Lưu trữ cho từ khóa: Price Analysis

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Bitcoin price charts point to explosive gains in the long term

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Bitcoin price charts point to explosive gains in the long term

Bitcoin and other cryptocurrencies started the week well, buoyed by ongoing stimulus discussions in China, the world’s second-largest economy.

Bitcoin (BTC) crossed the important resistance point of $65,000 for the first time since Sept. 30. It has risen by over 10% from its lowest level this month and by 32% from its August low, signaling that it is in a bull market.

Bitcoin’s surge coincided with a strong rally in the global equity market after Chinese officials unveiled a series of stimulus measures.

The Shanghai Composite Index rose by 2%, while the Shenzhen index increased by 2.65%. A similar trend occurred in other Asian and European markets. In the U.S., futures tied to the Nasdaq 100 and Dow Jones continued to rise.

Bitcoin’s rally also followed increased institutional interest, with investors continuing to buy spot Bitcoin ETFs. Data from SoSoValue that ETFs saw net inflows of $308 million last week.

BTC monthly chart points to more gains

The monthly chart suggests that Bitcoin may experience more long-term gains. It shows that the BTC price has been forming a cup-and-handle pattern since peaking at $68,856 in 2021. It retested that level again this year and formed a rounded bottom.

The recent consolidation has been part of the handle section, which typically precedes a major bullish breakout.

This consolidation is also part of a bullish flag pattern, characterized by a long flagpole followed by rectangular consolidation.

Additionally, the chart shows that Bitcoin formed a hammer candlestick pattern in August. This pattern, characterized by a long lower shadow and a large body, is one of the most bullish signs.

Therefore, more gains will be confirmed if Bitcoin rises above the year-to-date high of $73,800. However, these patterns, especially on the monthly chart, can take time to fully play out.

Bitcoin price chart | Source: TradingView

Bitcoin daily chart catalysts

The daily chart also indicates potential near-term gains. Bitcoin has remained solidly above the 50-day and 200-day Exponential Moving Averages. It has also avoided forming a death cross pattern, which often signals further downside.

Bitcoin has also been forming a broadening wedge pattern since March, characterized by a series of higher lows and lower highs. In this case, its higher lows were at $73,800, $72,000, and $70,000.

A break above the descending trendline and the all-time high at $73,800 will confirm a bullish breakout and likely lead to further gains. The odds of Bitcoin reaching a record high this year are increasing.

Bitcoin price chart | Source: TradingView

According to Polymarket, there is a 62% chance that Bitcoin will rise to $63,800 this year, the highest odds since Sept. 29 and significantly higher than this month’s low of 32%.

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Analyst on why Celestia could face 20% correction

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Celestia could face potential selling pressure by the end of October due to its major token unlock event, Illia Otychenko, Lead Analyst at CEX.IO, told crypto.news.

On Oct. 30, 175 million Celestia (TIA) tokens, accounting for 16.4% of its total supply, will enter its circulating supply as the modular blockchain becomes one-year-old. These coins are valued at roughly $1 billion at current price levels.

Otychenko pointed out three key points that could trigger bearish momentum for the TIA price in the upcoming token unlock event: 

  • Early unlock: The network launched just a year ago, and this is its first major unlock since the initial launch. Additionally, the Oct. 30 release marks the beginning of subsequent monthly unlocks. Historically, tokens that have distributed less than 70% of their total supply tend to have larger volatility during their unlocking events, according to the 6MV report.
  • Large unlock: TIA is set to nearly double its circulating supply in a single event as its circulating supply will increase by 82% — far beyond the 1% threshold where negative price impact typically begins to emerge.
  • Profit-taking opportunity: Approximately 67% of tokens within the upcoming unlock will go to seed and series A and B investors, who are currently sitting on 59,400% and 1,800% profits, respectively. 

The CEX.IO lead analyst says that “with TIA underperforming in 2024,” down by 70% from its all-time high of $20.9 in February, “these early investors might be inclined to sell.”

According to Otychenko’s analysis, the activity on the Celestia network has significantly increased this year while its fees have declined. This shows reduced revenue and short-term pressure on the TIA token, but for the long term, “this dynamic can be a positive signal.”

Moreover, the analyst explains that TIA could face a short squeeze due to the massive token unlock event and potential profit-taking from early investors. 

“If Celestia does not see a surge in positive activity after the token unlock, or if a broader altcoin rally does not materialize to support the asset, the TIA token could face a price decline exceeding 20% following the release.”

Otychenko told crypto.news.

On Sept. 23, the Celestia Foundation announced a $100 million funding round, led by Bain Capital Crypto. This helped the TIA price surge 14% in less than 24 hours as the positive sentiment surrounding the asset significantly increased. 

