SatoshiStreetBets Crypto Tips October Week 4 Roundup

Social media platforms have become a hotspot for finance-related conversations. One of the most famous social platforms is the subreddit channel, SatoshiStreetBets. The almost 500k-strong community is a favourite destination for crypto and blockchain tech. Here are the top cryptocurrencies that caught the attention of the group.

1. Bitcoin (BTC)

As always, Bitcoin is the top crypto for discussion on SatoshiStreetBets. Given the benchmark crypto’s remarkable run to $67,000 in the past few days, more interest is being paid to Bitcoin and the crypto market in general.

A lot of fundamentals have led to the crypto bellwether’s remarkable rally. First among many is the recent slew of Bitcoin ETF approvals by the US Securities and Exchange Commission. Another is the report that Twitter and Square CEO Jack Dorsey is ‘considering’ opening a Bitcoin mining rig.

These strong fundamentals have led to a strong bullish run for the premier digital asset. The SatoshiStreetBets community is confident Bitcoin will hit $100,000 before the year ends.

As per technical performance, Bitcoin is on the last leg of its rally and has since dipped to $61,874.55. However, the first decentralised currency is soaring above the 20-day moving average (MA) support price of $57,590.35. It continues its bullish momentum on the 200-day MA but almost trades on par with the 10-day MA at $61,581.61.

While the relative strength index (RSI) figure of 64.18 shows a largely underbought asset, the moving average convergence and divergence (MACD) show a strong buying signal.

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2. Ethereum (ETH)

Ethereum is another point of focus on SatoshiStreetBets. The decentralised applications (dApps) facilitator is a colossal blockchain network in the crypto market and controls almost 20% of the industry’s over $2.5 trillion market cap.

Ethereum is migrating from a proof-of-work (PoW) mining protocol to a proof-of-stake (PoS) consensus algorithm. This development is expected to boost the value of ETH further. With over 3,000 top-ranking dApps calling it home, Ethereum is a major force in the nascent space.

Regarding performance, the ETH token has seen resistance at the $4,370 mark and has largely retrogressed. On the trading chart, ETH is down 4.07% and trades at $4,025.37. However, a weekly gain of 5.05% shows promise. Meanwhile, the asset trades above the 10 and 20-day support prices showing short-term bullish resilience.

The same applies to the 50-day price as it soars above the indicator at $3,461.72, and the same applies to the longer-term price pegs. The RSI is also slightly underbought given the protocol’s popularity and stands at 65.31. However, this shows strong bullish potential.

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3. IOTA (MIOTA)

The growing fundamentals of IOTA have caused excitement among the SatoshiStreetBets users.

The digital asset recently launched a major upgrade to its protocol, called the IOTA 2.0 DevNet. This upgrade introduces smart contracts functionality to the network.

It is also interoperable with the Ethereum Virtual Machine (EVM) and is turning-complete with Ethereum’s Solidity, Go (TinyGo), and Rust. The IOTA team is planning on extending EVM support as well as migrating smart contracts to the mainnet. This is huge news for IOTA as more small-cap altcoins begin to get the needed recognition.

Despite this, IOTA has not made any significant rallies at press time. It is trading at $1.3276 and is up 3.69% on the daily chart. The asset trades on par with the 20-day MA support price and below the 50-day MA showing a sluggish response to its fundamentals. The 14-day RSI is underbought and is pegged at 51.79, while the MACD is in neutral.

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4. Near (NEAR)

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Another surprise mention on the SatoshiStreetBets is the Near protocol. The dApp platform currently boasts over $8.9 billion in market cap with a 24-hour trading volume excess of $331 million.

The Near protocol has been a quiet project for some time, but the crypto project is quietly changing this narrative.

In a recent release, the blockchain development firm, Proximity Labs, targeting the Near ecosystem, launched a $350 million decentralised finance (DeFi) grant for protocols looking to build on its platform.
Despite this development, NEAR is trading in the red zone. It is down 4.87%, and 1 NEAR goes for $8.950. The coin is, however, trading above the 10 and 20-day MAs. It is also soaring above the 50, 100, and 200-day MAs. The 14-day RSI stands at 60.60 while the MACD is showing a buy signal.

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5. Binance Coin (BNB)

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Binance Coin is another top crypto asset discussed this week on SatoshiStreetBets. The digital asset averages over $80.7 billion in value and plays a crucial role in the fast-evolving Binance ecosystem.

As per fundamentals, developers of the Binance Smart Chain (BSC) are deliberating on a new proposal to increase the token’s value.

Termed BEP-95, this proposal will allow BNB to be burnt or taken out of circulation in real-time for gas fees.

Price-wise, BNB is treading water and is up 2.30% and trades at $484.1. Weekly gains are a bit poor in a bull market as the digital token has only averaged 5.07%.

Meanwhile, BNB is trading above the short-term 10 and 20-day MAs. Also, it is soaring above longer-term indicators of 50, 100, and 200-day MA.
Turning to the RSI shows us a lacklustre performance as BNB is currently standing at the underbought region of 60.23. However, the MACD indicator points to a buy signal.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.


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