Bitcoin’s SOPR hits 1, but what does that mean for traders like you?

Bitcoin's SOPR hitting 1 can be interpreted as a sign of wary caution across the market.

https://ambcrypto.com/bitcoins-sopr-hits-1-but-what-does-that-mean-for-traders-like-you/

Tanzania Reportedly Blocks X Amid Opposition Crackdown

The East African nation of Tanzania has reportedly restricted access to the social media platform X (formerly Twitter). This ongoing outage has been confirmed by Netblocks, an internet observatory organization. The incident coincides with a police alert regarding alleged plans by the opposition party to raid police stations. Prominent politician Tundu Lissu and four other […]

https://news.bitcoin.com/tanzania-reportedly-blocks-x-amid-opposition-crackdown/

Will MANA Hold The Line? Key Trendline Retest Could Lead To An Upsurge

Decentraland (MANA) is at a critical juncture as it faces a key trendline retest that could determine its next major move. With the price hovering near a crucial support level, market watchers are keen to see whether MANA will hold the line and spark a bullish reversal.

A successful defense of this trendline could trigger an upsurge, propelling the cryptocurrency to new highs. However, failure to hold could lead to increased volatility and uncertainty. All eyes are now on MANA’s ability to withstand the pressure and potentially set the stage for a significant breakout.

This article aims to examine MANA’s critical trendline retest and its potential to ignite a bullish upsurge. We will explore the technical factors at play, assess key support and resistance levels, and consider the market sentiment driving this pivotal moment, providing traders and investors with insights into whether MANA is poised for a breakout or if a reversal is on the horizon.

Market Sentiment: Are Bulls Ready To Take Charge? MANA’s price is currently trading below the 100-day Simple Moving Average (SMA) on the 4-hour chart, with a clear attempt to retest bearish territory. This price action indicates that bearish forces remain dominant in the market and could push the price further down toward the key trendline support level.

Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has fallen below the 50% mark, now sitting at 33%. With the RSI hovering in the lower range, there is a heightened likelihood that the price may continue to lose ground, potentially moving toward a critical trendline retest.

On the daily chart, MANA has been on a bearish trajectory, moving to retest the trendline after briefly trading above it and below the 100-day SMA, as evidenced by multiple bearish candlesticks. This downward movement reflects strong selling pressure and negative market sentiment, increasing the probability of the price reaching the trendline again.

Finally, the 1-day RSI shows bearish pressure on MANA. The signal line has dropped below 50%, now resting at 45%, which signals intensifying selling pressure and a growing negative sentiment for the digital asset.

Support Vs. Resistance: What’s Next For MANA? If MANA’s price reaches the bearish trendline and faces a rejection, it could set the stage for a significant upsurge, and $0.3103 could be the next resistance zone. A successful breakout above this resistance could signal further gains reinforcing the bullish trend aiming at the next resistance range at $0.3483 and other levels beyond.

Should MANA fail to hold below the bearish trendline, it may experience consolidation or fall back to the $0.2559 support level. When the price breaks through this support, it could continue its downtrend, possibly targeting $0.2170 and other lower support levels.

Currently, MANA is trading around $0.2792, marking a 3.7% decline. The cryptocurrency’s total market capitalization stands at $518 million, with a trading volume of $27 million in the last 24 hours. During this period, MANA’s market cap has decreased by 3.10%, and its trading volume has increased by 14.80%.

https://www.newsbtc.com/news/decentraland-mana/key-trendline-retest-could-lead-to-an-upsurge-for-mana/

Trader Who Nailed Bitcoin Pre-Halving Correction Says Bargain Period Has Ended for BTC – Here’s His Forecast

A crypto strategist who accurately called this year’s pre-halving Bitcoin correction believes the time to accumulate discounted BTC is over.

Pseudonymous analyst Rekt Capital tells his 494,700 followers on the social media platform X that Bitcoin is on the verge of reclaiming its reaccumulation range.

The trader shares a chart showing that Bitcoin has historically shown strength after reclaiming its accumulation range.

“History has repeated. The downside deviation is over. The bargain-buying period has ended.

Bitcoin is on the cusp of confirming a reclaim of its weekly re-accumulation range.”

Source: Rekt Capital/X The crypto strategist also says Bitcoin looks primed to challenge its diagonal resistance that has kept BTC bearish since March as long as it trades above a key price area.

“Week one in the cross-channel ascent likely already underway, provided Bitcoin continues to stay above ~$61,500 going into the new weekly close.”

Source: Rekt Capital/X With Bitcoin trading at $64,245 at time of writing, Rekt believes that “the uptrend has resumed” for BTC. The analyst thinks that Bitcoin is now in a position to sustain its ascent after capitulating to as low as $48,000 earlier this month.

“We’ll be very lucky if BTC rejects from $71,500 again.”

Zooming out, Rekt says BTC needs to close August above $64,500 to confirm the end of its high time frame downtrend.

“Bitcoin is now challenging the series of lower highs on the monthly timeframe (blue). Monthly close a little above current prices and Bitcoin would break the trendline resistance and the downtrend would be over.”

