Bitcoin Growing Faster Than The Internet: When $72,000?

Posted on August 27, 2024 by Dalmas Ngetich

Bitcoin is steady at press time. Technically, the uptrend remains despite the drop earlier today. Looking at the daily chart, traders can considering buying the dips of the emerging trend. This preview, per the candlestick arrangement, is valid as long as prices remain above $63,000. Beyond favorable price action, the push higher is also driven by fundamental factors, including supportive regulation and political realignment in the United States.

At press time, traders are upbeat about what lies ahead. After the expansion of over the weekend, the coin is now stable in the past day but up 4% in the last week. Meanwhile, the average trading volume is picking up momentum, rising to over $28 billion.

The following trending Bitcoin news might influence price action:

After the surge on Friday, Bitcoin short-term holders are in green. The expansion above the moving average suggests that most are upbeat and unlikely to sell, heaping pressure on price.
The rising prices have also pushed adoption higher. As it is, Bitcoin is growing at a faster pace than the internet.

Bitcoin Price Analysis

[[BTC/USD]] is in a bullish formation at press time.

As of August 27, prices remain around the $63,000 zone and the bull flag.

Technically, traders can consider buying the dips.

As long as prices are inside the August 23 bar, every low could offer entries.

Notice that the bar is wide-ranging and backed by decent trading volume.

The immediate support is $63,000. On the upper end, resistance is at $66,000.

A break above this line will see Bitcoin easily float to over $72,000 in a buy trend continuation pattern.

Forex Signals Brief August 27: Markets Consolidate in Tight Range

Posted on August 27, 2024August 26, 2024 by Skerdian Meta

The economic calendar is light until later this week, which has left most financial assets trading in a tight range as they consolidate. The market reversed some of Friday’s Powell gains in a controlled pullback that appeared more like normal price action than a response to any new fundamental changes. Fed’s Mary Daly echoed Powell’s sentiments, stressing that the FOMC aims to avoid further weakening in the labor market, hinting at a possible Fed put. However, she did not suggest any immediate easing measures, leaving the possibility of a 50 basis point rate cut open.

We had the US Durable Goods Orders report, but while the headline number, the underlying details were less encouraging, creating a balanced outlook. In other market movements, oil was the major driver, with prices rising due to the shutdown in Libya. This oil price surge supported the Canadian dollar, pushing it to the top of the currency performance list for the day. Equity markets showed gains in pre-market trading but ended the day mixed, largely due to growing concerns about Nvidia’s upcoming earnings release, which weighed on investor sentiment, especially in the tech sector.

Today’s Market Expectations

Consumer confidence in the United States is expected to reach 100.1, a slight decrease from the previous reading of 100.3. Recent data indicated that the present situation index, which often serves as a leading indicator of the jobless rate, fell to a three-year low. According to the Conference Board, confidence increased in July, but not significantly enough to break out of the narrow range that has persisted over the past two years. While consumers were less pessimistic about the future compared to the previous month, this optimism remains cautious. Expectations for future income rose marginally, suggesting a slight improvement in outlook, but consumers continue to hold generally pessimistic views about business and employment prospects. Additionally, consumers showed slightly less optimism about current labor and business conditions. The perception of the current labor market has dropped to its lowest level since March 2021, potentially due to the slowdown in monthly job gains. This mixed sentiment reflects ongoing uncertainty about the economic outlook and the labor market’s stability.

There are currently no forecasts for July Chinese Industrial Profits, but the data will be closely watched for signs of the health of China’s industrial sector. In June, profits for Chinese industrial enterprises increased by 3.6% year-on-year, up from a 0.7% rise in May. Although this marks a recovery from last year’s weaker performance, profits remain below 2022 levels and are far from the record highs seen in 2021, as noted by Bloomberg. The National Bureau of Statistics (NBS) previously pointed out that the recovery was being slowed by weak domestic demand and challenging international conditions. Analysts at ING have observed that while the data has recently returned to low single-digit growth, it could face headwinds again, especially given recent indications of a manufacturing slowdown. This could put further pressure on industrial profits and suggest ongoing challenges for China’s industrial sector.

