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Top 5 cryptocurrencies to watch this week: BTC, ADA, UNI, LINK, CHZ

Bitcoin price is targeting $25,000 and holding this level could trigger breakouts in ADA, UNI, LINK and CHZ.

The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets.

A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode.

Crypto market data daily view. Source: Coin360

However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was at $5 billion. Glassnode suggested that traders have been booking profits on the spread between their spot long Ether versus the quarterly short Ether futures positions.

Could Bitcoin and the altcoins extend their recovery in the next few days? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

BTC/USDT

Bitcoin rose above the overhead resistance of $24,668 on Aug. 13 and Aug. 14 but the bulls could not sustain the higher levels. This indicates that bears are selling on rallies but repeated breach of an overhead resistance tends to weaken it.

BTC/USDT daily chart. Source: TradingView

The gradually upsloping 20-day exponential moving average of $23,414 and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If bulls sustain the price above $25,000, the momentum could pick up further and the BTC/Tether (USDT) pair could rally to $28,000.

This level may act as a stiff resistance but if bulls clear this hurdle, the rally could extend to $32,000. The critical level to watch on the downside is the 20-day EMA. A bounce off it will indicate that the sentiment remains positive and traders are buying on dips.

On the contrary, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that bears remain active at higher levels. The pair could then drop to the 50-day simple moving average of $21,976.

BTC/USDT 4-hour chart. Source: TradingView

The $24,668 level is witnessing a tough battle between the bulls and the bears. The upsloping moving averages indicate advantage to buyers but the negative divergence on the RSI suggests the momentum may be weakening.

If the price breaks below the 20-EMA, it will signal a minor advantage to the bears. The pair could then decline to the 50-SMA and later to $23,600. Alternatively, if the price turns up from the 20-EMA and rises above $25,050, the up-move may resume.

ADA/USDT

Cardano (ADA) broke and closed above the overhead resistance at $0.55 on Aug. 13. This indicates that the uncertainty has resolved in favor of the bulls.

ADA/USDT daily chart. Source: TradingView

The rising 20-day EMA of $0.52 and the RSI in the positive territory indicate that bulls have the upper hand. The ADA/USDT pair could rally to $0.63 and then to the strong overhead resistance at $0.70. This level is likely to attract strong selling by the bears.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the break above $0.55 may have been a bull trap. The pair could then decline to the 50-day SMA of $0.49 and later to $0.45.

ADA/USDT 4-hour chart. Source: TradingView

The pair completed an ascending triangle pattern on a break and close above the overhead resistance at $0.55. This pushed the RSI on the 4-hour chart to overbought levels, which may have tempted short-term traders to book profits.

The price may drop to the breakout level of $0.55. If bulls flip this level into support, the pair may continue its up-move to the pattern target at $0.65. This positive view could invalidate in the near term if the price plummets below the uptrend line.

UNI/USDT

Uniswap (UNI) has been consolidating between $8.11 and $9.83 for the past few days. This suggests that the bulls are buying the dips but the bears are defending the overhead resistance.

UNI/USDT daily chart. Source: TradingView

The longer the price remains in the range, the stronger the breakout will be from it. The 20-day EMA of $8.54 is sloping up and the RSI is in the positive territory, indicating an advantage to buyers. If bulls thrust the price above $9.83, the UNI/USDT pair could pick up momentum and rally toward $10.55 and later to $12.

Alternatively, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the pair may continue its range-bound action for some more time. The bears will have to sink and sustain the price below $8.11 to gain the upper hand.

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are defending the zone between $9.50 and $9.83. If the price breaks below $8.74, the sellers will attempt to sink the pair to the strong support at $8.11. The buyers are expected to buy the dip to this level.

The flattening moving averages and the RSI near the midpoint suggest that the range-bound action may continue for some more time. The next trending move could start on a break above $9.83 or on a close below $8.11.

Related: Bitcoin hits $25K as bearish voices call BTC price 'double top'

LINK/USDT

Chainlink (LINK) has been trading in a large range between $5.50 and $9.50 for the past several weeks. The bulls attempted to push the price above the range on Aug. 12 but the bears held their ground.

LINK/USDT daily chart. Source: TradingView

The 20-day EMA of $8.00 is sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to clear the overhead hurdle at $9.50. If they succeed, the LINK/USDT pair could rally to $12.30 and then to $13.50.

Instead, if the price breaks below the 20-day EMA, it will indicate that traders are booking profits near the resistance. That could sink the pair to the 50-day SMA of $7.00 and increase the stay inside the range for a few more days.

