Značka: Solana

Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011.It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign.Daily cryptocurrency market performance. Source: Coin360Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent report, the strategists said that the S&P 500 could recover lost ground and rally to the levels seen in January. This could benefit Bitcoin due to its close correlation with the S&P 500.Could the downtrend resume or will lower levels attract buyers? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plummeted below the immediate support at $19,637 on June 30 but the long tail on the candlestick indicates strong buying at lower levels. The bulls tried to build upon the momentum on July 1 and push the price toward the overhead resistance at $22,000 but the long wick on the candlestick shows that bears are active at higher levels.BTC/USDT daily chart. Source: TradingViewIf the price sustains below $19,637, the likelihood of a retest of the critical support at $17,622 increases. The downsloping moving averages and the relative strength index in the oversold zone indicate that bears are in control.A break and close below $17,622 could signal the resumption of the downtrend. The next support is at $15,000.This negative view could invalidate in the short term if the price rises above the 20-day exponential moving average (EMA) ($21,907). Such a move could clear the path for a possible rally to the 50-day simple moving average (S($26,361).ETH/USDTEther (ETH) dipped below the immediate support of $1,050 on June 30 but the bulls purchased the dip. The buyers tried to extend the recovery on July 1 but the long wick on the candlestick shows that bears are selling on minor rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to pull the price below the psychological level of $1,000. If they succeed, the selling could pick up momentum and the ETH/USDT pair could drop to the important support at $881. If this level gives way, the pair could resume the downtrend. The next support is at $681.Contrary to this assumption, if the price rebounds off the current level or $1,000, the bulls will attempt to push the pair above the 20-day EMA. If they can pull it off, it will suggest that bears may be losing their grip. The bullish momentum could pick up on a break above $1,280.BNB/USDTBNB dipped below the strong support at $211 on June 30 but the lower levels attracted strong buying as seen from the long tail on the day’s candlestick.BNB/USDT daily chart. Source: TradingViewThe buyers tried to extend the recovery on July 1 but the long wick on the candlestick shows that bears are defending the 20-day EMA ($234) aggressively. The downsloping 20-day EMA and the RSI in the negative territory indicate advantage to sellers.If the price sustains below $211, the BNB/USDT pair could retest the crucial support at $183. If this support cracks, the downtrend could resume. The next support is at $150.This negative view could invalidate in the short term if the price turns up and breaks above the 20-day EMA. That could clear the path for a possible rally to the 50-day SMA ($271).XRP/USDTRipple (XRP) attempted a recovery on June 30 but the bulls could not push the price above the overhead resistance at $0.35. This suggests that bears are not willing to let go of their advantage.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair could drop to the strong support at $0.28 where the bulls are likely to mount a strong defense. If the price rebounds off $0.28, it will suggest that bulls continue to buy at lower levels. The bulls will then make one more attempt to push the price above the 50-day SMA ($0.37).Conversely, if bears sink the price below $0.28, the next leg of the downtrend could begin. The pair could then decline to $0.23.ADA/USDT Cardano (ADA) bounced off $0.44 on June 30 but the bulls could not clear the 20-day EMA ($0.49) on July 1. This suggests that bears continue to defend the moving averages with vigor.ADA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the RSI in the negative zone indicate that the path of least resistance is to the downside. If the price slips below $0.44, the ADA/USDT pair could drop to the critical support of $0.40. The bulls are expected to defend this level with all their might because if the support cracks, the pair could resume its downtrend. The next support is at $0.33.Alternatively, if the price rebounds off $0.44 or $0.40, the buyers will again try to clear the overhead resistance at the moving averages. If they succeed, the pair could start a relief rally toward $0.70.SOL/USDTSolana (SOL) dipped below the immediate support at $33 on June 30 but the long tail on the candlestick shows strong buying at lower levels. The buyers tried to push the price above the 20-day EMA ($36) on July 1 but the bears did not relent. SOL/USDT daily chart. Source: TradingViewThe sellers will try to gain the upper hand by pulling the price below $30. If they manage to do that, the SOL/USDT pair could drop to $27 and later to the crucial support at $25.86. A break and close below this level could signal the resumption of the downtrend.Another possibility is that the price rebounds off $30. That will indicate accumulation at lower levels. The bulls will then try to clear the overhead hurdle at the moving averages and push the price to $50.DOGE/USDTDogecoin (DOGE) is witnessing a tough battle between the bulls and the bears near the 20-day EMA ($0.07). The RSI is just below the midpoint and the 20-day EMA has flattened out, indicating a minor advantage to sellers.DOGE/USDT daily chart. Source: TradingViewIf the price slips below $0.06, it will suggest that bears are back in the driver’s seat. The sellers will then attempt to sink the DOGE/USDT pair below the important support at $0.05 and resume the downtrend. The next support is at $0.04.On the contrary, if the price rises from the current level, the buyers will again attempt to clear the overhead hurdle at the 50-day SMA ($0.08). If they succeed, it will suggest that the bears may be losing their grip. The pair could then rally to the strong overhead resistance at $0.10.Related: What bear market? This token is quietly making new highs, up 300% against Bitcoin in 2022DOT/USDTPolkadot (DOT) broke and closed below the strong support at $7.30 on June 29. The buyers tried to push the price back above the level on June 30 but failed. This suggests that bears are selling on every minor rally.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($7.74) has started to turn down and the RSI is in the negative territory, indicating that bears are in command. If the price breaks below $6.36, the DOT/USDT pair could start the next leg of the downtrend. The next support is at $5.Contrary to this assumption, if the price rebounds off the current level, the bulls will again attempt to clear the overhead resistance at the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($8.89).LEO/USDUNUS SED LEO (LEO) turned down on June 30 but the bulls did not allow the price to slip back into the descending channel. This indicates that buyers are trying to flip the resistance line into support. LEO/USD daily chart. Source: TradingViewThe breakout from the channel indicates the start of a new up-move. The buyers pushed the price to $6.50 on July 1 but the long wick on the candlestick shows that bears are selling on rallies. If bulls sustain the price above $6, the LEO/USD pair may again rise to $6.50. If this level is cleared, the rally could extend to the pattern target of $6.90.To invalidate this bullish view, the bears will have to pull the price below the 20-day EMA ($5.63). If that happens, the pair may drop to the 50-day SMA ($5.27).SHIB/USDTShiba Inu (SHIB) closed below $0.000010 on June 28 but the bears could sustain the lower levels. The bulls bought the dip but are struggling to push the price above the 50-day SMA ($0.000010) SHIB/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is just below the midpoint. This suggests a status of equilibrium between the buyers and sellers. If the price breaks below $0.000009, it will suggest an advantage to bears. The SHIB/USDT pair could then decline to the crucial support of $0.000007. Alternatively, if bulls drive the price above the 50-day SMA, the pair could rise to $0.000012. This level may again act as a resistance but if crossed, the rally may reach $0.000014.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Traders debate whether Solana (SOL) is a buy now that it’s down 87% from its all-time high

