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Bitcoin and crypto market analysis: February 01, 2021

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Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth.

This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed that Ivy League universities have been accumulating the cryptoasset, while Stellar, EOS, and other altcoins made double-digit gains.

This Week’s Highlights

  • Ray Dalio comes round to Bitcoin
  • Gamestop saga puts crypto in spotlight

Ray Dalio comes round to Bitcoin

In yet another example of crypto-skeptics changing their tune, billionaire Wall Street legend Ray Dalio has come round to Bitcoin.

“I believe Bitcoin is one hell of an invention” said the former doubter in a post on LinkedInbefore concluding that the cryptoasset “looks like a long-duration option on a highly unknown future.”

Dalio’s comments come in the same week as two other high-profile figures made their feelings known. VISA CEO Alfred Kelly said the company is “uniquely positioned to help make cryptoassets more safe, useful and applicable for payments”, and Billionaire Mark Cuban wrote on his personal blog that blockchain-based assets have “now legitimately become stores of value.”

Gamestop saga puts crypto in spotlight

Mayhem hit the US stock market this week as the WallStreetBets subreddit group co-ordinated a 700% rally in GameStop’s price, forcing hedge fund Melvin Capital to close their short position with billions in losses. 

In response, many trading apps suspended functionality — spurring the turmoil further as traders sought alternative ways to buy and sell.

Industry commentators took this as a positive omen for decentralized assets. SkyBridge Capital’s Anthony Scaramucci told Bloomberg that the saga “is more proof of concept that Bitcoin is going to work”, and Anthony Pompliano said to CNBC that the events will serve to “accelerate the digital decentralized financial system.”

The week ahead

Looking ahead, Wall Street-inspired upheaval for the crypto market could be on the cards. Crypto subreddits saw 500% growth in the past week, and some suggest the new traders could be looking to hunt the stop losses of hedge funds shorting Bitcoin

On Wednesday, another potential catalyst could move the market, as thousands of corporate directors come together for Michael Saylor’s Bitcoin Corporate Strategy virtual summit. This is designed to help other firms follow MicroStrategy and add Bitcoin to their balance sheet. 

Source: https://bitcoinist.com/bitcoin-and-crypto-market-analysis-february-01-2021/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-and-crypto-market-analysis-february-01-2021

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Cardano must remain above this level to revive from current lows or else…

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Cardano, following the lead of Bitcoin and Ethereum was falling today. In fact, in some ways, the third-generation coin has been following the second-generation coin. ADA’s price movement has been imitating ETH’s price action. It is important to consider what this means for the investors. We know they are hit by losses but how bad is that hit? Can they recover from it?

Cardano following Ethereum?

The coin has seen a consistent price fall in the same 5 day period as Ethereum did, falling by 15.08% at press time. At $2.12, things do not look good for ADA holders.

Cardano’s 15.08% drop | Source: TradingView – AMBCrypto

Those who bought ADA for around $2.41, are presently struggling to sell their holdings. As mentioned due to the price falling to $2.14 these people are dealing in losses. At the moment they represent 67% of all ADA investors.

The addresses in profits did not suffer much, however, but those at break-even did. These addresses went into losses and the total number of addresses in loss rose by 4%.

4% Cardano addresses move into losses | Source: Intotheblock – AMBCrypto

These losses further led to the average balance on every Cardano holders’ address dropping from $40k to $37k.

Cardano addresses’ average balance falls | Source: Intotheblock – AMBCrypto

So are there any hopes of recovery?

Hopes of recovery are alive but for that Cardano will have to maintain its strength somehow. Already its correlation to Bitcoin has dropped to 0.71. 

But that hasn’t stopped bullish investors from trying to gain as much profit as possible. The market books show a 16 million ADA worth $34.2 million higher demand for buying even during such a market.

Cardano continues to be bought | Source: Intotheblock – AMBCrypto

At present, $2 is the immediate and critical support. To minimize losses Cardano must remain above it as a fall from it could lead to further downfall.

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Source: https://ambcrypto.com/cardano-must-remain-above-this-level-to-revive-from-current-lows-or-else

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XRP, EOS, Chainlink Price Analysis: 20 September

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Broader crypto market sentiments remained quite bearish over the last 24 hours. The likes of XRP, EOS and Chainlink registered substantial losses.

XRP was trading below a dollar’s mark after over a month’s time. EOS lost 15.4% of its valuation and inched closer to its immediate support level. Lastly, Chainlink declined by 13.5% and was oversold after a gap of multiple months in between. 