LINK/USDT 4-hour chart. Source: TradingView

The price turned down from the overhead resistance at $9.50 and broke below the 20-EMA on the 4-hour chart. This suggests that traders may be booking profits. The pair could drop to the 50-SMA, which may act as a strong support.

If the price rebounds off the 50-SMA, the bulls will again try to push the pair above $9.50. If they succeed, the pair could start the next leg of the up-move. On the other hand, if the price slips below the 50-SMA, the pair could decline to $8.29.

CHZ/USDT

Chiliz (CHZ) has been in a strong recovery for the past few days but the long wick on the Aug. 14 candlestick suggests that bears are defending the overhead resistance at $0.19.

CHZ/USDT daily chart. Source: TradingView

Although the rising 20-day EMA of $0.14 indicates an advantage to buyers, the RSI in the overbought territory suggests a minor correction or consolidation in the short term. If the price turns down from the current level, the first critical level to watch on the downside is the 20-day EMA.

A strong rebound off this level will suggest that the bulls are viewing the dips as a buying opportunity. That will improve the prospects of a break above the overhead resistance. If that happens, the CHZ/USDT pair could rally to $0.22 and then to $0.24.

Alternatively, if the price slips below the 20-day EMA, the pair could slide to the 50-day SMA of $0.12. Such a move will suggest that the pair may form a range in the near term.

CHZ/USDT 4-hour chart. Source: TradingView

The sharp rally in the pair pushed the RSI deep into the overbought territory on the 4-hour chart, indicating that a correction or consolidation was possible. The same may have started and the pair could decline to the 20-EMA, which is an important level to keep an eye on.

If the price rebounds off the 20-EMA, it will suggest that the positive sentiment remains intact. The buyers will then again try to resume the up-move. This bullish view will be negated in the near term if the price breaks and sustains below the 50-SMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin and many altcoins are carving out bottoming patterns as sentiment across the crypto and equities markets continues to improve.

Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a "favorable" Consumer Price Index print and news that BlackRock — the world's largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. 

In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or Sep16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation.

Daily cryptocurrency market performance. Source: Coin360

However, analysts remain divided about the prospects of the current recovery. While some believe that Bitcoin’s rally could rise above $28,000, others are not so bullish and they expect the price to turn down and resume the downtrend.

Could buyers clear the overhead hurdle in Bitcoin and select altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin nudged above the overhead resistance at $24,668 on Aug. 11 but the bulls could not sustain the higher levels. This indicates that bears have not yet given up and are selling on rallies.

BTC/USDT daily chart. Source: TradingView

The price remains squeezed between the 20-day exponential moving average (EMA) ($23,151) and $24,668. Usually, a tight range trading is followed by a range expansion but it is difficult to predict the direction of the breakout with certainty.

In this case, the 20-day EMA is gradually sloping up and the relative strength index (RSI) is in the positive territory, indicating the path of least resistance is to the upside.

If buyers thrust and sustain the price above $25,000, the bullish momentum could pick up and the pair could rally to $28,000 and then to $32,000.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then decline to the 50-day simple moving average (SMA) ($21,845).

ETH/USDT

Ether attempted to rise above $2,000 on Aug. 11 but the long wick on the day’s candlestick suggests that bears are defending the level with vigor.

ETH/USDT daily chart. Source: TradingView

However, a positive sign is that the bulls have not ceded ground to the bears. This suggests that traders are not hurrying to book profits as they anticipate the up-move to continue.

The upsloping moving averages and the RSI near the overbought territory indicate advantage to buyers. If bulls drive the price above $2,000, the ETH/USDT pair could rally to the downtrend line.

Alternatively, if the price turns down sharply from the current level, the bears will try to sink the pair to the breakout level of $1,700. The bulls are expected to buy the dip to this support.

BNB/USDT

Binance Coin (BNB) has been facing stiff resistance at the overhead resistance zone between $338 to $350. Although bears have repeatedly thwarted attempts by the bulls to clear this hurdle, the buyers have not given up much ground. This indicates that the bulls are not rushing to the exit as they expect a move higher.

BNB/USDT daily chart. Source: TradingView

A tight consolidation near the overhead resistance increases the likelihood of a break above it. If that happens, the BNB/USDT pair could attempt a rally to $380 and then to $414.

The important support to watch out for on the downside is the 20-day EMA ($300). If bears sink the price below this level, the pair could decline to $275 and then to the 50-day SMA ($261). A break below this support could tilt the advantage in favor of the bears.

XRP/USDT

Ripple (XRP) remains stuck between the overhead resistance at $0.39 and the 20-day EMA ($0.37). The bears attempted to resolve this uncertainty in their favor on Aug. 9 and Au10 but the bulls purchased the dip and pushed the price back above the 20-day EMA.

