In the ever-volatile world of cryptocurrencies, Polygon’s native token, MATIC, witnessed a notable price correction, triggering a flurry of activity from significant investors known as “whales.” These investors took advantage of the price decline, splashing a staggering $90 million into acquiring MATIC tokens, indicating a potential trajectory towards a price recovery. Amid recent market fluctuations, MATIC experienced a retracement from its earlier peak of $0.92 to $0.765 at the current time. This downward movement came after a remarkable performance from mid-October to early November, aligning with the anticipation and subsequent realization of Polygon Labs’ transformation of MATIC tokens into the newly launched POL token. MATIC/USDT chart, source: TradingView On-Chain Insights: Whales’ Strategic Accumulation of MATIC However, the initial euphoria surrounding this event has subsided, leading to a reduction in speculation-driven activities related to this digital asset. Interestingly, on-chain data analysis reveals a starkly different narrative – a sustained interest and accumulation of MATIC by cryptocurrency whales. Prominent analyst and crypto trader Ali Charts shed light on this movement, showcasing how whales strategically acquired over 120 million MATIC tokens in just the past week. This accumulation spree translated into a significant inflow of $90 million, indicating substantial confidence among these major investors despite the recent price volatility. #Polygon | Recently, $MATIC whales have been on a buying spree, scooping up over 120 million #MATIC in the past week – that's a hefty $90 million investment! pic.twitter.com/uqXopGoqvy — Ali (@ali_charts) November 29, 2023 The impact of this whale activity on MATIC’s price action has been palpable. Observably, the token has rebounded from its recent lows around $0.72, showcasing resilience and retaining a substantial portion of its monthly gains, with an overall 20% increase within the evaluated period. In the world of cryptocurrencies, whale activity often serves as a bellwether for market bottoms, influencing both short-term fluctuations and long-term trends. These substantial whale acquisitions provide optimism for MATIC holders, suggesting that increased network activity and recent whale buys may pave the way for the asset’s recovery. Polygon’s Rising Network Activity Fuels MATIC’s Prospects Beyond the price dynamics, the growth of the Polygon network and MATIC’s price movement, the blockchain ecosystem has witnessed substantial expansion. Over the past three years, the number of active addresses on the Polygon network has surged from approximately 120,000 to an impressive 387 million, showcasing notable growth and adoption. Polygon PoS chain daily transactions chart, source: Polygonscan Additionally, there has been a significant increase in daily transactions, evidence of increased user activity on the network. These transactions soared to yearly highs, surpassing six million, subsequently leading to a surge in network fees, painting a promising picture for Polygon’s ecosystem growth and potential prospects.

Shiba Inu (SHIB) Burn Rate up 1,000%, Price Shows Immediate Reaction. Shiba Inu (SHIB) has witnessed a significant milestone as the burn rate for the token has surged by an astonishing 1,000%, and the token's supply keeps on s hrinking. Unfortunately, it might not be enough. Analyzing the recent price chart of SHIB, the currency demonstrates a notable response to the burn. Despite the broader market's movements, SHIB has managed to carve its own path. Post-burn, a slight uptick in the price showcases the immediate impact of reducing the circulating supply. This is viewed positively by holders who anticipate that a decrease in supply with steady or increasing demand could lead to a price increase. The price chart illustrates SHIB navigating through a consolidation phase, with a recent breach below a critical ascending trendline. This breach was quickly followed by a recapturing of the trendline, indicating that the burn news may have spurred investor confidence, leading to buying pressure that helped SHIB regain its footing above this technical support level. In the grand scheme of things, the overall cryptocurrency market, as depicted by the Bitcoin (BTC) chart, shows a healthy consolidation pattern, with Bitcoin maintaining a steady position near its recent highs. Bitcoin's price action often sets the tone for the altcoin market, and its current strength provides a stable backdrop for coins like SHIB to capitalize on individual catalysts, such as the burn event. The fact that SHIB's price has shown resilience and an immediate reaction to the burn event, even when Bitcoin's price is experiencing a consolidation phase, highlights the relative independence of meme tokens from Bitcoin's performance. However, investors should keep in mind that assets like Shiba Inu tend to follow bigger meme coins or altcoins like Ethereum, which in their turn are heavily affected by Bitcoin's movements. #BinanceTournament

