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Bearish Pressure Can’t Stop VET From Targeting $2 Despite bearish pressure weighing down on VeChain, analysts are still holding out hope that VET could face a massive surge to target an increase in a price as high as $2. The token has certainly struggled throughout 2024. Yet, that could be coming to an end with October looking to turn things around for a host of tokens. With ‘Uptober’ almost upon the market, there is a plethora of expectations for different cryptos. As with all price movement, a lot of that depends on Bitcoin. There are many who believe the coming month could have BTC eyeing a return to $70,000. That could have a massive impact on the market as a whole, as well as VeChain. VeChain Looks to Push Through Bears as VET Could Be In Line for October Surge Like many cryptocurrencies in the last several months, VeChain has struggled. Over the last 30 days, the token has fallen more than 8%, according to CoinMarketCap. Yet, it has enjoyed a notable turnaround. In the last seven days, it is up more than 14%, currently trading near the $0.024 mark. There are many analysts who expect VeChain to successfully navigate bearish pressure, and allow the surge to carry VET as high as $2. The asset is currently down 91% from its all-time high of $0.28, with the market projecting that landmark figure to be a thing of the past. Crypto analyst EGRAG took to X (formerly Twitter) to discuss their high hopes for VeChain. Specifically, they forecasted a massive move based on the Elliot Wave Theory. This identifies corrective wave patterns that could drive VET to notable highs. With Elliot Wave categorized by five sub-waves, EGRAG notes that VET is preparing to enter an impulsive Wave Three phase. This projection hints that Wave Four could bring about a correction before an explosive rally capitalizes on Wave Five. For the analyst, these moves could have VET targeting $1 in the short term, with a $2 top-end projection. #VET #Vechain #Altcoins #CryptoNews #BinanceLaunchpoolHMSTR $VET $VTHO $BTC
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Analysts Tip SUI to Rival Solana Layer-1 blockchain Sui (SUI) has been tipped as an incredible force to reckon with after showing resilience in the face of the recent market downturn. According to our market analysis, Sui has made a massive statement with a 36% surge in the last seven days and a 70% surge in the last 30 days. At press time, the asset was trading at $1.44, and its 24-hour trading volume was up by 28%. Speaking on the asset, Real Vision CEO Raoul Pal disclosed to his million X followers that Sui’s future trajectory appears bullish, as confirmed by market signals, growing adoption, and technological upgrades. Throwing light on this, Pal pointed out that the asset has broken the downtrend vs Solana (SOL) and all the top 20 tokens. In addition to that, its Relative Strength Index validates any form of bullish thesis with the asset “acting like it would be one of the key Chosen Ones of the major new chains, if not THE Chosen One.” From the technological perspective, Pal believes that the recent Mysticeti upgrade has led to a jaw-dropping finality that is under a second. Interestingly, this makes it the “fastest of all chains.” Pal also cited the upcoming Pilotfish as another upgrade that could transform the network and position it above competitors. According to our research, the Pilotfish has been designed to scale transactions per second (TPS) even above that of Solana Firedancer. This, coupled with the recent decision of Circle to issue stablecoin (USDC) on the platform, could be “another good step” towards outpacing competitors, Pal said. But what are Sui/Mysten Labs trying to achieve? Basically, they are trying to rebuild the internet, brick by brick for Web3. It is built to scale to Facebook/Meta size use cases (3 billion-plus) from zero-knowledge (ZK) logins to the coming Walrus decentralized storage protocol. #SUI #SuiNetwork #Solana #Altcoins #BinanceLaunchpoolHMSTR $SUI $SOL $BTC
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Bitcoin’s long-term holders set record high – What it means for BTC Bitcoin [BTC] continued to demonstrate strength as the crypto market rebounded after a six-month downturn. Long-term holders’ actions are crucial for BTC traders, offering insights into trade timing. Over the last two months, long-term holders have accumulated more BTC, marking the highest accumulation period in the last three years. Additionally, these investors, along with new entrants, have collectively purchased over 1 million BTC since from the year 2022. This aggressive buying behavior signals strong confidence in Bitcoin’s future. Some of the earliest Bitcoin mining addresses have recently become active, further increasing the long-term supply of BTC. MicroStrategy (MSTR) leads top 10 performing stocks in the S&P 500, continues to support Bitcoin with gains of over 1000% since adopting its BTC strategy. Recently, MSTR issued $1 billion in convertible debt at a low 0.625% interest