From the assessment that Bitcoin is preparing for a breakout price surge to Cardano launching the Bitcoin Education Project in 2025, here are some notable news in the crypto market.
A renowned strategist with the title "Master Trader" on the Bybit digital asset trading platform believes that BTC is setting the stage for a new bull market.
In a recent video, the anonymous analyst Bluntz told his 288,200 X platform followers that BTC has seen "shallower" dips in the lower timeframes since reaching the August dip around $49,000.
According to Bluntz, BTC appears to be forming a series of Elliott Wave 1-2 structures, suggesting the asset is preparing for a breakout price surge.
"The Wave 2 retracements are getting shallower as the market is gearing up for a strong impulsive Wave 3 move. The first wave started around $52,000 hitting the 0.768 Fib, the second wave at $59,600 only hit the 0.50 Fib, and now we're seeing the third wave around $65,300 only hitting the 0.382 Fib. That's a sign of a very strong market."
Source: Bluntz
The analyst uses the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by tracking the crowd psychology that tends to manifest in wave patterns. According to the theory, an asset in an uptrend typically experiences 5 waves, with the second wave being a corrective phase and the third wave representing the strongest growth.
Bluntz hopes the leading asset will consolidate in the $65,300 to $68,000 range for a period before launching into the powerful third-wave price surge.
Automated market makers (AMMs) have seen a "massive" increase in trading volume.
On October 27, the XRPL recorded a total of $3.9 million in AMM volume, a new all-time high. The sudden surge in volume is due to the explosion of memecoins.
A series of low-cap projects have recently emerged on the XRPL following the launch of First Ledger, a "memecoin factory" similar to the highly successful Pump.fun platform on Solana. Most of them are essentially worthless.
As of now, the memecoin DROP is leading with a market capitalization of only $6.92 million. BEAR and FLIPPY are in second and third place with $3.66 million and $1.45 million, respectively.
Cardano founder Charles Hoskinson revealed an ambitious plan to boost the Bitcoin ecosystem by relaunching the Bitcoin Education Project in 2025 and introducing enhanced resources for Bitcoin developers.
Hoskinson launched the Bitcoin Education Project in 2013, providing free, peer-reviewed content on Bitcoin and the digital asset environment. He now plans to relaunch the Bitcoin Education Project in 2025 and develop a new version of the course curriculum.
According to Hoskinson, the new version will not only update the previous content but also include dedicated resources for developers who want to build applications on the Bitcoin network.
According to the analytics platform Santiment, the decentralized oracle network Chainlink (LINK) has once again been ranked as the top ERC-20 project for recent development activity.
Santiment noted that Chainlink recorded 649.03 notable GitHub events in the past 30 days, nearly double the 342.2 events of the second-ranked project, Ethereum (ETH).
This decentralized oracle project has also topped the list in June, July, and September.
The web3 project Status (SNT) ranked third in the past 30 days, recording 270.57 events. Status aims to provide users with a secure messaging app, crypto wallet, and web3 browser through an open-source, peer-to-peer protocol and end-to-end encryption.
Source: Santiment
LINK Price Analysis
Chainlink (LINK) is currently trading around $11, down slightly in the past 24 hours. The token has a circulating supply of 630 million LINK and a market capitalization of around $6.95 billion.
The 24-hour trading volume reached $594.2 million, indicating active trading despite the price decline.
The current price action is occurring after a period of consolidation in the $11 - $12 range, following a downtrend. Analysts are closely watching the $13 resistance level, as it has acted as a strong barrier multiple times. Breaching this level could signal a shift to an uptrend.
Analyst Michaël van de Poppe maintains a bullish outlook on LINK. He expects a breakout within the next two weeks if the altcoin can clear the $13 resistance.
Source: X
If successful, the price could target the $18 level, representing an approximately 40% increase from the breakout point. The relative strength index (RSI) is currently in neutral territory, suggesting the potential for an upward price move.
Shiba Inu (SHIB) is currently one of the worst-performing memecoins among the top 20 cryptocurrencies. However, some indicators are suggesting a strong comeback for SHIB.
SHIB's price has declined by over 12% in the past seven days. The downward momentum has also wiped out most of the gains it had achieved earlier this month.
Notably, SHIB has been trading in a wedge pattern and converging into a tightening range. The latest price drop has nearly touched the rising support of the pattern, increasing the likelihood of a recovery rally.
Source: TradingView
SHIB has rebounded 6.15% to $0.0000169 at the time of writing. This confirms strong demand in the past 24 hours, potentially foreshadowing a potential price recovery.
SHIB had previously seen a strong price increase at the end of September. However, the wedge pattern explains why any subsequent recovery efforts have been limited. But this could change as the breakout potential of the pattern is currently quite high.
In his analysis, Martinez hypothesizes that the TD Sequence is showing a buy signal on the 12-hour chart of Toncoin (TON), with the price likely to recover in the near future.
Source: X
This means that the selling pressure is gradually decreasing and the bears are losing momentum. As the sellers lose momentum, buyers can enter the market at lower prices, creating buying pressure.
The appearance of the buy signal has led to increased trading activity during the day. TON's trading volume has surged 126% to $313.1 million. As a result, most traders have entered the market at lower prices.
If the market continues, the price will recover and witness the next leg up.
The Coinbase exchange is preparing to delist the Decentralized Social (DESO) token from its platform.
Coinbase announced this decision in a tweet, stating: "We regularly review assets on our exchange to ensure they meet our listing standards. Based on recent reviews, Coinbase will suspend trading for Decentralized Social (DESO) on November 8, 2024".
Previously, Coinbase had mentioned that they had moved the DESO order book to limit-only mode.
You can view coin prices here.
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