Connect with us

Bitcoin

TA: Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

Published

on

Ethereum

Ethereum started a steady increase above $3,000 against the US Dollar. ETH price must clear the $3,200 to continue higher in the near term.

  • Ethereum started a strong increase from the $2,750 support zone.
  • The price is now trading above $3,000 and near the 100 hourly simple moving average.
  • There was a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must surpass $3,175 and $3,200 to continue higher in the near term.

Ethereum Price Is Gaining Momentum

Ethereum found a strong support near $2,750 and started a fresh increase, similar to bitcoin. ETH broke the $2,880 and $2,950 resistance levels to move into a positive zone.

There was also a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD. The pair settled above the $3,000 zone and near the 100 hourly simple moving average. It gained traction and climbed above the $3,100 level.

Ether price is now facing resistance near the $3,175 zone. It traded as high as $3,165 and is currently correcting lower. An immediate support sits near the $3,065 level. It is near the 23.6% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high.

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance on the upside is near the $3,165 level. The first major resistance is near the $3,175 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could push the price further higher. In the stated case, the price could rise towards $3,320.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,165 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,065 level.

The next major support seems to be forming near the $3,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high at $2,950. If ether fails to stay above $2,950, it could resume its decline in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $3,065

Major Resistance Level – $3,175

google news
Advertisement
Click to comment

Bitcoin

XRP Builds Momentum With 7% Increase As Ripple Expands

Published

on

Ripple XRP XRPUSDT

XRP has been soaring in the monthly chart with a 7.2% profit as Ripple continues to expand its corridors worldwide. As of press time, the seventh crypto by market cap trades at $1,01 and records a 10.3% correction in the daily chart.

XRP correcting in the daily chart. Source: XRPUSDT Tradingview

XRP seems to be reacting to the general trend in the market as Bitcoin, Ethereum, and other cryptocurrencies in the top 10 by market cap trend to the downside. As NewsBTC has reported, the derivatives sector has been heating up due to the recent rise in the aforementioned coins.

Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price?

Historically, this has taken a toll on the bullish momentum built by the bulls. In the case of XRP, it’s a positive sign that it has been able to sustain gains in higher timeframes.

The sentiment around XRP has flipped bullish since Ripple has been able to sustain and push back against the U.S. SEC in their case for the alleged sales of a security.

In addition, the payment corridors, one of the most important use cases for the XRPL Ledger and its native token, are recovering. These entities use Ripple’s payment solution On-Demand Liquidity (ODL), based on XRP, and were negatively impacted after the SEC filed for their legal action.

The Liquidity Index Bot, an ODL payment corridors monitor, records an increase in the daily volume for these entities. As seen below, the XRP/AUD payment corridors show some recovery after it went negative in May 2021.

Ripple XRP XRPUSDT
Source: Liquidity Index Bot via Twitter

Other payment corridors record a similar or a more significant increase. Since they are based on ODL, the volume registered by these entities is indicative of the levels of adoption for XRP and suggests the token is experiencing a re-surge in demand.

Related Reading | Ripple Surges 15% Following News That It Wants To Go Public

XRP Debuts In MENA Region, Ripple Enable More Adoption

In the coming months, the demand for the token could continue to surge as the payment solution company recently announced a partnership with Pyypl. The partners will launch a new payment corridor in the Middle East and North Africa (MENA) region.

Data shared by the payment company reveals that the MENA region saw $78 billion in remittances in 2020 alone. Thus, why the partnership could onboard millions to the XRPL Ledger and ODL as countries such as the United Arab Emirates (UAE) and Saudi Arabia “shift to digital” payment methods.

Related Reading | Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead? 

The collaboration will start in the UAE to bring low-cost and instant remittances for people living in and outside the MENA region. Ripple claimed the following about the potential for the partnership:

This announcement builds on Ripple’s already growing presence in the region (…). All of this is driving a record year for Ripple in MENA, with RippleNet already logging four times the transaction volume year-to-date versus all of 2020.

google news
Continue Reading

Bitcoin

Polygon (Matic) Prices All set to Create New ATH, Prices Around $2 Level

Published

on

Polygon (Matic) Prices All set to Create New ATH, Prices Around $2 Level
  • Traders may attempt to exit long positions when Polygon is near $2.
  • A big closing over $1.87 would entice investors, alleviating selling pressure.

Polygon’s native token, MATIC, looks to be catching up with the market. By all indicators, prices may be on their way to a new all-time high. Likewise, the Polygon has broken past major resistance and is poised to hit new highs.

