Bitcoin (BTC) has seen a slight price decline recently, but according to a new analysis, there could still be signs of a potential short-term uptrend. A CryptoQuant analyst, Yonsei Dent, shared his insights on the CryptoQuant QuickTake platform, focusing on the Coinbase Premium Index and its impact on Bitcoin’s price movement. Key Indicators For Bitcoin Short-Term Momentum Dent’s analysis takes a closer look at how the movement of the Coinbase Premium Index—a measure of the price difference between Bitcoin on Coinbase and other exchanges—could indicate potential price trends for Bitcoin. Dent highlighted using the daily (24-hour) and weekly (168-hour) moving averages to assess short-term momentum. Specifically, when the daily moving average breaks through the weekly moving average, it has historically been a positive signal for Bitcoin’s price. Dent referred to past instances where this technical pattern, often called a “golden cross,” indicated a short-term increase in Bitcoin’s value. For context, a golden cross in technical analysis occurs when a short-term moving average (typically the 50-day) crosses above a long-term moving average (often the 200-day). This pattern is considered bullish, indicating potential upward momentum in an asset’s price. It suggests that buying interest is increasing, and the market sentiment is shifting toward optimism. The daily moving average has temporarily broken through the weekly moving average, leading Dent to suggest that this could be a key support level for Bitcoin, particularly around the $66.4,000 mark. Higher Lows And Positive Momentum Could Indicate Uptrend So far, BTC has continued to gradually decline after attempting to reclaim the $70,000 price mark on Monday. This suggests the asset might have met a major resistance around that price region. At the time of writing, BTC has dropped by 2.2% in the past day with a current trading price of $65,832. Despite this current price movement, Dent’s analysis points out that the asset has been forming higher highs and higher lows since August, which is generally considered a bullish pattern. This upward structure, where both the lows and highs gradually increase, could signal that the market is building toward a more sustainable price recovery. Dent’s reference to the Coinbase Premium Index further strengthens this possibility, as increased premiums on Coinbase often indicate stronger buying pressure from institutional investors based in the US. The analyst expects this upward momentum to continue in the short term if the current patterns hold. Featured image created with DALL-E, Chart from TradingView

Ava Protocol, the event-driven EigenLayer Active Validated Service (AVS), has seen notable growth since launching in July. The Web3 automation provider reported a significant increase in demand for its “super-transactions” solution ahead of its token launch. Web3 Automation Provider Sees 900% Demand Increase Ava protocol reported a 900% surge in demand for its blockchain automation solution. The EigenLayer AVS offers Web3 infrastructure to support cross-chain automation, enabling composable autonomous transactions and allowing developers to deploy dApps rapidly. The protocol records $3 billion in restaked assets since launching on EigenLayer’s mainnet four months ago. Ava Protocol’s operator Total Value Locked (TVL) reportedly spiked to $1.7 billion worth of Ethereum (ETH) within two weeks of its launch. Additionally, the report reveals it has gained over 11,500 unique wallets and reached over 1,000 daily automated transactions running on the testnet. The Web3 automation provider’s solution “super-transactions” aims to offer “seamless, private, and composable automation” for any smart contract function, eliminating the need for developers to write code. Ava Protocol simplifies blockchain for developers and non-technical users. With the automation provider’s solution, users can access enhanced privacy, composability and significantly lower transaction costs. The Future Of The Blockchain Automation Landscape Chris Li, the founder of Ava Protocol, remarked on how super-transactions “are transforming the landscape of blockchain automation” by assisting creators to build more efficiently and simplifying the creation of Web3 applications: The Web3 infrastructure provider recently partnered with Soneium, Sony’s Ethereum Layer 2 (L2) blockchain, to bring automation to the network through Soneium Spark’s Incubation program. The collaboration seeks to “simplify blockchain” for Soneium developers and users with limited technical knowledge by executing transactions and smart contracts based on predefined conditions. The partnership is set to enable creators and developers in Sony’s blockchain to monetize their work with intent-base, no-code automation, allowing them to tokenize Real-World Assets (RWA) and unlock fractional ownership alongside new distribution methods. Moreover, Ava Protocol has also partnered with other EigenLayer AVSs to offer its automation services, including fixed-rate lending dApp Term Finance, quantitative trading DEX Lhava, RWA ecosystem Zoth, and restaking rewards provider Hourglass. Ava Protocol expects to issue its token following its recent development and collaborations in the following months. The automation provider seeks to “cement itself” as a leading player in the sector by launching its cryptocurrency in the next two to three months. At the time of this writing, further details about the token’s launch have not been revealed.

