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Bitcoin Takes A Blow After It Falls Below $22,000, Any Chances For A Bull Run

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Bitcoin Takes A Blow After It Falls Below $22,000, Any Chances For A Bull Run
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The performance of Bitcoin recently has not been entirely on the commendable side. Compared with the price trend for the past few years, BTC has not made an impressive move in 2022. Instead, the token has been held bound in a bearish grip that no one expected.

With the extreme crypto winter in the first half of the year, the entire market has been on edge. The collapse of the algorithmic stablecoin Terra and its ecosystem created a more devastating blow to the price of Bitcoin. BTC lost over half of its value with the crypto market, and its market cap went down.

But the year’s second half brought a slight hope for the world’s leading cryptocurrency. The price of Bitcoin started slightly changing as the token surged gradually. The performance was still cut short as the bears took over the market again.

BTC Hovers Around the $19K Level

Bitcoin plummets by 9% on the chart l Source: BTCUSDT on TradingView.com

Due to the crypto market, Bitcoin, which once hit a new ATH of $25,200, later went down. The decline in the price followed a gradual downtrend till it dropped.

This was after it plummeted to around $18,556 the previous day. This drastic drop marked a new two-month lowest point for BTC. At the time of the press, BTC is trading at $20,186, indicating more than a 9% increase within the past 24 hours.

Bitcoin Yet To Show Strong Rally

Despite these actions, Bitcoin has yet to receive a notable recommendation from many industry participants. Some crypto analysts still doubt that the token will sustain or even get higher from its current position. They believe that a more bullish trend would be quite tricky.

In a telegram message, the director of blockchain markets research at Quantum Economics, Alexandre Lores, declared his stance on BTC. Lores stated a general hostility from the present macroeconomic factors on all risk assets. With the situation, Bitcoin is not exempted from the influence.

Also, he reiterated that the other contributory influencers on the BTC price market include the Russian-Ukraine war and the force from Europe and US ESG. Additionally, the Federal Reserve’s stance on interest rates and post-COVID effects are part of the influencers.

For Oanda’s senior market analyst, Craig Erlam, there shouldn’t be any further need to predict future price rises. Instead, the analyst maintained that the central focus is the possibility of getting a spiral in the BTC price pattern. He cited a similar outplay in the past when Bitcoin took a positive turn in 2020.

Activities in the equity markets are showing impressive reclaims as of Wednesday. The markets recorded up to a 2% increase for tech stocks such as S&P 500 and Nasdaq.

Featured Image From zipmex, Charts From TradingView.com

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XDC Accelerates Network Expansion With $50M Investment From LDA Capital

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Xdc Accelerates Network Expansion With $50M Investment From Lda Capital
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XinFin (XDC) Network, known for secure, scalable, and highly efficient blockchain use cases have received an investment worth $50 million from the global alternative investment group,  LDA Capital Limited. The investment originated by leveraging a portion of the token from the XDC founder’s allocation.

Ritesh Kakkad and Atul Khekade, the co-founders of XDC Network, are certain that the collaboration will accelerate network adaption and real-world use cases. The LDA is seen as a strategic partner rather than just a financier. The XDC founders have competence in the LDA due to their proactive and strategic involvement in the network to improve the ecosystem.

Atul stated:

“We’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.”

The onboarding of LDA Capital benefits the XDC’s new ventures and entities focused on bringing in new retail and institutional members. The XDC’s smart contract based initiatives have expanded dramatically since its introduction in 2019. It is anticipated that this new relationship would encourage the growth and development of Layer 2 projects inside the XDC Ecosystem.

Anthony Romano, LDA Capital Ltd. stated:

“LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC Blockchain Network assume its position as a market leader.”

Apart from the macro-economic benefits, projects like DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers & cloud storage, payment dApps, and legal document repositories are all roots of XDC utilities. The add-on of LDA support will further intensify the expansion rate in the XDC ecosystem as a whole.

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Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350

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Ethereum started a fresh decline from the $1,350 resistance against the US Dollar. ETH retested $1,255 and remains at a risk of more losses.

