💸 The spring is compressing: Bitcoin repeats the gold patte | TopCryptoNews on Binance Square

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💸 The spring is compressing: Bitcoin repeats the gold pattern with a growth potential up to $320k
Looks real if the US actually buys BTC for reserves 😁

#GOLD #BTC #Bitcoin 

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🚀 Power Curve Cycle Cloud predicts Bitcoin will reach $200,000 by year-end Meanwhile, Eric Trump said there is “no doubt” that Bitcoin will reach $1 million. According to him, “everyone wants Bitcoin and everyone is buying it.” #BTC #Bitcoin

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📊 Chart Shows Cardano to Hit New All-Time High of $4 by the Year-end Despite Current Dip The sentiment that Cardano could still reach a new all-time high this year remains high in the ADA community despite the recent price decline. For context, Cardano continues to decline alongside the broader market. ADA reverted to the trend after a rally to $1.02 earlier in August, which saw it play contrarian to the bearishness at the time. With Bitcoin hitting new lows, Cardano has followed suit, dropping 5% in the past 24 hours to its current price of $0.830. As a result of this decline, those who bought ADA at the start of the year are currently unprofitable, with a 3.8% year-to-date loss. For context, ADA currently trends within a rising wedge, a structure it formed from its lows of $0.22 in June 2023. Meanwhile, its last rally to the channel’s upper boundary in December 2024, when it reached $1.32, formed a descending resistance neckline. Notably, the trendline was responsible for the rejection seen in August 14’s rally to $1.02. As Cardano consolidates following the rejection, the chart highlights that its next support lies around the channel’s lower boundary, slightly below the 0.50 Fibonacci retracement at $0.5424. 🔸 Cardano to $4.14 This Year According to the analysis, Cardano is expected to rally to $4.14 by the end of this year, aligning with the upper trendline of the ascending wedge. From the current market price of $0.830, the rally to the new all-time high represents a 399% growth. Notably, the target aligns with the 2.00 Fibonacci extension in the accompanying chart. Before the price mark, the analysis highlighted prior targets, including $1.47, $1.79, $2.47, and $3.10. However, ADA needs to stay above the support level at $0.51 to keep the prospect of a price increase alive. Interestingly, some members of the Cardano community expect higher prices. In response to Minterm’s post, proponent Rulo believes that ADA will rise much higher to $10 this year. #ADA #Cardano

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⚡️ $LINK Momentum Weakens, Could Chainlink Break $20 Support? Today, the crypto market opened on a bearish tone, shedding over 3.22% in market cap, reaching $3.8 trillion. The broader sentiment is neutral, with the Fear and Greed Index value settled at 47. Meanwhile, all major digital assets have lost their recent gains, and fallen to the former support, including the largest assets like Bitcoin and Ethereum. Among the altcoin pack, Chainlink (LINK) has dropped by over 2.22% in the last 24 hours. In the early hours, the asset traded at around a low of $23.60, and it climbed toward a high range of $25.90, with the sudden bullish shift. Gradually, after multiple ups and downs, LINK hints at a downtrend. At the time of writing, Chainlink traded at around the $23.56 level. The market cap has reached $15.89 billion, with the asset’s daily trading volume has surged by over 94.13% to $2.9 billion. The Coinglass data has revealed that the market has seen a $7.06 million worth of LINK liquidated during this interval. 🔸 Can Chainlink Reverse Its Current Momentum? Assuming Chainlink’s price fell steeply toward the nearby $23.50 support, the active bears might gain strength. Within the highly bearish scenario, the asset could push the price down to its recent low at around $23.44 or even lower. If a reversal in momentum kicks in, it could trigger the price move up to the resistance at $23.62. Further bullish correction might bring in a retest of the Chainlink price above the $23.68 level. The Moving Average Convergence Divergence (MACD) line of Chainlink is found above the signal line, showing a short-term bullish momentum. But both lines are below the zero line, indicating an overall bearish trend, a weak recovery within a broader downtrend. Besides, the Chaikin Money Flow (CMF) indicator is settled at -0.13, suggesting a selling pressure in the market. Notably, the money is likely flowing out of the asset. #LINK #Chainlink