#Bitcoin made a new month high yesterday at 38500 (38450 on spot). Just 10 cents above previous level. Certainly not a bull trap we've expected. That move gave no volume, no liquidations, no fomo. Just a small wick invisible at month timeframe. If anything big happen within today it will be a fake move. For December we still may expect any kind of price action. Every scenario is open. Bullish momentum still there, but with that choppy November price action I doubt that pump will last long. Market is crying for a proper dip. But if $BTC first pump to 43-44k, I believe it won't hold for long there. My main correction target at 31.8k remains valid. Main levels to watch PA: 🔸 45505 - March'22 close 🔸 43155 - March'22 open 🔸 40071 - May'22 high 🔸 38500 - November high 🔸 37614 - April'22 close 🔸 36770 - dev Q VAH 🔸 35981 - October high #BTC 4H EMAs: 🔼 55 at 37433 🔼 233 at 35343 🔼 987 at 30563

The post Crypto Market Analysis: IOTA & USTC Lead the Market While BLUR & UNI Incur Massive Losses appeared first on Coinpedia Fintech News After maintaining a healthy upswing for a couple of days, the markets have begun to consolidate within narrow regions. As the BTC price dropped back below $38,000, the global crypto market capitalization also faced a minor plunge of 0.55%. The cryptos, which were among the top gainers, are facing immense bearish action while some maintain their bullish streak. Among the top 100 cryptos, IOTA has topped the gainers list with a huge margin of over 33.97%. The price surge of over 40% occurs after registering an ecosystem development foundation in Abu Dhabi. Moreover, the DLT foundation will be funded by $100 million worth of tokens, which will be vested for four years. With this, the IOTA price reached levels above $0.29 for the first time since October 2022. The price has now surged beyond the descending parallel channel but is facing immense bearish heat. However, the market participants appear to be optimistic about the IOTA price as the buying pressure has piled up. Conversely, it could appear to be a short-term rally, as the bulls may remain passive until the markets trigger a fine upswing. Besides, the BLUR token, which maintains a fine bullish streak, is facing massive bearish action.  After accomplishing a parabolic recovery, the BLUR price pierced through the immediate resistance and marked interim highs at $0.6860. Since then, the price has dropped close to 30% and is expected to drop another 10% to test the support zone between $0.4593 and $0.4517 in the coming days. As RSI is testing the multi-month trend diagonal support, a rebound could be imminent, which may revive a bullish trend ahead. Therefore, a bullish breakout back beyond $0.6 could be on the horizon by the end of 2023. Alongside, the popular DeFi token Uniswap (UNI) also displays a similar price action.  The UNI price faced rejection at the pivotal resistance of around $6.5. Further, a parabolic recovery was triggered that enabled a fine recovery towards the neckline of the curve. Now that the token faces another similar price rejection, a drop to immediate support appears to be imminent. Besides, the RSI is incremental, which suggests a quick rebound could be fast approaching as the UNI price reaches the liquidity zone.  Therefore, the price is expected to reach $7 and rise beyond the levels in the first few days of 2024, but a prolonged consolidation until the end of 2023 appears to be imminent.

In the ever-evolving crypto landscape, Chainlink (LINK) stands at a critical juncture, grappling with key technical factors amidst Bitcoin’s attempts to breach the elusive $38,000 mark. Despite a decline in Open Interest, signaling potential bearish sentiment in shorter time frames, LINK maintains a resilient stance on the price chart. A closer look at the past two weeks reveals a range formation that is anticipated to wield significant influence over Chainlink’s price action in the days to come.&middot For the full story, head over to TheCurrencyAnalytics.com.