The crypto sector is caught in a deep correction and recent reporting shows that a majority of altcoins are more than 70% down from their 2021 highs. Solana is among that list and investors are on the fence about whether the token has strong enough fundamentals to warrant buying SOL at its current value. Data from Cointelegraph Markets Pro and TradingView shows SOL is down 87.5% from its all-time high and given the current state of the market, most price breakouts fail to notch a daily higher high.SOL/USDT 1-day chart. Source: TradingViewDespite, the dismal outlook, there are a few potential positives that could make Solana a project to watch once the wider market enters a consolidation phase.Solana MobileSOL price received a quick boost late last week after a June 23 announcement that the project would release a Solana mobile stack which enables native Android Web3 apps on Solana. To go along with the new operating interface for smartphones, Solana also revealed that it will be releasing its own “Saga” Android phone through Solana Mobile in an effort to lead the way on Web3-enabled devices. Web3 and the Metaverse are two of the topics that arose out of the 2021 bull market and point to the future of where blockchain technology is headed. This move by Solana shows that despite the short-term struggles, it continues to develop for the future and looks to play a part in the wider adoption of blockchain and cryptocurrency. The low fee nature of the Solana blockchain makes it an ideal candidate for nonfungible token (NFT) projects and gaming dApps, and the release of a tech stack for mobile phones is the next step in creating wider access to these technologies. If the developers can manage to solve the issues that continue to cause Solana network outages, the token has a chance of being a top contender once the wider market turns bullish again.It feels to me like $SOL is going thru a similar trough of disillusionment as $ETH did back in 2018. In bear markets prices aren’t just reflexive—sentiment is too. @solana has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.— spencernoon.eth (@spencernoon) June 27, 2022Short-term pain is expected, but fundamentals improveWhile it’s nice to look ahead at what the distant future may hold, the reality is that the short-term outlook for Solana and the wider crypto ecosystem is rather unappealing. Insight into the lower price points to keep an eye on was offered by crypto trader and pseudonymous Twitter user Crypto Tony, who posted the following chart warning traders to not fall for the first retest of a major support level. SOL/USDT 1-week chart. Source: TwitterCrypto Tony said,“First demand zone tested hence this reaction, but you really want to call a bottom already after the first test…”Based on the chart provided, the notable lower levels of support for Solana are located at $13.50 and $3.50. Market analyst and pseudonymous Twitter user Crypto Patel also predicts further downside in the near term for SOL due to a strong amount of resistance found at the 200-day exponential moving average. SOL/USDT 4-hour chart. Source: Twtter Crypto Patel said, “After breakout and retest of $40 zone, Supports converts into Resistance […] Facing resistance at 200EMA. Anytime can give downside movement. Sell: $38.5, SL: $43.2, TP: $27.”Related: SOL price eyes 75% rally as Solana paints a bullish reversal patternIs SOL in the early stages of a recovery?A more optimistic outlook for Solana was offered by pseudonymous Twitter user Trader McGavin, who posted the following chart highlighting the important levels of resistance at $60, $74 and $95. SOL/USDT 1-day chart. Source: TwitterThe analyst said, “Double bottomed after breaking down from the wedge and rebounding higher. One of the first to bounce off the bottom and may be headed to $48.”The importance of maintaining the current price levels was also touched on by crypto trader and pseudonymous Twitter user Altcoin Sherpa, who posted the following chart noting the bullish signal provided by the medium-term EMAs. SOL/USDT 4-hour chart. Source: TwitterAltcoin Sherpa said, “$SOL: Still a do or die area in low time frames; this is the first time we’ve seen some of the medium EMAs flip bullish since March. Longing mid $30s is my current plan as a scalp since I missed the short higher.”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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Price analysis 6/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

The United States equities markets have given back some of the gains made last week and that has pulled Bitcoin to the psychological support at $20,000. This suggests that investors are nervous to buy risky assets at higher levels.Meanwhile, while speaking to the hosts of the Bankless podcast on June 23, Mark Cuban said that the crypto bear market could end after the price gets so cheap that investors go and start buying or an application with utility is launched that attracts users.Daily cryptocurrency market performance. Source: Coin360Several analysts expect Bitcoin to continue falling and eventually bottom out between $10,000 and $12,000. However, John Bollinger, the creator of the popular Bollinger Bands trading indicator, said that the monthly charts suggest that Bitcoin’s price has reached “a logical place to put in a bottom.”Could bears maintain the selling pressure and pull cryptocurrency prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $22,000 on June 26 and has gradually slipped to the immediate support at $19,637. This suggests that the bears remain in command and every rally is being sold into.BTC/USDT daily chart. Source: TradingViewIf the price breaks below $19,637, the BTC/USDT pair could be at risk of dropping to the crucial support at $17,622. This is an important level to watch out for because a break and close below it could start the next leg of the downtrend. The pair could then decline to $15,000.On the other hand, if the price rebounds off $19,637, it will suggest demand at lower levels. The buyers will then try to push the price above the 20-day exponential moving average (EMA) ($22,393). If they succeed, the pair could rally to the 50-day simple moving average (SMA) ($26,735).ETH/USDTEther (ETH) turned down from the 20-day EMA ($1,268) on June 26, suggesting that the sentiment remains negative and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in control. The sellers will attempt to pull the price below the immediate support at $1,050. If they succeed, the ETH/USDT pair could plunge to the June 18 intraday low of $881. A break below this support could signal the resumption of the downtrend. The next support on the downside is at $681.Contrary to this assumption, if the price rebounds off $1,050, it will suggest demand at lower levels. The buyers will then make another attempt to push the price above the 20-day EMA and start the journey toward $1,500 and later $1,700.BNB/USDTThe buyers failed to push and sustain BNB above the 20-day EMA ($238) between June 24 to 28. This resulted in profit-booking, which has pulled the price to the strong support of $211.BNB/USDT daily chart. Source: TradingViewThe 20-day EMA has started to turn down once again and the RSI has dipped into the negative territory. This suggests that bears have the upper hand. If the price slides below $211, the BNB/USDT pair could drop to the critical support of $183. If this support collapses, the pair could resume its downtrend and plummet toward $150.Conversely, if the price rebounds off $211, it will suggest that bulls are attempting to form a higher low. A strong bounce could increase the prospects of a break above $250. The pair could then rally to the 50-day SMA ($273).XRP/USDTRipple (XRP) slipped below the breakout level of $0.35 on June 28, which suggests that bears continue to sell aggressively at higher levels.XRP/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.35) is flattish but the RSI has dropped below 40, suggesting that the bears have a slight edge. The sellers will attempt to pull the price to the vital support at $0.28. This is an important level to keep an eye on because if it gives way, the XRP/USDT pair could start the next leg of the downtrend.On the contrary, if the price turns up from the current level or $0.28, it will suggest that bulls are buying at lower levels. That could keep the pair range-bound between $0.28 and the 50-day SMA ($0.38) for a few days. ADA/USDT The bears thwarted repeated attempts by the bulls to push Cardano (ADA) above the 20-day EMA ($0.50) in the past few days. This suggests that the bears are defending the level aggressively.ADA/USDT daily chart. Source: TradingViewThe price could drop to the strong support zone at $0.44 to $0.40. If the price rebounds off this zone with strength, it will suggest that bulls are accumulating on dips. The buyers will then again try to propel the price above the moving averages. If they can pull it off, the ADA/USDT pair could start an up-move toward $0.70.This positive view could invalidate in the short term if bears sink the pair below the support zone. If that happens, the pair could indicate the resumption of the downtrend. The next support is at $0.33.SOL/USDTThe tight range trading in Solana (SOL) resolved to the downside with a break below the 20-day EMA ($37). The bears are attempting to pull the price below the immediate