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.

Ripple General Counsel Calls LBRY Lawsuit an Injustice, Urges SEC Commissioner To Speak Out Louder and Sooner

October 31, 2023 The Daily Hodl

Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

October 30, 2023 Coin Telegraph

Binance Coin

Bitcoin’s reluctance to give up ground has attracted strong buying in select altcoins.

Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.

However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises are expected. CME’s FedWatch Tool projects a 98% probability that rates will remain unchanged.

A large part of the gains in Bitcoin have been fuelled by expectations that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the near future. Any adverse news in this regard may prove to be a major setback for the bulls. When traders start chasing prices higher, it increases the risk of a short-term pullback.

What are the important support levels on Bitcoin and altcoins that need to hold for the sentiment to remain bullish? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) remains in a strong downtrend. The price is close to the strong support zone between 4,050 and 4,100.

*SPX daily chart. Source:* *TradingView*

The sharp fall of the past few days pushed the relative strength index (RSI) into the oversold territory, suggesting that a pullback may be possible. On the upside, the bears are expected to sell near the 20-day exponential moving average (4,255).

If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to sink the price below the support zone. If they succeed, the index could plummet toward 3,800. This negative view will invalidate in the near term if the price rises and sustains above the 20-day EMA.

U.S. dollar index price analysis

The U.S. dollar index (DXY) rebounded off the 50-day simple moving average (105) on Oct. 24, indicating that lower levels are attracting buyers.

*DXY daily chart. Source:* *TradingView*

The rising moving averages indicate advantage to buyers but the negative divergence on the RSI suggests that the bullish momentum may be weakening. That could keep the index range-bound between 105.36 and 107.35 for some time.

If buyers maintain the price above the 20-day EMA (106.23), the bulls will attempt to drive the index above 107.35. If they succeed, the index may surge toward 111. If bears want to prevent the upside, they will have to drag and sustain the price back below 105.36. The index may then fall to 104.50.

Bitcoin price analysis

After the sharp rally, Bitcoin has entered a consolidation phase between $33,390 and $35,380. This is a positive sign as it suggests that the bulls are in no urgency to book profits aggressively.

Although the overbought levels on the RSI warrant caution, the rising moving averages suggest that bulls remain in charge. If buyers drive the price above $35,280, the BTC/USDT pair could surge toward $40,000. This level is likely to act as a formidable resistance.

On the way down, if bears sink the price below $33,390, the pair risks a drop to $32,400 and then to $31,000. This zone is likely to witness solid buying by the bulls because if it cracks, the selling could intensify and the pair may plummet to $28,143.

Ether price analysis

Ether (ETH) has been maintaining above the breakout level of $1,746 but the bulls have failed to extend the recovery. This suggests that demand dries up at higher levels.

The ETH/USDT pair may stay range-bound between $1,746 and $1,865 for a few days. The rising moving averages and the RSI in the overbought territory indicate that the bulls have the upper hand.

If buyers kick the price above $1,865, the pair could rally to $2,000. The bears are likely to guard this level with vigor.

The important support on the downside is $1,746 and then the 20-day EMA ($1,705). Sellers will be back in the driver’s seat if they sink and sustain the price below the 20-day EMA.

BNB price analysis

BNB (BNB) has been stuck inside a large range between $235 and $203 for the past several days. The rising 20-day EMA ($219) and the RSI in the positive territory indicate that bulls have a slight edge.

If the price sustains the rebound off $223, the bulls will again try to shove the price above the overhead resistance at $235. If they can pull it off, it will indicate the start of a sustained recovery to $250 and eventually to $265.

Meanwhile, the bears are likely to have other plans. They will try to yank the price back below the 20-day EMA. Such a move will suggest that the BNB/USDT pair may extend its stay inside the range for a while longer.

XRP price analysis

After staying in a tight range between $0.56 and the 20-day EMA ($0.53) for the past few days, XRP (XRP) cleared the hurdle on Oct. 30.

The upsloping 20-day EMA and the RSI in the overbought zone indicate that the bulls are at an advantage. There is a minor resistance at $0.59. If bulls overcome this barrier, the XRP/USDT pair is likely to climb to $0.66.

However, the bears are unlikely to give up easily. They will try to pull the price back below the 20-day EMA. If they manage to do that, it may trap several aggressive bulls. The pair may then remain stuck between $0.46 and $0.56 for a few more days.

Solana price analysis

In an uptrend, the corrections are shallow and short-lived. That is what happened in Solana (SOL). After a minor pullback, the bulls have asserted their supremacy.

