Altcoins
Ethereum Breaking $3,100 Is ‘Just The Beginning’
Published
3 days agoon
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adminAnalysts see that Ethereum has the potential to reach a new all-time high by December after it achieved its first breakout in three months.
Its growth can be attributed to the growing optimistic sentiment on cryptocurrencies fueled by the results of the recently concluded national elections.
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Ether Breaks The $3,000 Barrier
Data has shown that Ethereum experienced a big price hike–a growth that analysts said could be the result of the triumphant victory of Donald Trump in the US elections.
Analysts said that the second largest crypto in terms of market capitalization was able to move past the “critical” $2,000 level, peaking at $3,179 on Sunday noon.
Ethereum’s price rally is being viewed as an indicator that after a period of stagnation, the digital currency will gain momentum and will be on the road to recovery, which is good news for ETH investors.
Many analysts suggested that the growth has something to do with the incoming Trump administration. During the campaign, Trump has already hinted that he is more inclined to have more favorable regulations on cryptocurrencies. Hence, his victory signaled great optimism about the future of crypto under his leadership.
Ethereum is among the digital currencies riding on this optimism, resulting in a 20% price hike in the past week.
Analysts also note that another major contributor to the bullish momentum is the significant increase in spot Ether ETF inflows. On November 8, data showed that inflows recorded a weekly high of $85.9 million, an indicator that investors are getting more confident about the long-term potential of Ether.
Ether market cap currently at $385 billion. Chart: TradingView.com
An All-Time High Is Possible
Market commentators said that many indicators showed that a new all-time high for Ethereum could be just around the corner, saying that it could reach $3,366 any time soon. They added that ETH increased by 8% last Thursday.
Analysts predicted that the crypto could hit a new all-time high by December, fueled by a growing demand for the top altcoin. One of these growth indicators is the coin’s open interest which is also on the rise.
#Ethereum $ETH at $3,000 today is just the beginning! https://t.co/gpAfqbe2v5
— Ali (@ali_charts) November 9, 2024
Reports illustrated that ETH’s futures open interest (OI) experienced a massive uptick. It increased by about 20% to $16.18 billion from $13.05 billion in the last two days.
Analysts explained that OI refers to the total number of outstanding contracts in a derivatives market. They added that if OI went up together with prices, it meant new funds were entering the market to fuel an upward trend.
If Ethereum’s OI keeps on growing, it might result in a massive price surge, propelling the digital coin to reach a new record high before the year ends.
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The $10,000 Projection
Analyst Ali Martinez forecasted that there is a possibility that Ethereum could reach the $10,000 mark, saying that breaching the $3,000 level is only the start of the upward price movement.
Martinez claimed that ETH is on the right trajectory to attain the $10,000 level, comparing the crypto to the S&P 500.
Geoffrey Kendrick of Standard Chartered agrees with the prediction, saying that ETH could hit that level soon.
Kendrick explained that the anticipation of clearer crypto regulations by the new administration and what is being perceived as a crypto-friendly government could fuel this massive growth.
Featured image from OneSafe, chart from TradingView
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Altcoins
Dogecoin (DOGE) Leads Crypto Market Resurgence With Explosive Move As Traders Eye $1 Price Target
Published
1 day agoon
November 12, 2024By
adminDogecoin (DOGE) is in the middle of an explosive move, running more than 160% in less than a week as one of the main beneficiaries of the bounce in crypto markets.
DOGE is up 107% in the last week after adding $30 billion to its market cap in one day.
With DOGE gaining momentum, traders and analysts in the space are eyeing the top memecoin’s next move, focusing on the psychological $1 level.
Pseudonymous crypto trader Kaleo tells his 656,000 followers on the social media platform X that DOGE is now due for some chop and then a “flush” down, potentially below the $0.30 level before continuing higher.
“General PA (price action) here makes sense to me.
Chop under meme resistance (0.42069) for a minute, have one flush back down to high 20s / low 30s to shake out late longs and fomo (fear of missing out) top buyers, then continue to rip.”
Ultimately, Kaleo sees DOGE reaching the $1 mark, currently about a 170% rally.
“Roadmap to $1.00.”
Legendary commodities trader Peter Brandt recently accurately called DOGE’s breakout from an inverse head and shoulders (H&S) after breaking out of a channel. Brandt says a break of all-time highs – above $0.73 – is imminent.
“In Musk we Trust
DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.”
Other veteran traders like the widely followed Bluntz have also called for $1 DOGE, saying that the crucial dollar level is “not the meme you think it is.”
Some analysts aren’t as confident in DOGE. Pseudonymous trader Donalt recently addressed his 595,000 followers on X warning that Dogecoin was a “coin of old” not likely to gain the attention of new retail market participants.
