Once again, a few cryptocurrencies are sending market waves. Despite remaining largely bearish this year, most tokens are turning up, showing what a bull run will look like. Probably, we are in a bull market. But, with macro shivers continuing to wreak havoc, we would be cautious about making a bull call now.
c is one such token that has surprised the market. Some may have written off the cryptocurrency after it slipped below a crucial $1 price. With a 65% increase in value in the last week, OP is easily one of the top-gaining cryptocurrencies. Improved sentiment has been boosting the token. However, the fact that OP has more gains underlines its strong fundamentals lately.
As CoinJournal reported, several developments have been boosting the Optimism token. One among them is the “OP Stack” launched earlier this month. Without getting into the details, Optimism has been selling itself as an efficient and low-cost blockchain of choice.
We also know that Ethereum has been robust in the past week. As a result, the positive sentiment could be flowing to its L2 scaling solution Optimism. In fact, Optimism considers itself an extension of the Ethereum software. Quoting, “If it works on Ethereum, it works on Optimism at a fraction of the cost” – Optimism team.
OP recaptures $1 resistance in a bullish market
Source – TradingView
The daily chart shows OP correcting after breaking past the $1 resistance level. The breakout suggests that OP has started a bullish momentum that could last for a while.
The cryptocurrency is surging above the 20-day and 50-day MA. The MACD indicator has shifted above the midpoint and indicates a building momentum.
Should you buy OP now?
OP is a buy after the bullish breakout at the resistance. However, investors should wait for the price to settle at or around $1. A buy trade will be confirmed by a bullish signal at the mentioned level. The next target for the cryptocurrency is around $1.474 or $1.8, depending on the prevailing sentiment.
Cryptocurrencies bounced back this week after spending a few weeks in a consolidation phase. Most coins, including Bitcoin, Ethereum, MATIC, and Chainlink jumped by more than 5%. Since there was no major crypto news, this rally was mostly because of macro factors as investors priced in a Fed pivot. Here are the best crypto under $1 to buy or trade in November.
Cardano (ADA)
Cardano price had a mixed week. It rose to a high of $0.4298, which was about 30% from its lowest level in October. ADA then pulled back to $0.3831 on Friday.
Cardano has struggled this year as its market cap has crashed from over $90 billion to less than $13 billion. This happened as the prices of most coins slipped and as its ecosystem growth remained sluggish.
Recently, however, Cardano has started seeing traction in the NFT industry. Data shows that the volume of Cardano’s NFTs has been in a strong bullish trend in the past few months. Therefore, while Cardano’s ecosystem is not all that vibrant, there is a likelihood that its NFT ecosystem will push it higher.
How to buy Cardano
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Bitgert price has been in a strong bearish trend in the past few months as its previous momentum waned. BRISE was trading at $0.00000048, which was about 71% below its highest level this year.
For starters, Bitgert is a relatively small layer-1 network that seeks to become a better alternative to Ethereum. Its ecosystem is significantly faster than Ethereum and it has near-zero gas fees. Bitgert has been used to build projects like Spynx, IcecreamSwap, and Bitgert Swap.
It is unclear why Bitgert price has crashed hard recently. A likely reason is that its total value locked (TVL) in DeFi has plunged from over $10 million in September to about $5.5 million. Bitgert will likely rebound in the coming weeks.
How to buy Bitgert
As BRISE is such a new asset, it’s yet to be listed on major exchanges. You can still purchase BRISE using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy BRISE right now, follow these steps:
1. Buy BNB on a regulated exchange or broker, like Binance ›
We suggest Binance because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your BNB to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‚connect‘ your wallet to it.
4. You can now swap your BNB for BRISE
Now that you’re connected, you’ll be able to swap for 100s of coins including BRISE.
Cronos (CRO)
Cronos is a blockchain project built on the Cosmos ecosystem. It is an EVM-compatible platform that aims to establish a market share in key industries like DeFi, NFTs, and the metaverse. It was launched by Crypto.com, one of the biggest crypto exchangesin the world.
