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Market Signals a Gloomy Outlook, BTC and ETH Sharply Decline

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Market Signals A Gloomy Outlook, Btc And Eth Sharply Decline
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  • Bitcoin and Ethereum witnessing a sudden plunge in the cryptocurrency market. 
  • BTC is 1.84% down and ETH is 4.86% down in the last 24 hours.

The global crypto market has started showing a bearish signal once again. After witnessing a significant price surge in the past few weeks, the major cryptocurrencies are now going through a massive crash in the market. The dominating cryptos in the market, Bitcoin and Ethereum have again plunged below, experiencing an unstable price momentum. 

Price Chart of BTC and ETH (Source: CMC)

Dominator’s Struggles in Market

The market dominator, Bitcoin (BTC) is currently going through a tremendous fall. A few days ago, BTC registered a price increase above $22,000. The coin suddenly dropped from $22k and is now struggling in the market with a price of around $18,000. Currently, Bitcoin is trading at around $18,675.95, with a one-day trading volume of $49,682,034,854. BTC has decreased nearly 1.84% in the last 24 hours, as per CMC. 

Like Bitcoin, the second leading coin in the crypto market, Ethereum (ETH) is also going through a struggling condition. For the past few days, ETH is continuously experiencing a massive collapse, even after the Ethereum blockchain’s recent merge. At the time of writing, ETH is trading around $1,265.80 with a one-day trading volume of $21,792,840,453. According to CMC, the coin is 4.86% down in the last 24 hours. 

The US Federal Reserve raised interest rates significantly again and issued a warning about the potential economic damage from future aggressive policy tightening, which put pressure on cryptocurrency prices. Top coin witnesses a sudden fall amid the Fed’s recent decision regarding interest rate hikes. 

Moreover, along with Bitcoin and Ethereum, leading coins such as Binance Coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), and Shiba Inu (SHIB) also registered a massive price drop in the past seven days. 

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How Jeremy Ryan Became The World’s Biggest NFT Artist on the BNB Chain

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How Jeremy Ryan Became The World'S Biggest Nft Artist On The Bnb Chain
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As more people familiarize themselves with NFTs and what they are, more artists have come on board. According to IntoTheBlock, there are more than 80,000 NFT collections, and this massive growth is not expected to stop anytime soon. NFTs started out as a form of digital art mainly used for entertainment purposes, but this has been changing.  Now, utility NFTs are taking over the space as they offer privileges, rights, or rewards to holders.

That being said, Jeremy Ryan, also known as NFT Demon, has become the biggest NFT artist on the BNB Chain in terms of minted NFTs, collections created, and fully minted collections with 10,000 pieces or more. He has created six incredibly successful collections, including Cartel Punks, Bad Ass Doggos, and Gaming Shiba, and is now working on his latest one, Super Gremlin.

Jeremy’s success, however, was not exactly overnight. Jeremy was diagnosed with brain cancer and zero chances of surviving. His battle against cancer ended up being a medical miracle and not only did he survive, but his life and passions took a complete turn. Before his diagnosis, Jeremy was never into art and had no artistic abilities. However, according to science and due to the nature of neuroplasticity, he was able to develop a passion for art that led to creating unique digital art.

Jeremy is now known as NFT Demon and, as his name implies, creating NFTs has become his latest passion. After just one month in the space, he became the biggest NFT artist on the BNB chain. His work has extended to millions of people, including famous rapper Eminem who owns NFTs from three of his collections

Many could say that Jeremy’s success stems from his unique style of art that resonates with many artists inside and outside the NFT world. Thousands of collections exist across multiple chains, which is why standing out and differentiating themselves in such a saturated market is of extreme importance. Jeremy made sure to do this in an appealing and relatable way by making his NFTs not only attention-grabbing but also by adding utility to his NFTs. Holders of some of his collections have the opportunity to network and give back to charitable causes, which leads us to his latest collection.

NFT Demon will be launching his first NFT collection on the Ethereum blockchain called Super Gremlin. This collection will focus on bringing awareness to cancer in the Web3 community and will donate a portion of the sales to Brain Cancer Awareness month. There will also be other benefits to those who hold their NFT for a period of time, such as exclusive access to special events in the metaverse and special NFT offers.

Jeremy Ryan is a prime example of how the most unexpected things can turn your life around and open unimaginable possibilities. He was told he had no possibility of surviving and now he is the world’s biggest NFT artist on the BNB Chain.

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TA: Ethereum Price Looks Ready For Another Leg Higher Over $1,500: Here’s Why

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Ethereum is showing positive signs above the $1,350 resistance zone against the US Dollar. ETH could gain bullish momentum if there is a clear move above the $1,400 resistance.

  • Ethereum is gaining pace and recently traded above the $1,375 level.
  • The price is now trading above $1,350 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if there is a clear move above the $1,400 resistance.

Ethereum Price Remains Supported

Ethereum remained well bid above the $1,300 and $1,310 levels. ETH formed a base above the $1,320 level and started a fresh increase above the $1,3330 level.

