- 3 Reasons for XRP Price Rally in October 2024
- Current BTC Support and Resistance Levels
- BlockDAG Network Presale Reaches $67.5 Million
Today in crypto news: three reasons XRP might rally in October 2024, current technical support and resistance analysis for BTC, and BlockDAG Network presale success reaching $67.5 million.
3 Reasons for XRP Price Rally in October 2024
Exploring the potential for XRP's price rally in October 2024, several technical factors are highlighted. According to an analysis by Coingape editors, interesting prospects exist for investors. They note that despite potential appeals from the SEC, current technical formation provides positive signals in the short term. "Despite the long-term uncertainty due to possible SEC appeals, the present technical formation offers a more positive outlook in the short term," write Coingape analysts. The current pennant formation on XRP's 4-hour price chart shows the potential for a volatile breakout in either direction. However, considering the prior impulsive movement before this formation, the breakout is more likely to lean towards price increase. There are two possible scenarios based on this technical formation. The first is a bearish breakout leading to a dip in price towards the $0.568-$0.573 zone. This zone has a high likelihood of price recovery, allowing investors to buy XRP at lower prices. The second scenario is an upwards breakout with testing of a new resistance zone at $0.643-$0.657 after surpassing the $0.626 level. This could lead to a 9% price increase, and also spur additional growth if the SEC's appeal deadline in October 2024 passes.
Current BTC Support and Resistance Levels
According to NewsBTC, current BTC support and resistance levels can be determined by the amount of BTC purchased at certain price levels, as described in a CryptoQuant analysis. The main levels lie within $59,160-$60,973 and $64,670-$66,483 ranges. The chart reveals that approximately 1.7 million addresses hold 965,239 BTC in the $59,160-$60,973 range, potentially creating a strong support zone. If BTC holds this level, investors might buy more, hoping for a price rebound. If BTC rises above this level, it will face resistance at the $64,670-$66,483 range. Investors who bought BTC at these levels may look to sell at breakeven, creating price pressure.
BlockDAG Network Presale Reaches $67.5 Million
Wrapping up today's overview, it's worth noting that BlockDAG Network project has achieved significant success, raising $67.5 million in its presale. The project uses a combination of Proof-of-Work (PoW) and DAG consensus, boosting transaction speed and efficiency. Developers also reported progress in the BlockDAG X1 application and resolved issues with notification sending. Improvements include password reset functionality and API backend updates. Currently, the team is awaiting the approval of new application versions from Apple's team. Significant advancements were also noted in the UTXO model development for BlockDAG Explorer, enabling efficient address management and transaction history tracking.
In conclusion, the crypto world continues to see active developments in technical analysis of major cryptocurrencies and the successes of new projects. Support and progress in projects like BlockDAG Network demonstrate sustained interest and innovation in blockchain technology and cryptocurrencies.
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