Blockchain
Get the latest news and information on the future of blockchain and crypto, including price predictions from analysts perspectives for the major coins.
Blockchain News from CoinTelegram
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Binance-backed Magic Square IDO platform to democratize retail investor access IDO launchpads are becoming a popular way to raise funds for projects, with some IDOs reaching nearly half a billion dollars. |
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Head prosecutor Ekele Iheanacho objected to bail by highlighting Gambaryan’s questionable attempt to get a new passport, allegedly due to a stolen previous one. |
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Working with Binance, Taiwan prosecutors pieced together the evidence, resulting in the indictment of nine individuals for financial crimes, including money laundering and fraud. |
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Pink Drainer, infamous for aiding in crypto thefts, shut down operations after amassing over $85 million in stolen assets. |
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While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong. |
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The draft law aims to govern crypto asset service providers, crypto asset platform operations, crypto asset storage, and crypto asset buying, selling and transfer transactions. |
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The pilot program tested a method of bringing traditional finance fund data onto blockchains, with big banks JPMorgan and BNY Mellon also involved. |
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Bybit’s Notcoin listing debacle, China firm’s profits up 12-fold after crypto buy: Asia Express Bybit to compensate users after Notcoin listing debacle, China gaming firm’s profits up 1100% after $200M crypto buy, and more: Asia Express. |
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Series funding rounds have sprung back, albeit still remaining well below their all-time highs of $4.5 billion in monthly deals during the previous crypto market cycle. |
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OpenAI’s voice assistant demolishes Google’s, plus why do AI’s lie… and should they date each other? GPT-porn and AI detectors: AI Eye. |
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The symbiotic relationship between AI and crypto is still in its nascent stages, according to tech execs. |
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The Open Network users will be able to use Oobit’s Tap & Pay technology to pay merchants in fiat while spending USDT. |
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Understand the mechanics of reentrancy attacks, a common exploit in smart contracts. Get insights on prevention and mitigation strategies. |
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On the latest episode of The Agenda podcast, MyPrize founder Zach Bruch makes the case for crypto casinos and online gambling as a path toward mass adoption. |
Blockchain.News
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Golem, in partnership with GamerHash AI, is developing an AI Windows Provider to facilitate sharing of GPU resources for AI computations. (Read More) |
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OKX Ventures announces its investment in Pencils Protocol, a next-gen decentralized platform within the Scroll ecosystem. (Read More) |
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OKX introduces its P2P block trade service for secure, efficient high-volume crypto transactions. (Read More) |
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BitMEX announces the change of Mark Method for NOTUSDTK24 to Fair Price marking. (Read More) |
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Two former brokers face jail for false trading in Hong Kong. (Read More) |
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OKX announces the delisting of several perpetual futures and margin trading pairs to improve market liquidity and user experience. (Read More) |
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Binance Announces Support for Chiliz (CHZ) and MultiversX (EGLD) Network Upgrades & Hard Forks Binance has announced its support for the network upgrades and hard forks of cryptocurrencies Chiliz (CHZ) and MultiversX (EGLD). (Read More) |
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BitMEX introduced NOTUSDT perpetual swap, offering up to 10x leverage to traders. (Read More) |
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Binance announced the postponement of the removal of BIDR spot trading pairs. (Read More) |
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The SFC supports the industry-led public consultation on a code of conduct for ESG ratings and data product providers. (Read More) |
