This Economic Model Predicts a $200,000+ Bitcoin Price by 2022

Bitcoin has been on a wild ride throughout the past few days, with bulls sending the cryptocurrency rocketing up to fresh all-time highs yesterday around $19,800 before losing their strength and succumbing to bears.

From here, the cryptocurrency’s price saw a vicious decline that sent it all the way down to lows of $18,200. The buying pressure here was quite intense and sparked a nearly instant rebound.

It rallied as high as $19,400 this morning before facing an influx of selling pressure that slowed its ascent and caused it to see a slight retrace. Nevertheless, it has still been able to post what appears to be a “V-shaped” recovery from these lows.

Where it trends next will likely depend largely on whether or not buyers can firmly reclaim $19,000 and establish this price as a long-term bottom. If it remains stuck below here, it could see continued weakness in the days and weeks to come.

Despite this short-term turbulence, one economic model is still forecasting an incredibly bullish year for the benchmark cryptocurrency.

The on-chain analyst who developed the metrics that this model is premised upon concluded in a recent tweet that $200,000 per Bitcoin by the end of 2021 is a “conservative” prediction and that it could rally even higher.

Bitcoin Rebounds from Overnight Lows, But Bulls Lose Momentum

At the time of writing, Bitcoin is trading down just over 4% at its current price of $18,920. This marks a notable rebound from its overnight lows of $18,200 set following the recent rejection at $19,800.

From here, the crypto rallied as high as $19,400 before bulls lost their steam and the crypto’s price broke back below $19,000.

Where it trends next will likely depend fully on its continued reaction to this key level.

Economic Model Forecasts a 10x BTC Price Rise in 2021

One respected on-chain analyst explained in a recent tweet that one of his economic models predicts that Bitcoin is about to see some massive momentum.

He is now pointing to one of his economic models, which forecasts that Bitcoin could be trading between $200,000 and $300,000 by the end of 2021.

“Views on 2021: My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins.”

Bitcoin

Image Courtesy of Willy Woo.

This prediction does seem to be a bit far-fetched, but if Bitcoin breaks above its all-time highs and sees price action similar to that seen during previous bouts of price discovery, a six-figure BTC could be right around the corner.

Featured image from Unsplash.
Price data from TradingView.

XRP Could Target a Move to $1.80 as Technical Strength Flourishes

XRP has been one of the most surprising beneficiaries of the recent market-wide uptrend, with the previously embattled cryptocurrency exceeding Bitcoin’s gains over a short time frame while also outpacing Ethereum and other major altcoins.

Its strength came about following the break above a multi-year trading range that it has been stuck in between $0.20 and $0.30. Once $0.30 was flipped into support, it began its parabolic ascent.

Its momentum is now slowing down due to a few key resistance levels, but where it trends next will likely depend on whether or not Bitcoin and the rest of the crypto market can find some stability.

Both BTC and ETH have seen some immense turbulence throughout the past 24 hours, with bears fading the benchmark crypto’s all-time highs and causing the aggregated market to show some signs of weakness.

Unless Bitcoin gains stability, altcoins like XRP may struggle to extend their newfound momentum.

Nevertheless, one trader is expecting XRP to see some immense gains in the near-term, pointing towards $1.80 as a potential upside target in the near-term. He does note that it may first find some resistance around $1.12.

XRP Stagnates as Bitcoin Struggles to Set New Highs

Yesterday was a wild day for Bitcoin and the entire market. After facing an intense selloff that sent BTC reeling down to lows of $16,400 last week, BTC bulls stepped up and pushed the crypto to fresh all-time highs of $19,800 on many exchanges yesterday.

The selling pressure here was quite intense and caused the entire market to turn lower, with bulls ardently trying to absorb this selling pressure today.

Naturally, XRP was impacted by this volatility as well. At the time of writing, the cryptocurrency is trading down over 7% at its current price of $0.62. This is around where it has been trading throughout the past few days and weeks.

Trader Claims the Token is Still Poised to Explode Higher

While sharing his thoughts on XRP’s current outlook, one trader noted that he remains firmly bullish on its near and mid-term prospects.

He stated that a move up towards $1.12 could come about shortly, followed by an explosion towards $1.80.

“XRP: Aped in. Targets 1.12 and 1.8,” he concisely noted while pointing to the chart seen below.

XRP

Image Courtesy of Livercoin. Source: XRPUSD on TradingView.

If XRP reaches his upside target, it will mark a nearly 3x movement from where it is currently trading at.

Featured image from Unsplash.
Charts from TradingView.

DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform

The DeFi sector has been on the up and up throughout the past few weeks, with the post-Summer downtrend first reversing earlier in early-November when Yearn.finance’s YFI token bottomed out at $7,500 and saw a massive overnight surge up towards $18,000.

From this point forward, the cryptocurrency has been climbing higher every week, showing signs of strength and creating tailwinds for the rest of the market.

YFI wasn’t the only “blue-chip” sector benchmark that reversed its downtrend earlier this month, as many other major tokens rallied in tandem.

This sector-wide movement was bolstered by the strength seen by Bitcoin, Ethereum, and the rest of the cryptocurrency market.

ETH’s rise has been particularly impactful for smaller DeFi assets that gain most of their trading volume from Uniswap, as their 50/50 pools are denominated in Ethereum.

One investor is now noting that although these higher-beta DeFi assets have been widely expected to outperform the rest of the market, they are lagging far behind the supposed “benchmark” tokens within this sector.

DeFi Market Closely Tracks Ethereum’s Price Action 

Ethereum has been guiding the altcoin market as of late, with its price action largely hinging upon Bitcoin.

Currently, ETH’s bulls and bears are battling to hold the cryptocurrency above $600. The selling pressure seen above this price level has been significant and may continue hampering its price action until Bitcoin can break above its all-time highs.

The DeFi perpetual swap basket on FTX – which tracks the performance of a handful of the top sector-specific projects – is up from its monthly lows of $800, with its current price sitting around $2,400.

This, however, marks a massive decline from its recent highs of $6,000 that were set just a couple of weeks ago. This indicates that investors are uncertain about where this fragment of the market will trend next.

It is important to keep in mind that this gives a general indication of the sector’s performance, as the DEFI-PERP’s exact price is influenced by margin use, funding rates, and other metrics.

Blue-Chips Lead Sector’s Rebound

One prominent investor noted in a recent tweet that the DeFi sector is growing more efficient, with the larger projects outperforming their smaller counterparts.

“Wow, incredible divergence among various DeFi tokens, with the blue-chip ones substantially outperforming since the beginning of the month Markets getting more efficient.”

DeFi Ethereum

Image Courtesy of Su Zhu. Source: TradingView.

Where Bitcoin and Ethereum trend in the mid-term will undoubtedly influence the DeFi sector. Until fresh retail money flows into the market and investors grow keen on seeing multipliers, the larger tokens may continue outperforming the smaller ones.

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Charts from TradingView.

Bitcoin Posts “V-Shaped Recovery” as Bulls Erase Overnight Losses: What’s Next

Bitcoin just posted another shocking price movement, with the cryptocurrency’s latest rejection at $19,800 sending it as low as $18,300 this morning before bulls stepped up and reversed its downwards momentum.

This caused the cryptocurrency to erase nearly all of the losses that came about due to this recent movement, with buyers once again targeting a move up towards its $19,800 resistance.

This “V-shaped recovery” significantly bolsters the cryptocurrency’s underlying strength, as it indicates that bears are plagued by underlying weakness at the moment due to their inability to gain any control over the crypto’s price action.

This latest bear-trap was also fundamentally healthy, as it reset sentiment, shook out over-leveraged long positions, and could indicate that further upside is imminent in the near-term.

One trader is now pointing to the price region just above where BTC is trading as a potential reversal zone for this rebound.

He believes that the recovery posted over the past couple of hours is getting “overcooked” and will be followed by further downside.

Despite this sentiment, the fact that bears have been unable to spark any meaningful trend shifts over the past several weeks does indicate that bulls could be well-positioned to see further upside in the days and weeks ahead.

