Lưu trữ cho từ khóa: Price Analysis

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Bitcoin poised for surge, analysts expect new all-time high

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Bitcoin poised for surge, analysts expect new all-time high

Bitcoin price has done modestly well this week as it soared to $66,000, rising to its highest level since July 31.

Bitcoin moves into bull market

Bitcoin (BTC) recovery coincided with the surge of the most risky assets like altcoins and equities. The Dow Jones and the S&P 500 index have jumped to a record high, while the Nasdaq 100 is a few points below its all-time high.

In a post on X.com, crypto analyst Miles Deutscher estimated that Bitcoin may continue rising in the near term, reaching a high of $81,000.

He argued that the S&P 500 index, which tracks the biggest American companies, was up by 9% above its highest level this year. As such, he told his 541,000 followers that the coin would hit $81,000 if it caught up with equities as it has done in the past.

Other analysts are bullish on Bitcoin. In a recent note, analysts at BlackRock, the biggest asset manager in the world, referred to Bitcoin as a “unique diversifier” in a report on Sept. 17.

The New York-based firm argued that the top cryptocurrency was a unique asset that is uncorrelated with equities, especially in periods of elevated risks. 

BlackRock has continued allocating Bitcoin in its balance sheet, a move that may inspire other firms to start buying. 

Meanwhile, MicroStrategy has continued to accumulate Bitcoin. The firm’s founder, Michael Saylor, predicts that Bitcoin will rise to over $13 million by 2045. The company currently holds over 252,000 coins. 

MC Consultunacy founder and self-proclaimed Bitcoin enthusiast Michael van de Poppe also noted that the coin would jump to between $90,000 and $100,000 by the end of the year. He cited the soaring global liquidity, which will increase as central banks slash interest rates.

Seasonality is also favoring Bitcoin in the near term. CoinGlass data shows that the average return in the fourth quarter is 88%, higher than the third quarter’s 6.3% and the second quarter’s 27%.

October and November are usually the best months for the coin.

Bitcoin performance by month | Source: CoinGlass

Polymarket traders are betting that the coin will jump to a new all-time high in 2024 — 63% odds.

Bitcoin technicals

Bitcoin price chart | Source: TradingView

The daily chart shows that Bitcoin has solid technicals. It has formed an inverse head and shoulders pattern, a popular bullish sign. It has also been forming a falling broadening wedge.

Bitcoin has avoided forming a death cross pattern, and has instead, moved above the 50-day and 200-day moving averages. The coin will need to move above the upper side of the wedge to continue the bullish trend and clear the year-to-date high of 73,777 to accelerate the recovery.

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Theo Crypto News

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Floki, Wormhole, Pepe pumps as US PCE inflation nears 2%

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Cryptocurrencies, stocks, and other risky assets received another catalyst on Friday, Sept. 27, after the U.S. government published encouraging inflation data.

US PCE inflation dropped in August

Bitcoin (BTC) held steady above $65,000 while altcoins like Wormhole (W), Floki (FLOKI), Pepe (PEPE), and Shiba Inu (SHIB) jumped by over 15%. Futures tied to the Dow Jones, S&P 500, and Nasdaq 100 rose by over 25 basis points.

Data from the statistics agency showed that personal consumption expenditure dropped from 0.2% in July to 0.1% in August, lower than the expected 0.2%. Year-over-year, it fell from 2.5% to 2.2%, marking the lowest point in over two years.

Core PCE, which excludes volatile food and energy prices, also fell from 0.2% to 0.1% during the month.

These numbers suggest that the Federal Reserve is nearing its inflation target of 2.0%. As a result, the bank will likely continue cutting interest rates in the final two meetings of the year, as the unemployment rate remains above 4%. The Fed had already slashed rates by 0.50% in its last meeting.

Other global central banks, including the Swiss National Bank, European Central Bank, and the Bank of England, have also adopted a dovish tone.

