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  • NFP payrolls news and its impact on Bitcoin price

    NFP payrolls news and its impact on Bitcoin price

    • Bitcoin price has been in a consolidation phase in the past few weeks.

    • The US will publish the latest non-farm payrolls (NFP) data.

    • Strong jobs numbers will be bearish for BTC.

    Bitcoin price has been in a tight range in the past few months. BTC/USD has remained between last month’s low of about 16,285 and a high of 18,455. Bitcoin has dropped by more than 22% from the highest level in November. 

    US non-farm payrolls data

    Bitcoin price has been in a consolidation phase in the past few weeks. The next key catalyst for the BTC price will be the upcoming American jobs data. Economists surveyed by Reuters believe that the economy added more than 200k jobs while the unemployment rate remained at 3.7%. If analysts are accurate, it means that the economy added millions of jobs in 2022.

    They also expect the data to show that the country’s wages held steady in December. The average hourly earnings are expected to have risen by 5.0% while the participation rate remained at 62.1%. These numbers will come a day after ADP published strong jobs numbers. They showed that the economy added 235k jobs.

    US jobs numbers have an impact on Bitcoin prices because they tend to influence the Federal Reserve. The Fed has a dual mandate to ensure that inflation and unemployment rate are steady. It tends to hike rates when inflation is rising. In 2022, the bank hiked rates by 450 basis points. 

    The NFP payrolls data will come two days after the Federal Reserve published minutes of the past meeting. These minutes revealed that the Fed was considering hiking interest rates in 2023 in a bid to bring inflation lower.

    All signs are that inflation is easing. In December, inflation data showed that consumer prices dropped to 7.3% in November. With gasoline prices and natural gas prices falling, there is a likelihood that inflation eased.

    Bitcoin price will likely drop if the US publishes strong jobs data because it will mean that the Fed will continue hiking rates.

    Bitcoin price prediction

    BTC chart by TradingView

    The four-hour chart showed that Bitcoin has been in a consolidation phase in the past few weeks. As a result, it has remained at 25-day and 50-day moving averages. It is also moved slightly above the Woodie pivot point while the Average True Range (ATR) has pointed downwards.

    Therefore, Bitcoin will likely remain in this range in the coming days as investors wait for the upcoming US inflation data. The key level to watch will be at $15,800.

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy BTC with Binance today

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  • Solana interest grows as price eyes a bullish push after weekly 40% gains

    Solana interest grows as price eyes a bullish push after weekly 40% gains

    • Solana token has gained by almost 40% in a week as network activity surge

    • The weekly gains have been inspired by the Bonk token airdrop

    • SOL faces resistance at $14

    Solana (SOL/USD) is making a strong return after a difficult spell in 2022. Frequent hacks, FTX collapse, and a prolonged crypto winter are some of the ails of Solana in 2022. In particular, the FTX crash saw SOL fall below $10. But a return of nearly 40% in a week is sending a statement that investors are not done with the proclaimed Ethereum killer. 

    According to Solana Foundation head of strategy and communications Austin Federa, SOL is defying the FTX contagion. The network has seen increasing on-chain activity for users and developers. He says no projects are migrating from the blockchain, underlining Solana’s strengths and performance. 

    The latest gains in SOL come amid increased investor interest. That comes after the launch of the Shiba-Inu-themed Bonk (BONK) token. According to the latest cryptocurrency news, BONK will be airdropped for up to 50% of its supply. About 20% of the airdrop will go to Solana NFT collections. The development has seen several projects on Solana integrate bonk tokens for use in transactions on listed NFTs. 

    SOL price outlook and analysis approaching resistance

    SOL/USD Chart by TradingView

    From the technical outlook, SOL is slightly bullish but largely bearish. The indicator is approaching the neutral zone, although it shows SOL is bearish. Resistance lies at $14, slightly below the SOL price. 

    What next for the SOL price?

    The gains in SOL price are positive after a prolonged bear market. However, $14 will be a test for bulls. A bullish scenario will be reinforced if the cryptocurrency breaks above the resistance level. That could see SOL maintain the uptrend to $18 and beyond.

