New York state’s financial regulator just rescinded its approval on most of the digital assets it had previously made easy for crypto firms to do business with. The New York State Department of Financial Service (DFS) previously had 24 assets on their “Greenlist” of coins. The agency says virtual currency (VC) entities can list or […]
The post New York Strikes Out Dogecoin, XRP, Litecoin, Chainlink and Other Crypto Assets From ‘Greenlisted Coins’ appeared first on The Daily Hodl.
A widely followed crypto analyst is sharing what he calls a “cheatsheet” for reading Bitcoin (BTC) price movements as the next halving approaches. Pseudonymous trader Rekt Capital shares a graph with his 351,800 followers on the social media platform X that suggests BTC’s current prices are within the expected pre-halving range. “The Bitcoin Halving Cheatsheet.” […]
The post Crypto Trader Shares Bitcoin Halving ‘Cheatsheet’, Breaks Down the Latest Litecoin Price Action appeared first on The Daily Hodl.
Hundreds of millions of dollars worth of crypto assets have been liquidated during the last day as the king crypto dips below the $26,000 level. New data from market intelligence firm Coinglass reveals the extent of the liquidations, the majority of them coming from crypto exchange platforms such as OKX, Binance, and ByBit, which saw […]
The post Over $127,000,000 in Crypto Assets Liquidated in the Past 24 Hours As Bitcoin Plummets Below $26,000 appeared first on The Daily Hodl.
Market intelligence platform IntoTheBlock says that new data shows Bitcoin (BTC) is primed for a sudden breakout. IntoTheBlock says Bitcoin could easily retest the key psychological $30,000 level following a bullish event. The firm’s thesis is based on the amount of buyers of Bitcoin at the price range between $27,345 and $30,000. “Bitcoin is back […]
The post Bitcoin Could Breakout if Bullish Momentum Is Strong Enough, Says Crypto Analytics Firm – But There’s a Catch appeared first on The Daily Hodl.
New data from crypto analytics firm Santiment reveals that the supply of Bitcoin (BTC) on crypto exchanges is at its lowest point in over half a decade. According to the market intelligence firm, only 5.8% of the crypto king’s overall supply is currently sitting on crypto exchange platforms, the lowest level since December 2017. Santiment […]
The post Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment appeared first on The Daily Hodl.
Top crypto analyst Benjamin Cowen is warning that one Ethereum (ETH) rival could plummet like Cardano (ADA) did last cycle. Cowen tells his 754,600 followers on social media platform X that Solana (SOL) is at risk of losing key support levels that could send it down to $10, a more than 50% decline from its […]
The post Benjamin Cowen Says One Ethereum Rival Could Crash by +50%, Updates Outlook on Bitcoin and Litecoin appeared first on The Daily Hodl.
Blockchain analytics platform Santiment says that deep-pocketed investors are pushing XRP toward price recovery after the broader crypto market dipped last week. New data indicates whales went on a recent accumulation spree, helping drive up XRP’s price, according to the analytics firm. “XRP Network is starting to see some mild recovery signs, and today’s +4% […]
The post XRP Whales Supporting Price Recovery As Accumulation Spree Accelerates: Santiment appeared first on The Daily Hodl.
Markets continue to slump, giving advantage to the bears and hinting at a trend change to the downside.
Bitcoin continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in its latest market update that Bitcoin (BTC) may remain quiet for a few more weeks before making its move in September.
Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by the fourth quarter of 2024 and a new cycle peak by Q4 2025.
Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term, but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after the halving to price in the effects.
Will Bitcoin and the major altcoins remain range-bound in the near term, or is a breakout on the horizon? What are the important levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin rose above the 20-day exponential moving average EMA of $29,383 on Aug. 14, but the long wick on the candlestick shows selling at higher levels.
The BTC/USDT pair remains below the 20-day EMA, and the relative strength index (RSI) is in the negative territory. This suggests a minor advantage to the bears. The pair could slide to the important support at $28,585.
