Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Herenewsbtc • about 2 hours ago
Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough. What Next For Bitcoin? In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically experienced potential rallies whenever its relative strength index (RSI) drops to 40%. As such, there is the possibility that BTC could again rally following its recent decline. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price The research platform warned that a “line in the sand” at the $62,000 mark could keep the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean there is still a bullish sentiment around the crypto token. Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run soon after breaking a vital support level. These events included Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton also filing for a Spot Bitcoin ETF, and when US Core PCE dropped below 3.0%. This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move to the upside. He predicts that Bitcoin will only continue to trade around the $67,000 range without this catalyst. 10x Research didn’t sound optimistic about BTC enjoying a sustained rally, as their trend model indicates that the flagship crypto is in a downtrend. Despite that, they are not ruling out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would look to buy the dip if Bitcoin drops significantly or rallies from here. BTC Still Destined To Hit New Highs Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still hit new highs. He stated that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs. Related Reading: Crypto Prediction Website Reveals When The Cardano Price Will Reach $45 He claimed that BTC might be over 500 days away from hitting its market top for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting $100,000 this year is “inevitable.” At the time of writing, BTC is trading at around at around $63,500, up over 7% in the last 24 hours, according to data from CoinMarketCap. BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com Featured image from BBC, chart from Tradingview.com
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Bitcoin is now at a critical junction, which many determine its price trajectory for the rest of the year. The crypto has managed to return into $60,000 territory after dropping down to $56,000 for the first time since April. Some analysts are of the notion that the Bitcoin bulls haven’t actually started on their momentum yet, with many expecting a surge above $74,000 in the coming weeks. According to a crypto analyst, impulse waves formed by Bitcoin over the past 1.5 years are indicating that the price of Bitcoin will soon jump to between $90,000 and $100,000. Bitcoin To $90,000 A crypto analyst known pseudonymously as TechDev recently shared a Bitcoin price outlook on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliot impulse waves, a technical analysis tool that has become extremely popular among crypto analysts when forecasting Bitcoin’s price. Related Reading: Crypto Prediction Website Reveals When The Cardano Price Will Reach $45 According to the BTC/US Dollar 2D timeframe shared by the analyst, Bitcoin has been forming impulse waves on an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the fourth impulse wave formation, which is generally known to be a corrective wave. Interestingly, the asset is now at a critical junction after bouncing up at $56,800. As noted by the analyst, Bitcoin is set to form its fifth (bullish) impulse wave and go parabolic in the coming months. The first price target is around $90,000 to $100,000 in the short term. The second price target is around the projected peak of the fifth impulse wave, which sits just below $150,000. TechDev’s analysis is based on a similar five-impulse wave formation in the 2020 to 2021 bull market cycle. A similar fourth impulse wave correction during this period saw Bitcoin falling from $41,000 to $29,000 in early 2021. However, a rebound led to the formation of a fifth (bullish) impulse wave, pushing the price of Bitcoin to its former all-time high. The impulsive structure of the last 1.5 years says 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs — TechDev (@TechDev_52) May 3, 2024 What’s Next For Bitcoin Price? At the time of writing, Bitcoin is trading at $63,275 and up by 6% in the past 24 hours. Since the launch of Spot Bitcoin ETFs in the US, Grayscale’s GBTC recorded its first day of inflow, totaling $63 million on May 3. Investors are hopeful and speculating how this might kickstart a new bull run for the cryptocurrency. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price According to an analyst, Bitcoin has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is crossing above resistance around $63,488. BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com Featured image from The TechBullion, chart from Tradingview.com
