Bitcoin price sits at inflation point; RSI indicates more upside

  • Bitcoin price remains resilient despite the US dollar’s strength
  • A bullish divergence with the RSI supports Bitcoin’s price action
  • The horizontal consolidation might be part of a bullish flag pattern

This is the last trading week of Q3 2023, and investors already have plans for the last quarter of the year. Bets are made both ways of the dollar, especially since September brought such a strong rally. 

For instance, EUR/USD traded today below 1.05, as the bearish trend from 1.12 continued. Most of the decline was in September. 

Investors bought the dollar and dumped stocks. After all, the Fed is still restrictive and talks hawkish. 

But in all this strong dollar environment, there is one market that, surprisingly, was (relatively) stable. 

Bitcoin. 

Bitcoin chart by TradingView

Bullish divergence with the RSI supports Bitcoin’s bullish case

Bitcoin rallied at the start of 2023, jumping from below $17k to above $30k in April. But after that, a horizontal consolidation started, and Bitcoin couldn’t rally anymore. 

However, by staying relatively flat and holding on to most of its gains, Bitcoin shows strength not seen in other markets. When the US dollar rallied, Bitcoin held the ground all this time, albeit it did correct a bit from the yearly highs. 

A quick look at the Relative Strength Index (RSI) reveals a bullish divergence that formed recently. It supports the bullish case for Bitcoin, and now all eyes are on the upper edge of the horizontal channel. 

Speaking of the channel, it may be part of a bullish flag formation. If that is the case, a bullish breakout should be followed by a measured move equal to the rally seen at the start of the year. 

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Memeinator (MMTR) reign begins with $200k presale in hours

  • The Memeinator (MMTR) has stormed past $200k a day after presale launch as sub-par memes scramble.
  • Targeting meme coin dominance, the Memeinator seeks to leverage blockchain and AI to seek and destroy all the weak meme coins.
  • MMTR will be available on cryptocurrency exchanges and trading platforms at the end of the presale.

As the broader crypto market slowdown seen over the past few weeks continues to impact altcoins, on-chain data has shown one notable feature of memecoins – a significant drop in trader interest.

Although Dogecoin, Shiba Inu and Pepe account for the most discussion rates, it appears investor attention is shifting to new projects in this space – and few look primed for the show as is the Memeinator (MMTR).

$200k presale milestone marks start of Meme “Terminator” reign

Less than a day after its presale went live, the Memeinator has raised over $237,000 from global investors.

The first stage, which had the native MMTR token priced at $0.01, quickly sold out as meme coin hunters allocated over $200,000 to the project. MMTR’s price is now up to $0.011 in stage two of the presale, and with interest skyrocketing, could be jumping to $0.012 within no time.

In terms of tokenomics, the whitepaper details a total supply of 1 billion MMTR, 65% of which will be available to early bird gem hunters via the presale. Interestingly, the team has planned an incremental distribution of presale tokens, giving a chance to those that might miss the early stages of MMTR token sale.

What is the Memeinator?

The Memeinator is a new meme coin that descends to the dystopian world of worthless meme replicas with one mission – to seek out and destroy the weak coins ruining the market. It’s a critical mission in an industry that has over 500 meme coins, most of them useless imitations of some of the top picks such as DOGE, SHIB and PEPE. 

Leveraging blockchain and artificial intelligence, the Memeinator will bring the era of chaos to a close with judgement for every sub-par meme token. 

As it renders judgement to the smaller coins, the Memeinator will look to tap into an innovative AI-powered marketing tool to target the $1 billion market cap. The next goal will be to build momentum towards challenging meme world top coins, but that will happen once the small dogs and frogs are out of the way.

Memeinator’s roadmap to dominance

To achieve its mission, the Memeinator will seek milestones as highlighted on its roadmap. Currently, the presale is part of phase 1 of the new era that includes blockchain development and community building.

As it charts the course of its expedition, the Memenaitor’s phase 2 will involve the unleashing of the terminator via launch of MMTR on popular exchanges and DEXs. Key partnerships will be sought to add to the traction, with staking and NFTs launch to follow. 

In stage 3, the Memeinator will be ready to search and destroy weak memes through the launch of Memescanner and the Memeinator game: Warfare. These products bring real utility to the ecosystem.

Meme domination comes in stage 4 of the roadmap where the world is now rid of all the unworthy memes. The market cap of this token is forecast to have grown to $1 billion, with MMTR listing on the world’s largest crypto exchanges marking the beginning of judgement for the current market’s meme coin big fish.

Learn more by visiting the project’s website or you can join the presale here to buy Memeinator (MMTR). 

