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ETH Faces Bearish Signs but Investors Remain Optimistic Ahead of Merge

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VOC, Voice of Crypto, Ethereum, ETH

With the Merge likely to happen next month, the Ethereum stacking contract has seen a spike in interest level. The move to proof-of-stake will see miners be flushed out in favor of validators who earn rewards for staking their ETH.

More investors want this too, which means there’s a good chance that the price can go up even higher. Ethereum continues its upward trend as more and more people stake their coins.

Staked Ethereum Crosses 13.3 Million

The number of Ethereum staked on the network has reached a new milestone, passing 13 million. The contract now stands at a whopping 13.308 million Ether, rising with each passing day.

The number of Ethereum staked accounts for about 11% of the total supply. The most recent data shows that 11% of Ethereum’s available supply has been rendered unmovable for the foreseeable future. The scarcity has caused a price increase, and Ethereum has been able to test the $2,000 price mark for the first time in 2 months.

Ethereum price chart

Ethereum price chart | Source: TradingView

The anticipation around the Merge has turned into a “buy the news event”. With the rise of Ethereum, more people are starting to invest in digital assets. As withdrawals are not possible for the next six months to a year after the Merge, the reduced market supply will continue to pump up prices.

With the current Ethereum price analysis, it seems like there are multiple instances of rejection for additional upward movement. The ETH/USD pair is expected to drop below $1,900 and then retest the territory of $1800 as support.

ETH Rejects Upside

ETH has corrected by 6.6% since reaching a daily high of $2012. The price range between $1700 and 1800 is where ETH must maintain its value if it wants to avoid more falls.

Ethereum’s price is currently trading inside a rising wedge, which some have deemed as being bearish for the currency. This trend suggests that there are fewer buyers in the market.

The bulls are in luck if they can prevent the price of Ethereum from breaking below important support at $1,700–$1800. If this happens, it is anticipated that the rising trend will continue after a temporary retreat with $2200 as its target.

But, if the price drops below this level, bears will have a chance to hit their target of $1350 – $1280. Ethereum has been upward since late July, when it hit a significant high of just under $1,600. The ETH/USD pair overcame previous resistance at $1,800 on Wednesday.

The price action continued with positive momentum upbeat until it reached resistance at $1,900, where there was a brief stabilization.

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Cryptocurrencies Weekly Overview: XRP, ADA, SOl, DOT and MATIC

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VOC, Voice of Crypto, Bitcoin, Altcoins

Bitcoin, Ethereum, and several other altcoins began to rally upwards before the FED rate hike, indicating that the broader crypto market is of the opinion that the 0.75% hike is a “priced in” event.

On September 21st, the FED hiked interest rates by a whole 75 basis points, severely weakening the standing of several altcoins in the process. As if that wasn’t enough, the FED chairperson, Jerome Powell also made projections of an additional 125 basis points public. FED rates according to Powell, will continue to increase until the US inflation rate hits a low of 2%.

If FED rates continue to increase like this, the total figure may move from the 3% it currently sits at, to about 4.4%. A scary figure, compared to the original projections of 3.8%, made in June.

The downside of this recent development is that high-risk assets like stocks and cryptocurrencies will begin to lose their appeal, delaying the start of a new market trend from this crypto winter the market is currently facing.

Below, you’ll find in-depth analyses of some of the top altcoins, and how they fared during the storm throughout this week.

1) Ripple Crypto Coin (XRP)

This week was a good one for ripple coin. Following speculation about the result of the lawsuit the SEC filed against Ripple Labs, the price of XRP has done extremely well over the last week. This is because the broader crypto community expects Ripple Labs to come out victorious against the SEC after the hearing sometime soon.

Ripple the $0.41 mark and even closed above it on Tuesday, but the bulls lost steam and the price subsequently fell to the 20-day exponential moving average around the $0.38 mark.

