https://finbold.com/machine-learning-algorithm-sets-shib-price-for-end-of-november/

As the Shiba Inu (SHIB) community braces for the highly anticipated launch of its blockchain-based identity solution, market enthusiasts are keenly watching the potential ripple effects on SHIB’s valuation by the end of November. 

The clandestine nature of the announcement, shared on October 28, has not prevented an air of expectancy from building around the SHIB identity initiative, which is slated to roll out imminently—72 hours from the initial teaser. 

The Shiba Inu developers remained tight-lipped about the finer details of the project but released a teaser video fueling speculation that the identity solution could intertwine with several Shiba Inu-centric initiatives.

Tagged by the SHIB team as a potential game-changer for the crypto world, traders await with conjecture on its market impact. 

Drawing upon the analytical prowess of AI, predictive algorithms are weighing in. The PricePredictions AI tool renowned for its market forecasting accuracy, has projected that SHIB could potentially trade at $0.000008446 come November 29. This prediction was synthesized from data retrieved by Finbold as of October 31, where SHIB is trading at $0.00000799.

Shiba Inu technical analysis

Investors are on high alert, as the end-of-month price projections hinge upon the successful launch and reception of the Shiba Inu identity solution. The outcome of this launch could either cement SHIB’s position as a formidable player in the crypto realm or place it among the numerous projects fighting for relevance. 

The current technical analysis underscores a support level at $0.00000737, juxtaposed against a resistance level of $0.00000853. These figures are crucial, as they outline the battleground where bullish and bearish sentiments will vie for dominance.

A deeper dive into SHIB’s performance reveals a year marked by significant downturns, with the price plummeting by 35%, outperformed by 67% of the top 100 crypto assets over the same period. 

It has, also, tailed behind the more established crypto titans like Bitcoin and Ethereum. The token is also trading below the 200-day simple moving average, indicating a bearish trend over the mid-term.

Despite a staggering 91% decline from its all-time high, SHIB has demonstrated resilience, with 16 out of the last 30 days closing in green. This resilience is further bolstered by the token’s high liquidity—a nod to investor interest and confidence in its market cap.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Machine learning algorithm sets SHIB price for end of November appeared first on Finbold.

https://finbold.com/machine-learning-algorithm-sets-xrp-price-for-november-30-2023/

As of October 30, XRP is trading at $0.565, marking a modest climb of 1.85% within the past day and an encouraging 6.40% over the last week. 

Within a year, the digital asset has soared by 22%, eclipsing the performance of 78% of its peers in the top 100 cryptocurrencies by market capitalization. 

Currently, XRP is positioned above its 200-day simple moving average, signaling a bullish trend despite experiencing only 14 days of gains in the past month (47% of the time) and lingering 86% below its all-time peak.

Amidst the anticipation surrounding the ongoing lawsuit, investors remain on high alert for XRP’s future price trajectory. The forward-looking machine learning AI at CoinCodex suggests a slight uptick in XRP’s value by the end of November, although it’s expected to stay shy of the $0.60 resistance benchmark.

Intriguingly, despite Ripple’s legal victories, particularly a notable win in July, XRP has not managed to revisit those zeniths.

Ripple SEC battle rages on

The debate continues to heat up over the appropriateness of former SEC Chair Jay Clayton’s decision to bring charges against Ripple, with accusations of potential conflicts of interest casting a shadow over the case. 

John E. Deaton, a prominent critic, has pointed out possible entanglements involving Clayton and Consensys, a Ripple competitor, underscoring the interconnected representation by the same law firm involved in the Quorum JPMCoin deal. 

Ripple’s leadership, CEO Brad Garlinghouse and co-founder Chris Larsen, have publicly voiced their discontent with Clayton’s approach on Squawk Box.

The legal proceedings, presided over by Judge Analisa Torres, are moving forward, with a significant date of November 9 set to determine the briefing schedule on remedies for the outstanding charges against Ripple. Documents pertaining to a key speech by William Hinman, a former SEC Director now with Simpson Thacher, are believed to be pivotal for the settlement discussions. 

These papers, which have been protectively sealed by the SEC multiple times, are of great consequence, especially considering the verdict on the Programmatic Sales of XRP.

SEC’s intentions

The uncertainty regarding the SEC’s appellate intentions and the developments in establishing a Bitcoin spot ETF are other variables influencing XRP’s price trends.

