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Crypto Market Analysis: October 11, 2021

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Crypto Market Analysis: October 11, 2021

Cryptoassets staged a significant rebound last week with Bitcoin closing back in on its all-time highs.

The world’s largest cryptoasset, bitcoin rose across the week. Having started trading below $48,000 it surged on Thursday to over $54,000 and has staged further gains in early trading today.

The cryptoasset is currently trading around $56,500 its highest level since May this year, and crucially is back within the range that saw it reach an all-time high of $63,569 on 14 April.

Ether meanwhile has had a more mixed week with significant volatility, but is still well above its end-of-September levels.

ETH started last week trading around $3,350 and saw its price hit $3,665 on Friday.

Amid an overall trend of gains last week the cryptoasset has been dogged by volatility – plunging on 6 October after starting the day above $3,500, collapsing to $3,362, then surging back to above $3,600.

ETH saw wild swings late on Sunday too but the cryptoasset is currently trading around $3,500.

White House mulls crypto order

US President Joe Biden and his team are considering the publication of an executive order on crypto that could have far-ranging consequences for the asset class.

Per Bloomberg, the order is designed to coordinate responsibilities of different federal agencies on the treatment of crypto, and also mandate those agencies to study and offer recommendations for its regulation.

With Biden’s financial regulators increasingly aggressive stance on cryptoassets, any executive order would look to shed more light on the industry and attempt to place controls upon it.

According to Bloomberg, no decision has been made on releasing the order yet, but the framework would bring together the work of agencies such as the Treasury Department, Commerce Department, National Science Foundation, financial regulators and security agencies.

The administration is also looking to appoint a crypto ‘czar’ to oversee action within the President’s remit.

Bitcoin miner looks to list in London

Bitcoin mining firm Bitfury is considering a $1 billion float on the London Stock Exchange.

The firm is looking to list in the next 12 months, in what would be the largest ever European cryptoasset float, according to The Telegraph.

Bitfury is headquartered in the Netherlands but its legal base is in the UK. Filings show the firm is currently valued around $1 billion per its last funding round.

The firm, which was founded in 2011 by a Latvian entrepreneur called Valery Vavilov, mines bitcoin with operations in Canada, Norway, Iceland and Central Asia.

The company also supplies miniature data centres encased in shipping containers to customers looking to deploy their own mining operations.

Brazil to adopt bitcoin as legal tender

Brazil could soon be adopting Bitcoin as legal tender, following in the footsteps of El Salvador.

South America’s most populous nation currently has a bill passing through its chamber of deputies (equivalent of the House of Commons in the UK) which would create a legal regulatory environment for cryptoassets.

The Federal Deputy sponsoring the bill, Aureo Ribeiro says he wants to create regulatory certainty for consumers with this bill, which would allow for the transparent transaction of a basket of cryptoassets.

“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you’re buying and know who you’re dealing with.

“With this asset you will be able to buy a house, a car, go to McDonald’s to buy a hamburger – it will be a currency in the country as it happened in other countries. This will allow transactions of this asset in our country, which will be regulated by a government agency.

“We already made an agreement with both, Central Bank and the Securities and Exchange Commission of Brazil (CVM), over opportunities of this asset and its recognition within, for example, real estate value or currency of daily use.”

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

 

Image by YOONHEECHO from Pixabay
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Pundi X[new] Price Prediction 2021 – Will PUNDIX Hit $4 Soon?

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Pundi X[new] Price Prediction 2021 - Will PUNDIX Hit $4 Soon?
  • Bullish PUNDIX price prediction ranges from $2.07 to $3.60.
  • The PUNDIX price might also reach $4.
  • PUNDIX bearish market price prediction for 2021 is $1.20.

In PUNDIX price prediction 2021, we use statistics, price patterns, ADX, and much other information about PUNDIX to analyze the future movement of the cryptocurrency. 

Pundi X is a pioneering blockchain-powered device developer with the goal of transforming retail businesses with its blockchain-based point of sale solution. On its blockchain, the solution enables retail merchants and consumers to conduct instantaneous in-store transactions.

Current Market Status of Pundi X[new] (PUNDIX)

According to Coingecko, the price of PUNDIX is $1.63 with a 24-hour trading volume of $41,785,439 at the time of writing. However, PUNDIX dropped to 4.12% in the last 24 hours.

