Altcoin
Bitcoin Cash eyes 18% rally
Published
3 months agoon
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admin
Bitcoin Cash (BCH) added nearly 35% to its value in the past month and rallied 12% on Nov. 21. Bitcoin’s (BTC) observed a rally to $98,384 early on Nov. 21, with BCH and other top cryptocurrencies tagging along for the ride.
An analysis of on-chain and technical indicators and data from the derivatives market shows that BCH could extend gains and retest its mid-April 2024 peak of $569.10.
Bitcoin hits all-time high, fork from 2017 ignites hope for traders
Bitcoin hit a record high of $98,384 on Nov. 21, a key milestone as the cryptocurrency eyes a run to the $100,000 target. BTC was forked in 2017, creating a spin-off or alternative, Bitcoin Cash.
BCH hit a peak of $1,650 in May 2021. Since April 2024, BCH has been consolidating with no clear trend formation.
BCH price rallied nearly 30% since Nov. 15, on-chain indicators show that further rally is likely in the Bitcoin spin-off token.
Bitcoin Cash’s active addresses have climbed consistently since August 2024. Santiment data shows an uptrend in active addresses, meaning BCH traders have sustained demand for the token, supporting a bullish thesis for the cryptocurrency.
The ratio of daily on-chain transaction volume in profit to loss exceeds 2, is 2.141 on Thursday. BCH traded on-chain noted twice as many profitable transactions on the day, as the ones where losses were incurred. This is another key metric that paints a bullish picture for the token forked from Bitcoin.
Binance funding rate is positive since Nov. 10. In the past eleven days, traders have been optimistic about gains in BCH price, according to Santiment data.
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The network realized profit/loss metric identifies the net gain or loss of all traders who traded the token within a 24 hour period. NPL metric for Bitcoin Cash shows traders have been taking profits on their holdings, small positive spikes on the daily price chart represent NPL.
Investors need to keep their eyes peeled for significant movements in NPL, large positive spikes imply heavy profit-taking activities that could increase selling pressure across exchange platforms.
84.48% of Bitcoin Cash’s supply is currently profitable, as of Nov. 21. This metric helps traders consider the likelihood of high profit-taking or exits from existing BCH holders, to time an entry/ exit in spot market trades.
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Derivatives traders are bullish on BCH
Derivatives market data from Coinglass shows a 33% increase in open interest in Bitcoin Cash. Open interest represents the total number of active contracts that haven’t been settled, representing demand for the BCH token among derivatives traders.
Derivatives trade volume climbed 613% in the same timeframe, to $2.35 billion. Across exchanges, Binance and OKX, the long/short ratio is above 1, closer to 2, meaning traders remain bullish on BCH and expect prices to rally.
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BCH futures open interest chart shows a steady increase in the metric, alongside BCH price gain since November 5, 2024. Open interest climbed from $190.74 million to $254.87 million between November 5 and 21.
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Technical indicators show BCH could gain 18%
The BCH/USDT daily price chart on Tradingview.com shows that the token remains within the consolidation. The token is stuck within a range from $272.70 to $568.20. BCH could attempt to break past the upper boundary of the range, a daily candlestick close above $568.20 could confirm the bullish breakout.
The April 2024 high of $719.50 is the next major resistance for BCH and the second key level is at $805.80, a key level from May 2021.
The relative strength index reads 64, well below the “overvalued” zone above 70. RSI supports a bullish thesis for BCH. Another key momentum indicator, moving average convergence divergence flashes green histogram bars above the neutral line. This means BCH price trend has an underlying positive momentum.
The awesome oscillator is in agreement with the findings of RSI and MACD, all three technical indicators point at likelihood of gains.
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A failure to close above the upper boundary of the range could invalidate the bullish thesis. BCH could find support at the midpoint of the range at $419.90 and the 50-day exponential moving average at $388.50.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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Altcoin
Maker Gears to Extend Rally Next Week, 15% Gains Likely
Published
19 hours agoon
February 22, 2025By
admin
Maker (MKR) price rallied over 44% in the past week. The DeFi token holds steady even as large wallet investors and whales holding MKR take profits in the ongoing price surge. On-chain and technical indicators support further gains in Maker.
Maker derivatives and on-chain analysis
Sky Protocol (formerly Maker’s) (MKR) MKR token has defied market trends in the past week. The token gained over 44% in value, according to price data on Crypto.news. Derivatives data and on-chain analysis supports a bullish thesis for the DeFi token for next week.
Derivatives data from crypto intelligence platform Coinglass shows a large positive spike in Open Interest in MKR on February 21. The spike represents a massive increase in the total value of open contracts in MKR across derivatives exchanges.
Coinglass data shows that MKR OI is $116.85 million at the time of writing on Friday, February 21.
