Forex Signals Brief October 21: A Light Week, Besides 50 BPS BPS Rate Cut!

Posted on October 21, 2024October 20, 2024 by Skerdian Meta

Last week started with lower PPI and CPI inflation figures from China, which kept commodity dollars mostly bearish, however, that didn’t stop stock markets from pushing higher for yet another week. S&P 500 and Dow Jones kept making new record highs, closing at 5,836 points and 43,115 points respectively.

More rate cuts by central banks this week

Continue reading “Forex Signals Brief October 21: A Light Week, Besides 50 BPS BPS Rate Cut!” →

Ethereum shows strength, Bitcoin rages on

Posted on October 21, 2024 by Olumide Adesina

The super altcoin has increased by more than 2 for the day. At the time of writing, it had recovered the $2,700 level and was up more than 10% over the previous seven days.

On-chain analysis shows that over 74% of ETH holders have held their tokens fo over a year.

According to the most recent data from CryptoQuant, there are more than 19 million Ethereum (ETH) addresses in accumulation. From October 18 to January 2024, the total amount of Ethereum in accumulation addresses nearly doubled.

In the first month of 2024, there were 11.5 million of them. at least one analyst predicts it will exceed 20 million by the end of this year
The CryptoQuant researcher emphasized that Ethereum has been more accessible to individuals and institutions after the Securities and Exchange Commission authorized spot Ethereum exchange-traded funds (ETFs).

The analysis also predicts that the value of the accumulation addresses will surpass the worth of the world’s top firms by the end of 2024 when address holdings reach 20 million ETH.
Additionally, the analyst projects that the combined value of these holdings will reach $80 billion, with Ethereum trading at about $4,000.

Approximately 23% of holders have kept their Ethereum for one to twelve months, while just 3% have held it for less than one month. After finding support around its 50-day Exponential Moving Average (EMA) of $2,564 on October 15, the price of Ethereum approached its falling trendline on Monday, which was established by connecting many high levels from the end of May.

ETH may initially rise to retest its daily resistance level at $2,927 if it breaks and closes above its falling trendline around $2,820. Such a rally might continue if $2,927 is closed successfully, reaching $3,236, the weekly resistance.

Bitcoin is approaching its July 29 high of $70,079 on Monday, with a 2.7% increase and a breakthrough beyond the critical $66,000 barrier on October 15,

Recent price action shows if Bitcoin breaks and closes over $70,079, it might surge and hit its all-time high of $73,777.

The Relative Strength Index (RSI) indicator on the daily chart approaches the overbought level of 70. It will close in the zone, which increases the probability of a decline, therefore traders will be advised not to add to their long holdings. It’s also possible, that the rise continues and the RSI stays in the overbought region.

XRP Back In Range, Ripple Analyst Calls For Patience: Will $0.50 Hold?

Posted on October 21, 2024 by Dalmas Ngetich

XRP is underperforming, looking at price action in the daily chart. The coin slid in the second half of the week, triggering a discouraging series of lower lows. How Ripple prints out will largely depend on fundamental factors, especially the ongoing United States SEC-Ripple court case. Ripple filed a cross-appeal, but the case needs to be settled for XRP to find traction.

For now, the coin is flat over the past day and week with pockets of weakness making traders cautious. In this state of uncertainty, traders are adopting a wait-and-see approach, explaining the drop in trading volume below $1 billion. As usual, any uptick lifting the coin above $0.55 will draw attention and volume; bulls require all this to build a strong foundation.

The following XRP and Ripple news are worth watching:

Traders are calling for patience as XRP moves in a consolidation. Although the final direction will shape the short-term trajectory, the uptrend of Q3 2024 is valid. In that case, even amid the general weakness, bulls have the upper hand.
John Deaton, a pro-Ripple lawyer, is vying for a political seat in the United States. In a recent debate, he defended why he chose to sue the United States SEC.

XRP Price Analysis

[[XRP/USD]] is still in an uptrend, at least from a top-down preview.

It is crucial to monitor support at $0.50. On the other hand, resistance is at $0.55.

Although bulls are confident, sellers of October 1 and 2 are shaping the short-term trend.

Therefore, aggressive sellers can choose to short on every attempt below $0.55, targeting $0.50 and $0.45.

This outlook will change once Ripple and XRP bulls push and close above $0.55 at the back of rising trading volume.

In that case, the coin will likely float above $0.66 and September highs in a buy trend continuation formation.

Bitcoin Explodes: 70% of BTC Traders Bullish, Up Next $74,000?

