After the introduction of ordinals, BRC-20 tokens, and more recently, Runes, the next significant wave of innovation on Bitcoin will revolve around Decentralized Autonomous Organizations (DAOs). Aisling Connolly, the Senior Research Scientist at the Dfinity Foundation, has asserted this. He stated that the technology, which is now well-suited to support DAOs and the more mature […]
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Altcoins ‘Maniac Phase’ Preparing, Analysts Call For Next Leg Up
The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins.
Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the bullish rally would resume after the cool-off. Now, analysts consider that altcoins are about to embark on a “massive leg higher” for the alt season.
Ethereum’s Surge Refuels Sentiment
The crypto market is up by 8.3%, with a market capitalization of .55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, soar past ,000 in the last day.
Similarly, the “king of altcoins” remarkably performed these past 24 hours. Ethereum (ETH)’s price has risen 22% since yesterday, surpassing levels not seen since mid-March.
However, ETH is yet to test its all-time high (ATH) of ,878, set nearly two years ago. As a result, the second-largest cryptocurrency has been criticized this cycle for being “a major disappointment.”
In a turn of events, rumors of an approval of ETH spot Exchange-Traded Funds (ETFs) have refueled investors’ bullish tank, “erasing 65 days of down only” with a single daily candle.
As ETH rallies, analysts believe it’s only a matter of time before the whole altcoins sector surges to kick off the altcoin season. Crypto analyst Rekt Capital highlighted the ‘Crypto Money Flow Cycle’, stating that, now that BTC and ETH have rallied, “it’s time for Altcoins to rally.”
Is The Altcoins Season Here?
During the slowdowns, market watchers have analyzed altcoins’ run this cycle. Altcoin Sherpa has stated that many tokens didn’t “run that hard” during round 1 of the bull run, resulting in his forecast of a 1-4 months “cool-off” period before resuming the uptrend.
Despite the similarities with previous bull runs, the singularities of this cycle, like the approval of Spot Bitcoin ETFs and the Memecoin pre-sale frenzy, have made investors question whether they would see the alt season this time.
Nonetheless, several analysts, who urged investors not to panic before, suggest the community prepares for the “maniac phase” ahead. Crypto Yoddha shared his chart for the 2024 altcoin cycle, stating that the dip was “just a higher low in an uptrend.”
Per the chart, the altcoins market is now looking to retest the .27 trillion resistance level seen in March before testing last cycle’s .7 trillion ATH. To crypto Yoddha, “we’re looking at the bullish continuation” that will lead to a new market ATH during round 2.
Similarly, Top analyst Michaël van de Poppe, who recently sold all his BTC for Altcoins, stated that the Altcoin market capitalization has finished its correction:
The next step: reaching all-time high, which is ~60-70% from here.
I think #Ethereum is likely reaching that in the next 2-4 months.
Lastly, Crypto Jelle considers that “Altcoins are about to embark on a massive leg higher” after an 18-month accumulation period. The analyst compared the market’s recent breakout to a ball being held underwater, claiming that “it’s time for history to repeat.”
Bitcoin Analyst Says The BTC Leg Up Is Halfway: Next Stop $74,000?
Bitcoin is firm, recently trending above ,200 and easing past local resistance levels, much to the delight of holders. However, the current leg up is just the beginning for Willy Woo, an on-chain analyst.
Bitcoin Rally Getting Started: Analyst
Taking to X, Woo, who has been maintaining a bullish outlook for the world’s most valuable coin, boldly asserts that the current Bitcoin rally is only halfway through its welcomed bullish journey.
Sharing a chart, the on-chain analyst notes that the Bitcoin VWAP oscillator just bottomed up from oversold territory and is now at the zero mark, which is midway. Though Woo is upbeat and expecting even more gains, the analyst didn’t specify when or at what level prices will peak.
Even so, the analyst explained that a period of consolidation below the all-time high is necessary. Woo says this consolidation might allow users to accumulate before a “second leg” propels the Bitcoin to new heights.
Looking at the Bitcoin daily chart, this “second leg” is expected to be a breakout moment that will lift the coin above March highs.