Crypto XRP price chart

XRP price chart | Source: TradingView

However, the price subsequently reversed, catapulting the price of XRP to a high of $0.5575. The price of XRP is currently experiencing a correction and may either continue upwards or fall and retest the $0.42 support.

2) Cardano Crypto Coin (ADA)

Cardano has been in a range for a while now. The bulls have been trying to push ADA above the $0.5 – $0.51 resistance throughout the week, and have been unable to do so because the bears keep selling on intraday levels.

Crypto XRP price chart

XRP price chart | Source: TradingView

If the price of ADA drops below where it currently is and slips below the $0.45 support, the ADA/USDT pair may drop to the next pivotal support around the $0.42 level.

3) Solana Crypto Coin (SOL)

Solana, just like most other altcoins in the market, was affected by the FED-rate hike. It bounced off the $30 support and soon began to trend upwards.

Crypto SOL price chart

SOL price chart | Source: TradingView

The bulls, however, could not push the price above the 20-day exponential moving average around the $33 mark, indicating that the bears were ready and waiting at the higher levels.

SOL soon experienced a correction and is currently hovering around $31.32 at the time of writing.

If the bulls manage to take over again, we may see another retest of the $33 zone, and a possible bullish breakout above this level.

Conversely, if the bears take over, we may see a retest of the $30 level or a possible breakdown of this same level.

4) Polkadot (DOT)

Polkadot has been in a range between the $10 and $6 levels for weeks now. Recently, however, the price has slipped right back down to the $6 level after the FED-rate hike.

DOT price chart

DOT price chart | Source: TradingView

So far, the price has bounced off this level. However, in the event of a retest, the bulls are expected to defend this level with vigor once again.

A break below this point could be catastrophic for the price of DOT. Such a price movement could send DOT straight down to the next major support around the $4 level.

5) Polygon (MATIC)

Polygon, like DOT, has been trading in a range for the past few weeks. This time, polygon is bounded by the $0.72 and the $1.05 lines.

On Monday however, the price of Polygon broke through this level, sinking to the $0.72 support and then breaking below after the FED rate hike to the $0.6914 level.

MATIC price chart

MATIC price chart | Source: TradingView

Polygon’s price bounced off this support, hit the $0.77 level, and currently appears to be trending back down.

If the price hits the $0.6914 level and bounces off again, we may see a subsequent leg up and a retest of the $0.77 support. If the bulls manage to show strength again and break through this level, we may see strong bullish momentum to the upside.

However, if the $0.6914 level fails to hold the next time prices test it, we may see an even bigger downside to the price of polygon.

 

 

Disclaimer:

The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Technical Analysis: Bitcoin (BTC) and Ethereum (ETH)

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VOC, Voice of Crypto, BTC, ETH, MATIC, TRON

September has been especially eventful for Bitcoin, Ethereum, and by extension, the entire crypto market.

However, most of the interesting events happened in the latter half of September, from the long-awaited Ethereum merge to the FED rate updates, to the Vasil upgrade on the Cardano network just yesterday Thursday.

The overall crypto market has been on a bearish trend for the better part of 2022, and September was no different. Ethereum for example, currently trades at around $1300, despite being close to the $1700 mark before the merge.

The recent fall of the general crypto market, however, came right after the FED rate hike this week. The price of bitcoin, for example, fluctuated around the $19,600 mark, before falling to a low of about $18,200 right after the news of the FED rate hike hit the market

Bitcoin Technical Analysis

Bitcoin was arguably one of the worst-hit cryptocurrencies on the market after the FED rate increase. It fell to new lows around the $18,000 mark right after the US Federal Reserve meetings, dragging most other cryptocurrencies down with it.

The FED chose to increase the interest rates by a whole 75 basis points on Wednesday, marking the third increase in a row in 2022 alone, and the highest the interest rates have been since 1980.

The chairman of the FED, Jerome Powell also hinted that this FED rate increase was likely to continue until the inflation rate returns to its lows of around 2%.