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Cosmos (ATOM/USD) outlook: bearish while below $15

  • Cosmos gave up all of its 2023 gains and some more
  • The $15 level acts as a pivotal one
  • The bias remains bearish while trading below resistance

Many cryptocurrency investors were thrilled to see Bitcoin and most cryptocurrencies rallying at the start of 2023. It was supposed to be the start of a new bullish market. 

But some cryptocurrencies, especially the leading ones, hold onto most of their gains. For instance, Bitcoin’s price is still relatively close to its 2023 highs. 

However, this is not the case for smaller projects in the cryptocurrency market. Most of them erased the 2023 gains and some more. 

One example is Cosmos (ATOM/USD). It met resistance at the $15 area and then lost more than 50% of its value, erasing all 2023 gains and keeps diving. 

Cosmos chart by TradingView

The daily chart shows a bearish picture while below $15

In 2021, Cosmos reached $45. It failed at the level twice, putting a double top pattern that marked its historically high levels. 

That was the first bearish sign pointing to what was about to follow. 

Next, the market formed a reversal triangle. When it appears at the top of a bullish trend, it implies that a complex correction might have ended. Most of the time, such corrections are fully retraced. Hence, the break below $25 in the first half of 2022 should not have surprised anyone. 

Finally, the most recent price action is not encouraging either. The constant failure at $15, which proves to be strong resistance, keeps a bearish bias on Cosmos. Only a daily close above would shift the bias from bearish to bullish. 

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Crypto.com to become the preferred exchange of PayPal USD (PYUSD)

TL;DR

  • Crypto.com has entered into a strategic partnership with PayPal and Paxos.

  • The partnership will see Crypto.com become the primary cryptocurrency exchange of PayPal’s PYUSD stablecoin.

Crypto.com partners with Paxos and PayPal

Cryptocurrency exchange Cypto.com announced in a press release on Thursday, September 28th, that it has partnered with PayPal and Paxos. The primary goal of the partnership is to make Crypto.com the preferred PayPal USD (PYUSD) exchange.

Crypto.com has already listed the PYUSD stablecoin on its platform, and it is available to both retail and institutional investors. The cryptocurrency exchange also has the deepest liquidity for PYUSD trading pairs globally.

While commenting on this latest cryptocurrency news, Joe Anzures, SVP and GM, Americas and Global Head of Payment Partnerships, Crypto.com, said,

“PayPal has been a true pioneer in the digital commerce evolution, and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier. Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”

Crypto.com and PayPal expand their partnership

This latest development comes a few weeks after PayPal announced the launch of its PYUSD stablecoin. PYUSD is an Ethereum-based stablecoin, is pegged to the US Dollar and is currently available to PayPal users in the United States.

Crypto.com added that this partnership deepens its relationship with PayPal. The two entities’ previous partnerships allowed customers to use PayPal to top up the Crypto.com Visa Card. 

PayPal has been expanding its presence in the cryptocurrency market. Earlier this month, the payment giant launched a crypto-for-USD conversion service, making it easier for its users to convert their cryptocurrencies to USD and vice versa. 

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Hedera (HBAR/USD) technical analysis as it struggles at support

  • Hedera struggles at dynamic support
  • If the US dollar weakens and Hedera fails to follow, it suggests internal problems
  • Bulls may want to see a daily close above $0.07

Bitcoin rallied at the start of 2023 and triggered similar rallies in all corners of the cryptocurrency market. Even less known and popular projects, such as Hedera, benefited from Bitcoin’s bullish breakout. 

HBAR/USD surged from $0.04 to $0.1 in less than three months. It appeared like only the sky was the limit, but reality settled in slowly. 

Fast forward several months, and Hedera gave back all of its gains. Moreover, it is unable to bounce convincingly, as all rallies are sold. 

Currently, it sits on dynamic support and struggles to hold above. With the US dollar rallying across the board, will HBAR/USD bounce from dynamic support?

Hedera chart by TradingView

The bullish case for Hedera

Bulls have a case as long as HBAR/USD holds above the dynamic support area seen in black on the chart above. 

The daily chart also reveals strong resistance at the $0.06 – $0.07 area. A daily close above there, especially above $0.07, would reinforce the bullish case. 

For that to happen, the US dollar must turn. It rallied over the summer months, and now that September ends, it may turn. In fact, it is the only option for Hedera to make a bullish reversal, given that the dollar was in the driving seat all year. 

The bearish case for Hedera

On the flip side, a drop below dynamic support might suggest internal problems. That is particularly the case if the dollar weakens while Hedera fails to rally. 

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