A widely followed cryptocurrency analyst and trader believes one type of crypto asset is about to implode. The analyst pseudonymously known as Credible Crypto tells his 391,500 followers on the social media platform X that memecoins could suddenly collapse in value. “Still a lot of salt in this space despite us being at new all-time […]
The post Analyst Warns One Crypto Asset Category About To Face a Reckoning, Maps Path Forward for Bitcoin and Hedera appeared first on The Daily Hodl.
A widely followed cryptocurrency analyst and trader is turning bullish on one Ethereum (ETH) layer-2 project. The analyst pseudonymously known as Credible Crypto tells his 379,100 followers on the social media platform X that Optimism (OP) is now in the midst of price discovery and could move much higher. Price discovery is a term used […]
The post Trader Says Altcoin That’s Near All-Time High Could ‘Accelerate Quickly,’ Updates Outlook on Hedera and Kaspa appeared first on The Daily Hodl.
Bitcoin is searching for stability in the $25,000 zone, meanwhile, HBAR, OP, INJ and RUNE price looked primed for further upside.
Trader sentiment has turned bearish following Bitcoin’s (BTC) 11% slump this week. Although Bitcoin is taking support near $25,000, several analysts are factoring in another leg down toward the crucial $20,000 level.
The weakness is not limited to the cryptocurrency markets alone. United States equities markets also witnessed a losing week. The S&P 500 Index fell 2.1% and the Nasdaq Composite dropped about 2.6%, both indices recording a three-week losing streak. This suggests that traders are in a risk-off mode in the near term.
The fall in Bitcoin dragged several altcoins lower, indicating a broad-based sell-off. However, amongst the sea of red, there are a few altcoins that have stood out either by bouncing off strong support levels or by continuing their up-move.
Let’s study the charts of the top-5 cryptocurrencies that may buck the negative trend and stay positive over the next few days.
Bitcoin has been range-bound between $24,800 and $31,000 for the past several days. After failing to sustain above the resistance, the price has dipped near the support of the range.
The fall of the past few days has pulled the relative strength index (RSI) into the oversold territory, indicating that a recovery may be around the corner. If the price rises from the current level, it could reach the 20-day exponential moving average ($28,309). The bears are likely to sell the rallies to this level.
If the price turns down from the 20-day EMA, the BTC/USDT pair may again drop to the crucial support at $24,800. If this support gives way, the pair may start a descent to $20,000.
On the upside, a break and close above the 20-day EMA will indicate that the pair may extend its stay inside the range for a few more days. The bulls will have to push and sustain the price above $31,000 to start a new up-move but that looks a little far-fetched at the moment.
Both moving averages are sloping down and the RSI is in the oversold territory on the 4-hour chart, indicating that bears are in command. If the price turns down from the 20-EMA, the pair may retest the support zone between $25,166 and $24,800.
Conversely, a break and close above the 20-EMA could signal that the bears may be losing their grip. That could start a rally to the 50% Fibonacci retracement level of $27,200 and then to the 61.8% retracement level of $27,680.
Hedera (HBAR) turned down from the overhead resistance at $0.078 on Aug. 15, indicating that bears are active at higher levels. However, a minor advantage in favor of the bulls is that the buyers purchased the dip to the 50-day SMA ($0.054).
Both moving averages are sloping up and the RSI is in the positive zone, indicating that the buyers have the upper hand. The bulls will again try to push the HBAR/USDT pair to the overhead resistance at $0.078. If this obstacle is surmounted, the pair may surge to $0.093 and eventually to $0.099.
Instead, if the price turns down and breaks below the 20-EMA, it will suggest that bears continue to sell on rallies. The pair could then retest the support at the uptrend line. A break below this level may open the gates for a decline to $0.045 and then $0.040.
The recovery is facing resistance near the overhead resistance at $0.070. This suggests that the bears have not given up and they continue to sell on rallies. The price has turned down to the moving averages, which is an important level to keep an eye on.