If the price rebounds off this level with strength and rises above the 20-day EMA, it will signal that the pair may continue to oscillate between $28,585 and $30,350 for some more time.
The bears will come out on top if they sink and sustain the price below $28,585. That could start a decline toward $26,000.
The failure to propel Ether (ETH) above the 20-day EMA ($1,847) in the past few days may have attracted selling. That has pulled the price to the critical short-term support at $1,816.
The 20-day EMA has started to turn down gradually, and the RSI is in negative territory. This suggests that bears have the upper hand. If the price skids and sustains below $1,816, the selling could intensify further and the ETH/USDT pair may drop to $1,700.
Time is running out for the bulls. If they want to salvage the situation, they will have to quickly drive the price above the 50-day simple moving average (SMA) of $1,875. If they do that, the pair may start its journey toward $1,930 and then $2,000.
BNB (BNB) turned down and plunged below the support line of the symmetrical triangle pattern on Aug. 15. This shows that the uncertainty between the bulls and the bears resolved to the downside.
If the price sustains below the triangle, the BNB/USDT pair could drop to the vital support at $220. This level is likely to attract aggressive buying by the bulls. If the price rebounds off this level and rises above the moving averages, it will indicate that the pair may continue to swing between $265 and $220 for a while longer.
Alternatively, if the price continues lower and breaks below the $220 support, it will indicate the resumption of the downtrend. The pair may then slump to the pattern target of $196.
XRP (XRP) broke and closed below the 50-day SMA ($0.62) on Aug. 15, signaling that the bears remain in control.
The XRP/USDT pair could descend to the breakout level of $0.56. This remains the key level for the bulls to defend because if this support gives way, the selling could pick up and the pair may dive to $0.45.
Contrarily, if the price rebounds off $0.56, it will suggest that the bulls are trying to flip the level into support. Buyers will have to overcome the barrier at the moving averages to start a stronger recovery to $0.74.
The bears yanked Dogecoin (DOGE) below the support line of the ascending channel pattern on Aug. 15, which tilted the advantage in favor of the bears.
The bulls are likely to guard the breakout level of $0.07. If the price rebounds off this level, the DOGE/USDT pair may climb to the 20-day EMA ($0.07) and later to the downtrend line. If the price turns down from this resistance, it will increase the likelihood of a drop below $0.07. If that happens, the pair could nosedive to $0.06.
If bulls want to prevent a collapse, they will have to quickly push the price back above the downtrend line. If they succeed, the pair may rally to $0.08.
Cardano (ADA) continues to fall inside a descending channel pattern. This shows that the bears remain firmly in the driver’s seat.
The ADA/USDT pair has reached the support line of the channel. If this support gives way, the pair could tumble to $0.26 and subsequently to $0.24. The bulls are expected to guard this level with all their might because if this support crumbles, the pair could resume the downtrend.
This negative view will be invalidated in the near term if the price turns up from the current level and rises above the channel. That may open the doors for a relief rally to $0.34.
Solana (SOL) turned down and slipped below the 20-day EMA ($23.99) on Aug. 15. The bears are trying to build upon this by sustaining the price below the 50-day SMA ($23.20).
The SOL/USDT pair could skid to the vital support at $22.30. If the price bounces off this level, the pair may face strong selling at the moving averages. If the price turns down from the moving averages, it will enhance the prospects of a fall below $22.30. The pair may then tumble to $18.
Contrarily, if the price turns up and breaks above the 20-day EMA, it will suggest that the $26 to $22.30 range remains intact. The pair could then gradually climb to the overhead resistance at $26. A break and close above this level will suggest that the bulls are on a comeback.
Related: Why is Litecoin’s price down today?
The repeated failure of the bulls to propel Polygon (MATIC) above the 20-day EMA ($0.68) may have intensified selling. That pulled the price below the support near $0.65 on Aug 15. The next support to look for on the downside is $0.60.
The RSI is nearing the oversold levels, indicating that the selling may have been overdone in the near term. Buyers will try to start a rebound that could reach $0.65 and then the 50-day SMA ($0.70).
