Cryptocurrency

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Bitcoin climbed over 4% on Wednesday, reaching a high of $40,527 before trimming its gains to trade at $40,091 at press time.Given Bitcoin’s recent bounce from lows of $38,501 on Jan. 23, Glassnode cofounder “Negentropic” on X wonders if it just bottomed in a “descending wedge with a classical throw-over.”Adding to that, if this is the case, Bitcoin may rally to $42,000 before retesting $40,500, after which it should skyrocket. The Glassnode cofounder added reassuringly that the “bigger picture still remains very bullish” for the Bitcoin price.The digital asset markets observed an upswing in speculation leading up to the Bitcoin ETF approvals, with a general sell-the-news event playing out over the following days. Bitcoin has fallen over 20% from an intraday high of $49,021 when the ETFs went live, as excitement over the products gave way to anxiety about the eventual extent of demand for them.The latest sell-off marks the fourth time in the last year or so that Bitcoin has lost approximately 20%.Elliott’s wave theory claims that markets are prone to repeating wave patterns. Applying the approach to Bitcoin implies that the largest cryptocurrency will find a base between $36,000 and $38,000 before a fifth wave reignites last year’s ascent.According to cryptocurrency analyst Ali, historical patterns demonstrate that in bull markets, BTC price declines are consistently followed by further upside increases. This implies that declines could provide smart buying opportunities for investors eager to capitalize on Bitcoin’s potential rise.This article was originally published on U.Today More

This article was originally published on U.Today More

With all eyes on Bitcoin, the latest correction might be a result of the Jim Cramer effect. Based on precedent, crypto proponents on X have identified a pattern that sees Bitcoin move in the opposite direction from what Jim Cramer identifies. As the CNBC Mad Money Host noted on X on Jan. 24, he pointed out that Bitcoin was off to a strong start in defiance of his earlier call that the coin’s floor might still be far away.When this statement was made, Bitcoin was trading at about the $40,000 price mark, and its correction at the time of writing suggests the Jim Cramer theory might be accurate after all. The launched spot Bitcoin Exchange Traded Fund (ETF) product has not produced enough impact, as projected by top market veterans like Samson Mow. While there is enough time to hit the $1 million price projection from Mow, Bitcoin’s outlook since the product started trading has been relatively gloomy.With the Bitcoin halving event now ahead, the market is choosing to lean on another network fundamental to anticipate a massive bullish resurgence in the price of the digital currency. According to top analysts like Benjamin Cowen, BTC is poised to enter the bull market ahead of the forthcoming halving.This article was originally published on U.Today More

The 200 EMA serves as an important barometer for the long-term trend and investor sentiment. For XRP, remaining below this level suggests that the asset lacks the bullish momentum needed to shift into an upward trajectory. This inability to secure a foothold above the 200 EMA raises questions about the stability of positive price action in the near term.XRP/USDT Chart by TradingViewTechnical analysis shows that the 200 EMA is a dynamic level of resistance that many traders watch closely. A consistent failure to breach this mark can lead to a self-fulfilling prophecy where the resistance level grows stronger, as more traders set their sell orders around this key price point. The ETH chart reveals a telling pattern; the absence of a new higher high is significant. Typically, in a bullish market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum’s inability to push beyond its recent peak may suggest that the bulls are running out of steam and a reevaluation of market sentiment could be underway.Analyzing the chart, the local resistance level has been a tough ceiling for Ethereum to break. This resistance, where sell orders tend to cluster, is acting as a barrier preventing further upward movement. On the flip side, the support level represents a price point with a concentration of buy orders, offering a potential cushion against a price drop. If Ethereum fails to uphold the support level, it could trigger a price breakdown, signaling a shift to a bearish trend.If Ethereum’s price continues to struggle, the scenario could unfold where the asset drops further, testing subsequent support levels. While the underlying fundamentals of Ethereum, such as network upgrades and adoption rates, remain robust, the short-term price action could still be subject to corrective forces.The technical outlook for SOL is looking promising. After a period of bullish activity that piqued the interest of many investors, SOL has hit a snag near the $100 resistance level. This resistance level represents a significant psychological and financial barrier, as it is where sell orders tend to accumulate, putting downward pressure on the price.Despite efforts to rally, the asset has been unable to generate the necessary momentum to overcome this threshold with ease and currently consolidates at it. One of the key factors influencing this lackluster performance could be the market’s tepid reaction to the announcement of Solana phone Saga 2. The news, which might have been expected to inject some enthusiasm onto the market, failed to provide substantial support for Solana’s price.Looking at the chart, the local support levels are clearly delineated. The first line of defense for SOL lies around the $88-$90 price range, where previous dips have found buyers waiting. Should this level fail to hold, the next support may not emerge until it reaches the more robust $70 level, which could act as a stronger foothold for the price.Conversely, resistance beyond $100 is now more formidable than ever. With each rejection, the resolve of buyers weakens, and the $100 level transforms from a mere price point into a crucial psychological level you should not miss.This article was originally published on U.Today More

