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Category: Technical analysis

Latest technical analysis articles are the best way to stay informed about recent events, latest cryptocurrencies, promising ICOs, blockchain developments and many other topics.

For all cryptocurrency enthusiasts, Technical Analysis is an important tool to study the ongoing cryptocurrency market trends and choose their best coins accordingly.

Whether you’re a seasoned investor or a new prodigy, evaluating the right metrics is crucial to building a diversified portfolio and avoiding sudden declines.

For high market cap assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Chainlink (LINK), up and down trends can be greatly corrected just from candlestick chart.

Cryptocurrency Technical Analysis provides you with the latest information on trading trends, new players, and analysis of recent cryptocurrency news. Technical analysis includes the technical analysis review of Bitcoin and prominent altcoins, which is an excellent aid for investment decision making.

Therefore, Truer Vine News has an entire Technical Analysis section for the major cryptocurrencies of the trending market in a practical perspective to help traders get exposure to virtual currencies.

Solana (SOL) Price Returns to Support: Temporary Decline or Trend Change?

Solana (SOL) price has been falling since November 16, when it hit a yearly high of $68.20. Despite the decline, SOL is still trading above a key horizontal support zone. Will the uptrend continue?

Solana raises price above $50

SOL prices have increased sharply since the beginning of the year. In July, Solana broke above a descending resistance line that had existed since its all-time high.

After confirming this line as support (green symbol) in September, SOL price accelerated its rise, leading to a new yearly high of $68.20 last week.

During the increase, SOL also broke out above two main resistance zones.

SOL/USDT Weekly Chart | Source: TradingView

With the RSI as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.

The bulls have the advantage if the RSI is above 50 and sloping up, but if the RSI is below 50 the opposite is true. The weekly RSI is currently rising and in the overbought zone.

SOL price prediction: Will the price increase again?

A closer look at the wave count on the daily timeframe shows that the outlook remains positive.

Starting in June, SOL appears to have begun a 5-wave upward movement (white). In particular, wave three expands, with a length of 2.61 times that of wave one.

If the wave count is correct then SOL is now in wave four, i.e. corrected. It is unclear whether wave four has ended or if the price will correct further. If so, it could return to the $48 long-term support zone before bouncing back.

The number of waves shows that the trend remains bullish and SOL price will increase again.

The upside would be confirmed by a move above the yearly high at $68.40, which could trigger a 50% rally to the next resistance at $86.20.

SOL/USDT Daily Chart | Source: TradingView

Despite this bullish prediction, a close below the $48 horizontal support area could send the price down 50% to the next support at $28.

Will ApeCoin (APE) price break out of the $1.50 resistance to increase sharply?

ApeCoin (APE) price has failed to break above the $1.50 resistance area several times since November.

After hitting a high of $1.59 yesterday, APE fell below this zone again today. Will the price finally break out?

ApeCoin increased parabolically

The ApeCoin price has been rising since falling to a new all-time low of $1 on October 9. This increase follows an ascending parabolic support trendline, most recently confirmed on November 18 ( green icon).

Upon confirmation, APE price bounced significantly and broke above the $1.35 horizontal resistance area. This resulted in a high of $1.56 today.

Despite the breakout, APE failed to close above the $1.50 resistance. Rather, it creates a long wick above (red symbol). This is the third wick created inside this resistance zone.

APE/USDT Daily Chart | Source: TradingView

Binance Japan announced that they will list 13 new tokens on November 17 and ApeCoin will be among them.

APE price prediction: How long will it continue to increase?

Technical analysts use Elliott Wave theory to identify long-term price patterns and investor psychology, helping them determine the direction of trends.

The most likely wave count shows that APE has initiated a 5-wave upward movement after the all-time low (white). If the wave count is correct, the price is now on its third bull run. The number of sub-waves is shown in black.

If the wave count is correct, the APE should accelerate the rise and close above $1.50 soon. The most likely target for the top of the next ApeCoin price movement is at $2.30, created by dividing waves one and three by 1:1.61.

This would be a 55% increase, from current prices.

Despite this bullish forecast, a drop below the wave two low of $1.27 (red) would invalidate the positive forecast. In that case, APE could fall 25% to $1.10.

Centrifuge (CFG) price breaks out of long-term range, is a strong rally happening?

Centrifuge (CFG) price has broken out of its long-term range and is trading inside a short-term bullish pattern. It is expected to continue to increase in the near future.

Long term scope

Centrifuge (CFG) price has been trading in a range between $0.17 and $0.45 since late April 2022. The price has validated both the support and resistance of the range multiple times.

After creating a higher low in late August 2023, CFG price broke above the range during the week of November 6-12 with a large bullish candle. This shows that the breakout is valid.

Currently, the price is in the process of confirming the range’s resistance as support (blue arrow). If successful, it will show that the previous downtrend has ended and CFG price may have started a new uptrend.