If the price turns down from the overhead resistance, it will signal that bears have the upper hand. That could increase the likelihood of a drop below $0.60. The pair may then nosedive toward $0.50.
If the bulls want to make a comeback, they will have to kick and sustain the price above the moving averages.
Litecoin (LTC) tumbled and closed below the strong support at $81.36 on Aug. 15, indicating that the bears are in command.
The RSI is in the oversold territory, indicating that a consolidation or a bounce may be around the corner. The bulls may try to defend the uptrend line. If the price snaps back from this level, it could face selling at $81.36 and then again at the downtrend line.
If the LTC/USDT pair turns down from the overhead obstacle, it will indicate that the sentiment remains negative and traders are selling on rallies. That will increase the possibility of a drop to $70.
The first sign of strength will be a break and close above the downtrend line. That could clear the path for a possible rally to the 50-day SMA ($91.70).
The failure of the bulls to achieve a strong bounce off the $5 support in Polkadot (DOT) may have attracted selling by the bears. That tugged the price below the support on Aug. 15.
The bulls purchased the dip below the next support at $4.74, but they are struggling to sustain the recovery. This suggests that the bears continue to sell on every minor relief rally. If the price continues lower and dips below $4.60, it will suggest that the DOT/USDT pair is in a firm bear grip. That could result in a decline to $4.22.
Buyers are likely to fiercely defend the zone between $4.22 and $4.37. On the upside, the bulls will have to thrust the price above the 50-day SMA ($5.16) to signal a comeback. The pair could then surge to the downtrend line.
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.
Payments giant PayPal is integrating with a crypto wallet to allow traders to purchase crypto assets within its application. In a new announcement, crypto wallet provider Ledger says that its collaborating with PayPal to let US customers directly buy select digital assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) by […]
The post PayPal Integrates With Crypto Wallet Ledger To Allow Users To Buy Crypto Assets Within App appeared first on The Daily Hodl.
After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend.
Bitcoin continues to frustrate investors with its tight-range consolidation, giving no clue about the possible direction of a breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.
A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in 2023. That indicates a lack of urgency among the bulls to book profits, as they anticipate the uptrend to resume.
Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas highlighted that 15 of the best-performing equity ETFs in 2023 have been crypto-related, with exposure to crypto and blockchain.
Do Bitcoin (BTC) and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top 10 cryptocurrencies to find out.
The bulls pushed Bitcoin above the 50-day simple moving average (SMA) of $29,960 on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies.
The range in the BTC/USDT pair has shrunk further, with the price swinging between $28,585 and $30,350. Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting that the consolidation may continue for some more time.
When the price is stuck in a range, it is difficult to predict the direction of the breakout. However, traders should be ready for the start of a trending move soon.
If the price plunges below $28,585, the pair may descend to $26,000 and then to $24,800. Conversely, a break and close above $30,350 could propel the pair to $32,400. This is likely to be the final hurdle before the pair reaches $40,000.
Ether (ETH) has been trading between the 50-day SMA ($1,879) and the horizontal support at $1,816 for the past few days. This suggests uncertainty between the bulls and the bears about the next directional move.
The flattish 20-day exponential moving average (EMA) at $1,855 and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. The sellers will have to tug the price below $1,816 to gain control. That could start a sell-off, which may pull the ETH/USDT pair to $1,700 and then to the vital support at $1,626.
On the contrary, if the price turns up and breaks above the 50-day SMA, it could open the gates for a rally to the psychological resistance at $2,000.
The failure to push BNB (BNB) above the resistance line of the triangle may have attracted selling. That has pulled the price below the moving averages.
The BNB/USDT pair could drop to the support line of the triangle. This is an important level to keep an eye on because a slide below it may start the next leg of the downward move to $220. The bulls are likely to buy the dip at this level.
If the price rebounds off the support line, the pair may spend some more time inside the triangle. Buyers will have to shove the price above the resistance line to clear the path for a potential rally to $265.
