This weekend, following the first presidential debate of 2024, the prediction market Polymarket, powered by Polygon, saw a shift in the wager regarding whether incumbent President Joe Biden will withdraw from the race. Just two days prior, the odds of Biden stepping down were at 39%, and as of June 30, 2024, the probability has […]
Bitcoin News
Analyst Keeps Faith In XRP, Targets $288 Despite Price Retreat
In the tumultuous world of cryptocurrency, where prices can soar to unprecedented heights one day and plummet to new lows the next, XRP, the digital asset associated with Ripple, finds itself at the center of attention once again. Despite recent dips in its value, XRP enthusiasts remain steadfast in their optimism, fueled by the unwavering confidence of cryptocurrency analyst Javon Marks.
Analyst’s Bold Prediction
Marks, known for his bullish outlook on XRP, has boldly predicted a jaw-dropping 400x surge in the price of XRP, envisioning the digital asset reaching the remarkable territory of 8. This audacious forecast comes in the face of recent challenges for XRP, including a notable dip in value and ongoing market turbulence.
With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for 0+.
Prices of Ripple went on an over +108,000% run in the 2017-2018 run and has since setup and broke out of its largest resisting structure EVER!
A mind-boggling, +33,030% run from… https://t.co/RWklG3ALh0 pic.twitter.com/r1Jie98X9s
— JAVON
MARKS (@JavonTM1) April 5, 2024
Resilience Amidst Challenges
XRP has weathered its fair share of storms in recent weeks, experiencing a 24% decline from April 11 to 13, sending it to its lowest value since May 2023. Despite this setback, the digital asset showed resilience, bouncing back with a 5% rise on April 14. However, this recovery was short-lived as bearish sentiments regained control.
At the time of writing, XRP was trading at .50, up a measly 0.7% in the last 24 hours, but sustained an 18.2% loss in the weekly timeframe, data from Coingecko shows.
A psychological support, the .5 level tends to keep people comfortable if the price stays above it; a decline below it can alarm them. A breakdown below this level is significant because it may encourage traders to sell more because they think the price will drop even further.
Analyzing The Trends
Marks’ analysis hinges on XRP’s historical performance, particularly its ability to break out of downward trendlines. He points to a significant breakout in July 2023 following a pivotal ruling in the SEC vs. Ripple case.
Despite subsequent corrections and occasional bearish pressure, XRP has managed to remain above these trendlines, signaling a strong bullish trend that Marks believes will pave the way for a monumental price surge.
Short-Term Challenges
Despite the long-term optimism, XRP faces immediate challenges in the form of resistance and bearish sentiments. Trading below the 50-day Exponential Moving Average (EMA) and struggling to surpass the .50 mark, XRP must navigate through short-term obstacles before realizing its full potential.
As XRP enthusiasts eagerly await the fulfillment of Marks’ bold prediction, it’s essential to acknowledge the inherent volatility and uncertainty that characterizes the cryptocurrency market. Factors such as regulatory developments, market dynamics, and broader trends within the cryptocurrency space can all influence XRP’s price trajectory.
Featured image from Pexels, chart from TradingView
Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead
AVAX, the native token of the Avalanche protocol, presented a mixed experience for investors in the month of March. The altcoin initially rose by over 64% to trade above for the first time since May 2022 before declining by 18.44% in the last two weeks.
Unsurprisingly, AVAX’s price movement has drawn much attention from investors and market experts alike. Notably, a popular crypto analyst with the X handle Rekt Capital has advised against panic, stating the recent decline of the altcoin could prove to be rather beneficial for investors.
AVAX To Return To – Price Zone, Analyst Stands Confident
In a post on X on March 30, Rekt Capital shared that AVAX has suffered an overall decline since encountering the – price zone in mid-March. However, the analyst has described this price drop as a “healthy dip,” which could result in the token returning to previously high levels.
Avalanche rallied to the – area
And is now dipping towards the December 2023 highs (red)
This is a healthy dip to set AVAX up for the next uptrend back to the – area again, over time#AVAX #Crypto #Avalanche https://t.co/o7s9sU4eIN pic.twitter.com/5QJG2e581Y
— Rekt Capital (@rektcapital) March 30, 2024
Currently, AVAX trades in the range of -, but Rekt Capital predicts the altcoin is heading to the region of -, which represents its highest price points recorded in December 2023. On entering this price zone, Rekt Capital expects the token to find support and embark on an uptrend back to the – region.
