Autor Cointelegraph By Yashu Gola

ApeCoin rebounds after APE price crashes 80% in two weeks: dead cat bounce or bottom?

ApeCoin rebounds after APE price crashes 80% in two weeks: dead cat bounce or bottom?

Uverejnil používateľ | máj 12, 2022 |

ApeCoin (APE) has undergone a sharp recovery after falling to its lowest level in two months. But its strong correlation with Bitcoin (BTC) and U.S. equities amid macro risks suggests more losses could be in store.APE rebounds after 80% losses in two weeksAPE rebounded by nearly 45% to $7.30 on May 12. The upside retracement move came after APE dropped circa 81% to $5 on May 11, from its record high near $27.50, established on April 28. The seesaw price action mirrored similar volatile moves elsewhere in the crypto market, led by the chaos around TerraUSD (UST) — an “algorithmic stablecoin” whose value plunged to 23 cents earlier this week, and the Federal Reserve’s hawkish response to rising inflation. APE/USD versus USTUSD. Source: TradingViewMeanwhile, the correlation coefficient between ApeCoin and Bitcoin is now around 0.90, suggesting that it’s trading nearly in tandem with BTC, which is testing multi-year lows. ApeCoin and Bitcoin daily correlation. Source: TradingViewDead cat bounce?ApeCoin’s rebound occurred near what appears to be a strong technical support level.Related: ApeCoin is down 70%+ since the Otherside launch — Can Yuga Labs turn the ship around?Notably, APE is holding above $5.82, which coincides with the 0.786 Fib line of the Fibonacci retracement graph sketched from the $0.97-swing low to the $23.65-swing high. Meanwhile, the token’s daily relative strength index’s reading is just above its ‘oversold’ threshold level of 30 — a buy signal. APE/USD daily price chart. Source: TradingViewTherefore, a rebound move from the $5.82-support could have APE test $9.63 (the 0.618 Fib line) as its near-term upside target. Conversely, an extended breakdown below the support would risk crashing the APE/USD pair into unchartered price territory, confirming that its retracement move was a mere dead cat bounce.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ethereum plunges 13% vs. Bitcoin pushing BTC dominance to 2022 high — more pain ahead?

Ethereum plunges 13% vs. Bitcoin pushing BTC dominance to 2022 high — more pain ahead?

Uverejnil používateľ | máj 12, 2022 |

Ethereum’s native token Ether (ETH) plunged to its lowest level in almost two months against Bitcoin (BTC) as a crypto market sell-off intensified on May 12.Macro headwinds catch up to ETH/BTC finallyThe ETH/BTC trading pair fell by 7.5% to 0.0663 in the past 24 hours. The downside move came as a part of a correction that began May 11 when the pair traded at the local high of 0.0768. That pushed Ether down against BTC by up to 13.75%.ETH/BTC daily price chart. Source: TradingViewCryptocurrencies have come under stress in recent weeks alongside stock markets. Notably, money managers, traders, and investors show signs of “de-risking” their portfolios amid growing concerns over an increasingly hawkish Fed.Ethereum, the second-largest crypto by market cap, has also been hit by the same macro headwinds, now trading 65% lower than its record high of around $4,870 in November 2021. Similarly, Bitcoin is down 63% from its all-time high of $69,000 in the same period.As a result of Ether’s slightly limited decline compared to Bitcoin’s, ETH/BTC has shown resilience despite the market downturn in 2022. Nonetheless, the pair now shows signs of catching up to the bearish trend,suggesting more pain ahead.Rising wedge breakdown in playETH/BTC’s latest decline has had it break below its prevailing rising wedge pattern, suggesting the pair’s technical downside target could be much lower than today’s local lows.That’s because rising wedges are bearish reversal patterns that typically send the price lower by as much as their maximum height when measured from the breakdown point. Hence, the ETH/BTC rising wedge’s breakdown target comes to be near 0.064 after adding the structure’s maximum height (around minus 0.009 BTC) to the breakdown point (0.073 BTC).ETH/BTC daily price chart featuring ‘rising wedge’ breakdown setup. Source: TradingViewConversely, ETH/BTC has been testing an upward sloping trendline (marked as “LTF support” in the chart above) as support since June 2021. The pair’s attempt to break below the price floor this May 12 fell short as traders gathered to buy the dip. That prompted Ether to rebound by 3.5% from its intraday low of 0.066 BTC.Related: DOGE gets more love on Twitter and Ether gets more hate: Data analysisBut ETH faces a sequence of resistance levels as it pursues an upward continuation trend in the coming days. They include an interim price ceiling of 0.069 BTC — defined by the 0.236 Fib line of the Fibonacci retracement graph drawn from the 0.087 BTC-swing high to the 0.064 BTC-swing low followed by the 200-day exponential moving average (200-day EMA; the blue wave) near 0.073 BTC.Bitcoin’s market dominance hits six-month highThe ETH/BTC’s plunge coincided with the Bitcoin Dominance Index — a metric that measures Bitcoin’s market share against altcoins — climbing to nearly 45% on May 12, its highest level since November 2021. This may also suggest that traders are viewing Bitcoin as the safer bet, i.e. “digital gold” amid the current market turmoil.BTC.D daily performance chart. Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Avalanche drops 30% on fears Terra's LFG will dump AVAX next

