Connect with us

Market

Breakout Signals Potential for $1.05

Published

on


Solana-based meme coin Fartcoin has been the market’s top performer over the past 24 hours, surging by 30% and outperforming major cryptocurrencies. The rally comes as the broader market posts a modest 2% rebound following the recent decline. 

The meme coin has broken above a descending trendline that previously kept its price in a downtrend. This breakout signals a potential shift in momentum.

Fartcoin Breaks Above Bearish Trend Line

FARTCOIN’s double-digit price surge has pushed it above a descending trendline that previously kept its price in a downtrend. This bearish pattern emerged as traders began to take profit after the token climbed to an all-time high of $2.74 on January 19.

FARTCOIN Descending Trend Line
FARTCOIN Descending Trend Line. Source: TradingView

However, the resurgence in FARTCOIN’s demand and the resulting break above this trend line marks a bullish shift in the market trend. 

When an asset breaks above a descending trendline, it signals a potential trend reversal from bearish to bullish. This indicates that the selling pressure is weakening, and buyers are gaining control. This breakout suggests that FARTCOIN may continue upward if demand remains strong. 

FARTCOIN’s surging open interest also suggests increasing trader confidence, reinforcing the bullish outlook. At press time, it is at $221 million, noting a 28% spike over the past 24 hours. 

FARTCOIN Open Interest.
FARTCOIN Open Interest. Source: Coinglass

Open interest measures the total number of active futures or options contracts that have not been closed or settled. Spikes in open interest during a price rally like this indicate strong market participation, with new capital entering trades. It suggests a sustained momentum and hints at the potential for further price gains.

FARTCOIN Price Prediction: Will It Hit $1.05 or Fall Back to $0.40?

A sustained rally above the breakout line could propel FARTCOIN to new heights. However, the buying momentum must also be sustained for this to happen.

The meme coin could rally back above the $1 price zone to trade at $1.05 in this scenario.  

FARTCOIN Price Analysis.
FARTCOIN Price Analysis. Source: TradingView

However, if profit-taking commences, this bullish outlook will be invalidated. The token’s price could fall below the descending trend line to trade at $0.40 in this case

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.



Source link

Market

Solana Price’s Biggest Test: Breaching $180 Resistance

Published

on


Solana (SOL) has faced a recent decline, struggling to regain momentum despite multiple attempts at recovery. The altcoin is currently aiming to breach the $180 resistance level, which has remained a key hurdle. 

While long-term holders (LTHs) are supporting the price, SOL still needs stronger momentum to break past this critical level.  

Solana Investors Are Hopeful

The HODLer Net Position Change metric indicates that Solana holders are rebuying the SOL they previously sold. Over the past week alone, long-term holders have accumulated more than 1 million SOL, worth approximately $128 million. This buying activity signals confidence among investors who anticipate a recovery in Solana’s price.  

Historically, increased accumulation by long-term holders has been a bullish sign. As these investors continue buying at lower price levels, it reinforces support and reduces the chances of sharp declines. If this trend continues, it could create the necessary foundation for Solana to attempt another breakout.  

Solana HODLer Net Position Change
Solana HODLer Net Position Change. Source: Glassnode

From a technical perspective, Solana is showing signs of improving momentum. The Relative Strength Index (RSI) has been trending upward, indicating a potential shift toward bullish sentiment. However, for confirmation, the RSI needs to breach the neutral 50.0 level and turn it into support.  

A rising RSI suggests growing buying pressure, which could help SOL regain lost ground. This would increase the likelihood of Solana making another attempt at breaking its key resistance levels.  

Solana RSI
Solana RSI. Source: TradingView.

SOL Price Recovery Remains Uncertain

Solana is currently trading at $128, and the crypto token’s price is down by 5.5% in the last 24 hours. Despite the decline, SOL is holding above the $126 support level while attempting to breach the $135 resistance. The long-term target remains at $180, a crucial milestone for bullish confirmation.  

Breaking past $180 has been a challenge, with Solana failing to attempt it in recent weeks. To reach this level, SOL would need to rally 40%, which becomes more achievable if it first breaches $161. Sustained buying pressure and improving market sentiment could help facilitate this move.  

SOL Price Analysis.
SOL Price Analysis. Source: TradingView.

On the downside, if Solana fails to breach $148 or struggles to move past $135, it could lose its current support levels. A drop below $126 and $118 would expose SOL to further declines, potentially testing $109. This scenario would invalidate the bullish outlook and shift momentum back to the bears.

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.



Source link

Continue Reading

Market

Stellar (XLM) Price Could Surge To $0.38 — Analyst Explains How

Published

on


Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.



Source link

Continue Reading

Market

XRP Price To $110? Bollinger Bands Creator Reveals Why It Will Become A Market Leader

Published

on


Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.


Este artículo también está disponible en español.

The XRP price could be staging a parabolic rally to new all-time highs of $110. While an analyst shares a technical analysis to back this ambitious target, Bollinger Bands creator John Bollinger declares XRP to be a market leader in the crypto space. 

Analyst Predicts New XRP Price Target To $110

In a rather lengthy X (formerly Twitter) post, market expert Egrag Crypto went deep into his analysis for the XRP price, basing his predictions on its Elliott Wave structure. The crypto analyst confidently forecasted that XRP was heading towards a new $110 ATH. This bullish target would represent a whopping 3,974% increase from its current market value.

Related Reading

Firstly, Egrag Crypto outlines XRP’s five-wave structure, underscoring that each wave could push the cryptocurrency to a new target. The analyst reveals that XRP is currently in Wave 2 of its Elliott Wave structure and is closely approaching Wave 3, which is expected to trigger the most explosive increase.

In Wave 1, XRP saw an impressive 733% increase to new highs. However, in its current Wave 2, Egrag Crypto highlights that its 2017 fractal appears more profound. With the formation of a Double Bottom pattern, the analyst has predicted a potential price breakdown for the cryptocurrency. 

XRP
New target emerge for XRP at $110 | Source: Egrag Crypto on X

Egrag Crypto further forecasts that Wave 3 will trigger a reversal and cause the price to skyrocket by 1,185%. This massive price increase would effectively place the XRP price at a potential target between $22 and $24. For a more conservative target, the analyst estimates a surge of around $22 to $24. 

For Wave 4, Egrag Crypto predicts another major retracement similar to Wave 2. However, this time, the analyst believes XRP could decline by either 14.6%, 23.6%, or 38.2% from Wave 3’s price high. This correction would mark a 65% drop from Wave 3’s peak, bringing the cryptocurrency’s price down to $8. He also highlights a worse-case bearish scenario where XRP crashes as low as $3.4. 

Notably, Egrag Crypto shares three potential bullish targets for Wave 5, the final part of the Elliott Wave Structure. He forecasts that the altcoin could surge between $32 to $48, $60 to $70, or $95 to $110. The analyst has based his optimistic forecast on past cycle trends, where 2017 saw a major price rally for XRP. 

Bollinger Bands Creator Says The Asset To Become Leader

In other news, Bollinger, the creator of the renowned Bollinger Band technical analysis tool, has highlighted XRP in his latest post, questioning whether it could take a leading role in the crypto market. The technical analyst asserts that Ripple has held up better than other primary crypto vehicles.

Considering its legal battles with the US SEC and present regulatory challenges, Ripple continues to remain resilient, aiming to gain clarity during the final stages of the five-year-long lawsuit. Meanwhile, the XRP price, which is currently trading at $2.4, has experienced a recent uptick, increasing by almost 4% in the last day, according to CoinMarketCap.

XRP
XRP trading at $2.4 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io