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Factors That Suggest A Recovery For The ADA Price

Even with the Cardano network hitting seeing good metrics over the last month, the ADA price has remained rather stale in its performance. However, this trend might soon change for the digital asset as multiple developments have emerged that could fast-track its recovery. Cardano Whales Go To Market It is no secret that Cardano whales have often doubled down on their positions even at times when the digital asset has suffered from the bear trends. This has not changed, especially with the most recent dip in the ADA price, which sent the whales into a buying frenzy instead of dumping their holdings. Related Reading: Cardano: Factors That Could Drive ADA Price As High As $12 Earlier in the week, ADA fell as low as $0.2422, which is the second-lowest that the price has been this month but this did not deter believers in the coin. Instead, Cardano whales increased their activity, suggesting that they were scrambling to buy the digital asset at what is believed to be a low price. Whales increase activity following dip | Source: IntoTheBlock Data from IntoTheBlock showed that these whales moved over $3 billion worth of ADA on Monday alone. While this doesn’t exactly serve as evidence for buying, the time frame in which this happened is what points toward accumulation. The whales began to move these tokens not long after the price dip. Additionally, since then, the digital asset has been showing strength with the ADA price recovering and eventually beating the resistance at $0.245. This continued show of strength on the part of the altcoin suggests that the whales had been buying the token rather than selling it. In this case, they expect the ADA price to continue to rise, and choose to add to their positions. ADA Price Could Be Poised For A Rally Another interesting development on the Cardano network that could boost the ADA price is the rise in its active users. IntoTheBlock’s data showed a prominent jump in the daily active users that brought it up to over 42,500 addresses. This translates to a more than 60% increase from the prior figures. Related Reading: Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy? Now, the daily active addresses have begun to correct downward with the DeFi tracking website DeFiLlama showing a total of 31,846 active users in the past 24 hours. Nevertheless, this remains significant, surpassing the likes of Avalanche at 29,042 daily active users. This surge in active addresses suggests rising interest in the Cardano network. Given that ADA is the token that powers the entire ecosystem, a rise in activity means more demand for the token as users need it to carry out transactions. The ADA price has also been trading in a tight range for some time. So a bounce from there would see the token’s price retest the $0.26 resistance in no time. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Wccftech, chart from

Curve (CRV) Is Up 20%, But This Whale May End The Run

Curve has observed gains of more than 20% in the past week, but this rally may not continue for long, as a whale has made a large move to exchanges. Curve Has Enjoyed A Sharp Rally Over The Past Week CRV has gone against the grain recently as it has registered some sharp bullish momentum during a period where the largest coins in the sector, like Bitcoin and Ethereum, have struggled. Following this latest uptrend, the Curve DAO token’s price has risen above the $0.52 mark. Here is a chart that shows how the cryptocurrency has performed over the past month: Looks like the value of the coin has significantly gone up in recent days | Source: CRVUSD on TradingView In the past week, CRV is up more than 20%, which makes it the best-performing coin among the top 100 cryptocurrencies by market cap. The outperformance is by quite a distance, too, as many of the assets are in the red for the period. Now, the main question on the minds of the Curve DAO token holders is: can the asset keep up its rally? In the sharp surge a few days back, the asset had briefly managed to breach the $0.56 level, but the asset had quickly returned to the current level. Related Reading: Bitcoin Mining Now Most Sustainably-Powered Global Industry: Data Since then, CRV has been moving sideways, suggesting a slowdown in the buying pressure. While the asset has continued to hold at the current levels positive, some investors may be becoming restless, like a certain whale. CRV Whale Has Made A Sizeable Deposit To Binance Today According to data from the cryptocurrency transaction tracker service Whale Alert, a large CRV transfer has been spotted on the Ethereum blockchain during the past day. The transaction in question involved the movement of about 33.3 million CRVs, worth approximately $17.3 million at the time the transfer took place on the network. Given the large size of the move, it’s likely that a whale entity is behind it. As for what this humongous holder may have wanted to accomplish with the transfer, the full details may reveal some context. This massive transfer appears to have only needed a fee of $0.56 to go through | Source: Whale Alert It would seem like the sending address in the case of this transaction was an unknown wallet, meaning that it was unattached to any known centralized platform and was likely the whale’s personal, self-custodial wallet. Related Reading: Bitcoin Mega Whales Return To Selling Mode, More Downside Soon? The destination of the move was the Binance exchange. As one of the main reasons investors use these platforms is for selling-related purposes, there is a chance that the deposit has been made for dumping. If this is truly the whale losing patience and taking profits at the current price level, then the Curve DAO token may observe at least a temporary pullback in the coming days. Featured image from Todd Cravens on, chart from