The on-chain analytics firm Santiment has revealed the potential reason behind the corrections that Dogecoin and Apecoin have faced recently. Dogecoin & Apecoin Are Among Memecoins That Fell Prey To FOMO Recently As explained by Santiment in a new post on X, the Positive Sentiment vs. Negative Sentiment Ratio has seen a spike for Dogecoin and other memecoins recently. The “Positive Sentiment vs. Negative Sentiment Ratio” here refers to an indicator that tells us whether major social media platforms are leaning towards positive or negative comments right now. This indicator makes use of a machine-learning model designed by the analytics firm to separate between comments pertaining to negative and positive sentiments. When the value of the metric is greater than zero, it means the total number of positive posts/threads/messages is outweighing that of the negative ones. On the other hand, the indicator being under this threshold suggests the dominance of bearish sentiment on social media. Now, here is the chart shared by Santiment that shows the trend in this indicator for four assets over the past few months: As displayed in the above graph, Dogecoin and Apecoin both witnessed spikes in the Positive Sentiment vs. Negative Sentiment Ratio recently, implying a large amount of positive comments related to these coins were made on social media. Interestingly, as the analytics firm has pointed out, these spikes coincided with tops in the DOGE and APE prices. The other two memecoins listed in the chart, GIGA and GOAT, also witnessed a similar pattern, although their tops came before that of the former two. While positive sentiment can suggest belief in the market, a large amount of it can be an indication of excessive hype, which is something that has historically led to tops for not just memecoins but cryptocurrencies in general. “Prices typically always go the opposite direction of the crowd’s expectations, and when the crowd gets extreme on either the bullish or bearish end, it becomes highly predictable to buy or sell,” explains Santiment. Given the timing of the recent positive spikes in the indicator, it would appear possible that the Fear Of Missing Out (FOMO) that developed among the investors was the reason behind the corrections that Dogecoin and others have faced. The Positive Sentiment vs. Negative Sentiment Ratio could now be to watch in the coming days, as any cooldowns in its value could pave way for bullish momentum to restart for these coins. DOGE Price Dogecoin had neared the $0.150 level a few days ago, but with the correction that has followed since then, its price has retraced back to the $0.136 mark.

As Bitcoin (BTC) experiences a minor correction, trading below the critical $66,000 support level after several unsuccessful attempts to breach the $70,000 mark, analysts observe significant technical indicators that may signal future price recoveries. Notably, BTC’s weekly Moving Average Convergence Divergence (MACD) has turned bullish for the first time since October 2023. This shift in the MACD parallels previous market behavior, particularly the substantial rally in the 2021 bull market. Current Bitcoin Trends Echo 2021 Rally, New ATH Possible Crypto analyst CryptoBullet has pointed out that the last time the MACD signaled a bullish trend, BTC was trading between $20,000 and $25,000 in 2023, which preceded a significant price spike to a new all-time high of $73,700 in back in March of this year. This context raises the possibility of significant gains ahead for the leading crypto as the market begins to show signs of recovery from previous consolidation periods over the past few months. In a recent analysis shared on the social media platform X (formerly Twitter), CryptoBullet also noted the similarities between the current market conditions and those of the 2021 bull cycle. The analyst emphasized the vertical rally in 2021, followed by a mid-term correction, suggesting that while the current correction may not be as severe, it has taken longer to unfold. CryptoBullet explained that BTC is breaking out of that multi-month consolidation as MACD crosses bullish again, hinting at the potential for a new all-time high in the last months of the year, alongside a lower high on the MACD indicator. Cycle Top Of $95,000-$100,000 By Early 2025 CryptoBullet’s bullish outlook extends over the next two years, forecasting a cycle top for Bitcoin between $95,000 and $100,000, with a subsequent bear market bottom anticipated at between $23,000 and $25,000. This forecast is based on Fibonacci wave analysis, where he predicts that the confluence of the 1.618 Fibonacci level and the top of the current channel will align with his target for Wave 5. CryptoBullet anticipates that once the target range of $95,000 to $100,000 is reached—expected between December 2024 and March 2025—Bitcoin may face rejection, initiating the first wave (A) of the next bear market. The analyst predicts a temporary low during the summer of 2025, followed by fluctuations often referred to as a “Dead Cat Bounce” in the market, expected between September and December 2025. CryptoBullet warns that the most challenging phase, Wave C, could stretch throughout 2026, with a potential target of $23,000 to $25,000. CryptoBullet acknowledges the inherent uncertainty in these projections, stating, “These are just my expectations. I try to be conservative here and not give you crazy $250,000 to $500,000 or $1 million targets.” In his analysis, CryptoBullet also notes that these scenarios could be invalidated if there is a dramatic shift in the macroeconomic landscape, which could lead Bitcoin to break out of its multi-year channel to the upside. In such a case, discussions around $170,000 to $200,000 targets for Bitcoin could become relevant. At the time of writing, BTC is trading at $65,970, down 2% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave. ADA price started a downward move below the $0.3500 support level. The price is trading below $0.3550 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.3600 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could attempt a recovery wave if it clears the $0.3585 resistance zone. Cardano Price Consolidates Losses After testing the $0.3685 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels. There was a break below a key bullish trend line with support at $0.3600 on the hourly chart of the ADA/USD pair. The price even declined below $0.3440 before the bulls appeared. A low was formed at $0.3420 and the price is now correcting losses. There was a minor move above the $0.3480 level. The price cleared the 23.6% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. Cardano price is now trading below $0.3550 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3550 zone or the 50% Fib retracement level of the downward move from the $0.3685 swing high to the $0.3420 low. The first resistance is near $0.3585. The next key resistance might be $0.3685. If there is a close above the $0.3685 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3780 region. Any more gains might call for a move toward $0.3950. Another Decline in ADA? If Cardano’s price fails to climb above the $0.3550 resistance level, it could start another decline. Immediate support on the downside is near the $0.3480 level. The next major support is near the $0.3420 level. A downside break below the $0.3420 level could open the doors for a test of $0.3250. The next major support is near the $0.3120 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.3450 and $0.3420. Major Resistance Levels – $0.3550 and $0.3685.

