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
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.
Market
Can Ethereum Price Make It Back to $3,000 This Month?
Ethereum’s price has fluctuated under $2,800 for the past few weeks, and it is stuck in a consolidation phase. Despite several attempts, ETH has been unable to break through key resistance levels, leaving investors uncertain.
Mixed signals from various technical indicators are adding to the ambiguity, making it difficult to predict whether Ethereum can climb back to $3,000 soon.
Ethereum Is Losing Money
Ethereum’s Network Unrealized Profit/Loss (NUPL) currently sits in the optimism zone, signaling improving market sentiment. This indicator tracks all holders’ total profit or loss relative to when they acquired their assets. The current levels reflect growing confidence among investors.
This optimistic sentiment is keeping investors engaged, with many holding their assets rather than selling them. As long as the NUPL remains in this favorable range, the chances of a dramatic sell-off are slim, which could support Ethereum’s price in the near term.
Read more: How to Invest in Ethereum ETFs?
On the macro side, Ethereum’s momentum appears mixed, as shown by the Chaikin Money Flow (CMF) indicator. The CMF, which tracks the flow of capital into and out of an asset, briefly rose last week but has since dipped again.
This decline is a bearish signal, as it suggests that more capital is flowing out of Ethereum than coming in. It is an indication that the selling pressure is potentially increasing.
The outflow of capital is a critical factor to watch, as sustained declines in the CMF often precede price drops. Ethereum could face additional challenges in breaking through its current resistance levels despite the otherwise positive market sentiment if this trend continues.
ETH Price Prediction: Staying in Lane
Ethereum is currently trading at $2,610, struggling to overcome resistance at $2,700. Since early August, ETH has been repeatedly blocked by this level, with brief breaches above it failing to hold. As long as Ethereum remains under this resistance, significant upward momentum may be difficult to achieve.
Mixed signals from key indicators suggest that the ongoing consolidation between $2,700 and $2,344 will continue. The market may remain in this tight range until there is a decisive shift in sentiment or capital inflows.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
For Ethereum to reach $3,000, it must first flip the $2,700 resistance into support. Once this level is breached, the next key barrier will be $2,930. If Ethereum can rise above this, it will hit a two-and-a-half-month high, potentially invalidating the current bearish outlook.
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
Will Toncoin Price Hit $6.57 After Whales Inject $72 Million?
In a bold move to prevent Toncoin’s (TON) price from sliding further, crypto whales have stepped in to buy the cryptocurrency in large volumes. This influx of buying pressure comes after several instances where Toncoin appeared poised to drop to the $4 mark.
But over the last few days, bulls have ensured that the altcoin does not go below that threshold. With whales now in the picture, here is what could be next for TON.
Whales Scopp Over 13 Million Toncoin
According to IntoTheBlock, Toncoin’s large holders’ netflow surged by 44% over the past seven days. In the crypto space, large holders are addresses that control approximately 1% of a token’s total circulating supply.
These major stakeholders often exert significant influence on price movements. When large holders’ netflow decreases, it signals that whales are selling more of the asset than they are purchasing.
However, in Toncoin’s case, these holders accumulated roughly 13.83 million tokens on October 16, valued at over $72 million at the current price, indicating potential bullish momentum for the altcoin.
Read more: Top 9 Telegram Channels for Crypto Signals in October 2024
Beyond the increase in large holders’ netflow, Toncoin’s Coins Holding Time has also risen. This metric tracks how long a cryptocurrency has been held without being sold. A longer holding time often reflects growing confidence that the asset will generate favorable returns.
When the holding time decreases, it usually signals potential selling pressure, which could lead to a price drop. However, an uptick in holding time suggests that most holders are refraining from selling, which can strengthen buying momentum and raise the likelihood of a price hike.
TON Price Prediction: Eyes Above $6
A look at the daily chart shows that Toncoin’s price is $5.13. Although the current value is decreasing, BeInCrypto noticed strong support at $5.05. This support, which has historically prevented TON from undergoing a significant correction, could become vital again.
As it stands, TON’s price is unlikely to drop below this region. If that happens, the next move for the Telegram-native coin could be a run toward $5.80. But at $5.80, the altcoin might experience some level of resistance that might want to push it back.
However, if buying pressure continues to increase, Toncoin might successfully breach this zone, and its value might climb to $6.75.
Read more: 6 Best Toncoin (TON) Wallets in 2024
However. in a case where bears force a rejection, TON might not reach this point. Instead, the cryptocurrency might decline below the $5 mark.
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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