Ethereum, Tron, BAT Price Analysis: 21 October
Bitcoin shot past $12k and was trading at $12,239 at press time. Crypto Fear and Greed Index stood at 61, indicating growing greed in the market. Bitcoin Dominance rose to 61.75, as Ethereum posted gains and approached a strong level of resistance. Selling pressure did not relent on Tron while Basic Attention Token showed a bullish divergence.
In white is the ascending trendline from March that captures Ethereum’s uptrend since Black Thursday. A rectangle bottom formation is highlighted in cyan.
Ethereum has traded above the rectangle’s midpoint at $360 for the past couple of weeks as it gathered steam to breach the region of resistance at $380.
The RSI was at 58, indicating recent bullish momentum for the asset while the Stochastic RSI was also climbing.
Any dips can expect to find a strong support near $360, while a close above $384 will signal a possible move beyond $400. This could quickly take the asset’s price toward $500.
In other news, Ethereum 2.0 hype might be a bit early as the launch was delayed multiple times, most recently due to hiccups in the scalability aspect.
The past month’s lower highs are captured by the descending trendline (orange). TRX appeared to bounce explosively off $0.258 support past trendline resistance, as seen by the high trading volume for that session.
Yet the selling pressure was even more voluminous and TRX was brought back to the same level of support.
The OBV also agreed with TRX price movements, as buyer interest waned in the past few weeks.
It was likely that TRX would lose $0.258 as support in the coming days.
Basic Attention Token broke out of a descending channel but was unable to close above $0.215.
However, there was a bullish divergence seen (pink) when the price made a lower low, and the momentum indicator (MACD) formed a higher low.
Subsequently, BAT surged, but the most recent candle showing indecisiveness in the market. Failure to close above $0.215 in the next few sessions would be bearish for the asset.
Author: by admin
Ethereum Price Prediction: ETH/USD Resumes Uptrend Above $380 as the Bulls Winning the Battle to $400
ETH Price Prediction – October 21
The Ethereum bullish case to $400 now depends on the bulls’ effort to defend $370 initial support in the near term.
Resistance levels: $425, $435, $445
Support levels: $325, $315, $305
According to the daily chart, ETH/USD is impressively extending the bullish leg above $380, the price action has been significant enough to disapprove all negative predictions below the 9-day and 21-day moving averages. Yesterday, Ethereum tumbled and touched a $367 low and was unable to overcome the hurdles at $380 and $380 respectively.
However, as of today, the impressive trading action is seen pulling ETH/USD not only above $370 but also $380. At the time of writing, Ethereum is trading around $385.76. Looking at the daily chart, we can see that ETH/USD even spiked higher into the resistance level at $386.13. Therefore, if the buyers continue to push the market higher, the immediate resistance above the $400 level will be located. Above this, further resistance levels lie at $425, $435, and $445.
Alternatively, if the bears step back into the market to bring down the price below the moving averages, the bears can expect immediate support to be located at $300. Further supports may be found at $325, $315, and $305 levels. Meanwhile, the RSI (14) may likely cross above the 60-level, signaling a more bullish movement.
When compares with BTC, the Ethereum price is clearly bearish. Meanwhile, as the price falls, sellers are posing an additional threat for buyers which may likely reach the 0.030 BTC where the nearest target is located. However, an eventual break below the lower boundary of the channel may cause the coin to collapse.
Moreover, a continuation of the downtrend could hit the main support at 0.029 BTC before falling to 0.028 BTC and below as the RSI (14) is seen moving around 36-level. However, if the price breaks above the channel, the buyers may resume back and push the market to the potential resistance at 0.033 BTC and above. Nevertheless, ETH will continue to fall if the sellers continue to release the pressure.
Author: FOLLOW ON
Ethereum and XRP Follow Bitcoin’s Steps After Its Breakout to New Yearly Highs
While Bitcoin looks poised for further gains after slicing through $12,500, Ethereum and XRP are approaching crucial resistance suggesting an imminent breakout.
Bitcoin appears to have broken out of an ascending parallel channel containing its price action since the market crash in early September. After slicing through the upper boundary of this technical formation, market participants seem to have rushed to exchanges to get a piece of it. The spike in buying pressure was significant enough to push the flagship cryptocurrency to a high of $12,000.
Now that the overhead resistance has been cleared, prices could be about to shoot up by more than 3.5% towards the next area of interest, $13,350. This target is determined by drawing a parallel line equal to the channel’s width.
Such an optimistic thesis holds when looking at IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model.
Based on this on-chain metric, Bitcoin currently sits on top of a massive supply barrier that may have the strength to keep falling prices at bay in the event of a sell-off. Roughly 1.6 million addresses had previously purchased over 1 million BTC between $11,550 and $11,930.
