Tag: Adausd

Crypto Price Analysis Feb-11: Ethereum, Ripple, Cardano, Solana and Shiba Inu

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.

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Ethereum (ETH)

ETH failed to push above $3,200 this week and fell back on the $3,000 support level yesterday, where the price is now consolidating. Despite this most recent pullback, the cryptocurrency had a stellar performance this week, with a 16% price increase in the past seven days.

The big question is if ETH can hold above $3,000. If it manages to do so, then bulls might be in a position for another shot at the $3,200 resistance in the coming week. If they fail, however, the cryptocurrency could fall to the next support level at $2,800, which would make it lose a critical psychological level ($3,000).

Looking ahead, the indicators remain bullish, which gives reasons to be optimistic. Buyers need to defend the $3,000 level. Otherwise, sellers may take over the price action in the coming week.

ETHUSD_2022-02-11_11-11-14
Chart by TradingView

Ripple (XRP)

XRP had a major breakout this week, with the price moving above the key resistance at $0.70 and quickly reaching $0.90 after that. Overall, it was a fantastic week for XRP with a 34% price increase.

However, it failed to push above $0.90 and is now found in a correction with support at $0.80. This is not surprising, considering the massive rally that happened not too long ago. If $0.80 fails, then XRP may fall all the way back on the $0.70 level, which is now acting as support (was resistance before the breakout).

The indicators are still bullish for XRP, and this pullback can also be explained by the daily RSI, which briefly entered overbought conditions during the rally and now fell back below 70 points. Once this correction is over, XRP may attempt a new rally to test the critical psychological level at $1.

XRPUSDT_2022-02-11_11-16-48
Chart by TradingView

Cardano (ADA)

ADA also had a good week, but the resistance at $1.2 did not allow it to move higher, and it has been struggling since then. Nevertheless, the cryptocurrency closes the last seven days in green with a nice 9% price increase.

Considering the ongoing correction, ADA may fall back on the key support at $1.1 before any renewed rally can be expected. Even if this happens, the overall price action remains bullish, and after the pullback, ADA may rally once more and try to cross above $1.2.

The indicators remain bullish and seem likely to stay if ADA does not fall under the key support. This should prepare it for a nice rally next week if the bullish momentum resumes. On the other hand, a drop under $1.1 would likely push ADA into a bearish trend.

ADAUSDT_2022-02-11_11-18-47
Chart by TradingView

Solana (SOL)

After a rally to $120, SOL failed to move higher, and since then, the price has been falling towards the key support at $100. It is unlikely for SOL to turn back right now, and a test of the key support appears probable. Despite the current correction, SOL still managed to close the past seven days in green with a 5% price increase.

Volume has been falling as price went higher last week, which was an early signal that SOL did not have the momentum to sustain the rally. The MACD remains bullish on the daily timeframe, but the histogram is showing a loss of momentum with lower highs.

Next week will be crucial for SOL, and buyers have to do their best to defend the $100 level. Any failure there will only embolden sellers to take SOL under $100, which would be a significant defeat.

SOLUSDT_2022-02-11_11-26-59
Chart by TradingView

Shiba Inu (SHIB)

SHIB has been the best performer from our list, with a 50% price increase in the past seven days after a major breakout from the descending channel (in blue on the chart). Now, the price is consolidating above the key support at $0.000029.

If this consolidation continues and the support level holds, then SHIB may chart another leg up, which could take it all the way to $0.000040. The indicators remain bullish for now, and the only concern is the decreasing volume, which may cast some doubts on the strength of this rally.

Looking ahead, SHIB has put an end to the downtrend and started a new surge with a bang. It is unlikely for SHIB to make a lower low considering this latest development. Therefore, the most probable scenario now seems to be a consolidation or continuation of the rally.

SHIBUSDT_2022-02-11_11-37-02
Chart by TradingView

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Bitcoin Rejected at $46K, Market Cap Loses $100B in a Day (Market Watch)

by CryptoPotato

After tapping a new five-week high at nearly $46,000, bitcoin was rejected and driven south vigorously. Most altcoins are deeper in red, with substantial price losses from Ripple, Solana, Polkadot, Shiba Inu, and others. THETA is among the few exceptions with a double-digit surge.

Bitcoin Stopped Ahead of $46,000

Earlier this week, bitcoin spiked to above $45,000 for the first time since early January after previously reclaiming $40,000. However, the bears didn’t allow any further increases, and they pushed it south to below $43,000.