After an ascent to $0.9327 in July, XRP’s focus is now on breaching the $0.5835 resistance level. The discourse has been further fueled by Joe Grundfest’s remarks on Clayton’s predilection for litigating against company executives in non-fraud situations, provoking reactions within the cryptocurrency community.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Machine learning algorithm sets XRP price for November 30, 2023 appeared first on Finbold.

https://finbold.com/ai-predicts-xrp-price-for-halloween-2023/

One standout performer this past year has been XRP, making significant strides both in price and in the courtroom. As Halloween approaches, AI analysis predicts a sweet treat for XRP investors.

In a year where the cryptocurrency markets have witnessed intense volatility, XRP has managed to impress its holders. The token has surged by 24% in the past 12 months. This commendable performance means it has outperformed 76% of the top 100 cryptocurrencies. An impressive feat, considering the myriad of challenges and competitions in the space.

Adding to its robust health indicators, XRP is trading above its 200-day simple moving average – a classic bullish sign for many analysts. Moreover, it’s showcased resilience and strength with 15 green days in the last month, maintaining a 50% bullish rate.

As of now, XRP stands at $0.5526, marking a 0.28% increase in the past 24 hours and a 12.86% rise in the last week. This brings its market capitalization to a solid $29.5 billion.

A new peak on the horizon?

With the festive season in full swing, the AI’s prediction for XRP’s price on Halloween stands at $0.66. This forecast suggests that investors could be in for more gains, adding to their celebratory moods.

The token’s recent two-month high of $0.58 provides further evidence of its upward trajectory, validating the optimism surrounding it.

Legal triumphs boosting XRP’s momentum

One can’t analyze XRP’s performance without touching upon the legal battles it’s endured. Recent positive legal outcomes have significantly bolstered XRP’s standings in the market. The highlight being Ripple’s CEO, Brad Garlinghouse, and its Executive Chairman, Chris Larsen, being acquitted of all SEC charges. This clearance formalized with the seal of American magistrates has invigorated Ripple supporters globally.

This wasn’t the only win for Ripple. Earlier in mid-July, a landmark judgment by Federal Judge Torres ruled that the XRP sales from yesteryears did not equate to an offer of investment contracts. The SEC’s attempt to overturn this judgment met with failure, giving Ripple a back-to-back victory against its formidable adversary.

XRP’s performance, fueled by both market sentiments and legal victories, positions it as a crypto asset to watch closely. As we edge towards Halloween, the predicted price point offers a tantalizing prospect for investors. While the future is never set in stone, XRP’s current trajectory suggests that its journey is far from over, and the coming days might offer even more reasons to celebrate.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post AI predicts XRP price for Halloween 2023 appeared first on Finbold.

https://finbold.com/bitcoin-rockets-toward-72-week-high/

On October 23, 2023, Bitcoin (BTC) made another headlining move. With its value currently pegged at $30,582, Bitcoin has experienced a commendable uptrend.

Within a 24-hour window, it has leapt forward by 2.12%, and if we stretch that timeline to encompass the past week, we see a robust 8.61% ascent. 

These numbers are not just impressive on their own, but they also hint at Bitcoin’s trajectory toward a momentous 72-week high. For those looking for a historical touchstone, you’d have to dial back to early March 2022 to find Bitcoin showcasing similar stellar performance.

Bitcoin price analysis

Delving deeper into Bitcoin’s performance canvas, the digital currency’s tenacity and vigor are nothing short of impressive. Its trajectory over the last year paints a picture of resilience, with a staggering 60% surge. 

When one situates Bitcoin amidst the expansive and often volatile cryptocurrency milieu, its dominance becomes even clearer. Out of the top 100 crypto assets, Bitcoin’s annual yield has eclipsed a whopping 90% of them.

Meanwhile, Ethereum, frequently hailed as Bitcoin’s closest rival and the next prodigy in the crypto realm, has lagged, unable to surpass Bitcoin’s year-to-date accomplishments.

From a technical analysis standpoint, Bitcoin’s current standing is equally, if not more, illuminating. It confidently towers above its 200-day simple moving average. For those versed in market analytics, this is a bullish sign, indicative of potential upward movements.

The general market sentiment, too, mirrors this optimism. A snapshot of the last month reveals that half the days—15 out of 30—witnessed a closing in the positive, a testament to the prevailing buoyancy.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Bitcoin rockets toward 72-week high appeared first on Finbold.

https://finbold.com/is-it-too-late-to-buy-doge/

Dogecoin (DOGE) has carved a niche for itself as a peer-to-peer digital currency. Originally started as a meme, it has seen an astonishing rise in value and popularity, especially among retail investors. However, the burning question among potential investors is – is it too late to buy DOGE?