Posted on October 21, 2024 by Dalmas Ngetich

Bitcoin is in an uptrend following the extension of the leg up over the weekend. Technically, buyers are still in control, and as long as the support is around $66,000, it is increasingly high that BTC will crack $70,000. Today, traders will be watching whether buyers will continue pushing up, confirming the gains of last week. Preferably, the uptrend can see the coin crack the round number and float above July highs. If not, prices might consolidate, perhaps even contracting. All the same, the immediate support must be held, confirming buyers from mid-October.

Traders are optimistic about what lies ahead. Fundamental factors will shape how fast prices react in the coming sessions. Before then, the region between $66,000 and $70,000 remains crucial. In the past day and week, the coin has been flat, and the average trading volume has also been lower, shrinking to around $16 billion.

The following Bitcoin news events are trending:

Despite the consolidation, prices are firm, explaining why most holders are bullish. According to a CMC poll, over 70% of all traders expect prices to float higher.
Despite the recent leg up, analysts predict ETH will outperform the world’s most valuable coin. Over the past few months, BTC has been stretching gains versus ETH despite the approval of spot Ethereum ETFs in July.

Bitcoin Price Analysis

[[ETH/USD]] is rising at press time and changing hands above $69,000.

The local support is $66,000, while resistance is at $70,000.

Since prices are still inside last week’s range, every low above $66,000 could offer entries for optimistic buyers.

If prices expand rapidly, any leg up above $70,000 will form the basis for the next rally to all-time highs at $74,000.

Conversely, unexpected losses below $66,000 will slow the rally, deflating optimism.

PayPal’s PYUSD fastest-growing stablecoin

Posted on October 20, 2024 by Olumide Adesina

A research team at Hashdex reported that stablecoins’ market dominance rose by 3% in the third quarter of 2024. The two most well-known fiat-backed dollar stablecoins, USDT and USDC, saw market shares grow by 1% and 5%, respectively.

PayPal’s PYUSD saw a startling 57% growth in domination during that same period although it was still less dominant than USDT and USDC

The first financial technology company to launch a stablecoin backed by the US dollar was PayPal, which did so in August of last year. Paxos Trust Company issues the PYUSD, fully backed by US dollar reserves, such as Treasury bonds and cash equivalents. It may be purchased or traded on and has a 1:1 conversion rate to the haven currency

PYUSD reached a $1 billion market valuation within a year after its launch, nearly twice as quickly as USDC and three times quicker than USDT, the top fiat-backed stablecoins. Earlier this year, PayPal’s stablecoin extended its reach to Solana after a successful 2023 debut on Ethereum.

According to HashDex Research, the stablecoin’s prospects for the fourth quarter of 2024 and the following year have improved due to the possibility of institutional adoption.
“PYUSD is becoming more popular and may continue to gain market share as its distribution expands.”

Stablecoins are becoming more and more popular in the fintech industry. According to reports, the UK-based company Revolut is making good progress in creating its own.

The blockchain startup Ripple also announced plans this spring to launch RLUSD, a dollar-backed stablecoin supported by US dollar deposits, short-term government Treasurys, and similar assets.

Banks like J.P. Morgan are also entering the transaction settlement industry with the launch of JPM Coin, which aims to enable real-time payments for institutional clients.

New Record High in Bitcoin After Bullish Break of bearish Channel?

Posted on October 19, 2024October 18, 2024 by Skerdian Meta

Bitcoin surged early this year, reaching a record high, but retreated since May. However, the retreat seems complete and we might see a new record high in BTC soon, particularly after the break of the descending channel as the price approaches the $70,000 level.

Continue reading “New Record High in Bitcoin After Bullish Break of bearish Channel?” →

XRP shows immunity against SEC appeal

Posted on October 19, 2024October 19, 2024 by Olumide Adesina

XRP token experienced decent gains in the early hours of Saturday as markets processed the Securities & Exchange Commission’s (SEC) appeal against the final case ruling. In August 2024, Ripple faced a $125 million fine issued by Judge Analisa Torres for selling XRP institutionally. The court also upheld the altcoin’s non-security status in exchange-based transactions.

XRP changed its bearish course in early August and has stayed range-bound. Market fundamental project XRP may increase substantially and test resistance at the $0.6 price level.

Price action shows the Relative Strength Index is at 47.5, below 50. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars above the neutral line, indicating underlying bullish momentum in the XRP price trend. The court’s earlier sales decision was challenged in the appeal, but XRP’s non-security status is significantly unaffected.

Long-term holders of XRP (LTH) have not panicked. The token’s consumed age indicator affirms this narrative. This measure, which monitors the movement of long-held coins, has not significantly increased over the past day, according to data sighted on Santiment.

The SEC focused its appeal on Ripple’s sales tactics and the participation of its executives rather than the general designation of XRP as a non-security, this is yet another phase in the well-known case.

