Forex Signals Brief September 24: RBA Keeps Rates Unchanged

Posted on September 24, 2024September 24, 2024 by Skerdian Meta

Yesterday the week started with the USD continuing the post-FOMC price action from late last week, falling further against most major currencies. However, it ended up against the Euro, after some really weak Manufacturing and Services numbers, which show that the activity in both sectors continues to slow. Continue reading “Forex Signals Brief September 24: RBA Keeps Rates Unchanged” →

XRP Flat Below $0.60, Ripple Executive Refutes Claims of Price Manipulation

Posted on September 24, 2024 by Dalmas Ngetich

XRP is flat at press time as a spinning top formation appears to be printing out. Despite the general confidence, buyers must break above the current consolidation for trend continuation. Any surge above $0.60 confirms the sideways chop as an accumulation. Conversely, any drop below $0.57 and later $0.55 will make it a distribution. The path of least resistance is northwards, and traders are upbeat, predicting an eventual convincing close above $0.66. It will be especially so if the leg up is with rising volume.

Presently, traders are upbeat, but there is little for bulls to show. The coin is moving sideways, explaining the depressing gains over the previous day and weeks. So far, XRP is stable over the last day and week. The uptrend will be valid if there is a sharp uptick in trading volume, ideally printing above $2 billion.

The following XRP and Ripple news events are trending:

The general consensus is bullish even as XRP moves sideways, deflating the upside momentum. Based on the latest CoinMarketCap sentiment poll, over 84% of all voters are bullish, expecting more gains in the coming days.
David Schwartz, the Ripple CTO, has refuted claims that the blockchain company is deliberately suppressing or manipulating prices. Schwartz said they have no control of XRP prices in the secondary markets.

XRP Price Analysis

[[XRP/USD]] is bullish at spot rates.

Nonetheless, there is a spinning top formation clear in the daily chart.

While there are opportunities on dips, traders can wait for a clean breakout in either direction.

For the uptrend to be sustained, a clean break above $0.60 will set buyers in motion, targeting $0.66.

However, if sellers step up, and a contrarian formation prints out, any drop below $0.57 may see XRP drop to $0.55.

Further losses confirm the presence of sellers. In that case, bears can begin targeting $0.50.

Ethereum Soars 14%, Why Are 76% of ETH Traders Bearish?

Posted on September 24, 2024 by Dalmas Ngetich

Ethereum is surprisingly firmer, even outperforming Bitcoin when writing. As it is, the uptrend remains, and buyers are in charge. For now, traders can search for entries on dips, especially if the coin trades above the local support at $2,400. Since ETH is also breaking out from the previous resistance and the upside momentum is building up, traders can consider longs on dips. This preview will be valid, especially if there are triggers, mostly the inflow of cash to spot Ethereum ETFs.

Ethereum is springing higher, looking at the formation in the daily chart. The welcomed surge shows in how it has been performing over the last day. As things stand, the second most valuable coin is stable in the past 24 hours but up over 14% in the past week. Meanwhile, the average trading volume is also up, rising to over $17 billion. It is an improvement signaling the possible involvement of traders eager to get in.

Traders are watching the following trending Ethereum news:

While Ethereum is firm, the community sentiment, based on CoinMarketCap, is bearish. Out of the over 93,000 votes, 76% expect prices to dip, while only 24% predict the coin to rally. It remains to be seen whether there will be a contrarian formation that will move against the majority.
After the FOMC decision mid-last week, there is an inflow of digital assets. Coinshares said over $321 million were funneled to cryptocurrencies, especially Bitcoin. Unfortunately, ETH continues to post outflows for the fifth week in a row.

Ethereum Price Analysis

[[ETH/USD]] is grinding higher, outperforming BTC and the greenback.

Though market participants are bearish, every low above $2,400 might offer opportunities for aggressive traders.

Notice that bull bars are also beginning to form along the upper BB, pointing to strong engagement.