The answer isn’t as straightforward as one might hope, given the volatile nature of cryptocurrencies. Dogecoin, like other cryptocurrencies, is subject to market dynamics and investor sentiment, which can be incredibly fickle.

On the bullish side, proponents argue that Dogecoin has a strong community backing, often dubbed as the “DOGE Army,” and has received endorsements from high-profile personalities like Elon Musk. Moreover, with the advent of a few upgrades and its increasing acceptance among retailers, Dogecoin’s utility is gradually widening.

On the flip side, skeptics point out that Dogecoin’s inflationary supply model could pose a risk in the long term. Unlike Bitcoin, which has a capped supply, Dogecoin has no maximum supply limit, potentially leading to depreciation over time. Moreover, its price has seen significant corrections after reaching its all-time high in 2021.

As the cryptocurrency landscape continues to mature, Dogecoin could either prove to be a rewarding investment or a learning curve for investors navigating the waters of digital assets, thus, it is always worthwhile to check the meme coins market dynamics.

DOGE chart analysis

With a robust market capitalization of $8.5 billion, DOGE has solidified its position in the top ten cryptocurrencies by market value. As of now, DOGE is priced at a commendable $0.06022, marking an upward trend of 3.43% over the past 24 hours and a promising 4.03% surge over the last week. 

Despite its recent achievements, certain metrics call for a more measured outlook. The meme coin is currently trading below its 200-day simple moving average, often viewed as a key indicator by market experts. 

Additionally, out of the past 30 days, only 13 have been bullish for DOGE, constituting a 43% green trajectory. Furthermore, Dogecoin has retraced significantly, being down 92% from its all-time high.

Over a one-year horizon, Dogecoin has displayed remarkable performance, outpacing 69% of the top 100 cryptocurrency assets. This demonstrates its potential as a competitive player in the market. However, it’s important to note that giants like Bitcoin and Ethereum have still managed to outperform it.

From an inflationary perspective, Dogecoin has an annual inflation rate of 6.64%. This is a crucial factor for investors to consider when evaluating its long-term prospects. 

When turning to real-time technical analysis on the 1-day time frame, the results, based on widely recognized technical indicators, present a mixed bag for Dogecoin. The general summary sits at a ‘sell,’ oscillators lean towards a ‘buy’ recommendation. However, moving averages suggest a more cautious ‘sell’ approach.

While Dogecoin has exhibited commendable performance in certain aspects, a comprehensive view suggests a balanced approach for potential investors, keeping in mind both its strengths and areas of concern.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Is it too late to buy DOGE? appeared first on Finbold.

https://finbold.com/cardano-price-forecast-can-it-reach-0-50/

Cardano (ADA) has been a topic of much deliberation among market enthusiasts. Since the onset of 2021, the cryptocurrency has been navigating the tumultuous waters of the crypto world, notably reinforcing its position above the $0.24 support region.

The daily charts further illuminate this scenario. Ingrained patterns from the price action and insights from the Relative Strength Index (RSI) favor a bullish sentiment. 

Still, the caution flag is raised: any daily closure below $0.24 might quell this bullish surge. However, before making any assertive climbs, ADA faces an immediate hurdle; it’s confronted with resistance at the $0.25898 mark. This resistance level, if broken, could potentially pave the way for more aggressive bullish runs.

ADA market dynamics 

The crypto’s journey since April presents a mixed bag. Kicking off its decline on April 15, ADA tapped a yearly high at $0.46, but this momentum was short-lived, plunging to a sobering $0.22 by June 10. 

But ADA’s inherent resilience emerged, marked by a subsequent rally, underscored by a significantly long lower wick on the charts—a clear sign of buyers stepping in.

Interpreting ADA’s recent market behavior, the coin has witnessed a 34% depreciation year-over-year. In a broader market perspective, it trailed behind 59% of the premier crypto assets in the past year, and its performance seemed lackluster especially next to giants like Bitcoin and Ethereum.

Its current position below the 200-day simple moving average offers a pivotal perspective for market analysts and traders. The trading climate for ADA is further characterized by its 11 bullish days in the last month and a stark 92% drop from its historical high. At this juncture, Cardano teeters at $0.24, marking a slight 1.8% decline on the day.

In forecasting ADA’s potential trajectory, AI-driven predictions offer an intriguing perspective. Machine learning algorithms from Coin Codex project a promising outlook for ADA. According to their data models, a spike is anticipated in late December, pushing ADA above the coveted $0.50 mark.