  • Ethereum started another decline after it failed to clear the $1,375 zone.
  • The price is now trading below $1,320 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if it stays below the $1,350 level for a long time.

Ethereum Price Turns Red

Ethereum failed to gain pace above the $1,350 resistance zone. ETH started a fresh decline below the $1,320 support zone and the 100 hourly simple moving average.

The bears even pushed the price below the $1,300 level. Ether price retested the $1,260 support zone. A low was formed near $1,264 and the price is now consolidating losses. It is now trading below $1,320 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,300 zone. There is also a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,373 swing high to $1,264 low.

The first major resistance is near the $1,320 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $1,373 swing high to $1,264 low is also near $1,318.

Source: ETHUSD on TradingView.com

A clear break above $1,320 might start a decent increase towards the $1,350 level. Any more gains may perhaps open the doors for a move towards the $1,400 resistance zone, above which the price could surge to $1,450.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,320 resistance, it could start a fresh decline. An initial support on the downside is near the $1,260 level.

The next major support is near the $1,250 level. A downside break below the $1,250 level might send the price towards the $1,220 support.  Any more losses could increase selling and the price might drop to $1,200 or even towards $1,150.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level.

Major Support Level – $1,260

Major Resistance Level – $1,320

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The XDC Network Secures $50M From LDA Capital to Drive Ecosystem Development

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The Xdc Network Secures $50M From Lda Capital To Drive Ecosystem Development
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DUBAI, United Arab Emirates–(BUSINESS WIRE)–The founders of the XDC Network have leveraged a portion of their personal token allocations to secure a $50 million commitment from global alternative investment group LDA Capital Limited to accelerate the expansion and development of Layer 2 projects across the XDC Ecosystem and to facilitate network adoption and real-world utility. LDA support will help fund new ventures and entities laser-focused on increasing network adoption among retail and institutional participants, jumpstarting on-chain activity and Total Value Locked (TVL), and supporting technological innovation.

Launched in 2019, the XDC Network is an enterprise-grade, carbon-neutral, hybrid blockchain purpose-built from the ground up to meet the growing needs of global financial institutions, retail users, and entrepreneurs for fast, secure, decentralized network products. The number of (Smart Contract based) projects built on XDC has already grown relentlessly and exponentially, despite macro-economic conditions being what they are, with DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers and cloud storage, payment dApps, legal document repositories, and tokenized real-world assets (to name but a few) all planting roots in the network in recent months. And, with the addition of LDA’s support, the pace of growth will only accelerate further.

“Our collaboration with LDA will usher in an exciting new period in the XDC Network’s history by enabling unprecedented growth of the Layer 2 ecosystem across various use-cases, with an emphasis on bringing ever more value TVL (“Total Value Locked”) to the network via hyper-scalable dApps, DEXs,TradeFi/DeFi and advanced products filling the gaps between traditional and decentralized finance.” – Ritesh Kakkad, Co-founder XinFin (XDC) Network.

“Though there have been many institutional funds eager to participate in the XDC Network over the years, we’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.” – Atul Khekade, Co-founder XinFin (XDC) Network.

“LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC Blockchain Network assume its position as a market leader.” – commented Anthony Romano, LDA Capital Ltd.

About LDA Capital

LDA Capital is a global alternative investment group with expertise in cross border transactions worldwide. Our team has dedicated their careers to international & cross border opportunities having collectively executed over 250 transactions in growth stage businesses across 43 countries with aggregate transaction values of over US$11 billion. For more information please visit: www.ldacap.com; For inquires please email: [email protected]

About XDC Network

The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM- (Ethereum virtual machine) compatible, Layer 1 blockchain that has been operationally successful since 2019. The network obtains consensus via a specially delegated proof-of-stake (XDPoS) technique that allows for 2-second transaction times, near-zero gas expenses ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. The XDC Network powers a wide range of novel blockchain use cases that are secure, scalable, and highly efficient.