support at $33.SOL/USDT daily chart. Source: TradingViewIf they succeed, the SOL/USDT pair could decline to $27 and then retest the June 14 intraday low of $25.86. Contrary to this assumption, if the price rebounds off $33, it will suggest that the bulls are attempting to form a higher low. The buyers will then try to clear the overhead hurdle at $43. If that happens, the pair could signal a potential change in trend. The pair may then rise to $60 where the bears may again mount a strong defense.DOGE/USDTDogecoin (DOGE) turned down from the 50-day SMA ($0.08) on June 27 and broke below the 20-day EMA ($0.07) on June 28. This suggests that bears have not given up and they continue to sell on rallies.DOGE/USDT daily chart. Source: TradingViewThe bears will try to sink the price to $0.06. If this level cracks, the next stop could be a retest of the critical level at $0.05. Alternatively, if the price turns up from the current level or the support at $0.06 and rises back above the 20-day EMA, it will suggest that bulls are attempting to form a higher low. The bullish momentum could pick up on a break above $0.08. The DOGE/USDT pair could then attempt a rally to the psychological level of $0.10.Related: Double bubble? Terra’s defunct ‘unstablecoin’ suddenly climbs 800% in one weekDOT/USDTRepeated failures to push and sustain the price above the 20-day EMA ($7.93) may have tempted short-term traders to book profits in Polkadot (DOT). The price turned down from the 20-day EMA and slipped to $7.30 on June 28.DOT/USDT daily chart. Source: TradingViewBoth the bulls and the bears are battling it out for supremacy near the $7.30 level. If the bears come out on top, the DOT/USDT pair could drop to the crucial level of $6.36. The bulls are expected to defend this level aggressively because a break below it could signal the resumption of the downtrend. Conversely, if the price rebounds off the current level, the buyers will again try to achieve a close above the 20-day EMA. If they manage to do that, the pair could rise to the 50-day SMA ($8.97). SHIB/USDTShiba Inu (SHIB) slipped back below the 50-day SMA ($0.000011) on June 28, suggesting that the bears are active at higher levels. Although the price dipped below $0.000010, the bears have not been able to build upon this advantage. SHIB/USDT daily chart. Source: TradingViewThis suggests that selling dries up at lower levels. The bulls will again try to push the price above the 50-day SMA and challenge the resistance at $0.000012. A break and close above this level could open the doors for a possible rally to $0.000014. The 20-day EMA ($0.000010) has flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If the price slips below $0.000009, the advantage could tilt in favor of the sellers. The pair may then drop to $0.000007.LEO/USDUNUS SED LEO (LEO) broke and closed above the resistance line of the descending channel on June 25 but the bulls could not push the price above $6. That may have attracted profit-booking from short-term traders, which pulled the price back into the channel on June 27. LEO/USD daily chart. Source: TradingViewThe 20-day EMA ($5.57) is sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. The buyers are again attempting to clear the overhead hurdle at $6. If they succeed, the LEO/USD pair could rally to $6.50 and then to the pattern target at $6.90. Contrary to this assumption, if the price once again turns down from $6, it will suggest that bears are defending this level with vigor. The sellers will then attempt to sink the price below the 20-day EMA and challenge the 50-day SMA ($5.24).The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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SOL price eyes 75% rally as Solana paints a bullish reversal pattern

Solana (SOL) continued its recovery trend on June 28 while inching closer to triggering a classic bullish reversal setup.SOL’s price gained 2.42%, reaching an intraday high of $39.40/ The SOL/USD pair is now up 50% as a part of a broader retracement move that began on June 14 after falling to lows of $26. SOL/USD daily price chart. Source: TradingViewSolana price eyes 75% rallyThe latest buying period in the Solana market has been painting what appears to be an “inverse head and shoulders pattern (IH&S)” pattern.The bullish reversal setup appears when the price forms three troughs in a row below a common support trendline called “neckline.” The middle trough, known as “head,” is always deeper than the other two troughs, called shoulders.An IH&S setup resolves after the price breaks above the neckline level. Also, as a rule of technical analysis, the pattern’s profit target comes to be at length equal to the maximum distance between the head’s lowest tip and the neckline.SOL/USD daily price chart featuring IH&S pattern. Source: TradingViewSuppose SOL breaks above its neckline resistance of $41.50. Then, the chances of continuing the bullish retracement stand around 83.5%, with its upside target sitting at over $68, about 75% above today’s price.Interim resistance levelsSolana’s road to $68 could face hurdles in a confluence of technical resistance levels, including its 50-day exponential moving average (50-day EMA; the red wave) and a support-turned-resistance line. Both resistance levels are around $47.SOL remains at risk of exhausting its IH&S breakout, which, in turn, could trigger a “bear flag” setup. A pullback from the $47-resistance-level, coinciding with the flag’s upper trendline, could lead to a breakdown, as shown in the chart below.SOL/USD daily price chart featuring ‘bear flag’ pattern. Source: TradingViewAs a result, SOL’s downside target comes to be approximately inside the $23-$30 range, depending on its breakdown point. In a similar setup, independent market analyst PostyXBT anticipated SOL’s price to reach $47. $SOL idea- Higher low & S/R flip- $BTC still hasn’t pushed higher to $23k- Play the short term trend until invalidated- Declining volume a concernNot rushing into an entry at current price. If I don’t get filled slightly lower, so be it. pic.twitter.com/IgZbeBAq40— Posty (@PostyXBT) June 28, 2022Nonetheless, declining volumes remain a concern, so traders should play the short-term trend until further bullish confirmation, he added. In other words, SOL’s likelihood of returning lower is high after reaching $47.Solana also down 85% from peLike most crypto assets, Solana has lost a significant chunk of its valuation compared to its November 2021 peak, down over 85% now. Related: Institutional crypto asset products saw record weekly outflows of $423MAdditionally, Solana’s “decentralization” has also faced increasing scrutiny amid repeated network outages and a recent attempt to take control of a whale’s wallet via community voting to force liquidation.Absolute comedy. @solendprotocol, a supposed “decentralized” lending protocol built on Solana has “voted” to take over a whales account with emergency powers to eliminate the chance of forced liquidation. “Decentralized” in name only. pic.twitter.com/Vrua3dFoES— Dylan LeClair (@DylanLeClair_) June 19, 2022

On the other hand, some anticipate Solana’s ecosystem to grow just like its top rival Ethereum did after the 2018 bear market. That includes Spencer Noon, the co-founder of crypto-focused Variant Fund, who said:”Solana has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.”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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Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.Daily cryptocurrency market performance. Source: Coin360Another sign that traders are purchasing comes from Glassnode comments suggesting that the 30-day average change in the supply kept on exchanges plummeted by 153,849 Bitcoin on June 26, the largest ever in history.Could bulls continue their purchases on dips and form a higher low? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $22,000 on June 26, indicating that the sentiment remains negative and traders are selling on minor rallies. The bears will try to pull the price to the psychological level of $20,000.BTC/USDT daily chart. Source: TradingViewIf the price rebounds off $20,000, it will suggest that bulls are accumulating on dips. That could keep the pair range-bound between $20,000 and $22,000 for a few days. The first sign of strength will be a break and close above the 20-day exponential moving average (EMA) ($22,890). That could open the doors for a possible rally to the 50% Fibonacci retracement level at $24,693.This level could again act as a resistance, but if bulls overcome the barrier, the BTC/USDT pair could rally to the 50-day simple moving average (SMA)($27,150). The bulls will have to push the price above this level to indicate that the pair may have bottomed out.ETH/USDTEther (ETH) reached the 20-day EMA ($1,300) on June 26 but the bulls could not push the price above the resistance. This suggests that the bears are not willing to surrender their advantage easily.ETH/USDT daily chart. Source: TradingViewIf the price turns down from the current level, the bears will try to pull the ETH/USDT pair to $1,050. This is an important level to watch out for because a break below it could suggest that bears are in control.Conversely, if the price turns up from the current level or rises from $1,050, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair could rally to the breakdown level of $1,700. A break and close above this resistance could indicate the start of a new uptrend.BNB/USDTBNB has been clinging to the 20-day EMA ($241) since June 24. This suggests that the bears are defending the level but the bulls have not yet given up as they anticipate a move higher.BNB/USDT daily chart. Source: TradingViewIf buyers thrust the price above the 20-day EMA, the BNB/USDT pair could rally to the 50-day SMA ($277). This level may again act as a stiff hurdle but if crossed, the pair could attempt a rally toward $350.Conversely, if the price turns down from the current level, the pair could drop to $211. This is an important level to keep an eye on because a rebound off it will suggest that bulls are attempting to form a higher low. But if the level cracks, the pair could retest the vital support at $183.XRP/USDTRipple (XRP) broke and closed above the overhead resistance at $0.35 on June 24 but the bulls could not clear the barrier at the 50-day SMA ($0.38). This suggests that the bears are defending the level aggressively.XRP/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not allowed the price to dip back below the 20-day EMA ($0.35). This suggests buying on dips. If the price rebounds off the current level, the bulls will again attempt to push the price above the 50-day SMA. If they can pull it off, it will suggest that the downtrend could be weakening. The XRP/USDT pair could then rise to $0.45.Another possibility is that bears pull the price back below $0.35. If that happens, the pair could slide to $0.32 and then to $0.28.ADA/USDT The buyers pushed Cardano (ADA) above the 20-day EMA ($0.50) on June 26 but the long wick on the candlestick shows that bears aggressively sold at higher levels.ADA/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not given up ground and are again attempting to clear the overhead hurdle at the moving averages. If they succeed, the ADA/USDT pair could rise toward $0.70 where the bears may again put up a strong defense. If the price turns down sharply from this level, it will suggest that the pair may remain range-bound between $0.40 and $0.70 for some more time. This positive view could be negated in the short term if the price turns down from the current level and breaks below $0.44. That could pull the pair to $0.40.SOL/USDTSolana (SOL) has been stuck between the moving averages since June 24. This suggests that bears are selling on rallies to the 50-day SMA ($43) and bulls are buying on dips to the 20-day EMA ($38).SOL/USDT daily chart. Source: TradingViewThe moving averages are close to a bullish crossover and the relative strength index (RSI) is near the midpoint, suggesting that bulls are attempting a comeback. If buyers propel the price above the 50-day SMA, the SOL/USDT pair could rise to $60. This level may again act as a stiff resistance but if bulls clear this hurdle, the momentum could pick up. On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that bears have overpowered the bulls. The pair could then slide to $33.DOGE/USDTDogecoin (DOGE) broke and closed above the 20-day EMA ($0.07) on June 25. The buyers extended the recovery on June 26 and pushed the price to the 50-day SMA ($0.08) but the long wick on the candlestick suggests that bears are defending the level with vigor.DOGE/USDT daily chart. Source: TradingViewThe buyers are again trying to push the price above the 50-day SMA. If they manage to do that, the DOT/USDT pair could rally to $0.09 and then to the psychological level at $0.10. This level could again act as a resistance but if bulls overcome this barrier, the momentum is likely to pick up.Alternately, if the price fails to sustain above the 50-day SMA, it will suggest that bears continue to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.Related: Dogecoin price could rally 20% in July with this bullish reversal patternDOT/USDTThe bears have been aggressively defending the 20-day EMA ($8.11) in Polkadot (DOT) since June 24 but a positive sign is that bulls have not given up much ground. A tight consolidation near a resistance usually resolves to the upside. DOT/USDT daily chart. Source: TradingViewIf buyers drive the price above the 20-day EMA, the DOT/USDT pair could rise to the 50-day SMA ($9.13). This level may again act as a hurdle but the likelihood of a break above it is high. If that happens, the pair could rally to $10.75.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then try to pull the pair below $7.30 and challenge the crucial support at $6.36.SHIB/USDTShiba Inu (SHIB) broke above the 50-day SMA ($0.000011) on June 25 but the bulls could not continue the recovery. The bears sold near $0.000012 on June 26 and are trying to pull the price back below the 50-day SMA.SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.000010) has started to turn up gradually and the RSI is in the positive territory. This suggests that buyers have a slight edge. If the price rebounds off the current level or the 20-day EMA, the bulls will again attempt to resume the up-move.If the price rises above $0.000012, the SHIB/USDT pair could rally to the overhead resistance at $0.000014. This positive view could be negated in the short term if the price turns down and plummets below the 20-day EMA.AVAX/USDTAvalanche (AVAX) has been stuck in a tight range between the 20-day EMA ($20) and the overhead resistance at $21.35 since June 25. This suggests indecision among the bulls and the bears.AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests an equilibrium between buyers and sellers. If bulls push the price above $21.35, the AVAX/USDT pair could rally to the 50-day SMA ($25). This level may act as a minor hurdle but if crossed, the pair may rise to $30.This positive view could invalidate in the short term if the price turns down from the current level or the 50-day SMA and plummets below the 20-day EMA. That could open the doors for a possible decline to $16.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Less than 1% of all holders have 90% of the voting power in DAOs: report

Decentralized autonomous organizations (DAOs) have become a rage in the ever-expanding crypto ecosystem and are often seen as the future of decentralized corporate governance. DAOs are organizations without a centralized hierarchy, intended to work in a bottom-up manner, where the community collectively owns and contributes to an organization’s decision-making process. However, recent research data suggests that these DAOs are not as decentralized as it was intended to be.A recent report from Chainalysis analyzed the workings of ten major DAO projects and found that on average, less than 1% of all holders have 90% of the voting power. The finding highlights a high concentration of decision-making power in the hands of a selected few, an issue DAOs were created to resolve.This concentration of decision-making power was evident with the Solana-based lending DAO Solend. Solend team tried to take over a whale’s account and execute the liquidation themselves via over-the-counter (OTC) desks to avoid cascading liquidations across the DEX books.This is pretty wild. The Solend team wants to take over the whale’s account and execute the liquidation themselves. The whale’s position is so degenerate that if SOL drops too low it will create cascading liquidations across the DEX books (and potentially bad debt). “DeFi” https://t.co/TEVKz18NSm pic.twitter.com/2A3t2fOhnl— FatMan (@FatManTerra) June 19, 2022The proposal to take over was passed with 1.1 million “yes” votes to 30,000 “no” votes, however out of these total “yes” votes 1 million came from a single user holding large amounts of governance tokens. The vote was later overturned after a heavy lash back.Related: How a DAO for a bank or financial institution will look likeThe Chainalysis report highlighted that although all governance token holders have voting rights, the right to make a new proposal for the community and to pass it is not very easy for everyone, given the number of tokens required to do so.The report estimated that between 1 in 1,000 and 1 in 10,000 governance token holders have enough tokens to create a proposal. When it comes to passing a proposal only between 1 in 10,000 and 1 in 30,000 holders have enough tokens to do so.Decentralized Finance (DeFi) ecosystem accounts for 83% of all DAO treasury value held and 33% of all of the DAOs by count. Apart from DeFi, venture capital, infrastructure, and NFTs are other ecosystems that have seen a rise in number of DAOs.