However, in the presence of overwhelming bearish pressure, the analyst technical analysis revealed that AVAX could drop further to around .66, indicating a potential price decline of 39.62% and 49.9% from the coin’s current price and its peak price in March, respectively
Avalanche (AVAX) Price Overview
At the time of writing, AVAX trades around .50 with no significant price movement in the last day, while recording a 0.51% decline over the past week based on data from CoinMarketCap. Meanwhile, the crypto asset’s trading volume is down by 16.62% and valued at 0.86 million.
However, AVAX has generally been one of best best-performing assets in the last six months boasting a market gain of 471.35% within this period. Notably, in December 2023, the altcoin rose by about 150% to move from .41 to a monthly high of .98.
Off the market, AVAX has also scored some positive strides. Most recently, the Avalanche network announced a collaboration with fellow blockchain Chainlink and the prestigious Australia and New Zealand Banking Group (ANZ) targeted at exploring the use of crypto assets in global financial settlement systems. The use of AVAX in such a project would largely amplify the token’s adoption, which would elicit a positive effect on its market price.
AVAX trading at .30 on the daily chart | Source: AVAXUSDT chart on Tradingview.com
Featured image from Zipmex, chart from Tradingview
NFT Sales Tumble 18.57% in 7 Days Amid Broad Crypto Market Retreat
This week’s non-fungible token (NFT) sales have taken another nosedive, intensifying the downtrend that began with a 16.55% decline from March 9 to March 16, 2024. The last seven days have witnessed an even steeper drop, with NFT sales plummeting by 18.57%. Cryptopunk #7,804 Shines in a Week of Falling NFT Sales In line with […]
Bitcoin News
Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground
After a spectacular ascent to record highs, Bitcoin (BTC) is facing a reality check. The past week has seen a dramatic price correction, leaving investors wondering if this is a temporary setback or a sign of a more bearish future.
The world’s most popular cryptocurrency reached an intraday low of ,620 on March 17th, a significant drop from its recent peak above ,000. This pullback has triggered a wave of pessimism, with analysts pointing to declining profitability and a drop in daily active addresses on the network.
A Bearish Shadow Looms
According to analysts, investor sentiment has been hurt by a series of descending peaks and failed upturns, while selling pressure remains rampant as we approach the “weekly candle close.” This sentiment is echoed by data from IntoTheBlock, which shows a sharp decline in the number of addresses “In the Money,” signifying a decrease in overall profitability within the Bitcoin network.
Finding Support: A Beacon of Hope?
However, not everyone is hitting the panic button. Technical analysis suggests a potential support zone for buyers between ,000 and ,000. Popular trader Skew highlights this area as a possible turning point, while also acknowledging significant spot selling from major exchanges like Coinbase and Binance.
$BTC Spot Market Data Thread, in partnership @_WOO_X $BTC Binance Spot
Weekend spot buyer hereSpot Supply (K – K)
Spot Demand (K)Interestingly last bounce which was sold into also resulted in a stack of limit bids being quoted lower.
~ Keep an eye on those bids… pic.twitter.com/3PKHyddNlv— Skew Δ (@52kskew) March 17, 2024
Bulls On The Horizon: Are The Giants Awakening?
While the immediate future appears uncertain, some analysts remain bullish on Bitcoin’s long-term prospects. They view the current correction as a natural and healthy part of any bull run, pointing to historical data where similar pullbacks paved the way for further growth.
Related Reading: Bitcoin Crashes: Dip To ,000 Triggers Over 0 Million Liquidation Avalanche
Adding fuel to the fire of optimism is the potential return of institutional capital. The recent resumption of buying from US Bitcoin ETFs and the prospect of a significant influx of funds from hedge funds and investment advisors in the coming months are seen as potential catalysts for a rebound.
Thomas Fahrer, CEO of Apollo, a decentralized online cryptocurrency platform renowned for its comprehensive crypto reviews and analysis of ETF inflows, echoes sentiments regarding X.
