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Analyst Identifies Upward Wave 3 for Cardano: Can It Reach $0.55 Amid Ongoing Recovery?

Albert Brown
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Analyst Identifies Upward Wave 3 for Cardano: Can It Reach $0.55 Amid Ongoing Recovery?

Analyst Alikze has identified an “Upward Wave 3” scenario for Cardano (ADA) as it moves within an ascending channel, suggesting potential bullish momentum despite a recent dip to a 7-day low.

Alikze’s technical analysis indicates that Cardano is recovering from a correction phase, with support in a “green box” area on the weekly chart. He noted that the upward trend may continue if Cardano stabilizes above this zone.

The analyst also noted that the 12-hour chart supports this outlook, showing a positive reaction at the lower boundary of the ascending channel. So far, Cardano has experienced a series of upward movements, each contributing to its progress toward the channel’s midpoint.

Cardano Elliott Wave Structure

The examination points to an Elliott Wave structure marked by three phases (A, B, and C). Wave A represents the initial impulse, while Wave B indicates the correction.

The current path points to Wave C, potentially evolving into Wave 3, known for its aggressive upward momentum. According to Alikze’s projections, Cardano’s price could reach resistance levels between $0.51 and $0.55, representing a possible bullish rally within this wave cycle. At press time, ADA is trading at $0.366, up by 2% today.

Mild Bullish Momentum

Notably, technical indicators suggest ongoing bullish trends, with ADA’s Relative Strength Index (RSI) reading at 54.66—just above the neutral mark of 50. The RSI has surpassed its moving average, which stands at 48.83, indicating an increase in recent buying activity.

Additionally, the RSI remains under 70, suggesting that Cardano is not overbought, potentially allowing room for continued upward momentum.

Cardano 1-day Chart
Cardano 1-day Chart

The Moving Average Convergence Divergence (MACD) supports this positive outlook, as the MACD line has recently crossed above the signal line, indicating a bullish crossover. The histogram has turned slightly green, reflecting increased buying interest.

However, since both MACD lines are close to zero, this momentum is still in its early stages and may require stronger buying pressure to maintain the trend.

Cardano Founder’s Projections

This analysis coincides with bold claims from Cardano’s founder, Charles Hoskinson, who recently spoke at the fourth annual Cardano Community event in Buenos Aires. During his keynote address, he emphasized Cardano’s growth into an 11-figure platform with millions of users and the largest research team dedicated to the network.

Hoskinson expressed confidence that Cardano could surpass Ethereum in the next decade and even outpace Bitcoin in the following ten years.

Bitcoin Has Surged Over 1,000% Since Elon Musk’s First Tweet on BTC 

Abdulkarim Abdulwahab
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Bitcoin Has Surged Over 1,000% Since Elon Musk’s First Tweet on BTC 

Today marks the anniversary of Elon Musk’s first public endorsement of Bitcoin on social media, during which the premier cryptocurrency has seen its value surge by over 1,000%.

Six years ago, Bitcoin was trading as low as $6,400. Around this time, renowned tech billionaire Elon Musk made a witty comment on X (formerly Twitter), asking a commenter if they would like to buy some Bitcoin.

This was the first instance of Musk mentioning “Bitcoin” on his social media account. At the time, Bitcoin was even in a bear market, and its price subsequently dropped around $3,000 a few weeks later.

Bitcoin Records 10X Surge Since Musk’s Mention

Fast forward to today, and the price of Bitcoin has increased more than tenfold since Musk’s initial mention. Prominent figures in the crypto space have continued to commemorate this moment, noting how significantly Bitcoin’s value has surged over the past six years.

In a post on X today, Pete Rizzo, an editor at Kraken, highlighted Musk’s historic mention. He suggested that Musk subtly encouraged the public to consider investing in Bitcoin six years ago, and this has resulted in over 1,000% gains for those who acted on it.

Bitcoin reached an all-time high of $73,750 in March, representing approximately 1,052% growth from the October 23, 2018, low of $6,400 when Musk made his endorsement. While Bitcoin trades at $67,500 today, it still reflects a massive gain of over 900%,

Elon Musk Holding Bitcoin

Notably, over the years, Elon Musk reinforced his endorsement of Bitcoin, especially when his car company, Tesla, began accepting it as payment for electric cars in 2021. Before this announcement, Musk clarified that he is not an investor but an engineer and that he owns no stocks except for Tesla.