    On the flip side, SOL will face bears at $14. Buyers may also exit at the overhead resistance to force a correction. That could see the token retest the $11 or $10 bottom.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


    Buy SOL with Public today

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  • Jasmy price prediction as Japan’s Bitcoin surges

    Jasmy price prediction as Japan’s Bitcoin surges

    Jasmy price has had one of the best performances in 2022 as investors bought the dip in Japan’s Bitcoin. It has risen in the past five straight days and moved to the highest level since December 11. These gains represent about a 40% increase from the lowest level in 2022, giving it a market cap of over $100 million. 

    Why is Jasmy soaring?

    Jasmy is a relatively small blockchain project that has become popular in Japan. The platform was started by a team of former executives at Sony, one of the leading entertainment companies in the world. The platform was created to provide decentralized data storage solutions to companies and individuals. 

    The creators recognized the importance that data plays in the world today. Indeed, we have seen multi-billion dollar companies like Google and Meta Platforms that make money from selling data to advertisers. Data privacy has also become an important part of the word debate today. 

    Jasmy plays an important part in the democratization of data by combining blockchain and Internet of Things to provide an infrastructure that allows anyone to use data safely and securely. Users can store and control their data, manage and control devices, and provide a safe place to use data in a secure manner. 

    Jasmy’s platform is made possible by a number of popular technologies. Some of the top components of its technology are the Personal Data Locker, which enables data storage within a peer-to-peer network. It also has a secure knowledge communicator which allows data democratization and smart guardian that allows the registration of devices. 

    It is unclear why Jasmy coin price has done well in the past few days. A likely reason is that the developers are about to make a major announcement such as a partnership with a major company. There is speculation that the network will soon partner with Sony. 

    Jasmy price prediction 

    JASMY chart by TradingView

    The daily chart shows that Jasmy price has been in a strong bullish trend in the past few days. It has risen in the past fou straight days and managed to move above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved slightly below the overbought level. 

    Therefore, as I wrote elsewhere, I suspect that Jasmy will retreat in the coming days as the short squeeze fades. Also, it will decline as some of the current buyers move into a distribution phase. If this happens, the next key level to watch will be at $0.0032.

    How to buy Jasmy

    KuCoin

    Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

    Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

    Users can benefit from a beginner-friendly interface and relatively low fees.


    Buy JASMY with KuCoin today

    Swapzone

    Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


    Buy JASMY with Swapzone today

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  • Bitcoin (BTC) Price Slides as Inflation Is Going Up

    Bitcoin (BTC) Price Slides as Inflation Is Going Up

    Real-world economic performance undeniably impacts global cryptocurrency markets, with Bitcoin (BTC), the biggest crypto asset by market capitalization, proving an excellent guide to the health of the crypto industry. Recent increases in inflation worldwide, but particularly in the US, have seen the value of Bitcoin slide during the second half of 2022 as the global economic crisis takes hold.

    While this isn’t great news for existing investors in the world’s leading cryptocurrencies, such as BTC, excellent investment opportunities in exciting new crypto projects remain. One of the most enticing new crypto projects is Metacade, which saw an enthusiastic uptake during its beta presale stage, raising almost $1 million in just three weeks.

    What is Metacade?

    Metacade is the world’s first virtual gaming arcade that uses Web3 and blockchain technology to revolutionize the GameFi metaverse industry. The platform will host the broadest range of play-to-earn (P2E) games in the metaverse and offer gamers the same level of fun and social interaction they’d get visiting a real-life video arcade from the comfort of their gaming chair or sofa.

    The P2E element of the community is one of several ways community users benefit from the platform. The other revenue stream initiatives are:

    Compete2Earn – earning by staking tokens and gaining tournament rewards

    Create2Earn – earning by interacting with the community and its members

    Work2Earn – earning through finding new Web3 role on the jobs board, which launches in Q1 2024.

    In addition to the opportunities to earn, Metacade is a platform that allows budding developers to earn their stripes by supporting them to learn game development and has plans to become a self-sufficient and fully-fledged DAO by Q4 2024.