XRP price extended losses and tested the $0.5120 zone. The price is now rising and might attempt to clear the $0.5320 resistance zone. XRP price is correcting losses from the $0.5120 zone. The price is now trading below $0.5400 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5350 resistance zone. XRP Price Starts Fresh Increase XRP price failed to start a fresh increase and extended losses below $0.5320, like Bitcoin and Ethereum. There was a move below the $0.530 and $0.5250 levels. The price even dipped below $0.5200 and tested $0.5120. A low was at $0.5117 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5117 low. There was a break above a connecting bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5400 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5350 level or the 50% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5117 low. The first major resistance is near the $0.5400 level. The next key resistance could be $0.5420. A clear move above the $0.5420 resistance might send the price toward the $0.5485 resistance. Any more gains might send the price toward the $0.5550 resistance or even $0.5650 in the near term. The next major hurdle might be $0.5800. Another Decline? If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5230 level. The next major support is near the $0.5200 level. If there is a downside break and a close below the $0.5200 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.5050 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5230 and $0.5200. Major Resistance Levels – $0.5350 and $0.5420.

Amid the ongoing Bitcoin price correction after attempting to reclaim $70,000 on Monday, a CryptoQuant analyst known as Mac.D has highlighted key shifts in the asset’s network fundamentals. This key shift in Bitcoin’s network fundamentals includes the rise in Bitcoin’s hashrate, which has surged to an all-time high, marking a significant milestone for the network. According to Mac.D in a recent post on the CryptoQuant QuickTake platform, the rise in BTC hashrate, which measures the computational power miners use, suggests “intensified competition” among miners, driving up the mining difficulty to unprecedented levels. The Signals: Active Addresses And Mining Difficulty This increase in mining difficulty indicates Bitcoin’s growing intrinsic value. According to Mac.D, for long-term investors, commonly called “SmartMoney,” this makes Bitcoin an increasingly attractive investment. Historically, a higher hashrate and mining difficulty are positive indicators for the Bitcoin network, reflecting strong miner activity and a more secure network. The analyst’s observations come as Bitcoin has recently experienced a recovery in price after months of consolidation. Another important factor contributing to Bitcoin’s positive network fundamentals is the surge in active Bitcoin addresses. Mac.D pointed out that the number of active addresses, measured over 30 days, has risen steadily since mid-September. This increase in active addresses indicates greater user engagement with the network as more people send and receive Bitcoin. Increase In Bitcoin Network Fees In addition to the rise in active addresses, Bitcoin’s total network fees have also increased, driven by a spike in on-chain transactions. Mac.D noted that this pattern is typical during bullish periods, where a price rally leads to more transactions increasing network fees. The rising fees and the surge in active addresses point to heightened network activity—a positive sign for Bitcoin’s overall health and adoption. The analyst also compared the current network activity to previous bullish periods, noting similarities in on-chain behaviour. The analyst noted: Notably, the increasing hashrate, rising transaction volume, and surging network fees all contribute to a more solid Bitcoin ecosystem, signaling that the network is becoming more resilient and attractive to miners and investors. Featured image created with DALL-E, Chart from TradingView

Layer 3 Orbs announced that QuickSwap, the top multi-chain DEX, has integrated its Liquidity Hub. In order to improve pricing on QuickSwap, the integration will use Orbs technology to aggregate Ethereum liquidity. QuickSwap will obtain all of the liquidity for its DEX from Orbs Liquidity Hub in order to enable its expansion to Ethereum. This will allow QuickSwap to provide competitive pricing by using Orbs-sourced on-chain and off-chain liquidity. After a governance vote that largely supported the proposal, QuickSwap’s plan to use Orbs technology and extend to Ethereum was authorized. After being included by several DEXs running on different chains, Orbs Liquidity Hub has emerged as the industry standard for liquidity aggregation. Third-party solvers compete to complete a DEX order that is routed via Liquidity Hub by using onchain liquidity, such as AMM pools or their own private inventory. Professional traders like market makers may place bids and compete to fill swaps since orders are also available via API. This is accomplished via the Liquidity Hub through the use of an off-chain and on-chain network of solvers that compete to identify the most effective liquidity for traders. This covers integrations with various platforms, such as Odos and ParaSwap. Two flagship Orbs protocols for advanced trading orders, dTWAP and dLIMIT on Polygon, have already been integrated by QuickSwap. To lessen the impact on prices, they enable DEX traders to issue DCA orders and divide big transactions into smaller orders. The choice of QuickSwap to include Liquidity Hub for managing all Ethereum swaps was bolstered by the success of these products. Orbs Liquidity Hub’s integration will help QuickSwap achieve its objective of being a multi-chain DEX that offers top-notch trading experiences across a variety of L1 and L2 networks. In addition to expanding its user base and improving the liquidity accessible to users across the multi-chain ecosystem, this will enable QuickSwap to further solidify its position as the most capital-efficient DEX.