Moreover, PUNDIX has a circulating supply of 258,491,637 PUNDIX. Currently, PUNDIX trades in cryptocurrency exchanges such as Binance, FTX, Upbit, KuCoin, and Bitrue. 

Pundi X[new] (PUNDIX) Price Prediction 2021

Pundi X[new] (PUNDIX) holds the 151st position on CoinGecko right now. Pundi X[new] price prediction 2021 explained below with a daily time frame. 

PUNDIX/USDT Higher High and Higher Low Pattern (Source: Tradingview)

When the peaks and troughs on a chart ascend, an uptrend is occurring. Prices in that uptrend can be seen as higher highs and higher lows. Prices from the previous period that were seen as highs are now even higher than they were before the uptrend began.

Not only do the highs finish higher, but the lows from a previous period of time gain value and end up being higher than before. This indicates to a trader that prices are rising and the overall value is rising, indicating that it is time to sell and make a profit before a downtrend occurs.

Currently, PUNDIX is waving at $1.63. After this, PUNDIX may continue to fall according to the higher high and higher low pattern. With this pattern, PUNDIX might reach the resistance level at $2.26 soon. If the trend reverses, then the price of PUNDIX may fall to $1.54.

Pundi X[new] (PUNDIX) Support and Resistance Level

The below chart shows the support and resistance level of Pundi X[new] (PUNDIX). 

1638342167 307 Pundi Xnew Price Prediction 2021 Will PUNDIX Hit 4
PUNDIX/USDT Support and Resistance Level (Source: Tradingview)

From the above chart, it is observed that the following are the resistance and support level of PUNDIX.

  • Resistance Level 1 – $2.07
  • Resistance Level 2 – $2.70
  • Resistance Level 3 – $3.60
  • Support Level 1 – $1.20
  • Support Level 2 – $0.59

The chart depicts the bullish performance of PUNDIX over the previous month. However, this trend will continue to reach resistance level at $2.26 soon. On the contrary, if the trend reversed then PUNDIX might fall to $1.54 presenting a bearish signal.

Pundi X[new] (PUNDIX) Average Directional Index (ADX)

Let us now look at PUNDIX’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

The above chart represents the ADX of PUNDIX with the range at 50.54, so it indicates a strong trend.

Conclusion

The Pundi X[new] is one of the cryptos which is great for long-term investment. In addition, PUNDIX price prediction will be bullish for a short-term period. It has a good chance of reaching $2.26 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the PUNDIX ecosystem, the performance of PUNDIX would rise reaching $2.26 very soon. But, it might also reach $4 if the investors believe that PUNDIX is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Aion Price Prediction 2021 – Will AION Hit $0.80 Soon?

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Aion Price Prediction 2021 - Will AION Hit $0.80 Soon?
  • Bullish AION price prediction ranges from $0.25 to $0.56.
  • The AION price might also reach $0.80.
  • AION bearish market price prediction for 2021 is $0.15.

In AION price prediction 2021, we use statistics, price patterns, ADX, and much other information about AION to analyze the future movement of the cryptocurrency. 

Aion is a multi-tier blockchain platform designed for blockchain interconnection. AION tokens are used to launch new blockchains, monetize inter-chain bridges, and secure the network as a whole. Nuco, which was founded in the spring of 2016, created AION.

Aion has a fortune system that offers members of the community for providing technical support, documentation, and other assistance.  Currently, AION is mined using a modified Equihash Proof-of-Work mining algorithm.

Current Market Status of Aion (AION)

According to Coingecko, the price of Aion is $0.198 with a 24-hour trading volume of $14,426,731 at the time of writing. However, AION surged to 4.06% in the last 24 hours.

Moreover, AION has a circulating supply of 494,841,926 AION coins. Currently, AION trades in cryptocurrency exchanges such as Binance, BiONE, KuCoin, Bitrue, and Pionex.

Aion (AION) Price Prediction 2021

Aion (AION) holds the 398th position on CoinGecko right now. AION price prediction 2021 explained below with a daily time frame. 

AION/USDT Falling Wedge Pattern (Source: TradingView)

The falling wedge pattern is a continuation pattern formed when price bounces between two downward sloping, converging trendlines. It is a bullish chart formation, but it can also indicate reversal or continuation patterns depending on where it appears in the trend.

Currently, AION is waving at $0.198. After this, AION would continue to follow the pattern where the price chart would show uptrend. Moreover, the price of AION will breakout at $0.20 and might reach the resistance level to $0.64. If the trend reverses, then the price of AION may fall to $0.15.