As we approach the Cardano Summit, scheduled between November 2-5, one can’t help but wonder: With the community’s momentum and advanced predictive analytics leaning toward a bullish end to 2023, is the $0.50 target for ADA not just a possibility, but an impending reality? Only time will tell.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Cardano price forecast: Can it reach $0.50? appeared first on Finbold.

https://finbold.com/price-prediction-using-machine-learning-for-bitcoin-on-november-1-2023/

In a surprising turn of events on Monday, October 16, Bitcoin (BTC) experienced a swift ascent, peaking at a significant 10% gain and touching the $29,900 mark, its most impressive level since August. 

However, these gains were nearly erased when BlackRock, a prominent asset manager, dismissed claims from a report in the cryptocurrency news space. Specifically, Coin Telegraph had prematurely announced the U.S. Securities and Exchange Commission’s approval of BlackRock’s much-anticipated application for a Bitcoin spot exchange-traded fund (ETF). This news was later withdrawn by the media outlet.

The digital currency experienced a notable dip following a revelation by a Fox Business correspondent on platform X, who stated that BlackRock had repudiated the aforementioned report.

Amidst this backdrop of unexpected twists and turns, the market community appears divided in their outlook for Bitcoin’s trajectory as we advance into the second half of October, a month endearingly dubbed ‘uptober’ in the cryptocurrency sphere.

In search of a more quantified forecast, Finbold consulted the machine learning models at PricePredictions. Their projections suggest a bullish sentiment, anticipating that Bitcoin will inaugurate November at approximately $29,576, marking a commendable surge of over 4% from its current price of $28,421.

Bitcoin price analysis

A retrospective glance at Bitcoin’s performance paints an interesting picture: the digital asset has registered gains on merely 13 out of the last 30 days, a rate of 43%. 

Nevertheless, its annual performance is stellar, boasting a 47% appreciation. It’s worth noting that Bitcoin has outshined 87% of the top 100 cryptocurrency assets over the same timeframe and has even overshadowed Ethereum. Currently, Bitcoin holds a position above the 200-day simple moving average, further underlining its robustness.

For additional insights, Finbold reached out to Google’s Bard regarding the potential implications of a Bitcoin spot ETF approval. In response, Bard emphasized the transformative potential such an endorsement could have on Bitcoin’s valuation, echoing the consensus of numerous market analysts.

“Many analysts believe that it would lead to increased demand for Bitcoin, which could drive up the price. Some analysts have even predicted that the price of Bitcoin could reach $100,000 or even $200,000 if a spot ETF is approved.”

The AI platform identified several potential factors that may influence the price of Bitcoin if a spot ETF is approved. These factors include the general sentiment prevailing in the cryptocurrency market, the level of demand for Bitcoin from institutional investors, the regulatory framework governing digital assets, and the broader economic conditions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Price prediction using machine learning for Bitcoin on November 1, 2023 appeared first on Finbold.

https://finbold.com/trust-wallet-unveils-new-brand-identity-in-update-to-improve-web3-accessibility/

Trust Wallet, a prominent wallet that supports many blockchain networks and enables users to retain control over their digital assets, unveiled a comprehensive rebranding initiative on October 16.

This undertaking encompasses the introduction of a fresh logo, a modernized application design, and an enhanced user experience, as per the latest information shared with Finbold.

The actions performed by Trust Wallet question serve to accentuate its fundamental ability to empower individuals, namely by instilling a sense of self-reliance and confidence.

Through its brand development, Trust Wallet seeks to enhance the accessibility of Web3 technology to the general public by offering a platform that effectively integrates a user-friendly interface with powerful features.

Trust Wallets biggest upgrade since 2017 inception

Trust Wallet CEO, Eowyn Chen, noted:

“This upgrade represents a pivotal milestone since our 2017 inception, marking the inaugural leap in our long-term strategy of empowering users’ financial freedom, with a series of upcoming updates.” 

He added:

“Trust Wallet has evolved to become more than just a wallet—it’s now a trustworthy gateway to the Web3 world. By offering user-centric products and services, we’re equipping people with the essential tools and technology to confidently explore what Web3 has to offer, ultimately granting them the financial autonomy they deserve.”

Trust Wallet’s design 

The new Trust Wallet design has a fresh color scheme of Trust Blue and Trust Green. Both may be used in either bright or dim lighting, making them suitable for those with a wide range of vision impairments.

Beyond its new and improved look, it also boasts improved navigation that makes it easier to use the app’s many useful functions, such as wallet-switching and finding new tokens, and a striking new shield logo that conveys an air of total security. 

Built on an intuitive graphical user interface, Trust Wallet allows users to purchase, store, earn, and trade cryptocurrencies such as Bitcoin and Ethereum, as well as handle other types of digital assets such as NFTs.