XRP

XRP, EOS and Chainlink Price Analysis: 20 September

XRP/USD, TradingView

XRP depreciated 14.6% over the last 24 hours and was trading at $0.90. Immediate support level for the coin was at $0.77. 

Technical outlook suggested negative price action. MACD displayed red bars on the histograms. The Relative Strength Index was near the 20-mark indicating that XRP was oversold. Bollinger Bands diverged, suggesting that price volatility might be on the rise.

Conversely, if XRP’s buying pressure finds its way back, then the first resistance point stands at $1.06. Other price ceilings awaited the alt at $1.20 and $1.31 respectively. 

EOS

XRP, EOS and Chainlink Price Analysis: 20 September

EOS/USD, TradingView

EOS recorded a 15.4% fall over the last 24 hours and was trading at $4.26. The token had last traded around this price level over a month ago. A dip below the current price level could push EOS to trade at $3.90 support line. 

On the four-hour chart, the price of EOS was below the 20-SMA line. This reading meant that momentum belonged with the sellers. The Relative Strength Index was positioned inside the oversold territory.

Chaikin Money Flow was below the half-line as capital inflows also declined. MACD displayed red bars on the histogram. On the flipside, the first resistance mark for the coin was at $4.54. Additional price ceilings were at $5.10 and $5.48. 

Chainlink (LINK)

XRP, EOS and Chainlink Price Analysis: 20 September

LINK/USD, TradingView

Chainlink was priced at $24.07 after it plunged by 13.5% over the last 24 hours. Immediate support line was at $22.50, a price level it last touched on 11 August. The price of LINK was seen below the four-hour 20-SMA, indicating that price momentum belonged to the sellers. 

The Relative Strength Index was on a multi-month low. It was parked near the 20-mark signifying an oversold state. Awesome Oscillator displayed red signal bars. MACD flashed red bars on the histogram. 

In the event of a price reversal, LINK’s immediate resistance was at $27.78. Other resistance lines awaited LINK at $32.37 and $35.83.

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Source: https://ambcrypto.com/xrp-eos-chainlink-price-analysis-20-september

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Mapping Dogecoin’s retreat, as the horizon line recedes from $1 to $0.5 to…

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As most of the market’s coins have sort of recovered from the 7 September crash, DOGE is one of the few “top” alts that hasn’t shown any signs of revival. In fact, DOGE’s price has shrunk by more than 11% on both, the daily and weekly time window. On TradingView’s price chart, it was rather noticeable that DOGE’s price was positioned within its newly-formed descending channel.

Will DOGE bark anytime soon?

At the time of writing, it was noted that close to 60% of addresses that owned DOGE were in losses. IntoTheBlock’s Global In/Out of the Money indicator presented the same. On any given day, rising RoIs manage to attract new investors into the market. However, the current state of returns do not serve as an incentive.

Messari’s data highlighted quite an interesting trend with respect to the meme-coin’s network-value-t0-transaction ratio. This ratio gauges the  relationship between the market cap and the transfer volumes. When the NVT is high, it indicates that the network value is outpacing the value being transferred on the network.

Source: Messari

Usually such a trend tends to rub-off positively on the long-term valuation of any alt. The same has been observed with Ethereum per se. However, this has not been the case with DOGE. The alt’s price has always pumped when the the NVT has been low. On 15 August when DOGE’s price was at its $0.3 local top, the adjusted NVT was  as low as 33.96. Further, during the SNL saga when the price was at its ATH, the NVT was as low as 16.47.

As can be seen from the chart attached, the current level [333] is exorbitantly high, and as per the tradition, isn’t favorable to sustain DOGE’s rally.

Further, when the coin’s price slightly rallied in August, the development activity had started showing signs of revival. In fact, this metric witnessed a steep incline from 8 to 13 in a matter of 10 days in. Since then, the same has remained quite stagnant.

Having said that, it should also be noted that the active developer count has also been on the decline of late. At the time of writing, there was only 1 developer who was actively working. In fact, the submissions on the GitHub repository too has been pretty inert lately.

Source: Santiment

The collective sentiment at the time of writing was additionally bearish at press time. Thus, it doesn’t make sense to expect DOGE’s price to pump in the coming days. If DOGE manages to sustain its current levels, that itself would be equivalent to a victory for the meme-coin and its loyal community. In retrospect, the $0.5 benchmark too, just like $1, seems to be far from attainable at this point.

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Source: https://ambcrypto.com/mapping-doges-retreat-as-the-horizon-closes-in-from-1-to-0-5-to

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