Ethereum price extended losses and tested the $2,450 support zone. ETH is recovering losses and faces many hurdles near the $2,550 level. Ethereum started a downside correction below the $2,550 support. The price is trading below $2,550 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $2,550 and $2,600 resistance levels. Ethereum Price Starts Recovery Ethereum price extended its decline below the $2,600 level like Bitcoin. ETH traded below the $2,550 and $2,500 support levels to enter a short-term bearish zone. The price traded as low as $2,445 and is currently correcting losses. There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low. Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,560 on the hourly chart of ETH/USD. The first major resistance is near the $2,600 level. It is close to the 50% Fib retracement level of the downward move from the $2,758 swing high to the $2,445 low. A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,750. Another Decline In ETH? If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone. A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,420. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now near the 50 zone. Major Support Level – $2,450 Major Resistance Level – $2,550

Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance. Bitcoin extended losses and tested the $65,200 zone. The price is trading below $67,500 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $67,500 resistance zone. Bitcoin Price Starts Fresh Increase Bitcoin price extended its downside correction below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support zone. A low was formed at $65,199 and the price is again rising. There was a clear move above the $66,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low. Besides, there was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $67,300 level or the 50% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low. The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance might send the price higher. The next key resistance could be $68,000. A close above the $68,000 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level. Another Decline In BTC? If Bitcoin fails to rise above the $67,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,500 level. The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,200 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $66,500, followed by $66,200. Major Resistance Levels – $67,500, and $68,000.

According to crypto options traders, Bitcoin (BTC) is primed to break through its previous all-time high (ATH) regardless of who wins the US presidential election in November. US Elections Results Not Consequential As the US presidential elections inch closer, a slight change in tone can be observed among crypto options traders regarding its implications on the digital asset market. Notably, options traders are increasingly betting big on $80,000 BTC by the end of November, regardless of whether Republican candidate Donald Trump or Democratic candidate Kamala Harris wins the election. Commenting, David Lawant, head of research at FalconX, a crypto brokerage firm, said: Within crypto circles, the general belief is that a Trump win would likely benefit the digital asset ecosystem. At the same time, a Harris victory would likely continue the Biden administration’s perceived hostile stance toward cryptocurrencies. However, Harris has attempted to shift this perception among crypto voters, as she recently promised to foster emerging technologies like AI and digital assets through a supportive regulatory framework. Besides the US elections, other factors, such as interest rate cuts by the US Federal Reserve (Fed) and cooling inflation, can be attributed to increased optimism toward a new ATH for Bitcoin by the end of the year. To recollect, Bitcoin hit its current ATH value of $73,797 in March 2024, largely buoyed by the anticipated demand for the digital asset following the approval of Bitcoin exchange-traded funds (ETF) by the US Securities and Exchange Commission (SEC). However, BTC dropped to $53,956 in September due to rising interest rates, before the Fed announced a rate cut. Since then, Bitcoin has rebounded strongly, trading just above $66,000. Bitcoin Put To Call Ratio Trending Lower According to data compiled by Deribit, the largest crypto options exchange by reported trading volume, the put-to-call ratio is trending lower toward the end of the year. Essentially, a lower put-to-call ratio means that more traders are buying call options than put options, indicating a strong belief that BTC will likely surge in the coming days. Yev Feldman, co-founder at SwapGlobal, an institutional-grade crypto options trading platform, notes: Additionally, for BTC call options expiring on November 29, open interest is largely concentrated around $80,000, with $70,000 being the second most favored strike price. For call options expiring on December 27, strike prices are between $80,000 and $100,000. Recent reports suggest that retail interest in BTC has been on a gradual upward trajectory, indicating that the market is in risk-on mode after being range-bound for the majority of the year. Lawant concluded: Concerns about a potential downside persist due to heightened geopolitical uncertainties in the Middle East and lingering doubts about Bitcoin’s halving earlier this year. BTC trades at $66,696 at press time, down 0.7% in the past 24 hours.

