Growth in its DeFi ecosystem and the upcoming Binance Launchpool addition have put wind in Toncoin’s sails.
Growth in its DeFi ecosystem and the upcoming Binance Launchpool addition have put wind in Toncoin’s sails.
MATIC, Polygon’s native token, recently suffered a significant price decline amid a broader market downturn. The token dropped over 20% in the past month, reaching its lowest price level in two years. As the market recovers, some analysts have made a bullish case for the token but warned of a key level to watch. Related Reading: Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags MATIC Hits Two-Year Low Levels Over the past few months, MATIC has registered a steady decline from its one-year high of $1.27. Since July, the token’s price has retraced 20.5%, falling from the $0.55 support zone to the $0.40 mark. During the August 5 market crash, where most cryptocurrencies plunged by 20%, MATIC fell to a two-year low price of $0.35. This level, last seen in June 2022, represented a 30% decrease from its price at the beginning of the month. MATIC’s market capitalization also fell by 30.2% during the crash, going from $4.6 billion to $3.5 billion. Since then, the token has lost its spot among the top 20 cryptocurrencies by this metric. Polygon’s native token currently sits at the 28th largest cryptocurrency, with a market cap of $3.8 billion. The token has reclaimed the $0.40 resistance level, hovering between the $0.40 and $0.43 price range. Despite the 22% recovery from the crash, the token continues to move within a range not seen since June 2022. However, some market watchers consider that this level could be the best time to accumulate MATIC at a low price. On Wednesday morning, an analyst highlighted that the token is “at its weekly support, and the RSI has also bottomed out.” All Eyes On Key Support Zone Following this week’s Monday retrace, pseudonym crypto analyst Cryptorphic pointed out that MATIC hit the lower support zone, set between $0.31-$0.38, “as expected.” The analyst emphasized that the token must hold this level, as if “it fails and breaks down, things could turn out poorly.” To Cryptorphic, if the token maintains above the crucial support zone, it could attempt to reclaim another key resistance level at the $0.98 mark. The analyst also set a retest of the token’s all-time high (ATH) price of $2.92 as a long-term target. Similarly, another market watcher pointed out that Polygon’s native token “bounced perfectly from the lower boundary of the falling wedge pattern.” This suggested that investors could expect growth toward the $0.75 resistance level if the token broke above the $0.465 mark. Meanwhile, renowned crypto analyst Ali Martinez made a bold prediction for MATIC. According to Martinez, the token “will melt faces” if the altcoin season kicks off. Per the chart, MATIC displays a multi-year descending triangle pattern. A breakout from the upper line of the pattern, set at $0.89, could trigger a massive rally to unprecedented highs similar to the 2021 run. Related Reading: Bittensor (TAO) To Lead The ‘AI Wave’: Analysts Bullish Despite 10% Price Drop The analyst suggested a 15,169% surge toward the $50 mark if history repeats itself. However, he warned investors not to “go ape yet” as a “weekly close below $0.30 would invalidate the bullish thesis.” As of this writing, MATIC is trading at $0.41, a 1.1% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
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The investment firm disclosed to the SEC that it held more than 5.5 million shares of the iShares Bitcoin Trust in the second quarter of 2024.
As Bitcoin continues to initiate a major price recovery, market strategist and investor, Joao Wedson has offered an in-depth examination of how the BTC Exchange-Traded Funds (ETFs), particularly the German investment fund ETC Group Physical Bitcoin (BTCE) might affect the price of the cryptocurrency asset. His research comes at a critical junction when investors are keeping […]
According to a 2024 OnePoll survey of 2,000 adults, 52% of respondents said they were unaware of what blockchain gaming was.
The Trump Organization, the holding company for former U.S. President Donald Trump’s business ventures, will soon unveil its new cryptocurrency initiative, according to a Wednesday report from the New York Post.
What is the Trump Organization cooking up around crypto? Eric Trump's latest interview has intriguing, yet unclear hints.
