Tron price is holding gains above $0.0825 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.095.
In the last Tron price prediction, we discussed how TRX outperformed Bitcoin against the US Dollar. TRX remained stable and was able to settle above the $0.080 pivot level.
There was a decent increase above the $0.0825 and $0.0832 resistance levels. A high was formed near $0.0849 and the price recently corrected lower. There was a minor decline below the $0.0835 level. However, the bulls were active near the $0.0830 support.
The price found support near the 23.6% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0849 high. TRX is now trading above $0.0825 and the 100 simple moving average (4 hours). There is also a short-term contracting triangle forming with resistance near $0.0844 on the 4-hour chart of the TRX/USD pair.
On the upside, an initial resistance is near the $0.0844 level. The first major resistance is near $0.0850, above which the price could accelerate higher. The next resistance is near $0.088.
Source: TRXUSD on TradingView.com
A close above the $0.088 resistance might send TRX further higher toward $0.0920. The next major resistance is near the $0.095 level, above which the bulls are likely to aim for a larger increase toward $0.095.
If TRX price fails to clear the $0.085 resistance, it could slowly move lower. Initial support on the downside is near the $0.083 zone. The first major support is near the $0.082 level or the 100 simple moving average (4 hours).
The next major support is near $0.080 or the 61.8% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0849 high, below which the price could accelerate lower. The next major support is $0.0770.
Technical Indicators
4 hours MACD - The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) - The RSI for TRX/USD is currently above the 50 level.
Major Support Levels - $0.083, $0.082, and $0.080.
Major Resistance Levels - $0.085, $0.088, and $0.095.
Ethereum price dropped further below $1,600 against the US Dollar. ETH is in the red zone and might dive toward the $1,500 support zone.
Ethereum's price remained in a bearish zone below the $1,660 and $1,670 resistance levels. ETH declined below the $1,600 support level to move further enter a bearish zone, like Bitcoin.
The price even declined below the $1,580 level and settled below the 100-hourly Simple Moving Average. A low was formed near $1,571 and the price is now consolidating losses. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low.
Ether is now trading below $1,580 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $1,590 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,600 swing high to the $1,571 low. The next major resistance is near $1,600 and the trend line.
Source: ETHUSD on TradingView.com
The main hurdle is now forming near $1,620. A close above the $1,620 resistance might send the price toward the $1,650 resistance. If the bulls pump Ethereum above $1,650, the price could rise toward $1,720. Any more gains might open the doors for a move toward $1,820.
If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,570 level.
The next key support is $1,540. A downside break below $1,540 might push the price further into a bearish zone. In the stated case, there could be a drop toward the $1,500 level.
Technical Indicators
Hourly MACD - The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level - $1,570
Major Resistance Level - $1,600
Bitcoin price is again moving lower below the $26,500 support. BTC remains at risk of more losses below the $26,000 support in the near term.
Bitcoin price failed to clear the $27,500 resistance and started a fresh decline. BTC traded below the $27,000 and $26,500 support levels to enter a bearish zone.
There was also a move below the $26,200 support level. The price tested the $26,000 zone. A low was formed near $26,026 and the price is now consolidating losses. It is trading just above the 23.6% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.
Bitcoin is now trading below $26,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,350 level. The first major resistance is near the $26,500 zone, a connecting bearish trend line, and the 61.8% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.
Source: BTCUSD on TradingView.com
The next key resistance could be near the $26,700 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.
If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level.
The next major support is near the $26,000 level. A downside break and close below the $26,000 level might send the price further lower toward the next support at $25,400 in the coming sessions. Any more losses might call for a test of $25,000.
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 - $26,000, followed by $25,400.
Major Resistance Levels - $26,350, $26,500, and $26,700.
It has been a quiet week of caution for Bitcoin traders in terms of price action. This caution has trickled into trading volume in particular, as volumes on major crypto exchanges for both spot Bitcoin trading and Bitcoin derivatives have fallen far below their levels at the beginning of the year.
On-chain data from CryptoQuant charts have shown the daily spot and derivatives trading volume of Bitcoin has been steadily declining since the first quarter of the year. The question is, what does this collapse in trading volumes mean for the future price of Bitcoin?
Trading volumes this year have declined significantly from their highs in March during the Silicon Valley Bank fiasco. Since this period, the derivatives or futures market has fallen 96% and the spot market has fallen 98%.
Bitcoin trading in particular, has been down by a significant margin the past week. Data from CoinMarketCap has shown Bitcoin spot trading volume has decreased by 33.67% in a 24-hour timeframe. Similarly, the spot exchange trade volume was shown by CryptoQuant data to be 9,627, down 81% from 50,692 at the beginning of the week.