The SOL/USDT pair resumed its uptrend on Oct. 30 with a break above $33.90. The bulls will next try to push the price to $38.79. This level is expected to act as a major resistance but if buyers bulldoze their way through, the pair may reach $48.

The important support to watch on the downside is $31. If the pair slips below this level, it will suggest that the bulls may be dumping their positions in a hurry. That could pull the price down to the 20-day EMA ($28,73).

Cardano price analysis

Cardano (ADA) has been sustaining above the breakout level of $0.28 for the past few days but the bulls are finding it difficult to clear the overhead hurdle at $0.30.

Still, a positive sign is that the bulls have not given up much ground from the overhead resistance. This suggests that the buyers have kept up the pressure. If they overcome the roadblock at $0.30, the ADA/USDT pair could start a rally to $0.32 and thereafter to $0.34.

Alternatively, if the price turns down from $0.30, it will suggest that the bears are aggressively defending the level. The pair may then swing between $0.28 and $0.30 for some time. A break and close below the 20-day EMA ($0.27) will tilt the advantage back in favor of the bears.

Dogecoin price analysis

Dogecoin (DOGE) has been witnessing a tough battle between the bulls and the bears near the $0.07 mark.

A minor positive is that the bulls are buying the dips below $0.07. This suggests that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again try to overcome the obstacle at $0.07. If they can pull it off, the DOGE/USDT pair could start its northward march to $0.08.

The important support to watch on the downside is the 20-day EMA ($0.06). If this support cracks, the pair could dive to the solid support at $0.06.

Toncoin price analysis

Toncoin (TON) broke below the moving averages on Oct. 27 but the bears could not build upon the advantage. This suggests that selling dries up at lower levels.

The 20-day EMA ($2.07) has flattened out and the RSI is near the midpoint, indicating a balance between buyers and sellers. If the price rises above the moving averages, the bulls will try to kick the TON/USDT pair above $2.31. If they do that, the pair may start its journey to $2.59.

Conversely, if the price turns down from the moving averages, it will suggest that bears are trying to gain the upper hand. A break below $2 could clear the path for a decline to $1.89.

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.

Jed McCaleb-backed nonprofit will provide easier access to AI computing capacity

October 30, 2023 Coin Telegraph

Coin Telegraph

Voltage Park will lease access to 24,000 clustered NVIDIA GPUs by the hour or month to help small startups and researchers model machine learning.

Ripple co-founder Jed McCaleb’s nonprofit Navigation Fund is helping to tackle the AI chip shortage by offering leasable capacity large machine learning models. A new cloud was officially launched on Oct. 29 that will be accessible on an hourly, monthly or long-term basis.

An organization called Voltage Park “currently offer[s] bare-metal access for large-scale users that need peak performance” and expects to expand its service by early 2024, according to a statement on its website. It has around 24,000 NVIDIA H100 graphics processing units (GPUs) grouped into interconnected clusters. Voltage Park is a subsidiary of Navigation Fund.

The hardware is worth $500 million. Clusters will be set up in Texas, Virginia and Washington, Voltage Park CEO Eric Park told Reuters. Park joined the organization in July.

Voltage Park is currently auctioning off contracts with lengths of one-to-three months on 1,560 GPUs. It said in its announcement:

“The market for cutting-edge ML compute is broken. Startups, researchers and even big AI labs are scrambling to buy or rent access to the latest chips for ML training. […] We’re on a mission to make machine learning infrastructure accessible to all.”

The Navigation Fund was founded in 2023 with plans to provide a small number of grants this year and expand its programs in early 2024. It plans to advance a number of causes in addition to “safe AI.”

Billionaire McCaleb created Mt. Gox to trade Magic: The Gathering cards, then repurposed it as a Bitcoin (BTC) exchange and sold it in 2011, three years before its collapse. He went on to become a co-founder of Ripple Labs and, after leaving Ripple on bad terms with the rest of the management, he co-founded the Stellar blockchain. He also created a space station startup in 2022 that has partnered with Elon Musk’s SpaceX.

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Ripple CEO criticizes former SEC Chair Jay Clayton’s comments

October 29, 2023 Coin Telegraph

Coin Telegraph

Clayton emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.

Ripple CEO Brad Garlinghouse strongly criticized former United States Securities and Exchange Commission (SEC) Chair Jay Clayton’s remarks regarding the agency’s regulatory approach. Since the first quarter of 2023, the SEC has initiated various regulatory actions against crypto exchanges and companies.

During an interview with CNBC on June 29, 2023, Clayton expressed his view that the SEC should pursue legal action against specific companies only when they have strong legal grounds. He emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.

Watching this clip makes my blood boil.

The hypocrisy is shocking. @CNBC @SquawkCNBC should be calling him out for the bullshit.