Chainlink is the leading middleware, linking on-chain dapps with external data securely. While the platform is critical in many crypto sectors, especially DeFi, LINK has recently struggled for momentum. LINK Holders Moving Tokens From Exchanges: Are They Accumulating? However, on-chain streams from IntoTheBlock reveal that more holders are moving tokens from top exchanges like Binance and Coinbase. In a post on X, the analytics platform observes that exchange flow over the past month has been negative, signaling sustained withdrawals. Usually, whenever tokens are moved from exchanges, it could indicate that owners are confident of what lies ahead. Since LINK, the ERC-20 token, is supported by many DeFi protocols, it could suggest that holders are interested in engaging with these dapps, possibly earning passive income. The more transfers from centralized ramps, the higher the likelihood of prices expanding in tandem, which is a net positive for LINK bulls. According to Etherscan, Chainlink has a top supply of 1 billion LINK distributed to 721,996 unique addresses when writing on October 23. These holders have, in turn, moved LINK over 15.8 million times. A level deeper, onchain data reveals that Binance controls more than 4.2% of the total supply. LINK under their control exceeds $479 million at spot rates. Chainlink Building: Will Price Break Above $20? With IntoTheBlock data pointing to net outflows from exchanges, there is a chance that LINK will find support and resume the uptrend of the past few trading days. LINK has resistance at $12.3, and a double bar bear formation is printing out following the dip of early today. However, even if prices break higher, rejecting bears, bulls must decisively expand above the double top at around $13. The eventual spike will open the door for LINK bulls to create a solid base for a rally to $20. The pace of this growth depends on how top altcoins, including Ethereum, perform. If Ethereum prices recover, soaring above $3,000, it could reinvigorate DeFi and NFT demand, lifting LINK. Beyond this, price drivers will include the team’s progress. Yesterday, October 22, Chainlink Labs launched the Cross-Chain Interoperability Protocol (CCIP) Private Transactions. This feature enables data privacy without violating existing laws guarding cross-chain transactions. The solution uses the middleware’s Blockchain Privacy Manager. This way, partner banks and other financial players can securely connect private chains with other ledgers whenever they share sensitive information.

As the cryptocurrency market emerges from a prolonged seven-month consolidation phase, following a parabolic uptrend for Bitcoin and various altcoins in the first quarter of 2024, crypto analyst OxNobler has boldly declared that today marks the start of the next significant altseason. Analyst Predicts Major Price Movements Ahead For Altcoins In a recent post on the social media platform X (formerly Twitter), OxNobler shared insights on the Altcoin Indicator, which has just gone parabolic for the first time in three years. The analyst emphasized the cyclical nature of market phases, driven by capital inflows that shift from Bitcoin into larger-cap tokens before eventually reaching lower-cap altcoins, suggesting a growing liquidity movement that could fuel significant price surges across the altcoin landscape. Identifying key catalysts for the upcoming liquidity inflows, OxNobler pointed to several factors: the upcoming US election, where both candidates express support for Bitcoin, anticipated Federal Reserve rate cuts, the potential lifting of the cryptocurrency ban in China, and the expected payout of $16 billion from FTX in Q4 2024 to Q1 2025. By analyzing historical price movements and market cycles, OxNobler believes traders can position themselves for substantial gains in the months ahead. OxNobler has highlighted several altcoins that he believes are primed for growth in this new market phase. Key Players In Upcoming Market Shift Realio Network (RIO): This blockchain-based platform focuses on the issuance, investment, and lifecycle management of digital securities and crypto assets. With a current trading price of $0.83 and a market cap of just $4 million, OxNobler believes that RIO is poised for significant upside, especially given the increasing interest in Real World Assets (RWA). Major asset managers like BlackRock are already investing in this sector, potentially driving demand for altcoins such as RIO. Zero Labs (DEAI): This token supports a decentralized artificial intelligence ecosystem focused on data governance. Currently priced at $0.55, DEAI has a market cap of $50 million, making it an attractive option as AI continues to gain traction, specially over the past year behind the buzz surrounding companies like Nvidia. SUI: Notable for its recent performance, SUI has surged 28% over the past month and an impressive 372% year-to-date, currently trading at $1.98 with a market cap exceeding $5 billion, positioning it well for the expected altseason. Render Network (RENDER): This decentralized GPU rendering network connects users needing GPU computing power with those willing to rent out their resources. Priced at $5 with a market cap of $2.6 billion, the analyst suggests that RENDER is well-positioned to benefit from the increasing demand for GPU computing in various technological applications. TokenFi (TOKEN): Aiming to simplify the crypto and asset tokenization process, TokenFi aspires to become the leading platform in this space, according to the analyst. Currently, TOKEN trades at $0.047 with a market cap of $47 million. Featured image from DALL-E, chart from TradingView.com