Blockchain - Hacker Moon
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RockTree Capital announces the launch of its immersive website, showcasing a futuristic film-noir concept: the Cyberpunk Crypto City. The site, set in the future near the 11th halving of bitcoin, builds on the ideas of the cypherpunk movement. RockTree invests in and accelerates the trajectory of projects from Infrastructure, DeFi, Cross-chain, and the Bitcoin Ecosystem.Read All |
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Discover how Weekly Predictions revolutionizes crypto investing with Karim Chaib, founder of Dopamine, offering data-driven insights for informed decisions.Read All |
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- Decentralized insurance is a solution to protect user funds from any future attacks or problems.- Thanks to Nexus Mutual, it is possible to hedge the smart contracts used in DeFi protocols, protecting yourself from any risks.Read All |
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Biometrics, with its capabilities in identity verification, content authentication, mitigation of bots and Sybil attacks, and creation of personalized user experiences, offers unique advantages to restore trust, combat misinformation, and establish a secure online media ecosystem. This article outlines the potential benefits and considerations associated with integrating biometric solutions within the digital media realm.Read All |
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Layer-1 blockchains have three sources of funding for the validators supporting their networks: unlocked tokens from the total supply, minting of new tokens and network fees paid by the users. We explore major Layer-1 blockchains to find out how sustainable are their models without token subsidies, pros and cons of different approaches to crypto economy.Read All |
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DePIN (short for Decentralized Physical Infrastructure Networks) extends Web 3--the decentralized internet built on blockchains, cryptocurrencies, and smart contracts--to physical infrastructure and services like energy networks and ride-sharing. Messari, an independent crypto research firm, estimates DePIN’s Total Addressable Market to be $2.2 trillion, growing to $3.5 trillion by 2028. However, DePIN's theoretical market size is the entire non-digital economy, which, according to the World Bank, is nearly $90 trillion.Read All |
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Blockchain technology is not only the foundation for cryptocurrencies, but also for the transformation of numerous industries. With applications in finance, healthcare, and beyond, its decentralized nature and robust data security are reshaping the way we handle information. By bringing transparency, security, and efficiency to various aspects of life and business, blockchain is revolutionizing our interactions. As this technology continues to evolve, we anticipate even more diverse applications and innovations. It's important to stay abreast of its progress and explore new opportunities across industries. Blockchain is making the world more transparent, secure and accessible to everyone.Read All |
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Revolutionizing AI: io.net and Aptos Labs Forge a Path for Decentralized Innovation Discover how io.net's partnership with Aptos Labs is setting the stage for the future of decentralized AI and blockchain integration. Learn about their efforts to make AI more accessible and the impact of their collaboration on the AI and blockchain ecosystems.Read All |
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Ethereum-based Account Abstraction technology gives ultimate power to improve UX, onboard new users to Web3, and build Love Brands in DeFi, gaming, and HoReCa.Read All |
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The ERC-721 standard and OpenZeppelin's implementation allow safe and reliable buying and selling of NFTs with escrow services. We can send an NFT to an escrow, check if an NFT has been delegated to an escrow, and remove an NFT from escrow. The escrow account holder can execute a transfer to a new owner. Using escrow allows all the parties to agree when the transfer happens when all the rules have been met.Read All |
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Solana competes with BNB for the fourth place in the crypto world. Has the coin left all the problems behind?Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Conclusion & References An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
Blockchain - NewsBTC
