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Third Ever XRP Bull Signal Is Back: What To Expect

XRP is trading at roughly 70 cents per token, but if a recent high timeframe bullish crossover is just the start of the upside to come, the cryptocurrency could be gearing up for an explosive rally.

Fishing For New All-Time Highs In XRP

XRP is among a few major cryptocurrencies that failed to set a new all-time high in 2021 above its 2018 peak. The lack of strength three years following the still-standing price record could be due to the fact 2018 capped off a 50,000% surge.

When that surge back then happened, it occurred just as the 3-month Fisher Transform flipped bullish. That was the first instance of the Fisher Transform crossing bullish and it triggered alongside a breakout from a downtrend line.

The second Fisher Transform 3M signal crossed bullish from much lower, but failed to produce the same substantial upside as the first crossover. Now the crossover is back and it is happening at levels that match the first epic rally.

Could the third-time be the charm and produce another rally similar to the first crossover?

XRPUSD_2023-11-08_14-59-50

The Possible Target Of The Triangle Thrust

Considering the law of diminishing returns, the probability of another 50,000% rally is extremely low. However, that doesn’t mean something special couldn’t be on the way.

XRP is also breaking out from a downtrend line and triangle pattern on the 3M timescale. The target of this pattern based on the measure rule is an 850% rally, if the price objective is met. This realistically puts XRP at a minimum of $6.

Breaching the previous all-time high from 2018 could cause any really to pick up even more steam, potentially overshooting the pattern-based price objective.

Triangles are typical of a wave 4 according to Elliott Wave Principle, and only appear before the final move in a sequence. Although this pattern is bullish for XRP, after the next major rally and new all-time high, things could get ugly. Crypto might be headed for longer duration bear market.

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Bitcoin Indicator Backed By Founders Of Top Crypto Data Analytics Firm Predicts Bullish Trends

Bitcoin (BTC) enthusiasts are keeping a close eye on the latest market trends, and the recent insights from Glassnode’s co-founders, Jan Happel and Yann Allemann, have stirred up a new wave of excitement. 

The duo, known by their Negentropic handle on the social media platform X, have shared some compelling perspectives that shed light on the current dynamics of the BTC market.

Surging Market Demand And Supply Imbalance

Happel and Allemann’s recent observation of the surging market demand outpacing BTC’s supply has triggered a wave of optimism among investors. They emphasized the remarkable influx of a staggering 700,000 new BTC addresses within a single day, highlighting this expansion as one of the most promising indicators for BTC price predictions. 

As the number of BTC coins in circulation decreases, the co-founders anticipate an upward pressure on buying bids, potentially driving the BTC price even higher.

As of now, the current price of BTC, according to CoinGecko, stands at $35,255, with a 2.0% gain in the last 24 hours and a 2.7% increase over the past week.

Unpredictable Shifts In Market Dynamics

A closer look at the current state of the BTC market reveals a dynamic landscape where buyers are expected to embrace a proactive approach, potentially entering the market without waiting for significant dips.

The co-founders’ analysis suggests that the rapid pace at which BTC is evolving has created an environment where investors are compelled to make timely decisions, leading to an intensified buying spree and consequent upward pressure on the cryptocurrency’s valuation.

The recent surge in the utilization of Bitcoin futures and options has captured the attention of both the media and seasoned investors. Glassnode’s Happel and Allemann speculate that this increasing demand for leverage is primarily fueled by investors’ anticipation of two highly bullish catalysts slated for 2024. 

The first catalyst revolves around the long-awaited potential for a spot BTC Exchange-Traded Fund (ETF), a development that could significantly boost institutional adoption and drive further demand for BTC.

Secondly, the prospect of the Bitcoin halving event has emerged as another powerful incentive, drawing the attention of investors who anticipate a subsequent scarcity-driven price surge.

As the BTC market continues to evolve and capture the attention of both seasoned investors and newcomers alike, the observations and insights shared by Glassnode’s co-founders serve as valuable signposts, guiding market participants through the intricate maze of cryptocurrency investments and market dynamics.

The latest developments in the world of Bitcoin point to a market in which demand is outstripping supply, potentially setting the stage for a bullish run.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Bitcoin Parabolic Rally Above $600,000: Crypto Analyst Says It’s Closer Than You Think

The argument for the Bitcoin price to reach above $200,000 has been going on for a few years now with a number of crypto pundits maintaining their stance. This has not changed, especially with the most recent prediction from one crypto analyst who puts the BTC price above $200,000. But what’s most interesting is the timeframe in which this analyst expects the leading crypto to reach this level.

Halving To Trigger Parabolic Rally

Crypto analyst TradingShot posted another eye-catching prediction on the TradingView website, putting the Bitcoin price as high as $200,000. The analysis focuses on the Bitcoin Vortex bullish cross as well as the Bollinger Bands Width (BBW) bottoms to gauge when BTC might go on its next parabolic rally.

TradingShot explains that a parabolic rally for the cryptocurrency often starts after a Halving Event. Now, a BTC halving event takes place roughly every four years and it’s an event in which the block rewards for miners are cut down in half, thereby reducing the rate at which new coins are being brought into circulation.

The crypto analyst’s prediction in this instance uses the next Bitcoin halving event which is expected to take place sometime in Q2 2024. As the analyst explains, this is an event that “starts the (final and most aggressive) Parabolic Rally sequence of the Bull Cycle.”