Dogecoin has certainly dipped quite far from its highest point so far this year. While this sideways movement and a recent correction have lingered on for quite some time, the price action is a reflection of the wider crypto market movement. However, DOGE continues to attract bullish opinions among traders. Its popularity and status as the largest meme coin continue to generate optimistic sentiment within the trading community. Crypto analyst Astronomer believes DOGE is still prime for a strong bull run on the technical side of things. According to Astronomer, the current price structure of DOGE demonstrates a relative strength that sets it apart from other cryptocurrencies price action since Q4 2023, suggesting that the coin has the potential to recover and even thrive in the near future. DOGE On Track To Rally Above $0.2 Astronomer’s DOGE technical analysis, which he shared on social media platform X, is based on the cryptocurrency’s price action since the fourth quarter of 2023. The crypto market kickstarted its recent market cycle in Q4 2023 after the applications of Spot Bitcoin ETFs by BlackRock and others. Related Reading: Bitcoin Flashes Inverted Triangle, Analyst Peter Brandt Explains What This Means This event marked the end of a multi-year bearish cycle, leading to bullish sentiment across the entire crypto market. As a result, many cryptocurrencies experienced substantial price increases, which pushed them to reach new multi-year highs. Although many market participants might argue the market is still largely in a bullish cycle, many cryptocurrencies have corrected even below Q4 2023 prices. However, Astronomer notes that DOGE stands out in this regard, as it has managed to maintain a price level above its Q3 2024 value. At the time of writing, DOGE is trading at $0.1057. Although the meme coin is still up by 29% from its price in the beginning of the year, it has corrected 52% from its yearly high of $0.22. Additionally, DOGE has corrected by 12% from its Q3 2024 opening price of $0.121; a pivotal price point. According to crypto analyst Astronomer, all the cryptocurrency needs now is to break above a new local high to solidify the return of a bullish price run. Price Targets For Dogecoin In terms of a price target, the Dogecoin/Tether US price chart shared by the analyst predicts DOGE will double its current value and climb back above the $0.22 price point later this year. The analyst’s projections are even more bullish, suggesting that DOGE could surpass $0.26, which would represent a remarkable 145% increase from its current trading price. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here’s When However, the recent DOGE price action suggests various resistances before $0.22. Nonetheless, the analyst remains confident that once DOGE successfully breaks through this local high, it could trigger a renewed and sustained upward movement, further fueling the bullish sentiment surrounding the coin. Featured image created with Dall.E, chart from Tradingview.com
Vanguard is the second largest ETF issuer after Blackrock.
The defunct crypto exchange Mt. Gox isn’t done with its Bitcoin repayments to creditors, as on-chain data shows that the exchange recently moved a significant amount of BTC. This has raised the question of how much Bitcoin Mt. Gox has left, considering the negative impact these BTC repayments have had on the flagship crypto’s price […]
Brazil’s CVM issued a warning to the crypto exchange in 2020 that it was offering residents derivatives products without authorization.
Morgan Stanley's significant investment in Bitcoin ETFs may trigger extensive regulatory scrutiny and compliance challenges in the financial sector.
The post Morgan Stanley holds $187 million in BlackRock’s IBIT appeared first on Crypto Briefing.
Cointelegraph’s Sam Bourgi discussed Canada’s evolving regulatory landscape with Kraken and Coinbase at the Blockchain Futurist Conference, highlighting areas where the country still lags.
The settlement puts to bed a years-long feud over Binance Futures’ operation in the South American crypto hub.
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Blockchain has gone even more ridiculous than usual over the past week, with headlines focused on Trump-themed memecoins and the Solana-based launchpad Pump.fun. PLUS: Ethereum developers tee up revamp of the EVM programming environment.
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The charter allows Fireblocks to offer cold-storage custody to US clients.
Immutable has wound down its NFT marketplace to allow marketplaces within its ecosystem to flourish.
Vanguard's refusal to launch crypto ETFs underscores its commitment to core principles over market trends, potentially influencing industry standards.
The post Vanguard CEO Salim Ramji: “We will not be launching crypto ETFs” appeared first on Crypto Briefing.
Fear of a global economic recession continues to drive investors away from risk-on assets like Bitcoin.
Bitcoin‘s recent decline may have triggered speculations and doubt about an upcoming rally, but Trader Tardigrade, a crypto analyst and enthusiast, has addressed these views by predicting an imminent large bull run for BTC in the next few months, underscoring his confidence in the crypto asset’s potential to amass massive gains in the long term. […]
Senator Chuck Schumer and 10 Democratic senators sided with Republicans to pass a resolution overturning an SEC rule on banks holding crypto, later vetoed by President Biden.
The copyright infringement claims against Stability AI, Midjourney, DeviantART, and now Runway are proceeding after the latest court ruling.
