Bitcoin price crumbles to $62K support, but derivatives metrics show bullish signs

Bitcoins price continues to correct, but BTC options markets reflect traders interest in the $62,000 level.

View Details

Bitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000

Data shows the cryptocurrency derivatives market has registered significant liquidations after the Bitcoin rally above the $63,000 mark. Bitcoin Rally Has Resulted In Short Liquidations On Derivatives Market According to data from CoinGlass, the latest volatility in the cryptocurrency market has led to large liquidations on the derivatives side. “Liquidation” here naturally refers to the process that any open contract undergoes where its platform forcibly closes it off after it has amassed losses of a certain degree. Related Reading: Bitcoin Recovery Stalls As HODLers Apply Selling Pressure The table below shows how the derivatives liquidations have looked during the last 24 hours: It would appear that the cryptocurrency derivatives market has registered total liquidations of $126 million in the past day. Out of these, almost $101 million of the contracts were short ones. This figure is equivalent to more than 80% of the total, implying that these investors betting on a bearish outcome for the market were the most heavily affected by the latest volatility. This naturally makes sense, as assets across the sector have seen green returns in this window, led by Bitcoin’s rally. A mass liquidation event like this latest one is popularly called a “squeeze“, and as shorts were the side that contributed to a majority of these liquidations, the squeeze would be known as a “short squeeze.” During a squeeze, liquidations end up feeding further into the price move that caused them, thus unleashing a cascade of further liquidations. As such, the sharp price surge in the past day would in part be fueled by the short squeeze. Related Reading: Bitcoin Crash Forced Weak Hands Into Largest Loss-Taking Since 2022 Lows: Report As for the breakdown of this latest squeeze for the various symbols, it would seem like Bitcoin has come out on top like usual with around $45 million in liquidations. Ethereum (ETH) and Solana (SOL) have made up the rest of the top three with $24 million and $8 million in liquidations, respectively. Interestingly, while most of the sector has seen the dominance of short liquidations, XRP (XRP) on fourth has seen longs edge out instead. This may be down to the fact that the coin has overall only moved sideways while the rest have rallied. BTC Has Managed To Reclaim The $62,000 Support Level With the latest rally, Bitcoin has been able to make some significant recovery, with its price even briefly surging above the $63,000 level earlier in the day. The chart below shows what the coin’s surge has looked like: According to data from the market intelligence platform IntoTheBlock, Bitcoin is now floating above the significant on-chain support level of $62,000. “While resistance is strong above, enough bullish momentum can prevent selling pressure,” notes the analytics firm. Featured image from Dall-E, CoinGlass.com, IntoTheBlock.com, chart from TradingView.com

View Details

Bitcoin Price Plummets 16% Amid Market Turmoil And Mt. Gox Repayment News

Bitcoin (BTC) has experienced a sharp decline, dropping over 16% since reaching its all-time high of more than $73,000 in March 2024. Currently trading below $62,000, Bitcoin’s daily Relative Strength Index (RSI) has hit oversold territory, a condition that has previously led to significant price surges of 60%, 63%, and […]

View Details

$1.35B in Bitcoin options expire this week Do BTC bulls or bears have the upper hand?

This weeks Bitcoin options expiry sits at $1.35 billion, but what is the expected impact on BTC price?

View Details

Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute. Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024. Bitcoin Is Falling, Losses $60,000 Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains. Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point.  Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5. Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800. The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5.  What’s Next? Will BTC Breach $100,000 In Wave 5?  Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5.  Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass $100,000 after the current volatile price action ends. Feature image from DALLE, chart from TradingView

View Details

Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment Down?

