Day: August 26, 2024

EURUSD Breakout Above the 200 Weekly SMA

Posted on by Skerdian Meta

The EUR/USD pair has shown strong buying momentum this month, climbing above the 1.10 level and breaking out of its year-long trading range. However, buyers still face a final resistance level at 1.1275. Since April of last year, this currency pair has encountered resistance at the 100-week SMA (red), but two weeks ago, buyers pushed EUR/USD above this moving average amid pronounced USD weakness, signaling a strong bullish trend. Continue reading “EURUSD Breakout Above the 200 Weekly SMA” →

Ethereum Foundation’s $96M Donation Raises Eyebrows and Fuels Speculation

Posted on by Arslan Butt

Ethereum (ETH) fell slightly on Monday, closing at $2,737, a 0.2% decrease. Although the price has only declined somewhat, could be a price correction.

If ETH turns to move upward, there could be a big rally. Market experts are watching Ethereum’s movement because a break above the present levels can lead to additional gains.

The ability of ETH to gain the momentum required for a potential spike in the next few days is being actively observed by traders.

Continue reading “Ethereum Foundation’s $96M Donation Raises Eyebrows and Fuels Speculation” →

On Chian Metrics & Kraken Ruling Could Spark XRP Gains

Posted on by Arslan Butt

According to on-chain metrics, traders should exercise caution as XRP is poised for a possible surge.

Despite weak development activity and declining trends, on-chain measures exhibit bullishness. According to cryptoquant, since the SEC order in mid-July, daily active addresses have stabilized after peaking.

Since June, there has been continuous network growth. Early August saw a price decline, however accumulation was indicated by a rise in the mean coin age.

Continue reading “On Chian Metrics & Kraken Ruling Could Spark XRP Gains” →

Will Bitcoin Overcome Obstacles Before Heading for $70,000?

Posted on by Skerdian Meta

After the crash in early August, Bitcoin is back up, with buyers pushing up in steps, first to $62,000 and in the last few days, closer to $65,000. However, BTC buyers are facing a couple of moving averages which are acting as the last resistance indicators before they push the price to $70k. Continue reading “Will Bitcoin Overcome Obstacles Before Heading for $70,000?” →

Following the Gold Price Ahead of US Durable Goods Orders

Posted on by Skerdian Meta

Gold reached a new high of $2,531 early in the week but experienced a sharp decline on Thursday, falling to $2,470 after a $60 drop. This decline followed positive US economic data, including stronger home sales that reversed the previous month’s declining trend, and a Services PMI that increased by more than 55 points, indicating solid growth in the services sector. But FED’s Powell ignored the data and turned officially dovish, which sent Gold above $2,500 again. Continue reading “Following the Gold Price Ahead of US Durable Goods Orders” →

German 30 (DAX) Nears 18,600; ECB Rate Cut Speculation and Weak German PMI Data

Posted on by Arslan Butt

German stocks opened the week on a bearish note, with the DAX index retreating to around 18,579.06.

The decline was primarily driven by the underperformance of previously strong sectors, particularly the DAX Insurance (CXPIX), which fell to 2,272.07, and the DAX Transportation & Logistics (CXPLX), which dropped to 1,258.96.

Conversely, the DAX Food & Beverage (CXPFX) remained in positive territory at 400.92. Speculation surrounding potential European Central Bank (ECB) rate cuts due to weak Eurozone growth continues to weigh heavily on the DAX.

Continue reading “German 30 (DAX) Nears 18,600; ECB Rate Cut Speculation and Weak German PMI Data” →

Toncoin Drops below 200SMA After Arrest of Telegram CEO; Musk Calls for Durov’s Release

Posted on by Arslan Butt

Toncoin (TON/USDT), a digital cryptocurrency developed by the Telegram development team, has dropped below 200SMA. It has declined by more than 17% in the past 3 consecutive sessions.

This significant price fall is attributed to the recent arrest of Telegram CEO Pavel Durov in France on August 24, 2024.

