MicroStrategy was shot into the limelight when it began publicly buying Bitcoin back in 2020. While it is not the only publicly listed company to do this, the company’s aggressive Bitcoin strategy set it apart from the rest. Four years later, MicroStrategy is now the public company with the largest BTC holdings in the world, recording over $5 billion in profit so far. However, the profit on the BTC holdings is not the only positive that has come from the company’s Bitcoin investment strategy.

MicroStrategy’s Stock Price Blows Up

MicroStrategy’s MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the company’s BTC portfolio grew, so did the company’s stock price.

In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month.

This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. It’s understandable given that Bitcoin has become the company’s largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price.

Currently sitting at $167 at the time of this writing, meaning it’s 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIA’s outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase.

Padding Up With Bitcoin

Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the company’s total BTC holdings to 252,200 for a whopping cost price of $9.9 billion.

Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC.

As for the company’s plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset.

Source: NewsBTC.com

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Render has shown a sharp jump of more than 23% during the last week as on-chain data shows the large hands have continued to buy.

Render Has Enjoyed Bullish Momentum Over The Past Week

The cryptocurrency sector as a whole has witnessed an uplift recently, but Render has been among the altcoins that have really stood out from the rest. Whereas Bitcoin (BTC) and Ethereum (ETH) have only seen weekly profits of around 3% and 9%, respectively, RENDER has shown an impressive 23% jump.

The below chart shows how the recent performance of the asset has been like.

Following this sharp growth, Render’s price has now neared the $6.5 mark for the first time in four weeks. In terms of the market cap, the asset has seen its valuation touch $3.3 billion, placing it at the 29th place on the top cryptocurrencies list.

The coin is now chasing Pepe (PEPE), which is the 28th largest asset in the sector with a market cap of around $3.9 billion. Though, considering the 18% difference in their valuations, it wouldn’t be an easy task for RENDER, especially since PEPE generally shows a notable rise of its own when the market goes up.

As for what could be behind the latest growth that the cryptocurrency has enjoyed, perhaps on-chain data can provide some hints.

Sharks & Whales Have Been Busy Buying The Token Recently

According to data from the on-chain analytics firm Santiment, the Render sharks and whales have participated in some considerable accumulation during the last eleven weeks.

The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of supply that a given wallet group on the network is holding right now.

In the context of the current topic, the cohort containing addresses who own at least 100,000 tokens is of interest. At the current price of the coin, this cutoff is equivalent to just under $650,000, which is a significant amount.

As such, this group corresponds to the large hands of the market, popularly known as the sharks and whales. Below is the chart shared by the analytics firm, which shows how the Supply Distribution for these investors carrying 100,000+ coins has changed over the last few months:

From the graph, it’s apparent that the supply held by the Render sharks and whales has witnessed a considerable increase over the last eleven or so weeks. More specifically, these investors have added 20.54 million tokens to their wallets, equivalent to 3.7% of the total supply.

The buying spree from this cohort has continued during the latest price surge and thus, could be at least a factor behind why it has taken place.

Source: NewsBTC.com

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Following the market’s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level.

Despite the bullish sentiment, some crypto investors remain cautious about ETH’s performance as the second-largest cryptocurrency faces the next crucial resistance level.

Ethereum Consolidates Above $2,600

Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH’s price to ranges not seen in a month, triggering a positive sentiment among many investors.

Over the weekend, the “King of Altcoins” surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon.

Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been “running into critical resistance on the Daily chart,” as it had been unable to break successfully above the $2,650 mark since Tuesday.

This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrency’s run and send the price toward the previous support zones.

However, Ethereum’s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes.

ETH To Reach New Highs In October?

Crypto Trader Daan highlighted that Ethereum’s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency.

This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it “an important level to watch.”

A breakout above this mark could further propel ETH’s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereum’s chart is “looking a lot like a 2023 redux.”

Per the Chart, the cryptocurrency’s current market structure resembles its 2023 movements very closely. A repeat of ETH’s previous bullish trajectory suggests that ETH’s price is about to break out and hit a new all-time high (ATH) mid to late October.

Additionally, the chart shows that if it follows the same bullish trend, Ethereum’s price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH.

Source: NewsBTC.com

The post Ethereum: Analyst Sets $2,820 As ETH’s Next Key Level to Watch, Here’s Why appeared first on Crypto Breaking News.

Stacks (STX) has regained and built up its momentum over two weeks after a bloody September start. Since then, the token has garnered much-deserved attention as developments on the platform mount up. According to CoinGecko, STX surged over 18% since last week, representing a strong flip in investor sentiment. 

Stacks continue to make noise as more partnerships are unveiled this week; several of which might open a new reality on Stacks. With the hyped potential of the so-called Bitcoin economy underneath Stacks, investors and traders might see a lot of green in the coming days. 

New Developments Fuel STX Growth 

In an X post by the official Stacks account, the platform has announced that Hermetica.fi,  a stablecoin provider in the Stack’s ecosystem, has deployed USDh. The stablecoin has been described as the first “Bitcoin-backed, yield-bearing” synthetic dollar available on the retail market. Hermetica’s marketing of the new stablecoin is aggressive, with a time-limited staking APR of 25%. 