The post XRP Price Loses Momentum! Is A Correction Of 20% underway? appeared first on Coinpedia Fintech News Despite the top cryptocurrencies recording new yearly highs, Ripple’s XRP token continues its struggle to break out of its key resistance level at $0.6404. The XRP token has faced repeated rejection at that range, highlighting a strong liquidation point at that level. The Ripple price traded in a narrow space between $0.5374 and $0.5730 for a while, following which the price gained momentum and broke out of the range. The XRP price recorded a jump of approximately 8%, after which it faced rejection at $0.6177. The Ripple token then traded sideways for almost a week, following which the XRP bulls regained momentum and broke multiple resistance levels by adding 17% in value. TradingView: XRP/USDT After reaching a top of $0.7187, the price lost momentum and started trading under a bearish influence with a constant price drop. The price was seen trading in a descending channel pattern for a while. Further, the price has been trading in a consolidated range between $0.5962 and $0.6404 for over two weeks, indicating a weak buying and selling pressure for the coin.  The Moving Average Convergence Divergence (MACD) displays a neutral trend, indicating uncertainty in the future price action for the coin. Further, the averages show a bearish convergence, suggesting the price will undergo correction soon. Will The XRP Price Hit $0.74 Soon? If the bulls push the price above the resistance level of $0.6177, the XRP price will regain momentum and prepare to test its upper resistance level of $0.640. Maintaining the price at that level will set the stage for the Ripple token to test its upper limit of $0.6646 in the coming week. Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.5962. If the bears continue to dominate the market, it will further drop and test its lower support level of $0.5730. Moreover, if a trend reversal occurs, the XRP price will experience a significant correction in value and prepare to test its crucial support at $0.5374 in the days ahead.

ETH may break out of its tight trading range if the coin price hits $2,200. The 50 EMA had crossed over the 200 EMA, suggesting a bullish breakout in the mid to long-term. If ETH fails to flip the $2,042 resistance, the price may drop to $1,994. Crypto analyst Altcoin Sherpa told his 198,900 X followers that the price of Ethereum (ETH) would reach $3,000 in the next few months. Sherpa, who sounded confident of his prediction, referred to ETH’s historical price action. In backing up his point, the analyst noted that the ETH price has not closed above $2,200 in about a year and a half. He added that this altcoin’s inability to hit the said value would be the reason leading to the projected breakout. $ETH : This one is so obvious to me. It's going to go to $3000+ within the next few months and there's nothing you can do about it. No 1W close above this $2200 level in 1.5 years, ofc it's going to break it given the landscape. #Ethereum pic.twitter.com/lnhAyj5UKj — Altcoin Sherpa (@AltcoinSherpa) November 29, 2023 ETH Forms a Golden Cross  At press time, ETH’s value was $2,038. Earlier in the week, the coin broke above $2,100. However, negative market sentiment coupled with some selling pressure pushed the price back below $2,100. At the same time, ETH’s ability to hold on to the $2,000 range could serve as a sign of mild strength, especially as the cryptocurrency languished between $1,800 and $1,900 for a long period. In the short term, it is likely for ETH to keep trading between $1,800 and $2,100. But in the next few months, as Sherpa said, the ETH/USD daily chart showed that the altcoin has the potential to break out of this tight trading range. This assertion was taken from the Exponential Moving Average (EMA). At press time, the 50 EMA (blue) had crossed over the 200 EMA (yellow). This upward crossover or golden cross possesses properties linking a bullish breakout for establishing a long-term uptrend.  ETH/USD Daily Chart (Source: TradingView) A Short-Term Decline Is Nearby So, if ETH finally hits $2,200 and is accompanied by strong buying pressure, there is a possibility that it might reach $3,000. However, the road to a potential $3,000 price may not be linear. Therefore, traders might need to watch out for pullback in between.  Meanwhile, ETH’s short-term outlook is not exactly tilting bullish. According to the 4-hour chart, bulls have been unable to take bears out of the way in establishing an uptick. Also, there was a strong resistance at $2,042, which was responsible for pushing ETH back. Bulls will likely attempt to flip the resistance. At the same time, sellers may resist. Should ETH get rejected again, there is a chance that it might drop to $1,994. Additionally, the Relative Strength Index (RSI) was 46.64, indicating weakness for the altcoin. As long as the RSI remains below the 50.00 midpoint, ETH may find it hard to retest $2,100. ETH/USD 4-Hour Chart (Source: TradingView) The possibility was also corroborated by the Awesome Oscillator (AO), which had dropped into the negative region. The AO reading is a sign of increasing downward momentum, which is not good for ETH’s short-term bullish prospects. The post ETH to $3,000? Here’s What the Technical Outlook Suggests appeared first on Coin Edition.

