Kategorie: Crypto Analysis

Key takeaways

• BSV is enjoying a good run after adding 6% to its value this week.
• The coin could rally towards the $40 psychological level soon amid strong technical indicators.

Bitcoin SV breaks into the top 100

Bitcoin SV (BSV) is a hard fork of the Bitcoin Cash cryptocurrency and is mirroring its performance. Bitcoin Cash is up 20% this week, while Bitcoin SV has become one of the top performers over the last few days.

BSV is up 6% in the last seven days, allowing it to break into the top 100 cryptocurrencies list. With a market cap of $634 million, Bitcoin SV could soon surpass IOTA, GALA, Sandbox, and Lido to become the 90th-largest cryptocurrency by market cap.

At press time, the price of BSV stands at $32, but the coin could rally towards the next resistance level at $40 in the coming days or weeks. The positive performance comes despite the ongoing conflict between Iran and Israel, which has disrupted the global financial markets.

BSV could rally towards $40 soon

While Bitcoin Cash is rallying to new yearly highs, BSV could also rally higher after losing nearly 30% of its value over the last three months. The technical indicators are turning bullish, indicating that the bulls are gaining control of the market.

At press time, BSV is trading at $32.11. The Moving Average Convergence/Divergence indicator is still within the negative region but is heading into the positive zone. This shows that buyers are regaining control of the market following weeks of selling pressure. 

The relative strength index of 45 also shows that BSV is heading into neutral territory. This could see BSV rally higher in the near term. If Bitcoin SV breaks above the $40 resistance level, bulls could push it higher towards the $46 mark. 

Currently, the daily candle is bullish, with the corresponding lower timeframes also supporting buying pressure.

The post Bitcoin SV (BSV) price forecast: BSV to rally towards $40 amid bullish conditions appeared first on CoinJournal.

Key takeaways

• BCH has outperformed other major coins this week, up nearly 20%.
• The coin could hit the $500 mark heading into a historically bullish Q3.

Bitcoin Cash defies market conditions, surges 20% this week

BCH, the native coin of the Bitcoin Cash ecosystem, has been one of the best performers this week. It had outperformed Bitcoin and other major cryptocurrencies, adding nearly 20% to its value over the last seven days.

This latest development comes amid growing conflict in the Middle East. The ongoing conflict between Iran and Israel has negatively affected Bitcoin, Ether, and other major cryptocurrencies. BTC had failed to create a new all-time high after hitting the $111k level earlier this month.

However, Bitcoin Cash is benefiting from capital rotation into mid-cap cryptocurrencies. Bitcoin Cash shows signs of institutional interest due to its scaling simplicity and fast settlement times.

At press time, the price of Bitcoin Cash stands at $492, up 7% in the last 24 hours, making it the best performer among the top 20 cryptocurrencies by market cap.

BCH eyes $500 amid strong fundamentals and technicals

BCH has surpassed SUI to become the 12th-largest cryptocurrency by market cap and could soon overtake HYPE if the rally is sustained. The cryptocurrency’s price could soon surpass the $500 psychological level if the bulls remain in control.

With a historically bullish third quarter, analysts expect BCH to rally higher over the coming days and weeks.

The technical indicators are extremely bullish, and BCH could rally higher in the near term. The MCD is currently in the positive zone, indicating that the bulls are in control of the market. The relative strength index (RSI) of 68 also shows that BCH is currently overbought and could face further buying pressure.

If the bulls remain in control, BCH’s price could rally towards the next major resistance level around $615. BCH is down 88% from the all-time high price of $4,355 it reached seven years ago.

The post Bitcoin Cash price forecast: Will BCH rally above $500 soon appeared first on CoinJournal.

Key takeaways

• Tron’s TRX is the best performer among the top 10 cryptocurrencies, up 1% in the last 24 hours.
• TRX could surge towards $0.29 on strong technicals.

TRX defies broader crypto market conditions

TRX, the native coin of the Tron ecosystem, is the best performer among the top 10 cryptocurrencies by market cap this week. While other top cryptos are down 3% or more this week, TRX added 1% to its value during that period.

The coin’s positive performance this week can be attributed to Tron revealing plans to go public in the United States via a reverse merger in a deal led by a Trump-linked bank.

SRM Entertainment, a Nasdaq-listed merchandise supplier, will raise $100 million from a private investor to buy TRON tokens. Furthermore, the company will issue preferred shares and warrants that value the deal at up to $210 million.