Stacks’ leading Bitcoin L2 ecosystem continues to grow

Congratulations to @HermeticaFi for the official launch of their USDh stablecoin on Stacks.

To celebrate, Hermetica is offering a prize pool to early movers. More information is available below. 1/2 pic.twitter.com/3EYmefYEPI

— stacks.btc (@Stacks) September 25, 2024

Institutional investors might also be around the corner as Anchorage Digital, an institutional wallet provider, has announced their support for Stacks, opening the door for the platform to be exposed to institutional entities, possibly improving the Stacks’s future development. Introducing institutional investors will push the platform to develop at a faster pace. 

With the final step in activating the Nakamoto upgrade, several SX users have released posts regarding the benefits of the network upgrade. All in all, the conclusion is the same: the Nakamoto upgrade will significantly improve user experience while simultaneously allowing developers to access the $1 trillion in liquidity under Bitcoin, with sBTC, a 1-to-1 Bitcoin-backed asset in Stacks, integrated with Solana and Aptos for quicker distribution and adoption.

Investors Should Watch Stacks On These Levels

STX retains some of its momentum, breaking any short term possibility of a reversal as it breaks through $2.02 in the short term. This price action nets the bulls some serious gains, but this triumph might only be temporary as the bulls lose momentum to maintain a steady trajectory.

The relative strength index (RSI) of the token suggests that the bulls may encounter a wall around $2.2 in the short term, possibly letting the bears gain strength equaling the current bullishness. A movement like this will keep the token’s price stable, possibly giving the bulls enough time and room to maneuver upwards in the medium term.

If STX remains at its current support level of $2.02, we might see a surge upward in the coming days; that’s if the the pullback the market is currently experiencing to flip bullish. However, if the bulls fail to hold this position for a medium term movement, the bears might pull the token towards $1.885 or lower if they build up enough momentum.

Featured image from Stacks, chart from TradingView

Source: NewsBTC.com

The post Stacks: New Network Upgrades Push STX Price Up By 18% – Details appeared first on Crypto Breaking News.

Several indicators point to renewed strength in altcoins, suggesting a potential altcoin season on the horizon. However, for confirmation, Bitcoin (BTC) dominance needs to drop further.

Altcoin Market Cap Crosses 200-Day EMA

Crypto analysts are closely monitoring various indicators that track altcoin behavior, with one critical metric being the 200-day exponential moving average (EMA).

According to the following chart, the OTHERS index – an index that tracks the market cap of cryptocurrencies excluding the top 10 digital assets by market capitalization – has surged past both the 100-day EMA and the 200-day EMA.

For the uninitiated, the 200-day EMA is a commonly used technical indicator that shows the average price of an asset over the past 200 days, with more weightage given to recent prices. It’s used to identify long-term trends – when the price is above the 200-day EMA, it suggests the asset may be in an upward trend, while being below it signals a potential downtrend. 

At present, the OTHERS index sits at $227.5 billion, while the 200-day EMA and the 100-day EMA are at $221.8 billion and $212.9 billion, respectively. According to crypto analyst Caleb Franzen, the last time this occurred was in July 2023. At the time, altcoins established firm support at these EMAs to achieve higher-highs. 

Another cryptocurrency analyst, Ali Martinez, alluded to the altcoin market cap – excluding BTC and Ethereum (ETH) – breaking out of what appears to be a long downward trend. Although Martinez is not fully convinced of a full-blown altcoin season yet, he dubs the breakout as a “good start.”

Bitcoin Dominance Must Crash Before Altseason

While the altcoin market cap breaking out of a sustained downtrend raises hope for an imminent altseason, BTC dominance (BTC.D) must drop significantly from its current levels. 

Currently, Bitcoin dominance sits at 57.5%. From the chart below, it is evident that BTC.D has been on a sustained upward trajectory since at least November 2022. According to crypto analyst Yoddha, BTC.D looks poised to crash into the mid-40s, potentially paving the way for a full-blown altseason.

Negentropic, co-founder at on-chain data platform Glassnode, remarked that the market seems to be on the verge of an altcoin season. Referring to the Bitcoin-Altcoin Cycle chart from Swissblock, Negentropic notes that once BTC breaks its all-time high (ATH) and enters price discovery mode, altcoin should follow suit. 

The Bitcoin-Altcoin Cycle chart displays the inverse relationship between BTC and altcoin price movements throughout the year. Any reading above 50 indicates the market has entered an altcoin-dominated phase, whereas a reading below 50 signals a BTC-led market.

Despite these promising indicators, it’s important for the leading altcoin, ETH, to rebound against BTC before capital flows into mid-cap and small-cap altcoins. As previously reported, the ETH/BTC trading pair is currently at its lowest since April 2021. At press time, BTC trades at $64,481, up 1.5% in the past 24 hours.

