Bitcoin, Ethereum Weekly Forecast: Will Crypto Market ... - cyptoranking.com

2024-04-23

Popular crypto exchanges(2023 Update) 2024-04-23
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That would enhance the network’s use cases within the DeFi market. Coinbase’s Base is ready to dominate the market, and developments such as CoCa Cola’s attention would boost its long-term performance. Sustainability Bitcoin, Ethereum Weekly Forecast: Will Crypto Market ...XRP is down by over 3% in the past week as it trades below the $0.5 mark. 6. Berlin, Germany

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The exits earlier this year came as the Canadian Securities Administrators gave crypto asset exchanges a deadline of late March to register with them and meet “pre registration requirements.” Despite this bullish XTZ price prediction, failure to close above the descending resistance trendline will likely cause a 10% drop to the closest support at $0.65. Is it a good time to buy crypto?Chung, who has been intimately involved in the bitcoin ETF filing process over the years, spoke about the ongoing approval process and what might need to happen before one of the proposed funds eventually comes to market. Satoshi’s fundamental innovation aimed to remove the need for trusted third parties when sending or receiving transactions. This was achieved through the implementation of the proof of work system, overseen by the difficulty adjustment. This system effectively encourages miners to engage in the fairest competition by which they exchange hashes for bitcoin. One terahash hour is always neutral on the mining network, regardless of barriers to entry, mining cycles, hashprice, and bitcoin price. Furthermore, miners must also take into account market cycles, particularly the halving event, which significantly impacts their earnings by reducing them by half every four years.