The company will purchase TRX tokens as part of its strategy, similar to the Bitcoin method adopted by Strategy and Metaplanet. This strong fundamental has supported TRX’s price this week amid bearish market conditions.

TRX could surge towards the $0.2924 resistance level

TRX’s technical indicators are promising and signal further upward movement. At press time, the price of TRX stands at $0.2744. However, it could rally towards the $0.02924 resistance level in the near term.

The Moving Average Convergence Divergence (MACD) indicator is heading into the positive zone, indicating that the bulls are currently in control. TRX also has a relative strength index (RSI) of 50, which is currently higher than other major cryptocurrencies, indicating bullish strength.

TRX’s price sits well above the 50-day and 100-day Exponential Moving Averages, showing that buyers are firmly in charge. The coin has also begun to print a classic cup-and-handle shape on the daily chart. This pattern usually indicates a bullish continuation signal and could see TRX record excellent gains in the near to medium term.

The post Tron price forecast: TRX defies market conditions, up 1% appeared first on CoinJournal.

Key takeaways

• SOL has failed to push above the 20-day EMA and could now test the $140 support level.
• If the bulls fail to defend the $140 support, SOL could dip further towards $123 in the short term.

SOL dips 1% amid broader bearish performance

This has been a net negative week for the cryptocurrency so far. The ongoing Middle East crisis has wiped out billions of dollars from the crypto market over the past few days, and more downward correction is expected.

One of the worst performers among the top 10 cryptocurrencies by market cap is Solana (SOL). The coin has lost 8% of its value over the last seven days and could face further downward movement, fueled by market fundamentals and technical signals.

The bearish performance coincides with Bitcoin and other major cryptocurrencies underperforming. If the Israel-Iran conflict continues, SOL could record further losses in the coming days.

The neutral interest rate decision by the U.S. Federal Reserve on Wednesday also didn’t help SOL and other major cryptocurrencies.

Bears target the $140 support level

So far, the bulls have done an excellent job in defending SOL’s price around the $145 level. However, the cryptocurrency’s price action remains bearish and could test the $140 support level in the coming hours or days.

Buyers pushed SOL above the 20-day EMA ($154) earlier this week. However, they couldn’t clear the 50-day SMA ($160) hurdle. This resulted in the bears pushing the price down towards the critical $140 support level.

If the $140 level fails to hold, the SOL/USDT pair will complete a bearish H&S pattern and could eventually drop to the next support levels at $123 and $110. The RSI at 42 indicates that SOL is edging into the oversold territory.

However, if the bulls regain control and push the price above the 50-day SMA, it suggests strong buying near $140. SOL going above the 50-day SMA could keep the price between $140 and $185 for a while. The market will switch bullish once SOL closes above the $185 psychological level.

The post Solana price forecast: Bears still targeting the $140 support appeared first on CoinJournal.

Key takeaways

• BTC continues to trade above the $104k level despite the ongoing Middle East crisis.
• The U.S. Federal Reserve left interest rates unchanged but expects inflation to decline in the coming months.

Federal Reserve leaves interest rates unchanged

The major financial news of the week took place on Wednesday, with the FOMC confirming what many analysts already predicted. The U.S. Federal Reserve kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December.

Despite that, the apex bank stated that it expects inflation to remain elevated and sees lower economic growth ahead. Furthermore, the Fed expects to make two rate reductions later this year, as previously stated.

Bitcoin, the leading cryptocurrency by market cap, didn’t react to this news as the market had already priced it in. However, Bitcoin could rally higher in the near term as traders anticipate two rate cuts before the end of the year. At press time, the price of Bitcoin continues to trade around $104,700. 

BTC could rally towards $106k amid improved technicals

The market fundamentals continue to be poor, with the United States now increasingly involved in the ongoing conflict between Iran and Israel. However, technical indicators favour a short-term rally for the world’s leading cryptocurrency.

BTC surged above the 20-day exponential moving average ($105,851) on Monday. However, the bulls failed to sustain the higher level, and it dropped to the 50-day SMA on Tuesday.

The relative strength index (RSI) is approaching the midpoint, signalling a possible rally in the near term. If Bitcoin breaks above the 20-day EMA in the short term, it could rally higher towards a new all-time high at $112k.

However, if the bears remain in control and push the price below the 50-day SMA, the BTC/USDT pair could plunge to $100,000. Bulls will likely defend the $100k psychological level, as any drop below that could see Bitcoin test the $93k support level.

The post Bitcoin stays above $104k as Fed leaves interest rate unchanged appeared first on CoinJournal.