Top Crypto Analyst Predicts ‘Easy 100%’ Rally for AI-Focused Altcoin, Updates Outlook on Chainlink

November 3, 2023 The Daily Hodl

Price analysis 11/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

November 1, 2023 Coin Telegraph

Bitcoin is struggling to clear the hurdle at $35,000, signaling the possibility of a short-term pullback.

Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward?

Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.

*Daily cryptocurrency market performance. Source:* *Coin360*

While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.

Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls tried to propel Bitcoin above $35,280 on Nov. 1 but the bears did not relent. This suggests profit-booking at higher levels.

*BTC/USDT daily chart. Source:* *TradingView*

The relative strength index (RSI) is still in the overbought zone, indicating that the consolidation may extend for a few more days. The important level to watch on the upside is $35,280 and on the downside is $33,390.

If the price breaks below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough battle between the bulls and the bears.

On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend. The pair may then climb to $40,000.

Ether price analysis

Ether (ETH) has been holding above the breakout level of $1,746 but the bulls are struggling to start the next leg of the uptrend. This suggests that the bears are trying to get back in the game.

*ETH/USDT daily chart. Source:* *TradingView*

The crucial level to watch on the downside is $1,746. If bulls flip this level into support, it will indicate that the sentiment has turned positive. That will enhance the prospects of a break above $1,865. The ETH/USDT pair may then surge to $2,000. The bears are expected to mount a strong defense at this level.

If bears want to gain the upper hand, they will have to tug the price back below the 20-day EMA ($1,723). That may catch the aggressive bulls on the wrong foot, leading to long liquidation. The pair may then slump to the 50-day SMA ($1,648).

BNB price analysis

The bulls are finding it difficult to maintain BNB (BNB) above $230, indicating that buying dries up at higher levels.

*BNB/USDT daily chart. Source:* *TradingView*

The BNB/USDT pair has turned down and reached the breakout level of $223. Buyers are likely to defend the zone between $223 and the 20-day EMA ($220). If the price rebounds off this zone, the bulls will again attempt to kick the pair toward the overhead resistance of $235.

On the contrary, if the price continues lower and breaks below the 20-day EMA, it will suggest that the bears are back in control. The pair may then tumble to the 50-day SMA ($214).

XRP price analysis

XRP (XRP) broke and closed above the overhead resistance of $0.56 on Oct. 30. This indicates the start of a new up-move.

*XRP/USDT daily chart. Source:* *TradingView*

The 20-day EMA ($0.54) has turned up and the RSI is in the overbought zone, indicating that the bulls have a slight edge. Buyers will try to build upon the advantage and push the price to $0.67.

Conversely, the bears will try to pull the price back below the breakout level of $0.56 and the 20-day EMA. If they manage to do that, the XRP/USDT pair may fall to the 50-day SMA ($0.52).

Solana price analysis

Solana (SOL) has been in a strong recovery. After hesitating for a few days near $34, the bulls asserted their supremacy and rose above the resistance on Oct. 30.

*SOL/USDT daily chart. Source:* *TradingView*

The buying continued and the bulls overcame the obstacle at the overhead resistance at $38.79 on Nov. 1. If buyers maintain the price above $38.79, the SOL/USDT pair could next attempt a rally to $48.

While the trend remains up, the overbought levels on the RSI suggest that the rally is overheated in the near term. That may make it difficult for the bulls to continue the up-move. A break and close below $38.79 may tempt short-term traders to book profits. That may sink the pair to $34.

Cardano price analysis

Cardano (ADA) turned down from the minor resistance at $0.30 on Oct. 31, indicating that the short-term traders are booking profits.

*ADA/USDT daily chart. Source:* *TradingView*

The nearby support on the downside is the 20-day EMA ($0.28). Buyers are expected to defend this level with vigor. If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying at lower levels. The ADA/USDT pair may then once again reach $0.30.

This view will be invalidated if the price continues lower and plummets below the 20-day EMA. Such a move will suggest that the pair may oscillate between $0.24 and $0.30 for a while longer.

Dogecoin price analysis

The bulls have been struggling to sustain Dogecoin (DOGE) above the $0.07 resistance, suggesting that higher levels are attracting sellers.

