Bitcoin Crypto News

Bitcoin Bearish Signal: Whales Ramp Up Dumping

On-chain data shows the Bitcoin exchange whale ratio has started to sharply rise, a sign that these humongous holders may be beginning to dump. Whales Are Behind Almost 90% Of Bitcoin Exchange Inflows Right Now As pointed out by an analyst in a CryptoQuant post, whales may be ramping up dumping, a sign that could be bearish for the price of BTC. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows. Since the 10 biggest transactions to exchanges usually belong to the whales, this metric can tell us about the relative size of whale inflows to the rest of the market. When the value of this metric is high (that is, above 85%), it means whales currently make up a very large part of the overall exchange inflows. Especially high values can suggest that whales are mass dumping at the moment, something that could prove to be bearish for the price of Bitcoin. On the other hand, the indicator having values lesser than 85% can imply whale selling in the market is at a healthy level right now. During bull runs, the metric usually remains in this range. Related Reading | Bitcoin Market Plunges Into Extreme Fear, How Scary Does It Get? Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio (72-hour MA) over the course of 2022 so far: The indicator’s value seems to have surged up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio has shot up and is now approaching the 90% mark. This suggests that whales may be starting to ramp up their dumping right now. Earlier in the month, the ratio exceeded the 90% point and the coin’s price plummeted down to below $26k. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate If the indicator keeps rising and a similar trend follows this time as well, then more downside could be in store for the cryptocurrency. BTC Price At the time of writing, Bitcoin’s price floats around $29.7k, down 6% in the last seven days. Over the past month, the crypto has lost 25% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of the crypto has mostly moved sideways over the past few days | Source: BTCUSD on TradingView Since Bitcoin’s quick rebound back above the $30k level from the crash down to below $26k, the coin hasn’t shown much movement. At the moment, it’s unclear when BTC may break out of this consolidation that it has been stuck in during the past week. Featured image from Unsplash.com, charts from TradingVIew.com, CryptoQuant.com

Bitcoin Crypto News

Bitcoin Slips Below $33k As Exchange Inflows Reach Highest Value Since July 2021

Bitcoin on-chain data shows exchanges this week have observed the largest inflows since July 2021, taking the price of the crypto to $33k. Bitcoin Exchange Inflows Spike Up To Highest Value Since July 2021 As pointed out by an analyst in a CryptoQuant post, the BTC exchange inflows have observed a sharp increase recently. The “all exchanges inflow” is an indicator that measures the total amount of Bitcoin moving into exchange wallets. When the value of this metric rises, it means an increasing number of coins are moving into exchanges. Such a trend may be bearish for the price of the crypto as investors usually deposit their BTC to exchanges for selling purposes. Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K On the other hand, low values of the indicator suggest that not much selling on exchanges is going on right now. This trend, when prolonged, can prove to be bearish for the value of the coin. Now, here is a chart that shows the trend in the Bitcoin exchange inflows over the past several months: Looks like the value of the metric has shot up recently | Source: CryptoQuant As you can see in the above graph, the 7-day average value of the Bitcoin exchange inflow has observed a spike this week. The current value of the indicator is the highest it has been since July of last year, around when the coin bottomed around $29k. Related Reading | Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase Looking at the chart, it seems like in the last few months whenever the inflow has spiked up, the price has also declined with it. This time as well it looks like the heavy selling on exchanges has played a part in the current plunge of Bitcoin below $33k. The metric’s value still looks to be rising, so it’s possible the coin may observe further decline in the near term, until the 7-day MA inflow tops out. BTC Price At the time of writing, Bitcoin’s price floats around $32.9k, down 14% in the last seven days. Over the past month, the crypto has lost 22% in value. The below chart shows the trend in the price of the coin over the last five days. The price of BTC seems to have plummeted down over the last few days | Source: BTCUSD on TradingView Bitcoin’s seemingly endless consolidation looks to have finally broken down as the coin has observed some sharp downtrend in the past week. At the moment, it’s unclear whether the crypto is nearing a bottom or if more decline is coming. If the inflows continue to increase, then the latter scenario is more likely to play out. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Altcoins Ethereum

Whales Are Quiety Accumulating ApeCoin, Loopring and Five Additional Ethereum-Based Altcoins, According to WhaleStats

Ethereum’s richest bagholders have been shuffling their altcoin stacks as ETH and the overall crypto markets teeter. According to data from whale-monitoring platform WhaleStats, Apecoin (APE), a token airdropped to members of the Bored Ape Yacht Club non-fungible token (NFT) community, is the most purchased altcoin among the biggest Ethereum whales at time of writing, […]

The post Whales Are Quiety Accumulating ApeCoin, Loopring and Five Additional Ethereum-Based Altcoins, According to WhaleStats appeared first on The Daily Hodl.

Crypto News

Tron Is Trading Within Its Triangle Pattern; What Awaits The Coin Next?

