💸 New Hope for Bulls: #BTC Forms Giant Inverse Head and Sho | TopCryptoNews on Binance Square

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💸 New Hope for Bulls: #BTC Forms Giant Inverse Head and Shoulders With $200k Target
Thanks to Peter Brandt for the idea , in this scenario we can first go to $40k 🫡

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🔥 Solana’s Push to $200 Meets Heavy Resistance Hinting at a Reversal Solana’s (SOL) price has recently gained attention with its approach toward the $186 resistance mark, a level that previously triggered reversals. Despite SOL standing only 16% away from a potential run to $200, broader market signals suggest challenges ahead. Key indicators reveal SOL may be entering overbought territory, which historically leads to corrections, putting the rally at risk. 🔸 Solana Is Not Ready for a Rally Solana’s current market sentiment reflects caution, as the Chaikin Money Flow (CMF) indicator shows SOL above the 20.0 level—a point where inflows have typically peaked. Historically, reaching or surpassing this threshold signals that investors may begin pulling funds out, likely causing the price to decline. The elevated CMF suggests that Solana’s recent momentum could face resistance as more investors lock in profits. High inflows generally signal a demand spike, yet when they reach extreme levels, the trend often reverses. Given the current high inflow level, market sentiment indicates a risk of selling pressure that could hamper Solana’s ability to push toward $200. Solana’s macro momentum also shows signs of cooling off, with technical indicators like the Relative Strength Index (RSI) hitting the overbought level of 70.0. An overbought RSI often precedes corrections, as it signals that the bullish momentum may be overstretched. For Solana, this suggests that the rally could stall, especially as the altcoin approaches critical resistance. When the RSI moves above 70, it’s typically a red flag for investors, who may anticipate a pullback. Solana’s recent RSI spike hints that the asset’s uptrend may be approaching its limits. This could limit SOL’s chances of breaking through $186 and instead lead to a correction, particularly if broader market conditions turn bearish. #SOL #solana

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🇺🇸 US Treasury Department Releases 132-Page Report on Bitcoin and Cryptocurrencies – Here’s What You Need to Know in a Summary The U.S. Treasury Department has identified an increased demand for short-term government bonds linked to the rise of stablecoins, according to a newly published 132-page report. Prepared for the Treasury's Borrowing Advisory Committee, the report examines the impact of digital assets such as Bitcoin and stablecoins on the broader financial landscape. In the report, the Treasury noted that “growth in stablecoins has led to a modest increase in demand for short-term Treasury securities.” It acknowledged that the digital asset market, while still relatively small compared to traditional assets, has grown significantly in recent years. “Digital assets have witnessed rapid growth from a small base,” the Treasury Department said, noting that while this growth has not yet replaced demand for Treasury securities, it has affected the market in other ways. A notable example of this trend is Tether, the world’s largest stablecoin by market cap. Tether reportedly holds a significant portion of its reserves in U.S. Treasury bonds, with CEO Paolo Ardoino claiming the company owns more Treasury bonds than countries like the United Arab Emirates, Australia, and Spain. According to Treasury estimates, there is currently around $120 billion worth of stablecoin collateral invested in Treasurys, with Tether accounting for $81 billion of that total. As of now, the entire stablecoin market is valued at over $177 billion. Stablecoins play a crucial role in the digital asset ecosystem, mediating over 80% of all crypto transactions. Their stable value compared to other volatile crypto assets has made them a popular choice for traders looking for a reliable intermediary currency. Despite the positive impact stablecoins have had on the Treasury market, the report also pointed to potential challenges on the horizon. #BTC #Bitcoin

