A widely followed analyst is urging caution on a multi-billion dollar crypto asset as it hovers above a key support level. Pseudonymous trader Altcoin Sherpa tells his 196,700 Twitter followers that the utility token of the Binance crypto exchange and the native token of the Binance Smart Chain (BNB) is “not looking great, to be […]
The post Crypto Trader Warns One Top-10 Blue-Chip Altcoin ‘Not Looking Great’, Updates Outlook on Bitcoin and Blur appeared first on The Daily Hodl.
The world’s largest crypto exchange by trading volume, Binance, is announcing plans to list a new altcoin built within the interoperable blockchain ecosystem Cosmos (ATOM). According to a new announcement, Binance is planning to list Neutron (NTRN), a project that aims to be a “cross-chain smart-contracting platform.” As stated by Binance, “Neutron allows developers to easily […]
The post Crypto Exchange Binance To List New Low-Cap Altcoin Project Built on Cosmos (ATOM) appeared first on The Daily Hodl.
A bad actor who hacked the infamous crypto exchange FTX as it was collapsing is abruptly moving millions of dollars worth of crypto assets. According to data from blockchain intelligence platform Arkham, the FTX hacker, who holds over $300 million worth of digital assets, has moved some Ethereum (ETH) for the first time since 2022. […]
The post FTX Hacker Holding $300,000,000 in Crypto Suddenly Moves Millions Worth of Assets: On-Chain Data appeared first on The Daily Hodl.
The North Korean hacker collective the Lazarus Group holds tens of millions of dollars worth of Bitcoin (BTC) and other digital assets, according to the latest on-chain data. Researchers at 21.co, the parent company of 21shares, the world’s largest crypto exchange-traded product (ETP) issuer, have created a new dashboard showing the crypto holdings of the […]
The post North Korean Hackers Lazarus Group Holds Over $46,000,000 in Bitcoin, Ethereum and Other Crypto: On-Chain Data appeared first on The Daily Hodl.
A widely followed crypto analyst is warning that several altcoins could soon undergo severe market corrections due to one main factor. In a new strategy session, DataDash host Nicholas Merten tells his 512,000 YouTube subscribers that declining market liquidity could send Cardano (ADA), XRP and Binance Coin (BNB) much lower. According to Merten, BNB could […]
The post No One’s Prepared for Massive Cardano, XRP and Binance Coin Correction, Says Crypto Analyst Nicholas Merten appeared first on The Daily Hodl.
The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term.
Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016.
If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist.
Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar index (DXY) has also formed a golden cross, indicating further potential upside in the near term.
Will the U.S. dollar extend its gains or witness a short-term correction? Can Bitcoin bulls hold off the bear pressure in the last week of September? Let’s analyze the charts to find out.
The S&P 500 Index turned down sharply from the downtrend line and broke below the moving averages on Sep. 15. This started a downward move, which has reached the crucial support at 4,325.
The 20-day exponential moving average (4,422) has started to turn down and the relative strength index (RSI) is near the oversold territory, indicating that bears have the edge. If the price maintains below 4,325, the index will complete a bearish head and shoulders (H&S) pattern. This negative setup has a target objective of 4,043.
If bulls want to prevent the fall, they will have to quickly drive the price above the 20-day EMA. That could attract further buying and the bulls will then attempt to kick the price above the downtrend line. If they manage to do that, the index has a good chance of retesting the local high at 4,607.
The U.S. dollar index bounced off the 20-day EMA (104.85) on Sep. 20, indicating that the sentiment remains positive and traders are buying on dips.
The up-move is likely to hit a wall at 106. This is the key level to keep an eye on in the near term. If the price turns down from this resistance but bounces off the 20-day EMA, it will enhance the prospects of a rally above 106. The next resistance on the upside is at 108.
Sellers will have to yank the price back below the 20-day EMA if they want to weaken the bullish momentum. The index could then drop to 104.40 and later to the 50-day simple moving average (103.35).
The uncertainty from the inside-day candlestick pattern on Sep. 22 and 23 resolved to the downside on Sep. 24. This suggests that the bears have asserted their supremacy.
The sellers will try to strengthen their position further by pulling the price to the solid support at $24,800. This remains the key level to watch out for in the near term as the bulls are expected to defend it with all their might. If the $24,800 support gives way, the BTC/USDT pair could start a downward move to $20,000.
Time is running out for the bulls. If they want to start a meaningful recovery, they will have to push and sustain the price above the moving averages. That will open the doors for a retest of the overhead resistance at $28,143.
