay above the $60,000 mark. As of now, Bitcoin is up by 1.32% as it tries once more to surpass the 50-day SMA.
BTC faces strong resistance at the 50-day SMA, a level buyers must overcome to push towards $65,000 and beyond. The next level of resistance buyers must overcome is the 200-day SMA. A break above these levels could indicate the return of bullish sentiment and set BTC up for a push above $65,000. However, for this to happen, BTC needs a significant uptick in demand, which is currently lacking, given that crypto whales have reduced buying. Sellers, on their part, will look to drive BTC back below $60,000 and towards the $58,000 support.
Ethereum (ETH) Price Analysis
In simpler terms, Ethereum (ETH) has surpassed its 20-day Simple Moving Average (SMA), which could be interpreted as a promising sign following several weeks of slow movement. Buyers had previously been unable to push the price above the 20-day SMA, but this week they found enough momentum to do so. The price of ETH has been relatively flat since a 3.50% decline on August 15, mainly moving horizontally since then. This week started with a 1% increase as buyers aimed to keep ETH above $2,600. However, sellers took over on Tuesday, causing ETH to dip below $2,600 and settle at $2,574 after a 2.44% drop.
Yesterday, the crypto market experienced an upward trend, with Ethereum (ETH) climbing by 2.21% and surpassing $2,600 to reach a settlement of $2,631. On Thursday, sellers tried to pull ETH back below $2,600 but were unsuccessful due to increased demand at lower price points. Consequently, Ethereum only experienced a slight dip and importantly stayed above its 20-day Simple Moving Average (SMA). Currently, Ethereum is up by 1.95% in the ongoing session, with buyers aiming to push ETH beyond $2,700.
As bears struggle to drive ETH below $2,600, bulls aim to seize the opportunity and propel the price up towards the significant resistance point of around $2,850. On the other hand, sellers are anticipated to stand firm at these levels, attempting to regain control and pull ETH back down near its supportive level of approximately $2,500.
Solana (SOL) Price Analysis
Currently, Solana (SOL) is attempting to break free from its recent horizontal market trend, characterized by modest advancements compared to past price fluctuations. The digital currency has faced difficulties in surpassing the $150 mark and is trading below its moving averages. However, during the current trading session, there’s been an uptick as it attempts to move above the 20-day Simple Moving Average (SMA). Since the weekend, SOL has been on a gradual upward trend; however, the bulls have struggled to maintain momentum, losing pace near the $150 price point, as suggested by the price chart.
On Sunday, SOL peaked at $147 before dropping to $142 due to selling pressure. The new week started with a 1.35% rise, propelling SOL to $144. On Tuesday, buyers aimed to surpass the 20-day moving average (SMA) as SOL reached an intraday high of $148.91. However, their momentum waned, and sellers regained control, pushing SOL below the 20-day SMA again. By the end of the day, SOL had dropped 1.42%. Throughout Wednesday and Thursday, there was significant price fluctuation as sellers tried to push SOL below $140 support level and buyers tried to surpass the 20-day SMA, but neither side managed to take control. Eventually, SOL finished at $143 with a minimal increase.
At present, Solana (SOL) is making an effort to surpass its 20-day Simple Moving Average, with the price standing at $145. This raises the question: Could SOL regain the $150 mark? Observations from LookOnChain indicate increasing activity in the Solana market. If the bulls manage to build momentum, SOL might challenge the resistance above $150. For this to happen, it’s crucial for SOL to stay above its 20-day SMA. Sellers are anticipated to fiercely protect resistance levels. If SOL is pushed back from these levels, it would imply that bears remain dominant. However, if buyers maintain control and break through the moving averages, SOL might aim for $160.
Dogecoin (DOGE) Price Analysis
As a researcher observing the Dogecoin (DOGE) market this week, I noticed an interesting development. DOGE managed to break above its 20-day Simple Moving Average (SMA), marking a significant shift in momentum for the meme coin. This surge in buying pressure allowed DOGE to breach its recent narrow trading range, but the 20-day SMA served as a formidable resistance level, preventing DOGE from rising beyond $0.102.