The situation looks even more glaring when you consider falling derivatives volumes as well. On-chain data collected by CryptoQuant indicates that the derivatives trade volume is currently at 108,852. This represents a decrease of 88% from the volume of 950,331 at the beginning of the week.
When activity in these markets dwindles, it signals a lack of interest from institutional traders and retail investors. With interest seeming to wane, the next few weeks could determine Bitcoin’s near-term direction. As the largest cryptocurrency in the world, this could also determine the direction of the majority of the crypto market.
At the time of writing, Bitcoin is trading at $26,556. Without much trading activity to drive prices up, Bitcoin could continue trading sideways or even face downward pressure. The next major support for Bitcoin is at $25,000, and a fall below this price could indicate a prolonged bearish trend with increased selling pressure.
Another way this could go is the lower price eventually leading to higher volumes again as investors see an opportunity to buy. According to a social media post by crypto analyst Captain Faibik, Bitcoin could reach as low as $23,000 in October before breaking out to reach $34,500 by early next year.
Similarly, Didar Bekbauov, founder and CEO of Bitcoin joint mining business Xive, stated that the price of Bitcoin could soar past the year-to-date (YTD) price of $31,700 while speaking to Bitcoinist.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
Coinbase's layer 2 scaling solution, called Base, has seem a meteoric rise in popularity recently. In just six short weeks since its launch, Base’s total value locked (TVL) has skyrocketed to nearly $400 million. This rapid rise in use and popularity has even seen it recently overtake the Solana blockchain in TVL.
Base operates as a layer 2 network on Ethereum launched by Coinbase in collaboration with Optimism to offer a safe, low-cost, developer-friendly way to build on-chain. Since its launch, Base has managed to find a strong market fit, allowing it to quickly penetrate the crypto market. However, this hasn't been without some hiccups.
Before its public launch, Base had some glitches, which developers were able to rectify quickly. Earlier this month, the network faced another setback as block production unexpectedly stopped for 45 minutes. According to DeFi TVL aggregator DefiLlama, Base’s TVL has risen +111% in the past month to now holding more than $370.29 million.
Last week, Base’s growth saw it blow past the Solana blockchain in terms of transaction volume. This growth has continued, and the Layer-2 network has now moved ahead of Solana whose total value locked (TVL) dropped by 12.22% in the last month to $310 million. Also, this places Base’s TVL ahead of other popular chains like Cronos, Bitcoin, and Cardano.
Base’s growth kickstarted with Aerodrome, a decentralized exchange, which deposited $190 million on the network after its launch. Base’s growth can also be attributed to the popularity of Friend.tech, a decentralized social app. With a current TVL of $38.6 million, Friend.tech is one of the projects native to Base with a the largest stake. Other projects with a considerable stake in TVL include Stargate, Curve DEX, and Compound V3.
At the moment, Ethereum continues to lead the pack in terms of TVL. However, the coming months will be crucial in determining whether Base can sustain its momentum and continue gaining mainstream traction. At its current trajectory, Base could surpass $500 million in TVL in the coming weeks and solidify itself as a leader in layer-2 scaling networks.
According to BaseScan, the number of daily transactions on Base reached a new high of 1.88 million on September 14, as reported by BaseScan. The layer-2 network has now processed more than 40.31 million transactions at the time of writing.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
In a recent development, asset manager Bitwise has withdrawn its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts.
This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to launch in October.
Reporting this development on his X (formerly Twitter) platform, Bloomberg Analyst James Seyffart stated that the asset manager has chosen to maintain only its Bitcoin exposure following this move.
Many were more concerned about the reason for this decision. To clarify, Seyffart stated that the Asset manager may have made this decision simply because it doesn't see the "benefit in having a dual BTC and ETH ETF," especially considering that their Ethereum futures ETF is expected to launch only a few days after the first one launches.
Seyffart also believes the firm's Optimum Roll ETF investors may have preferred only exposure to Bitcoin rather than Bitcoin and Ethereum, which prompted the decision.
This development comes after Bitwise had withdrawn its application for its Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF, which it filed with the SEC on August 3. The asset manager had made its decision known in a filing to the SEC dated August 31.
Meanwhile, the filing with the SEC to withdraw its Bitwise Bitcoin and Ether Equal Weight Strategy ETF application is dated September 22.
It is worth mentioning that Bitwise isn't backing out of the Ethereum futures ETF race despite these recent developments. The asset manager still has its Bitwise Ethereum Strategy ETF application with the SEC, with the fund seeking to invest in Ethereum futures contracts.