Ether (ETH) has been gradually slipping toward the pivotal level at $1,531, suggesting a lack of buying support from the bulls.
Although the downsloping moving averages indicate advantage to sellers, the RSI is showing signs of forming a bullish divergence. This suggests that the selling pressure could be reducing. This increases the likelihood of a bounce off $1,531.
If bulls shove the price above the 20-day EMA ($1,616), it will signal a range-bound action between $1,531 and $1,746 for a few days. This view will invalidate if bears sink and sustain the ETH/USDT pair below $1,531. The pair could then plummet to $1,368.
BNB (BNB) has been swinging between $220 and $203 for the past few days. In a range, traders generally buy near the support and sell close to the resistance.
Both moving averages are sloping down, indicating advantage to bears but the RSI is trying to form a bullish divergence. This suggests that the bearish momentum may be weakening. Buyers are likely to defend the $203 level with vigor.
If the price rises from the current level or bounces off $203, it will suggest that the range-bound action may continue for some more time. Sellers will need to tug the price below the critical support at $203 to take charge. The BNB/USDT pair could then plunge to $183.
After staying above the 20-day EMA ($0.50) for a few days, XRP (XRP) tumbled below the level on Sep. 24. This suggests that the bears have gained the upper hand.
XRP price could fall to the uptrend line, which is expected to act as a strong support. If the price rebounds off the uptrend line, the bulls will again try to shove the price above the 20-day EMA. If they do that, it will signal aggressive buying at lower levels. The pair may then climb to the 50-day SMA ($0.53).
Contrarily, if the uptrend line fails to hold, XRP price could first slump to $0.46 and thereafter to the formidable support at $0.41. This level is likely to attract strong buying by the bulls.
Cardano (ADA) dropped to the critical support at $0.24 on Sep. 25, indicating that the bears have maintained their pressure.
A minor advantage in favor of the bulls is that the RSI is forming a bullish divergence. The bulls will have to quickly shove the ADA/USDT pair above the downtrend line to reduce the risk of a breakdown below $0.24. If they can pull it off, the bearish descending triangle will be rendered invalid and that could boost the price to $0.29.
Instead, if bears drag ADA price below $0.24, it will complete the bearish setup. That could start a downward move toward $0.22 and subsequently to the pattern target of $0.19.
Related: How much is Bitcoin worth today?
Dogecoin (DOGE) is stuck inside a tight range between $0.06 and the 20-day EMA ($0.06). Typically, a volatility squeeze is followed by an expansion in volatility but it is difficult to predict the direction of the breakout.
If the price turns up off the current level, the bulls will again try to clear the overhead hurdle at the 20-day EMA. If they succeed, the DOGE/USDT pair could rise to $0.07 and later sprint to $0.08. The bears are expected to sell near this level.
Alternatively, if the range resolves to the downside with a break below $0.06, it will indicate that bears have seized control. DOGE price may then nosedive to the next major support at $0.055.
Toncoin (TON) turned down sharply from the overhead resistance at $2.59 on Sep. 20 and continued lower, indicating that the bulls are booking profits.
The first support on the downside is at the 20-day EMA ($2.11). If the price rebounds off this level with strength, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then again try to push the price to $2.59.
Contrary to this assumption, if the price skids below the 20-day EMA, it will indicate that the bulls are losing their grip. The TON/USDT pair could first dip to the psychological level of $2 and later to the 50-day SMA ($1.72). A deeper correction is likely to delay the next leg of the up-move.
Solana (SOL) has been clinging to the 20-day EMA ($19.53) for the past few days, indicating a tough battle between the bulls and the bears.
The flattish 20-day EMA and the RSI just below the midpoint indicate a balance between supply and demand. On the upside, the bulls will have to thrust the price above the 50-day SMA ($20.80) to signal the start of a recovery to $22.30.
Conversely, if the price turns down from the current level, it will suggest that the bears are back in command. The SOL/USDT pair could then retest the important support at $17.33. If this level snaps, the pair may collapse to $14.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Widely followed pseudonymous trader Altcoin Sherpa is issuing a warning on three of the top ten crypto assets by market cap. Altcoin Sherpa tells his 196,400 followers on the X social media platform that Binance Coin (BNB), the native token of Binance Smart Chain and a utility token on the Binance crypto exchange, is “hanging […]
The post Trader Warns One Blue-Chip Altcoin Is ‘Hanging On for Dear Life’, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.
Bitcoin and other cryptocurrencies are likely to witness a pick up in volatility following the Fed’s rate decision on Sep. 20.
Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, long-term investors are unfazed and they have continued to accumulate. Glassnode data shows that Bitcoin’s inactive supply has been at all-time highs since July.
This bullish temperament is not reflected in institutional activity, however. Investors have cut down on their cryptocurrency exposure and are sitting on the sidelines awaiting more clarity on the regulatory and macroeconomic front. Asset manager CoinShares reported that outflows from exchange-traded products hit $455 million over the past nine weeks.
Meanwhile, analysts remain divided about Bitcoin’s near-term price action. Bollinger Bands creator John Bollinger speculated in a X (formerly Twitter) post that Bitcoin could start an up-move but added that it was “too early to answer.”
The volatility could increase after Fed Chair Jerome Powell’s press conference but traders should be careful not to get sucked into a bull or a bear trap. It is better to wait on the sidelines and enter after the volatility subsides and a directional move begins.
What are the important levels to watch for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin is facing stiff resistance at the 50-day simple moving average ($27,154) indicating that the bears are trying to halt the recovery.
The upsloping 20-day exponential moving average ($26,499) and the relative strength index (RSI) in the positive territory indicate that bulls are in control. If the price rebounds off the 20-day EMA, it will enhance the prospects of a rally above the 50-day SMA. If that happens, the BTC/USDT pair could climb to $28,143.
Related: Bitcoin price eyes $28K as Binance legal battle spurs bullish momentum
Conversely, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears remain active at higher levels. A break and close below $26,000 may accelerate selling and sink the pair toward the crucial support at $24,800.
Ether (ETH) has been maintaining above the breakdown level of $1,626 for the past few days but the bulls have failed to build up on this strength.
The long wick on the Sep. 18 and 19 candlestick shows selling by the bears at higher levels. The flattish 20-day EMA ($1,637) and the RSI just below the midpoint suggest a balance between buyers and sellers.
A rally above $1,680 could tilt the advantage in favor of the bulls. The ETH/USDT pair could then rally to $1,745. On the contrary, a slide below $1,600 will suggest that bears have not yet given up. That could pull the pair to $1,530.
Buyers tried to shove BNB (BNB) above the overhead resistance at $220 on Sep. 18 and 19 but the bears defended the level successfully.
A minor advantage in favor of the bulls is that they have not allowed the price to slide back below the 20-day EMA ($215). This suggests that the bulls are buying the minor dips as they expect the up-move to extend further.
If buyers clear the zone between $220 and the 50-day SMA ($223), the BNB/USDT pair could start a rally toward $235.
If bears want to prevent the upside, they will have to tug the price back below the 20-day EMA. That could keep the price stuck inside the $203 to $220 range for a while longer.
XRP (XRP) rose and closed above the 20-day EMA ($0.50) on Sep. 19, indicating that the bulls have the upper hand.
If the price stays above the 20-day EMA, it will suggest that the bulls are trying to flip the level into support. That will open the gates for a potential rise to the overhead resistance at $0.56 where the bears will likely make their stand.
The price action of the past few days is showing signs of forming a bullish ascending triangle pattern, which will complete on a break and close above $0.56. Buyers will have to keep XRP price above the uptrend line to safeguard the setup.
The bulls have been trying to push Cardano (ADA) above the 20-day EMA ($0.25) for the past few days but the bears have not relented.
The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between supply and demand. If buyers sustain the price above the 20-day EMA, ADA price will attempt a rally to the overhead resistance at $0.28.
Alternatively, if the price turns down sharply from the current level, it will signal that the bears are selling on relief rallies. A break and close below the $0.24 support will indicate the start of the next leg of the downtrend. The next support on the downside is at $0.22.
Dogecoin (DOGE) has been trading near the 20-day EMA ($0.06) for the past few days, indicating that the bears are defending the level aggressively.
A small positive in favor of the bulls is that they have not allowed the price to slip below $0.06. This suggests that the bulls are trying to clear the overhead hurdle. If the 20-day EMA gives way, the DOGE/USDT pair could climb to $0.07 and later to $0.08.
Instead, if the price turns down sharply from the current level, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then aim to yank the price below $0.06 and challenge the critical support at $0.055.
After struggling to rise above the 20-day EMA ($19.55) for a few days, Solana (SOL) finally overcame the obstacle on Sep. 18.
The 20-day EMA is flattening out and the RSI is just above the midpoint, indicating that the bears may be losing their grip. Buyers will try to push the price to the 50-day SMA ($21.14) and subsequently to the overhead resistance at $22.30. This level is likely to attract strong selling by the bears.