Bitcoins correction at the start of Q2 dragged down the Altcoins market, and a gloomy sentiment appears to surround investors despite Q1 2024 registering one of the best performances for the crypto market. As prices recover momentum, traders and analysts suggest a brighter future might be around the corner. Related Reading: Bitcoin To Go Ballistic After Halving, Says Top Analyst Heres Why Altcoins Next Stop: Altseason? On Friday, some traders shared optimistic forecasts for altcoins. According to investor Crypto Jelle, the altcoin market cap chart looks primed to go on a massive rally in the coming months. The investor highlights the similarities between the altcoins performance during the previous bull runs. Per the chart, after 2018s all-time high (ATH) of $474.5 billion, the altcoin market consolidated under the resistance zone in preparation for the next bull run. Altcoins market cap sitting at $1.15 trillion. Source: CryptoJelle on X During the 2020-2021 bull market, altcoins market cap broke out and consolidated around a new support zone before continuing its upward trajectory to its last ATH of $1.7 trillion. As the investor highlighted, altcoins performance looks like that of the previous bull run. They are seemingly consolidating after a breakout from the resistance zone. If history were to repeat itself, then altcoins could remind everyone what theyre capable of. Another trader and analyst, Titan of Crypto, shared a similar prediction to Jelles. According to the analysts, hes seen crypto community members believing that therell never be another altseason. To those in doubt, the trader suggests they zoom out to get a broader perspective on where the market is in the cycle. Per his chart, which excludes Ether (ETH), altcoins are at the 2 bullish monthly candles followed by consolidation phase. Run up prediction for altcoins, excluding ETH. Source: Titan Of Crypto on X. The chart also suggests that the subsequent run-up could surpass the $1.13 trillion ATH and soar to a market cap of $3.25 trillion in the coming months. To the analyst, the #Altseason2024 is inevitable. Predictions Are Up, Why Is The Sentiment Down? Across different platforms, the sentiment seems to lean towards negative despite the optimistic forecasts. Follis, content creator and founder of Chroma Trading shared his experience on X this Thursday. According to the post, sentiment at the moment is some of the worst hes seen during his years in the crypto community. Moreover, he considers engagement is dead as everyone is quiet across X, Discord, and Twitch. Sentiment at the moment is some of the worst I've seen in my 3y in crypto Twitter, twitch, discord – everyone is quiet, engagement is dead$BTC only -6% from ath but lots of alts down -40% or more. No real bid to be found for a month or more, except on random rotations & — (@follis_) April 11, 2024 The post opened a discussion as to what could be the reason. Follis suggested a combination of over-leveraged top longers and traders who expected price to go up indefinitely. Another user weighed in, suggesting traders lost significant money buying high and selling low on Solana and Base memecoins. Top crypto trader Ansem joined the discussion, disagreeing with the depressing take on the current market. The trader pointed out that BTC was at $70,000 and ETH at $3,500 at the time of his post. These prices represent a 129.8% and 82.5% increase in the past year. Similarly, he highlighted the performance of SOL compared to the bear market bottom and the remarkable performance of memecoins in the past six months. Many users agreed that drawdowns are usual during market cycles and ultimately suggested looking at the bigger picture. Related Reading: Crypto Analyst Unveils Top Altcoins For Biggest Returns This Cycle Altcoins market cap is at $1.15 trillion. Source: TOTAL2 on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com

View Details

Whales Offload 200M Cardano During March The Start Of A Trend?

