Blockchain

Bitcoin (BTC) enthusiasts are keeping a close eye on the latest market trends, and the recent insights from Glassnode’s co-founders, Jan Happel and Yann Allemann, have stirred up a new wave of excitement. 

The duo, known by their Negentropic handle on the social media platform X, have shared some compelling perspectives that shed light on the current dynamics of the BTC market.

Bitcoin’s market demand has outpaced its supply, a clear sign of robust positive momentum.

In just one day, a whopping 700,000 new BTC addresses joined the network. This expansion is considered one of the most reliable indicators for price predictions.

With fewer BTC coins… pic.twitter.com/zAcgFc9LkS

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 6, 2023

Surging Market Demand And Supply Imbalance

Happel and Allemann’s recent observation of the surging market demand outpacing BTC’s supply has triggered a wave of optimism among investors. They emphasized the remarkable influx of a staggering 700,000 new BTC addresses within a single day, highlighting this expansion as one of the most promising indicators for BTC price predictions. 

As the number of BTC coins in circulation decreases, the co-founders anticipate an upward pressure on buying bids, potentially driving the BTC price even higher.

As of now, the current price of BTC, according to CoinGecko, stands at $35,255, with a 2.0% gain in the last 24 hours and a 2.7% increase over the past week.

Unpredictable Shifts In Market Dynamics

A closer look at the current state of the BTC market reveals a dynamic landscape where buyers are expected to embrace a proactive approach, potentially entering the market without waiting for significant dips.

The co-founders’ analysis suggests that the rapid pace at which BTC is evolving has created an environment where investors are compelled to make timely decisions, leading to an intensified buying spree and consequent upward pressure on the cryptocurrency’s valuation.

The recent surge in the utilization of Bitcoin futures and options has captured the attention of both the media and seasoned investors. Glassnode’s Happel and Allemann speculate that this increasing demand for leverage is primarily fueled by investors’ anticipation of two highly bullish catalysts slated for 2024. 

The first catalyst revolves around the long-awaited potential for a spot BTC Exchange-Traded Fund (ETF), a development that could significantly boost institutional adoption and drive further demand for BTC.

Secondly, the prospect of the Bitcoin halving event has emerged as another powerful incentive, drawing the attention of investors who anticipate a subsequent scarcity-driven price surge.

As the BTC market continues to evolve and capture the attention of both seasoned investors and newcomers alike, the observations and insights shared by Glassnode’s co-founders serve as valuable signposts, guiding market participants through the intricate maze of cryptocurrency investments and market dynamics.

The latest developments in the world of Bitcoin point to a market in which demand is outstripping supply, potentially setting the stage for a bullish run.

(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 Shutterstock

XRP is trading at roughly 70 cents per token, but if a recent high timeframe bullish crossover is just the start of the upside to come, the cryptocurrency could be gearing up for an explosive rally.

Fishing For New All-Time Highs In XRP

XRP is among a few major cryptocurrencies that failed to set a new all-time high in 2021 above its 2018 peak. The lack of strength three years following the still-standing price record could be due to the fact 2018 capped off a 50,000% surge.

When that surge back then happened, it occurred just as the 3-month Fisher Transform flipped bullish. That was the first instance of the Fisher Transform crossing bullish and it triggered alongside a breakout from a downtrend line.

The second Fisher Transform 3M signal crossed bullish from much lower, but failed to produce the same substantial upside as the first crossover. Now the crossover is back and it is happening at levels that match the first epic rally.

Could the third-time be the charm and produce another rally similar to the first crossover?

The Possible Target Of The Triangle Thrust

Considering the law of diminishing returns, the probability of another 50,000% rally is extremely low. However, that doesn’t mean something special couldn’t be on the way.

XRP is also breaking out from a downtrend line and triangle pattern on the 3M timescale. The target of this pattern based on the measure rule is an 850% rally, if the price objective is met. This realistically puts XRP at a minimum of $6.

