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Bitcoin Price Eyes Fresh Gains: Can BTC Climb Again?

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Bitcoin price extended losses and tested the $65,500 support zone. BTC is now consolidating and might aim for a fresh increase if it clears $66,500.

  • Bitcoin tested the $65,500 level and is attempting a recovery wave.
  • The price is trading below $68,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start a fresh increase if it clears the $66,500 resistance zone.

Bitcoin Price Revisits Support

Bitcoin price extended losses below the $66,500 support zone. BTC even spiked below the $66,000 and $65,500 levels. A low is formed near $65,337 and the price is now consolidating losses.

It recovered above the $66,000 level and tested the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low. However, the price is now struggling to clear the $66,500 resistance zone. There is also a connecting bearish trend line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is trading below $68,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $66,400 level. The first key resistance is near the $66,500 level.

A clear move above the $66,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $67,650 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $65,337 low.

Bitcoin Price
Source: BTCUSD on TradingView.com

The next major hurdle sits at $68,200. A close above the $68,200 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.

Another Decline In BTC?

If Bitcoin fails to recover above the $66,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level.

The first major support is $65,350. The next support is now near $65,000. Any more losses might send the price toward the $63,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $66,000, followed by $65,350.

Major Resistance Levels – $66,500, and $67,650.



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Market

GRASS Price Surges Almost 200% in Seven Days

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The recent price surge in GRASS, which is up 187.99% in the last seven days, appears to be fueled by the success of its airdrop and BTC new all-time highs. These factors, along with the upcoming listing of GRASS on Binance Futures with up to 75x leverage, have created a wave of bullish momentum.

However, the current RSI shows that GRASS is still in overbought territory, suggesting caution may be needed as buying pressure could fade.

GRASS RSI Is Above Overbought Stage

The RSI for GRASS has surged significantly following recent price increases, reaching 71.8, up from 55 just two days ago. This rapid rise indicates strong buying pressure, which has pushed the indicator into an overbought zone.

Such a swift movement highlights that GRASS has been experiencing an intense wave of investor interest. It’s important to remember that GRASS RSI reached roughly 85, days after its airdrop.

GRASS RSI.
GRASS RSI. Source: TradingView

The Relative Strength Index (RSI) is a momentum indicator that measures the speed and change of price movements. RSI values above 70 typically signal that an asset is overbought, while values below 30 indicate it is oversold. With the current RSI at 71.8, GRASS is in overbought territory, suggesting that the recent enthusiasm may have pushed prices too far, too fast.

However, since RSI has been dropping heavily since yesterday, it could indicate a potential cooling-off period, where the buying momentum is fading, and a price correction might be imminent.

Staked GRASS Is Now Stable

The cumulative staked GRASS has remained stable at 26,600,000 since November 6. This stability follows a slight decrease from its peak earlier in the month, suggesting that staking activity has settled into a consistent pattern.

The recent trends indicate that most of those who were actively staking have now locked in their positions.

Cumulative Staked GRASS.
Cumulative Staked GRASS. Source: Dune

Tracking the staked coin metric is crucial because it provides insight into investor confidence and the commitment to holding the asset long-term. A higher amount of staked GRASS suggests that investors are less likely to sell, reducing available supply and potentially increasing price stability. On November 4 and 5, the staked amount approached 28 million but subsequently declined and stabilized at a slightly lower level.

This movement implies that while enthusiasm for staking was strong initially, some participants likely took profits or withdrew, leading to a more stable base of long-term stakers. This current stability may reflect a period of consolidation where committed investors are holding firm.

GRASS Price Prediction: A Potential 28,5% Correction?

Analyzing GRASS Ichimoku Cloud chart shows that the price is well above the cloud, suggesting strong bullish momentum, as the whole Solana ecosystem appears to be pumping.

The first key support zone lies around the upper edge of the cloud, approximately at the $2.9 level, which aligns with where the cloud begins to thicken.

GRASS Ichimoku Cloud Chart.
GRASS Ichimoku Cloud Chart. Source: TradingView

If the price declines further, the lower edge of the cloud, around the $2.5 level, will serve as the next significant support. That would mean a potential 28.5% price correction as GRASS becomes one of the coins attracting more attention among newly launched Solana coins.

If BTC continues its strong momentum and the Binance listing brings strong buying pressure, GRASS could continue its uptrend, probably breaking the $4 threshold soon.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Price Could Achieve Its Highest Point in 8 Months

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Solana (SOL) price is showing some promising signs, with the coin up almost 20% in the last week, but caution is required. While recent indicators reveal strong upward momentum, the sustainability of this trend remains in question.

The current BBTrend suggests that SOL’s recent price surge may be influenced by broader market conditions rather than a standalone rally.

SOL BBTrend Isn’t That Big Yet

The BBTrend indicator for SOL is currently at 2.53. Just days ago, it dropped close to -10, indicating extreme bearish pressure, before recovering slightly. This recovery suggests that some buying interest has returned.

