Blockchain

Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120.

Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.
The price is trading above $2,020 and the 100-hourly Simple Moving Average.
There is a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.

Ethereum Price Holds Support

This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed Bitcoin and cleared many hurdles near the $2,050 level.

It traded to a new multi-week high at $2,137 before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level.

More Losses in ETH?

If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,000

Major Resistance Level – $2,085

Bitcoin price is correcting gains from the $38,000 zone. BTC is now consolidating and might aim for more upsides above the $37,250 resistance zone.

Bitcoin started a downside correction from the $38,000 resistance zone.
The price is trading near $37,000 and the 100 hourly Simple moving average.
There is a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is consolidating gains and might start a fresh increase toward $38,000.

Bitcoin Price Remains In Uptrend

Bitcoin price started a fresh increase above the $36,800 resistance zone. BTC gained pace for a clear move above the $37,000 resistance zone to move further into a positive zone.

It even rallied toward $38,000 before there was a downside correction to $35,850. Recently, there was a fresh increase above the $37,250 level, but the bears were active near $37,500. A high is formed near $37,500 and the price is now consolidating gains.

There was a drop below the $37,250 level. The price tested the 50% Fib retracement level of the upward move from the $35,891 swing low to the $37,500 high.

Bitcoin is now trading near $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,200 level. There is also a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The next key resistance could be near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. Any more gains might send BTC toward the $38,800 level.

More Downsides In BTC?

If Bitcoin fails to rise above the $37,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,700 level.

The next major support is near the $36,500 zone or the 61.8% Fib retracement level of the upward move from the $35,891 swing low to the $37,500 high. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $36,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $36,700, followed by $36,500.

Major Resistance Levels – $37,250, $37,500, and $38,000.

RUNE, native token of the cross-chain decentralized exchange THORChain, is currently one of the best-performing cryptocurrencies in the market, boasting of a 31.5 % price increase in the last 24 hours. 

Based on data from Coingecko, this price gain only underlines the remarkable bullish form of RUNE in the past few weeks, as the token is up by 115.0% and 212.3% on the 14-day and 30-day charts, respectively. 

Interestingly, this sustained bullish pressure in the RUNE market has resulted in the DeFi coin attaining a new yearly high of $5.31 and a peak daily trading volume of $1.28 billion.

Behind THORChain (RUNE) Rise

In analyzing RUNE’s meteoric rise in the past few weeks, several analysts have given credit to the newly introduced features on the THORChain platform. 

For context, in the THORChain Q3 2023 Ecosystem Report, the DEX’s development team announced the implementation of new features such as lending, streaming swaps, streaming loans, and savers for stablecoins, among others. 

In an X post on Saturday, a crypto analyst with the username The Wolf of DeFi provided some insight into how one of these features has spurred RUNE to new heights. The analyst attributed most of RUNE gains to the streaming swaps feature, which is designed to allow large swap requests to be automatically divided into smaller requests that are processed over time. 

$RUNE keeps making new highs. The reason for this is the liquidity flywheel. I’ll show you how it works and why it will push $RUNE much higher. @THORChain is built on liquidity pools. As the infrastructure is used for swaps, liquidity providers make money. The base asset of…

— The Wolf of Defi (@thewolfofdefi) November 11, 2023

The Wolf of DeFi explains the introduction of this update has triggered an increase in the platform’s swap volume and the annual percentage rate (APRs) being offered to liquidity providers.

As expected, higher APRs will attract more liquidity providers who have to invest in RUNE, which serves as the base asset of every liquidity pool on THORChain, creating a cycle named the liquidity flywheel.

Furthermore, The Wolf of DeFi stated that every dollar worth of non-RUNE assets deposited in a THORChain liquidity pool is matched with its equivalent in RUNE by the network nodes. 

Thus, if an LP deposits $100 consisting of $50 BTC and $50 RUNE into BTC/RUNE, nodes will balance this transaction with an additional $50 RUNE, which adds to the buying pressure in the market, allowing the token to maintain its upward trajectory. 

RUNE Price Prediction

Looking at RUNE’s daily chart, the relative strength index (RSI) stands at 87.24, which indicates the token is well in the overbought zone. Thus, investors are advised to be on alert for a possible price pullback.

On the other hand, RUNE may continue to sustain its bullish momentum, especially as the team behind THORChain looks to introduce more attractive features, including order book trading.