XRP/USDT daily chart. Source: TradingView

The buyers tried to push the price above $0.39 on Aug. 11 but the bears held their ground. This indicates that $0.39 and the 50-day SMA ($0.35) are the critical levels to watch out for in the short term.

If buyers clear the overhead hurdle, the XRP/USDT pair could rally to $0.48 and later to $0.54. On the contrary, if the price slips below the 50-day SMA, the pair could slide toward the crucial support at $0.30.

ADA/USDT

Buyers attempted to push Cardano (ADA) above the overhead resistance at $0.55 on Aug. 11 but the bears held the level successfully. The price could now drop to the 20-day EMA ($0.51).

ADA/USDT daily chart. Source: TradingView

The tight range trading between the 20-day EMA and $0.55 is unlikely to continue for long. If buyers drive the price above $0.55, the ADA/USDT pair could rally to $0.63 and then to the stiff overhead resistance at $0.70.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the bears will attempt to challenge the support at $0.45. If the support holds, the pair may extend the consolidation between $0.45 and $0.55 for some more time.

SOL/USDT

Solana (SOL) bounced off the 50-day SMA ($39) on Aug. 10. indicating that bulls continue to buy at lower levels. The bulls attempted to push the price to the overhead resistance at $48 but the bears stalled the recovery at $45.32 on Aug. 11.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair could continue to trade inside the ascending triangle formation for some more time. The bears will have to sink the price below the support line to invalidate this bullish setup.

Alternatively, the bulls will have to push and sustain the price above $48 to complete the bullish pattern. If that happens, the pair could rally to $60 and then make a move to the pattern target at $71.

DOGE/USDT

Dogecoin (DOGE) once again turned down from the overhead resistance at $0.08 on Aug. 11, indicating that bears continue to defend the level aggressively.

DOGE/USDT daily chart. Source: TradingView

The bears will attempt to sink the price below the moving averages and challenge the trendline of the ascending triangle pattern. A break and close below this support will invalidate the bullish setup, opening the doors for a possible retest of $0.06.

Contrary to this assumption, if the price rebounds off the moving averages, it will suggest that bulls continue to buy at lower levels. The bulls will have to push the price above $0.08 to complete the ascending triangle pattern. If that happens, the DOGE/USDT pair may rally to $0.10.

Related: 3 cryptocurrencies that stand to outperform ETH price thanks to Ethereum's Merge

DOT/USDT

Polkadot (DOT) has been witnessing a close battle between the bulls and the bears near the breakout level of $9. The bears are attempting to pull the price back below $9 while the bulls are trying to flip the level into support.

DOT/USDT daily chart. Source: TradingView

The rising 20-day EMA ($8.47) and the RSI in the positive territory, indicating advantage to buyers. If the price rises from the current level and breaks above $9.65, the DOT/USDT pair could rally to $10.80 and later to $12.

Alternatively, if the price breaks below the strong support zone of $9 and the 20-day EMA, it will suggest that the recent breakout may have been a bull trap. The pair could then decline to the 50-day SMA ($7.62).

MATIC/USDT

Polygon (MATIC) has been trading in a tight range between the 20-day EMA ($0.88) and $0.96 for the past few days, indicating indecision among buyers and sellers.

MATIC/USDT daily chart. Source: TradingView

If this uncertainty resolves to the upside, the MATIC/USDT pair could rally to the stiff overhead resistance at $1.02. The bulls will have to overcome this barrier to signal the start of the next leg of the up-move to $1.26 and later to $1.50.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the short-term advantage could tilt in favor of the bears. The pair could then decline to the strong support at $0.75.

AVAX/USDT

Avalanche (AVAX) has been trading above the breakout level of $26.38 for the past few days, which suggests that bulls are in no hurry to surrender their advantage.

AVAX/USDT daily chart. Source: TradingView

The gradually rising 20-day EMA ($25.6) and the RSI near the overbought zone indicate advantage to buyers. If bulls propel the price above $31, the AVAX/USDT pair could pick up momentum and rally to $33 and later to the pattern target of $39.05.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could decline to the 50-day SMA ($21.91) and then to the support line.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up.

The Aug. 10 Consumer Price Index (CPI) report shows year-over-year inflation rose 8.5% in July and while this figure is below economists’ expectations of 8.7%, it is still high. Although inflation remains much higher than the Federal Reserve's 2% target, the marginal slowdown raises hopes that the rate hikes by the Federal Reserve have started to work. That has reduced the probability of a 75 basis point rate hike in the September meeting from 68% on Aug. 9 to 37.5%, according to CME group data.

