BTC price frustration may find some relief as Bitcoin traders’ hopes increase of the Fed cementing interest rate cuts at the Jackson Hole summit.
Crypto analyst @XForceGlobal shared a new video chart analysis focused on Cardano (ADA), a cryptocurrency that many are dismissing as a “dinosaur coin” at the moment. In the analysis, XForceGlobal (@XForceGlobal) provided an in-depth look at Cardano’s current position within the Elliott Wave cycle, suggesting that ADA is on the of entering a strong upward phase, commonly referred to as “Wave 3.” Cardano Price Could Soar To $2.88 The analyst compares the current price action of ADA to that of Solana (SOL). Earlier this year, Solana demonstrated a similar price trajectory under comparable market conditions. The comparison is drawn using logarithmic price charts, which clearly displays the Elliott Wave structures, identifying a WXY corrective pullback followed by a new impulse wave setup. “If we look at the actual wave count of Solana you can see that it did a WXY pullback. Now this corrected pullback caught us all off guard, it didn’t look like a correction pullback in the first place. It looked better as an impulse to the downside […] it caught everyone off guard. Even the bulls and even the bears,” explained XForceGlobal. Related Reading: Cardano Chang Upgrade Launch: ADA Sees 52% Explosion In Major Metric The Elliott Wave Theory, which is central to his analysis, posits that markets move in repetitive cycles of waves driven by investor psychology. According to XForceGlobal, ADA is mirroring the early stages of Solana’s previous rally, which saw significant gains as it entered the third wave of its cycle. The crypto analyst outlined that ADA is currently positioned in what appears to be the second wave, following a corrective pullback, which typically precedes strong bullish momentum. “In the previous bull market alone, we did an 18,000% […] and I’m not sure why people are just brushing this coin off as a dead coin. I believe it’s a very good coin but we just need to find the right opportunity in terms of the timing,” stated the analyst during the video. Delving into the potential future of ADA, the analyst projects a conservative estimate of a 5x to 10x times increase in its price. This prediction is based not only on Elliott Wave analysis but also on comparative historical data from other high market cap altcoins like XRP, which are currently in similar positions within their market cycles. Related Reading: Cardano Rises 8% As Hoskinson Reveals Launch Date For Highly Anticipated Chang Fork “Wave 3’s are usually the most profitable, if not arguably better than what XRP is going to be giving us because XRP right now is on Wave 3 to 4 and we don’t know how wave five is going to be completed and that’s usually the end of a trend. ADA is in a wave three and it may be even going for a wave five which can be even bringing us to higher levels that could be giving us a potential break of the all-time high,” XForceGlobal remarked. To quantify the risk-reward ratio, the analyst uses a long positioning tool that suggests a 14 or 15 : 1 one risk-reward potential, based on a prospective 600% run. Additionally, the crypto analyst emphasized the importance of historical context and the apparent neglect of “dinosaur coins,” in favor of more recent, meme-driven cryptocurrencies: “I believe dinosaur coins, AKA coins that have been trading since 2018 or so, that have a relatively long price history, may be setting us up for another run since they haven’t gone for a run during this whole memecoin narrative.” In conclusion, @XForceGlobal’shighlights a highly optimistic outlook for ADA. Via X, he stated: “Cardano did an 18,000% run in its last bull run, but it also did one of the strongest pullbacks during the bear market. Structure looks very similar to when SOL was creating a bottom as well for a 1-2 sequence. Wave 3 targets would be around $3.” At press time, ADA traded at $0.3842. Featured image created with DALL.E, chart from TradigView.com
The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.
In an announcement on X, Lucie (@LucieSHIB), the marketing lead for Shiba Inu, delineated the commitment of the Shiba Inu team towards implementing a robust governance framework centered around their digital asset LEASH. With a fixed supply of 107,000 units, LEASH serves as a key financial asset and as a linchpin in the governance structure […]
Upbit ensures uninterrupted NEAR trading while suspending deposit and withdrawal services amid a crucial network upgrade.