The post Ethereum (ETH) at a Crossroads, Yet the Price Could Reach $3000 in the Next Few Months appeared first on Coinpedia Fintech News Being a little different from the Bitcoin price action, the Ethereum price is displaying the possibility of drowning in the current resistance. The price continues to test the crucial diagonal support, which raises concerns over the impending rally. The second-largest token attempted recently to reclaim the resistance, but it appears that a retest of the lower support could be more likely. The daily chart suggests the crypto is closer to triggering a bounce from the lower crucial support that falls within an ascending triangle. The volume has just flipped in a bullish favour but the buying pressure is yet to accumulate. Therefore, if a rebound is validated before the day’s close, then the fresh month’s trade can be expected to start on a bullish note. As mentioned before, the ETH price is testing the lower crucial support, and the day’s trade is constantly flipping between bullish and bearish favour. This indicates serious competition between both of them, which may have a major impact on the upcoming monthly close. Besides, the technical pattern raises some concerns as the DMI is bearish. ADX is heading towards lower support, indicating a decrease in the strength of the rally. Besides, the +Di & -Di are closer to undergoing a bearish crossover. Hence, the probability of a pullback below $2000 could be on the horizon. If the bulls display weakness here, the rally could trigger a drastic drop towards the lower support below $1800. However, the probability of a rebound remains higher as the token has been consolidating below $2200 in the past 1.5 years without any weekly close above these levels. Hence, a popular analyst, Altcoin Sherpa, believes the ETH price could reach $3000 in the next few months. $ETH : This one is so obvious to me. It's going to go to $3000+ within the next few months and there's nothing you can do about it. No 1W close above this $2200 level in 1.5 years, ofc it's going to break it given the landscape. #Ethereum pic.twitter.com/lnhAyj5UKj — Altcoin Sherpa (@AltcoinSherpa) November 29, 2023 Therefore, the Ethereum price is believed to trade within an ascending triangle until it reaches the apex. Further, by the end of the first fortnight, the price is expected to trigger a bullish breakout beyond $2200.