Forex Signals Update

Yesterday he price action was slow, but there were a few reversal in financial markets, particularly in Gold, which caught us on the wrong sides in several trades. Nonetheless, we closed the day at breakeven, with 4 winning forex signals and 4 losing ones, as markets consolidate in a range ahead of economic important economic data later in the week.

Gold Looking at New Record Highs Again

Gold hit a new high of $2,531 early in the week but then experienced a sharp decline, dropping to $2,470 after a $60 dip on Thursday. This decrease followed positive US economic data, including a rebound in home sales that reversed the previous month’s downward trend, and a Services PMI that surged above 55 points, signaling robust growth in the services sector. Despite these favorable indicators, Fed Chairman Jerome Powell took a dovish stance, downplaying the strong data, which sent gold back above $2,500. Buyers maintained control on Wednesday, pushing gold (XAU) up to $2,526.

XAU/USD – Daily chart

MAs Keeping EUR/USD Bullish

This month, the EUR/USD pair has shown strong buying momentum, rising above 1.10 and breaking out of its year-long trading range. However, buyers still face a key resistance level at 1.1275. Since April of last year, the pair has consistently faced resistance at the 100-week SMA (red). Two weeks ago, despite significant USD weakness, buyers managed to push EUR/USD above this moving average, indicating a strong bullish trend. Although there was a retreat below 1.12 yesterday, the bullish trend remains intact, with the 20 SMA (gray) acting as support for this pair.

EUR/USD – Daily Chart

Cryptocurrency Update

Bitcoin Buyers Face MAs Above

Bitcoin has rebounded from its early August slump, with buyers gradually pushing the price above $62,000 and more recently around $65,000. However, BTC buyers are currently encountering resistance from two significant moving averages: the 100-day and 200-day SMAs. These moving averages are the final hurdles before Bitcoin can potentially reach the $70,000 mark.

BTC/USD – Daily chart

Ethereum Remains Subdued by the 20 Daily SMA

Ethereum has been in a downtrend since March, characterized by lower highs that suggest further declines may occur in August. In June, Ethereum briefly rose above the 50-day SMA after dropping from $3,830 to below $3,000, but continued selling pressure led to another negative reversal. The price fell through the 200-day SMA before climbing back above $2,600. Currently, buyers are testing the 20-day SMA (gray), which may lead to a battle between bulls and bears as they vie for control over the market direction.

ETH/USD – Daily chart

Ethereum Bulls Target $3,500 But Will ETH Break Above This Flag?

Posted on August 27, 2024 by Dalmas Ngetich

Ethereum is wavy, which is evident in the daily chart. The problem is that the path of least resistance is not yet defined at spot rates. If anything, sellers have the upper hand. This position is mostly because prices are still below $2,800. A break above this line, fanned by improving fundamental conditions, would fast-track the expansion to immediate local resistance. For now, supportive factors, outside of price action, remain weak. Accordingly, most investors are on the sidelines, closely monitoring events.

The lull of the past day shows in how prices have been performing. Coin trackers show that the average trading volume is muted, at $12.3 billion in the past day. Meanwhile, the coin is flat in the previous 24 hours. Unless there is a convincing breakout lifting ETH to a new value area above the sideways chop, engagement will remain low and unattractive for traders.

Traders are watching the following Ethereum news:

The percentage of ETH held by centralized exchanges is at a new all-time low. Increasingly, more owners have been pulling their coins from Binance, Coinbase, and other ramps in the past few months.
Despite the cool-off in DeFi since the last bull cycle of 2021, one analyst thinks Ethereum will be the leader in this space. This is because, he adds, the network is neutral and decentralized.

Ethereum Price Analysis

[[ETH/USD]] is down after retesting the upper limit of a key resistance level.

