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Phemex Analysis #29: RSI Divergence Raises Concerns for WIFPHEMEX:WIFUSDT.P has experienced a remarkable 93% surge over the past month, indicating a significant increase in market confidence. However, recent price action has shown signs of weakness, raising questions about the sustainability of this bullish momentum. A 1D RSI divergence observed on October 14th further complicates the picture, as the price is rising while the RSI is declining. Analyzing the RSI Divergence A 1D RSI divergence occurs when the price creates a higher high, but the RSI forms a lower high. This divergence often signals a potential reversal or a pause in the uptrend. In the case of WIF, the divergence suggests that the buying momentum may be waning, and a correction or consolidation phase could be imminent. Overall Bullish Sentiment Despite the recent divergence, the overall bullish sentiment surrounding WIF remains strong. The 93% surge over the past month is a clear indication of growing investor interest and confidence in the project. This positive sentiment could continue to drive the price higher, especially if there are further developments or announcements that support the bullish narrative. Potential Scenarios 1. Continuation of Upward Trend: If WIF can overcome the RSI divergence and sustain its upward momentum, the price could continue to rise. Positive news, increased adoption, or favorable market conditions could fuel further gains. 2. Temporary Correction: A correction or consolidation phase may be necessary to digest the recent gains and allow for a more sustainable uptrend. If the price retraces but remains above key support levels, it could be seen as a healthy buying opportunity. 3. Reversal: In the worst-case scenario, the RSI divergence could signal a reversal of the uptrend. However, this would require a significant breakdown below key support levels and a change in market sentiment. Potential Trading Strategy Given the current market conditions, a cautious approach may be prudent. Traders could consider the following strategies: I. Partial Profit Taking: For those who have already realized substantial gains, taking profits on a portion of their position could help protect against potential losses. II. Tight Stop-Loss Orders: Placing tight stop-loss orders below key support levels can help limit losses in case of a sudden price decline. III. Wait for Confirmation: Traders could wait for a clear breakout above the resistance level or a confirmation of a bullish reversal pattern before entering new positions. Conclusion While WIF's recent surge is a positive sign, the RSI divergence suggests that a period of consolidation or correction may be necessary. Traders should be mindful of the potential risks and carefully evaluate the market conditions before making investment decisions. If WIF can successfully overcome the current challenges, it has the potential to continue its upward trajectory. Tips: Trade Smarter, Not Harder with Phemex. Benefit from cutting-edge features like multiple watchlists, basket orders, and real-time strategy adjustments. Our unique scaled order system and iceberg order functionality give you a competitive edge. Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
by Phemex
Chainlink Price Poised for a Breakout: Can $LINK Reach $13?Chainlink ( BIST:LINK ), one of the most talked-about cryptocurrencies in the blockchain space, is showing signs of a potential breakout this October. After a volatile few months, the token has seen steady gains, rising from $10.60 to $11.13—a nearly 4% increase within the last week. This upward movement, alongside promising network developments and technical indicators, has investors speculating on whether the token can surpass the $13 mark in the near term. Technical Outlook: Chainlink’s Path to $13 Technically, Chainlink’s price action presents both challenges and opportunities. The token is currently trading below its 200- and 100-day moving averages (MAs), reflecting a cautious market sentiment. However, the narrowing of the Bollinger Bands suggests a breakout could be on the horizon, with $13 as a potential upside target. Additionally, the MACD indicator is converging into a positive territory, hinting at a bullish momentum that may push the price higher in the coming days. Despite some recent bearish signals, including a 2.53% decline as of this writing and a moderate RSI of 50.03, the token has held strong above key support levels. The next major test for Chainlink ( BIST:LINK ) will be overcoming the $12 pivot, a point seen by analysts as a significant resistance. If BIST:LINK breaks through, it could solidify the move to $13, especially given the bullish environment often associated with "Uptober"—a historically favorable month for cryptocurrencies. Drivers of Chainlink’s Growth Chainlink’s recent network upgrades and strategic partnerships are driving its price momentum. The introduction of staking has boosted investor confidence, offering them an opportunity to lock up tokens and earn rewards, reducing the circulating supply and increasing scarcity. Moreover, Chainlink’s Oracle services, which provide secure and reliable off-chain data to smart contracts, have expanded with the integration of Secure Mint. The adoption of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) by major players like Ronin, the gaming-focused EVM blockchain, is further strengthening the network’s ecosystem. As more platforms adopt Chainlink’s technology, the demand for LINK tokens continues to rise. Whale Accumulation and Market Sentiment Chainlink’s whale activity has surged, which is often a bullish signal. According to data from Santiment, the number of large BIST:LINK holders has increased from 489 to 502 in early October. Whale accumulation typically indicates that major investors expect the price to rise in the future, reinforcing the narrative of a potential breakout. Additionally, increased active addresses and transaction volumes reflect growing interest and usage of the Chainlink network. Increased whale activity also raises the possibility of a short squeeze. Many traders currently hold short positions, and if Chainlink ( BIST:LINK ) can break through the $12 resistance, it could force short sellers to cover their positions, leading to a rapid price increase. Potential Risks and Support Levels While Chainlink’s future looks bright, there are risks to consider. The token remains vulnerable to broader market corrections, and a failure to hold above the $10.27 support level could see it retrace further, potentially to the $9.50 mark. Additionally, its underperformance compared to Bitcoin ( CRYPTOCAP:BTC ), which has seen stronger gains in recent days, highlights the possibility of more bearish moves if the overall market sentiment shifts. However, if Chainlink ( BIST:LINK ) can continue building on its network upgrades and overcome key technical hurdles, the stage is set for a strong October performance, with $13 well within reach. Conclusion: Is Chainlink Set for a Rally? As of now, Chainlink is positioning itself for a potential breakout above $13, with the technical indicators and fundamental drivers both supporting an optimistic outlook. Increased whale activity, low exchange reserves, and major network developments all contribute to the bullish sentiment around the token. While the token faces immediate resistance at the $12 pivot, a successful breakout could set Chainlink on a bullish trajectory for the rest of October and beyond.