Bitcoin Erases Overnight Losses as Bulls Roar

At the time of writing, Bitcoin is trading down just over 1% at its current price of $19,400. This marks a nearly full erasure of the losses that came about overnight as a result of the selling pressure see at its $19,800 highs.

These 24-hour highs marked an all-time high across many platforms. Naturally, bears attempted to fade this move and briefly gained control over its price action.

They even sent it as low as $18,200 this morning before bulls stepped up and reversed the downtrend.

Analyst Claims BTC’s Rebound May Be Getting “Overcooked”

While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that he expects its uptrend to stall around its current price level and begin reversing back into bears’ favor.

“My brave little line provided support, but I think this is cooked. Will probably attempt to short around the golden pocket.”

Bitcoin

Image Courtesy of Byzantine General. Source: BTCUSD on TradingView.

Typically, V-shaped recoveries are followed by massive upside movements, which could make this theory somewhat unlikely.

Furthermore, each test of the upper-$19,000 region degrades the resistance here, which could mean that it is only a matter of time before it is shattered.

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Charts from TradingView.

Why This Trader is Optimistic That Ethereum Will Spark a Massive Altcoin Rally

Altcoins have been closely tracking Bitcoin and Ethereum’s price action as of late, which is a positive sign showing just how far the markets have come over the past few weeks.

While in the past, Bitcoin rallies occurred independently from the rest of the market, with altcoins trailing it or rallying during consolidation phases, the entire market is now moving in tandem.

This trend has greatly favored altcoins, with many posting massive gains throughout the past few days and weeks as BTC navigates towards $20,000.

One trader is now offering a bullish outlook on altcoins, explaining that Ethereum’s ongoing upswing leads him to be optimistic on smaller digital assets’ outlook.

Ethereum is now trying to hold above $600 – if it can flip this level into a strong support level, it could open the gates for the altcoin market to see significantly further upside in the days and weeks ahead.

This will hinge largely on Bitcoin, as the benchmark cryptocurrency is struggling to break above $20,000 despite being able to set fresh all-time highs earlier this morning.

If it continues extending this momentum and does break above $20,000, the entire market will likely see massive inflows of capital that leads altcoins to see parabolic, speculation-induced uptrends.

Ethereum Rallies Higher Alongside Bitcoin

At the time of writing, Ethereum is trading up over 4% at its current price of $601. This marks a notable surge from its recent lows of $490 set at the bottom of the recent selloff.

The selloff seen last week by the entire market appears to have been a bear trap of epic proportion, with the strength seen in the time since ETH and BTC set their lows being quite impressive.

It does seem as though the rebound from these lows sparked the ongoing rally.

Trader Claims ETH Strength Likely to Spark Altcoin Rally

One trader believes that the strength seen by Ethereum as of late could be enough to spark a strong rally for altcoins.

He notes that he has added exposure to Chainlink and some Uniswap tokens to capture some of this potential upside.

“I’m 20% alts now, ETH popping makes me carefully optimistic. Aiming for 25% by mid december, and will ape stupidly, up to 50%, IF BTC goes to ATH and they capitulate simultaneously. 10% ETH, 5% LINK, 5% a basket of scams including uniswap coins.”

Ethereum

Image Courtesy of SalsaTekila. Source: ETHBTC on TradingView.

Whether or not Ethereum can hold above $600 heading into its daily candle close should provide some serious insights into where it will trend in the days and weeks ahead.

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Charts from TradingView.

XRP Could See a Strong Push Higher as Bulls Degrade Key Resistance

Ever since XRP broke out of the tight multi-year trading range that it was previously stuck in, the cryptocurrency has been caught within a strong uptrend that has shown no signs of slowing down.

Bulls have been in full control of the previously embattled cryptocurrency, and the recent rebound seen across the entire market appears to be boosting XRP’s technical outlook as well.

The crypto is now in the process of moving up towards a key resistance level that has long been hampering its price action.

The visit to this level comes in the midst of Bitcoin and Ethereum both entering full-fledged bull trends, with BTC setting fresh all-time highs earlier today before facing a rejection at $19,800 that appears to have sparked another consolidation phase.

It remains unclear whether this consolidation phase will be short-lived or persist in the days to come, but the resistance between $19,500 and $20,000 does appear to be degrading.

One analyst is now noting that XRP is poised to rally higher against this backdrop of bullishness seen by BTC and other digital assets.

He believes that a break above $0.65 is all that is needed for it to gain some immense momentum and begin rallying higher.

XRP Reaches Crucial Resistance as Bull Market Ignites

At the time of writing, XRP is trading up just over 7% at its current price of $0.65. This is where it has been trading throughout the past few days, with the selling pressure here being significant.

Bulls were able to defend its recent back-test of its $0.45 support, a positive technical sign. Couple this with the market-wide bullishness seen as of late, and it does seem as though XRP may soon explode higher.

Analyst Claims XRP is Poised to Explode Higher

While sharing his thoughts on XRP’s current technical outlook, one trader explained that he expects it to see some serious near-term upside.

He notes that the recent test of the $0.45 level confirmed it as support and could boost it higher in the days to come.

“XRP: Higher timeframe support around $0.45 massively held for support. Therefore, strong bounce and looking at clear resistance at $0.65. If that breaks, likely continuation towards new highs.”

XRP

Image Courtesy of Michaël van de Poppe. Source: XRPUSD on TradingView.

So long as Bitcoin remains stable and pushes higher in the days and weeks ahead, there’s a strong possibility that XRP will aim for $1.00 next – assuming it can break above $0.65.

Featured image from Unsplash.
Charts from TradingView.

Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next

Following what is described as an “epic bear trap” to $16,400, Bitcoin has officially set a fresh all-time high.

The benchmark digital asset has never traded as a price this high on the spot market before, with bulls now trying to push it above $20,000. It does appear to be facing some resistance as it navigates into this price region, with bears ardently attempting to fade the movement.

Regardless of whether they are successful, the cryptocurrency’s historic move higher this morning will likely market a macro turning point for BTC and the entire crypto market.

Once $20,000 is broken above, there’s a strong likelihood that it will enter price discovery mode and see some serious upside. Parabolic advances like the one it is currently caught within often end in an asset’s price multiplying, which could mean that this is just the beginning of a much larger move.

One trader is now noting that BTC could be well-poised to see some immense upside in the near-term, with the latest decline simply being a bear trap that cleared out over-leveraged long positions and reset the sentiment surrounding the crypto.

Bitcoin Explodes Towards $20,000; Sets Fresh All-Time Highs

At the time of writing, Bitcoin is trading up just over 7% at its current price of $19,500. This marks a slight decline from highs of $19,800 that were set just a few minutes ago.

These highs marked fresh all-time highs for spot BTC, but it does appear that bears are putting up a defense of the upper-$20,000 region.

Typically, once an asset sets fresh all-time highs, it enters a price discovery mode that leads it to see significantly further gains.

This will likely take place for BTC once $20,000 has been firmly broken above and established as a support level.

BTC Rallies on the Heels of an “Epic Bear Trap”

A few days ago, Bitcoin’s price reeled from the mid-$19,000 region to lows of $16,400.

This shifted the market’s sentiment and led many investors to believe that BTC had posted a local top.

One analyst spoke about this move in a recent tweet, calling it an “epic bear trap”

“BTC: Bitcoin price crushing the daily high. Yeah, that move down to $16k was an epic bear trap to try and shake people out before $20k.”

Bitcoin

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

The coming few days should provide insights into Bitcoin’s macro-outlook. Whether or not it can break above $20,000 and flip this into support will likely determine how it trends into the end of the year.

Featured image from Unsplash.
Charts from TradingView.

What Analysts are Saying About Bitcoin as It Reaches Overhead Resistance

Bitcoin is fast approaching a long-watched overhead resistance level formed in the time following its recent rejection at its $19,500 all-time highs.

The selling pressure here proved to be quite significant and caused the cryptocurrency to see a strong decline that led it to lows of $16,400.

This movement was perpetuated by various factors, including fear surrounding a potential wave of regulations due to comments from U.S. Treasury Secretary Steven Mnuchin.