Breaching the previous all-time high from 2018 could cause any really to pick up even more steam, potentially overshooting the pattern-based price objective.

Triangles are typical of a wave 4 according to Elliott Wave Principle, and only appear before the final move in a sequence. Although this pattern is bullish for XRP, after the next major rally and new all-time high, things could get ugly. Crypto might be headed for longer duration bear market.

The argument for the Bitcoin price to reach above $200,000 has been going on for a few years now with a number of crypto pundits maintaining their stance. This has not changed, especially with the most recent prediction from one crypto analyst who puts the BTC price above $200,000. But what’s most interesting is the timeframe in which this analyst expects the leading crypto to reach this level.

Halving To Trigger Parabolic Rally

Crypto analyst TradingShot posted another eye-catching prediction on the TradingView website, putting the Bitcoin price as high as $200,000. The analysis focuses on the Bitcoin Vortex bullish cross as well as the Bollinger Bands Width (BBW) bottoms to gauge when BTC might go on its next parabolic rally.

TradingShot explains that a parabolic rally for the cryptocurrency often starts after a Halving Event. Now, a BTC halving event takes place roughly every four years and it’s an event in which the block rewards for miners are cut down in half, thereby reducing the rate at which new coins are being brought into circulation.

The crypto analyst’s prediction in this instance uses the next Bitcoin halving event which is expected to take place sometime in Q2 2024. As the analyst explains, this is an event that “starts the (final and most aggressive) Parabolic Rally sequence of the Bull Cycle.”

One other important event that happens after the halving takes place is the BBW which bottoms once the halving is completed. This often marks the end of a short downtrend, and “may have as a Support a (dotted) Lower Lows trend-line,” as TradingShot explains.

When Will Bitcoin Cross $200,000

The expectation for the BBW to bottom out in early 2024 carries the basis for a Bitcoin parabolic rally above $200,000. Once it does this, there is only a short timeframe that the crypto analyst sees before the asset is able to reach this level.

A Bullish Cross formation as has been the case historically, is expected to trigger “a long-term sequence of straight green candles (Parabolic Rally) straight to the Bull Cycle’s peak.” This marks the beginning of the bull market.

TradingShot explains that if this happens, then the Bullish Cross would appear on the 2-Month (2M) candle. This will put the timeframe in the vicinity of January 2024. If this analysis is correct, then BTC could be only a few months away from making a new all-time high.

At the upper band of this parabolic rally, Bitcoin sits above $650,000. Given that BTC is currently trading just above $35,300, it would mean an over 1,700% rally.

Data shows a Solana whale has deposited SOL worth $11 million to Binance, which could be bearish for the asset’s price.

Solana Has Enjoyed Sharp Bullish Momentum During The Past Month

Since the start of Bitcoin’s rally towards the $35,000 level, the cryptocurrency market as a whole has been having a good time. Among the assets, Solana has particularly stood out, as its returns have been one of the highest.

During the last 30 days, SOL has observed an exceptional rally of more than 84%, leading to its price surpassing the $43 mark. The chart below shows how the asset’s trajectory has looked like during this period.

From the chart, it’s visible that Solana had managed to rise as high as $47 at the start of the month, but the coin registered a bit of a pullback soon after. The asset has since recovered 9% from these local lows, although it’s yet to make a full retrace. However, momentum appears to be building for the coin, as it has grown by 3% during the past day.

In this sharp rally during the past month, Solana also improved its standing in the cryptocurrency sector, as it claimed the 7th position on the market cap list.

Naturally, as with any rally, profit-taking can be something to look out for, as it can lead towards a local top formation. It would appear that a whale may be attempting to do precisely that.

SOL Whale Has Deposited A Large Amount To Binance Today

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transaction has been spotted on the Solana blockchain during the past day.

This transfer saw 249,999 SOL move across the network, worth approximately $10.8 million when the transaction was executed. Given the large amount involved, it’s likely that a whale entity was behind it.

