Forex Signals Brief September 11: US CPI Threatens the USD!

Posted on September 11, 2024September 10, 2024 by Skerdian Meta

Yesterday started with the Chinese trade balance, which showed a slowdown in imports, setting the risk tone to negative for financial markets, with European and Asian stock markets ending up lower. The UK employment report for July leaned on the positive side, as the unemployment rate ticked lower to 4.1% while the number of new jobs increased more than expected, but GBP/USD ended the day lower the negative sentiment kept risk currencies down, and the USD supported.

The risks of the US August CPI are tilted to the downside

Continue reading “Forex Signals Brief September 11: US CPI Threatens the USD!” →

Bitcoin Trim Losses: Is This The Start Of The Leg Up To $13 Million As Saylor Claims?

Posted on September 11, 2024 by Dalmas Ngetich

Bitcoin is steady at press time. After gains of September 9 through 10, it appears that buyers are building up the necessary momentum for a refreshing leg up. Though there are cracks, following the unexpected dump of September 7, the recent turn of events is net positive. For buyers to truly conquer and take over price action, the coin must float above $60,000. At the same time, the expansion must be with rising trading volume, signaling participation from aggressive bulls.

At press time, trackers show that Bitcoin is steady on the past day. Due to recent gains, it means buyers are trimming losses. Despite these gains, the average trading volume is low, remaining at $34 billion.

Traders are monitoring the following trending Bitcoin news:

After days of sustained outflows, data shows that Bitcoin registered inflows. That institutions are flowing back is a huge confidence boost for sellers struggling after days of discouraging lower lows.
Michael Saylor, the former CEO of MicroStrategy, thinks BTC will soar to as high as $13 million in the coming years. The bold prediction, the BTC supporter claims, will be due to rising adoption. Specifically, he pointed out the deflationary nature of BTC.

Bitcoin Price Analysis

[[BTC/USD]] is firm at spot rates, edging higher.

Technically, the reversal of September 7 is a confidence boost for traders.

As prices turn higher, peeling back losses, conservative traders can closely focus on the reaction between $58,000 and $60,000.

On the other hand, aggressive traders can choose to fade the primary trend. In that case, they can consider longs, with tight stops at September 7 lows. This support will be at around $52,500.

The first target would be $60,000 and later $66,000.

Any dump below $52,000 cancels out this bearish outlook, setting the foundation for more losses toward $45,000.

Ethereum Blocked Below $2,400: Is The Network Becoming A Whale Hub?

Posted on September 11, 2024 by Dalmas Ngetich

Ethereum is struggling for momentum at spot rates. Even though there are hints of strength, the failure of bulls to flow back decisively is a concern. Still, even as buyers expect prices to inch higher, overcome $2,400, and quickly lift off above $3,000, the path of least resistance remains southwards. The local liquidation level that every trader should look for is $2,800. If buyers float above this line effortlessly, Ethereum can soar to as high as $3,300 in a refreshing buy trend continuation pattern.

Traders are optimistic about what lies ahead. However, Ethereum is yet to comprehensively decide the short-term trend. As things stand, sellers are in control. Coin trackers reveal that ETH is stable on the past day even though it is still down 2% in the previous week. Besides, the average trading volume is low, at around $14 billion at press time.

As bulls try to define the short-term trend, the following Ethereum trending news will reshape price action:

The WazirX hacker, who made away with nearly $100 million in SHIB, is back. According to trackers, the entity moved $23.3 million worth of ETH and will likely dump. The address associated with the hacker moved 5,000 ETH to Tornado Cash, a mixer.
Despite Ethereum validators increasing and the network taking steps to decentralize, a big chunk of the circulating supply, records show, is held by whales. According to data, over 58 million ETH, or 43% of the circulating supply, belong to large holders.

Ethereum Price Analysis

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

While there is hope, bulls have yet to reverse losses from September 7. Accordingly, sellers are in charge from a top-down preview.

Unless there is a recovery above $2,400, every high may offer entries for sellers targeting $2,100.

For the trend to change, buyers must conclusively push prices above $2,400. Preferably, trading volume should be rising. In that event, ETH may form the base for another leg up to $2,800, $3,000, and $3,300.

However, if there is a turn for the worse, forcing Ethereum below $2,100, there will be more pain for holders.

XRP Rejected From $0.55: Why Are There Fewer Ripple Holders On Binance?

Posted on September 11, 2024 by Dalmas Ngetich

XRP is steady when writing, but like Ethereum and other top altcoins, the upside momentum is absent. Technically, buyers are still in control—at least for now, though the current trend favors sellers. Unless there is a solid break above $0.55, ideally as engagement expands, there is a real risk of prices plunging. The uptrend is shaky, and XRP may slip, even retesting $0.50—or lower as sellers press on. How XRP performs in the short term will be shaped by many factors, primarily fundamentals and how Bitcoin prints out.