Impressive Surge: SEI has surged by an impressive 35% within the last day, achieving an unprecedented high of $0.2988.Performance Drivers: The remarkable uptick in SEI's value is attributed to significant trading volume, increased social activity surrounding the asset, and a prevailing positive sentiment in the market.Positive Bitcoin Correlation: SEI demonstrates a positive correlation with Bitcoin, indicating a potential for continued upward movement.Price Projection: Analysts anticipate SEI to revisit the $0.26 mark, marking a potential retest, before potentially extending its rally towards $0.3633. The current crypto market sentiment remains bullish, especially after Bitcoin surged past the $38,000 mark, signaling potential for exploration towards $40,000 or beyond pending a breakout and subsequent close. Among the various cryptocurrencies, one asset stands out with unparalleled bullish momentum: SEI. SEI, positioned as the 75th largest cryptocurrency by market cap, has emerged as the standout performer in the market, particularly over the last 24 hours. Analyzing SEI's Remarkable Performance SEI's price trajectory across daily, weekly, and monthly intervals has been nothing short of parabolic. Data from CoinMarketCap illustrates a staggering surge of approximately 35% within a day, propelling SEI to an all-time high of approximately $0.2988. This surge reflects a weekly gain of over 60% and a monthly increase of around 150%, driving SEI's market cap to approximately $645 million and solidifying its position in the crypto rankings. Factors Fueling SEI's Success SEI attributes its stellar performance to several contributing factors, including consistently high trading volume, robust social activity, and a prevailing positive market sentiment. Notably, a strategic investment from Circle, the issuer of USDC, has significantly bolstered SEI's prospects. Circle's recent investment announcement highlighted SEI as part of its African expansion plans, leveraging SEI's established presence in the region. SEI's trading volume surge in the past day, surpassing its market cap to approximately $796 million, indicates robust liquidity within the SEI network catalyzed by its price surge. SEI's Future Trajectory Throughout November, SEI has demonstrated a bullish trend, as depicted in its 4-hour chart. Starting from lows around $0.1, the cryptocurrency has more than doubled in value, presently trading around $0.27. The current price movement suggests a potential resistance zone near the recent $0.2988 all-time high, leading to a slight decline to approximately $0.2715. However, SEI's likely course of action involves retesting the $0.26 high from November 25 to establish a higher low. Maintaining support above this level could signal a continuation of SEI's upward rally, possibly targeting the $0.3633 zone as indicated by the Fibonacci retracement tool. While SEI's correlation with Bitcoin remains positive, indicating further upward potential, its short-term trajectory involves potential retests and higher lows before resuming its ascent. As with any investment-related content, Voice of Crypto aims for accuracy while advising independent research and decision-making due to the inherent volatility of cryptocurrencies. #SEI #SeiNetwork #sei #cryptocurrency #crypto2023 $SEI

A surge of optimism has swept through the cryptocurrency market as Bitcoin (BTC) decisively breached the significant threshold of $38,000. Surpassing this level is seen as a crucial milestone which confirms strong bullishness of the leading coin. Amid that, the total market capitalization has approached the $1.40 trillion level, with the potential for further expansion upon its breach. This upswing seems to have instilled confidence among market participants, evident in the prevailing bullish tone across the entire market. Notably, Vechain (VET) and Monero (XMR) have eagerly joined the rally towards new heights, positioning themselves for substantial gains. Additionally, emerging projects like ScapesMania present enticing opportunities for investors seeking early entry. Ride The Wave Of Innovation With ScapesMania While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project's appeal. Presale is Live Now - Join Now for a Chance to Benefit with MANIA Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead. Presale is Live, Learn More About Major Benefits VeChain (VET) Price Analysis VeChain (VET) is navigating a dynamic landscape with recent updates signaling substantial growth. A significant development for the network in November was its partnership with AWorld. This collaboration is aimed at leveraging blockchain technology for enhanced sustainability and environmental initiatives, marking VeChain's commitment to using its platform for social and ecological benefits. Vechain (VET) has been consistently moving within the upward channel since early November. At the moment of writing, it was trading around the $0.02 level, having added nearly 14% in a month. The technical analysis of VeChain (VET) presents a cautiously optimistic outlook, with a blend of neutral and bullish signals.  