There was a steady increase above the $1,350 resistance level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $1,355 on the hourly chart of ETH/USD. The pair even climbed above the $1,375 resistance zone.

A high was formed near $1,385 and the price is now consolidating gains. Ether price is trading above $1,350 and the 100 hourly simple moving average.

It is now trading near the 23.6% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. On the upside, the price is facing resistance near the $1,385 zone. The first major resistance is seen near the $1,400 level.

Source: ETHUSD on TradingView.com

A clear break above $1,400 might start a steady increase towards the $1,450 level. The next major resistance could be near the $1,500 level, above which the price could gain bullish momentum. In the stated case, the price may perhaps rise towards the $1,550 level.

Dips Supported in ETH?

If ethereum fails to climb above the $1,400 resistance, it could start a downside correction. An initial support on the downside is near the $1,365 level.

The next major support is near the $1,350 level. It is near the 50% Fib retracement level of the upward move from the $1,316 swing low to $1,385 high. A downside break below the $1,350 level might send the price towards the $1,320 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $1,350

Major Resistance Level – $1,400

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SAND Has Just Been Included On Binance US

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SAND is the native token of the Sandbox metaverse and is used to facilitate gameplay transactions such as purchasing digital land and interacting with user-generated content.

  • Sandbox started out as collaboration between Pixowl and developer Onimatrix
  • Binance listed SAND and is already available for trading on its platform
  • The token is responding positively with this development, trading at $0.86 as of press time

Along with the ASSET and NFT-type LAND tokens, SAND makes it all possible for Sandbox to give its users the best gaming experience.

Released as a mobile game in 2012, Sandbox started out as collaboration between Pixowl and developer Onimatrix.

Six years later, in 2018, Animoca acquired Pixowl and announced intentions to leverage blockchain technology to create a 3D world and take advantage of token economics and user-generated content.

In August of 2020, an Initial Coin Offering (ICO) was held by Sandbox and was able to raise $3 million that was then used in funding its future operations.

SAND Is Now Binance-Listed

Both Binance U.S. and Sandbox has already confirmed that SAND has been listed by the cryptocurrency exchange.

The token responded positively as it showed a considerable price movement. As of this writing, according to tracking from CoinGecko, SAND is trading at $0.8644.

Its current price is higher than its $0.83 closing price on October 4 when the announcement about the listing was made.

With this development, SAND was able to break free from its slump that put it on a downward trend for some time now.

In fact, various indicators such as Awesome Oscillator (AO) and Relative Strength Index (RSI) are signaling a bullish momentum for the Sandbox token.

Rally To The $1 Mark

After this momentous event for the gaming metaverse, crypto enthusiasts are already looking ahead at what will come next for the token.

Daily time frame trend lines indicate a support level of $0.807 as it struggled to surpass the $1.011 resistance marker for the entire duration of September. Because of that failure, SAND’s resistance lowered a bit to $0.90.

Chart: TradingView.com

In the crypto space, the resistance level refers to the point at which an asset’s price has difficulties increasing.

With that being said, a potential rally towards the highly coveted $1 mark could still be jeopardy. However, if SAND is able to move out of its current trading price range, there is a strong possibility that it will hit is target.

One possible thing that can help the asset to realize this goal is the expected growth in buying activity now that it is already Binance-listed and more potential buyers have access to it.

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SAND total market cap at $1.29 billion | Featured image from Cryptopolitan, Chart: TradingView.com

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Here’s Why This Expert Thinks The Next Crypto Bearish Trend May Be Near

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Here'S Why This Expert Thinks The Next Crypto Bearish Trend May Be Near
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The past few months have brought a rollercoaster experience for the prices of cryptocurrencies. The crypto market has been hovering due to the impact of macro factors. But the past 24 hours created a new move of strength in the market.

Almost all the assets made positive moves to push the market into the green. The price of Bitcoin has gradually climbed to its critical level of $20K as the token amassed over a 2.5% uptrend. In the early trading hours of today, the BTC price reached $20,342.

Bitcoin price trends above the $20,000 mark l BTCUSDT on Tradingview.com

The bullish trend cuts across the altcoins and other crypto assets. Ethereum has crossed the $1,350 level as it rose by over 1.8% over the past day.

Dogecoin (DOGE) made a tremendous reclaiming with a surge of over 8% over the past 24 hours. This mark an outstanding bullish strength in the digital asset market for today.

Also, Ripple (XRP) redirected its pattern through an increase of about 5% in the last 24 hours.

Experts Think Digital Assets Market Can’t Sustain A Price Rally

Experts predict another bottom for the crypto market despite its recent impressive price movements. They think the crypto assets lack sustainability for the price rally and will soon experience a bearish trend.

The CEO of Eight Global and crypto analyst, Michael van de Poppe, commented on a possible turn of the crypto market. He thinks that the value of the US dollar will soon rally. According to him, such a new development will impact the crypto market through a slight correction.

