Autor Cointelegraph By Jordan Finneseth

Analysts expect turbulent Bitcoin price until $46,500 flips to support

Analysts expect turbulent Bitcoin price until $46,500 flips to support

Uverejnil používateľ | jan 13, 2022 |

Market volatility reared its ugly head once again for crypto traders on Jan. 13 as the excitement of Bitcoin (BTC) hitting its highest level in a week was quickly thwarted by a correction that thrust the cryptocurrency back into the mid-$45,000 range. Data from Cointelegraph Markets Pro and TradingView shows that after reaching an intraday high of $44,500, bears took control of the Bitcoin market and hammered the price to a low of $42,315 while the wider global financial markets also experienced a noticeable sell-off. BTC/USDT 1-day chart. Source: TradingViewHere is what several analysts in the cryptocurrency community are saying about Jan. 13’s price action and what levels traders should keep an eye on.50-day EMA becomes the new resistanceAnalysis of Bitcoin’s weekly price movement was provided by crypto analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart focused on BTC’s performance around the 50-day exponential moving average (EMA).BTC/USD 1-week chart. Source: TwitterRekt Capital said, “Though BTC didn’t reject from it in a picture-perfect manner… The blue 50-week EMA could be reasoned to figure as resistance at this time.” Based on the chart provided, Bitcoin now faces stiff resistance at $44,825.Whales exert pressure at $46,500When it comes to where Bitcoin whales have been making a splash, on-chain analysis firm Whalemap posted the following chart detailing heavy accumulation at the current price level, as well as the previous accumulation of 90,000 BTC around the $46,500 price level. Large Bitcoin wallet inflows. Source: TwitterWhalemap said, “Reclaim of $46,500 will look like a trend reversal. Whales will be providing a bit of resistance there though. All eyes on $46,500.”“Stay calm and enjoy the markets”This area of resistance was also highlighted by independent market analyst Michaël van de Poppe, who posted the following chart showing a rough estimate of what the BTC price action might look like for the month of January. BTC/USDT 4-hour chart. Source: Twittervan de Poppe said, “This might be a very realistic scenario for Bitcoin. First test of $46K, I doubt we’ll break through in one go.”Following the breakout attempt and the rejection at $44,000, Poppe posted the following tweet calling for patience as the route higher will take time to unfold. Relax, stay calm and enjoy the markets. Last days sentiment slowly started to switch. Long term still bullish, but in order to have a big bullish move, #Bitcoin and the price action need to settle and accumulate. That’s this period.— Michaël van de Poppe (@CryptoMichNL) January 13, 2022The overall cryptocurrency market cap now stands at $2.023 trillion and Bitcoin’s dominance rate is 39.8%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

Uverejnil používateľ | jan 13, 2022 |

The cryptocurrency market faced another day of erratic price movements on Jan. 13 after Bitcoin (BTC) bulls were soundly rejected in their bid to push the price above $44,000. This led to an abrupt sell-off that has thrust the price back into the high $42,000 range. Despite the mid-day struggle faced by Bitcoin and many of the other large market-cap cryptocurrencies, several small-cap altcoins managed eek out notable gains. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the three biggest gainers over the past 24-hours were Cream Finance (CREAM), Electroneum (ETN) and Rari Governance Token (RGT). CREAM token holders qualify for the Iron Bank tokenCream Finance, a DeFi lending protocol, led the altcoin market with a gain of more than 35% after its 24-hour trading volume surged 365% to $75.2 million. Data from Cointelegraph Markets Pro and TradingView shows that after dipping to a low of $37.10 on Jan. 10, the price of CREAM catapulted 112% to a daily high at $78.65 on Jan. 13 as its 24-hour trading volume jumped 351% to $75.3 million. CREAM/USDT 4-hour chart. Source: TradingViewThe price spike comes after the announcement that CREAM token holders can now qualify to receive the upcoming Iron Bank token by staking their CREAM on the protocol for an extended lock-up period. Electroneum focuses on the gig economyThe mobile phone-based cryptocurrency platform Electroneum saw the price of its native ETN token spike  75% to $0.0134 over the past day as its 24-hour trading volume rose by 1,552%. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ETN on Jan. 11, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (grey) vs. ETN price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ETN registered a high of 70 on Jan. 11, around 4 hours before the price spiked 77.5% over the next two days.The sudden spike in the trading volume and price for ETN comes as the project refocused its efforts on marketing its AnyTask™ freelancer platform. This has also helped contribute to a rise in the VORTECS™ Score for ETN which sits at 80 at the time of writing. Related: Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity reportRari Capital adds new Fuse poolsRari Capital is a non-custodial DeFi robo-advisor that enables users to autonomously earn a yield with their crypto holdings and it utilizes RGT to conduct governance votes on the protocol. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RGT on Jan. 9, prior to the recent price rise. VORTECS™ Score (green) vs. RGT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for RGT climbed into the green zone on Jan. 9 and hit a high of 83 around 21 hours before the price began to increase 60.35% over the next three days. The price appreciation for RGT follows the launch of several new Fuse pools on Rari Capital for popular projects including OlympusDAO, Babylon Finance and BadgerDAO. The overall cryptocurrency market cap now stands at $2.041 trillion and Bitcoin’s dominance rate is at 39.8%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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The expanding Cosmos: Here’s why Osmosis (OSMO) hit a new all-time high