Fahrer characterizes the current state as a “Bear Trap” and pinpoints the resumption of buying from US Bitcoin ETFs on March 18 as a potential catalyst for an upward surge in X’s value.
Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts 0 Billion Market Cap
Emphasizing the significance of increased institutional acceptance, Fahrer anticipates a surge in liquidity within Bitcoin ETFs, suggesting that substantial capital inflows from institutional investors have yet to materialize.
The Verdict: Brace For A Volatile Week
This week will be crucial for Bitcoin. The coming days will be a test of the cryptocurrency’s resilience and its ability to overcome the current selling pressure. If bulls can regain control and positive sentiment prevails, a return to record highs remains a possibility. However, if the downtrend continues, Bitcoin could face a more extended period of correction.
Featured image from Pexels, chart from TradingView
XRP On The Brink – Bullish Pattern Or Profit-Taking Retreat?
XRP, the native token of the Ripple network, has been a cryptocurrency on a rollercoaster ride. After a year marked by significant price swings and a high-profile lawsuit, XRP finds itself at a crossroads. Could a technical indicator signal a long-awaited rise, or are recent dips a sign of profit-taking before a potential fall?
XRP Poised For Breakout?
Technical analysts are keeping a watchful eye on XRP’s price movement. The cryptocurrency appears to be on the verge of breaking out of a multi-year symmetrical triangle formation. This pattern, characterized by converging price channels, often precedes a significant price increase. If XRP can decisively surpass the resistance level of .6201, it could trigger a bullish run for the token.
$Xrp#Xrp Still Trying To Clear Multi Year Symmetrical Triangle Expecting Successful Breakout Soon After Successful Breakout Expecting Massive Bullish Wave In Coming Months#Crypto https://t.co/KIWel0U5Z5 pic.twitter.com/fRKM5WbZk9
— World Of Charts (@WorldOfCharts1) March 6, 2024
However, recent market volatility has proven to be a formidable obstacle. Despite a brief surge above the resistance level, XRP failed to maintain momentum. This highlights the ongoing uncertainty surrounding the cryptocurrency market, where external factors can quickly disrupt even the most promising technical signals.
At the time of writing, XRP was painted in red, and trading at .62, down 0.7%, 0.1%, and 1.1% in the hourly, daily and weekly timeframes, data from Coingecko shows.
Profit Taking Or Pre-Lawsuit Jitters? XRP Price Retreats
While the potential breakout offers a glimmer of hope for XRP holders, a different story is unfolding in the short term. The token’s price has dipped slightly in recent days. Analysts attribute this decline to two key factors.
Firstly, the month of March has seen a significant exodus of XRP from investor wallets. Holders have reportedly cashed in on profits totaling 0 million. This profit-taking spree, particularly by those who accumulated XRP during its lows, is a natural market response and can contribute to price fluctuations.
Secondly, the looming deadline in the ongoing SEC vs. Ripple lawsuit casts a shadow over XRP’s price. The March 22nd deadline for the SEC to file its remedies-related brief injects uncertainty into the market. Investors often adopt a cautious approach during legal battles, leading to potential price drops.
A Balancing Act Between Technicals And Market Realities
The current situation for XRP presents a classic case of conflicting forces. On the one hand, the technical indicator suggests a potential breakout, hinting at a future price surge. On the other hand, profit-taking behavior and pre-lawsuit jitters are putting downward pressure on the token’s price in the short term.
The coming weeks will be crucial for XRP. The outcome of the SEC lawsuit and the token’s ability to break through the resistance level will determine its price trajectory. Whether XRP embarks on a bullish run or retreats further depends on how these factors play out.
Featured image from Pexels, chart from TradingView
Bitcoin Technical Analysis: BTC Bulls Retreat From Near $49K Peak
As of Feb. 12, 2024, bitcoin displays a robust upward momentum across several charts, underscored by its sharp ascent from ,593 to ,814 on Sunday. On the subsequent Monday, bitcoin’s market value reached 9 billion, with a trading volume of .57 billion for the day. Currently, the upward trend pauses, with the price dipping below […]
Bitcoin News
Crypto Exchanges Witness Bitcoin Deposit Boom Amidst Ethereum Retreat
According to recent data, in the past month, the quantity of bitcoin residing in centralized cryptocurrency exchanges surged by 32,058 bitcoin. Concurrently, the ethereum reserves on these exchanges have diminished, with 262,904 ether, valued at 7.42 million, being withdrawn from trading platforms since Dec. 4, 2023.
