Crypto News

Avalanche (AVAX) Shows Optimism But Is This A Price Reversal?

Avalanche (AVAX) has displayed recovery on its chart. Over the last 24 hours, the altcoin brought home 4.8% gain. Although, there has been a considerable daily gain, AVAX is trading underneath its long-standing price floor. It is difficult for investors to look at just the daily gain as a good enough reason to buy the coin at the moment. Technical for the coin hasn’t suggested strong bullishness which might suggest that AVAX could be a good buy at the time of writing. Avalanche (AVAX) has lost 8% of its market value in the last week. This forced many investors to liquidate the asset and leave. Since, AVAX broke below its long term support area, this could act as an important red flag for the investors. The next solid area of support for AVAX was at $20. The coin traded around the current price level previously in the month of August, a year ago. Avalanche Price Analysis: One Day Chart Avalanche (AVAX) was exchanging hands at $31 at the time of writing. The altcoin has been laterally trading at that price mark for nearly a week now. It revisited this price mark last year, however, back then the coin was on an uptrend. Immediate resistance for the coin stood at $40 as established previously. A fall below the current price level could send AVAX near the $20 support mark. Failing to settle near the $20 mark could bring AVAX anywhere between the $12 and $9 support level. Technical Analysis The altcoin continues to depict weakness on its chart. The technical outlook seems bearish because buyers are nowhere to be seen in the market. As the coin revisited the August, last year’s price level, AVAX remained under the grasps of the sellers in the market. According to the Relative Strength Index, the indicator was bordering the oversold mark. Until and unless, RSI manages to move above the half-line, it is too early to call this price action a reversal. Going by the Directional Movement Index that reads the price direction, bears are in control. The -DI line was above the +DI mark signifying bearishness. The Average Directional Index line (red) was near the 50-mark, this reading meant that price action was strong with less signs of a reversal. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues On the one day chart, AVAX’s technical pointed towards a possible change in price direction at the time of writing. Moving Average Convergence Diverge aka MACD, displayed a green signal bar above the half-line. A green signal bar above the half-line might mean a buy signal, if continued buy signals are witnessed it may mean a change in price momentum. Parabolic SAR also depicted a dot beneath the price candles, this means a change in price direction. If more dots are seen beneath the candlesticks over the upcoming trading sessions then AVAX might stage a recovery on its chart. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming

Crypto News

Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?

Polkadot (DOT) has held itself for sometime at the current price level. The consistent downslide of major market movers have pushed many altcoins near their immediate support and below their nearest resistance levels. Recent market conditions have been quite harsh for investors. The returns have been questionable. Polkadot (DOT) has witnessed a sharp fall in buying strength owing to the same bearish condition of the market. The coin has been in the limelight in the recent times due to the latest development. These developments are related to interoperability and features of multi-chain which was announced in the middle of this month. These activities have helped buyers to enter the market. Selling pressure however, continue to outpower buying pressure in the market. Polkadot now has an ecosystem which is consistently striving to bring new projects through para-chain auctions. It is still uncertain if over the upcoming trading sessions that coin can maintain its price action and touch its immediate resistance mark. Polkadot Price Analysis: One Day Chart The altcoin was priced at $10 at the time of writing and after several rejections from the $11 level. Nearest support level for the altcoin stood at $8 and a fall beneath that could land DOT near $6.26. Over the last 48 hours, DOT broke below its 10 month long support line. In the past 24 hours, the coin tried to move northwards but the bulls have tired out. The lack of buyers have caused the bullish action to fizzle out. Trading volume was seen in green which is a sign of positive price action, however, another session dominated by sellers could change that. Technical Analysis As mentioned above, Polkadot (DOT) has undergone quite a bit of developments recently and that could have helped the investors gain confidence. On the Relative Strength Index, the indicator stood below the half-line but noted an uptick. This uptick signified buyers re-entering however, lacklustre price action caused buyers to remain wary. In accordance to the same, DOT remained below the 20-SMA which is considered bearish. The sellers were still in charge of driving the price momentum according to the aforementioned reading. A slight push from the bears could help DOT rise above the 20-SMA which could then make the price reversal steady. Related Reading | Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend Polkadot might target $14 if the current price action picks up a bit of momentum. Moving Average Convergence Divergence indicates price momentum. MACD flashed green histograms just above the half-line and that refers to a buy signal. If buyers act on it then price of the altcoin could witness some relief. Bollinger Bands depict price volatility of the coin, a squeeze means chances of price fluctuations. At press time though, Bollinger Bands flashed nearly parallel movement indicating a stability in DOT’s price movement.   Related Reading | Nox Bitcoin To Refund UST At $1 To Their Customers