Cardano is currently trading around a key daily demand zone, with bulls attempting to step in and stabilize price action after weeks of decline. The broader crypto market remains under pressure, driven by persistent macroeconomic instability and heightened global uncertainty. As financial markets continue to react to inflation fears, trade tensions, and erratic policy moves, altcoins like ADA have been hit especially hard. Related Reading: Chainlink Weekly Indicator Flashes Buy Signal Can Bulls Hold $13.20 Support? Analysts are warning that the downtrend could continue, with little indication of a shift in sentiment in the near term. Many believe Cardano may follow the broader altcoin market, which has seen deep corrections across the board. Adding to the bearish outlook, on-chain data from Santiment reveals that whales offloaded nearly 200 million ADA throughout March. This significant sell-off by large holders has only added to the downward pressure, fueling concerns that more downside may be ahead if bulls fail to reclaim key levels. As Cardano trades near support, the next few sessions will be crucial. Whether bulls can defend this zone and push ADA higher or if continued whale selling leads to further losses remains to be seen in a market thats showing few signs of stability. Cardano Struggles As Whale Selling Intensifies Cardano has seen a sharp decline, losing more than 45% of its value since March 3 amid a wave of selling pressure that has rocked the broader crypto market. As macroeconomic instability continues to drive uncertainty across financial markets, altcoins like ADA have taken the brunt of the damage. Now trading near a critical support zone, Cardano faces growing pressure from both retail sentiment and large-scale holders exiting their positions. Bulls are in a difficult position, needing to step in and defend current levels to avoid a steeper correction. If ADA fails to hold support, analysts warn that a drop toward the $0.50 mark is likely a level not seen in months and one that could confirm a shift into a deeper bearish phase. Adding to the bearish outlook, top analyst Ali Martinez shared insights revealing that whales sold nearly 200 million ADA during March alone. This kind of large-scale selling from top holders typically signals fading confidence and adds further downside pressure to already struggling price action. With market sentiment still fragile, Cardanos next move will likely depend on whether bulls can reclaim momentum or if continued whale selling and macro fears drag the price lower. Holding current levels is essential to prevent ADA from sliding into even more critical territory in the days ahead. Related Reading: Dogecoin Holds Key Support: A Demand Spike Could Trigger A Rally Price Action Details: Bulls Defending Critical Demand Cardano (ADA) is currently trading at $0.68 after failing to hold the $0.75 level, signaling a continuation of bearish momentum. The recent drop also pushed ADA below the 200-day moving average (MA) and exponential moving average (EMA), both sitting around the $0.72 mark critical indicators that have now flipped into resistance. This loss has further weakened the short-term structure, leaving bulls with limited options. The next key level to watch is $0.62. Bulls must defend this zone with conviction to prevent a deeper selloff and attempt to form a base for recovery. Reclaiming levels above $0.72 would be the first step in regaining control, but without immediate buying pressure, the outlook remains fragile. If Cardano fails to hold above $0.62, analysts warn that a sharp decline into the $0.57$0.55 range could follow. This would mark a significant breakdown and could trigger panic selling, especially as overall market sentiment remains shaky. Related Reading: Ethereum Analyst Eyes $1,200-$1,300 Level As Potential Acquisition Zone Details With ADA under pressure and technical levels breaking down, the coming days will be crucial. Bulls must act swiftly to reclaim lost ground, or risk watching Cardano slide further into lower demand zones. Featured image from Dall-E, chart from TradingView

View Details

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

EOS Network, a popular open-source blockchain platform prioritizing high performance and security, has recently witnessed a sharp price decline. The asset exhibits bearish sentiment in the 30-Day timeframe.  Related Reading: The Best Decision Is To ‘Buy Bitcoin (BTC),’ Robert Kiyosaki Urges The EOS price is down by 14.19% in its one-month data from CoinMarketCap. This suggests that the bears have controlled the market since the last 30 days trading session. This shift in market sentiment raises questions about what lies ahead for EOS.   EOS Faces High Bearish Momentum, Further Price Decline, or Potential Reversal? The bearish sentiment and the loss of control by the bulls have had a noticeable effect on EOS’s price. The cryptocurrency has experienced a downward trend, with declining trading volumes and increased selling pressure.  Notably, the 24-hour trading volume is declining by 13.29% today, May 29, 2023, and its market cap is down by 1.32%. As of the time of writing, the price of EOS is down by 1.28%, at $0.89. This trend reflects a shift in market dynamics as investors become more cautious and start to sell their EOS holdings. Despite the prevailing bearish sentiment, potential catalysts could alter the trajectory for EOS. On May 26, the EOS network shared potential bullish news about its partnership with Hypha DAO and an initiative dubbed Beta Program.  EOS network claims that the Beta program will offer a range of pre-configured templates designed to meet different firms’ needs and objectives. Generally, this news may lead to a positive market impact on the EOS price and market sentiment. EOS’s positive development and partnership can attract new buyers and increase demand, increasing prices. Also, Fear of Missing Out (FOMO), a psychological phenomenon, can create a buying frenzy and drive the price even higher quickly. EOS Price Formed Double Bottom Pattern In that sense, the EOS/USDT has formed a double-bottom chart pattern, suggesting a potential uptrend movement soon. The double bottom pattern is a bullish reversal pattern that typically forms after a prolonged asset price decline. Confirming the double bottom pattern occurs when the asset’s price breaks above the resistance level formed by the peak between the two bottoms. This breakout confirms the reversal signal and suggests a higher probability of an upcoming uptrend. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why EOS has an important resistance level at $0.931, which represents a significant blockage for possible bullish movement. Bollinger Bands and MACD Signal Potential Trend Reversal The asset is currently oscillating between the upper band and middle band of the Bollinger Band indicator. This suggests an increase in the buying pressure and a rising bullish momentum. In addition, the Moving Average Convergence/Divergence (MACD) is currently above its signal line, suggesting bullish momentum. This indicates that the buyers are gradually taking over the market, and there might be a potential trend reversal soon. As seen in the chart above, the histogram is above zero and has strong green bars, further confirming the bullish sentiment in the market. Featured image from Pixabay and chart from TradingView