*DOGE/USDT daily chart. Source:* *TradingView*

The bulls bought the dip to the 20-day EMA ($0.06) on Oct. 31 as seen from the long tail on the candlestick but they could not build upon this strength. Sellers are again trying to yank the price back below the 20-day EMA. If they succeed, it will suggest that bulls are losing their grip. The DOGE/USDT pair may then slump toward $0.06.

Alternatively, if the price once again rebounds off the 20-day EMA with strength, it will suggest that bulls are buying on dips. The bulls will then again try to clear the overhead hurdle at $0.07 and start the up-move to $0.08.

Toncoin price analysis

Toncoin (TON) has formed a range between $1.89 and $2.31 for the past few days. The price turned down from $2.27 on Oct. 31 indicating that the bears continue to sell near the resistance.

*TON/USDT daily chart. Source:* *TradingView*

The TON/USDT pair has slipped to the immediate support at the moving averages. If the price rebounds off this level with force, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. That will improve the prospects of a rally above the overhead resistance at $2.31. The pair may then surge to $2.59.

Contrarily, if the price continues lower and breaks below the moving averages, it will suggest that the range-bound action may continue for a few more days.

Chainlink price analysis

The bulls have been attempting to propel and sustain Chainlink (LINK) above the overhead resistance at $11.50 but the long wick on the candlesticks shows that the bears are active at higher levels.

*LINK/USDT daily chart. Source:* *TradingView*

The drop on Nov. 1, indicates that the bears are trying to pull the price to the 20-day EMA ($9.80), which is an important level to watch out for. If the price rebounds off this level, the bulls will again try to push the LINK/USDT pair above $11.50. If they do that, the pair may rise to $13.50 and then to $15.

On the other hand, sellers will be back in the driver’s seat if they sink and sustain the price below $9.50. That may open the doors for a further fall to the 50-day SMA ($8.06).

Polygon price analysis

Buyers tried to propel Polygon (MATIC) above the overhead resistance of $0.66 on Oct. 31 but the bears held their ground.

*MATIC/USDT daily chart. Source:* *TradingView*

This suggests that the MATIC/USDT pair could consolidate in a tight range between $0.60 and $0.66 for some time. The rising moving averages and the RSI in the positive territory indicate advantage to the bulls.

If buyers shove the price above $0.66, the pair could start the next leg of the relief rally toward $0.77. However, the bears are likely to have other plans. They will try to sink the price back below $0.60 and trap the aggressive bulls.

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.

Here’s What’s Next for Solana (SOL), Chainlink (LINK) and One Additional Altcoin, According to Crypto Strategist

October 30, 2023 The Daily Hodl

Crypto Analyst Issues Altcoin Alert, Warns Alts Could ‘Fizzle Out’ if Bitcoin (BTC) Does This

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Price analysis 10/25: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

October 25, 2023 Coin Telegraph

Binance Coin

Bitcoin’s break above $32,400 points to the continuation of the bull move, but will traders be able to sustain the current momentum?

Bitcoin (BTC) easily soared above the $31,000 to $32,400 resistance zone on Oct. 23, which came as a suprise to many market participants. Usually, the price tends to consolidate or hesitate near stiff overhead resistance levels but that was not the case this time around.

Market participants are bullish as they anticipate a Bitcoin spot exchange-traded fund to receive approval sooner rather than later. Bloomberg ETF analyst Eric Balchunas said in a post on X (formerly Twitter) on Oct. 23 that the listing of BlackRock’s spot Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) was “all part of the process” of bringing the ETF to market. He added that it was “hard not to view this as them getting signal that approval is certain/imminent.” However, a DTCC spokesperson later said that the listing of the said ETF has been there since August and it being there does not signal any regulatory approval.

The rush to buy Bitcoin before the consent for a spot Bitcoin ETF is received is because analysts expect the prices to surge after the green light is received. Galaxy Digital research associate Charles Yu said in a blog post that Bitcoin’s price may rally by 74.1% in the first year after an ETF is launched in the United States.

Is the recent rally in Bitcoin the beginning of a sustained strong up-move, or is it time to book profits? How will altcoins behave as Bitcoin price shows strength?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin skyrocketed above the stiff overhead barrier of $31,000 to $32,400 on Oct. 23. This indicates the resumption of the uptrend.

The sharp rally of the past few days has sent the relative strength index (RSI) deep into the overbought territory. Sometimes, in the initial stages of a new bull move, the RSI tends to stay in the overbought zone for a long time.