As long as prices remain inside the $2,700 to $2,800 zone, traders need to keep track.

A decisive, high volume close above this line, ideally above $3,000, would offer entries for buyers targeting $3,500.

In that event, traders can actively consider longs on dips.

On the lower end, Ethereum has key support at $2,500.

If bears flow back and unexpectedly push the coin below this line, ETH may slip to August 2024 lows in a bear-trend continuation.

XRP Recoils From $0.66: Is Ripple Preparing For China and Hong Kong?

Posted on August 27, 2024 by Dalmas Ngetich

XRP is pulling back from the primary resistance, looking at price action in the daily chart. Even though there is hope that buyers will step up and maintain the uptrend of July, risk-off traders have to stay on the sidelines for now. As things stand, the immediate resistance is $0.66. It is a stubborn line yet to be conquered, despite recent spikes, primarily after the recent court ruling. On the other hand, a few fundamental factors support Ripple. In turn, this slows down the upside momentum.

Traders are confident, but price action is mute. So far, XRP is flat in the past day and down 3% in the previous week. At the same time, the average trading volume remains low, at around $1 billion. As seen in early August, engagement will rise whenever prices start expanding. Once this pans out, the coin will remain in a tight range and uneventful.

The following XRP and Ripple news are trending:

In November, a new documentary about XRP, the native coin of the XRP Ledger, will premiere on Netflix. XRPL is among the early blockchain networks that remain energy-efficient and scalable, unlike Bitcoin or the first version of Ethereum.
China and Hong Kong bank IDs have been added as part of Ripple’s documentation. Earlier, Philippines banks were only part of this explainer. The addition is massive and points to the firm’s readiness to expand.

XRP Price Analysis

[[XRP/USD]] is bullish but flat, looking at the formation in the daily chart.

The local support is $0.55, while resistance lies at $0.66.

Even though the uptrend remains, risk-off and conservative traders can wait for trend definition. In that case, a close above $0.66 will be critical.

If the breakout bar is with rising volume, XRP may expand to $0.74 in a buy trend continuation.

For aggressive traders, every dip above $0.55 can offer ideal entries.

Any loss forcing XRP below this support zone will weaken the uptrend.

DOGS sparks high interest in crypto community

Posted on August 26, 2024August 26, 2024 by Olumide Adesina

The DOGS cryptocurrency, developed on The Open Network (TON) blockchain, is now accessible on Binance as of August 26, 2024, at noon (UTC). Following a successful period on Binance Launchpool, the token attracted high interest from the crypto community.

DOGS has emerged as a significant meme player in the digital asset industry. DOGS is now tradeable on several pairs, including DOGS/TRY, DOGS/FDUSD, DOGS/BNB, and DOGS/USDT.

Traders and investors’ interest is rising sharply. The on-chain analytics company, CoinGlass, highlighted that throughout the past 24 hours, DOGS’s open interest has surged by 16,000%, and in the last 4 hours, it has climbed by 35%.

In addition, there may be further pressure to book or sell profits in the following days. Investors who purchased before the CEX listing can sell their tokens, and traders are heavily shorting the market.

Shortly after being listed on well-known exchanges like Binance, OKX, Bybit, and others, the coin had a 25% decline. The DOGS airdrop recipients’ opinions have been divided. While some are pleased with the listed price, others enjoyed the airdrop.

DOGS still has a substantial market capitalization of more than 614 million. It has established itself as one of the top 100 cryptocurrency assets as of this publication

DOGS began with a trading volume that shot over $630 million. As a result, it came in at number 15 out of all cryptocurrencies. Such market activity reveals traders’ and investors’ interest in the meme coin.

The coin uses a task and reward system to incentivize community involvement and provide incentives. Like other meme coins, DOGS lacks a comprehensive roadmap, but its future development depends on how well its incentive systems work.

