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Price analysis 10/15: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

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Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various documents pointed to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy exchange-traded fund ETF for listing on Nasdaq. 

Analysts pointed out that gold’s price had risen sharply leading up to the launch of the first U.S.-based gold ETF in 2004. Thereafter, the rally continued and gold’s price rose more than 300% since the ETF was approved, before forming a major top. The similarity between gold and Bitcoin being stores of value appear to have generated huge excitement for the launch of a Bitcoin ETF.

Daily cryptocurrency market performance. Source: Coin360

Traders seem to have aggressively accumulated Bitcoin before the announcement of a Bitcoin ETF. The Bitcoin futures open interest in the Chicago Mercantile Exchange hit a new all-time high on Oct. 14, surpassing the previous high of $3.02 billion made on April 14.

Could Bitcoin break above the all-time high and continue its northward journey and will altcoins also join the party? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on Oct. 14, indicating indecision among the bulls and the bears above the $58,000 level. This uncertainty resolved to the upside today and the rally has resumed.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($52,868) is sloping up and the relative strength index (RSI) is in the overbought zone, suggesting that bulls are in control. However, the all-time high at $64,854 may prove to be a difficult hurdle to cross.

If the BTC/USDT pair turns down from this resistance, the first support to watch on the downside is the 20-day EMA. A strong rebound off this support will suggest that sentiment remains positive and traders are buying the dips.

That will increase the possibility of the resumption of the uptrend with the target at $75,000. The first sign of weakness will be a break and close below the 20-day EMA, which could result in a decline to the 50-day simple moving average ($48,514).

ETH/USDT

Ether (ETH) bounced off the 20-day EMA ($3,479) on Oct. 13 and broke above the neckline of the inverse head and shoulders (H&S) pattern on Oct. 14. This completed the bullish setup which has a target objective at $4,657.

ETH/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI has broken above the downtrend line, suggesting that bulls are back in control. The ETH/USDT pair could now rally to $4,027.88 and then retest the all-time high at $4,372.72.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the neckline, it will suggest that bears continue to sell on rallies. The pair could then drop to the moving averages. A break and close below $3,257 will indicate that bulls may be losing their grip.

BNB/USDT

Binance Coin (BNB) broke and closed above the neckline on Oct. 13, completing an inverse H&S pattern. This bullish setup has a pattern target at $554.

BNB/USDT daily chart. Source: TradingView

The bears attempted to pull the price back below the breakout level but the long tail on the day’s candlestick indicates buying at lower levels. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand.

If the price rises from the current level and breaks above $518.90, it will signal the resumption of the uptrend. The bears will have to pull and sustain the BNB/USDT pair below the moving averages to weaken the bullish momentum.

ADA/USDT

The bulls are attempting to push Cardano (ADA) back into the symmetrical triangle pattern but the bears are not relenting. They are defending the support line and the 20-day EMA ($2.21) with vigor.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the current level and breaks below $2.07, the ADA/USDT pair could drop to $2 and next to $1.87. A breach below this important level may pull the pair down to the pattern target of $1.63

Alternatively, if bulls push and sustain the price above the 20-day EMA, the pair could rise to the resistance line of the triangle. A breakout and close above the triangle could clear the path for a rally to $2.47, followed by a move to $2.80.

XRP/USDT

XRP has been holding above the 20-day EMA ($1.08) for the past few days but the bulls have not been able to push the price to the overhead resistance at $1.24. This suggests a shortage of demand at higher levels.

XRP/USDT daily chart. Source: TradingView

If the price turns down and breaks below the 20-day EMA, the XRP/USDT pair could drop to $1. This level could again attract buyers but if they fail to push the price above $1.24, the bearish momentum could pick up and the slide could deepen to $0.85.

Conversely, if the price rises from the current level and breaks above $1.24, it will signal that the selling pressure may be easing. The pair could then rise to $1.41 and if bulls clear this barrier, the next stop could be $1.66.

SOL/USDT

The failure of the bears to sink Solana (SOL) below the 50-day SMA ($147) in the past few days indicates accumulation by the bulls. The buyers are currently attempting to sustain the price above the downtrend line.

SOL/USDT daily chart. Source: TradingView

If they succeed, the SOL/USDT pair could rise to the 61.8% Fibonacci retracement level at $177.80. This level may act as stiff resistance but if bulls overcome this hurdle, the pair may rally to $200 and then retest the all-time high at $216.

The first sign of weakness will be a break and close below the 50-day SMA. That could pull the price down to $116. This is an important level to keep an eye on because a break below it could intensify the selling.

DOT/USDT

Polkadot (DOT) skyrocketed and closed above the $38.77 overhead resistance on Oct. 13, suggesting that the consolidation has resolved in favor of the bulls.