As the recovering crypto market faces multiple hurdles, Bitcoin is stuck at the $60,000 resistance. Amid this, the altcoins market is gearing up for a bull run, and the AI tokens are pushing the throttle up. Ranking among the top performers, the AI tokens are gaining momentum and tease a potential rally ahead. While the …
“It’s time we take a stand – together,” Trump wrote on his Truth Social account with a Telegram group link to the unreleased decentralized finance platform.
An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC. In on-chain analysis, the potential for any price level to behave in this manner lies in the amount of tokens purchased. Related Reading: Aave Forms Sell Signal That Led To 27% Average Correction Last 4 Times Below is the chart from the market intelligence platform IntoTheBlock shared by the analyst, which shows how the price ranges near the current one look in terms of the number of coins that share their cost basis. In the graph, the size of the dot corresponds to the number of coins purchased at the price range. The dots of two ranges stand out: $59,160 to $60,973 and $64,670 to $66,483. Bitcoin had been just above the first of these ranges when the analyst made the post, but now the coin has dipped into it, meaning it’s retesting the zone. To any investor, their cost basis is naturally an important level, so they may be more likely to make some move when the cryptocurrency’s price retests it. When many holders share their cost basis inside the same narrow range, this reaction can emerge on a scale that can affect the market. Almost 1.7 million addresses purchased 965,239 BTC inside the $59,160 to $60,973 range, and after the pullback in the price, these holders would be sitting at their break-even. Generally, when the asset retests an investor’s cost basis from above, they are probably to react by buying more, as they could believe the asset would go up again to put them in profits. The coin can naturally feel support when this reaction is produced on an appreciable scale. As the range at hand is quite large, the analyst has called it the biggest support zone for Bitcoin. Since BTC is retesting it now, it remains to be seen whether investors would truly step in and buy the “dip.” If BTC feels support and finds a rebound, it will have to retest the resistance levels ahead. As mentioned before, the $64,670 to $66,483 range is host to the acquisition level of many coins. Related Reading: Bitcoin Investors Be Warned: Legendary MVRV Ratio About To Death Cross Holders at a loss may look forward to a retest of their cost basis to exit at their break-even and regain the entirety of their capital. So, large demand zones can provide resistance when Bitcoin retests them from below. The $64,670 to $66,483 range could prove a significant challenge for the cryptocurrency because of this. BTC Price At the time of writing, Bitcoin is trading at around $60,200, up 1% over the past week. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
The newly introduced SunPump, a meme coin deployer on the Tron network, is seeing significant adoption in the industry. Following the launch of the meme coin deployer, Tron (TRX) has risen to the top of trending cryptocurrency assets, triggering a wave of engagement and interest within the Tron ecosystem, as cited by Santiment, a leading […]
Sony Block Solutions Labs, a year-old joint venture between Sony Group and Startale, has introduced an Ethereum Layer-2 blockchain to lure app developers across various sectors.
Total value locked across the crypto ecosystem is expected to reach an all-time high in the first half of next year, the report said.