This positive view will invalidate in the near term if the SOL/USDT pair turns down and plummets below $18.50. The pair could then retest the strong support at $17.33.
Toncoin (TON) is currently in a strong uptrend. The bulls are trying to strengthen their position further by pushing the price above $2.59 but the bears have held their ground.
Although the up-move is facing selling near $2.59, the bulls have not ceded ground to the bears. This suggests that the traders are holding on to their positions as they anticipate another leg higher. Above $2.59, the TON/USDT pair could reach $2.90 and eventually $3.28.
The upsloping moving averages indicate advantage to buyers but the overbought level on the RSI warns of a possible correction or consolidation in the short term. The first support for TON price on the downside is $2.25 and the next level to watch out for is $2.07.
The bulls are struggling to propel Polkadot (DOT) above the breakdown level of $4.22, indicating that demand dries up at higher levels.
The bears will try to strengthen their position by sinking the price below the immediate support at $4. If they succeed, the DOT/USDT pair risks a slide to the crucial support at $3.90. A break and close below this level may start the next leg of the downtrend.
Instead, if the price turns up from the current level and rises above the $4.22-4.33 resistance zone, it could lead to short covering. The pair can first reach the 50-day SMA ($4.50) and thereafter climb to the downtrend line.
Polygon (MATIC) rose and closed above the 20-day EMA ($0.54) on Sep. 19, indicating that the bulls are attempting a comeback.
Still, the 20-day EMA is likely to witness a tough battle between the bulls and the bears. If the bulls maintain the price above the 20-day EMA, the MATIC/USDT pair could climb to the overhead resistance at $0.60 and then to $0.65.
Contrarily, if the bears pull the price back below the 20-day EMA, it will signal that higher levels continue to attract selling. The bears will then try to build upon their advantage by pulling the price below $0.49.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin and select altcoins are attempting to make a comeback as traders expect the Fed to hold rates steady during their meeting this week.
The failure of the bears to sink Bitcoin’s (BTC) price below $25,000-support ignited buying interest last week. The positive momentum picked up further at the start of the new week and buyers are trying to sustain Bitcoin’s price above $27,000.
Market participants seem to be buoyant on expectations that the Federal Reserve will not hike rates this year. The CME FedWatch Tool shows a 58% probability that the rates will remain at the current levels even in the December meeting.
That could be one of the reasons why the strength in the United States dollar index (DXY) has not adversely impacted the price of Bitcoin. However, traders need to be careful as the last ten days in September are known to favor the bears. According to the Carson Group, the S&P 500 Index (SPX) has been positive on average only for two days between Sep. 20 and 30 since 1950.
Could Bitcoin and select altcoins extend their recovery further or will bears pull the price lower? Let’s analyze the charts to find out.
The S&P 500 Index broke above the moving averages on Sep. 14 but the bulls could not keep up the momentum and clear the overhead hurdle at the downtrend line.
The bears sold aggressively at the downtrend line and pulled the price back below the moving averages on Sep. 15. Sellers will try to further strengthen their position by pulling the price below the next support at 4,030. If they do that, it will open the doors for a potential retest of the vital support at 4,325.
If bulls want to gain the upper hand, they will have to quickly drive the price above the downtrend line. There is a minor resistance at 4,542 but if this level is crossed, the index could sprint toward 4,607.
The U.S. dollar index has continued to grind higher in the past few days but it is likely to face stiff resistance at 106.
If buyers do not allow the price to dip below the 20-day exponential moving average (104), it will enhance the prospects of a rally above 106. If that happens, the index could pick up momentum and soar to 108.
Alternatively, if the price turns down sharply from 106, it will suggest that bears are defending this level aggressively. A drop below the 20-day EMA could sink the price to the 50-day simple removing average (102). That could keep the price stuck between 101 and 106 for some more time.
Bitcoin has maintained above the 20-day EMA ($26,394) since Sep. 14, indicating that the bulls have flipped the level into support. Buyers are trying to strengthen their position further by pushing the price above the 50-day SMA ($27,255).
The bears are expected to pose a strong challenge in the zone between the 50-day SMA and the overhead resistance at $28,143. If the price turns down sharply from this zone, it will indicate that the BTC/USDT pair may stay range-bound between $24,800 and $28,143 for a few days.
On the other hand, if bulls drive the price above $28,143, it will clear the path for $30,000 and $31,000 as the next targets.