TIA price – Oct. 14 | Source: crypto.news

TIA is up by 3.4% in the past 24 hours and is trading at $6.12 at the time of writing. Its market cap is currently sitting at $1.33 billion with a daily trading volume of $227 million.

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Bitcoin buy walls now sufficient to neutralize prevalent sell walls

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Recent data from CryptoQuant indicates that Bitcoin’s buy walls have attained massive strength across all exchanges. 

These buy walls are now sufficient to counteract the sell pressure, as the market looks to recover. This suggests that there is robust demand for Bitcoin (BTC), enough to absorb the selling volume that could otherwise continue to push prices down.

The chart, covering the period from early 2023 to mid-October 2024, shows that while Bitcoin faced intense sell pressure over the past few months, recent weeks have shown a reversal in this trend. 

As of Oct. 12, buy walls for Bitcoin reached a strong level of 895 million while sell walls dropped to zero. This implies that buyers are willing to step in at important levels, with the recent drop in exchange reserve confirming this trend.

The strong buy walls also indicate a growing confidence. When buy walls outweigh sell walls, prices tend to stabilize or rise. If this trend persists, Bitcoin could see further upward momentum, depending on liquidity and investor sentiment.

Notably, after struggling on Sunday, the firstborn cryptocurrency has begun the new week on a strong footing. Bitcoin is up by 2.80% in the past 24 hours and is trading at $64,630 at the time of writing. 

BTC 1D chart – Oct. 14 | Source: crypto.news

The MACD indicator has just flipped bullish, signaling renewed buying momentum. BTC faces strong resistance at the upper Bollinger Band of $66,325. A breakout above this level could see the asset push toward $68,000 or higher in the short term.

Meanwhile, the 20-day moving average provides support at $62,832, with the lower Bollinger Band at $59,338 presenting additional support. Given the bullish MACD crossover and the recent rise in buy walls, Bitcoin appears poised for further upside, provided it can break through its current resistance.

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SUI, CHZ, COIN: Top cryptocurrencies to watch this week

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The global crypto market staged a recovery last week, posting a 2.79% increase and closing with a market capitalization of $2.21 trillion. 

This surge added $60 billion to the market’s overall valuation.

While Bitcoin (BTC) spearheaded the rally, several altcoins also played a role in the market’s recovery. Below are some of the standout performers from last week:

SUI rallies 28%

Sui (SUI) had a strong showing last week, surging 28% from $1.75 to close at $2.24. Its most bullish moments came up during the market recovery on Oct. 11 and 12, during which it spiked 21%.

SUI 1D chart – Oct. 13 | Source: crypto.news

Sui dropped 5.60% on Oct. 9 despite a bullish announcement involving Circle’s USDC. Currently trading at $2.2266, SUI is now above the upper boundary of the Keltner Channel at $2.2186, which indicates potential overbought conditions. 

This suggests that while the momentum is strong, a period of consolidation or a minor correction could follow this week unless strong buying pressure persists. Volume remains high, so bulls could leverage this.

Meanwhile, the Aroon Up is at 100%. In contrast, Aroon Down at 28.57% indicates a weak downtrend. However, if the Aroon Down rises this week, this may indicate growing bearish pressure. In this case, SUI could find support at $1.8286.

The Sui token was created by Mysten Labs, a blockchain infrastructure company founded by engineers who previously worked at Meta Platforms on the Diem (formerly Libra) project.

The company was co-founded by notable figures including Evan Cheng, Sam Blackshear, Avery Ching, and George Danezis, all of whom contributed to Meta’s blockchain and cryptocurrency efforts before transitioning to build Sui.

CHZ retests 4-month high

Chiliz (CHZ), a cryptocurrency that powers the Chiliz blockchain, leveraged the broader market movements last week to maintain its rounded bottom structure, as it sustained a trend of lower lows. 

See below.

CHZ 1D chart – Oct. 13 | Source: crypto.news

The altcoin closed the week with an 11.8% gain, but its most impressive performance occurred as notable spikes throughout the week. For instance, on Oct. 9, CHZ rallied to a 4-month peak of $0.0784 before facing a roadblock.

Chiliz has now recorded another 9% rally in the new week, pushing it above the upper Bollinger Band at $0.0752. A retest and bounce off this level would signal continuous strength for a sustenance of the current uptrend. 

However, if the bears are able to trigger a drop below the upper Bollinger Band, investors should pay close attention to the 20-day MA ($0.0663), which currently acts as the major support above the $0.06 psychological region.

Chiliz is primarily focused on the sports and entertainment industries. It was created by entrepreneur Alexandre Dreyfus in 2018, to transform fan engagement through blockchain technology.

COIN records six bullish days

Last week, 8-Bit Coin (COIN) secured six bullish days out of seven. Like the rest of the market, COIN began the week strong, but maintained its uptrend from Oct. 7 to 10 despite the broader market facing a correction.