Source: NewsBTC.com

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Worldcoin (WLD) is taking investors by storm as the token performs extremely well in the present market environment. Despite the market experiencing a slight pullback today, WLD surged 31% since last week, representing a huge jump in value as the protocol continues to expand its services. 

Worldcoin’s identity-proving technology continues to expand. Just this week, several developments continue to arouse curiosity in the minds of retail investors. If the trend keeps up with the market’s seemingly continuous bullishness, WLD will cover ground in the long term. 

Worldcoin Services Expand To Three New Countries

In a blog post, Worldcoin’s World ID services were announced to be available in three new countries: Guatemala, Poland, and Malaysia. The decision was made against the backdrop of the surprisingly quick advancement of artificial intelligence technology and its possible use in fraud worldwide.

Wordlcoin’s proactive technology concerning individual privacy in the world aims to combat this providing a decentralized way to check someone’s identity using the platform’s novel proof-of-personhood approach which is detailed in their whitepaper. 

In Guatemala alone, majority of the population have a growing need to know whether the thing they’re communicating with is either human or a bot.

According to Worldcoin, 83% of the country desires to know whether the content they’re viewing was made by AI, 84% is concerned with the fast advancement in AI technology making it harder for them to discern humans from bots, and 88% support technologies that check whether the “person” they’re interacting with is a human or a bot. 

With the growing need for AI in every facet of a person’s daily life, Worldcoin’s technology might have a place in keeping individual privacy safe. 

Beginning September 25, orbs, physical locations where people can verify their identity, will become available in Guatemala. As of now, no word of further deployment in Poland, but the World ID service has been announced on Malaysia earlier this week. 

Possible Pullback To Occur Later This Week

WLD has experienced exponential growth, but it may be hindered by the fact that the bulls have exhausted their momentum which leaves only room for the token to either stagnate or fall in the coming days. 

The token’s relative strength index (RSI) shows that WLD might show weakness withnen the next 72 hours as continuing the upward trajectory will only hurt future gains even more. With this in mind, investors who are holding WLD in the long-term still have a great anchor to rely on as continued development of the platform maintains its relevance in an ever AI-reliant world. 

Featured image from Forkast News, chart from TradingView

Source: NewsBTC.com

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Bitcoin price movements and market sentiment have often been tied to the positions held by traders across the board. Regarding that, an insight shared by CryptoQuant analyst Amr Taha sheds light on the potential significance of Bitcoin’s long/short liquidation delta, hinting at a shift in market stance.

This indicator, according to the shared insight provides a deep dive into how the balance between long and short positions can often foreshadow significant price corrections or rallies.

Bitcoin Liquidation Suggest Imminent Market Shift

Taha’s analysis centers around Bitcoin’s delta value, which is derived from comparing long versus short liquidations. In simple terms, if the delta is positive, there is a larger proportion of long positions, whereas a negative delta implies dominance by short positions.

By examining the spikes in this delta, Taha identifies crucial points where notable liquidation events occurred, suggesting market sentiment shifts and potential corrections.

According to Taha’s observations, a particularly significant event occurred when Bitcoin’s price was hovering around $63.8,000. At this point, the delta value indicated a substantial liquidation of short positions, exceeding roughly -$664 million.

The analyst notes that such a sharp spike in short liquidations may indicate a shift in market sentiment. In other words, the sudden liquidation of short positions might have forced retail investors to close their positions at unfavorable prices.

Historically, these notable liquidation events tend to cause sharp changes in market direction. A significant influx of liquidated long or short positions can either reinforce or reverse a price trend, driven by the sentiment of traders who may be compelled to exit their positions under pressure.

Taha’s analysis suggests that the sizable liquidation of short positions during Bitcoin’s upward trajectory hints at a broader correction phase, signaling that the asset’s price may face volatility and potentially adjust downward before any clear direction is established.

Detailing The Implications Of The Liquidation Delta

To further understand the implications of the long/short liquidation delta, it is worth grasping the role of leverage trading within the crypto market.

Notably, traders often take leveraged positions to maximize potential returns, but this also comes with heightened risks. When the market moves against their positions, liquidations can occur rapidly, leading to amplified price movements.

In the case of Bitcoin, the spike in liquidated short positions at $63.8K suggests that a wave of traders holding short bets were squeezed out, potentially adding upward momentum to Bitcoin’s price movement.

However, such short-term volatility can be an indication of a potential market correction, as overleveraged traders on either side can be swiftly wiped out when prices move against their expectations.

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Bitcoin’s Liquidation Data Signals a Possible Trend Reversal—Here’s Why appeared first on Crypto Breaking News.

Solana is gaining pace above the $150 resistance zone. SOL price is rising and might aim for a fresh increase above the $158 resistance zone.

SOL price started a fresh increase above the $150 zone against the US Dollar.

The price is now trading above $152 and the 100-hourly simple moving average.

There is a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair (data source from Kraken).

The pair could again gain bullish momentum if it clears the $158 resistance zone.