Generally, transactions can be something to watch, as they can sometimes have noticeable effects on the market, how the price would be affected by the move of a whale naturally depends on what they intended to do with it.

In the current case, the transfer moved from an unknown wallet (likely the whale’s address) to a wallet attached to a central platform: the Binance exchange.

One of the main reasons an investor might transfer their coins from their self-custodial wallet to one of these central entities is for selling purposes, so it’s possible that the whale wanted to sell here and harvest the profits they would have amassed in the latest rally.

The cryptocurrency price could end up feeling some resistance shortly if selling was indeed the goal in the mind of this whale.

An analyst has explained how the next major Dogecoin resistance hurdle would be at $0.084 if the memecoin manages to clear $0.076.

Dogecoin Is Currently Sandwiched Between Major Support And Resistance Levels

In a new post on X, analyst Ali has discussed what the on-chain support and resistance levels are looking like for Dogecoin right now. A price level is said to be an on-chain support or resistance level on the basis of whether a large number of investors share their cost basis at it or not.

“Cost basis” here naturally refers to the average price at which a holder acquired their DOGE. When the spot price is below the cost basis of an investor, they are naturally in a state of loss, while it being above implies they are enjoying positive returns.

The below chart shows what the distribution of Dogecoin investors looks like currently on the basis of the price range that their cost basis lies.

For any investor, their cost basis is an important psychological level and they may be prone to making some moves whenever the spot price retests it. Thus, if a large number of holders share their cost basis close together inside a particular range, the market could potentially see a sizeable reaction when the asset’s price ventures into the range.

Generally, whenever this retest happens from above (that is, the investors had been in profits before this), the meme coin’s price could feel some degree of support.

The reason behind this is that the holders may tend to believe that if this same level had been profitable earlier, it might be so again in the future, so they participate in some accumulation.

The opposite is the case whenever the Dogecoin price retests the cost basis of a large amount of investors from below. These investors would be tempted to exit at their break-even so the cryptocurrency could face resistance.

From the above graph, it’s visible that the DOGE levels above and below the current price both host the acquisition points of a large number of addresses. In particular, the $0.071 to $0.073 range has the cost basis of almost 200,000 holders, while the $0.074 to $0.076 range has 124,000 addresses.

“Note that support outstrips resistance in strength, hinting at the potential for an upward breakout,” says Ali. If Dogecoin can manage to clear this range of significant resistance off the back of this strong support, the next price level where it will face a hurdle would be around $0.084.

The in-between levels all have a relatively low amount of investors, so at least in theory, the memecoin shouldn’t have too hard a time mowing through them. Especially considering that, once the $0.076 level is through, the block that’s providing resistance right now would turn into a support boundary.

DOGE Price

Dogecoin is currently battling against the resistance offered by the aforementioned range as its price is floating around $0.075.

The Ethereum network has usually been criticized for the number of failed transactions that occur on it and how it leads to users losing their money as a result of this. This onslaught was recently renewed after a figure in the crypto community showed the staggering amount that has been lost from failed transactions.

ETH Users Lose Over 100,000 To Failed Transactions

In a post on his X (formerly Twitter) platform, the Marketing and Communications Director of Blockstream, Fernando Nikolić, shared a screenshot that showed that Ethereum users had lost over $100,000 due to failed transactions. Interestingly, the $100,000 value happened to be only for the top 10 transactions in the screenshot, with Nikolić noting that there were other ones.

From the screenshot, one can see how a particular user lost over $38,000 in gas fees from a single transaction. The second user on the list lost over $17,000 in gas fees, with others on the list also losing thousands of dollars in gas fees despite the fact that the transaction failed. Usually, gas fees paid on the Ethereum network are gone forever, irrespective of whether the transactions succeed or fail. 

Noteworthily, eight out of the transactions from the screenshot occurred back in May during the period of the frenzy around the meme coin PEPE, which caused an unusual surge in traffic on the Ethereum network.