Bitcoin (BTC) has been trading between $25,333 and $26,156 since Sept. 1. Typically, a volatility squeeze is followed by an expansion in volatility, but it is difficult to predict the direction of the breakout with certainty.CoinGlass data shows that Bitcoin has fallen for six consecutive years in September. This historic data could keep the bulls at bay in the near term and embolden the bears. Additionally, the U.S. Dollar Index (DXY), which has an inverse correlation with Bitcoin, has risen sharply in the past few weeks. Both these suggest that Bitcoin could remain under pressure in the short term.Daily cryptocurrency market performance. Source: Coin360It is not all gloom and doom for the crypto bulls because lower levels are likely to attract buyers. The prospect of one or more Bitcoin spot exchange-traded fund applications receiving approvals may limit the downside. Several analysts believe this event to be hugely bullish for Bitcoin. Any positive news in this regard may prop prices higher.From a macro perspective, it looks like there may be near-term weakness, but lower levels are likely to be purchased. What are the important support levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin has been trading below $26,000 for the past two days, and the bears are trying to tug the price toward the vital support at $24,800. BTC/USDT daily chart. Source: TradingViewThe downsloping moving averages indicate an advantage to sellers, but the developing positive divergence on the relative strength index (RSI) suggests that the bearish momentum could be weakening. Buyers will have to drive and sustain the price above $26,833 to start a relief rally to the 50-day simple moving average (SMA) ($28,048). Such a move will suggest that the price may remain stuck inside the large range between $24,800 and $31,000. Meanwhile, the bears are likely to have other plans. They will try to sink the price below the $24,800–$24,000 support zone. If they manage to do that, the selling could accelerate, and the BTC/USDT pair may plunge to $20,000.Ether price analysisThe long tail on Ether’s (ETH) Sept. 4 and 5 candlestick shows that the bulls are buying the dips below the immediate support at $1,626. However, there is no follow-up buying at higher levels. ETH/USDT daily chart. Source: TradingViewThis means that the bears are selling on rallies near $1,650. This narrow-range trading is unlikely to continue for long. If the price plummets and maintains below $1,600, it will indicate that bears have seized control. There is minor support at $1,550, but if it crumbles, the ETH/USDT pair could nosedive to $1,368.On the upside, the bears are expected to fiercely defend the zone between $1,650 and the 20-day exponential moving average (EMA) ($1,674). If buyers overcome this barrier, the pair could soar to the 50-day SMA ($1,772). BNB price analysisBNB (BNB) has been trading below the important level of $220 for the past few days, but the bears have failed to capitalize on this opportunity.BNB/USDT daily chart. Source: TradingViewThis suggests that selling dries up at lower levels. That could keep the BNB/USDT pair stuck between $220 and $200 for some time. A tight consolidation below the breakdown level increases the possibility of a further slide. If the $200 support cracks, the pair could resume its downtrend. The next major support on the downside is $183.If buyers want to launch a comeback, they will have to kick the price above $220. That will indicate solid buying at lower levels. The pair may then attempt a rally to the downtrend line.XRP price analysisXRP (XRP) has been clinging to the $0.50 support for the past few days. The failure to start a strong rebound off it increases the likelihood of a downside breakdown.XRP/USDT daily chart. Source: TradingViewA break and close below $0.50 will indicate that the XRP/USDT pair may extend its stay inside the $0.56–$0.41 range for a few more days. There is no major support between $0.50 and $0.41, so the fall may be swift. Another possibility is that the price turns up from the current level and rises above the 20-day EMA ($0.52). If that happens, the pair may climb to $0.56, which is an important level to keep an eye on. Cardano price analysisCardano’s ADA (ADA) has been trading inside a tight range for the past few days. This suggests that the bulls and the bears are playing it safe and not waging large bets.ADA/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that bears have a slight edge. If the price breaks below $0.25, the bears will try to sink the ADA/USDT pair to $0.24.Contrarily, a break and close above the 20-day EMA ($0.26) will be the first sign of strength. That will pave the way for a rally to the 50-day SMA ($0.28). Buyers will have to clear this hurdle to start a sustained recovery.Dogecoin price analysisDogecoin (DOGE) reached the 20-day EMA ($0.06) on Sept. 6, indicating that the bulls are attempting to start a relief rally. DOGE/USDT daily chart. Source: TradingViewHowever, the bears are unlikely to give up easily and will mount a strong defense at the 20-day EMA. If the price turns down sharply, the bears will try to strengthen their position by pulling the DOGE/USDT pair below $0.06. If they succeed, the pair may extend its decline to the next support at $0.055.On the upside, a break and close above the 20-day EMA will be the first sign that the selling pressure is reducing. That may start a rally to the 50-day SMA ($0.07) and later to $0.08.Solana price analysisSOL’s (SOL) recovery attempt is facing strong selling at the downtrend line. This indicates that the bears are defending this level aggressively.SOL/USDT daily chart. Source: TradingViewIf the price skids below $19, the SOL/USDT pair could resume its downtrend. The first support on the downside is $18, and the next is $16. Buyers are expected to defend this level with vigor. The first indication of strength will be a break and close above the 20-day EMA ($20.69). That could start a stronger recovery to the 50-day SMA ($22.70). This level may again act as a roadblock, but if bulls clear it, the pair could attempt a rally to $25.42.Related: Here’s why Bitcoin will hit $22K soonToncoin price analysisThe sharp rise in Toncoin (TON) pushed the RSI into the overbought territory, indicating that the rally had run up ahead of itself. That typically leads to a correction or consolidation, and that is what happened.TON/USDT daily chart. Source: TradingViewProfit-booking by the bears has pulled the price toward the 20-day EMA ($1.64). This remains the key support to watch out for. If the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying on dips. That could propel the price to $2.07. If this level gives way, the rally could stretch to $2.38.Alternatively, if the 20-day EMA cracks, it will suggest that the bulls are losing their grip. The TON/USDT pair may then slump to $1.53 and later to the 50-day SMA ($1.42).Polkadot price analysisBuyers are struggling to start a strong rebound in Polkadot’s DOT (DOT), indicating that the bears have kept up the pressure. DOT/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI near the oversold zone increase the likelihood of a downward breakdown. If the $4.22 level gives way, the DOT/USDT pair could skid to the next major support at $4.Contrary to this assumption, if the price turns up from the current level, the bears will try to halt the recovery at the 20-day EMA ($4.44) and again at the downtrend line. Buyers will have to clear this barrier to indicate a potential trend change.Polygon price analysisPolygon’s MATIC (MATIC) reached the 20-day EMA ($0.57) on Sept. 5, but the bulls could not clear this hurdle. This suggests that demand dries up at higher levels.MATIC/USDT daily chart. Source: TradingViewThe bears will try to sink the price to the crucial support at $0.50. This remains the key level to watch out for in the near term because a break below it will resume the downtrend. The MATIC/USDT pair then risks a further slide to $0.45.If bulls want to prevent the downside, they will have to quickly push the price above the 20-day EMA. That could start a stronger recovery to the overhead resistance at $0.60 and then $0.64. This level is again likely to witness solid selling by the bears.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. A widely followed crypto analyst is doubling down on his prediction for Ethereum (ETH), the top smart contract platform by market cap. How to Buy Crypto with DBS Bank (2023)-Datawallet“The agency also asks all citizens to act within the framework of the law and refrain from attempting to organize activities in the field of circulation of crypto-assets without obtaining the appropriate license.” The real boom of this innovation on Polygon took place between the end of August and September, when the statistics skyrocketed.

The embedding is known as “inscription,” and the data may vary from videos and images to text and audio. Importantly, the inscribed satoshis give rise to digital artifacts native to the Bitcoin network, also called Bitcoin NFTs. An analyst shared on X that it will be a very busy week in the cryptocurrency space. Blockchain and Virtual CurrencyCoinbase’s head of product and business operations, Conor Grogan, estimated that Alameda Research (Alameda) minted $39.5 billion in USDT (Tether) before its bankruptcy. At its peak, Alameda’s Tether made up about half of its assets under management. Crypto Aid Israel has set up a multi-signature wallet, controlled jointly by multiple parties, to accept donations denominated in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and dollar-linked stablecoins such as USDT and USDC.

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