Market
Bullish Momentum with Key Resistance Ahead
TAO’s price has surged significantly over the past month, driven by growing interest in artificial intelligence coins. With a recent increase of over 60%, several indicators and metrics offer valuable insights into the coin’s potential future performance.
While the current EMA setup signals strong bullish momentum, the distribution pressure on TAO remains a concern that could affect its ability to sustain the uptrend.
TAO Accumulation/Distribution Is Now Negative, But That’s Not as Bad as It Seems
The Accumulation/Distribution value for Bittensor (TAO) is roughly -11,045, which clearly indicates heavy selling pressure over the recent period. This negative value suggests that more traders have been offloading TAO rather than accumulating it. This could lead to a bearish outlook for TAO price in the near term.
The Accumulation/Distribution (A/D) metric is crucial in understanding this market behavior. It combines both price movement and trading volume to give a clearer picture of whether an asset is being accumulated (more buying) or distributed (more selling).
With this strong distribution, the price is likely to face resistance in establishing a sustainable upward trend unless a shift in sentiment occurs.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
If the A/D line starts to stabilize or shift upward, it might indicate renewed interest and accumulation, potentially reversing the downward momentum. Since TAO grew more than 60% in the last month, that could lead to strong selling pressure in the short term.
However, the Accumulation/Distribution metric at -11000 may not be strong enough to spark a bearish trend on TAO. It’s important to keep an eye on this metric. If it continues to go down, it could change the sentiment about the coin.
TAO RSI Is Still Healthy for More Growth
Bittensor’s Relative Strength Index (RSI) currently sits at 60. This is significant because it reflects a notable shift in momentum since September 16, when the RSI was at 39. This rise suggests that buying interest has increased over this period, indicating stronger bullish sentiment for TAO.
An RSI in this range points to a market that is gaining strength but is not yet overbought, making it a potential indicator of further price appreciation in the near term if the momentum continues.
The RSI is a popular momentum oscillator used to measure the speed and change of price movements. It ranges from 0 to 100, with thresholds typically set at 30 and 70. An RSI below 30 indicates that the asset is potentially oversold, signaling a buying opportunity, while an RSI above 70 suggests the asset may be overbought, indicating a possible correction or pullback.
With TAO’s RSI currently at 60, the token is in neutral to slightly bullish territory. This could suggest that TAO still has room for growth before hitting overbought levels.
TAO Price Prediction: Is It Possible to Reach $700 By October?
TAO is currently showing an extremely bullish setup, as its Exponential Moving Average (EMA) lines are widely spread. This spread indicates that the shorter-term EMAs are significantly higher than the longer-term ones, signaling a strong uptrend. The widening gap between these EMAs reflects consistent price increases and growing upward momentum.
EMA lines are technical indicators that give more weight to recent prices, making them responsive to market activity. When the price stays above the EMAs, and shorter-term EMAs are positioned above longer-term ones, it confirms a solid uptrend.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
If TAO can maintain this momentum, supported by the rising interest in AI coins, it has the potential to surpass $600 for the first time since April 2024. Breaking through the key resistance level of $625 could push the price further, potentially reaching $700 — a 26.81% increase from its current value.
Elsewhere, Bittensor mindshare and sentiment recently hit new all-time highs, which could contribute to a new price rally.
However, if TAO is unable to sustain this upward momentum, there are risks to consider. If the Accumulation/Distribution value turns increasingly negative, suggesting more selling pressure, and if the RSI moves into overbought territory (above 70), the price could see a significant pullback. In that case, TAO price could drop as low as $284 over the coming weeks.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP Price Rally to $2 As Paul Atkins Leads to Replace US SEC Chair Gary Gensler
Solana Hits New All-Time High After 3 Years
Bitcoin’s Put-to-Call Ratio Tops 1.0: Bearish Signs Ahead?
Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market21 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Market16 hours agoETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Altcoin23 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Bitcoin16 hours agoMarathon Digital Raises $1B to Expand Bitcoin Holdings
-
Altcoin21 hours agoVitalik Buterin, Coinbase’s Jesse Pollack Buy Super Anon (ANON) Tokens On Base
-
Altcoin16 hours ago5 Key Indicators To Watch For Ethereum Price Rally To $10K
-
Market15 hours agoSEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift
-
Altcoin19 hours agoSui Network Back Online After 2-Hour Outage, Price Slips