Goldman Sachs, one of the biggest banking players, is taking serious moves into the cryptocurrency world. According to their latest filing with the SEC, Goldman Sachs now holds a massive $419 million in various Bitcoin ETFs. Let’s explore their motives and playout behind crypto investments. A Closer Look at Their Portfolio One of the standout …
After a significant 33,105 Bitcoin (BTC) worth $2.19 billion move from Mt Gox. wallet, another wallet moved a significant BTC to Coinbase Prime. On August 14, 2024, security intelligence firm Arkham made a post on X stating that the wallet address “bc1ql,” which received 10,000 BTC worth $593.5 million from the US Government wallet two …
On Wednesday, the crypto market experienced a wave of volatility as news broke that the US government had transferred a significant amount of Bitcoin seized from the infamous Silk Road marketplace to the Coinbase exchange. Massive Silk Road Bitcoin Influx To Coinbase According to on-chain data tracker Arkham, the US government recently moved 10,000 Bitcoin worth around $590 million from a known government wallet to a Coinbase Prime deposit address. Notably, this transfer sparked a 3.3% dip in the Bitcoin price, which fell below the key $60,000 support level to trade at around $59,130 at the time of writing. However, it’s important to note that the US government’s selection of Coinbase as the custodian for its seized digital assets may only sometimes lead to immediate selling. Related Reading: XRP Price Eyes $0.60 Reclaim: Crucial for a Fresh Upswing As reported by Bitcoinist, Coinbase announced that the US Department of Justice’s asset forfeiture division, the US Marshal Service, had chosen Coinbase Prime to offer custody and advanced trading services for its “Class 1” digital assets. This partnership is intended to streamline the custody, management, and disposal processes for cryptocurrency assets, allowing for diversification in the types of digital assets that can be handled and disposed of under the government’s forfeiture programs. Ultimately, this may result in the exchange holding this large amount of BTC and not affect the Bitcoin price in the short term or contribute to selling pressure unless there is a shift from previous movements and the authorities decide to liquidate the tokens. Critical Resistance Levels And Support Thresholds In a recent analysis of the current Bitcoin price action, crypto analyst Daan Crypto Trades recently highlighted key levels to watch for a potential continuation of BTC’s recovery over the past seven days after falling towards $59,000 on August 5th. The analyst first noted that Bitcoin is at a pivotal point where it needs to break above the 200-day exponential moving average (EMA) at $59,468 and the 200-day moving average (MA) at $62,274. Daan Crypto Trades explains that these levels are key to catalyzing favorable medium-to-long-term dynamics in favor of the bulls. However, the cryptocurrency has struggled with this challenge and failed to consolidate above these levels last week. Related Reading: Maker Sees 7% Upswing As Key Indicators Signal $2,662 Resistance Test In light of this scenario, the analyst has identified two significant resistance levels that the BTC price must uphold if a potential correction looms. Daan Crypto Trades underscores the importance of vigilance around the $56,530 mark on the BTC/USDT daily chart, emphasizing its role as a critical floor crucial for preventing a downturn that could mirror the substantial 20% correction witnessed at the commencement of August. Moreover, the analyst points to the $52,990 threshold as the subsequent support level to monitor should Bitcoin falter at the aforementioned mark, especially if selling pressure intensifies, exerting downward pressure on its price trajectory. Featured image from DALL-E, chart from TradingView.com
Crypto analyst Poseidon (@CryptoPoseidonn) has released a detailed price prediction for Ethereum (ETH). His analysis, delivered to his 123,000 followers on social media platform X, revolves around the pivotal $2,160-$1,900 price range which has historically served as a significant high-timeframe (HTF) support since the summer of 2021. ETH Price Analysis: $8,000 Is Possible If … According to Poseidon, Ethereum recently retested what he describes as the “most crucial support level on the chart” after a significant breakout earlier in the year. This price zone has consistently acted as a key battleground for bulls and bears, making it a central focus of technical analysis. “Early in 2024, we broke out of this level, leading to a substantial price increase because this was the only resistance holding us back. Now, after 200 days, we are back at the same level, and for me, buying ETH here is an opportunity,” Poseidon detailed in his analysis. Related Reading: Bigger Risks More Returns: Ethereum’s Volatility Surpasses Bitcoin’s by 50%, Data Shows The resilience of the $1,900 support level is critical to Ethereum’s bullish outlook. A breach below this level without quick recovery would likely indicate a cycle top and could precipitate a drop to as low as $1,000, marking a significant reversal in the prevailing market trend. However, Poseidon assesses this risk as low, expressing confidence in the support’s reliability: “I find this scenario highly unlikely. I believe the price will bottom out in this range, marking a significant HTF low.” Looking forward, Poseidon sets conditional targets that rely on Ethereum reclaiming and stabilizing above certain price thresholds. Initially, ETH needs to breach the $3,000 mark, followed by $3,500, to set the stage for a potential rally to new highs. “If we manage to surpass $5,000, I think $7,000-$8,000 is realistic. Although I believe we could go much higher, anything above $8,000 would be risky for me to stay in longs. I’d be extremely cautious and would sell quickly if the daily trend breaks down,” he stated. To justify these targets, Poseidon employs Fibonacci retracement levels, a common tool among traders for predicting potential reversals, support, and resistance levels based on prior market movements. These projections, however, are contingent on the market maintaining its structure without significant trend breaks. Related Reading: Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why The transition to a bullish market phase for Ethereum hinges on several key technical indicators. First, Ethereum needs to reclaim and hold the 200-day EMA to signal strengthening momentum. Second, the crypto asset must maintain support above the range low which is crucial for continued bullish sentiment. Third, overcoming the daily supply zone from $3,100 to $3,200 will likely test Ethereum’s resilience, which if successful, could solidify the asset’s upward trajectory. Poseidon elaborates on the challenges of this bullish flip, noting the current bearish sentiment and the difficulty of breaking above these resistance levels. “While we’re sitting at a strong weekly and monthly support level, we’re still in a downtrend. To confirm this level as the bottom, we need to shift the daily trend to bullish again.” Adding to his technical analysis, Poseidon highlights the H8 timeframe and its EMA200 as the “GOAT” (Greatest of All Time) for trend determination. “I’ve studied the H8 EMA200 on ETH since 2018, compared it with other EMAs and timeframes, and I can confidently say that the H8 EMA200 is the GOAT,” he asserts. This particular timeframe and moving average provide a unique insight into shorter-term price movements and are key to Poseidon’s trading strategy. At press time, ETH traded at $2,753.90. Featured image created with DALL.E, chart from TradingView.com