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Mooners & Shakers: Crypto bulls stir as Bitcoin rallies; DOGE pumps on Musk Twitter news

Bearish voices are calling caution, but crypto bulls are having a little relief rally trot through the woods as Bitcoin bucks its long downward trend.

Rob Badman
3 min read
12:18PMOctober 06, 2022
Stockhead
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Is it time for the crypto bulls to have their day (again)? Picture: Getty Images
Is it time for the crypto bulls to have their day (again)? Picture: Getty Images

Bearish voices are calling caution, but Bitcoin and crypto bulls are having a little relief rally trot through the woods.

Maybe there’s something to this “Uptober” business after all.

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Moving immediately onto the dark arts of technical analysis for a minute, observant crypto chart gazers have noticed Bitcoin has just nudged its way through a long-term, downtrend on the weekly time frame.

It’s been a 47-week decline and apparently it’s just been breached.

There is some excitement around this, and general sentiment building for a further bounce or relief rally for Bitcoin for October, but perhaps it should be noted that it hasn’t (yet) been the most forceful of moves.

Cointelegraph, for instance, described it as “consolidating” through the trendline “by trading in a sideways manner where price has been range bound between $US18,500 and $US24,500 for the past 114 days”.

Popular trader/analyst “il Capo of Crypto” (545k Twitter followers can’t be wr … never mind) is down with a small rally. But he’s also down with a move much, er, downer ($14-$16k) after he predicts BTC will hit some hefty resistance not too far above these levels.

Guess we’ve got to keep it real and look at both sides of the coin – he’s certainly not the only one calling caution. Still, why kick a nice narrative when it’s just starting to feel ripe, eh Galois Capital?

Galois is, incidentally, a crypto hedge fund that’s known for its prediction of the collapse of the Terra blockchain ecosystem, which had a $US60 billion implosion that kicked off in May this year. Not a bad call, really.

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Top 10 overview

With the overall crypto market cap at $US1 trillion, down fractionally since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Source: CoinGecko
Source: CoinGecko

The weekly price action is the most interesting column to look at here in the majors today. Bitcoin’s 5.7 per cent rise shows that Uptober is certainly trying to fulfil its prophecy, despite an initial small dip to start the month. Editor’s note: by noon (AEST), Bitcoin was up to $20,304.77, up 0.6 per cent on the previous 24 hours).

The other strong performers are blockchain payments rail XRP (which still has positive sentiment for a potential court case win against the SEC); Binance’s layer 1 ecosystem token BNB; and Elon Musk’s favourite monetary meme Dogecoin (DOGE).

Elon Musk’s surprise Twitter U-turn

DOGE has surged in direct correlation with the news that Musk’s interest in buying Twitter is once again on the boardroom table.

After looking to back out of the deal, citing a lack of transparency regarding alleged spam bots and fake accounts overrunning the social media platform, this is an unexpected about face from the Tesla billionaire.

And despite having a very big face, it seems it doesn’t take much to move it.

According to a notice filed this week by Musk’s lawyers with the Delaware court overseeing the legal drama with the Twitter board, Musk is ready to “proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement”.

Musk’s proposed deal for the platform, which is at the original price of $US44 billion, has the condition that there is “an immediate stay of the action” and adjournment of the trial once he stumps up the cash.

Uppers and downers: 11–100

Sweeping a market-cap range of about $US7.37 billion to about $US391 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Tokenize Xchange (TKX), (market cap: $US838 million) +17 per cent

• Evmos (EVMOS), (mc: $US481 million) +10 per cent

• Helium (HNT), (mc: $US734 million) +8 per cent

• Ethereum Name Service (ENS), (mc: $US442 million) +7 per cent

• NEAR Protocol (NEAR), (mc: $US2.9 billion) +2 per cent

DAILY SLUMPERS

• Chain (XCN), (market cap: $US1.48 billion) -5 per cent

• Quant (QNT), (mc: $US1.84 billion) -3 per cent

• Lido DAO (LDO), (mc: $US1 billion) -3 per cent

• Ravencoin (RVN), (mc: $US404 million) -3 per cent

• XDC Network (XDC), (mc: $US415 million) -3 per cent

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse …

This content first appeared on stockhead.com.au

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Original URL: https://www.theaustralian.com.au/business/stockhead/mooners-shakers-crypto-bulls-stir-as-bitcoin-rallies-doge-pumps-on-musk-twitter-news/news-story/fb2955ccb0e3c43468517ae3c31ada9d