The expanding Cosmos: Here’s why Osmosis (OSMO) hit a new all-time high

Uverejnil používateľ | jan 12, 2022 |

Crypto assets within the Cosmos ecosystem have been on a run since the start of 2022 thanks to an intensified focus on brokering cross-chain compatibility with other blockchains. One decentralized finance (DeFi) protocol that has benefited from the current expansion plans is Osmosis (OSMO).  Osmosis is the first decentralized exchange (DEX) servicing projects connected through the Interblockchain Communication Protocol (IBC) and data from Cointelegraph Markets Pro show OSMO price surged 123% from a low of $4.05 on Dec. 17 to a new all-time high at $9.24 on Jan. 7.OSMO/USD 1-day chart. Source: CoinGeckoThree reasons for the price growth seen in OSMO include a surge in trading volume on the DEX, a record high in the total value locked on the protocol and the release of cross-chain bridges that connect the Cosmos (ATOM) ecosystem with other Ethereum (ETH) virtual machine (EVM) compatible networks. Trading volume surgesOne of the biggest factors helping drive the price of OSMO has been the significant increase in trading volume on the exchange. According to data from Token Terminal, trading volume hit a record high of $186.8 million on Jan. 7 and a new all-time high was set on the same day.OSMO price vs. DEX trading volume. Source Token TerminalThe spike in trading volume and token price briefly resulted in Osmosis becoming the third ranked DEX by market capitalization as highlighted in the following tweet from Twitter user Jimmy Yang. 3rd largest DEX token is a @Cosmos DEX $OSMO $ATOM pic.twitter.com/UbBNur2Dsr— Jim Yang is hiring (@proofstake) January 6, 2022Other factors that have helped bolster the price of OSMO as trading volume increased include the fact that more than 81 million OSMO are currently staked on the network according to data from SmartStake. Furthermore, a large portion of the supply is also being used to provide liquidity in the various liquidity pools offered on Osmosis. Total value locked on the riseA second development laying out the bullish case for OSMO has been the steady increase in total value locked on the protocol, which hit a record $1.21 billion on Jan. 11 according to data from Defi Llama. Total value locked on Osmosis. Source: Defi LlamaThe climbing TVL comes as multiple tokens in the Cosmos ecosystem hit new highs. Notably, ATOM, which is the most recognizable asset from Cosmos, hit a daily high of $43.64 on Jan. 7, which is just a dollar below its all-time high. Osmosis’ second native token, ION, also hit a new high at $16,500 on Jan. 11. Related: 3 reasons why Cosmos (ATOM) price is near a new all-time highCross-chain ease the burden for tradersA third reason for the bullish turn in OSMO is the increased attention Cosmos has directed toward EVM compatibility and cross-chain bridges.Evmos is a current project in development that is working on becoming the first IBC-compatible EVM-based chain and it is currently supporting ERC-20 tokens on its testnet. IBC-enabled ERC20 tokens Now live on @EvmosOrg’s incentivized testnet!#IBCGang @cosmosibc @cosmos https://t.co/0knQk4gf9G— Federico Kunze Küllmer (@fekunze) December 22, 2021

Injective, a L1 protocol, has also revealed that is developing cross-chain bridges for Cosmos-based projects and it is currently working on support for OSMO. Sneak peek at the latest Injective Bridge IBC integration @osmosiszone ⚛️ @InjectiveLabsThe @cosmos IBC ecosystem is growing stronger everyday! pic.twitter.com/rVoRdQxjh0— Injective (@InjectiveLabs) January 4, 2022

As cross-chain bridges come online and allow tokens from other EVM-compatible networks to bridge into the Cosmos Hub, Osmosis has the potential to see further increases in trading volume and TVL simply because it is the main DEX for the Cosmos ecosystem at this time. If this were to occur, there’s also the possibility that OSMO price could appreciate further. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies

Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies

Uverejnil používateľ | jan 12, 2022 |

The cryptocurrency community is back in high spirits on Jan. 12 after a majority of tokens in the top 200 flashed green following Bitcoin’s (BTC) spike to $44,000.The return of bullish momentum has come as a boon to several altcoin projects, with multiple tokens seeing gains in excess of 20%. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Anyswap (ANY), Keep3rV1 (KP3R) and WEMIX (WEMIX). Anyswap expands its list of supported networksGains in the altcoin market were led by Anyswap, a decentralized exchange that specializes in allowing users to transfer and swap tokens between 25 distinct networks. Data from Cointelegraph Markets Pro and TradingView shows that since falling to a low of $15.16 on Jan. 10, the price of ANY ripped 77.67% higher to a daily high of $26.93 on Jan. 12 as its 24-hour trading volume spiked 525% to $114.5 million. ANY/USDT 4-hour chart. Source: TradingViewThe sudden spike in activity and price for ANY come as the protocol recently added two new networks to its list of supported chains including a FomoETH bridge and Moonbeam, which just officially launched on Polkadot. Keep3rV1 branches out to other networksKeep3rV1 is a project focused on creating a decentralized job board designed to help projects connect with external developers that can provide specialized services. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Jan. 7, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. KP3R price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KP3R climbed into the green zone on Jan. 7 and hit a high of 80 roughly 79 hours before the price rallied 79.64% over the next two days. The bullish move higher for KP3R comes following a tease released by the project indicating that KP3R will soon have cross-chain functionality between Ethereum (ETH), Fantom (FTM) and layer-two solution Optimism. Related: QuickSwap founder: L2s are the path to mass adoptionWEMIX lists at UpbitWEMIX is a global blockchain gaming platform developed by Wemade Tree that is designed specifically for gaming DApps and includes a marketplace for digital assets and nonfungible tokens (NFTs). Data from Cointelegraph Markets Pro and CoinGecko shows that after sliding to a low of $3.96 on Jan. 10, the price of WEMIX rebounded 106% to a daily high at $8.16 on Jan. 12 as its 24-hour trading volume spiked to $1.2 billion. WEMIX/USD 1-hour chart. Source: CoinGeckoThe surge in interest and trading volume for WEMIX comes as the token listed on the popular Korean cryptocurrency exchange Upbit on Jan. 10 and announced the details for the next WEMIX NFT auction drop. The overall cryptocurrency market cap now stands at $2.073 trillion and Bitcoin’s dominance rate is 39.8%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price

Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price

Uverejnil používateľ | jan 11, 2022 |

Bitcoin (BTC) price made a quick pop above $43,100 in the U.S. trading session but uncertainty is still the dominant sentiment among traders on Jan. 11 and bulls and bears are split on whether this week’s drop to $39,650 was BTC’s bottom. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has traded tightly around the $42,000 level as the global financial markets digested U.S. Federal Reserve Chair Jerome Powell’s statements on the upcoming fiscal policy changes.BTC/USDT 1-day chart. Source: TradingViewPowell indicated that the central bank is prepared to “raise interest rates more over time” if inflation continues to persist at high levels, but analysts were quick to note further comments, suggesting that a low-interest environment could persist for some time. It’s possible that traders may have interpreted these comments positively and while it is not possible to connect Powell’s comments to direct price movements, BTC did manage a quick surge above $43,000.Powell said, “It is really time for us to move away from those emergency pandemic settings to a more normal level. It’s a long road to normal from where we are.”Here’s a look at the ongoing debate on whether the crypto market is positioned to head higher in the coming days. Bulls call the bottomThe crypto market is well known for its volatility and history of extensive drawdowns after new all-time highs have been established, a characteristic highlighted by pseudonymous Twitter user ChrisBTCbull.Cryptocurrency drawdown percentage from 2021 highs. Source: TwitterThis across-the-board drawdown saw BTC fall by nearly 40%, while Dogecoin (DOGE) is down 79% from its highs, but according to bullish analysts, recent technical developments suggest that the market has reached a bottom. According to crypto analyst and Twitter user Will Clemente III, Bitcoin is “entering the Buy Zone on Dormancy Flow” as highlighted on the following Bitcoin entity adjusted dormancy flow chart, which “essentially compares price to spending behavior.” Bitcoin entity-adjusted dormancy flow. Source: TwitterClemente said, “This bottoming signal has only flashed 5 times before in Bitcoin’s history.”Related: Bitcoin price surges to $43K, but traders warn that ‘real pain’ is due for altcoinsA Death Cross loomsDespite Jan. 11’s spike to $43,100, many analysts are pessimistic about Bitcoin’s short-term prospects and caution that a potential “death cross” on the daily chart has historically been a strong bearish indicator. As shown below, the 50-day moving average is perilously close to falling below the 200-day moving average, a convergence that, in the past, resulted in sharp price declines.BTC/USD 1-day chart. Source: TwitterBitcoin Archive said, “Bitcoin is approaching the “Death Cross.” The last time this happened in June the price dropped 20% more over 31 days. That would take us down to $34K by the 9th of Feb if this repeated.”As for the altcoin market, the recent price weakness in the USD and BTC pairs was addressed by analyst and pseudonymous Twitter user Pentoshi, who posted the following tweet suggesting a more bearish performance in the near term for alts. Im pretty bearish alts. The hilarious part is the people replying to me with their alts which are in downtrends on both usd/btc pairs. The point of the bounces is to get you to chase into your lower highsI still believe Btc is in a downtrend. Bc it is. Which is why LH expected— Pentoshi DM’S ARE SCAMS (@Pentosh1) January 11, 2022For the time being, traders appear content to play the waiting game to see if the crypto market reverses course of stays range-bound for the foreseeable future.The overall cryptocurrency market cap now stands at $1.998 trillion and Bitcoin’s dominance rate is 40.3%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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