COIN 1D chart – Oct. 13 | Source: Trading View

The asset’s only bearish day came up on Oct. 9, when it dropped 2.78%. Meanwhile, it sustained a trend of lower lows that has played out since Oct. 4, eventually closing the week with an impressive 22% rise.

8-Bit Coin’s most impressive feat was maintaining a neutral RSI of 56.49 despite the 22% increase last week. This suggests that it still has room for further upward momentum.

If the bulls maintain the uptick, its next resistance level would come in at $0.0007335, after which it could battle the $0.00008016 resistance. Amid a recent drop, COIN must ensure it holds the crucial Pivot level at $0.0006232, as a slump below it could tilt the momentum to bearish.

The 8-Bit Coin is a cryptocurrency created as a tribute to retro gaming systems, such as the Atari 7800. It operates on the Solana blockchain and is intended for use in gaming-related applications, allowing users to earn rewards and participate in a community focused on nostalgia and gaming culture

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Banana Gun goes parabolic as futures open interest hits all-time high

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Banana Gun, the popular crypto trading bot, surged to its highest point in almost two months as the volume in its ecosystem rose.

Futures open interest surges 

Banana Gun (BANANA) token rose for two consecutive days, reaching an intraday high of $55, up 68% from its lowest level in September.

This rally occurred in a high-volume environment, with most of the action happening on Binance, the largest exchange in the industry. Its 24-hour volume increased by 87% to $56 million.

More data shows that Banana Gun’s open interest in the futures market continued rising, reaching a record high of $30 million. That was a big increase since its futures open interest bottomed at $13 million in September.

The rally is likely due to the platform seeing strong volume. In an X post on Monday, the developers noted that the network had over $137 million in volume last week. It recorded an impressive $23 million in volume on Sunday, indicating that its ecosystem is booming.

Banana Gun has become one of the biggest Telegram bot in the crypto industry, handling over $6.7 billion in volume, according to its website. Most of this trading happens on its Ethereum (ETH) ecosystem, followed by Solana (SOL), Blast, and Base. 

Data by Dune shows that Banana Gun has had over 294,000 lifetime users who have executed 11 million trades. Another data by DappRadar shows that the number of unique active wallets rose by 22% in the last 30 days, while volume jumped by 72% to $584 million.

Banana Gun price is soaring

Banana Gun chart by TradingView

The 4-hour chart shows that the Banana Gun token has been in a strong bull run over the past few days. It flipped the important resistance point at $52.15 on Friday, marking its highest point on Oct. 8.

The token has also remained above the 50-period and 25-period moving averages. Additionally, oscillators like the Money Flow Index and the MACD have pointed upwards.

Therefore, the token will likely continue rising as bulls target the all-time high of $63.45, which is about 12% above the current level.

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Shiba Inu price stuck in a range as Shibarium activity dries

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Shiba Inu price remained in a tight range, underperforming some of the newly minted meme coins like Popcat, Neiro, and SPX6900.

Shiba Inu (SHIB) was consolidating at $0.00001718 on Oct. 9, down by 21% from its highest point this month. This retreat means that the second-largest meme coin has moved into a local bear market.

Shiba Inu’s underperformance is likely due to the ongoing rotation to newer meme coins that are generating strong returns. SPX6900 (SPX) has soared by over 300% in the last seven days, bringing its market cap to over $562 million.

Popcat (POPCAT), a popular Solana (SOL) meme coin, has surged by over 13,500% from its lowest point in January. Some of the other top-performing new coins are Neiro (NEIRO), Gigachad, and Apu Apustaja.

Shiba Inu’s performance has also been impacted by the waning traction in Shibarium, its layer-2 network. Data from ShibariumScan shows that the number of active accounts has dropped to below 500, while new accounts on Oct. 8 were just 33. 

Shibarium’s average transaction fee has dropped to 0.005 BONE, down from last month’s high of 0.062 BONE, a 91% plunge. The number of transactions on the network has also dwindled.

Shibarium’s transactions and fees are important for Shiba Inu because some of the BONE is converted into SHIB and burned. 

Meanwhile, Shiba Inu’s open interest in the futures market has also dropped sharply. It moved to $44 million, down from this month’s high of $70 million.

Shiba Inu price has stalled

Shiba Inu price chart | Source: TradingView

The daily chart shows that the SHIB token bottomed at $0.00000108, its lowest level on Aug. 5. It has rebounded above the upper side of the falling wedge pattern, which is shown in black. 

The token has remained above the 50-day and 100-day Exponential Moving Averages. Additionally, the MACD indicator has stayed above the zero line.