Worldcoin, a cryptocurrency startup founded by OpenAI’s Sam Altman, could face severe consequences in Colombia. The country’s Superintendence of Industry and Commerce (SIC) has launched formal proceedings against the Worldcoin Foundation and its partner, Tools for Humanity. This action is due to alleged breaches of Colombia’s personal data protection regulations. Allegations of Data Policy Violations …
In a recent report analyzing the second quarter (Q2) performance of the Layer 1 (L1) blockchain Algorand (ALGO), data analytics firm Messari highlighted several notable milestones achieved by the network during the period, with a record in transactions being one of the most notable ones. Rapid Network Growth One of the key metrics that stood out was the surge in Algorand’s average daily transactions, which skyrocketed by 104% to reach 4.7 million. The total transactions recorded a more modest 6% quarter-over-quarter (QoQ) increase, reaching 425 million. Despite this heightened transaction volume, Algorand’s revenue took a hit, declining by 61% to $152,000. The report attributed this to a 46% depreciation in the value of ALGO against the US dollar compared to the previous quarter. Even though the average transaction fee rose by 44%, the overall dollar revenue still declined. Related Reading: Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level The 61% decrease in quarterly revenue was also traced to a correction following ALGO’s 1,747% surge in Q1, driven by a one-day spike of 43 million transactions linked to the ORA memecoin project. However, on a year-over-year (YoY) basis, Algorand’s revenue saw a substantial 1,241% increase, climbing from $11,000 to $152,000. On a positive note, Algorand reached a significant milestone of 2 billion transactions during the quarter, showcasing the network’s growth and adoption. Notably, the network took four years to achieve its first billion transactions, while the second billion was reached within just one year. Algorand Staking Drops To Lowest Level In A Year In Q2 2024, the amount of ALGO staked on the Algorand network declined 38% YoY and 6% QoQ, reaching its lowest level at 1.6 billion ALGO staked in a year. Messari believes this may be due to the decreasing rewards allocated per governance period. The percentage of Algorand’s eligible supply that was staked decreased by 4.7% QoQ and now stands at 20.2%. Meanwhile, Algorand’s circulating supply increased by 1.2% to 8.2 billion ALGO. Lastly, data shows that the market cap for stablecoins on Algorand increased by 15% QoQ, rising from $73 million to $85 million, primarily driven by a 32% increase in Circle’s USDC stablecoin market cap, which now accounts for 78% of the total stablecoin market cap on Algorand. Conversely, Tether’s USDT market cap dropped by 22%, making up 21% of Algorand’s stablecoin market share. EURD’s market cap remained at a 1% share of Algorand’s stablecoin market cap. ALGO Price Faces Make-Or-Break Moment The ALGO token has seen significant price gains in recent weeks after a challenging Q2 for the price and the broader market. CoinGecko data shows that the token has seen a 14% price increase in the last two weeks and 12% in the last seven days alone. This has resulted in ALGO trading at $0.1357, just below its 200-day exponential moving average (EMA), marked by the yellow line on the ALGO/USDT daily chart below, which currently acts as a wall of resistance for the token. Related Reading: Solana Dump Far From Over? Whales Continue To Dump SOL It will be essential to clear this hurdle for a potential continuation of the price’s uptrend in the coming days and to establish the same near-term support in the event of a correction. Featured image from DALL-E, chart from TradingView.com
Bitcoin transaction fees surged nearly 940% on Aug. 22, reflecting heightened network demand and pressure on users.
Comments at the Jackson Hole symposium later Friday may give clues about the Federal Reserve monetary policies, will boost or undermine prices of risk assets, including bitcoin.
For months, analysts have been predicting an upcoming altcoin season, but so far, these forecasts haven’t come true. In a recent Altcoin Daily podcast, crypto trader Tom Crown shared his perspective on recognizing when “altcoin season” begins and highlighted some top altcoin picks for this phase. Want to know when to dive into altcoin season? …
The ongoing burning registers a massive 1251% surge in the burning rate of SHIB coins, taking the price back strong to the $0.000014 zone. Not every time but generally lower supply keeps pushing the price, but only of the community demand is intact. This time for SHIB, it looks favorable. Shiba Inu Supply Is Reducing …
Bitcoin might be up at spot rates, breaching $60,000 as momentum builds up. However, from a technical analysis perspective, bulls need more effort. Most importantly, this will involve breaking above the local resistance level at around $63,000. A decisive, high volume close above this liquidation zone will confirm buyers of August 8 while confirming the […]
According to the latest data from lookonchain, the largest holder of WIF, with over $68 Million in profit is buying more and going long on WIF. He deposited 21.9 Million WIF into Kamino and borrowed 2.61 Million USDC to buy around 1.8 million WIF at $1.5 in the past 3 days. The whale spent $226,000 …
As digital currencies continue to gain popularity worldwide, the risk of related economic crimes also increases.
The Indian government is taking steps to shore up its domestic crypto policy as it attempts to juggle innovation with regulatory oversight.