After a few days of relatively stagnant movements, BTC tapped $45,000 once more yesterday before reminding of its volatile nature in the following hours. After the US released its highest inflation rate numbers in 40 years (again) of 7.5%, BTC dumped by nearly $2,000.

Yet, it started to gain value just as fast and spiked by almost $3,000 to just shy of $46,000. This became its new highest price tag since January 5th while also causing pain for leveraged traders.

The bears came out to play once more at this stage, and BTC dumped by another $3,000 to below $43,000 hours later. As of now, the asset has recovered some ground and stands around $43,500, and its market capitalization is well above $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace: Market Cap Down $100B

As it typically happens when enhanced volatility reaches BTC, the altcoins experience even more substantial losses.

Ethereum exceeded $3,200 at one point yesterday before a 3% daily decline drove it south. As of now, ETH stands beneath $3,100. Similar decreases are evident from Binance Coin, Cardano, Terra, and Dogecoin.

Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%), and Shiba Inu (-5%) are even deeper in red. THETA is among the very few exceptions, as a 15% surge has driven it to $4.2.

Ultimately, though, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day and is down beneath $2 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

by CryptoPotato

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cardano Price Analysis: ADA Facing Critical Resistance Following 11% Weekly Spike

by CryptoPotato

ADA’s price is currently challenging the key resistance level at $1.2 and has a good chance to move even higher.

Key Support levels: $1.1

Key Resistance levels: $1.2, $1.3, $1.5

Just like the overall sentiment of the past few days, ADA had a green week (11% ROI according to CoinGecko) so far as the price moved firmly higher, surpassing the $1 – $1.1 zone.

The current resistance at $1.2-1.3 is the next area to watch: Especially if the price can confirm $1.2 as resistance turned support level and challenge the next targets at $1.3 and event at $1.5 if momentum persists.

ADAUSDT_2022-02-09_15-16-33
Chart by TradingView

Technical Indicators

Trading Volume: The last move was followed by a decent amount of volume, but nothing out of the ordinary. We expect the volume to increase as the price moves higher.

RSI: The daily RSI has not made a higher high yet, but charting higher lows. The RSI has to go past 65 points to make a higher high, which seems possible over the coming week. Currently, the RSI sits at 54.

MACD: The daily MACD remains bullish with expanding histogram and moving averages. This puts ADA in a clear bullish trend.

ADAUSDT_2022-02-09_15-16-51
Chart by TradingView

Bias

The current bias is bullish.

Short-Term Prediction for ADA Price

The ADA price continued to move higher at a steady pace, in correspondence with the green momentum of Bitcoin. If this continues, ADA can easily reach $1.3 in the coming days.

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Bitcoin Touched $43K: Ripple Soars 12% to a 3-Week High (Market Watch)

by CryptoPotato

Bitcoin’s recent bullish run continued with another minor leg up that drove it to a high of $43,000. Most altcoins have produced similar slight increases; some, such as Shiba Inu and XRP, have exploded with massive double-digit pumps.

Bitcoin Touched $43K

Ever since last Friday, when the cryptocurrency began its rapid ascent from $37,500, the BTC landscape has remained significantly more positive. Bitcoin surged to and beyond $40,000 in a matter of hours for the first time since mid-January.

The asset remained relatively calm, around $41,500 during the weekend before it initiated another price increase. This time, the bulls drove it to $43,000 for the first time since the market-wide correction started on January 21st.

As of now, BTC has been unable to reclaim that level decisively and has retraced by a few hundred dollars. Nevertheless, its market capitalization has surged above $800 billion. Just last week, the metric was down below $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and XRP Steal the Show

Most alternative coins followed BTC on the way up with impressive gains in the past several days. Ethereum, for example, struggled to remain above $2,000 just a week or so ago. Now, though, the second-largest cryptocurrency stands well above $3,000 and even challenged $3,100 a few hours ago.




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Binance Coin, Cardano, Solana, Polkadot, and Terra have marked similar gains in the past 24 hours of between 2% and 4%. More impressive increases come from Dogecoin and Avalanche.

However, Ripple and Shiba Inu have taken the main stage from the larger-cap alts. SHIB has exploded by more than 20% in a day, as reported earlier, and stands near $0.00003.

XRP, on the other hand, is up by approximately 13%. As a result, the asset tapped a three-week high at over $0.75.

More gains come from Quant (17%), BitTorrent (16%), LEO (14%), Kadena (13%), Loopring (12%), Gala (10%), and Fantom (10%).

