The cryptocurrency market has surpassed $ 2 trillion as the leading cryptocurrency Bitcoin gained momentum. Following the leader, the largest altcoin Ethereum climbed to the $ 3,200 range, while one of the most popular cryptocurrencies, XRP, rose more than 55% in a week to reach $ 1.30. Market giants are trading at critical levels to continue the rally. Will the rally continue or are cryptocurrencies on the verge of a major correction? These are the questions you can ask analysts of the SafeTrading team of crypto signals, so let’s find an answer to them.
↑ Bitcoin (BTC)
- Bitcoin, the leading cryptocurrency, has been showing impressive results since August 5.
- The price of BTC, which broke the $ 43,000 barrier, moved into the $ 45,000 band.
- Continuing the uptrend, Bitcoin’s price, which has suddenly risen by $ 48,000, is currently trading at $ 46,000.
- While BTC moves between $ 47,000 and $ 45,000 for about 3 days, experts are waiting for important initiatives and exits to continue this horizontal movement.
A resistance point at $ 49,024 appears in front of the leading cryptocurrency. Then $ 50,958 will be seen as a key area in the ongoing upward movement. Capturing these levels can trigger FOMO and contribute to an uptrend – the opinion of SafeTrading research team.
↑ Ethereum (ETH)
The largest altcoin Ethereum continues to struggle and grow. The potential for a pullback should be considered as ETH is testing the $ 3,200 to $ 3,559 price range. Retesting the $ 3,000 Psychological Level could trigger new buying pressure that will trigger a rally. The resistance levels that ETH traders should look out for are $ 3559, $ 3756, and finally $ 4071.
This could change if the price of ETH falls below the $ 3,200 to $ 3,559 range. In this case, the route may change and the $ 3,000 level may be lost. For ETH, the critical downside area is the $ 3,000 psychological level. The loss of this place can lead to large losses.
↑ Ripple (XRP)
Ripple has made significant gains, up 55% from last week. XRP has shown a noticeable rally, surpassing $ 1.30. XRP price at the time of this writing is $ 1.20. With XRP down, there is immediate support at $ 1.09. Investors can re-attack at $ 1.09 and set the route as a target of $ 1.70.
On the other hand, there is a critical support level at $ 0.96 in a downtrend. Losing these levels could bring the price down to $ 0.77 by crypto signals.
An important development for Cardano (ADA): Exchanges are active!
Recently, Cardano (ADA) has been making a name for itself due to updates related to smart contract applications, as well as due to visible upward movements in the ADA price.
↑ Stock Exchanges Join Upgrade Adventures.
According to a recent development update released by IOHK, six cryptocurrency exchanges are actively engaging with the Cardano Foundation to integrate the long-awaited smart contract update – says the analyst of SafeTrading team.
At this point, IOHK said:
- “Meanwhile, the first exchanges are making progress in integrating with our components, and there are currently six exchanges actively interacting with the integration group led by CF. We expect the numbers to grow rapidly over the course of the week. ”
Hence, according to the statements made, it is expected that various exchanges will participate among these six exchanges as the Alonzo hard fork approaches. In addition, IOHK is committed to ensuring that as many exchanges as possible are ready for Alonzo before the update is rolled out to the mainnet.
As explained by Nigel Hemsley, head of supply at Cardano, most exchanges had to participate in this formation in order to achieve the required level of liquidity before the event of the hard fork of the merger. In his remarks on this matter, Hemsley used said:
- We need the lion’s share. Because it gives us liquidity before the hard fork.
↑ What is Alonzo?
Thanks to the Alonzo hard fork, smart contracts will be fully supported on the Cardano network. Thus, Cardano will now become a competitor competing on the same lane as Ethereum.
In addition, Alonzo is expected to be filed online on September 12, and it has been announced that there may be a price increase with increased interest in ADA after that date.
Intel invests in cryptocurrency markets.
Giant publicly traded companies must periodically disclose their balance sheets. Thanks to this transparency, we can have an idea of the investments of giant companies. This is how we learned about investing in bitcoins from Tesla, MicroStrategy and other companies.
Giant tech company Intel has also made a name for itself among multinational companies investing in cryptocurrency markets. As you remember, in April last year, the American cryptocurrency exchange Coinbase successfully completed a public offering. Coinbase is listed on the Nasdaq under the COIN label. At the time of writing, Coinbase shares are trading at $ 257.
Intel bought 3,014 shares of Coinbase A and paid $ 763,000 for them. The giant company’s investment in the cryptocurrency markets through Coinbase shares can be seen as a promising development for the cryptocurrency market.
Coinbase went public at a perfect time. Coinbase’s IPO and Bitcoin’s record coincided with the same period. At a time when the interest was in the cryptocurrency markets, Coinbase managed to raise a large amount of funds from the market by going public.
Bitcoin broke an all-time record, surpassing $ 64,000 on April 14. On the same day, Coinbase shares broke an all-time high, reaching $ 430.