Overall, time is running out for the bears. If they want to regain control, they will have to quickly yank the price back below the 20-day EMA.
After struggling near the 20-day EMA ($1,639) for the past few days, the bulls succeeded in pushing Ether (ETH) above the overhead resistance on Sep. 18.
The 20-day EMA is flattening out and the RSI is near the midpoint, indicating that the bulls are on a comeback. If buyers sustain the price above the 20-day EMA, the ETH/USDT pair could first rise to the 50-day SMA ($1,712) and thereafter to $1,750. A break above this level will signal a short-term double bottom. The pattern target of this bullish setup is $1,959.
However, the bears are likely to have other plans. They will try to tug the price back below the 20-day EMA and trap the aggressive bulls. A break below $1,600 could start a downward move toward presumably strong support at $1,531.
BNB (BNB) rose above the 20-day EMA ($215) on Sep. 17, indicating that the bearish momentum is weakening. The price could next reach the 50-day SMA ($224).
The bears are likely to offer stiff resistance in the zone between the 50-day SMA and $235. If the price turns down from this zone, it will signal that the BNB/USDT pair could remain range-bound between $200 and $235 for a while. The flattish 20-day EMA and the RSI near the midpoint also suggest a consolidation in the near term.
Instead, if the bears sink the price below the 20-day EMA, the pair could again retest the vital support near $200. The repeated retest of a support level within a short interval tends to weaken it. If this level cracks, the pair may tumble to $183.
XRP’s (XRP) recovery is facing selling near the 20-day EMA ($0.50) but the bulls have not given up and are trying to push the price above the resistance.
If buyers kick the price above the 20-day EMA, the XRP/USDT pair could attempt a rally to $0.56. This level could prove to be a difficult barrier for the bulls to overcome.
Contrarily, if the price turns down from the current level, it will suggest that the bears are fiercely protecting the 20-day EMA. There is a minor support at the uptrend line but if this level cracks, the pair risks sliding to $0.45 and eventually to $0.41.
Cardano (ADA) continues to be squeezed between the 20-day EMA ($0.25) and the critical support at $0.24. This tight-range trading is unlikely to continue for long and a breakout may be around the corner.
The positive divergence on the RSI suggests that the selling pressure is reducing. If the uncertainty resolves to the upside, it will pave the way for a possible rally to the overhead resistance at $0.28.
On the contrary, if the price plummets below $0.24, it will signal that the bears have asserted their supremacy. That could signal the start of the next leg of the downtrend. The ADA/USDT pair may then slump to $0.22.
Related: BTC price hits $27.4K as Bitcoin open interest matches Grayscale peak
Dogecoin (DOGE) has been stuck between the 20-day EMA ($0.06) and the horizontal support at $0.06 for the past few days.
Generally, a squeeze in volatility is followed by a range expansion. If the DOGE/USDT pair soars and closes above the 20-day EMA, it will suggest that bulls are attempting a comeback. The pair could then rally to $0.07. Buyers will have to overcome this roadblock to start an up-move to $0.08.
This positive view will be invalidated if the price turns down and dives below the $0.06 support. That could pull the price down to the next support at $0.055. The bulls are expected to guard this level with vigor.
The long wick on Toncoin’s (TON) Sep. 16 and 17 candlestick shows that traders are booking profits near the overhead resistance at $2.59.
The overbought level on the RSI suggests a possible correction or range formation in the near term. However, the bulls have not given up and are again trying to propel TON price above $2.59. If they can pull it off, TON/USDT could pick up momentum and skyrocket to $3.
The important support to watch for on the downside is $2.25. If this level gives way, the pair could start a deeper correction to the next support at $2.07.
After trading near the 20-day EMA ($19.47) for the past few days, Solana (SOL) broke above the resistance on Sep. 18.
The 20-day EMA is flattening out and the RSI is near the midpoint, indicating that the bears may be losing their grip. Buyers will try to cement their position further by pushing the price to the overhead resistance at $22.30. This level is likely to attract sellers.
If the bulls fail to hold the price above the 20-day EMA, it will suggest that bears are selling at higher levels. The first support on the downside is $18.50 and if this level is violated, SOL price risks descending towar the next major support at $17.33.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Troves of the top stablecoin USDT are moving back onto crypto exchanges, a potentially bullish indicator, according to the crypto analytics firm Santiment. Santiment notes 24.1% of USDT’s total supply now sits on exchanges, the highest level since March. The analytics firm also notes that Bitcoin (BTC) and Ethereum’s (ETH) supply on exchanges has resumed […]
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