On Wednesday, DOGE managed to surpass its 20-day Simple Moving Average (SMA) following a 2.81% surge that took it to $0.106. On Thursday, buyers tried to regain control and push DOGE back below the moving average, but as demand increased at lower levels, DOGE only experienced a minor drop. As of now, the price is up by 1.13%, trading at $0.107, with buyers aiming for $0.110 in the current session.
Cardano (ADA) Price Analysis
As an analyst, I’ve observed a significant upward trend in Cardano (ADA) this week. Notably, it has breached both the 20-day Simple Moving Average (SMA) and the resistance level at $0.35, suggesting that bulls are currently dominating the market. This surge seems to be propelling ADA towards the $0.40 price mark. Interestingly, buyers have managed to push ADA above the 50-day SMA as well. The week commenced with a minimal increase of 0.60% for ADA on Monday. However, the momentum picked up on Tuesday when ADA surpassed the 20-day SMA following a 2.08% rise, ending the day at $0.34.
On Wednesday, ADA experienced a significant jump of 7.56%, boosting its value to surpass $0.35 and settle at approximately $0.37. Buyers aimed to push beyond the 50-day Simple Moving Average (SMA), but were unsuccessful, as demonstrated in the price chart. However, despite the 50-day SMA serving as a formidable resistance level, ADA saw an increase of 1.89% on Thursday and settled slightly below the moving average. In the current trading session, ADA has risen by more than 2%, breaking past the 50-day SMA and currently trading at around $0.38. If this upward trend continues, ADA could potentially regain the $0.40 price point.
Polkadot (DOT) Price Analysis
1. The price of Polkadot (DOT) is approaching the significant $5 mark, and regaining this level will be important for its growth. Despite temporary setbacks that caused uncertainty among investors, analysts have consistently supported DOT and seen its potential, believing it was significantly undervalued. Since last Friday, DOT has been on an upward trend, leaving behind its previous bearish sentiment as buyers take the lead. By Sunday, DOT reached $4.39, with buyers trying to push past $4.50. On Monday, DOT rose 2.05% to settle at $4.48. On Tuesday, it surpassed the $4.50 mark again after a 0.89% increase that brought its price to $4.52.
On Wednesday, DOT surpassed its 20-day Simple Moving Average following a 3.32% rise and finished at $4.67, with a slight boost on Thursday pushing it to $4.69. Currently, buyers are driving DOT towards $5, and as of now, it’s trading at $4.78, up by 1.92%. After experiencing a decline since March, the recent upward trend in DOT might signal an end to the prolonged bearish feeling that has affected this altcoin. Investors will aim to regain the vital $5 threshold, which DOT lost earlier in August.
Dogwifhat (WIF) Price Analysis
In contrast to Dogecoin, Dogewithhat (WIF) has been on an upward trend this week, surpassing significant resistance points as investors aim to capitalize on recent bullish trends. After hitting a support level of $1.40 on Monday, WIF experienced a 3.24% growth, reaching $1.43. The popular meme token continued its climb on Tuesday, gaining 8.13%, moving beyond $1.50 to end the day at $1.55. Sellers tried to regain control at this level but were met with strong demand, causing WIF to dip only slightly to $1.47 before swiftly recovering. Although sellers exerted pressure, WIF still managed a small increase, though it fell short of breaking the 20-day Simple Moving Average.
On Thursday, WIF managed to surpass its 20-day Moving Average, resulting in a 3.69% growth that ended at $1.61. Currently, in today’s trading, WIF has risen by 1%, trading at $1.63. For the ongoing upward trend of WIF to persist, investors need to ensure it maintains its position above the 20-day Moving Average. If the price continues to ascend, WIF may challenge the resistance at its 50-day Moving Average. Conversely, traders aiming to sell will try to regain control, pushing the price below the 20-day Moving Average and the $1.50 mark.
Read More
Sorry. No data so far.
2024-08-23 13:26