Where the market trends in the mid-term hinges almost entirely on Bitcoin, as the recent $19,000 rejection halted the recent signs of life seen amongst altcoins and caused the aggregated market to decline significantly.

There’s a strong possibility that the ongoing rebound will extend further, as bulls seem keen on posting a “V-shaped” recovery as they erase the recent losses.

As for what traders expect to happen next, one stated that he is taking some money off the table as the crypto navigates up towards its overhead resistance level in the lower-to-mid $18,000 region.

He notes that a break above $18,400 could be enough to invalidate any signs of weakness plaguing its price.

Bitcoin Breaks $18,000 as Rebound Continues 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $18,090. This marks a notable climb from its recent lows of $16,400 set at the bottom of the recent market-wide meltdown.

This plunge came about close on the heels of the cryptocurrency’s visit to the mid-$19,000 region. Significant selling pressure existed within this region.

If it can gain a strong foothold within the mid-$18,000 region, it may see significantly further upside in the near-term.

BTC May Struggle to Break Its Overhead Resistance, Claims Trader

One trader stated that Bitcoin might not break through the resistance that is laced throughout the lower-$18,000 region.

He adds that a firm break above $18,400 could allow for the cryptocurrency to continue its ongoing rebound.

“Closed half of long at $18,080~ Not looking to be too overexposed into resistance coming into the weekly m/monthly closes. Lots of buying opportunities if we do break $18.4~ Not a lot of selling opportunities if we don’t.”

As Bitcoin’s weekly candle close fast approaches, how it trades in the coming few hours should provide serious insights into its outlook for the rest of 2020.

A close above $18,000 will significantly bolster its outlook and open the gates for bulls to take control of its price action throughout the week ahead.

Featured image from Unsplash.
Charts from TradingView.

Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

Ethereum has been flashing signs of immense strength today, with the cryptocurrency surging up towards $550 as bulls try to erase the recent losses that came about due to the recent market-wide selloff.

This comes as Bitcoin also shows some signs of strength, with the benchmark cryptocurrency navigating towards $18,000 following its recent decline that sent it down to lows of $16,400.

Bitcoin is firmly leading Ethereum and the rest of the market. The potent reaction that both assets have seen after tapping their local lows does seem to be a bull-favoring sign.

One analyst is now noting that Ethereum is likely to see significantly further upside in the near-term, with its strength showing no signs of slowing down as bulls move to regain control of its trend.

He believes that $500 will prove to be a long-term local bottom for the crypto and that it will only see upside from here heading into the end of the year.

It is also possible that it will enter an accumulation phase between these lows and its current price level, which will bolster any uptrend in early-2021.

Ethereum Shows Signs of Strength as Buyers Take Aim at $600 

At the time of writing, Ethereum is trading up just under 5% at its current price of $543. This marks a notable upswing from its recent lows of $490 set at the bottom of the recent selloff.

The ardent defense of $500 by bulls indicates that this is a strong support level that may continue bolstering its price action for the weeks to come.

So long as it consolidates above $500 and confirms this as a strong support level, there’s a strong possibility that it will see further upside.

Analyst: ETH Likely to Rally Higher Throughout Rest of 2020

While speaking about Ethereum’s potential outlook, one trader explained that he expects it to see some serious upside in the weeks leading up to the end of the year.

He further added that he expects $500 to prove to be a long-term local low for the cryptocurrency that helps spark its next sustained uptrend.

“ETH / USD: Weekly chart looking excellent right now, while $650 resistance was rejected pretty harshly, now strong support is being show at $500 buyers defending aggressively… LTF expecting accumulation at $500 and hopefully this is a local low for the rest of the year.”

Ethereum

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

Ethereum’s near-term price action will likely depend largely on Bitcoin, which does seem to favor bulls at the moment, with the benchmark cryptocurrency now pushing up towards $18,000.

Featured image from Unsplash.
Charts from TradingView.

Here are the Crucial Levels Bitcoin Must Break to See an Explosive Move Higher

Bitcoin has seen a strong move higher throughout the past day, with bulls aiming at reversing the recent market-wide selloff as the cryptocurrency begins pushing higher.

Where it trends next will likely depend largely on whether or not bulls can maintain the ongoing uptrend as the weekly candle close fast approaches. Where this candle closes will likely set the tone for the week ahead and offer insight into its macro-outlook.

There are still a few crucial levels that need to be surmounted before Bitcoin can see significantly further upside.

It is currently trading between a few key levels, and how it continues reacting to the selling pressure that exists here will provide insight into its mid-term outlook.

One trader is now noting that a break above the resistance that sits right above where it is currently trading at could lay the groundwork for the benchmark cryptocurrency to see an explosive move higher shortly.

A rejection here, however, could stunt its growth and cause it to resume the downtrend that came about after it faced a rejection around its all-time highs in the mid-$19,000 region.

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up 

At the time of writing, Bitcoin is trading up just under 4% at its current price of $17,750. This marks a notable climb from its recent lows of $16,400 set at the bottom of the recent market-wide selloff.

It also marks a notable upswing from where it has been trading throughout the past day, with bulls previously struggling to break above $17,000.

If it can hold above this level and possibly navigate into the $18,000 region, it could be a sign that further upside is imminent for the entire market.

Analyst Claims Current Price Region is Critical for Future Outlook

One trader explained in a recent tweet that Bitcoin’s response to its current price region will offer important insights into its near-term trend.

He points to the price region between $17,650 and $17,800 – which is where it is currently trading – as a “sticky area” that may slow its ascent. So far this has proven to be accurate.

“BTC: Bitcoin retesting $17,160 here and I want to see this level flip the move up. Next sticky area is around $17,650 to $17,800 which was previous support prior to the breakdown. Reclaim there and I think that’s a nice start for the price as it should likely move to mid $18ks.”

Bitcoin

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

Unless Bitcoin faces a harsh rejection around its current price levels, there’s a strong possibility that further upside is imminent in the near-term.

Featured image from Unsplash.
Charts from TradingView.

OKEx Sees Massive Bitcoin Outflows as BTC Weakness Mounts

Bitcoin’s price has been flashing signs of immense weakness throughout the past few days, with the recent $19,500 rejections sending it reeling lower as analysts watch for further downside.

The rejection just below its all-time highs was certainly what sparked the ongoing correction, but some other factors are at play here.

One such factor is recent comments from the U.S. Treasury Secretary regarding a potential wave of regulations on the crypto market before leaving his position in late-January. It remains unclear if the next administration pursues the same aggressive approach to crypto.

Another factor that may actually be the main impetus of this selloff is OKEx, enabling withdraws for users that previously had their Bitcoin locked on the platform for well over a month.

This coincided closely with the recent selloff, which indicates that it may be a factor.

Data from an analytics firm shows that in total, 212,000 BTC has left the platform since withdraws were resumed. Traders who had their crypto locked throughout the course of the recent rally may have taken this as an opportunity to take profits off the table.

Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading up just over 2% at its current price of $16,780. This marks a massive decline from its recent highs of $19,500 set at the peak of the recent uptrend.

The decline that has forced BTC into the $16,000 region came about directly after the rejection at its all-time highs, signaling that the selling pressure here is significant and may continue hampering its price action in the days and weeks ahead.

Where it trends in the mid-term may depend largely, or entirely, on whether or not bulls can reclaim $17,000 – which was previously a key support level.

Data Suggests OKEx Withdraws May Be Driving Ongoing Selloff

One of the main factors behind the $3,000 selloff Bitcoin has seen since reaching its all-time highs is OKEx enabling withdraws.

As one on-chain analytics platform explained:

“Since yesterday’s announcement from OKEx to resume withdrawals, we have seen an outflow of 29,300 BTC from the exchange. In the same time period 21,600 BTC have been deposited, reducing the exchange’s balance to ~212k BTC.”

Bitcoin

Image Courtesy of Glassnode.

The coming few days should provide insight into where Bitcoin is trending in the mid-term. Because most of the previously locked BTC on OKEx has been withdrawn already, there’s a strong possibility that this selloff will begin cooling down.