At the same time, ETH is within a bullish breakout formation.

If the coin remains above $2,400, the first target would be $2,800 and later $3,500.

Any drop below $2,400, preferably with rising volume, invalidates this bullish outlook.

Bitcoin Forms a Doji Bar at $65,000 as Dominance Falls: What’s Next for BTC?

Posted on September 24, 2024 by Dalmas Ngetich

Bitcoin is firm but lower at press time. The September 23 bar ended up as a doji, closing with long upper and lower wicks. This shows that the market is balanced, with bulls and bears competing for dominance. Technically, the uptrend, at least in the short term, remains. Every low above the local support, above $60,000, may offer entries for aggressive traders angling for $70,000 or better in the coming days. As it is, traders are cautiously optimistic, aware that a close above $66,000 may open up more entries for buyers targeting all-time highs.

Traders are bullish but price action remains flat at press time. Over the last day, the coin is stable, adding nearly 9% over the past week. At the same time, trading volume is decent, printing $27 billion over the previous day. If prices tick higher, engagement will also follow, pushing the world’s most valuable coin to new Q3 2024 levels.

The following Bitcoin news events are worth monitoring:

Bitcoin’s dominance, one analyst thinks, is topping out. At spot rates, BTC commands a market share of over 56%, down slightly from 57% registered last week. If this is the case, it could signal the start of the altcoin season.
One analyst on X believes for the uptrend to continue, there is another possibility of the world’s most valuable coin pulling back below $60,000. This retracement will provide the base of a swing higher, above $74,000, to fresh all-time highs.

Bitcoin Price Analysis

[[BTC/USD]] is steady when writing, looking at the formation in the daily chart.

Even though the uptrend remains, the coin is in a tight spot.

Bitcoin is back at the August resistance level.

Therefore, for bulls to continue marching higher, they must convincingly close the $65,000 to $66,000 resistance. Ideally, this breakout must be with rising volume.

In that event, BTC could soar, rising to as high as $70,000.

Forex Signals Brief September 23: RBA, SNB and US PCE Inflation

Posted on September 23, 2024September 22, 2024 by Skerdian Meta

This week we have two more central bank meetings, as well as the US PCE inflation report, however the attention last week centered on the FOMC decision. During the first half of the week, the forex market was mixed as odds between a 25 bps cut and a 50 bps cut were balanced, however, we saw a temporary improvement for the USD, after the positive US retail sales numbers for August, which showed that the US consumer is not faltering.

Continue reading “Forex Signals Brief September 23: RBA, SNB and US PCE Inflation” →

Bitcoin Eyes $70,000: Will BTC Rise 4X Versus Gold?

Posted on September 23, 2024 by Dalmas Ngetich

Bitcoin is up when writing, steadying above $60,000 as buyers step up, reversing losses of the first half of the month. As it is, buyers have the upper hand from a top-down review. Although there were no major gains over the weekend, the uptrend will likely continue. What’s needed for this to print is a conclusive close above the $65,000 to $66,000 resistance zone. If this happens, the odds of BTC rising to as high as $70,000 will be high, possibly even igniting a new trajectory defining Q4 2024 price action.

At press time, Bitcoin is stable, trading above the $60,000 round number and up a decent 8% in the previous trading. If prices move higher, confirming the gains of last week, engagement will also rise in tandem—expanding above the $28 billion printed over the last trading day.

Traders are closely monitoring the following Bitcoin trending news:

Bitcoin and gold are rising. However, one analyst, taking to X, thinks BTC will outperform the yellow metal by a whopping 4X in the coming months. If that’s the case, it means Bitcoin short to medium term volatility will be high, an opportunity for traders.
MicroStrategy, the business intelligence firm, is back to their BTC buying ways. In the second half of last week, they announced their completion of a private offering that saw them raise over $1 billion. All these proceeds will go toward buying more coins.

Bitcoin Price Analysis

[[BTC/USD]] is in green at spot rates.

