Cryptocurrency Price Analysis: For nearly two weeks, the cryptocurrency market has remained stagnant, with no dominance of buyers over sellers. As a result, major digital assets Bitcoin and altcoins projected a sideways trend line, waiting for a suitable trigger to resume the recovery.
While the current market projection may seem boring to retail traders, smart money has shown interest in accumulating more BTC. A recent tweet from popular trader @alicharts shows that around 73 new Bitcoin whales have been added, each with a minimum of 1,000 BTC. This marks a substantial 3.66% increase in the population of such investors in just two weeks. This marks a 3.66% increase in the number of whales over the past two weeks, indicating growing confidence in the long-term value of Bitcoin.
#Bitcoin whales are accumulating more $BTC! Some 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl
— Ali (@ali_charts) February 7, 2024
This development raises the potential for a renewed market recovery that also strengthens altcoins such as Ethereum (ETH), Dymension (DYM), and Hedera (HBAR).
The ascending triangle suggests that Ethereum (ETH) price will soon surpass $2500
Ethereum (ETH) Price| Tradingview
During the consolidation of the last two weeks, the price of Ethereum has mainly traded between the two horizontal levels of $2,390 and $2,170. While the broader market remains uncertain, a new emerging support trend line has lifted the price of ETH by 8.43% from the latest low of $2171.
This dynamic support and strong resistance at $2,390 indicate the formation of a bullish contamination pattern called an ascending triangle. Additionally, a key developer in Ethereum’s Dencun update, Christine Kim, announced the activation of Dencun on the Holesky testnet tomorrow at 6:34 am ET (11:34 am UTC).
The Dencun activation on the Holesky testnet will arrive tomorrow at 6:34 am (ET)/11:34 am (UTC). It is the last Eth testnet that will be updated before the mainnet. The developers expected to pick a mainnet date shortly after the Holesky update.
Countdown: https://t.co/7jkkNwUkKv
— Christine Kim (@christine_dkim) February 6, 2024
This crucial step, being the last testnet update before moving to the mainnet, sets the stage for developers to announce a mainnet update date soon after.
With this positive development and bullish pattern on the chart, Ethereum price is likely to break above the $2390 resistance to trigger a sustainable recovery. The post-breakout rally could encourage ETH price to rise by 13.5% to reach the $2700 barrier.
Hedera Bullish Reversal Pattern Set (HBAR) Price for $0.1
Hedera (HBAR) Price| Tradingview
HBAR, the native cryptocurrency of the Hedera Hashgraph platform, has recently witnessed an increase in demand pressure around the $0.0678 mark. This horizontal level, which coincides with the 61.8% Fibonacci retracement level, has created a strong springboard for buyers to develop a bullish reversal pattern called a double bottom.
Over the past three days, the coin’s price has increased by 7.5% to $0.07. This recovery could be attributed to the announcement of the partnership between Hedera Hashgrap and the Saudi Ministry of Investment (MISA).
In the presence of Their Excellencies, the #MISA association and Hashgraph signed a memorandum of understanding during the #SaudiSwissRoundtableMeeting, with the aim of promoting innovative investment opportunities in Saudi Arabia through local and global partnership to support the entrepreneurial ecosystem. pic.twitter.com/E8sfKK49qO
— وزارة الاستثمار (@MISA) February 6, 2024
This strategic partnership aims to cultivate innovative investment opportunities within the Kingdom of Saudi Arabia (KSA) by fostering both local and global collaborations to enhance the entrepreneurial ecosystem.
In this context, Hedera price is likely to break above the $0.076 neckline resistance. This breakout will support the buyers pushing them to lead a 14.7% rally to reach $0.0875, followed by $0.1.
Key level to watch in the newly launched Dymension (DYM).
Size (DYM) Price| Tradingview
Dymension’s highly anticipated airdrop coincided with the launch of its mainnet on Tuesday, distributing over $390 million in DYM tokens to early adopters and specific community groups. After the launch of the network, the value of the token saw a significant inflow and reached an all-time high of $6.15 according to the coin market capitalization.
As the newly introduced token goes through expected volatility in the coming days, hourly chart analysis indicates that its price is adhering to an ascending trendline. This trendline can serve as dynamic support for coin holders, potentially helping to support a recovery for DYM.
A pullback opportunity to this support could strengthen the next recovery leap to above $6.5.
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