The Bitcoin price action is raising concerns after a failed attempt to push past critical resistance levels, with bearish signals now emerging. According to an analysis shared on TradingView by the analyst RLinda, Bitcoin could be on the way to reversing last week’s gains and correcting heavily due to the formation of a bearish engulfing pattern. Failed Push Above $69,000 Marks Bearish Reversal For Bitcoin RLinda’s analysis of the Bitcoin price trajectory is based on a new bearish engulfment candlestick pattern that is developing on the daily candlestick timeframe. Last week, Bitcoin experienced a notable rally that brought the cryptocurrency into a strong buying zone around $68,900. Despite the bullish momentum, Bitcoin bulls were unable to push the price through the $69,000 resistance zone, encountering repeated rejections as the cryptocurrency pushed toward this level. RLinda’s analysis noted that this inability to break higher has led to the formation of a bearish engulfment pattern over the past three daily candlestick bars, which could be a sign that the sellers are regaining control. The bearish engulfment pattern, where the latest candle completely engulfs the previous day’s candle, is a strong reversal signal that suggests the upward momentum has exhausted itself. This pattern, combined with the failure to clear the $69,000 zone, indicates that Bitcoin could be facing a deeper correction. RLinda’s goes further to highlight that the recent rally appears to have been a false breakout from the descending resistance trendline that has been in place since Bitcoin reached its all-time high of $73,737. The descending trendline has acted as a ceiling for Bitcoin’s price rallies since March. Although last week’s rally initially seemed to break through it, the subsequent rejection suggests the breakout was not sustainable. Given this, the analyst notes that Bitcoin has now returned to a consolidation phase just below this trendline. As Bitcoin continues to consolidate, it increases the risk of deeper correction. How Far Can A Bitcoin Price Correction Go? Looking ahead, RLinda foresees a potential correction in Bitcoin’s price, with the first target for a decline set around $65,000. Should this level fail to hold, further corrections could see Bitcoin falling to $61,000, $58,000, and possibly as low as $57,000. However, this bearish outlook is not set in stone. RLinda adds that the bearish structure could be invalidated if Bitcoin manages to break above $69,400. A break above would secure the bullish momentum and a sustained breakout above the descending triangle. At the time of writing, Bitcoin is trading at $66,670, marking a 0.6% decline in the last 24 hours. The current price action aligns with RLinda’s prediction of consolidation below the descending resistance trendline. In the meantime, the next few days could determine how much Bitcoin closes October (Uptober) in the green zone. Resistance levels to watch are $66,500 and $65,000, while support levels to watch are $68,400, $69,400, and $71,500.

Bitcoin has been on an impressive surge since early September, rising by 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency faces selling pressure. Despite this, Bitcoin remains strong, holding above the previous high of around $66,000, a crucial level determining its next move. Key data from CryptoQuant reveals that, despite recent bearish attempts, bears are losing control in the futures market. A key indicator has flipped bullish for the first time since July, suggesting that the current selling pressure may not be enough to push Bitcoin lower. With Bitcoin in a critical phase, holding above the $66,000 level would signal continued strength and maintain the uptrend for the coming weeks. Investors are watching closely, as Bitcoin’s ability to stay above this support could pave the way for new highs and further momentum in the bullish cycle. Bitcoin Taker Buyers Starting To Breathe Crypto analyst Maartunn shared recent data from CryptoQuant, revealing that Bitcoin taker buyers in the futures market have struggled to gain an advantage over taker sellers throughout the past year. Maartunn highlighted a chart showing that the BTC net taker volume has turned positive for the first time since July, signaling a potential shift in momentum. The present trend change suggests that bears are beginning to lose control over Bitcoin’s price action, with buyers starting to gain strength. This data points to an accumulation phase, where Bitcoin’s price has been suppressed by large investors, keeping it from making significant gains or marking new monthly lows. The fact that BTC hasn’t posted new lows despite previous bearish pressure reinforces the view that an accumulation period may end, and a new bullish phase could be on the horizon. The coming weeks are critical for Bitcoin, particularly with the approaching U.S. presidential election on November 5. Historically, elections introduce volatility and uncertainty into financial markets; this year is no exception. Broader market trends likely influence Bitcoin’s price action, and traders are watching closely to see how BTC responds to these developments. If Bitcoin maintains its upward momentum, a rally to new highs could follow in the weeks after the election. BTC Testing Crucial Support Bitcoin is currently trading at $66,400 after a healthy retrace from its recent high of $69,500. The price now finds support at $66,000, which acted as a key resistance in late September and has since flipped into a crucial demand zone for BTC. This support is essential for the bulls to maintain control, as holding above $66,000 signals strength and keeps the momentum alive for another attempt at breaking the $70,000 mark. If Bitcoin can hold steady above this support level, the next logical target would be to challenge the $70,000 resistance, which has proven difficult to breach. A successful push past this level would likely trigger further upside, potentially driving BTC into new price discovery. However, if the price exceeds $66,000, a retrace to lower demand levels could occur. In this case, the daily 200 moving average at $63,300 is the next key area where Bitcoin could find support before resuming its upward trend. The coming days will be crucial in determining whether BTC can maintain its bullish trajectory or if a deeper pullback is on the horizon. Featured image from Dall-E, chart from TradingView

