Trader Says Solana-Based Altcoin That’s Up Over 4x in a Week To Go Higher, Updates Outlook on Fantom and Ethena

Published

1 month ago

October 17, 2024

A closely followed crypto analyst and trader believe that one red-hot Solana (SOL)-based memecoin may have even more upside potential after putting up huge gains in the last week.

Pseudonymous analyst Altcoin Sherpa tells his 225,300 followers on the social media platform X that the market cap of Goatseus Maximus (GOAT) could soar more than 130% from its current value.

“GOAT: $500 million [market cap] next in my opinion. Still holding a big bag of this and will consider taking a bit of profit there.”

GOAT is trading for $0.2176 at time of writing, up more than 400% from its low of $0.0435 reached on October 13th. With a current market cap of $216,865,708, GOAT is the 276th largest crypto project.

Next up, the analyst is expressing longterm bullish sentiment on layer-1 blockchain Fantom (FTM). However, he warns FTM may decline below $0.71 in the near term.

“FTM looks decent to me still and I’m still holding a bag. Hoping it doesn’t go back within that trading range, but it’s looking somewhat likely at this point. More of a buy and hold bag for me.”

FTM is trading for $0.74 at time of writing, down 1% in the last 24 hours.

Lastly, the analyst says Ethena (ENA), a synthetic dollar protocol on Ethereum (ETH), could surge after bouncing off of a Fibonacci retracement level at $0.38.

“Currently long ENA at the .382 fib plus support/resistance level. Targeting low $0.40s.”

ENA is trading for $0.39 at time of writing, down more than 1.9% 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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An Interview With El Salvador’s Top Crypto Regulator: ‘Developing Countries Can Lead the Financial Revolution’

Published

1 min ago

November 17, 2024

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The National Commission of Digital Assets is the agency in charge of regulating crypto in El Salvador, the first nation to accept Bitcoin as legal tender.

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Bitcoin Surges Past $93,000 – Can A Breakthrough Unlock New Heights?

Published

4 hours ago

November 16, 2024

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Este artículo también está disponible en español.

Bitcoin is on the move again, surging toward its previous high of $93,257 with renewed momentum that has triggered excitement among traders. After a period of consolidation, Bitcoin’s latest price action signals a potential breakout that could set the stage for even greater gains. As it inches closer to this critical resistance level, can the crypto giant break through and unlock new heights, or will the bears reclaim control? With the market’s eyes fixed on this pivotal moment, the next move could reshape BTC’s future.

This analysis aims to explore Bitcoin’s current surge toward the $93,257 resistance level and assess the likelihood of a breakout. By examining key technical indicators and market trends, it seeks to determine whether BTC can overcome this significant hurdle and reach new highs. Additionally, it will explore the possible impact of such a breakthrough on its price trajectory and the broader market sentiment.

Bitcoin’s Renewed Momentum Leading To $93,257

Bitcoin is currently maintaining a bullish stance, holding firmly above the 100-day SMA on the 4-hour chart, a strong indicator of continued upward momentum. The price now aims for its previous high of $93,257, having successfully avoided a drop below the $85,211 support. If this pressure continues, a break above $93,257 could create a path for new highs, while holding above the $85,211 support level signals strength in the ongoing rally.

An analysis of the 4-hour Relative Strength Index (RSI) shows a continued upside movement as the RSI climbs to 61% after dipping to 53%, signaling that the market is maintaining its bullish strength. Significantly, the sustained rise in the RSI suggests that the uptrend is gaining traction with the potential for more price increases as the buying pressure builds.

Additionally, the daily chart reveals that BTC is experiencing strong upbeat momentum, highlighted by the formation of bullish candlesticks. The asset’s position well above the key 100-day SMA further reinforces this positive trend. As BTC maintains its current trajectory, it bolsters market optimism, setting the stage for additional gains as it aims for the $93,257 target.

Lastly, the RSI on the daily chart is at 92%, indicating strong positive movement after recovering from a dip to 77% suggesting a shift in market sentiment with increased buying pressure. While the high RSI points to continued growth, prolonged overbought conditions may lead to a correction if buying activity begins to wane.

Key Resistance: Can Bitcoin Push Through?

Bitcoin is approaching a critical resistance level at $93,257, a price point that could determine the next phase of its bullish trajectory. If Bitcoin successfully surpasses $93,257, it could pave the way for new highs, indicating continued strength in the market.

However, if the resistance holds, Bitcoin could experience a pullback or consolidation, with the price retracing toward the $83,211 support level. A break below this support could indicate more declines, with the possibility of testing additional key support zones.

Featured image from iStock, chart from Tradingview.com

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$100k

Buy As Much Bitcoin As You Can Before $100K

Published

19 hours ago

November 16, 2024

admin

Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House of Representatives is introducing legislation that would effectively allow the state to hold Bitcoin on its balance sheet as a strategic reserve asset.

🚨SCOOP: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.
Full write-up on @FoxBusiness coming shortly.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024

The overton window has finally shifted this past week and now everyone is seemingly scrambling to adopt BTC as a reserve asset. From the looks of it, it feels like a snowball rolling down a hill, gaining more momentum and growing bigger as it travels.

Here’s how this could play out:

First, normal everyday people used bitcoin as a long-term savings vehicle
MicroStrategy became first publicly traded company to adopt it
El Salvador became first country to adopt it
Corporations launched spot ETFs
The US president elect is pledging to create a national BTC reserve
US states are introducing legislation to adopt a BTC reserve
Foreign nations are rumored to be buying bitcoin to front run the US

This list is only going to continue to grow. I suspect more states in the US, specifically the more conservative states, will follow Pennsylvania’s lead in the future in introducing the same or similar legislation. The benefits of adopting bitcoin have become impossible to ignore.

Remember, 94.20% of the total 21 million bitcoin supply has already been issued.

It is estimated that around 3-5 million of those coins has been lost forever
US spot Bitcoin ETF hold 1.07 million BTC
MicroStrategy holds 279,420 BTC
The US holds 208,109 BTC
Various other countries are in possession of large amounts of BTC
Tons of public and private companies are large amounts of BTC
? amounts of BTC owned by everyday people around the world

Many years ago I came to the conclusion that this level of bitcoin adoption was inevitable, but with all this momentum from large public institutions, I think we’re going to hit $100,000 bitcoin much sooner than I expected.

The supply of available bitcoin is shrinking each and every day, and coupled with rising demand, the price is up 130% in the last year. This is a runaway train, folks.

States, nations, and corporations are not going to stop accumulating BTC once they start buying either, so I am eagerly continuing accumulating as much bitcoin as I can before we hit that magic $100k number.

I think the floodgates will really open from there.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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