CFG price could then rally to the next long-term resistance zone at $0.85, which is 74.87% higher from the current price level.

The weekly RSI is above 50 and has a bullish structure, supporting the possibility of continued growth.

CFG/USDT Weekly Chart | Source: TradingView

Short-term outlook

The 4-hour chart favors a bounce from the weekly timeframe. It shows that CFG price has been trading inside a descending parallel channel. This is a bullish pattern, which usually leads to a breakout in the majority of cases.

The fact that the price has formed a growth engulfing pattern after bouncing off the channel support line (blue arrow), further strengthens the possibility of a breakout.

Therefore, CFG price could rise towards the channel resistance at $0.54 in the next few days.

CFG/USDT 4-hour chart | Source: TradingView

Conclude

The most likely outlook sees CFG price bouncing from the previous range’s resistance area and continuing to rise in the near term. The potential target for this movement is $0.85.

Bitcoin price targets 30,000 USD when the number of holders reaches ATH

Despite the market downturn, long-term holders are still increasing their investments in the hope that Bitcoin price will soon return to the $30,000 mark.

Bitcoin price increases when the number of holders reaches ATH

Bitcoin price has been consolidating for some time, surpassing the $27,000 threshold and currently trading at $26,932. It is slowly approaching the $30,000 mark, despite bearish expectations.

BTC price chart - Source Tradingview — BTC price chart – Source: Tradingview

Reflexivity Research co-founder Will Clemente shared the chart produced by Glassnode, a blockchain data and market intelligence company, in an X (formerly Twitter) post on Thursday (September 28).

The chart reveals data on long-term holders (LTH) and short-term holders (STH) as well as data on Bitcoin’s circulating supply and adjusted supply.

Clemente stated that 76.09% of the total Bitcoin supply is now owned by long-term holders, reaching an all-time high (ATH).

This revelation highlights the growing resilience and strong belief of crypto investors in Bitcoin as a store of value compared to other cryptocurrencies in the industry.

According to Glassnode data, short-term Bitcoin holders are more likely to make trades to make quick profits in highly volatile markets. While long-term holders typically hold their crypto assets for longer than 155 days, they use a strategy of buy, hold, and patiently wait for a price increase to realize significant profits.

Bitcoin’s growth rate despite bearish signals

The recent positive trend can be attributed to a variety of factors, including the possibility of the U.S. Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF and the launch of Bitcoin Spark, a hard fork of Bitcoin. BTC adoption in different regions of the world has also increased.

The cryptocurrency recorded an ATH in user adoption in Brazil, attracting more than 3 million crypto users in June. A March survey by Ripple and the Real Faster Payments Council It also now shows that Bitcoin adoption could increase by up to 50% by 2025.

Although the Bitcoin price has been subject to wild fluctuations and regulatory scrutiny over the years, its crossing of the $27,000 mark is great news for investors looking to profit from the market. school.

Bitcoin price is predicted to reach $170,000 by 2025

Bitcoin price is trading at $26,997 at the time of writing, marking a 60% drop from its all-time peak of $69,000 in 2021. When predicting the next bull market, exports raises questions regarding the potential future price of Bitcoin.

While most predictions are speculative, one analyst has devised a model that leverages historical data to forecast potential peaks and troughs in Bitcoin price over time.

Bitcoin price in previous cycles

Bitcoin price changes since 2011 - Source TradingView — Bitcoin price changes since 2011. Source: TradingView

Since its inception, Bitcoin has shown outstanding growth that has brought significant benefits to early long-term investors. This price increase can be observed when measuring Bitcoin price from trough to peak and between the highest peaks of consecutive bull markets.

In 2011, BTC peaked at just $33, followed by a peak of $1,240 in 2013, reflecting a 3,800% increase between peaks. Subsequent peaks in 2017 and 2021 were $20,000 and $69,000, representing increases of 1,600% and 350%, respectively. Comparable percentages are also observed when considering the bottoms of different cycles.

Notably, the relative growth between cycles has decreased, likely due to Bitcoin’s increased market capitalization, which requires more capital to influence its price. This decreasing growth is consistent with a mathematical model called logarithmic regression.

Logistic regression model

One analyst plotted various logarithmic curves on the Bitcoin chart to forecast Bitcoin’s potential tops and bottoms, using time as the only input. Such models can help investors by offering a simple way to see potential market trends and make proactive plans in the unpredictable world of cryptocurrency.

Bitcoin price chart in a channel with a logarithmic regression curve - Source Bawdy Anarchist X — Bitcoin price chart in a channel with a logarithmic regression curve. Source: Bawdy Anarchist/X

Bitcoin’s tops and bottoms typically occur every four years, allowing for predictions of potential Bitcoin prices in upcoming cycles based on logarithmic regression models.

