Celestia (TIA) has displayed a remarkable performance over the week, swiftly recovering from the early October crash. The token is now leading the crypto market’s recovery in the daily timeframe, suggesting a possible continuation of its bullish momentum before the month ends. Related Reading: ‘Cardano Isn’t Dying’: Charles Hoskinson Defends Project Amid ADA Price Criticism Celestia Leads The Crypto Market TIA, the native token of modular blockchain Celestia, has seen a 7.3% surge in the past week. The cryptocurrency recovered from the October 3 lows, moving from the $4.5 support level to trade above the $5 mark this Friday. Celestia has been on a downtrend since hitting its March all-time high (ATH), suffering a brutal 80% correction from $20 to $4 in the past six months. September’s retrace dragged TIA below the $4 mark, registering its lowest price since early November 2023. However, the token’s Q3 retraces didn’t alarm many investors who considered Celestia’s on-chain developments a potential bullish sign. Since then, the cryptocurrency has seen a 40.1% monthly increase, fueling the bullish sentiment among the community. Today, TIA registered eight hourly consecutive green candles, propelling the price 14% from the $4.9 zone to the $5.6 resistance level before retracing to the $5.5 mark. Throughout the morning, the token has hovered between $5.50-$5.55, recording a 16.3% surge in the past 24 hours. This performance crowned Celestia as the largest gainer among the top 100 cryptocurrencies by market capitalization, only followed by Worldcoin (WLD), Dogwifhat (WIF), and Popcat (POPCAT). Is A Big Move Coming For TIA? Several market watchers note Celetia’s performance, suggesting that the cryptocurrency’s chart hints a breakout may be around the corner. To crypto analyst Yuriy, TIA’s performance indicates a “big move is coming,” remarking that its open interest (OI) significantly increased in the past month. Meanwhile, crypto analyst Poseidon noted TIA’s 80% correction, asserting that we might be near the end of the “brutal downside trend.” To the analyst, the price’s 4-month range between $4-$7 looks like a potential bottom, which could signify the ongoing bullish momentum will continue. However, Poseidon asserted that TIA must reclaim the 50-day and 200-day exponential moving average (EMA) to call the trend shift. Similarly, crypto trader Bluntz previously suggested that the cryptocurrency had bottomed, displaying an inverted head and shoulders pattern after the weekly recovery. Related Reading: Experts Discuss What Made Solana Memecoins The Cycle’s Top Narrative Youtuber Crypto Jack noted that Celestia’s bounce from the $4.5 support zone targets the upper trendline of its 4-month consolidation range. To the analyst, the bullish momentum could send TIA above the $7 resistance level this month. Other analysts called it one of “the most tempting altcoins to buy,” setting targets above $10 for Celestia. Nonetheless, some noted that the upcoming token unlocks, set to start on October 30, could negatively impact TIA’s price. Featured Image from Unsplash.com, Chart from TradingView.com
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Bitcoin Price Braces For Volatility Ahead Of Chinese Stimulus Speculations, Options Expiry
Bitcoin (BTC) may experience increased volatility in the coming days, driven by speculation surrounding another Chinese fiscal stimulus announcement and the expiration of BTC options worth $1.1 billion. Chinese Stimulus Measures To Help Bitcoin? According to the State Council Information Office, China’s Finance Minister, Lan Fo’an, is expected to provide details on upcoming fiscal stimulus measures during a press conference on Saturday. These measures aim to stimulate economic activity in the country. On September 24, the People’s Bank of China (PBoC) cut interest rates on existing mortgages by 0.5% and lowered reserve requirement ratios for banks to boost market liquidity. The global crypto market is increasingly paying attention to China’s stimulus plans, as enhanced liquidity could positively impact the prices of digital assets like BTC. Related Reading: Is The Bitcoin Bull Run Over? Top Analyst Predicts What’s Next For Crypto While the announcement is anticipated, confirmation of another round of fiscal measures, especially if they exceed market expectations, could significantly boost risk-on assets like Bitcoin. In addition, if the US Federal Reserve (Fed) decides to cut key interest rates further, it could increase investor appetite for riskier assets, including digital currencies known for their volatility. Currently, prediction markets are speculating at least another 50 basis points (bps) cut in interest rates by the end of the year. Such a move would