The steep decline in Ethereum’s price is a significant bearish signal. It reflects the market’s hesitancy to invest at previous highs, most likely due to the underperformance Ethereum has shown in the recent past. This lack of traction and inability to initiate a recovery underscores the vulnerability of Ethereum’s price in the current market climate.ETH/USD Chart by TradingViewFocusing on the technical aspects, Ethereum has broken through what was once seen as a strong support level at approximately $2,350. This price point, which previously saw substantial buying interest, has now been breached, leading to a cascading effect as the asset searches for new support. The next critical support level is around $2,175, where buyers might emerge to stall the downfall.Conversely, any attempts at recovery will first encounter resistance at around $2,338, a level that now marks the lower boundary of what was a consolidation range before the drop. A close above this level on significant volume could signal a temporary respite from selling pressure. However, the real test lies at higher resistance levels, previously established around $2,500, where ETH struggled to maintain upward momentum.The chart illustrates Bitcoin’s recent descent, as it lost its foothold at the higher price echelons it previously occupied. However, amid this downward movement, Bitcoin is showing signs of resilience. The latest candles indicate a potential reversal as they hover around a significant support level, which can be identified at approximately $37,000, a region where buyers have historically stepped in.A sustained hold above this point could catalyze renewed buying interest, which may drive the price toward the immediate resistance level at around $41,000. The significance of reclaiming this threshold cannot be understated, as it may invalidate the bearish outlook and signal a trend reversal.As for the upper resistances, the $43,000 and $46,000 price levels stand out as notable barriers that Bitcoin would need to breach to cement a robust recovery narrative. Achieving such milestones could sway market sentiment positively, potentially ushering in a wave of optimism among investors.The moving averages offer additional insight, suggesting a possible bullish crossover should the current momentum persist. This scenario would be further supported by a rise in trading volume, which typically accompanies decisive trend shifts.Analyzing the SOL/USDT chart, we notice that Solana has established a local support level around the $70 price mark. This is characterized by multiple touches of this level over the past few weeks, each time resisting further downward movement. On the flip side, the local resistance can be identified near the $96 level, which previously acted as support during Solana’s consistent upward trend.The price movement is currently sandwiched between the 50-day moving average acting as dynamic resistance and the 200-day moving average serving as potential dynamic support. The narrowing gap between these averages could squeeze the price action, possibly leading to a volatility breakout.This article was originally published on U.Today More

