The past week brought a significant shift in narratives.
Over the last 7 days, most of the top gainers were utility coins like $HNT, $RUNE , $AAVE , $LTC , and $FTM.
In contrast, the worst performers were primarily meme coins, such as $WIF, $BRETT, $PEPE, and $BONK.
Are we on the verge of a momentum switch? đ€
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Bitcoin Analysisđđïž
Market Analysisăœïž
August 18, 2024
âââââ
*âȘïžTECHNICAL (1W)*
On the WEEKLY timeframe, the price action of $BTC has formed a triple top pattern, indicating potential resistance. đ
However, on the Daily timeframe, the price action is holding strong at the support region, showing the formation of a double bottom pattern, which suggests a possible bounce back. đ
*âȘïžWRAP-UP*
On the lower timeframe, the price action has left a candle imbalance between the $60,660 to $59,413 level. We can anticipate that the price action will likely fill this imbalance before any further downward movements. đ
$BTC $BNB
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Quick BTC update
Right now, BTC is trading at 59.7k. A while back we saw it jump to as high as 60k, but then it dived down again to the current price zone.
Truth is BTC is showing lots of bullish signs. In the 1h chart the KDJ oscillator has been detecting huge buy volume from whales and retail investors.
Moreover, the 4H chart is also forming a bullish pattern. A tripple bottom has formed, upside target is 62.5k.
This is a significant sign, because if this pattern will play out, BTC will be able to topple down the 61k-62k resistance. Consequently if BTC will break this resistance, it means that more upside movement should be expected.
To recall, the daily KDJ oscillator has been anticipating a bounce back to the 71k zone. That is still valid and may still play out in the comming days or even in the next few hours.
FOLLOW for more.
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đš Crypto Market Update â August 18, 2024 đš
The cryptocurrency market is buzzing with mixed movements today.
$BTC is holding steady above $60K, trading around $60,131.69 as it recovers from recent fluctuations. Institutional interest remains strong, with Bitcoin ETFs on the horizon potentially stabilizing the market further.
$SOL has seen a slight dip, now trading at $179.58. Despite this, Solana's ecosystem continues to expand, reflecting robust underlying demand.
$ETH is up by 0.61%, priced at $3,297.90, as Ethereum continues to lead in the DeFi space.
$TON is the star performer today, rising by 5.67% to $5.20, bolstered by its recent Binance listing and the surge in Telegram-based mini-games.
The market shows cautious optimism with traders closely watching regulatory updates and macroeconomic trends.
Stay tuned for more updates! đđ„
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SIDRA COIN AND ITS PRICE PREDICTIONâŒïž
Sidra Coin (SDRA) is a cryptocurrency developed by Sidrabank, a decentralized finance (DeFi) platform that combines modern blockchain technology with Islamic financial principles. This coin is central to Sidrabank's ecosystem and has been designed to serve various functions within the platform.
đąKey Features and Functions
đ1. Utility and Purpose:
Transactional Currency: Sidra Coin can be used for various transactions within the Sidrabank ecosystem. This includes payments for services, fees, and other financial operations available on the platform.
Staking Asset: Users can stake Sidra Coins within the platform to earn rewards. This staking mechanism is a way for users to participate in the network's governance and security while earning additional income.đ2. Supply and Demand Dynamics: Limited Supply: Sidra Coin has a constrained supply, which plays a significant role in its potential value appreciation. Limited supply, coupled with increasing demand, could drive the price of SDRA higher over time.
đprice Projection: Sidrabank has set an ambitious target for Sidra Coin, aiming for a price of $1,000 within a year of the Mainnet transition. This target is based on factors such as growing adoption, the utility of the coin.
đ3. Platform Integration:
Decentralized Exchange (DEX): Sidrabank is developing its own decentralized exchange (DEX), where Sidra Coin will be a primary currency. The DEX will allow users to trade SDRA for other cryptocurrencies without the need for a centralized intermediary.
đą Listing on Major Exchanges: To increase liquidity and accessibility, Sidra Coin is being listed on several major cryptocurrency exchanges. This will make it easier for a broader range of investors to trade SDRA, further driving its adoption.
Conclusion:
Sidra Coin represents an innovative approach to combining decentralized finance with Islamic principles, offering unique features such as staking, a dedicated DEX, and a limited supply designed to drive value.
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AAVE Crypto Price Forecast: Can It Overcome Key Resistance?