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The total value of assets locked in MKR surged to $5.675 billion, as seen on DeFiLlama. This coincides with the rising price, relevance, and demand for tokens among traders. The rebranding to Sky protocol has proven effective for driving adoption in market participants.
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Santiment data shows several negative spikes in Network realized profit/loss metric in the MKR chart since mid-January 2025. This shows several traders and MKR holders are shedding their holdings and realizing losses.
Consistent realization of losses is typically considered a sign of capitulation and is consistent with an eventual recovery in the token’s price. MKR’s daily active addresses recorded a nearly three-month peak this week, signalling the rise in interest from traders.
MKR token’s supply held by whales (excluding exchange wallets) has climbed, recovering from the decline noted in the first week of February. This is another bullish sign for the DeFi token.
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The In/Out of money around price indicator on IntoTheBlock shows that 30% of the wallet addresses holding MKR are currently sitting on unrealized losses. 65.55% of MKR token holders have unrealized gains in their portfolio.
Combining the In/Out of the money with the Network realized profit/loss metric, it is less likely that profitable traders take profits as the current trend is that of capitulation. The likelihood of further selling pressure on MKR is low for next week, meaning the token could extend its gains and maintain the underlying positive momentum.
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Maker (MKR) weekly price forecast
Maker broke out of its downward trend on February 12, since then the token has rallied, extending gains nearly everyday this week. At the time of writing, MKR is trading at $1,473, on Friday.
The token is close to resistance at $1,632 and $2,050, two key levels in MKR’s upward trend between October 26 and December 4, as observed in the daily price chart. In the event of a correction, MKR could find support at $1,125.
Two key technical indicators, the Moving average convergence divergence indicator and relative strength index flash bullish signs on the daily timeframe. MACD shows consecutive green histogram bars above the neutral line and RSI reads 74 and is sloping upwards.
While this typically generates a sell signal, in the case of MKR, MACD and the underlying positive momentum in the MKR price trend support further gains.
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A rally to test resistance at $1,632 marks a nearly 15% rally in MKR price.
Even as whales cash out their MKR holdings amidst price surges, they fail to influence prices negatively. While it is typical of a token to observe a decline in its price if large entities shed their holdings, MKR price is holding steady.
A wallet address identified as inveteratus.eth on the blockchain sold 1,230 MKR worth 1.78 million USDC and secured a 30% profit of $418,000 within less than a month.
On-chain data shows that in April 2024, the whale took a $1.86 million profit from previous MKR trades. The cumulative profit of the whale is $2.27 million through MKR trades.
MKR holds steady amidst DAO drama
The drama surrounding Sky Protocol (Maker DAO) is being identified as a “potential governance attack,” according to the community on X.
@ImperiumPaper, a long-time Maker community member, expressed dissent over a fast-tracked governance proposal that asked for relaxing restrictions on borrowing against MKR, the governance token of the Sky Protocol chain.
Yesterday, an emergency proposal appeared on the MakerDAO @skyecosystem forum and voting portal. This proposal, which has passed but still pending timelock, dramatically increases both the amount and the LTV that Maker will lend against its own gov token.
See below: pic.twitter.com/WWm8FCg1wK
— PaperImperium (@ImperiumPaper) February 19, 2025
As the community debates the proposal, one side argues that it has “bypassed due process” and the effects would include “>2x the credit line for MKR token holders, raising their LTV from 50% to 80%.”
While the DAO drama unfolds, the token continues its rally.
Maker tokens worth $17 million burnt, support gains
The second market mover for MKR this week is the $17 million token burn, identified on the blockchain. When a large volume of tokens is burnt, they are removed from the supply permanently, and they reduce the selling pressure, supporting price gains.
Whale alert: a tracker identified the 14,000 MKR token burn worth upwards of $16.9 million, adding to the catalysts driving the price higher this week.
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At the time of writing, MKR trades at $1,432 on Friday.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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Altcoin
Experts Say XRP’s True Value Could Be $10,000
Published
1 day agoon
February 21, 2025By
admin
A popular cryptocurrency has once again captured the attention of many crypto investors after some experts started discussing the potential long-term valuation of the digital asset. Prominent market analysts believe that XRP could possibly reach $10,000 per coin, saying that the notion is “not a crazy” prediction but a conservative one.
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Realistic Price
Several crypto analysts argued that a valuation forecast of $10,000 is feasible which they believe could be fueled by institutional adoption and its potential role in global finance.
“$10,000 XRP isn’t crazy. It’s conservative,” Rowen Exchange said in an X post.
The crypto analyst showed a number of reasons why the $10,000 price target for XRP is a conservative figure.
Institutional Adoption
According to Rowen Exchange, one of the strongest arguments that XRP could reach $10,000 is the token’s adoption. The crypto analyst explained that the token has experienced exponential growth in its institutional adoption.