This potential slip below the 26 EMA is crucial because it suggests a weakening in buying pressure and a shift in market sentiment from accumulation to potential distribution. A break below this level would not only establish $2,347 as the next price floor but could also exacerbate the asset’s losses, leading to further bearish momentum.ETH/USD Chart by TradingViewThe Ethereum ecosystem has faced its share of challenges despite the rise of layer 2-networks, which have not catalyzed the anticipated rally. The broader market has similarly not exhibited the explosive bull run many investors had hoped for, with Ethereum’s trajectory reflecting this subdued market energy.Additional support and resistance zones can be gleaned from the chart. On the support side, following the $2,347 level, the next critical support lies around $2,175.2 – a breach of which could see ETH test the psychological and technical support near the $2,000 level. Resistance, on the other hand, is firmly established at the recent high of $2,547.6. This price point serves as a litmus test for Ethereum’s ability to rebound and reclaim bullish momentum.The current market dynamics, marked by cautious trading and a lack of definitive direction, have placed Ethereum in a zone of uncertainty. Investors are advised to monitor these levels closely, as a break below or above these could signal Ethereum’s next significant move.As Bitcoin’s price struggles to maintain the $40,000 level, the next potential foothold lies at the 100-day EMA. However, this level does not traditionally offer substantial support, and a breach below could precipitate a fall below $39,000, triggering heightened market concern. The chart reveals that the next major support zone stands near the $35,888 mark, a level that buyers might attempt to defend vigorously.On the resistance front, Bitcoin faces a significant challenge at the $42,786 price level. Overcoming this resistance is crucial for Bitcoin to regain stability and demonstrate potential for a recovery. However, the market currently lacks the necessary liquidity to facilitate a strong rebound, as trading volumes remain relatively low.The current market landscape for SHIB is challenging, with a noticeable lack of growth catalysts and low liquidity in the broader cryptocurrency market, both of which could exacerbate the asset’s precarious position. However, there is a glimmer of hope. The descending trading volume accompanying SHIB’s price consolidation suggests that bearish momentum could be waning. This deceleration of selling pressure often precedes a stabilization of price, or even a reversal if bulls regain control.In terms of specific price levels, SHIB is currently finding tentative support around the $0.000027 mark. Should this level fail to hold, the next support zone lies near $0.000022, which may serve as a new accumulation point for buyers. On the resistance side, SHIB faces a hurdle at $0.000035, a breach of which could open the door to a retest of higher levels, possibly around the $0.000040 range.This article was originally published on U.Today More

In recent days, XRP’s price action has been characterized by its struggle to overcome a series of local resistance levels. A notable rejection was faced around the $0.63 mark, which has added to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and potential for growth.XRP/USDT Chart by TradingViewThe market’s oppressiveness toward XRP can be attributed to various factors, including lack of usecase for XRP and a poor performance throughout the 2023. However, the past has shown that XRP can swiftly shift from oppressed states to strong bullish rallies, often catching many off-guard.For a scenario where XRP’s growth continues, it is essential for the token to maintain its stand above the 200-day EMA. If this level holds, it can serve as a springboard for future bullish attempts. A decisive close above this moving average could stimulate investor confidence, potentially leading to a challenge of the recent resistance at $0.63. A break and hold above this level could signal a trend reversal and may pave the way for XRP to target higher resistances, possibly around the $0.70 to $0.75 regions.After dipping to a support level around $88 on December 20, 2023, Solana has rebounded, forming a higher low near the $90 mark. This movement suggests accumulating strength and a possible change in direction from the previous downward trend. The local trendline resistance, which Solana is currently testing, is evident at approximately $97.50. Two pivotal price levels stand out on Solana’s chart. The first resistance level after the trendline sits near the $100 psychological mark. This round number has historically been a challenging point for Solana to breach decisively. Beyond that, the $104 level looms as the next significant barrier, which was a previous local high around January 3, 2024.Conversely, on the support side, the level to watch is around $88, as mentioned earlier. This price has proven to be a firm foundation, with buyers stepping in to uphold Solana’s valuation. A secondary support level is present near $85, just below the 50-day moving average, acting as a safety net for any potential retracements.The rapid growth witnessed in the past few days has been nothing short of impressive. Ethereum, which lingered around the $2,400 mark in the early days of February, has seen a significant influx of buying pressure, leading to a breakthrough past key resistance levels. This positive price action posits two potential scenarios for the smart contract giant.In one scenario, Ethereum could continue its aggressive push, riding the wave of current market optimism towards the $3,000 target. If this momentum is maintained, and with the additional fuel from the recent high volume of trades, ETH could test $3,000 in the coming days. A consolidation above $2,600 would be crucial for this scenario to unfold, as it would establish a new support level, reinforcing investor confidence.Alternatively, given the volatile nature of the crypto markets, a retracement could occur before Ethereum reaches $3,000. This would likely see the asset retesting support at the $2,500 level, which if held, could serve as a springboard for a second wave towards and beyond $3,000.This article was originally published on U.Today More