    How Metacade works

    Unlike many GameFi platforms, Metacade has a diverse offering that stretches beyond the P2E element. The native token for the platform is the MCADE coin, and there are several ways Metacade generates revenue.

    Metacade’s revenue-generating features include a range of pay-to-play arcade games, just like gamers would expect to find in a real-world video arcade. There’s also advertising on the platform, entry fees for prize draws and to compete in tournaments, and the launchpad initiative, which allows external companies to release games in Metacade for a price. These revenue streams provide the funds that flow into gamers’ wallets as they earn rewards.

    The number of titles available on Metacade will continue to grow. This growth will be aided from Q3 2023 by the introduction of the Metagrants initiative. Metagrants are a source of funding for developers to build games on the platform. Developers submit gaming proposals to be voted on by MCADE token holders, who determine the community’s favorite ideas. The winning developers will receive funding to help turn their proposals into reality. The first Metagrant-backed games hit the Metacade library in Q1 2024.

    Other features in the pipeline include introducing a jobs board in Q1 2024 to boost the Work2Earn initiative. The board will feature a range of opportunities from internships, short-term gig work, and full-time roles within the GameFi industry with Metacade-approved partners, giving anyone with a genuine interest in working in Web3 development a helping hand to get started in the industry.

    Meanwhile, Metacade’s transition into becoming a DAO begins in Q2 2023, with the process estimated to take 18 months before community members assume all of the critical roles. This autonomy is one of Metacade’s leading lights; it hands control of the platform’s future direction to the most important community members.

    Why could MCADE surge?

    The breadth of Metacade’s plans, found in more detail in their white paper, makes it an exciting prospect for investors hunting for new crypto projects. With many other GameFi developments focusing on a minimal range of options, it’s easy for them to become little more than a fad.

    Metacade’s offering will not fall into that trap. The range of games on offer will continue to increase, providing additional opportunities to earn, whether through competitions, playing, or creating social content to engage with the community. Furthermore, the continual addition of new games means there’s no risk of the platform becoming boring or stale since it will continually reinvent itself with the regular release of new and exciting titles. As a result, Metacade has solid project longevity. 

    Additionally, the community will ultimately have complete autonomy over how Metacade develops. Gamers’ interests will forever be at the heart of the platform’s development, unlike in more traditional gaming, where developers have to balance that with providing a return to shareholders.

    These plans place Metacade at the forefront of the blockchain gaming revolution.

    How to purchase MCADE tokens

    The Metacade beta sale sold out in less than four weeks, making it one of the most attractive new crypto projects currently in its presale stage. The price will increase by more than double as  the ninth and final presale round concludes, raising a total market cap of $28 million.

    Getting on board with Metacade couldn’t be simpler. Tokens can be purchased on Metacade’s website by anyone with a Wallet Connect-supported crypto wallet. 

    You can purchase MCADE with ETH (Ethereum) or USDT (Tether). First, connect your wallet to Metacade’s website to access the DEX, and then accept the option to purchase MCADE with ETH or USDT.

    You can buy BTC at eToro here.

    You can participate in the Metacade pre-sale here.

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  • Bitcoin price prediction as the US dollar index plummets

    Bitcoin price prediction as the US dollar index plummets

    • Bitcoin price has been in a tight range in the past few weeks.

    • Bitcoin’s fear and greed index has dropped to the fear level of 25.

    • The US dollar index has plummeted to $103.

    Bitcoin price has held in a tight range even as the US dollar index (DXY) has plunged to the lowest level since June. BTC/USD was trading at $16,858, where it has been in the past few days. This price is more than 70% below its all-time high of near $70,000.

    US dollar index crashes

    Bitcoin and the US dollar have had a strong inverse relationship in the past few years. In most cases, Bitcoin rises when the greenback retreats. 

    Recently, this inverse correlation has faded as Bitcoin and the US dollar have continued dropping. The US dollar index has plunged from the year-to-date high of over $115. 

