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Top Factors Can Shape Bitcoin Price in the Short Term

Bitcoin still has plenty of room to run this period, while April price gains can “rely on” consumers saving and deferring debt payments.

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Bitcoin had a positive weekend after it’s recent plunge to $50000. What’s next for bitcoin?

According to the data, Bitcoin still has plenty of room to run this period, while April price gains can “rely on” consumers saving and deferring debt payments.

What’s in Store for April?

According to on-chain analytics service Glassnode, April’s price success would “rely” just as much on retail investors as it will on institutional investors.

Glassnode’s most recent study, published last week, revealed an unusual disparity between U.S. consumer spending and disposable income generated by coronavirus lockdowns.

Normally closely related, the two indicators of retail investor buying power diverged with the onset of lockdowns — there was more capital, thanks to stimulus checks and other factors, but nowhere to spend it.

With reopenings gaining traction in a number of states, the equilibrium is set to be restored as pent-up market demand becomes a major narrative.

Global stocks look set for another volatile week given block trades headlines & Bond volatility. Asia mixed, Europe slightly higher w/Dax hitting ATH but US Futures lower. Bonds gain w/US 10y at 1.64%. Oil drops after ship blocking Suez Canal refloated. Gold $1727. #Bitcoin $56k. pic.twitter.com/pJrw7Dtstz

— Holger Zschaepitz (@Schuldensuehner) March 29, 2021

Many households now have an extra buffer of income to spend, due to new stimulus checks and decreased spending during lockdowns,” co-founders Yann Allemann Jan Happel tweeted. “Will they invest this into markets or pay off debt? Bitcoin’s April performance will depend on it.”

A simultaneous blog post affirms that the most recent stimulus checks, worth $1,400, have yet to make their existence felt in the economy.

“It’s difficult to measure to what extent the checks have arrived in households until today, and more importantly how willingly retail is going to spend or save the money this time considering it may be the last monetary stimulus for a while.”

Bitcoins RSI Movements

BTC’s relative strength index (RSI), which calculates the speed of price fluctuations for a given commodity, has not yet reached its height, according to PlanB.

“The monthly RSI for Bitcoin isn’t even 95. We had at least three months above 95 in the bull markets of 2011, 2013, and 2017. “It’s still early.” he said

Despite its recent struggle to remain above $60,000, the analyst who first applied the stock-to-flow formula to Bitcoin believes the top cryptocurrency’s bull market is only getting underway.

Stock-to-flow meanwhile demands a $100,000 or $288,000 average BTC/USD price this halving cycle, hanging on the exact model used.

Fear and Greed : Market Sentiments

Fear & Greed measures how the market feels about Bitcoin price behavior on a scale of 0 to 100, inferring whether recent activity indicates a rebound off lows or a sell-off from highs.

The Index, which circled all-time highs alongside BTC/USD in February, flashed warning signs as it rose to previous all-time highs of $58,300. By March 1, the rebound had slashed its ranking from 94/100 to 38/100, only to return to the mid-70s days later.

At the time of writing, the Index measures 74/100, classified as “greed” among investors, but still with much room for leeway before entering sell-off territory, denoted as “extreme greed.”

Stock and Trade Market

As concerns grow about the effect of Friday’s $20 billion worth of block trades, Monday will be an interesting start for US equities.

The sudden arrival of orders targeting mostly tech stocks, which came from major players Goldman Sachs and Morgan Stanley, has given traders a headache. This will now play out as Wall Street reopens on Monday.

“Traders everywhere know the story and will be glued to their screens,” portfolio manager Sharif Farha told Bloomberg.

Stock markets uncertainty has a knock-on effect for Bitcoin, but the magnitude of that effect depends on changes that are uncertain at the time of writing.

Andreas Lipkow, a strategist at German bank Comdirect, said, “The markets could start trading in a friendly manner at the beginning of the week.”

“Although there is currently some major profit-taking and unusual block trade activities, these market asymmetries can currently still be processed well.”

Additional factors include falling oil prices, but this is less of a concern for Bitcoin bulls than it is for stock bulls. Prices are dropping as hopes of a supply increase grow, thanks to an Opec+ meeting later this week and the possible resolution of the Suez Canal crisis.

Glassnode’s most recent study, published last week, revealed an unusual disparity between U.S. consumer spending and disposable income generated by coronavirus lockdowns.

Source: https://coinpedia.org/bitcoin/factors-shape-bitcoin-price/

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Coinpedia

Polygon (Matic) Price Continues to Rise Amidst Market Correction!