Risky assets, including the cryptocurrency markets, responded positively to the CPI print. Compared to Bitcoin (BTC), the altcoins are enjoying a stronger rally. This has pulled Bitcoin’s dominance near its yearly lows while Ether (ETH) has climbed near its yearly high.

Daily cryptocurrency market performance. Source: Coin360

According to CoinShares data, Ether-related products have seen inflows of $159 million in the past seven weeks. This indicates that Ether seems to be garnering attention from institutional investors in anticipation of the Merge, which is scheduled for Sept. 19.

Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $24,245 on Aug. 8 and dropped to the 20-day exponential moving average (EMA) ($22,966) on Aug. 9. The bulls aggressively purchased the dip on Aug. 10 and are attempting to push the price above the overhead resistance at $24,668.

BTC/USDT daily chart. Source: TradingView

If they succeed, the BTC/USDT pair could pick up momentum and rally to $28,000. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could rise to $32,000. The gradually upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside.

Conversely, if the price turns down from $24,668, the bears will again attempt to sink the pair below the 20-day EMA. If they manage to do that, the pair could decline to the 50-day simple moving average (SMA ($21,708). A break below this level could tilt the advantage in favor of the bears.

ETH/USDT

Ether turned down from $1,818 on Aug. 8 but the bears could not sink the price below the 20-day EMA ($1,637). This suggests strong demand at lower levels.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair rebounded off the 20-day EMA on Aug. 10 and has cleared the overhead hurdle at $1,818. If buyers sustain the price above this level, the pair could rally to the psychological level of $2,000 and then to $2,200. The rising moving averages and the RSI in the positive territory indicate that bulls have the upper hand.

This bullish view will be invalidated if the price turns down and plummets below the 20-day EMA. If that happens, the pair may drop toward the 50-day SMA ($1,388). That could delay the start of the next leg of the up-move.

BNB/USDT

BNB turned down from the overhead resistance zone of $338 to $350 on Aug. 8 but the bears could not sustain the lower levels on Aug. 10. This suggests that bulls are aggressively buying the dips.

BNB/USDT daily chart. Source: TradingView

The bulls will again attempt to clear the overhead zone. If they succeed, the BNB/USDT pair could pick up momentum and rally toward $414. Although the rising moving averages indicate advantage to buyers, the overbought zone on the RSI indicates that a minor pullback or a consolidation is possible in the near term.

If the price turns down from the overhead zone, the first support is at $308. The bears will have to sink the price below this level to challenge the 20-day EMA ($296). This is an important level to keep an eye on because a break and close below it could sink the pair to $275.

XRP/USDT

The bulls failed to push XRP above the overhead resistance at $0.39 on Aug. 8. This attracted sharp selling by the bears who pulled the price below the 20-day EMA ($0.37) on Aug. 9.

XRP/USDT daily chart. Source: TradingView

A minor positive is that the bulls bought the dip and have pushed the price back above the 20-day EMA on Aug. 10. The buyers will again attempt to push the price above the overhead resistance zone between $0.39 and $0.41. If they succeed, the XRP/USDT pair could rise to $0.48 and later to $0.54.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA ($0.35), it will suggest that the pair may remain range-bound between $0.30 and $0.39 for a few more days.

ADA/USDT

Cardano (ADA) turned down from the overhead resistance at $0.55 on Aug. 8 and dropped to the 20-day EMA ($0.51) on Aug. 9, indicating that bears continue to defend the overhead resistance aggressively.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair rebounded sharply off the 20-day EMA on Aug. 10, suggesting that the bulls are buying the dips with vigor. If buyers clear the overhead hurdle, the pair could start its northward march to $0.63 and then to $0.70.

Contrary to this assumption, if the price once again turns down from $0.55, the likelihood of a break below the 20-day EMA increases. If that happens, the pair could remain range-bound between $0.45 and $0.55 for a few more days.

SOL/USDT

The bulls tried to push Solana (SOL) to the overhead resistance at $48 on Aug. 8 but the bears had other plans. They stalled the recovery attempt at $44 and pulled the price back below the 20-day EMA ($40) on Aug. 9.

SOL/USDT daily chart. Source: TradingView

Both moving averages have flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. If the price rises from the current level and breaks above $44, the SOL/USDT pair could challenge the stiff resistance at $48.

A break above this level will complete a bullish ascending triangle pattern, opening the doors for a possible rally to $60 and then to the pattern target at $71.

Conversely, if the price turns down from the current level and breaks below the support line, the advantage could tilt in favor of the bears. The pair could then drop to $32.

