Crypto Price Analysis For February 7: DYM Up 16%, ETH and HBAR Dips
Release: 2024/02/07 20:54 Reading: 970
Crypto Price Analysis: For nearly two weeks, the cryptocurrency market remained stagnant showcasing no dominance from buyers to sellers. As a result, the leading digital assets Bitcoin and altcoins projected a sideways trendline, waiting for a suitable trigger to resume recovery.
While the current market projection may seem boring for retail traders, smart money has showcased interest in accumulating more BTC. A recent tweet from renowned trader @alicharts shows that there has been an addition of approximately 73 new Bitcoin whales, each holding a minimum of 1,000 BTC. This marks a substantial 3.66% increase in the population of such investors over a mere two-week period. This marks a 3.66% increase in whale numbers in the past two weeks, indicating growing confidence in Bitcoin’s long-term value.
#Bitcoin whales are accumulating more $BTC! Around 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 spikes the potential of renewed recovery in the market which also bolsters altcoins like Ethereum (ETH), Dymension (DYM), and Hedera (HBAR).
Ascending Triangle Hints Ethereum (ETH) Price to Surpass $2500 Soon
Amid the last two weeks’ consolidation, the Ethereum price has traded mainly between two horizontal levels of $2390 and $2170. While the broader market remains uncertain a new emerging support trendline has uplifted ETH price by 8.43% from the last swing low of $2171.
This dynamic support and stiff resistance at $2390 indicate the formation of a bullish contamination pattern called an ascending triangle. Moreover, a key developer in Ethereum’s Dencun upgrade, Christine Kim, has announced the Dencun activation on the Holesky testnet for tomorrow at 6:34 AM ET (11:34 UTC).
Dencun activation on Holesky testnet incoming tomorrow at 6:34 AM (ET)/11:34 (UTC). It's the last Eth testnet that will be upgraded before mainnet. Devs expected to pick a mainnet date shortly after Holesky upgrade.
Countdown clock: https://t.co/7jkkNwUkKv
— Christine Kim (@christine_dkim) February 6, 2024
This crucial step, being the last testnet upgrade before moving to the mainnet, sets the stage for developers to announce a mainnet upgrade date soon after.
With this positive development and bullish pattern on the chart, the Ethereum price is likely to breach the $2390 resistance to trigger a sustainable recovery. The post-breakout rally may encourage ETH price to soar 13.5% to hit the $2700 barrier.
Bullish Reversal Pattern Set Hedera (HBAR) Price for $0.1
HBAR, the native cryptocurrency of the Hedera Hashgraph platform has recently witnessed a surge in demand pressure around the $0.0678 mark. This horizontal level coinciding close with the 61.8% Fibonacci retracement level created a strong launchpad for buyers to develop a bullish reversal pattern called a double bottom.
In the last three days, the coin price is up 7.5% to current trade at $0.07. This upswing could be attributed to the partnership announcement between Hedera Hashgrap and the Saudi Ministry of Investment (MISA).
In the presence of Their Excellencies, #MISA & Hashgraph association, have signed an MoU during the #SaudiSwissRoundtableMeeting, aiming to foster innovative investment opportunities in KSA through partnering locally and globally to support the entrepreneurship ecosystem. pic.twitter.com/E8sfKK49qO
— وزارة الاستثمار (@MISA) February 6, 2024
This strategic partnership is aimed at cultivating innovative investment opportunities within the Kingdom of Saudi Arabia (KSA) by fostering both local and global collaborations to enhance the entrepreneurial ecosystem.
Amidst this development, the Hedera price is likely to break past the overhead neckline resistance of $0.076. This breakout breakout will bolster buyers to drive a 14.7% rally to hit $0.0875, followed by $0.1.
Key Level to Watch in Newly Launched Dymension (DYM)
The highly awaited airdrop by Dymension coincided with the launch of its mainnet on Tuesday, distributing over $390 million in DYM tokens to early adopters and specific community groups. Following the network’s launch, the token value witnessed significant inflow and hit an all-time high of $6.15 as per coinmarketcap.
As the newly introduced token navigates through expected volatility in the coming days, analysis of the hourly chart indicates that its price is adhering to an ascending trendline. This trendline may serve as dynamic support for coin holders, potentially aiding in sustaining a recovery for DYM.
A pullback opportunity at this support could bolster the next recovery leap to surpass $6.5.
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