SOL BBTrend.
SOL BBTrend. Source: TradingView

BBTrend, or Bollinger Band Trend, measures momentum in relation to the Bollinger Bands. When the value is positive, it indicates price strength, while negative values imply weakness. A BBTrend of 2.53 for Solana shows that it is starting to gain positive momentum after the previous decline.

This shows that the recent pump could be the result of the overall market pumping and BTC reaching new all-time highs, as SOL BBTrend doesn’t look that bullish.

Solana Current Uptrend Is Very Strong

The DMI chart for Solana (SOL) shows the ADX at 47.3, a significant increase from nearly 10 just a week ago.

This sharp rise indicates that the strength of SOL’s trend has intensified considerably in a short period.

SOL DMI.
SOL DMI. Source: TradingView

The Average Directional Index (ADX) measures the strength of a trend, regardless of direction. An ADX below 20 usually implies a weak trend, while a value above 25 suggests a strong trend. With an ADX at 47.3, SOL is clearly in a powerful trend.

Alongside this, the +DI (Directional Indicator) is at 37 and the -DI at 6.1, signaling that buying pressure is much stronger than selling pressure. Since SOL is in an uptrend, this combination highlights a strong and accelerating bullish move, indicating that buyers are firmly in control.

SOL Price Prediction: It Will Break $210 Next?

The EMA lines for Solana are showing a very bullish pattern. SOL price is positioned above all the EMA lines, and the shorter-term EMAs are stacked above the longer-term ones.

Additionally, the distance between these lines is significant, highlighting strong upward momentum and a clear trend direction.

SOL EMA Lines and Support and Resistance.
SOL EMA Lines and Support and Resistance. Source: TradingView

If this uptrend continues, SOL is likely to test the $210 resistance level. That would be its biggest price since March. However, as indicated by the BBTrend, the current momentum could be heavily influenced by broader market sentiment and Bitcoin’s performance.

If this external momentum weakens, SOL might face challenges and potentially test support levels around $179 or even drop further to $165. The key lies in how long the broader market can sustain the current positive momentum.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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What SHIB Technical Setup Tells About the Price Action

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Shiba Inu (SHIB) appears ready to extend its recent gains, as the daily technical technical setup suggests that the meme coin may be primed for a 30% rally. Also, key support levels and increasing buying pressure indicate favorable conditions for an upward move.

But can SHIB’s price rise higher than it has this week? This analysis looks at the possibility. 

Shiba Inu Forms Cup-and-Handle Pattern

On the daily chart, BeInCrypto observed that SHIB has formed a cup-and-handle pattern. The cup and handle is a bullish technical chart pattern that resembles the shape of a “U” (the cup) followed by a slight downward drift (the handle). This pattern indicates the potential continuation of an uptrend.

As seen below, the SHIB technical setup shows that the meme coin formed the cup between mid-July and early October. During this period, the token moved between $0.000013 and $0.00018.

The handle, however, formed earlier last month and is still in place at the time of writing. This suggests that SHIB’s price could be ready for a significant breakout. Therefore, if buying pressure increases, the meme coin’s value might soar higher than $0.000019.

SHIB technical setup bullish
Shiba Inu Cup and Handle Pattern. Source: TradingView

Meanwhile, the Money Flow Index (MFI) indicates growing buying pressure, further supporting the potential for a continued uptrend. 

The MFI is a technical oscillator that combines price and volume data to assess an asset’s buying and selling pressure. It moves between 0 and 100, with values above 80 often indicating an overbought condition and values below 20 suggesting an oversold market.

When the MFI reading drops, it means that selling pressure is present. However, the indicator is currently rising, indicating that investors have resolved to buy SHIB. Hence, if this remains the same, the meme coin’s value might continue to rise.

Shiba Inu buying pressure
Shiba Inu Money Flow Index. Source: TradingView

SHIB Price Prediction: Target Aimed at $0.000025

Another look at the daily chart shows that SHIB faces resistance around its current value. However, with the buying pressure indicated by the MFI, it can overcome the obstacle. 

BeInCrypto also used the Fibonacci retracement index to analyze the extent to which the SHIB technical setup can take the meme coin.

Fibonacci retracement levels are horizontal lines drawn on a price chart to identify potential support and resistance levels. These levels correspond to key Fibonacci ratios (23.6%, 38.2%, 50%, 61.8%, and 100%). 

If the price bounces off these levels, it suggests that the previous trend may continue in the same direction. As seen below, SHIB’s price has bounced off the 61.8% level. As such, the token’s price might increase by 30% to $0.000025.

SHIB price analysis
Shiba Inu Daily Analysis. Source: TradingView

On the other hand, if the token fails to breach $0.000020, this prediction might not come to pass. Instead, SHIB might drop to $0.000015.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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