#breakout?

When I had put up with the drugs, therapy, and constant supervision far longer than long enough, I pleaded for them to let me come home.

“I just don’t think you are ready. Just because the doctor says you could come home, doesn’t mean you should.” She would say.

I would argue and she would say that was proof that I wasn’t really ready.

But weeks turned into months. I cooperated and did what the doctors asked, resigned to proving my sanity. The days of solitude dragged out with fewer and fewer visits to the point that my mother would visit maybe every two weeks. My father had stopped coming altogether after the fourth month, my mother would always say something about how business was picking up and that he would come next time. But he never did.

AVAX Tallies 23% In Past Week, Buyers Accumulate For Breakout

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Avalanche (AVAX), the native token of the Avalanche blockchain, has witnessed a notable price surge of 27.39% over the past seven days, capturing the attention of traders and investors. Currently facing strong resistance at the EMA50 daily level, AVAX is showing promising signs of potential bullish momentum. As buyers accumulate AVAX anticipating a breakout, optimism grows within the market.

As of the latest data, Avalanche is trading at $15.45 per AVAX, showcasing impressive price growth within the past week. With a circulating supply of 345,845,505.008 AVAX, the token’s total market capitalization stands at $5,294,894,681.68. Furthermore, AVAX has experienced a substantial surge in trading volume, which has increased by $2,091,996,941.63 in the last 24 hours, marking a significant 381.96% rise. In the past day, approximately $547,703,576.77 worth of AVAX has been traded.

Avax has experienced a bullish trend: source @tradingview

AVAX: Strong Resistance And Accumulation

The EMA50 daily level has emerged as a formidable resistance point for the coin, presenting a considerable challenge for buyers to overcome. However, buyers’ increasing accumulation of AVAX indicates a positive sentiment and a belief in the token’s potential to breach the resistance level. Traders have noticed similarities between AVAX and other successful cryptocurrencies, drawing comparisons that suggest a potentially significant price surge.

Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board

Looking at the technical indicators, its relative strength index is at 65 in the neutral zone between the oversold region of 50 and the overbought region of 75. The Moving Average Convergence/Divergence (MACD) is currently in the buy zone which is a bullish signal. In addition, the histogram bars are green and signal that a bullish trend is ahead and if the bulls persist, the crypto is likely to have a sustained uptrend in the coming days

Growing Investor Interest And Bullish Sentiment

The ongoing accumulation of AVAX demonstrates a growing interest and confidence among investors in the token’s underlying technology and future growth potential. As buyers strategically position themselves at key support regions, they aim to capitalize on the anticipated breakout and potential price appreciation. This accumulation activity is a positive indicator for AVAX and reinforces the belief that the token’s price could experience a notable upward movement.

Market participants closely monitoring Avalanche have identified similarities between its current price pattern and other successful cryptocurrencies. In particular, the comparison with SOL, which experienced a significant surge after successfully breaking through a crucial resistance level, adds to the overall bullish sentiment surrounding AVAX. These comparisons contribute to the growing optimism within the market.

Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party?

While the accumulation of AVAX and the anticipation of a breakout are encouraging signs, it is essential to acknowledge the highly volatile nature of the cryptocurrency market and the potential influence of various market forces. Traders should exercise caution and consider other technical indicators and market factors that may impact AVAX’s price trajectory.

(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 iStock, chart from TradingView

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Ethereum Price On The Verge Of Rectangle Pattern Breakout: Is $2000 Within Reach?

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At the time of writing, ETH was priced at $1,870. The daily chart indicated a potential breakout as the price approached the upper boundary of a rectangle pattern. The crucial overhead resistance for Ethereum was identified at $1,880.

If the price managed to surpass this level, it could potentially exceed $1,900 and ultimately reach the milestone of $2,000.

However, it was essential for ETH to surpass the $1,880 mark in the upcoming trading sessions. On the downside, there was a local support level of $1,820. A dip below this point could lead to a decline towards $1,770.

Technical Analysis

Ethereum depicted a downtick in demand on the one-day chart | Source: ETHUSDT on TradingView

The inability to break through the $1,900 level had a detrimental impact on investor confidence, resulting in ongoing challenges for Ethereum regarding demand on the daily chart. The Relative Strength Index (RSI) remained positive, although it suggested a relatively low level of demand.

Furthermore, Ethereum’s current position below the 20-Simple Moving Average line indicated a decline in buying strength, indicating that buyers were gradually losing control of the price momentum.

Ethereum depicted an increase in capital outflows on the one-day chart | Source: ETHUSDT on TradingView

In addition to the low buying strength, ETH also experienced a decline on capital inflows. This indicated a decline in investor interest, as evidenced by the Chaikin Money Flow indicator.