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For analysts and investors alike, comprehending the variables that influence price action in the complex world of cryptocurrency markets is essential. Ali Martinez, a well-known cryptocurrency expert, has recently provided insights into the fluctuations in the price of Bitcoin by applying the basic economic theory of supply and demand. Understanding Bitcoin Prices Through Supply And Demand It is worth noting that any asset’s price movement, including cryptocurrencies, is determined by the fundamental rules of supply and demand. An asset’s price tends to decrease when supply outpaces demand, while prices typically increase when supply cannot keep up with demand. Related Reading: The Hidden Forces Behind Bitcoin Price: Latest Insights From On-Chain Data Thus, Ali Martinez has deduced the crypto asset’s price and holders’ behaviour by applying the method and other on-chain metrics. Martinez’s analysis demonstrates how fluctuations in the market’s buying interest and the availability of Bitcoin are key factors influencing its price trajectory. According to Martinez, Bitcoin’s Realized Cap witnessed a significant increase mid-way through March when BTC hit a new all-time high of $73,000. This indicated that the majority of BTC’s long-term holders were likely yielding gains at the time. As a result, several investors sold their holdings, which led to a sharp rise in realized profits. Following realized profits in March, long-term holders felt safe adding over 70,000 BTC to their investments at these prices. Meanwhile, when the market’s growing supply of Bitcoin exceeded demand, the coin saw a substantial correction from the $73,000 level to the $57,000 level. Given that short-term holders are more likely to sell their holdings due to price volatility, this decline took Bitcoin below its realized price for short-term holders, inciting fear in the market. However, despite investors’ concerns, the short-term holder’s Realized Price at the $65,500 level acted as an accumulation point. On the basis of this principle, Martinez believes the likelihood of Bitcoin continuing its upward trajectory will only increase when demand for the cryptocurrency starts to exceed the supply of BTC accessible in the market. Using BTC On Exchanges To Support The Principles Martinez has underscored that the available BTC on crypto exchanges can be used to confirm these supply and demand laws. He further noted that over 30,000 BTC have been moved to private wallets for long-term storage in May, indicating confidence among holders in the potential worth of Bitcoin. Related Reading: Bitcoin Long-Term Holders Accumulating Like In 2021: Is BTC Ready For A 15X? Observing Bitcoin’s price using the MVRV Extreme Deviation Pricing Bands, Martinez cited a retracement above the +0.5σ pricing band at $64,600. Such an upswing has historically caused BTC to test the pricing range of 1.0σ, which is backed by increasing demand. Meanwhile, this price range at the moment is roughly lingering at $77,000. Presently, the price of Bitcoin is trading at $66,275, indicating an over 5% increase in the past week. Although prices are up, its trading volume has declined by 24%, while its market cap is up by 0.23%. Featured image from iStock, chart from Tradingview.com |
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Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally Crypto analyst Crypto Jebb recently highlighted an inverse heads and shoulders pattern that had formed on the Bitcoin chart. This bullish pattern indicates another rally may be on the horizon for the flagship crypto, which could send its price to $100,000. How Could Bitcoin Could Rise To $100,000 Crypto Jebb revealed in a video on his YouTube channel that the inverse heads-and-shoulders pattern he had been predicting for a while had finally formed on the charts. He predicts this pattern could lead to a price breakout, sending Bitcoin’s price to $70,000. The analyst also noted that the price target of the bullish pattern is at $75,000, which indicates that Bitcoin could hit a new all-time high (ATH) on its next leg up. Related Reading: End Of The Road For BNB After 200% Surge? Mounting Resistance Threatens Rally Crypto Jebb mentioned that there is a “great degree of likelihood” that Bitcoin would experience a major rally, which would send it to $100,000 should it break its current ATH of $73,800. The crypto analyst believes that Bitcoin’s rise to that price level is very likely, considering that it has seen a “pretty large corrective movement” since hitting a new ATH over two months ago. The crypto analyst warned that there is a scenario where Bitcoin could also end up trading sideways between $60,000 and $64,000, which would signal a period of consolidation. He noted that Bitcoin could even drop lower during this period. However, Bitcoin’s outlook is generally bullish based on the technical indicators that crypto Jebb highlighted. The analyst highlighted the Moving Average Convergence/Divergence (MACD), which he noted is turning “very bullish” on the daily chart and shows that the bulls are