Crypto Quest

Following its brief stint above $66,000, the Bitcoin price fall had put it below multiple important levels. This allowed the bears to thrive as they reclaimed control of the largest cryptocurrency by market cap once again. Even now, as the Bitcoin price looks toward some recovery, the bear camp continue to wax stronger, with a most recent failure to break the MA-200, suggesting that the uptrend may only be temporary and a larger crash could be at play.

Why The Bitcoin Price Failing At MA-200 Is Bad

Crypto analyst RLinda revealed in a TradingView post that the Bitcoin price had actually tried to break the M1-200 level. This attempt took place on the daily chart with the price moving toward the $64,000-$65,000 resistance. However, the resistance at $64,000 proved too strong and the Bitcoin price was beaten down once again.

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The product of this failure at the daily MA-200 now is that the Bitcoin price is now forming a descending channel. Naturally, this is bearish for the Bitcoin price given that descending channels are often messengers of a crash. Add in the fact that the price has broken a range boundary with a strong liquidity zone formed and the crypto analyst believes that the market could be headed further down.

Since the bears remain in control, it seems to be a matter of when, not if, the Bitcoin price will retrace again. After this, the question of how low the price can go swims to the fore and the crypto analyst is currently looking at an at least 10% fall, which would push the price out of $60,000 again.

The main resistance levels presented by the crypto analyst are $62,745 and $64,955. This means that this are the levels the Bitcoin price must successfully scale in order to confirm the uptrend. In comparison, RLinda puts support levels at $60,000, $59,250, and $57,700. If the BTC price is unable to sustain these levels, then the dip could be deeper than expected, possibly crashing as low as $52,000.

How To Weaken The Bearish Pressure

Another analyst who has highlighted the Bitcoin price failure to break the MA-200 is Alan Santana. He explains in his post that the fact that the cryptocurrency is now trading below this MA-200 has strengthened the bearish bias with a drop expected to follow.

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However, there are a couple of developments that could help to weaken the mounting bearish pressure. The first of these is if the Bitcoin price were able to close above $66,500 on the weekly chart. The second is if BTC is able to complete a monthly close above $71,000.

Both of these scenarios would work to invalidate the bearish pressure that is currently mounting on the Bitcoin price. “As long as Bitcoin trades below 66,500 (short-term) or below 71,000 (long-term), the bearish bias remains intact,” the crypto analyst warned.

Featured image created with Dall.E, chart from Tradingview.com

Analysts at British multinational bank, Standard Chartered have predicted that the price of Ethereum (ETH) could potentially climb to $10,000 in response to the anticipated political changes set to take place following the upcoming United States (US) Presidential elections.

Standard Chartered Predicts Ethereum To $10,000

In a research note by the head of Standard Chartered crypto research, Geoffrey Kendrick, Ethereum could experience a dramatic rise to $10,000 if Donald Trump, the former US President wins the upcoming election. 

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Delving into the potential impact of a Trump administration on the future of the digital asset industry, Kendrick predicts that both Ethereum and Solana (SOL) will outperform Bitcoin (BTC) significantly, reaching new all-time highs. The report posits that changes in a country’s political regime tend to have a significant influence on the trajectory of leading digital assets over time. 

Based on this observation, Kendrick expects Solana to significantly outperform Ethereum under a Trump regime. While Ethereum will witness significant growth and possibly maintain its rank as the top altcoin with the largest market capitalization, a Trump win could change the market dynamics, potentially triggering even higher gains and adoption for its competitor, Solana. 

On a different note, if the current US Vice President, Kamala Harris wins the upcoming elections, Kendrick’s report projects that Ethereum could surge to $7,000, marking a 30% or $3,000 drop from the projected $10,000 target under a Trump administration. However, under Harris’s leadership, Ethereum will solidify its position as the leading altcoin, potentially outperforming Bitcoin and Solana in gains.  

It’s important to note that Standard Chartered has cut down its earlier forecast for Ethereum by nearly 50%, underscoring the volatility and unpredictability of the market. In an earlier report, the multinational bank had predicted that Ethereum could reach $14,000 by 2025, driven by the approval of Spot Ethereum ETFs. 

Although Spot Ethereum ETFs have gained said approval and are now trading, Ethereum’s price remains significantly below $3,000. Nevertheless, the results of the US Presidential elections scheduled for November 5, could have a more bullish impact on Ethereum, potentially triggering a massive run to new highs. 