Bitcoin price prediction

2025-2026: Bitcoin price could peak in the third or fourth quarter of 2025 between $170,000 and $200,000, before bottoming out around $70,000 the following year.

2029-2030: Bitcoin price could peak between $410,000 and $440,000 and bottom the following year at around $230,000.

2033-2034: Bitcoin price could peak between $750,000-800,000 and bottom around $700,000 the following year.

In the late 2030s, the pattern begins to break down as the predicted peaks begin to fall below the predicted troughs, potentially indicating stabilization in Bitcoin’s price after its peak of $750,000-800,000.

Conclude

While models like these make insightful predictions about the potential future price of Bitcoin, it is important to acknowledge their limitations and the need to periodically update with new data points. . Many external factors, including but not limited to regulatory changes, technological advances, and macroeconomic conditions, can significantly affect model accuracy.

Furthermore, the unprecedented nature of Bitcoin’s trajectory, having never experienced a recessionary environment, implies the potential for more significant failures than the models can predict. Forecasts should be viewed with caution against broader market trends and analysis as with any financial model.

Trust Wallet Token (TWT) Price Bounces From Long-Term Support, Eyeing Over 60% Gain

Trust Wallet Token (TWT) price has bounced off a long-term support line and broken above a short-term bullish pattern. It is likely to continue to increase in the near term.

Weekly outlook

Trust Wallet Token (TWT) price has been rising above an ascending support line since June 2021. This line has supported the price multiple times, most recently on June 12, 2023.

Historically, bounces from this line have resulted in subsequent strong upward movements (blue arrows).

Additionally, TWT price created a higher low after bouncing from the support line. This shows that the bulls are actively buying at lower levels.

As a result, the TWT price could rise to at least $1.55 if history rhymes. This represents an increase of more than 60% from current prices.

TWT/USDT Weekly Chart - Source: TradingView — TWT/USDT Weekly Chart – Source: TradingView

Wedge model

After a sharp decline from its all-time high of $2.70 in December 2022, TWT price has been trading inside a descending wedge. This is a bullish pattern, which usually leads to a breakout in the majority of cases.

Indeed, the price broke out above a wedge pattern on July 19, marking the end of the previous downtrend.

If so, TWT price is likely to recover to the Fib retracement resistance levels of the previous decline. The nearest target is the 0.382 Fib retracement level at $1.48.

The daily RSI supports this possibility, spiking above 50 and sloping up.

Daily TWT/USDT chart - Source: TradingView — Daily TWT/USDT chart – Source: TradingView

Conclude

The most likely outlook suggests TWT prices will move higher in the near term. A potential target for this upside move is the $1.48-$1.55 zone.

This bullish view will be invalidated on a break below a higher low at $0.82.

Binance App, Coinbase Wallet, and Trust Wallet become targets of new malware

According to a British government report on September 1, newly discovered malware called “Infamous Chisel” targets cryptocurrency wallets and other Android applications.

The UK’s National Cyber Security Center (NCSC) said the malware works by scanning various folders on an infected mobile device and stealing data.

The malware is known to extract data from at least three cryptocurrency wallets: Binance App, Coinbase Wallet, and Trust Wallet. Infamous Chisel also extracted data from Brave and Opera browsers, both of which have cryptocurrency features.

Since malware has the ability to extract data in general, other applications also become targets. PayPal, Dropbox, Firefox, Telegram, Skype, WhatsApp, Discord, Viber and Google Chrome are among the most vulnerable applications. A total of 35 application folders, including certain Android system folders, were scanned.

The National Cyber Security Center report does not explicitly state that any data stolen from those apps could allow attackers to steal cryptocurrency, nor does it state whether Infamous Chisel leads to theft of any cryptocurrency. It is possible that any stolen information did not give the attacker full access to the cryptocurrency account.

Russian Sandworm is behind the threat

The latest report notes that Infamous Chisel is affiliated with Sandworm, a state-sponsored hacker group that is part of the Russian military intelligence agency, GRU. The group is also known by other names including Telebots, Voodoo Bear and Iron Viking. Notably, the group launched a high-profile ransomware attack against Ukraine in November 2022 and had also carried out other attacks before that.

Sandworm is currently using Infamous Chisel to steal information related to the Ukrainian military. The latest report does not describe any profit motive.

Various international cybersecurity groups have recognized this threat, including groups in the US, UK, New Zealand, Canada and Australia.

CoinEx launches Auto-Invest Plan to help users earn profits

In the cryptocurrency market, trading strategies are mainly based on analysis, pre-set plans or trading behavior and help investors earn profits by buying/selling cryptocurrencies in the markets Long/Short. There are many typical trading strategies such as automated investing, spot networks and futures contracts. Typically, every digital currency trading strategy requires users to set up relevant parameters, including investment amount, fund management rules, and entry/exit points, etc. in cryptocurrency easily, thus maximizing profits and minimizing losses.