Failed transactions are known to occur rampantly during such periods because a surge in activity on the network leads to a significant increase in gas fees, with some users falling short of the required gas fee (at the point of executing their trade) needed to process a transaction, which causes it to fail. 

Coordinated Attack On Ethereum?

In his post, Nikolić referred to the failed transactions on the Ethereum network as “hot garbage.” Although his post could just be about a concerned member of the crypto community calling out the network, it bears mentioning that he happens to be the second Bitcoin maximalist calling out the network in the space of a week. 

Another Bitcoin maximalist, Bit Paine, had earlier suggested that the network was a scam. The crypto pundit hinted that the Ethereum network has helped facilitate the creation of several “digital penny” stocks, which he also referred to as unregistered securities. 

However, both statements could be unrelated and simply two astute members of the Bitcoin community, showing why they believe Bitcoin remains supreme. 

At the time of writing, Ethereum is trading above $1,800, up in the last 24 hours, according to data from CoinMarketCap. 

As November unfolds, the Shiba Inu price action hangs in the balance, with technical analysis revealing a battleground of resistance and support levels that could determine the direction of the meme coin in the coming weeks. However, the bullish indicators are currently strong and could point to a continuation of the rally in the short term.

Shiba Inu Price Analysis: Weekly Chart

The SHIB/USD weekly chart illustrates a dynamic struggle between bullish and bearish forces. A quadruple bottom pattern, evident at support levels labeled 1, 2, 3, and 4, demonstrates a consistent rebound within a two-week timeframe. This pattern signifies a resolute defense by the bulls, offering a signal that indicates a solid base in the range of $0.000006 to $0.000007.

In contrast, the descending triangle pattern poses a bearish threat. The flat support line at $0.00000715 and the sloping blue trend line connecting lower highs depict a narrowing field for the bulls, suggesting a potential decrease in buying momentum. The volume profile supports this, with notable declines accompanying the touches of the descending trend line.

After rising above the 20-week EMA (red line), SHIB is facing the 0.236 Fib level at $0.00000878. Overcoming this resistance is pivotal for SHIB to assert bullish dominance and attempt to break the descending trend line just above $0.00000900. A successful breach could see the price aim for the 50-week EMA at $0.0000985 and subsequently the 0.382 Fib level at $0.00001051, a move that would signify a substantial reversal from the prevailing downtrend in the long-term price chart.

Notably, the EMAs on the weekly chart indicate a still bearish sentiment with the longer-term moving averages positioned above the shorter-term ones, hinting at a sustained bearish trend. However, the recent price uptick could indicate an early sign of a shift in momentum if sustained.

Daily Chart Insights

The daily chart offers a more granular view of SHIB’s recent price action. The 20-day EMA has crossed above the 50 and 100-day EMAs, a bullish sign that could foresee further upside. The daily RSI is also on an uptrend, which aligns with the current bullish narrative, suggesting there is room for upward movement in November.

However, a recent rejection at the 0.382 Fib level ($0.00000844) and a slip below the 200-day EMA ($0.00000836) at the beginning of the week introduced caution into the bullish case. The 200-day EMA, a critical long-term indicator of momentum, has historically acted as a decisive pivot point for SHIB.

The price fluctuation around this line and subsequent tests of the descending trend line underscore its significance. A breach above the 200-day EMA could signal the start of a rally, potentially propelling SHIB by an estimated 13% towards the overhead resistance posed by the descending trend line.

Currently, SHIB is trading slightly below the 200-EMA. Remarkably, SHIB attacked the trend line of the ascending triangle (blue line) pattern in the weekly chart each time it surpassed the 200-day EMA. Notable is also that this always happened within one week.

Thus, the 200-day EMA seems to be the most crucial resistance in the short term. If Shiba Inu breaks above the indicator, the price could rally approximately 13% to the blue trend line of the ascending triangle pattern.