Bitcoin price chart from Tradingview.com

One other important event that happens after the halving takes place is the BBW which bottoms once the halving is completed. This often marks the end of a short downtrend, and “may have as a Support a (dotted) Lower Lows trend-line,” as TradingShot explains.

When Will Bitcoin Cross $200,000

The expectation for the BBW to bottom out in early 2024 carries the basis for a Bitcoin parabolic rally above $200,000. Once it does this, there is only a short timeframe that the crypto analyst sees before the asset is able to reach this level.

A Bullish Cross formation as has been the case historically, is expected to trigger “a long-term sequence of straight green candles (Parabolic Rally) straight to the Bull Cycle’s peak.” This marks the beginning of the bull market.

TradingShot explains that if this happens, then the Bullish Cross would appear on the 2-Month (2M) candle. This will put the timeframe in the vicinity of January 2024. If this analysis is correct, then BTC could be only a few months away from making a new all-time high.

At the upper band of this parabolic rally, Bitcoin sits above $650,000. Given that BTC is currently trading just above $35,300, it would mean an over 1,700% rally.

Bitcoin price chart from Tradingview.com

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Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?

Data shows a Solana whale has deposited SOL worth $11 million to Binance, which could be bearish for the asset’s price.

Solana Has Enjoyed Sharp Bullish Momentum During The Past Month

Since the start of Bitcoin’s rally towards the $35,000 level, the cryptocurrency market as a whole has been having a good time. Among the assets, Solana has particularly stood out, as its returns have been one of the highest.

During the last 30 days, SOL has observed an exceptional rally of more than 84%, leading to its price surpassing the $43 mark. The chart below shows how the asset’s trajectory has looked like during this period.

Bitcoin Price Chart

From the chart, it’s visible that Solana had managed to rise as high as $47 at the start of the month, but the coin registered a bit of a pullback soon after. The asset has since recovered 9% from these local lows, although it’s yet to make a full retrace. However, momentum appears to be building for the coin, as it has grown by 3% during the past day.

In this sharp rally during the past month, Solana also improved its standing in the cryptocurrency sector, as it claimed the 7th position on the market cap list.

Solana Market Cap

Naturally, as with any rally, profit-taking can be something to look out for, as it can lead towards a local top formation. It would appear that a whale may be attempting to do precisely that.

SOL Whale Has Deposited A Large Amount To Binance Today

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transaction has been spotted on the Solana blockchain during the past day.

This transfer saw 249,999 SOL move across the network, worth approximately $10.8 million when the transaction was executed. Given the large amount involved, it’s likely that a whale entity was behind it.

Generally, transactions can be something to watch, as they can sometimes have noticeable effects on the market, how the price would be affected by the move of a whale naturally depends on what they intended to do with it.

In the current case, the transfer moved from an unknown wallet (likely the whale’s address) to a wallet attached to a central platform: the Binance exchange.

One of the main reasons an investor might transfer their coins from their self-custodial wallet to one of these central entities is for selling purposes, so it’s possible that the whale wanted to sell here and harvest the profits they would have amassed in the latest rally.

The cryptocurrency price could end up feeling some resistance shortly if selling was indeed the goal in the mind of this whale.

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Dogecoin In Tight Zone: Why A Rally Will Happen If DOGE Clears $0.076

An analyst has explained how the next major Dogecoin resistance hurdle would be at $0.084 if the memecoin manages to clear $0.076.

Dogecoin Is Currently Sandwiched Between Major Support And Resistance Levels

In a new post on X, analyst Ali has discussed what the on-chain support and resistance levels are looking like for Dogecoin right now. A price level is said to be an on-chain support or resistance level on the basis of whether a large number of investors share their cost basis at it or not.

“Cost basis” here naturally refers to the average price at which a holder acquired their DOGE. When the spot price is below the cost basis of an investor, they are naturally in a state of loss, while it being above implies they are enjoying positive returns.

The below chart shows what the distribution of Dogecoin investors looks like currently on the basis of the price range that their cost basis lies.

Dogecoin Cost Basis

For any investor, their cost basis is an important psychological level and they may be prone to making some moves whenever the spot price retests it. Thus, if a large number of holders share their cost basis close together inside a particular range, the market could potentially see a sizeable reaction when the asset’s price ventures into the range.

Generally, whenever this retest happens from above (that is, the investors had been in profits before this), the meme coin’s price could feel some degree of support.

The reason behind this is that the holders may tend to believe that if this same level had been profitable earlier, it might be so again in the future, so they participate in some accumulation.

The opposite is the case whenever the Dogecoin price retests the cost basis of a large amount of investors from below. These investors would be tempted to exit at their break-even so the cryptocurrency could face resistance.

From the above graph, it’s visible that the DOGE levels above and below the current price both host the acquisition points of a large number of addresses. In particular, the $0.071 to $0.073 range has the cost basis of almost 200,000 holders, while the $0.074 to $0.076 range has 124,000 addresses.

“Note that support outstrips resistance in strength, hinting at the potential for an upward breakout,” says Ali. If Dogecoin can manage to clear this range of significant resistance off the back of this strong support, the next price level where it will face a hurdle would be around $0.084.

The in-between levels all have a relatively low amount of investors, so at least in theory, the memecoin shouldn’t have too hard a time mowing through them. Especially considering that, once the $0.076 level is through, the block that’s providing resistance right now would turn into a support boundary.

DOGE Price

Dogecoin is currently battling against the resistance offered by the aforementioned range as its price is floating around $0.075.

Dogecoin Price Chart