Historically, cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu have performed well when the Fed is cutting interest rates.

In addition, China, the world’s second-largest economy, has opened the floodgates of money. On Tuesday, the central bank reduced a key interest rate and lowered reserve ratios, a move that will unlock over $100 billion to stabilize the stock market. Beijing is also considering delivering over $150 billion in additional stimulus.

Changpeng Zhao release

Bitcoin, Wormhole, and Pepe also rose as crypto investors awaited Changpeng Zhao’s release from custody.

Zhao, Binance’s founder, had been serving a four-month prison sentence as part of his settlement with the U.S. government.

In addition to his sentence, Zhao was fined $50 million and relinquished his role as Binance’s CEO. Binance was ordered to pay $4.3 billion in penalties.

Analysts believe that CZ’s release will lead to more crypto upside. In an X post, Ki Young Ju, the CEO of CryptoQuant predicted that crypto would “skyrocket” when he is released. Another analyst, Adrian Zdunczyk, who has over 600k followers on X predicted that traders will start pumping cryptocurrencies after his release.

Zhao’s release came at a time when sentiment in the crypto market had improved, with Bitcoin entering a technical bull market.

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Here’s why Shiba Inu price is soaring

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Shiba Inu made a strong comeback on Sept. 26, soaring to its highest level since July 27, as Shibarium’s fees surged.

Shibarium fees are rising

Shiba Inu (SHIB), the second-largest meme coin, jumped to $0.000017 as on-chain data showed that Shibarium’s fees rose to 438, significantly higher than this month’s low of 27, marking a 1,522% increase.

Shibarium is a layer-2 network launched by Shiba Inu’s developers. A big increase in fees indicates that the network is seeing more activity. Indeed, data from Shibariumscan shows that the number of new transactions rose to 8,025 on Sept. 26 from this month’s low of 2,186.

Shibarium transaction fees | Source: Shibariumscan

Higher Shibarium fees are also significant because part of the collected BONE revenue is converted to SHIB and then burned. Data from Shibburn shows that Shiba Inu’s burn rate rose by 640% in the last 24 hours to 5,555,360 tokens.

Shiba Inu’s surge also coincided with the ongoing meme coin rally. Most meme coins have rallied by over 5% in the last 24 hours, pushing the total market cap to $50.9 billion. Pepe (PEPE) rose by 7.5%, while Mog Coin rose by 14%.

Popcat (POPCAT) has also risen by 15% in the last seven days, pushing its market cap to over $1 billion. Meme coins often exhibit a degree of correlation.

Additional data from Nansen shows that Shiba Inu has had a net outflow of 41 million tokens in the last seven days. As a result, the total supply of tokens on exchanges has moved to 25.48%. Token outflow is a bullish indicator, suggesting that many investors are holding their coins in personal wallets.

Shiba Inu crossed key resistance

Shiba Inu price chart | Source: TradingView

Shiba Inu’s rise was also driven by positive technical indicators. It formed a double-bottom chart pattern and moved above the neckline at $0.000016, its highest swing on Aug. 24.

SHIB also rose above the descending trendline that connects the highest swings since July 16. Additionally, the Relative Strength Index continued rising, signaling that momentum is building.

This price action suggests that the token will continue rising as bulls target the key resistance at $0.00002, its highest level in July.

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Hamster Kombat in a harsh reversal; market cap drops below Notcoin

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Hamster Kombat’s token plunged by over 30% following its much-anticipated airdrop and token listing.

Hamster Kombat (HMSTR) crashed to $0.0088, bringing its total valuation to over $574 million, making it the 110th largest cryptocurrency. Its opening price was also significantly lower than the pre-market futures high of $0.3865.

It has been listed on several large centralized exchanges, including Binance, OKX, MEXC, Gate.io, Woo, and KuCoin. Binance also launched an earn program, where participants will have a chance to win 100 million HMSTR tokens.