rate to redeem $500 million of senior secured notes with a 6.125% rate to fund the purchase of Bitcoins. This move reduced its blended interest rate to 0.81% from 1.6%, lowering annual interest expenses. Remarkably, this debt offering also strengthens MicroStrategy’s balance sheet, allowing it to potentially acquire more Bitcoin in the future, even if BTC prices fall. The ongoing acquisitions by major institutions like MSTR position Bitcoin for future growth. Bitcoin 3-day MACD crossed bullish Moreover, BTC’s 3-day MACD has crossed into bullish territory, signaling continued strength as BTC trades above $63K. With expectations of breaking the $65,000 level soon, Bitcoin is showing resilience and a growing trend of reclaiming the 100-day moving average. This upward momentum suggested that being bearish on BTC at this time may be risky, especially as Bitcoin appears poised to reach new highs. #Bitcoin #BTC #CryptoNews #Altcoins #BinanceLaunchpoolHMSTR $BTC $ETH $BNB
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Cardano Now Interoperable With Bitcoin, Here’s How All networks are keen on attaining interoperability, which is crucial to their growth. In this light, Bitcoin developer and FluidTokens CTO elraulito took to X to announce the latest breakthrough in blockchain interoperability. He revealed a seamless Plutus V3-based smart contract bridge between Bitcoin (BTC) and Cardano (ADA) applications. Cardano-Bitcoin Bridge Comes With Multiple Features This bridge will allow Bitcoin users to send ADA, manage, or stake them on any Cardano pool without additional software or wallet. elraulito further explained that the smart contract was built using tools and protocols. It leverages a Cardano smart contract language known as Aiken and CIP69, which enhances the address’s programmability. In addition, the smart contract has a multi-validator responsible for facilitating transactions, delegations, and reward withdrawals. MeshJS manages off-chain transactions. The bridge employs Mesh, an open-source library that supports Web3 app development. This currently offers one of the few Plutus V3-compatible implementations. The developer is confident that these capabilities may extend to the Ethereum Virtual Machine (EVM) chain, further broadening Cardano’s functionality. Cardano Founder And Community Reacts to Interoperability Innovation Charles Hoskinson, Cardano founder, expressed surprise at the innovation and its capacity to usher in a new phase of cross-chain connectivity. It also generated questions from the crypto community on X, with most of them showing interest in understanding the mechanics and applications of the new bridge. Another set was more interested in the validation process. Hoskinson is a core advocate for sound technology and is likely impressed by the latest developments. His interest and commitment are evident in his dedication to positioning the Cardano protocol for long-term success. #Cardano #ADA #Altcoins #BinanceLaunchpoolHMSTR #CATIonBinance $BTC $ETH $ADA
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Ethereum Bullish Surge Faces Headwinds from Foundation Sell-Offs Ethereum Foundation sold 1,050 ETH in September, totaling $2.53M, amid price recovery. Ethereum’s trading volume surged 59.85% to $17.35B, indicating heightened market activity. Key support at $2,593 held; resistance at $2,675 remains crucial for potential price movement. The Ethereum Foundation recently sold 100 ETH for $2,645, based on information from PANews. With this sale, the Foundation has now sold 1,050 ETH in total in September. The prices at which the transactions were completed ranged from $2,301 to $2,645. Notably, this plan proposes a methodical way to control Ethereum’s price fluctuations. As of time of writing this article, Ethereum is trading at $2,651.16, up 2.23% on the last day. The market’s response to these sales is significant. Strategic Sales During Market Recovery Consequently, the timing of the Foundation seems deliberate. The recent sales took place as Ethereum’s price started to rise. This implies that there may have been an effort to profit from the upward trend. Additionally, sales took place as Ethereum recovered from a support level close to $2,593, a crucial price range for investors. Bullish momentum has been created by this rebound. It caused the price to spike momentarily to a local high of $2,675, after which it slightly dropped to its current level. Besides, the daily trading volume of Ethereum reached $17.35 billion, a 59.85% increase. This spike, which was probably caused by the Foundation’s sales, denotes increased market activity. It appears that investors are responding to the market’s increased supply of ETH. Moreover, the spike in volume indicates a notable increase in market interest, which could fuel additional volatility. In the short term, the increased trading activity may lead to unpredictable price movements. #Ethereum #ETH #BinanceLaunchpoolHMSTR #CATIonBinance #BTCReboundsAfterFOMC
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