On the flip side, the IOMAP cohorts show little to no resistance ahead of the pioneer cryptocurrency that will prevent it from achieving its upside potential.
The only crucial hurdle to pay attention to lies at $13,310, right next to the target presented by the parallel channel previously mentioned. Here, less than 120,000 addresses are holding approximately 75,000 BTC.
Nathan Batchelor, the lead Bitcoin analyst for SIMETRI, said:
“Today’s breakout in BTC does not come as a surprise, given the bullish fundamentals over recent weeks. A major bout of USD weakness only served to accelerate the technicals which have been pointing to a run towards $12,500. Looking at the where BTC heads to next; continued gains above the $12,500 level could encourage bulls to test towards the $13,500 or $13,900 area in the near-term.”
Ethereum has endured a consolidation period over the past month. Its price action led to the formation of an ascending triangle within the 4-hour chart. A horizontal resistance formed along with the swing highs, while a rising trendline was created along with the swing lows.
Although Bitcoin seems to have decoupled from the rest of the market, the smart contracts giant may soon follow its steps. Santiment’s holder distribution chart reveals that the buying pressure behind Ethereum is rapidly increasing.
The number of addresses holding 10,000 to 100,000 ETH rose by nearly 1.7% over the past two weeks. Roughly 16 new whales have joined the network over this short period. The upswing is quite significant when considering these investors hold between $3.8 million and $38 million worth of Ether.
If demand for Ethereum continues accelerating, prices will likely break through the x-axis of the triangle previously mentioned and aim for $470.
IntoTheBlock’s IOMAP shows that the $380-$390 range is the only hurdle that could prevent Ether from breaking out. Approximately 1.4 million addresses are holding nearly 1.8 million ETH around this level.
While holders within this price pocket may try to break even on their underwatered positions, slicing through it will drastically increase the odds of a significant upswing.
It is worth mentioning that the second-largest cryptocurrency by market cap sits on top of a large supply wall. More than 1.3 million addresses bought 14 million ETH between $367 and $377.
Therefore, only a break below this critical support barrier may jeopardize the bullish outlook.
Like Ethereum, XRP’s price action is also contained within an ascending triangle over the past month. While whales have been loading up on this token since Oct. 13, the demand increase has yet to be reflected on prices. Until then, the $0.24 support and the $0.26 resistance will play a key role in determining where this cryptocurrency is headed next.
Moving past resistance may trigger FOMO among market participants. The increase in buy orders will likely see the cross-border remittances token surge towards $0.30.
This target is determined by measuring the distance between the widest point of the triangle and adding it to the breakout point.
Meanwhile, an increase in selling pressure around the current price levels could push prices below the triangle’s hypotenuse. Slicing through this area can be considered a breakdown of this pattern. Under such circumstances, investors would have to prepare for XRP to drop towards $0.21.
Despite the ambiguity that XRP presents, the Market Value to Realized Value (MVRV) index favors the bulls. Each time the MVRV drops below -8%, a buying opportunity presents. Conversely, when this indicator rises above 18%, it signals that a correction is underway.
Since late September, the MVRV moved out of the “buy zone” and is currently hovering around 2.6%. Such levels indicate that XRP has a lot of room to go up before it enters the “sell zone.” Thus, it is imperative to pay close attention to the $0.26 resistance barrier since breaking through it will confirm the optimistic outlook.
The HODL strategy has never looked better than today despite the opportunities to profit previously presented. More than 15 publicly traded companies are holding Bitcoin on their balance sheets, and now PayPal has decided to join the party.
The online payments firm announced that it would enable U.S. customers to buy, sell, and hold cryptocurrencies. The initial list of digital assets available includes Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The firm will also subsidize all trading or storage fees.
The move is set to enable over 26 million merchants connected to PayPal to trade goods for cryptos globally. This is a significant step towards mass adoption that will likely help the crypto market enter a new bullish cycle.
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Ripple (XRP/USD) forecast and analysis on October 21, 2020 • PumpMoonshot
Cryptocurrency Ripple (XRP/USD) is trading at 0.2488. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator bars.
As part of the Ripple course forecast, a test level of 0.2460 is expected. Where can we expect an attempt to continue the XRP/USD growth and further development of the upward trend. The purpose of this movement is the area near the level of 0.2580. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.2380.
Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair below the 0.2320 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on October 21, 2020 implies a test level of 0.2460. Further growth is expected to continue to the area above the level of 0.2580. The conservative area for buying is located area of 0.2380. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 0.2320. In this case, we should expect the fall to continue.
Author: by PumpMoonshot