Kategorie: Crypto News

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ADA/USD price forecast: bullish reversal as horizontal support holds

  • Cardano forms a bullish reversal pattern 
  • The Federal Reserve might signal the end of the tightening cycle
  • A move above $0.35 would trigger more strength

The week ahead is important for the US dollar as the Federal Reserve of the United States announces its interest rate decision on Wednesday. The market unanimously expects the Fed to hold the funds rate at the same level as six weeks ago, the second pause in the current tightening cycle.   

However the focus will not be on the actual decision. Instead, it will be on what the Fed will signal that will come next. 

More precisely, is the tightening cycle over? Can the Fed declare its fight against inflation over? 

Sure enough, inflation has dropped from its highs. Also, it continues to drop. 

If one can draw a parallel with Europe, then the Fed should prepare for inflation to drop even further. In Europe, the prices of goods and services have dropped drastically in October. Considering that the Fed and the ECB had similar tightening cycles, one may expect similar inflation trends. 

A dovish Fed would spark US dollar weakness and some markets already sniffed it. The cryptocurrency market is one example, where Bitcoin rallied to $35k recently, triggering similar moves in other cryptocurrencies such as Cardano.

ADA/USD bounced from horizontal support – how much can it rally?

One of the cryptocurrencies that anticipates a dovish Fed is Cardano. ADA/USD has rallied from horizontal support and is trying to break dynamic resistance. 

Cardano chart by TradingView

Cardano rallied with other cryptocurrencies at the start of the trading year but failed to hold onto its gains. However, it found strong support at $0.25, and then it bounced from the lows. 

The market formed a bullish reversal pattern that might represent the end of the bearish market. A move above $0.35 should trigger more strength, while a drop below the 2023 lows would invalidate the bullish reversal pattern. 

The post ADA/USD price forecast: bullish reversal as horizontal support holds appeared first on CoinJournal.

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Thailand’s Kasikorn Bank acquires majority stake in Satang crypto exchange

  • Kasikorn Bank has acquired a 97% stake in Thailand-based cryptocurrency exchange Satang.
  • The bank’s deal is reportedly worth 3.705 billion Thai baht ($102.8 million).
  • Satang will rebrand to Orbix.

Kasikorn Bank, Thailand’s second largest bank, has reportedly acquired a 97% stake in Satang crypto exchange. The deal was completed via Kasikorn Bank’s subsidiary Unita Capital and involved 3.705 billion Thai baht ($102.8 million) worth of shares in Satang’s parent company.

Wu Blockchain highlighted the crypto news in a post on X on Monday, citing CoinDesk.

Satang to rebrand to Orbix

The Satang Corporation, founded in 2017 and one of the major digital asset exchanges in Thailand, offers trading for more than 45 cryptocurrencies. Details show that the platform’s customer base is over 1 million.

Per a local media report published early Monday, the deal’s completion will see Satang re-brand to Orbix, with three subsidiaries namely: Orbix Custodian, Orbix and Orbix Technology. 

Kasikorn, also known as K-Bank, recently received a crypto exchange operator license and has launched a $100 million fund for Web3, fintech, and artificial intelligence (AI).

K-Bank’s move sees it join other leading financial giants in Thailand in the push into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy behemoth that recently partnered with Binance to expand the global crypto exchange’s services in the country.

The post Thailand’s Kasikorn Bank acquires majority stake in Satang crypto exchange appeared first on CoinJournal.

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Render (RNDR) price rallies as community passes key proposal

  • Render (RNDR) price was up 5% in the past 24 hours and 52% in the past 30 days.
  • The AI related crypto project has seen positive sentiment amid greater adoption of its technology.
  • A community vote has also passed a proposal to onboard cloud computing platform Beam.

The price of Render rose sharply on Friday as the AI crypto token continued the outperformance seen this past week. RNDR traded more than 5% up to highs of $2.25 in the 24-hour period to the time of writing, with weekly and monthly gains at 13% and 52% respectively.

Recent upward momentum has benefited from AI hype driven by forecasts from mainstream companies, including Microsoft, Nvidia and Palantir.

RNDR price up as community votes for key proposal

Render’s upside appears to have defied likely sell-off pressure after on-chain data revealed FTX/Alameda had moved over 974k RNDR tokens. While the transfer of the tokens, valued around $2 million at the time, was probably for selling purposes, the market’s reaction kept bulls in control.

This positivity for the altcoin also came after a community vote passed the RNP-005: Beam Compute Client proposal.