Given Bitcoin’s potential as an alternative form of money and a store of value, Musk emphasized that in an environment where fiat currencies have negative real interest rates, it makes sense to explore alternatives like Bitcoin. He acknowledged that while Bitcoin has its flaws, it remains a worthwhile option.

However, Tesla later discontinued accepting Bitcoin as payment for electric cars. Yet, the company continues to hold 9,720 BTC, worth over $699 million, which remains unsold.

Will Solana Crash Again as Pump.fun Liquidates 40,000 SOL?

Albert Brown
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Will Solana Crash Again as Pump.fun Liquidates 40,000 SOL?

Pump.fun, a platform for launching meme coins within the Solana ecosystem, recently capitalized on favorable market conditions by selling 40,000 SOL tokens.

This follows a series of record-breaking launches and heightened activity on the Solana network influenced by Pump.fun. Amid its ongoing sales, the platform now ranks among the top contributors to SOL trading volumes. 

Pump.fun Continued Sale of SOL Amid Increased Earnings

Since its inception, Pump.fun has earned approximately 969,945 SOL in total fees valued at approximately $162 million. Around 56% of these earnings have been sold, indicating an ongoing strategy to periodically realize profits. 

In the latest sale, the average price of the liquidated 40,000 SOL tokens was $156.40 per token, reflecting Pump.fun’s skillful timing in maximizing returns amid Solana’s ongoing uptrend. These transactions were carried out via the Kraken exchange.

In September, Pump.fun made a notable transfer of 9,940 SOL, equivalent to $1.33 million, to Kraken, increasing its sales tally to 274,311 SOL at the time. This sale was part of the total fee earnings of 712,797 SOL ($95.87 million) by mid-September, highlighting the protocol’s strong revenue generation from network activities. 

Scheduled Token Releases vs. Price

Alongside Pump.fun’s strategic sales, Solana’s scheduled token releases also influence SOL’s trading environment. This week, 524,030 SOL tokens, worth approximately $88.46 million, will enter circulation. 

Earlier this month, between October 1 and 7, a similar release of $81 million in SOL occurred, which some analysts believe contributed to SOL’s price dip during that period. However, market dynamics allowed for a recovery in the following week. While there is speculation that the upcoming token release may exert similar downward pressure, historical trends suggest potential stabilization soon after.

At press time, Solana is trading at $168.94, up by 4% over the past day.

Whales Continue Selling SOL

Notably, consistent sales by large holders add to speculation of a potential Solana dip. A recent report by The Crypto Basic notes that a major whale sold 22,726 SOL, valued at $3.86 million, on October 21.
The whale’s trading pattern appears consistent. It often involves purchases at lower levels followed by sales during price surges.
Following this latest transaction, the whale retains a holding of 20,000 SOL, equivalent to $3.33 million. Cumulatively, the whale’s profits from these trades have surpassed $2.5 million, aligning with similar past strategies that aim to capitalize on market peaks.

Analyst Uses Bitcoin Four-Year Cycle to Set Timeline for $150K-175K Peak

Albert Brown
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Analyst Uses Bitcoin Four-Year Cycle to Set Timeline for $150K-175K Peak

Crypto analyst EGRAG spotlights Bitcoin four-year cycle, predicting massive price movements that could lead to the market top next year.

Bitcoin, the largest cryptocurrency by market cap, recently dipped to a multi-day low of $66,500, marking a 0.57% decline in 24 hours. However, it rebounded to $66,887.72, showing resilience and reflecting a 1.67% gain over the past week.

The price fluctuations have prompted notable crypto analysts to weigh in on Bitcoin’s potential trajectory over the coming years, with many discussing the implications of the four-year cycle.

Egrag’s Bitcoin Prediction

Analyst Egrag Crypto recently noted the importance of Bitcoin’s four-year cycle in predicting potential price peaks. He suggests that April 2025 could be an important moment for Bitcoin, marking the first opportunity for a new peak based on the cycle’s structure. 