The withdrawals have also not affected Seyffart's optimism about the launch of several Ethereum futures ETFs in October as he believes there isn't much meaning to read into the asset manager's actions than it being "some sort of product decision."
He noted that the only time there may be reason for concern is if Valkyrie were to withdraw its application. Like Bitwise, Valkyrie had also applied to the SEC to transform its Bitcoin futures ETF (Valkyrie Bitcoin Strategy ETF) into a fund that invests in both Bitcoin and Ethereum futures contracts.
Barring any denial by the SEC, asset managers like Volatility Shares, VanEck, ProShares, Roundhill, and even Bitwise are expected to launch their Ethereum futures ETF in October.
Based on their respective filing dates, Volatility Shares is set to gain a first-mover advantage, launching on October 12, while others are expected to launch after.
XRP has maintained its position within the confines of a symmetrical triangle pattern, with today’s modest surge doing little to alter its trajectory.
This symmetrical triangle pattern has exerted significant influence over XRP’s price movements for the past month, indicating that it may continue to dictate the coin’s fate in the near future.
The symmetrical triangle pattern is a technical analysis chart pattern characterized by converging trendlines, with one representing the coin’s lower highs and the other symbolizing its higher lows.
This pattern suggests a period of consolidation and uncertainty in the market, as traders weigh the potential for a breakout in either direction.
Analysts suggest that a breakout from either side of the symmetrical triangle pattern could set the stage for a significant directional rally in XRP. Should the coin break above the upper trendline, it could potentially surge to a price of $0.55.
As of now, XRP is trading at $0.512876, according to CoinGecko. Over the past 24 hours, it has recorded a modest increase of 1%, while its seven-day performance shows a 2.5% increase.
The report notes that the recent pullback in XRP marks the third instance where the price has retraced from the triangle’s upper trendline, underscoring the pattern’s dominance over this asset.
Daily charts further emphasize this bearish sentiment, revealing an “Evening Star” pattern at the resistance, often seen as a precursor to potential downtrends.
If sellers continue to dominate the market, XRP’s price may decline by approximately 6%, potentially pushing it down to the $0.485 level, which would serve as a retest of the triangle’s lower boundary. As long as XRP oscillates within these trendlines, its price is likely to remain range-bound.
Meanwhile, the XRP community is eagerly anticipating several exciting developments, including the launch of the Xahau network and the associated Evernode airdrop. The Xahau Ledger, which serves as the proposed Hooks sidechain and smart contract sidechain for the XRPL ecosystem, plays a crucial role in these innovations.
In a recent tweet, Evernode, the Layer-2 blockchain behind these innovations, announced that its new website is now live. To safeguard its users against Twitter scammers, Evernode has implemented strict protective measures.
New Website: https://t.co/YuFpmwCGbA
To mitigate Twitter's scammers, we'll:
1. Only tweet links to website articles.
2. Never DM you.
3. Never offer support.Anybody claiming to be our "Help Desk" or "Customer Support" or "Dev Team" is a scammer trying to steal your coins.
-- Evernode – No Trustline & No Support
(@EvernodeXRPL) September 22, 2023
It will only tweet links to website articles, avoiding direct messages (DMs) to users and refraining from offering support, thus ensuring the safety and security of its community.
XRP’s current positioning within the symmetrical triangle pattern suggests that a breakout could be imminent, with both bullish and bearish scenarios on the horizon.
As the XRP community eagerly anticipates upcoming developments, maintaining vigilance against potential scams remains paramount for all participants in the cryptocurrency space.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pexels
In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated to decrease leverage buildup and improve the industry's future advancement.
Caitlin Long, Founder and CEO of Custodia Bank, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO emphatically suggested that only 1% of the crypto industry should be allowed to operate while 99% of the industry should be destroyed and the majority of crypto firms in the industry "flushed out."
In a heated interview with Bezinga, Long was adamant about her controversial views of the crypto industry, stating that the industry had enormous potential but was being set back significantly by crypto firms operating using highly leveraged trading activities.
Long stated that she had an active discussion with a distinguished individual who shared her views and supported the notion that the majority of the industry needs to be purged for it to thrive.
"I had a debate with a prominent person. I said, 'Look, 90% of this industry still needs to go away, and he said it's 99%, and I think that's right. I mean whether it's 90% or 99%, you see the point, there's still a bunch of crap that needs to be flushed out," Long said.
Caitlin Long has likened the current crypto industry to the tech stock bubble in 1999. Notably, the tech stock bubble which coincided with the growth of internet adoption, rose 800% in investments, attracting investors from prominent companies all over the world. After reaching its peak, the stock market crashed by 740%, leaving the majority of investors and companies bankrupt and shut down.