Despite the drop in momentum, BTC is trading above $60,000

Every low above this support zone will provide entries for aggressive traders aiming for $66,000.

However, conservative, risk-off traders can wait for a clean close above $66,000 and August highs before committing.

If this close is with rising volume, the world’s most valuable coin may soar to as high as $70,000.

Ethereum Up 15%, HODLer Makes Over $131 Million: Up Next $2,800?

Posted on September 23, 2024 by Dalmas Ngetich

Ethereum is shaking off weaknesses for the better part of July through August. Looking at the daily chart, the coin is above $2,400—a local support–and buyers are closing in on $2,800. Even though there were hopes of rapid gains in the past few days, the uptrend set in motion from last week stands. At press time, Ethereum buyers are squarely in control, adding a whopping 15% from September lows. If bulls build on recent gains, there will be no discounting the possibility of ETH not only breaking $2,800 but retesting $3,500 in Q4 2024.

Bulls are confident, and this is shown by their recent performance. The coin, more like Bitcoin, is up 15% in the past week. Even so, trading volume remains low, at around $17 billion. For the trend to continue, traders will closely monitor how prices perform at $2,800. At the same time, trader involvement will be crucial if momentum is to build up.

Traders are closely watching the following trending Ethereum news:

After holding for over two years, on-chain data shows that one trader made over $131 million. The trader, trackers show, bought 96,639 ETH at the depth of the 2022 bear market for around $1,567. The HODLer has since sold nearly 70,000 ETH, sending coins to Kraken.
Chainlink, the blockchain-agnostic Oracle, leads in development activity among ERC-20 projects. Over the last 30 days, the protocol leads other projects, submitting more commits that second place Ethereum.

Ethereum Price Analysis

[[ETH/USD]] buyers are back in control, per the formation in the daily chart.

Ethereum is within a bullish breakout formation.

As bull bars band along the upper BB, the momentum is strong and could set the base for even more gains.

Aggressive traders can consider longs on dips as long as $2,400 holds.

If prices expand, the short-term target would be $2,800.

Any sharp dump, forcing prices below $2,400, would question the strength of bulls, slowing down the momentum.

XRP Adds 17% In 3 Weeks, 30 Million Coins Moved From Upbit: Is $1 Inevitable?

Posted on September 23, 2024 by Dalmas Ngetich

XRP is steady when writing and has not made any meaningful gains over the past few trading sessions. Even though the uptrend remains, it is clear that the zone between $0.60 and $0.66 is a strong liquidation zone. Despite attempts by buyers to print higher highs, XRP has been recoiling strongly, just like it has been doing since July. Accordingly, while buyers strengthen, a new trend will be set, perhaps a second wave of buying pressure, once the coin soars above $0.66. In that case, it would be easy for XRP to retest $1 in a buy trend continuation pattern.

Buyers are confident but this doesn’t show in the daily chart. Currently, XRP is in green, steadying, and up nearly 17% from September lows. At seventh, the coin’s trading volume is low, at around $929 million over the past trading day.

Traders are monitoring the following XRP and Ripple news:

XRP might be stable, but some entities are bullish, expecting the coin to move higher strongly in the coming days. According to XRPL data, nearly 30 million XRP have been moved from Upbit—a massive vote of confidence for buyers.
Whether or not the United States SEC will appeal remains to be seen. However, one lawyer thinks there is a 60% chance of the regulator appealing the recent ruling. Others view this move as a decision that will further weaken its authority, especially if Ripple lawyers still come on top.

XRP Price Analysis

[[XRP/USD]] is flat when writing.

Despite gains over the last week, there is strong resistance at around $0.60.

A close above this level, confirming gains of September 12 through to 14, could spark another wave of demand, lifting the coin toward $0.66.

Before then, risk-off traders can stay on the sidelines, aware that XRP could fly to $1 if there is a conclusive close above July highs.