At time of writing, DOGE is trading at $0.37.
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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 Predicts Massive Rallies for Two Under-the-Radar Altcoins – Here Are His Targets
Published
2 days agoon
November 12, 2024By
adminA closely followed crypto strategist thinks two altcoins unseen by most traders are gearing up for huge upside bursts.
Analyst Ali Martinez tells his 78,600 followers on the social media platform X that he’s bullish on the native asset of the peer-to-peer file storage network Filecoin (FIL).
According to the analyst, FIL looks poised to rally to its range high after respecting its long-term support. Martinez also thinks that FIL could witness exponential rallies if it manages to overcome a crucial resistance level.
“Missed out on the $2.94 entry, but I’m still bullish on Filecoin FIL at this level.
The lower boundary has held strong for almost two years, setting us up for a potential rebound to $9.50 – a 145% gain. If we see a breakout above the upper boundary ($9.50), FIL could reach $30, delivering around 700% upside from here.”
At time of writing, FIL is worth $4.32, up over 7% in the past day.
The trader is also keeping an eye on NOT, the community token for the popular Telegram-based tap-to-earn mining game Notcoin. Martinez says he’s bullish on NOT after the altcoin shattered the diagonal resistance of a falling wedge structure – a bullish reversal pattern.
“Notcoin NOT broke out of the falling wedge, and its price is projected to increase 76% to $0.012!”
At time of writing, NOT is worth $0.0076.
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Altcoins
Bitcoin price will hit $1M, but at what cost? — Michaël van de Poppe
Published
2 days agoon
November 11, 2024By
adminBitcoin is officially back in a bull market and could potentially hit $1 million per coin in the next few years, according to trader and investor Michaël van de Poppe.
However, the founder of MN Consultancy, MN Capital and MN Academy warned that a $1 million Bitcoin (BTC) price might come alongside a much broader debt crisis that could wreck the price of all assets in the short term.
Van de Poppe sat down with Decentralize with Cointelegraph host Jonathan DeYoung at DKGcon 2024 in Amsterdam for an exclusive interview to discuss the state of the Bitcoin bull market, whether an altseason is on the horizon, the impact of a Donald Trump presidency, and more.
Bitcoin price to $1 million?
Van de Poppe, who spoke with DeYoung on Oct. 24 — prior to Bitcoin’s recent return to new all-time highs — said that Bitcoin was back in a bull market but that it had been stuck in the “boring zone” while waiting for a return to the “banana zone.”
“I still believe that, currently, we are on the verge of the perfect storm, or we are actually building it already, which means that next year is going to be big,” he said. “But maybe that’s the difference: I think that the next part of the cycle is going to be longer than the previous cycle, so we’re going to end up in somewhere 2026.”
As to whether Bitcoin will ever reach the oft-discussed $1,000,000 price point, van de Poppe said it will likely happen as long as the de facto policy from central banks continues to be money-printing.
Related: Bitcoin gained 1,900% in Trump’s first term: Will BTC price hit $1M this time?
However, he cautioned that many investors don’t pay close enough attention to “the amount of debt that we create, and that’s going through the roof. […] It’s going to be recalled at some point, so we’re going to have a debt crisis like we’ve seen in 2008.”
“When and if that happens, the amount of dollars that we have in circulation is going to drop. And if that happens, the purchasing power is going to drop as well, and the price of Bitcoin will also change. So yes, at some point in time I expect it to happen. But if we have the crisis in between, yes, of course, it’s going to be disastrous for the valuation of all assets in the US dollar.”
Bitcoin’s future under Trump
Van de Poppe also weighed in on the impact that United States President-elect Trump and his administration might have on Bitcoin. “I think people overrate the current elections, he told DeYoung. “In the long term, it doesn’t matter.”
“Bitcoin doesn’t care about governments, and it doesn’t care about policies.”
He argued that Trump’s approach to regulation would be great for Bitcoin in the short term, “at least if he does what he says.” However, the mid-term impacts could be “disastrous,” as he has stated he is determined to end inflation. Ultimately, regardless of who is in charge, Bitcoin will continue to offer the same value propositions it always has, van de Poppe said.
“I think in the short term, people overrate the elections. […] Just it doesn’t really make sense. It’s going to be the same outcome at the end of the day.”
To hear more from van de Poppe — including whether an altseason is on the way and his advice for both new and veteran traders alike — listen to the full episode of Decentralize with Cointelegraph on Cointelegraph’s podcast page, Spotify, Apple Podcasts or your podcast platform of choice. And don’t forget to check out Cointelegraph’s full lineup of other shows!
Magazine: DeFi and Ethereum are the ‘new narrative’: Michaël van de Poppe, X Hall of Flame
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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