Global cryptocurrency exchange CoinEx launched the Strategic Trading segment and Auto-Invest Plan function on February 16, 2023. CoinEx users can now create trading strategies for automated investments, making cryptocurrency investing easier.

Aimed at making digital currency investing easier, CoinEx Auto-Invest Plan is a trading strategy that helps users automatically accumulate assets through pre-set and recurring investments. The most prominent feature of the new function is that users can easily choose the appropriate trading strategy and make profits by investing regularly with predetermined amounts and cycles without having to worry about time. specifically.

Features of CoinEx Auto-Invest Plan

Accumulate and increase assets regularly

Without needing to raise large amounts of money, you can use your idle assets to buy coins through the Auto-Invest Plan and accumulate a significant amount of wealth by making regular and fixed investments.

Diversify your investment portfolio and spread risks

The key to successful investing is “buy low and sell high”, which means capturing the best buying and selling times to make a profit from it. With Auto-Invest Plan, assets are invested in multiple stages at different costs, and these small but frequent purchases can help reduce average costs, spreading risk.

Not paying attention to investment time

For long-term investments, Auto-Invest Plan can reduce costs and spread risk: You don’t need to analyze entry points, calculate purchase prices, or adjust long-term investment decisions for short-term fluctuations market term.

Automatic deduction, simple and convenient

Once the Auto-Invest Plan is created, the system will automatically deduct investment costs from your Spot account and send orders, according to the pre-set amount and investment cycle. Now you don’t need to operate manually anymore and investing will be easier.

How to create an Auto-Invest Plan

Step 1: Log in to CoinEx official website (https://www.coinex.com/), click [Strategic Trading] in [Finance] in the top navigation bar.

Step 2: On the strategy trading page, go to [Auto-Invest Plan] and click [Create Strategy].

Step 3: Select the market to create the strategy, set the recurring cycle, recurrence period, investment per cycle and other parameters, then confirm to successfully create the Auto-Invest Plan.

Withdraw profits and expenses

For users, it should be noted that Auto-Invest Plan withdraws funds from the Spot account and this account must have sufficient balance. Additionally, the minimum amount is set at 1 USDT and the maximum amount varies between cryptocurrencies (refer to the specific website for exact numbers). Besides, the trading results of Auto-Invest Plan depend on the depth of the market. During the investment process, CoinEx only charges a transaction fee for the transaction made at the spot rate without any additional fees.

Number of investment campaigns

CoinEx allows users to create multiple trading strategies, including Auto-Invest Plan and spot grid, to provide more users with flexible investment strategies, but each user can only create a maximum of 20 effective strategies (including suspended strategies). Auto-Invest Plan is a long-term investment strategy and should not be used to hedge against potential risks. Therefore, when operating Auto-Invest Plan, users should plan in advance to take into account risks. In addition, according to CoinEx’s official announcement, they will deploy spot grid and futures grid functions to attract users to participate in quantitative trading.

Bitcoin is struggling at $30K

Following Bitcoin’s recent bull run and successful breakout above the significant $30K resistance level, the market is currently going through a period of consolidation. However, notable signals are appearing during this period.

Daily chart

Bitcoin price chart July 10. Source: TradingView

On the daily chart, the price has tested the $30K level multiple times since breaking above it recently. While this level has provided support so far, there are still worrying signs in the form of bearish divergence seen in the RSI.

This shows the possibility of a correction or reversal in the near future. If a decline occurs, the 50-day and 200-day moving averages at around $28K and $26K, respectively, could serve as important support levels.

On the contrary, if the price continues to increase, moving towards the $38K resistance area becomes a reasonable scenario.

4-hour chart

Bitcoin price chart every 4 hours on July 10. Source: TradingView

On the 4-hour chart, the price has displayed erratic and unpredictable movements in recent weeks, making it difficult to determine its future direction. The $30,000 level is being tested again and the possibility of a breakdown could result in a drop to the $27,500 level.

The RSI is relatively flat, hovering around the 50% mark, showing a lack of clear dominance from buyers or sellers. The ongoing battle near the key $30K area further reinforces the near-term uncertainty in the market.

On-Chain Analysis

Bitcoin’s recent upward price movement has sparked discussions about whether market participants are selling their coins for minimal profits or choosing to hold on to them for longer.

By analyzing the Bitcoin exchange reserve index, which tracks the amount of BTC held in exchange wallets, we can better understand investor behavior. The increase in this metric suggests that investors are depositing their coins on exchanges, potentially intending to sell them. Conversely, the decrease shows that investors are withdrawing their BTC from exchanges, suggesting they want to hold on to their coins for the long term.

Recent data shows that Bitcoin exchange reserve figures have decreased significantly over the past month. This decline shows the bullish sentiment of market participants, as they anticipate further price increases and tend to hold on to their money.