If the price turns up from the current level, it will suggest that the bulls are trying to flip the moving averages into support. Buyers will then make one more attempt to overcome the barrier at $0.070. If they do that, the rally may reach $0.075.
If the price plunges below the moving averages, the pair may collapse to the uptrend line, which is an important level for the bulls to defend.
Optimism (OP) broke below the moving averages but found support at the uptrend line. This suggests demand at lower levels.
The price has bounced off the uptrend line but is facing resistance at the 20-day EMA ($1.51). If the price does not break below the uptrend line, it will increase the likelihood of a rally above the 20-day EMA. If that happens, the OP/USDT pair may rise to the overhead resistance at $1.88.
Contrary to this assumption, if the price turns down and plummets below the uptrend line, it will suggest that bears have seized control. The pair may first fall to $1.21 and then to $1.09.
The 4-hour chart shows that the bears are trying to stall the recovery at the 50-SMA. If the price closes below the 20-EMA, the next stop is likely to be the uptrend line. A break below this support could indicate the start of a deeper fall.
Contrary to this assumption, if the price turns up from the current level and breaks above the 50-SMA, it will indicate the start of a relief rally to $1.61. If this level is crossed, the pair could reach $1.71.
Related: Ripple CTO clarifies on SEC appeal, highlights case complexity
Injective’s (INJ) price action of the past few days has formed a bullish ascending triangle pattern, indicating that buyers have a slight edge.
The bears pulled the price below the uptrend line of the triangle on Aug. 17, but the long tail on the candlestick shows solid buying at lower levels. The bulls pushed the price above the 20-day EMA ($7.73) on Aug. 18 and have successfully held the level since then. This suggests that the bulls are trying to flip the 20-day EMA into support.
A rise above the 50-day SMA ($8.16) could signal that the bulls are back in the driver’s seat. That could clear the path for a potential rally to $10. This positive view could invalidate in the near term if the price turns down and breaks below the uptrend line. The INJ/USDT pair may then slump to $5.40.
The 4-hour chart shows a strong bounce off the uptrend line, indicating that the bulls are fiercely protecting this level. The recovery is likely to face selling at the overhead resistance at $8.33.
If the price turns down from the current level or the overhead resistance but rebounds off the 20-EMA, it will indicate that bulls continue to buy on dips. That will enhance the prospects of a break above $8.33. If this resistance is cleared, the pair may rise to $8.83 and then to $9.50.
The first sign of weakness will be a break and close below the 50-SMA. That could sink the pair to the crucial level of the uptrend line. If this level cracks, the pair may tumble to $6.50.
While most altcoins are reeling under pressure, THORChain (RUNE) has been in an uptrend for the past few days.
The up-move is facing selling at the overhead resistance at $2 as seen from the long wick on the Aug. 19 candlestick. The sharp rally of the past few days has pushed the RSI into deeply overbought territory, indicating that a consolidation or a minor correction is possible.
If bulls do not give up much ground from the current level, it will increase the possibility of a break above $2. If that happens, the RUNE/USDT pair could start its march toward $2.30 and then $2.60.
Contrarily, if the price dips below $1.41, it will signal the start of a deeper correction to the 20-day EMA ($1.33).
Both moving averages on the 4-hour chart are sloping up and the RSI is in the overbought territory, indicating that bulls have the upper hand. If the price sustains above $1.80, the pair could retest the critical resistance at $2.
Contrarily, if the price skids below $1.80, a drop to the 20-EMA is possible. A strong bounce off this level will indicate that the sentiment remains positive and traders are buying on dips. That will increase the chances of a rally to $2.
If the price breaks below the 20-EMA, it will signal that traders are selling on rallies. That may sink the pair to the 50-SMA and then to $1.38.
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.