At press time, Bitcoin is still in a bullish formation. The uptick above ,000 and last week’s high were crucial for trend definition. Moreover, since the May 20 breakout bar is wide-ranging and has a high trading volume, the odds of trend continuation are high. If bulls follow through, confirming May 20 gains, BTC will likely break ,800, aligning with Woo’s forecast.
BTC Bull Run To Last 300 Days If There Is No Black Swan Event
Besides Woo, another analyst says the Bitcoin uptrend is in full swing. Sharing a chart, the trader said that barring any unforeseen disruptions, such as the impact of a major exchange going bankrupt, it is highly likely that the current bull run will extend for another 300 days.
This prediction is based on profit and loss analysis of short-term holders (STHs) with a 90-day moving average. Currently, the STH is moving lower but is relatively higher. Analysts use the STH to determine market sentiment from short-term price movements and trader speculations.
As sentiment improves and prices recover, the pace at which the coin edges higher will depend on external factors. Besides the impact of the United States Federal Reserve and their monetary policy declaration, inflow to spot Bitcoin exchange-traded funds (ETFs) will be crucial. After a lull, demand is picking up, helping to propel bulls.
Ethereum Nears Crucial Breakout: Could $4,000 Be The Next Move?
Ethereum, the second-largest cryptocurrency by market capitalization, is currently poised at a crucial juncture, with a prediction of a potential breakout.
Prominent crypto analyst Jelle recently pointed out that Ethereum is nearing the end of a falling wedge pattern, a situation often interpreted as a bullish signal in technical analysis.
Technical Indicators And Market Sentiment
Jelle observed a falling wedge pattern on Ethereum’s chart, which emerges as ETH recently reclaimed its 100-day Exponential Moving Average (EMA), a development that further bolsters the bullish case.
According to Jelle, if Ethereum can sustain this momentum and push past the upper boundary of the wedge, it might set its sights on the ,000 level, a significant “psychological and technical” threshold.
$ETH is close to breaking out from this falling wedge!
After reclaiming the 100-day EMA, all it needs is a little push to break out from the multi-month continuation pattern.
Target: >00.
— Jelle (@CryptoJelleNL) May 20, 2024
The anticipation of this breakout is heightened by the current market dynamics, where Ethereum is trading just above ,000, specifically trading at price of ,088, at the time of writing.
The asset has experienced a modest increase of 0.2% in the last 24 hours and a total of 4.1% over the past week. However, looking at the price chart, Ethereum appears to have been consolidating just above the ,000 level, suggesting a building base for future significant movement.
This consolidation period, often called accumulation, may be largely due to market participants awaiting the upcoming decision from the US Securities and Exchange Commission (SEC) on the approval of the much-anticipated spot Ethereum ETF.
With this critical announcement expected later in the week, buyers and sellers appear to be in a holding pattern, cautiously awaiting the news that will likely determine their next strategic moves.
Ethereum Regulatory Decisions And Market Speculation
So far, Bloomberg’s Senior ETF Analyst, Eric Balchunas, has expressed a cautious stance concerning the spot Ethereum ETF estimating only a 25% chance that the spot ETF will receive approval.
On the other hand, Nate Geraci, President of the ETF Store, has revealed that the process for ETF approval involves several critical steps, including the acceptance of both 19b-4 filings (Exchange Rule Changes) and S-1 registration statements (initial registration forms for new securities).
While there is optimism that the 19b-4 filings might be approved, there is less certainty about the S-1s. The SEC’s slow engagement with these filings could indicate a prolonged review period, which might delay the introduction of Ethereum spot ETFs.
SEC decision deadline this week on spot eth ETFs…
SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch.
Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here).
— Nate Geraci (@NateGeraci) May 19, 2024
Featured image from Unsplash, Chart from TradingView
Toncoin Tsunami: $1 Billion Whale Activity Shakes Up Price – What’s Next?
Despite a recent surge in activity from large investors, often referred to as “whales,” the price of Toncoin (TON) appears headed for choppier waters. This comes as analysts raise concerns about the cryptocurrency’s weakening technical indicators and its potential breach of a key support level.
