#bitcoin gave a Weekly Bullish closing above the zone and kinda giving hints to print a new Higher High or a sweep of liquidity. Also, In Weekly TF, there's a strong rejection candlestick pattern which support this idea. The resistance will remain the same nearby $38,000 level.
Algorand Price Forecast: ALGO to kickstart 22% breakout rally
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Algorand (ALGO) price has shown incredible bullish momentum that has propelled it by 22% after forming a base in mid-October. This sudden upswing has pushed ALGO to retest a critical resistance level, which could make or break the altcoin.
Algorand price ready to push through
Algorand (ALGO) price has rallied 22% in under two weeks, which has brought it face-to-face to the $0.110 hurdle. This barrier was a support level from June to August, but when breached decisively in mid-August, it acted as a strong resistance level. As ALGO trades around this blockade, investors need to observe the three-day candlestick close carefully.
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EUR/USD Price Analysis: Retraces the recent gains, hovers below 1.0600
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EUR/USD moves downward after recent gains, hovering below 1.0600 during the Asian session on Tuesday. The pair could receive support near the psychological level at 1.0550, followed by the previous week's low at 1.0521.
A firm break below the latter could open the doors for the EUR/USD pair to navigate the area around the key level at 1.0500.
The market's prevailing expectation that the US Federal Reserve will maintain interest rates at 5.5% in the upcoming policy meeting is anticipated to have a weakening effect on the US Dollar (USD). On the upside, the 23.6% Fibonacci retracement at 1.0643 emerges as the immediate resistance, followed by the 50-day Exponential Moving Average (EMA) at 1.0654.
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Ethereum struggles to sustain gains amid market volatility and crypto firm bankruptcy
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Ethereum (ETH) is currently facing a volatile market, with its value fluctuating between key resistance and support levels. After rebounding from a mid-October low of $1,536 to peak at $1,851 by Tuesday, ETH is now trading at $1,772, failing to sustain above the $1,850 resistance level.
This instability follows Ethereum's struggle with a descending trendline since hitting its yearly high of $2,141 in April. The future of ETH is uncertain; if it manages to break the $1,850 resistance again, it could potentially reach up to $1,900. However, should it fail to overcome the $1,815 resistance level, another drop towards the $1,775 support level may be imminent.
Adding to this uncertainty, troubled crypto firms Alameda Research and FTX have transferred over $59 million in assets including Ethereum for undisclosed reasons. FTX is currently facing allegations of criminal mismanagement and bankruptcy with around $9 billion in client funds missing. As a result, they are considering liquidating assets including Ethereum, Solana, and MATIC to repay creditors.
Despite these challenges and uncertainties surrounding Ethereum's future performance, there has been a resurgence in buying interest at the $1,780 support level for ETH. The daily trading volume for ETH stands at $10.7 billion as of today. This resurgence follows Bitcoin's recent 18-month high and a market share of $35,116 which has seemingly influenced ETH's market movements.
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Bitcoin's bullish momentum propels investor profitability, LTHs control most supply
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Bitcoin continues its bullish stride this week, breaking key trendlines and moving averages (MA), including the crucial 200-week simple MA at $28,400, according to the "The Week On-Chain" newsletter by Glassnode. The cryptocurrency's climb to $35,200 has outpaced these critical markers, a development that has notably bolstered profitability for various investor groups.
This surge follows a month of bullish momentum during which Bitcoin shattered essential metrics in crypto analysis: the 111-day, 200-day, and 200-week averages. This progression is expected to mirror Bitcoin's performance at the start of 2023, underpinned by recent bullish activity laying the groundwork for a potential BTC price surge.
Despite certain profitability hurdles, the cost basis - a key investment measure - for Short-term holders (STH) and newcomers stands at approximately $28,000. With the STH cost basis currently at $28k, recent investors are experiencing an average profit of +20%.
In a significant market ownership shift, Long-term holders (LTHs) now control over three-quarters of the available Bitcoin supply. This development underscores the growing confidence among long-term investors in the cryptocurrency market and their increasing influence on Bitcoin's price dynamics.
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Litecoin Price Struggles Despite Surge In On-Chain Activity And Whale Transactions
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Litecoin (LTC), the digital asset that has been operational for 12 years, saw a surge in on-chain activity and whale transactions, reaching four-month highs, and indicating increased market interest. Despite this, the cryptocurrency experienced a decline in value early Friday, October 27, 2023.
Sentiment data revealed a sharp rise in the on-chain movement towards the end of the week. Dormant LTC tokens significantly increased, suggesting more circulation among traders. On Wednesday, October 26, whale transactions valued at $100,000 or higher hit 7,418 in Litecoin. Concurrently, previously inactive wallets started moving LTC in large volumes - a six-week peak.
The number of daily active addresses rose to 319,000 - the largest spike since June 2023. This suggests a bullish outlook for LTC despite its price struggles. The cryptocurrency rallied nearly 10% over the past week but declined by 1.5% on Friday.
Despite a 1.35% dip on Friday, Litecoin is trading at $68.65 and has seen a 6.42% price increase in the past week. However, it's experiencing a bearish correction and if this trend hits the $66 support zone, a rebound is expected.
The current LTC price is $67.69 on Binance. Increased Litecoin reserves on exchanges or whales shedding their LTC holdings could send it lower. However, rising demand from market participants combined with bullish on-chain metrics could kickstart a recovery in Litecoin.
The digital asset recorded a 3% drop in trading volume ($353,198,358) but maintained an average of 319,000 daily active addresses and 7,418 whale transactions. Its trajectory is closely linked to Bitcoin's positive fundamentals such as potential Bitcoin ETF approval by the SEC which could lead to a significant performance boost for Litecoin.
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