The MATIC price forecasts are positive as a token supporting such a critical feature right now. After the Ethereum scaling

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Polygon hopes to solve the scalability problem. The MATIC price forecasts are positive as a token supporting such a critical feature right now. After the Ethereum scaling solution merged various common decentralized finance (DeFi ) projects and the number of transactions it handled every day skyrocketed, the price of MATIC has reached a new all-time high above $1.5.

Polygon has handled over 62.4 million transactions and has almost 700,000 wallet addresses, according to data from a MATIC network explorer. It processes 3.3 million transactions a day, each of which costs less than one cent in cryptocurrency.

The cost of transactions on the Ethereum blockchain, on the other hand, reached a new all-time high this week above $64 on average, before plummeting to $31.75 at press time. The network of the cryptocurrency has been co-founded.

Polygon plans to use layer-two sidechains – blockchains that operate alongside the main Ethereum blockchain – to provide quicker and cheaper transactions on Ethereum. Users can deposit ETH into a Polygon bridge smart contract and communicate with it inside the Polygon chain before withdrawing it back to the Ethereum main network.

MATIC is up over 270 percent in the last 30 days, and over 7,000 percent in the last 12 months, thanks to increased demand for the layer-two scaling solution. It’s currently trading near its latest all-time high of $1.51.

Several major DeFi platforms, including Aave, Curve, SushiSwap, 1inch, and others, have been incorporated into the Polygon network in recent weeks. Transactions on its network have exploded as a result of these integrations, as it is now easier to use Ethereum-based DeFi platforms.

MATIC holders will stake their funds to win prizes using Polygon’s Proof-of-Stake consensus algorithm. By partnering with Cent, a platform that tokenizes tweets, the network is also aiming for long-term viability in the non-fungible token ( NFT) space.

According to a recent tweet, SushiSwap has now reached $500 million in total value locked on the Polygon network.

Source: https://coinpedia.org/price-analysis/polygon-matic-price-continues-to-rise/

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XRP Price Manifest A 2017 Like Warm-Up Rally, $6 Approaching Fast

XRP price after the recent spike initiated with a descending pattern and hence a major breakout is the need of an hour

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Ripple’s XRP price is all set to surge high as it is manifesting a similar bull run of that of 2017 and hence a splendid rally may be foreseen. Recently, XRP underwent a possible burn as the market capitalization and the circulating supply declined all of a sudden.

However, the price appears to have initiated a recovery mode as the price is on the verge to bounce back and accelerate the bull run. As presented by a crypto follower, the XRP price is showcasing a similar warm up pump as in 2017.

According to the chart, the price experienced a steep dump in between the bull rally and resumed the bull run. The price eventually smashed the ATH at $3.84 after completing the correction phase. And hence if the price follows the similar pattern, $6 is all set to be achieved very soon.

Also Read: Analyst Predicts the Future of Dogecoin and XRP! Says XRP Price Will Pump the Hardest!

XRP Price Breakout Imminent!

XRP price, as mentioned before, is trending within a descending channel. After the price hit the yearly highs at $1.76, it soon dipped and entered the channel. However, the price broke the upper resistance levels of the channel and soon dipped too. Due to the fake break out, the price currently is on the verge to reenter the channel.

xrp descending channel

Yet, the price rose significantly and showcased a probable uptrend incoming very soon. At the time of writing, the XRP price is $1.54 with a jump of 1.66% and continuing with an uptrend. However, the prime focus at the current time is a bounceback to the $1.62 levels to continue the uptrend to retest the yearly highs.

Technical Specifications

  • The resistance level of Ripple’s XRP price is currently at $1.62 and later at $1.96
  • The support levels are at $1.42
  • The indicators point out at a buy signal

Also Read: XRP’s Supply And Market Cap Tanked, Is It a Coin Burn Or Technical Glitch?

Also Read: Analyst Predicts the Future of Dogecoin and XRP! Says XRP Price Will Pump the Hardest!

Source: https://coinpedia.org/altcoin/xrp-price-to-breakout-soon/

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Coinpedia

Solana Price Prediction: Can SOL Price Reach $50 by the End of 2021?

In this article let us try to understand in-depth on the Solana Price Prediction for 2021 and marketers’ views on SOL Price.

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Solana is the most preferred blockchains which aims to provide fast, secure, scalable, decentralized Apps and marketplaces. It runs on its own blockchain using the Proof-of-History consensus algorithm. It installs historical data in blockchain to prove the transactions which are saved in the digital ledger.

Do you know? Solana can process 50k transactions per second.

In this article let us try to understand in depth about the Solana Price Prediction for 2021 and beyond and we will look at views of other analysts on SOL.