View Details

Cosmos (ATOM) Price Displays Intense Momentum – What’s Driving The Rally?

Cosmos (ATOM) demand has risen these past few days, resulting in a significant performance. According to CoinMarketCap data ATOM price has fallen to $11.69 after gaining momentum. Related Reading: Terra Classic (LUNC) Down 4% As Developer Accuses Terraport Of Rugpull The current market cap of ATOM is $3.3 billion, with a 24-hour trading volume of $100 million. However, the trading volume is still down by 31.18%, indicating reduced network activity.  Reason Behind The Surge In Cosmos? Cosmos is a constantly growing network of interconnected blockchains created with developer-friendly application components.  Inter-Blockchain Communication (IBC) protocol is the technology that connects these apps. The SDK platform Cosmos offers allows programmers to produce top-notch decentralized apps (dApps). Related Reading: Terra Classic Recent Efforts Could Benefit LUNC’s Growth Potential Other developers have also constructed applications on top of it, such as MM Finance and VVS Finance. Cosmo’s (ATOM) recent price surge could be attributed to its influx of developers topping that of Ethereum.  The other reason for the ATOM price increase might be the announcement from dYdX that it is building an independent blockchain on the Cosmos ecosystem instead of Ethereum. Also, Bitcoin price soared above $29,000, pushing the market cap of all cryptocurrencies to surpass $1 trillion. Many crypto assets, including ATOM, recorded price growth due to correlation to BTC.  ATOM Price Action Below is the technical analysis of ATOM price action on the 4-hour trading timeframe. And also the possible resistance and support zones. Cosmos has broken through the short-term resistance level of $11.69 and is currently trading between $10.571 and $15.484 support and resistance levels. ATOM must break through the $15.484 primary resistance level to confirm the bullish momentum. However, the bears are trying hard to break the $10.571 support level but couldn’t due to the high bullish momentum. If the bull’s strength is not strong enough to push ahead, the bears might take over the trend and cause a trend reversal. What Do The Technical Aspects Suggest? ATOM’s 50-Day SMA’s change in direction caused the market’s structure to change. If the bullish momentum doesn’t pick up, the trend may change to a potential bearish market.  The 50-Day SMA established a Death Cross by crossing below the 200-Day SMA, indicating a potentially bearish signal and suggesting a selling opportunity. The Relative Strength Index (RSI) analysis indicator enables traders to determine the momentum and strength of the price movement of an asset within a period. At the time of analysis, the RSI of ATOM/USDT is at 61.74 above the neutral zone. Therefore, this shows that ADA is neither in the overbought nor oversold zone. However, the buyers are building momentum to take ADA to the overbought zone while the seller pushes it down despite weak momentum. Featured image from Forkast News and Chart: TradingView

View Details

Chainlink Price Slides As The Bears Try To Take Over, Will A Rally Follow?