Tron’s native coin TRX has been moving on bullish price action since the beginning of the month. Tron had announced in the past weeks, that, it is soon to be going live with its algorithmic stable coin USDD. Ever since this development, the anticipation caused prices of TRX to surge. TRX has been one of the top gainers in the industry. The bullish stance has made the coin go past its immediate price ceiling and pushed the coin to eye its next resistance mark. On the chart, according to its past trading sessions over the months, the coin is seen to be trading within a triangle pattern. The triangle trading pattern has highlighted ascending support lines and descending price ceilings. TRX’s prices have shot up but even in the middle of last month, the coin was seen trading close to its crucial support level. Prices of the coin was seen dipping slightly on charts, due to a case of profit taking at the time of writing. Tron Price Analysis: One Day Chart Tron was priced at $0.081 at the time of writing. Soon after touching the resistance mark of $0.087, the coin noted a pull in prices. This can be pointed towards profit-taking. A heavy inflow of buyers in the market also validates the same reading. A fall from the current level could push the coin to trade near the $0.075 price level, breaching which TRX could trade close to $0.067. On the upside, if prices don’t correct then TRX might push further up as buyers have flocked the market. In case of a bullish pressure, the coin could move near the $0.090 price level over the next trading sessions. Volume of TRX was seen in green and that is indicative of positive price action. Technical Analysis Tron at the moment remains quite bullish on the 24 hour chart. This can be said so because the coin’s prices were seen above the 20-SMA line depicting that buyers drove price momentum in the market. The coin was above the 50-SMA line which is also a sign of positive price action. At press time, TRX was also seen trading above the 200-SMA line indicating bullishness. On the Relative Strength Index, TRX depicted increased number of buyers as the indicator stood above the 60-mark. It also confirms profit-booking because the coin was overbought in the previous trading sessions. Related Reading | TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When MACD indicated strong bullish momentum on the chart. The indicator underwent a bullish crossover and flashed green histograms which were increasing in size. This meant that the bulls were still in charge at the time of writing. The Directional Movement Index which depicts market momentum was certainly quite bullish as the -DI was under the +DI line on the chart at press time. It indicated bullish price action. A chance of a price pullback after a rally cannot be ruled out. TRX registered increase in the price by double-digits over the past 24 hours. In the last week, TRX gained close to 29%. Related Reading | TRON DAO Reserve Appoints Alameda Research as the First Member and Whitelisted Institution Featured image from UnSplash and the chart from Tradingview.com

Altcoins Bitcoin Ethereum

Bloomberg Analyst Says Says One Ethereum Competitor To Outlast the Rest, Makes Huge Long Term Bitcoin

Senior Bloomberg Intelligence analyst Mike McGlone says that one prominent Ethereum (ETH) challenger is on its way to prevailing over other ETH competitors. In a new Crypto Outlook report, McGlone says that smart contract platform Solana (SOL) is outpacing other so-called “Ethereum killers,” which should result in SOL securing its spot in the top five […]

The post Bloomberg Analyst Says Says One Ethereum Competitor To Outlast the Rest, Makes Huge Long Term Bitcoin appeared first on The Daily Hodl.

Crypto News

XRP Price Rebounds, Up 6% In 24 Hours, After Suffering Major Hiccup

XRP price shoots 6% over the past 24 hours despite suffering a slump of 28% on April 16. The crypto was able to bounce back on May 1 and get stronger by the day with a surge of 12%. XRP is set on its road to recovery in the coming weeks. Suggested Reading | What’s In A Name? Ethereum Domain Name Sales Climb 2,300% XRP’s expected jump would be at 30% in Q2 this year. (Image credit: Dreamstime.com) Ripple (XRP) – Pioneering The Crypto Scene XRP was one of the frontrunners of the early crypto market alongside Bitcoin and Ethereum. It is was one of the pioneers of the early cryptocurrency market, which experienced massive price hikes in early 2017. Recently, the crypto together with all other cryptocurrencies has been experiencing turmoil and stunted growth because of political, environmental, and regulatory issues. The decline was expected but it’s not a happy state as it is for crypto traders all over the globe. However, unlike others, XRP seems to be recovering and gaining momentum. Ripple-SEC Legal Battle XRP is currently trading at $0.61 after experiencing intraday highs of $0.63. Its bullish comeback seems to have been triggered by favorable investor and technical sentiment in spite of setbacks from a lawsuit by the U.S. Securities and Exchange Commission. Ripple was sued by the SEC for selling securities illegally using XRP. Nevertheless, Ripple seems to be winning in market capitalization from this legal battle. The Relative Strength Index (RSI) on XRP seems to have come to a maximum point considered as oversold which signals that the heavy selling activity seems to have drained itself dry. With that scenario, investors would normally turn to other entry-point buying opportunities.   XRP total market cap at $29.76 billion on the daily chart | Source: TradingView.com RSI measures current fluctuations or movements in market price to determine whether a specific coin or asset is oversold or overbought. The technical analysis indicator of RSI with a reading below 30 would mean that the asset is oversold. Investors seem unfazed even with the SEC lawsuit going on. Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case Momentum Despite Legal Brawl Ripple operates in the perspective that it has already lost the legal battle because it has been dragging for quite some time now. Nevertheless, Ripple is unbothered. Instead, the company is confident that they are set for a breakthrough in growth especially outside of the United States. XRP’s expected jump shot would be at 30% in the second quarter this year. The current buying sentiment climbed to $0.58 which provided solid support in January this year, pushing XRP to go above 50%. XRP/USD tandem on the daily price charts now provides strong support around the $0.58 level. It signals a lower trendline with the pattern of a descending triangle that is getting bearish going for $0.18 in the next couple of months. Overall, XRP seems to have benefited from the ongoing legal tussle with SEC. In turn, XRP has become a speculative asset for traders. Featured image from VOI, chart from TradingView.com