ETH Faces Drop To $1,600 If Key Support Fails

While market experts deliver optimistic projections for Ethereum’s price, a prominent crypto analyst, Ali Martinez has taken a more bearish stance, predicting a significant decline for this altcoin if it fails to hold a crucial support level. 

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In an X (formerly Twitter) post on Monday, Martinez disclosed that if Ethereum can stay above the $2,300 support threshold, its price could breakout to new all-time highs of $6,000. On the other hand, if the top altcoin fails to maintain this level, it could trigger a massive drop to the next support at $1,600. 

As of writing, the price of Ethereum is trading at $2,432, and a decrease to $1,600 would represent a massive 34.21% plunge for the cryptocurrency.  

Featured image created with Dall.E, chart from Tradingview.com

The price of Shiba Inu might be currently declining, but an analyst says the meme coin is gearing up for a bullish run as it is currently flashing a buy signal. According to Cantonese Cat, SHIB is now flashing a strong buy signal based on the L3 Banker Fund Flow Trend Oscillator, a relatively lesser-known indicator. 

In a detailed breakdown shared via a YouTube video, Cantonese Cat explored SHIB’s recent price action in conjunction with this oscillator, revealing that it is ready for at least a 5x move to its all-time high, up until a bigger 2430% increase to a target of $0.00047.

Shiba Inu Flashes Buy Signal

Cantonese Cat’s latest analysis on Shiba Inu offers an interesting angle to the meme coin’s price action alongside other altcoins. The video in which he shared his analysis covers the current SHIB movement in relation to the larger altcoin market. As such, the analyst notes that Shiba Inu is one of ten cryptocurrencies among Optimism, Avalanche, Cardano, Chainlink, Boba Network, COTI, Amp, Cartesi, and Injective, which are all flashing a buy signal with the L3 Banker Fund Flow Trend Oscillator. 

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The L3 Banker Fund Flow Trend Oscillator is a technical indicator used to analyze the flow of capital in and out of cryptocurrencies among large market participants. A detailed analysis of SHIB’s price action with this indicator shows that this buy signal is extremely rare. The last time it flashed a buy signal for SHIB was in July 2023.

At that time, SHIB was trading below $0.000008. What’s more interesting is that even though the buy signal appeared then, SHIB’s price continued to consolidate for another six months before finally experiencing a strong rally in February 2024 during the broader crypto market upturn. Fast forward to October 2024, and SHIB is now showing another sign of a bullish rally with the L3 Banker Fund Flow Trend Oscillator.

SHIB Price Targets To Expect

Although the buy signal is derived from the banker fund oscillator, the analyst uses Fibonacci levels to predict potential targets when the breakout eventually occurs. The first target is the 1 Fibonacci extension level, which aligns with SHIB’s current all-time high of $0.0000884. He also noted an ultimate “crazy target” for those anticipating a bigger surge. This ultimate target is at the 1.618 Fibonacci extension level, which aligns with $0.00047. 

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Reaching this price would require SHIB to break through multiple resistance levels, both before and after surpassing its all-time high. Achieving this “crazy target” would represent a 2,430% increase or approximately a 30x jump from the current price level. Cantonese Cat suggests that this target could be achieved by August or September 2025, although he admits this is a highly ambitious target. According to him, a more feasible target is a 10x run from the current SHIB price.

At the time of writing, SHIB is trading at $0.00001733 and is down by 6% in 24 hours. 

Featured image created with Dall.E, chart from Tradingview.com

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

The cryptocurrency market is gearing up for a major event as Optimism (OP), Aptos (APT), and Taiko (TAIKO) prepare for token unlocks collectively valued at $169.66 million. According to data from TokenUnlocksApp, millions of dollars worth of cryptocurrencies will flood various ecosystems this week, which could further amplify the prevailing selling pressure. Of these cryptocurrencies, Aptos (APT) dominates the token unlocks, with almost $100 million worth of APT set to be unlocked in the next seven days.

Explaining The Token Unlocks

Token unlocks refer to the release of a predetermined number of tokens that were previously locked or vested during the cryptocurrency’s launch. When these tokens become available, they can be traded on the market, which often leads to increased liquidity. However, a potential downside is that a sudden surge in supply can lead to price volatility as recipients of unlocked tokens might decide to sell, causing downward pressure on prices. As such, new buyers are used as the exit liquidity for early investors, team members, or project developers who are given these unlocked tokens.