Website: www.xinfin.org

*Source: AETOSWire

Contacts

Nadar Suresh

[email protected]

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Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

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Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could decline heavily if there is a close below the $18,500 support.

  • Bitcoin remained in a range and stayed above the $19,000 support zone.
  • The price is trading below $19,400 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if there is a clear move below the $18,500 support.

Bitcoin Price Stuck In a Range

Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average.

The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.

There was a move below the $19,500 level. Besides, there was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average.

A low is formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

On the upside, an immediate resistance is near the $19,400 level and the 100 hourly SMA. The next major resistance sits near the $19,560 zone. It is close to the 50% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

Source: BTCUSD on TradingView.com

A clear move above the $19,560 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone.

Another Drop in BTC?

If bitcoin fails to rise above the $19,560 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,580 zone. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any more losses might call for a drop towards the $17,500 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $19,000, followed by $18,580.

Major Resistance Levels – $19,560, $20,000 and $20,500.

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Helium (HNT) Holds Gains Undermining Market Downtrend

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Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.

Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.

Related Reading: Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

How Helium Is Holding Its End

As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?

The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.

The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.

HNT’s price is currently trading at $4.85. | Source: HNTUSD price chart from TradingView.com

Where Does Helium Go From Here?

There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.

Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.

Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.

More On Helium’s IoT Offering

Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.

Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone. 

If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.

Featured image from Pixabay and chart from TradingView.com

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QNT Marks Positive Moves When Major Coins Facing Dumps

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Quant (QNT), a top 100 cryptocurrency on CoinMarketCap, has marked positive moves in the last few weeks. This is coming when major coins are facing dumps due to bearish market conditions.

The token has stayed green for 4 weeks, gaining over 47.37% since its $95.1 price on September 1st. The price action has been driven by strong volume and trading activity. Despite its market cap still down 2.98%, QNT has performed well against other coins with similar market caps.

Related Reading: Bitcoin Bullish Signal: Exchange Outflows Spike Up

Quant Take Back Nearly 50% From The Market In 4 Weeks

The world’s financial markets were rocked on September 13 as the U.S. Federal Reserve released inflation figures. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.

QNT fell along with the rest of the crypto market on September 13, halting its upward momentum shortly. Market uncertainty and mistrust also made it hard for bulls to boost Ethereum and Bitcoin prices. At that time, the price of QNT had a challenging time moving beyond $112.12. This price acted as its resistance level for the next few days.

Quant finally broke above the $115 mark on September 24th and continued climbing higher. During this time, the majority of coins on the market still lagged behind QNT. The token is still on an upward trend, trading at $132 as of press time. It has gained over 45.65% in the past four weeks.

QNT’s price is currently hovering above $132. | Source: QNTUSD price chart from TradingView.com

What The Charts Say About Quant’s Movement

A formatted inverted head and shoulders pattern emerged on the Quant seven-month price chart. This bullish reversal is frequently seen near market bottoms. It signals a shift in market sentiment from selling on rises to purchasing on declines. In addition, coin purchasers have lately broken through the pattern’s resistance at the neckline. This creates an opportunity for coin holders to recover their investments.

The price of Quant gave a tremendous breakthrough from its resistance trendline of $121 on September 27th. This comes despite the continued uncertainty that exists in the cryptocurrency market. The altcoin buyers spent the next two days trying to keep prices above the broken trendline and the $131 mark.

Plus, the lower price resistance included in these retest candles suggests that buyers are receiving adequate support at this level. As a result, the reversed support reinforced yesterday’s 8.5% rise, providing confirmation of the chart pattern breakthrough.

Chart Trend Gives Traders Hope For A New High

The price of Quant is at $132 as of writing. If people keep buying, the price should go up to $155, which will be the next level of resistance. 

Related Reading: Binance Coin (BNB) Bulls Defends Key Zone, Will The Give Up?

A possible breakthrough in this monthly resistance will give buyers more room to move. It’ll also make the ongoing recovery last longer. On the other hand, the bullish thesis would be disproved if the coin price declined from the $155 barrier. It might even fall below $131.

Featured image from Pixabay and chart from TradingView.com

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