Data from CoinGecko shows that Hamster has a maximum supply cap of 100 billion tokens, with 64.3 billion of them in circulation. This decline likely occurred as many airdrop recipients began selling their tokens.

Hamster Kombat’s valuation means that it is smaller than Notcoin (NOT), the first tap-to-earn token to be listed, which has a market cap of over $871 million. 

Fundamentally, Hamster has a larger ecosystem than Notcoin. It boasts over 300 million players, 37.6 million YouTube subscribers, and 14.3 million followers on X.

A likely reason for the price drop is that Hamster has over 35 million tokens locked, while all of Notcoin’s 102.4 million tokens are in circulation.

The biggest short-term risk for Hamster will be increased selling by millions of people who have accumulated billions of tokens over the past few months. Typically, newly listed Telegram tokens experience a decline shortly after launch.

Catizen (CATI) initially jumped to $1.150 after launch but has since dropped by over 38%. Similarly, Notcoin and Pixelverse have both seen double-digit declines from their all-time highs.

On the positive side, Hamster Kombat’s airdrop happened at a time when most cryptocurrencies are rising. Bitcoin (BTC) rose to $64,700 while the total valuation of all coins rose by 3.7% to $2.26 trillion.

Other highly anticipated tokens have also disappointed in the past. For example, Sweat Economy has dropped by 94% from its record high, despite Sweatcoin having over 50 million users before the SWEAT token airdrop.

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Theo Crypto News

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Pepe nears crucial price as CEX outflows rise: Nansen

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Pepe, the third-largest meme coin, staged a strong comeback, soaring to its highest point in over a month as balances in centralized exchanges fell.

Exchange outflows are rising

Pepe (PEPE) jumped to a high of $0.0000091, pushing its market cap to over $3.8 billion. This recovery coincided with the strong rebound of other meme coins like Shiba Inu (SHIB), Dogwifhat (WIF), and Mog Coin, which rose by over 10%.

The market cap of all meme coins tracked by CoinGecko rose by almost 7% in the 24 hours to Sep. 26, reaching $50 billion. 

The main reason for this rally was last week’s Federal Reserve’s jumbo interest rate cut, along with hints that more cuts were on the way. Additionally, China, the second-largest economy, unveiled its biggest stimulus since 2020. According to Bloomberg, Beijing is also weighing a $142 billion capital injection to boost the economy.

There are also signs that more investors are moving back to Pepe. According to Nansen, Pepe had outflows worth $4.2 million on Sept. 26, a 6x increase above average. The total supply on exchanges has dropped by 0.35% in the last seven days.

A significant outflow from centralized exchanges is a sign that more investors are moving the coin from exchanges to their own custody.

Pepe’s jump also coincided with a surge in futures open interest, reaching $129 million, its highest level since Aug. 2, according to CoinGlass.

Pepe price is nearing key resistance

Pepe price chart | Source: TradingView

On the daily chart, Pepe bounced back after retesting the ascending support that connects the lowest swing since April. It jumped above the 50-day moving average and retested the 50% Fibonacci Retracement point at $0.0000090. 

Pepe also moved to the major support/resistance level of the Murrey Math Lines at $0.0000090 and the Ichimoku cloud indicator.

The next level to watch will be $0.00000987, its highest swing on Aug. 4 and the top of Murrey’s trading range. A break above that level could push it to the next target of $0.0000108, its March high.

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Theo Crypto News

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Hoppy meme coin hits 2-month high as holders jump

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Hoppy, a popular Ethereum-based meme coin, surged to its highest level in over two months as the number of holders increased.

Hoppy (HOPPY) rose for two consecutive days, reaching a high of $0.00012, its highest level since July 23. 

The rally mirrored the performance of other meme coins. Shiba Inu (SHIB), for example, has risen by 15% in the last seven day, while other meme coins like Dogwifhat (WIF) are up by more than 40% in the same period.