Fantom (FTM) had initially reclaimed the $1 level back in March and expectations were that the coin would rise to $2. But that was before the market crash sent prices spiraling, and Fantom lost almost 50% of its value during this time. However, all hope is not lost of for the coin, as one crypto analyst expects a return of the bullish momentum as long as certain conditions are met. Fantom Searching For Support Crypto analyst MyCryptoParadise took to TradingView to share their analysis on the Fantom price and how it could see a recovery. After the price fell to $0.56, the altcoin began to look for support, which would serve as a bounce-off point, and the analyst revealed that the altcoin is actually getting closer to this support. Related Reading: Ripple Unlocks 1 Billion XRP From Escrow – How Will This Impact Price? For now, the support lies at $0.5679, which is the point that bulls need to hold to confirm a bullish breakout. Following a rejection at the $0.79 resistance, this point has become even more important to hold, as the FTM price searches for “renewed momentum.” “Should FTM successfully find support and bounce from this level, it could potentially form a double bottom pattern, with the neckline acting as resistance around the 0.798 mark,” the crypto analyst said, highlighting the importance of finding support. In the event of a breakout, the analyst expects at least a 100% move from here. The first major level to break it the $1 level, and then after that, the crypto analyst sees the price going as high as $1.2 as long as the trend is confirmed. Source: TradingView.com FTM Could Break Down Further On the flip side of this, the crypto analyst also identifies a scenario where the Fantom price could continue to break down. In the event that the altcoin is unable to find support above $0.56 and breaks through it instead, the bloodbath could continue. Related Reading: Crypto Analyst Says Bitcoin Must Hold Above $51,800 As ETF Outflows Trigger Crash The bearish continuation which the analyst sees in a situation like this will send the price below $0.5 eventually. The support for the FTM price then lies at the next Bullish OB area, which the crypto analyst identifies to be around $0.449. “💎 Reclaiming the support at 0.568 would be crucial for FTM to maintain its bullish momentum,” the analyst said. “Should FTM fail to bounce even after reaching the Bullish OB area, it would signal a bullish invalidation, indicating a continuation of the bearish trend.” Presently, the Fantom price is trending above support at $0.6641. However, it is down 3% in the last day with 10% losses in the last week. FTM price continues to recover | Source: FTMUSDT on Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com
In a bid to tap into the booming $50 billion meme coin sector, Fantom, a layer-1 blockchain network, is taking steps to establish a safer environment for meme coin projects. The post Fantom Foundation Launches $6.5 Million Prize Pool to Incentivize “Safer Meme Coins” appeared first on BitcoinWorld .
Before you reading,Don't miss coins like PEPE again! Click here to find new PEPEs! Fantom Foundation is making a strategic move to become a part of the booming $50 billion memecoin sector. The blockchain network plans to incentivize ... Read the full article for FREE at COINOTAG!
Fantom, a Layer 1 blockchain network, has initiated establishing a “safer memecoin” space to become part of the vast $50 billion memecoin sector. The blockchain network plans to reserve $6.5 million worth of its native token, FTM, as a reward for developers. Michael Kong, the CEO of Fantom Foundation, hinted at the platform’s efforts to The post Fantom Aims To Attract Memecoin Traders, Reserves $6.5M FTM: Report appeared first on Coin Edition .
Fantom (FTM) price shows consolidation, might continue. On-chain metrics indicate a buying signal for FTM. Continue Reading: Will Fantom’s Price Break Its Consolidation?
Fantom Foundation CEO Michael Kong hopes the blockchain can “replicate the success” of its peers by getting in on the memecoin hype.
Amid the current market recovery, Ethereum's (ETH) new high prediction has captured attention. Meanwhile, Fantom’s (FTM) price faces resistance in its key levels. In all these developments, Rollblock is emerging among altcoins as one to watch in 2024. With prices anticipated to hit 50x growth potential in its Tier 1 CEX listing in Q3 2024, analysts are optimistic that Rollblock is one of the best altcoins to invest in 2024.
Fantom Price Prediction 2024-2033 Fantom (FTM) was created to overcome Ethereum’s limitations and create a new generation of blockchain, solving the trilemma of scalability, security, and decentralization. However, with Fantom’s outstanding 2,108% growth and additional 2,000% unique addresses, FTM continues to struggle, losing 93% of its value from its ATH in Jan 2022. A better