Long
by DEXWireNews
Dogecoin - This Leads To Two Digits!Dogecoin ( CRYPTO:DOGEUSD ) will hit two digits soon: Click chart above to see the detailed analysis👆🏻 It is the third time that Dogecoin is creating the same pattern. A couple of months ago Dogecoin broke out of a symmetrical triangle pattern and is now retesting previous horizontal structure. After we see bullish confirmation on the smaller timeframes, the next parabolic rally will start. Levels to watch: $0,12 Keep your long term vision, Philip (BasicTrading)
CRYPTO:DOGEUSDLong
by basictradingtv
19
BTC Dominance Analysis📌 Trading Instrument: 📌 🔶 BTC Dominance (BTC.D) 🔶 📝 Detailed Market Overview: 📝 Bitcoin Dominance has reached an extremely bullish zone, nearing parabolic levels. Historically, such parabolic moves are often followed by a strong and fast correction. Currently, BTC.D is showing signs of bearish divergence, making it difficult to invalidate this signal. Additionally, BTC.D is around the 0.61-0.65 Fibonacci retracement level, a critical resistance zone. Over the next 2-3 weeks, I anticipate a breakdown in BTC dominance. A confirmation of this will come if BTC.D breaks below the green diagonal support trendline, which has supported this uptrend for over 700 days. Upon breaking this support, a retest of the previous key resistance, which is now expected to act as support, will likely occur around the 47-48% dominance level. This zone has not been retested since the breakout, and it aligns with the 0.5 Fibonacci retracement level. If BTC.D moves a bit higher before the rejection, this key level would coincide with the 0.61-0.65 Fibonacci zone, often referred to as the golden pocket, making it a high-probability reversal zone. Following this correction, I expect BTC dominance to resume its upward momentum, targeting a minimum of 79-80% dominance in the longer term. 🔍 Key Signals: Bearish divergence on multiple timeframes. Proximity to the 0.61-0.65 Fibonacci retracement level. A potential breakdown of the 700-day diagonal support. 🎯 Bearish Target: 47-48% dominance (retest of key support) 🚀 Bullish Outlook After Rejection: A strong reversal after testing support could propel BTC dominance to 79-80% in the long run. ⚠️ Confirmation Needed: Watch for a break below the green diagonal trendline to confirm the top and initiate the bearish retracement. 🚨 Disclaimer: This is not financial advice. Always conduct your own research and trade responsibly. Markets are highly volatile, and you should only invest money you are prepared to lose.
CRYPTOCAP:BTC.D
by RhinoAkaBear
3
Is Uni(swap/chain/stake/lend/yield) going to rip faces off?!?Uniswap is already one of if not the leading application within defi. That is just as a dex. I believe that dexs have the most flexibility when it comes to crypto as it has the holy trinity of high users, volume and liquidity. Helpful for financial market application. If Unichain is a successful launch then Uni could become the centralising app within decentralised finance. This would be great for crypto and defi as provides deep liquidity and ease of use. Not to say theres no competition. This is an emerging field and who knows wholl be the yahoo or big blue let alone the google. Have to keep up to date the changing metrics but at this stage uni is still looking a leader.