This performance has been triggered by Bitcoin’s (BTC) rebound, which has seen it rise from $52,000 earlier this month to $64,000. Meme coins tend to perform well when Bitcoin and Ethereum are rising.

Meanwhile, the number of Hoppy holders has been on a strong uptrend over the past 30 days, increasing from 13,200 on Aug. 25 to 13,852.

Hoppy holders | Source: Coincarp

Unlike most meme coins, Hoppy’s holders are relatively diverse, with the top ten holders owning 24% of all tokens. The top 100 holders control 54% of all tokens, according to Coincarp. 

Meme coins, when traded wisely, have become some of the most popular wealth generators this year. For example, data from Nansen shows that a trader who spent $9 buying Hoppy in July has gained $6,500. That same trader now has over $673,000 in unrealized profits.

Hoppy has more upside

Hoppy price chart | Source: TradingView

There are signs that Hoppy has further upside potential. It formed a double-bottom pattern at $0.000037 between August and September and has crossed its neckline at $0.000083, its highest point on Aug. 26.

Hoppy has risen above the 50% Fibonacci retracement level and the lower side of Andrew’s pitchfork tool. It has also moved above the 50-day moving average, pointing to more gains toward the 61.8% retracement point at $0.00013.

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Theo Crypto News

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Odds of Bitcoin price soaring to a new all-time high are rising: Polymarket

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Bitcoin has a high chance of soaring to a new high this year, according to a recently launched Polymarket poll.

Polymarket users see BTC hitting a new record high

Sixty-three percent of participants in the the poll believe that Bitcoin (BTC) will continue its uptrend and reach a new record high. The odds of this happening have risen from this month’s low of 42%.

With Bitcoin trading at $63,840, it needs to rise by 15.6% to retest its all-time high of $68,777. This is possible as it has entered a technical bull market after rising over 21% from its lowest point in September.

Bitcoin has several potential catalysts that could push it to new highs. From a macro perspective, the Federal Reserve has slashed interest rates and hinted at continuing the process.

Economic data released this week supports these cuts. According to S&P Global, the manufacturing PMI remained below 45 in September, indicating contraction. Another report by the Conference Board showed that consumer confidence slipped this month as concerns about the labor market escalated.

As a result, the Fed is likely to continue cutting rates to prevent a hard landing. Bitcoin and other risky assets tend to perform well when officials adopt a dovish stance.

Meanwhile, data shows that institutional investors are buying spot Bitcoin ETFs. According to Sosovalue, spot ETFs have seen inflows of over $392 million in the past four days, bringing the cumulative total to $17.8 billion.

Additional data shows that Bitcoin balances on exchanges have dropped to a new low, meaning that most holders have moved their coins to self-custody. There were 2.35 million coins on exchanges as of Sept. 25, down from the year-to-date high of 2.7 million.

Another potential catalyst for Bitcoin is seasonality. According to CoinGlass, the average Bitcoin return in the fourth quarter is 88%, while the median return is 56.90%. These figures are significantly better than those from the first three quarters of the year.

Bitcoin seasonality | Source: Coinglass

Bitcoin price narrowly avoided a death cross

Bitcoin price chart | Source: TradingView

Another potential catalyst for Bitcoin is that it has avoided forming a death cross, where the 200-day and 50-day moving averages cross each other. Historically, this cross has often led to a significant drop in Bitcoin prices.

Bitcoin has moved above both moving averages, indicating that bulls are currently in control.

Additionally, Bitcoin has formed two bullish patterns: an inverse head and shoulders and a falling broadening wedge. Historically, these patterns often lead to further upside.

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Theo Crypto News

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CELO spikes 15% following Vitalik Buterin’s endorsement

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Celo recorded a remarkable price spike within an hour after Ethereum’s Vitalik Buterin gave the project a positive endorsement. 

Notably, in a post this morning, Buterin highlighted how Celo’s work aligns with Ethereum’s mission to improve access to financial services globally. 