Whales Make A Splash, But Can They Save The Day?
In a recent report, Joao Wedson, a crypto analyst at CryptoQuant, observed a significant spike in whale activity on the Toncoin network. Transactions exceeding 100,000 TON (roughly equivalent to 5,000 at current prices) surpassed a staggering billion in the past few weeks. This indicates that major holders have been actively moving large amounts of TON, but the purpose behind these movements remains unclear.
While the whales are certainly making a splash, Wedson said it’s not necessarily translating to smooth sailing for TON’s price. He pointed out that while large transactions dominate the network’s volume (over 50%), their impact on the price seems negligible. Conversely, smaller transactions, although constituting the majority of overall activity, contribute a much smaller share of the total volume.
Technical Indicators Flash Red
Toncoin’s price has been exhibiting signs of weakness despite the influx of whale activity. Notably, TON recently dipped below its 20-day Exponential Moving Average (EMA), a technical indicator used to gauge short-term trends. This suggests that the average price of TON over the past 20 days has been on a downward slope, signifying a shift towards selling pressure.
Adding to the bearish sentiment is the imminent crossover of the Moving Average Convergence Divergence (MACD) indicator. The MACD line appears poised to fall below its signal line, which traditionally indicates a loss of upward momentum and a potential price decline.
These technical indicators are flashing red flags for TON. If the price breaches the lower line of its ascending channel, which has been acting as a support level, a drop to .70 is a distinct possibility.
Is This A Buying Opportunity Or A Sinking Ship?
The current situation surrounding Toncoin presents a conundrum for investors. The substantial whale activity hints at potential bullish interest, but the technical indicators paint a bleak picture.
The key question remains: are the whales accumulating or distributing? If they’re accumulating, this could be a buying opportunity before the price rebounds. However, if they’re selling off their holdings, it could be a sign of a distressed ship.
Featured image from Vikks/Shutterstock, chart from TradingView
Penguiana Reports New Milestones As PENGU Presale Hits Soft Cap, Teases Play-to-Earn Game Trailer Next Month
PRESS RELEASE. Penguiana (PENGU), a novel penguin-themed meme coin, is making significant waves within the cryptocurrency and Solana meme community. With its presale already raising over 1500 SOL, Penguiana is positioning itself as the next popular meme coin on the Solana blockchain. Penguiana (PENGU) Presale is Up and Running The Penguiana presale showcases the strength […]
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Why Is This Crypto Pundit Warning XRP Investors To Be At Alert For The Next 3-12 Months
A crypto analyst identified as ‘Egrag Crypto’ has recently taken to X (formerly Twitter) to issue a warning to XRP investors regarding a potential bear market that could trigger a massive correction for the price of XRP.
XRP Holders Prepare For More Declines In 2025
According to Egrag Crypto, XRP is expected to enter a steep bear market stage in 2025. The analyst based his predictions on a technical analysis tool he called the “Gaussian Channel,” revealing three distinct technical phases for XRP, including a Green A, Green B and Green C phase.
He noted that the bearish phase in Green A had already been completed. However, the Green B phase is expected to end by June 2025, and Green C is anticipated to conclude by January 2025. The analyst further emphasized that the aforementioned dates do not represent cycle tops but indicate the beginning of a “deep bear market phase.”
He also revealed that the Gaussian Channel was a technical analysis tool used to visualize price movements of cryptocurrencies around a mean average price. The purpose of the tool is to help identify volatility, risks, and certain support and resistance levels. Additionally, analyzing the historical trends and durations of the green phases provided by the Gaussian Channel provides valuable insights that can be used to interpret future price movements.
Presently, the price of XRP has remained relatively unchanged for the past few months, primarily consolidating around the .5 mark without witnessing any significant momentum. This lackluster performance can be attributed to the ongoing legal challenges the cryptocurrency has faced with the United States Securities and Exchange Commission (SEC) over the past four years.
While Egrag crypto anticipates more bearish sentiment for XRP in the coming year, the crypto analyst also suggests that the next 3 to 12 months could present critical trading opportunities as the market evolves. He cautions XRP holders to remain vigilant and prepared for potential market volatility, which could lead to a “life-changing window.”