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According to data from TokenUnlocksApp, this week’s crypto market activity will see a significant release of tokens across three major projects: Optimism (OP), Aptos (APT), and Taiko (TAIKO). These upcoming unlocks are particularly noteworthy because they follow a cliff unlock mechanism, where a large number of tokens are released in one go. Interestingly, these unlocks come just a week after SUI, another prominent blockchain project, unlocked 64.19 million tokens valued at approximately $106 million.

Among these three projects, Aptos stands out with the most significant unlock. A total of 11.3 million APT tokens, collectively worth approximately $99.75 million at the current price of APT, are set to be released. The second most notable unlock comes from Optimism, which will release 12.47 million OP tokens valued at around $21 million. Taiko, a project focusing on zk-Rollup technology for Ethereum scaling, will also unlock 12 million tokens with a total value estimated at $20.28 million.

What Next? Should You Buy Or Sell?

Cliff token unlocks have more profound effects on the price of cryptocurrencies than linear unlocks. Of the three ecosystems, Taiko’s unlock seems to be the most important, as a larger part of its circulating supply (15.62%) is going to be unlocked in a single event, which could dramatically influence its price action. In comparison, Aptos and Optimism will see smaller portions of their total circulating supply unlocked. Aptos is set to unlock 2.3% of its circulating supply, while Optimism will release 1% of its circulating supply.

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Nonetheless, monitoring the unlocks is crucial for investors in the rest of the week. This is especially true for retail investors, as they could bear the risk of the liquidity as these tokens are unlocked. They could be used as exit liquidity once the owners of the unlocked tokens decide to sell or reduce their exposure.

Featured image created with Dall.E, chart from Tradingview.com

Solana is testing a crucial level after weeks of volatile price action and market uncertainty. Following the Federal Reserve’s interest rate cut announcement, Solana surged 26% but quickly retraced 17%, reflecting the ongoing turbulence in the broader crypto market. This rollercoaster price movement has left many investors on edge as they wait for the next clear signal.

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Amidst this uncertainty, top analysts are closely monitoring Solana’s next move, with one in particular pointing to the $160 mark as the decisive level that could determine its direction. A breakout above this level could reignite bullish momentum, while failure to do so may lead to further downside pressure.

The coming days will be critical for Solana as investors assess the market’s trajectory and brace for potential volatility. With SOL standing at a pivotal point, both bulls and bears are watching closely to see whether the price can break through key resistance or succumb to further correction.

Solana Testing Liquidity Below $160

Solana has experienced significant ups and downs over the past couple of weeks, leaving investors uncertain after the latest dip. Many were anticipating further gains before the retrace, which has now sparked caution in the market. With Solana trading in this volatile environment, the focus has shifted to key technical levels that could determine the next big move.

Top crypto analyst Daan has shared his insights on X, noting that Solana has formed three nearly equal highs around the $160 level. He also highlights that SOL is consistently making higher lows, a sign of potential bullish momentum building up.

According to Daan, this gradual upward drift suggests that Solana could eventually break through the $160 resistance level, which would be a pivotal moment for the cryptocurrency.

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The reaction at $160 will be crucial. If Solana manages to break above this level, it could signal a push to new highs and reignite bullish sentiment in the market. However, if the price fails to maintain momentum, Solana might remain range-bound between $120 and $160, continuing its sideways movement. Investors are closely watching these levels as Solana’s next direction could define its performance for the rest of the year.

Price Action: Supply Levels To Break

Solana (SOL) is currently trading at $143 after experiencing a few days of choppy price action. The market has been volatile, and SOL is now testing the critical 4-hour 200 exponential moving average (EMA) at $144.55. This level serves as a key resistance point, and a breakout above it could signal a bullish continuation for Solana.

If SOL manages to break and hold above the 4-hour 200 EMA, the next target for bulls would likely be the $160 level. A move above $160 could reignite positive sentiment, potentially setting the stage for further gains. However, if SOL fails to break above the $144.55 resistance, a retrace to lower demand zones is expected.

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In the event of rejection at the 4-hour 200 EMA, Solana could dip to the $127 support level, where traders and investors will closely monitor for signs of strength or further downside risk. The price action over the next few days will be crucial in determining whether SOL can resume its bullish trajectory or if a deeper retracement is on the horizon.

Featured image from Dall-E, chart from TradingView

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.