Aion (AION) Support and Resistance Level

The below chart shows the support and resistance level of Aion (AION). 

1638341486 196 Aion Price Prediction 2021 Will AION Hit 080 Soon
AION/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of AION.

  • Resistance Level 1 – $0.25
  • Resistance Level 2 – $0.38
  • Resistance Level 3 – $0.56
  • Support Level 1 – $0.15
  • Support Level 2 – $0.09
  • Support Level 3 – $0.06

The chart depicts the bearish performance of AION over the previous month. However, AION will follow a bullish pattern and will rise. On the contrary, if the trend reversed then AION might fall to $0.15 presenting a bearish signal.

Aion (AION) Average Directional Index (ADX)

Let us now look at AION’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

The above chart represents the ADX of AION lies in the range at 45.07, so it indicates a strong trend.

Conclusion

The AION is one of the cryptos which is great for long-term investment. In addition, AION price prediction is bullish for a short-term. It has a good chance of reaching $0.64 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the AION ecosystem, the performance of AION would rise reaching $0.64 very soon. But, it might also reach $0.80 if the investors believe that AION is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cartesi Price Prediction – How Much Will CTSI Be Worth in 2021?

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Cartesi Price Prediction – How Much Will CTSI Be Worth in 2021?
  • Bullish Cartesi  price prediction ranges from $0.95 to $1.75
  • Cartesi  prices might also reach $2 soon.
  • CTSI bearish market price prediction for 2021 is $0.14.

In Cartesi (CTSI) price prediction 2021, we use statistics, price patterns, RSI, and much other information about CTSI to analyze the future movement of the cryptocurrency. 

Cartesi is taking smart contracts to the next level. It is solving the urgent problem of scalability and high fees on blockchains by implementing a variant of optimistic roll-ups. Most notably, Cartesi is revolutionizing smart contract programming by allowing developers to code with mainstream software stacks. Noether is Cartesi’s side-chain that’s optimized for ephemeral data, providing low-cost data availability to DApps.

Let us see about the Cartesi price prediction 2021.

Current Market Status of Cartesi (CTSI) 

According to CoinGecko, the Cartesi price is trading at $0.794 with a 24-hour trading volume of $41,949,559, at the time of writing. However, Cartesi has increased by 2.2% in the last 24 hours. 

Currently, Cartesi trades in cryptocurrency exchanges such as Binance, Tokocrypto, Huobi Global, Hotcoin Global, and Upbit. 

Cartesi (CTSI) Price Prediction 2021

Cartesi (CTSI) holds the 192nd position on CoinGecko right now. Cartesi price prediction 2021 explained below with a daily time frame. 

CTSI/USDT Showing Descending Channel Pattern (Source: TradingView)

The above chart shows the Descending Channel Pattern of CTSI.  A descending channel is the price action that takes place between lower inclining equal trendlines. In fact, lower highs and lower lows form this price pattern.

Currently, CTSI is waving at $0.794. If the bullish trend continues, CTSI would continue to follow the pattern where the price chart would show a downtrend. If the trend reverses, then the price of CTSI may hit $1.79.

Cartesi (CTSI) Support and Resistance Level

The below chart shows the support and resistance level of Cartesi (CTSI). 

1638340750 995 Cartesi Price Prediction – How Much Will CTSI Be Worth
CTSI/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of Cartesi.

  • Resistance Level 1 – $0.95
  • Resistance Level 2 – $1.75
  • Support Level 1 – $0.31
  • Support Level 2 – $0.14
  • Support Level 3 – $0.06

The chart depicts the bullish performance of Cartesi over the previous month. However, this trend will continue to reach a resistance level at $1.75 soon. Even more, if the trend reversed then Cartesi might fall to $0.31 presenting a bearish signal.

Cartesi (CTSI) Average Directional Index (ADX)

Let us now look at Reserve Rights’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

The above chart represents the ADX of Cartesi. Currently, Cartesi lies in the range at 73.3, so it indicates a strong trend. This shows that the price of ADX can go bullish in the future.

Conclusion

Cartesi is one of the cryptos which is great for long-term investment. In addition, Cartesi price prediction is bullish for a short-term. It has a good chance of reaching $1.7 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the Cartesi ecosystem, the performance of Cartesi would rise, reaching $2 very soon. But, it might also reach $5 if the investors believe that Cartesi is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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