Conversely, the Moving Average Convergence Divergence (MACD) formed declining red histograms, suggesting a potential breakout in the upcoming trading sessions. The MACD is a useful tool for identifying price momentum and trend changes.

The next trading sessions will be critical for ETH. It will determine whether the market will be driven by bears or bulls, ultimately influencing the price.

Featured image from UnSplash, charts from TradingView.com

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Shiba Inu (SHIB) Breakout Alert: Potential 30% Rally Looming

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The Shiba Inu (SHIB) price may be facing the most important moment this year, which could either push the price up another 30% or seal its stay in the bear market. For the SHIB bulls, now is the time to show their true strength.

To recall: earlier this year, SHIB experienced a furious rally of close to 100%. But since the yearly high on February 4, at $0.00001597, the Shiba Inu price has been in a descending trend channel, which has even pushed the price well below the yearly opening price at around $0.000008.

Over the past weekend, the long-awaited breakout from the descending trend channel took place. The Shiba Inu price broke above the top of the trend channel at $0.0000076 and managed to hold firm above this level on Sunday. However, some selling pressure can be observed today (Monday). A retest of the breakout from the trend channel is taking place.

SHIB price breakout or fakeout, 1-day chart | Source: SHIBUSD on TradingView.com

Based on this, it is now up to the SHIB bulls to confirm the trend and avoid a fakeout. If this fails, investors could quickly lose interest in Shiba Inu again and the price could fall towards the mid-range of the trend channel and the yearly low at $0.000006.

If the breakout is confirmed, however, resistance at $0.00000833 could become the first target. At this price level, the 23.6% Fibonacci retracement level is also located.

With the daily RSI currently sitting at 49, there is still much room left for an explosive move north which could send SHIB on a 30% rally towards the resistance area between $0.00000969 (200-day EMA) and $0.00000977 (38.2% Fibonacci retracement level), before the psychologically important level of $0.00001 is also within reach. At this point, a breather from a possible rally can be expected.

Bullish Case For Shiba Inu Price Prevails

Santiment, a renowned market intelligence platform, has highlighted the renewed interest in Shiba Inu, evident through a surge in whale transactions. Recent data reveals an astonishing 14 separate transfers exceeding $1 million each as of July 6, the highest level recorded since April 3 this year. Such significant movements of capital not only underscore the confidence of prominent investors but also serve as a testament to the growing trust and belief in the potential of the Shiba Inu ecosystem.

Shiba Inu whales getting active | Source: Twitter @santimentfeed

A compelling factor contributing to the price rise of Shiba Inu also lies in the generation of new addresses within its network. As reported by Bitcoinist, Shiba Inu has witnessed a substantial increase in the creation of daily addresses, consistently surpassing 2,500 per day in recent weeks. The month of June alone witnessed a staggering surge, with daily new addresses exceeding 4,000, marking an incredible 400% rise from the quarterly low in May. The significance of this surge in new addresses cannot be underestimated. as it shows the renowned interest by retail investors.

Another factor amplifying Shiba Inu’s price upswing is the heightened anticipation of Shibarium. Enthusiasts and investors firmly believe that Shibarium’s launch will exert a substantial influence on the value of Shiba Inu’s ecosystem. With the official confirmation of Shibarium’s unveiling at the upcoming ETHToronto conference in mid-August, the SHIB army is abuzz with anticipation and speculation.

Featured image from iStock, chart from TradingView.com

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XRP Bullish Trend Strengthens, Why A Breakout Could Be Coming

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The number sixth ranked cryptocurrency by market cap, XRP, is showing signs of a strengthening bullish trend according to a technical indicator designed to measure the underlying power behind price movements. 

Historically, when a particular signal appears on the monthly timeframe, a breakout occurs and sends the coin soaring higher. 

XRP Trend Strength Rises Above Key Level As Bulls Get Bold

XRP is still stuck at the center of a legal battle with the SEC, but technicals are potentially pointing toward a positive outcome in the case. That is according the Average Directional Index, which shows a strengthening bullish trend on weekly timeframe. 

The ADX was created by J. Welles Wilder, Jr. who also developed the Relative Strength Index, Parabolic SAR, and Average True Range. It was designed to gauge trend strength. 

A reading above 20 indicates a growing trend, while a reading below the level suggests a lack of a clear trend. When readings reach 50 or higher, a trend is strong but possibly becoming overextended. XRP weekly charts are currently at 25 and marching higher. 

The trend is getting stronger by the week | XRPUSD on TradingView.com

Getting Directions From The Crypto Market On What’s Ahead

The ADX uses two other indicators in its calculation: the positive directional indicator and negative directional indicator. If the +DI is above the -DI then the market is bullish and vice versa. 