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Dogecoin Nears Rare Golden Cross After One-Year Wait: Details Dog-themed cryptocurrency Dogecoin (#DOGE ) is on the verge of achieving a potential "golden cross," a chart pattern that occurs when a short-term moving average, usually the daily SMA 50, crosses above a long-term moving average such as the daily SMA 200, often seen as a bullish signal. As noted on its daily chart, Dogecoin's 50-day SMA has turned up and appears to be moving above the 200-day SMA in the next few days, indicating a potential "golden cross." The pattern implies that short-term price momentum is outpacing long-term momentum, which may lead to a bull run. Dogecoin's last golden cross was recorded in November 2023. Interestingly, this was not the first time Dogecoin experienced this phenomenon in November. The cryptocurrency also achieved a golden cross in November 2022, marking two consecutive years when this bullish signal appeared in the same month. From current market indications, it seems likely that Dogecoin's next golden cross might occur in November once again. If this happens, it would be the third consecutive November in which Dogecoin has seen a golden cross. 🔸 Bullish November? With previous golden crosses occurring in November 2022 and November 2023, the possibility of a third consecutive golden cross in November 2024 is generating considerable interest. Crypto analyst Ali predicts a parabolic bull run for Dogecoin in November upon a sustained close above $0.20. However, the moving average-based crossover is often criticized for being a lagging indicator that might trap traders on the wrong side of the market. This was the case in the event of Dogecoin's golden cross in November 2022, as DOGE reported losses of 16%. In November 2023, Dogecoin surged 22% over the course of the month, posting positive performance. The market will watch closely in the coming days as the potential for another golden cross adds to the intrigue and speculation surrounding Dogecoin's price performance. #Dogecoin

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⚠️ Cardano Rolls out Major Node Update in Anticipation of Chang 2: Details Chang 2, the second controlled Chang hard fork is anticipated to complete the metamorphosis of Cardano to the age of Voltaire. The current roadmap saw a prerelease of Cardano node v10 for testing. In line with ongoing preparations for the Chang 2 hard fork, Cardano Node 10.1.1 has just been released. The process to enact the Chang upgrade is expected to begin in November, ushering in a critical phase for Cardano’s governance evolution. Chang #2 requires five governance actions to be successfully enacted on-chain. Cardano node 10.1.1 release published and approved for mainnet usage! This is the version for HF to Chang#2. Please make sure to get your nodes updated, especially on preview which we plan on forking later this week. Details here: — Samuel Leathers 🎾 (@therealdisasm) October 30, 2024 In this bootstrap phase of governance, the ICC (Interim Constitution Committee) and SPOs (stake pool operators) will be required to vote accordingly. DReps do not vote during the hard fork process; they only become part of governance after Chang #2 has been enacted. While governance is in bootstrap mode, the decision to upgrade will be made when Cardano's stake pool operators (SPOs) meet the required threshold, and the Interim Constitution Committee (ICC) votes "yes." Should the community ratify the hard fork, the upgrade will be enacted five days later (one epoch), bringing on Cardano's final governance features as defined by CIP-1694. About node 10.1.1 The new Cardano Node 10.1.1 is a mainnet release of the Cardano node that is capable of crossing the Chang 2 hard fork. According to GitHub documentation, the Node version includes several improvements to the governance system, including support for SPO delegation to predefined voting options and auto-abstain DRep votes, supplanting abstaining via rewards address delegation. It also enables new Plutus primitives specified in CIP-0122, CIP-0123 and CIP-0127. #ADA #Cardano

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🔥 Celestia’s (#TIA ) 176 Million Token Unlock Stirs Market Unrest TIA’s price has slumped over the past 24 hours, following Celestia’s 176 million token unlock on Wednesday. This substantial influx of tokens has intensified downward pressure, leading to a nearly 10% drop in TIA’s value. With bearish sentiment growing, the altcoin appears likely to face further declines. This analysis examines the factors behind this trend. 🔸 Celestia’s Token Unlock Leads to Spike in Selling Pressure On Wednesday, Celestia unlocked 176 million TIA tokens, valued at $890 million at current market prices. This influx of new tokens has increased TIA’s circulating supply and put significant pressure on its price. TIA currently trades at $4.68, shedding 9% of its value over the past 24 hours. Token unlocks often create uncertainty and fear among investors, especially if they perceive a high risk of selling pressure from token holders. This has been the case for TIA, despite clarifications that not all of the unlocked tokens would be immediately available for sale. In a post on X, Taran Sabharwal, CEO of Stix trading platform, explained that Celestia’s 21-day unstaking period means that anyone planning to sell their unlocked TIA tokens has likely already unstaked. As a result, the expected total selling pressure from the token unlock stands at 92.3 million TIA, or roughly $460 million. “This equates to a max selling pressure of ~$460M. What is also interesting here is that this accounts for <50% of the total cliff unlocks, which means that the sell pressure is half of what people have been expecting,” Sabharwal posted. 🔸 Selling Activity Underway, But There Is a Catch BeInCrypto’s assessment of the TIA/USD one-day chart confirms the uptick in selling pressure following the Celestia 176 million token unlock. As of this writing, the coin’s Relative Strength Index (RSI), which measures oversold and overbought market conditions, is in a downward trend at 38.46. #Celestia

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