The important support to watch on the downside is $32,400 and then $31,000. Buyers are expected to defend this zone with vigor. If the price turns up from this support zone, the bulls will attempt to drive the BTC/USDT pair to $40,000.

Conversely, a fall below $31,000 will indicate that the recent breakout may have been a bull trap.

Ether price analysis

Ether’s (ETH) range resolved to the upside with a break above $1,746 on Oct. 23, indicating a potential start of a change in trend.

The bulls tried to stretch the rally on Oct. 24 but the long wick on the candlestick shows strong selling at higher levels. The important level to watch on the downside is $1,746. If bulls hold this level during the retest, the ETH/USDT pair may jump above $1,855. That could open the doors for a rally to $1,900 and then to $2,000.

The bears are likely to have other plans. They will try to drag the price back below $1,746 and trap the aggressive bulls. The pair may then slump to the 20-day EMA ($1,648). Such a move will suggest that the pair may extend its consolidation for some more time.

BNB price analysis

BNB (BNB) rallied above the immediate resistance of $223 on Oct. 23 but the bulls could not maintain the momentum and clear the hurdle at $235.

Sellers are trying to pull the price back below $223. If they manage to do that, it will suggest that the BNB/USDT pair may swing between $203 and $235 for a while longer.

The 20-day EMA ($215) has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price turns up from $223, it will suggest that the bulls are buying on dips. That will improve the prospects of a rally above $235. The pair may then start a rally to $250 and eventually to $265.

XRP price analysis

XRP (XRP) has been oscillating inside the large range between $0.41 and $0.56 for the past several months. The bulls pushed the price above the resistance of the range on Oct. 24 but the long wick on the candlestick shows that the bears are trying to guard the level.

In a range, traders generally sell near the overhead resistance and that is what is seen in the XRP/USDT pair. If the price reaches the moving averages, it will suggest that the pair may remain inside the $0.56 to $0.46 range for a few more days.

Instead, if the price turns up from the current level and breaks above $0.56, it will indicate the start of a new up-move. The pair may first rise to $0.66 and thereafter attempt a rally to $0.71.

Solana price analysis

Solana (SOL) reached the pattern target of $32.81 on Oct. 23 where traders may have booked profits. That started a correction on Oct. 24 which was short-lived.

This suggests that the sentiment remains bullish and every minor dip is being purchased. Buyers pushed the price above $32.81 on Oct. 25, indicating the start of the next leg of the uptrend. The SOL/USDT pair may next skyrocket to $38.79.

The RSI remains in the overbought territory, indicating that the pair is at risk of witnessing a minor correction or consolidation in the near term. If the price slips below $29.50, the pair may tumble to $27.12. This level is likely to witness strong buying by the bulls.

Cardano price analysis

Cardano (ADA) jumped above the $0.28 resistance on Oct. 24 but the long wick on the candlestick shows that the bears are selling at higher levels.

The ADA/USDT pair is likely to witness a tough battle near the $0.28 mark. If the price slips and sustains below this level, it will indicate that the markets have rejected the breakout. That could keep the pair inside the $0.24 to $0.28 range for some more time.

On the contrary, if the price rebounds off $0.28 and rises above $0.30, it will suggest that the bulls have flipped the level into support. That could start a new up-move toward $0.32. If this level is taken out, the pair may start its march toward $0.38.

Dogecoin price analysis

Dogecoin’s (DOGE) rally met with heavy selling at $0.07 on Oct. 24 as seen from the long wick on the day’s candlestick.

The DOGE/USDT pair may enter a period of correction or consolidation in the near term. During that time, if the pair does not give up much ground, it will suggest that the bulls are not closing their positions in a hurry. That will enhance the prospects of a break above $0.07. The pair may then surge to $0.08.

The bullish crossover on the moving averages and the RSI in the overbought territory shows that bulls are in command. This advantage will tilt in favor of the bears if they drag the price below $0.06.

Toncoin price analysis

Toncoin (TON) turned down from $2.26 on Oct. 24, indicating that the bears are defending the resistance at $2.31.

The first support on the downside is at the moving averages. If the price rebounds off this level, it will suggest that the sentiment is positive and traders are buying the dips. That will increase the likelihood of a break above $2.31. If that happens, the TON/USDT pair could retest the formidable resistance at $2.59.