Bitcoin, although starting the year with a bang has now been quiet so far in terms of performance, especially following its peak back in March. Despite the halving in April of this year, Bitcoin has experienced modest gains compared to the excitement of previous years. According to Ecoinmetrics, a platform known for providing insights into the cryptocurrency market, Bitcoin is up more than 30% year-to-date. In comparison, NASDAQ gained around 20% over the same period. Related Reading: Bitcoin’s MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift? Bitcoin And NASDAQ: The Tightening Gap Ecoinmetrics shared a chart in its recent post on X illustrating the narrowing gap and showing how the year-to-date returns for Bitcoin and the NASDAQ have started to converge. Earlier in the year, BTC saw a significant return spike, particularly following the launch of several Bitcoin ETFs in the US, which boosted BTC prices. However, as the year progressed, Bitcoin’s performance lost steam, allowing NASDAQ to catch up. This closing gap between Bitcoin and the NASDAQ suggests that Bitcoin is becoming more correlated with traditional financial markets. This shift could have implications for its role as an alternative asset. The gap between Bitcoin and the NASDAQ is closing. Year-to-date Bitcoin is up about 34% while the NASDAQ has gained 20%. It’s been a quiet year for Bitcoin so far. Besides the ETF launch boosting prices early on there have been no major drivers pushing Bitcoin forward. pic.twitter.com/LCGf8iuG6d — ecoinometrics (@ecoinometrics) August 22, 2024 What Does This Mean For BTC? According to Ecoinmetrics, “We’re now heading into a period of potential volatility.” This potential volatility could be largely tied to macroeconomic developments, particularly in the United States. Historically, Bitcoin has shown sensitivity to changes in US monetary policy, especially regarding interest rates. Lower interest rates tend to encourage investment in riskier assets as the returns on traditional savings and bonds decrease, making BTC an attractive alternative for investors seeking higher returns. However, the flip side of this scenario is the looming risk of a recession, which could dampen investor enthusiasm and lead to a more cautious market environment. Ecoinmetrics’ analysis suggests that while Bitcoin has held its ground so far, its performance in the coming months will be heavily influenced by the broader economic trend. The Federal Reserve’s potential rate cuts could provide the liquidity boost needed to drive Bitcoin higher, but if economic conditions deteriorate, BTC may struggle to maintain its current trajectory. Related Reading: Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near? Meanwhile, BTC is currently up 1.4%, with a trading price of $60,575 at the time of writing. It is worth noting that before this current price, the asset had seen a notable spike to trade at nearly $62,000 earlier today. Featured image created with DALL-E, Chart from TradingView
A court has found Bit Trade offered a product without following design and distribution obligations and acted as a credit facility, in violation of Australian laws.
Sony Group, in partnership with Startale, has launched Soneium, a public Ethereum layer-2 blockchain. This development is part of Sony’s strategic expansion into the blockchain ecosystem, leveraging its extensive distribution networks in entertainment, gaming, finance, and electronics. Soneium aims to mainstream Web3 technologies and integrate them into daily consumer applications, promising to enhance user experience […]
Russia is planning to launch two new cryptocurrency exchanges, one in Moscow and another in St. Petersburg, to help support foreign trade. These exchanges will likely operate under special legal conditions, but experts are concerned about the challenges they might face due to sanctions and regulatory issues. New Crypto Exchanges for Trade According to Kommersant, …
China has recently apprehended Zhang, one of the principal suspects in an elaborate crypto crime, from Thailand. This is the first instance of China’s extradition of a suspect from Thailand since the two countries signed the China-Thailand Extradition Treaty in 1999. On the evening of August 20, with the assistance of Chinese and Thai authorities, …
Hodl Law sued the SEC in 2022, claiming it could face the regulator’s ire for using Ethereum and wanted a court to force it to decide if ETH is a security.
United States prosecutors announced nearly $5 million worth of Tether (USDT) has been seized from a crypto scammer, while in Kansas, a former bank CEO is going to jail for embezzlement.
The Federal Court of Australia ruled on Friday that cryptocurrency exchange Kraken's operator in Australia, Bit Trade Pty Ltd, "contravened" with a section of the nation's Corporations Act.
Andreas Szakacs, the co-founder of OmegaPro was arrested in Turkey in relation to his alleged involvement in a multi-billion-dollar crypto scheme.