Source: Rekt Capital/X Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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&nbsp Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3

The post Trader Who Nailed Bitcoin Pre-Halving Correction Says Bargain Period Has Ended for BTC – Here’s His Forecast appeared first on The Daily Hodl.

https://dailyhodl.com/2024/08/25/trader-who-nailed-bitcoin-pre-halving-correction-says-bargain-period-has-ended-for-btc-heres-his-forecast/

PEPE nears key level: What does a 13% increase mean for holders?

PEPE tests crucial support after a 13% rally.

https://ambcrypto.com/pepe-nears-key-level-what-does-a-13-increase-mean-for-holders/

DMM Group and Progmat Collaborate to Create a Regulated Stablecoin

Digital asset platform Progmat and DMM, a Japanese entertainment giant, are collaborating to create a new stablecoin on the Progmat Coin platform. The stablecoin will be used within the Seamoon Protocol, a Web3 network for culture and entertainment. DMM Crypto, a subsidiary of DMM Group, expects to utilize the stablecoin to enhance user experiences and […]

https://news.bitcoin.com/dmm-group-and-progmat-collaborate-to-create-a-regulated-stablecoin/

Did Ethereum ETFs help BlackRock surpass Grayscale’s holdings?

In a historical shift, BlackRock ETFs holdings surpassed Grayscale. What was the aftermath of this rise?

https://ambcrypto.com/did-ethereum-etfs-help-blackrock-surpass-grayscales-holdings/

Will Bitcoin Surge Over $60K? Meme Coins on TRON Soar in Popularity: Weekend Watch

The markets remained relatively calm today and even made slight progress. The total capitalization is inching closer to $2.2 trillion, as most coins are charting marginal gains. Bitcoin’s Price Tests $60K Bitcoin’s price is consolidating around $60K, and many analysts believe it’s about to soar back above that. In the past 24 hours, BTC tried […]

https://cryptopotato.com/will-bitcoin-surge-over-60k-meme-coins-on-tron-soar-in-popularity-weekend-watch/

Coinbase impulsa la integración de inteligencia artificial con criptomonedas a través de nuevas subvenciones

CRIPTO TENDENCIA

Coinbase ha lanzado un programa de subvenciones para integrar IA con criptomonedas, otorgando USD 3.000 a proyectos participantes.

La entrada Coinbase impulsa la integración de inteligencia artificial con criptomonedas a través de nuevas subvenciones se publicó primero en CRIPTO TENDENCIA.

https://criptotendencia.com/2024/08/18/coinbase-impulsa-la-integracion-de-inteligencia-artificial-con-criptomonedas-a-traves-de-nuevas-subvenciones/

Ethereum Price In Danger? Metalpha Withdraws 10,000 ETH From Lido To Binance

According to the latest on-chain data, a crypto company has redeemed and transferred a significant amount of Ether tokens from the staking platform Lido to the cryptocurrency exchange Binance. Could this hold a bearish consequence for the Ethereum price?

Is ETH Price Preparing For Further Correction? According to data from Arkham Intelligence, digital asset management firm Metalpha redeemed 10,000 ETH (worth about $26 million) from the liquid staking platform Lido on Saturday, August 17. Following the withdrawal to the Metalpha-labeled Gnosis Safe Proxy wallet, the Ether tokens were then sent to Binance, the world’s largest cryptocurrency exchange.

It is worth keeping an eye on this type of asset movement, especially considering the direction and magnitude of this transfer and the potential impact on the Ethereum price. Moreover, these fund movements could provide an insight into the sentiment amongst institutional and large investors at the moment.

As shown on Arkham’s dashboard, the ETH tokens were transferred from a Gnosis Safe Proxy wallet to a wallet on the Binance exchange. Gnosis Safe Proxy wallets are known for their multi-signature feature, which requires authorization from multiple parties to execute a transaction.

While the multi-sig nature of the sender wallet is quite interesting, the move of assets to a custodial wallet on a centralized exchange is an even bigger narrative. Typically, when investors transfer their digital assets to an exchange, it implies that they want to utilize one of these centralized platform’s services, which includes selling.

Consequently, the latest flow of Ether tokens to the Binance platform could carry bearish consequences for the Ethereum price, if Metalpha does intend to sell with this move. With the rationale behind this move unknown, it remains to be seen whether the altcoin will feel downward pressure off the back of the transaction.

Ethereum Price At A Glance As of this writing, the ETH token has yet to witness any significant price movement in the last few hours. Instead, the Ethereum price has continued to consolidate around the $2,600 level, with a mere 0.5% increase in the past day.

Nevertheless, the second-largest cryptocurrency is in a much better position than it was less than two weeks ago. The Ethereum price has shown good signs of recovery after falling to a multi-month low of $2,200 in early August.

On the broader timeframe, though, the price of ETH seems to have lost the momentum it displayed earlier in 2024. According to data from CoinGecko, the price of ETH is still down by nearly 25% in the past month.

https://www.newsbtc.com/news/ethereum/ethereum-price-in-danger-metalpha-withdraws-10000-eth-from-lido-to-binance/