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Finance Redefined: Uniswap goes against the bearish trends, overtakes Ethereum

This past week, the decentralized finance (DeFi) ecosystem tried gaining some momentum amid the bear market crash. Uniswap saw a trend reversal and overtook Ethereum regarding network fees paid. However, not all DeFi protocols were as lucky, as Bancor had to pause its “impermanent loss protection” in the wake of a hostile market.DappRadar’s report shows that the GameFi ecosystem continues to thrive despite the current downturn in the market. Solend invalidates Solana whale wallet takeover plan with second governance vote.The top 100 DeFi tokens showed signs of recovery after last week’s mayhem, and several of the tokens registered double-digit gains.DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperformsDecentralized exchange (DEX) Uniswap has overtaken its host blockchain Ethereum in terms of fees paid over a seven-day rolling average.The surge appears part of a recent spate of high demand for DeFi amid the current bear market. Decentralized finance (DeFi) platforms such as Aave and Synthetix have seen surges in fees paid over the past seven days, while their native tokens and others such as Compound (COMP) have also boomed in price.Continue readingGameFi continues to grow despite crypto winter: DappRadar reportBlockchain games were the subject of the latest DappRadar x BGA Games Report #5, published Tuesday. The report looked at healthy ecosystems and investments in GameFi and metaverse markets.The report covered several projects in detail, outlining their continued success and growth. Splinterlands, Illuvium, Galaverse and STEPN have continued bringing new players to their platforms, gaining financial interest and expanding their businesses.Continue readingBancor pauses impermanent loss protection citing ‘hostile’ market conditionsBancor, a DeFi protocol often credited as the pioneer of the DeFi space, paused its impermanent loss protection (ILP) function on Sunday, citing “hostile” market conditions.In a blog post on Monday, the DeFi protocol noted that the ILP pause is a temporary measure to protect the protocol and the users. When a user gives liquidity to a liquidity pool, the ratio of their deposited assets changes at a later moment, potentially leaving investors with more of the lower value token, this is known as impermanent loss.Continue readingSolend invalidates Solana whale wallet takeover plan with second governance voteSolana-based DeFi lending protocol Solend has created another governance vote to invalidate the recently-approved proposal that gave Solend Labs “emergency powers” to access a whale’s wallet to avoid liquidation. On Sunday, the crypto lending platform launched a governance vote titled “SLND1: Mitigate Risk From Whale.” It allowed Solend to reduce the risk the whale’s liquidation poses to the market by letting the lending platform access the whale’s wallet and letting the liquidations happen over the counter.Continue reading DeFi market overviewAnalytical data reveals that DeFi’s total value locked registered a minor recovery rising above $56 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top-100 tokens by market capitalization were on the move, and many of the tokens registered double-digit gains over the past week.The majority of the DeFi tokens in the top 100 ranking by market cap were trading in green. Synthetix (SYX) registered the biggest gain with a 90% surge over the past week, followed by Uniswap (UNI), which saw a 37% appreciation in price in the past seven days. COMP gained 31%, while Thorchain (THOR) saw a 22% rise.Before you go!Celsius network, the lending platform that has been in trouble over liquidations and lack of Capital, saw a community-led short squeeze of its native token, CEL. It registered a 300% jump over the past week amid market uncertainty over its future.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week’s bounce does not necessarily mean that bulls’ grip over the market has come to an end.Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Daily cryptocurrency market performance. Source: Coin360Another on-chain metric that indicates that Bitcoin’s price may have reached an attractive level is the Mayer Multiple. The metric is calculated by dividing the price of Bitcoin by the 200-day moving average value. It points to whether Bitcoin is overbought, undervalued or fairly priced. On June 22, the indicator’s reading was 0.5 and according to crypto entrepreneur Kyle Chasse, Bitcoin’s price has dipped below this reading only on 3% of all trading days.Several on-chain indicators are suggesting that Bitcoin may be close to a bottom. Let’s study the charts of the top-10 cryptocurrencies to find out what the technicals suggest!BTC/USDTBitcoin is attempting a recovery in a downtrend but the bulls are struggling to push the price to the 38.2% Fibonacci retracement level of $23,024. This suggests that demand dries up at higher levels. BTC/USDT daily chart. Source: TradingViewThe first hurdle for the bulls is likely to be $21,723 and then the 20-day exponential moving average (EMA ($23,529). During strong downtrends, bears sell on rallies to this level. Hence, it becomes an important level to keep an eye on. If the price turns down sharply from the 20-day EMA, it will suggest that the bears are in command. The sellers will then make another attempt to sink the BTC/USDT pair to the crucial level at $17,622. Conversely, if buyers propel the price above the 20-day EMA, it will suggest that the bears may be losing their grip. That could open the doors for a possible rally to the 50-day simple moving average (SMA) ($27,995).ETH/USDTEther (ETH) had been trading between $1,200 and $1,050 since June 20. This tight range trading resolved to the upside on June 24 as bulls attempt to push the price to the 20-day EMA ($1,332). ETH/USDT daily chart. Source: TradingViewThis level is likely to attract strong resistance from the bears. If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then try to pull the price to $1,050. A break and close below this support could retest the vital support at $881.Alternatively, if bulls drive the price above the 20-day EMA, the likelihood of a rally to the breakdown level of $1,700 increases.BNB/USDTThe bears tried to pull BNB below $211 on June 22 but the bulls held their ground. This started a relief rally that hareached the 20-day EMA ($243).BNB/USDT daily chart. Source: TradingViewIf bulls push the price above the 20-day EMA, it will increase the possibility that the break below $211 may have been a bear trap. The BNB/USDT pair could then rally to the 50-day SMA ($284) where the bears may again mount a strong resistance.Another possibility is that the price turns down sharply from the 20-day EMA. If that happens, the bears will try to pull the pair below $211 and challenge the June 18 intraday low of $183. A break below this support could indicate the start of a downtrend to $150.XRP/USDTThe tight range trading in Ripple (XRP) resolved to the upside with a break above the 20-day EMA ($0.35) on June 24. This suggests that the bears may be losing their grip.XRP/USDT daily chart. Source: TradingViewThe buyers tried to propel the price above the 50-day SMA ($0.40) on June 24 but the long wick on the day’s candlestick suggests that bears continue to defend the level aggressively. If the price turns down and breaks below the 20-day EMA, the XRP/USDT pair could drop to $0.35.Contrary to this assumption, if the price turns up and breaks above the 50-day SMA, it will suggest the start of a new up-move. The pair could first rally to $0.46 and then make a dash toward $0.56.ADA/USDT Cardano (ADA) has been oscillating between the 20-day EMA ($0.50) and the strong support of $0.44 for the past few days but this tight range trading is unlikely to continue for long.ADA/USDT daily chart. Source: TradingViewThe RSI has been gradually climbing higher, suggesting that the bearish momentum could be weakening. That enhances the prospects of a break above the moving averages. If that happens, the ADA/USDT pair could climb toward $0.70.