Continue reading “Toncoin Drops below 200SMA After Arrest of Telegram CEO; Musk Calls for Durov’s Release” →

Bitcoin Breaks from Bull Flag: Is A Retest of $74,000 Inevitable?

Posted on by Dalmas Ngetich

Bitcoin, after a lull in the last two weeks, broke higher on Friday. At spot rates, the coin is trading above the all-important resistance at $63,000. As bulls press on, confirming gains of August 8, there is a likelihood of prices building on these gains, aiming for $66,000 and $70,000. Technically, the path of least resistance is northwards, and there is a possibility of BTC registering all-time highs in the next few trading weeks.

At press time, Bitcoin is stable in the past day but up 8% in the previous week. Although trading volume is low, at just $21 billion, rising prices will draw more users. As such, engagement will likely jump in the sessions ahead. For now, the reaction at $66,000 on the upper end will shape the short to medium-term trajectory.

Bitcoin Daily Chart for August 26

Traders are closely monitoring the following Bitcoin news events:

  • The primary driver of demand in recent days includes the interest from institutional investors. Since its launch, spot Bitcoin ETFs have seen over $18 billion in net inflows, which is a massive positive for optimistic traders.
  • Last week, the United States Federal Reserve hinted at slashing interest rates. As the central bank eases due to dropping inflation, more capital will flow to assets like BTC, which are thought to be hedges of inflation.

Bitcoin Price Analysis

[[BTC/USD]] is steady at spot rates.

After the expansion on August 23, the uptrend is set.

Since the breakout was with rising trading volume and the bar wide-ranging, every dip might offer entries.

This preview holds provided prices trend above the all-important $63,000 primary support.

The short-term target for optimistic traders expecting trend continuation from the bull flag is $66,000. Even so, more gains above $70,000 could see Bitcoin fly to all-time highs.

Forex Signals Brief August 26: USD Bulls Hope on Durable Goods Orders

Posted on by Skerdian Meta

Last week the calendar was empty in the first half, apart from the CPI consumer inflation data from Canada, which showed a bigger slowdown than expected, sending the CAD lower. However, the CAD ended up higher against the USD by the end of the week as the Buck resumed the downtrend.

Will the demand for durable goods orders keep up in July?
Will the demand for durable goods orders keep up in July?

Continue reading “Forex Signals Brief August 26: USD Bulls Hope on Durable Goods Orders” →

Ethereum Development Activity Spikes: Will ETH Prices Follow To $3,500?

Posted on by Dalmas Ngetich

Ethereum is building up bullish momentum at a rampant phase. Looking at the daily chart, the lift-off in Bitcoin also changed sentiment for top altcoins, mostly ETH. When writing, prices might be steady, but the trend is clear: bulls have the upper hand. As it is, traders expect prices to breach $2,800, anchoring the base for another leg up that might see the second most valuable coin soar to $3,000 or higher in the coming sessions.

At press time, Ethereum is steady but within a bullish breakout formation. The coin is flat in the past day thanks partly to the general inactivity over the weekend. However, in the previous week, ETH is up 5% though trading volume is low but decent at $9.3 billion.

Ethereum Daily Chart for August 26

Traders are closely monitoring the following trending Ethereum news:

  • Developer activity on Ethereum is picking up steam. Based on the number of weekly commits, over 42,000 were submitted by developers. Interest in building Ethereum layer-2s is clear since nearly 6,000 commits were submitted on Arbitrum and Base, respectively.
  • Sony, one of the world’s popular entertainment groups, is building an Ethereum layer-2, Soneium. The platform gives the group an opportunity to leverage the capabilities of the blockchain technology. At the same time, it allows its users to have a secure and decentralized experience.

Ethereum Price Analysis

[[ETH/USD]] is steady at press time.

From the daily chart, bulls are in the driving seat.

While the uptick of August 23 is evident, it didn’t close above the bull flag and the recent range.

Technically, a close above $2,800, preferably with rising engagement, will be ideal for trend continuation.

In that event, traders can consider longs, aiming at $3,300 and $3,500.

Even so, aggressive, risk-off traders can load on dips above $2,500, expecting bulls to flow through and thrust the coin to fresh levels.