regaining control. He also claimed that Bitcoin is witnessing a ‘green red green’ formation on the daily chart, indicating that the crypto token is “doing very well.” BTC Is In “Very Bullish Territory Crypto Jebb mentioned that Bitcoin is currently in very bullish territory, especially since Altcoins are also rallying. He claims this indicates a “great degree of confidence” in the market at the moment. The crypto analyst also noted that the stock market just broke an all-time high, which he stated is big news for Bitcoin. Related Reading: PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In? He explained that this is big news for Bitcoin because the flagship crypto follows the stock market and moves significantly whenever the stock market experiences a breakout. As such, with the stock market breaking its ATH, he expects Bitcoin to do so soon enough. Crypto Jebb further explained that the rationale behind Bitcoin following the stock market is that investors are more confident in investing in risk-on assets when they see that the risk-off (the stock market) is doing so well. Crypto Jebb predicts that Bitcoin will become a risk-off asset in the next ten to twenty years. When that happens, he predicts that hundreds of billions of dollars in investment will be made in the flagship crypto. Chart from Tradingview.com |
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In a recent analysis provided by the crypto analyst Dark Defender, a compelling case has been made for the potential significant rise in the price of XRP. Through a detailed examination of the XRP/USD chart on a monthly time frame, as sourced from Binance, Dark Defender highlights a large bullish formation, which he describes as a “bull flag” across multiple longer-term time frames including monthly, three-month, and six-month charts. XRP Price Gears Up For Explosive Move The analysis shows a substantial initial upsurge in price marked by a green arrow, suggesting a strong bullish momentum that started around early 2017 and peaked later that year. The price action following this peak is what Dark Defender identifies as a bull flag pattern. This pattern is characterized by a period of consolidation following a sharp movement in price, resembling a flag on a pole. The consolidation, traced with a red descending trend line and a blue ascending trend line, forms a converging pattern known as a triangle, which typically suggests that the period of consolidation is nearing an end as the lines converge. According to Dark Defender, this suggests a breakout is imminent. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? “I have read some posts that XRP had a bull flag in the daily time frame, etc. If those are correction bull flags, this is a bull flag, too. But a bullish one. It is in the monthly, three-month, and six-month time frames. If you know a bull flag, you can enjoy your coffee today. Cheers,” he stated. In his forecast, Dark Defender uses the flag pole and Fibonacci extension levels to predict future price points. After the expected breakout above the red resistance line, the first target is situated at the 161.80% Fibonacci level, which would bring XRP to approximately $1.88. A further ambitious target is set at the 261.80% Fibonacci level, priced at about $5.86. The most optimistic target lies at the 361.80% Fibonacci level, forecasting the price to soar as high as approximately $18.23. Notably, Dark Defender’s blue line, analogous in length to the flagpole, shows that the XRP price could rise well above $18. Different Analysis, Similar Price Targets This analysis was further commented on by another renowned XRP community analyst, EGRAG CRYPTO, who brought attention to the fact that the flag portion of the pattern extends beyond half the length of the initial pole, a structural detail that might typically invalidate the bull flag designation. Related Reading: Buckle Up, XRP Fans: Analyst Eyes Price Explosion To $0.65 In Next 5 Days “I’ve dabbled in this analysis before, but lately, I’ve become increasingly intrigued by the potential of a symmetrical triangle breakout. What caught my eye is that the Flag is extending beyond half the length of the Pole which invalidates the structure. Regardless of who’s right or wrong, hope to meet in the near future and being multimillionaires. Keep up the fantastic work,” Egrag noted. Despite this technical caveat, EGRAG CRYPTO remains positive about the potential of a symmetrical triangle breakout. In a recent analysis of the weekly chart, EGRAG elaborated that XRP will at least explode towards $1.5 if price breaks out to the upside of the triangle. On a broader triangle pattern, EGRAG expects a move to $5.89. “XRP Army, STAY STEADY! There’s a mini pump to $1.5 and a major pump to $5.89 in the cards, with the MACRO pump potentially soaring above 2 digits,” he stated. Despite their different approaches, the two analysts are therefore very close in their analyses. At press time, XRP traded at $0.5189. Featured image created with DALL·E, chart from TradingView.com |