Chainlink (LINK) is experiencing price volatility today despite its slight gains. The bears aim to take control over the price action as LINK dropped from $8.5764 on April 18 to $7.7704 on April 19, 2023.  Its trading volume is up by 97% in the last 24 hours. It also gained 2.27% on its price yesterday. But LINK price shows a decline on today’s chart representing a bear control. Notably, the overall crypto market cap is down by 0.92%, indicating that bears are in control. Top coins such as BTC and ETH display a bearish trend that is most likely pushing other altcoins to decline. What’s Ahead For LINK? LINK has formed a red candle on today’s daily chart, dropping below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment.  Also, it has remained in the sideways trend that began on April 22, 2023, showing that the bears and bulls might be at a stalemate in the market. The price change in this period is slight, but a spike in trading activity is evident for the asset.  Related Reading: Terra Classic Recent Efforts Could Benefit LUNC’s Growth Potential LINK’s Relative Strength Index (RSI) is 44.58, descending to the oversold region. It implies that further price decline is possible in the coming days. LINK is still above its 200-day SMA despite the price volatility. The 200-day SMA has turned into a support level for the asset at $6.942, indicating a recovery in the long term. Other vital support levels are $6.4 and $6.75. Also, its resistance levels are $7.456, $7.735, $8.8, and $9.48. At the $7.456 resistance, the bears intend to keep LINK’s price down.  It will likely descend to the $6.942 support level soon, which can act as a pivot point to spark a bullish rally.  Chainlink Upcoming Hackathon Event Sparks Hope Of A Rally The Chainlink Hackathon event promises to bring exciting innovators and developers together. The event will kick off today, April 28, until June 9, 2023. Notably, this event will boost and create awareness in the crypto community. Related Reading: Shiba Inu Whales Unload Billions Amid SHIB Price Retreat The Hackathon Spring 2023 offers developers at different skill levels opportunities to compete in a prize pool of $450,000. Participants must create new decentralized applications (dApps) using Chainlink technology to showcase their potential. Chainlink offers Oracle services enabling hybrid smart contracts to function on any blockchain. Despite the current price slump, LINK has retained most of its gains in 2023. It moved from $5.6224 on January 1, 2023, to its current price of $7.03 at press time. The Hackathon and other developments on the network are vital to its hope of a bull run in 2023 and beyond. Featured image from Pixabay and chart from Tradingview

View Details

Bulls make money, bears make money, pigs get slaughtered

Crypto market’s volatility and potential for profit and loss The crypto market is known for its high volatility, which refers to the rapid and unpredictable price fluctuations of cryptocurrencies. Market sentiment, recent news events, regulation changes, technological advancements, and general market demand and supply are just a few factors contributing to this volatility. Although volatility [...]

The post Bulls make money, bears make money, pigs get slaughtered appeared first on Crypto Breaking News.

View Details

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Toncoin (TON) has experienced a negative price decline, resulting in a bearish sentiment among investors of the altcoin. TON has been exhibiting a bearish strength on a monthly timeframe, based on data from CoinMarketCap.  Within the last 30-Day trading session, the asset is down by 15,67%, indicating a high bearish strength with low buying pressure. [...]

The post Toncoin (TON) Continues Downward Trend As Bears Maintain Control appeared first on Crypto Breaking News.

View Details

Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts

The bullish momentum in Chainlink (LINK), which spiked the asset to $6.75 on May 18, 2023,  ended on May 19. From May 19 till date, LINK recorded a bearish pressure as the price gradually decreased each day till May 24, when it closed at $6.33.  Currently, on May 25, 2023, Chainlink’s price stands at $6.30 [...]

The post Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts appeared first on Crypto Breaking News.

View Details

XRP Bears Prevail As Asset Retreats From Recent Highs

XRP is in the red today, losing grip of its recent gains as the bears act on its price. The bulls had sustained the price momentum driving XRP to $0.4688 on May 19. The asset traded within this range till May 24, when the bears dropped it to a closing price of $0.454. But today, [...]

The post XRP Bears Prevail As Asset Retreats From Recent Highs appeared first on Crypto Breaking News.

View Details

Polkadot (DOT) Bulls Retreat As Bears Drag The Price Down

Polkadot (DOT) is in the red today as the bears seek to regain control over its price. DOT traded at $4.37 on January 1, 2023, and increased to $5.13 on January 11.   It remained within this range before moving to $6.23 on January 20. Also, DOT increased to the $7 price level on February 17 [...]