(As a reminder, jay clayton brought the case against ripple, me and Chris Larsen. And left the building the next day).
— Brad Garlinghouse (@bgarlinghouse) October 28, 2023

In light of the SEC voting to dismiss the allegations without prejudice, the Ripple CEO reminded that the former SEC chair had filed a lawsuit that had little chance of success in court. In the lawsuit against Ripple, Garlinghouse and Ripple co-founder Christian Larsen in December 2020, the SEC accused the company and the two executives of “unregistered, ongoing digital asset securities offering,” alleging that they had raised more than $1.3 billion from sales of the XRP (XRP) token.

Garlinghouse said:

“As a reminder, Jay Clayton brought the case against Ripple, me and Chris Larsen. And left the building the next day.”

Clayton’s statements made in June 2023 have gained attention in light of the recent lawsuit developments involving Garlinghouse and Ripple founder Chris Larsen. As previously reported, the charges against these executives were dropped by the US SEC. Notably, the charges were brought on shortly before Clayton’s tenure as SEC Chair ended, which was well before the expected expiration date in June 2021.

The recent exoneration of the two executives follows a decision by Judge Analisa Torres in July 2023, where it was determined that selling XRP on secondary markets to individual buyers does not qualify as an investment contract.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

Ripple CLO and XRP community back SEC commissioner’s LBRY lawsuit dissent

October 28, 2023 Coin Telegraph

Coin Telegraph

Alderoty showed gratitude toward Commissioner Peirce and suggested that it might be time to submit an amicus brief.

Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple Labs, and the XRP community have expressed their support on the X app (formerly Twitter) for Securities Exchange Commission(SEC) Commissioner Hester Peirce’s stance against the perceived “injustice” in the LBRY lawsuit.

Alderoty showed gratitude toward Commissioner Peirce and suggested that when ongoing injustices occur in non-fraud cases, especially when consumers are still awaiting resolution for actual fraud cases, it might be necessary to disregard standard protocols and raise concerns more vocally and promptly, potentially even by submitting an amicus brief to address the issue.

The SEC Commissioner issued a dissenting statement regarding the LBRY lawsuit on October 27. Peirce emphasized that the commission has recently initiated numerous enforcement actions against cryptocurrency exchanges such as Ripple, LBRY, Kraken, Binance, and Coinbase.

Thank you Commissioner. When you see injustices like this continue in non-fraud cases (while consumers wait for recourse from actual frauds) perhaps it’s time to let ordinary rules of protocol go by the wayside and speak out louder and sooner? Perhaps even with an amicus brief?
— Stuart Alderoty (@s_alderoty) October 27, 2023

Peirce, among the many enforcement actions taken by the SEC, noted that the LBRY lawsuit was particularly disconcerting to her. However, she expressed her inability to publicly discuss it due to the ongoing litigation.

Back in July, LBRY, a platform recognized for its blockchain-based file-sharing and payment network, was determined to have violated Section 5 of the Securities Act of 1933. Consequently, LBRY was permanently barred from engaging, whether directly or indirectly, in any unregistered cryptocurrency securities offerings involving its native token.

The crypto platform initially sought to appeal a judgment by the U.S. SEC but later abandoned the effort due to perceived futility. Notably, the XRP community supported the platform during the legal process, including the appeal. However, with the litigation concluding in the SEC’s favor, LBRY decided to close down, citing financial burdens and regulatory pressure as the reasons for its shutdown.

Pro-XRP lawyer, John E. Deaton, in response to the Commissioner’s statement, suggested that it might be time to submit an amicus brief. Deaton believes that just as 75 thousand individual holders expressed their views in court, it’s also important for someone with insider knowledge to speak out in a court of law.

Deaton had expressed his disapproval of the SEC’s actions against the company, which he believed had caused financial distress. This sentiment aligns with Commissioner Peirce’s perspective, as she clearly articulated in her statement.

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$770,000,000 Worth of Flesh’ – Legal Representative for XRP Holders Says SEC Wants Millions To Settle Lawsuit

October 26, 2023 The Daily Hodl

Pro-Ripple lawyer predicts prolonged legal battle, hints at settlement factors

October 26, 2023 Coin Telegraph

Coin Telegraph

John Deaton says there has not been “a single serious conversation” about a potential settlement between Ripple, Brad Garlinghouse, Chris Larsen and the SEC.

Pro-Ripple lawyer John Deaton said he expects a lengthy legal process in the United States Securities Exchange Commission (SEC) vs. Ripple case — possibly lasting a year. Deaton suggested that a settlement may only be considered if Coinbase’s motion to dismiss the SEC’s case against it is successful.

