Bitcoin (BTC) price trading below the crucial barrier of $30k, and sellers maintained their grip by tightly preventing the range. However, mighty bulls continuously tried to overtake the spot but failed to surpass it. In the last month, BTC price showed a breakout of the falling wedge pattern and rallied toward $31K, but buyers did not sustain there and showed a retracement toward $29K.

At the moment, Bitcoin (BTC) technical parameters indicate the buyers are accumulating the price and looking to retest the $30K mark soon. However, the price is close to the 100-day EMA, and a bounce can be anticipated. Moreover, BTC price trading inside the rising wedge pattern took support at $28500 and showed a bounce.

However, the BTC price was noted as a fake breakout on the charts, and buyers were trapped in the last sessions, trying to attain a bounce to unwind their long positions, indicating a rebound toward $30K in the upcoming sessions.

At press time, Bitcoin (BTC) price is trading at $28,911 with an intraday drop of 1.58% showing neutral indications. Moreover, the trading volume increased by 2.32% to $14.43 Billion. However, the market capitalization of BTC is $561.86 Billion. The intraday high of BTC is $29,468.88, and the intraday low is $28,835.13 showing a failure to sustain above $29K.

#LUNCDream #CryptoWorldbyINQ2 $BTC

Dogecoin price has been consolidating below the $0.0712 to $0.108 range.

A swift recovery above $0.0712 could trigger a 25% rally for DOGE holders.

A daily candlestick close below $0.0624 will invalidate the bullish thesis. 

Dogecoin price shows a struggle as it approaches key blockade. A successful flip of this hurdle into a support floor could kickstart an explosive move higher for DOGE bulls.

Dogecoin price has been consolidating below the $0.0712 to $0.108 range for nearly 40 days. The Awesome Oscillator has flipped above the zero line, and Relative Strength Index (RSI) has also moved above the mean level at 50. 

These signs indicate that the bullish momentum is on the rise. Lastly, the Wave Trend indicator has also managed to flip above the zero line, with a potential bullish crossover on its way.  So, investors need to keep a close eye on Dogecoin price, which is edging closer to a breakout.

A decisive flip of the $0.0712 hurdle into a support floor on the daily or a higher timeframe would trigger a bull rally. The short-term target includes the sell-side liquidity at $0.08. The second target would be the midpoint of the aforementioned range at $0.0896. 

This move, in total, would constitute a 25.77% gain for Dogecoin price. 

On the other hand, if Dogecoin price gets rejected at the $0.0712 resistance level, it could retrace 11.50% to tag the $0.642 support floor. A breakout of this support barrier would create a lower low and invalidate the bullish thesis.

In such a case, Dogecoin price could revisit the $0.0539 foothold. #LUNCARMY #CryptoWorldbyINQ2 $DOGE

Bitcoin price is recovering higher from the $29,000 support. BTC could revisit the key $29,700 resistance zone in the coming sessions.

Bitcoin is slowly moving higher above the $29,200 and $29,300 levels.

The price is trading above $29,300 and the 100 hourly Simple moving average.

There was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rise toward the next major resistance at $29,700.

Bitcoin Price Faces Many Hurdles

Bitcoin price retested the $29,050 support zone where the bulls emerged. BTC remained strong above the $29,000 zone and recently started a fresh increase.

There was a clear move above the $29,250 and $29,300 levels. The price broke the 50% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support. Besides, there was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $29,300 and the 100 hourly Simple moving average. It is now facing resistance near the $29,450 level.

It seems like the 61.8% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support is acting as a resistance. The first major resistance is still near the $29,650 level. The next major resistance is near the $29,700 level, above which the price might rise toward the $30,000 resistance zone.

A close above the $30,000 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,400 resistance.

Fresh Decline in BTC?

If Bitcoin fails to clear the $29,700 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,300 level and the 100 hourly Simple moving average.

The next major support is near the $29,050 level, below which the price could accelerate lower. The next support is near the $28,800 level. Any more losses might call for a move toward the $28,200 level in the near term.

Technical indicators:

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

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

Major Support Levels – $29,200, followed by $29,050.

Major Resistance Levels – $29,450, $29,700, and $30,000.

#LUNCDream #CryptoWorldbyINQ2 $BTC

Reference newsbtc.com

The post Bitcoin Price Prediction: Will BTC Price Hit $40K By Mid August?appeared first on Coinpedia Fintech News

Anticipation is higher in the crypto space as experts project a bullish trend for Bitcoin’s price in the coming weeks.