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Dogecoin (DOGE), the meme-inspired cryptocurrency with a loyal following, has been riding a wave of optimism lately. Over the past week, its price surged by nearly 8%, much to the delight of investors. However, a recent move by a large DOGE holder has cast a shadow of uncertainty on the future of this playful pup’s price trajectory. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Dogecoin Fueled By Market Bulls And Short Squeeze The broader crypto market sentiment has been bullish recently, and DOGE has been happily wagging its tail along. The past week saw a significant price increase, and the good times seemed to be rolling with a 3% jump in the last 24 hours alone. This pushed DOGE’s price to a cheerful $0.152, bringing smiles back to the faces of many investors who have been patiently waiting for a sustained climb. The party wasn’t just limited to the spot market. The derivatives market also saw a notable rise in activity, with Dogecoin Futures open interest jumping a healthy 9%. This suggests a renewed interest from traders, particularly those looking to capitalize on potential price movements through futures contracts. Adding fuel to the fire, short sellers have been feeling the heat lately. According to Coinglass, they’ve faced liquidations totaling a staggering $2.27 million. This could potentially trigger a short squeeze, a scenario where short sellers are forced to buy back DOGE to cover their positions, and further push the price upwards. However, this positive development hinges on whether it can overpower the potential selling pressure arising from a recent whale movement. Whale Alert: Big Transfer Sparks Speculation Just as things were looking bright for DOGE, a transaction involving a whale sent ripples of concern through the Dogecoin community. Data from Whale Alert revealed that a whopping 200 million DOGE, valued at around $30.86 million, was transferred to the trading platform Robinhood. This hefty move has raised eyebrows, with many suspecting the whale might be preparing to cash out a significant portion of their holdings. A large sell-off could introduce significant selling pressure, potentially derailing DOGE’s current upward momentum. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target Technical Analysis: Breaking Trends And Potential Pullbacks Taking a peek under the hood from a technical standpoint, DOGE appears to be attempting to break its daily downtrend. This is a positive sign for bulls, indicating a potential shift in market sentiment. Further analysis reveals that DOGE recently entered an order block, which has been contributing to its ongoing price increase. Featured image from War History Online, chart from TradingView |
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After a period of correction, Filecoin (FIL) is teasing a potential price surge, buoyed by bullish technical indicators and analyst predictions. As of Friday afternoon, FIL is hovering around $5.80, but whispers of a $15 target in the coming weeks are swirling in the cryptosphere. Related Reading: Solana On The Brink? Price Stalemate At Crucial $140 Support Recent Price Surge Ignites Investor Interest FIL has been on a tear lately, defying the overall slump in the cryptocurrency market. Over the past 24 hours, the token saw an increase of over 7%, accompanied by a healthy trading volume exceeding $420 million. This surge in price and activity has grabbed the attention of market watchers, with many speculating on the possibility of a sustained upward trend. Analyst Eyes $15: Falling Wedge Breakout Hints At Price Reversal Adding fuel to the fire is crypto analyst World Of Charts, who has expressed a decidedly bullish sentiment on FIL’s future. According to their analysis, the recent price correction appears to be nearing its end. $Fil Healthy Correction Has Almost Over Seems Like #Fil Will Recover From Here Falling Wedge Breakout Has Already Confirmed Expecting Move Towards 15$ In Coming Weeks#Crypto #Filcoin pic.twitter.com/O61j9B02ha — World Of Charts (@WorldOfCharts1) May 15, 2024 They point to a confirmed falling wedge breakout pattern, which historically indicates a potential trend reversal. This technical indicator suggests FIL could be poised for a significant rebound, with World Of Charts setting a target price of $15 in the coming weeks. FIL’s Resilience Bodes Well For Future Further bolstering the bullish case is FIL’s defiance of the broader downward trend in the crypto market. While many digital assets have been experiencing significant price drops, FIL has managed to hold its ground. This resilience suggests strong underlying support and potential for future growth. Filecoin: Technical Indicators Flash Green Technical analysis also paints a positive picture for FIL. The RSI (Relative Strength Index), a momentum indicator, is currently exhibiting a slow but steady upward trajectory. This suggests that FIL is not overbought and has room for further price appreciation. Additionally, FIL has historically displayed a pattern of high trading volume at price peaks and low volume during price dips. This ongoing trend signifies strength in the token’s price action. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Breach Of Support Could Dampen Optimism However, the bullish outlook is not without its caveats. A breach below the crucial $5.50 support level could trigger negative sentiment and potentially lead to a price decline. This highlights the inherent volatility of the cryptocurrency market, where unforeseen events can quickly alter price movements. Furthermore, market sentiment is highly sensitive to external factors such as regulatory news, macroeconomic trends, and technological developments within the crypto space. Any adverse developments, such as stringent regulatory crackdowns or security breaches, could exacerbate selling pressure and undermine investor confidence. Featured image from Wallpapers.com, chart from TradingView |
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Leading on-chain analyst James Check, popularly known as Checkmatey, has recently delved into the intricacies of Bitcoin’s market dynamics, offering a detailed on-chain data analysis that sheds light on the forces driving Bitcoin prices. His latest insights highlight a period he describes as “Quiet and Trending,” suggesting a robust underpinning despite significant sell-side pressures and shifts in volatility. Bitcoin Follows The Stair-Stepping Rally-Consolidation-Rally Pattern Since December, Bitcoin has experienced substantial sell-side pressure, with over 1.5 million BTC being sold. “Around 30% of this came out of GBTC, but the rest of it was good old fashioned profit taking,” Check explains. Despite such substantial market sales, Bitcoin has demonstrated resilience with a relatively modest price correction of just -20%. This suggests that the foundational support levels for Bitcoin are stronger than what surface-level market movements might imply. A striking aspect of Check’s analysis is the transformation in Bitcoin’s volatility profile. “The overall realized volatility profile for Bitcoin is half what it was in 2021, and 3x smaller than 2017,” states Check. This trend indicates a growing maturity within the Bitcoin market, reflecting its evolution into a more stable asset over time compared to its early years. Check counters the typical narrative surrounding Bitcoin’s volatility: “What a lot of people forget however is that Bitcoin is volatile to the upside. Volatility to the upside is good!” He posits that the current increment in volatility is moderate and suggests that the market is still in the early phases of a bull run, rather than nearing its end. Related Reading: Most Important Bitcoin Indicator Nears Bullish Flip: $150,000 Soon? A critical tool in Check’s analysis is the Short-Term Holder MVRV (STH-MVRV) Ratio, which he uses to gauge market sentiment and phases. According to Check, this ratio consistently finds support at 1.0 and resistance at 1.4 during stable uptrends. Stability is maintained as long as the ratio remains within these bounds. “Only when it breaks above this ceiling do things become unstable,” Check notes, which could signal a transition to bearish conditions. Despite the sell-off that brought Bitcoin down to $57k, Check observes that this has not significantly dented the profitability of short-term holders. “The magnitude of Unrealised Loss was very much in line with bull market corrections, calming fears of a top-heavy market.” Related Reading: Is Bitcoin’s Rally Over? Top Analysts Predict Imminent Price Corrections He further highlights that several of the local top buyers panic sold their Bitcoin at the lows, an action he interprets as beneficial for the correction phase, serving to stabilize the market by shaking out weak hands. Expanding his analysis, Check refutes the criticism that Bitcoin’s volatility makes it a less viable asset. He points to a chart comparison of Bitcoin’s 30-day volatility against top-performing US stocks, showing that Bitcoin’s volatility is well within a manageable range. Furthermore, he discusses the lower realized volatility of the SPY index, attributing it to the “out sized performance of the Magnificent-7,” which is counterbalanced by the poorer performance of the other components. By highlighting the structural aspects of the current “Quiet and Trending” market phase, Check offers a refined perspective on how Bitcoin is navigating its maturation pathway, balancing between its speculative origins and its potential as a mainstream financial asset. He concludes, “Overall, the Bitcoin uptrend in 2023-24 looks fairly structured, following stair-stepping rally-consolidation-rally pattern. However, as the charts above show, volatility tends to pick up during a consolidation, and that can lead to instability.” At press time, BTC traded at $66,288. Featured image created with DALL·E, chart from TradingView.com |
