Crypto Quest

Ethereum price started a steady increase above the $2,450 resistance. ETH is holding gains and might gain bullish momentum above $2,520.

• Ethereum started a steady increase above the $2,420 and $2,450 resistance levels.
• The price is trading above $2,440 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support near $2,455 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must gain bullish momentum above the $2,520 and $2,550 resistance levels.

Ethereum Price Regains Traction

Ethereum price formed a base above the $2,350 level and started a fresh increase. ETH cleared the $2,420 and $2,450 resistance levels to move into a positive zone, beating Bitcoin.

The bulls even pushed the price above the $2,500 level. A high was formed at $2,518 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $2,436 swing low to the $2,518 high.

Ethereum price is now trading above $2,450 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,455 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,520 level. The first major resistance is near the $2,550 level. A clear move above the $2,550 resistance might send the price toward the $2,580 resistance. An upside break above the $2,580 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,720.

Another Pullback In ETH?

If Ethereum fails to clear the $2,520 resistance, it could start another decline. Initial support on the downside is near the $2,480 level. The first major support sits near the $2,455 zone and the trend line or the 76.4% Fib retracement level of the upward move from the $2,436 swing low to the $2,518 high.

A clear move below the $2,435 support might push the price toward $2,420. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,250.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,455

Major Resistance Level – $2,520

A particular crypto analyst has boldly predicted that XRP price could rise to $60, driven by the influx of demand and capital from institutional investors as it taps into the market share or daily volume of the SWIFT, a global messaging solution for banking and payment. 

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XRP Eyes $60 With SWIFT’s Volume Boost

In a recent X (formerly Twitter) post, Levi Rietveld proposed a unique scenario where XRP’s price could potentially surge to $60, marking a staggering increase of approximately 11,220% from its current value of $0.53. Firstly, Rietveld referred to a 2017 paper indicating SWIFT’s daily payment processes. 

According to the paper, SWIFT typically manages about $5 trillion in daily transactions, accumulating to $1.25 quadrillion every year. Based on current market changes and more adoption of the network, the analyst suggested that the figure will likely rise in 2024. He disclosed that SWIFT’s daily transactions have possibly increased to $7 trillion, equating to $1.8 quadrillion annually. 

The analyst also noted that SWIFT’s payment message volumes are usually about 11.5 million daily, with an average payment size of around $45,000. Moreover, he reveals that the current average payment size has increased to $60,000 per transaction, highlighting the staggering amount of fees it takes to execute just one transaction.  

Taking these figures into consideration, Rietveld has hypothesized that if XRP can acquire just 10% of SWIFT’s overall market share, the cryptocurrency could see an “astronomical” increase in its price. Starting on a more conservative estimate, the analyst revealed that with a 5% market share which is about $239.4 billion in daily volume, XRP could see a 1,252.5X increase. This is equivalent to a 9,080.6% surge in XRP, pushing its value to new all time highs at $26.62. 

Rietveld further estimated that with a 10% market share, XRP’s price could rise to $52, and even surpass $200 with 20% of SWIFT’s volume. The analyst has called on crypto investors to begin accumulating XRP, stressing that his ambitious projections for the cryptocurrency are not far-fetched, given its advantages over SWIFT in terms of cost, speed, and reliability. 

Institutional Adoption To Drive XRP Price Even Higher

While hypothesizing the extent of XRP’s price surge with a small percentage of SWIFT’s volume, Rietveld also disclosed that the cryptocurrency could see a massive price increase as adoption from institutional investors skyrockets. The analyst disclosed that the XRP market may undergo a significant supply shock when institutional investors begin accumulating the cryptocurrency. 

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He revealed that over time, institutional investors will eventually need to buy XRP from the public supply, as the tokens locked in escrow would not be sufficient to meet demand. Considering XRP’s already limited supply, Rietveld has projected that the potential supply shock would trigger a massive price rally to about $200 in the next 10 years. 

Featured image from Shutterstock, chart from TradingView

Solana is currently trading above the $140 mark, showing signs of strength as it prepares for a potential move to higher levels. After a modest 5% pump on Friday, investors and analysts are increasingly optimistic about the direction Solana could take in the coming months. 

One prominent analyst, Carl Runefelt, has shared a technical analysis predicting a 20% surge for SOL in the next few weeks, citing bullish patterns and favorable market conditions. His analysis suggests that Solana could reach $176 by the end of the year if current momentum holds.

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However, Solana still faces key resistance levels that could challenge its upward trajectory. Despite the recent surge, some market participants are cautious, given the overall volatility in the crypto space. If Solana manages to maintain its current support and break through resistance, the next few months could be pivotal for the asset’s long-term price action.

Can SOL capitalize on its recent gains and reach new highs, or will it struggle to maintain momentum in the face of market headwinds? Investors are eager to see how this plays out as we approach the end of the year.

Solana Testing Supply Levels

Solana has been trading within a range of $210 to $110 since mid-March, leading to mixed opinions among investors. While some see this price action as a consolidation phase, others believe it could signal an upcoming breakout. Notably, top analyst and entrepreneur Carl Runefelt recently shared a technical analysis on X, revealing a bullish triangle pattern forming for SOL.