The analyst drew comparisons to previous cycles, including April 2021 and November 2021, which serve as baselines for projecting future peaks in April and November 2025. 

If the pattern persists, Bitcoin could potentially hit its cycle peak in April 2025, followed by significant altcoin rallies and eventual retracement. Egrag Crypto further anticipates a possible top between $150,000 and $175,000.

Quantile Regression Model

On the same day, market analyst Sina introduced a price action model that segments Bitcoin’s potential price movements into three distinct zones: cold, warm, and hot. The current trading range between $55,000 and $85,000 represents the cold zone, where Sina encourages accumulation as Bitcoin remains in its lower range. 

The warm zone, which spans between $85,000 and $136,000, indicates growing momentum and increasing retail interest. During this phase, gradual accumulation through dollar-cost averaging is recommended, given the potential for rapid price gains.

Sina’s analysis also points to a possible peak of $285,000 before the end of the bull run, driven by strong bullish momentum.

Rising Whale Activity 

As Bitcoin fluctuates near its all-time highs, notable strategist Michaël van de Poppe observed a surge in whale activity. The trend suggests that major investors are capitalizing on the current price levels. 

Van de Poppe indicates that continued whale involvement could propel Bitcoin to targets ranging from $300,000 to $500,000. 

Market Expects Volatility as Bitcoin and Ethereum Options Worth $5.2B Set to Expire This Week

Elendu Benedict
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Market Expects Volatility as Bitcoin and Ethereum Options Worth $5.2B Set to Expire This Week

The crypto market may be gearing up for increased volatility as Bitcoin and Ethereum options worth $5.2 billion will be expiring this week.

The top two crypto assets by market cap seem to be warming up toward the expected volatility, considering their price performance in the past two days. For context, Bitcoin slipped over 3.5% from Monday’s over $69,000 high to $66,848, while Ethereum fell 4.4% from $2,752 to $2,631 at the time of writing.

Will Bitcoin Hit Maximum Pain Point?

Notably, these contracts will expire on Friday at 8:00 UTC. Data from Deribit shows that the $4.2 billion expiring Bitcoin options contracts have a maximum pain point of $64,000. For context, the maximum paint level is the price at which the market will inflict maximum loss on options traders.

Bitcoin Put Call Ratio Chart
Bitcoin Put Call Ratio Chart | Deribit

According to popular opinion, market makers usually drive prices toward the maximum pain to deteriorate the amount traders make. As a result, the market experiences increased volatility toward notable options expiry dates.

Meanwhile, the put-call ratio remains at 0.62, signaling a slightly bullish precedence among options traders. Bookmakers expect the bullish market sentiment considering Bitcoin’s latest push above $69,000.

Notably, about $683 million of the $4.2 billion worth of Bitcoin options set to expire are in the money, accounting for 16.26% of the traded contracts. A staggering 83.74% of options trades expiring on Friday heavily rely on Bitcoin’s price movement towards their strike price, increasing expected volatility.

Ethereum Nears Max Pain

With about $1 billion worth of Ethereum options contracts expiring on Friday, the altcoin king is barely 1% away from its maximum pain point. Ethereum trades at $2,631 at the time of writing, while the maximum pain is at $2,600.

Notably, Ethereum’s put-call open interest ratio stands at 0.95, signaling bearish price outlooks from traders. The put open interest nearly matches the call open contracts, standing at 194,050 and 205,155, respectively.

Furthermore, the presiding bearish outlook for the Ethereum price mirrors its lackluster performance compared to other high-caliber assets. For context, Ethereum is the worst-performing coin in the top five crypto ranking by market cap, posting a meager 2.07% growth in the past 30 days.

Bitwise’s CIO Matt Hougan earlier noted that Ethereum is the best contrarian crypto bet for the year. The executive cited bearish sentiments around the asset as reasons for its underwhelming price performance. However, he expects an Ethereum rebound by 2025.