According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround. He’s identified an inverted Head and Shoulders formation on the daily chart of Ethereum. This is one of the most classic buy signals in technical analysis. If ETH can hold above that neckline at $2,745, we could be looking at a breakout. But the excitement doesn’t stop there. Data from IntoTheBlock shows that Ethereum’s network is stronger than ever, boasting over 5 million active addresses across its mainnet and Layer 2 networks. Though market mood is still mixed, this statistic confirms Ethereum’s importance in the crypto ecosystem. Although some investors see Ethereum’s long-term future improving, others are worried by the short-term hazards. A Long-Term Play Ethereum definitely had its ups and downs. From a price tag as low as $10 to nearly $4,900 in the past, it’s very obvious that ETH has made quite a few early believers. And while taking such wild rides can be full of gut-wrenching moments, Ethereum never failed to ensure that its core strength lies in the facilitation of smart contracts and decentralized applications in the blockchain space. However, Ethereum’s cost basis for many investors has risen as the market has matured. This has made short-term gains more elusive, leading some traders to approach the market cautiously. But for those with a long-term view, Ethereum’s ambitious roadmap and history of overcoming challenges continue to make it an attractive option. Ethereum: The Next Path Ethereum’s present pricing behavior has one of more fascinating technical aspects: its interaction with the Point of Control (POC). Often considered as a significant support or resistance, this level could be crucial in deciding Ethereum’s next direction. As ETH’s price hovers near this point, it suggests a possible buying opportunity for those looking at the long term. If the POC holds, Ethereum could build a solid foundation for future growth. But a break below this level might signal trouble ahead, so investors should stay cautious. Will The Bullish Reversal Hold? Brandt’s bullish prognosis gives ETH fans optimism. If Ethereum maintains over $2,745 and the inverted Head and Shoulders pattern persists, it might climb significantly. Yet, as always, it’s essential to consider other market factors—broader trends, technical indicators, and market sentiment all play a role in shaping the future of Ethereum. While Ethereum has its challenges, the potential for a bullish breakout is hard to ignore. Whether you’re in it for the long game or watching closely for short-term gains, Ethereum’s next move could be a significant one. Featured image from AFP/Finance Magnates, chart from TradingView

Vietnam seeks to advance innovation in what it refers to as the Fourth Industrial Revolution. One of the strategy’s main objectives is to develop Vietnam’s blockchain ecosystem. A National Blockchain Strategy has been formally released by Vietnam. On October 23, the Ministry of Information and Communications (MIC) unveiled the plan, which outlined a number of important goals to advance the nation’s blockchain capabilities. It seeks to advance innovation in what it refers to as the Fourth Industrial Revolution, create relevant legal frameworks, and develop blockchain technology. Developing Vietnam’s Blockchain Ecosystem Moreover, the Vietnam Blockchain Association (VBA) and the MIC are two of the government organizations in charge of the five key areas the plan describes. The official announcement states that the five suggested actions are: enhancing the legal environment; creating a blockchain industrial ecosystem and infrastructure; training human resources for the blockchain industry; encouraging the development and use of blockchain technology; and encouraging research, innovation, and global collaboration. Furthermore, one of the strategy’s main objectives is to develop Vietnam’s blockchain ecosystem. The government intends to create 20 blockchain-related platforms, goods, and services under these trademarks. In order to build a nationwide blockchain network, the National Blockchain Strategy also seeks to set up a minimum of three testing facilities in significant cities. Also, these facilities will be essential to the creation and implementation of blockchain applications, maintaining security and encouraging industry innovation. Since the nation wants to formally regulate digital assets, the plan statement highlights the legal recognition of these assets as a crucial issue. One measure to fulfill the Vietnamese government’s commitment to stopping and combating money laundering, terrorist funding, and the financing of the spread of weapons of mass destruction is the legalization of the definition of digital assets. Vietnam is establishing aggressive goals to develop its blockchain sector by recognizing digital assets as protected by civil law and according to international norms. Highlighted Crypto News Today: Solana’s $6B TVL Milestone Clash with $165 SOL Price Struggle

Solana achieves $6 billion TVL for first time since January 2022. Price consolidates around $165, facing resistance at $168. Target: potential rise to $180 by early November, with support at $160-$161. Solana, ranking fifth among cryptocurrencies by market capitalization, continues to demonstrate remarkable resilience despite current market headwinds. While the price struggles to maintain momentum above $165, the ecosystem’s underlying strength suggests potential for significant upward movement in the near term. The platform has achieved a remarkable milestone, reaching $6 billion in Total Value Locked (TVL) for the first time since January 2022. This dramatic increase from previous lows below $500 million reflects growing trader confidence and broader ecosystem adoption. The flourishing meme coin activity within the Solana network has further contributed to maintaining positive momentum. Solana shows potential bullish pattern Currently facing resistance around $168, SOL’s price action suggests a potential bullish continuation pattern. A successful breakout could trigger a rally towards $176, with further potential to reach $191. However, this optimistic scenario depends on bulls’ ability to overcome the prevailing bearish trend. Technical analysis of the 4-hour chart indicates an imminent pullback, with the price testing local support at $164.55. Increasing sell-side pressure suggests a possible retreat to the rising wedge’s lower support, coinciding with a crucial zone between $160 and $161. Despite these short-term challenges, technical indicators appear primed for a potential bullish reversal. The accumulation of selling pressure heading into the weekend could mark a significant support level. This timing could prove advantageous, as the final week of each month typically brings increased volatility. Market observers anticipate SOL potentially closing October above $170, with momentum possibly carrying the price to $180 in early November 2024.

