Connect with us

Blockchain

Bitcoin Closes Week Above $21K, Is Bullish Reversal In Sight?

Avatar Of Rajesh Khanna

Published

on

Bitcoin
google news

The expectation of every crypto investor this month is to see some bullish trends in the market. Many top assets have recorded more pullbacks than rallies in the months following the overall market crash.

Every week starts and ends with a new trend for the green or the reds. This uncertainty has kept everyone guessing and scared of imminent losses if the bearish trend continues. But it seems that the week beginning from September 5 to 12 brought a lot of bullish moves for many cryptos.

Related Reading: Why Ethereum Price Is Unlikely To Dump After “The Merge”

There were some pullbacks, but the rallies seemed to take the upper hand as the week ended. For instance, Bitcoin closed the week above $21 after struggling to reach the $20K mark without success. 

BTC price from September 5 was $19,988 and continued dropping until it reached $19,328 at the opening of markets on September 9. Before the market closed the same day, BTC spiked above $20 to hit $21,381.15. 

Indicators of an Imminent Bullish Trend 

After ending the week above $21K, Bitcoin climbed past that price level to reach $22,122.04 on Monday, September 12. Analysts have studied other indicators of a possible bullish reversal for the number one crypto. 

First, BTC’s sharp bounce in the first week of September created a long lower wick indicating buying pressure. Also, the coin price hit a bullish close of $21,826 after maintaining a $19400 horizontal support area since June. 

Analysts observed that BTC’s all-time high price of the week and its closing price were very close, showing sellers could not bring the price down. This situation clearly suggests that the bulls are pushing. Also, the weekly Relative Strength Index for BTC moved away from the all-time low region and the oversold territory.

If the price keeps pushing upwards, the nearest resistance area for BTC will be $29,425. This level will represent the 0.382 fib retracement resistance level of the recent portion of its downward movement. 

Analysts foresee a second resistance level at $37,300, showing a 0.382 fib retracement resistance level of the overall downward movement from BTC’s all-time high. 

Bitcoin’s price surpasses $22,000 level. | Source: BTCUSD price chart from TradingView.com

Bitcoin Moves on Trading Chart

BTC’s daily price chart shows it is moving towards a bearish candlestick (red icon). But currently, its daily RSI is bullish as it just moved beyond the 50 line, its previous resistance. But BTC must reclaim the channel and the 0.5-0.618 fib retracement resistance region for the move to be considered bullish. 

Related Reading: Crypto Traders Bleed Heavily After Betting Against Market

Analysts have also indicated that the BTC wave count is already in the fourth wave out of the five-wave upward trend that started on August 7. The movement suggests that after the price corrects briefly, there will be an increase towards $22,700, showing a 0.618 fib retracement resistance level. 

Featured image from Pixabay and chart from TradingView.com

google news
Advertisement

Blockchain

Cardano Price Surges, Will The Bulls Hold The Recovery?

Avatar Of Rajesh Khanna

Published

on

Cardano Price
google news

Cardano price has been pushed up on its chart by the bulls at the time of writing. In the past day, Cardano moved up 2%. Over the last week, the price action of the altcoin wasn’t positive as it lost most of the gains in the week.

Continued buyer recovery could push ADA past its next resistance level. At the time of writing, however, ADA was trading sideways.

The altcoin has remained sandwiched between $0.50 and $0.44, respectively, over the past couple of weeks.

Although buying strength tried to recover on its chart, selling strength was still dominating at the time of writing.

The support zone for Cardano price rests between $0.44 and $0.40, respectively. Cardano has been one of the altcoins that have moved against the tide.

Bitcoin, however, showed signs of appreciation over the last 24 hours. ADA bulls can quickly fade out if the coin’s buying strength doesn’t move into the positive zone.

Cardano Price Analysis: One Day Chart

Cardano was priced at $0.46 on the one-day chart | Source: ADAUSD on TradingView

ADA was trading at $0.46 at the time of writing. Over the last 24 hours, the coin broke past one of its resistance levels.

The immediate resistance mark for Cardano was $0.49. If the bulls manage to topple over the $0.49 price level, then the bulls can stay put for a longer time.

If buyers don’t come forward, Cardano price will fall to $0.43 and then below the $0.40 mark.

The amount of the altcoin traded in the past session declined, despite a rise in buying strength. This signified the dominance of the sellers in the market.

Technical Analysis

Cardano Price
Cardano registered an uptick in buying pressure on the one-day chart | Source: ADAUSD on TradingView

The altcoin displayed signs of recovery on the one-day chart. Technical indicators pointed toward the bulls taking over.

At the time of writing, the Relative Strength Index was below the half-line, indicating that buying pressure remained greater than selling pressure.

Cardano price was below the 20-SMA line, and that signified less demand as sellers were driving the price momentum in the market.

With a push from the buyers, ADA could travel above the 20-SMA and 50-SMA lines, invalidating the bearish thesis.

Cardano Price
Cardano depicted sell signal on the one-day chart | Source: ADAUSD on TradingView

ADA’s bulls have still not gained momentum on the one-day chart. As long as buyers don’t overpower sellers’ strength, the bulls will not be able to push the price of the altcoin above the $0.49 mark.

The Moving Average Convergence Divergence indicates the price momentum and price action of the altcoin. The MACD underwent a bearish crossover and formed red histograms, which were sell signal for the coin.

The Directional Movement Index measures the overall price direction. DMI was negative as the -DI line was above the +DI line.