CryptoQuant Shares Six Key Bitcoin Charts to Watch as Price Retraces to $67K

Sam Wisdom Raphael
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CryptoQuant Shares Six Key Bitcoin Charts to Watch as Price Retraces to $67K

As Bitcoin faced a roadblock to the recent recovery, collapsing below $68K, CryptoQuant shares six important charts to watch over the coming week. 

With a surge from $62,800 to $69,000 last week, Bitcoin experienced an 11% increase. However, the price has since retraced to $67K, marking a slight 0.35% dip in the past 24 hours. 

According to a recent analysis by CryptoQuant, there are six important charts that investors should monitor as the market prepares for the future over the next few days.

Bitcoin Correction Drawdowns and Cumulative Returns

First, CryptoQuant confirmed that Bitcoin is currently only 6% below its all-time high (ATH) of $73,600, which it attained in March. 

The analytics resource shared the “Bitcoin Bull Market Correction Drawdowns” chart, which highlights the patterns observed during market cycles. The current 6% drawdown is a minor correction when compared to historical corrections seen in previous market cycles. 

This chart shows that Bitcoin’s recent price movements are typical of a bull market correction and resemble patterns seen in previous cycles. Such corrections are part of Bitcoin’s natural price discovery process, often followed by periods of renewed price growth. 

Another important chart to consider is the “Bitcoin Cumulative Return Index on a Halving Year,” which compares Bitcoin’s performance during previous halving cycles in 2012, 2016, and now 2024. 

Each of these cycles has shown strong action in Q4. This pattern suggests that Bitcoin’s current price movements may not be a coincidence, but a seasonal effect that could repeat again.

ETF Inflows 

One of the major drivers behind Bitcoin’s recent price surge has been the inflows from institutional investors, particularly those involved in Bitcoin Exchange Traded Funds (ETFs). 

The “BlackRock Balance and Balance Change” chart reveals that BlackRock alone purchased 15,950 BTC last week, representing an investment of $1.08 billion. Additionally, other major ETF providers, including Fidelity and Grayscale, have also seen substantial investments. 

Although Bitcoin remains the main focus, Ethereum has also seen important activity. The “ETH: Balance on Accumulation Addresses” chart shows that accumulation addresses now hold 19.2 million ETH, suggesting massive long-term interest in Ethereum. 

Moreover, last week’s ETF trading inflows for Ethereum amounted to $48 million. While Ethereum’s price has been under pressure recently, these accumulation trends could indicate that the market is gearing up for a rebound. 

Growing Bitcoin OI and Rising Retail Demand

However, one area of concern is the rising open interest in Bitcoin futures. The “Bitcoin: CME Futures Open Interest” chart shows that open interest on the Chicago Mercantile Exchange (CME) has reached an all-time high of $12 billion. 

Notably, high levels of open interest can sometimes indicate that a market correction may be on the horizon, especially if there is a large amount of leverage involved. 

Additionally, open interest on centralized exchanges (CEX) has also climbed to near-record levels at $21 billion. The Crypto Basic recently confirmed that the total open interest across all platforms spiked to a new peak of $40.5 billion yesterday.

Lastly, the “Retail Investor Demand Change” chart shows that retail investors are again entering the market. The 30-day moving average (30DMA) of retail demand has increased amid renewed interest from smaller investors. 

Typically, when retail participation grows alongside institutional inflows, it can lead to a surge in price. However, the influx of retail investors can also contribute to heightened market volatility.

Expert Criticizes XRP, Shares Only Way XRP Can Pump

Abdulkarim Abdulwahab
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Expert Criticizes XRP, Shares Only Way XRP Can Pump

Macro investor and trader Jason Pizzino recently shared a sharp critique of XRP while disclosing what he believes could change the asset’s current discouraging trend.

Today, the price of XRP dropped by 3.62% to $0.5361, worsening its month-long performance, which now shows a 10% decline. Also, when looking at the yearly timeframe, XRP’s price action remains unimpressive compared to that of its close rivals.

The Hypothetical Path Through Which XRP Could Pump

Amid this, Pizzino questioned XRP’s ability to achieve significant price movements without a radical shift in its popular narrative.

Specifically, he suggested that XRP might need to embrace meme coin status to experience the kind of speculative price surges that have propelled other cryptocurrencies in recent times.