As the Render Network X account shared early Friday, the core proposal submitted on October 23 had passed. RNP-005 saw 1.4 million RNDR, or 99.79% of votes, support the onboarding of cloud platform Beam, which could become the second Compute Client leveraging Render Network’s GPUs for machine learning (ML) workloads.

Beam’s cloud platform allows for the accelerated development and deployment of AI operations with GPUs. This will be possible without managing infrastructure, the proposal notes. 

As such, integrating with this platform will enable Render’s decentralized GPU network to power the ML workloads. It’s a development that could see Render broaden its utility, with demand a factor for RNDR.

With the community vote closed, the proposal has moved to the next stage of “Render Network Team Review.” If RNP-005 passes technical feasibility at this stage, the Render Foundation will move to publish the final vote – expected on Wednesday, next week.

The post Render (RNDR) price rallies as community passes key proposal appeared first on CoinJournal.

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Bitcoin price to hit $125k by end of 2024: Matrixport

  • Bitcoin (BTC) could rally to a high of $125k in late 2024 amid institutional adoption, Matrixport said in report.
  • The crypto services provider’s Bitcoin price prediction comes amid BTC’s surge to $35k.
  • Spot Bitcoin ETF approval could be one of the catalysts of the bull market.

Bitcoin’s jump to above $35,000 this week came amid the crypto market’s latest spot Bitcoin ETF anticipation. This has the flagship cryptocurrecy looking at potentially printing the first consecutive weekly green candle since late July/early August when it went on to hit lows of $24,900 in September.

BTC has notably retreated from the $35k level and is battling to strengthen above $33.5k as of Friday afternoon, October 27.

What could drive Bitcoin price to $125k?

While some analysts say the crypto could look to retest key support levels, crypto services platform Matrixport says in a new Bitcoin price prediction that the benchmark cryptocurrency could soar to $125,000 by the end of next year.

The platform said in its latest research report that with Bitcoin in its fifth bull market, soaring institutional interest and potential price catalysts such as spot ETF could prove key to price gains.

“Bitcoin’s 5th BullMarket is underway, defined by institutional interest and a soaring price trajectory. This cycle began on June 22, 2023, with a new one-year high, historically leading to impressive returns. The target? $125,000 by December 2024,” the firm highlighted in a post on X.

The bullish perspective is down to Bitcoin’s growth as an asset class, with investors now looking at the cryptocurrency much more like they view traditional safe-haven assets like Gold and Treasury bonds. Institutional investors are buying Bitcoin as part of diversifying their portfolios.

BTC at current prices could therefore end up being a huge bargain given the expected influx of institutional money. For investors likely to think of a better entry point, Matrixport analysts say that price was $17k.

“Our analysis indicates that the optimal entry point was in October 2022, when Bitcoin traded at just $17,000. The narrative is now centered around institutional adoption and asset diversification,” they added.

The post Bitcoin price to hit $125k by end of 2024: Matrixport appeared first on CoinJournal.

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Litecoin sees a spike in on-chain activity- but what’s next for LTC?

  • Litecoin price was down 3% to trade around $67 on Friday morning.
  • Santiment wrote on X that the altcoin has seen a rapid increase in on-chain movement.
  • LTC is seeing a spike in address activity and whale transactions, with metrics at highest levels since June.

The total crypto market is down 1.5% in the past 24 hours to $1.3 trillion, with Bitcoin hovering just above $34,000. Meanwhile, most altcoins are struggling to hold onto recent gains. 

But as market observers and analysts put it, the overall outlook is bullish for crypto ahead of what could be a massive bull market in 2024. Could this be the same scenario for Litecoin price?

Litecoin price outlook- what’s next for LTC?

Litecoin’s 24-hour price was down 3%, with recent gains trimmed to about 7% over the past week as it traded around $67.80. The psychological $100 continues to prove a difficult hurdle for bulls, despite there being a burst of on-chain activity.

While address activity and whales both hit June 2023 levels, there has been the observation of dormant LTC suddenly spiking – “usually indicative of more coins beginning to circulate,” the market intelligence platform Santiment wrote in a post on X.   

The overall bullish picture for Bitcoin suggests investors could be positioning for a potential uptick in its price. Optimism over factors such as spot Bitcoin ETF approval could help LTC rebound past the main supply wall.

Yet, with dormant coins on the move again, sell-off pressure could be huge in the short term. In this case, a correction could see Litecoin price retreat further, bears likely targeting key support zones in the $60-50 region.

The post Litecoin sees a spike in on-chain activity- but what’s next for LTC? appeared first on CoinJournal.