Tag: Bullish

Polkadot Bearish Trends Set The Stage For Bullish Possibilities

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Polkadot (DOT) has managed to capture the attention of traders and investors alike. Despite a persistently bearish market structure, recent indicators point towards a potential bullish recovery on the horizon.  As of the latest data from CoinGecko, DOT is currently trading at $5.02, with a 0.7% gain in the past 24 hours and a 1.5% increase over the past seven days. Polkadot price action today. Source: Coingecko With the broader market experiencing an upward price trajectory, DOT buyers are poised to reap potential benefits. Analyzing the market dynamics, the Relative…

SHIB Rides On Bullish Waves As Shibarium Launch Nears

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This cryptocurrency, Shiba Inu dog-inspired logo, has garnered significant attention in the crypto community. As the highly anticipated Shibarium launch draws near, Shiba Inu (SHIB) is riding on bullish momentum.  In terms of the 7 days price gain, the meme coin is outperforming other notable assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE), representing less than 1% price increase. Investors and enthusiasts are now considering whether to buy in as the project’s new development unfolds.  SHIB Price Gains Momentum As Shibarium Nears A recent examination of on-chain data by…

Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,880 Is Critical

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Ethereum price is aiming for a fresh increase above the $1,880 zone against the US Dollar. ETH could rally unless there is a close below the $1,830 support. Ethereum is facing major resistance near $1,875 and $1,880. The price is trading above $1,830 and the 100-hourly Simple Moving Average. There is a bullish flag pattern forming with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $1,860 and $1,880 resistance levels. Ethereum Price Holds Support Ethereum’s…

Record-Breaking $10 Billion Open Interest Fuels Bullish Speculation For Bitcoin Reversal

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The cryptocurrency market has experienced a period of stagnation, with Bitcoin (BTC) trading within a narrow range for the past week.  However, according to market analyst Ali Martinez, there is a glimmer of hope on the horizon as Open Interest, a key indicator of market sentiment, has skyrocketed to a year-to-date high. Correlation Between Open Interest And Bitcoin Notably, the correlation between Open Interest and Bitcoin’s price has historically been significant, suggesting that this surge may herald a potential reversal in the leading cryptocurrency’s fortunes.  Martinez believes the recent dip…

Ethereum Crosses $1,800, But How Long Will Bullish Revival Last?

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In recent weeks, Ethereum has demonstrated a downtrend in shorter timeframes, where the bulls struggled to maintain the critical $1900 support zone. This allowed the bears to gain dominance. However, there appears to be a change in price sentiment during recent trading sessions. On the daily chart, ETH experienced a 2% climb. A positive movement is observable on the weekly chart, although it remains relatively modest. Despite the upward movement, there is a potential risk of waning bullish momentum if Ethereum fails to sustain its price above the immediate trading…

Bitcoin Miners Show Accumulation Again, Bullish Sign?

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On-chain data shows that Bitcoin miners have been expanding their reserves recently, a sign that could be bullish for the asset’s price. Bitcoin Miner Reserve Has Been Trending Up Recently As pointed out by an analyst in a CryptoQuant post, BTC miners have been accumulating during the past 48 days. The indicator of interest here is the “miner reserve,” which measures the total amount of Bitcoin that all miners are holding in their wallets right now. Related Reading: These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail? When…

These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?

On-chain data shows two Bitcoin indicators are currently retesting levels that have historically been relevant for the market’s course. Bitcoin NUPL For Both Short-Term & Mid-Term Holders Is Neutral Currently As pointed out by an analyst in a CryptoQuant post, the BTC NUPL has been retesting crucial levels recently. The “Net Unrealized Profit/Loss” (NUPL) is a metric that keeps track of the net amount of profit or loss that investors are holding currently. This indicator works by looking through the on-chain history of each coin in circulation to see what…

Bitcoin Price (BTC) Unlikely to Get Bullish Catalyst

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Aiming to tame galloping inflation in 2022, the U.S. Federal Reserve early last year embarked on a string of rate hikes, taking its fed funds target range from a range of 0% to 0.25% to the current 5.25%-5.50% range. That historic pace of monetary tightening was at least in part responsible for the big decline in the price of bitcoin, which has dropped from above $69,000 late in 2021 to close out 2022 around the $16,000 level. Original