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AVAX Brushes Off Bearish Pressure With 11% Rally

Published

3 months ago

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AVAX continues to rush forward to greater heights with the token reaching $28.74 since last week. This has been the biggest push by the bulls, influenced by the growing market confidence fueled by Bitcoin’s rally to $60k. Avalanche’s dev team is also hard at work with multiple on-chain news supporting this most recent price action.

AVAX Gaming Grows With More Projects

Although the gaming side of crypto is still relatively small, platforms like Avalanche provide developers with a stable and secure blockchain to deploy crypto-centered games. Just last Friday, Fableborne announced that their first play-to-airdrop event was a success, with more than 77,000 concurrent players joining the occasion.

 

July 20th also marks the announcement of ChronosWorlds that they partnered with Avalanche, stating that the platform is their “preferred deployment chain.” This just shows that developers trust AVAX as a crypto and gaming platform.

As of writing, AVAX is still gaining ground, following the general upward trend in the market. The coin has tallied an 11% rally in the last week, data from Coingecko shows. This bullishness and the continuous effort toward onboarding more dev teams and improving the platform puts Avalanche in an advantageous position within the market to gain more ground against the bears.

AVAX market cap currently at $11.4 billion. Chart: TradingView

$28.74 Might Not Be Enough For The Bulls

As of now, the bulls are in a slight advantage against the bears which might not last in the coming days. Although the correlation with major currencies like Bitcoin is great for mounting to retake the $32.12 price range, it will take time before bulls will reach those heights once more.

The current position of the bulls leaves them in a precarious situation. Stuck between accumulation, to further pump the price and gain ground, or consolidation, to keep the status quo and hope for better conditions; they should consider consolidating their current position.

Consolidation means slowing the accumulation stage, giving way to stability and a platform to move through to higher price ranges. Right now, if AVAX bulls decide to keep $28.74 as a support level there is a high chance for them to regain $32.12 and above.

Aside from technical factors like price, investors and traders should also monitor Avalanche’s next moves in the coming months. Last week, the Avalanche X account reiterated its upcoming Avalanche Summit LATAM, an exclusive event where developers and interested individuals in crypto come together. If the event is successful, investors and traders can expect more projects and partnerships to come.

Featured image from Flickr, chart from TradingView





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Donald Trump’s Victory Odds Fall, Here’s How Bitcoin and Altcoins React

Published

11 hours ago

on

November 2, 2024

By


As per the data from Polymarket, Donald Trump’s chances of a presidential victory dropped by a strong 4.5% just three days before the announcement of the results. As a result, Bitcoin and altcoins in the broader crypto market have taken a pause in any directional move unless things become clear further.

Donald Trump Loses Majority In Swing States

Over the past week, former President Trump held the victory odds strongly to more than 60% per the Polymarket data. However, on Friday evening, these numbers dropped by 4 percentage points. At 58.1% now, Donald Trump still maintains a lead by 16 percentage points over his rival and Democratic nominee Kamala Harris.

The two states where Harris is once again gaining ground over Trump are Wisconsin and Michigan. However, he holds a formidable lead in other states like Arizona, Pennsylvania, Nevada, and Georgia.

Just over the last two days, Donald Trump’s winning percentage numbers have dropped ten odd percentage points. Investors have already taken massive bets over the rising victory odds of Donald Trump over the past month. However, this recent swing can bring some jitters across the investor community.

As per the latest WSJ report a French user is betting more than $38 million on Donald Trump’s victory while stating that he has no political motive. The user identified himself as a French national who previously lived in the United States and worked as a bank trader. If Trump wins, the user stands to gain over $80 million, but a Kamala Harris victory could mean a total or significant loss.

Bitcoin and Altcoins Take a Pause

Following the surge to $73,000 earlier this week, the Bitcoin price plunged on the last day of October to settle under $70,000. However, yesterday’s correction dragged the altcoins even lower with ETH, SOL, XRP, and others falling by even greater percentage points.

Bitcoin speculators are increasingly drawn to leveraged futures positions as anticipation builds around the upcoming U.S. election. Meanwhile, data reveals that approximately 180,000 BTC previously held by long-term holders have shifted, de-risking into the hands of significant ETF buyers.

This trend indicates a cautious but active repositioning among seasoned investors, balancing speculative and long-term strategies in the lead-up to the election. For the first time in the last eight trading sessions, the total inflows into spot Bitcoin ETFs turned negative as victory chances for Donald Trump dropped further. The BlackRock Bitcoin ETF IBIT has been dominating the inflows over the past two weeks, with total inflows crossing $26 billion in a significant milestone.

The Ethereum price took a dive under $2,500 with top traders like Peter Brandt predicting further crash. However, if the bulls support the levels of $2,480, we could witness a rebound from here. As of press time, the ETH price is trading at $2,509 with a market cap of $302 billion.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Top Analyst Says ‘God Candle’ Loading on Solana-Based Altcoin, Updates Outlook on Bitcoin and Dogecoin

Published

1 day ago

on

November 1, 2024

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A 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.”

Image
Source: Bluntz/X

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.”

Image
Source: Bluntz/X

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.”

Image
Source: Bluntz/X

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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Crypto Analyst Says DeFi Altcoin Gearing Up for Liftoff, Updates Outlook on Solana and Dogecoin

Published

3 days ago

on

October 31, 2024

By


A crypto strategist who accurately called the Bitcoin (BTC) correction earlier this year thinks a decentralized finance (DeFi) altcoin is getting ready to erupt.

Pseudonymous analyst Rekt Capital tells his 508,200 followers on the social media platform X that the native asset of the yield tokenization protocol Pendle (PENDLE) looks poised to start a new uptrend.

The analyst shares a chart suggesting that PENDLE has successfully retested the neckline of an inverse head and shoulders pattern on the weekly chart, indicating that the altcoin is in a position to move higher.

“Technically, PENDLE has performed a good weekly close above the $4.48 (blue) level

Two weeks ago, PENDLE broke blue as resistance.

Last week, PENDLE successfully retested it as support.

This week, PENDLE needs to continue holding here to lift-off.” 

Image
Source: Rekt/X

An inverse head and shoulders pattern is a bullish reversal structure suggesting that demand for an asset is on the rise as investors pile in without waiting for price to revisit recent lows.

At time of writing, PENDLE is trading for $5.04, up over 9% in the past day.

Looking at the layer-1 protocol Solana, Rekt thinks SOL is on track to move higher after flipping two resistance levels as support.

“SOL has actually performed a bullish weekly close.

Why? Because SOL weekly closed above the confluent resistance area that is the blue diagonal trendline and red box…

Looks like the post-breakout retest has been successful.”

Image
Source: Rekt/X

At time of writing, SOL is worth $179.77.

As for Dogecoin (DOGE), the analyst thinks the altcoin is flashing constructive price action that would send the top memecoin to his target at $0.20.

“Dogecoin has successfully retested the red level ($0.14) as support.

DOGE has since rallied +26% to the upside.

Following the orange pathway perfectly thus far.” 

Image
Source: Rekt/X

At time of writing, DOGE is trading for $0.175.

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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.

Generated Image: Midjourney





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