Bitcoin Crypto News

Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours. Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion. ATOM, the token that fuels the Cosmos blockchain network, has been gaining a lot of traction with an increase of over 12.7% overnight. Currently, ATOM is trading at the price point of $11.45. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues ATOM Remains In Bear Territory  Even though the charts have been looking bullish, ATOM is still at a bearish stance with trades that plummeted by 74% compared to its all-time high record of $44.70 in September 2021. There has been a noticeable spike in ATOM’s trading volume that is evident in multiple exchanges. The total trading volume is at roughly $327 million in the past 24 hours, which is up by 11% in comparison to the previous day. What Is Cosmos? Cosmos refers to a decentralized network of blockchains that runs using the power of Byzantine Fault Tolerance (BFT) algorithms. More so, Cosmos also enables developers to create and innovate their own blockchains plus allows Blockchains that run on Cosmos to freely interact or engage with one another. Some of the major blockchains that run in the Cosmos are the Terra, Kadena, and Thorchain. Developer Incentives Following Terra’s Demise Injective, a decentralized blockchain that is focused on the development of decentralized Finance (DeFi) applications, has designed a proposal to create incentives for developers who were negatively impacted by the downfall of Terra. Injective is also responsible for the adaptation of the Ethereum compatibility and bringing it to the Cosmos IBC ecosystem which has immensely helped Terra developers to build applications fast with the aid of familiar tools. ATOM total market cap at $3.16 billion on the weekend chart | Source: TradingView.com The Injective proposal was created on May 12 following the downfall of Terra at which developers started to look for opportunities to build projects elsewhere. The proposal was passed with a convincing 99% agreement with the initiative in a matter of four days. The entire injective community was in unison when they decided to redirect the incentives just to make sure that Terra dApps will have enough resources to facilitate a smooth transition into joining Injective. Further, CosmWasm, Injective’s up-and-coming smart contract layer is seen to power up Terra projects to enable speedy onboarding without the need to rewrite codes which could happen if they decided to transfer to other blockchains. Suggested Reading | Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days Cosmos Network Performing Well There are nearly 50 tokens and 28 InterBlockchain Communication (IBC)-enabled blockchains that are running in the Cosmos. More so, there are also around 265 services and apps that power up the Cosmos ecosystem comprising wallets, blockchains, and explorers. Kadena TVL was up by 18% or $7.2 million in just 24 hours. TVL of Cronos soared by 2.16% or $2.32 billion in the past 24 hours. Tokens in the cosmos plus DeFi activities have been performing extremely well. Meanwhile, the king of crypto have improved in-market performance. Bitcoin is up by 4% in a matter of 24 hours and is now trading at $30,187. Ethereum has also increased by 4.4% overnight with a current TVL of $2,026. Featured image from Zipmex, chart from TradingView.com

Crypto News

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

Following the massive dump in the past week, Ripple price regains its stance on a long trend. Moreover, bulls must tower the bears in this current market momentum. Last week wasn’t a good trading week for Ripple buyers, as the XRP token recorded a massive 42% loss. As a result, the week closed below $0.4255. Notably, the entire week had the token’s price steadily following a huge bearish trend, declining to $0.4018 before climbing back to $0.4123 and terminating there for the week. Notably, most indicators have been engrossed in the oversold zone, implying the possibility of a temporary uptrend. However, the token’s price must create a higher low and higher high to validate this momentum reversal. This also means that the bulls must push XRP’s price up to $0.65 before it can create form a bullish trend. What Are The Odds? Due to the massive decline, one can only expect the XRP token to record a bullish momentum, or bullish mean reversal, temporarily. On the other hand, we can expect it to be short-term, given the present market structure. The technical oscillator’s value shows that the token tested the all-time-low (ATL) in the hourly, daily, and weekly charts. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 It’s also worthy to note that the token’s price is still trading below the 50-day & 100-day Exponential Moving Average (EMA). Thus, a rejuvenated buying pressure would force the price to reach the 50-day Exponential Moving Average before testing the psychological $0.50 mark. On the other hand, a decline in the bearish momentum would cause the coin to continue in a steady decline or downtrend. Should XRP break below the current session’s low value, it’d test Friday’s low at $0.40. Technical Indicators Moving Average Convergence Divergence: The MACD trades underneath the midline with steadily growing bullish momentum. Relative Strength Index: The RSI hovers close to the average line, having no stated directional bias. A Brief On Ripple? Ripple is an innovative crypto project that functions very interestingly as a cryptocurrency and a payment gateway. Created by the Ripple Labs, the Ripple crypto project enables users to facilitate payments, cryptocurrency lending, and other financial platforms. While Ripple enables worldwide payments, the XRP token allows users to swap between cryptocurrencies. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Notably, Ripple was established in 2012 by Chris Larsen together with Jed McCaleb. Four years after then, the company purchased BitLicense from New York State to increase the integrity of its XRP token. However, following the global cryptocurrency crackdown, Ripple dropped by over 21% and struggled within that zone for a long time. Featured image from Pexels, chart from TradingView.com

