Connect with us

Market

Can NEAR Holders Catalyze a 30% Price Uptick?

Published

on


The Near Protocol (NEAR) price anticipates a bull run in the coming trading sessions, provided it can breach a key resistance first.

NEAR holders and the crypto market are, however, signaling a rise with those who are pining for a rise.

Inflows Into Near Protocol Rise

NEAR’s price is seeing bullish cues from the traders who have been anticipating a price rise for nearly a month now. Evident in the surge in Open Interest, over $100 million worth of contracts have been opened in the past month.

This surge in open interest is not necessarily a bullish sign, as it includes potential short and long-term contracts. However, the positive funding rate is a sign that long contracts are dominating the market.

NEAR Open Interest
NEAR Open Interest. Source: Coinglass

This makes the rise in OI a positive sign, which could translate to a price rise.

Secondly, altcoin also notes support from the broader market, which is evident in the Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and change of price movements, indicating overbought or oversold conditions in a security

Typically ranged between 0 and 100, RSI values above 70 suggest overbought conditions, while values below 30 indicate oversold conditions. Currently, the indicator is holding above the neutral mark at 50.0 in the bullish zone.

Read More: What Is NEAR Protocol (NEAR)?

NEAR RSI.
NEAR RSI. Source: TradingView

This is a sign that NEAR could witness a rise in the coming days.

Near Price Prediction: A Breakout Ahead?

NEAR’s price, trading at $7.1 when writing, has been moving within an ascending triangle. An ascending triangle pattern is a bullish continuation pattern formed by a horizontal resistance line and an upward-sloping trendline, indicating increasing buying pressure. 

A breakout above the resistance level would signal a potential upward trend continuation. Based on the pattern, NEAR is currently observing a target of $9.9. This rise would mark a 31% rally. 

If the above-mentioned conditions persist, a breakout above $7.7 is likely, which could push NEAR’s price above $8.0.

Read More: Near Protocol (NEAR) Price Prediction for 2024

NEAR Price Analysis.
NEAR Price Analysis. Source: TradingView

On the other hand, a breakdown below the uptrend line would result in the altcoin falling below $7.0. This would drag NEAR to $6.5, losing, which would invalidate the bullish thesis.

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

Pi Network Hits New Low, Then Rallies 36%—What’s Next?

Published

on


Pi Network has been the subject of investor frustration due to its delayed mainnet launch and lack of Binance listing. Amidst all this, the token recently hit a new low before recovering sharply. 

After a significant decline, the altcoin has surged by 36%, leaving investors to wonder if this marks the beginning of a reversal.

Pi Network Investors Are Optimistic

The Chaikin Money Flow (CMF) indicator is showing an uptick, signaling positive inflows into Pi Network at the time of writing. This shift suggests that investor confidence is returning, likely due to the altcoin hitting what seems to be its market bottom. With market conditions expected to improve, Pi Network appears to be positioned for a potential rally, with investors looking to capitalize on its current price.

Owing to the prolonged downtrend, these positive inflows indicate that market sentiment may be shifting. Investors who were previously hesitant may now be more willing to re-enter the market and seek profit.

PI Network CMF
PI Network CMF. Source: TradingView

Pi Network’s correlation with Bitcoin has also shown signs of improvement, with the current correlation at 0.24. Although still low, this improvement suggests that Pi Network may begin to follow Bitcoin’s price movements. If Bitcoin experiences a significant rally, Pi Network could follow suit, benefiting from the broader market’s bullish momentum.

This increasing correlation could be crucial for Pi Network, as it indicates a stronger alignment with the larger crypto market. If Bitcoin’s price begins to surge, Pi Network’s recovery could gain additional momentum.

PI Network Correlation To Bitcoin
PI Network Correlation To Bitcoin. Source: TradingView

PI Price Is Bouncing Back

Pi Network’s price fell to a new all-time low of $0.40 during an intra-day low, marking a significant dip for the token. However, it quickly recovered, posting a 36% gain and reaching an intra-day high of $0.71.