Avalanche drops 30% on fears Terra's LFG will dump AVAX next

Uverejnil používateľ | máj 11, 2022 |

Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra’s native stablecoin TerraUSD’s (UST) peg with the U.S. dollar.Major AVAX dump ahead?AVAX’s price dropped about 30% to reach  $32.50 on May 11, its lowest level since September 2021. Its massive intraday decline coincided with UST dropping to as low as 23 cents, which effectively dented its stablecoin status among traders and investors alike.The de-peg incident happened despite Luna Foundation Guard, a Singapore-based nonprofit backed by TerraLabs, emptying its crypto reserves to prop up the UST peg. The firm currently holds 1.97 million AVAX worth nearly $74.75 million, according to data shared by analyst CrypOrca.Luna Foundation Guard reserves. Source: CryptOrcaA similar sentiment can be witnessed in the LUNA market, another crypto LFG holds as collateral to back UST. LUNA’s value dropped by 85% on May 11, its worst daily performance.Bearish AVAX price technicalsAvalanche bulls attempted to save AVAX from falling below a key support line near $36, coinciding with the 0.238 Fib line of the Fibonacci retracement graph stretched from the $0.29-swing low to the $34.52-swing high. Their efforts helped the token recoup almost 22% of its May 11 losses, with its price rebounding from $32.50 to over $39.50.But a full-fledged bullish reversal appears unlikely as AVAX’s upside retracement faces one strong resistance after another. Initially, the token now eyes a run-up toward a support-turned-resistance area, marked as the accumulation zone in the chart below. The upside target coincides with the 0.618 Fib line around $67.AVAX/USD daily price chart. Source: TradingViewA decisive close above the zone could have AVAX test its 50-day exponential moving average (50-day EMA; the red wave) near $69 and its 200-day EMA (the blue wave) around $74 as next resistances.Related: Terra founder Do Kwon shares plan to save the UST stablecoin pegBut AVAX also faces headwinds from a higher interest rate environment that has dampened buying sentiment across the crypto market. This could prompt the AVAX/USD pair to retest $36 as support for a breakdown move, which risks leading the price toward $20, an important price floor from  February-April 2021.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Polygon reaches level that last time triggered a 275% MATIC price rally — will history repeat?

Polygon reaches level that last time triggered a 275% MATIC price rally — will history repeat?