As a result of this, the price of bitcoin slumped and fell to an intra-day low of $18,290. its lowest in three months.

Chart of BITCOIN USD, showing price bounce from the $18,200 leve

Chart of BTCUSD, showing price bounce from the $18,200 level | Source: Tradingview

Looking at the chart, we can see that bitcoin bulls took control soon after, sending the price back to where it now sits around the $19,600 level.

At the time of writing, the price of bitcoin is at $18,863 and is currently showing slightly bullish conditions on the RSI of the 4-hour timeframe.

Ethereum Price Analysis

Unlike bitcoin, Ethereum’s price didn’t suffer as much after the FED rate hike. This was because it had already suffered enough from the massive selloff that happened after the merge event.

The price of Ethereum was at the $1384 level when the FED rate hike came out. After this, it fell to the $1229 level. Less than a $150 drop. Just like bitcoin, the price of Ethereum collided with the floor and immediately rebounded, with the bulls taking over and sending the price back upward to the $1360 level.

Chart of ETH/USDT showing price rebound after lows from the FED rate hike

Chart of ETH/USDT showing price rebound after lows from the FED rate hike | Source: Tradingview

The price of Ethereum has reversed from there and is now trending down again. At the time of writing, the price of Ethereum is around the $1290 level.

The RSI on Ethereum shows slightly oversold conditions and may mean that the price is either about to experience a reversal, or more consolidation is expected before a more serious move up or down.

 

Disclaimer:

The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research).

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Top 5 Altcoins To Watch Out For This Week

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VOC, Voice of Crypto, Altcoins

Knowing which altcoins to avoid investing in can be tricky. A lot of them appear promising at first, and then turn out to be serious loss-magnets for their holders and traders.

However, more important than knowing which coins to avoid, is knowing which ones to invest in. Because at the end of the day, every trader or HODLer aims to make some profits.

This article is about which altcoins we think are worth watching out for next week, and which to consider buying if you intend to make some profits before the end of September.

1) Ether

Ether obviously comes first in any list of prominent altcoins to watch out for. Ether is the cryptocurrency that powers the blockchain network, Ethereum.

Over time and especially after the merge, the price of ether has dipped from its $1700 high. It now trades at around $1290, giving investors an avenue to get in on the action before the price possibly rebounds upwards to the $2000 level.

Ether might be one of the cryptocurrencies you should consider watching out for next week.

2) Binance Coin (BNB)

Binance coin is relatively stable in price compared to other top cryptocurrencies and currently trades at around $273. over this week, the price of BNB has remained relatively stable, even going so far as moving upwards while most other altcoins dipped. BNB is currently testing support outlined by the 200-Period moving average on the 4-hour timeframe and may be worth putting on your watchlist for next week.

BNB price chart, altcoins

BNB price chart | Source: TradingView

The RSI on the daily timeframe shows neutral conditions, a sign of relative price stability.

3) USDT

It may be surprising that a stablecoin was included on this list, but more important than chasing wins is learning how to avoid losses.

The crypto market is a highly speculative one, and nobody knows where an asset’s price may be headed. The best anyone can do is speculate, and hope that their analyses are right.

In the crypto world, there is no better way to avoid losses altogether, than to convert assets into stablecoins, where the values neither go up nor down.

Converting your assets into a stablecoin can also be a good way to ensure you always have enough liquidity to buy dips.

4) Ripple Coin (XRP)

Ripple coin also deserves a place on this list. Over the last seven days, the price of XRP has experienced an increase of more than 63%. Possibly owing to public knowledge that the SEC’s lawsuit against Ripple labs is coming to a close. Everyone is trying to get in on the hype, and you might consider doing so too.

If the bulls on XRP maintain their strength and continue to push the price of the cryptocurrency up and against the bears, next week may prove to be a favorable one for its holders.