DOT/USDT daily chart. Source: TradingView

The bears tried to pull the price back below $38.77 on Oct. 14 and today but failed. This shows that buyers are aggressively defending the breakout level. If bulls drive the price above $43.22, the DOT/USDT pair could retest the all-time high at $49.78.

If the price turns down from the current level and breaks below $38.77, the pair could drop to the 20-day EMA ($34.84). A strong bounce off this support will suggest that sentiment remains positive and traders are buying on dips.

Alternatively, if bears sink the price below the moving averages, the pair could drop to $25.50. Such a move will suggest that the breakout above $38.77 may have been a bull trap.

Related: CFTC slaps Tether and Bitfinex with a combined $42.5 million fine

DOGE/USDT

The bulls are struggling to sustain Dogecoin (DOGE) above the 20-day EMA ($0.23), which suggests that buying dries up at higher levels. A minor positive is that bulls have not allowed the price to sustain below $0.22.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of the bears if the $0.21 support cracks. That may result in a decline to $0.19.

If the price turns up from the current level, the bulls will try to push the price to the downtrend line. A breakout and close above this level will suggest that the decline could be over. The DOGE/USDT pair may next rise to $0.32 and then to $0.35.

LUNA/USDT

Terra protocol’s LUNA token is finding support at the 50-day SMA ($36.24) for the past three days but the bulls have not been able to drive the price above the 20-day EMA ($38.86). This suggests that demand dries up at higher levels.

LUNA/USDT daily chart. Source: TradingView

The 20-day EMA is sloping down marginally and the RSI is just below the midpoint, indicating a minor advantage to bears. A break and close below the 50-day SMA could pull the price down to $32.50 and if this support cracks, the correction could deepen to $25.

Conversely, if bulls drive the price above the 20-day EMA, the LUNA/USDT pair could pick up momentum and advance to $45.01 where bears may again try to mount a stiff resistance. A retest of the all-time high at $49.54 is likely if bulls overcome this obstacle.

UNI/USDT

Uniswap (UNI) rose above the moving averages on Oct. 13 and reached the neckline of the inverse H&S pattern on Oct. 14. The bears are currently attempting to stall the recovery at the neckline.

UNI/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI has climbed into the positive territory, indicating that bulls have the upper hand. If the price rebounds off the moving averages, the bulls will make one more attempt to propel the UNI/USDT pair above the neckline.

If they succeed, it will complete the inverse H&S setup, starting a possible rally to $31.41 and later to the pattern target at $36.98. This bullish view will invalidate if the price continues lower and breaks below $22. The pair could then drop to the strong support at $18.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.


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Source: https://cointelegraph.com/news/price-analysis-10-15-btc-eth-bnb-ada-xrp-sol-dot-doge-luna-uni

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CBDC is a tool to combat Bitcoin, says Bank of Indonesia exec

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Central bank digital currencies (CBDC), digital versions of national currencies introduced in response to growing cryptocurrency adoption, would be an essential tool for combating crypto, according to the Bank of Indonesia.

The central bank of Indonesia is considering launching a digital rupiah to “fight” against cryptocurrencies like Bitcoin (BTC), Bank of Indonesia’s assistant governor Juda Agung said at a recent parliamentary meeting.

“A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions,” Agung stated, according to a Nov. 30 Bloomberg report.

The official noted that cryptocurrencies like Bitcoin are currently traded alongside commodity futures and regulated by the trade ministry despite severe impacts on the financial system.

The news comes shortly after the National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, reportedly found cryptocurrencies like Bitcoin to be haram, or forbidden, by the tenets of Islam. The East Java branch of one of MUI previously issued a statement deeming the use of the cryptocurrency haram in late October.

As previously reported, the Indonesian government has taken a mixed stance on crypto regulation. Despite banning cryptocurrency payments back in 2017, local authorities have opted to keep cryptocurrency trading legal. In April 2021, Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) of the Ministry of Trading reportedly announced plans to launch a government-backed crypto exchange in the second half of 2021.

While maintaining a mixed stance on crypto, Indonesian regulators have been increasingly looking at a potential CBDC. In May, the Bank of Indonesia Governor Perry Warjiyo announced plans to launch a digital rupiah as a legal payment instrument in Indonesia.

Related: Retail-focused Singaporean CBDC to hedge against privately issued stablecoins

CBDCs like the Chinese digital yuan are apparently designed to curb cryptocurrency adoption as one of their key features. Indonesia is not alone in thinking that CBDCs can help governments combat crypto. In mid-November, Bank of Russia’s governor Elvira Nabiullina said that CBDCs should serve as a good option for governments to replace decentralized cryptocurrencies like Bitcoin.


