updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin price failed to stay above the $100,000 zone. BTC is correcting gains and might struggle to stay above the $96,000 support zone.
Bitcoin price started a decent upward move above the $98,500 resistance zone. BTC was able to climb above the $99,200 and $100,00 resistance levels. However, it failed to clear the $102,500 resistance zone.
A high was formed at $102,759 and the price started a fresh decline. There was a clear move below the $100,000 support zone. Besides, there was a break below a connecting bullish trend line with support at $98,500 on the hourly chart of the BTC/USD pair.
The pair even traded below $96,500. A low was formed at $96,100 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low.
Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $97,500 level. The first key resistance is near the $98,500 level. A clear move above the $98,500 resistance might send the price higher.
The next key resistance could be $99,500 or the 50% Fib retracement level of the recent decline from the $102,759 swing high to the $96,100 low. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.
If Bitcoin fails to rise above the $97,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level.
The first major support is near the $96,100 level. The next support is now near the $95,550 zone. Any more losses might send the price toward the $93,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $96,500, followed by $95,500.
Major Resistance Levels – $97,500 and $98,500.
Ethereum (ETH) currently trades approximately 11% below its local highs of around $2,730. Investors are optimistic about a potential price surge in the coming days, driven by encouraging on-chain data.
Key metrics from Glassnode indicate a decline in ETH inflows into exchanges, suggesting that investors are holding onto their assets rather than selling. This trend typically points to increased accumulation and could foreshadow a bullish breakout.
As the broader crypto market evolves, Ethereum investors remain vigilant, anticipating a bullish reclaim that could propel prices higher. The decrease in exchange inflows could signify that traders are positioning themselves for a potential upward movement, as they seem more inclined to retain their holdings during this crucial phase.
Should Ethereum successfully break above critical resistance levels, it could reignite bullish momentum and attract further investment. The next few days will be pivotal for ETH, as traders closely monitor price action and on-chain metrics for signs of a resurgence. With the right conditions, Ethereum may set its sights on new highs, reinforcing the overall positive sentiment in the market.
Ethereum (ETH) is currently at a crucial price level following a 15% dip from its local highs. The broader crypto industry is brimming with anticipation for a massive rally after the Federal Reserve’s decision to cut interest rates a couple of weeks ago. However, despite the optimistic outlook, prices have struggled to climb higher, leaving many investors on edge.
Fortunately, on-chain data from Glassnode suggests a reduction in selling pressure, which could improve market sentiment and pave the way for a potential ETH rebound. One key metric to consider is the Ethereum Exchanges’ Net Position Change indicator, which has been downward since mid-September. This indicator tracks the flow of ETH into and out of exchanges, and its recent decline signifies that inflows have dropped significantly.
Lower inflows typically indicate reduced selling pressure, as fewer investors are moving their assets onto exchanges to sell. This shift in momentum reflects a positive change in market sentiment, suggesting that investors may be less inclined to liquidate their positions at current price levels.
As selling activity decreases, Ethereum could gain some much-needed breathing room to recover from its recent decline.
Moreover, increased confidence among investors might lead to upward price movement in the coming days. Ethereum may be positioned for a resurgence if this trend continues, potentially setting the stage for a bullish breakout as market dynamics shift in its favor. As traders remain vigilant, all eyes will be on ETH to see if it can capitalize on this improved sentiment and regain upward momentum.
Ethereum (ETH) is trading at $2,448 after facing rejection at the 4-hour 200 exponential moving average (EMA) at $2,516. The price also struggled to maintain momentum above the 4-hour 200 moving average (MA) at $2,458, indicating a critical moment for ETH. If Ethereum fails to reclaim both of these key levels in the coming days, it may be at serious risk of dropping towards the $2,200 area, potentially triggering a deeper correction.
Conversely, if ETH manages to break above and hold these crucial indicators, it could signal a bullish trend reversal, opening the door for a surge toward the $2,700 resistance area. The outcome in the next few days will be vital for determining Ethereum’s trajectory.
Traders and investors will closely monitor these levels, as the ability to reclaim them could provide the momentum needed for ETH to regain strength and attempt to test higher price levels. The current price action reflects the uncertainty in the market, making it imperative for ETH to assert itself decisively to inspire confidence and drive a rally.