The Average Directional Index was moving up towards the 20 mark, which is a sign of the current price action gaining momentum.

google news
Continue Reading

Blockchain

Quant Adds 10% In 24 Hours While Macro Uncertainty Pulls Others

Avatar Of Rajesh Khanna

Published

on

Quant
google news

Interoperability enabling network Quant has gained 10% in the last 24 hours amidst the general crypto bear market. The token is inexorably climbing up the price charts while other tokens struggle to keep their heads above water. The crypto is steadily gaining, testing new highs after its yearly low in June when its price dipped below $50.

The Quant blockchain was a project geared toward solving the issue of interaction among multiple blockchains. Since its inception in 2018, the token began an upward climb from below $1, culminating in an all-time high just below $400. This unprecedented event in the history of Quant took place in September 2021. Quant soared 200% from $187 to $490 on the month, a spike that analysts attribute to three factors. 

Related Reading: Sandbox Struggles In A Bear Market, How Low Can Price Go?

Quant’s All-Time High Catalysts

The first catalyst outline was the launch of Overledger 2.0.5, the network’s DLT connection for businesses to all networks and DLT. Secondly, Quant offered developers incentives via the “Quant developers Program,” a means to lure devs into its ecosystem. Devs build useful protocols and apps, which in turn, attract more users, thereby ensuring the growth of Quant. 

Finally, Quant’s price boosted when it got listed on major exchange platforms like Coinbase and Binance. This move alone caused the protocol’s trading volume to skyrocket from $9 million to a whopping $740 million, according to coinmarketcap. And the rest, they say, is history. Although the token has not tested such highs since then, it continued to do well for itself till the general market became turbulent.

QNT’s price is currently trading at above $115. | Source: QNTUSD price chart from TradingView.com

Macroeconomics Turned Crypto Assets Bearish

By June this year, when the crypto market dropped into a downward spiral, the Quant token dipped to a low of $49. A combination of macro factors dragged down most cryptos, including Bitcoin, from their lofty heights.

For one, the Russo-Ukrainian war began causing global unrest, which always targets risk-prone assets, e.g., crypto. Then followed inflation and Fed’s hawkish attitude towards digital assets in fixing the problem. Ethereum’s merge with its initial hype and subsequent letdown came into the mix, further muddying up the waters. As a result, crypto assets globally have been testing unheard-of lows. 

At the time of writing, Bitcoin continues to fluctuate around the $20,000 resistance level. This is notably a far cry from its legendary $65,000 high, which occurred in 2021. Similarly, ETH and SOL are not left out of this bearish market turn, trading at $1300 and $33, respectively. Ethereum is 70% down from its all-time high, while Solana is 87% below its own.

Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why

Yet Quant is slowly but surely wending its way up the chart, testing new highs daily. At the time of writing, the token is exchanging hands around $116 after briefly testing $120 earlier in the day. Against the past week’s prices, it is a 7.90% gain, 10% over the last 24 hours.

Featured image from Pixabay and chart from TradingView.com

google news
Continue Reading

Blockchain

Ripple Outperforming Whole Market, What’s Pumping XRP Price? 

Avatar Of Rajesh Khanna

Published

on

Xrp
google news

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning.

Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday.

Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800?

Influencer Believes Impending Close To Ripple-SEC Case Is Responsible

According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads.

The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end.

XRP is currently trading at $0.4975. | Source: XRPUSD price chart from TradingView.com

Ripple And XRP Community Expect A Favorable Verdict

Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended. 

Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset.

Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost

Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain. 

Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week. 

Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6?

These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data. 

Featured image from Pixabay and chart from TradingView.com

google news
Continue Reading

Blockchain

Tether Announces Launch of USDT on Polkadot Network

Avatar Of Rajesh Khanna

Published

on

Tether Tokens Usdt Will Be Available On Tezos
google news
  • Eleven different blockchains currently support Tether, USDT.
  • A New York court ordered Tether Operations Limited to submit financial records.

Tether, in a statement released on Friday, announced the release of its native token USDT on the Polkadot Network. Polkadot is an open-source blockchain platform that is decentralized. Moreover, it’s a comprehensive Web3 environment that allows for registry and computation amongst different blockchains. 

In addition, the adoption of the stablecoin allows the blockchain platform to further expand its footprint in distributed systems. Concurrently, “potential adverse effects associated with market volatility” will be mitigated thanks to Tether’s incorporation.

Multiple Blockchains Support

The release blog further states that the Polkadot Relay Chain would enable Tether users to conduct USDT transactions and information sharing in a safe and trustless manner.

According to Tether’s Chief Technology Officer Paolo Ardoino:

“We’re delighted to launch USD₮ on Polkadot, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive.”

Eleven different blockchains currently support Tether, a stablecoin. After adding Polkadot on Friday, the firm says it hopes to continue growing by a factor of many more.

Of the total $81.84 billion in swaps today, 55.60% is settled in tether, and 62% of all BTC exchanges use tether as a counterparty. Support for the Polkadot blockchain came at a time when a New York court ordered Tether Operations Limited to submit financial records demonstrating USDT’s backing. The court’s ruling is the result of a class action complaint that five individuals brought three years ago.

Recommended For You:

New York Judge Demands Tether To Produce Financial Records

google news
Continue Reading

Blockchain

Iran Commences CBDC Pilot Dubbed ‘Crypto Rial’

Avatar Of Rajesh Khanna

Published

on

Iran Commences Cbdc Pilot Dubbed ‘Crypto Rial’
google news