Bitcoin Whales Who Bought 1 Month Ago Hold Strong Despite Chance To Take Profit

On-chain data shows the Bitcoin whales who bought around one month ago have continued to hold strong despite the price surge providing them with a chance to take some profit.

Bitcoin 1 Month To 3 Month Old Supply Has Been Rising In Recent Days

As pointed out by an analyst in a CryptoQuant post, the whales who bought at $19k about a month ago seem to not have realized their profits yet.

The relevant indicator here are the Bitcoin supply age bands, which tell us how much coins are held by each cohort right now.

These groups or age bands are divided based on the amount of time the coins belonging to them have been held stationary in a single wallet address for.

For example, the 1D-1W age band includes all coins that haven’t been moved or sold since between one day and one week ago.

Now, here is a chart that shows the trend in the Bitcoin supplies for some of the age bands over the past week:

The data for all the different age groups in the market up to the three months old mark | Source: CryptoQuant

As you can see in the above graph, the 1D-1W Bitcoin supply has been going up in recent days, suggesting there has been some fresg accumulation in the market.

The less than 1D age band, however, saw some rise earlier as the price surge started, but it has been going down in the last couple of days.

One significance of this group is that it reflects the fresh buying going on in the market. As this has stopped trending up, it means there is no longer many new purchases happening.

The quant from the post notes that a lack of new buying pressure could imply the current price uptrend is unlikely to continue in the short term.

Nonetheless, there is a positive sign in the Bitcoin market as well, and it is that the 1M-3M age band has been observing an increase recently.

This maturation of coins into this group has only just taken place, suggesting whales bought up this supply about a month ago.

At that time, the price was around $19k, meaning that these whales now have the opportunity to sell at a profit. But as the 1M-3M supply moving sideways since the rise shows, these investors continue to hold with conviction that there will be more profitable windows ahead.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.7k, up 8% in the last week.

Looks like BTC has rebounded from the dip a couple of days back | Source: BTCUSD on TradingView Featured image from Jaunathan Gagnon on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7

• APE’s price shows strength as it bounces from a downtrend range price rallied to a high of $5 with eyes set on $7. 
• APE could rally more as the price creates more bullish bias by breaking out of a downtrend triangle with eyes set on rallying higher.
• APE’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Apecoin (APE) in the past few days has been tremendous, with Bitcoin (BTC) creating a more bullish scenario across the crypto market; this has also propelled the price of Apecoin (APE) from its key support area. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.15, with many others, like APE showing great recovery signs. (Data from Binance)

ApeCoin (BTC) Price Analysis On The Weekly Chart

Apecoin (APE) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of APE has enjoyed a measure of relief after showing so much strength on the weekly low, rallying to a high of $5.

Previous weeks have been nothing short of a tough and boring time for APE price as price continued in its range movement around $4.2, holding above key support area haven enjoyed some great rally during the “Otherside” metaverse sale.

After its weekly close of above $4.3, the price of APE rallied to a high of $6; the price has faced a minor rejection to break higher to a region of $6-$7; the price struggled to break above this region.

The price of APE has maintained its bullish structure above the $4.3 region, as the price of APE eyes a rally to a region of $6 which could prove to be very key in its price rally to $7. If the price of APE fails to overcome $5-$6, we could see the price drop to $4.5-$4.3

Weekly resistance for the price of APE – $6-$7.

Weekly support for the price of APE – $4.5.

Price Analysis Of BTC On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $5 but faced a little rejection to flipping this resistance into support and trending higher to a region of $7.

APE currently trades at $4.9, just above its key support formed at $5 after its successful breakout from a descending triangle. The price of APE trades below the 50 EMA, and the 50 EMA corresponds to $5, acting as support for the price of APE. 

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

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Chainlink Price Consolidates, How Long Will The Bulls Stick Around?

Chainlink price has been moving sideways over the past day. In the last 24 hours, the coin has only increased by 0.4%.

Broader market price sentiments have crept in and many major altcoins have followed suit. In the past week, Chainlink has gained close to 6%.

It continues to struggle within the $7 price zone. For the coin to see bullish force yet again, it is imperative that LINK travels above the $8 price level.

The technical outlook of LINK has also indicated that bullish strength has started to exit the market. Demand for the altcoin has fallen, which has caused sellers to increase in number.

Despite the recovery that Chainlink price registered in the past week, the coin has not experienced positive buying strength.

This emphasized that LINK has to move past its next resistance mark for demand to increase on the chart. If buying strength continues to remain low, Chainlink will soon visit its closest support level.

Currently, the altcoin is trading at an 86% low from its all-time high, which it secured in the month of May 2021.

Chainlink Price Analysis: One-Day Chart

Chainlink was priced at $7.14 on the one-day chart | Source: LINKUSD on TradingView

LINK was trading at $7.14 at the time of writing. The altcoin has been moving sideways over the last 24 hours. This could prove difficult for the bulls as demand for the coin continues to decline.

Chainlink has to break past its overhead resistance of $7.36 and $7.71 to reclaim the $8 level. Once LINK starts to trade at the $8 level, the bullish momentum can re-enter the market.

Continued consolidation will cause Chainlink to move down to its local support line of $7 and then to $6.72. The coin might start to oscillate between these two levels if that happens.

The amount of Chainlink traded in the past session declined, which meant that sellers were back in the market.

Technical Analysis

Chainlink registered fewer buyers on the one-day chart | Source: LINKUSD on TradingView

Buying strength of Chainlink has consistently remained low for this month. The coin barely registered an increase in buying strength in the last several weeks.

The Relative Strength Index was below the half-line despite an uptick, which meant that sellers were still greater in number as compared to buyers.

Chainlink price was below the 20-SMA line as demand for the coin fell, and sellers were driving the price momentum in the market.

Chainlink displayed buy signal on the one-day chart | Source: LINKUSD on TradingView

The other technical indicators, however, indicated that buyers could make a comeback. The chart displayed the buy signal for the altcoin.

Moving Average Convergence Divergence indicates the strength of the price momentum and the price direction of the altcoin.

The MACD underwent a bullish crossover and formed green histograms above the half-line, indicating that those were the buy signal for Chainlink.

If buyers act on it then the coin can have a chance to redeem its bullish price momentum. The Directional Movement Index also points at the price direction and the strength of the same.

DMI was negative as the -DI line was above the +DI line.

The Average Directional Index was below the 20-mark, which meant that the current price momentum lacked strength.

Featured Image From VOI, Charts From TradingView

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Ep05- MLM – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast

It was about time that MLM made an appearance. Multi-Level Marketing explains a lot about the OneCoin story. In this ONE-HOUR episode of “The Missing Cryptoqueen,” we’ll learn about the secret ingredient that catapulted Dr. Ruja from the millions to the billions. We’ll meet interesting people and the plot will thicken. Also, the size of the OneCoin scam will increase significantly. This thing gets bigger by the episode, which is what makes the show so entertaining. What a clusterfuck this was.

It begins by answering the question posed in episode 4. Could an unrecognizable version of Dr. Ruja have been in attendance at the Miss OneLife beauty pageant? The production team shows a UK plastic surgeon pictures from the event. There was a person with OneCoin’s main directors that they suspect might’ve been Ruja Ignatova. He hesitates, but when Jamie Bartlett tells him that the person they’re looking for is a billionaire with an infinite budget, he changes his mind. “It’s possible, those things can be changed,” he says.

That being settled, let’s get into MLM.

Remember, you can download episodes directly from the BBC, or listen to “The Missing Cryptoqueen” through Apple, Spotify, or iVoox.

About MLM And “The Missing Cryptoqueen,” Episode Five – “What Dreams May Come”

This episode’s protagonist was the #1 seller of OneCoin at one point. He’s a professional multi-level marketer with an army of professional MLM salespersons at his disposal. His house is called “What Dreams May Come,” which inspired the episode’s title. This man’s tongue is the main reason this episode is one hour long. His stories are phenomenal, everyone should listen to them. Especially considering we’re going to skip them and stick to the core story.

So, network marketing, MLM, or multi-level marketing is the missing ingredient. When this man’s company started working for OneCoin, they put an army of top-level marketers to push the product. And it sold like hotcakes. “In the first year, it made more millionaires than Amway ever did in their 75 years of history,” he claims. The kicker to this part of the story is that the MLM marketer alleges that he believed Dr. Ruja and put more money into OneCoin than anyone on earth.

According to the released FBI documents we found last time, Dr. Ruja and company called this operation “The B*tch of Wall Street meets MLM.” You can’t make this stuff up. In an archival audio file, we hear her announce that OneCoin was going to inflate the supply 10X and the crowd cheered. Then, contradicting every economic law, she told them that the more OneCoin there were, the best it was for them. They Cheered. Then, by decree, she doubled the amount of OneCoin everyone had in their vaults. People lost their minds.

Besides MLM, two of the most mind-blowing revelations the episode contains are in the following quotes.

Quotes From “The Missing Cryptoqueen,” Episode Five – “What Dreams May Come”

Tim Curry, OneCoin critic, said:

“The math of this is just completely ridiculous. Every minute 50,000 OneCoins are mined, right? Now, the value of those at today’s “price” of €29.95 would be €1.5 million a minute, is what they’re claiming right? And per hour, that’s €89.85 million. And then, per day, they’re creating €2.15 billion out of thin air, right? And so, the logic of it is just ridiculous. Now, if you follow how many coins have been mined for the first quote “Blockchain.” And then, from October 1 to present, it’s nearing about 70 billion coins. If we take 70 billion coins and multiply that by the internal price of 29.95, you’re looking at, I think it’s like $1.8 trillion or $2.1 trillion. Which is greater than all of the US dollars in circulation on earth, which is about $1.67 trillion.”

About the fact that OneCoin did have a certificate saying they were Shariah-compliant that was issued from Pakistan, Amjad Mohammed, scholar from Bradford and OneCoin critic, said:

“What Sharia compliant is supposed to mean, is that somebody has carried out thorough research, gone through all the conditions, gone through all the terms with a fine tooth comb. There was no evidence of any research whatsoever. It was just a blank certificate saying “this is okay.” Amjad issued a fatwa against this, a ruling that OneCoin was not halal. And then, “within weeks, the conditions which I had highlighted as being problematic changed. So, clearly, somebody was keeping a watching brief of what I was doing because I only picked a couple in the initial fatwa. However, OneCoin does not actually exist. So, I can easily make any form of conditions for something, when the actual thing does not exist. It’s a fraud.”

MLM And The Perfect Scam

Near the end, Jamie Bartlett reflects on the story so far:

“There’s something strangely beautiful about the OneCoin scam. It’s like the perfect scam. It combines the hype and terminology of cryptocurrencies and the hard-nosed MLM selling of people like Igor Alberts. It uses glamorous events and household brands to create the veneer of respectability and protects it with a religious-like zeal. And who could ever doubt the intentions of the trustworthy Dr. Ruja.”

The cult-like aspects of the whole ordeal are ever-present in this episode. The whistleblowers tell the producers about the death threats they get like it’s nothing. For people inside of OneCoin, they’re traitors of the highest order. For these religious zealots, Dr. Ruja is still running the whole operation from the shadows, and the people that want to silence her are just jealous “haters.” 

Before finishing, Jamie Bartlett explores the idea that, when it mixed with MLM, the OneCoin operation got too big. Maybe Dr. Ruja was scared, as she seems to show in an alleged email. Apparently, this was supposed to be a little scam, but it caught fire. And Dr. Ruja’s backers were not going to let a golden goose die.

Episode Credits

Presenter: Jamie Bartlett Producer: Georgia Catt Story consultant: Chris Berube Editor: Philip Sellars Original music and sound design: Phil Channell Original music and vocals: Dessislava Stefanova and the London Bulgarian Choir

Previous Companion Guides For BBC’s “The Missing Cryptoqueen” Podcast:

Ep. 01 – https://www.newsbtc.com/news/bitcoin/ep01-dr-ruja-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 02 – https://www.newsbtc.com/news/bitcoin/ep02-btc-killer-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 03 – https://www.newsbtc.com/altcoin/ep03-onecoin-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 04 – https://www.newsbtc.com/scams-and-fraud/ep04-onelife-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

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Why The DOGE Price Rally Could Foretell An Altcoin Season

The DOGE price action brings reminisces of the 2021 bull run to crypto traders and market participants. The meme coin is trending to the upside, supported by the Elon Musk Twitter takeover. The billionaire purchased the social media for over $40 billion, and the market expects Dogecoin to play a role in its future. 

At the time of writing, the DOGE price stands at $0.13 for the first time since May 2022. The meme coin records a massive profit of 56% in the last 24 hours and 121% over the previous seven days. The general sentiment in the market is optimistic for the first time since the Ethereum “Merge.” 

DOGE’s price trends to the upside on the daily chart. Source: DOGEUSDT Tradingview

DOGE Price Forecast Better Days For Altcoins?

Across social media platforms, crypto traders speculate about a potential upside move for altcoins and meme coins. In addition to the DOGE price, Shiba Inu (SHIB) has recorded positive momentum and a 35% profit in the past week. 

According to a pseudonym trader, SHIB’s price lags behind DOGE and could see further upside in the short term. On its way to the upside, SHIB’s 200-day Exponential Moving Average (EMA) could operate as critical resistance. 

Traders are betting on the DOGE price failure. If too many shorts piled up on the token’s price action, DOGE might have fueled to extend its bullish momentum. However, if the DOGE price continues to trend upward, SHIB and other altcoins might break past their resistance levels. 

In that sense, leverage positions to the upside or downside could risk more spikes in Dogecoin’s volatility. With the looming announcement of a Twitter integration, DOGE might see more price action finally breaking out from a tight sideways range. 

Sam Trabucco, the former CEO at Alameda Research in 2021, highlighted that the DOGE price is susceptible to “bullish impetuses.” This phenomenon makes the meme coin’s moves more extreme, with the potential to surpass market expectations. 

And even recently, this influenced how we bet on DOGE. We’ve held a long DOGE position for *months* and it’s gone great — all based on noticing how it goes up when Elon tweets: – likely some bullish impetuses (Elon, TikTok, ETFs, etc.) – more upside potential from liquidations pic.twitter.com/PChKs60xbr

— Sam Trabucco (@AlamedaTrabucco) April 22, 2021 

Bitcoin About To Be Outperform By DOGE And Meme Coins

Dogecoin’s influence over the crypto market is starting to influence critical metrics. Bitcoin dominance (BTC.D), used to measure the percentage of the market formed by BTC’s market capitalization, is taking a massive loss. 

BTC’s dominance trends to the downside on the daily chart. Source: BTC.D Tradingview

This metric was starting to rebound after a massive selloff. The number one cryptocurrency by market cap is showing bullish momentum, but altcoins could be about to steal its shine. 

If the downside trend in Bitcoin dominance continues, DOGE will likely trend higher, pushing the altcoin sector up with it. Still, at this point in the Dogecoin rally, any position is high risk and vulnerable to volatility. 

#DOGE playing out with technical precision. @elonmusk closing the @Twitter deal has @dogecoin speculators aping into longs.

Be careful. It could be the mother of all exit pumps.

Rejected from monthly resistance. pic.twitter.com/tCE7pKfbGD

— Keith Alan (@KAProductions) October 29, 2022 

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Avalanche Price Remains Positive But Could Experience Bearish Pull At This Level

Avalanche price has depicted positive movement over the last 24 hours. Over the past 24 hours, the coin has appreciated by 3%.

In the last week, AVAX shot up in double digits, which helped the coin break its sideways trading.

The bulls now have control of the coin, but the altcoin is expected to break past a few trading levels to ensure that the bullish momentum continues on the chart.

The technical outlook was also on the side of the bulls because Avalanche had gained buyers ever since it started to move up on its chart.

The demand for the altcoin has also helped AVAX to slowly climb above its resistance mark, which now acts as a support for the coin.

The coin’s strong support was at $15 at the time, but once it broke through, there could be some resistance between the $18 and $19 price range.

If demand for AVAX remains constant, it might manage to topple those levels, which could help the altcoin to break free from lateral trading.

The global cryptocurrency market cap today was at $1.03 trillion, with a 0.8% negative change in the last 24 hours.

Avalanche Price Analysis: One-Day Chart

Avalanche was priced at $17.76 on the one-day chart | Source: AVAXUSD on TradingView

AVAX was trading at $17.76 at the time of writing. The altcoin has experienced significant resistance at the $17 mark, but the bulls have now managed to stay above that price level.

To continue the bullish thesis, Avalanche has to move past the $18 price mark, which acts as the immediate resistance for the coin.

There could be a chance of the coin experiencing a lack of demand at that price level.

Once AVAX breaks past $18, it is a clear path to $20.

On the other hand, if the price retraces, AVAX could briefly stay above the $16 price mark before it falls to the $15 price level.

The amount of Avalance traded in the last session was positive, signifying that buying strength was also on the increase.

Technical Analysis

Avalanche registered increased buying strength on the one-day chart | Source: AVAXUSD on TradingView

Buying pressure for Avalanche price registered a steep recovery on the one-day chart. Buyers came straight back into the market as AVAX logged gains.

The Relative Strength Index was positive as the indicator barreled up above the half-line, signaling that buyers have taken over the altcoin.

Avalanche price were also above the 20-SMA line, which is considered bullish due to increased demand. Buyers were driving the price momentum in the market.

Avalanche displayed buy signal on the one-day chart | Source: AVAXUSD on TradingView

Avalanche price also displayed buy signal for the coin on its chart, indicating that if buyers act on it, the coin can move north again.

The Awesome Oscillator indicates the price momentum and the strength of the price movement. AO was positive as it pictured green histograms that also represented the buy signal for AVAX.

Bollinger Bands show price fluctuation and the chances of further volatility. The bands were super constricted on the chart. This sign is often accompanied by explosive price action over upcoming trading sessions.

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Dogecoin (DOGE) Climbs 44% In Last 7 Days As Other Cryptos See Correction

While the crypto market faces a correction period, Dogecoin has been able to notch gains. The popular meme coin has boasted over 44% gains in the last week alone. The cryptocurrency currently trades at $0.086 with a 24-hour volume of $3,308,559,307. This makes it one of the top gainers in the past week.

There are several reasons for DOGE’s price action. One of them is Elon “Dogefather” Musk’s Twitter acquisition. The news has recently been making rounds on social media that the Tesla CEO would finally close his Twitter deal. With him finalizing the acquisition today, Doge supporters are bullish about the future of the cryptocurrency.

Doge Soars 12% On The Day After Market-Wide Correction

The entire crypto market experienced corrections that saw several coin prices retract by as much as 10 percent. Dogecoin also experienced this correction and was down by 8 percent. However, DOGE has risen by 12% in the past few hours, recouping losses sustained during the market-wide slump. Dogecoin’s value has also increased by over 40% in the past week. Its trading volume has also increased dramatically within this period.

Market cap-wise, Doge is the ninth-largest crypto, and its price of roughly $0.086 was the highest since August. According to CoinMarketCap, it has seen a trading volume of $3.3 billion in the last 24 hours. This means that more Dogecoin has traded hands in the last 24 hours than Solana or Bitcoin Cash. In fact, all meme coins (as per CoinGecko report) have increased in value by approximately 10% in the same timeframe.

Doge has only experienced this much trading activity in 2022 three times. The first was when Elon Musk announced that he’d accept DOGE as a payment method for Tesla transactions back in January. The second time was when he announced he’ll be buying Twitter. And the last time was when he accepted the bid in August.

Dogecoin’s price is currently hovering around $0.0838. | Source: DOGEUSD price char from TradingView.com

Musk Takes Over Twitter: Plans For The Social Media And DOGE

Yesterday, Dogecoin price increased by more than 21% after Musk visited Twitter’s San Francisco headquarters carrying a sink. Musk’s visit served as a clue that the takeover agreement would be finalized before the October 28 deadline. 

After Musk took full control of Twitter, several executives, including CEO Parag Agrawal and CFO Ned Segal, resigned. The head of legal, policy, and trust, Vijaya Gadde, and the general counsel, Sean Edgett, also resigned. Musk has assured Twitter’s workforce that a 75 percent layoff is not in the works.

As per Musk’s plans for the social network, he intends to restore several banned accounts, including that of former US President Donald Trump. In addition, Twitter will roll out a feature that will enable NFTs to display natively in feeds. It will make buying and selling NFTs easier.

Meanwhile, it’s unclear whether or not Musk will introduce Dogecoin on Twitter. However, the Dogecoin community expects Musk to make an announcement soon.

Featured image from Pixabay and chart from TradingView.com

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