Featured image from Unsplash.
Charts from TradingView.

Analyst: Yearn.finance’s YFI to Move Past $30,000 as Strength Mounts

Yearn.finance’s YFI token has been surprisingly strong throughout the past few days, with its price holding well-within the mid-$20,000 region despite the selloff currently taking place across the aggregated crypto market.

When Bitcoin was first rejected at $19,500 and began its decline, YFI moved in tandem and dropped to $18,000.

The narrative built throughout the past few months regarding shorting YFI being a higher return way to hedge against BTC downside may actually be one of the main factors behind its strength, as a short squeeze might have caused its latest rebound.

This has allowed the entire DeFi sector to hold up quite well despite the losses seen by ETH and the rest of the market.

One trader is now noting that YFI could be well-positioned to see significantly further upside in the days and weeks ahead.

He notes that a move past $30,000 could occur as bulls begin gaining greater control over its trend.

If this rally does take place, it could ignite another wave of DeFi mania that allows the entire sector to post some massive gains.

Yearn.finance’s YFI Shows Signs of Strength Despite BTC’s Downturn

At the time of writing, Yearn.finance’s YFI token is trading up marginally at its current price of $23,500. This marks a massive surge from its daily lows of $18,000 set roughly 24 hours ago.

The selling pressure that pushed it to this key support level came about due to the declines seen by both Bitcoin and Ethereum.

Its technical strength is also being bolstered by the merger and acquisition spree that the Yearn.finance protocol has been on over the past week.

Some notable additions to the ecosystem include Pickle, Cream, and rumors are floating about a potential Sushi merger – although these have yet to be confirmed.

Trader Claims YFI Likely to Rally Past $30,000 Next 

The combination of Yearn.finance’s YFI token’s technical strength, imminent product releases, and an ongoing M&A spree indicates that it could buck the market-wide downtrend and rally higher in the days and weeks ahead.

One trader spoke about this in a recent tweet, noting that he expects a move up towards $32,000 in the near-term.

“YFI – It’s time to move towards the origin of the Series of HL imo.”

Yearn.finance

Image Courtesy of UB. Source: BTCUSD on TradingView.

Yearn.finance’s future price action may not depend that much upon that of Bitcoin or Ethereum, but a continuation of their respective uptrends will certainly bolster its strength.

Featured image from Unsplash.
Charts from TradingView.

This Bitcoin Whale Trend Suggests a Serious Selloff Could be Imminent

It has been a rough past few days for Bitcoin, with the cryptocurrency seeing immense sell-side pressure as bears aim at erasing the gains that have come about as a result of the recent uptrend.

Where the cryptocurrency trends next will depend largely on whether or not it sustained its recent break below its $17,000 support level.

If bulls cannot reclaim this level in the near-term, it could mean that a decline towards its multi-week support at $16,200 is imminent. If this level is broken, it could strike a serious blow to the cryptocurrency’s technical outlook.

One on-chain analyst is pointing to a disturbing trend that could indicate downside is imminent for BTC.

He notes that whales are depositing BTC into exchanges rapidly, which nearly always indicates that a flurry of sell-side pressure is imminent.

Until trading activity amongst these large Bitcoin investors dies down, he concludes that it will either see sideways trading or slide lower.

This comes as investors are already on edge, with mounting regulatory concerns and the recent $19,500 rejection both striking blows to its underlying strength.

Bitcoin Struggles to Gain Momentum as Bears Take Control

At the time of writing, Bitcoin is trading down just under 3% at its current price of $16,700. This marks a rebound from daily lows of $16,500 but a decline from highs of over $17,000.

Where the entire market trends next will depend largely on whether or not BTC can stabilize around its current price region or if it can push higher in the days ahead.

Any continued decline from here could strike a serious blow to its technical outlook, potentially causing it to see some serious mid-term losses.

This On-Chain Trend Spells Trouble for BTC

One analyst explained that a surge in trading activity amongst Bitcoin whales indicates that further downside could be imminent in the days and weeks ahead.

“BTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.”

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

If whales begin taking profits and offloading their holdings, this could place some immense pressure on Bitcoin’s recent uptrend.

OKEx resuming BTC withdraws could also add some pressure to the cryptocurrency’s near-term outlook.

Featured image from Unsplash.
BTCUSD price data from TradingView.

XRP Sees Massive Retrace, But Analysts Remain Optimistic

XRP has been on a roller-coaster of a ride throughout the past few days and weeks, with the crypto randomly breaking out of a multi-year trading channel earlier this week that allowed its price to ascend as high as $0.90 on some exchanges.

The selling pressure here was significant, with many long-term holders using the pump as an exit opportunity.

It has struggled to gain any momentum since, which could be a sign that downside is imminent in the days and weeks ahead.

The downturn seen across the aggregated market may also be hampering its growth, as BTC and ETH have both plunged and caused most altcoins to post some serious losses.

One trader is now noting that there are some signs that XRP could be forming a long-term bottom. He points to it closing above a key high time frame level while potentially locking in a bullish divergence in the near-term.

For these potentially bullish factors to result in the cryptocurrency seeing any significant upside, bulls must hold it above one crucial level in the days ahead.

XRP Struggles to Gain Momentum as Market Turns Lower 

At the time of writing, XRP is trading down nearly 30% at its current price of $0.46. This marks a massive retrace from its recent highs of nearly $0.90 set earlier this week at the height of its parabolic uptrend.

Where the entire market trends in the mid-term may depend largely on Bitcoin trends next, as the selling pressure it has been facing led it to dip as low as $16,200 earlier today before it saw a sharp rebound.

XRP does appear to be finding some support around its current price levels. A continued bout of trading here could allow it to rally higher.

Here’s Why the Crypto is Showing Signs of Strength

One trader explained in a recent tweet that XRP is showing some signs of technical strength.

He notes that the intense buying pressure that has been seen around its current price levels could confirm this as a high time frame support region.

“XRP: Wishful thinking that it closes this hourly green, locks in the div, and stays above key HTF level?”

XRP

Image Courtesy of Smokey. Source: XRPUSD on TradingView.

XRP will likely trade similarly to other top altcoins in the days and weeks ahead, making strength seen across BTC and ETH pivotal for the crypto to move higher.

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Charts from TradingView.

Bitcoin Liquidation Data Suggest Recent Crypto Rally Wasn’t Driven by Retail Buyers

It has been a rough past few days for Bitcoin and the entire crypto market. Following BTC’s tests of its all-time highs in the mid-$19,000 region, the benchmark digital asset faced a massive influx of selling pressure.

However, this was expected, and most investors didn’t believe that it was enough to spark any long-lasting correction.

However, recent comments from Treasury Secretary Steve Mnuchin regarding a potential second eave of crypto regulations caused BTC to see a sustained move lower that shows few signs of slowing down anytime soon.

If this trend persists, then the aggregated market could be poised to see some serious losses in the days and weeks ahead.

One narrative surrounding this recent rally has been that an influx of new retail buyers drove it.

A look into the liquidation profiles of Bitcoin and top altcoins seems to indicate that the derivatives market has played a bigger role in it than many may have realized.

This could be a negative sign for the market, as it indicates that the derivatives market could be behind the recent uptrend, which means it may be somewhat fragile.

Bitcoin Crash Sends Altcoins Reeling Lower

At the time of writing, Bitcoin is trading down just over 10% at its current price of $16,700. This marks a massive decline from its recent highs of $19,500 set at the peak of the recent move higher.

Today’s decline came about as the result of a combination of factors, including the rejection at its highs and comments from the current Treasury Secretary regarding a potential regulatory crackdown.

The altcoin market plunged due to this recent BTC decline, with top altcoins all dropping in tandem. ETH broke below $500 while the rest of the market also saw some serious signs of weakness.

Liquidation Data Suggests Derivatives Market was Behind Recent Uptrend

One investor noted in a recent tweet that the massive liquidations seen due to the recent selloff indicate that the derivatives market is still in full control of most assets’ price action.

“About $2b in liquidations in last 24 hours, only half of it in BTC.  $160m in XRP liquidations?  Maybe last week’s alt rally wasn’t entirely new retail money…”

Crypto Bitcoin

Image Courtesy of Ari Paul.