Trust Wallet also facilitates a variety of activities, such as staking and cross-chain swaps, and supports about one hundred different blockchains. In addition to supporting 16 languages spoken on every continent, Trust Wallet has had over 70 million downloads throughout the world.

The post Trust Wallet unveils new brand identity in update to improve Web3 accessibility appeared first on Finbold.

https://finbold.com/xrp-faces-critical-support-test-as-market-volatility-persists/

XRP, one of the prominent names in the cryptocurrency landscape, is currently undergoing a significant market test.

As of recent data retrieved by Finbold on October 13, the digital currency XRP is trading at $0.480887, showing a decline of 8% in the last week.

With its current state teetering close to the support level of $0.45522, many investors and market enthusiasts are closely watching to see if XRP can rally and challenge resistance level at $0.50917.

This support level becomes even more critical when considering XRP’s performance over the past year. Despite the broader market turbulence and the immense volatility faced by the crypto sector, XRP has managed to increase its value by 7% in the last 12 months. This resilient performance has enabled it to outperform 72% of the top 100 cryptocurrency assets.

A point of concern for traders might be XRP’s current position below the 200-day simple moving average, which often serves as a metric for long-term market sentiment.

Furthermore, the token’s price chart has been predominantly red, with only 13 green days recorded in the past 30 days, constituting a mere 43% of bullish days.

Bullish divergence

Despite the bleak short-term outlook, chart analyst Jay Dee recently took to Twitter to shed some optimism on XRP’s trajectory. He emphasized the importance of patience and the need to filter out the noise from often irrelevant news surrounding the crypto space. Dee pointed out, “Though short term may look scary (even w/all these irrelevant news 🤦‍♂️), the weekly chart still creating ‘Hidden Bullish Divergence’ on RSI/SRSI.”

In layman’s terms, this bullish divergence on the Relative Strength Index (RSI) and the Stochastic RSI (SRSI) indicates that while prices are declining or remaining stable, the momentum behind the coin is building up. This could potentially forecast a bullish turnaround.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post XRP faces critical support test as market volatility persists appeared first on Finbold.

https://finbold.com/machine-learning-algorithm-sets-cardano-price-for-october-31-2023/

At present, Cardano (ADA) navigates through turbulent waters. As per the latest data, ADA trades around the $0.25 mark, presenting a less-than-rosy short-term prospect. 

The absence of distinct support levels fuels concerns of ADA potentially descending to a precarious $0.24 threshold. Recent market movements sketch a rather grim scenario for Cardano. In its heyday, the token found formidable support at the $0.5 mark. However, recent dynamics saw it breaking past this critical benchmark, hinting at a deeper downturn.

Yet, it’s not all storm clouds on the horizon. According to market data insights, Cardano boasts an impressive 611.47 GitHub commits within the past month, outpacing all its crypto counterparts. This surge propels it ahead of both Polkadot (DOT) and its canary test network, Kusama (KSM), which jointly occupy the second spot with 500.67 commits over the same duration. 

Such heightened development activity frequently signals robust developer confidence in a blockchain’s future and possibly hints at imminent enhancements within the ecosystem.

Given this juxtaposition of declining price and increased development, it becomes crucial to understand ADA’s potential trajectory. This dynamic interplay is precisely why Finbold turned to the predictive prowess of AI algorithms at PricePredictions. Such an approach offers a more comprehensive insight, marrying price patterns with developmental momentum, to gauge ADA’s expected position at the end of October.

According to the AI’s analysis, Cardano is anticipated to experience a subtle dip, with a projected trading price of $0.23.

Cardano chart analysis

Cardano is presently trading at an evaluation of $0.24768, neatly anchored between a support at $0.235 and a resistance at $0.26076. As the eighth-ranked cryptocurrency by market capitalization, ADA has witnessed a sharp decline over the last year, registering a contraction of 38%. 

Technically, ADA is positioned below its 200-day simple moving average, which typically indicates a bearish sentiment. In the recent 30-day span, bullish momentum was evident on only 13 occasions, accounting for 43% of the days. From its pinnacle, Cardano has retraced a significant 92%, showcasing the distance it has to traverse to revisit its all-time highs.

Despite this setback, it’s notable that Cardano has outperformed 65% of the top 100 digital assets over the same timeframe. Notably, Both Bitcoin and Ethereum have outpaced ADA’s performance during this period. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Machine learning algorithm sets Cardano price for October 31, 2023 appeared first on Finbold.

https://finbold.com/ethereums-bull-run-at-risk-inside-eth-whales-8-billion-sell-off/

Ethereum (ETH), the second-largest cryptocurrency by market cap, has been at the forefront of the crypto bull run, amassing significant gains in the past year.