The analysis of oscillators values shows that the Relative Strength Index (RSI) is at 54.79, indicating a neutral market momentum, similar to Stochastic %K at 53.07 and the Commodity Channel Index (CCI) at 28.08 also suggesting a neutral stance. Meanwhile, the Bull Bear Power at 0.00042758 indicates a potential buying opportunity. VeChain (VET) Price Prediction The pivot points indicate critical levels for VeChain (VET). The immediate support level is at $0.0119, followed by the next support level at $0.0141. On the resistance side, the immediate level is at $0.0247, with the key threshold at $0.0261. In a bullish scenario, if VET maintains its position above the immediate support level and breaks past the immediate resistance, we could see a movement towards the next resistance level. The buy signals from the majority of the moving averages including the 100-day EMA at $0.0213 and 100-day SMA at $0.0216 support this optimistic view. Conversely, in a bearish scenario, if VET breaks below the immediate support level, it could lead to a further decline towards the next support level. The sell signals from the 20-day SMA at $0.0217, along with the Hull Moving Average at $0.0216 underscore this potential downside. Neutral readings from oscillators like the Average Directional Index (14) at 21.60 suggest caution, indicating potential volatility or price correction. Monero (XMR) Price Analysis The technical analysis of Monero (XMR) suggests a bullish trend, with the coins showcasing a breakout from a symmetrical triangle pattern and steadily extending its gains. The focus is now on whether Monero can surpass the significant $180 mark, following its current trajectory towards this bullish target. The technical indicators are favorable, with XMR trading above key moving averages including the 20-day SMA at 165.95. It indicates a strong bullish sentiment. At the moment of writing, Monero (XMR) was trading near the pivot point around $164, showing a weekly gain of 4%. The RSI at 51.26 is above neutrality, hinting at a positive divergence and a bullish outlook. The MACD indicator at 1.087 also shows a bullish crossover, supporting the possibility of a significant price increase. Meanwhile, the Momentum indicator is slightly negative at 2.650, suggesting a sell action, while the MACD Level at 1.147 indicates a buy similar to the Bull Bear Power that is located at 0.390. Monero (XMR) Price Prediction In a bullish scenario, if XMR maintains its position above the immediate support level of $160.9 and breaks past the immediate resistance at $175.5, we could see a movement towards the next resistance level at $181.6. The buy signals from the 100-day EMA at 158.9 and 100-day SMA at $154.2 support this optimistic view. In a bearish scenario, if XMR breaks below the immediate support level of $160.9, it could lead to a further decline towards the next support at $152.3. The mixed signals from oscillators and moving averages advise caution. On the weekly charts, XMR has been exhibiting range-bound movements but is now exiting this range. The upper neckline of $190 is a crucial level to watch, as surpassing it could lead to further gains. Conclusion In conclusion, the recent cryptocurrency market surge, fueled by Bitcoin's rise above $38,000, has generated optimism and a broadly bullish sentiment. Altcoins like VeChain (VET) and Monero (XMR) are actively participating in the upward momentum. While VeChain presents a cautiously optimistic outlook and Monero showcases a bullish trend, mixed signals warrant caution. Monitoring overall market trends and project developments is crucial for informed decision-making. As the landscape evolves, the trajectories of VeChain (VET) and Monero (XMR) will likely be shaped by dynamic market factors. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