At the time of writing, RUNE is currently valued at $5.10, with a 3.2% gain in the last hour. Meanwhile, the token’s market cap stands at $1.58 billion, allowing it to rank as the 41st largest cryptocurrency in the market.

In addition to the widespread attention and media coverage, there exist many elements and forces that have the potential to significantly influence the trajectory of Bitcoin.

In the face of the dynamic landscape of cryptocurrencies, as the year 2023 draws to a close, there exists a climate of conjecture, optimism, and tangible eagerness.

Bitcoin, the pioneering digital entity, finds itself amidst this tumultuous environment, projecting a substantial influence of possibilities and prospects.

The inquiry arises: Is it plausible that in 2024, the attainment of the highly sought-after $100,000 threshold will be realized?

Bitcoin To $100K – The Main Catalyst

The primary catalyst now under consideration is the anticipated legalization of spot exchange-traded funds (ETFs), which is a topic of widespread interest.

Growing speculation that the US Securities and Exchange Commission may approve a spot Bitcoin ETF is what’s fueling the revival of bitcoin. Analysts at Bloomberg Intelligence have projected a 90% possibility of approval for this vehicle, which may allow significant institutional investors with US headquarters to enter the cryptocurrency market before January 10 next year.

Bitcoin is currently displaying a robust technical outlook with an overwhelmingly bullish sentiment. TradingView’s one-day indicators give a ‘buy’ rating for 15 indicators, with moving averages signaling a ‘strong buy’ for 13, while seven indicators remain neutral.

This technical strength aligns with the recent surge in Bitcoin’s value, primarily fueled by widespread anticipation surrounding the potential approval of a spot Bitcoin ETF.

A More Accommodating Stance By The Fed

Another possible factor that could stimulate change is the US Federal Reserve adopting a more cooperative approach.

Over the past 18 months, the central bank has used a proactive approach of raising interest rates in order to address the issue of inflation, and there is a possibility that this policy position may be sustained.

If Federal Reserve Chair Jay Powell and his staff feel confident in their efforts to effectively control inflation, it is possible that they may not only halt the increase of interest rates but also consider reducing them by 2024.

The interconnected nature of financial markets and policy decisions underscores the need for vigilant observation as we navigate the evolving landscape of economic dynamics.

Bitcoin Halving Could Be A Game-Changer

The next halving of Bitcoin, an intriguing event that happens around every four years and cuts the pace of inflation in half, is the third thing that might change the game drastically.

This halving, which is scheduled for April 2024, will provide a new supply schedule for Bitcoin and significantly reduce its annual inflation rate in comparison to precious metals, like gold.

This is an important factor, not just a quirk. The price of Bitcoin will inevitably rise as long as demand for it keeps growing and there is less supply available. The story of Bitcoin’s history confirms this, with strong bull markets usually commencing in the months preceding and succeeding a halving.

In the midst of the dynamic cryptocurrency landscape, the close of 2023 sets the stage for Bitcoin’s journey into 2024. With factors like regulatory decisions on spot ETFs, the Federal Reserve’s policy shifts, and the intriguing prospect of Bitcoin halving, the narrative unfolds with promise.

Could the sought-after $100,000 threshold become reality? As the cryptocurrency market continues to evolve, opportunities abound for those ready to navigate the winds of change in this digital frontier.

At the time of writing, Bitcoin was trading at $37,075, down 0.1% in the last 24 hours, and sustained a 5.4% increase in the last seven days, data from Coingecko shows.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Dogecoin supporters are celebrating a 35% increase in the last month. While this is good news, other altcoins like Solana, Chainlink, and Cardano (ADA) have outperformed, with gains of 170%, 118%, and 55%, respectively, in the same timeframe.

According to one crypto analyst, DOGE’s rally isn’t over, as recent price action suggests the crypto is on the verge of a bullish breakout.

Crypto Analyst Confirms Dogecoin Breakout

Dogecoin has officially broken out of a descending channel pattern, according to crypto analyst Rekt Capital. The analyst confirmed this in a recent post on social media platform X. Rekt Capital has been following the meme token in a series of posts in a thread since August, sharing updates of its price on a 1-week DOGE/USD chart.

A look into price action on the chart indicates Dogecoin has been on a downward channel starting from the last quarter of 2022. Since then, DOGE has created a series of lower highs and lower lows between the trendlines to indicate the bears having major control of the market. However, things started to change in the middle of October, and a breakout past the channel top became glaring. 