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are defending the level aggressively. The sellers will then try to pull the pair below the strong support zone of $0.44 to $0.40 and resume the downtrend.SOL/USDTSolana (SOL) turned down from the 20-day EMA ($36) on June 22 but the bears could not sustain the lower levels. The bulls purchased the dip and pushed the price back above the 20-day EMA on June 23.SOL/USDT daily chart. Source: TradingViewIf bulls sustain the price above the 20-day EMA, the SOL/USDT pair could rise to the 50-day SMA ($45). The flattish 20-day EMA and the RSI near the midpoint suggest that the bears may be losing their grip. A break and close above the 50-day SMA will indicate that the downtrend could be over.Contrary to this assumption, if the price fails to sustain above the 20-day EMA, it will suggest that bears are active at higher levels. If sellers pull the price below $33, the pair could slide to $27.DOGE/USDTDogecoin (DOGE) has been trading near the 20-day EMA ($0.06) since June 21. This suggests that the bulls are not closing their positions as they anticipate a break above the 20-day EMA. DOGE/USDT daily chart. Source: TradingViewThe RSI has been gradually rising toward the midpoint and the 20-day EMA is flattening out, which suggests that the bulls are attempting a comeback.If bulls thrust the price above the 20-day EMA, the DOGE/USDT pair could rally to the 50-day SMA ($0.08) where the bears may again pose a strong challenge. The bulls will have to clear this hurdle to open the doors for a possible up-move to $0.10.Alternatively, if the price turns down from the 20-day EMA, the bears will try to pull the pair below $0.06 and challenge the psychological support at $0.05.Related: Bitcoin gives ‘encouraging signs’ — Watch these BTC price levels nextDOT/USDTPolkadot (DOT) bounced off the $7.30 support on June 23, indicating that bulls are attempting to form a higher low. The price has reached the 20-day EMA ($8.15), which is an important barrier for the bulls to overcome.DOT/USDT daily chart. Source: TradingViewThe RSI has risen above 45 and the 20-day EMA is flattening out. This suggests that the bearish momentum could be weakening. If bulls push the price above the moving averages, the DOT/USDT pair could attempt a rally to the overhead resistance at $12.44. This level may again act as a strong resistance and if the price turns down from it, the pair could remain stuck between $12.44 and $7.30 for a few days. The bears will have to sink the price below the $7.30 to $6.36 support zone to indicate the start of the next leg of the downtrend.SHIB/USDTThe bears tried to pull the price below the 20-day EMA ($0.000009) on June 22 but the bulls held their ground. Shiba Inu (SHIB) rebounded off the 20-day EMA on June 23 but the buyers could not push the price above the 50-day SMA ($0.000011).SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is just above the midpoint, indicating equilibrium between buyers and sellers. This balance could tilt in favor of the bulls if they propel the price above the 50-day SMA. The SHIB/USDT pair could then rally to the overhead resistance at $0.000014.Conversely, if the price turns down and plummets below the 20-day EMA, it will suggest that bears have gained the upper hand. The pair could then slide to $0.000008.LEO/USDUNUS SED LEO (LEO) repeatedly rose above the resistance line of the descending channel between June 22 and 24 but the bulls could not sustain the higher levels.LEO/USD daily chart. Source: TradingViewThis suggests that the bears are aggressively defending the resistance line of the channel. The failure to sustain the price above the channel may tempt short-term traders to book profits.That could pull the price to the 20-day EMA ($5.39). If the price rebounds off this support, the bulls will again attempt to push the LEO/USD pair above the channel. If they succeed, the next stop could be $6.50 and then $6.80.On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that the pair may remain stuck inside the channel for a few more days.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Nifty News: Apecoin no longer going bananas, Pharrell touts Doodles and more…

Apecoin, the Ethereum-based token tied to the widely popular and almost definitely probably not 4Chan-related Bored Ape Yacht Club NFT project, saw its market cap drop by 67.2% or $4.3 billion during May and it has continued to slide since. Despite bearish macro factors looming over both crypto and stock markets throughout 2022, May in particular was a difficult month for crypto (thanks Terra!) Much like many other assets, Apecoin was unable to escape the brunt of this downturn, and its market cap declined by $4.3 billion to sit at roughly $2.1 billion by May 31 as the price dropped from $21.27 to $6.97, according to data from CoinGecko. APE/USD: CoinGecko Trading volumes were around $5.7 billion at the start of May but fell to $498 million by the end of the month. Since then the market cap has continued to slide to $1.3 billion, with a price of $4.40 per token at the time of writing, while 24-hour trading volume is currently totaling around $264 million. That’s the lowest since it launched in March. Overall, Apecoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28. Pharrell Williams signs on to Doodles NFTs Doodles, one of the top NFT projects in the space founded by respected artist Burnt Toast, has signed iconic musician Pharrell Williams as its Chief Brand Officer. To date, the Doodles NFT project has generated around $503 million worth of secondary sales since launch in October 2021, and the team is currently gearing up for its second NFT drop of 10,000 tokenized avatars at a yet-to-be-revealed time later this year. Doodles 2… coming soon. https://t.co/8gw3OeeQfs pic.twitter.com/c33BB0GLqP— doodles (@doodles) June 22, 2022Williams is the man behind the much-loved, gut-wrenching, headache-inducing song “Happy” that has more than 1 billion plays on YouTube, and will work to guide the project’s strategy relating to artwork, music, product lines, animation and virtual/public events. The musician will also produce a Doodles-inspired music album titled “Doodles Records: Volume 1.”The announcement was made at the NYC NFT event on June 22, with the project also revealing it had closed a funding round led by Reddit co-founder Alexis Ohanian’s VC firm, Seven Seven Six. The amount of capital was undisclosed however. “I’m a big fan of the brand,” said Williams in a video message, adding that “We’re going to build from the core community outward and bring Doodles to new heights, new levels.”NFT art is helping the overall art market: Expert Art expert Magnus Resch thinks that mainstream adoption of NFT tech is helping break down the barriers to art collection and is attracting new buyers to a field that has often struggled for numbers due to its elitist nature. Resch is an art market economist and holds a Ph.D. in economics from Harvard University. He has also authored two books on the art business dubbed “Management of Art Galleries” and “How to Become a Successful Artist.”Speaking with Art News on June 23, Resch highlighted an interesting point on tokenized art, as he argued that the price transparency and the relative ease of purchasing makes it much less threatening for new collectors to enter the market: “The biggest problem in the art market is that we have too many visitors and too few buyers, the number of buyers is going down. And why is that? Because buyers are scared to enter the art world. It’s too elitist, it’s not open to first-time buyers. If you don’t manage to convince rookies [to join] into the art world, we will all fail.“But NFTs can help solve this issue. Suddenly there are people buying because they had the full transparency of prices and automatic access,” he added. Related: Nonfungible airdrops: Could NFA become the next big acronym in the crypto space?Solana is building a smartphone, cue jokesSolana blockchain/Solana Labs co-founder and CEO Anatoly Yakovenko has announced that the team will roll out an Android web3-focused smartphone in Q1 2023 named Saga. The phone will have a 6.67-inch 120Hz OLED display, 512GB of storage, 12GB of RAM, and will be powered by Qualcomm’s latest Snapdragon 8 Plus Gen 1 chip. It will also have a 50-megapixel primary camera and a 12-megapixel ultra-wide shooter. It will be priced at $1,000 and pre-orders with a deposit of $100 are now open. No word yet on whether the phone will go offline every other month and require a manual reboot.the solana phone is bullish for humanityforced downtime will liberate many minds and lives— mewny (@mewn21) June 23, 2022

Other Nifty News: Instagram’s parent company, Meta, announced on June 22 that it will begin testing NFTs on Instagram Stories using its augmented reality platform Spark AR.eBay, an e-commerce giant, on June 22 announced the acquisition KnownOrigin — an NFT marketplace that will help the firm foray further into the world of blockchain technology and digital collectibles.