Traders are monitoring how XRP performs. Looking at trackers, the seventh most valuable coin is flat. Nonetheless, the coin is down 4% in the previous week. Amid this, the average trading volume is stable, capped below $1 billion.

The following XRP and Ripple news are worth watching:

Ripple Labs, which is behind the XRP Ledger (XRPL), believes the success of FedNow will have a network effect. Not only does it stand to transform payments, but it will also have a net impact, boosting XRP.
Though XRP is now defined as a commodity, when traded in the secondary markets, it is emerging that the number of holders continues to shrink. From the latest Binance’s Proof-of-Reserve data, the exchange holds 2.75 billion XRP, down by 174.89 million.

XRP Price Analysis

[[XRP/USD]] is flat at press time.

The coin is still confined by the bear bar of September 7; a bearish development.

Even so, the steady expansion over the last few days is a net positive.

Ideally, buyers stand a chance if there is a close above $0.55, reversing early this week’s losses.

Before then, aggressive sellers could offload on every attempt, but only inside the September 7 range.

The first target would be $0.50 and, later, $0.45.

However, if XRP buyers take over, the coin might rally above $0.60 in a buy trend continuation pattern.

XRP Poised for Potential Breakout as Ripple Prepares Stablecoin Launch

Posted on September 11, 2024 by Arslan Butt

XRP continues to make headlines with recent market analyses suggesting a potential breakout and the imminent launch of Ripple’s stablecoin. Here’s a comprehensive look at the latest developments surrounding XRP.

XRP/USD Technical Analysis Hints at Possible Price Squeeze

Crypto analyst MichaelXBT has identified patterns in the XRP/BTC chart that suggest a major price movement may be on the horizon. The 4-hour timeframe reveals a series of descending and symmetrical triangles forming since mid-July, indicating a compression of price action into a narrow range.

MichaelXBT points to converging trend lines and wedge formations as evidence of building pressure. The analyst believes these patterns signal an impending “squeeze” that could lead to a significant price movement once key levels are breached.

While specific price targets weren’t provided, MichaelXBT has previously expressed a bullish outlook on XRP, with a primary target around $2. The analyst also highlighted the importance of the $0.62 level, which he considers a critical resistance zone that, when broken, could trigger a rally.

Ripple Stablecoin Launch Imminent

In a development that could significantly impact XRP’s ecosystem, Ripple CEO Brad Garlinghouse announced at Korea Blockchain Week that the company’s stablecoin, Ripple USD (RLUSD), is set to launch within weeks.

Crypto analyst @Sentosumosaba suggests that the RLUSD launch could benefit XRP, as increased activity on the XRP Ledger would drive demand for XRP as a gas token. This could potentially lead to price appreciation for XRP.

Ripple CTO David Schwartz clarified that RLUSD will be available exclusively to institutions, comparing it to established stablecoins like USDC and USDT.

Current Market Status

As of the latest data, XRP is trading at $0.53, showing a down by around 0.7% over the past 24 hours. Against Bitcoin, XRP is trading at 0.00000944 BTC, marking a 25% increase from its July 5 low.

The altcoin is currently in a slight downward trend, with potential support at the September 6 low of $0.5026. Technical indicators, including the Moving Average Convergence Divergence (MACD), suggest underlying negative momentum.

However, a daily close above the psychological level of $0.6000 could invalidate the bearish outlook, potentially setting the stage for a move towards the $0.6217 level.

Kamala debate win stalls Bitcoin run

Posted on September 11, 2024September 11, 2024 by Olumide Adesina

Bitcoin and meme coins stalled its bullish run amid the outcome of the presidential debate. Vice President Kamala Harris looks to have defeated former President Donald Trump in the first debate between the U.S. presidential candidates on Tuesday based on the direction of prediction bets on Polymarket; nevertheless, crypto policy was not discussed.
TRUMP meme coin reached an intraday high of $3.42 before facing Democratic opponent Kamala Harris, but as the discussion continued, it dropped below $2.9 levels.

The meme currency reached an all-time high of $17.51 on June 1 but has dropped by about 83%. Other tokens connected to Trump but not officially, like MAGA Hat (MAGA), lost about a fifth of its value.

The two candidates despite Harris’s performance, s are virtually deadlocked in the Polymarket contract for the election’s winner, with Harris’ chances somewhat improving throughout the discussion.