Afterward, the Shiba Inu price could then make its ninth attempt in the last 15 months to break out of the gigantic triangle pattern. This will be another make-or-break moment for SHIB, either massive bullish momentum is unleashed or the Shiba Inu price could fall again toward the neckline of the descending triangle at $0.00000715.

Chainlink (LINK) has experienced a remarkable rally in recent weeks, garnering significant attention from traders seeking scalping opportunities. The surge in interest isn’t limited to scalpers alone, as both retail and institutional investors are increasingly securing positions in LINK, driven by their belief in the cryptocurrency’s promising future.

Chainlink recently unveiled a strategic collaboration that sent ripples through the cryptocurrency community. The announcement stated, “Rollup Finance will make 3.75% of its total native token supply available to Chainlink service providers, including stakers.” 

#ChainlinkBUILD @Rollup_Finance is joining Chainlink BUILD to gain enhanced access to Chainlink’s industry-leading oracle services and technical support, which helps support the security and use of onchain perpetual trading.

In return, https://t.co/bBJqbqQiF2 will make… pic.twitter.com/7pAkBuffa3

— Chainlink (@chainlink) November 6, 2023

This partnership holds the potential to revolutionize the decentralized exchange (DEX) landscape. Rollup Finance will harness Chainlink’s industry-leading oracle services and benefit from direct technical support, significantly bolstering the security of the DEX and enhancing the overall user experience.

Impact On Price: LINK’s Resilient Ascent

As of the most recent data from CoinGecko, Chainlink (LINK) is trading at $13.48, and it’s evident that the recent news has contributed to a price increase. Over the past 24 hours, LINK has witnessed a 3.9% surge in value.

Looking at the past seven days, the cryptocurrency has experienced an impressive 22.0% increase in its price. These figures reflect the growing optimism surrounding LINK.

Analyzing the Relative Strength Index (RSI), a popular momentum indicator, further supports the notion that LINK’s upward trajectory may continue. The RSI, with readings above 50 and displaying an upward trend, indicates that bulls still maintain the upper hand in the market.

Currently, the RSI for LINK is moving upwards and is comfortably positioned above the 50 mark, reinforcing the bullish sentiment. Additionally, the indicator has recently crossed into overbought territory, signaling that LINK’s bullish momentum is robust.

LINK demonstrates resilience by maintaining a stronger support level ranging from $10 to $12, as it undergoes a period of consolidation in anticipation of a potential breakthrough from the resistance at $13. This breakthrough may potentially lead to further gains, with a target price of $20.

How Will LINK Reach $20?

Notably, prominent cryptocurrency trader CryptoGodJohn took to X to share his insights on LINK’s recent developments. He pointed out that the cryptocurrency has broken out of its long-term range, positioning it as one of the most appealing altcoins in the current market.

This sentiment from a respected trader like CryptoGodJohn adds further weight to the positive outlook for LINK, with many speculating that it may soon reach the $20 mark.

$LINK just broke out of a 550+ day range and timeline barely talking about it

One of the best looking altcoin charts in the market right now

I wouldn’t be surprised to see #Chainlink teleport towards $18 soon pic.twitter.com/WM97HBh9ee

— Johnny (@CryptoGodJohn) November 7, 2023

Chainlink’s recent rally and its strategic partnership with Rollup Finance have set the stage for an exciting journey for the cryptocurrency. Investors, both retail and institutional, are increasingly placing their bets on LINK, drawn by its bright future and the bullish sentiment in the market.

(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 Shutterstock

Amid the bullish trend circling the cryptocurrency market due to the recently concluded Uptober rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price surge in the last 20 days.

MATIC Experiences Price Growth

The recently concluded Uptober (October) which is believed to be a month of green (gains) saw some cryptocurrencies performing significantly great. Many altcoins experienced price surges during the past month, and one of the notable altcoins that benefited from this is MATIC.