The crypto market cap has increased by about $60 billion since yesterday and stands at $1.950 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Weekend Watch: Axie Infinity (AXS) Explodes 17%, Bitcoin Maintains $41K

by CryptoPotato

After surging above $41,000, bitcoin has maintained its momentum and has remained above that level. The altcoins, which marked significant gains yesterday, have stalled now. Axie Infinity is among the few exceptions after a massive double-digit surge.

Bitcoin Maintains $41K

It was just a few days ago when the largest cryptocurrency struggled to remain above $37,000 and dipped below that level on a few occasions. The bulls attempted to push it north, which resulted in trading around $38,000 on Friday.

This is where the landscape changed, though. BTC initiated an impressive leg up in the following hours and surged above $40,000 for the first time in weeks.

Moreover, bitcoin even reclaimed $41,000 and neared $42,000. As of now, the asset stands just shy of that level, and its market capitalization is close to $800 billion once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: AXS Soars With Double Digits

The alternative coins went on a roll yesterday with massive double-digit gains from almost all. Now, though, the majority have calmed.




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Ethereum stands above $3,000 for the first time in weeks, as well, even with a minor decrease since yesterday.

More slight decreases come from Binance Coin, Cardano, Solana, Ripple, Polkadot, Terra, Dogecoin, Avalanche, and Shiba Inu.

In contrast, CRO is up by another 3%, while Litecoin has surged by 8% and stands above $125.

Axie Infinity is among the most impressive performers with a 15% surge. Consequently, AXS trades well above $60. Gala (20%) and Theta Fuel (10%) are also well in the green.

Somewhat expectedly, the crypto market cap has remained relatively calm, around $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cardano Price Analysis: Following the 5% Daily Surge, is ADA Ready to Test $1.2?

by CryptoPotato

Key Support levels: $1.1, $1

Key Resistance levels: $1.2, $1.36

The market turned bullish yesterday, and ADA has moved above the key resistance at $1.1, which is now acting as support. The next level to pass is at $1.2, and the cryptocurrency is still gathering momentum to challenge it. ADA seems likely test this level in the coming days, depending on the overall market, which favors the buyer’s side at this time.

ADAUSDT_2022-02-05_17-49-30
Chart by TradingView

Technical Indicators

Trading Volume: ADA closed the last three days in green. While the volume was not high, it was dominated by bulls.

RSI: The daily RSI has made a higher low which is bullish. To make a higher high, the RSI needs to move above 65 points which is quite a distance from the current level at 50 points.

MACD: The daily MACD has turned bullish yesterday after a positive crossover. Now, the momentum is favoring bulls, but ADA will be challenged by the $1.2 resistance.

ADAUSDT_2022-02-05_17-49-44
Chart by TradingView

Bias

The current bias is bullish. A clean break above the key resistance will open the way for ADA to move much higher.

Short-Term Prediction for ADA Price

The price action for ADA has turned bullish yesterday, and now the buyers are preparing their assault on the $1.2 resistance, which is the most significant challenge. If successful, the cryptocurrency could begin a stronger rally.

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Crypto Markets Add $170 Billion in a Day as Bitcoin Explodes Above $41K (Weekend Watch)

by CryptoPotato

After more than two weeks of trading below $40,000, bitcoin finally made a decisive move to reclaim that coveted level. The entire crypto market followed suit with massive daily price increases from Ethereum, Binance Coin, Cardano, Sollana, Polkadot, and many others.

Bitcoin Surged $4K

It was on January 20th and 21st when the primary cryptocurrency slumped below $40,000 for the first time in months. In the following few weeks, the asset failed to recover most of the losses and even dumped to its lowest price point since late July beneath $33,000.

However, it started to add some value and challenged $39,000 several days ago, as reported. It was rejected at first, and the bears pushed it below $37,000 almost immediately.

This is where the situation changed, though. While trading between $37,000 and $38,000 yesterday, bitcoin went on a tear and exploded above $40,000 for the first time in over two weeks.

It only kept climbing in the following hours, and BTC is now situated at around $41,500. This means that the cryptocurrency is up by $4,000 since yesterday. As a result, its market capitalization, which had dumped beneath $700 billion just days ago, is now close to $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts With Massive Gains

As it typically happens when bitcoin goes through enhanced volatility, so do the altcoins. Ethereum struggled to remain above $2,000 just days ago. Now, though, the second-largest cryptocurrency trades above $3,000 after another 7% daily increase.

Binance Coin, Polkadot, Terra, Avalanche, MATIC, and Shiba Inu have also surged by double digits since yesterday. A bit more modest gains come from Cardano, Solana, Ripple, Dogecoin, and CRO.