$DOGE

Retest was successful

Dogecoin has made all the right steps in confirming a breakout from its Channel#DOGE #Crypto #Dogecoin https://t.co/UH5IRtccST pic.twitter.com/004LK14lN2

— Rekt Capital (@rektcapital) November 11, 2023

At the time of writing, the meme token has formed four consecutive bullish candles since it rebounded from the channel bottom. Rekt Capital has previously emphasized that a weekly close over the channel would cement a shift in trend, as the crypto has only registered misleading wicks over this point in the past year. A breakout over the resistance trendline has now been confirmed after a brief retest.

What’s Next For Doge?

Rekt Capital’s previous analysis has put the price rally in case of a strong break out at just over the top of the channel’s highest high at $0.15. Dogecoin is currently trading at $0.07827 and is already up by 39% from its October bottom. A rally to $0.15 would represent a gain of over 90% from its current price and a gain of 163% from its October bottom. 

DOGE finally broke over the $0.076 level a few days ago as whales worked tirelessly to push the meme coin to a rally. IntoTheBlock data shows whales have injected more than $2 billion into DOGE In 30 Days. Social dominance is also rising on social media, indicating a bullish sentiment on the short term. Popular anonymous crypto analyst Kaleo believes a stronger rally will be ignited when DOGE finally crosses over $0.08.

fwiw – still hasn’t started yet, don’t think we really see insane momentum until 8 cents is cleared

— K A L E O (@CryptoKaleo) November 11, 2023

Although DOGE is still the 9th largest crypto in terms of market cap, the meme token is now far below its all-time high of $0.65.

Featured image from iStock

Avalanche (AVAX) has had a relatively quiet second half of 2023 regarding price performance and ecosystem advancements. However, the token experienced a mesmerized turnaround towards the end of October, which has seen its value rise almost vertically in the past few weeks.

Avalanche’s positive run coincides with an optimistic climate in the general crypto market, as investors appear to be more interested in various digital assets. While Bitcoin, the premier cryptocurrency, continues to hold its own above the $37,000 mark, most altcoins seem ready to take advantage of changing market sentiment.

Avalanche Displays Strength With 31% Rally – Price Overview

The Avalanche price reached a yearly low of $8.78 in late September, forming the bottom for a trend reversal. The cryptocurrency’s price has been on a bullish run since then while looking to reclaim the highs achieved at the beginning of 2023.

As of this writing, the AVAX token is valued at $18.58, reflecting a massive 31% price increase in the past 24 hours. Meanwhile, the price of the altcoin has swelled by more than 48% in the weekly timeframe.

A broader look at the Avalanche price chart further highlights the token’s strength and attractiveness over the past few weeks. According to CoinGecko data, the value of AVAX has more than doubled in the past month.

Avalanche’s positive price action – in such a short timeframe – further emphasizes the favorable sentiment currently brewing in the general crypto market. Investors have also seen other altcoins, like Solana, Ethereum, and Chainlink, go on an upward trajectory in the past weeks.

Based on data from CoinMarketCap, AVAX has witnessed more than an 85% increase in its daily trading volume. Meanwhile, the token’s current market cap of roughly $6.68 billion reflects a 31% jump in the past day. 

Can AVAX Maintain Bullish Momentum To $22?

Many investors would be watching to see how far the Avalanche token can keep up with its red-hot momentum. And this makes sense, considering that the cryptocurrency was one of the best performers in the last bull market, rallying to a peak of $145.

In the short term, price action data suggests AVAX might be able to break above the psychological $20 level without much resistance. Nevertheless, investors should watch out for the $22 threshold, as it has proven to be a significant resistance zone in the past.

If Avalanche manages to breach and close above the $22 price mark, the token’s price could experience a parabolic run to $60. On the flip side, if the resistance level holds strong, the AVAX price could fall to find support at around $15. 

Cronos has experienced a robust and sustained bullish trajectory over the recent weeks. Over the course of the past seven days, it has consistently surged, reaching a solid pinnacle, a level not witnessed in months.

At the time of writing, Cronos (CRO) showcased its impressive strength, outperforming some of the most prominent names in the top 100 cryptocurrency ranking over the weekend.

With a remarkable 7% surge in the last 24 hours and a commanding 57% rally within the seven-day timeframe, as reported by Coingecko, Cronos is not just making waves but also setting itself apart as a standout performer in the current market dynamics.