The crypto asset recently went past the crucial $0.75 mark sparking momentum toward reaching the significant $1 mark. However, if the token is fortunate enough to sustain its current pace, it might reach the $1 mark by the end of 2023.

MATIC reaching the coveted $1 mark is expected to happen if the token manages to surpass $0.85 in November. Meanwhile, a reverse below $0.75 will bring the MATIC price down to $0.55, if buyers are unable to maintain their lead at $0.60.

MATIC’s Exponential Moving Averages (EMAs) have also experienced a significant breakout over the recent weeks. The price of MATIC experienced a price surpassing the crucial $0.75 barrier after the crypto’s 200-day EMA breakout. 

MATIC surpassing a 200-day EMA puts it on its way to potentially reaching the $1 mark by the end of the year. This is because, in the Polygon chart, a golden crossover opportunity appears when the 50-day and 200-day EMAs are crossed above.

While the 50-day EMA’s upward trend suggests that a golden crossover could take place, the bull run cutting across the 200-day EMA may also suggest a reversal movement. However, the crypto asset has managed to sustain its upward trajectory since it surpassed the 200-day EMA.

Significance Of The Crypto’s Market

Currently, the token’s price is sitting at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is standing robust, ranking 13 in the cryptocurrency market with a market cap of $7 billion.

MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which buttresses its long-term technical score and puts it above 48% of all cryptocurrencies in service.

Related Reading: MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

One significant aspect of the surge in MATIC’s price is that the token experienced a 33% year-to-date (YTD) decline in September. Consequently, the crypto recovered from this within a month.

In addition, the token’s strong bullish candles and rising volumes hint at a continuation of an upward trajectory. As a result of this, buyers have a good chance of maintaining their lead at the current price of MATIC.

So far, MATIC has experienced a 50% increase in the last 20 days, putting it in a profitable position following the 33% year-to-date decline in September. With the current bullish continuation, the token presents more profits in the future.

Cardano (ADA) is one of the tokens currently in the limelight as many projects do well in the ‘Atcoin Season’ as Bitcoin’s dominance cools off. The token has rallied in recent days, and one of the reasons for this resurgence has been revealed. 

Cardano Whales Are Accumulating   

In a post on their X (formerly Twitter) platform, blockchain analytics platform IntoTheBlock noted that investors’ confidence in the Cardano token grew in October as ADA whales and investors accumulated 1.89 billion ADA during that period. This translates to over $600 million invested in ADA tokens. 

Interestingly, the decision by these big holders already seems to be paying off as the majority of this accumulation is said to have taken place between the price range of $0.249 and $0.271. These big holders could be accumulating for the long term rather than moving to realize their profits as soon as possible, and these could sustain a price rally to $0.4.

Back in August, the market intelligence platform Santiment highlighted the fact Cardano was seeing its highest level in accumulation dating back to September 2022, as “whales and sharks” who were holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st.

However, the sentiment toward Cardano seemed to turn bearish in September, as data from Santiment revealed that these Cardano whales had sold or redistributed about 1.02 billion ADA during a certain period in the month. 

Can ADA Hit $0.4?

It remains to be seen whether this accumulation phase could trigger a run to $0.40. There is, however, no doubt that these whales dumping their tokens in a bid to realize profits would significantly affect Cardano’s resurgence. 

Dan Gambardello, the founder of Crypto Capital Venture, had mentioned while providing a technical analysis that Cardano’s current run could see it peak at $0.40 while almost ruling out the possibility of the token hitting the $0.45 price target before a retracement happens.

Speaking of a possible retracement, Gambardello stated that ADA could drop to around $0.29 and $0.30 based on the moving average structure. 

Another crypto analyst, Ali Martinez, also echoed this prediction as he mentioned in an X post that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction to the $0.30 support level. 

At the time of writing, ADA is trading at around $0.35, up by over 1%, according to data from CoinMarketCap.