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🔥 Is $ENA undervalued? Ethena’s network metrics say YES! Ethena may be fundamentally undervalued. However, record TVL, strong daily volume, low NVT, and rapid USDe adoption are signs of strong network fundamentals. On the surface, Ethena [#ENA ] may seem quiet. ENA popped by 19.5% on 21 August after a $260 million buyback, but the move ran out of steam when $0.70 couldn’t flip into support. The price dropped back to $0.50, marking the third lower low this month. However, the on-chain picture might be healthier. Ethena has been stacking real activity, with DeFiLlama reporting $117 million in Q3 fees so far. In fact, it’s up more than 150% from Q2 – A sign of growing protocol usage. The revenue growth tells us a similar story too. Ethena has pulled in $42 million so far, outperforming Q4 2024’s $27 million despite market noise. Compared to Q2’s $1.82 million, that’s a nearly 2,500% pop, signaling ENA may be economically sustainable. Layer in USDe after it scaled to a $10 billion market cap in just 500 days, and you have the fastest-growing among top stablecoins. Hence, the question – Is ENA fundamentally undervalued? 🔸 Ethena’s network activity outpaces price Ethena’s on-chain activity is now outpacing what the price reflects. For instance – Ethena recorded $633 million in daily trading volume, placing it among the market’s most active DeFi assets. Supporting this activity, its TVL hit a record $12.5 billion, adding roughly $4 billion just this month. With a $4.35 billion market cap, ENA’s NVT came in at around 6.9 – Marking a relatively low figure that hinted at healthy network throughput relative to valuation. In short, Ethena appears to be fundamentally undervalued. High daily trading volume, record TVL, low NVT, and strong revenue and fee growth all are signs of healthy network fundamentals. They all imply robust adoption and strong user engagement. Meanwhile, on-chain activity, value capture, and USDe adoption are outpacing the price, making ENA’s $0.50-level a solid dip play. #Ethena

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🟠 Bitcoin Rally Over? CryptoQuant’s Bull Score Index Turns Bearish CryptoQuant’s Bitcoin Bull Score Index has dropped to a value of 20, hinting that a potential bearish transition could have occurred for the asset. 🔸 Bitcoin Bull Score Index Is Now In “Extra Bearish” Territory In a new post on X, CryptoQuant community analyst Maartunn has shared how the analytics firm’s “Bull Score Index” has changed for Bitcoin after its recent price drawdown. The Bull Score Index is an indicator that tells us about the market phase the cryptocurrency is currently going through. It determines this by referring to a bunch of key on-chain metrics. As is visible in the graph, Bitcoin entered into the “bullish cooldown” phase at the start of August. This signal interestingly persisted even when its price set a new all-time high (ATH) later in the month, a potential sign that the breakout was always gonna be short-lived. In the market downturn that has followed this peak, the Bull Score Index first dipped into the “getting bearish” zone, and now, it has plunged right into “extra bearish” levels. “This is something to take serious,” notes Maartunn. Here is another chart, this one breaking down the individual signals contributing to the Bull Score Index’s value: As displayed in the graph, almost all of the indicators are giving a bearish signal at the moment. Perhaps the most popular metric on the list is the “Market Value to Realized Value (MVRV) Z-Score,” which relates to investor profitability. It would appear the current market conditions are bad enough to force it to turn red. Last time the MVRV Z-Score and Bull Score Index turned bearish was back in February of this year. What followed the signal was an extended phase of negative price action for Bitcoin. Given that the Bull Score Index is once again giving an extra bearish indication for the cryptocurrency, it remains to be seen whether its price will now see another transition. #BTC #Bitcoin

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