Altcoins

DeFi Altcoin Rebounds by More Than 92% From Last Week’s Crypto Crash Despite Class-Action Lawsuit

The second version of a crypto whose predecessor is embroiled in lawsuits finds itself defying the odds on the price charts. SafeMoon (SFM) is the rebranded follow-up to SafeMoon (SAFEMOON), a so-called meme coin that initially skyrocketed after launching to great fanfare due to celebrity hype in March of 2021 before crashing two months later. […]

The post DeFi Altcoin Rebounds by More Than 92% From Last Week’s Crypto Crash Despite Class-Action Lawsuit appeared first on The Daily Hodl.

Bitcoin Blockchain Crypto News

Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

BitMEX Spot, the new trading platform to buy and sell crypto launched by one of the world’s largest crypto exchanges, BitMEX, has made a strong entrance in the first days since going live, hitting over $10 million in 24-hour trading volume following the launch. The new spot exchange offers seven cryptocurrency pairs versus Tether (USDT); […]

The post Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch appeared first on CryptoNinjas.

Altcoins Ethereum

Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce

A closely tracked crypto strategist is outlining what’s in store for leading smart contract platform Ethereum and two ETH challengers, including Solana (SOL). In a new strategy session, pseudonymous analyst Cred says Ethereum might have printed a tradeable range provided that the bottom at $2,000 holds. “This might be our range for some time. Support […]

The post Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce appeared first on The Daily Hodl.

Bitcoin

Upcoming Metakicks NFTs by Sneakmart Offer A 10% Chance Of Winning Physical Limited-Edition Sneakers

Both sneakers and NFTs have turned into multi-billion dollar industries in recent years. The sneaker resale market was valued at $6 billion in 2019, although it is much larger today and closer to the valuation of NFTs. That overlap creates new opportunities for players like Sneakmart and their Metakicks collection. Overlap Between Sneakers And NFTs […]

Bitcoin Crypto News

LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Panic struck the crypto market last week when Bitcoin broke below support, stablecoins unpegged from the dollar, and LUNA dropped to zero. The bloody aftermath has left cryptocurrencies as a whole more oversold than the Black Thursday COVID collapse. Here is a closer look at the historically oversold conditions in crypto. Total Crypto Market More Oversold Than Black Thursday It was a bloodbath in Bitcoin, apocalypse in altcoins. Even stablecoins pegged to the price of the almighty dollar were completely shaken. A nefarious actor or group of actors strategically attacked the dollar-peg of the UST stablecoin, causing a domino effect of algorithmically driven liquidation of reserve assets that included BTC. Related Reading | This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls Bitcoin plunged through support and many altcoins reached a total drawdown of 80 to 90% or more. LUNA, an asset tied to UST, fell all the way to zero. Billions were wiped out from the total crypto market cap. If there was ever a time to be doubtful about the future of crypto, it might be now. However, market veterans recommend when things become doubtful, you zoom out. The weekly RSI is more oversold than on Black Thursday | Source: CRYPTOCAP-TOTAL on TradingView.com “When in doubt, zoom out,” holds true in this case. Comparing the recent crypto selloff with Black Thursday, the weekly RSI has reached even more extreme oversold levels. Meanwhile, the Black Thursday candle recorded a 50% drawdown, and the latest correction by contrast barely produced 30%. By definition, a hidden bullish divergence occurs when an asset’s price sets a higher low, yet the indicator sets a lower low. This often indicates continuation ahead.   Elliott Wave Theory suggest the cycle isn’t complete  | Source: CRYPTOCAP-TOTAL on TradingView.com Could Another 45% Collapse Still Be Ahead? Elliott Wave Theory could provide clues as to what continuation might look like ahead. The total crypto market cap is also trading within a parallel channel, of which it just touched the bottom of. The upper boundary of the channel is roughly $10 trillion USD. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season While that fact might be the hope bulls need right now, bears still could have the last laugh. The weekly RSI has now reached the lowest level since the bear market bottom and the fourth lowest in its history on TradingView. Only three other times has the total crypto market cap been more oversold  | Source: CRYPTOCAP-TOTAL on TradingView.com Of the three previous lows set on the weekly RSI, two were bear market bottoms. The remaining low, however, was followed by another 45% plunge to the final bottom. Another 45% drop from here would take the total crypto market cap back to around $600 billion, or below the January 2018 cycle peak. Simply put, risk is still extremely high, but as oversold conditions increase, so does the potential for reward. Act accordingly. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com