Long
by SoftQuant
14/10/24 Weekly outlookLast weeks high: $64,486.09 Last weeks low: $58,947.36 Midpoint: $61,716.73 Following a busy week of Data events with CPI & PPI price can be volatile and unpredictable, that was evident as BTC can be seen selling off going into those data events and despite a worse than forecast CPI, the markets responded quite well leading to a climb from Thursday onwards up to the 0.75 line. A weekend of chop gave a positive enough close to warrant a large buy candle in the opening hours of this week, could this be setting the pace for the rest of the week? For me, I'm always a little wary of a "swing fail pattern" (SFP) as these patterns can be very bearish, a reversal at the beginning of the week can lead to a sell off that undoes the previous weeks work as price falls. Confirmation of this pattern would be a wick above weekly high followed by smaller lower highs and lower lows on a LTF (15m). Should BTC manage to stay above the weekly high and maintain structure the target is $66,500. This is an important target as Bitcoin has been trying to breakout of this downtrend for 6 months, anything beyond $66,500 is breaking out of the trend after 10 attempts! This week we have the ECB interest rate decision, a second rate cut looks likely, the first rate cut set the pace for the US 50bps cut. Now the US look likely to cut by another 50bps in November to keep up. Altcoins are starting to look better than they have in the last two quarters. The timeline is cautiously optimistic, especially if BTC manages to breakout of the trend pattern. cautious optimism on the timeline
by ProR35
SAGA - Daily Bullish SignsBINANCE:SAGAUSDT coin is showing signs of a strong reversal on the daily chart, with bullish legs becoming stronger than the previous bearish ones. This suggests increasing buying pressure, and after a potential pullback, we could see more upward movement. On the fundamental side, KRAKEN:SAGAUSD has been gaining traction since its mainnet launch in April 2024. It’s a unique Layer 1 protocol that allows developers to create dedicated chains, offering infinite scalability, interoperability, and cost-effective solutions. The project has already attracted around 350 projects, mostly in gaming, and has formed partnerships with key players like Polygon and Avalanche, which could drive its adoption further
Long
by Sober_Trading
DOGE - Dictated by Market SentimentNormal price setup is approaching a key level. The yearly level needs to hold, or things could quickly turn bearish. I remain cautiously optimistic because this level presents a pivotal opportunity and is the lowest-risk entry available. I'm not entering the trade right now as I’m risk-averse at the moment. It could be an optimal play, but #Bitcoin is still weaker than I’d like it to be. This chart represents about 90% of what the Altcoin market looks like. If you’re overexposed, be prepared to act quickly or have hedges in place in case the situation flips. Let's wait for the weekly close before making any moves on this and the rest of the Altcoins.
by ZelfTrade
SHIBA INU at Key Support: Will We See a Bounce or Breakdown?Evening Trading Family Shiba Inu (SHIB) is at a pivotal moment as it hovers around a key support level. Traders are closely watching for the next big move. Quick Overview: Shiba Inu, one of the most popular meme coins, has seen significant growth and strong community support. Now, it's testing an important support zone, which could determine its next direction. Upside Potential: A bounce from 0.0001764 could push SHIB toward 0.0001789, and if momentum builds, further gains up to 0.0001829 are possible, setting up for a potential breakout. Downside Risk: If SHIB fails to hold support at this level, a move down toward 0.0001736 and possibly 0.0001701 could be on the horizon. Be prepared for a high-volatility scenario as SHIB tests these crucial levels. Happy Trading MIndbloome Trader
COINBASE:SHIBUSD
by Mindbloome-Trading
3
Bitcoin(BTC) Near Key Resistance- Breakout or Pullback Ahead ??Bitcoin is approaching a critical resistance level at $65,420. 🚀 If BTC breaks through, we could see a push toward the next major target at $70,037. However, if it gets rejected, we might head back down to the support zones near $60,258 or even lower toward $57,315. 📉 Both bulls and bears should stay on high alert—this is a pivotal moment for BTC! Whether you’re looking for a breakout or preparing for a pullback, this chart is loaded with opportunities. Get ready to make your move! 💥 Trade what you see MB Trader
BITSTAMP:BTCUSD
by Mindbloome-Trading
ZEC/USDT 1D Zcash is a chart I like the look of quite a lot on the 1D timeframe. ZEC has outperformed the majority of the altcoin market since it flipped the 1D 200EMA downtrend into an uptrend. The 1D 200EMA has been I a downtrend for 2.5 years since the very beginning of 2022! Since then ZEC has bounded off the moving average once with a large wick and now it has just swept liquidity and reclaimed. Waiting for a confirmation of support with some clear closes above. The local double bottom can be seen using the 0.25 line as support. The next resistance level is the 0.5 range midpoint should the 1D 200EMA close above with strength. It's important to realise that ZEC is still -92% from its $371 ATH, so it has huge room to grow once price has broken the more local range (1.0 level). If the last few months are an indication of the kind of support it has then it's a very good sign IMO. The local range that is
by ProR35
2
Bitcoin hedge short oppurtunity I'm looking some shorts between 64000$-62610$ on #BTC . It is gonna be hedge short for my current long altcoin positions and possible hedge for Isreal retaliation agaisnt Iran during weekend. Im still bullish overall. I will be looking for strength-confirmations in order to close shorts and open longs in the marked area between 61300$-59000$ on #bitcoin . I am still bullish. We are coming from the daily bullish structer. I am positioning myself to possible weekend drop. #BTCUSD #cryptotrading
Short
by UA_CAPITAL
3