Overview CryptocurrencySolanaTokenSOLPrice$ 43.7500Market cap$ 11,915,345,054.0000Circulating Supply$ 272,637,122.5049Trading Volume $ 0.0000All time high$ 49.6700 May 1, 2021All time low$ 0.5008 May 11, 2020 Solana Fundamental Analysis

Solana is a high performing digital currency that runs on the blockchain which supports smart contracts and decentralized applications. The transactions are timestamped to maximize the efficiency. It is a fast and secured blockchain providing the open infrastructure required for global adoption.

The project was established in 2017 by Anatoly Yakovenko who was a software developer in dropbox. Solana has a particular hashes that can be used to input data for every transaction. SOL has a unique feature called Gulf Stream which enhances the scalability.

Also Read: Uniswap Price Prediction- Will UNI Price Hit $100 in 2021?

Solana Price Prediction 2021

With a steady recovery in price, SOL traded at $1.60 during the start of January and by the mid of February it smashed $10. By May the price surged close to $50 to reach the ATH. The price of Solana may see variations if it grabs the attention of the investors and enhances its user base. Interestingly enough. Many investors and analysts predict that by the end of 2021, Solana might reach at the $70 to $75 mark.

Solana Price Prediction 2022

SOL might commence the year with a trading price around $65. The price is anticipated to grow further if the bulls hold the market for a longer period. The price may hover between $55 and $70 for several months. By the end of 2022, Solana might exchange close to $100..

Price Prediction For Next 5 Years

In 5 years, SOL might concentrate on inbound developments and it may provide more platforms for developers to create decentralized applications. It may reach newer heights and focus on certain partnerships for the betterment of its protocol. By 5 years Solana could reach above the $300 mark.

Solana Market Prediction Coinpriceforecast

Coinpriceforecast predicts the price of Solana could be $228.92 at the end of 2021. In the next 3 years, Solana could reach the highest price of $721.38 and by 2025 the price may hit $870.

WalletInvestor

According to WalletInvestor, Solana could be an outstanding long-term investment. It would go up from $43.716 to $137.003 in the coming year. And by 2026, the price hits $496.606.

Gov.capital

According to Gov.capital, Solana would trade in between $75.531 and $86.86065 by the end of 2021.

DigitalCoinPrice

As per the analysis of Digitalcoinprice, Solana will be traded at $64.14 at the end of 2021 and $130.14 by 2025.

Our Solana Price Prediction

Solana entered the year 2021 with a trading price of $1.60. On a bullish note, the altcoin started to rise further. As Solana is an emerging DeFi coin, its price might likely boom. It might concentrate on certain collaborations to bridge its assets to DeFi. It will encourage the new upcoming startups and it could be a new competitor for other currencies in the market. By the end of 2021, it might trade around $20 and anticipated to reach up to $120 in the future.

Historical Market Sentiments 2020

Solana initiated its journey in the crypto market on 10 April 2020 with a price of $0.79 according to Coinmarketcap. Later, the price declined to as low as $0.52 by mid May. The price started to recover further and reached $0.99 at the end of June. Interestingly, the price spiked to $1.33 by mid July and continued to swing after. The digital currency rose to $1.84 by the end of July. Heading towards an upward trajectory, the coin dramatically hit $3.77 by mid August and further plunged to $2.82 by the end of August.

Effectively, SOL spiked to $4.84 by early September to reach an All-Time-High by breaking all its previous price records. Solana managed to reach its resistance level at $3.80 and failed to remain stable and dropped to $2.56. At the end of September SOL was trading at $2.96.

With certain variations, Solana managed to sustain at $2 range throughout the October. Although the price slumped to $1.35 by early November because of the high selling pressure. Later, the price started to recover and reached $2.41 by the end of November as Bitcoin continued its price rally. Solana declined further to $1.47 in December as the bears were headed into pulling the prices.

At the end of December 2020, SOL traded at $1.50.

Also Read: Cosmos Price Prediction, Is $100 Approaching in 2021?

FAQ

What makes Solana a unique coin?

Solana is considered as an unique coin because it has features like scalability, low cost and higher transaction speeds.

Can Solana be halved?

No, SOL cannot be halved as it only mined.

What is the transaction speed of SOL?

Solana can transact upto 50k per second.

Where to trade Solana?

Solana can be traded on exchanges like Binance, OKEx, CoinEX, CoinDCX, Huobi Global and many more.

Also Read: Uniswap Price Prediction- Will UNI Price Hit $100 in 2021?

Source: https://coinpedia.org/price-prediction/solana-sol-price-prediction/

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