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Ethereum risks 'bull trap' after 25% ETH price rebound

Ethereum’s token Ether (ETH) could be entering a “bull trap” zone after rebounding back above the $1,000 mark from 18-month lows of $885. Ether price paints a “rising wedge”The first among these indicators is a “rising wedge,” a classic bearish reversal setup that forms after the price trends upward inside a range defined by two ascending but converging trendlines. The wedge setup gains further confirmation if the trading volume drops alongside the rising prices.Theoretically, a rising wedge resolves after the price breaks below its lower trendline and eyes a run-down toward the level at length equal to the maximum height between the wedge’s upper and lower trendlineEther has been forming a rising wedge since mid-June, as shown in the chart below. ETH/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingViewHence, its interim bias appears to the downside, with a decisive breakdown below the lower trendline risking a decline toward the $870–$950, depending on where the breakdown begins. That means a 15%–25% decline from June 13’s ETH price.$70M exits Ethereum fundsEthereum’s bearish case is supported by evidence of significant outflows from investment funds.Notably, Ether-related investment products witnessed outflows worth $70 million in the week ending June 17, according to data fetched by CoinShares. Notably, this was the eleventh-straight week of capital withdrawals, bringing the year-to-date outflow total to $458.6 million.Flow of Asset. Source: CoinSharesIn contrast, Solana (SOL), one of Ethereum’s top rivals in the smart contracts ecosystem, attracted $109 million in 2022 for its related funds. While Bitcoin (BTC) saw $480 million flow into its investment products.Related: DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperformsCoinShares cited investors’ worries over Ethereum’s “Merge” to proof-of-stake as the primary reason behind its funds’ poor performance this year.Ethereum options strike price: $1KETH options’ open interest on Deribit shows over $1 billion in notional for Ether, awaiting the expiry on June 24. Interestingly, these Ether options are major puts around the current price levels, with a concentration around the $1,000 strike, according to data from Coinglass.Ether options open interest by strike price. Source: CoinglassThe June 24 expiration could potentially influence Ether’s price action, primarily because it trades only 10% above the preferred strike price of $1,000. Additionally, a move toward $1,000 could trigger the rising wedge setup. 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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On the brink of recession: Can Bitcoin survive its first global economic crisis?

Bitcoin (BTC) was a response to the 2008 global recession. It introduced a new way to transact without depending on trust of third-parties, such as banks, particularly failing banks that were nevertheless bailed out by government at the expense of the public. “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust,” Satoshi Nakamoto wrote in 2009. Bitcoin’s genesis block sums up the intent with the following embedded message: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.But while Bitcoin keeps mining blocks unfazed, and its gold-like properties have attracted investors seeking “digital gold,” its current 75% comedown from $69,000 highs in November 2021 demonstrates that its not immune to global economic forces.Simultaneously, the entire crypto market lost $2.25 trillion in the same period, hinting at large-scale demand destruction in the industry.Bitcoin’s crash appeared during the period of rising inflation and the global central banks’ hawkish response to it. Notably, the Federal Reserve hiked its benchmark rates by 75 basis points (bps) on June 15 to curb inflation that reached 8.4% in May.BTC/USD daily price chart. Source: TradingViewFurthermore, the crash left BTC trending even more in-sync with the tech-heavy Nasdaq Composite’s performance. The U.S. stock market index fell over 30% between November 2021 and June 2022.More rate hikes aheadFed Chairman Jerome Powell noted in his Congressional testimony that their rate hikes would continue to bring down inflation, albeit adding that “the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.”The statement followed Reuters’ poll of economists that agreed that the Fed would raise benchmark rates by another 75 bps in July and will follow it up with a 0.5% increase in September. That adds more downside potential to an already-declining crypto market, noted Informa Global Markets, a London-based financial intelligence firm, saying that it would not bottom out until the Fed subsides its “aggressive approach to monetary policy.”But a U-turn on hawkish policies seems unlikely in the near term given the central bank’s 2% inflation target. Interestingly, the gap between the Fed’s fund rates and the consumer price index (CPI) is now the largest on record.Fed funds rate versus inflation. Source: EcoinometricsBitcoin faces first potential recessionNearly 70% of economists believe that the U.S. economy will slip into a recession next year due to a hawkish Fed, according to a survey of 49 respondents conducted by the Financial Times.To recap, a country enters a recession when its economy faces negative gross domestic product (GDP), coupled with rising unemployment levels, declining retail sales, and lower manufacturing output for an extended period of time. Notably, about 38% expect the recession to begin in the first half of 2023, while 30% anticipate the same to happen during the Q3-Q4 session. Moreover, a separate survey conducted by Bloomberg in May shows a 30% possibility of recession next year.The next recession in the U.S. will begin in 2023. Source: Financial TimesPowell also noted in his June 22 press conference that recession is “certainly a possibility” due to “events of the last few months around the world,” i.e., the Ukraine-Russia war that has caused a food and oil crisis around the globe.The predictions risk putting Bitcoin before a full-blown economic crisis. And the fact it has not behaved anything like a safe-haven asset during the period of rising inflation increases the probability that it would keep declining alongside the Wall Street indexes, primarily tech stocks.Meanwhile, the collapse of Terra, a $40-billion “algorithmic stablecoin” project, and it leading to insolvency issues in Three Arrow Capital, the largest crypto hedge fund, has also destroyed demand across the crypto sector.  For instance, Ether, the second-largest cryptocurrency after Bitcoin, dropped by more than 80% to $880 lows during the ongoing bear cycle. Similarly, other top-ranking digital assets, including Cardano (ADA), Solana (SOL), and Avalanche (AVAX), plunged in the range of 85% to over 90% from their 2021 peaks.”The crypto house is on fire, and everyone is just, you know, rushing to the exits because there’s just completely lost confidence in the space,” said Edward Moya, a senior markets analyst at OANDA, an online forex brokerage.BTC bear markets are nothing newIncoming bearish predictions for Bitcoin envision the price to break below its $20,000-support level, with Leigh Drogen, general partner and CIO at Starkiller Capital, a digital assets quantitative hedge fund, anticipating that the coin will reach $10,000, down 85% from its peak level.However, there is little evidence for Bitcoin’s total demise, especially after the coin’s confrontation with six bear markets (based on its 20%-plus corrections) in the past, each leading to a rally above the previous record high.BravenewCoin Liquid Index featuring Bitcoin’s bear market since 2011. Source: TradingViewNick, an analyst at data resource Ecoinometrics, sees Bitcoin behaving like a stock market index, still in the “middle of an adoption curve.” Bitcoin is likely to drop further in a higher interest rate environment—similar to how the U.S. benchmark S&P 500 has dipped multiple times in the last 100 years, only to recover strongly.Excerpts:”Between 1929 and 2022 the S&P500 is up 200x. That’s something like a 6% annualized rate of return […] Some of those asymmetric bets are obvious and pretty safe, like buying Bitcoin now.”S&P 500 drawdowns throughout its history. Source: EcoinometricsMost altcoins will dieUnfortunately, the same cannot be said about all the coins in the crypto market. Many of these so-called alternative cryptocurrencies, or “altcoins,” have dropped to their deaths this year. With some low-cap coins, in particular, logging over 99% price declines.Altcoins that heave faced nearly 100% losses in 2022. Source: MessariNevertheless, projects with healthy adoption rates and real users could come out on top in the wake of a potential global economic crisis. The top candidate to date is Ethereum, the leading smart contract platform, which dominates the layer-one blockchain ecosystem with over $46 billion locked across its DeFi applications.Ethereum leads the smart contract sector. Source: DeFi Llama Other chains, including Binance Smart Chain (BSC), Solana, Cardano, and Avalanche, could also attract users as alternatives, ensuring demand for their underlying tokens. Meanwhile, older altcoins such as Dogecoin (DOGE), also have higher survival chances, particularly with speculation about possible Twitter integration in the pipeline.Overall, a macro-led bear market will most likely hurt all digital assets across the board in the coming months. But coins with lower market cap, dismissive liquidity, and higher volatility will be at higher risk of collapse, Alexander Tkachenko, founder and CEO at VNX, a digital gold dealer, told Cointelegraph. He added: “If Bitcoin and other cryptocurrencies want to get back to their full power, they need to become self-sufficient alternatives to fiat currencies, especially the U.S. dollar.”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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Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB

Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading.Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had only sold 30% of their mined production from January to April of this year had dumped 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal.Daily cryptocurrency market performance. Source: Coin360However, one metric suggests that Bitcoin may not have bottomed out. Historically, Bitcoin signals a bottom when less than 50% of the Bitcoin addresses remain profitable. Glassnode data as of June 20 shows that 56.2% of Bitcoin addresses are in profit, increasing concerns of another down leg.Could Bitcoin and the altcoins sustain the recovery or will bears pull the price lower? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls are attempting to start a recovery in Bitcoin but the long wick on the June 21 candlestick suggests that bears are not willing to surrender their advantage. BTC/USDT daily chart. Source: TradingViewA minor positive is that the bulls are buying the dips to $20,000 on June 22. If the price rebounds off the current level, the buyers will try to drive the BTC/USDT pair above $22,000. That could open the doors for a possible rally to the 20-day exponential moving average (EMA)($24,076). This level is likely to act as a stiff resistance but if bulls overcome this barrier, the next stop could be the 50-day simple moving average (SMA) ($28,678).This bullish view could be negated if the price turns down and breaks below $19,600. That could enhance the prospects of a retest of the June 18 intraday low of $17,622.ETH/USDTEther’s (ETH) bounce off the June 18 intraday low of $881 turned down from $1,194 on June 21, suggesting that bears have not yet given up and they continue to sell on rallies.ETH/USDT daily chart. Source: TradingViewIf bulls don’t not give up much ground from the current level, the ETH/USDT pair could again attempt a rally to the 20-day EMA ($1,368). This is an important level to keep an eye on because bears tend to defend the 20-day EMA during downtrends.If the price turns down from the 20-day EMA, the bears will again try to pull the pair to $1,000 and then $881. A break below this level could signal the resumption of the downtrend. On the other hand, if bulls push the price above the 20-day EMA, the pair could rise to $1,700. BNB/USDTBNB has been sustaining above the crucial support of $211 since June 19 but the bulls are struggling to push the price higher. The long wick on the June 21 candlestick suggests that bears continue to sell on rallies.BNB/USDT daily chart. Source: TradingViewIf bears sink the price below $211, the BNB/USDT pair could decline to $200 and then to the June 18 intraday low of $183. This is an important level to watch out for because if the price dips below it, the pair could plummet to $150.Conversely, if the price rebounds off $211 or $200, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to clear the overhead hurdle at the 20-day EMA. If they succeed, it will suggest that the break below $211 may have been a bear trap.ADA/USDT Cardano’s (ADA) bounce from the $0.44 to $0.40 support zone fizzled out near the 20-day EMA ($0.51) on June 21. This suggests that the bears continue to defend the level aggressively.ADA/USDT daily chart. Source: TradingViewThe sellers will now attempt to sink the price below the support zone. If they manage to do that, it will suggest the start of the next leg of the downtrend. The ADA/USDT pair could then slip to $0.33 and later to $0.30.Alternatively, if the price again rebounds off the support zone, it will suggest that bulls continue to accumulate on dips. The buyers will then make one more attempt to push the pair above the moving averages and start a rally to $0.70.XRP/USDTRipple (XRP) has been range-bound between $0.28 and $0.35 for the past few days. This suggests a state of equilibrium between the bulls and the bears.XRP/USDT daily chart. Source: TradingViewThe longer the time spent inside the range, the stronger will be the breakout from it. If the price continues lower and breaks below the support of the range at $0.28, it could suggest the resumption of the downtrend. The RSI is showing a positive divergence, indicating that the bearish momentum may be weakening. If bulls push the price above $0.35, it will suggest the start of a new up-move. The XRP/USDT pair could then rise to the 50-day SMA ($0.41) and later rally to $0.45. SOL/USDTSolana’s (SOL) recovery on June 21 rose above the 20-day EMA ($36) but the long wick on the day’s candlestick shows that bears are selling at higher levels.SOL/USDT daily chart. Source: TradingViewThe price remains below the 20-day EMA on June 22 but the bulls have not given up much ground. This suggests that the buyers expect a break above the 20-day EMA. If that happens, the SOL/USDT pair could rally to the 50-day SMA ($47) where the bears may again mount a strong defense.Conversely, if the price fails to rise above the 20-day EMA, it could attract profit-booking from short-term traders. That may pull the pair to $30 and later to $27.DOGE/USDTDogecoin (DOGE) started a recovery on June 19 and reached the 20-day EMA ($0.06) on June 21. Although bulls pushed the price above the 20-day EMA, they could not sustain the higher levels.DOGE/USDT daily chart. Source: TradingViewThat may have attracted profit-booking from the short-term bulls and selling by the aggressive bears. The sellers will now attempt to sink the DOGE/USDT pair below $0.06 and challenge the vital support at $0.05.Alternatively, if the price rebounds off $0.06, it will suggest that the sentiment has changed from selling on rallies to buying on dips. That could increase the possibility of a break above the 20-day EMA. If that happens, the pair may rally to the 50-day SMA ($0.08).Related: Bitcoin price wicks below $20K as whales send 50K BTC to exchangesDOT/USDTPolkadot (DOT) turned down from th 20-day EMA ($8.20) on June 21, suggesting that bears continue to defend the level aggressively. The sellers will now try to pull the price below the immediate support at $7.30.DOT/USDT daily chart. Source: TradingViewIf they succeed, the DOT/USDT pair could drop to the crucial support at $6.36. This is an important level to keep an eye on because a break below it could start the next leg of the downtrend to $4.23.On the contrary, if the price rebounds off $7.30, it will suggest that bulls are trying to form a higher low. That could enhance the prospects of a break above the 20-day EMA. The pair could then rally to the 50-day SMA ($9.78). If this level is also crossed, the next stop could be $12.44.LEO/USDThe bulls pushed UNUS SED LEO (LEO) above the resistance line of the descending channel on June 22 but the long wick on the day’s candlestick suggests that bears are selling at higher levels.LEO/USD daily chart. Source: TradingViewThe 20-day EMA ($5.29) has started to turn up and the RSI is near the overbought territory, indicating that bulls have the upper hand. If the price sustains above the channel, it could open the doors for a possible up-move to $6.50.Conversely, if the price fails to sustain above the channel, traders may book profits and that could pull the LEO/USD pair to the 20-day EMA. Such a move will suggest that the pair may remain stuck inside the channel for a few more days.SHIB/USDTThe failure to sink Shiba Inu (SHIB) below $0.000007 may have tempted short sellers to book profits and aggressive bulls to start buying. That may have resulted in the sharp rally on June 21.SHIB/USDT daily chart. Source: TradingViewTraders pushed the price above the 20-day EMA ($0.000010) but could not clear the hurdle at the 50-day SMA ($0.000012). This suggests that bears are defending the level aggressively.The sellers are attempting to pull the price back below the 20-day EMA. If they manage to do that, it will suggest that the recent recovery may have been a bear market rally. The SHIB/USDT pair could then drop toward $0.000007.The 20-day EMA is flattening out and the RSI is near the midpoint suggesting a range-bound action in the near term. The bulls will have to push and sustain the price above the 50-day SMA to signal a potential trend change.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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