The post Polkadot (DOT) Bulls Retreat As Bears Drag The Price Down appeared first on Crypto Breaking News.

View Details

Cosmos (ATOM) Bears Dominate As Bulls Struggle To Drive Price

Cosmos (ATOM) experienced a short bullish momentum on May 10, 2023. The asset saw an increase of 10.89% taking its price to a high of $11.2. However, the bears regained control of the market on May 13 and sent the coin to its current price of $10.40, representing a decrease of 1.12%. From the beginning of May 2023 till date, ATOM has witnessed a price decline of 11.2%, based on its current price. Bears In Control of Comos (ATOM) Price The ATOM/USDT daily chart suggests that the market sentiment for Cosmos (ATOM) is predominantly bearish. It also shows a downward price movement dominating and hindering any potential bullish momentum. Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally The price of ATOM was influenced negatively by the recent chaotic legal battle with its former growth and strategy chief, Grace Yu.  The news raised negative sentiments among investors and market participants toward Cosmos (ATOM). The Validators even urged Cosmos founder Kwon Jae to close the case against Grace Yu. And this action indicates a level of concern within the Cosmos community. Negative sentiment towards an asset can influence investor behavior, decreasing demand for ATOM and potentially contributing to downward pressure on its price. An example of this is that ATOM has been trending down since April 17, suggesting a bearish sentiment. The trendline now serves as a reference for identifying potential resistance levels since the asset has tested it severally. Cosmos (ATOM) trades between $10.160 and $11.301 support and resistance levels. ATOM breaking through the $10.160 primary support level will confirm the bearish momentum. Afterward, the bears might target the next support level at $8.441. However, the bulls are trying hard to push the price to the primary resistance level of $11.301 but couldn’t due to the high bearish momentum.  ATOM Technical Analysis ATOM is trading below its 200-Day and 50-Day Simple Moving Averages (SMA), suggesting a bearish market sentiment.  This level indicates that ATOMs’ recent and long-term price averages are declining, potentially indicating a negative trend and a higher likelihood of further downward price movement. Related Reading: Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline The Moving Average Convergence/Divergence (MACD) confirms the bearish market sentiment as the asset trades the signal line. It suggests that the short-term moving average moves lower than the longer-term moving average, pointing toward downward momentum. Meanwhile, the Relative Strength Index (RSI), with a reading of 43.29, suggests a neutral market sentiment.  The indicator shows the price is neither overbought nor oversold. For now, the ATOM price outlook is bearish. But crypto assets are volatile and could deviate from predicted price trends without warnings. Featured image from Pixabay and chart from Tradingview.com

View Details

Avalanche (AVAX) Trading Volume Skyrockets Amid Sustained Price Growth

Avalanche (AVAX) is gaining today as it seeks to retain its gains in the last 24 hours. Its trading volume is up by over 18% today, possibly sustaining its price recovery attempt. Notably, AVAX entered the month of May with a bullish momentum trading at $16.66 on May 1, 2023. However, the bears have kept AVAX’s price at $14 since May 18.  It now approaches the $15 price level seeking to rediscover its positive price form. The increased trading volume today implies that more activities are ongoing on the network. This surging interest in the network might help AVAX sustain its uptrend.  A return to $21 remains likely for the asset in the long term. AVAX Price Moves AVAX is gaining today, forming a higher high on the daily chart. The bulls are intent on mounting a recovery rally. However, the bears are still active in the market. Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones? Since AVAX still trades below its 50-day and 200-day Simple Moving Averages (SMA), the asset will likely see a further price decline in the short and long term. The SMA’s display sell signals prompting traders to take short positions in the market today. However, some indicators are pointing to a price recovery for AVAX soon. For instance, the Relative Strength Index (RSI) is 38.53 and close to the oversold region.  The RSI indicator mirrors the bearish trend that began on May 18, 2023, but the indicator is moving upwards, hinting at a potential trend reversal for the asset.   Although the AVAX’s Moving Average Convergence/Divergence (MACD) is just breaking above its signal line and showing convergence, its histogram bars display small green bars hinting at a potential trend reversal to the upside.  A close look at the chart structure shows that AVAX entered a downtrend on April 19, 2023. But it found support on May 22, sparking hope for a price recovery.  What’s Ahead For Avalanche? AVAX has found valuable support at the $14.29 price level, a pivot point for the asset. It is currently trading above its closest resistance level of $14.29. However, the bears are still active in the market, intent on keeping it below the next resistance level of $15.21. From historical price behavior, AVAX pivoted on the $14.29 support on March 11, 2023, rallying to $21.29 on April 18, with dips in between. It replayed the same action on May 22 and will likely rally again to the $21 price level in the longer time frame. Related Reading: Former MicroStrategy CEO Says Bitcoin Rally Just Getting Started Note that crypto assets are volatile and can deviate from historical price action. Therefore sound technical and fundamental analysis is essential for trading. Featured image from Pixabay and chart from Tradingview.com