5) Cardano (ADA)

Cardano is one of the top-performing cryptos in the largest 25 by market cap. The Vasil upgrade on the Cardano network went live yesterday, pushing the cryptocurrency’s price up by up to 5% and helping its traders and holders cash in some profits.

ADA is currently in a correction and may continue to trend upwards with the new features the Vasil upgrade is expected to add to the network.

As to where the price of ADA may be headed next, nobody knows. But then its future looks bright, and next week is, by all means, part of that future.

Disclaimer:

The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research).

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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Crypto Analytics Firm Santiment Predicts Massive Price Rallies for BTC and XRP

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VOC, Voice of Crypto, BTC

Santiment, one of the top crypto analytics firms, seems to have much to say about bitcoin. They have recently stated that the benchmark cryptocurrency’s social dominance has actually gone up.

The social dominance metric harvests real-time data about the percentage of discussions on platforms such as social media focused on any one asset at any particular time. This metric uses the data of one asset relative to others to gauge the sentiment on the former. With this data, the social dominance metric acts as a reliable signal for predicting where the price of an asset might be headed.

Santiment maintains that Bitcoin’s price has hit a three-month low, right after the negative comments about it have surged to monthly highs. They also state that investors shorting bitcoin on exchanges have “halted the bleeding.” According to santiment’s report, Bitcoin’s social dominance has spiked, signaling a good bottom for the cryptocurrency.

Bitcoin's social dominance in correlation to its potential bottom, santiment

Bitcoin’s social dominance in correlation to its potential bottom | Source: santiment

XRP to Win SEC Lawsuit

As with XRP, however, santiment holds that the optimism among its bulls and traders that Ripple Labs may come out victorious in the ongoing lawsuit the SEC has against them has contributed to its recent pump. It is also important to note that XRP is the sixth largest cryptocurrency by market cap.

Other Altcoins

In an unexpected turn of events, santiment mentioned Ethereum Classic (ETC), one of the original Ethereum forks that still runs on a proof of work Blockchain.

According to santiment, the short interest in Ethereum classic has surged and may signal a massive dip on its part.

It is also important to note that Ethereum classic is the 22nd largest cryptocurrency by market cap. Santiment maintains that Ethereum classic is now experiencing the highest volume of short interest on exchanges among all 150 top crypto assets.

Ethereum classic’s situation is the exact opposite of the situation with REN, which is experiencing a high level of long interest. Santiment states that Ethereum classic is experiencing a high level of drawbacks against its price, as its bulls are beginning to weaken.

This short interest in Ethereum classic, as santiment highlights, became strongest right after the Ethereum merge earlier this month.

Of course, as we have now established, this is the exact opposite of REN’s situation. While the perpetual funding rates on exchanges point to greater price increases as far as REN is concerned, the exchange funding rates on Ethereum classic are flashing reds. They may mean that Ethereum classic is about to experience a massive dip.

 

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Crypto Fund Manager Australian Firms to Invest More in Digital Assets

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The world-famous crypto fund manager Henrik Andersson claims institutions might soon change their stance on digital assets and the crypto ecosystem from the earlier conservative one. 

The Australian crypto fund manager believes though there is a spike in the crypto market and exchanges in Australia, some institutions are still not quite there.

For instance, institutions dealing with retirement funds or family offices are yet to adapt to the crypto ecosystem and embrace it wholeheartedly.

According to Andersson, smaller institutions in Australia are yet to catch up with the digital currency exchange system as a lot of education is still ongoing. 

Apollo Capital’s Latest Digital Asset Launch

Andersson is seen making several claims on crypto investments and the participation of Australian institutions as the crypto fund manager of Apollo Capital. Apollo Capital is a platform that offers crypto investment opportunities to family businesses and investors. The company also launched the Apollo Capital Frontier Fund, a decentralized finance (DeFi), focussing on a Non-fungible Token infrastructure. Andersson is confident of the new sentiment hitting the Australian institutions. 

