Market
Bitcoin’s Price May Not Form a New ATH for This Reason
Bitcoin’s price recently experienced a surge, pushing it to a near three-month high. This rally has brought Bitcoin closer to its all-time high (ATH), sparking renewed optimism among traders and investors.
However, despite this momentum, the presence of large whale transactions and substantial profits suggests a possible market drawdown, putting Bitcoin’s bullish outlook in jeopardy.
Bitcoin Is the Talk of the Town
Santiment’s latest data reveals a significant increase in whale transactions, with Bitcoin transactions over $100,000 reaching a 10-week high. This surge in whale activity often signals a shift in market behavior, as large holders are known to influence price movements by either accumulating or offloading their assets. Currently, the heightened volume of whale transactions is raising concerns about a potential price correction.
At the same time, Bitcoin’s dominance in social media conversations has grown substantially, accounting for 25% of all crypto-related discussions. This trend indicates a shift in attention away from altcoins, with many traders focusing on Bitcoin’s performance. Historically, when Bitcoin captures such a large share of the crypto spotlight, it often precedes market volatility, heightening the likelihood of a drawdown.
“Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO. However, with mid and long term metrics still looking bullish, any price correction would likely be a short one,” said Santiment.
Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024
Bitcoin’s macro momentum paints a similarly cautionary picture. At present, 95% of Bitcoin’s circulating supply is in profit, a statistic that has historically aligned with market tops.
When the majority of holders are in profit, selling pressure often increases, leading to downward price corrections. This scenario has unfolded in previous market cycles and appears to be repeating itself, suggesting that Bitcoin may be approaching a near-term peak.
With such a high percentage of the supply in profit, the current market environment is reminiscent of conditions that led to previous corrections. The high profitability encourages many investors to secure their gains, thereby putting pressure on Bitcoin’s price. If these conditions persist, a market top may form, triggering a decline.
BTC Price Prediction: No ATH
Bitcoin is currently trading at $67,432, edging closer to the critical $68,000 resistance level. Additionally, Bitcoin is on the verge of breaking out of a descending wedge pattern that has been in play since March. A breakout from this pattern could fuel a rally of up to 27%, potentially pushing the price to $88,077.
However, past patterns indicate that Bitcoin may not sustain such a rally. A breakout attempt could fail, leading to a correction that brings the price back down to $65,000. This price action would likely result in a temporary dip rather than a sustained move toward a new ATH.
Read more: Bitcoin Halving History: Everything You Need To Know
Without the necessary momentum, Bitcoin will struggle to break its ATH of $73,800, a level that remains just 9% above the current price. A failure to breach this level would invalidate the bullish outlook, keeping Bitcoin below its previous peak.
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.
Market
Aptos (APT) Price Set to Climb, but Momentum is Weakening
The Aptos (APT) price has surged by 24% over the last seven days, raising questions about whether this uptrend can be sustained. While recent gains have been impressive, the technical indicators are starting to show mixed signals.
Whether APT can push higher or face a correction will depend on how these trends unfold in the coming days.
APT RSI Is Far From Overbought
Aptos (APT) RSI is currently at 53.75, dropping from 76 just four days ago. This decline suggests a reduction in buying pressure compared to recent peaks, signaling a potential cooling period in market activity. However, the current RSI level still shows a neutral to mildly bullish outlook.
RSI, or Relative Strength Index, is a momentum indicator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 suggesting oversold conditions. An RSI around 50 reflects a balanced state, where buying and selling pressures are nearly equal.
Read more: Aptos (APT) Price Prediction 2024/2025/2030
APT’s RSI at 53.75 points to a market that is not yet overextended despite recent gains, which saw APT price rise by 24% in just one week. This level suggests that the uptrend may still have room to grow as the RSI remains below the overbought threshold of 70.
If bullish momentum resumes, APT’s price could continue climbing, potentially pushing the RSI higher without immediately risking a reversal. This positioning allows for further growth before reaching a level that typically signals caution.