    It has crashed in the past few months even after the relatively hawkish Federal Reserve. In its December meeting, the Fed decided to hike interest rates by 0.50% after hiking by 0.75% in the previous four meetings. You can read more about the Fed decision here.

    The Fed also hinted that it will continue increasing interest rates in the coming months. Recent numbers are supportive of higher rates. For example, data published last week revealed that the economy expanded by 3% in the third quarter after slumping in the previous two straight quarters. 

    Additional data revealed that inflation is falling at a relatively slower pace. On Friday, the Fed’s favourite inflation gauge showed that it dropped in November as gasoline prices eased. 

    Bitcoin price has also dropped as the fear and greed index has remained under pressure. The closely watched Bitcoin fear gauge remains below 30, meaning that investors are fearful about the state of the market.

    In my view, the most accurate fear gauge is outflows. Binance has had outflows worth over $9 billion in the past 30 days. Similarly, the leading crypto banks like Silvergate have had some of their biggest outflows on record.

    Bitcoin price prediction

    BTC/USD chart by TradingView

    So, is it safe to buy Bitcoin? The 4H chart shows that the BTC price has been in a tight range in the past few weeks. It is hovering at the 16,800 level, where it has been this month. Bitcoin’s Relative Strength Index (RSI) has moved close to the neutral point of 50.

    Therefore, despite the collapse of the US dollar index, there is a likelihood that it will soon have a bearish breakout. If this happens, the next key support level to watch will be at $15,435, the lowest level in 2022. A breakdown below that level will mean that there are still more sellers in the market.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Solana (SOL/USD) struggles again as price slips below 20-day MA

    Solana (SOL/USD) struggles again as price slips below 20-day MA

    • SOL trades at $12 with weak momentum

    • The cryptocurrency is weighed by weak market fundamentals

    • SOL could consolidate further before pushing higher or lower

    Solana (SOL/USD) trades with dwindling volumes at $12. For another time, the cryptocurrency faces bear pressure at the now-developed support zone. Bulls have successfully defended the level in the past, and it remains to be seen whether they will for another time. The latest cryptocurrency news has been unforgiving for SOL. 

    A myriad of factors has been against Solana price this year. Aside from the macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Raydium lost $2.2 million. The exploit on December 16 has been responsible for much of the weakness of SOL currently. The hacks have been many this year, hitting the native token.

    But there is some good news you could want to hear about Solana. According to crypto analytics firm Nansen, Solana competed successfully with Ethereum before the FTX saga. Nansen says in the three months to October, the daily transactions on Solana rarely fell below 200 million. The analytics firm pointed out that the active addresses on the network were between 600,000 to 1.1 million during the period. 

    The activity underlined that Solana was catching up with its proclaimed Ethereum killer status. The collapse of FTX brought a new twist, taking the price significantly lower. SOL investors are still reeling from the aftermath.

    SOL trades with weak momentum at the $12 support

    SOL/USD Chart by TradingView

    From the daily chart, the MACD indicator shows a weak and bearish momentum for SOL. Trading volumes on both the buy and sell sides are weak for the cryptocurrency. SOL is currently held at the $12 support.

    What next for SOL?

    SOL price could continue consolidating at the $12 support until it gathers more liquidity. Based on the fundamental developments, a break higher or lower could occur. Should bears increase, SOL could fall to or below $10.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


    Buy SOL with Public today

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  • Bitcoin price recoils as hopes for a Santa rally fade

    Bitcoin price recoils as hopes for a Santa rally fade

    • Bitcoin price has moved sideways in the past few weeks.

    • The Federal Reserve sounded more hawkish than expects.

    • It has formed a rising wedge pattern.

    Bitcoin price continued recoiling on Monday as investors remained concerned about monetary policy and the crypto industry. The BTC coin was trading at $16,750, where it has been in the past few days. This price is a few points below last week’s high of $16,867.

    No Santa rally?

    The BTC/USD price has continued consolidating in the past few weeks. After staging a comeback last week, the pair suffered a pullback as investors reflected on the latest Federal Reserve interest rate decision.

