As the bear hug gets tighter, the price of Bitcoin may drop below $21,000. Recent price movements saw a high of $25,135 and a low of $23,243. The short-term aim for the declining price trend is a drop to $21,000–$20,000.
Bitcoin Bulls Loses Steam
On August 18, Bitcoin, the leading digital asset, is battling to hold over $23,500 as it tries to maintain an upward trend that has been growing for the past two months.
The bulls’ dominance is clearly dwindling on the daily bar chart, and they will soon need to show greater tenacity to continue a price climb.
bitcoinBTC/USD trades at $23k. Source: TradingView
In just one week, the Crypto Market Fear and Greed Index dropped from 47 to 30, and in just one day, it went from 41 to 30.
This week’s additional selling pressure could either reverse the upward price trend or put it in an even more vulnerable situation.
Additionally, the MVRV 7-day Detrend Oscillator has developed a negative divergence pattern in response to the recent Bitcoin price trend. It implies that the price of BTC can drop below $21,000. By removing long-term price noise, applying a detrend filter to the price trends makes it easier to spot market bottoms and peaks.
Long-term Bitcoin prices have been falling, particularly since November. However, over the past month, the price has increased. The daily timeframe declining channel shows that the BTC price was poised to break above the channel but fails to do so due to the $25,000 psychological resistance level.
According to the crypto trading analyst, Michaël van de Poppe, Bitcoin’s ‘trend remains upward on higher timeframes.’ Poppe stated:
“Crucial to break $23.7K back. If a move to $24K occurs, a flip of $23.7K is trigger for longs. The trend remains upwards on higher timeframes. Still expecting $28-30K in the next weeks.”
Bitcoin price target. Source: Michaël van de Poppe
According to TradingView data, Bitcoin currently has a market value of $449 billion, up 0.10% in the last 24 hours but down 5.03% in the previous week.
Mining Difficulty Surge Amid Downtrend
The most recent network change resulted in a 0.63% increase in the difficulty of mining bitcoins.
Source: The Block Crypto Data.
A change was made, and BTC.com updated its website on Thursday to reflect it. The Block Research’s data shows that the network’s hash rate has increased by roughly 1.5% since the last update on August 4.
Since May’s cryptocurrency market collapse, Bitcoin’s difficulty has largely decreased. The most recent modest uptick comes after an increase of 1.74 percent on August 4.
Featured image from Pixabay, Chart from TradingView.com, Cryptoquant, and The Block
OpenSea had to cope with an email data breach and the delisting of BAYC NFTs in June.
Azuki’s floor price hardly budged from the time of the delisting fiasco.
Many of the Azuki NFTs that were delisted yesterday on the leading NFT marketplace OpenSea have been reinstated. After the marketplace discovered an error in their Trust & Safety flagging mechanism.
The team stated:
“Hey all, rough morning. There was an error in our Trust & Safety flagging system and a number of Azuki NFTs were briefly delisted. We DID work fast to resolve the issue + all impacted items have been relisted. Also, we’re in direct contact with the @AzukiOfficial team.”
When word spread that the Azuki NFTs had been delisted, the blue-chip NFT collection turned to Twitter to address the issue, stating that they had contacted OpenSea about the delisting emails that had been issued to Azuki holders and were waiting to hear back.
Not the First Time
The official announcement from OpenSea was released about two hours after the first issue was discovered. The NFT marketplace mentioned they did work rapidly to remedy the problem and they have been in direct communication with the Azuki team.
OpenSea further tweeted:
“We’re so sorry for any inconvenience and confusion this may have caused.”
OpenSea has removed NFTs from a blue chip collection before. Recently, OpenSea had to cope with an email data breach and the delisting of Bored Ape Yacht Club (BAYC) NFTs in June. The situation was fixed in the same amount of time as Azuki’s.
Fortunately for Azuki’s, the floor price hardly budged from the time of the delisting fiasco on Friday and now, when it stands at 9.97 ETH as per recent data.
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The USDC stablecoin and Verite KYB credentials are now supported.
Circle plans to provide certain Early Access clients with complimentary Verite KYB.
