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Triangle Formation That Sparked The 2017 XRP Rally Returns, What’s The Target?

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The XRP price is seeing another triangle formation on its chart that could point to an impending rally. One important fact about this triangle formation is the fact that it led to a significant rally seven years ago, and if history repeats itself, then XRP may be set for a bullish wave.

XRP Triangle Formation Signals Bullish Continuation

In an analysis on TradingView, crypto analyst TradingShot pointed out that the XRP price is seeing another triangle formation. This formation comes from the culmination of a number of indicators, all of which have become bullish during this time.

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The indicators pointed out by the crypto analyst include the price closing below its 1W MA50 and 1W MA200. While, at first glance, this could look bearish, it can be a bit signal that propels the price up as investors start to get back in at low prices. This is also made obvious by the 1W RSI dropping to 40.00, as historically, this indicator at this level has always presented a buying opportunity.

Furthermore, the crypto analyst points out that the XRP price is currently testing the bottom with the higher lows trend line. All of these have come together to form a triangle structure that has not been seen since 2013-2017.

This triangle structure is important given that the last time it appeared in 2013 and eventually broke out in 2017, the XRP price went on to rally to new all-time highs. Therefore, the appearance of this triangle structure this time around could signal the start of another bullish trend that pushes the altcoin’s price toward new all-time highs as well.

How Far Can The Price Go?

In the scenario where the XRP price does follow the 2013-2017 trend and a breakout occurs, the crypto analyst does see the price reaching a new all-time high. However, for this to happen and for the bullish trend to be confirmed, the price will have to break above the 1W MA200, as the analyst explains.

Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why

In such a case that the altcoin does break this important level, TradingShot puts the price as high as $4.5. Such a move would mean an over 800% increase in value from where the XRP price is currently sitting at $0.47.

However, as with any bullish scenario, there is also the possibility that the trend fails to actualize. In the event that the price does not break the 1W MA200, the crypto analyst advises “that the XRP army will need a need narrative to hang on to, as the long-term pattern would have failed them.”

XRP price chart from Tradingview.com
Token price continues to fluctuate | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead?

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Bitcoin’s (BTC) price climbed to $70,000 today ahead of the US presidential election, indicating the connection between major political events and cryptocurrency movements. Historically, political uncertainty and significant elections have influenced crypto market sentiment and volatility.

As the election begins, on-chain analysis provides insights into potential future price movements. Analysts are also weighing in on the implications of the election outcome for Bitcoin, with opinions varying on whether the cryptocurrency could continue its upward trend or face downward pressure. Here are all the details.

According to Glassnode, the Bitcoin price increase comes amid a drop in the sell-side risk ratio. This metric shows whether investors are confident about a bullish performance or if conviction is low.

High values in this metric indicate periods when significant amounts of value are being realized, often correlating with increased market volatility. Such periods are commonly seen during the late stages of bull markets.

Conversely, low values suggest periods with minimal value realization and reduced market volatility. This can also signal macro market bottoms, accumulation phases, and environments with lower sell-side pressure and risk, potentially indicating the onset of future bullish trends.

Read More: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Bitcoin selling pressure reduces
Bitcoin Sell-Side Risk Ratio. Source: Glassnode

Therefore, the rise in Bitcoin’s price indicates that selling pressure is low, and the US elections could be bullish for the cryptocurrency.

Regarding this development, Juan Pellicer, Senior Researcher at IntoTheBlock, opined that a Donald Trump win would be good for BTC and the crypto market at large.

“The market appears primed for further upward movement, with the US election serving as a potential catalyst. Sentiment suggests that Trump’s more favorable stance on cryptocurrencies could provide the momentum needed for a decisive breakthrough to a new all-time high.” Pellicer told BeInCrypto

Meanwhile, CryptoQuant’s weekly report says that BTC is at a favorable price level ahead of the elections. It noted that the cryptocurrency is currently not overvalued. Hence, if demand increases, Bitcoin’s price might rally post-election.

For instance, BTC prices rallied by 22% between election day and December 2012. In 2016, it climbed by 37%, while the cryptocurrency saw a 98% increase in 2020. 

Therefore, if past performance influences future trends, the BTC might reach a new all-time high before the end of the year.

Data from the on-chain data provider also showed that demand for Bitcoin has increased. This is similar to the trends of 2016 and 2020. Hence, if sustained, the Bitcoin price might climb well above $70,000 soon.

Bitcoin demand rises
Bitcoin Apparent Demand. Source: CryptoQuant

BTC Price Prediction: $73,000 Possible

On the 1-hour chart, Bitcoin has attempted to break out on four different occasions. However, each time that happened since October 31, the coin faced rejection. However, today, the trend has changed as bulls pushed the cryptocurrency above $68,336.