Bitcoin Crypto News

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

Bitcoin extended decline and traded below $29,000 against the US Dollar. BTC must stay above the $28,500 level to avoid a sharp decline in the near term. Bitcoin started a fresh decline from the $30,500 resistance zone. The price is now trading below the $30,000 level and the 100 hourly simple moving average. There was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline if there is a clear move below the $28,500 support zone. Bitcoin Price Is Showing Bearish Signs Bitcoin price failed to clear the $30,500 resistance zone and started a fresh increase. There was a clear move below the $29,500 and $29,000 support levels. Besides, there was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair. The pair is now trading below $30,000 and the 100 hourly simple moving average. It tested the $28,500 support zone. A low is formed near $28,589 and the price is now consolidating losses. An immediate resistance is near the $29,100 level. It is near the 23.6% Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. Source: BTCUSD on TradingView.com The next major resistance is near the $29,650 level. It is near the 50 Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. A clear move above the $29,500 and $29,650 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $30,500 level, above which the price might rise towards $31,200. More Losses in BTC? If bitcoin fails to gain pace above the $29,650 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,800 level. The next major support is near the $28,500 level. A downside break and close below the $28,500 support might start a major decline. In the stated case, the price could drop towards the $27,500 level. Technical indicators: Hourly MACD – The MACD is now slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $28,800, followed by $28,500. Major Resistance Levels – $29,650, $30,000 and $30,500.

Bitcoin Crypto News

Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over

Bitcoin has been getting stable at its crucial support level of $30,000. For over a week now, Bitcoin has been trading near its immediate support level. Over the last week, the coin lost close to 6% of its value and in the last 24 hours, BTC fell by 3%. The past week has been extremely choppy for Bitcoin and also for the altcoin due to continued market weakness. The coin had plunged to a low of $25,000, BTC had last traded about that price level in December 2020. Bitcoin has recovered by $5000, however, a chance of a further downslide cannot be ruled out.  The technical of the coin pointed towards continued selling pressure in the market. Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,100 at the time of writing after the coin was rejected from the $31,000 price level. Immediate resistance for the coin stood at $25,000. A fall beneath the same will send the coin straight to $19,000. On the flip side, if the bulls send a temporary relief then the coin will target moving above the $30,000 price level and trade close to the $31,000 resistance mark. The volume of Bitcoin traded was seen in the red which indicated bearishness on the one day chart. Technical Analysis Bitcoin might have been able to show signs of stability on the chart but further signs show that the coin can soon plummet again. King coin was trading underneath the 20-SMA line which meant that sellers were dominating the price momentum in the market. Support from the buyers can push the coin above the immediate resistance of $30,000. The support from buyers seems like an unlikely situation considering how the coin has formed a bearish flag (yellow). A bearish flag indicates further push from the bears and this could cause the coin to trade below the $20,000 support mark. The coin hadn’t touched the $20,000 price level in over a year now. The Relative Strength Index was below the half-line which indicated that sellers are still in charge as shown by the SMA lines. Related Reading | Bitcoin Bearish Signal: Whales Ramp Up Dumping Bitcoin’s bearish flag reflected how the coin continued to fall on the chart after the pattern was formed. The bulls have tired out from the constant battle with sellers. In accordance with the same reading, Awesome Oscillator flashed bearishness. The indicator dictates the price momentum of the market and red histograms underneath the half-line meant a sell signal for the coin. If sellers continue to act on it, $20,000 can soon be on the charts. Chaikin Money Flow is responsible for depicting capital inflows and outflows. The indicator was below the half line because capital outflows were still dominant at press time. Related Reading | TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

Altcoins Ethereum

Ethereum Whales Pick Up Chainlink and Three Additional DeFi Altcoins As Crypto Markets Stabilize: WhaleStats

The largest Ethereum (ETH) whales in existence are accumulating decentralized oracle network Chainlink (LINK) and a collection of decentralized finance (DeFi) altcoins as the crypto markets show signs of stability. According to blockchain tracker WhaleStats, the top 100 Ethereum whales are currently most interested in three stablecoins and over a half dozen altcoins, with Chainlink […]

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Altcoins

Two Ethereum Rivals Are Primed To Break Out This Week, According to Top Crypto Analyst

A popular crypto strategist and trader says he’s keeping a close watch on two Ethereum challengers that he believes are poised to break out this week. Pseudonymous analyst Pentoshi tells his 547,800 Twitter followers that the crypto markets are flashing signs of bearish exhaustion, suggesting that bulls can ignite relief rallies. “Now we have all-time […]

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Ethereum (ETH) could reclaim $2500 as momentum indicators remain positive

ethereum-(eth)-could-reclaim-$2500-as-momentum-indicators-remain-positive

Ethereum (ETH) has been recovering over the last few days after tanking to its lowest level in months. The coin is however poised for a bigger bounce based on momentum indicators. But it still faces major upward resistance and downside risk. Here are some important facts: ETH reclaimed $2000 after facing a major sell-off this… More

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Brazil’s Largest Digital Bank Set To Start Bitcoin And Ethereum Trading Services

Swiss National Bank Says NO To Buying And Holding Bitcoin As A Reserve Currency

The wave of crypto adoption in Latin America shows no signs of slowing down. On Wednesday, Paxos confirmed that Brazil’s most valuable digital bank, Nubank, would be offering crypto trading services to its clients. Nubank Launches Crypto Trading Services With The Help Of Paxos Nubank, as confirmed by a press release from Paxos on Wednesday, […]