DOGE/USDT

The long wick on Dogecoin’s (DOGE) Aug. 9 candlestick shows that the bears are aggressively defending the overhead resistance at $0.08. The sellers are attempting to build upon their advantage by pulling the price below the moving averages.

DOGE/USDT daily chart. Source: TradingView

If they succeed, the DOGE/USDT pair could drop to the trendline of the ascending triangle pattern. A break and close below this support could invalidate the bullish setup. The pair could then decline to $0.06.

Conversely, if the price turns up from the current level, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to push the pair above the overhead resistance and start a new up-move. If they succeed, the pair could rally to $0.10.

Related: TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — Rebound ahead?

DOT/USDT

Polkadot (DOT) broke and closed above the overhead resistance at $9 on Aug. 8 but the bulls could not build upon this strength. The bears sold aggressively and pulled the price back below $9 on Aug. 9.

DOT/USDT daily chart. Source: TradingView

However, a positive sign is that the DOT/USDT pair rebounded sharply off the 20-day EMA ($8.30). This indicates that the sentiment has turned positive and traders are buying on dips. The bulls will attempt to push the price to $10.80 and later to $12.

To invalidate this view, the bears will have to pull the price back below the 20-day EMA. Such a move will suggest that higher levels continue to attract strong selling by the bears. That could result in a range-bound action for a few days.

MATIC/USDT

The bulls have successfully sustained Polygon (MATIC) above the 20-day EMA ($0.87) but have failed to challenge the overhead resistance at $1.02. This suggests a lack of demand at higher levels.

MATIC/USDT daily chart. Source: TradingView

The gradually rising 20-day EMA and the RSI in the positive territory, indicate that bulls have the upper hand. If buyers push the price above $0.95, the MATIC/USDT pair could rally to the overhead resistance at $1.02. This is an important level for the bears to defend because a break above it could result in a rally to $1.26 and then $1.50.

Alternatively, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the pair may oscillate between $0.75 and $1.02 for some more time.

AVAX/USDT

The long wick on Avalanche’s (AVAX) Aug. 8 candlestick shows that bears have not given up and they continue to sell on rallies. The price slipped back to the breakout level on Aug. 9 but the bulls successfully defended the level on Aug. 10.

AVAX/USDT daily chart. Source: TradingView

If buyers sustain the rebound, the AVAX/USDT pair could break above the overhead resistance at $31. If that happens, the pair could resume its up-move to $33 and later to the pattern target of $39.05.

The key level to watch on the downside is the 20-day EMA ($24.88). If bears sink the price below this support, it will suggest that the breakout above $26.38 may have been a bull trap. The pair could then decline to the support line.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Cardano, Chainlink and Two Additional Altcoins in Strong Uptrends With More Rallies in Sight: Top Analyst

Cardano, Chainlink and Two Additional Altcoins in Strong Uptrends With More Rallies in Sight: Top Analyst

A top crypto strategist is predicting sustained uptrends for a handful of altcoins including Cardano (ADA) and Chainlink (LINK). Michaël van de Poppe tells his 621,500 Twitter followers that smart contract platform Cardano appears to be gearing up for a fresh rally to the upside. “Looking for continuation as it has been testing the resistance […]

The post Cardano, Chainlink and Two Additional Altcoins in Strong Uptrends With More Rallies in Sight: Top Analyst appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Trading Bot Known for Beating Crypto Markets Chooses Cardano (ADA), Polygon (MATIC) and Chainlink (LINK)

Trading Bot Known for Beating Crypto Markets Chooses Cardano (ADA), Polygon (MATIC) and Chainlink (LINK)

A robot that’s earned a reputation for outperforming the markets is unveiling its latest altcoin allocations as most cryptocurrencies give up their recent gains. Every week the Real Vision Bot conducts surveys in order to generate algorithmic portfolio assessments that reveal a “hive mind” consensus. The bot’s newest data finds that traders’ risk appetite remains […]

The post Trading Bot Known for Beating Crypto Markets Chooses Cardano (ADA), Polygon (MATIC) and Chainlink (LINK) appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Price analysis 8/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin price aims to break from its current range and flip $24,000 to support, while altcoins are following the upside move by attempting to confirm their bottoming patterns.

The United States equities markets and the cryptocurrency markets have started the week on a strong note, indicating that traders are not nervous about buying ahead of the important Consumer Price Index (CPI) data for July, which will be released on Aug. 10.