increase global liquidity and help BTC avoid a capitulation that could cause its price to crash into the high $40k range. BTC Options Expiry Could Trigger Price Volatility Another factor that could impact Bitcoin’s price volatility is the $1.1 billion worth of 18,000 BTC options set to expire on October 11. At press time, the put-call ratio is 0.91, indicating a slight tilt toward put options. With Bitcoin hovering around $60,000, the chances of reaching the “max pain” price of $62,000 are growing. For those who are uninitiated, “max pain” refers to the price level where the most options traders are likely to incur losses. While Bitcoin has recently benefited from global interest rate cuts, geopolitical tensions in the Middle East and uncertainty surrounding the U.S. presidential election in November have made it difficult to predict BTC’s future price movement. Related Reading: Bitcoin Price Fails At MA-200, Is A Crash To $52,000 Coming? Despite the challenges above, some trading firms and crypto analysts are confident about the resiliency of digital assets and the potential for a Q4 2024 crypto rally. For instance, crypto trading firm QCP Capital noted that Bitcoin’s swift recovery following the Iranian offensive against Israel indicated its strong demand among investors. Similarly, Bitwise CIO Matt Hougan outlined three major factors that could help the BTC price “melt-up” to a new all-time-high (ATH) of close to $80,000 in Q4 2024. BTC trades at $62,086 at press time, up 2.7% in the last 24 hours. Featured image from Unsplash, chart from Tradingview.com NewsBTC
Ripple Co-Founder Chris Larsen Sends $1 Million XRP Donation To Kamala Harris
As the US presidential election approaches, the crypto industry has emerged as a focal point of political debate, with key figures from blockchain payments company Ripple expressing divided support for leading candidates Vice President Kamala Harris and former President Donald Trump. This division comes amid ongoing debates about regulatory frameworks, particularly concerning the US Securities and Exchange Commission (SEC) and its enforcement actions against the cryptocurrency sector. Ripple Larsen’s $1 Million XRP Donation Christian Larsen, co-founder of Ripple, has made headlines by making the first documented crypto donation to Kamala Harris’s campaign, contributing $1 million in XRP to a prominent super political action committee (PAC) supporting her candidacy. Related Reading: Over 52 Million ETH Bought At $2,300, Will Ethereum Bulls Defend This Support? This donation was revealed through recent filings with the Federal Election Commission (FEC), as reported by FOX journalist Eleanor Terret. Larsen’s contribution signifies a strategic endorsement of Harris, who has recently been vocal about the needed support for the growth of the digital asset ecosystem. This political move comes on the heels of comments from Ripple CEO Brad Garlinghouse, who has criticized the SEC’s ongoing legal battle against the company. The SEC recently appealed a favorable ruling from Judge Analisa Torres, which stated that XRP, when sold on public exchanges, does not qualify as a security under existing laws. In response, Ripple announced it would file a cross-appeal against the SEC on Thursday, intensifying the ongoing legal conflict. Crypto Community Divided? Garlinghouse has been outspoken about the SEC’s actions, recently asserting, “If Gensler and the SEC cared about the rule of law, they would accept their loss and move on.” Ripple’s CEO argues that the regulator is more interested in causing disruption than providing clarity for industry players, warning that the agency’s actions could stifle US innovation in technology. While Larsen has aligned himself with Harris, the political contributions from the crypto community are not one-sided. Gary Cardone, a well-known digital asset investor, along with the Winklevoss twins, founders of the Gemini exchange, and Kraken co-founder Jesse Powell, have publicly supported Donald Trump. Related Reading: BNB Under Siege: Failed Recovery Sparks Fears of Deeper Losses Trump’s campaign has positioned him as a pro-crypto candidate, promising to elevate the United States as the global leader in cryptocurrency. The former President and Republican candidate has criticized regulatory overreach, stating, “They want to choke you, and we are not going to let that happen.” Trump has also pledged to replace SEC Chairman Gary Gensler upon his potential return to the White House, further indicating his commitment to fostering a favorable environment for the crypto industry. At the time of writing, XRP was trading at $0.5379, showing no change from Thursday’s trading session. Featured image from DALL-E, chart from TradingView.com NewsBTC