In the burgeoning world of crypto, recent developments have sparked considerable interest. Former Twitter CEO Jack Dorsey has made a significant investment in OCEAN, a project aimed at decentralizing Bitcoin mining, which is the first-ever noncustodial mining pool, allowing miners to receive block rewards directly from Bitcoin itself. This action is widely viewed as a leap towards the real deal, genuine decentralization. Meanwhile, Bitcoin's price soared to $38,362, a surge many attribute to the impact of its halving cycle. Analysts are all over this uptick, betting on more volatility and even the chance of hitting a new record high soon. These changes show more and more people are getting interested in Bitcoin, investing in it, suggesting they think its future looks pretty good. Likewise, ScapesMania (MANIA) is emerging as a presale project to watch, promising seemingly predictable patterns. Its presale success, surpassing $875K, indicates a growing interest in new and innovative crypto projects.  ScapesMania (MANIA): A Promising Project with Community Focus While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project's appeal. Presale is Live Now - Join Now for a Chance to Benefit with MANIA Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead. Presale is Live, Learn More About Major Benefits Cardano (ADA) Founder Confronts SEC  Recently, Cardano's founder Charles Hoskinson has been vocal in criticizing the US Securities and Exchange Commission (SEC) for classifying Cardano as a security while exempting Bitcoin. Hoskinson's beef with the SEC isn't just a whim, he seriously questions their fairness when it comes to treating cryptocurrencies differently and seems pretty peeved about Bitcoin getting special treatment. He voiced his annoyance over what he saw as bias and irregularities in the regulatory tactics, casting doubt on Bitcoin's decentralization and implying that singling out a handful of groups could trigger a 51% attack on the Bitcoin network. Cardano (ADA) Price Analysis Cardano (ADA) has exhibited a mix of bullish and bearish signals in its recent technical analysis. The Relative Strength Index (RSI) at 54.13 suggests a neutral market sentiment, neither overbought nor oversold. The Stochastic %K at 45.91 also aligns with this neutrality, indicating no clear directional momentum. However, the Average Directional Index (ADI) at a low 16.79 points to a lack of strong trend in either direction. On the moving averages front, ADA is hovering around its 10-day Simple Moving Average (SMA) of $0.3857 and its 200-day SMA of $0.3829, suggesting a potential consolidation phase. The proximity of these averages indicates a critical juncture where ADA could either break out or face resistance. In terms of support and resistance levels, the immediate support and resistance levels for ADA are found at $0.3372 and $0.4247, respectively, with the next support and resistance levels at $0.2934 and $0.4685. The path ADA takes in the short run hinges heavily on these key price points. Cardano (ADA) Price Prediction Looking at Cardano's (ADA) price performance, the coin has shown a year-to-date increase of 57.15% and an impressive 827.81% over the past five years. This historical performance sets a bullish backdrop, suggesting that if ADA maintains its momentum and breaks past the immediate resistance level of $ 0.4247, it could target the next resistance at $0.4685. If this bullish trend continues, ADA could potentially hit the $1 mark, possibly within the next year, especially if it consistently breaks past key resistance levels and gains broader market acceptance. On the flip side, if ADA faces selling pressure and breaks below its immediate support level of 0.3372, it could test the next support at $0.2934. This bearish scenario could be triggered by broader market downturns or negative news specific to the Cardano ecosystem. Investors should also consider the possibility of ADA oscillating within its current range, especially if the market continues to exhibit mixed signals. In either scenario, ADA price performance will likely be influenced by both its technical indicators and broader market trends. Final Words  With all the huge capital flowing into crypto and the regulatory hurdles popping up, everyone's eyes are locked on what's next for Cardano (ADA). ADA's chances to hit that crucial threshold of $1 hinges on its solid past showings and the continual advancements happening in its ecosystem. But, even with all the excitement around the potential of Cardano (ADA), it's essential to remember that market unpredictability and legal unknowns can throw a wrench in the works – something Charles Hoskinson's run-ins with the SEC clearly illustrate. When it comes to ADA, stay grounded and ready for the rollercoaster ride of potential ups and downs. Ultimately, ADA price journey towards or away from the $1 milestone will be a testament to the resilience and adaptability of the Cardano network in the crypto world experiencing a vital and effervescent period. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.  