Solana Price Eyes More Upsides

Solana price extended its increase above the $150 resistance like Bitcoin and Ethereum. SOL even climbed above $155 before the bears appeared. A high was formed at $1582 and the price started a downside correction.

There was a move below the $156 and $155 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $146 swing low to the $158 high. However, the bulls were active near the $154 support zone.

Solana is now trading above $152 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $150 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $146 swing low to the $158 high.

On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $162 level. A successful close above the $158 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $174. Any more gains might send the price toward the $180 level.

More Downsides in SOL?

If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $153 level. The first major support is near the $150 level.

A break below the $150 level might send the price toward the $145 zone. If there is a close below the $145 support, the price could decline toward the $138 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $153 and $150.

Major Resistance Levels – $158 and $162.

Source: NewsBTC.com

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An analyst has pointed out how Dogecoin has reclaimed a major on-chain demand zone, which could open up the path to higher levels.

Dogecoin May Not Have Much On-Chain Resistance At Upcoming Levels

In a new post on X, analyst Ali Martinez has discussed about how DOGE has just overcome a major on-chain supply wall. On-chain supply ‘walls’ refer to price ranges that carry the cost basis of a significant amount of investors. Below is the chart from IntoTheBlock shared by the analyst, which shows how the different Dogecoin price ranges are currently looking in terms of this.

In the graph, the size of the dot corresponds to the amount of DOGE that the addresses on the network last purchased between the corresponding price levels. The $0.108 to $0.111 range particularly stands out as it has a huge dot attached to it at the moment.

More specifically, the range contains the cost basis of around 62,270 addresses who bought a total of 36.08 billion tokens of the memecoin at levels situated inside it. To any investor, their cost basis or acquisition level is naturally special, due to which they can be prone to showing some kind of reaction when a retest of it takes place.

Dogecoin retesting a range where only a few investors bought wouldn’t produce any significant reaction, but in the case of a major demand zone, like the $0.108 to $0.111 range mentioned earlier, holders may make enough simultaneous moves so as to cause fluctuations in the coin’s value.

As for how exactly traders might react to a retest of their cost basis comes down to investor psychology. Retests of investors who were previously in loss can lead to a selling reaction, as these holders might fear the price will go down again in the future and thus, could decide to exit at their break-even, to at least get their investment back in full.

Earlier, Dogecoin’s spot price had performed a retest of the $0.108 to $0.111 range from below, but it appears the resistance from these sellers wasn’t enough to hold back the meme coin as it has shot up above it with a sharp jump during the last 24 hours.

From the chart, it’s apparent that unlike this latest range, DOGE has just surpassed, the levels ahead are relatively thin in terms of supply. “If DOGE holds this level, it could confirm a bullish breakout,” notes Martinez. “With no major supply walls in sight, the path to $0.150 looks clear!”

A potential run to this $0.150 mark from the current Dogecoin price would mean an increase of more than 31% for the memecoin. It now remains to be seen if the asset continues its rally in the coming days and whether it would be able to reach this level or not.

DOGE Price

At the time of writing, Dogecoin is floating around $0.114, up more than 9% over the last seven days.

Source: NewsBTC.com

The post Dogecoin Wins Over Major Demand Zone: Path To $0.15 Now Clear? appeared first on Crypto Breaking News.

XRP price again struggled to clear the $0.600 resistance and declined. The price is now testing the $0.5840 support and might continue to consolidate.

XRP price is still struggling to clear the $0.600 resistance zone.

The price is now trading below $0.5920 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair could start a fresh increase if it clears the $0.5920 and $0.600 resistance levels.

XRP Price Stuck Below $0.60

XRP price attempted another increase (like Bitcoin and Ethereum) above the $0.5850 and $0.5880 resistance levels. It even spiked above $0.5920, but the bears were active near the $0.5960 level.

A high was formed at $0.5961 and the price started a downside correction. There was a move below the $0.5920 and $0.5880 levels. The price dipped below the 50% Fib retracement level of the upward move from the $0.5744 swing low to the $0.5961 high.

The price is now trading below $0.5920 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5880 level. There is also a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5920 level. The next key resistance could be $0.5960. A clear move above the $0.5960 resistance might send the price toward the $0.600 resistance. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term.

More Losses?

If XRP fails to clear the $0.5880 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5820 level. The next major support is near the $0.5800 level and the 76.4% Fib retracement level of the upward move from the $0.5744 swing low to the $0.5961 high.

If there is a downside break and a close below the $0.5800 level, the price might continue to decline toward the $0.5740 support in the near term. The next major support sits at $0.5650.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5800 and $0.5740.

Major Resistance Levels – $0.5880 and $0.5960.

Source: NewsBTC.com

The post XRP Price Trapped In Consolidation: Will Bulls Break Free? appeared first on Crypto Breaking News.

Cardano (ADA) has recently recorded impressive gains of nearly 13% over the past week, outperforming Bitcoin (BTC), the largest cryptocurrency by market capitalization. Analysts are optimistic about further price increases for ADA, particularly following the emergence of a “super signal” on the ADA/BTC trading chart.