As expected, the lower- and mid-cap alts have displayed even more significant fluctuations. Gala leads the way with a 30% surge, followed by LEO (25%), JUNO (20%), The Sandbox (18%), NEAR Protocol (16%), Mina Protocol (16%), THETA Network (15%), Loopring (14%), THORChain (14%), and many others.

Ultimately, the cumulative market cap of all crypto assets has increased by about $170 billion since yesterday’s low to above $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Unique Cardano (ADA) Wallets Surge to Record High Above 3 Million

by CryptoPotato

The number of unique wallets on the Cardano blockchain holding ADA has hit a new all-time high, surpassing the previous record from December 2021.

ADA Wallets Hits 3 Million

In a tweet today, the Proof-of-Stake blockchain announced that it had hit 3 million ADA wallets less than two months after it recorded a total number of 2.5 million addresses.

On Christmas Eve, the project revealed that it has about 2.5 million unique wallets holding ADA, the native cryptocurrency of the Carano ecosystem. Since then, over 500,000 ADA wallets have been added to the network.

According to data from Cardano Blockchain Insights, the total number of ADA wallets is currently sitting at 3,002,727, with an average of 5,122 wallets being added daily.

Additionally, the network currently has about 1,145,479 staked addresses, with more than $25.18 billion staked, roughly 70.78% of ADA’s total supply.

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Smart Contracts on Cardano

The increased activity on Cardano started after smart contract capability was deployed last year. Recall that the Cardano blockchain implemented its Alonzo upgrade in September 2021, enabling developers to build smart contracts and decentralized applications (dApps) on the network for the first time.

The upgrade enhanced the platform’s scalability and speed and has continued to attract developers and a number of dApps to the Cardano ecosystem. Just a week ago, smart contracts on the blockchain surpassed the 1,000 mark, with the current number standing at 1,190.

Three months after the Alonzo upgrade, Cardano welcomed its first dApp, SundaeSwap, on January 20, 2022, but the milestone led to network congestion, which led to many failed transactions and errors.

Scaling Cardano

To further boost the performance of the network, Cardano’s research and development company, IOHK, announced that the total block size will be increased by 11%, from 72 KB to 80 KB, allowing it to carry more transactions.

Additionally, the company also increased the Plutus script memory unit per transaction from 12.5 million to 14 million, increasing the amount of data that can be included in a single transaction.

ADA has also grown to become the sixth-largest cryptocurrency by market cap. At the time of writing, the coin traded above $1.

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Bitcoin Taps $38K: Ethereum Marks a Two-Week High Above $2.8K (Market Watch)

by CryptoPotato

After dipping to a weekly low at $36,300, bitcoin started to recover some value and now sits around $38,000. The altcoins are also in a significantly more positive situation today, led by Ethereum’s impressive increase that pushed ETH to a two-week high above $2,800.

Altcoins See Green: ETH at a 2-Week High

The bears had complete control over the market yesterday, with almost all altcoins bleeding out. Ethereum, for example, dipped to $2,600 after failing to overcome $2,800 a day earlier.

Now, though, ETH is among the best performers on a daily scale. The second-largest crypto has jumped by roughly 6% since yesterday and sits above $2,800. This is the highest price tag ETH has seen since January 21st.

Solana, which dropped by 10% yesterday after a hack on a Solana-based bridge, is up by 7%. Consequently, SOL has reclaimed $100.

Binance Coin, Cardano, Ripple, Polkadot, Terra, Dogecoin, Avalanche, Shiba Inu, and MATIC are also slightly in the green.




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More significant gains come from NEO (11%), Cosmos (10%), Hedera (10%), Kusama (10%), IOTA (9%), NEXO (9%), Convex Finance (9%), and others.

The crypto market cap has increased by about $70 billion, but it’s still below $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Touched $38K

The primary cryptocurrency also suffered yesterday after a few days of marking gains. The asset touched its highest price tag in ten days on February 2nd at above $39,000, but the bears intercepted the move and pushed it south.

As reported yesterday, though, the landscape had changed. BTC dumped by a few thousand dollars and went to a weekly low of $36,300. However, it reacted well to this drop and started to reclaim value almost immediately.

In the following hours, bitcoin spiked to $38,000 where it’s currently situated, and its market capitalization has remained above $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Bitcoin (BTC) $ 37,729.11 1.00%
Ethereum (ETH) $ 2,033.92 1.05%
Litecoin (LTC) $ 69.56 0.46%
Bitcoin Cash (BCH) $ 222.15 1.18%