Another positive sign is that the recent recovery in Bitcoin (BTC) has not tempted investors to exit their positions in fear of another leg down. Glassnode data shows that the percentage of supply that has stayed dormant for three or more years rose to a new all-time high of 38.426% on Aug. 8.

Daily cryptocurrency market performance. Source: Coin360

BlackRock CEO Larry Fink sold 44,000 BlackRock shares in August, the biggest sale since the COVID-19 crash. Some analysts are speculating that the current recovery in the equities markets is only a bear market rally. If that is the case, then a downturn in the equities markets could also increase the selling in crypto prices as both remain closely correlated.

Could Bitcoin and select altcoins climb above their respective overhead resistance levels and extend the recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the 20-day exponential moving average (EMA)($22,846) on Aug. 7 and the momentum picked up on Aug. 8. The buyers pushed the price above $24,000 and could challenge the overhead resistance at $24,668.

BTC/USDT daily chart. Source: TradingView

The 20-day EMA is sloping up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers propel the price above the overhead resistance, the BTC/USDT pair could pick up momentum and rally to $28,000 as there is no significant resistance in between. The bears may try to stall the recovery at this level but if bulls overcome this barrier, the up-move could reach $32,000.

Contrary to this assumption, if the price turns down from $24,668, the pair could drop to the 20-day EMA. This is an important level to watch out for because a break below it could drag the price to the 50-day simple moving average (SMA($21,594). A break below this level could put the bears back on top.

ETH/USDT

Buyers pushed Ether (ETH) above the overhead resistance at $1,700 on Aug. 5 and the bulls successfully defended the breakout level on Aug. 6 and 7. Buying resumed on Aug. 8 and the bulls pushed the price above the overhead resistance at $1,785.

ETH/USDT daily chart. Source: TradingView

If bulls sustain the price above $1,785, the ETH/USDT pair could pick up momentum and rally to the psychological level at $2,000. This level may attract selling by the bears but if bulls arrest the next decline above $1,700, the likelihood of a break above $2,000 increases. If that happens, the pair could rally to the downtrend line.

This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA ($1,606). The pair could then slide to the 50-day SMA ($1,362).

BNB/USDT

BNB recovery has reached the strong overhead resistance zone between $338 and $350 where the bears are expected to mount a strong defense.

BNB/USDT daily chart. Source: TradingView

If the price turns down from the current level, the BNB/USDT pair could decline to the 20-day EMA ($289). This is an important level to keep an eye on because a strong bounce off it will suggest that the positive sentiment remains intact and traders are viewing dips as a buying opportunity.

The bulls will then make one more attempt to clear the overhead zone. If they succeed, the BNB/USDT pair could further pick up momentum and rally toward $414. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA.

XRP/USDT

Ripple's (XRP) price has been squeezed between the 20-day EMA ($0.36) and the overhead resistance at $0.39 for the past few days. Usually, such tight ranges lead to a range expansion.

XRP/USDT daily chart. Source: TradingView

The rising 20-day EMA and the RSI in the positive area indicate advantage to buyers. If bulls push and sustain the price above $0.39, it will suggest the start of a new up-move. The XRP/USDT pair could then rise to $0.48 and later to $0.54.

This positive view will invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then drop to the 50-day SMA ($0.35). Such a move will suggest that the pair may spend some more time inside the range.

ADA/USDT

Cardano (ADA) bounced off the 20-day EMA ($0.50) on Aug. 5 and has reached the strong overhead resistance at $0.55.

ADA/USDT daily chart. Source: TradingView

The 20-day EMA is sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If buyers thrust the price above $0.55, the ADA/USDT pair could start its northward march toward $0.63 and then to $0.70. The bears may pose a strong challenge at this level.

To invalidate this positive view, the bears will have to sink and sustain the price below the 50-day SMA. That could extend the stay of the pair inside the range between $0.40 and $0.55 for a few more days.

SOL/USDT

Solana (SOL) rose above the 20-day EMA ($40) on Aug. 5 and the bulls thwarted attempts by the bears to sink the price back below the level. The buying resumed on Aug. 8 and the bulls will attempt to push the price to the overhead resistance at $48.

SOL/USDT daily chart. Source: TradingView

The 20-day EMA is rising up gradually and the RSI is in the positive zone, indicating that the bulls have the upper hand. If buyers drive the price above $48, the bullish ascending triangle pattern will complete. The pair could then start a rally to $60 and thereafter to the pattern target at $71.

Alternatively, if the price turns down from $48 like the previous two occasions, it will suggest that bears are defending the level aggressively. That could keep the pair stuck inside the triangle for a few more days. The bullish setup will invalidate on a break below the support line.