Cronos’ Outstanding Performance In The Crypto Market

Notably, the CRO token has surpassed the descending trendline, which links the highest points observed since February. This positive momentum underscores the current strength and upward momentum of Cronos, indicating a significant shift in its market dynamics.

The market’s perception of the asset as overvalued at its current levels is suggested by the notably high Relative Strength Index (RSI) at 97.45, firmly placing it within the overbought zone.

This could lead to a potential retracement or consolidation in the near future. However, in the short term, the cryptocurrency exhibits a robust bullish trend, as indicated by the 50-day Exponential Moving Average positioned at $0.0630, with the current trading price of approximately $0.1033 surpassing previous resistance levels.

Targeting the key resistance point at $0.10, buyers are likely to drive the coin’s outlook to continue soaring. The ADX indicator has been consistently rising, and the Stochastic Oscillator has reached the overbought point.

This, coupled with the increased volume, is a positive signal. Additionally, the CRO price has surged above all moving averages, indicating strong momentum in the market.

Market Dynamics And Potential Scenarios

The future course of cryptocurrencies is contingent upon the distribution of power between bulls and bears. In the case of Cronos, if the bulls are able to successfully move the price above $0.08352, we may expect more upward momentum, which would be good.

Furthermore, the coin’s ability to sustain its current level could potentially act as a catalyst for a robust push towards testing the resistance at $0.0900 before the month concludes.

On the contrary, if the bears seize control and initiate a trend reversal, causing the price to lose momentum, a test of the $0.07390 support level becomes probable.

Looking ahead, a continued decline might prompt the coin to challenge the lower support level of $0.06696 in the upcoming days, emphasizing the importance of monitoring market dynamics for potential shifts in sentiment and price action.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Vauld

Chief Executive Officer of Binance, Changpeng “CZ” Zhao, has shared a report in which the exchange intervened in the theft of millions of dollars worth of crypto assets. Through a fast response operation, the Binance Global Head stated they were able to prevent the bad actors from making away with over 90% of the stolen loot.

Binance Confiscates $11.8 Million In Assets Belonging To Kidnapped Clients

In a Friday post on X, CZ stated that executives from one of Binance’s client companies were deceived into going on a business trip to Montenegro, during which they were kidnapped and forced to forfeit all assets in their crypto wallets.

Executives from a client were lured on a ‘business trip’ to Montenegro, where they were abducted and forced to empty their wallets. Total loss ~$12.5m.

We investigated the on chain activities and reached out to our partners earlier today to have the wallet frozen, as all of the…

— CZ Binance (@cz_binance) November 10, 2023

In total, the Binance CEO stated that the bad actors were able to obtain approximately $12.5 million dollars worth of digital assets from their victims, which were all converted to USDT and moved to a TRON wallet. 

However, Binance was able to quickly intervene in the matter, alerting their partners to the situation, who were then able to freeze the wallet. In doing so, Binance foiled the kidnapper’s access to $11.8 million of the $12.5 million loot.

The incident recounted by CZ is not a new occurrence in the crypto space, as sometimes bad actors resort to such brazen methods to steal crypto assets from investors.

In 2020, Le Duc Nguyen, a Vietnamese investor, was kidnapped and robbed of about VND 35 billion ($1.5 million) worth of crypto assets by another Vietnamese man named Ho Ngoc Tai with the help of 15 gang members.

Tai claimed that he lost 1,000 Bitcoins valued at VND 100 billion by investing in other tokens based on financial advice. The crypto investor felt cheated and proceeded to obtain a “refund” via forceful means. 

Albeit, Tai and his hired hands were eventually apprehended by the police and faced trial in May 2023, during which 14 of the 16 culprits were given sentences ranging from 9 to 19 imprisonments.

CZ Faces Questions On Crypto’s Decentralization

Following Zhao’s account of the successful crypto asset recovery, some crypto enthusiasts raised concerns over Binance’s ability to freeze users’ assets at will, a feature synonymous with the fiat banking system.

I really condemn this loss and happy coz most of the money is safe but I have a question @cz_binance
In fiat banks, everyone say that those guys can freeze money at any time without any reason
How crypto is better if someone can still freeze our personal wallet??

Simple…

— Crypto Eagles (@CryptoProject6) November 10, 2023

However, the Binance boss stated that crypto users have a choice to avoid such occurrences, as assets can only be frozen on centralized exchanges (CEX). Using other forms of storage, such as non-custodial wallets, users’ assets are bound to remain inaccessible to any third party.