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Dogecoin corrected gains and tested the $0.150 zone against the US Dollar. DOGE is now forming a base and might start a fresh increase above $0.1520. DOGE price jumped toward $0.160 before correcting gains. The price is trading above the $0.150 level and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.1540 to move into a positive zone and start a fresh surge. Dogecoin Price Holds Support After a steady increase, Dogecoin price faced resistance near the $0.160 zone. A high was formed at $0.1594 before DOGE started a downside correction like Bitcoin and Ethereum. There was a drop below the $0.1540 support zone. A low was formed at $0.1488 and DOGE is now consolidating for the next move. Dogecoin is still trading above the $0.150 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.1515 level. It is near the 23.6% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. The next major resistance is near the $0.1540 level or the 50% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. A close above the $0.1540 resistance might send the price toward the $0.160 resistance. Any more gains might send the price toward the $0.1650 level. The next major stop for the bulls might be $0.1720. More Losses In DOGE? If DOGE’s price fails to gain pace above the $0.1540 level, it could start another decline. Initial support on the downside is near the $0.150 level and the trend line. The next major support is near the $0.1445 level. If there is a downside break below the $0.1445 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.1500, $0.1445 and $0.1350. Major Resistance Levels – $0.1515, $0.1540, and $0.1600. |
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An analyst has explained how the data of an oscillator for Bitcoin could suggest the cryptocurrency still has plenty of room to run in this rally. Bitcoin VWAP Oscillator Could Imply Potential For Further Upside In a new post on X, analyst Willy Woo discussed what the latest trend in the Volume-Weighted Average Price (VWAP) Oscillator for BTC might suggest regarding what could be next for the cryptocurrency. The VWAP is an indicator that calculates the average price for any asset by taking into account the price fluctuations themselves and weighing the values against the trading volume. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? This means that the prices of the assets where there was a higher volume of trading have a higher weightage in the average than those with only a low amount of volume. Traditionally, the VWAP is a technical analysis indicator that considers the information available through spot exchanges. In the context of the current topic, the VWAP uses the on-chain volume of Bitcoin instead, which is readily viewable by anyone thanks to the blockchain’s transparency. The indicator of interest here isn’t the VWAP but rather the VWAP Oscillator, as mentioned earlier. This metric keeps track of the ratio between the BTC spot price and the VWAP and presents it as an oscillator of around zero. The chart below shows the trend of this Bitcoin indicator over the past couple of years. The above graph shows that the Bitcoin VWAP Oscillator has been in negative territory for the past couple of months. However, the metric’s value has been rising recently, so if it continues on this trajectory, it might approach the neutral mark shortly. In the chart, Woo has highlighted a trend that the indicator and the cryptocurrency’s price have historically shown. It seems that whenever the metric has formed a bottom in negative territory and rebounded back to the upside, the asset has enjoyed some bullish momentum. The resulting price surge may last until the indicator reverses into the positive territory and forms a top. That hasn’t happened for the VWAP Oscillator this time yet. “Still a lot of room to run before reversal or consolidation,” says the analyst. “Hate to be a trapped Bitcoin bear right now.” Related Reading: Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns In other news, as CryptoQuant author Axel Adler Jr. pointed out in an X post, retail investors have bought $135.7 million worth of the asset over the past month. BTC Price At the time of writing, Bitcoin is floating around $65,000, up 5% over the last week. Featured image from Shutterstock.com, woocharts.com, chart from TradingView.com |