Contrarily, if the price turns down and breaks below the moving averages, it will suggest that the pair may consolidate between $1.89 and $2.31 for some time. The bears will be back in the driver’s seat if they sink the price below $1.89.

Chainlink price analysis

Chainlink (LINK) broke out of a multi-month consolidation on Oct. 22 when buyers drove the price above the overhead resistance of $9.50.

Sellers tried to tug the price back below the breakout level of $9.50 on Oct. 24 but the long tail on the candlestick shows aggressive buying at lower levels. The buying resumed on Oct. 25 and the LINK/USDT pair has continued its journey higher. The pattern target of the breakout from $9.50 is $13.50 but if this level is crossed, the pair may reach $15.

If bears want to prevent the upside, they will have to pull the price back below $9.50. The overbought levels on the RSI alert traders that a minor correction or consolidation is possible in the near term.

Polygon price analysis

Polygon (MATIC) surged above the $0.60 resistance on Oct. 22, indicating accumulation at lower levels.

The 20-day EMA ($0.56) has started to turn up and the RSI is in the overbought territory, signaling a potential trend change. If buyers maintain the price above $0.60, it will suggest the start of a new up-move. The MATIC/USDT pair could rise to $0.70 and then to $0.80.

The important level to watch on the downside is $0.60. A break below this level will suggest that the rally above $0.60 may have been a fake-out. That could trap the aggressive bulls, resulting in a drop to the moving averages.

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.

Top Memecoin Dogecoin (DOGE) Looks Ready To Start a New Uptrend, According to Crypto Trader

October 25, 2023 The Daily Hodl

Vodafone, Sumitomo team up with Chainlink to explore trade documents network

October 24, 2023 Coin Telegraph

Chainlink

Vodafone’s Digital Asset Broker platform and Sumitomo have been working together since May on this proof-of-concept.

Vodafone Digital Asset Broker (DAB) has joined the Chainlink network as a node operator after completing a proof-of-concept with Japanese trading and investment company Sumitomo for exchanging trade documents across platforms. The companies hope to improve document transfer and processing of financial transactions in the $32-trillion global trade ecosystem, Vodafone said.

The proof-of-concept used oracle network Chainlink’s Cross-Chain Interoperability Protocol (CCIP). DAB “provide[d] security and interoperability across IoT devices at the edge of a network.” The proof-of-concept showed the potential of Vodafone Internet-of-Things devices and blockchains to provide data for use in contracts and AI applications. Potentially, a single interface could be created to transfer data and tokens, the company said:

“For example, a vessel detecting a cargo fire could autonomously relay data to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance process.”

Trade documents are a particular challenge because they may exist on paper or on digital platforms with low interoperability and need to change hands repeatedly.

International telecommunications company Vodafone launched DAB in February 2022 and first used it with Mastercard in a trial in the United Kingdom of an app to help electric vehicle drivers find and pay for the best charging options.

Vodafone teamed up with Sumitomo in May. The companies formed a new entity, in which Vodafone held 80%. Vodafone transferred DAB, as well as intellectual property, contracts, technology and software, into the new business. The two companies also invested jointly in Safaricom Ethiopia.

.@VodafoneBiz, a leading telecommunications firm in Europe and Africa, collaborated with @chainlinklabs on using CCIP for global trade and has officially become a #Chainlink node operator

Connecting the world to blockchains pic.twitter.com/MKDtnLGSSS
— ChainLinkGod.eth (@ChainLinkGod) October 24, 2023

Vodafone DAB partnered with enterprise blockchain Aventus in August intending to improve the supply chain in aviation.

CCIP launched on Ethereum’s Arbitrum One layer-2 in September to increase scaling. It also worked with Australia and New Zealand Banking Group (ANZ) to test an Australian dollar stablecoin the same month.

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Analyst Calls Chainlink the ‘Easiest Trade’ Following Big Breakout, Updates Outlook on Bitcoin and Solana

October 24, 2023 The Daily Hodl

Chainlink

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Solana price analysis

Cardano price analysis

Dogecoin price analysis

Toncoin price analysis

Chainlink price analysis

Polygon price analysis

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Solana price analysis

Cardano price analysis

Dogecoin price analysis

Toncoin price analysis

Chainlink price analysis

Polygon price analysis

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