XRP Price At Risk? SEC Chair’s Congressional Testimony Fuels Ripple’s Legal Battle

The cryptocurrency sector, particularly Ripple Labs, has been embroiled in a scenario of concern and uncertainty following a contentious exchange between the US Securities and Exchange Commission’s (SEC) chair, Gary Gensler, and the House Financial Services Committee in Congress which could affect the XRP price.  Despite Ripple’s partial legal victory against the SEC, Gensler’s stance remains unchanged, as he emphasized the regulatory body’s determination to pursue an interlocutory appeal in the ongoing case. This has raised further questions and apprehension within the industry. Congressman Highlights Ripple Case’s Far-From-Over Status During the hearing, Congressman Stephen F. Lynch expressed his concern about the potential pattern whereby court battles become the norm to determine the classification of individual tokens as securities.  While Gensler did not respond directly, he mentioned the SEC’s filing for an interlocutory appeal, highlighting the regulator’s intent to continue the legal battle. Lynch acknowledged that the case is far from over. Related Reading: Chainlink (LINK) Brushes Off Market Downtrend, Scores 11% In Last Week On August 17, Judge Torres granted the SEC’s request to file an interlocutory appeal, granting the regulatory body an opportunity to present a compelling case to the Second Circuit.  However, it’s important to note that this permission only allows the SEC to file the motion for an interlocutory appeal, presenting a significant opening for the regulator to challenge the previous ruling and seek a different outcome. These recent developments, as highlighted by Congressman Lynch, indicate that the ongoing Ripple case may take considerable time to resolve.  As a result, XRP is likely to remain stagnant, trapped in a consolidation phase, or potentially retracing beyond its current levels. This could potentially push the cryptocurrency to pursue another annual low, extending beyond the $0.4225 mark reached on August 17. XRP Price Analysis Points To Potential Macro Uptrend Despite the legal battles and the uncertainty surrounding the current state of the crypto market, some signs might point to a different scenario, where XRP could follow a macro uptrend.  Technical analysis highlights a pattern resembling the last market cycle, which consists of five phases: rise, crash, retrace, reaccumulation, and eventual breakout. Drawing parallels to previous cycles, many coins have experienced explosive growth beyond their previous all-time highs after the reaccumulation phase.  For instance, Bitcoin went through its reaccumulation phase during the COVID-19 pandemic. Still, due to the ongoing lawsuit, XRP has entered a more prolonged reaccumulation phase in the form of an Elliott wave triangle, similar to the previous cycle.  Currently, the market is in phase E, which suggests a potential retracement upwards, followed by another dip to lower levels. Eventually, there is anticipation for a breakout from this massive triangle, leading to a new all-time high likely to occur next year or the year after. Related Reading: LINKing The Dots: Why Chainlink Could Be The Altcoin To Watch, Top Trader Says While some argue that the XRP price fate depends on Bitcoin’s performance, it is worth noting that when comparing XRP to BTC, it is also within an accumulation range and exhibits a bullish outlook. From this perspective, XRP is expected to outperform other alternative coins significantly. However, for the XRP price to sustain an extended uptrend in the near term, it must overcome significant resistance levels that pose potential challenges. In the immediate time frame, XRP faces a resistance at $0.5132, followed by two additional formidable barriers, which are expected to be particularly challenging in the coming weeks. XRP’s 50-day and 200-day Moving Averages (MAs) are currently positioned at $0.5194 and $0.5318, respectively. These MAs, once considered reliable support levels, have failed to hold, necessitating a significant catalyst for XRP to surpass them.  This is evident in the chart, depicting the partial victory on July 13, when XRP surged above both MAs. However, since August, XRP has been trading below them. Featured image from Shutterstock, chart from

Curve Founder Michael Egorov Clears Aave Loan, Reduces Total Debt To $42.7 Million