Cronos price has bounced back by more than 18% from its lowest level this month. This recovery happened even as its DeFi TVL crashed below $1 billion. Still, there is a likelihood that the coin will bounce back since it has formed an inverted head and shoulders pattern on the daily chart.
How to buy Cronos
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Cryptocurrency prices had a strong week as hopes of a Federal Reserve pivot increased. Bitcoin managed to move above the key resistance level at $20,000 while Ethereum crossed the important level at $1,500. In total, the market cap of all cryptocurrencies jumped to over $1 trillion. In this crypto price predictions, we will look at the best coins to trade this weekend.
Ocean Protocol (OCEAN)
Ocean Protocol is a small but fast-growing blockchain project that provides on-ramp services for data services in the cryptocurrency industry. It is simply an open-source community marketplace for data. It owns veOCEAN, which is a means to lock OCEAN to enable users to vote in OceanDAO’s ecosystem and earn rewards.
Through Ocean Protocol, companies can publish and monetize their data, and then customers can buy it in its market. Some of the most popular data in its marketplace are the Ocean CEX Aggregator for Ethereum, Ocean ONDA DataFi Directory V4, and Transport Genie.
The daily chart shows that the OCEAN price found a bottom at $0.1462. It has now been moving slightly upwards and managed to rise above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has managed to keep rising. Therefore, there is a likelihood that the $OCEAN price will continue rising during the weekend.
How to buy Ocean Network
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
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.
PHA is another crypto to trade this weekend. For starters, Phala Network is a parachain in Polkadot’s ecosystem that provides a permissionless computing protocol. It owns Phat Contract, a smart contract language with low latency, cross-chain computing, and internet services access.
PHA price went parabolic this month after the developers invested in Cryptosat. The developers will also be hosting an event with Litentry and Compossable Finance.
Phala will be hosting Polkadot Unbounded on Oct 29th in Lisbon with @litentry and @ComposableFin
Come by to hear our speakers and discuss the latest updates in the Polkadot ecosystem🍻https://t.co/sCZ3CKQgbg
On the daily chart below, we see that the Phala Network price went vertical this month. Most recently, the price has pulled back and formed what looks like a bullish flag pattern. Therefore, there is a likelihood that the coin’s price will bounce back soon.
How to buy Phala Network
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.
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.
Ripple price has remained in a consolidation phase this week even as other cryptocurrency prices rebounded. XRP was trading at $0.4600, where it has been in the past few days. This price is about 8% above the lowest level this month.
There has been no major activity on the ongoing SEC vs Ripple case in the US. This week, the SEC said that it was not taking a position on two motions filed in the case. Such a move could help Ripple Labs as it seeks to win the case.
XRP is a good coin to trade because its symmetrical triangle pattern is nearing its consolidation point. As such, there is a high possibility that it will stage a breakout in the near term.
How to buy Ripple
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Anyone who follows me will know I like taking a macro view to Bitcoin. It is now firmly entrenched as an asset class on the big stage, and that means it is subject to the whims of the wider market – for better or worse.
I often say it is the tail on the dog, with the dog being the stock market. But I wanted to put together a piece detailing how exactly Bitcoin’s movements have related to the stock market this year, to test out this theory.
The first step was, obviously, correlation. I plotted the correlation between the stock market and Bitcoin since Russia invaded Ukraine in February below (Pearson 3 month rolling was my metric of choice).
It is evident to see that this picked up around April. Incidentally, this is when we transitioned into a new interest rate paradigm. Inflation became so big that it could no longer be brushed aside, and the Federal Reserve were forced to start hiking rates, bringing to an end the era of free money. Let me layer in the Fed rate to the same graph:
So, this pickup in correlation around April makes sense. As we jump into a new environment, the cheap money and quantitative easing is wiped out and risk assets take a big hit. The old adage holds – “correlations go to 1 in a crisis”. And with this massively bearish interest rate shift, risk assets did indeed all sell-off like there was no tomorrow, with the correlation rising accordingly – to as close to a perfect 1 as you could expect.