Circle, a payments technology firm and issuer of USDC, announced on Saturday the creation of the first Verite KYB (know your business) credentials that are compatible with the MetaMask Institutional wallet. The USDC stablecoin and Verite KYB credentials are now supported. Thanks to the partnership between Circle and TrueFi, an uncollateralized lending protocol.
For its first set of decentralized Verite KYB identification credentials, Circle announced a cooperation with the uncollateralized lending technology DeFi at the ConvergeSF22 cryptocurrency conference. In addition, users may use USDC stablecoin to get entry to TrueFi’s lending platform.
Verite KYB Credentials
In February of this year, the open-source framework Verite was presented as a means of issuing, storing, and verifying identification credentials without the need for a central authority. Verite was created by the Centre Consortium and Circle to let institutions engage in DeFi and Web3 and build trust with one another.
Verite KYB credentials may be requested by organizations that have a Circle account and a MetaMask Institutional wallet. It paves the way for smart contracts and permission-verifying web and mobile applications.
In addition, Circle plans to provide certain Early Access clients with complimentary Verite KYB and recognized company credentials. Additionally, this requires widespread acceptance of the USDC stablecoin by institutional users.
Circle is pushing for widespread adoption of USDC while the USDC market cap falls versus Tether (USDT). The total value of the USDC market has fallen below $50 billion, to $47.26 billion at this time. The market value dropped from $52.26 billion in August to $47.26 billion in September.
On Thursday, Circle teamed up with TBD, a payment firm run by Jack Dorsey. The initiative’s goal is to facilitate USDC stablecoin self-custody and international money transfers. Additionally, TBD and Circle will work together to promote the widespread use of digital currencies in monetary transactions and other financial applications throughout the world.
Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.
The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.
This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.
Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.
Will Robinhood Team-Up Bring Good Results?
The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.
According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.
Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.
From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.
By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.
The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.
With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?
Rally In The Offing For Crypto?
As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.
Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).
The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.
If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.
Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.
MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com
Featured image from VOI, Chart: TradingView.com
The issue was identified and developers started working on resetting the network.
In total there hasbeen atotal of 8 Solana network failure so far.
Even though the Solana blockchain had significant downtime, it seems to be completely functional once again. The whole network crashed because of a single misconfigured node. But over the year, Solana has put up with a number of shutdowns.
When contacted, Solana said that the transactions could not be processed because of network issues. The issue was identified and developers started working on resetting the network. For the next several hours, network administrators and dapps will keep working to restore client services.
Scourge for the System
In the last 24 hours after the outage began, the price of a Solana token has dropped by 4%. However, year-to-date prices for SOL have dropped by 81%. The current market price for Solana is $33.10. The total trade volume over the last 24 hours has increased by 13% to $1.13 billion. At the moment, its market cap is close to $11.7 billion.
But this isn’t the first time a glitch has caused the Solana network to crash. Sometime in June of this year, its supporting infrastructure had a failure that lasted for more than four hours. Not just that but in total there has been a total of 8 Solana network failures, while other networks are yet to face any.
In the meanwhile, the blackouts and service interruptions persisted for around 18 hours. Trading accounts plummeted as investors were unable to sell their tokens. People’s confidence in Solana, the supposed “Ethereum killer,” is eroding. In spite of this, Solana’s co-founder Anatoly Yakovenko has said that network failures are becoming a scourge for the system.
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Ethereum Classic (ETC) has been in the clutch of the bears as it has shaved off as much as 30% in the past two weeks.
Ethereum Classic price down 30% in the past two weeks
ETC trading at $27.69 as of press time
ETC’s downturn opens up opportunities for short-term positions
ETC has dropped below the $33.9 zone barely two weeks ago and it seems Bitcoin is suffering the same fate as it failed to barrel past the key resistance of $19.7k. The selling pressure has been intermittently high in the crypto market.
Coming from the larger Ethereum, ETC is predominantly viewed as secure as it is designed to alleviate key problems encountered with the larger or main token Ethereum, especially in line with amplifying speed and lowering fees.
In fact, Ethereum Classic has evolved to be one of the most trusted and largest smart contract platforms as it is dubbed to be a valuable long-term investment to beef up and diversify one’s portfolio.