$10,000 XRP isn’t crazy. It’s conservative. pic.twitter.com/465NEEhYGm
— Rowen Exchange (@RowenExchange) February 11, 2025
Rowen Exchange pointed out that once major banks, payment processors, and governments increase their usage of XRP for cross-border payments, the demand for the tokens is expected to soar leading to a price surge.
The crypto expert said that XRP has a total supply of 100 billion coins. However, Rowen Exchange noted that only half of the token’s total supply is actually circulating in the market because of escrow releases and long-term holdings.
The analysts theorized that once institutions start hoarding the token for liquidity purposes, it is predicted that it would result in a supply squeeze which might push the price to go up.
Rowen Exchange added that institutional adoption is different from retail-driven speculation because it can provide sustained liquidity and volume, leading to an ascending price over time.
Although $10,000 could be a conservative estimate, XRP would be required to grow by over 362,000% to reach that price target from its current price of $2.76, something skeptics see as a long way to go for the token.
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‘Highly Unlikely’
Meanwhile, a crypto community member commented on Rowen Exchange’s post saying that the $10,000 price target is “highly unlikely.”
The crypto investor disagrees with the prediction arguing that in order for XRP to reach $10,000, the token would need to have a market cap of $1 quadrillion, arguing that it is “unrealistic” since the market cap of the entire cryptocurrency is about $3 trillion, as of 2024 while the global economy has around $100 trillion.
However, another crypto analyst believes that market capitalization is irrelevant in XRP’s potentially reaching $10,000, explaining that market cap does not matter because the token’s value is utility and not speculation.
The analyst added that XRP can facilitate massive global transactions efficiently, claiming that the token is built for the next era of global finance.
Featured image from DALL-E, chart from TradingView
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Altcoin
XRP Set To Outshine Gold? Analyst Predicts 1,000% Surge
Published
5 days agoon
February 17, 2025By
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A well-known analyst made an intriguing assumption about the rise of XRP, saying that it could potentially outdo the Philadelphia Gold and Silver Index.
Egrag Crypto predicted that XRP could rise by 1,000% against the gold and silver index as the analyst sees the crypto replicating a run it made in 2017.
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A Looming Crypto Run
In a post, market analyst Egrag Crypto noted that indicators are showing that the altcoin could potentially make a bull run similar to what it did in 2017, saying that it could have a big run that would allow it to outperform the Philadelphia Gold and Silver Index.
“XRP / XAU: 1000% Possible Candle?” the prominent analyst said in his X account.
#XRP / #XAU: 1000% Possible Candle?
Not many analyze the #XRP / #XAU pair, but the chart looks primed for a bounce! Let’s break it down:
Understanding the Pair
This analysis focuses on #XRP / #XAU, not against the US Dollar.
If #XAU decreases in #USD terms, the… pic.twitter.com/5bgkp2G64U
— EGRAG CRYPTO (@egragcrypto) February 10, 2025
Egrag analyzed the performance of XRP against the Philadelphia Gold and Silver Index by showing the XRP/XAU pair, which represents the coin’s market capitalization, versus the index.
“If XAU decreases in #USD terms, the price of XRP in terms of #XAU will increase, impacting its dollar value directly,” the market analyst explained.
Current Setup Mirrors 2017 Rally
Egrag added that the current XRP’s condition might be similar to that of its 2017 run.
“I theorize that the three green candles we saw in 2017 have been replicated, albeit with a different degree of growth. We are currently in a ranging mode; the arrow chart suggests we may stay in this range if current price action aligns,” the analyst noted.
For clarity, the gold and silver index is being traded on the Philadelphia Stock Exchange, which tracks the stocks of 30 precious metal mining firms. Moreover, this index trades with the ticker XAU, which is the same ticker for gold ounces.
XRP Could Hit $28.5
Egrag said in its previous run in 2017, the pattern allowed XRP to soar by 1,000% in the XRP/XAU pair, saying that at the moment, the pair is being traded at $893.9 million.
The figure was obtained by dividing the altcoin’s current market capitalization of $149.64 billion by the current price of the Philadelphia Gold and Silver Index of $167.39.
The market analyst believed that if XRP would repeat the 1,000% spike while $167.39 is the price of the index, it would push the price of the XRP/XAU pair to $9.83 billion.
With such value, the XRP market capitalization would be at $1.64 trillion, supposing the index remains at $167.39, leading to XRP being traded at $28.5.
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Altcoin Bounces Off
Egrag noted that XRP price versus XAU seems to have bounced beyond the equilibrium phase, recovering from a massive collapse this month that saw XRP slide to $1.7.
“Nice Bounce: #XRP / #XAU has bounced forcefully from the equilibrium stage. A similar bounce occurred at the 7 EMA (Exponential Moving Average), indicating bullish momentum,” the market analyst said in a post.
Featured image from Gistly, chart from TradingView
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