This price movement shows that the altcoin is capable of rapid reversals, but it remains to be seen if this momentum will continue.

Given the positive indicators, Pi Network may continue its upward trajectory, potentially reaching the $0.87 level and even $1.00. These price points would represent a substantial recovery from its recent lows and may help restore investor confidence in the altcoin’s long-term viability.

However, the key factor will be whether it can maintain its upward movement.

PI Network Price Analysis.
PI Network Price Analysis. Source: TradingView

On the other hand, if bearish signals persist and Pi Network loses the support of $0.50, the altcoin may fall back to $0.40 or lower, invalidating the current bullish outlook. This scenario could bring further declines, extending the downtrend that investors have been watching closely.

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

Bitcoin Hovers Over $80,000 as Whale Activity Drops

Published

on


Bitcoin (BTC) continues to hover in a state of uncertainty as both whale activity and technical indicators point to a market lacking strong conviction. Large holders have remained inactive for over a week, with the number of whale wallets holding between 1,000 and 10,000 BTC steady at 1,991 since March 24.

Meanwhile, technical charts like the Ichimoku Cloud and EMA lines offer a mixed outlook, reflecting hesitation in both bullish and bearish directions. As BTC trades near key support and resistance levels, the coming days could determine whether April brings a breakout or deeper correction.

Bitcoin Whales Aren’t Accumulating

The number of Bitcoin whales—wallets holding between 1,000 and 10,000 BTC—currently stands at 1,991, a figure that has remained remarkably steady since March 24.

This level of consistency in large holder activity suggests that major players are neither aggressively accumulating nor offloading their positions.

Given the size of these holdings, even minor shifts in whale behavior can significantly impact the market. This stability is particularly noteworthy given recent volatility across the broader crypto market.

Bitcoin Whales.
Bitcoin Whales. Source: Santiment

Tracking Bitcoin whales is crucial because these large holders often have the power to influence price action through their buying or selling decisions.

When whales accumulate BTC, it can signal confidence in future price appreciation, while large-scale selling can indicate upcoming downward pressure. The fact that the number of whales has remained stable for the last 11 days may suggest a period of consolidation, where big investors are waiting for a clearer macro or market signal before making their next move.

This could imply that major players see the current BTC price as fair value, potentially leading to a tightening of price action in the short term before a breakout in either direction.

BTC Ichimoku Cloud Shows A Mixed Picture

The current Ichimoku Cloud setup for Bitcoin shows a mixed but slightly cautious sentiment.

The price recently dipped below the red baseline (Kijun-sen), and despite a brief push into the cloud, it was rejected and fell back below it—indicating that bullish momentum lacked follow-through.

The blue conversion line (Tenkan-sen) is now trending downward and has crossed below the baseline, which often reflects short-term bearish momentum. Meanwhile, the Leading Span A (green cloud boundary) is starting to flatten, while Leading Span B (red boundary) remains relatively horizontal, forming a thin and neutral cloud ahead.

BTC Ichimoku Cloud.
BTC Ichimoku Cloud. Source: TradingView

This type of thin, flat cloud suggests indecision in the market and a lack of strong trending momentum. The price hovering just below the cloud further reinforces the idea that BTC is in a consolidation phase rather than a clear trend.

If the price can break back above the cloud and maintain that level, it could signal renewed bullish strength.

However, continued rejection at the cloud and pressure from the falling Tenkan-sen could keep BTC in a corrective or sideways structure. For now, the Ichimoku setup reflects uncertainty, with no dominant trend confirmed in either direction.

Will Bitcoin Rise Back To $88,000 In April?

Bitcoin’s EMA structure still leans bearish overall, with longer-term EMAs positioned above the shorter-term ones. However, the recent upward movement in the short-term EMAs suggests that a rebound could be forming.

If this short-term strength develops into a sustained move, Bitcoin could first test the resistance at $85,103. A successful break above this level may signal a shift in momentum, opening the door to higher targets at $87,489. Recently, Standard Chartered predicted that BTC is likely to break $88,500 this weekend.