Analyst Highlights XRP’s Resilience
In a previous X post, Egrag Crypto maintained an optimistic outlook for the price of XRP. He emphasized the cryptocurrency’s strength and resilience, noting that XRP was indicating strong bullish signals in its price fundamentals.
He revealed that if XRP can maintain a critical position within the “Launching Channel,” a trading pattern identified by partial wicking candles and ascending consolidation, the cryptocurrency could see its value potentially surging to .4.
At the time of writing, the price of XRP is trading at .51, reflecting an increase of 3.51%, over the past 24 hours, according to CoinMarketCap.
Egrag Crypto has advised the broader XRP community to remain “calm and steady,” as the next three to six months could present significant opportunities for investors.
Dogecoin Successfully Breaks Out Above $0.153, What Next?
Bulls in Dogecoin (DOGE) seem to have stepped up their game as the daily price chart of the biggest meme coin in the world is trending positively, fueling speculations about an impending rally. Kevin Capital, a cryptocurrency market expert and enthusiast has offered insights on DOGE’s price action, confirming an effective break out for the crypto asset, as it surpasses the .153 resistance level.
Dogecoin Surpasses the .153 Resistance
It is noteworthy that the crypto analyst Kevin previously predicted that for Dogecoin to move higher it needs to break above the .153 level and the 200 Simple Moving Average (SMA) in the 4-hour timeframe. “When it comes to Dogecoin all DOGE needs to do to have a higher chance of playing out the potential inverse head and shoulders is a break above the 4-hour 200 SMA and the .153 level,” he stated.
At the time, Kevin noted that DOGE has repeatedly tried to reach this moving average and has been turned down. Thus, should the crypto asset break out of and maintain this moving average, he expects an upswing to the .22 price level.
According to the analyst, the development has successfully manifested today, as the digital asset has surpassed the .153 level and the 200 moving average. Given Kevin’s prognosis, Dogecoin will have to sustain this area to see a further upsurge.
If DOGE manages to hold during any prospective backtest and thereafter, Kevin has placed his inverted head and shoulders target at .18 and .22, if it is within reach.
The post read:
Update on the Dogecoin chart. We have officially broken above the .153 level and the 200 SMA on the 4HR. We need to hold this area on any potential backtest and then .18 cents and the inverse head and shoulders target of .22 cents if right in reach.
This accomplishment coincides with a spike in the meme coin market’s favorable sentiment, which indicates increased investor trust and interest in these digital assets. With breakouts and decouplings occurring all over the place over the past few days, meme coins had an eye-catching start to the week.
Several Support Levels For DOGE And Their Significance
Dogecoin’s recent price upswing has triggered an optimistic outlook from multiple crypto experts. Another analyst who has shared a positive prediction for the meme coin is Crypto Daily Trade Signals.
Crypto Daily Trade Signals has delved into the current support levels for DOGE and the potential price trajectory following a breakout. According to the channel, the 50-day EMA at .1652 is serving as a resistance level at the moment. Should DOGE break past this barrier, it could trigger the start of a bull run for the coin.
Furthermore, the channel noted that the 100-day EMA around .1434 is presently offering support, indicating that DOGE has a cushion against additional drops. Meanwhile, the 200-day EMA is acting as a strong long-term support level at .1237.
During the time of writing, Dogecoin was demonstrating an upward momentum of over 6% in the past week, trading at .1549. Its trading volume and market cap have both increased by over 11% and 3% respectively in the past day.
Buckle Up, XRP Fans: Analyst Eyes Price Explosion To $0.65 In Next 5 Days
The price of XRP, the native token of Ripple, has been a topic of much debate lately. While some analysts predict a significant price jump this weekend, others remain cautious due to the coin’s recent struggles and the ongoing legal battle between Ripple and the SEC.
Stalled At The Starting Line: XRP’s Recent Performance
XRP has been stuck in low gear, failing to break past the .54 resistance level for weeks. This sluggishness extends to the broader timeframes, with the coin experiencing a decline in the past month, week, and even the last 24 hours.