Santiment says crypto wallets with $10,000 to $100,000 worth of Cardano (ADA) just accumulated the largest amount of ADA in nearly a year. Data from the market analytics platform show that whales and sharks stocked up an additional $116.1 million in the Ethereum (ETH) competitor since May. Transaction volume on ADA also soared to over […]
The post Cardano (ADA) Sharks Accumulate to Highest Level Since September 2022, Says Analytics Firm Santiment appeared first on The Daily Hodl.
Bitcoin remains stuck in a tight range, but select altcoins such as SHIB, UNI, OKB and HBAR are attracting buyers.
Bitcoin (BTC) continued its boring price action over the weekend, indicating that the bulls and the bears are not waging large bets as they are uncertain about the next directional move. Nevertheless, traders should continue to keep a close watch because a period of consolidation is usually followed by an increase in volatility.
Although it is difficult to predict the direction of the breakout with certainty, some analysts point to the Bitcoin whales increasing their exposure as a positive sign. On-chain analyst Cole Garner believes the bull move could continue till September when the summer seasonality kicks in and the shakeout happens.
Bitcoin rose sharply in the first few months of the year but the major altcoins struggled to keep pace. That could change as the current consolidation in the largest cryptocurrency is giving an opportunity for select altcoins to play catch up.
What are the top-5 cryptocurrencies that are looking positive in the near term? Let’s study their charts to determine the resistance levels to keep an eye on.
Bitcoin formed an inside-day candlestick pattern on Aug. 5, indicating indecision among the bulls and the bears. The price is getting squeezed between the 20-day exponential moving average ($29,430) and the horizontal support at $28,861.
The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate that bears are at a slight advantage. Sellers will try to yank the price below the $28,861 to $28,585 support zone. If they can pull it off, the BTC/USDT pair could start a downward move to $26,000.
Conversely, if the price rebounds off the current level and breaks above the 50-day simple moving average ($29,840), it will suggest the start of a recovery to the overhead resistance zone between $31,804 and $32,400.
The 4-hour chart shows that the bulls have been defending the support at $28,861 but a negative sign is that they haven’t been able to achieve a strong rebound off it. This suggests that demand dries up at higher levels.
The 20-EMA is turning down gradually and the RSI is just below the midpoint, suggesting that the bears have a minor advantage. The sellers will have to sink and sustain the price below $28,861 to resume the short-term down move.
If bulls want to start a recovery, they will have to drive and sustain the price above the moving averages. If they do that, the pair could climb to the stiff overhead resistance at $30,000. A break and close above this level could open the doors for a further rally to $31,000.
Shiba Inu (SHIB) broke and closed above the overhead resistance of $0.0000085 on Aug. 4, indicating that the bulls are trying to start a new uptrend.
The bullish momentum picked up further on Aug. 5 and the SHIB/USDT pair soared to $0.000010. This move sent the RSI into the overbought territory, indicating that a minor correction or consolidation is possible.
If the bulls do not give up much ground from the current levels, it will signal that traders are holding on to their positions as they anticipate another leg higher. If the price breaks above $0.000010, the pair may surge to $0.000012 and then to $0.000014.
The 4-hour chart shows that the bulls are trying to arrest the decline at the 20-EMA. If the price rebounds off the current level with strength, the bulls will again try to push the price to $0.000010. A break above this level could signal the resumption of the up-move.
Instead, if the price continues lower and breaks below the 20-EMA, it will suggest that traders are aggressively booking profits. A break below the 61.8% Fibonacci retracement level of $0.000009 could open the doors for a potential fall to $0.0000085.
Uniswap (UNI) has been in a correction for the past few days but a positive sign is that the bulls are trying to arrest the decline near the 20-day EMA ($6.04).
If the price rebounds off the current level with strength, it will suggest that the sentiment remains positive and the traders are using the dips to buy. The UNI/USDT pair could first rise to $6.70 and if this level is crossed, the next target could be $7.50.
Another possibility is that the price sustains below the 20-day EMA. If that happens, it will suggest that the up-move has ended. The pair could then descend to the 50-day SMA ($5.58) where buying may emerge.