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

Posted on August 26, 2024August 25, 2024 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?” →

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

Posted on August 26, 2024 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.

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.

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

Posted on August 26, 2024 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.

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.

XRP Undervalued? Ripple Capped Below $0.66 amid Exploding Bitcoin and Ethereum Prices

Posted on August 26, 2024August 26, 2024 by Dalmas Ngetich

XRP is in an uptrend but trailing the rest of the markets, per the development in the daily chart. Though Bitcoin and Ethereum pulled higher, breaking and retesting crucial liquidation lines, XRP is struggling for momentum. The only positive for now is that the coin is above $0.55. However, what’s needed is a convincing, high-volume close above $0.66 and July highs for buyers to confirm gains. Before then, the sideways chop might continue, sapping momentum and engagement.

The lull in XRP is evident in how prices have been performing. To put in the numbers, the coin is flat in the past day but up 4%. As things stand, engagement is also within average, at around $810 million. Unless there is a breach of $0.66 and July highs, momentum will continue to be low, and traders will be at bay. This state of affairs will remain until there is a trend definition.

Traders are bullish and closely monitoring the following trending XRP and Ripple news:

Ripple, the blockchain firm, is now minting RLUSD on the XRP Ledger and Ethereum. The stablecoin will be pegged 1:1 versus the greenback, the United States treasuries, and other liquid cash equivalents. As the stablecoin scene heats up, how the Ripple product fares remains to be seen.
The stagnation below $0.66 seen in XRP is partly due to the liquidation by whales. Cumulatively, whales sold over $26 million of multiple derivatives, including those of XRP.

XRP Price Analysis

[[XRP/USD]] is firm at press time, and possible undervalued.

The immediate liquidation line is $0.66.

On the lower end, the primary support is $0.55.

Depending on the breakout direction, the current consolidation can either be accumulation or distribution.

As things stand, a breach of $0.66, at the back of expanding volume, can see XRP soar to $0.74.

It may present an opportunity for conservative traders to wait for the definition of trends.

Before then, since the uptrend is valid, despite the sideways movement, aggressive traders can load the dips above $0.55.

Any unexpected crash below $0.55 will nullify this outlook; slowing down the uptrend.

DOGS set to begin trading on Binance

Posted on August 26, 2024August 26, 2024 by Olumide Adesina

The DOGS cryptocurrency will go live on Binance this August 26, 2024, at noon (UTC) following a successful launch on Binance Launchpool.

Dogs are aided by many trading pairs, some of which are in USDT and BNB. Individuals with a Binance account open can add DOGS tokens to it for trading; The trading pairs that have been announced are DOGS/USDT, DOGS/BNB, DOGS/FDUSD, and DOGS/TRY, according to a press release from Binance

The origins of DOGS can be traced back to the tale of Spotty, the unofficial mascot of VK. OriCreated Pavel Durov for a charitable auction to benefit orphanages, Spotty quickly gained popularity as a representative of VK and is now used as inspiration for new ventures in the cryptocurrency space.

Developed on The Open Network (TON) blockchain, DOGS Token is a meme coin intended to connect with Telegram users through a smooth integration with the messaging app. DOGS Token uses meme culture to give its community an interesting and enjoyable experience

It was inspired by “Spotty,” a well-known meme character made by Pavel Durov. Like Dogecoin and Shiba Inu, $DOGS is one of the fastest-growing dog-themed meme coins thanks to its expanding user base and strong emphasis on community-driven projects.

For those who participate, the DOGS airdrop represents the biggest in cryptocurrency history, even though it doesn’t come with a substantial financial payout.

Over 42 million people are thought to have used Telegram’s mini app to complete missions and redeem points since it launched.

An advantage provided at the time of listing is the increasing popularity of tap-to-earn games like Catizen and Hamster Kombat. The provider TokenTable, assisted in the launch of ZETA and MOCA, will oversee the airdrop. TokenTable possesses expertise in automated token distributions.