George town, Cayman Islands, October 23rd, 2024, Chainwire SimpleSwap, a leading cryptocurrency exchange platform, has always been known for its simplicity and user-friendly approach to crypto trading. Having served customers for over six years, SimpleSwap continues to develop, offering reliable solutions for crypto enthusiasts. In line with its mission to improve user experience, the platform is excited to announce its latest upgrade to its Loyalty Program, which now features USDT cashback and enhanced reward opportunities. Upgraded Loyalty Program SimpleSwap is committed to making crypto exchanges as seamless and rewarding as possible. The revamped Loyalty Program offers more incentives for users, focusing on flexibility, transparency, and maximizing rewards. Here is what is new: USDT Cashback & Invite Bonuses SimpleSwap now offers cashback and Invite System bonuses in USDT. This shift provides users with more predictable and secure transactions. Flexible USDT Payout Options To make the experience even smoother, SimpleSwap now allows users to choose the network through which they receive their USDT rewards. Participants can opt for payouts via the SOL, TRX, or BSC networks, offering more flexibility based on their preferences and needs. New Loyalty Levels for Maximized Rewards SimpleSwap’s updated Loyalty Program introduces four loyalty tiers with varying cashback rates. The tiers, that are based on users’ 90-day trading volume, are: Bronze: 0.05% cashback (starting level) Silver: 0.1% cashback (for 10,000 USDT 90-day trading volume) Gold: 0.2% cashback (for 60,000 USDT 90-day trading volume) Platinum: 0.4% cashback (for 400,000 USDT 90-day trading volume) These new levels offer permanent status once reached, ensuring that customers continue to enjoy rewards without needing to meet ongoing volume thresholds. Lower Withdrawal Minimums In a move designed to make cashback rewards more accessible, SimpleSwap has reduced the minimum withdrawal amount to just 250 USDT, allowing users to benefit from their cashback more frequently. Joining the SimpleSwap Loyalty Program Becoming a member of the SimpleSwap Loyalty Program is quick and straightforward. Upon creating a Customer Account, users are automatically enrolled and begin at the Bronze level, earning 0.05% cashback on all transactions. As users increase their exchange volumes, they climb the loyalty tiers, unlocking higher cashback rates. To help users track their progress, SimpleSwap offers a detailed chart within each customer account, displaying the total exchange volume over the past 90 days. This makes it easy for users to see how close they are to advancing to the next level. A New Era of Rewards with SimpleSwap SimpleSwap’s updated Loyalty Program marks a significant enhancement for users looking to potentially maximize their crypto trading benefits. With USDT cashback, flexible payout options, and more accessible loyalty tiers, customers can enjoy a more rewarding and seamless experience. Beyond the Loyalty Program, SimpleSwap continues to provide users with additional earning opportunities through its Invite System and Affiliate Program, along with a mobile app that allows quick and convenient crypto swaps on the go. As always, SimpleSwap remains dedicated to meeting the needs of its users, continuously evolving its platform to ensure satisfaction and reliability in every transaction. About SimpleSwap SimpleSwap is a trusted cryptocurrency exchange platform that offers a quick, secure, and user-friendly experience for crypto traders. With over six years in the market, SimpleSwap is committed to delivering clear solutions, offering 2000+ coins for swapping. For more information users can visit SimpleSwap’s: Twitter | Telegram | Youtube Contact SimpleSwap [email protected]

As the 2024 presidential election enters its final stretch, Students for Trump, a national grassroots movement that engages young Americans to get involved in the political process, has joined forces with the Restore the Republic initiative to boost voter outreach in key battleground states. This collaboration, announced with only two weeks left until Election Day, aims to energize and educate voters, particularly the younger demographic. Restore the Republic is best known as a community-driven crypto project on the Solana blockchain dedicated to promoting civic engagement, protecting American values, and supporting efforts to educate the electorate about the importance of informed participation in our democracy. Thanks to the support of the Restore the Republic community, Students for Trump is organizing events, community forums, and targeted voter outreach programs in crucial swing states. These efforts are designed to give young voters the information and tools they need to participate actively in the democratic process. Bo Hines, CEO of Today Is America, which oversees Students for Trump, emphasized the importance of the partnership. “We are excited to collaborate with Restore the Republic to amplify our efforts in these vital final weeks,” Hines stated. “Our goal is to empower voters, especially young Americans, with the knowledge they need to make informed decisions.” As part of the initiative, Students for Trump will be hosting a series of engaging activities in the lead-up to the election, aimed at increasing voter turnout. For those looking to get involved or stay updated on upcoming events, information can be found on their official website. This joint effort underscores the growing importance of youth activism in shaping the future political landscape, as both groups work tirelessly to leave a lasting impact on the 2024 election. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.