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
The 20-EMA has turned down and the RSI is in the negative territory, indicating that the bears have the upper hand. If the price continues lower and breaks below $5.93, the correction may resume. The next support on the downside is $5.66.
Contrarily, if bulls propel the price above the 20-EMA, it will suggest that the bears are losing their grip. The pair may first rise to the 50-SMA and if this level is taken out, the up-move may reach $6.70.
Related: XRP price disappoints after court ruling, Deaton remains optimistic
OKB (OKB) has been gradually falling inside a large range between $38 and $59 for the past several weeks. The bulls pushed the price above the downtrend line on Aug. 4, indicating that the short-term downtrend may be ending.
The 20-day EMA ($43) has started to turn up and the RSI is in the positive territory, indicating that the bulls have the upper hand. Buyers will try to propel the price to $48 and subsequently to $50. This level may act as a major hurdle but if crossed, the pair could quickly jump up to $54.
Contrary to this assumption, a slide below the downtrend line will indicate that the attempt to start an up-move fizzled out. The bears will gain further strength if they sink the OKB/USDT pair below the moving averages. The pair could then slump to $41.
The 4-hour chart shows that the bears tried to tug the price back below the downtrend line but the bulls successfully held the level. This suggests that the buyers have flipped the downtrend line into support. The pair could first rise to $46 and if this obstacle is overcome, the next target could be $48.
The 20-EMA is an important support to watch out for. If the price plunges below the 20-EMA and the downtrend line, it will suggest that bears are back in command. The pair may then tumble to $42.
Hedera (HBAR) broke above the overhead resistance of $0.055 on Aug. 6, indicating that bulls are attempting a comeback.
If buyers sustain the price above $0.055, it will signal the start of a new up-move. There is a minor resistance at $0.062 but if this level is crossed, the HBAR/USDT pair could pick up momentum. The pair could first rise to $0.065 and thereafter attempt a rally to $0.075.
The important level to watch on the downside is $0.055. If bulls flip this level into support, it will indicate a change in sentiment from selling on rallies to buying on dips.
This positive view will invalidate in the near term if the price turns down and plummets below the 50-day SMA ($0.05). That could sink the pair to $0.045.
The 4-hour chart shows that the bulls pushed the price above the overhead resistance of $0.055. This completed a bullish ascending triangle pattern, which has a target objective of $0.07.
The sharp rally has pushed the RSI into deeply overbought territory, indicating that a minor correction or consolidation is possible. On the downside, $0.055 is the critical level to keep an eye on.
If bears want to prevent this up-move, they will have to yank the price below the breakout level of $0.05. The pair could then plunge to $0.045.
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.
Users can view account balances through a Network Explorer or programmatically retrieve them via the mirror node REST API, which the plugin will utilize.
A convergence of blockchain and artificial intelligence (AI) has occurred between ChatGPT and HBAR, the native cryptocurrency of Hedera Hashgraph. By capitalizing on the decentralized characteristics of blockchain networks, ChatGPT can establish secure interactions with the Hedera network, accessing its services like the Hedera Consensus Service (HCS), Hedera Token Service (HTS) and Smart Contract Service.
On Twitter, developer Ed Marquez provided instructions on creating the plugin, focusing on token balances of Hedera accounts. According to him, users can view account balances through a Network Explorer or programmatically retrieve them via the mirror node REST API, which the plugin will utilize. It's important to note that HBAR information is returned in tinybars (tℏ), where 100,000,000 tℏ represents 1 ℏ.
Accounts in Hedera are entities stored in the ledger that hold tokens, including HBAR, fungible tokens, and NFTs created on Hedera.
Any #ChatGPT users and enthusiasts in the house? ♂️
— Ed (@ed__marquez) June 23, 2023
Here’s a step-by-step guide on how to create a #ChatGPT #plugin that interacts with @hedera
This will be useful for those who want to tap into the power of #AI with #blockchain ⛓
Happy codinghttps://t.co/yhdWqSkG24
Through the utilization of a plugin, the integration of ChatGPT with the Hedera network allows for the retrieval of HBAR and token balances from Hedera accounts. This integration streamlines the interaction between ChatGPT and the blockchain, simplifying asset monitoring and management for users.