In the image above, the +DI is above the -DI highlighting that bulls are in control on the weekly timeframe. The same is true on monthly timeframes, yet the largest moves in XRP arrive when the +DI rises above the ADX itself. 

The ADX takes both the -DI and +DI and combines them, then smoothes the results. As such, the stronger the +DI becomes, the more it influences the ADX to increase. Could a growing weekly trend and ADX help give the monthly +DI that it needs?

If the monthly DI+ can spike above the ADX, #XRP will have one hell of a run pic.twitter.com/rzb4iTpvDK

— Tony “The Bull” (@tonythebullBTC) June 14, 2023

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Bitcoin Price Prediction and Potential Breakout; Eyes on FOMC and Fed Rate

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The most prominent cryptocurrency, Bitcoin, is currently being closely monitored for potential price predictions and breakout opportunities. 

Traders and investors are eagerly awaiting the upcoming Federal Open Market Committee (FOMC) meeting and Fed Rate announcement, as these events have the potential to impact the cryptocurrency market significantly. 

The decisions and statements made by the FOMC regarding monetary policy and interest rates can profoundly affect the direction and volatility of Bitcoin and Ethereum. 

As market participants anticipate these crucial updates, the focus remains on predicting the future price movements and potential breakouts for both cryptocurrencies.

BTC Price Seesaws Below $26,000 After CPI Release, Investors Await Fed’s Rate Hike Decision

Following the release of the May Consumer Price Index (CPI) on Tuesday, Bitcoin experienced a momentary boost as inflation showed signs of decline.

The leading cryptocurrency, with the highest market capitalization, was trading at $26,008, representing a less than 0.50% decrease in the hour following the US Bureau of Labor Statistics announcement. 

The CPI revealed a 4% increase, which was slightly better than the anticipated 4.1% and lower than April’s 4.9%.

While the US economy and Bitcoin are both doing well today, any hiccup caused by tomorrow’s interest rate decision or the impending recession in the US is likely to be favorable for crypto assets.

Many people believe that the Federal Reserve won’t raise interest rates this month, but many experts and economists think that the Fed will keep this pause in place for the full year 2023.

Given that the 2024 US presidential election campaign is about to begin, the Central Bank must change its focus from lowering inflation to preventing a recession. 

We think this is a feasible objective with interest rates where they are right now, but higher rates could be the final straw.

Exchange: Asset Freeze to Stop Binance US Operations; Request from SEC to Be Rejected

The US-based cryptocurrency exchange Binance US has asked a federal judge to deny the US Securities and Exchange Commission’s request to freeze its assets. 

Defense lawyers claimed in a court document that the corporation couldn’t pay its staff or vendors or operate the trading platform.

Last week, the US Securities and Exchange Commission (SEC) sought court approval to freeze cryptocurrency assets held on Binance.US, Binance Holdings Ltd., and Changpeng Zhao, the founder, and CEO of Binance, citing concerns about the security of user funds.

According to the court document, one of Binance US’s banking partners has notified the cryptocurrency exchange that it will no longer hold its assets starting from June 14.

The partner has also suspended all transactions on Binance US’s account pending the court’s decision on the SEC’s request.

On Thursday, Binance US informed its customers about the suspension of dollar deposits and withdrawals. 

The exchange advised customers to withdraw their holdings in US dollars by June 13 as it transitions to a cryptocurrency-only trading platform.

Bittman’s S19 Mining Rigs predominate highlights of a New Study Bitcoin Network Hash Rate

A new mining study titled “The Signal & The Nonce,” published by Coin Metrics researcher Karim Helmy, introduces a novel method for examining the hash power of the Bitcoin network. 

The study utilizes nonce patterns to unveil the market share held by each major application-specific integrated circuit (ASIC) mining rig that drives the network’s operations, presenting an innovative technique.

The analysis also examined Bitcoin’s energy consumption and compared it to the electricity consumption indices developed by the Centre for Alternative Finance at Cambridge University and Dichotomist. 

Coin Metrics’ research indicates that the network consumes less power than the indices published by these two organizations. 

The researchers state that this new methodology offers several advantages over the existing body of research.

Bitcoin Price Prediction 

Bitcoin is currently facing resistance at the $26,250 level and finding support around $25,500, which will play a crucial role in determining its future direction. 

The 50-day Exponential Moving Average (EMA) at $25,800 acts as a support level, but a downward triangle pattern suggests a bearish outlook. 

Bitcoin Price Chart – Source: Tradingview

If the support level of $25,500 is broken, it could increase selling pressure, potentially driving the price toward support levels at $24,940, $24,710, or even $24,385. 

Traders are closely monitoring the upcoming FOMC meeting and Fed Rate announcement as they can impact Bitcoin’s price.

Buy BTC Now

Top 15 Cryptocurrencies to Watch in 2023

Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.

This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights.

Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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