Long compares this stock market crash to the crypto market crash in 2022 which saw Bitcoin falling by about 70% and major altcoins by 80% to 90%, resulting in the bankruptcy of major firms and investors.
She also stated that the crypto industry would not succeed if it continues to amplify trading activities through leverage while allowing unregulated exchanges to operate.
"It is in some ways a repeat of the tech stock bubble of 1999, just so much crap. And it will not succeed, and it needs to be flushed, but markets are flushing it," Long stated.
Long suggested that a lack of proper regulations on crypto exchanges is exacerbating the risks and challenges in the crypto space. Additionally, she revealed that she was in support of the US Securities and Exchange Commission's (SEC) recent crackdown on crypto exchanges in the industry.
Nevertheless, the CEO has not proposed a total annihilation of the crypto industry, just a major portion of it. When asked about her views on the Bitcoin cryptocurrency, Long stated, "I don’t really care about the price. It is the least interesting aspect of this technology. I'm more interested in it as a technology."
Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap. Following the announcement on Wednesday that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000.
However, over the last two days, Bitcoin has witnessed a slight price decline of 2%. As the most-priced blockchain asset now hovers around $26,500, crypto analyst Captain Faibik has predicted an incoming bullish run, which may see BTC close out 2023 with impressive gains.
On Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price forecast. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation in a falling wedge stretching as far back as March 2023.
According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run.
$BTC continues its Consolidation within the Wedge.
I anticipate Bitcoin staying within the wedge through October, Possibly testing the 23k area before an upside Breakout.
34,500 is Programmed in November.
#Crypto #Bitcoin #BTC pic.twitter.com/gjMMZNGrAJ
— Captain Faibik (@CryptoFaibik) September 23, 2023
To explain, a falling wedge pattern is generally interpreted as a bullish signal. It usually suggests that a bearish trend is losing momentum, and a price reversal could soon occur.
If this pattern holds true in the present Bitcoin market, Captain Faibik predicts Bitcoin could start rising in November, attaining a price of $34,500 in January 2024. Such price gain would mark a 30% increase in Bitcoin's current price.
As usual, there are no guarantees no this prediction as the crypto market is subject to various factors. Investors are advised to conduct proper personal research before making investment decisions.
In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market.
According to data from Santiment, these wallet addresses have acquired 2.4% of BTC's supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin's available supply.
On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of BTC’s available supply, their lowest level of market dominance since May.
At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token's daily trading volume is also down by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin retains its spot as the largest cryptocurrency in the market.
As October approaches, the crypto community will have their eyes set on the US Securities and Exchange Commission (SEC), as it has some key decisions to make that could invariably affect the crypto industry and everyone in it.
The SEC is expected to decide whether or not to appeal the ruling in its case against asset manager Grayscale, with the deadline for an appeal being October 13 (45 days from the court's ruling).
On August 29, Grayscale secured a landmark victory against the SEC as the District of Columbia Court of Appeals ruled that the regulator failed to provide a valid reason for denying Grayscale's application and ordered that the SEC review the application once again.
Following the decision, a spokesperson for the agency stated that they would review the decision before determining their next steps.
If the SEC chooses to appeal, it can do so at the US Supreme Court by filing a petition for a “writ of certiorari,” which is a document asking the Supreme Court to review the case, or it can ask for an “en banc” review where all the judges of the DC Court of Appeals will further review the case.
An appeal by the SEC will undoubtedly dampen the mood in the crypto community as it could prolong the wait for a Spot Bitcoin ETF.
However, suppose the Commission chooses not to appeal, it will become law that the spot and futures market are correlated, and the SEC's argument that the spot market is more susceptible to fraud and manipulation will no longer stick.
The second deadline for several pending spot Bitcoin ETF applications is in October. The SEC must decide (approve, deny, or delay) on these applications. Some notable dates include October 16 and 17. The former is the second deadline for a decision on the Bitwise Bitcoin ETP Trust.
Meanwhile, October 17 is the second deadline for the SEC to decide on the iShares Bitcoin Fund, VanEck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Wise Origin Bitcoin Trust.
It is expected that the SEC will again choose to delay its decision on these applications, with the next deadline for a decision coming next year.
If the SEC continues to stretch its decision on these applications, the earliest a final response can come is on January 10, 2024, the final deadline for the ARK 21Shares Bitcoin ETF.
There should, however, be some positives to take from October as the SEC is expected to allow the launch of the pending Ethereum futures ETF applications, with Volatility Shares projected to launch theirs on October 12 and others coming subsequently.
Featured image from Hotcore