Bitcoin Bulks Up as Ethereum Eases Off in Latest Crypto Exchange Reserve Trends
An upsurge in bitcoin deposits and a decline in ether holdings have been observed at the world’s leading crypto exchanges, as per cryptoquant.com. The data indicates that on Dec. 4, 2023, exchanges housed 2,058,106 BTC, which has since risen by 1.55% to a current tally of 2,090,164 BTC. This surge reflects an accumulation of 32,058 BTC, valued at .4 billion, within the last month.
Data reveals Binance as the top custodian of BTC, succeeded by Coinbase and Bitfinex. Nansen’s analysis indicates that, at present, Binance possesses 555,700 BTC, translating to a worth of .43 billion. Coinbase maintains a reserve of approximately 412,467 BTC, while Bitfinex oversees 390,050 BTC. Collectively, these three platforms safeguard .71 billion in value, accounting for 64.98% of the total BTC harbored on exchanges.
Conversely, the scenario for ethereum paints a stark contrast. A total of 262,904 ether, amounting to 7.42 million, was withdrawn from centralized trading venues. Data from Dec. 4, 2023, showed exchanges holding 14,226,502 ETH, which has decreased to 13,963,598 ETH as of the latest count. ERC20 stablecoins, or fiat-pegged tokens built on top of Ethereum, also saw significant influx into centralized trading platforms.
Dec. 4, 2023 metrics indicate a total of 17.79 billion ERC20-based stablecoins were held on crypto exchanges, which has since expanded to 18.76 billion. This reflects an increase of 0 million in dollar-pegged crypto tokens deposited into leading crypto exchanges. Once more, Binance emerges as a predominant holder of stablecoins, maintaining a substantial quantity of USDT (19.44B) and a dominant share of the TUSD, BUSD, and FDUSD supplies.
The recent crypto exchange reserve fluctuations in BTC, ETH, and ERC20 stablecoins mirror the wider patterns and attitudes shaping the cryptocurrency market in its ongoing evolution. Prominent trading platforms such as Binance, Coinbase, and Bitfinex, among others, still maintain substantial bitcoin reserves. Simultaneously, the variable movements of ether and ERC20-based stablecoins highlight changing tactics and inclinations in the digital currency landscape.
What do you think about the bitcoin deposits and the ethereum withdrawals over the last 30 days? Share your thoughts and opinions about this subject in the comments section below.
Market Week in Review: Crypto’s Highs and Lows With ICP and SNX Leading the Charge and Retreat
Over the past week, bitcoin and ethereum experienced modest declines, ranging from 1.8% to 3.6%, when compared to the U.S. dollar. Concurrently, several crypto assets showcased impressive double-digit growth, with ICP, HNT, BONK, and WOO leading the surge throughout these seven days.
16 Crypto Assets Record Double-Digit Gains, 8 Witness Double-Digit Losses
Commencing on Monday, Dec. 18, 2023, the crypto market is valued at .61 trillion, marking a slight decrease of 1.9% from the previous day. As the holiday season approaches, global trading volumes have dipped, yet in the past 24 hours, a notable .24 billion was traded, a significant 30% increase from the day before.
Throughout the week, internet computer (ICP) emerged as the top performer, soaring by 85.5%. Helium (HNT) also saw a remarkable rise of 68.9%, while the meme coin bonk (BONK) escalated by 68%. Additionally, woo network (WOO) appreciated by 57.1% against the dollar. Among the more than 11,000 cryptocurrencies listed, 16 experienced double-digit growth this week.
Other notable performers this week included OSMO, INJ, ASTR, FET, TKX, STX, TIA, BGB, and GT. Besides BTC and ETH, XRP, SOL, and AVAX were prominent in trading volume. Despite this, XRP dropped by 4.4% over the week, while SOL increased by 3.1%, and AVAX surged by more than 10%. Other high-volume traders like DOGE, BNB, LINK, and ADA also remained in the spotlight.
