Crypto Shuttle News

Tag: Surge

  • Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge

    Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge

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    Bitcoin is slowly gaining pace above $46,500 against the US Dollar. BTC must clear $47,000 to move into a positive territory in the short term.

    • Bitcoin is slowly moving higher above the $46,500 resistance zone.
    • The price is trading above $46,200 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a strong increase if there is a clear move above the $47,000 resistance.

    Bitcoin Price Eyes Upside Break

    Bitcoin price extended decline and tested the $45,150 zone. BTC formed a base above $45,150 and started a fresh increase. There was a break above the $45,500 and $45,800 levels.

    The price was able to climb above the 50% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $46,700 level.

    Besides, there is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near $47,000 or the 76.4% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    A clear move above the $47,000 resistance could start a major increase. In the stated case, the price may perhaps rise towards the $48,000 resistance. Any more gains might send the price towards the $50,000 barrier. An intermediate resistance may possibly be near the $49,250 level.

    Upsides Capped in BTC?

    If bitcoin fails to clear the $47,000 resistance zone, it could start another decline. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average.

    The next major support is seen near the $45,800 level. The main support now sits near the $45,150 level. A downside break below the $45,150 support zone could start a major decline. In the stated case, the price could even decline to $44,000 in the near term.

    Technical indicators:

    Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

    Major Support Levels – $46,200, followed by $45,150.

    Major Resistance Levels – $47,000, $48,000 and $50,000.

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  • Short Ethereum Liquidations Surge, ETH Eyes $3,000

    Short Ethereum Liquidations Surge, ETH Eyes $3,000

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    The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations also increased substantially during the mentioned period.

    The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum were liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.

    Ethereum’s price remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.

    However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA, and SOL also faced the heat with massive liquidations.

    Large Ethereum Transactions

    With growing demand and a jump in its price, the Ethereum network saw a spike in $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.

    “ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.

    ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.

    The world’s second most dominant digital asset, Ethereum witnessed significant buying pressure on Friday as the cryptocurrency spiked by almost 5% in 24 hours. With rising prices, short ETH trading positions liquidations also increased substantially during the mentioned period.

    The data posted by Coinglass shows that more than $50 million worth of positions related to Ethereum were liquidated in the last 24 hours. The number includes the liquidation of approximately $40 million worth of short positions.

    Ethereum’s price remained under pressure since November 2021. In January 2022, the crypto asset reached a low of almost $2,100, down by more than 50% from its all-time high in November 2021. Since the start of 2022, Ethereum faced several challenges including the rise in short trading positions around the digital asset.

    However, a sudden spike in the crypto market has caused a sharp jump in the liquidation of short trading positions. While ETH topped the list, bearish traders of digital currencies like BTC, LUNA, and SOL also faced the heat with massive liquidations.

    Large Ethereum Transactions

    With growing demand and a jump in its price, the Ethereum network saw a spike in $100,000+ transactions. According to Santiment, an on-chain analysis platform, ETH whale transfers have reached the highest level in nearly 1 month.

    “ETH has surged back above $2,900 for the first time since March 2nd, and whale transactions are on the rise big time. Yesterday was the first day with over 7,000 $100k+ transactions on the ETH network since the war news broke,” Santiment mentioned in a recent update.

    ETH outflows from leading digital exchanges have increased as well. Recently, large Ethereum holders shifted the crypto asset in enormous amounts from exchanges to cold storage. Earlier this week, ETH 2.0 deposit contract crossed 10.4 million staked Ethereum.

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  • FLUX, SFP and Badger DAO surge even as Bitcoin price falls to $47K

    FLUX, SFP and Badger DAO surge even as Bitcoin price falls to $47K

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    The year-long mantra that the crypto market would see a blow-off top in December has proven to be a dud thus far and for the last week, most cryptocurrencies have been under sell pressure and Bitcoin (BTC) is encountering difficulty in trading above $47,000. 

    That said, it’s not all bad news for cryptocurrency holders on Friday because several altcoins have managed to post double-digit gains due to new exchange listings and protocol upgrades.

    Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

    Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Flux (FLUX), SafePal (SFP) and Badger DAO (BADGER).

    FLUX benefits from the “Binance bump”

    Flux is a GPU mineable proof-of-work protocol aimed at creating a scalable decentralized cloud infrastructure for Web 3.0 applications.

    VORTECS™ data and the NewsQuakes™ alerts from Cointelegraph Markets Pro began to detect a bullish outlook for FLUX on Dec. 9, prior to the recent price rise.

    The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

    VORTECS™ Score (green) vs. FLUX price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the NewsQuake™ system put out an alert for FLUX on Dec. 9, less than an hour before the price began to spike 150% over the next day.

    The announcement that helped spark the rapid price rise in FLUX was a notification that Binance would be list FLUX token on its platform. Shortly after this announcement, FLUX price rallied to a new all-time high at $4.01.

    SafePal adds support for nine new networks

    The SafePal project is a cryptocurrency hardware and software wallet solution for investors who hold assets on the Ethereum, Binance Smart Chain and Tron network.

    Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.55 on Dec. 6, the price of SFP has climbed 45.84% to hit a daily high at $2.27 on Dec. 10 as its 24-hour trading volume spiked 50% to $158 million.

    SFP/USDT 4-hour chart. Source: TradingView

    The building strength for SFP comes as the project released an updated version of its wallet app and added support for Cardano, Nervos Network, Avalanche, Fantom, HECO Chain, Songbird, BOBA Network, Optimism and Arbitrum.

    Related: Trader who called 2017 Bitcoin price crash raises concerns over ‘double top’

    Badger DAO prepares to reactivate its smart contracts

    Badger DAO is an open-source decentralized autonomous organization focused on building products and infrastructure that increase the utility of Bitcoin in the decentralized finance landscape.

    VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BADGER on Dec. 9, prior to the recent price rise.

    VORTECS™ Score (green) vs. BADGER price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for BADGER spiked into the green zone and hit a high of 75 on Dec. 9, around three hours before the price increased 48% over the day.

    The positive price action for BADGER comes as the protocol tries to bounce back from a Dec. 2 exploit which resulted in the halting of the project’s smart contracts.

    The overall cryptocurrency market cap now stands at $2.218 trillion and Bitcoin’s dominance rate is 40.7%.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.