Market
Bitcoin Price Back On The Rise as Trump Leads the Pack: Rally to Continue?
Bitcoin price is surging again above $70,000. BTC is showing signs of strength and might even clear the $73,500 resistance zone amid Trump’s lead.
- Bitcoin started a fresh surge above the $70,000 zone.
- The price is trading above $71,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $68,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to rise above the $73,000 resistance zone.
Bitcoin Price Surges Over 5%
Bitcoin price remained stable the $65,500 support zone. A base was formed and BTC price started a fresh surge above the $68,500 resistance.
Trump is clearing leading and sparking a fresh rally in BTC. The price gained over 5% and cleared the $70,000 barrier. It surpassed the 50% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.
There was a break above a key bearish trend line with resistance at $68,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $72,000 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.
On the upside, the price could face resistance near the $72,800 level. The first key resistance is near the $73,200 level. A clear move above the $73,200 resistance might send the price higher. The next key resistance could be $74,500.
A close above the $74,500 resistance might initiate more gains. In the stated case, the price could rise and test the $75,000 resistance level. Any more gains might send the price toward the $78,000 resistance level.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $73,200 resistance zone, it could start another decline. Immediate support on the downside is near the $72,000 level.
The first major support is near the $71,200 level. The next support is now near the $70,500 zone. Any more losses might send the price toward the $70,000 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 – $72,000, followed by $71,200.
Major Resistance Levels – $72,800, and $73,200.
Market
Why Solana Volume Could Be Key In Driving SOL Price Higher
Solana (SOL) volume has risen to a three-month high of $8.33 billion following reports that Donald Trump is set to be announced the winner of the November 5 US presidential elections. This development also comes with a notable 11% price increase for the altcoin within the last 24 hours.
Will this significant increase have a greater effect on SOL’s price? This on-chain analysis checks whether the cryptocurrency’s value may continue to increase.
Interest in Solana Spike During US Elections
According to Santiment data, on November 5, before the elections began, Solana’s on-chain volume was less than $3 billion. However, as of this writing, the metric has risen by over 150%, indicating a notable increase in interest in the cryptocurrency
This rise also coincides with BeInCrypto’s forecast that the US elections could positively impact the price. At press time, Solana’s price has hit $183.84. From a trading perspective, when a cryptocurrency’s price rises alongside the volume, it means there is enough strength to buck the trend.
On the other hand, falling volume during an upswing suggests that the trend is weak and that the price can retrace. Thus, if Solana’s volume continues to rise alongside the price, then SOL could climb well above the current value.
Read more: How to Buy Solana (SOL) and Everything You Need to Know
Besides trading volume, Solana’s Open Interest (OI) has also seen a significant uptick. Currently, the OI stands at $2.51 billion, marking its highest level since October 30. High OI is often a signal of strong momentum behind the current market trend, whether bullish or bearish.
On the other hand, a low OI indicates that fewer traders are actively involved in the market. Therefore, this increased OI reinforces the underlying price direction and makes it likely that the current trend will continue.
SOL Price Performance: Rally to Move Closer to $260
On the daily chart, Solana has formed a bullish flag pattern, a continuation setup that typically signals further upward movement after a brief consolidation. This pattern emerges when a strong upward price movement, or “flagpole,” is followed by a period of sideways or slightly downward action, forming a “flag” shape.
Following the bullish flag formation, SOL experienced a breakout above the flag’s upper trendline, which led to a notable rally. Should this trend remain the same, SOL’s price might break above the overhead resistance at $193.90.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
If that happens, the altcoin’s value could move much closer to the all-time high of $260. On the contrary, a decline below the $161.81 support and Solana’s volume might invalidate this thesis. In that scenario, SOL’s value could drop to $141.98.
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
Traders dump Cardano and IOTA as they move to Vantard
Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem.
Cardano and IOTA are ghost chains
Cardano is a layer-1 blockchain that became popular in 2021 as a good alternative to Ethereum, which was a proof-of-work network at the time. Its popularity was partly because it was promoted as a peer-reviewed chain that would become a disruptive force in the industry.
Years later, Cardano has no major developers working in its blockchain. For example, there are no popular decentralized exchanges (DEXes) and lending protocols. It has a total value locked (TVL) of less than $350 million. In contrast, newer blockchain networks like Base and Sui have attracted over $1 billion in assets.