Uverejnil používateľ | máj 10, 2022 |

Polygon (MATIC) price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99. The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve’s hawkish policies.MATIC price rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year.MATIC/USD weekly price chart. Source: TradingViewA previous retest of the $0.787-level in July 2021 and the 0.786 Fib line (near $0.61) of the Fibonacci retracement graph — drawn from the $0.002-swing low to 2.86-swing high — followed up with MATIC rising to its record high of $3 by December 2021. Therefore, MATIC/USD might undergo a similar, sharp upside retracement in the coming weeks after rebounding from the same support confluence.MATIC fundamentals: then and nowHowever, a lot has changed in terms of market fundamentals between July 2021 and May 2022 that may influence MATIC traders’ behavior. For instance, MATIC’s price boom occurred last year as demand for layer-2 solutions increased due to Ethereum’s skyrocketing gas and transaction costs. As a result, popular decentralized finance (DeFI) applications, including decentralized exchange SushiSwap (SUSHI), liquidity service Curve (CRV), and lending platform Aave (AAVE), expanded their operations in the Polygon chain.The total value locked inside Polygon liquidity pools. Source: Defi Llama But 2022 has been a bad year for cryptos. The Fed’s decision to hike interest rates followed by the unwinding of their $9 trillion balance sheet has prompted investors to reduce their exposures to riskier assets. Unfortunately, the prospect of excess cash leaving the market has hurt MATIC, whose year-to-date paper returns were nearly 65% below zero as of May 10.Unfortunately, the prospect of excess cash leaving the market has hurt MATIC, whose year-to-date paper returns were nearly 65% below zero as of May 10.Related: 10-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap”This is a risk-off across all asset classes, including crypto,” Daniel Ives, strategist at Wedbush Securities, told the Financial Times, adding that digital asset investors have “nowhere to hide.” He added:”Some investors are playing crypto like a hedge against inflation, but it’s trading like the Nasdaq’s Siamese twin.”Silver lining amid chaos: MetaOn May 9, Polygon CEO Ryan Watt announced that they are partnering with Meta to create a nonfungible token (NFT) platform for Facebook and Instagram. Meta CEO Mark Zuckerberg also confirmed that they have been “testing digital collectibles for creators and collectors to showcase NFTs on Instagram,” adding that similar features would come to Facebook soon. The hype could help MATIC form a strong price floor.Massive.— Michaël van de Poppe (@CryptoMichNL) May 9, 2022But from a technical perspective, MATIC risks bearish continuation toward $0.615 in May. MATIC/USD weekly price chart. Source: TradingViewMeanwhile, a bullish confirmation looks less likely to appear unless the token reclaims its 50-week exponential moving average (50-week EMA; the red wave) near $1.37 as support.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ethereum rises vs. Bitcoin despite crypto market rout — will ETH/BTC gain 50% by June?

Ethereum rises vs. Bitcoin despite crypto market rout — will ETH/BTC gain 50% by June?

Uverejnil používateľ | máj 10, 2022 |

Ethereum’s native token Ether (ETH) has grown stronger against its rival for the top position — Bitcoin (BTC) — despite an ongoing crypto market rout. But can the ETH/BTC pair continue to rally in the coming months? Let’s look at the charts.Ethereum pares YTD losses vs. Bitcoin ETH/BTC gained 5.5% between the May 9 low of 0.0720 and the May 10 high of 0.0759. ETH also rebounded by almost 9.75% against the U.S. dollar, and Bitcoin underwent a similar upside retracement in the same period.ETH/BTC daily price chart. Source: TradingViewThe gains across the pairs appeared after a brutal selloff witnessed across the past 24 hours. The drop sent Ether to its worst levels since January 2022 and Bitcoin below $30,00 for the first time since July 2021. The situation was similar in the traditional markets, with the U.S. benchmark index, S&P 500 (SPX), slumping 3.2% to its lowest level in 2022.On the other hand, the dollar reached its two-decade high, reinstating its “safe-haven” status in times of market turmoil. Moreover, the cryptocurrency equivalent USD-pegged stablecoins witnessed a similar surge in demand. $USDT Exchange Outflow Volume (7d MA) just reached a 3-month high of 34,010,868.697 USDTView metric:https://t.co/D90kNIpU2J pic.twitter.com/Xzb5DEXaqs— glassnode alerts (@glassnodealerts) May 10, 2022ETH price technicals hint at breakoutETH/BTC’s gains brought its close to testing its multi-month horizontal trendline as resistance, which appears to constitute an “ascending triangle” pattern.Ascending triangles are typically trend continuation patterns, meaning they send the price in the direction of its previous trend. ETH/BTC weekly price chart featuring ‘ascending triangle’ breakout. Source: TradingViewAs a rule of technical analysis, a decisive breakout above the triangle’s upper horizontal trendline shifts traders’ profit target to a length equal to the structure’s maximum height. ETH/BTC eyes a similar breakout move above its horizontal trendline resistance near 0.110 BTC, up over 50% from May 10’s price. Related: Analyst claims that exchanges sell your Bitcoin, crypto trading platforms respondConversely, an upside rejection near the horizontal trendline could have ETH/BTC pursue a pullback move towards the triangle’s rising lower trendline, also coinciding with its 50-week exponential moving average (50-week EMA; the red wave) near 0.067. That is down 11.25% from May 10’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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