Michael Egorov, founder of Curve Finance, has settled his loan on the Aave Protocol and cut his total debt to $42.7 million.  Egorov’s DeFi debt profile was revealed on August 1 following a Curve Finance hack that extracted $73.5 million worth of assets across various liquidity pools.  As expected, the exploit caused a significant decline in the price of CRV, with the Curve governance token losing over 24% of its value in a single day, based on data from CoinMarketCap. This fall in CRV’s market price brought much attention to Egorov’s multiple debt positions.  According to a report by blockchain research firm Delphi Digital, it was revealed that the Curve Finance founder owed around $100 million across several DeFi protocols. Interestingly, these loans were collateralized by 427.5 million CRV tokens, representing 47% of the entire CRV circulating supply.  Therefore, the dwindling price of CRV presented a threat of liquidation, which could have been dangerous to the entire DeFi ecosystem.  Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Michael Egorov Closes Debt Profile On Aave Protocol According to a report on Wednesday by the on-chain analytics platform Lookonchain, Micheal Egorov has now cleared his debt on the Aave protocol.  The report stated that the Curve Founder deposited 68 million CRV, worth $35.5 million, on DeFi lending protocol Silo before proceeding to borrow $10.77 million worth of the stablecoin crvUSD. After that, Egorov swapped the crvUSD tokens for USDT and finalized the repayment of his debt on the Aave Protocol.  Related Reading: Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning Egorov’s Current Debt Profile  Based on more data from Lookonchain, Michael Egorov’s total debt now stands at $42.7 million spread across 4 lending protocols: Fraxlend, Silo, Inverse Finance, and Cream Finance. In detail, the Curve Finance founder has his largest debt on Silo, where he owes 17.14 million crvUSD backed by 105.8 million CRV, worth $55.3 million. On Fraxlend, Egorov owes 13.08 million FRAX, collateralized by 68.7 million CRV, valued at $35.94 million.  While on Inverse Finance, Michael Egorov has an outstanding debt of 10 million DOLA, backed by 66.18 million CRV, worth $34.5 million. The Curve Finance founder’s lowest debt can be found on Cream Finance, which comprises 2.02 million USDT and 506,000 USDC, secured by 13 million CRV, valued at $6.8 million.  Altogether, Egorov’s $42.7 million debt is backed by 253.67 million CRV, worth $132.53 million, representing 28.87% of the total CRV circulating supply.  CRV trades at $0.516 when writing, with a 2.99% gain on the last day. Meanwhile, the token’s daily trading volume is down by 0.73%, valued at $33.85 million. CRV ranks as the 70th largest cryptocurrency with a market cap value of $452.87 million. CRV trading at $0.5161 on the hourly chart | Source: CRVUSDT chart on Featured image from Entrepreneur, chart from Tradingview

Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price

The Bitcoin price has been trading sideways for a while now but this will not always be the case. While there is a chance that the price could end up swinging downward and crashing, a crypto analyst has predicted that a surge in the cryptocurrency’s price is on the horizon. Bitcoin Price Breakout Is Coming A crypto analyst who has grown to prominence on the TradingView site has put forward a bullish prediction for the Bitcoin price. The analyst who goes by the pseudonym Tolberti mapped out a yellow trend line which he believes points toward the next bull rally for the coin. Related Reading: Early Rejection Of 21Shares Spot Bitcoin ETF Sparks Concerns The trend line sits just above the $26,000 level which means that the cryptocurrency is currently close to it. The analyst explains that the BTC price remains bullish despite recent performance, especially as the month of October draws close. Using the Fibonacci retracement which sat at 0.618, Tolberti points out the next significant resistance for Bitcoin. From here, he puts it at $29,167, which after beating, the analyst expects the Bitcoin price to surge above $30,000. A surge of this magnitude would mean that the Bitcoin price rises at least 15% from its current level. Tolberti’s chart outlining the forecast | Source: However, it is not all easy sailing from here as the bears will not give up the fight easily. Speaking about the yellow trend line, the analyst said it is “a gateway to the ultra-huge bull market. Once it breaks, I expect a massive uptrend.” But he cautioned traders to “be aware of a possible retest first. Your stop-loss needs to be safe!” How High Can BTC Price Go? Tolberti’s bullish profile for the Bitcoin price also runs through to the long term. Just like a lot of other analysts, Tolberti expects the cryptocurrency to trade in the six digits in the next bull market. For his long-term prediction, he puts Bitcoin at a price of $125,000. According to a previous analyst, he believes that the Bitcoin price will reach this level sometime in the second quarter of 2025. Interestingly, Bitcoin is not the only cryptocurrency the analyst is bullish on. Altcoins were not left out of the post with the likes of Ethereum (ETH), Dogecoin (DOGE), and XRP making an appearance as other bullish tokens. Related Reading: Upcoming Optimism Unlock Threatens To Drag OP Below $1 Given this forecast, Tolberti believes that the current price of Bitcoin is a good price for investors to buy. “26k is still a good price for Bitcoin to buy in the long term because I expect 120k in 2025,” the post read. Bitcoin is currently showing strength because it continues to hold above $26,000 after the SEC delayed the 21Shares Spot Bitcoin ETF decision. It is currently trending at $26,275, although it’s down 3% in the last week. BTC price shows strength above $26,000 | Source: BTCUSD on Featured image from Breet, chart from

