On March 5, 2024, at 10:03 a.m. (ET), bitcoin’s value eclipsed its previous lifetime peak against the U.S. dollar, ascending beyond the $69,000 threshold on Tuesday. This breakthrough in valuation marks a new all-time high (ATH), occurring 846 days since bitcoin last reached the $69,000 mark on Nov. 10, 2021. From Uncertainty to Uncharted Heights: […]
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The value of ethereum, the crypto market’s second-largest asset by market cap, eclipsed the $3,000 milestone on Tuesday, peaking at $3,014 per unit in the morning trading hours. Over the last week, ether has seen a 13.1% climb against the U.S. dollar, and over the preceding two weeks, it has surged 28%. Ether Hits Two-Year […]
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Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.
Bitcoin price started a steady increase above the $50,000 resistance zone. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.
A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.
Source: BTCUSD on TradingView.com
The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level.
If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line.
The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $51,500, followed by $50,500.
Major Resistance Levels – $52,500, $53,200, and $54,400.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
THORChain’s price has been up by over 100% since the last week of October, hitting levels not seen since May 2022. This is an amazing increment in price. But caution is advised since RUNE, an altcoin, seems overbought, possibly signaling a 20% drop in the near future.
At the time of writing, RUNE was trading at $3.42, climbing over 15% in the last 24 hours, and registering an impressive 37% rally in the last seven days, figures by CoinMarketCap shows.
If RUNE closes above the psychological $3.500 mark, it could negate the present downturn and cause the bearish attitude to change. The significance of RUNE closing above the critical $3.500 mark lies in its potential to reverse the prevailing bearish trend and trigger a shift in market sentiment.
Achieving this milestone could signify a break in the current downtrend, potentially instigating a more positive outlook among investors and traders.
Source: CoinMarketCap
THORChain underwent a notable phase of consolidation, a period marked by relatively stable prices and limited fluctuations. Following this consolidation, the market witnessed a substantial surge, propelling THORChain’s price upwards by over 40%.
However, in the aftermath of this surge, the price has demonstrated a consistent stability, remaining within a relatively similar range. This stability has coincided with a broader downturn in market dynamics, where fluctuations and overall activity have shown a decrease across the market.
Despite the prior surge, THORChain’s price has maintained a consistent level, reflecting a degree of resilience amid the current market trends.
RUNE market cap currently at $1.16 billion on the weekend chart: TradingView.com
The RUNE token holds a substantial long-term liquidation value surpassing $70 million, signifying a considerable reserve or potential value inherent in the token’s existence. However, a cautionary note emerges from the chart analysis, which reveals a prominent positive deviation highlighted in green.
3. $RUNE LIQUIDATION LEVEL analysis:
– More than 70M in futures liquidations. Green DELTA, means confluence to short.
– More than 1M in Liquidation profile between 2.75$ and 2.65$ (support)
– PA and MS is bearish. There’s more liquidity below than above, at current price. pic.twitter.com/48j9hI5h35
— CryptoSoulz (@SoulzBTC) November 2, 2023
This deviation might signify an impending decrease in price in the near future, suggesting a potential shift or correction in the market valuation of the token. This could prompt investors to stay vigilant and consider potential fluctuations in the token’s value in their future investment decisions.
The price of RUNE garnered significant attention subsequent to a substantial market surge, as the cryptocurrency experienced a portfolio increase of more than 40% inside that period.
Analyzing the technical indicators, THORChain reveals an RSI figure of 72.24, typically signaling overbought conditions when surpassing 70. This situation hints at the possibility of profit-taking or a slight downturn in the coming days.
Despite indicating a robust bullish sentiment with an RSI above 50, THORChain might be treading into overextended territory, potentially requiring cautious observation for signs of a market correction or adjustment.
Source: Santiment
Meanwhile, according to Santiment’s research, there is a decline in the social dominance of the RUNE cryptocurrency, which means there is less of a presence and conversation on social media. When conversations do happen, they usually center on the altcoin’s remarkable rise, which may allude to investor anticipation of an upcoming fall.
In line with this reality is the rising open interest, which is the sum of all long and short positions in the market. After such a meteoric increase of 120%, short sellers should outnumber long sellers for RUNE among traders.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Frank Cone/Pexels
