Market

Is This The Start of a Bigger Run?

Published

4 hours ago

October 21, 2024

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Bitcoin price extended gains above the $68,000 resistance zone. BTC is now consolidating and aiming for more gains above the $69,500 resistance.

Bitcoin remained stable and extended gains above the $68,500 zone.
The price is trading above $68,500 and the 100 hourly Simple moving average.
There is a key contracting triangle forming with support at $68,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally further if there is a close above the $69,450 resistance zone.

Bitcoin Price Rises Toward $70,000

Bitcoin price remained supported above the $67,500 zone. BTC started another minor increase above the $68,000 resistance zone. The bulls were able to clear the $68,800 barrier.

The price even cleared the $69,000 level. A high was formed near $69,428 and the price is now consolidating gains. There was a minor decline below the $69,000 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high.

Bitcoin price is now trading above $68,200 and the 100 hourly Simple moving average. There is also a key contracting triangle forming with support at $68,750 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $69,200 level. The first key resistance is near the $69,500 level. A clear move above the $69,500 resistance might send the price higher. The next key resistance could be $70,000.

A close above the $70,000 resistance might initiate more gains. In the stated case, the price could rise and test the $71,200 resistance level. Any more gains might send the price toward the $72,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,750 level and the triangle’s trend line.

The first major support is near the $68,050 level and the 50% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high. The next support is now near the $67,400 zone. Any more losses might send the price toward the $66,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $68,750, followed by $68,500.

Major Resistance Levels – $69,500, and $70,000.

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Market

How MEW Price Hits New All-Time High

Published

21 mins ago

October 21, 2024

admin

Solana-based meme coin cats in a dogs world (MEW) reached a new all-time high today after an 18% price rally earlier in the day. This surge followed a significant development, as South Korean exchange Upbit added the Korean Won (KRW) as a trading pair for MEW.

Before the development, MEW’s price was $0.0089. But as soon as the news spread, the meme coin formed a bullish engulfing candle that sent it to $0.010.

cats in a dogs world Rallies After Listing

Upbit previously listed MEW with several pairs, including Bitcoin (BTC) and USDT, in September. This development sparked a rally for the meme coin, but it was unable to break its previous all-time high.

MEW’s previous all-time high was $0.0097 in March. But today, the massive price increase has sent it above that region.

However, MEW’s price reaction to the development might surprise some market observers. Typically, an Upbit listing drives the involved cryptocurrency’s price significantly higher. For example, last week’s listing of Injective (INJ) resulted in a 10% price jump within minutes.

MEW all-time high — cats in a dogs world price. Source: TradingView

Meanwhile, like the price, MEW’s volume also increased. According to Santiment, the Solana-based token’s volume surged past $200 million, signaling strong backing from several market participants during the rapid rally.

From a technical standpoint, rising volume alongside increasing price usually strengthens the uptrend. However, if the volume declines while the price rises, it could indicate a weakening trend. So the question remains—will MEW continue to rise?

MEW price analysis — cats in a dogs world volume. Source: Santiment

MEW Price Prediction: Token Overbought

Based on the daily chart, the Bollinger Bands (BB) have expanded, indicating rising volatility around MEW. The BB also serves as a tool to gauge whether a cryptocurrency is overbought or oversold. When the upper band touches the price, the asset is considered overbought, while a touch on the lower band suggests it is oversold.

At present, MEW’s price is touching the upper BB, suggesting that the meme coin might be due for a short-term retracement. As a result, the token’s value could potentially pull back to the 23.6% Fibonacci retracement level, which is around $0.0089.

The Relative Strength Index (RSI), which measures momentum, also aligns with the Bollinger Bands (BB) signal, confirming that MEW is currently overbought. This reinforces the possibility of a short-term price pullback.

However, if the token maintains its position above the middle line of the upper band, this prediction might be invalidated. In that case, MEW’s price could continue its upward trajectory, potentially climbing by another 20% to reach $0.012.

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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Market

Dogecoin (DOGE) Sets Sights on $0.150: Will The Rally Take Off?

Published

1 hour ago

October 21, 2024

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Dogecoin is rising above the $0.1350 resistance zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1450 resistance.

DOGE price started a fresh increase above the $0.1320 resistance level.
The price is trading above the $0.1350 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could gain bullish momentum if it clears the $0.1450 and $0.1465 resistance levels.

Dogecoin Price Eyes More Upsides

Dogecoin price started a fresh increase above the $0.1200 resistance zone. DOGE gained traction for a move above the $0.1320 resistance zone, beating Bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.

The price traded as high as $0.1467 and recently saw a minor downside correction. The price dipped below the $0.1420 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high.

However, the bulls are active above the $0.1350 level. There is also a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1465 level. The next major resistance is near the $0.1480 level.

A close above the $0.1480 resistance might send the price toward the $0.1520 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1585.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.1465 level, it could start another decline. Initial support on the downside is near the $0.1420 level. The next major support is near the $0.1400 level.

The main support sits at $0.1335 or the 50% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high. If there is a downside break below the $0.1335 support, the price could decline further. In the stated case, the price might decline toward the $0.1250 level or even $0.1220 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1465 and $0.1500.

Major Resistance Levels – $0.1420 and $0.1335.

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Market

Are Crypto VCs Betting on AI Tokens for the Bull Market?

Published

2 hours ago

October 21, 2024

admin

Investment in artificial intelligence (AI) within the crypto space surged dramatically in the past quarter, accompanied by a significant uptick in investor interest this month.

Hence, it appears that the crypto venture capitalists (VCs) might be betting big on the AI narrative for the next cycle.

Crypto VCs Invest Over $213 Million in AI During Q3

A recent report from Messari revealed that VCs poured over $213 million into AI-related projects last quarter. This figure marks a 340% increase year-over-year and a 2.5x jump from the Q2.

Amount of VCs investing in AI by quarter. Source: Messari.

According to Messari, in addition to projects focused on leveraging AI for decentralized platforms, many AI initiatives have entered various market sectors. These projects now combine AI with social networks, DeFi, and DePin, among others. Moreover, a recent report indicated that AI tokens have the potential to outperform meme coins.

“While overall venture funding in Q3 2024, totaling $3.8 billion, represented a slight dip compared to previous quarters. The strong focus on AI and DePIN suggests that venture capitalists are positioning themselves for long-term growth in sectors they believe will define the next phase of the crypto industry,” Messari commented.

Investor Interest in AI Rises in October

Data from Kaito shows that AI-themed discussions reached a new high in October, with mindshare surpassing 50%. This metric tracks the level of community discussions on a specific topic, and the higher the percentage, the greater the investor interest.

Moreover, the rising interest in AI parallels the resurgence of Nvidia’s (NVDA) stock price to record highs. Last week Nvidia’s market capitalization hit an all-time high of $3.41 trillion, making it the second-largest company globally by market cap.

According to The Kobeissi Letter, Nvidia’s stock has skyrocketed by 190% year-to-date, making it the second-best-performing company in the S&P 500.

This data highlights the correlation between Nvidia’s stock and the growing interest in AI within the crypto market. As such, Nvidia’s upcoming earnings report in November could impact AI token prices.

At the time of writing, the market cap for AI tokens stands at $36.7 billion, a 100% increase from its August low. According to CoinMarketCap, the daily trading volume for AI tokens has reached $1.7 billion.

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.

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