After the development of the plugin and the successful operation of the API, it becomes possible to install the plugin within the ChatGPT UI. By installing and enabling the plugin, users can interact with ChatGPT to inquire about HBAR and token balances associated with Hedera accounts. The plugin will then send requests to the Hedera mirror node API to retrieve the necessary information.
Related: 100K ChatGPT logins have been leaked on dark web, cybersecurity firm warns
By utilizing blockchain technology, the origin and integrity of AI-generated content can be verified, ensuring greater reliability and trustworthiness. Users can engage in microtransactions, access premium content, and participate in tokenized economies without worrying about high fees or delays.
It also opens the door to the development of decentralized applications (dApps). These dApps can leverage the strengths of both technologies, creating decentralized marketplaces, collaborative platforms and rewarding user contributions.
Magazine: 25K traders bet on ChatGPT’s stock picks, AI sucks at dice throws, and more
If Bitcoin price breaks above $30,000, several altcoins such as SOL, ATOM, ICP and HBAR are well-positioned for a rally of their own.
Risky assets marginally extend their up-move in April. The S&P 500 Index rose around 1.5% in April while Bitcoin (BTC) is on track to end the month with gains of more than 4%. Could the rally continue in May or is it time for a pullback?
The recovery could face headwinds if the United States banking woes escalate further. JPMorgan Asset Management chief investment officer Bob Michele said in an interview with Bloomberg that the turmoil at First Republic Bank is unlikely to be limited to the bank only, and could cause a domino effect.
If that happens, then the U.S. equity markets may witness a correction. However, it is difficult to predict how Bitcoin will react to such a crisis because, in the past few days, BTC price rose while legacy banking troubles deepened. But in case of a major upheaval in the U.S. banking sector, it is possible that Bitcoin will also face a correction sooner or later.
In the near term, Bitcoin and select altcoins are showing strength. Let’s study the charts of five cryptocurrencies that may outperform over the next few days.
After two days of low volatile trading in Bitcoin, the bulls are trying to assert their supremacy on April 30.
The 20-day exponential moving average ($28,783) has started to turn up gradually and the relative strength index (RSI) is in the positive zone, indicating that the path of least resistance is to the upside.
If bulls kick Bitcoin's price above $30,000, the BTC/USDT pair may climb to the overhead resistance zone of $31,000 to $32,400. Buyers may face formidable resistance at this zone but if it is crossed, the pair can soar toward $40,000.
The 50-day simple moving average ($28,026) is the important support to keep an eye on. If BTC price collapses below this level, the bears will sense an opportunity and try to sink the pair to $25,250.
The bears tried to yank the pair below the 20-EMA but the bulls held their ground. This may have attracted further buying and the bulls will next try to drive the price above $30,000. If they succeed, Bitcoin can rise to $30,500, or even $31,000.
Conversely, if the price turns down and breaks below the 20-EMA, it will suggest that bears are selling near overhead resistance levels. The pair may then slip to the 50-SMA.
The bulls will try to protect this level but if bears overpower them, the next stop is likely to be $27,000. Buyers are likely to defend the zone between $27,000 and $25,250 with all their might.
The bulls did not allow Solana (SOL) to break back below the downtrend line during the most recent leg of the correction, indicating demand at lower levels.
Buyers will next try to propel the price to the overhead resistance at $27.12. This remains the key resistance to watch for in the near term because if bulls catapult the price above it, the SOL/USDT pair may accelerate toward $39.
This bullish view could invalidate in the near term if the price turns down and breaks below the moving averages. The pair could then plummet to the crucial support at $18.70. If the price rebounds off this level, it will signal that the pair may oscillate inside the large range between $18.70 and $27.12 for some time.