Cardano Price Tests Key Levels

Market expert TrendRider highlighted this potential in a recent post on X (formerly Twitter), noting that the super signal indicates a strong possibility for ADA to gain value against Bitcoin in the upcoming weeks. 

This signal carries historical significance, boasting an 80% accuracy rate whenever it has appeared, suggesting that further price gains for Cardano are not just hopeful speculation but grounded in past performance.

Currently trading at $0.398, ADA is at a critical juncture, testing the 21-day exponential moving average (EMA). TrendRider emphasizes that if Cardano manages to close the week above this level, it could signal the continuation of an upward trend. 

Following this, the price is expected to encounter volatility around the $0.430 mark, where the 50-day EMA is situated, and again at $0.490, which aligns with the 100 and 200-day moving averages. 

However, according to TrendRider’s analysis, the ultimate target for Cardano could be the 200-day simple moving average (SMA) at $0.75, which would be a significant milestone for the token following the significant price declines it has experienced over the past month.

Market Analyst Predicts “Up Only” Phase

Further reinforcing the bullish outlook, market analyst Alexander Legolas recently asserted that the crypto market has entered an “up only” phase. This optimism extends not only to Cardano but also to other prominent altcoins, which have shown signs of recovery following two notable market corrections of over 20% each on August 5 and September 6. 

During these downturns, the Cardano price fell to $0.27 and $0.303 respectively, marking significant lows for the 2024 token after hitting its annual high of $0.810 earlier this year during the Q1 rally, which also saw BTC hit its all-time high of $73,700.

Legolas further predicts that ADA could experience substantial upward momentum in the coming months, particularly as liquidity increases in the altcoin market. He points to the recent breakout of the total3 Alt chart from a massive cup and handle pattern as a key indicator of positive market sentiment. 

If these predictions come true, Cardano could even approach the $1 mark, a rise of around 151% from current levels. However, the token would still be down 67% from its all-time high of $3.09 reached during the 2021 bull run. 

Featured image from DALL-E, chart from TradingView.com

Source: NewsBTC.com

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Ethereum price is eyeing a fresh increase like Bitcoin. ETH must surpass $2,665 to continue higher and trade to a new high in the near term.

Ethereum is aiming for a fresh increase above the $2,665 level.

The price is trading above $2,620 and the 100-hourly Simple Moving Average.

There was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must stay above the $2,600 support to start a fresh increase in the near term.

Ethereum Price Eyes More Upsides

Ethereum price found support near the $2,550 level and started a fresh increase like Bitcoin. ETH was able to clear the $2,600 resistance level, but upsides were less compared to BTC.

The price climbed above the 50% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low. Besides, there was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,665 level. It is near the 76.4% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low.

The first major resistance is near the $2,700 level. The next key resistance is near $2,720. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.

Another Drop In ETH?

If Ethereum fails to clear the $2,665 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the 100-hourly Simple Moving Average. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,525. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,440.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,600

Major Resistance Level – $2,665

Source: NewsBTC.com

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Based on historical trend patterns, a crypto analyst has forecasted that Bitcoin could hit a staggering peak of $400,000. This ambitious price target would require Bitcoin to jump over 6X its current price, marking a historical milestone, as the cryptocurrency’s market capitalization would surpass $7 trillion. 

Bitcoin Power Law Points To $400,000 Increase

Bitcoin’s price dynamics have been hinting at a potential bullish surge, as the cryptocurrency has steadily maintained a price above crucial resistance levels around $60,000. According to Crypto analyst Ali Martinez, the broader crypto market sentiment shifted to “Greed” again following Bitcoin’s recent price surge to $64,750.

Given Bitcoin’s market movements, Martinez has maintained an optimistic outlook for the cryptocurrency. He disclosed in a recent X (formerly Twitter) post that Bitcoin could see its price potentially skyrocketing to $400,000 if the Bitcoin power law holds true.

The Bitcoin power law is a mathematical relationship between Bitcoin’s price and time. This law predicts that the price of Bitcoin will rise to $100,000 between 2021 and 2028, with a firm assurance that in 2028, the cryptocurrency’s value will never drop below $100,000. Additionally, the law also forecasts that Bitcoin’s price will hit $1 million per coin sometime between 2018 and 2037, establishing that after 2037 the price will never fall below $1 million. 

In his post, Martinez revealed that his projected $400,000 price leap would mark the cryptocurrency’s next market top, surpassing its current March all-time high of above $73,000 by approximately 440%. He has based this ambitious price projection on not just the long-term Bitcoin power law but also on historical market trends. 

Martinez presented a historical price chart of Bitcoin dating back to 2011, forecasting that the timeline for this projected $400,000 price surge could occur in 2025. The analyst also identified three crucial price levels for Bitcoin: $392,532 price mark as a resistance level, with support identified at $37,146 and linear regression fit around $104,693. 

While a few crypto members see Martinez’s $400,000 Bitcoin projection in a positive light, others have remained skeptical, either doubting the possibility of such a dramatic surge or suggesting that a price increase between $160,000 and $200,000 was a more realistic target. 

