Altcoins
Top Analyst Says ‘God Candle’ Loading on Solana-Based Altcoin, Updates Outlook on Bitcoin and Dogecoin
Published
3 weeks agoon
By
adminA widely followed analyst and trader is leaning bullish on a blockchain oracle built in the Solana (SOL) ecosystem while offering his outlook on Bitcoin (BTC) and Dogecoin (DOGE).
Pseudonymous crypto trader Bluntz tells his 290,400 followers on the social media platform X that the native token of Solana-based blockchain oracle Pyth Network (PYTH) is primed for a strong bullish movement.
“God candle loading on PYTH.
Perfectly rounded bottom with three months of accumulation.
Currently flirting with the final boss as far as accumulation resistance goes [just below the $0.50 price] and once cleared, clear skies ahead.
Solana beta is about to start getting some love again in my opinion.”
PYTH is trading at $0.399 at time of writing.
Moving on to the flagship digital asset, Bluntz – who regularly utilizes Elliott Wave theory in his technical analysis – says that Bitcoin “should pop higher” after undergoing a brief correction in a three-wave pattern.
Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on the analyst’s chart, it appears Bluntz is suggesting that Bitcoin could hit a new all-time high price of just under $80,000 in the first few days of November.
“I see lots of election volatility fear posts popping up and I don’t think the fear is unfounded, but I do think that election volatility will rear its head from higher up.”
Bitcoin is trading at $72,054 at time of writing.
Concluding with popular meme asset DOGE, the trader says its primed to go higher after enjoying an accumulation period of over two years.
“Many will succumb to selling DOGE too early, despite getting in at these low levels.
This is a consequence of 874 days of accumulation, recondition your brain, bullieve in something.”
Dogecoin is trading at $0.171 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The XRP price recently surged to a three-year high of $1.6, marking a significant milestone in the cryptocurrency’s recent bullish rally. This remarkable price movement has garnered the attention of many analysts as investors continue to project the trajectory of the price.
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There are basically two ways the XRP price can go from here: either a continued move upwards or a notable correction. An in-between is a consolidation pattern.
CrediBULL Crypto shared his insights on the potential paths the altcoin might take next. Using the Elliott Wave Theory, he highlighted two scenarios that could shape XRP’s near-term future.
What’s The Next Path For XRP Price?
According to CrediBULL Crypto, XRP’s recent rally exhibits a textbook example of a five-wave impulsive move, complete with clearly identifiable subwaves. This pattern confirms that the cryptocurrency has likely reached its absolute bottom at the November low of $0.49, which is a strong foundation for its current upward trend.
The impulsive wave structure suggests that the crypto is at a pivotal juncture, and its future trajectory hinges on whether it sustains specific price levels.
The first possibility centers on XRP failing to maintain its position above $1.05, which is the origin of the fifth subwave in the current impulsive structure. Should this level break, it would confirm that the XRP price is in a larger Wave 2 correction.
According to the Elliot Waves Theory, Waves 2 and 4 are corrective waves, while Waves 1, 3, and 5 are the main bullish waves. before This correction, while bearish in the short term, would lay the groundwork for an even stronger Wave 3 rally in the future.
CrediBULL Crypto predicts a very different outcome if the XRP price manages to hold above the $1.05 level. Holding above the $1.05 level would indicate that the fifth subwave is extending. In this case, the analyst predicted that the XRP price will surpass the $2 mark before experiencing any substantial pullback.
The Road Ahead For XRP
XRP, which had lingered below the $1 threshold for the past three years, has now firmly established itself above this pivotal mark. The recent XRP price surge to $1.6 suggests that the cryptocurrency is in a stronger position to target the $2 milestone rather than retreat into a significant correction. This bullish sentiment is bolstered by speculation around SEC Chairman Gary Gensler’s anticipated resignation in January 2025.
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The XRP price climb to $1.6 reflects its growing strength in the market. Nonetheless, the next phase of its journey depends on key support and resistance levels. At the time of writing, the XRP price is trading at $1.46, having corrected by about 8.5% in the past 24 hours. However, the XRP price is still up by 175% in the past 30 days.
Featured image from Pexels, chart from TradingView
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ADA
Cardano Primed To Continue Surging As Whales and Institutions Accumulate ADA, Says Crypto Analyst
Published
1 day agoon
November 24, 2024By
adminThe layer-1 blockchain Cardano (ADA) is primed to continue its long-awaited price surge, according to a popular crypto analyst.
The digital asset trader Ali Martinez tells his 87,300 followers on the social media platform X that whales and “institutional players” have been buying into the Ethereum (ETH) competitor in anticipation of further price increases.
“The volume of large Cardano ADA transactions on the network has surpassed $22 billion per day. Those large transactions appear to be related to high accumulation levels. Indeed, whales holding from $1 million to over $10 million in ADA have increased their positions by more than 100% in the past month.
The high buying pressure is starting to move prices, and from a technical perspective, Cardano seems to be mirroring its previous bullish cycle. If this pattern holds true, ADA could target $6!”
Martinez also notes that one “key area” of support that ADA needs to hold to maintain its bullish thesis is $0.80. At that price point, 48,000 addresses bought nearly 1.20 billion ADA.
ADA is trading at $1.06 at time of writing. The ninth-ranked crypto asset by market cap is up more than 24% in the past 24 hours, more than 48% in the past seven days and nearly 200% in the past month.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoins
Analyst Says Dogecoin Has Way More Room To Grow, Sees Potential Rally to New All-Time High for DOGE
Published
5 days agoon
November 20, 2024By
adminA closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.
Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.
He uses Google search trends to gauge the level of interest for the top memecoin by market cap.
“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”
He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.
“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”
DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.
Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.
Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.
“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”
Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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