This breakout has ensured that Bitcoin’s price has risen to $70,288. Furthermore, the Bull Bear Power (BBP) shows that bulls are in control. If sustained, Bitcoin’s price might rally much higher in the coming days.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Bitcoin US election day price analysis
Bitcoin 1-Hour Analysis. Source: TradingView

If bullish momentum persists, Bitcoin could potentially climb to $73,623 ahead of the announcement of the US election results. However, should BTC face rejection at resistance levels, this forecast might be invalidated, with the cryptocurrency possibly declining to $67,405.

The post US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead? appeared first on BeInCrypto.



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Why Ethereum’s Weak Momentum May Block $2,600 Breakout

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Ethereum (ETH) price is showing signs of weakening strength as polls open across most of the US.

Despite a 24% surge in trading volume over the past 24 hours and a modest 1% price uptick, technical indicators suggest a potential downturn. Here’s a closer look at the factors behind this analysis.

Ethereum to Remain “Under”

Readings from the altcoin’s Super Trend indicator reflect Ethereum’s weak price action. At press time, its red line rests above Ethereum’s price, confirming the potential downward trend.

This indicator helps traders identify the prevailing market trend and potential entry or exit points. It detects changes in price direction and determines support and resistance levels, often signaling when to buy or sell an asset. When the Super Trend line moves above the price and turns red, it signals a bearish trend, often considered a sell signal.

On the ETH/USD one-day chart, Ethereum’s Super Trend line is above the coin’s price at $2740, forming a resistance level that may be difficult to breach if new demand fails to enter the market. When the Super Trend line moves above the price, it acts as a resistance level. This is because the line indicates a potential “ceiling” where the price might face resistance if it attempts to rise. 

Read more: Ethereum ETF Explained: What It Is and How It Works

Ethereum Super Trend.
Ethereum Super Trend. Source: TradingView

Moreover, the setup of ETH’s moving average convergence/divergence (MACD) indicator — which tracks its trend direction, shifts, and potential price reversal points — supports this bearish outlook. As of this writing, ETH’s MACD line (blue) rests below its signal line (orange) and zero line. 

This bearish signal suggests that ETH’s short-term momentum is weakening. Traders often interpret this as a signal to exit long positions and take short ones.

Ethereum MACD.
Ethereum MACD. Source: TradingView

ETH Price Prediction: August 5 Low Is Possible

If buying pressure weakens, Ethereum’s price could fall toward its August 5 low of $2,112, marking a 13% drop from its current value. Conversely, a surge in demand could propel the coin to test resistance at $2,508.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

A successful breakthrough at this level would set the next target at the Super Trend line resistance of $2,740. Clearing this mark with strong momentum could position Ethereum for a climb toward $2,869 — a level not seen since August.

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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AAVE Whales Flood Exchanges,

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AAVE, the governance token of the prominent lending protocol Aave, is experiencing downward pressure as large holders, or whales, initiated significant sell-offs early Tuesday.

This analysis explores potential price targets as AAVE’s value reacts to the intensified selling pressure from whales.

Aave Whales Sell Holdings

In a Tuesday post on X, on-chain sleuth Lookonchain noted that AAVE whales are actively selling off their holdings, with significant withdrawals noted in recent transactions. 

One whale, identified as address 0x7634, withdrew 25,790 AAVE (around $3.39 million) from the Aave protocol and transferred it to the MEXC exchange. Just three hours earlier, another whale, address 0x790c, had removed 7,822 AAVE (approximately $1.04 million) from Aave and sent it to Binance. Additionally, crypto trading firm Cumberland deposited 10,000 AAVE to OKX.

The action of these AAVE whales has resulted in a sharp rise in its exchange flow balance. Santiment’s data shows that at press time, this balance is 53,000 AAVE, representing its single-day highest flow since September 10. 

Read more: How To Use Aave?

AAVE Exchange Flow Balance
AAVE Exchange Flow Balance. Source: Santiment

The Exchange Flow Balance measures the net flow of a cryptocurrency into or out of exchanges, calculated by subtracting the total amount withdrawn from the total amount deposited. An uptick in this metric indicates that large quantities of the asset are being sent to exchanges. Such substantial inflows often signal potential price drops, as the added sell pressure can overwhelm the market’s capacity to absorb it.

AAVE’s negative price daily active address (DAA) divergence confirms this rise in selling pressure in the market. At press time, the metric’s value stands at -39.24%.

This metric compares an asset’s price movements with the changes in its number of daily active addresses. Investors use it to track whether the price movements are supported by corresponding network activity. A negative value suggests weakening demand and potential selling pressure. 

AAVE Price Daily Active Address Divergence.
AAVE Price Daily Active Address Divergence. Source: Santiment

AAVE Price Prediction: Where Risks and Opportunities Lie

AAVE is currently trading at $130.29, hovering slightly above its key support level at $128.45. The diminishing buying momentum signals a potential risk of a drop below this threshold. Should AAVE’s price break through this support, it could fall further to $116.10.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

AAVE Price Analysis.
AAVE Price Analysis. Source: TradingView

Conversely, if market sentiment turns bullish, AAVE might see a reversal, with its price likely rallying toward the next resistance level of $140.79.

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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