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XRP price shows positive signs above the $0.5100 resistance. The price could gain bullish momentum if it clears the $0.520 and $0.5220 resistance levels. XRP is eyeing a fresh increase above the $0.520 level. The price is now trading above $0.510 and the 100-hourly Simple Moving Average. There is another short-term declining channel forming with resistance at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another increase if there is a close above the $0.520 resistance. XRP Price Eyes More Upsides After a steady increase, XRP price faced resistance near the $0.520 zone. Recently, there was a minor downside correction like Bitcoin and Ethereum. The price declined below the $0.5180 level. There was a move below the 23.6% Fib retracement level of the upward wave from the $0.4980 swing low to the $0.5225 high. However, the bulls are active near the $0.5140 zone. The price is still trading above $0.510 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5195 level. The first key resistance is near $0.520. There is also a short-term declining channel forming with resistance at $0.520 on the hourly chart of the XRP/USD pair. A close above the $0.520 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls push the price above the $0.5220 resistance level, there could be a fresh move toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. More Losses? If XRP fails to clear the $0.520 resistance zone, it could slowly move down. Initial support on the downside is near the $0.5150 level. The next major support is at $0.5120. The main support is now near $0.510 and the 50% Fib retracement level of the upward wave from the $0.4980 swing low to the $0.5225 high. If there is a downside break and a close below the $0.510 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.4980 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5120 and $0.5100. Major Resistance Levels – $0.5200 and $0.5220. |
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As Bitcoin navigates through significant price changes, varying analyses from crypto analysts have painted a diverse picture of its short-term trajectory. A prominent crypto analyst, Ali, identified a sell signal on Bitcoin’s short-term charts using the TD Sequential indicator. Related Reading: Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares According to Ali’s analysis, the TD Sequential indicator suggested that Bitcoin’s current uptrend might be losing momentum. This could potentially lead to a correction over the next one to four candlesticks, particularly noticeable on the four-hour chart. The TD Sequential presents a sell signal on the #Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for $BTC. pic.twitter.com/OC9Clv0Tat — Ali (@ali_charts) May 16, 2024 Diverging Bitcoin Views From Top Crypto Analysts Contrasting this perspective, another prominent analyst, Rekt Capital, recently provided a more optimistic view. According to Rekt Capital, Bitcoin ended its downtrend in mid-April, breaking into an uptrend with its price surpassing previous resistance levels. This change has been marked by Bitcoin forming its first higher high since its drop to $56,000, as highlighted by Rekt Capital. This indicates a possible continuation of the bull market despite periodic market attempts to unsettle investors. The TD Sequential indicator’s sell signal comes as Bitcoin has shown a 7.6% increase over the past seven days, reaching a 24-hour high of $66,567 before retracing slightly to $65,592. Rekt Capital noted the significance of the $60,000 support level, suggesting that maintaining this level is crucial for further positive momentum. He remarked that the recent breakout to $66,000 is a testament to how quickly market sentiment can shift toward a bullish trend. The analyst disclosed: The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them. Insights From Galaxy CEO On BTC’s Future Trends Meanwhile, Mike Novogratz of Galaxy Digital commented on the broader market trends, noting that the crypto sector is at a critical juncture where narratives are evolving, and the market landscape could change rapidly, especially with impending regulatory developments in the US. Related Reading: Bitcoin Could Crash Below $55,000, Top Analyst Sounds The Alarm Mike Novogratz further expanded on the macro view, suggesting that the next few months could be pivotal for the crypto market as it responds to new narratives and regulatory developments. It’s been a fascinating week in crypto. Narratives are forming and odds are shifting. It’ll be interesting to watch the next few months play out, and even more interesting to watch the jump shift that’ll occur as soon as there’s regulatory clarity around crypto in the U.S.… pic.twitter.com/t0g5rTIKjP — Mike Novogratz (@novogratz) May 16, 2024 He also recently predicted that Bitcoin’s price will oscillate between $55,000 and $75,000 for some time, indicating a phase of consolidation before any major moves. Featured image from Unsplash, Chart from TradingView |