SEI reached $0.29 after spot trading on the Upbit exchange increased If rising volume continues to follow the price uptrend, SEI may breach $0.30 Open Interest around SEI increased, suggesting bullish sentiment behind the price action The native token of Layer-1 (L1) blockchain Sei (SEI) increased by 30.93% in the last 24 hours, CoinMarketCap data showed. As a result, SEI’s price hit a new all-time high (ATH) of $0.29. The recent rise in the value brought the 30-day performance of the cryptocurrency to a 156.44% hike. One reason the price of SEI increased was because of its trading volume on the South Korean exchange Upbit. Previously, specifically on August 14, Upbit announced that it had listed the token. At that time, trading of the token against the South Korean Won (KRW) increased. Upbit’s Funds Flow Into SEI After some time, the hype fizzled out. However, according to CoinMarketCap data, SEI’s 280% increase in trading volume was mainly because of the rising spot volume around the cryptocurrency on Upbit. To be clear, SEI’s trading volume on Upbit was almost $400 million, representing more than 50% of the entire $789.39 million volume. At press time, the SEI/KRW volume was $358.42 million—the highest on the exchange. Besides the increase in volume, SEI also had a higher market depth than most assets on the exchange.  Only Dogecoin (DOGE) and Ripple (XRP) seemed to have a higher market depth than SEI. Upbit Trade Volume (Source: CoinMarketCap) If SEI’s volume continues to increase alongside the price, then a new ATH may not be far away. This is because buying and selling can serve as a strength for the price direction. But that would also depend on the order coming in through the volume. Should buying pressure outweigh the sell orders, then it could only be a matter of time before SEI crosses the $0.30. This possibility was also reinforced by the Exponential Moving Average (EMA). Another ATH May Be Close At the time of writing, the 9-day EMA (blue) had crossed over the 20-day EMA (yellow). This EMA position indicates a bullish bias. While there has been some profit-taking around $0.28, it was only mild. Concurrently, buyers have continued to make new orders so as to push the SEI price further up. If SEI sustains the bullish momentum, it is possible to see the price hit $0.30, as mentioned earlier. At the same time, bulls need to make sure that bears have no say in the market’s momentum. SEI.USD 4-Hour Chart (Source: TradingView) On the other hand, if bulls do not defend the rising momentum, SEI risks falling to $0.24. Furthermore, derivative traders seem committed to helping the token reach a new ATH. This is because of the Open Interest data as shown by Coinglass. According to Coinglass, SEI’s Open Interest had climbed to $89.58 million, suggesting that there was enough liquidity in the contract linked to the cryptocurrency.  SEI Open Interest (Source: Coinglass) When placed side by side with the price action, the demand for SEI as indicated by the Open Interest can serve as backing for a further uptrend. Therefore, it is not out of order to expect the SEI token to tap another high. The post SEI Jumps 30% In One Day, Hits New ATH as Asian Volume Troop In appeared first on Coin Edition.

Bitcoin’s price has been bullish since the beginning of the year, consistently making higher lows and highs. Therefore, investors might be wondering whether a correction is likely to occur in the short term or if the current trend would be sustained. Technical Analysis By Edris The Daily Chart As the daily chart depicts, the price has been demonstrating strong bullish momentum over the recent months. Yet, the market is currently testing the $38K resistance level and is yet to break convincingly. If a bullish breakout occurs, there would be little resistance preventing the price from reaching the next key level, which is located around the $41K mark. However, with the relative strength index showing a clear bearish divergence between the recent highs, there is also the possibility of a pullback in the coming weeks. In this case, the $34K and the $30K levels would be potential targets. Source: TradingView The 4-Hour Chart Analyzing the 4-hour timeframe can provide a more clear view of recent price action. It is evident that the price has been forming a rising wedge pattern in the last couple of weeks. With the rising wedge being a bearish reversal pattern and considering the fact that a strong resistance level is present around the $38K mark, there is a considerable likelihood for a correction. However, if the pattern is broken to the upside, which might happen in the coming days, the price could go parabolic again and rapidly surge toward the $41K area. Source: TradingView On-Chain Analysis By: Edris Bitcoin Active Addresses Bitcoin’s price has been rallying consistently over the last few months, and many heads are again turning toward the crypto market. Meanwhile, analyzing the underlying fundamental metrics of the network would provide useful insight for optimal investment decision-making. This chart demonstrates the Bitcoin active addresses metric, which counts the total number of unique active addresses, including both senders and receivers. As the chart depicts, this metric has been on the rise since the price rebound from the $16K zone back in November last year. Source: CryptoQuant Moreover, the number of active addresses is approaching its all-time high of over 1.1 million, which was last witnessed when the price was hovering above $60K in 2021. As a result, there is a clear bullish divergence between network activity and the price, and a bullish continuation could be expected in the coming months if this trend continues.   The post BTC Puts $38K to the Test but are Bears Staging a Serious Correction? (Bitcoin Price Analysis) appeared first on CryptoPotato.