At the time of writing, XRP was trading at .5185, down 3.8% in the last 24 hours, but managed a measly 0.4% uptick in the last week, data from Coingecko shows.
Weekend Surge On The Horizon?
Coincodex, a prominent crypto prediction platform, stands out from the crowd with a bullish forecast. They predict a substantial price increase for XRP, with the coin potentially reaching .648 by Tuesday, May 21st. This would represent a jump of over 32% from its current price.
However, even Coincodex acknowledges the potential for a different scenario. The report mentions the possibility of consolidation around .4952 or even a price drop if profit-taking intensifies.
Legal Clouds Dampen Enthusiasm
Many experts believe the ongoing lawsuit between Ripple and the SEC is a significant factor behind XRP’s underperformance. The SEC alleges that XRP is a security, while Ripple argues it’s a currency. This legal battle has cast a shadow over the cryptocurrency, leading to investor hesitation.
There is a glimmer of hope, however. The article reports that the lawsuit is nearing its conclusion, with a final judgment expected from Judge Analisa Torres this year. A definitive resolution, especially if it favors Ripple, could pave the way for a significant price increase in the future. Some analysts, as the report mentions, even predict XRP could surge to during the next bull run.
Weighing The Bullish And Bearish Signs
The future of XRP remains uncertain. Coincodex’s prediction offers a ray of optimism for a near-term price jump. However, the recent price slump, ongoing legal battle, and cautious investor sentiment paint a more complex picture.
Looking Ahead: A Post-Lawsuit Future For XRP?
The resolution of the SEC lawsuit could be a turning point for XRP. If Ripple prevails, it could remove a major obstacle to wider adoption and institutional investment. This, combined with a potential bull run in the broader cryptocurrency market, could propel XRP to new heights.
However, even a favorable outcome wouldn’t guarantee smooth sailing. The cryptocurrency market remains volatile, and XRP faces competition from other established players.
Featured image from Pexels, chart from TradingView
Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements
Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market. According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow trading range for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve.
Stagnant Crypto Market
Per the report, Novogratz described the current phase in the crypto market as a consolidation period. He emphasized that Bitcoin, Ethereum (ETH), and other cryptocurrencies, including Solana (SOL), are expected to consolidate.
This consolidation phase suggests that the Bitcoin price will likely trade within a range of approximately ,000 to ,000 until significant market events drive prices higher.
The crypto market has experienced a period of stagnation following the historic bull run witnessed in the past two quarters. This surge was fueled by the launch of spot US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving, which reduced the supply of new BTC.
However, Bitcoin’s price trend reversed due to diminishing optimism surrounding interest rate cuts by the Federal Reserve (Fed), amid consistently strong economic indicators.
According to Novogratz’s analysis, if his predictions hold, Solana could continue to consolidate within its current trading range of 0 to 0. This consolidation has been observed over the past month, indicating a period of stability for the cryptocurrency.
Similarly, Ethereum’s price has closely mirrored Bitcoin’s movements and has traded between the ,870 and ,200 levels.
Ethereum recently failed to consolidate above the significant ,000 mark reached in mid-March. As a result, Ethereum has experienced a period of price consolidation within the range above.
Bitcoin Volatility Persists
Novogratz acknowledged the tailwinds that propelled the market during the fourth quarter of 2023 and the first quarter of 2024.
Galaxy’s CEO believes that these tailwinds will likely persist throughout the current quarter and possibly the next unless there are significant developments, such as the Fed initiating rate cuts due to an economic slowdown or until the regulatory landscape becomes clearer after the upcoming election.
Moreover, Novogratz noted a significant shift in counterparties’ willingness to lend crypto for extended periods without collateral, a trend that was not prevalent just six months ago. He emphasized that engagement in the crypto space has reached a new level, with growing interest from individuals and institutions alike.
On Tuesday, Bitcoin experienced a 2.7% decline, trading at ,400. Since achieving a record high of ,700 on March 14, the largest cryptocurrency in the market has undergone a 16% decline. Despite this, Galaxy Digital reported notable first-quarter results, with net income more than tripling to 1.7 million.
Featured image from Shutterstock, chart from TradingView.com