Andersson Optimistic about Digital Assets

Though Andersson believes the rate of participation of Australian firms in the digital space is limited, they will soon change their stance on the crypto ecosystem.

Of course, nobody wants to risk their returns and invest in a dynamic market. However, with greater education on crypto exchanges and rising prices, the investments no more look far-fetched.

Additionally, several Australian banking firms like the ANB and others show considerable interest and participation in digital assets, marking the scope for a thriving crypto market. 

Can Bear Market Dig the Grave

While Andersson looks overly optimistic about the growing participation of Australian firms, one cannot deny the bearish market and reduced investments.

However, the bearish market does not look like a red flag in Andersson’s vision. While the bear market affected investment and returns, several companies like JP Morgan and others are writing extensive reports on the crypto market.

Further, the strategy changed from selling to buying digital assets in the crypto market. However, such changes in investor attitude or overall market dynamics play no role in pushing Australian firms away from the crypto ecosystem. Needless to say, Australia’s attitude towards digital assets is only to improve henceforth. 

 

 

 

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A post-graduate is Sociology, Sreerupa’s interest primarily lies in researching on the global market trends of production and consumption.

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Algorand (ALGO) Surges 23% as NFT Sales Hit New All-Time High

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Algorand is a Layer-1 proof of stake blockchain network with the cryptocurrency ALGO as its native crypto.

The platform recently announced that it had elected a new CMO, Michele Quintaglie. This isn’t surprising because Quintaglie has an impressive track record. She has served in several corporate comms in various fortune-100 companies like Fidelity asset management, United Technologies, and visa incorporated.

This new job assignment will see Quintaglie tasked with developing new strategies to improve the position of Algorand in the market through deals, sponsorship, and key influencer marketing.

Asides from electing a new officer in the company, Algorand is in the news because its Non-Fungible token (NFT) sales have reached a new all-time high, even though we have only spent 3/4 of the total days in September.

These new developments with Algorand have shown that investor interest in their NFT items is increasing and may very well be a sign that more is yet to come.

Algorand’s 24% Pump

Lately, the price of ALGO broke out from the $0.37 resistance and increased by a massive 23% in total, its price reached a high of about $0.47.

However, the bulls could not keep up this momentum, and the price fell soon after. This created what seemed like a “fake-out” from the resistance it appeared to have broken from. ALGO’s price was right back below the resistance it had just surpassed.

Despite this unclear market pattern, however, the RSI on the daily timeframe still displays signs of potential bullishness and may see the price attempt to break through the $0.37 resistance again. Overall, the RSI reached a high of about 65, marking the highest value since March.

Hourly chart on ALGORAND / USDT showing price consolidation around $0.37

Hourly chart on ALGO/USDT showing price consolidation around $0.37 | Source: Tradingview

Algorand on Hourly Chart

On the hourly timeframe, ALGO appears to be consolidating around this $0.37 level and may see further movement upwards if the bulls defend this level with vigor and pushback against the bears.

The Relative Strength Index (RSI) on the 4-hour timeframe indicates slightly overbought conditions. It may suggest that ALGO will consolidate for quite some time before any strong price movement to the upside or downside.

Chart on the 4-hour timeframe, showing slightly overbought conditions on ALGORAND, and possible price retest of the $0.34 zone

ALGO/USDT Price Chart | Source: Tradingview

The price of ALGO is expected to trend downward and retest the $0.34 level before a possible rebound upward or possibly a breakdown of this support level.

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Name Price
Bitcoin (BTC)
$21,567.00
Ethereum (ETH)
$1,217.27
Tether (USDT)
$1.00
USD Coin (USDC)
$1.00
BNB (BNB)
$242.12
Binance USD (BUSD)
$1.00
XRP (XRP)
$0.342965
Cardano (ADA)
$0.475877
Solana (SOL)
$38.49
Dogecoin (DOGE)
$0.069552

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