The moving averages on the 4-hour chart have started to turn up and the RSI is in the positive territory, indicating that buyers are in control. The bears are trying to stall the recovery at $24 but if bulls overcome this barrier, the pair may pick up momentum and rally toward $25.50.
If the bears want to prevent the rally, they will have to quickly tug the price back below the 20-EMA. The 50-SMA will be the support level to watch here if price begins to slide.
The long tail on Cosmos’ (ATOM) April 26 candlestick shows that the bulls are fiercely defending the support at $10.20.
Buyers have pushed the price above the moving averages and will try to reach the downtrend line. This is an important level to keep an eye on because a break and close above it will open the doors for a potential rally to $13.50 and then to $15.50.
On the other hand, if the ATOM/USDT pair reverses direction from the downtrend line, it will suggest that bears are trying to form a descending triangle pattern. A decline below the moving averages will open the doors for a possible retest of $10.20.
The 20-EMA on the 4-hour chart has turned up and the RSI is near the overbought zone, indicating that bulls are in control. There is a minor hurdle at $12.13 but that is likely to be crossed. ATOM price may then rise to test the downtrend line.
Instead, if the price turns down from $12.13, the bears will again try to sink the pair below the 20-EMA. If they manage to do that, it will suggest that the buyers may be losing their grip. The pair then risks a slide to the 50-SMA.
Related: ‘Good luck bears’ — Bitcoin traders closely watch April close with BTC price at $29K
Internet Computer (ICP) slipped below the 50-day SMA ($5.38) on April 26 but that proved to be a bear trap. The price turned up on April 27 and started a strong recovery.
The 20-day EMA ($5.74) has started to turn up and the RSI has jumped into positive territory, indicating that bulls have a slight edge. If the price does not give up much ground from the current level or rebounds off the 20-day EMA, it will suggest that the bulls are buying the dips.
That will enhance the prospects of a rally to the downtrend line where the bears will again mount a strong defense. On the downside, a break below the 50-day SMA will tilt the advantage in favor of the bears.
The 4-hour chart shows that the ICP/USDT pair is in a corrective phase. The first support is at the 20-EMA, which is close to the 38.2% Fibonacci retracement level of $6.14. If the price bounces off this support, the pair may rally to $7.23 and eventually to $7.70.
Contrary to this assumption, if the price continues lower and breaks below the 20-EMA, it will suggest that the short-term bulls may be booking profits. That could pull the price to the 50-SMA, which is near the 61.8% retracement level of $5.72.
The bears repeatedly tried to sink Hedera (HBAR) below $0.06 but the bulls held their ground. The failure to break the support attracted buyers who will try to push the price above the downtrend line.
The 20-day EMA ($0.06) is flattening out and the RSI has climbed above the midpoint, indicating that the selling pressure is reducing. If buyers thrust the price above the resistance line, the bullish momentum may pick up and the HBAR/USDT pair could rally to the overhead resistance at $0.08.
Contrarily, if the price turns down from the current level or the resistance line, it will suggest that the bears remain active at higher levels. That increases the possibility of a break below $0.06.
The 4-hour chart shows that the bulls flipped the moving averages into support and have launched an up-move that is likely to reach the resistance line. This level is expected to act as a strong resistance but on the way down, if the pair rebounds off the 20-EMA, it will suggest a change in sentiment from selling on rallies to buying on dips.
The pair may then break above the resistance line and start its journey to $0.07 and subsequently to $0.08. If the bears want to gain the upper hand, they will have to quickly pull HBAR price below 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.
A popular crypto trader says an epic altcoin season is likely to arrive this year which will probably send Dogecoin (DOGE) much higher. The pseudonymous analyst known as Credible Crypto tells his 339,900 Twitter followers that he believes Bitcoin (BTC) will hit a new all-time high (ATH) in 2023, before altcoins enter their own euphoric […]
The post Mother of All Altcoin Seasons Almost Upon Us, With Dogecoin (DOGE) To Play its Part, Says Popular Trader appeared first on The Daily Hodl.