Ichimoku Cloud Shows Aptos Surge Could Be Over For Now
The Ichimoku Cloud chart for Aptos suggests a generally bullish trend, as indicated by price levels currently trading above the green cloud (kumo). This configuration implies that market sentiment is positive and buyers are in control. The cloud acts as a support zone, and with prices above it, APT is demonstrating resilience and strength in its recent price action.
Additionally, the leading span A (green) is above leading span B (red), which reinforces the bullish sentiment and points to potential support in the event of any short-term price dips.
The Tenkan-sen (blue line) and Kijun-sen (red line) are also showing mixed signals. While the Tenkan-sen remains slightly above the Kijun-sen, indicating that the momentum is still bullish, their recent convergence suggests a loss of momentum. If the Tenkan-sen crosses below the Kijun-sen, it could signal a potential trend reversal or at least a weakening of the current uptrend.
Additionally, the green Chikou span (lagging line) is above the price, which supports a continued bullish outlook, but traders should watch for any changes that could signal a pullback. Overall, the Ichimoku chart signals that APT remains in a bullish position, but the narrowing gap between key lines indicates that momentum could be wavering.
APT Price Prediction: The Coin Can Surge 76% If This Happens
APT EMA lines are currently bullish, with short-term lines positioned above long-term ones. However, the distance between these lines has significantly narrowed, indicating that bullish momentum might be weakening. When the gap between short-term and long-term EMAs shrinks, it often signals that the trend could be losing strength and might soon reverse.
EMA lines, or Exponential Moving Averages, help identify the direction and momentum of price trends by giving more weight to recent data points. In APT’s case, the current EMA setup reflects an ongoing uptrend, but the diminishing separation suggests that the market’s strength may be faltering.
Read more: 5 Best Aptos (APT) Wallets in 2024
If the current uptrend holds, APT could surge to $14.42, and breaking that resistance might propel the price to $17.89 — its highest level since April 1. Such a move would represent a 76% gain for APT price, showing the bullish potential if momentum remains strong.
However, as indicated by both the Ichimoku Cloud and EMA lines, the uptrend could be getting weaker. If the trend reverses, APT price might test support levels at $8.45 or even fall to $7.86.
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.
Market
Solana (SOL) Price Slows Down as Resistance Builds
Solana (SOL) price has surged by 12% over the past six days, riding a wave of bullish momentum that has seen it break through multiple resistance zones. This rally has been fueled by technical strength, including bullish EMA positioning and supportive BBTrend values.
However, with recent gains accumulating quickly, traders are now assessing if SOL can maintain this upward force. The ability to test and hold key resistance levels will be crucial in shaping the next price movement.
BBTrend Suggests SOL Bulls Are Strong
SOL BBTrend is currently positive, around 8.08, indicating a solid bullish momentum for Solana. This means that the price is trading above the middle Bollinger Band, showing a favorable market sentiment.
A positive BBTrend often suggests that the price trend is well-supported, and the asset could continue its upward trajectory. However, the BBTrend alone should be complemented with other indicators to confirm the overall strength and sustainability of the trend.
Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024
The BBTrend metric measures the strength and direction of the trend using Bollinger Bands, which track volatility. While the current BBTrend value remains positive, it has dropped from 9.01 over the past few days, suggesting that Solana’s bullish momentum might be waning.
This decline could imply that the current trend is weakening, meaning SOL price may face increased resistance and possibly a shift towards a more neutral or sideways movement.
Solana Current Uptrend Could Be Losing Momentum
The SOL DMI chart reveals that the current uptrend strength is at 34, as indicated by the yellow line, which represents the Average Directional Index (ADX). ADX is a key component of the Directional Movement Index (DMI) and is used to gauge the strength of a trend, regardless of its direction.
The ADX itself is a measure that helps traders understand how strong the current price movement is. A reading above 20 generally indicates a strong trend, and with an ADX of 34, Solana is currently in a strong uptrend, suggesting there is still notable momentum behind recent price action.
In Solana’s case, the reading of 34 suggests that the uptrend is substantial, but traders need to keep an eye on whether ADX continues rising or starts to plateau, as this can hint at changes in trend strength.