However, recent trends suggest that its upward trajectory might be under threat. Since February 2023, Ethereum whales, typically large holders with significant influence on market movements, have been consistently cashing in on the elevated prices. Their actions have led to the offloading or redistribution of over 5 million ETH, translating to an approximate value of $8.5 billion.

This whale-driven exodus is not a fleeting event. Ali Martinez, a noted crypto expert, highlighted on October 10 via X (previously known as Twitter) that there’s a conspicuous absence of any signs indicating a shift toward ETH accumulation. 

With Ethereum trading at $1,588 at the time of writing—1.23% down in the last 24 hours and shedding 4.43% over the past week—the market seems to be in a cautious mood.

ETH technical analysis

From a technical standpoint, Ethereum has marked important price levels to watch. Strong support lies at $1,498.81, with resistance hovering around the $1,666.23 mark. While the token has impressed with a 22% growth over the past year, outperforming 84% of the top 100 crypto assets, its recent performance raises eyebrows. Out of the last 30 days, only 16 have been in the green, at 53%, and is currently trading at $1,589.

Another alarming signal is Ethereum’s position concerning its 200-day simple moving average—a key metric for understanding long-term market trends. Currently trading below this average, it reflects bearish sentiment. Not to mention Ethereum is also down 67% from its all-time high.

In the fast-paced world of cryptocurrencies, the movements of big players, or ‘whales’, can often provide early warning signs of impending market shifts. 

While Ethereum’s long-term prospects remain promising, given its historical performance and the myriad of real-world applications it supports, the recent actions of whales, coupled with some concerning technical indicators, suggest that investors should proceed with caution.

For now, the market watches and waits, with many hoping for a return to bullish sentiment soon.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Ethereum’s bull run at risk? Inside ETH whales’ $8 billion sell-off appeared first on Finbold.

https://finbold.com/bitcoins-rocky-start-price-drops-below-27-7k-can-btc-recover/

Bitcoin (BTC) has commenced the week with substantial volatility, plunging below the $27,700 mark. 

Currently trading at $27,546, the premier digital currency has diminished by 1.19% within the past 24 hours after testing the resistance slightly below $28,000. Over the past week, the cryptocurrency has seen a decline of 2.71%, bringing its market cap to $537 billion.

While Bitcoin wrestles with the bears, altcoins, too, face the tremors of this market correction. The wider altcoin market has experienced a downtrend; however, there are exceptions, with specific tokens witnessing impressive rallies. Nonetheless, the larger picture reveals a predominant correction phase.

Prominent market analyst Michael van de Poppe commented on the situation today, noting, “Preferably, I’d like to see Bitcoin continue to make higher lows and hold above $27,500.” The close proximity of the current trading price to this recommendation is indicative of a precarious position.

BTC performance 

A glint of optimism shines through when we consider the yearly performance of Bitcoin. Over the past 12 months, Bitcoin’s value has surged by an impressive 42%. Furthermore, this growth trajectory has made it outperform 87% of the top 100 crypto assets. 

Key levels to observe in the forthcoming days include a support threshold of $27,197 and a resistance cap of $28,515. If the premier cryptocurrency can maintain its position above the $27,500 mark, as pointed out by van de Poppe, we might witness a consolidation phase before a possible bullish run.

One beacon of hope for long-term holders and investors is that Bitcoin is trading above its 200-day simple moving average. This is often perceived as a bullish indicator in traditional market analysis. Nevertheless, with only 14 green days in the past month, amounting to 47% of the time, short-term traders need to tread cautiously.

While the immediate landscape for Bitcoin seems cloudy, its year-long performance provides a silver lining. As Bitcoin hovers around critical price levels, the coming weeks will be crucial in determining its trajectory for the remainder of 2023.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Bitcoin’s rocky start: Price drops below $27.7k, can BTC recover? appeared first on Finbold.

https://finbold.com/bulls-vs-bears-crypto-analysts-split-on-bitcoin-predictions/

Bitcoin (BTC) stands at an intriguing crossroads, displaying resilience and sparking debates among crypto market analysts. 

With a current trading value of $27,972, the flagship cryptocurrency has surged impressively by 2.09% in the last 24 hours and a substantial 5.49% over the week after briefly breaking the pivotal $28,000 threshold on October 5. 

This bullish momentum has prompted crypto expert Michaël van de Poppe to offer an optimistic outlook, asserting confidently on X (formerly Twitter), “Bitcoin is very much ready to reclaim $29,000-30,000 and target new highs.”