    In its decision last week, the Fed decided to hike interest rates by 0.50% in its final decision of the year. It had previously increased rates by 75 basis points in the previous four monetary policy meeting. Also, the bank decided to continue with it quantitative tightening policy, as we wrote here.

    The most important change was that the Fed would continue hiking rates in the coming months. That statement helped the market to change its view about monetary policy. Before the meeting, analysts were expecting that the central bank to sound a bit dovish since inflation has started cooling.

    After the decision, American and global stocks collapsed while bond yields rose to their highest level in a few week. The US dollar index, which was recently falling, has made a strong recovery in the past few days.

    The other main reason why Bitcoin price has been recoiling is the rising outflows from most exchanges. Binance, the biggest exchange in the world, has seen its outflows rise to more than $7.5 billion in the past 7 days. In the same period, Bitfinex has seen over $335 million in outflows while Crypto.com lost over $76 million.

    Therefore, all these actions mean that the Santa rally has not happened. A Santa Rally is a situation where stocks rally before the market opens.

    Bitcoin price forecast

    BTC/USD chart by TradingView

    So, is it safe to buy Bitcoin? The BTC price has been in a tight range in the past few days. In this period, it has remained below the important resistance level at $16,867. It is also consolidating at the 25-day and 50-day moving averages. 

    At the same time, the Reltive Strength Index (RSI) has formed a bullish divergence pattern, which is a bullish sign. It has also formed a rising wedge, which is usually a bearish sign. Therefore, there is a likelihood that the coin will have a bearish breakout. If this happens, it could drop to $15,000.

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  • Crypto price predictions: Bitcoin, Cardano, Binance Coin

    Crypto price predictions: Bitcoin, Cardano, Binance Coin

    Crypto prices remained in a consolidation phase this week as concerns about FTX contagion continued. They also reacted to the latest interest rate decision by the Federal Reserve and the arrest of Sam Bankman-Fried. Here are some of the top crypto price predictions for the weekend.

    Bitcoin price prediction

    Bitcoin pulled back sharply after the latest interest rate decision by the Federal Reserve. This decline correlated with the performance of American indices like the Dow Jones and the Nasdaq 100 indices. 

    Bitcoin price dropped to a low of $16,923, which was the lowest level since December 12. It also declined below the important level at $17,395, which was the neckline of the inverted head and shoulders pattern.

    It has also pulled back below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral level of 50. Therefore, Bitcoin price will likely continue falling as contagion fears continue. 

    If this happens, the next key level to watch will be at $16,000. In the near term, however, a bullish breakout to $18,000 cannot be ruled out as the shakeup eases.

    BTC/USD chart by TradingView

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

    Binance Coin price prediction

    Binance Coin price has been in a strong bearish trend in the past few days. It collapsed to the lowest level since November this year. This decline accelerated this week as Bitcoin FUD trended in Twitter and other social media platforms like Reddit. FUD stands for Fear, Uncertainty, and Doubt.

    Concerns about Binance continued after the arrest of Sam Bankman-Fried, which we wrote about in this article. Investors are worried about the significant information that we still don’t know about Binance. For one, it is unclear how much money Binance makes and how much debt it has.

    Therefore, like Bitcoin, the BNB price will likely continue falling as sellers target the psychological level of $200.

    BNB/USD chart by TradingView

    How to buy BNB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BNB with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy BNB with Binance today

    Cardano price prediction

    Cardano price plunged on Friday as concerns about the hawkish Fed continued. It has also fallen because of the underperformance of its DeFi and NFT ecosystem. NFT volume crashed to just $8 million in November, its lowest level in months. 

    On the daily chart, Cardano remains below all moving averages. It also crashed below the important support level at $0.300, the lowest level on December 13. The Relative Strength Index has moved to the oversold level. Cardano price will likely continue falling as sellers target the next key support at $0.2500. 