BTC To Leave Bearish Trends Behind

The price of Bitcoin has been on a steady upward momentum over the past few weeks. According to data from CoinMarketCap, Bitcoin rose above $64,000 this week, marking a 2.88% increase in its price. 

Given the cryptocurrency’s recent price surges, crypto analyst, Jelle has declared that Bitcoin’s market structure is inches away from leaving a bearish trend and completely turning bullish. He revealed that the pioneer cryptocurrency is already locked in two higher lows and is coming close to achieving a higher high as well. 

As a result of these developments, Jelle has predicted that the $65,000 price mark was a key resistance level to break, indicating a potential rally to new highs thereafter. 

Source: NewsBTC.com

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Bitcoin price started a fresh increase above the $64,750 resistance. BTC is now consolidating near $65,000 and might remain supported.

Bitcoin is consolidating gains near the $65,000 zone.

The price is trading above $64,200 and the 100 hourly Simple moving average.

There is a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start another increase if there is a clear move above the $65,250 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price remained supported near the $62,650 level. BTC formed a base and started a fresh increase above the $63,500 resistance zone. It gained pace for a move above the $64,200 resistance zone.

The bulls even pumped the price above $65,000. A high was formed at $65,764 and the price is now consolidating gains. There was a minor decline below the $65,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high.

Bitcoin is now trading above $64,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $65,250 level. There is also a short-term contracting triangle forming with resistance at $65,250 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might send the price higher. The next key resistance could be $66,200. A close above the $66,200 resistance might spark more upsides. In the stated case, the price could rise and test the $67,500 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $65,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,850 level.

The first major support is near the $63,850 level and the 61.8% Fib retracement level of the upward move from the $62,673 swing low to the $65,764 high. The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,650 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $64,850, followed by $63,850.

Major Resistance Levels – $65,250, and $65,500.

Source: NewsBTC.com

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PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be steady at press time. However, looking at CoinMarketCap data, the token is up 130X from its November 2022 lows and 41% from all-time highs registered in 2024.

Whales Sending Tokens To Binance

As prices cool off, there are emerging concerns. According to trackers, the Pendle Foundation, tasked with promoting the RWA platform, has been offloading tokens. At the same time, Arthur Hayes, the co-founder of BitMEX, one of the first crypto perpetual trading platforms, is selling.

Specifically, over the last three weeks, a big chunk of PENDLE transfers have been moved to Binance, the world’s largest crypto exchange, a net negative for sentiment.  

On September 16, the foundation’s governance wallet moved 600,000 PENDLE worth over $2.4 million to Binance. Over the past year, the wallet has moved 3.72 million PENDLE worth over $11.95 million to Binance.

Meanwhile, Spot on Chain has also picked out transfers from Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE worth over $958,000 to Binance. Over the last four days, Hayes has moved more than $6.5 million of the token to Binance.  

Hayes is one of the PENDLE whales. Although there is no direct proof that the former BitMEX executive has been selling, moving tokens to Binance could signal his intention to sell.

Currently, Hayes owns over 253,00 PENDLE worth nearly $990,000. This holding represents around 4% of his overall crypto portfolio.

PENDLE Up 100% From August Lows, Will Whales HODL?

 

Despite the exchange transfers, the token continues to shake off Q3 2024 weaknesses. Buyers are back in the equation after sinking to as low as $1.7 in early August.

At press time, the token is up 100% from August lows, and buyers are bent on reclaiming the April 2024 highs at around $7.2. For the uptrend to remain, buyers must hold steady above $3.5, or August highs, and sustain the current upside momentum.

Looking at the daily chart, bull bars are banding along the upper BB–a volatility indicator–suggesting that the underlying momentum is strong.

If buyers build on this, PENDLE could register fresh all-time highs, incentivizing more whales to HODL. Currently, CoinMarketCap data shows that over 58% of all tokens in circulation is held by whales.

Source: NewsBTC.com

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Cardano is trading at a crucial supply level that could spark a significant rally to new highs. After last week’s interest rate cut, optimism has surged among analysts and investors, with many anticipating strong upward momentum for the altcoin. 

This positive sentiment is reflected in spot trading and the futures market, where key data from Coinglass reveals a bullish inclination. The key market sentiment indicator of the funding rate suggests that traders are positioning themselves for a potential breakout.

If Cardano breaks past its current resistance, a 20% surge is expected, potentially pushing the price to levels not seen in months. This breakout could solidify the altcoin’s uptrend and set the stage for further gains. 

As the price approaches this critical resistance, investors are closely watching for signs of increased volume and momentum, which would confirm the strength of the bullish trend. With market sentiment shifting and technical indicators aligning, Cardano appears poised for a significant move. 

Cardano On-Chain Metrics Suggest A Breakout 

Cardano has surged over 15% since last week’s interest rate cut announcement, fueling speculation of a potential altseason in the crypto market this year. The broader market is turning optimistic, and key data from Coinglass supports this sentiment, showing a positive funding rate of 0.01%.

