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Technical Analysis of Bitcoin and Ethereum: BTC Maintains High for Close to 2 Months After Strong US Retail Sales

Bitcoin held near a two-month high on Tuesday as markets digested the latest US retail sales figures. Sales, which represent two-thirds of the US economy, rose 0.7% in September, 0.4% more than expected. Ethereum briefly rose above $1,600.

Bitcoin

Bitcoin continued to trade above $28,000 on Tuesday following a better-than-expected increase in US retail sales.

Despite falling from a high of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.

Although gains have slowed, they are still considerably above yesterday’s low at the $27,855.21 level.

Overall, the recent uptrend means that Bitcoin is trading at its highest rate since August 18, which comes after the Relative Strength Index (RSI) broke through a key resistance level.

The index surpassed the 63.00 ceiling in yesterday’s session, reaching a peak above the 65.00 mark.

Since then, price strength has receded, although it is still slightly above the aforementioned resistance point.

Ethereum

Ethereum (ETH) fell in today’s session after briefly trading above the $1,600 mark for the first time in nearly ten days.

ETH/USD hit a high of $1,628.16 earlier in the week following a tweet from Cointelegraph suggesting that Blackrock’s spot bitcoin ETF was approved.

After these claims were proven incorrect, the cryptocurrency crashed, falling to a low of $1,570.89 today.

As a result of Tuesday’s decline, bears went on a four-day winning streak and could now reach a low of $1,540.

It is clear from the chart that the failure to surpass the 49.00 ceiling on the RSI indicator also contributed to today’s decline.

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Estate of bankrupt crypto exchange FTX abruptly bets more than $144 million on Solana (SOL)

Property belonging to now-defunct cryptocurrency exchange FTX was just seen betting more than $144 million on Ethereum (ETH) rival Solana (SOL) as the company’s bankruptcy proceedings unfold.

According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens.

Analysis by pseudonymous on-chain researcher Ashpool suggests that FTX subsequently staked all the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital are also betting on the platform.

On Solana, bettors currently earn around 7% APY (annual percentage yield), depending on the betting platform, and rewards are distributed every two to three days.

FTX ownership already owns roughly $1 billion in Solana, but much of it is locked up until 2028 as part of its vesting schedule agreement.

Solana co-creator Anatoly Yakovenko said last month that if he had the power, he would prefer FTX’s SOL tokens to be given directly to customers of the failed exchange as part of a compensation plan.

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Analyst predicts 1,500% price increase for Dogecoin

Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has been struggling along with the overall cryptocurrency market. However, the latest price action shows an encouraging and positive outlook for the cryptocurrency.

Renowned crypto analyst Ali Martinez recently shared a new view of Dogecoin, speculating on an upcoming price rally for the meme token.

The formation of the Dogecoin descending triangle

Ali Martínez – through a publication on the X platform (formerly Twitter) – presented a target price of $1 for Dogecoin. This price projection revolves around the formation of a multi-year descending triangle on the weekly price chart of DOGE.

The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. While it is usually a bearish signal suggesting a breakout of the downtrend, it can also be a significant reversal pattern.

In this specific scenario, Dogecoin price has been in a continuous downward trend since May 2021. Prior to this sustained bear run, the cryptocurrency had enjoyed a parabolic rise, with DOGE price reaching the 0 level, $7 (an all-time high). . in April 2021.

As already inferred, this positive streak was short-lived, with the meme coin falling to a low of $0.058 in October 2021. While Dogecoin’s price has momentarily reached the $0.1 mark several times since then, it is currently trading in a range, and at approximately the same price of $0.058.

According to the analyst, this new bull run could cause the value of the meme coin to skyrocket to $1, which implies a significant recovery of 1,580% with respect to the current price.

Be careful with this level, says analyst

Although the chances of a new bull run seem great for Dogecoin, the possibility of a crash still looms. Specifically, Ali Martínez praised $0.0482 as a price level to watch.

This price zone, which is located at the base of the descending triangle, represents an important support zone. The analyst said that any weakness in this area could cause the DOGE price to hit a new yearly low.

At the time of writing, Dogecoin was valued at $0.059329, reflecting a 1.7% price increase from the previous day. According to data from CoinGecko, the daily trading volume of the meme token is $163.3 million, representing a negligible increase of 0.2% from the previous day.

Dogecoin remains among the top 10 cryptocurrencies on the market, with a market value of over $8.3 billion.

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Bitcoin Lightning Network Sees 1,212% Growth in Routed

Transactions in Two Years, According to BTC Tech Company
The Lightning Network has seen huge growth in transactions over the past two years despite the falling price of Bitcoin (BTC), according to a BTC technology firm.

River, a company that offers Bitcoin brokerage and custody services, analyzed data from node operators that comprise 52% of the public capacity of the Lightning Network, a layer 2 solution for BTC that aims to solve scalability issues.

River estimates a lower bound of 6.6 million Lightning transactions routed in August and notes that the upper bound estimate could be several times that number, but is not quantifiable because the data was not available for transactions between just two participants or private transactions . Routed transactions involve more than two nodes.

Explain the signature,

“This represents a 1,212% increase over the estimate of 503,000 Lightning payments for August 2021 by K33 (formerly Arcane Research). This growth occurred despite a 44% drop in the price of Bitcoin and a 45% drop in search interest. “This is the equivalent of 2.5 transactions per second (TPS), compared to Bitcoin’s on-chain average of 4.4 TPS and the August 2021 K33 benchmark of 0.2 TPS.”

According to River, gaming, social media tipping and streaming are behind 27% of the growth in network transactions.

The company also notes that the Lightning Network processes at least 47% of on-chain Bitcoin transactions daily.

At the time of writing, Bitcoin is trading at $26,892.

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