Additionally, the DMI chart reveals that the positive directional indicator (D+) stands at 22.3, while the negative directional indicator (D-) is at 14.2. The higher D+ suggests buyers still have control of the market. However, just two days ago, D+ was at 36.7, and D- was at 9.15, indicating the gap between them is shrinking, which could point to weakening buyer momentum.
The narrowing gap suggests weakening bullish momentum and increasing selling pressure. If this trend persists, it could signal a shift toward a more indecisive market, where bulls lose dominance. This may lead to more volatile price action or consolidation.
SOL Price Prediction: A 12% Correction Or a 27,8% Price Surge?
SOL’s EMA lines remain bullish, with short-term exponential moving averages (EMAs) positioned above the long-term EMAs. This arrangement suggests that the price trend is currently in an upward phase, with recent price movements exceeding the longer-term average.
However, the short-term EMAs are starting to trend downward, indicating a potential loss of momentum. If these shorter-term lines cross below the longer-term EMAs, it could be a bearish crossover, signaling the beginning of a downtrend. Traders typically view this “death cross” as an early warning that the prevailing bullish trend is weakening.
Read more: 7 Best Platforms To Buy Solana (SOL) in 2024
Given the current situation, SOL could test support levels at $144 and $141. If the selling pressure persists, the price might even dip as low as $133, which would be around a 12% correction from current levels. These support zones could play a crucial role in stabilizing the price and providing a platform for potential recovery.
On the flip side, if the bullish momentum returns and the uptrend gains strength, SOL could move back up to the $161 level. Should it break this resistance, the next target might be $193, implying a potential price gain of around 27.8%. This scenario would reaffirm the continuation of the bullish trend, with further upside likely if buyers regain control.
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.
Market
DOGS Token Faces Major Test as 99% of Holders Are Underwater
The hype around the Telegram-linked meme coin DOGS has taken a sharp turn, as nearly 99% of its holders are now in losses just about 60 days after its listing.
Once a token of high expectations, DOGS has been hit by relentless selling pressure, leaving early investors deep underwater. With mounting concerns over its future, the meme coin now faces a crucial test. Can it recover, or is it heading towards further decline?
Interest in Telegram’s Flagship Meme Coin Plunges
DOGS, which launched on August 26 with the distribution of approximately 40 billion tokens to around 17 million Telegram users, had an initial price of $0.0017. However, since then, the meme coin has plummeted by 56%.
According to the Global In/Out of Money (GIOM) indicator, nearly 99% of DOGS holders are at a loss, with billions of addresses that purchased DOGS between $0.00079 and $0.0013 currently holding the token at a loss.
Apart from highlighting the on-chain cost basis, the GIOM also reveals whether a token is facing resistance or support. A large cluster of addresses or tokens within a price range signals significant support or resistance. Presently, the large number of DOGS holders out of the money indicates that the price may struggle to rise and could potentially fall again.
Read more: What Are Telegram Bot Coins?
Another reason DOGS’ price could fall again is its volume. Around the time the meme coin launched, the volume was over $2 billion, indicating that the market was highly interested in it.
As of this writing, the token’s trading volume has dropped to $88.65 million, a significant decline from earlier levels. This drop in volume suggests reduced buying and selling activity, which may make it difficult for the meme coin to rebound from its current lows.
With lower market activity, price recovery could be a challenge as fewer traders are interacting with the token.
DOGS Price Prediction: Lower Lows
Based on the daily chart, the Bollinger Bands (BB) around DOGS have contracted. This suggests that volatility is currently low, and the price may remain range-bound without experiencing significant price swings.
When the bands expand, it typically indicates high volatility and the potential for more dramatic price movements. However, with the BB contracting, it seems the market is expecting stability or muted price action in the short term for DOGS.
Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024
Considering DOGS’ current movement, the meme coin’s price is likely to drop below $0.00061. However, if investors step in and buy the dip in large volumes, the trend could reverse. In that scenario, the meme coin’s value might rise to $0.00081 or potentially even as high as $0.0010.
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.
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