This rate indicates that traders are paying a premium to maintain long positions, reflecting their anticipation of a potential price rally for ADA. A positive funding rate generally suggests a bullish market outlook, as it shows that traders are willing to incur additional costs to hold onto their positions, expecting further price appreciation.

As Cardano approaches its crucial resistance level at $0.40, market sentiment points towards a potential breakout. Should the price maintain its current momentum and break above this key resistance, analysts expect an aggressive surge to new highs.

Investors are closely watching this level, as a successful breakout could lead to a rapid 25% rally towards the $0.50 mark. This scenario would mark a significant recovery for ADA and reinforce the growing belief that altcoins, led by Cardano, could outperform in the coming weeks.

However, the market remains cautious. While the current sentiment and data suggest a bullish outlook, the price must sustain its upward momentum to validate these predictions. A failure to break past the $0.40 resistance could result in a period of consolidation or even a short-term retracement.

As the crypto community eagerly anticipates ADA’s next move, the coming days will be crucial in determining whether Cardano can capitalize on this renewed optimism and kickstart a broader altcoin rally.

ADA Price Action: Key Levels To Watch 

ADA is now trading at $0.39, hovering around a key resistance level that hasn’t been broken since late July. The price is less than 5% away from the daily 200 exponential moving average (EMA) at $0.41.

This EMA has acted as a significant resistance level since mid-April and now aligns with a crucial supply zone, making it a pivotal point for continuing Cardano’s bullish momentum.

For the bulls to gain momentum and establish a stronger uptrend, ADA must reclaim the 200 EMA and decisively break past the $0.40 resistance. Doing so would signal a confirmation of a daily uptrend and could pave the way for a sustained rally to higher price levels.

However, a deeper correction could follow if ADA fails to break through current resistance and set a new high. A pullback to lower demand levels around $0.35 would be the likely scenario as traders seek support before any potential rebound. The coming days will be crucial in determining whether Cardano can break through this resistance and establish a more bullish trajectory or if a retracement is imminent.

Featured image from Dall-E, chart from TradingView

Source: NewsBTC.com

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Ethereum, the second-largest cryptocurrency by market capitalization, has yet to reclaim the $3,000 price level since early August. Since the beginning of September, Ethereum has mostly traded below $2,600, but this week brought a glimmer of hope for investors as it finally managed to break above the $2,600 threshold.

Now that this resistance threshold has been broken, the next outlook is a continued surge up until the $3,000 price level. An analysis on the CryptoQuant platform points to a potential catalyst for this move to the upside. Notably, this analysis identifies an emerging bullish trend in Ethereum’s funding rates as a critical catalyst.

Bullish Shift In Funding Rates

According to an ETH analysis on CryptoQuant by ShayanBTC, Ethereum’s 30-day moving average of funding rates has seen a slight but noticeable bullish shift after an extended period of decline. This change suggests that traders are once again becoming more confident in Ethereum’s price performance, particularly after the recent Fed interest rate cut. 

ETH Funding rates refer to the periodic payments made between traders to maintain the price of perpetual futures contracts near the spot price of the cryptocurrency. When the funding rates shift positively, it often indicates that long positions are more dominant, which can create upward price pressure. 

The importance of the funding rates was emphasized by the analyst, especially considering the prospect of a bullish fourth quarter of the year. Notably, they echoed that for Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A small decline in the funding rates could cascade into a fall in bullish momentum.

Ethereum Staging A Return To $3,000?

Ethereum’s recent breakout above $2,600 is the first signal of a major shift in market sentiment. After weeks of trading below, the $2,600 price level seems to have now become an essential support zone for the cryptocurrency. Interestingly, this breakout sets the stage for the return of ETH to $3,000, with the funding rates playing an essential part.

At the time of writing, Ethereum is trading at $2,610 and is up by 8% in the past seven days. Notably, this price increase is more noticeable from a low of $2,171 on September 6, reflecting a 20% increase since then. 

The positive sentiment surrounding Ethereum is also moving towards institutional investors, which is reflected through Spot Ethereum ETFs. According to flow data, the ETFs, which initially started the week with a net outflow of $79.3 million on Monday, have now witnessed two consecutive days of $62.5 million and $43.2 million, respectively, on Tuesday and Wednesday. The combination of these inflows could play a significant role in whether Ethereum can breach the $3,000 price level and sustain above in the coming weeks.

Source: NewsBTC.com

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For the past five days, the Bitcoin price has remained locked in a narrow range between $62,000 and $64,000, following a surge of bullish sentiment triggered by the US Federal Reserve’s (Fed) decision to cut interest rates on September 18. 

This pivotal move by the Fed has sparked optimism among investors. Yet, Bitcoin has struggled to consolidate above the critical $64,000 level, which, if surpassed, could pave the way for a retest of previously lost resistance levels, potentially targeting $70,000 in the near term.

Bitcoin Price Set To Reach New All-Time Highs?