In the short term, aggressive traders can consider longs on every contraction above $0.55.

If not, and XRP breaks below $0.55, the coin may slip further to $0.50 in a reversal.

Bitcoin faces key resistance at $64K

Posted on September 22, 2024 by Olumide Adesina

Bitcoin’s recent price action shows the bulls’ weak momentum in staying above the $63K mark. The major digital asset surge following the Federal Reserve’s interest rate cut reached a peak of $64K before falling to the 62.6K level at the time of this publication.

Anticipation of significant volatility surrounding the asset, particularly with the Federal Reserve’s meeting, changed the market dynamics in the digital space
Bitcoin’s price soared past $61,000 In the lead-up to this meeting, however, it faced considerable fluctuations after the Federal Reserve announced a 0.5% rate cut on Wednesday. Despite this, bullish momentum returned, propelling the cryptocurrency to just above $64K late Friday, marking its highest valuation, in over three weeks.

On Friday, MicroStrategy continued its aggressive acquisition strategy, revealing the purchase of 7,420 BTC for $458.2 million. The company now possesses 1.27% of the total Bitcoin supply.

The business intelligence firm purchased 7,420 BTC following its recent issuance of senior convertible notes on Friday. CEO Michael Saylor disclosed that the company bought the digital asset at $61,750 per Bitcoin. This acquisition totals $458.2 million, increasing the firm’s Bitcoin reserves to 252,220 BTC.

Nevertheless, the asset struggled to sustain this upward trajectory and has since retreated by about $1,000, currently trading near $62.6K. Furthermore, there are indications that this upward movement may have reached its conclusion, with the possibility of further declines for Bitcoin.

Additionally, the SEC has approved BlackRock’s application to list and trade option contracts on its iShares Bitcoin Trust (IBIT). This approval, announced in a filing on Friday, permits the trading of physically settled options, meaning that the exercise of a contract will result in the actual delivery of Bitcoin.

Options trading represents a type of derivatives trading that provides investors with the right, but not the obligation, to buy or sell an asset at a specified price within a designated period.

Hamster Kombat most popular Telegram game

Posted on September 22, 2024 by Olumide Adesina

Pre-market futures for Hamster Kombat moved in a narrow range as traders awaited the company’s impending exchange listings and airdrop. The Hamster Kombat (HMSTR) token was trading at $0.011 on Sunday, September 22.

The most popular Telegram game right now is Hamster Kombat which has quickly amassed 300 million users and millions more on social media. Binance listed it at the 58th Launchpool due to the tremendous buzz created by this token’s popularity. Millions of people actively use Telegram and X accounts for Hamster Kombat.

However, recent fundamentals show the intense competition and controversy surrounding the game with its most recent improvements and the announcement of upcoming airdrops, which caused it to trend on X, its popularity may eventually fade.

Given its popularity, the trending of this Telegram game on X is nothing new. This time, though, is different due to the HMSTR Airdrop, significant listings, Season 2 improvements, and dissatisfied users.
The Hamster Kombat team finalized the airdrop, scheduled on September 26. Given the popularity of Hamster Kombat, analysts predict that this will be one of the largest airdrops of the year.

Over 300 million people worldwide have used the tap-to-earn platform in the last several months. Since its May introduction, the channel has gained over 37.6 million subscribers on YouTube, demonstrating its popularity.

Pavel Durov, the founder of Telegram, emphasized the game as a potentially significant chance to popularize blockchain technology by making it accessible to a large audience.

Since its debut, numerous posts displaying individuals utilizing AI tools and other technology to win greater rewards have been posted on social media networks. The team unveiled an anti-cheating system, already operational.

The platform’s warning that “Cheating is Bad” is an achievement award has already been received by some users in the community. Their eligibility for the following Airdrop would likewise be affected. The Hamster Kombat team stated in an X post that they want people to understand how important it is to accomplish things correctly. Additionally, the group put this procedure in place to safeguard their dedicated players.