SHIB’s rebound will be confirmed if it moves above the crucial resistance level at $0.0000187, its highest swing on Oct. 6. A move above that level could point to further upside, potentially to $0.000021, its highest level on Sept. 27.

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Here’s why the Baby Doge Coin pumped to March highs

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Baby Doge Coin rose for four consecutive days, reaching a high of $0.0000000028, its highest level since March. 

Puppy.fun airdrop ahead

Baby Doge Coin (BABYDOGE), one of the largest meme coins, has risen by 37% in the last seven days and by 250% from its lowest point this year. Its market cap has grown from $180 million in January to over $417 million.

The token’s rally began in September when it was listed by Binance, the largest crypto exchange in the industry. According to CoinGecko, BABYDOGE’s 24-hour volume on Binance was $94.23 million, accounting for 98% of the total. It was also recently listed by BiKing, a gaming and crypto exchange.

The rally coincides with the upcoming launch of Puppy.fun and its airdrop. While details are scarce, Puppy.fun will likely be the next meme coin generator in its ecosystem.

These generators have gained popularity recently. All meme coins generated in Solana’s Pump.fun have accumulated a market cap of over $1.3 billion, while its all-time fees collected have risen to $122.48 million. All Sun Pump tokens have a market cap of over $366 million.

While Baby Doge Coin is a meme coin, the developers have worked to create a utility for the token. They launched the BabyDogeSwap DeFi platform, where users can swap, earn, and buy NFTs. According to DeFi Llama, BabyDogeSwap has a total value locked of over $2.14 million. 

BABYDOGE token has also rallied amid rumors that it will be listed by Coinbase, and that the developers will expand it on Solana (SOL) and other chains.

Baby Doge Coin price flipped key resistance

Baby Doge Coin chart | Source: TradingView

The daily chart shows that the BABYDOGE token surged in September after the Coinbase exchange listing. Prior to that, it had formed a falling wedge pattern, a popular bullish reversal indicator.

It formed a golden cross pattern on Sept. 27 as the 50-day and 200-day moving averages crossed. In most cases, an asset continues its bullish trend after forming a golden cross.

Baby Doge Coin crossed the important resistance point at $0.0000000027, its highest point on Sept. 28. Therefore, a move above Oct. 9’s high of $0.0000000028 could signal further upside.

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Chiliz token pops as fan tokens jump ahead of Pepper airdrop

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Chiliz, the largest blockchain network for sports and entertainment, surged to its highest point in three months.

The Chiliz (CHZ) token broke a crucial resistance, reaching an intraday high of $0.072, its highest level since July 22. It has risen by over 66.50% from its lowest point this year.

Its rebound has coincided with the resurgence of most fan tokens. OG Fan Token (OG), the largest fan token, has surged by over 213% in the last seven days, giving it a market cap of $33.42 million.

Alpine F1 Team Fan Token (ALPINE) has rallied by 43%, while the Santos FC Fan Token (SANTOS) has jumped by 41% in the same period. According to FanMarketCap, all fan tokens have accumulated over $313 million in market cap.

The CHZ token also rose as investors awaited the upcoming Pepper airdrop, scheduled for Oct. 10.

Pepper will be the first meme coin on the Chiliz Blockchain. According to its website, its purpose and utility remain a mystery. Instead, it has been created by the community to “take the reins and ride.”

The airdrop comes at a time when the meme coin industry is booming, with all tokens tracked by CoinGecko having a market cap of over $53 billion. Some of the most notable performers are Popcat (POPCAT), whose market cap rose to $1 billion recently, and Neiro (NEIRO), which has surged by over 7,000% in the past few weeks.

Chiliz token flips key resistance

Chiliz price chart | Source: TradingView

The Chiliz token has bounced back from $0.043 in August to $0.07. It flipped the important resistance point at $0.0715, its highest swing on Sept. 27, into a support level. By doing so, it invalidated the double-top chart pattern that had been forming.

CHZ has also risen above the 50-day and 100-day Exponential Moving Averages, indicating that bulls are gaining control.

Therefore, Chiliz may continue rising, with the next reference level to watch being $0.084, its lowest swing on April 13.

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SUI price set for new ATH amid native USDC launch

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Sui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platform’s mainnet.

Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.

Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.

The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.

What does native USDC mean for Sui?

Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.

Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.

This could lead to a rise in Sui’s network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.

SUI price prediction

Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.

Sui’s price has retreated 6% in the past 24 hours, in line with dips for other top altcoins as Bitcoin (BTC) fell below $63,000. However, with a 108% increase in 30 days and bulls testing levels near the all-time high of $2.17 reached in March, is price discovery next?

If bulls hold near $2, it’s likely the next surge will push Sui past its current all-time high. However, before that happens, crypto analyst Altcoin Sherpa offered some caution regarding the altcoin:

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