Despite this short-term stagnation, several analysts maintain an optimistic outlook for the Bitcoin price as the market approaches the fourth quarter (Q4) of the year. Market expert Lark Davis, for example, recently highlighted the historical trends that suggest the average return for Bitcoin during Q4 is a notable 88%. 

Davis suggested that if the Bitcoin price were to replicate this performance, it could soar to nearly $120,000. Even a more conservative estimate of a 55% gain – similar to last year’s performance – would take the price to $100,000.

In addition, the expert points out that this year offers unique catalysts that could drive significant price movements, including the launch of the Bitcoin exchange-traded fund (ETF) market, the upcoming US elections, and the expected $16 billion in cash repayments from the collapsed FTX exchange. 

However, when analyzing the current state of the Bitcoin market, there are signs that current price movements are being “artificially constrained.”

Analysts Warns Of Final Dip Before Further Price Gains

Analyst InspoCrypto has noted that the price action has been persistently hovering around $63,000, with breakout attempts being blocked. A significant institutional options trader has reportedly executed a block trade that appears designed to keep Bitcoin’s price stable until October 4. 

InspoCrypto further explains that the Spot Cumulative Volume Delta (CVD) indicates a pattern of distribution even as prices rise, while the Futures CVD shows a divergence, suggesting that recent price increases have been primarily driven by futures trading. 

The Whales vs. Retail Ratio analysis from Hyblock supports this view, revealing that while whales are accumulating short positions, retail investors are predominantly betting on long positions—creating a potentially unfavorable scenario for the latter group.

Yet, InspoCrypto believes that the market will see one final dip before reaching new all-time highs (ATHs) of $80,000 or even $85,000 for the largest cryptocurrency on the market.

Adding to the technical analysis, analyst Ali Martinez points out that Bitcoin is currently testing its 200-day Simple Moving Average (SMA) at the $64,000 mark, which is acting as a short-term resistance level. A breakout above this key level could signal a significant bullish trend, according to Martinez.

Looking further ahead, if the Bitcoin Long-Term Power Law holds true, Martinez believes the next market top could reach around $400,000, with predictions for this peak to occur by October of next year.

Overall, while Bitcoin faces short-term challenges, the consensus among analysts is that the cryptocurrency is poised for new all-time highs in Q4 and into 2025, despite the current state of the market and BTC’s inability to overcome short-term hurdles. 

At the time of writing, BTC is trading at $63,160, little changed from Monday’s price, and up 0.7% over the past 24 hours.

Featured image from DALL-E, chart from TradingView.com

Source: NewsBTC.com

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The price of Bitcoin has been a heated issue recently since different financial institutions project different future images of it. Bitcoin is valued about $63,000 as of September 26, 2024; it shows some consistency following previous swings.

This price is still significantly higher than its value just a year ago when it hovered around $26,000. The cryptocurrency market remains volatile, and many analysts are weighing in on what lies ahead for Bitcoin.

Predictions From Financial Institutions

Various financial firms project different paths of pricing for Bitcoin. For instance, Standard Chartered recently changed their projection from an earlier forecast of $100,000 to $120,000 by the end of 2024.

This change captures an increasing hope about the market potential of Bitcoin, particularly considering the major impact of the recent halving event.

Conversely, Berenberg has been more circumspect, setting a target of $56,630 by April 2024. Their projection takes into account the possibility for significant market corrections.

Fundstrat, however, has set a lofty aim of $180,000 since it believes that the introduction of a BTC ETF will increase prices. Such forecasts draw attention to the divergent opinions in the sector and show how greatly market attitude may change.

Researcher Sees Bitcoin Targeting $68,000 Next

Head of Research at Uphold Martin Hiesboeck has voiced hope on the foreseeable future of the crypto asset. He believes that Bitcoin is “ready” to break above the $68,000 mark, representing a potential increase of 6.67% from its current price.

Looks like $BTC is ready to blow straight through to 68000
Happy trading!

— Dr Martin Hiesboeck (@MHiesboeck) September 25, 2024

According to Hiesboeck’s research, Bitcoin has lately exhibited great momentum almost approaching $65,000 before encountering some opposition. He expects the bitcoin to keep on its rising slope and eventually reach the $68,000 mark.

Variables Affecting Bitcoin’s Price

The price of Bitcoin varies for several reasons. Unlike conventional equities that generally react to corporate performance or economic news, macroeconomic trends, technological improvements, and legislative changes can all affect the value of Bitcoin.

Institutional curiosity in Bitcoin also keeps rising. Many investors see it as a means of portfolio diversification and a hedge against inflation. Certified financial adviser Drew Feutz said: “The potential benefits of investing in crypto are potentially higher returns than traditional assets.” Many others agree that over time Bitcoin could outperform conventional stock and bond portfolios.

The Road Ahead

Looking ahead to 2025 and beyond, forecasts range greatly. By 2030, some analysts estimate BTC valued between $400,000 and $1 million. These forecasts, however, are only hypothetical at best and mostly rely on macroeconomic conditions and external events including legislative changes.

Featured image from CNBC, chart from TradingView

Source: NewsBTC.com

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