    ADA/USD chart by TradingView

    How to buy Cardano

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy ADA with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy ADA with Bitstamp today

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  • Solana (SOL/USD) price movement should worry buyers

    Solana (SOL/USD) price movement should worry buyers

    • Solana token has been consolidating for a month

    • The FTX crash has been a blow to SOL’s price and recovery

    • SOL trades with lower volumes, and a potential drop could occur

    Solana (SOL/USD) trades at $13. The cryptocurrency has held to this key level for a month now. The level was reached after a sharp sell-off. That gives buyers the confidence that SOL is consolidating ahead of a potential takeoff. However, it is also true that SOL is just one potential bear leg, and the token will hit levels at or below $10. Fundamentals have not been favourable either.

    CoinJournal previously reported that activity on the Solana blockchain was on the decline. That comes even as investors lose trust in the proclaimed Ethereum killer. Earlier in the year, frequent network hacks accelerated SOL’s bear market, amid an ongoing crypto winter. The latest blow now comes from the FTX crash in November, which took SOL to $13. However, even as other major cryptocurrencies make some comeback, SOL continues to struggle. Investors are still not convinced, a month after the FTX exit.

    Solana Compass shows that Alameda Research still possesses 48.6 million Solana tokens. The total worth of the tokens is around $700 million, representing nearly 9% of SOL in circulation. Clearly, such reports may spell doom for SOL.

    SOL trades with weakening volume at $13

    SOL/USD Chart by TradingView

    Looking at the daily chart, SOL trades with negligible and falling volumes despite holding at the $13 support. The level coincides with the 20-day MA but is below the 50-day MA. Although the MACD indicator has slightly improved, momentum is weak and bearish.  

    From a technical point of view, SOL is consolidating, but the bear pressure could mount as buyers weaken at the developing support.

    What next for SOL?

    A weak trading volume suggests buyers avoid SOL despite the price holding strongly to $13. Although the consolidation is positive and could give buyers time to push prices higher, the token is under pressure. Investors should remain cautious before buying SOL.

    Where to buy SOL 

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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  • This analyst relies on on-chain metrics to support a Bitcoin price (BTC/USD) rally

    This analyst relies on on-chain metrics to support a Bitcoin price (BTC/USD) rally

    • Bitcoin rose to $17,000 on Monday.

    • InvestAnswers thinks BTC is about to become bullish based on realised value.

    • The token faces resistance at $19,000 and 50-day MA.

    Bitcoin price (BTC/USD) was up marginally on Monday as most cryptocurrencies made slight recoveries. BTC was back to $17,000 even as data by crypto derivatives exchange Deribit showed that sentiment had shifted in favour of the cryptocurrency. But as this happens, a popular crypto analyst is projecting a rally.

    InvestAnswers, a popular crypto analyst, says that on-chain signals suggest BTC is overdue for a rally. The pseudonymous analyst examines Bitcoin’s realised price or RP metrics in making the argument. Normally, RP posts the value of all BTC at the price the tokens were bought and then divides it by the number in circulation. InvestAnswers says that BTC never stays below the RP for long. 

    The analyst says BTC has been under RP for 170 days. In 2020, BTC stayed below the RP for 8 days, while in 2018, it was 115 days. In 2015, it stayed a little longer at 240 days and only 110 days in 2011. According to the analyst, the RP of BTC lies at $21,000. Using the analogy, he says that the Bitcoin price is about to soar.

    Besides the RP, InvestAnswers says that the rising weakness in the US dollar index suggests a likely rally. The index is inversely correlated to the risk-on assets, meaning that if it goes lower, cryptocurrencies go the other way.

    BTC price analysis and outlook amid slight recoveries

    BTC/USD Chart by TradingView

    BTC trades above the 20-day moving average. Bulls have been winning the war at $16,000, although the bears are still relentless. The RSI remains below the midpoint, and the bullish momentum looks somewhat weak but improving.

    Bulls will have the next test at the 50-day MA and the $19,000 resistance.

    Should you buy BTC?

    BTC is still largely bearish. However, all indications are buyers looking for the next opportune moment. In the meantime, BTC’s eyes $19,000 and a recovery past the level could usher in more upsides.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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