Van de Poppe’s bullish sentiments are grounded in the recent successful breach of the $28,000 mark, highlighting a potential momentum shift in favor of Bitcoin. His forecast not only reflects current positive market dynamics but also positions Bitcoin for a bullish trajectory, anticipating new peaks in the near future. 

This upbeat perspective aligns with the broader trend of Bitcoin’s historical resilience, demonstrating its ability to bounce back and establish new highs after periods of consolidation.

Bear flag appears on Bitcoin chart

However, amidst the prevailing optimism, there exists a dissenting perspective voiced by crypto analyst Ali Martinez. Martinez introduces a note of caution by suggesting that Bitcoin might be forming a bearish pattern, specifically a bear flag. 

This classic chart pattern, according to Martinez, is often indicative of a continuation of the BTC downtrend. It introduces an element of skepticism into the narrative, urging investors to tread carefully and consider the possibility of a market correction.

The dichotomy between these two perspectives underscores the inherent uncertainty within the crypto market. Investors are faced with the challenge of discerning the true trajectory of Bitcoin amidst the conflicting signals. While van de Poppe’s bullish outlook is buoyed by recent positive momentum, Martinez’s cautionary stance serves as a reminder that the crypto landscape is rife with unpredictability.

The battle between bulls and bears in the crypto market is far from settled. As Bitcoin aims to maintain support above $28,000, investors must navigate these conflicting narratives with prudence.

The real-time technical analysis overview of gauge displays over a 1-day period offers a summary of Bitcoin based on the most popular technical indicators, such as moving averages and oscillators, suggesting a ‘Buy’ at 15 with ‘Neutral’ at 10 and ‘Sell’ at 1.

The coming days may unveil whether Bitcoin surges to reclaim higher milestones or succumbs to the bearish signals highlighted by Martinez, making each move in the crypto market a strategic decision in this high-stakes chess game.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

The post Bulls vs. Bears: Crypto analysts split on Bitcoin predictions appeared first on Finbold.

https://finbold.com/machine-learning-algorithm-sets-xrp-price-for-october-31-2023/

In a pivotal turn of events for Ripple, the U.S. Securities and Exchange Commission (SEC) has faced a setback as its appeal, alleging the illicit sale of securities by the company, has been dismissed. This development wielded immediate repercussions on the valuation of XRP.

The judicial favor bestowed upon Ripple unquestionably functioned as a catalyst for the fluctuation in XRP’s market value. Nonetheless, it is imperative for traders and investors to approach the situation judiciously. Despite the cryptocurrency surpassing the $0.52 resistance threshold and maintaining a position above the 50-day Exponential Moving Average (EMA), it’s premature to categorize this as a definitive breakthrough.

Concurrently, in sync with the recent proceedings, U.S. District Judge Analisa Torres rejected the SEC’s bid to appeal a segment of her earlier decision in the high-profile lawsuit against Ripple Labs. Simultaneously, Ripple achieved a significant milestone by securing a cryptocurrency license in Singapore, solidifying its strategic move into the Asia-Pacific (APAC) region.

An investigative foray conducted by Finbold on October 5 delved into the utilization of machine learning algorithms by PricePredictions, a cryptocurrency monitoring and prediction platform. The objective was to gauge the potential trajectory of XRP’s price by the end of October, taking into account the judicial ruling and Ripple’s attainment of a payments license in Singapore.

The prediction which is gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, projects an increase to $0.550420 by October 31.

XRP price analysis

Chart analysis of XRP reveals its sustained position above the 50-day and 200-day EMAs, affirming bullish market signals. A breakthrough beyond the trend line and the resistance level at $0.5470 could empower the bulls to challenge the $0.5835 resistance level.

However, caution is warranted, as selling pressure is anticipated to intensify at the $0.5835 mark, coinciding with the trend line.

Ongoing updates from the SEC vs. Ripple and Coinbase legal battles are poised to sway investor sentiment. A favorable ruling by Judge Failla in the Coinbase Motion to Dismiss (MTD) could prove advantageous not only for XRP but also for the broader cryptocurrency market.

Conversely, a dip below the 50-day and 200-day EMAs would bring the $0.5042 support level into play, signaling a potential shift in the prevailing market dynamics.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Machine learning algorithm sets XRP price for October 31, 2023 appeared first on Finbold.

https://finbold.com/machine-learning-algorithm-sets-terra-classic-price-for-october-31-2023/

The price of Terra Classic (LUNC) has seen a decline of 3% throughout the preceding 24-hour period, resulting in its value dropping to $0.00005852. Consequently, this altcoin now occupies the 90th position in the hierarchy of cryptocurrency market capitalization rankings.

