Bitcoin
BTC$61 588.76

3.87%

Ethereum
ETH$3 935.76

4.02%

Binance Coin
BNB$477.91

4.02%

Cardano
ADA$2.23

3.45%

Tether
USDT$0.999808

-0.07%

XRP
XRP$1.16

3.94%

Pinned below $11K, Bitcoin price plays second fiddle to Uniswap


19 Sep 2020

#Bitcoin

Bitcoin price still faces resistance at $11K as traders turn their attention to DeFi-tokens like Uniswap (UNI). As the weekend begins, Bitcoin (BTC) price continues to fluctuate between the $10,800-$11,000 range. 

Some analysts would say the digital asset has lost momentum but a quick glance at the 1-hour or 4-hour chart shows Bitcoin chugging along sideways in a defined range which is starting to see some compression. 

Despite what appears to be ‘disinterest’ from crypto traders, Bitcoin price is painting higher lows and lower highs and if this pattern continues a breakout should be expected before the weekly close. Of course predicting the direction of this breakout is the hard part. 

If the breakout were to the upside, the overhead resistance at $11,150 and $11,600 will make any attempts at $12,000 difficult. In the event that the price breaks downward, traders would expect support at $10,550 but the gap from $10,826 to $10,480 on the volume profile visible range suggests that $10,490-$10,400 is where the price would park.

Hence, at the moment the risk-to-reward odds for the average trader are not very enticing, especially when compared to the juicy price action seen from the likes of UniSwap’s UNI token which rallied another 124% on Friday. 

In fact, data from DeFi Pulse shows the total value locked in UniSwap DEX reached $1.75 billion as traders stampeded back to the platform to acquire various DeFi-related tokens or earn high interest from yield farming. 

Over the past 24-hours the platform has seen an 80% increase in inflow and it’s possible that the intense focus of traders chasing DeFi profits is reducing demand for Bitcoin as centralized exchanges have registered a drop in spot volumes. 

Given that demand for DeFi-related tokens is likely to increase, traders might keep an eye on the price of Ether as the altcoin has already gained 10% since the start of the week and could rally to $422 if bulls can push the price through the high volume VPVR node at $392. 

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66.8% 67 $61 588.76 3.87% 12.21% $1 160 654 808 429 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66% 66 $3 935.76 4.02% 8.99% $464 217 131 709 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 72% 61 $477.91 4.02% 12.77% $80 354 124 867 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 84.8% 27 $2.23 3.45% -1.97% $73 223 941 889 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 94% 1 $0.999808 -0.07% -0.05% $68 747 855 911 USDT 7 days price change
6 XRP (XRP) XRP XRP predictions 71.6% 56 $1.16 3.94% 6.41% $54 401 475 546 XRP 7 days price change
7 Solana (SOL) SOL Solana predictions 71.6% 55 $162.44 2.24% 1.85% $48 775 462 180 SOL 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 68.4% 57 $43.27 8.10% 24.77% $42 734 879 170 DOT 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999981 -0.03% -0.01% $32 808 075 707 USDC 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 59 $0.239602 5.33% -2.96% $31 560 175 921 DOGE 7 days price change
11 UniSwap (UNI) UNI UniSwap predictions 70.8% 57 $26.42 2.81% 3.61% $16 156 779 856 UNI 7 days price change
12 Terra (LUNA) LUNA Terra predictions 69.2% 59 $38.10 3.77% -12.78% $15 312 748 081 LUNA 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 68% 66 $61 590.13 3.85% 12.20% $13 289 021 167 WBTC 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 72.8% 60 $190.95 6.14% 5.63% $13 130 242 173 LTC 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999959 -0.05% -0.02% $13 073 024 181 BUSD 7 days price change

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