IOTA, on the other hand, became popular for its insistence that it was not a blockchain network. Instead, it is a distributed ledger technology that uses a technology known as tangle.
IOTA launched Shimmer, its EVM-enabled blockchain network in 2023 with a lot of hype. Many months later, it has also not attracted major developers.
Therefore, many investors have abandoned ADA and IOTA as their prices have continued to underperform the market. Cardano price has crashed by 60% from its highest level this year, while IOTA has plunged by 75%.
Traders flock to Vantard
At the same time, traders are flocking to Vantard, an upcoming meme coin fund token that is in its presale stage.
Data on its website shows that the developers have now raised $808,240 tokens in less than three weeks. This trend makes it one of the best performing token sales this year.
The idea of a meme coin index fund is inspired by Vanguard’s success. For over three decades, Vanguard has become a financial juggernaut with over $8 trillion in assets. Most of these funds are made up of mutual funds and exchange-traded funds that track either stocks or bonds.
Vantard hopes to create a fund made up of the top-performing meme coins in the industry. It is based on the view that meme coins do better than other traditional cryptocurrencies, especially during bull markets.
Some of the most notable performers were cryptocurrencies like Popcat, MICHI, Fwog, Gigachad, and Moo Deng.
Vantard’s performance will also be influenced by the ongoing interest rate cuts by the Federal Reserve. Analysts expect the Fed to slash interest rates by 0.25% on Wednesday this week. It will also hint that it will deliver more cuts in the coming meetingss.
Bitcoin and meme coins like Vantard thrive when the Fed is cutting rates. You can learn more about Vantard and buy the VTARD token here.
Market
XRP Market Cap Rose, but Here’s Why It Could Fall Behind DOGE
Ripple’s (XRP) market cap rose but could soon lose its stop to Dogecoin (DOGE) if both cryptocurrencies continue to keep up with the recent performances. Over the last 24 hours, XRP’s price has increased by 5.20%, while DOGE jumped by 22%.
Should this trend persist, DOGE’s rapid growth rate could enable it to close the gap in market cap between the two cryptocurrencies. The outcome also hinges on whether XRP can sustain or accelerate its gains.
Ripple Low Activity Puts Its Position At Risk
XRP’s market cap rose to $30.63 billion and remains the seventh most valuable cryptocurrency. Dogecoin, on the other hand, is eighth in the standings, with a value of $30.26 billion. For context, the market cap is the product of price and circulating supply.
Therefore, since both DOGE and XRP have all their total supply in circulation, their respective prices determine the market cap growth. Therefore, if XRP’s price continues to lag behind DOGE’s fast-paced movement, it could drop behind the meme coin.
Notably, XRP’s price increase could be linked to the broader market recovery. But for DOGE, its growth hinges on rising market interest and Elon Musk’s consistent support for Donald Trump with the several posts of the Department Of Government Efficiency (D.O.G.E).
Read more: How to Buy XRP and Everything You Need to Know
With Donald Trump anticipated to be declared president, Dogecoin will likely continue its rally, leveraging the boost in sentiment driven by his known favorable stance toward cryptocurrencies. This potential surge in DOGE could put additional pressure on XRP, causing it to lag behind.
Another metric suggesting that XRP could fall behind DOGE is the Mean Dollar Invested Age (MDIA). The MDIA is the average age of all tokens on a blockchain weighted by the purchase price.
When the metric falls, most tokens are no longer dormant, and the price can increase. But in this case, the metric is rising, suggesting low trading activity and making it difficult for the price to increase.
XRP Price Analysis: Altcoin Overbought
A look at the 4-hour chart shows that the Bollinger Bands (BB) is expanding, indicating high volatility around the cryptocurrency. However, the upper band hand of the indicator has also touched XRP’s price at $0.54.
When the upper band of the BB hits the price, it means that the asset is overbought. Assuming the lower band did, then the assets would have been deemed oversold. Since it is the former, it means that XRP’s price might possibly retrace to $0.51.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
If this happens, then XRP’s market cap could fall behind DOGE if the latter’s price increases. On the other hand, a break above the $0.55 resistance could invalidate this forecast. In that scenario, the altcoin could jump toward $0.60.
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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