XRP (XRP) turned down from the 20-day EMA ($0.65) on Aug. 9, indicating that the bears are trying to flip the level into resistance.
The important support to watch on the downside is the 50-day SMA ($0.61). If this level cracks, the selling could intensify and the XRP/USDT pair could plummet to the breakout level of $0.56.
Another possibility is that the price bounces off the 50-day SMA. If that happens, the pair may spend some more time oscillating between the moving averages. A break and close above $0.67 will be the first sign of strength. That could open the doors for a possible rally to $0.73.
Dogecoin (DOGE) continues to trade inside the ascending channel pattern, but the bulls are finding it difficult to overcome the barrier at the downtrend line.
If the price dips below the 20-day EMA ($0.07), the support line of the channel will come under threat. The repeated retest of a support level within a short interval tends to weaken it. If the bears yank the price below the channel, the DOGE/USDT pair could drop to the breakout level of $0.07.
Another possibility is that the price turns up from the 20-day EMA. If that happens, the likelihood of a rally above the downtrend line increases. That could start an up move to $0.08 and then to the resistance line of the channel.
Cardano’s (ADA) recovery attempt hit a wall at the 20-day EMA ($0.30), which suggests that the bears have not yet given up and are selling on rallies.
The flattish 20-day EMA and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the buyers kick the price above the downtrend line, the ADA/USDT pair could rise to $0.32 and then to $0.34.
Contrarily, if the price turns down and breaks below $0.28, it will suggest that bears have the upper hand. The pair could then slump to $0.26 and eventually to the vital support at $0.24. The bulls are expected to guard this level with vigor.
Solana (SOL) has been trading above the 20-day EMA ($23.87) for the past three days, indicating that the price is stuck between $26 and $22.30.
The important level to watch on the upside is $26. If the price turns down from this resistance, it will indicate that the range-bound action remains intact. The bullish momentum may pick up if buyers clear the overhead hurdle at $26. If they do that, the SOL/USDT pair could first rise to $29 and thereafter retest the local high at $32.13 made on July 14.
The level to be wary of on the downside is $22.30. If this support cracks, it will suggest that the bulls may be rushing to the exit. That may start a fall to $18.
Related: Bitcoin trader reveals ‘important’ BTC price zone as bulls hold $29.3K
The bulls failed to thrust Polygon (MATIC) above the 50-day SMA ($0.70) in the past two days, but a positive sign is that they have not given up much ground.
This suggests that the short-term bulls are holding on to their positions as they anticipate the relief rally to continue. If the 50-day SMA is surmounted, the MATIC/USDT pair could start a rally to $0.80 and then to $0.90.
Contrary to this assumption, if the price turns down sharply from the current level, the pair may retest the strong support at $0.64. If this level gives way, the pair may start a decline to the next support at $0.60.
Litecoin (LTC) is struggling to start a bounce off the strong support at $81.36, suggesting a lack of demand at higher levels.
The downsloping 20-day EMA ($86.90) and the RSI in the negative territory indicate that bears are in command. If the LTC/USDT pair skids and sustains below $81.36, it will signal the resumption of the downtrend. The next support on the downside is $76 and then $72.
Alternatively, the first important resistance to watch on the upside is the 20-day EMA. If buyers propel the price above $87.37, it will suggest the start of a stronger recovery to $96.46. This level may again attract strong selling by the bears.
Polkadot (DOT) has been trading near the $5 level for the past few days. Attempts by the bulls to push the price above the 20-day EMA ($5.08) on Aug. 9 were met with stiff opposition from the bears.
The 20-day EMA is sloping down gradually and the RSI has been in the negative territory, indicating that the bears have a slight edge. If the price slips and closes below $4.83, the DOT/USDT pair could start its downward journey toward $4.60.
On the other hand, if the price turns up from the current level and breaks above the moving averages, it will signal a comeback by the bulls. The pair could then move up to $5.33 and eventually to the downtrend line.
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.