On the other end of the spectrum, synthetix network (SNX) emerged as the week’s most significant loser, declining by 21.1%. BTT fell by 16.7%, LUNC by 15.9%, and KAS by 13.9% over the same period. Eight cryptocurrencies in total registered double-digit losses, with MINA, XEC, EGLD, and LDO also among the notable decliners.
As the year draws to a close, market uncertainty remains a prevalent theme, particularly in the altcoin sector. Historically, the holiday season often witnesses a stagnation in crypto trade volumes, with investors showing caution amidst festive distractions and year-end reflections. This period typically sees flat trading activity, underscoring the cautious sentiment prevalent in the market during these final weeks of the year.
What do you think about the week’s biggest crypto gainers and losers? Share your thoughts and opinions about this subject in the comments section below.
Analyst Raises Red Flag On Bitcoin Rally, Predicts Imminent Retreat After 35% Spike
As Bitcoin (BTC) continues to consolidate above the ,000 mark, aiming to surpass and reclaim its yearly high, theories suggest that a retracement may follow the current upward spike in the coming weeks.
On this matter, the renowned crypto analyst known by the pseudonym “Crypto Soulz” recently shared insights on the potential short-term retracement for Bitcoin in a recent post on X (formerly Twitter).
BTC’s Local Top At ,000 Signals Potential Reversal
According to Crypto Soulz, a key resistance level for Bitcoin is identified at ,370. The analyst suggests that this resistance level will not likely be retested from the current position.
Additionally, Soulz highlights that liquidity has been absorbed around ,000, which he considers a “trigger” for taking short positions.
The analyst points out that the local top for BTC was observed at ,000, where a long wick was formed, followed by a retracement. This price action is seen as a potential indication of a reversal.
Moreover, Crypto Soulz emphasizes using on-chain data as a confluence for BTC positions. Soulz highlights that the spot market showed an uptrend before the perpetual futures contracts followed suit.
The spot order book (OB) is stated to be increasing but expected to decrease, along with the perpetual market. If ,000 indeed serves as a local top, the analyst suggests that both spot and perpetual should subsequently decrease.
Furthermore, Soulz highlighted that BTC successfully broke through key technical indicators, such as the 200-day simple moving average (SMA), the 200-week SMA, and the 365-day SMA, which is currently acting as support.
Ultimately, Soulz further states that there is no substantial liquidity available above ,000. The analyst identifies two liquidity pools, as seen in the chart above: the first at ,000, which he considers its initial target, and the second at ,000, where a slight bounce may occur.
Bitcoin Potential As Store Of Value
In another development, Jurrien Timmer, Fidelity’s Director of Global Macro, delved into the characteristics of Bitcoin and its potential to serve as a store of value and hedge against monetary debasement.
Drawing parallels to gold, Timmer highlighted Bitcoin’s “unique attributes” and its ability to potentially gain market share in times of inflation and excessive money supply growth.
Timmer acknowledged that Bitcoin had followed a pattern of “boom-bust cycles,” much like its previous market behavior. However, he also emphasized Bitcoin’s evolving role as a commodity currency that aspires to be a store of value.
Furthermore, Timmer described Bitcoin as “exponential gold,” suggesting that it shares similarities with gold but with additional growth potential.
While gold has traditionally been recognized as a store of value, Timmer noted its limitations as a medium of exchange due to its deflationary nature and lack of efficiency.
Timmer drew attention to historical periods, such as the 1970s and 2000s, when gold exhibited strength and gained market share. These periods coincided with structural regimes marked by high inflation, negative real rates, and excessive money supply growth.
Timmer hinted that Bitcoin, with its potential to serve as a hedge against inflation and debasement, could play a similar role in such environments.
Considering Bitcoin’s attributes and the changing macroeconomic landscape, Timmer expressed optimism about its potential to join the ranks of gold as a valuable asset.
While acknowledging the volatility and speculative nature of cryptocurrencies, Timmer believes that Bitcoin’s unique characteristics position it as a viable contender in the store of value space.
Currently, BTC is trading at ,700, reflecting a 1.5% increase over the past 24 hours as it persists in reaching the ,000 mark.
Featured image from Shutterstock, chart from TradingView.com