The coming few days should provide insight into Bitcoin’s mid-term outlook. Any further selloff could put the cryptocurrency in oversold territory and allow it to see a strong rebound.

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Charts from TradingView.

Analyst: XRP Posts Failed Breakout as It Loses Its “Coil Power”

  • XRP has been caught in the throes of volatility as of late, with much of this greatly favoring bulls
  • The crypto saw a parabolic upswing earlier this week that caused its price to multiply over the past few days
  • This intense upswing has slowed down, and the lack of any fundamental catalysts backing this movement may make it feeble and easily reverted
  • Where it trends in the near-term will depend largely on bulls, as any dissipating buying pressure could give room for the crypto to see an intense decline
  • One trader is now noting that XRP could be on the cusp of seeing a selloff in the days and weeks ahead

XRP has surprisingly been one of the best performing altcoins throughout the past few days and weeks, with the previously “dead” cryptocurrency seeing a massive resurrection when inflows of capital poured in at a rapid rate.

Where it trends in the mid-term will depend largely on Bitcoin and Ethereum, as these two cryptocurrencies have been guiding the price action seen by smaller cryptocurrencies over the past few weeks.

It is important to note that XRP is showing signs of technical weakness, with one analyst noting that a serious selloff could be just around the corner.

XRP Losses Steam as Sellers Move to Erase Recent Gains

At the time of writing, XRP is trading down just under 7% at its current price of $ 0.65.

Although it is down significantly from its recent highs, the crypto is still up from its lows of $0.23 set just before this parabolic rally took place.

It is down from its $0.80 highs set yesterday during the height of the XRP mania, but there’s still a serious chance that bulls will regain control of its price action.

A Failed Breakout Could Lead to Further Downside

One trader explained in a recent tweet that XRP could be on the cusp of seeing a sharp decline, with the token losing its momentum following the recent rejection at $0.80.

He notes that it has “no coil power left,” which is a bear-favoring sign.

“XRP: Failed breakout, back inside the pennant, and way too deep inside now. Therefore, no coil power left, expecting chop. If still interested in trading this, close chart and set alerts at for HTF levels.”

XRP

Image Courtesy of Chase_NL. Source: XRPUSD on TradingView.

The coming few days should provide some serious insight into where XRP and the altcoin market will trend next.

There’s a strong possibility that it will be largely determined by where Ethereum and Bitcoin move in the days ahead.

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Charts from TradingView.

This Technical Pattern Suggests Yearn.finance (YFI) Could See a Massive Breakout

Yearn.finance’s YFI token has been consolidating within the mid-$20,000 region throughout the past few weeks, with its recent parabolic surge from lows of $7,500 getting slightly overheated after it approached $30,000.

It has since been consolidating and is now gearing up for another bout of volatility as its trading range grows narrower by the day.

Some positive underlying developments have been backing its ascent, with the ecosystem’s founder teasing the release of decentralized options contracts, as well as yields in the yVaults rocketing higher over the past few weeks.

As the DeFi trend kicks back into full gear and trading volumes on decentralized exchanges pick back up, there’s a strong possibility that yVault yields will continue increasing, thus boosting the underlying value of the YFI token.

Furthermore, the resurgence in speculative investing has also boosted the cryptocurrency, with the newly popularized DeFi tokens all seeing large inflows of capital.

So long as this trend persists, then the Yearn.finance governance token may see continued upside in the days and weeks ahead.

Yearn.finance’s YFI Token Consolidates in Mid-$20,000 Region

At the time of writing, Yearn.finance’s YFI token is trading down marginally at its current price of $24,000.

This is around the price at which the crypto has been trading throughout the past few days. The selling pressure seen at $28,000 has proven quite intense and may continue slowing its growth in the mid-term.

Until this level is broken above, the cryptocurrency might continue facing a bout of intense sideways trading.

Once this level is shattered, YFI may start its next leg higher and potentially even target its all-time highs in the mid-$40,000 region.

YFI is “Squeezing” – Which Could Mean That a Bullish Breakout is Imminent 

One trend that may be working in Yearn.finance bulls’ favor is that the cryptocurrency is pinched within the apex of a bullish triangle formation.

While speaking about this, one analyst explained that he is watching for a bullish break above this triangle, which, in his words, would make the cryptocurrency enter a “full bullish” mode.

“YFI squeezing, breakout would make out full bullish.”

Yearn.finance YFI

Image Courtesy of Crypto Rand. Source: YFIUSD on TradingView.

Ethereum’s price action has been firmly guiding that of the DeFi sector. As such, the cryptocurrency must show continued signs of near-term strength for tokens like Yearn.finance’s YFI to push higher.

If ETH holds $600, YFI could be well-positioned to see an immense surge higher in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Chainlink May Soon Set New All-Time Highs Once It Breaks This Key Level

Chainlink has been incredibly strong over the past few days, fully exposed to the upside seen across the aggregated cryptocurrency market as bulls take full control.

Its price has surmounted multiple key resistance levels that have slowed its ascent in the past, and it is now only a stone’s throw away from setting fresh all-time highs.

The cryptocurrency is facing some intense resistance within the lower-$16.00 region, as each attempt to break above this zone has resulted in it seeing massive inflows of selling pressure.

If it remains trapped below this price level, it could see another prolonged bout of consolidation or downside in the near-term – depending on how the aggregated market trends in the days and weeks ahead.

One trader is now emphasizing the importance of this price level, noting that a break above it could catapult Chainlink up to fresh all-time highs, potentially opening the gates for a move into the mid-$20.00 region.

For this to take place, it will require that the rest of the market continues holding strong, with BTC maintaining its position above $19,000 while ETH holds $600.

Chainlink Nears Crucial Resistance Level 

At the time of writing, Chainlink is trading up just under 3% at its current price of $15.65. This is around the price at which it has been trading throughout the past day.

It has made two attempts to break above $16.00 over the past 24-hours, but each one has been met with inflows of selling pressure that has halted it in its tracks.

Where LINK trends heading into the end of the year will likely depend largely – if not entirely – on its continued reaction to this level.

Analyst Claims LINK Could Soon Set Fresh Highs, Once a Key Level is Broken

One trader explained in a recent tweet that Chainlink could be on the cusp of rallying up to fresh all-time highs, with $16.00 being the last key resistance level that it needs to flip into support.

Once this resistance-support flip occurs, the cryptocurrency could see a massive price rise that allows it to post a parabolic advance.

“LINK won’t be long until it busts through $16 and new ATH’s,” he said while pointing to the chart seen below.

Chainlink LINK

Image Courtesy of Kaleo. Source: LINKUSD on Twitter.

How Bitcoin and Ethereum trend in the near-term will likely have a heavy influence on Chainlink’s price.

So long as they remain within their current uptrends, there’s a strong possibility that upside is imminent.

Featured image from Unsplash.
Charts from TradingView.

XRP Could Be Forming a “Blow Off Top” as It Continues Pushing Higher

XRP has surprisingly been one of the best performing altcoins throughout the past few days, far surpassing the gains seen by Ethereum over the past month and even outperforming Bitcoin’s gains seen over the past week or two.

This comes following a prolonged bout of sideways trading that persisted for over a multi-year period.

The break above the $0.30 level – which has long been a strong resistance level – seems to be what sparked this movement, and the parabolic uptrend seen in the time since confirms the significance of this recent breakout.

One trader is now noting that the cryptocurrency is flashing some signs of forming a potential “blow-off top.”

This is a technical pattern seen when a cryptocurrency goes on a parabolic, FOMO-induced rally that ends in aggressive profit-taking.

So far, it has yet to see any sharp retrace. This means that bulls may still have some juice left to push it higher, potentially aiming at the $1.00 level next.

If the blow-off top the one analyst expects does come to fruition, it may decline towards $0.40 next.

XRP Explodes Higher as Shocking Uptrend Continues

At the time of writing, XRP is trading up over 10% at its current price of $0.68. This marks a massive rise from its weekly lows of $0.23 set just a few days ago.