His comment came in response to a previous report from Artemis, which confirmed last week that Celo (CELO) overtook Tron in stablecoin usage, specifically in daily active addresses. 

This came after Tether announced plans to launch USDT on Celo six months back. Interestingly, the disclosure from Tether came after a similar announcement from Circle to introduce USDC on Celo in January. 

Buterin’s latest support led to a spike in Celo’s price this morning, with a 19% surge within an hour pushing the token to a three-month high of $0.6552 before facing rejection. However, the hourly candle still closed with a 13% gain.

Celo is up 15% in the past 24 hours and is trading at $0.6119 at the time of writing. Its weekly gains currently stand at 34.45%, translating to a surge in market cap to $338.9 million. Celo’s daily trading volume has also skyrocketed by 511% to $99 million.

CELO 1D chart – Sept. 25 | Source: crypto.news

At the current position, Celo is trading above the Ichimoku Cloud, a classic signal of a bullish trend. In the Ichimoku Cloud, the conversion line (Tenkan-sen) stands at $0.5455, representing a key short-term support level. 

Meanwhile, the baseline (Kijun-sen) has risen to $0.5225. The current price above these levels points to ongoing bullish momentum, especially as the lagging span A (Senkou Span A) at $0.5339 is also providing upward support.

However, the Williams % Range dropped to negative 19.24. While this confirms that the bulls have seized control, it suggests that the market is nearing overbought levels but has not quite reached an extreme.

Despite the bullish price action, the rejection from the $0.6552 high shows there is some selling pressure. The key levels to watch will be the support provided by the Ichimoku Cloud and the resistance around the recent peak.

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AAVE price surge continues, analyst sees more gains ahead

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AAVE, the second player in decentralized finance, has done well this year, jumping to its highest point since 2022. 

AAVE (AAVE) has soared to a high of $160, up by almost 120% from its lowest point this year, bringing its valuation to over $2.5 billion. 

AAVE’s DeFi TVL has jumped

The token has done well, helped by the substantial increase in assets in its network. Data shows that its total value locked in the ecosystem, has jumped to over $12.1 billion. 

This growth makes it the second-biggest player in DeFi after Lido, which has over $25 billion in staked assets. It is followed by EigenLayer, Ether.fi, and JustLend.

AAVE’s growth has also led to substantial fees in the network. According to TokenTerminal, the total fees in the ecosystem this year stands at over $287 million, making it the third most profitable players in DeFi after Lido and Uniswap. 

Rising whale activity helped AAVE jump in price over the past few months. For example, several whales have made substantial purchases, and currently account for most of the holders followed by investors and retail.

Data by Nansen shows that, while the number of smart money has retreated slightly recently, it remains significantly higher than June’s low of 71. The total balance held by these investors has held steady at 439,000. 

The biggest smart money holds over 25,000 AAVE tokens worth $4 million plus other coins like Ethereum (ETH), Pepe (PEPE), Ondo Finance, and Beam. 

AAVE smart money and holdings | Source: Nansen

AAVE has also jumped as the Federal Reserve starts cutting interest rates. In its meeting on Wednesday, the bank decided to slash interest rates by 0.50% and hinted that more were coming. Lower interest rates may lead to more inflows into lending platforms like AAVE and JustLend.

AAVE forms golden cross in July

AAVE price chart | Source: TradingView

AAVE’s jump also happened after the coin formed a golden cross pattern in July as the 50-day and 200-day exponential moving averages crossed each other. 

It has continued to form a series of higher highs and higher lows. Also, the coin has flipped key resistance at $150 into a support level. It has also jumped above the important point at $153.68, its highest point in March this year.

Most importantly, AAVE has formed a cup and handle pattern, a popular continuation sign.

Therefore, as the analyst below noted, there are chances that the token will continue rising as the DeFi comeback continues. If this happens, the next point to watch will be at $170.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News