Ethereum Classic Price Seeing Bearish Pressure
According to CoinMarketCap, ETC price has plunged by 1.01% or trading at $27.69 as of press time.
At this point, a bearish block is seen close to the $30 level. A climb by 8% will prove to invalidate the bearish outlook of ETC.
Traders should wait awhile for a price jump before entering any short position at the $27 to $29 range, which is considerably near $30.54, the key support zone.
Judging by the daily and 12-hour timeframe, ETC is looking predominantly bearish with waves of lower highs and lower lows observed in the past couple of weeks.
With that in mind, traders of ETC can trade in sync with this trend and wait for any selling opportunities.
Ethereum Classic’s RSI is below the 50 zone which has also been revisited as a resistance.
Hence, the RSI depicts a downtrend. OBV also validates that sellers are dominating the market with lower highs seen for about three weeks so far hinting at a high selling volume.
With this trend, ETC short sellers can rake in profit somewhere along the key support levels of $26.9 and $24.5. Now, a jump above the $30.7 zone can pump up a stop-loss order.
ETC Social Metrics Down Since August 2022
Ethereum Classic had its strongest troughs in July, especially in terms of social metrics which is higher compared to September figures. Apparently, the social metrics of ETC such as engagement have dropped since August which also triggered a price drop.
On the other hand, the uptick in Ethereum Classic’s development activities in August has improved social metrics for ETC. Despite the price decline, ETC is recovering in terms of social dominance which is a good place to start.
The downturn of ETC is said to be brought about by the bleeding of BTC as the king of cryptocurrencies wallows under the key resistance of $19.7.
In order to recover, Bitcoin will have to rise above the $20.7k zone and then flip it favorably to a support zone. From a technical view, ETC’s vertigo is opening up opportunities for short-term positions.
ETC total market cap at $3.8 billion on the daily chart | Source: TradingView.com
Featured image from Forkast, Chart: TradingView.com
In Bancor (BNT) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about BNT to analyze the future movement of the cryptocurrency.
Bancor (BNT) Current Market Status
According to CoinGecko, the price of Bancor (BNT) is $0.434749 with a 24-hour trading volume of $5,593,147 at the time of writing. However, BNT has decreased by nearly 0.8% in the last 24 hours.
Moreover, Bancor (BNT) has a circulating supply of 191,966,920 BNT. Currently, Bancor (BNT) trades in cryptocurrency exchanges such as Binance, Coinbase Exchange, OKX, LBank, MEXC, Huobi Global.
What is Bancor (BNT)?
BNT is the native token of Bancor Network. Bancor is a decentralized financial network that aims to give small- and micro-cap coins liquidity while also giving liquidity providers rewards. It launched on June 12, 2017. When trading each token, BNT tokens serve as a medium of exchange. Bancor uses an automated market maker system that adds additional liquidity to multiple markets while allowing users to control and manage liquidity pools with cryptocurrency deposits. Bancor does this by paying rewards for contributing liquidity to different pools.
Bancor (BNT) Price Prediction 2022
Bancor (BNT) holds the 281st position on CoinGecko right now. BNT price prediction 2022 is explained below with a daily time frame.
The above chart of Bancor (BNT) laid out the Horizontal channel pattern, also known as sideways trend. In order to indicate how the price is constrained between the upper line of resistance and lower line of support, horizontal channels are trend lines that join changeable price highs and lows.
Currently, Bancor (BNT) is in the range of $0.440. If the pattern continues, the price of BNT might reach the resistance levels of $0.506, $0.626 and $1.032 If the trend reverses, then the price of BNT may fall to $0.411.
Bancor (BNT) Support and Resistance Levels
The chart below shows the support and resistance levels of Bancor (BNT).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Bancor (BNT).
Resistance Level 1
Resistance Level 2
Resistance Level 3
Resistance Level 4
BNT /USDT Support and Resistance Levels
The charts show that Bancor (BNT) has performed a bullish trend over the past month. If this trend continues, BNT might run along with the bulls overtaking its resistance level at $3.263
Accordingly, if the investors turn against crypto, the price of Bancor (BNT) might plummet to almost $0.426, a bearish signal.