LUNC has seen a decrease of 9% over the course of the previous week. Although it has shown an increase of 3% over the last 14 days, it continues to exhibit a decline of 1% over the span of a month and a substantial decrease of 81% over the last year.

The observed declines indicate a sustained downward trend that has affected LUNC since 2023. The community associated with the currency has encountered difficulties in their efforts to enhance the value of both LUNC and its associated stablecoin, USTC.

It seems probable that LUNC will have a sustained decline in the future, prompting Finbold to delve into the employment of machine learning algorithms by PricePredictions, a cryptocurrency monitoring and prediction platform, on October 4. The objective was to assess the potential price of LUNC at the end of October based on the latest developments.

According to the analysis, Terra Classic is projected to decline to $0.000055 by October 31. The prediction is gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more. 

However, if proactive measures are implemented to enhance its ecosystem and value, there is a possibility of a subsequent resurgence in its price.

Traders losing interest in LUNC

Technical signs show that LUNC is sliding again after riding the market rebound on Monday, October 2.

Several recently agreed governance changes have not significantly impacted LUNC’s price, suggesting that the broader market has lost interest in the cryptocurrency.

New to the ballot for Terra Luna Classic is a proposal to support a team of developers with the stated goal of implementing a comprehensive roadmap of enhancements and adding “value to the Terra Classic blockchain so that we can help push this chain where it deserves to go.”

Terra Classic chart analysis

Diving into the current market dynamics, Terra Classic is navigating the intricate web of value with its current trading price at $0.00005852. A discernible 3.16% downturn within the last 24 hours and a more substantial 9.81% decrease over the week presents a nuanced narrative.

Now, shifting focus to LUNC’s price analysis we take a deeper plunge into the intricacies of its price action. The resistance level, standing at $0.00006, acts as a psychological barrier where selling pressure tends to intensify.

On the flip side, its support level at $0.00005 denotes a critical threshold where buying interest tends to materialize. This interplay between resistance and support levels unveils the underlying tug-of-war within LUNC’s market ecosystem.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Machine learning algorithm sets Terra Classic price for October 31, 2023 appeared first on Finbold.

https://finbold.com/crypto-recession-alert-mike-mcglone-signals-troubles-ahead/

Mike McGlone, Commodity Strategist at Bloomberg, highlighted on X (formerly Twitter) on October 2, 2023, the concerning trend in the cryptocurrency market despite Bitcoin (BTC) rising above $28,000 on Monday. 

McGlone noted that cryptocurrencies are currently grappling with the specter of a recession, and the third quarter’s weakness in the crypto space could either be a transient recovery blip or a more ominous sign of an impending recession. The prevailing sentiment, as indicated by the analyst, leans towards the latter possibility.

“Crypto weakness in 3Q may be a recovery blip or a recession leaning. Our bias is the latter, as almost all risk assets gained in 2023 and rolled over into the quarter.”

The rationale behind this perspective is rooted in the performance of various risk assets throughout 2023, which exhibited gains but subsequently experienced a downturn in the current quarter.

Despite signals of economic contraction in the US and Europe, coupled with a property crisis in China with deflationary implications, most central banks persist in their tightening measures. This backdrop sets the stage for a nuanced analysis of the crypto market.

Parallels between 1987 and 2008 peak oil prices

The Bloomberg Galaxy Crypto Index (BGCI) is observed to have underperformed relative to expectations. The analyst suggests that this may signify a fundamental shift for an asset class that had become accustomed to thriving in a zero-interest-rate environment. 

Drawing historical parallels, the strategist points to instances such as the spike in US Treasury yields preceding the 1987 crash and the peak in crude oil prices in July 2008.

The narrative further explores the correlation between Bitcoin’s downturns and Federal Reserve policy pivots. This observation suggests that Bitcoin’s movements could serve as a leading indicator, providing insights into potential shifts in broader market liquidity. 

McGlone emphasizes the inevitability of time playing a crucial role, drawing a parallel to the cautious perspective held on crypto ETFs when the BGCI was launched in 2018.

“Bitcoin swoons have preceded Federal Reserve pivots, which may underscore the crypto’s leading indicator attributes and what might be needed to revive liquidity.”

In summary, the market analysis underscores the vulnerability of the crypto market to broader economic trends, signaling a cautious outlook with the potential for a protracted recessionary phase.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Crypto recession alert: Mike McGlone signals troubles ahead appeared first on Finbold.