“If XRP changed from a fake financial coin to a full-fledged meme coin, it would have a chance of pumping,” Pizzino humorously tweeted.

The statement implies that XRP’s current positioning as a utility-driven token for the traditional financial market may be holding it back from gaining the explosive attention that meme coins have enjoyed.

For context, meme coins like Dogwifhat (WIF) and PEPE have been consistently among the best-performing crypto assets this year. They boast year-to-date returns of 1,525% and 641%, respectively. However, this was merely another attempt at a jab at XRP.

Despite this, the remarks highlight a trend in the crypto market where assets with little or no utility achieve massive price spikes due to community-driven hype and speculation. In contrast, utility-based assets would typically experience less comparable uptrends.

The situation is particularly challenging for XRP, which has consistently lagged during the periodic bull runs the market has witnessed since Q4 2023. Data from Coincodex shows that XRP is among the worst-performing top 100 crypto assets this year, trailing behind 78% of them.

XRP’s Mate ADA Also Urged to Become a Meme Coin

Notably, Pizzino’s criticism extends to Cardano (ADA), which, despite its utility, has a poor performance record compared to XRP.

He pointed out that ADA has struggled to keep up with Bitcoin’s gains, with the ADA/BTC trading pair hitting fresh lows. According to a chart shared by Pizzino, ADA has returned to price levels not seen since early 2020.

Pizzino believes ADA and XRP could become notable performers if they recalibrated into meme coins. Meanwhile, staunch enthusiasts maintain that these coins’ bullish days are ahead.

Avalanche Launches Visa Card for Payments with Zero Fees

Lele Jima
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Avalanche Launches Visa Card for Payments with Zero Fees

The Avalanche Foundation introduces a new payment card, enabling users to spend selected cryptocurrencies across Visa-supported merchants. 

Dubbed the Avalanche Card, the new payment solution allows users to spend crypto assets like USD Coin (USDC), staked AVAX (sAVAX), and Wrapped AVAX (wAVAX), among others, at any merchant that accepts Visa. 

Features of Avalanche Card 

The Avalanche Foundation revealed the development today, emphasizing that the card will be available in physical and virtual formats. 

According to Avalanche’s website, the solution would function like a credit card. Despite this, users’ transactional activities will not be reported to the credit bureaus. Other interesting features of the card include 24/7 customer support, FDIC-insured, pin changes, zero fees, and spend alerts. 

At the moment, the card is not yet available for public use. However, the Foundation urged interested users to join a waitlist to gain early access to the Avalanche Card. To join the waitlist, users are required to visit the card’s website and enter their details, such as email and country of residence, in the “Join Waitlist” section. 

Initial Support 

Users will receive an email when the card is available in their region. Avalanche specified that the card will initially debut in Latin America and Caribbean countries. However, residents and citizens of Nicaragua, Cuba, Russia, Iran, Syria, North Korea, and Venezuela, among others, are restricted from using the card. 

Upon signing up for the card, users will receive a new self-custody wallet as well as unique addresses for each supported asset. Notably, users can perform certain functions directly from the wallet, including showing/hiding card numbers, locking the card to prevent use by unauthorized parties, and pin-changing functions. 

The card is offered by fintech company Rain Liquidity and issued by licensed partners across different jurisdictions. 

Meanwhile, the development did not have any positive impact on AVAX’s price. At the time of writing, AVAX is down 1.3% over the past 24 hours to $27.50. This decline coincides with the recent drawdown across the broader crypto market.  

VeChain Boosts Ecosystem After Securing Latest US Patent

Elendu Benedict
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VeChain Boosts Ecosystem After Securing Latest US Patent

Supply chain-focused blockchain VeChain has boosted its ecosystem after receiving a US-approved patent for its latest innovation.

Vechain confirmed the development in a retweet, citing an earlier post from pseudonymous community figure AprilStrawberry. The patent allows VeChain the exclusive rights to its latest temperature data innovation.

Patent Details

Approved on October 15, VeChain secured its third US patent in three months through NanoJClean Technology, the network’s offshore subsidiary based in China. Notably, NanoJClean prides itself on being a blockchain-enabled food traceability platform and an early contributor to the VeChain network.