In the latest 4-hour trading session, $AAVE crypto exhibited signs of consolidation, hovering around a narrow price range. Closing prices have fluctuated slightly, reflecting a market grappling with uncertainty. AAVE's price action hints at potential shifts, but technical indicators suggest that bearish momentum could dominate the short-term outlook.
Exponential Moving Averages (EMAs) reveal a critical insight into the market's pulse. The 9 EMA, which often provides a snapshot of shorter-term price trends, remains above the 20 EMA. However, the gap is narrowing, signaling that the bullish momentum that previously supported AAVE crypto might be waning. If this trend continues, it could pave the way for a crossover, where the 9 EMA dips below the 20 EMA, potentially signaling a bearish reversal.
The Moving Average Convergence Divergence (MACD) further reinforces this cautious outlook. The MACD line is trending below the signal line, and the histogram shows increasing negative values. This divergence between the MACD and the signal line points to a weakening of bullish strength, indicating that sellers might gain control in the near term. The growing bearish momentum suggests that the AAVE crypto might struggle to break above key resistance levels at $114.18, $115.41, and $116.82.
The Relative Strength Index (RSI) hovers around the mid-50s, signaling a neutral stance. Although the RSI isnât yet in overbought or oversold territory, the recent downward trajectory could hint at a potential shift toward bearish sentiment. Traders should monitor the RSI closely, as a dip below the 50-mark could confirm a bearish outlook, making a break below the support level at $109.24 more likely. Further declines could expose the AAVE crypto to the next support levels at $106.07 and $105.22. #AAVE #altcoins #TrendingInvestments The full analysis and trade strategy were posted on www.ecoinimist.com.
{spot}(AAVEUSDT)
đŁ Bloomberg's Expert Issues Bearish Bitcoin Warning as BTC Reclaims $60K
In a recent post, Mike McGlone, senior commodity strategist at Bloomberg, warned that Bitcoin, the flagship cryptocurrency, could be leading the reversion of risk assets.
Its underwhelming performance since March has been gaining companions from the stock market as well as the commodities sector.
Earlier this year, McGlone predicted that gold could end up outperforming Bitcoin due to macroeconomic factors.
While this was not the case, gold recently managed to hit a new all-time high.
Meanwhile, Bitcoin is struggling to recover after its recent price plunge.
Earlier this month, McGlone stated that the Bitcoin hangover might be "enduring" due to the unique combination of U.S. ETF launches and a supply cut in the first quarter that pushed the cryptocurrency to record highs.
On Sunday, the leading cryptocurrency reclaimed the $60,000 level. However, it is still far from regaining its current record high that was achieved in March.
"Born of the financial crisis and quantitative easing, Bitcoin has led most risk assets to this year's highs and may be doing the same on the way back down," he said in another recent post.
Earlier this month, McGlone also pointed out that Bitcoin had dropped below its upward-sloping 200-day moving average, which suggests that risk assets could be rolling over.
At press time, the leading cryptocurrency is trading at $59,611 on the Bitstamp exchange.
The Fed's upcoming rate cut is supposed to inject bullish optimism. However, it remains to be seen whether it will manage to put the ball back in the bulls' court.
$BTC #BTC #Bitcoin
{spot}(BTCUSDT)
UPDATES REGARDING $HIGH $RUNE $TRB
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1ïžâŁ HIGH (Bullish Breakout): HIGH has achieved a significant breakout, surging 8.89% to $1.40. This notable increase indicates strong buying pressure. For sustained growth, HIGH must maintain its momentum and close above $1.45. Key resistance levels: $1.50 and $1.55. A correction may occur if HIGH fails to break through these levels.
2ïžâŁ RUNE (ThorChain Rally): RUNE has experienced a remarkable rally, increasing 8.66% to $3.99. The current price action suggests a potential continuation of the uptrend. For a bullish continuation, RUNE must breach the $4.05 level and close above $4.10. Otherwise, a bearish outlook may persist. Key support levels: $3.80 and $3.70.
3ïžâŁ TRB (Correction Mode): TRB has entered a correction phase, declining 2.21% to $54.42. The recent price action suggests a potential further decline. For a bullish reversal, TRB must close above $55. Key support levels: $53 and $52. A break below these levels may lead to further downside.
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ChatGPT Predicts PEPE Price For The Next Weekđž
PEPE coin, like many memecoins, has experienced significant fluctuations. But the pressing question is: whatâs next?
Altcoins Are About to Explode!
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Unusual Bullish Theory for Ethereum: "It's Always Happened at Price Bottoms Before"
According to one analyst, a significant drop in transaction fees on the Ethereum network could signal a bullish trend for ETH.
"Any time ETH gas fees bottom, it usually signals a price bottom in the medium term," said Ryan Lee, chief analyst at Bitget Research. Lee also suggests that ETH prices tend to recover strongly after such a cycle, and if this coincides with interest rate cuts, the market's growth potential increases.
Gas fees, the fee users pay to transact on the Ethereum network, recently dropped to as low as 0.6 gwei, with low-priority transactions costing just 1 gwei or less. This represents a significant drop of over 95% from the peak of 83.1 gwei in March, when network activity was increasing.
Lee attributes the drop in fees to a combination of factors, including the shift in demand from the Ethereum blockchain space towards faster and cheaper alternatives like Solana and Layer 2 solutions, as well as the implementation of the Dencun upgrade, which increases network efficiency and lowers transaction costs.
Additionally, the reduced amount of ETH burned due to lower fees has led to an increase in token supply.
Despite the current decline in fees and the resulting increase in ETH supply, Lee's analysis suggests that historical trends point to a potential recovery in ETH prices in the medium term, especially when coupled with a rate cut cycle.
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đšâđ»Esta es la razĂłn por la que debes elegir con cuidado los proyectos en los que vas a invertir ya que no todos garantizarĂĄn grandes ganancias en este bullrun: âŹïž
1. SobresaturaciĂłn del mercado: Anteriormente, habĂa entre 200 y 1000 criptomonedas, pero ahora ya existen alrededor de 3 millones. Esto hace que se desvie la atenciĂłn y no se pueda concentrar la capitalizaciĂłn en unas pocas.
2. Tendencia alcista en memecoins: Actualmente, se estĂĄ prestando mucha atenciĂłn a memecoins dejando de lado los fundamentos. Todos tienen la esperanza de que una moneda que vale 0.000001$ llegue a 1$ y ellos se hagan millonarios.
ConclusiĂłn: la conclusiĂłn que podemos sacar de esto es que a pesar de que la gran mayorĂa de las monedas van a subir, no todas van a dar grandes beneficios como era el anterior bullrun.
đ€Vota por mi en mi perfil, espero tu apoyo.
**Bitcoin Eyes $60K as Weekend Trading Shows Strength**
Bitcoin (BTC) is making a push to reclaim the $60,000 mark, reaching a local high of $60,271 on Bitstamp this weekend. Despite the absence of traditional market traders, BTC/USD has been steadily climbing, with indicators suggesting more gains ahead.
- **Ichimoku Cloud Signals**: Trader Titan of Crypto highlighted a bullish crossover in the Ichimoku cloud, hinting at an imminent upward breakout.
- **MACD Indicator**: Another bullish signal came from the MACD indicator, suggesting strong buy momentum.
- **Key Levels**: Analyst Rekt Capital noted that closing above $60,600 would mark a significant win for bulls, potentially ending the recent downside phase.
Stay tuned as Bitcoin's "parabolic" phase could kick off soon, possibly by late September.
The super moon will be visible at night from August 19 to 20
This astronomical phenomenon happens once every 15 years, called the seasonal "blue moon".
At this moment, the Moon will approach the Earth at a distance closer than 362,000 km, and will be large, bright and blue in color.
Let's set an alarm clock so we don't forget.
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đšđšâïž Battle at $60K! Will Bitcoin Break Through or Buckle? đ„
đ Bitcoin Hits $60,000! What's Next? đ„
Bitcoin (BTC) has once again crossed the crucial $60,000 mark, sparking excitement and caution among traders. However, the rally faces significant resistance in the near term. After a brief surge above $60,000, BTC quickly fell back to $59,548, hovering just above the 200 EMA.
âĄïžKey Levels to Watch đŻ
1ïžâŁ$60,000: The Psychological Battleground âïž
- The $60,000 level is more than just a round number; it's a fierce battleground between bulls and bears. Historically, crossing this mark triggers increased volatility as buying and selling pressure intensifies.
2ïžâŁImmediate Resistance at $61,000 đ§
- The next resistance level is just above $60,000, aligning with the daily chart's 50 EMA. Failure to break and hold above $61,000 could lead to a retest of lower support levels, while a successful breakout might pave the way for a longer-term rally.
3ïžâŁSupport at the 200 EMA: $59,548 đĄïž
- The 200 EMA at $59,548 is a crucial support level. If BTC holds above this, it could serve as a springboard for recovery. A break below might signal a further drop towards the $58,000-$57,000 region.
Stay vigilant as Bitcoin navigates these critical levels! đ
$BTC
{spot}(BTCUSDT)
$SOL $ETH
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