DOGE/USDT

Dogecoin (DOGE) bounced off the 20-day EMA ($0.07) on Aug. 7, indicating that bulls are defending the moving averages with vigor. However, the long wick on the Aug. 8 candlestick suggests that bears are selling at higher levels.

DOGE/USDT daily chart. Source: TradingView

The flattish moving averages indicate a balance between supply and demand but the RSI in the positive territory suggests a minor advantage to the buyers. If bulls push the price above the overhead resistance at $0.08, it will complete the ascending triangle pattern. The pair could then start a rally to the psychological resistance at $0.10.

Conversely, if the price turns down from the overhead resistance, the DOGE/USDT pair could stay inside the triangle for a few more days. The bears will have to sink the price below the trendline to invalidate the bullish setup.

Related: Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interest

DOT/USDT

Polkadot (DOT) turned down from the overhead resistance at $9 on Aug. 6 but the bulls did not cede ground to the bears. They resumed their purchase on Aug. 7 and pushed the price above the overhead resistance on Aug. 8.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA is sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand. If buyers sustain the price above $9, the bullish momentum could pick up and the DOT/USDT pair could rise to $10.80 and later to $12.

Contrary to this assumption, if the price turns down and breaks back below $9, it will suggest that the breakout may have been a bull trap. The pair could then decline to the 20-day EMA ($8.07) and later to the 50-day SMA ($7.49).

MATIC/USDT

Polygon (MATIC) formed a Doji candlestick pattern on Aug. 7, which resolved to the upside on Aug. 8. This suggests that bulls are buying the dips to the 20-day EMA ($0.86).

MATIC/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the positive territory indicate advantage to buyers. The MATIC/USDT pair could rise to the overhead resistance at $1.02 where the bears may mount a strong defense.

If bulls do not give up much ground from $1.02, the likelihood of a break above it increases. The pair could then rally to $1.26 and then to $1.50. The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a possible drop to $0.75.

AVAX/USDT

Avalanche (AVAX) broke and closed above the strong overhead resistance at $26.38 on Aug. 6, indicating the completion of the bullish ascending triangle pattern.

AVAX/USDT daily chart. Source: TradingView

The AVAX/USDT pair could rise to $33 and later to the pattern target of $39.05. While the upsloping moving averages indicate advantage to buyers, the RSI has risen into the overbought zone, suggesting a minor correction in the near term.

If bulls flip the $26.38 level into support during the next correction, it will signal a potential trend change. This positive view could be invalidated in the near term if the price turns down and breaks below the moving averages.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Billionaire Mark Cuban Criticizes Cardano, Says Dogecoin (DOGE) Has More Use Cases Than ADA

Billionaire Mark Cuban Criticizes Cardano, Says Dogecoin (DOGE) Has More Use Cases Than ADA

Shark Tank investor Mark Cuban says Cardano (ADA) hasn’t yet proven itself as a viable crypto project compared to some of the other big names. In a new interview with Altcoin Daily, Cuban says if Charles Hoskinson was on Shark Tank, he would ask the Cardano founder where his revenues were. “I guess the people in […]

The post Billionaire Mark Cuban Criticizes Cardano, Says Dogecoin (DOGE) Has More Use Cases Than ADA appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Large Cardano Holders Gobble Up $138,000,000 Worth of ADA in Just Eight Days: Analytics Firm Santiment

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New data from a prominent crypto analytics firm is revealing the extent to which Cardano whales and sharks have been feasting on ADA over an eight-day period. According to Santiment, supersized Cardano holders have gobbled up hundreds of millions of dollars worth of the smart contract platform’s native asset in a little over a week. […]

The post Large Cardano Holders Gobble Up $138,000,000 Worth of ADA in Just Eight Days: Analytics Firm Santiment appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

What will cryptocurrency look like in 2027? Here are 5 predictions

One year isn’t enough time to witness many fundamental changes, but five years is just enough for everything to change.

The year is 2027. It’s a time of great innovation and technological advancement, but also a time of chaos. What will the crypto market look like in 2027? (For those unfamiliar, that's a line from the 2011 video game, Deus Ex.)

Long-term predictions are notoriously difficult to make, but they are good thought experiments. One year is too short a period for fundamental changes, but five years is just enough for everything to change.

Here are the most unexpected and outrageous events that could happen over the next five years.

1. The metaverse will not rise

The metaverse is a hot topic, but most people do not have even the slightest idea of what it actually comprises. The metaverse is a holistic virtual world that exists on an ongoing basis (without pauses or resets), works in real-time, accommodates any number of users, has its own economy, is created by the participants themselves, and is characterized by unprecedented interoperability. A variety of applications could (in theory) be integrated into the metaverse, including games, video-conferencing applications, services for issuing driver’s licenses — anything.