Notably, the BTC is already entered its accumulation phase and as expected by everybody is eyeing a whooping $1,00,000 target before halving.

As highlighted by many there are several factors, including recent developments such as the favorable XRP lawsuit ruling and the increasing interest in spot Bitcoin ETFs by major institutions like Blackrock and Citadel, that are contributing to the positive sentiment. 

One such analyst is spilling the beans about why there is an impulsive move in BTC Price. 

$10K in the upcoming weeks? Analyst Theory

In a recent post in Platform X, the crypto analyst, CrediBull, stated that he has closely studied Bitcoin’s price movement and identified a significant build-up of upward momentum over the past three quarters. This suggests that a powerful surge is likely to occur in the near future, potentially propelling Bitcoin’s price above the $10,000 mark.

While displaying a strong parallel with past price movements, CrediBull notes that the previous upward surge from $24,000 to $31,000 was remarkable, and the next wave could be even more aggressive, possibly driving Bitcoin’s value up to an impressive $42,000.

But what is the reason behind such projections? He further explains that based on a pattern observed in the longer time frame, where the third wave tends to be a multiple of 1.67 times the projection of the second wave, which triggered the recent significant price increase. 

However, there is one more interesting observation made by the analyst that the deviations in Bitcoin’s price since November 2023 have displayed strong upward impulses and relatively minor retracements, signalling a bullish trend.

While a minor dip might occur around the $27,900 mark before the next upward impulse, the current price range indicates that Bitcoin is potentially close to finding a local bottom. This situation has heightened expectations that an aggressive upward movement could be imminent within the next two weeks. $BTC #LUNCDream #CryptoWorldbyINQ2

Binance, the world’s largest cryptocurrency exchange, has recently announced that it has burned 1.14 billion Terra Luna Classic (LUNC) in the 12th batch of the Terra Classic burn mechanism.

The burned tokens were obtained from trading fees on margin and spot trading pairs in July. This recent burn brings the total number of LUNC burned by Binance to about 37 billion and the total burn by the Terra community to about 71.5 billion.

Another Record Burn of LUNC Tokens

According to details of Binance’s burn transactions dated 1st August, the platform lost about 7.06 million LUNC in transaction charges to send 1.14 billion LUNC to the burn address. The move is in line with efforts to lower the number of tokens in circulation.

However, while Terra is known for regularly looking to burn down its huge pool of LUNC in circulation, the platform is far from achieving any desirable results that would positively impact the token’s market value via burn mechanisms. 

The 11th batch of the burn mechanism was for the period of 30th June to 30th July 2023. The latest burn, which is the 12th batch, brings the total number of LUNC burned by Binance to about 37 billion Tera Luna Classic tokens from trading fees on spot and margin trading pairs.

Binance had previously burned 2.65 billion Terra Luna Classic tokens in July. However, the burn rate increased significantly last month due to positive sentiments from the proposed parity upgrade in July, Professor Edward Kim’s AI application chain Block Entropy and a proposal to work towards USTC’s re-peg. 

Terra Luna Classic Token Price Reaction

Members of the Terra community have burned about 71.5 billion tokens in total. This surpasses the recent 70 billion LUNC milestone. Following the latest burn, Terra ecosystem tokens have fallen below key support levels, with LUNA dropping by 5%, while LUNC and USTC fell by 2% and 7%, respectively.

This comes against the backdrop of Judge Rakoff denial of Terraform Labs and Do Kwon’s application to dismiss the US Securities and Exchange Commission’s lawsuit using the precedent established by Judge Torres’ ruling.

Presently, the altcoin’s price is trading at around $0.000081. However, according to market speculations, LUNC’s price may recover above the $0.00009 support level because of the triangle pattern formation. Meanwhile, Terra’s once supposed stablecoin USTC is, at the time of writing, priced at $0.015 according to data from CoinMarketCap.

#LUNCDream #CryptoWorldbyINQ2 $LUNC

XRP Price Prediction 2023-2032

XRP Price Prediction 2023 -up to $0.61

XRP Price Prediction 2026 -up to $2.10

XRP Price Prediction 2029 -up to $6.79

XRP Price Prediction 2032 -up to $21.63

#CryptoWorldbyINQ2 #LUNCDream $XRP