According to Runefelt’s analysis, if Solana breaks out of this triangle pattern, it could experience a sharp upward movement, potentially reaching $176 in the coming weeks. This would represent a significant surge from its current trading levels and a key milestone for SOL. The price has struggled to break through the $160 resistance level since early August, but Runefelt suggests that a breakout from the triangle could push the price well beyond this resistance.

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A successful break above these critical levels would mean a 20% surge for Solana, with bullish momentum potentially driving it even higher. Investors are closely watching these movements, as a breakout could signal the end of Solana’s extended sideways trading and mark the start of a new upward trend. If SOL can maintain support and continue this rally, it may soon test new highs and solidify its position as one of the top-performing altcoins.

SOL Technical Analysis: Zones To Watch

Solana (SOL) is currently trading at $145, following a 7% surge from local lows at $135. The price has managed to rise above the daily 200 exponential moving average (EMA) at $140, a key indicator of short-term trend strength. However, SOL is still 4% away from the crucial 200 moving average (MA) at $152, which represents a stronger, longer-term trend signal.

A breakout above both the EMA and MA levels is essential for bulls to fully regain control and reclaim the trend. Surpassing these indicators could pave the way for a move to the $160 supply zone, where sellers are expected to be more active. This would signal a continuation of bullish momentum, with potential for further gains.

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On the other hand, if the price fails to hold above the $140 mark, this recent surge could be short-lived, and a deeper correction might follow. A break below this level could drive SOL down to $110, which is a significant demand zone that buyers may defend. Traders are keeping a close eye on these levels as the next few days will determine SOL’s s`hort-term direction.

Featured image from Dall-E, chart from TradingView

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

While Helium Mobile has enjoyed phenomenal success, the network has failed to keep pace, with the general market pulling it down further and with losses being multiplied as the market drops low. According to the latest market data, HNT, the native token of the network, dropped about 15% over the last two weeks which may endanger winnings pocketed in the last month.

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However, investors and traders are banking on recent developments that might turn the tide once the market recovers from its pitfall. With these recent developments, gains might be around the horizon although investor sentiment remains shaky at best and bearish at worst. 

Helium-Ameriband Partners To Expand Helium Network 

Helium recently announced that it has partnered with Ameriband, a market leader in Wi-Fi infrastructure in the United States. According to Helium’s recent blog post, the partnership will bring 100,000+ data-only hotspots around the US, expanding the network’s coverage over the country overnight. 

Exciting News for Helium Mobile Users! ?

Ameriband today announced its partnership with @helium_mobile to add 100,000+ Data-Only Hotspots to the Helium Network in the next few months across the US.

These Hotspots will help deliver faster, and more reliable coverage to users…

— Helium? (@helium) October 9, 2024

“Ameriband’s vast network is deployed in well-known retail businesses, grocery chains, venues, and commercial locations across the country and will help drive usage to the Helium Network. Thanks to this partnership, anyone with a Helium Mobile phone plan will experience connectivity in even more locations than before,” stated Helium in the blog post. 

This came as a massive win for Helium as the network expansion nearly guarantees connectivity for US users. This means that Helium users who previously experienced connectivity issues will have fewer or zero problems regarding connectivity in the coming weeks and months. It also ensures that the average retail user will have exposure to the Helium network, possibly adding on the growing number of users of the platform’s mobile arm. 

The carrier offload program caters to 130,274 subscribers from three different network providers with over 122 TB of data routed to the Helium network, figures that will continue to grow as the Ameriband partnership takes effect. 

Rising Correlation With The Market Leaves Gains Behind For HNT

HNT bulls are in the middle of an attempt to retest the current $6.79 resistance level. As of writing, HNT is still on the down-low with the token possibly taking another dive toward $6.23 in the coming days or weeks. 

The relative strength index (RSI), however, is hinting at a possible bullish reversal within this week or the coming week. 

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However, the rising market correlation with the broader market might endanger the token’s bullish momentum that is currently building up. With this in mind, HNT might continue to stabilize between the $6.23-$6.79 trading range in the coming days but may drive down toward $6.23 or $5.67 if the bears remain superior in the coming months. 

Featured image from Pexels, chart from TradingView

Ethereum price extended losses and tested the $2,320 support. ETH is now correcting losses and might aim for a fresh increase above the $2,420 resistance.

• Ethereum remained in a bearish zone and traded below the $2,360 zone.
• The price is trading below $2,420 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,350 support level to start decent increase in the near term.

Ethereum Price Aims Upside Break

Ethereum price failed to start a fresh increase above the $2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.

There was also a move below the $2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low.

Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD.

The trend line is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance.

An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone in the near term. The next hurdle sits near the $2,550 level or $2,560.

More Losses In ETH?

If Ethereum fails to clear the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.

A clear move below the $2,350 support might push the price toward $2,320. Any more losses might send the price toward the $2,265 support level in the near term. The next key support sits at $2,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,320

Major Resistance Level – $2,420