MATIC Price has risen over 22% in the previous four days, signaling positive momentum. Prices have climbed lately from $1.52 on October 23 to $1.86. The cryptocurrency is now trading at $1.8370, up 10.33% in the past 24 hours. $MATIC has a year-to-date ROI of +10337 percent.

For confirmation, measure the distance between the initial swing peak and the low swing peak, then multiply by $1.73 (breakout point) to arrive at a $4.32 target.

Before retesting the ATH at $2.70, Polygon will have to overcome two significant roadblocks at $2.04 and $2.22. If MATIC overcomes these challenges, it will reach $4.32. Traders may attempt to exit long positions when Polygon is near $2. Unfortunately, that might halt the upswing and prevent MATIC from breaking past that barrier and realizing its upside potential.

MATIC/USDT: Source: TradingView

The IOMAP graphic above shows the Bulls winning. At $2, just 1,280 addresses have acquired over 35.5 million MATIC. Polygon’s primary support level is $1.75.

With daily addresses increasing over the previous three months, the main spike is on its way. In addition, it seems that more cash and investors are entering the market, as the 7-day MA for active wallets has increased. To date, approximately 92 percent of all $MATIC addresses are profitable, according to ITB statistics.

The GIOM model predicts that Polygon has a single resistance at $1.87. Approximately 17.54 thousand crypto addresses bought 135 million tokens. A big closing over $1.87 would so entice investors, alleviating selling pressure. On the other hand, MATIC may so easily expand its surges. The alt will then skyrocket to $2.7 or more.

MATIC has risen by over 30% so far in October, and now, according to a Reddit debate, MATIC has handled 1 Billion transactions on the Polygon PoS chain.

google news
Continue Reading

Bitcoin

Helium (HNT), Cosmos (ATOM), Holo (HOT) -All Set to Create New ATH!

Published

on

Helium (HNT), Cosmos (ATOM), Holo (HOT) -All Set to Create New ATH!
  • HNT’s recent alliance with Dish Network has been a big impetus for price activity. 
  • ATOM might hit a new ATH of roughly $47.586.

After achieving fresh ATHs, Bitcoin and Ethereum seem to be out of breath. However, the market is buoyant as numerous cryptocurrencies post double-digit gains, and the star crypto gains support of approximately $60,000. Recent gains in Helium (HNT), Cosmos (ATOM), and Holo (HOT) are notable.

A crypto metric site named Santiment just published the growth of the above cryptocurrencies. The analytics tool shows a huge increase in market value for Helium, Cosmos, and Holo. Here are some price targets for these cryptocurrencies.

Helium (HNT)

Helium (HNT) is a blockchain-based platform for IoT utilities. On Tuesday, the primary altcoin nearly missed the $26.31 ATH. However, the HNT price has been consolidating around $24.15. The 4-hour chart continues to show a battle between buyers and sellers.

If enough buyers step in, the cryptocurrency might gain another 10% to 15% after regaining the prior ATH. On the other hand, if bears seize control of the market, HNT’s price might fall below $20.

HNT/USDT: Source: TradingView

However, the HNT’s recent alliance with Dish Network has been a big impetus for price activity. Traders may use compatible Helium 5g Hotspots on Dish Network to earn HNT tokens.

Cosmos (ATOM)

Cosmos (ATOM), a decentralized network that improves interoperability and scalability, has gained 10% in 24 hours. Trading volume increased by approximately 300 percent in hours. The price of ATOM has been steadily declining since reaching its previous ATH of $44.70. On the 4-hour chart, sellers outnumber purchasers.

1635364894 7 Helium HNT Cosmos ATOM Holo HOT All Set to Create
ATOM/USDT: Source: TradingView

Currently trading at $39.50, a sell-off may send ATOM down to $36.74 if it persists. The RSI value of 60.8 also implies a good consolidation period. If a large number of buyers come in during the next several hours, ATOM might hit a new ATH of roughly $47.586.

Holochain (HOT)

Holochain (HOT) is a peer-to-peer network that has recently gained considerable media attention. Huge green candles on the 4-hour chart indicate an enormous increase in investment. Recent ecosystem events have pushed the price back to September highs of $0.0125. Following large purchase orders a few hours earlier, the cryptocurrency is undergoing a little correction with hefty sell-offs.

1635364894 700 Helium HNT Cosmos ATOM Holo HOT All Set to Create
HOT/USDT: Source: TradingView

The price of Holochain (HOT) is projected to drop around $0.0095. The RSI element is green. Thus the HOT price might surpass the September high of $0.0135. As of early this week, Bitcoin dominance has declined, signaling capital leakage to rival cryptocurrencies. Moreover, the recent increase in these cryptocurrencies’ market cap confirms the start of Altseason.

google news
Continue Reading

Trending