Featured image from Dall-E, chart from TradingView
Mercedes-Benz cited higher inflation, supply chain-related costs, and a 329-million-euro foreign exchange setback, among the factors that shrank its Q3 2023 earnings.
Luxury car maker Mercedes-Benz Group AG (ETR: MBG) has revealed that its earnings took a hit in the third quarter (Q3). According to a Thursday announcement by the firm, this reflects the current state of the market, which it described as “subdued”.
Although its forecast for the full year is 12%-14%, the latest report means that Mercedes-Benz now expects the adjusted return on sales of its cars to lean toward the lower end.
According to the luxury car maker, many factors contributed to the drop. But one major reason is that it saw reduced deliveries in the last quarter. And it appears that the low deliveries are a result of serious price competition from its rivals, particularly in the electric vehicle department.
For context, the likes of Tesla and Ford have been slashing prices all year long in a bid to raise demand. Mercedes-Benz on the other hand, chose to stick with increasing its margins rather than boost sales volume.
The automaker also cited higher inflation, supply chain-related costs, and a 329-million-euro foreign exchange setback, among the factors that shrank its third-quarter earnings.
Interestingly, this further proves the point that Porsche noted in its earnings report on Tuesday, that macroeconomic conditions also affect luxury.
Earnings before interest and taxes (EBIT) across the Mercedes-Benz Group fell by 6.8% to $5.1 billion, while revenue plunged 1.4% to $39.5 billion. Its car department saw a 12.4% adjusted return on sales, very close to the lower end of the annual forecast.
On the bright side, Mercedes-Benz Vans posted a strong quarter after seeing a 44% rise in EBIT to $759 million, with an adjusted return on sales of 15%. However, car revenue did fall 3.8% due to low orders/deliveries as the company maintained its average selling price.
About the final quarter of the year, Mercedes-Benz has said it does not expect much difference from what it saw in the first three quarters. That is, in terms of rate of sales. So, it sees no need to adjust its full-year sales target of flat growth, the company concluded.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
Kokusai’s IPO appears promising and may become a reference point for new listings in the future.
Chip equipment maker Kokusai Electric has raised $724.4 million after pricing its shares at 1,840 yen each in its IPO. Kokusai Electric spun out of Hitachi Kokusai Electric Inc. which KKR bought in 2017. The current share offerings put the company’s valuation at 423.9 billion yen ($2.8 billion) – a 60% increase from the price KKR paid to acquire the group in 2017.
Kokusai set its shares at the top end of its marketed range. Even if the shares sold at the bottom of the range, the Initial Public Offering (IPO) would still be larger than SoftBank Corp’s listing in 2018. Consequently, Kokusai’s share offering makes it Japan’s largest in five years.
According to Reuters, share allotment to foreign investors was oversubscribed by more than ten times. However, the overallotment option to domestic investors was not exercised. If it is, the IPO would raise about $833 million.
Kokusai’s largest customers are institutional investors, with Samsung Electronics, TSMC, and Micron Technology accounting for over 40 percent of Kokusai’s revenue.
Meanwhile, Kokusai’s IPO coincides with rising concerns about the strength of demand in the chip industry. These concerns emerged after Taiwan Semiconductor Manufacturing Company (TSMC) reportedly asked its suppliers to delay equipment delivery because of reduced global demand.
Despite this, investor sentiments remain strong. Similar companies have witnessed a growth in their stock due to the surge in artificial intelligence. For example, the shares of Tokyo Electron have risen more than 60% year-to-date. Again, Kokusai’s stock is competitively priced against global competitors like Applied Materials.
Furthermore, the overall Japanese equity market is at its highest in three decades, bringing considerable benefits to new listings. These new listings in 2023 have outperformed all others in the region, and Kokusai’s listing will likely be the same.
Whatever the case, Kokusai Electric will benefit from the new Japanese economic security law – a government attempt to improve the country’s chip sector. The law will enable the company to enjoy tax subsidies worth up to $2.8bn.
Combined, Kokusai’s IPO appears promising and may become a reference point for new listings in the future. With the final share price decided, the stock will now be listed on Tokyobourse’s Prime Market by October 25.
An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.