In a detailed post on X (formerly Twitter), Deaton discussed the lack of serious settlement talks between Ripple, its executives and the SEC. He mentioned the SEC’s desire for a $770 million penalty and explained the complexities of the penalty phase involving various legal processes. He said:

“I do not believe there has been a single serious conversation regarding a settlement between Ripple, Brad Garlinghouse, Chris Larsen and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh”

He explained that the penalty phase is a detailed process, akin to a second legal case, involving depositions, document requests, emails, financial records, contracts and on-demand liquidity (ODL) transactions. Deaton suggests that Ripple might aim to reduce the $770 million penalty by excluding ODL transactions and cutting down on additional expenses. He points to the LBRY case, where the SEC initially pursued $23 million but, after eight months of litigation, settled on a $130,000 fine.

As I said on @CryptoLawUS TV yesterday with @attorneyjeremy1 and Thien-Vu, I do not believe there has been a single serious conversation regarding settlement between @Ripple @bgarlinghouse @chrislarsensf and the @SECGov.

The SEC is pissed and embarrassed and wants $770M worth… https://t.co/kcXvsrPgaa
— John E Deaton (@JohnEDeaton1) October 25, 2023

Creating a timeframe, he commented,

"I don’t expect a final judgment, issued by Judge Torres, until late summer, at the earliest. It literally could take a full year before an appeal is filed in this case."

Deaton connected Ripple's case outcome with another significant lawsuit, stating that if Coinbase succeeds in its motion to dismiss, the SEC may shift its stance on cryptocurrencies and consider a settlement with Ripple. However, if Coinbase's MTD fails, he foresees no settlement.

The oral argument for Coinbase's motion is scheduled for Jan. 17, 2024, with a decision likely to follow within 60-120 days. Ripple is expected to face considerable legal costs during this period as it strives to reduce the $770 million penalty. It's possible that the Coinbase case could become a factor in the SEC's efforts to postpone the final ruling on Ripple, aligning with Deaton's late summer timeline.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

Recovery firm proposes cracking former Ripple CTO’s $244M Bitcoin hard drive

October 25, 2023 Coin Telegraph

Bitcoin

Stefan Thomas, the former chief technology officer at Ripple, has an IronKey hard drive containing 7,002 BTC with only two attempts at guessing a password remaining.

A company is petitioning former Ripple chief technology officer Stefan Thomas for a hard drive containing more than 7,000 Bitcoin (BTC) that he has been unable to access for years.

In an Oct. 25 open letter, crypto recovery firm Unciphered offered to unlock an IronKey hard drive belonging to Thomas containing 7,002 BTC — roughly $244 million at the time of publication. The former Ripple CTO forgot the information to access the drive, designed to erase its data if an individual enters the incorrect password ten times. So far, the German-born programmer has used eight out of his ten attempts.

According to Unciphered, its teams developed a method to crack the hardware and access the BTC keys safely stored for years. Technology magazine Wired reported on Oct. 25 that the company was able to access the data on a similar IronKey after “200 trillion tries” — seemingly bypassing the 10-attempt restriction on the drive.

“Though there are always caveats, this is not theoretical,” said Unciphered. “We can do it; we’ve done it many times before [...] And we can do it again. You don’t have to take our word for it [...] we would be happy to demonstrate it on as many samples in a row as it takes for you (and everyone) to feel confident before moving forward.”

This is an open letter to Stefan Thomas (@justmoon) - we would love to help you get back into your IronKey.https://t.co/zhfu41b9jn pic.twitter.com/1hYg3h79BF
— Unciphered LLC (@uncipheredLLC) October 25, 2023

Speaking to Cointelegraph, Unciphered CEO Eric Michaud said the company accessed the data in the IronKey from the Wired report by extracting some of the drive’s information and using offline servers, giving its team more than one bite at the apple at guessing the password. He declined to say what the firm would ask for in return from Thomas but added Unciphered had created a “sustainable business” helping people recover crypto.

“We're prepared if Stefan doesn’t want to work with us, but we’re hopeful," said Michaud. "We already have a business that is growing and we'll be here when he’s ready."

There are many highly publicized stories like Thomas’ involving recovery or users unable to locate their keys for one reason or another. In 2021, a Redditor claimed to have regained access to 127 BTC after more than ten years, finding the private keys on an old computer. In 2013, British national James Howells mistakenly discarded a hard drive containing roughly 7,500 BTC — he has made multiple attempts to locate and recover the drive in a landfill without success.

Estimates from 2022 suggested that users could have lost access to roughly 20% of Bitcoin’s supply. This amounted to billions of dollars worth of the cryptocurrency.

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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.

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