This parabolic advance first came about after the cryptocurrency rallied past its $0.30 resistance level earlier this week.

It did reject at $0.80 overnight, suggesting that this is a key resistance level that may continue suppressing its price action in the days and weeks ahead.

A break above here would open the gates for a move to $1.00 in the near-term, which will likely prove to be an intense resistance level.

Analyst: Here’s Why a “Blow-Off Top” Could be Imminent

One trader explained in a recent tweet that XRP could be forming a “blow-off top,” which is a sign that downside could be imminent.

The chart he offers shows a downside target that sits at roughly $0.44, which would mark a notable decline from its current price level.

“XRP Giving blow off top vibes. I hate money so I’m going to try and short this,” he said while pointing to the below chart.

XRP

Image Courtesy of Altcoin Psycho. Source: XRPUSD on TradingView.

The coming few days should provide some insights into the long-term significance of this recent movement. Any sharp rejection or selloff could confirm XRP’s recent highs as a top.

Featured image from Unsplash.
Charts from TradingView.

Analyst Claims XRP Likely to Target $0.70 as Uptrend Turns Parabolic

XRP has surprisingly been one of the best performing major altcoins throughout the past few days, seeing parabolic gains as bulls take full control of its price action.

Its rally shows few signs of slowing down either, with bulls setting their sights on the cryptocurrency seeing even further upside as it plows past multiple key resistance levels.

This comes despite the XRP token not seeing any fundamental shifts, as its adoption amongst banks and corporations still lacks despite Ripple’s many efforts.

This indicates that traders are mostly driving this price action, with its speculative value remaining high due to it being listed across all major exchanges and having ample liquidity that makes it easy to move in and out of large positions.

One trader is now noting that he expects further upside as the cryptocurrency nears the end of a triangle formation that it has been caught in throughout the past couple of days.

He concludes that this means a push up towards $0.70 could be imminent in the near-term. This would mark a 400% rise from its recent lows set just a few days ago.

XRP Sees Intense Upswing as Bulls Take Charge

XRP has been one of the worst-performing major cryptocurrencies since its price first peaked in late-2017.

From this point, it has faced endless bouts of selling pressure from investors and Ripple alike, which created a steady stream of downwards pressure that buyers were unable to surmount.

The cryptocurrency has since bucked this trend and is now entering a full-fledged bull market as analysts eye further upside.

At the time of writing, XRP is trading up just under 30% at its current price of $0.57. This marks a massive rise from its recent lows of $0.23 set just a few days ago.

Analyst Claims Move to $0.70 Likely 

As for where XRP could trend in the near-term, one analyst explained that he is closely watching for a move up towards $0.70, adding that it could even surge past this price.

“XRP: I still fully expect 60-70 cents before the airdrop if not higher.”

XRP

Image Courtesy of NekoZ. Source: XRPUSD on TradingView.

So long as the broader market remains stable in the days and weeks ahead, there’s a strong possibility that further upside is imminent for the legacy altcoins like XRP.

Featured image from Unsplash.
Charts from TradingView.

Bitcoin’s Risk-Adjusted Returns Make It a Better Investment Vehicle than Gold

Bitcoin’s price has been caught within a bout of range-bound trading throughout the past few days, with the support at $18,000 and resistance at $19,000, leading to the formation of a new and intense trading range.

Its trend of trading sideways has greatly favored altcoin bulls, as Ethereum and many other digital assets have been posting massive gains throughout the past few days.

This momentum is showing few signs of slowing down anytime soon, and some believe that Bitcoin’s consolidation will bring funding rates back down to neutral before the cryptocurrency embarks on the next leg of its journey higher.

While looking towards Bitcoin’s macro price trend, the cryptocurrency now has a firmly better risk-adjusted return than gold, boosting its status as a safe-haven asset.

If this trend persists, then the narrative regarding it being an emerging safe-haven asset could continue gaining steam, potentially onboarding a host of new investors.

Combine this with the “FOMO” that will start setting in once the crypto breaks above $20,000, and there’s a strong possibility that it will soon see some massive momentum in the days and weeks ahead.

Bitcoin Enters Consolidation Phase as New Trading Range Forms

At the time of writing, Bitcoin is trading down marginally at its current price of $18,300. This is around where it has been trading throughout the past few days.

The selling pressure it has found at $19,000 has proven to be too much for bulls to break, with each visit to this level resulting in it seeing a harsh rejection.

There is massive support around – and just below – $18,000 that has bolstered its price action as of late, with each dip to this region being rapidly absorbed.

On-Chain Analyst: BTC has Better Risk-Adjusted Returns than Gold

While looking towards Bitcoin’s risk-adjusted returns over a macro time frame, it far exceeds counterparts like gold and other assets.

This provides some validity to the safe-haven narrative that has largely underpinned its recent push higher.

One on-chain analyst spoke about this in a tweet from today, saying:

“Bitcoin is more stable than Gold as an investment vehicle. If you’re in it for the long run, you want long term stability of returns for the risk you’re undertaking. Day to day price volatility drops to the background for long term investors.”

Bitcoin

Image Courtesy of Willy Woo.

As Bitcoin nears fresh all-time highs, whether or not this narrative will be enough for it to see a sustained rally higher remains to be seen.

Featured image from Unsplash.
Charts from TradingView.

Ethereum Faces “No Resistance” Until $800, Signaling Its Rally is Just Starting

Ethereum has been struggling to break above $600 throughout the day, with the selling pressure proving significant.

Each break above this level has caused it to see inflows of selling pressure that have slowed its growth and caused it to see slight rejections at this level.

It is important to note that bulls are still firmly in control of the aggregated market, and Ethereum’s mounting momentum is unlikely to end anytime soon while Bitcoin and the entire altcoin market rests firmly in buyers’ control.

One trader is noting that $600 is the last key resistance level until $800, with a sustained break above this level likely leading ETH to see gains of 30% or more in the days and weeks ahead.

This would allow the cryptocurrency to fully erase its trend of underperformance against Bitcoin that has been plaguing the ETH/BTC pair over the past few weeks.

It could also further fuel the second wave of DeFi hype driving this fragment of the market higher over the past few days and weeks.

Ethereum Struggles to Break Last Key Resistance Level

Ethereum is in the process of breaking above its last key resistance level, with the selling pressure found at $600 proving to be quite significant.

At the time of writing, ETH is trading up just under 6% at its current price of $590. It has made multiple attempts to break above $600, with each one resulting in serious inflows of selling pressure.

If it rejects this level, it could see a prolonged consolidation phase before it can advance higher.

The selling pressure here may continue hampering Ethereum’s price action in the near-term, but once it is shattered, the crypto may see its next leg higher.

Analyst: ETH Doesn’t Face Any Intense Resistance Until $800

While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that once $600 breaks, there’s virtually no resistance until $800.

“I repeat, there is no resistance on ETH from here until $800, literally nothing, that is all.”

Ethereum

Image Courtesy of @Smartcontracter. Source: ETHUSD on TradingView.

The coming few days should provide serious insights into where the aggregated market will trend next.

If Ethereum can post a high time frame close above $600, it could see some immense momentum and extend its ongoing parabolic rally.

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Charts from TradingView.

Chainlink Likely to See an Impulse Higher as Bulls Break Key Range

  • Chainlink has seen a strong push higher over the past few days, with its ongoing rise coming about in tandem with that seen by Bitcoin and Ethereum
  • This market-wide uptrend has proven to be highly beneficial for altcoins, with many posting massive gains throughout the past few hours as bulls aim at sparking a full-blown 2017-style uptrend
  • Because Bitcoin is showing signs of strength, with each dip being aggressively bought, there’s a strong possibility that further upside is imminent
  • This could bolster Chainlink, which has been reacting quite positively to the recent momentum seen across the market
  • One trader is also noting that the crypto could be on the cusp of seeing significantly further gains due to its recent break above a key trading range

Bitcoin has created some serious tailwinds for the aggregated crypto market, with many altcoins posting massive gains as bulls take full control over the market. This has greatly benefited the “blue-chip” altcoins like Chainlink.

LINK has seen some massive momentum, with bulls pushing it above a crucial resistance level that has long been slowing its growth.

Where it trends in the mid-term will depend largely on Ethereum and the rest of the market, as any serious downturn will likely prove to be particularly impactful for altcoins that have been rallying as of late.

One trader is noting that a channel breakout indicates that further upside is imminent in the near-term.

Chainlink Shows Signs of Strength as Bulls Target $15.00

At the time of writing, Chainlink is trading down just over 3% at its current price of $14.96. This marks a slight decline from its recent highs of nearly $16.00 that were set just a day ago.

Overnight, the entire market faced an intense selloff that sent it down to $13.80.

The buying pressure here was significant and allowed Chainlink to post a “V-shaped” recovery.

Analysts Eye Serious LINK Upside as It Posts Channel Breakout

One analyst is now noting that Chainlink could be poised to see further upside in the near-term due to its recent break above a key trading channel.

“LINK now retesting broken upper channel, face melting wave 3 to the upside likely underway here”

Chainlink

Image Courtesy of @SmartContracter. Source: LINKUSD on TradingView.

If it reaches his target during its next wave higher, it could rally towards $18.00 in the coming days and weeks.

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Charts from TradingView.

XRP Sees Parabolic Explosion Overnight as Analysts Eye Further Upside

Much to the surprise of investors, XRP has been one of the best performing cryptocurrencies over the past day, with bulls taking full control of its price action following a break above its trading range between $0.20 and $0.30.

It is now going parabolic, with bulls erasing its recent underperformance trend as they aim to send it up towards $0.50 in the near-term.

XRP appears to be finding some resistance around its current price region, which may slow its ascent and cause it to see some consolidation in the near-term.

It’s important to note that there is no fundamental reason behind this recent upswing, as the cryptocurrency still lacks adoption and has a long way to go before its valuation is fully justified.

There is a possibility that the crypto market’s ongoing resurgence will direct more corporate attention to the market, which may make it easier for Ripple to direct users to their XRP-related products.

One trader is now expecting further upside for the token, looking towards $0.46 as a near-term target.

This would mark an over 10% surge from its current price level and may be where it surges in the near-term before finding resistance.

XRP Rallies Higher as Bulls Take Control

The past few years have been tough for XRP, as the cryptocurrency has been caught in one of the most intense bouts of sideways trading seen by the entire market.

Where the crypto trends in the mid-term may depend largely on its reaction to its recent breakout, as some traders may look at this as an exit opportunity.

At the time of writing, XRP is trading up over 23% at its current price of $0.41. This is around the price at which it has been trading throughout the past few hours. Holding above this level could provide it with some serious momentum in the mid-term.

Here’s Why It Could Soon Surge Even Higher

One analyst believes that the embattled token has some room left for further gains in the near-term.

He is specifically watching for a move up towards $0.46, noting that this is the next key resistance level it faces.

“XRP update: I love it when a trade works out as quickly as that. I think we’ll see a pullback into 0.38c from here followed by another leg in 0.46c.”

XRP

Image Courtesy of Bagsy. Source: XRPUSD on TradingView.

The coming few days will provide insight into whether or not XRP is well-positioned to see further upside in the days and weeks ahead or if this ongoing rally will be heavily sold into.

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Charts from TradingView.

Here’s Where a “Bitcoin Bear Whale” Has Put Up a Massive Sell Wall

Bitcoin’s price action as of late has greatly favored buyers, with the cryptocurrency being caught within the throes of an intense bout of sideways trading just below $19,000 as buyers try to garner enough buy-side pressure to break through this level.

The selling pressure here has been intense, but it has yet to catalyze any type of intense selloff throughout the past few days.

This seems to point to immense underlying strength amongst buyers and may indicate that near-term upside is imminent. If bulls can break above this level, they may face some resistance around $19,300 before they can push the crypto to new all-time highs.

One trader is noting that there is a Bitcoinbear whale” that has sell orders placed at this level, which may prove difficult to surmount upon the first attempt.

That being said, one analyst explained in a recent tweet that he is expecting Bitcoin to break above this resistance and set fresh all-time highs in the near-term.

Bitcoin Shows Signs of Strength as Bulls Target $19,000

At the time of writing, Bitcoin is trading up marginally at its current price of $18,750. This is around where it has been trading throughout the past few days.

A strong break above $19,000 could catapult BTC to fresh all-time highs, as the resistance in the lower-$19,000 region level is the last resistance seen before $20,000. Once it sets new all-time highs, the media cycle and retail “FOMO” could send it rocketing even higher.

Because of the current strength being projected by Bitcoin, it does seem like a clean break above this level is imminent.

Once new all-time highs are set, it may enter a price discovery mode that results in it seeing significantly further upside.

This “Bear Whale” May Slow BTC’s Ascent

While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that he is watching for a move to all-time highs.

He also notes that there is a “bear whale” that is putting up some serious sell walls at $19,300.

“Longed BTC: Chad Bear Whale is resting at $19.3k and needs relieved of his corns. But more importantly, we have an all time high to make.”

Bitcoin

Image Courtesy of LedgerStatus. Source: BTCUSD on TradingView.

Although it may take some time for bulls to chew through these sell orders, it’s clear skies ahead for the crypto once this resistance is broken.

Featured image from Unsplash.
Charts from TradingView.

Ethereum Shatters Critical Resistance as Top Holders Start Accumulating

Ethereum has seen some incredibly strong price action throughout the past few days and weeks, with buyers taking full control of its price action as they hold it above $500 for an extended period of time.

The selling pressure seen here has proven to be quite significant, as its rally has halted in its tracks as sellers move to force it below this key level.

That being said, where it trends in the mid-term may depend largely on whether or not it can post a weekly candle close above this level this Sunday evening.

Where it trends next will depend almost entirely on its continued reaction to the new price region it is venturing into, as a sustained bout of trading here could open the gates for it to see significantly further upwards momentum in the near-term.

One bullish sign for the crypto’s near-term outlook is that large wallets have been rapidly accumulating the cryptocurrency throughout the past few weeks.

While speaking about this trend, one analytics firm explained that ETH’s top-10 wallets have been rapidly increasing their positions in the cryptocurrency.

Ethereum Rallies Past $500 as Sellers Disappear

At the time of writing, Ethereum is trading up nearly 8% at its current price of $507, which marks a massive rise from its recent lows of $470 set around this time yesterday.

The recent upswing intensity also comes as BTC inches closer and closer to the key $19,000 level.

The strength seen by BTC has spanned across the entire market, with ETH and smaller altcoins alike all pushing higher in tandem.

This trend may persist, as bulls show no signs of loosening up their control over the market.

Top ETH Holders Start Increasing Their ETH Exposure

One trend that undeniably favors bulls is that the top-10 Ethereum holders have all been rapidly moving to increase their cryptocurrency exposure.

This also comes as exchanges see a higher coin supply, pointing to a trend of retail buying.

“Following in BTC’s footsteps, ETH has hit a 29-month high of $509. June 21, 2018 was the last time the price was this high for the #2 market cap asset. Ethereum’s top 10 holders rising, combined with coin supply on exchanges, have fueled this rally.”

Bitcoin

Image Courtesy of Santiment.

The coming weekend trading session should provide some serious insights into Ethereum’s mid-term outlook.

Featured image from Unsplash.
ETHUSD pricing data from TradingView.

XRP Shows Signs of Bottoming as Analysts Watch for Serious Upside

The recent rally across the aggregated crypto market has been so strong that even XRP – the embattled token closely associated with Ripple – has been able to rally.

The entire market is showing some signs of strength at the moment, with Bitcoin looking strong as it attempts to move past $18,000, with most major altcoins also flash major signs of strength.

Where XRP trends next will likely depend entirely on whether or not BTC and the other major altcoins can all maintain their upwards trajectories, as any swift downturn would create shockwaves spanning throughout the entire market.

One analyst is now noting that there’s a strong possibility that further upside is imminent in the near-term, as the cryptocurrency just bounced at a previous resistance level, confirming it as support.

Because this is a classic sign that upwards continuation is imminent, XRP could be on the cusp of seeing massive near-term upside.

One trader is even going so far as to call its recent lows a long-term bottom.

XRP Breaks Above Long-Held Trading Range as Uptrend Kicks Off

At the time of writing, XRP is trading up over 2% at its current price of $0.30. This marks a notable upswing from its daily lows of $0.28 set during the market-wide consolidation seen yesterday.

The selling pressure it faced when it broke above $0.30 for the first time was significant, as this has long marked the upper boundary of a strong multi-year trading range.

If it can post a long-term break above this level, it could be a strong base for future growth.

The fact that the dip below it was aggressively bought is a promising sign, showing that XRP can rally despite its lack of adoption at the moment.

Analyst Claims XRP is Poised to See an Explosive Push Higher 

One trader explained that XRP could be on the cusp of forming a long-term bottom.

He points to its recent lows of $0.28 as a long-term bottom, noting that it is time to “send it.”

“The chart says it all. I see a daily close above and re-test of our key RED region. Bottom is likely in. SEND IT,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Credible Crypto. Source: XRPUSD on TradingView.

Because XRP doesn’t have too much going for it at the moment besides the strength across the entire market, there’s a strong possibility that where it trends in the near-term will depend almost entirely on Bitcoin.

Featured image from Unsplash.
Charts from TradingView.

Chainlink Must Shatter One Key Resistance Level or Face a Plunge to $7.50

Chainlink’s price action has been closely following Ethereum’s as of late, but it is beginning to break free of this correlation and gain some independent momentum.

This comes as the wider crypto market continues its ascent, with altcoins surging as Bitcoin consolidates around $18,000.

It does appear that there is an ongoing rotation of capital away from BTC and even Ethereum and towards smaller tokens that have a higher risk and higher upside potential.

This has benefited Chainlink, with the LINK token surging towards a crucial resistance level as analysts aim to see further near-term upside.

Where it trends in the near-term will likely depend on whether or not it can break above $13.80 in the near-term and flip this into support.

One trader is noting that a break above this level is required to flip bullish on the crypto, stating that a sustained bout of trading below this level will lead him to expect further downside.

As for how far-reaching this potential decline could be, he claims that a move as low as $7.50 could be in the cards.

Of course, for this to come about, it will require a downturn across the entire market. This may not be a real possibility, given how strong Bitcoin is at the present moment.

Chainlink Shows Signs of Strength as Bulls Target Key Resistance

At the time of writing, Chainlink is trading up just under 1% at its current price of $13.70.

This is around the price at which it has been trading throughout the past day or so, with the resistance at $13.80 proving to be somewhat significant.

Breaking above this level and holding above it for an extended period of time is vital for LINK to see any significant momentum in the near-term.

Analyst: LINK Could Risk Seeing a 50% Decline if Bulls Fail to Step Up

One trader believes that Chainlink could be at risk of seeing major downside if bulls are unable to break above $13.80.

He is particularly watching for a move down towards $7.50 if the aggregated market turns lower.

“LINK: Still no breakout above this resistance zone. The S/R flip I find required for further bullishness. Otherwise I’d be looking at $10 and $7.50.”

Chainlink LINK

Image Courtesy of Michaël van de Poppe. Source: LINKUSD on TradingView.

Unless Bitcoin or Ethereum plunge lower, there’s a low likelihood of Chainlink and other major altcoins seeing any intense near-term selloff.

Featured image from Unsplash.
Charts from TradingView.

Yearn.finance’s YFI Could Target $30,000, But Shows Signs of Slowing Down

Yearn.finance’s YFI token is once again going parabolic, with investors pouring massive capital into it as its price rockets towards $30,000.

This marks a massive rise from its recent lows of $7,500 set just a few days ago, with buyers taking full control of the cryptocurrency as they aim to send its price rocketing towards $30,000.

The intensity of its recent recovery has come as all the “blue-chip” DeFi tokens see intense rebounds from their recent lows, signaling that this entire sector may make a resurgence in the near-term.

YFI’s latest leg higher may also have come about due to the Yearn.finance founder teasing decentralized option trading in a recent tweet.

$30,000 is a crucial resistance level that analysts are closely watching. The support and resistance here have been quite intense in the past, which would make a break above or below this level technically significant.

One analyst is noting that it is already showing some signs of being overheated, leading one respected trader to take some profits off the table.

That being said, a $30,000 test could still be imminent, and how it responds to the selling pressure here will likely set the tone for its mid-term trend.

Yearn.finance’s Uptrend Reaches a Boiling Point as Bulls Target $30,000

At the time of writing, Yearn.finance’s YFI token is trading up over 10% at its current price of $28,300. This marks a serious rise from its multi-week lows of $7,500 set at the bottom of the recent market-wide selloff.

Where the cryptocurrency trends in the near-term may depend largely on whether or not bulls can stop it from seeing any strong rejection at $30,000.

This is the crucial near-term resistance level that analysts are closely watching.

Analyst: YFI’s Uptrend May Be Getting Overheated

One analyst explained in a recent tweet that he is beginning to grow cautious on the cryptocurrency, noting that Yearn.finance’s uptrend may begin slowing down as bulls push it towards $30,000.

“Quick update on YFI. I closed out 60% of my long at this swing high, think it’s a good place to take some profit. I’ll let the rest target 30K~ area if it wants to keep running.”

Bitcoin

Image Courtesy of Chase_NL. Source: YFIUSD on TradingView.

The coming few days should shine a light on where the entire DeFi sector will trend next, as Yearn.finance has become a benchmark for the cryptocurrency.

Featured image from Unsplash.
Charts from TradingView.

Why This “Whale” Thinks Ethereum Could Soon Be “Better Digital Gold” than Bitcoin

Bitcoin and Ethereum are rarely compared beyond when discussing market structures and price trends, with their underlying fundamental values being wildly different.

While Bitcoin is seen as a store of value and a “digital gold,” Ethereum is widely thought to be more of an ecosystem backbone. The vast majority of the actively used crypto space is run through the Ethereum blockchain.

The gap between the two cryptocurrencies in terms of underlying similarities may begin shrinking in the near-term, however, as one early Ethereum investor, who is a purported “whale,” is noting that two changes to the ETH network could soon make it a “better digital gold than BTC.”

These comments came about during a discussion regarding the lack of institutional involvement in ETH, which he believes will soon change.

He is specifically pointing to Ethereum Improvement Proposal 1559 and the Proof-of-Stake consensus system incorporated under ETH 2.0 as reasons why the token will soon inherent gold-like properties.

These two factors will help ETH become scarcer and have negative inflation, giving rise to a serious price increase in the mid-term.

Ethereum Underperforms Bitcoin as Institutions Drive Ongoing Rally

It is widely thought that institutions and “smart money” are driving the ongoing Bitcoin rally.

The cryptocurrency has been caught within an intense uptrend that has allowed it to stabilize around $18,000. The selling pressure here has proven to be quite intense, but it appears that bulls are prevailing.

While BTC is just a stone’s throw away from setting fresh all-time highs, Ethereum is still stuck below its 2020 highs of $490 and has a long way to go before reaching its 2017 highs of over $1,000.

Its underperformance of BTC may be coming about due to institutions driving this Bitcoin upswing and buying the crypto because of the “digital gold” narrative.

ETH Whale Claims It Will Soon Flip Bitcoin as the Superior Digital Gold

Tetranode, a supposed Ethereum whale who acquired his position around $1.00, explained in a tweet that he believes the negative inflation that will come about as a result of PoS issuance and EIP-1559 will allow ETH to flip Bitcoin as a superior digital gold.

“It will be better digital gold than BTC. EIP-1559 + only PoS issuance… good chance effective inflation is negative. Institutions don’t like uncertainty, they want to see it live, so they will have to wait for $10,000 ETH… just like how they waited for $10,000 BTC.”

If these network changes ignite a narrative regarding Ethereum being a store of value, it could see large inflows from institutions who want to diversify across multiple digital assets.

Featured image from Unsplash.
ETHUSD pricing data from TradingView.