The flagship cryptocurrency, Bitcoin, is up by over 100% year-to-date (YTD). Despite these impressive gains, there is still reason to believe that the crypto token’s resurgence isn’t done, as there could still be new highs before the year runs out based on analysis from prominent figures in the community. 

Bitcoin To Hit $69,000 This Year?

In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Dave the Wave suggested that Bitcoin could surge to its previous highs this last quarter of the year. Although he didn’t state what highs exactly, the accompanying chart he shared in the post showed that he was hinting at Bitcoin’s all-time high of about $69,000. 

A run to previous #btc highs this last quarter is not unthinkable. pic.twitter.com/INesJPY9ov

— dave the wave (@davthewave) November 9, 2023

This isn’t the first time the crypto analyst has shared his belief that Bitcoin could hit $69,000 this year. In an earlier X post, he shared a similar chart, which put up a price target of $70,000 based on the speculation of “another mini-parabola frontrunning the halving.” 

It is not unusual for the market to pump significantly, as historical data suggests. Bitcoin’s price has increased significantly before and after every halving event. Before the most recent halving event, which took place in 2020, BTC rose by over 17% in the weeks leading up to it and saw a further 559% increase after the event. 

However, many might argue that an all-time high (ATH) before the halving event, which takes place in April 2024, seems like a far reach, especially if the analyst is projecting that the new high will occur before this year runs out. 

Bitcoin To Hit New All-Time High Before April?

While a new all-time high before the year runs out seems like a big task, some prominent figures have, however, backed the crypto token to hit a new ATH before April. One of them happens to be Bitcoin OG and founder of Blockstream, Adam Back. Interestingly, Back predicted (back in August) that BTC will hit or even surpass $100,000 before March 31st, 2024. 

To show how confident he was of his assertion, the crypto founder went as far as placing a bet with another X user who disagreed with his position. They both agreed to wager a bet of 1 million satoshis, with the winner (depending on Bitcoin’s price by March 31, 2024) taking all. 

The CEO of Jan3 and a fellow Bitcoiner, Samson Mow, had also agreed with Back in some way, as he believes that Bitcoin will also hit a new ATH pre-halving and not post. However, unlike Back, he didn’t mention any price target.

Featured image from Shutterstock

The crypto market has experienced somewhat of a resurgence in recent times. Shiba Inu (SHIB) happens to be one of the altcoins that many seem to have their eyes on during this period. And if the prediction of this machine learning algorithm is anything to go by, it would seem that these SHIB holders are well positioned for more profitable times ahead.

SHIB’s Projected Price By December

According to data from the price prediction algorithm on the crypto analytics platform CoinCodex, SHIB’s price is predicted to hit $0.000009534 by December 11. Such price action will represent about a 10% increase from its current price. 

Meanwhile, the sentiment around the token continues to be bullish, which suggests that many expect the token to rally further despite the impressive gains it has already recorded. 

With such a bullish sentiment, CoinCodex’s prediction seems more attainable as the ecosystem could see more whales and retail investors jump in on the token. If that happens, it could further add to the buying pressure, an important metric to determine if SHIB could continue riding on this momentum to attain CoinCodex’s prediction by December.

In line with the bullish sentiment, CoinCodex noted that 24 technical analysis indicators are signaling bullish signals, with only a mere 4 indicators signaling bearish signals. Based on its forecast, the platform predicts that now remains a good time to buy the meme coin despite the impressive gains it has already recorded. 

Another important metric that CoinCodex highlighted was the fact Shiba Inu’s RSI value currently stands at around 63.05, indicating that the token is neither oversold nor overbought. As to the exact time to buy the token, investors might be able to take a cue from CoinCodex’s five-day prediction as the platform expects a correction to around $0.000008008. 

The Fundamentals Are Aligning For Shiba Inu

The Shiba Inu ecosystem has continued to record interesting developments that suggest that the fundamentals are as bullish as the charts and technical analysis. Most recently, the SHIB non-custodial wallet was launched in a bid to promote the ecosystem’s vision of a decentralized state and enhance the crypto experience of Shibizens. 

Interestingly, the wallet is equipped with certain features that address the fears of using a non-custodial wallet. One of them happens to be a feature that allows users to recover their tokens even if they were to forget their seed phrase. The wallet also integrated Web3Auth to make the user onboarding experience effortless and straightforward.

At the time of writing, SHIB is trading at around $0.000009465, up by over 14% in the last 24 hours, according to data from CoinMarketCap.