The 2024 presidential debate is currently in its second round. Following Tuesday’s event, Harris’s team demanded a third debate, which would be the second between Harris and Trump.

Bitcoin momentarily lost the $57K support line amid the debate outcome, as traders now focus on U.S CPI data. Price action shows Bitcoin might increase by 6% to retest its 50% price retracement level at $59,529 (drawn from a high in late July to a low in early August) if the $56,022 level holds as support.

The daily chart’s Relative Strength Index (RSI), which measures investor indecision, is circling its neutral level of 50. The Awesome Oscillator (AO) is still trading far below zero, which is its neutral position. , Both indicators must trade above their respective neutral levels for any impending recovery rally to be sustained.

Should the price of Bitcoin close below the $54,000 support level, this bullish thesis will be proven false. BTC might drop another 7% in this scenario and retest the next daily support level, around $49,917.

Felix Hartmann, the founder of Hartmann Capital and a provider of cryptocurrency content, suggests that you might not have to wait until the presidential election is over to witness a significant cryptocurrency surge driven by Donald Trump.

“The instant the chances of Trump winning the election become extremely high, which may occur at many points. I think the cryptocurrency market will likely blow up,” Hartmann says to the Hall of Fame.

Internet Computer (ICP) Surges 11% Amid Crypto Market Correction

Posted on September 11, 2024September 11, 2024 by Arslan Butt

In a surprising turn of events, Internet Computer (ICP) has emerged as the top performer among major altcoins, defying the broader cryptocurrency market’s correction. While Bitcoin and other leading digital assets cool off after a strong start to the week, ICP has bucked the trend with an impressive 11% gain, pushing its price to around $8.50.

Crypto Market Context

The cryptocurrency market began the week on a high note, with Bitcoin rallying from weekend lows of $53,000 to reach $58,000. However, the market has since entered a period of consolidation, with most assets experiencing a slight pullback. In contrast, ICP’s performance stands out, attracting attention from investors and analysts alike.

Factors Behind ICP’s Rally

Several factors appear to be contributing to ICP’s strong performance:

Increased Burn Rate: A notable spike in ICP’s token burn rate coincided with the price surge, potentially reducing supply and driving up demand.
Technical Analysis: Crypto analyst Javon Marks shared a viral chart suggesting a bullish outlook for ICP. Marks made a bold prediction of a potential 777% rally from current levels, capturing the attention of traders and investors.
Positive On-Chain Metrics: The ICP Long/Short ratio currently stands at +1.019, indicating a bullish sentiment among traders. Additionally, futures open interest has risen by 21% over the past 24 hours, suggesting increased investor confidence.

ICP/USD Technical Indicators and Price Targets

The recent price action of ICP shows promising signs from a technical analysis perspective:

The asset has broken out of two significant downtrends, one in late 2022 and another in late 2023, signaling the potential end of its bear market.
A “Hidden Bullish Divergence” has been identified on the chart, often considered a precursor to upward momentum.
Key indicators such as the Relative Strength Index (RSI) and On-Balance Volume (OBV) support the bullish case, showing building momentum and buying pressure.

While the current price hovers around $8.50, some analysts are setting ambitious targets. Javon Marks has suggested a potential price target of $79.572, representing a 777% increase from current levels.

Internet Computer (ICP) Market Performance and Statistics

As of the latest data:

ICP is trading at $8.65
24-hour trading volume: $175 million
Market cap: $4 billion
Market dominance: 0.20%
24-hour price change: +10.30%
All-time high: $497.71 (May 10, 2021)
Current supply: 469.89 million (out of 488.51 million max supply)
Yearly inflation rate: 5.89%

Outlook and Caution

While the recent performance of ICP is impressive, investors should approach with caution. The asset is still down 98% from its all-time high, and sustained growth will depend on continued market confidence and positive on-chain metrics. Short-term price targets in the $20-$25 range align with recent cycle highs, but reaching previous peak levels would require significant bullish pressure and improved macroeconomic conditions.

Gold Climbs 0.25% Amid US CPI Report and Fed Rate Cut Speculation: Key Insights

Posted on September 11, 2024 by Arslan Butt

During the Asian session on Wednesday, gold prices edged higher by 0.25%, positioning XAU/USD at $2,520. This increase comes as traders await the critical August US inflation report, which could offer clues about the Federal Reserve’s next move on interest rates.

Gold’s resilience can be attributed to weaker US Treasury bond yields, which fell ahead of the Consumer Price Index (CPI) release. Lower yields reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive to investors.