So, why then the fall in correlation from this near-perfect score of 1 to 0.5 in August?
Well, my theory is this: let us not forget the sheer violence in the crypto market over the summer, when markets melted down and capital fled quicker than a UK Prime Minister. Luna, a top 10 coin, vanished into thin air, taking billions upon billions of dollars with it.
Then in August, with crypto still reeling, the stock market bounced. But with the pain crypto had just been through, investors were hesitant to pump prices back up, as they worried about systemic failures and further events that could trigger another sea of cascading liquidations. Make no mistake – the Terra contagion was an idiosyncratic event to crypto, and dented confidence in the space hugely.
Let me layer in the S&P 500 to show it rising in August, while Bitcoin politely declined to follow:
Then, as can be seen in the chart, from September onwards the stock market resumes falling, and Bitcoin decides to follow it again. The fear in the crypto markets this year is nearly unprecedented – and these above charts show that more than ever.
Bitcoin has been holding the stock market’s hand – until things started looking rosier in August, when Bitcoin just wasn’t ready to let the good times roll again.
So we are currently back at correlations around the 0.8 mark – a staggeringly high number. I fear sounding like a broken record here, but anybody extrapolating information from past crypto cycles is entirely missing the point, and I believe these charts show why.
We have had a structural break and this is an entirely new paradigm. Amazingly, money costs something now, with interest rates no longer zero. Driving to the shop is a luxury, while I paid £8 for a pint on the weekend. £8! Inflation is here, and so are high interest rates – and that’s a nasty cocktail for any risk assets.
But for Bitcoin, it has never seen any of this before. It has never before existed in a bear market – it was launched in 2009, right when the stock market went on one of the longest and most explosive bull runs in history.
But no more. Bitcoin is now in the trenches, with inflation spiralling, interest rates hiked and a geopolitical climate worsening by the day. It’s not a good time for anything living far out on the risk spectrum – something which Bitcoin’s price action this year shows.
So in wrapping this up, keep an eye on that stock market. If she falls, she’s going to continue to drag Bitcoin down with her.
CELO has lost more than 4% of its value in the last 24 hours despite the development announcing a huge funding round yesterday.
The cryptocurrency market could end the week in a bearish trend as most coins are trading in the red zone. CELO, the native coin of the Celo blockchain, has lost more than 4% of its value today and is now trading at $0.700 per coin.
The poor performance comes despite the Celo team announcing a huge funding round yesterday.
This just in. 🗞️
Celo ecosystem partners have raised over $77 million to support financial inclusion, interoperability, regenerative finance (ReFi), and more.
Celo revealed that the Celo ecosystem partners had raised over $77 million to support financial inclusion, interoperability, regenerative finance (ReFi), and more.
The poor performance coincides with that of the broader crypto market, which has lost more than 2% of its value today. The total crypto market cap now stands at $982 billion.
Bitcoin continues to trade above $20k but could slip below that level soon after losing 2% of its value in the last 24 hours. Ether is also down by more than 2% today and is trading around $1,500 per coin.
Key levels to watch
The CELO/USD 4-hour chart has turned bearish as Celo has been underperforming over the last 24 hours. The technical indicators show that CELO is losing some of the gains it accumulated this week.
The MACD line has dropped into the negative zone, indicating a bearish momentum. The 14-day relative strength index of 39 also shows that CELO could enter the oversold region if the negative trend continues.
If the bears remain in charge, CELO could drop below the $0.663 support level for the first time this month. The bulls have maintained CELO’s price above $0.60 over the last few months and could do so again over the next few hours and days.
Where to buy Celo now
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
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.
Source – TradingView