This definition makes it clear the metaverse is not such a novel phenomenon. Games and social networks that include most of the features stated above have been around for quite some time. Granted, interoperability is a problem that needs to be addressed seriously. It would have been a very useful feature to be able to easily transfer digital assets between games — or a digital identity — without being tethered to a specific platform.

But the metaverse will never be able to cater to every need. There is no reason to include some services in the metaverse at all. Some services will remain isolated due to the unwillingness of their operators to surrender control over them.

And there is also the technical aspect to take into account. The cyberpunk culture of the 1980s and 90s postulated that the metaverse meant total immersion. Such immersion is now conceived as possible only with the use of virtual reality glasses. VR hardware is getting better every year, but it’s not what we expected. VR remains a niche phenomenon even among hardcore gamers. The vast majority of ordinary people will never put on such glasses for the sake of calling their grandmother or selling some crypto on an exchange.

True immersion requires a technological breakthrough like smart contact lenses or Neuralink. It is highly unlikely those technologies will be widely used five years from now.

2. Wallets will become “super apps”

An active decentralized finance (DeFi) user is forced to deal with dozens of protocols these days. Wallets, interfaces, exchanges, bridges, loan protocols — there are hundreds of them, and they are growing daily. Having to live with such an array of technologies is inconvenient even for advanced users. As for the prospects of mass adoption, such a state of affairs is all the more unacceptable.

For the ordinary user, it is ideal when a maximum number of services can be accessed through a limited number of universal applications. The optimal choice is when they are integrated right into their wallet. Storing, exchanging, transferring to other networks, staking — why bother visiting dozens of different sites for accessing such services if all the necessary operations can be carried out using a single interface?

Users don’t care which exchange or bridge they use. They are only concerned about security, speed and low fees. A significant number of DeFi protocols will eventually turn into back-ends that cater to popular wallets and interfaces.

3. Bitcoin will become a unit of account on par with the U.S. dollar or Euro

Money has three main roles — acting as a means of payment, as a store of value and as a unit of account. Many cryptocurrencies, primarily stablecoins, are used as a means of payment. Bitcoin (BTC) and — to a much lesser extent — Ether (ETH) are used as stores of value among cryptocurrencies. But the United States dollar remains the main unit of account in the world. Everything is valued in dollars, including Bitcoin.

The real victory for sound money will be heralded when cryptocurrencies take over the role of a unit of account. Bitcoin is currently the main candidate for this role. Such a victory will signify a major mental shift.

What needs to happen in the next five years to make this a possibility?

A sharp drop in the confidence vested in the U.S. dollar and euro is a prerequisite for cryptocurrencies to take on the role of a basic unit of account. Western authorities have already done a lot to undermine said confidence by printing trillions of dollars in fiat money, allowing abnormally high inflation to spiral, freezing hundreds of billions of a sovereign country’s reserves, and so on. This may be just the beginning.

What if actual inflation becomes much worse than projected? What if the economic crisis is protracted? What if a new epidemic breaks out? What if the conflict in Ukraine spills into neighboring countries? All of these are feasible scenarios. Some are extreme, of course — but they are possible.

4. At least half of the top 50 cryptocurrencies will see their standing decline

There is a high probability that the list of top cryptocurrencies will radically change. Outright zombies such as Ethereum Classic (ETC) will be ousted from the list, and projects that now seem to hold unshakable positions will not only be de-throned but may also vanish altogether.

RELATED: 6 Questions for Lisa Fridman of Quadrata

Some stablecoins will surely sink. New ones will take their place. Cardano (ADA) will slide down the list to officially become a living corpse. The project is moving agonizingly slowly. Developers not only fail to see this as problematic but even seem to view it as a benefit.

5. The crypto market will fragment along geographic lines

Cryptocurrencies are global by default, but they are not invulnerable to the influence of individual states. The state always has an edge and an extra trick up its sleeve. A number of territories (the U.S., the European Union, China, India, Russia, etc.) have already introduced or are threatening to introduce strict regulation of cryptocurrencies.

The factor of international competition is superimposed onto internal state motivations. When Russia was heavily sanctioned, some crypto projects started restricting Russian users from accessing their services or even blocking their funds. This scenario may play out again in the future with respect to China.

RELATED: Is there a way for the crypto sector to avoid Bitcoin’s halving-related bear markets?

It is not difficult to imagine a future in which parts of the crypto market will work in favor of some countries while closing to others. We are living in such a future already, at least to some degree.

The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode