Bitcoin Price Soars 5% In Last 7 Days – More Increase Coming This Week?

In recent days, Bitcoin has shown a good degree of bullishness. CoinGecko reports that Bitcoin’s price has increased on a daily and biweekly basis, suggesting that the market may be recovering from FTX’s fall. Investors at large were also optimistic.

The BTC bottom is still in effect, presenting excellent chances for long-term investment. There was little gains with hash ribbon despite the occurrence of a golden cross (chart below), as the price remained unchanged. Also, there is a 50/50 chance of a decline in the market to at least $16.950.

Dan Lim, an analyst at CryptoQuant, has made some recent comments that could signal the beginning of a bull market. First, he pointed out that Bitcoin’s MVRV value is extremely low, almost identical to previous market bottoms.

Next, the price of hash has not increased since the golden cross was supposed to be achieved, hence the hash ribbon has failed. Is BTC’s price about to stage a comeback? If not, is there more suffering in store?

Bitcoin Price: Inconsistent Numbers

The price of bitcoin (BTC) is now displaying highly inconsistent trends. As the RSI rises on the daily time frame, it appears to keep its strong bearish momentum.

The expanding Bollinger band supports the bullish outlook for the future. But the current BTC price candle, which is presently trading at $17,315.01, has met a resistance that has not been breached since the price fall on November 11. In addition, a rising triangle pattern contributes to a fairly restricted trading range.

Chart: TradingView

The token’s RSI is overbought, indicating that bearishness persists on shorter durations. Although the EMA ribbon appears to be sustaining an upward trend, a bearish crossover could occur within the next few hours or days.

As a potential trend reversal looms, BTC investors and traders should closely monitor the present market scenario. Following the recent price fluctuations, the MFI indicates a likely upcoming decline.

If the bearish reversal occurs, a decline to $16,970 is conceivable. Strong bearish momentum can drive the price closer to $16,660 or higher.

Mixed Opinions About Bitcoin

Bitcoin clearly has bullish characteristics. Bitcoin price has been up about 5% in the last week, and some analysts expect it will tally more increases in the coming days.

However, as miners and merchants continue to incur losses and reserve levels remain high, Bitcoin’s path remains challenged.

The next consumper price index (CPI) numbers that will be revealed on December 13 will determine whether or not macroeconomics will boost the price of Bitcoin.

BTC total market cap at $332 billion on the daily chart | Featured image: Unsplash, Chart: TradingView.com

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Elon Musk Lifts Twitter Ban On Dogecoin Accounts; DOGE Pumps 7% – Here’s What Happend

Amidst all of the hustle and bustle surrounding the reorganization of Twitter and the revelations of the “Twitter Files,” Elon Musk took the time a few hours ago to fix a pressing problem for the Dogecoin community.

In recent days, Musk had declared war on the spam bots on Twitter. In doing so, the algorithm and the Twitter team may have been a bit too harsh.

Musk Stands By For The DOGE Community

Dogecoin founder Billy Markus wrote on Twitter that more than a dozen Dogecoin Twitter accounts were suspended last weekend, even though they were mainly just tweeting DOGE memes. Markus wrote that these accounts were unjustly suspended:

A whole bunch of accounts of people who, as far as I know, generally don’t do anything but tweet memes and positivity are being suspended. Pretty weird man.

Twitter CEO Elon Musk, who through a representative is part of the Dogecoin Foundation’s five-member advisory team alongside Markus and Vitalik Buterin, responded to the tweet within three hours.

Musk wrote that his Twitter team had been a bit too aggressive with the suspension of spam bot accounts. “Team was a bit too intense with spam/bot suspensions. Moving to chill mode,” Musk replied.

Dogecoin founder Markus then confirmed that the accounts have been reactivated “Welcome back Doge accounts. ty @elonmusk,” Markus added.

welcome back doge accounts

ty @elonmusk

— Shibetoshi Nakamoto (@BillyM2k) December 5, 2022

Remarkably, this wasn’t the only incident where Elon Musk showed his love for Dogecoin over the last weekend. According to Matt Wallace, Elon Musk was spotted on Saturday wearing a black Dogecoin t-shirt, displaying the mascot of DOGE, a Shiba Inu wearing a cowboy hat and sunglasses.

Elon Musk just Spotted Wearing a #Dogecoin T-Shirt pic.twitter.com/MOpphdPdw2

— Matt Wallace (@MattWallace888) December 3, 2022

Dogecoin Price Pumps 7% After Musk’s Endorsements

The Dogecoin (DOGE) price initially showed no reaction to Elon Musk’s tweet. This is unusual, as Musk usually triggers a small or large rally with every tweet about the meme coin. However, nothing happened in the first hour after the tweet.

This has changed in the last couple of hours. The DOGE price rose to $0.1118 at one point, recording an increase of around 7.5% within an hour.

However, the FOMO quickly flattened out. DOGE was trading at $0.1076 at press time, still posting a gain of around 4% over the past 24 hours.

The move has bounced off the important $0.11 resistance zone again. For DOGE it is already the fourth rejection within the last month at this mark. The price had fallen below it on November 7.

To initialize a stronger upward movement towards the zone between $0.135 and $0.14, DOGE needs to overcome the key resistance at $0,11 in the 4-hour chart.

Dogecoin price rejected at $0,11, 4-hour chart. Source: TradingView

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Litecoin Continues To Surge As Hash Rate Records New ATH – How About LTC Price?

Litecoin (LTC) was among the few bright spots for the crypto market which had to endure the negative effects of the collapse of the FTX exchange platform.

In the midst of one of the worst implosions that the space has ever witnessed, LTC momentarily became vulnerable, plummeting all the way down to $49.58.

But the cryptocurrency stood its ground, though, while the likes of Bitcoin and Ethereum were sent crashing to various monthly lows and eventually commenced its own rally to close November on a high note.

As a result, Litecoin exited last month with an index price of $76.52 and registered an impressive jump of 24% within a 30-day period.

The altcoin is also performing well during the first days of December. At the time of this writing, according to tracking from Coingecko, the digital coin is changing hands at $83.11, with an uptick of 10.8% in the last seven days.

Litecoin Has A Healthy Blockchain But Holders Failed To Make Profit

Aside from the sustained surge in trading price, LTC is also witnessing positive developments in other areas.

For instance, according to data shared by CoinWarz, the asset’s mining hash rate has once again hit another all-time high, peaking at 613.81 TH/s.

Within four months, the Litecoin blockchain has recovered from the decline it experienced back in July, rallying by 64%.

Image: Cryptotelegram

Moreover, as of December 3, the DeFi network has established its highest difficulty level since going online, recording a block height of 2,379,925. The average difficulty of Litecoin blockchain translates to a value of 19.52 million according to Messari. 

Meanwhile, profitability was one gray area for the altcoin, as most of its holders were unable to make profit from their investment during the previous month.

As of November 30, LTC had a 30-day moving average of -149,000 for its Network Realized Profit/Loss (NPL). In addition, during the same time, Litecoin had a -28% Market Value to Realized Value (MVRV) ratio.

This indicated that despite the crypto experiencing price growth, in November, some of its investors still held at a loss.

Price Decline Could Happen For LTC Within Next Few Days

Although LTC managed to block the effects of the crypto market meltdown that was triggered by the FTX implosion, there is a possibility that the asset may experience price correction soon.

According to the forecast of online cryptocurrency information provider Coincodex, this could happen within the next five days with LTC losing almost 8% of its value to change hands at $76.33.

Moreover, 30 days from now, the crypto is expected to recover a bit and trade at $80.75, although this value is also lower than the current one it has. 

LTC total market cap at $5.9 billion on the daily chart | Featured image: InsuranceHub, Chart: TradingView.com

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CRO Price (Cronos) Pumps Over 12%, Why This Could Be The Start of Bigger Rally

CRO price started a fresh increase from the $0.062 support zone. Cronos bulls are now aiming a strong move towards the $0.094 level in the near term.

• CRO price started a decent increase above the $0.065 resistance against the US dollar.
• The price is trading above $0.070 and the 100 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair (data source from Coinbase).
• The pair could continue to rise towards the $0.080 and $0.094 resistance levels.

Cronos CRO Price Eyes Fresh Rally

This past month, cronos’s price found support near the $0.0615 zone against the US Dollar. CRO formed a base above the $0.0615 and $0.0620 levels before it started a fresh increase.

There was a clear move above the $0.0650 resistance zone and the 100 simple moving average (4-hours) to move into a positive zone. Besides, there was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair.

The price is now trading above $0.070 and the 100 simple moving average (4-hours), outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.074 level. It is close to the 23.6% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.

The next major resistance is forming near the $0.080 zone. If there is an upside break above the $0.08 resistance level, the price could start another strong increase.

Source: CROUSD on TradingView.com

In the stated case, the price could rise steadily towards the $0.094 level. It is close to the 50% Fib retracement level of the main drop from the $0.131 swing high to $0.0568 low.

Dips Limited in CRO?

If CRO price fails rise above the $0.074 and $0.080 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.07 level.

The main support is near the $0.0650 level and the 100 simple moving average (4-hours). A downside break below the $0.065 level could open the doors for a fresh decline towards $0.062. The next major support is near the $0.060 level.

Technical Indicators

4-hours MACD – The MACD for CRO/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for CRO/USD is now in the overbought zone.

Major Support Levels – $0.070 and $0.065.

Major Resistance Levels – $0.074, $0.08 and $0.094.

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Ethereum Price Prints Bullish Signal, What Are Possible Bulls Targets

Ethereum gained pace and retested the $1,300 resistance zone against the US Dollar. ETH is eyeing more gains towards the $1,330 and $1,350 levels.

• Ethereum remained well bid above the $1,240 level and resumed its increase.
• The price is now trading above $1,250 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $1,280 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum once it settles above the $1,300 resistance zone.

Ethereum Price Gains Momentum

Ethereum price corrected lower once from the $1,300 resistance zone. ETH declined below the $1,280 support level. However, the bulls were active above the $1,240 level and the 100 hourly simple moving average, similar to bitcoin.

The price traded as low as $1,238 and recently started a fresh increase. Ether price traded above the $1,275 and $1,280 resistance levels. It cleared the 76.4% Fib retracement level of the downward move from the $1,296 swing high to $1,238 low.

Besides, there was a break above a major bearish trend line with resistance near $1,280 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,310 level. The first major resistance is near the $1,332 level. It is near the 1.618 Fib extension level of the downward move from the $1,296 swing high to $1,238 low. A close above the $1,332 resistance might send the price further higher.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,350 level, above which ether price might test $1,400. Any more gains might send the price towards the $1,500 resistance zone.

Less Downsides in ETH?

If ethereum fails to start another increase above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,280 level and the broken trend line.

The next major support is near the $1,265 level or the 100 hourly simple moving average. If there is a break below $1,265, the price could test the $1,240 support. Any more losses could lead the price towards the $1,200 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,265

Major Resistance Level – $1,310

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Bitcoin Price Key Trend is Forming And BTC Could Soon Surge to $18K

Bitcoin price gained pace for a fresh move above $17,000. BTC is rising and might climb higher towards the $18,000 resistance zone.

• Bitcoin started a fresh increase above $17,000 and $17,200 resistance levels.
• The price is trading above $16,800 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair seems to be eyeing a move towards the $17,650 resistance or even $18,000.

Bitcoin Price Restarts Increase

Bitcoin price found support near the $16,800 zone after a downside correction. BTC remained well bid and started a fresh increase above the $17,000 resistance zone.

It even broke the $17,150 level and settled above the 100 hourly simple moving average. The price gained pace above the 76.4% Fib retracement level of the downward move from the $17,315 swing high to $16,784 swing low. Besides, there was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is trading near the $17,250 level. On the upside, an immediate resistance is near the $17,350 level.

The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,650 resistance. It is near the 1.618 Fib extension level of the downward move from the $17,315 swing high to $16,784 swing low.

Source: BTCUSD on TradingView.com

The next major resistance is near $18,000, above which the price could attempt a move towards the $18,500 zone in the near term.

Dips Limited in BTC?

If bitcoin fails to start a fresh increase above the $17,350 resistance, there could be more downsides. An immediate support on the downside is near the $17,150 level.

The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call for a move towards $16,750. Any more losses might call for a test of the key $16,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Major Support Levels – $17,150, followed by $17,000.

Major Resistance Levels – $17,350, $17,450 and $18,000.

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What’s In Store For Cardano This December – Will ADA Be Merry Before Christmas?

Cardano (ADA) exited the month of November with its total market capitalization and its blockchain’s total value locked (TVL) taking a heavy hit from the FTX collapse that dragged down the entire crypto market.

According to data from CoinMarketCap, when last month ended, ADA’s overall valuation was at $10.7 billion, 23% lower than the $13.9 billion market cap it had towards the end of October. On a yearly basis, the crypto asset witnessed 69% decline in this category.

In terms of TVL, the Cardano network tallied a total of $58.8 million in November 30. The value was lower by 16% from what was registered by the blockchain 30 days prior. Currently, the network made a slight recovery as its TVL as of press time was $59.69 million.

Meanwhile, according to tracking from Coingecko, at the time of this writing, ADA was changing hands at $0.3219, relishing an increase of 2.4% over the last seven days.

If ADA can maintain this consistency, it won’t be a surprised that it will have a merry Yuletide season.

It currently ranks 9th among all cryptocurrencies courtesy of its overall valuation which stands at $11.27 billion.

Cardano Network Leads In Development Activity

Santiment recently shared via Twitter that the ADA network topped other crypto assets with regards to development activity numbers last month.

At the close of November, the blockchain scored 572.67 in this particular department, being 18% higher than the two projects (Polkadot and Kusama) that tied in second place with a score of 486.13.

The peak of Cardano’s network activity came on November 21 shortly after the announcement for the release of the blockchain’s algorithmic stablecoin, Djed, was announced. Notably, after the development was made public, ADA’s numbers went up by 22% until November 30.

Another factor powering the DeFi project’s activity numbers is the fact that as of December 1, the asset remains the top token with the highest staked ratio, registering a tally of 71.17%.

However, even at pole position, the network only offers 3.43% staking rewards, significantly lower than that of tokens like ATOM that has lower staked ratio. Cosmos’s staking rewards was at 19.25.

The Current Star Of The Moment

Despite the current struggles of its native crypto, ADA, in climbing to higher trading prices, Cardano is undeniably the top performer in the crypto performance metrics.

Given the way bad the crypto asset was hurt by the sudden implosion of FTX, only few industry analysts were able to see this development coming.

In fact, some of them believe that the project has positioned itself to be considered as the most developed among all crypto assets.

With over 570 projects on GitHub over the past month, ADA became the de facto most actively developed crypto token at the time of this writing.

ADA total market cap at $11 billion on the weekend chart | Featured image from TronWeekly, Chart: TradingView.com

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