Continue reading “Gold Climbs 0.25% Amid US CPI Report and Fed Rate Cut Speculation: Key Insights” →

Ethereum Market Update: ETFs Underperform as Exchange Reserves Rise

Posted on September 11, 2024 by Arslan Butt

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is experiencing mixed signals in the market as we approach the end of Q3 2024. Despite a modest 1% increase on Tuesday, Ethereum-based exchange-traded funds (ETFs) continue to underperform, marking their fifth consecutive day of outflows.

Ethereum ETF Underperformance and Historical Q3 Weakness

Ethereum ETFs extended their negative flow streak, with $5.2 million in outflows reported on Monday. Grayscale’s ETHE led the exodus, shedding $22.6 million and bringing its total asset loss to $2.69 billion since the launch of ETH ETFs. While Fidelity’s FETH and Grayscale Mini Ethereum Trust managed to secure inflows of $7.6 million and $8 million respectively, the overall trend remains concerning for investors.

Analysts suggest that the weak performance of spot ETH ETFs may be attributed to the historical decline across risk assets typically observed in Q3. This pattern has led to recommendations that a more accurate analysis of ETH ETF performance should be reserved for after Q3 concludes.

Rising Exchange Reserves Signal Potential Selling Pressure

Adding to the complex market dynamics, Ethereum’s exchange reserve has seen a significant uptick, increasing by over 94,000 ETH (approximately $220 million) in the past 24 hours. This surge in exchange reserves often indicates higher selling pressure, which could lead to price declines in the near term.

Open Interest and Future Rally Potential

For Ethereum to stage a significant rally, experts note that the cryptocurrency’s futures open interest (OI) needs to rise. The current OI of $10.51 billion represents a 38% decline from its all-time high of $17.09 billion recorded on May 28. This decrease in OI has coincided with a 39% drop in ETH’s price over the same period.

ETH/USD Technical Analysis and Price Movements

Ethereum is currently trading around $2,360, facing resistance at the $3,400 level and a descending trendline extending from May to September. To initiate a substantial rally, ETH needs to overcome these barriers and potentially target the $2,817 and $3,230 resistance levels.

The Relative Strength Index (RSI) at 53 indicates bullish momentum, while the Stochastic Oscillator suggests a potential brief price correction. In the short term, analysts warn that ETH could experience a decline to $2,318, which could trigger liquidations worth $28.33 million.

Solana (SOL) Reaches Record Daily Users Amid Price Volatility

Posted on September 11, 2024 by Arslan Butt

Solana, the fifth-largest cryptocurrency by market capitalization, has achieved a significant milestone in network activity despite recent price fluctuations. According to data from Artemis.XYZ, Solana’s blockchain recorded its highest number of daily active addresses in history on September 10, surpassing five million users in a 24-hour period.

Record-Breaking User Activity

The surge in daily active addresses comes at a time when SOL’s price has revisited lows from earlier this year. As of the latest update, SOL was trading at approximately $136. Notably, Solana’s user activity far outpaced its closest competitor, which reported just over 2.5 million daily active wallets on the same day.

Solana Price Action and Market Sentiment

Despite the impressive on-chain metrics, SOL’s price has struggled to maintain momentum above the $140 mark since September 10. The cryptocurrency has been testing support at $125, with consistent buying activity at this level keeping it range-bound compared to a month ago.

Several factors are contributing to SOL’s price resistance:

Fading Memecoin Frenzy: The hype around Solana-based memecoins, which drove SOL’s price to $210 in March 2023, appears to be cooling off. Notable Solana-based tokens have seen price corrections over the past 30 days.
Declining DeFi Activity: Data from DappRadar shows a 70% drop in Pump.fun volume over the last month, with transaction counts decreasing by 30%. The total value locked (TVL) on the Solana network has also decreased by 13% since late August.
Technical Resistance: SOL faces significant resistance from major moving averages, including the 200-day EMA at $139, the 50-day EMA at $143, and the 100-day EMA at $147.

Whale Activity and Market Outlook

Recent on-chain data suggests that Solana whales, typically seen as major price movers, may be losing their bullish outlook. A notable whale transaction saw 206,951 SOL (approximately $29.3 million) withdrawn from major exchanges since February 7, with a portion being staked and the remainder potentially sold or moved.

This selling activity implies a lack of long-term confidence among significant holders, which is reflected in SOL’s inability to sustain upward momentum. The Relative Strength Index (RSI) for SOL is currently hovering around 46, approaching bearish territory but still within the neutral range.

Looking Ahead

For SOL to break out of its current range and surpass the $140 level, it will need to overcome the resistance posed by key moving averages and regain momentum in its DeFi and memecoin ecosystems. The recent record in daily active addresses provides a positive signal, but it remains to be seen whether this increased activity will translate into sustained price growth.