View Details

Chainlink (LINK) Price Defies Bearish Pressure With Strong Recovery

The bearish pressure in Chainlink (LINK) since April 19, 2023, seems to have ended recently. Notably, the asset dropped from $8.57 to a low of $6.37, representing a dip of 25.67% between April and May 11. However, a strong recovery in the LINK market started on May 12 till date. On May 21, 2023, the coin rose to a local high of $6.782, changing the trend to favor the bulls. As the bulls take back control of the market, the price of LINK has increased significantly, giving the investors/traders hope and creating positive sentiment. Bulls Build Strong Momentum Chainlink (LINK) is a leading cryptocurrency that connects smart contracts with real-world data. LINK has demonstrated exceptional performance in the crypto industry, boosting its market capitalization significantly. Related Reading: Ethereum Whale Resurfaces After 2-Year Hiatus, Stakes $7.4 Million In ETH The price of Chainlink is $6.48 today, May 22, 2023, with an estimated market cap of $3.35 Billion. LINK’s 24-hour trading volume is up within the last 24 hours by 80.93%, indicating high trading activity in the market.  Currently, Chainlink’s Fear & Greed Index is 76% at Extreme Greed, suggesting that the market sentiment is leaning toward more buying sentiment. This means that investors and traders may be more optimistic about the market’s future and are more inclined to take risks. One of the key factors contributing to the bullish sentiment around LINK is the general market sentiment toward cryptocurrency. The Relative Strength Index (RSI) indicates the market still favors the bears. Also, LINK is currently trading below both its 200-Day and 50-Day Simple Moving Averages (SMA), which shows a bearish trend in the market. This also indicates that both long and short-term trends are bearish. The Moving Average Convergence/Divergence (MACD) confirms a strong bullish momentum as its trades above the signal line. Moreover, the histogram validates the bullish sentiment with a positive trading value and bars above zero. LINK oscillates between its direct support and resistance levels of $6.212 and $6.773, respectively. The next significant support level is $5.404, while its next resistance level is $7.5. With added momentum from either side, bulls or bears, LINK may hit these levels soon. Chainlink Whales Are On Accumulating Spree According to the on-chain data, whales are strongly bagging LINK into their purse, despite the last dip in the asset. Data from Santiment shows that the 10,000-10,000,000 key whales are accumulating more coins. This development is encouraging, considering the state of the asset. It might drive up the demand for LINK as investors will be more optimistic. Related Reading: Shiba Inu Sees Juicy Capital Inflows – An Imminent Rebound in Sight? Generally, the number of whales on the LINK network has been on the rise since 2020. Despite the bear market, the number of whales who stayed with LINK never dropped a bit. Even with the limited liquidity and funding, the growing presence of whales on the network could fuel further momentum in Chainlink, leading to a rally for the cryptocurrency. Featured image from Pixabay and chart from Tradingview.com

View Details

Do We Have Yet To See The Bottom For The Bitcoin Price?

It’s possible that the bitcoin price reached a bottom already, but macro headwinds may take it lower. Only time will tell if the bottom is in.

View Details

Cardano Price Prediction for 26th of August: ADA/USD Resumes Downtrend After a Short Period of Consolidation

After a three-day ADA/USD bearish trend, the buying pressure became strong enough on the 20th of August to stop any more downward trends. The market action for [...]

View Details