All articles tagged with #on chain metrics
Bitcoin's price fell below $112K, with $107K acting as a short-term support level, amid a cautious market sentiment and signs of profit-taking by whales. Technical indicators suggest a neutral risk/reward balance, and traders are advised to watch key on-chain metrics for potential entry and exit points, especially if Bitcoin's price stabilizes above the $107K support.
Ethereum has shown strong performance and on-chain activity, with potential for a surge to $5,000 driven by whale bets, shrinking supply, and record transaction counts, amid a broader altcoin sector rotation.
Bitcoin's current price stability masks underlying weaknesses, including declining demand, rising miner profits, overvaluation signals, and increased exchange inflows, all suggesting a potential pullback if demand does not recover soon.
Dogecoin (DOGE) shows signs of a strong bullish reversal after a prolonged downtrend, with potential for a 32% rally if it breaks above $0.19. On-chain data indicates significant outflows and high leverage on long positions, suggesting strong investor interest and possible accumulation ahead of a breakout, though short-term downtrend signals remain due to the 200-day EMA.
Bitcoin experienced a significant shakeout with massive liquidations, but signs of market exhaustion and on-chain indicators suggest a potential macro bottom, indicating that the recent reset may set the stage for a bullish rebound.
XRP is showing signs of a potential breakout above the key resistance level of $2.42, supported by bullish sentiment, steady buying pressure, and strong on-chain engagement. The token recently rebounded from lows and is consolidating, with technical indicators suggesting indecision but overall demand remains high, increasing the likelihood of a significant upward move if resistance is broken.
SAND, the native token of The Sandbox, surged by 20.49% to $0.3629, driven by bullish technical indicators and increased on-chain activity. The token is testing the critical $0.36 resistance level, with potential targets at $0.42 and $0.48 if it breaks through. Rising active addresses and transaction counts, along with reduced exchange reserves, suggest growing interest and accumulation. However, a 54.89% spike in open interest indicates heightened speculative activity, which could lead to increased volatility.
Bitcoin is consolidating around $68K and may drop to $65K before aiming for its all-time high. On-chain metrics and investor behavior suggest stabilization, with potential for a surge post-consolidation. Technical analysis indicates a generally bullish outlook, but caution is advised due to potential volatility and price corrections.
XRP has shown some gains but remains within a short-term range, with on-chain metrics indicating both buying and selling pressure. While signs of accumulation suggest a potential rally in the future, the token's inability to establish a higher timeframe uptrend and the prevalence of selling pressure raise concerns. The mean dollar invested age (MDIA) has declined, indicating a lack of accumulation, while a spike in dormant circulation suggests intense selling pressure and a lack of faith from holders.
Ripple has objected to the SEC's motion to file an interlocutory appeal in their ongoing legal battle, arguing that the SEC failed to establish the necessary conditions for the appeal. Meanwhile, XRP has seen a strong start to September, with on-chain metrics showing a spike in utility. However, the value of XRP continues to struggle, currently trading at $0.495.
Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, traded mixed on Wednesday evening despite the ongoing U.S. debt ceiling negotiations. Glassnode, a crypto analytics firm, suggests that the bear market for Bitcoin could be coming to an end, citing positive on-chain metrics. Meanwhile, meme-inspired cryptocurrencies such as DOGE and Shiba Inu have seen astronomical trading volumes, while PEPE, another crypto token born out of meme culture, has not yet achieved the same level of retail participation.