Schlagwort: blockchain analysis

Key takeaways

• BTC has reclaimed the $114k mark and is now targeting the $117k resistance level.
• The core Producer Price Index (PPI) dropped 0.1% month-over-month, increasing the chances of a Fed rate cut next week. 

Bitcoin reclaims $114k

The cryptocurrency market has continued its excellent start to the week, with BTC and other leading cryptos currently in the green. Bitcoin reclaimed the $114k mark on Wednesday after adding 3% to its value over the past few days.

The positive performance comes following the PPI data release on Wednesday. The core Producer Price Index (PPI), which excludes food and energy, declined 0.1% month-over-month, which is lower than the 0.3% increase analysts expected. Annual core inflation eased to 2.8% from July’s revised 3.4%. 

The decline in inflation could pave the way for the Fed to cut interest rates next week. The CPI data will be published on Tuesday, and this could strengthen the Fed’s resolve. 

In an email to Coinjournal, XBTO’s Chief Investment Officer, Javier Rodriguez-Alarcón, stated that a Fed rate cut could spark Bitcoin’s next breakout. The analyst added that,

Macro conditions are also supportive: investors are widely expecting the Federal Reserve to begin cutting rates this month, which has lifted confidence across risk assets and reinforced Bitcoin’s role as a hedge. 

At the same time, the SEC has unveiled a more crypto-friendly rulemaking agenda, and Cboe is preparing to launch new long-dated Bitcoin and Ethereum futures, showing how policy and market infrastructure are moving in tandem.

BTC targets $117k resistance level

The BTC/USD 4-hour chart is bullish and efficient as Bitcoin has been performing well over the past few days. The momentum indicators are also bullish, suggesting that BTC could be preparing for another breakout.

The RSI of 62 shows that buyers are in charge, with the MACD lines also within the bullish region. If the rally continues, BTC could surge past the first major resistance level at $117,424 in the coming hours or days. An extended bullish run would allow BTC to reclaim the $119k level.

However, the market might undergo a correction heading into the weekend. If that happens, BTC could retest the TLQ and support level at $110k in the near term.

The post Bitcoin eyes $117k as PPI data boost chances of a rate cut appeared first on CoinJournal.

Key takeaways

• Hedera’s HBAR is up 1% and trading above $0.22.
• The coin could rally higher as Grayscale files to launch a spot HBAR ETF with the SEC.

Grayscale files for an HBAR ETF

The crypto market has been bullish over the past few days, with Bitcoin hitting the $113k level, while Hyperliquid’s HYPE reaching a new all-time high. Hedera’s HBAR is not left behind as it is up by more than 3% over the last seven days.

HBAR could rally higher amid growing ETF speculation. Digital assets manager Grayscale has submitted S-3 filings for exchange-traded funds tied to Bitcoin Cash and Hedera (HBAR). If approved, the funds would join Grayscale’s existing crypto ETFs that already include spot bitcoin and ether ETFs launched last year.

Hedera has emerged as one of the leading blockchains in the crypto space, with the last few months establishing it as a key destination for RWA projects. Its HBAR coin is the 18th-largest cryptocurrency, with a market cap of nearly $10 billion. The approval of an HBAR spot ETF could see the coin record huge gains that could allow it to set a new all-time high for the first time in four years. 

HBAR targets $0.27 amid strong technicals

The HBAR/USD 4-hour chart is bullish and efficient thanks to the ongoing market rally. The technical indicators are strong, suggesting that HBAR could be getting ready for a breakout.

The RSI of 63 shows that HBAR is bullish, with the MACD lines already converged within the positive territory. If the bullish trend continues, HBAR could hit the first major resistance level at $0.245 before attempting to take out the August high of $0.27.

However, failure to build on this momentum could see HBAR drop to the $0.22 low before retesting the weekend support level of $0.21046. Despite that, the market trend remains bullish, and HBAR could go on to hit new heights over the next few days and weeks.

The post HBAR eyes $0.27 as Grayscale files for spot ETF appeared first on CoinJournal.

Key takeaways

• Ether has reclaimed the $4,300 level after briefly dropping to the $4,200 region on Tuesday.
• The second-largest crypto by market cap could now surge past the $4,500 resistance level in the coming hours.

$4,200 support holds strong for Ether

The cryptocurrency market has had a positive start to the week but experienced a flash dump on Tuesday. Bitcoin dropped to the $110k region, prompting Ether and other major cryptocurrencies to underperform.

However, Ether defended the $4,200 support, with the coin forming a low at $4,211 a few hours ago. Ether, similar to Bitcoin, is now bouncing back from the dump and is currently trading above the $4,300 level.

Ether has maintained its price above $4k in recent days after hitting an all-time high of $4,953 in August. The strong support above $4k could indicate that Ether is not yet done with its rally and could experience a breakout soon. 

Ether eyes $4,500 amid bullish sentiment

 The ETH/USD 4-hour chart is bullish and efficient, as Ether has been performing well in recent days. The technical indicators suggest that the TLQ at $4,200 could serve as a springboard for Ether to rally higher in the near term.

The RSI of 50 shows that Ether’s bearish momentum is fading, with the bulls slowly gaining control of the market. The MACD lines are also about to converge in the bullish zone, showing that buyers are now in charge.

If the recovery continues, ETH could surge past the high of $4,500 over the next few hours. An extended bullish run would see Ether hit the high of $4,656 before attempting to take out its all-time high.

However, if the correction goes deeper, ETH could take out the $4,200 support level before testing the low of $4.050 formed on August 20th.

The post ETH price prediction: Ether targets $4,500 as the $4,200 support holds appeared first on CoinJournal.

Key takeaways

• LINK is up nearly 6% and is currently trading above $23 per coin.
• Grayscale has filed to convert its existing LINK trust into the GLNK ETF and could include staking if approved.

Grayscale files to convert its LINK trust into an ETF

Digital asset manager Grayscale has filed with the U.S. SEC to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF). According to the S-1 registration statement submitted to the regulator on Monday, Grayscale stated that if approved, the ETF would trade on NYSE Arca under the ticker GLNK. 

The filing also includes a potential staking feature. If approved, the ETF would use third-party staking providers while keeping the LINK tokens in custodian wallets. Grayscale explained that the ETF could retain the staking rewards, distribute them to stakeholders, or sell them to cover expenses. 

LINK eyes $27 as altcoins rally higher

The LINK/USD 4-hour chart is bullish but inefficient, as altcoins have been rallying since the start of the week. LINK is currently trading above $23 and is now targeting its recent high.

The RSI of 63 shows that LINK is heading into the overbought territory, while the MACD lines are also within the bullish region. If the rally continues, LINK could hit the high of $27.94 recorded on August 22nd. However, LINK could temporarily dip to $22 to gain efficiency before rallying higher. An extended rally would see LINK test the $30 psychological mark over the coming days or weeks.

However, in the event of a market correction, LINK could retest the TLQ and support level at $21. Failure to hold this support level could see LINK drop below $20 for the first time in over four weeks.

The post Chainlink eyes $27 as ETF talks intensify; Check forecast appeared first on CoinJournal.