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Source: https://cointelegraph.com/news/cbdc-is-a-tool-to-combat-bitcoin-says-bank-of-indonesia-exec

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Binance CEO reveals one key factor for token listings

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The CEO of Binance, the world’s largest cryptocurrency exchange by volume, has disclosed some information on how to get listed on the trading platform.

The most important criteria for listing a cryptocurrency on Binance is the number of users, CEO Changpeng Zhao, also known as “CZ,” said in a Forbes interview on Monday.

CZ went on to say that there are many other factors like the number of active addresses on blockchain, social media audience and code commits. However, the number of users is “the key metric,” he said, adding:

“If a coin has a large number of users, then we will list it. That’s the overwhelming significant attribute. Consider for example meme tokens, even though I personally don’t get it, if it’s used by a large number of users we list it. We go by the community, my opinion doesn’t matter.”

According to Binance’s listing tips from its CEO, the number of users is just one of many factors for listing a token on the crypto exchange. “If you have a large number of users, your product has value. That’s the easiest to measure. Do include the user statistics in the application form. It will help significantly,” the CEO’s statement on Binance listings reads.

According to Sergei Khitrov, founder of crypto listing-focused platform Listing.Help, major crypto exchanges like Binance don’t need to list minor tokens, as they earn mainly from trading volumes rather than listings.

“This is one of the main problems that many projects do not understand. They should start with building a community. And that means not 500 or 10,000 people in a Telegram channel, but a much larger audience,” Khitrov told Cointelegraph. He added that token creators are recommended to start from smaller exchanges.

At the time of writing, Binance supports a total of 346 cryptocurrencies, including major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), as well as popular meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB), according to data from CoinGecko. Binance’s daily trading volume is estimated at $28 billion.

In comparison, OKEx, the second-largest crypto exchange by trading volumes, has listed 312 coins and has a trading volume of roughly $7 billion. United States-based crypto exchange Coinbase supports just 123 tokens with a daily trading volume of about $6 billion.

Some major centralized exchanges (CEX) have more tokens listed than Binance does, with Bittrex listing over 450 cryptocurrencies at the time of writing.

Related: Kraken exchange defies competitors’ regulatory concerns with SHIB listing

As opposed to a CEX, decentralized exchanges (DEX) are the world’s biggest platforms in terms of the number of listed cryptocurrencies, as DEXs like PancakeSwap do not require contacting an exchange or asking permission. As such, PancakeSwap, a DEX running on the Binance Smart Chain, has over 3,200 listed tokens, while Uniswap lists over 1,800 cryptocurrencies.

Last month, PancakeSwap listed the Squid Game (SQUID) token, a cryptocurrency scam inspired by the eponymous Netflix show, which posted over 45,000% growth in a few days after launch. The token is listed on Binance-owned crypto website CoinMarketCap, while competitors such as CoinGecko retracted from listing SQUID due to being “most likely a scam.”


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Source: https://cointelegraph.com/news/binance-ceo-reveals-one-key-factor-for-token-listings

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India misinterpreted private crypto ban, says crypto bill creator

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The creator of India’s crypto bill, former Finance Secretary Subhash Garg, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation while highlighting the enormous potential of cryptocurrencies and blockchain technology.

The parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban’s scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified:

“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying what the word “private” stands for.

As a result, the crypto community in India self-interpreted two different versions of the bill’s agenda — one that considers banning all non-government issued cryptocurrencies and the other that excludes cryptocurrencies running on public blockchains such as Bitcoin (BTC) and Ether (ETH).

Garg also pointed out a flaw in classifying cryptocurrencies as assets after underscoring the vast ecosystem powered by disruptive technology. He also said that crypto exchanges have limited interests and do not represent the entire community:

“You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets. That is too much of oversimplification to treat this as an asset.”

On an end note, Garg added that the central bank digital currency initiatives, especially in countries such as India, are complex. According to him, the government first needs to address challenges, including the unavailability of smartphones and digital wallet issuance.

Related: Singaporean crypto exchange enters India amid regulatory uncertainty

The Indian crypto market continues to attract international firms, with the latest being Coinstore, a Singaporean crypto exchange. As Cointelegraph reported, Coinstore has allocated a $20-million fund to set up three new offices in the region.

Speaking to Cointelegraph, a Coinstore spokesperson was hopeful for the development of a positive crypto regulatory framework:

“Strict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protect the Indian users and would clarify the legality of certain cryptocurrencies.”


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Source: https://cointelegraph.com/news/india-misinterpreted-private-crypto-ban-says-crypto-bill-creator

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