The patent, with number US 12,118,129 B2, gives VeChain the license for its temperature data recording. VeChain aims to improve the blockchain industry and its ecosystem by introducing data temperature testing in cold chain transportation.

The methodology involves acquiring, storing, and compressing temperature data to fit into a meager storage space. This innovation aims to ensure the security and authenticity of collected data in the blockchain and avert data tampering.

Notably, the innovation follows VeChain’s latest US patent on data security. Still approved under NanoJClean, the technique aimed to effectively manage key security by improving user identity authentication in blockchain technology.

Building on the identity innovation, VeChain announced the launch of VePassport on Tuesday. Per the update, VePassport is a decentralized identity solution launched on the VeBetterDAO to ensure user genuity and fair reward distribution in the ecosystem.

VeChain Price Prospects

Meanwhile, amidst the broader market downturn, VeChain has corrected over 3% over the past 24 hours to trade at $0.02343. However, an analysis from The Crypto Basic shows that the coin still has breakout potential as it continues to hold its 50-day EMA trendline.

Moreover, analyst Egrag recently predicted an over 4,324% upsurge in VeChain’s price, targeting $1. The analyst cited previous bull cycle performances and stated that the token is close to hitting the “Turbo Trigger.”

Notably, Egrag had earlier predicted a substantial uptick to $1 or $2 for VeChain. In the analysis, the market speculator noted that the coin’s price chart was about to enter wave 3 in the Elliot Wave Theory pattern formed on its 1W timeframe.

Analyst Questions Why Everyone Is Bullish on XRP While Key Resistance Remains Unbroken

Abdulkarim Abdulwahab
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0
Analyst Questions Why Everyone Is Bullish on XRP While Key Resistance Remains Unbroken

XRP has been trading at a discount for nearly seven years, and while some analysts remain bullish, others are exercising caution for now.

However, Northstar, a macro analyst with nearly 100K followers on X, has questioned the bullish optimism surrounding XRP, arguing that it may be premature.

In a recent analysis, Northstar emphasized the bearish trend that XRP has been experiencing. He noted that the asset is down by over 83% from its previous highs, with no clear signs of a reversal in sight, per market charts.

XRP Caught in Major Breakdowns

Furthermore, Northstar cited significant breakdowns for XRP below its long-standing support line. According to the chart, XRP fell below the support line in mid-2023 but quickly rallied to nearly $0.94 shortly after that. 

Subsequently, a series of retests of this support line occurred. Notably, a more significant breakdown happened in July 2024, when XRP’s price retested $0.38. Northstar indicated that XRP is currently backtesting this breakdown.

https://northstarbadcharts.com
XRP Chart by Northstar

XRP Key Resistance Level Yet to Be Broken

While XRP has recovered since the drop to $0.38, reaching $0.65 in August, it currently trades at $0.5433 amid subsequent pullbacks. 

Despite this notable comeback, Northstar’s chart shows that XRP continues to trade below the long-standing support line. The analyst pointed out that XRP’s price action is worsening amid the ongoing pullback, as XRP is down by 9% in the last 30 days.

Given this trajectory, Northstar questioned why multiple market analysts remain bullish on XRP while it remains below this crucial line.

“Why the heck is anyone bullish on XRP before it crosses the breakout line?” Northstar tweeted.

His chart suggests that XRP would breach the resistance line when its price surpasses $0.65. Essentially, the analyst believes the heightened bullish sentiment around XRP before reclaiming this level is misplaced.

Community Reacts

In response to his post, an investor questioned the relevance of technical analysis, arguing that fundamental analysis remains the primary method for many to accumulate assets for life-changing goals. Northstar countered, suggesting that TA indicates favorable points for entering and exiting the market.

Another commenter, Edward Sibley, noted that many people prefer to stay long and feel optimistic rather than sit on the sidelines waiting for a better entry point. “I learned the hard way, losing over a decade’s worth of bills,” he remarked.

However, Northstar found this perspective puzzling. He urged Sibley to go long on XRP if it breaks out. He also recommended making 40-50% returns in gold and silver to buy more XRP if it does break out later.

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