Additionally, the data for US unemployment is set to be announced on Friday. In his thinking, Michael Poppe stated that the data could be wrong and negatively affect the crypto market.

In recent years, macroeconomic conditions have negatively affected the crypto market. As a result, such conditions now dictate the price trend in the market. This follows the strong correlation between crypto and traditional general markets.

Crypto Market Still In Struggle

Despite its recent bullish trend, there are still signs of struggles in the crypto market. The US Federal Reserve took a hawkish stance in its controlling measures against inflation. With its approach of increasing interest rates and tightening other financial operations, many people are in fear.

Following hikes in rates by global economies, the United Nations has requested that they avert the use of an aggressive approach. Instead, the UN highlighted a possible global recession with the stance of most central banks. But the American central bank will not tune down its force.

Oil prices are adding to the tension in the raging macroeconomic environment. As a result, the Organization of Petroleum Exporting Countries (OPEC) has planned to reduce supplies to hike oil prices, the worst reduction since 2020. The OPEC is expected to hold its meeting on Wednesday for its final decision.

Featured image from Pixabay and chart from TradingView.com

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Bitcoin Price Breaking This Confluence Resistance Could Spark Strong Surge

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Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance.

  • Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels.
  • The price is trading above $20,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $20,500 resistance.

Bitcoin Price Remains Supported

Bitcoin price attempted an upside break above the $20,500 resistance zone. However, BTC struggled near the $20,450 zone and started a downside correction.

There was a move below the $20,000 support zone, but the price remained supported well above the 100 hourly simple moving average. It traded as low as $19,754 and recently started a fresh increase. There was a clear move above the $20,000 and $20,200 resistance levels.

Bitcoin price climbed above the 50% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. It is now trading above $20,100 and the 100 hourly simple moving average. Besides, there is also a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair.

It also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone.

Source: BTCUSD on TradingView.com

A proper close above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,000 resistance zone. In the stated case, the bulls might aim a move towards the $22,000 level.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.

The next major support is near the $20,100 zone and the trend line. A downside break below the trend line might send the price towards $19,750. The main support is near $19,500, below which the price might start a steady decline.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.

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XRP Continues Positive Moves, Added Over 11% In A Week

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Ripple (XRP) has been steadily climbing, adding over 12.50% in the past seven days. This is despite its ongoing case with the SEC coupled with the overall bearish market sentiments. 

The bulls have managed to keep the XRP token flying high above $0.48 and are edging to break through its $0.50 resistance. XRP experienced a rocky start last week Wednesday, falling below its $0.44 floor price. However, the coin quickly gained momentum the next day, adding over 13% gains before the end of the trading day.

Related Reading: Low Volatility Crypto Market Supplies Surprisingly Stable State Of Fear

Ripple Closed Its Best Month In 2022

September was a good month for Ripple as it closed out the best month since the beginning of the year. In the previous week, XRP’s price on the weekly chart approached a significant resistance level at $0.56. However, it was unsuccessful in breaking through that level. 

This resistance is a combination of the yellow rising line and the horizontal barrier seen in red. By the way, a weekly red candle following several consecutive green candles is not uncommon by any means. 

XRP retested the $0.56 level again on the 29th but couldn’t sustain it. It finally closed the month with a $0.49 high. Upward momentum is anticipated once the price of the asset breaks and sustains a closing above $0.56.  We might see this soon enough unless it drops below the $0.4 support level. 

XRP’s price is currently trading at $0.4929. | Source: XRPUSD price chart from TradingView.com

XRP Holds Its End Against BTC

XRP’s over 12% weekly gain isn’t the only thing that caught our attention. The asset also held its end against Bitcoin (BTC). Although the XRP/USD exchange rate is down 0.5%, it is up 1.5% to 3% against BTC. In comparison to Bitcoin, the XRP price has increased by more than 50% over the previous three weeks. This puts XRP at levels not seen since the summer of 2021.

XRP price movement might have several causes. Of course, the primary driver is the SEC’s legal battle with Ripple, which seeks to recognize XRP as a security. Recent events seem to favor XRP and Ripple, but the final verdict is not yet out.

The second, less obvious explanation may be today’s announcement about SWIFT and CBDC tests. SWIFT successfully tested several technologies with CBDC. Financial institutions from France and Germany, including their central banks and commercial counterparts, participated in the experiments. They explored using CBDC worldwide and converting it to fiat if needed.

What Next For Ripple

Ripple is currently trading at $0.4928 and is set to retest the $0.50 resistance floor. As long as buyers outnumber sellers, this uptrend is likely to continue. However, if the price reaches a critical level of $0.44, bears may come in as they did on September 23.

Related Reading: XRP Price Could Get A 23% Boost From This Bullish Formation Breakout

The 12% weekly gain demonstrates that buyers are dedicated to taking XRP over $0.50 and $0.55. Achieving this goal will pave the way for the token to go to $0.70 soon.

Featured image from Pixabay and chart from TradingView.com

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