The appeal petition states that the SEC wants to reconsider these “de novo” concerns, which means the appellate court would start over and weigh the legal issues without considering the trial court’s ruling.

The SEC wants the U.S. Court of Appeals for the Second Circuit to take another look at the case because it feels that the district court “erroneously” decided in favor of Ripple on these issues.
In a prompt response to the SEC’s filing, Stuart Alderoty, Ripple’s legal officer, emphasized that the crucial decision confirming that XRP is not a security is still in place.

Forex Signals Brief October 18: Chinese and UK Retail Sales Close the Week!

Posted on October 18, 2024October 17, 2024 by Skerdian Meta

Yesterday started with the employment report from Australia, which came stronger than expected, showing a resilient labour market. The unemployment rate ticked lower as well, which gave the AUD a boost, with AUD/USD closing higher, while all other major currencies lost against the USD.

Continue reading “Forex Signals Brief October 18: Chinese and UK Retail Sales Close the Week!” →

Bitcoin At 2-Month High as Open Interest Soar Above $20 Billion: Will Bulls Break $70,000?

Posted on October 18, 2024 by Dalmas Ngetich

Bitcoin is trading at a 2-month high and inches from easing above the July 2024 resistance of around $72,000. A close above this reaction level will mark a new phase for the coin, perhaps even lifting it to fresh all-time highs, above $74,000. Even so, the path to this glorious high, if it happens, is not without resistance. The coin is slowing down, looking at price action over the past 24 hours. Although prices remain above $66,000, the immediate support, a rally taking BTC above $70,000 would be ideal. Traders can consider longs, buying on dips, and expecting prices to rally strongly.

The path of least resistance is northwards, looking at the formation in the daily chart. In the past day, the coin is stable while up 12% in the previous trading week. Meanwhile, the average trading volume is down, sliding to around $34 billion over the last 24 hours. Overall, traders are upbeat, and if there is a recovery today, a close above $70,000 could draw more activity, boosting trading volume.

Traders are watching the following Bitcoin trending news:

In the past few days, the founder of CryptoQuant notes, the Bitcoin-USDT futures market is overleveraged. This means that the leg up is driven by speculators, introducing weakness to the uptrend.
The Bitcoin open interest is at an all-time high. After reaching $20 billion, this is the highest it has even risen to. It prints out when the coin is less than $10,000 away from breaching all-time highs.

Bitcoin Price Analysis

[[BTC/USD]] is firm despite yesterday’s retracement.

Even with the drop, the uptrend remains.

Accordingly, traders can trade with the trend established on October 14.

As long as Bitcoin is above $66,000, every low might offer entries for traders angling for $70,000 and $72,000. So far, bars are banding along the upper BB, an indicator of strong upside momentum.

However, if there are losses and BTC slides below $66,000 today or over the weekend, there is a high chance that the coin will retest October lows at $60,000.

Ethereum Drops From September Highs: ETH Rejected At $2,800—Again?

Posted on October 18, 2024 by Dalmas Ngetich

Ethereum is recoiling from around a critical resistance at $2,800. Even though bulls are struggling and yet to take over from determined bears, prices are likely to recover. Nonetheless, ETH must first break September and August highs at the back of rising volume before this happens. The local support is at $2,300—for now. Amid this weakness, the Ethereum ecosystem is expanding. There are now more layer-2s, with a proposal by Uniswap to build Unichain dominating headlines. Additionally, endorsement by BlackRock is a massive plus for the smart contracts platform.

The second most valuable coin continues to chop, as evident in the daily chart. The local support is $2,300, while buyers need to break $2,800 before the trend is defined. The consolidation means ETH is down 1% in 24 hours while up 9% in the past trading week. Meanwhile, engagement is relatively low, falling to around $16 billion in the last 24 hours.

Holders and traders are closely monitoring the following trending Ethereum news:

Vitalik Buterin has detailed the next update for Ethereum—The Surge. The goal is to scale the mainnet and layer-2s, achieving over 100,000 TPS. Additionally, this update seeks to decentralize the base layer while making layer-2s more trustless and open.
Robinhood is expanding its crypto offerings. In a recent report, the platform will offer Bitcoin and Ethereum futures, confirming earlier rumors. With this endorsement, more capital will flow to ETH, benefitting prices in the long term.

Ethereum Price Analysis

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

Risk-off traders can wait on the sidelines since the coin is still within the $2,300 —$2,800 range.

The immediate support is at $2,300, and if ETH remains above this level, the coin may edge higher in the coming sessions.

Technically, what’s needed is a firm close above $2,800 before traders commit.

If not, the sellers of Q3 2024 remain in charge and may drive the coin below September lows.