|
Reading time: 5 minutes |
News | Crypto Converter | Profit Calculator |
BTC surges as analysts predict breakthrough above $65,000 |
|
Key points: |
|
News - Bitcoin's price has risen 16% from its recent low of $52,546, which it hit on 6 September, prompting analysts to suggest that this upswing could signal the beginning of a rally toward new all-time highs. |
Independent analyst Jelle noted in a 17 September post on X that Bitcoin's local structure has shifted to bullish, as it closed above the previous September peak and established a higher low. |
Will BTC cross its all-time-high? He referred to the recent high of $60,670 reached on 13 September, which surpassed the 3 September high of $59,830. Jelle believes this setup indicates the market's potential to breach the $65,000 resistance and eventually tackle the supply congestion at the all-time high. |
Meanwhile, analyst Daan Crypto Trades highlighted that Bitcoin is trading near the midpoint of a descending parallel channel at $57,902. He suggested that a 5% increase from this level could trigger a larger move of approximately 10%, potentially pushing Bitcoin above $66,000. |
Well, Bitcoin gained 5% on 18 September, briefly reaching an intraday high of $61,331 before settling around $60,540. |
BNB Chain enhances Stablecoin infrastructure with gasless transactions |
|
Key points: |
BNB Chain introduces a system for gasless stablecoin transactions. The initiative aims to make stablecoin payments faster, cheaper, and easier to use.
|
News - BNB Chain has introduced a new system to streamline Stablecoin transactions. The initiative focuses on making Stablecoin payments faster, cheaper, and more user-friendly, aligning with BNB Chain's goal of simplifying cryptocurrency use in everyday life. |
Through partnerships with cryptocurrency exchanges (CEXs), wallet providers, and bridge operators, BNB Chain aims to create a seamless "gas-free transaction experience" for users. |
What's more? This initiative will initially support Tether (USDT), Circle USD (USDC), and First Digital USD (FDUSD), eliminating transaction fees for these stablecoins and promoting wider crypto adoption. |
Beyond CEX support, the initiative seeks to improve gasless transactions for wallets and cross-chain bridge interactions, further enhancing user accessibility. |
Collaborations with bridge providers like Celer will enable "zero-fee transfers and superior liquidity," simplifying the movement of crypto assets across different blockchains. |
It's important to note that the European Union's Markets in Crypto-Assets (MiCA) regulations, which came into effect in June, will become fully enforceable for crypto-asset service providers (CASPs) by December. |
Kamala Harris's presidency could drive crypto firms abroad, warns analyst |
|
Key points: |
|
News - During an interview at Token2049 on 18 September, Alex Svanevik, CEO of blockchain analytics firm Nansen, shared insights about the potential impact of the 2024 US presidential election on cryptocurrencies. |
Svanevik believes a Trump win would likely be beneficial for the crypto sector in the US, as he sees Trump as the most crypto-friendly candidate. In contrast, he views a Harris presidency as potentially continuing the current administration's less favorable stance toward crypto innovation. |
Trump v/s Harris - However, Svanevik pointed out that Harris's presidency might inadvertently favor crypto firms outside the US, as many may consider relocating their operations abroad. |
He noted discussions with industry leaders who have expressed intentions to move if Harris is elected. |
Trump has previously shown interest in cryptocurrency, despite past criticism, and his involvement in crypto projects has garnered attention. Meanwhile, Trump recently announced plans to launch a WLFI token through his World Liberty Financial Project, which has received mixed reactions from the crypto community, with some expressing skepticism about the timing and viability of the project. |
Dogecoin sees surge in transactions, sparking speculation about price rally |
|
Key points: |
|
News - Dogecoin (DOGE) has seen a surge in network activity, fueling speculation about a potential price rally. |
According to data, the number of transactions on the Dogecoin network has reached its highest level since early July, indicating renewed interest in the meme coin. This uptick in activity could potentially lift DOGE's price, which has been struggling in recent months. |
On-chain metrics hint at price growth - While the current transaction volume is still significantly lower than the peak seen earlier this year, the increasing engagement from users suggests a positive outlook for the coin's future. |
The number of active addresses on the Dogecoin network has also reached a new high, indicating growing interest and potential for further price appreciation. |
Crypto investors have expressed differing views on the timing of a potential DOGE rally. Some believe that a significant price increase could trigger an altcoin season, similar to what happened in 2020 and 2021. Others, however, suggest that a major rally might not occur until 2025. |
|
More stories from the crypto ecosystem |
|
Did you know? |
Solana differentiates itself through its unique Proof of History (PoH) consensus algorithm. This speeds up transaction validation and keeps costs low. Cardano's ADA token is named after Ada Lovelace, a 19th-century mathematician and visionary whose ideas are thought to have inspired the development of modern computing. Layer 2 solutions are built on top of existing blockchains (layer 1) to address limitations like scalability and transaction fees. They essentially act as an off-chain layer that handles transactions faster and cheaper.
|
|
Top 3 coins of the day |
Litecoin (LTC) |
|
Key points: |
A descending triangle on the daily chart suggests potential downside risk. RSI remains neutral at 48, awaiting clearer market direction.
|
What you should know - Litecoin is trading at $63.32 at the time of analysis, showing a modest decline of 0.71% over the past day. The daily chart displays a descending triangle pattern, with support around $60 and resistance from the upper trendline. This setup often indicates a bearish breakout, though consolidation is evident around the $63 level. The Bollinger Bands are starting to tighten, suggesting potential volatility ahead. Moreover, the 20-day moving average (yellow line) is acting as resistance, keeping the price below key levels. The current setup indicates that Litecoin might either break out to the downside if the support line gives way, or push upwards if bullish sentiment returns. A daily close above $66 could invalidate the bearish triangle, while a drop below $60 might lead to further downside pressure. |
Polkadot (DOT) |
|
Key points: |
|
What you should know - Polkadot (DOT) is trading at $4.02, reflecting a 3.2% drop for the day. The chart reveals a descending wedge pattern, typically a bullish reversal formation. DOT has been in this wedge since July after breaking out of a sideways trading range that persisted between $5.50 and $7.50 for much of the year. Despite the wedge's bullish potential, the price has yet to show any signs of breaking above the upper trendline. The volume remains muted, showing no significant buying pressure. The Moving Average Convergence Divergence (MACD) indicator continues to signal bearish momentum, with the MACD line below the signal line. DOT needs to stay above the $3.90 support to avoid further downside, while a break above $4.50 could spark a reversal. |
Toncoin (TON) |
|
Key points: |
|
What you should know - Toncoin (TON) is currently trading at $5.52, showing minimal movement for the day. The chart highlights a recent breakout from a downward channel, followed by a substantial 31.24% rally, pushing the price from $4.50 to $5.90. Despite this breakout, the momentum seems to be cooling off as the price is consolidating around the $5.50 level. The Awesome Oscillator (AO) shows bullish momentum, though it appears to be fading as the histogram bars shrink. The key support zone lies around $5.00, which if breached, could signal a retracement back into the descending channel. On the upside, a break above $5.90 could reignite the bullish trend, targeting $6.50 or higher. Overall, Toncoin's short-term price action suggests consolidation before the next significant move. |
How was today's newsletter? |
|
No comments:
Post a Comment