Bancor (BNT) Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Bancor (BNT) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of BNT lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Bancor (BNT) is shown in the chart above. Notably, Bancor (BNT) price lies below 50 MA (short-term), so it is in a downtrend. Currently, BNT has entered a bearish state. Therefore, there is a possibility of a reversal trend of BNT at any time.
Meanwhile, the relative strength index (RSI) of the BNT is 45.02. This means that Bancor (BNT) is in an oversold state. However, this means a major price reversal of BNT may occur in the upcoming days. So, traders need to trade carefully.
Bancor (BNT) Price Prediction 2022 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Bancor (BNT). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Bancor (BNT). Currently, the ADX of BNT lies in the range of 40.775 and thus, it indicates a very strong trend.
The above chart also represents the Relative Volatility Index (RVI) of Bancor (BNT). RVI measures the constant deviation of price changes over a period of time. The RVI of BNT lies below 50, indicating low volatility. In fact, the RSI of Bancor (BNT) is at 45.02 thus confirming a potential buy signal.
Comparison of BNT with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Bancor (BNT).
From the above chart, we can interpret that the price actions of BNT is a similar trend with respect to ETH. This indicates that when the price of ETH increases or decreases the price of BNT also increases or decreases respectively.
Bancor (BNT) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, Bancor (BNT)might probably attain $3 by 2023.
Bancor (BNT) Price Prediction 2024
With several upgrades in the network, Bancor (BNT) might enter a bullish trajectory. If the coin grabs the attention of major investors, BNT might rally to hit $5 by 2024.
Bancor (BNT) Price Prediction 2025
If Bancor (BNT) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, BNT would rally to hit $7
Bancor (BNT) Price Prediction 2026
If Bancor (BNT) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, BNT would rally to hit $9
Bancor (BNT) Price Prediction 2027
If Bancor (BNT) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, BNT would rally to hit $11
Bancor (BNT) Price Prediction 2028
Bancor (BNT) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, BNT would hit $13 in 2028.
Bancor (BNT) Price Prediction 2029
If investors flock in and continue to place their bets on Bancor (BNT), it would witness major spikes. BNT might hit $15 by 2029.
Bancor (BNT) Price Prediction 2030
With greater advancements in the Bancor ecosystem, the crypto community might continue to invest in BNT for the next 8 years and drive significant price rallies for the token. Hence, Bancor (BNT) might hit $17 by 2030.
With continuous improvements in the Bancor network, we can say that 2022 is a good year for BNT. For this reason, the bullish price prediction of Bancor (BNT) in 2022 is $3.263. On the other hand, the bearish price prediction of Bancor (BNT) price prediction for 2022 is $0.426.
Furthermore, with the advancements and upgrades to the Bancor ecosystem, the performance of BNT would help to reach above its current all-time high (ATH) of $10.72 very soon. But, it might also reach $1 if the investors believe that BNT is a good investment in 2022.
1. What is Bancor (BNT)?
BNT is the native token of Bancor Network. Bancor is a decentralized financial network that aims to give small- and micro-cap coins liquidity while also giving liquidity providers rewards.
2. Where can you purchase Bancor (BNT)?
Bancor (BNT) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, OKX, LBank, MEXC, Huobi Global.
3. Will Bancor (BNT) reach a new ATH soon?
With the ongoing developments and upgrades within the Bancor Platform, BNT has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Bancor (BNT)?
On January 09, 2018 Bancor (BNT) reached its new all-time high (ATH) of $10.72
5. Is Bancor (BNT) a good investment in 2022?
Bancor (BNT) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Bancorin the past few months, BNT is considered a good investment in 2022.
6. Can Bancor (BNT) reach $1?
Bancor (BNT) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Bancor (BNT) will hit $1 soon.
7. What will be Bancor (BNT) price by 2023?
Bancor (BNT) price is expected to reach $3 by 2023.
8. What will be Bancor (BNT) price by 2024?
Bancor (BNT)price is expected to reach $5 by 2024.
9. What will be Bancor (BNT) price by 2025?
Bancor (BNT) price is expected to reach $7 by 2025.
10. What will be Bancor (BNT) price by 2026?
Bancor (BNT) price is expected to reach $9 by 2026.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.