BTC Price Analysis.
BTC Price Analysis. Source: TradingView

If bullish pressure remains strong beyond that point, Bitcoin price could push even further to challenge $88,855, a level that would mark a more convincing recovery from the recent pullback.

“(…) After Wednesday’s volatility, BTC has rebounded more than 4% and remains firmly above $79,000, with a key support level forming at $80,000 and slightly higher daily exchange volumes, which is a positive sign. On top of this, Bitcoin ETF flows suggest sentiment remains strong, with $220 million inflows on “Tariff Day”, April 2.,” Nic Puckrin, crypto analyst, investor, and founder of The Coin Bureau, told BeInCrypto.

However, if Bitcoin fails to build enough momentum for this rebound, downside risks remain. The first key level to watch is the support at $81,169.

As the trade war between China and the US escalates, a drop below this level could see BTC falling under the psychological $80,000 mark, with the next target around $79,069. If this zone is also lost, the bearish trend could intensify, sending BTC further down toward $76,643.

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

Is Korea Propping Up The XRP Price? Pundit Explains What’s Happening

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.

A crypto analyst has shared insights into the recent strength in the XRP price, suggesting that South Korea may be the reason behind it. The analyst noted that the altcoin has been seeing high trading volume on South Korean exchanges, and this localized demand may be holding up its price while other altcoins struggle to gain traction. 

How South Korea Is Bolstering The Price

According to XForceGlobal South Korea is currently one of the major drivers of the XRP price action. In a recent post on X (formerly Twitter), the analyst disclosed that the engagement and adoption from the crypto users in South Korea was a major contributor to XRP’s bullish performance.

Related Reading

Currently, South Korea is one of the most active crypto markets in the world, leading in global trading volume across multiple assets. However, among the numerous cryptocurrencies in the market, XRP stands out the most within the country. The analyst has revealed that even during low trading days, XRP frequently outpaces Bitcoin, underscoring its high demand and adoption in South Korea. 

XForceGlobal has suggested that South Korea’s notable interest in XRP likely stems from its status as one of the most isolated countries in terms of crypto regulations. The analyst revealed that millions of citizens currently own the altcoin, making up about 20% of the cryptocurrency’s market cap valuation. 

Moreover, due to a lack of large-scale cross-border payment solutions, most South Koreans opt to use cryptocurrencies like XRP to facilitate transactions. This, in turn, fuels adoption and strengthens the cryptocurrency’s utility, which positively influences its price action. 

Compared to South Korea, the regulatory uncertainties and legal challenges in the United States (US) have slowed down XRP’s growth. XForceGlobal has stated that the active participation of retail institutions, strong community support, and early adoption in South Korea have helped prop up prices despite the difficulties it faced over the past years.

What The Future Holds For XRP In South Korea

While discussing the impact of South Korea’s support for XRP on its price action, XForceGlobal offered insights into the cryptocurrency’s future in the country. The analyst revealed that the market is at a pivotal moment where XRP has evolved from a speculative asset to a symbol of Korea’s dominance in the crypto market. 

Related Reading

Currently, Upbit, the largest crypto exchange in South Korea, holds the most significant market share of XRP in terms of total supply. The exchange reportedly has about 6 billion XRP, accounting for roughly 5% of the entire supply. 

XForceGlobal has revealed that the continued demand from retail investors combined with Upbit’s massive XRP reserve will make South Korea a key driver to the cryptocurrency’s global future price action. 

Moving forward, the analyst has discussed XRP’s price movements on the Korean won chart, suggesting that its current action may be foreshadowing upcoming events. He pointed out that the altcoin has already formed a lower low on the chart, possibly hinting at a more controlled pullback rather than an impulsive decline — an outlook he described as “arguably bearish”.

The crypto analyst also noted that XRP may be forming a potential bottom on the Korean won chart, indicating a possible impulse to the upside and a bullish continuation.

XRP
XRP trading at $2.06 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