Bitcoin Bearish Signal: Long-Term Holders Deposit To Exchanges

On-chain data shows that Bitcoin long-term holders are making deposits to exchanges currently, something that could be bearish for the price. Bitcoin Exchange Inflow CDD Has Spiked Recently As explained by an analyst in a CryptoQuant Quicktake post, investors have been making deposits to spot exchanges recently. There are two relevant indicators here: the “exchange inflow” and the “exchange reserve.” The former of these keeps track of the total amount of Bitcoin that the holders are transferring to centralized exchanges, while the latter one measures the total amount sitting in the wallets of these platforms. When the value of the inflow metric spikes, it means that the investors are moving a large number of coins to the exchanges. As one of the main reasons why holders may make such transfers is for selling-related purposes, this kind of trend can be a sign that selling is occurring. Related Reading: Bitcoin Mining Now Most Sustainably-Powered Global Industry: Data Since selling activity occurs on the spot exchanges, the quant has restricted the exchange inflow and reserve indicators to track only the data related to the spot platforms. The analyst has also chosen another modifier on the exchange inflow: the “Coin Days Destroyed” (CDD). In simple terms, what the CDD checks for is the activity of dormant coins in the market. Tokens that have been sitting in wallets for a long time accumulate a large number of “coin days” (where 1 coin day corresponds to 1 BTC staying still for 1 day) and when these coins finally move, the coin days are reset or “destroyed,” which is the number that the CDD measures. The exchange inflow CDD naturally only keeps track of the coin days being destroyed through transfers to exchanges. Now, here are the charts that show the trends in the 7-day simple moving average (SMA) value of this Bitcoin indicator and the 14-day SMA exchange reserve: Looks like both of these metrics have gone up in recent days | Source: CryptoQuant From the first graph, it’s visible that the Bitcoin exchange inflow CDD has registered a sharp spike recently. This would suggest that a potentially large number of dormant coins have been moved into these platforms. Usually, the CDD having large values like these can be a sign that the “long-term holders” (LTHs) are on the move. The LTHs (defined as holders carrying their coins since at least six months ago) are the most resolute bunch in the market, so their depositing to exchanges can be something to watch for, as it implies that the market has made even these diamond hands waver. Related Reading: Bitcoin Mega Whales Return To Selling Mode, More Downside Soon? As is visible from the second chart, the exchange reserve has also gone up alongside this spike in the exchange inflow CDD, suggesting that there haven’t been enough withdrawals to make up for these inflows. It now remains to be seen what effect these possible selling moves from the LTHs may have on the Bitcoin price in the coming days. BTC Price Bitcoin has continued its stagnant price action recently as its price is still trading around the $26,400 mark. BTC has continued to display boring price action in the last few days | Source: BTCUSD on TradingView Featured image from, charts from,

LINK Price Broke Critical Level, Macro Downtrend Behind? Analyst Forecasts

The LINK price has been the best performer in the crypto top 20 by market cap over the past week, data from Coingecko shows. The cryptocurrency recently broke out of a critical level and a downtrend and seems poised to re-capture previously lost territory. Related Reading: LINK Price Extends Increase, Will Chainlink Bulls Be Able to Hit $8.5 Milestone? As of this writing, the LINK price trades at $7.70 with a 4% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded a 12% profit while other tokens in the top 20 have mostly seen losses, with Bitcoin Cash (BCH) standing as the exception along with Chainlink. LINK Price About To Start Uptrend? When the LINK price broke below in early 2023, the cryptocurrency began to descend to its current levels. The price struggled to stabilize around $5.5, but once buyers stabilized the cryptocurrency around those levels, the token formed a sideways trend. Since May this year, the LINK price has been moving in this trend with a high of around $8. The chart below shows that trader Rekt Capital believes the token’s recent price action spells good news for LINK holders. The chart above shows that LINK broke above an essential trend after closing a weekly candle above $7. Thus, the cryptocurrency could rise to $10.5 before meeting any critical resistance. If the token can extend its gains, the next target could see LINK hitting $16.5 as an ultimate stand for bears to take back control and prevent a full-on bull run above $20. As of this writing, the crypto market, at least its two most important tokens, Bitcoin (BTC) and Ethereum (ETH), are playing along on short timeframes. These cryptocurrencies recorded a 2% and 2.4% profit in the last 24 hours. Stars Align For Chainlink In addition to the favorable winds in the crypto market, the Chainlink platform is strengthening its fundamentals. Today, the platform launched its Cross-Chain Interoperability Protocol (CCIP) on the Coinbase-backed second-layer network Base. Related Reading: Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction This integration is set to onboard more applications and use cases on the Chainlink network. Thus, the underlying asset could benefit from greater appreciation in the long run. John Eid, Chief Business Officer at Chainlink Labs said the following about the integration: Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry. The scalability and technological creativity of Base as a layer 2 solution, combined with an ever increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services. Cover image from Unsplash, Chart from Tradingview and Rekt Capital