Over the past 35 days, the total value locked in decentralized finance (defi) protocols has expanded by .89 billion, recovering from a low of just over billion on April 13. Although it has not yet reached the 0 billion mark, the value locked in defi is approaching that milestone after hovering just below it. […]
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Bitcoin Technical Analysis: BTC Bulls Eye $68K After Surpassing Key $66K Resistance
As of May 17, 2024, bitcoin’s price stands at ,303 with a market capitalization of .30 trillion and a 24-hour trading volume of .43 billion. Technical indicators from multiple time frames suggest a potential continuation of the bullish trend, albeit amidst notable market volatility. The convergence of moving averages and oscillators signals a strong upward […]
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Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase
Ethereum price tested the ,040 zone and corrected gains. ETH is now testing the ,925 support and might aim for a fresh increase.
- Ethereum started a downside correction after the bears defended ,040.
- The price is trading below ,960 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at ,965 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless there is a close below the ,925 support.
Ethereum Price Dips Again
Ethereum price started a fresh increase above the ,950 and ,960 levels, like Bitcoin. ETH even cleared the ,000 level before the bears appeared near ,040.
A new weekly high was formed at ,039 and the price recently started a downside correction. There was a move below the ,000 level. Ether dipped below the 50% Fib retracement level of the upward move from the ,860 swing low to the ,039 high.
Ethereum is now trading below ,960 and the 100-hourly Simple Moving Average. However, the bulls are active near the ,925 support and the 61.8% Fib retracement level of the upward move from the ,860 swing low to the ,039 high.
Immediate resistance is near the ,960 level. There is also a connecting bearish trend line forming with resistance at ,965 on the hourly chart of ETH/USD.
The first major resistance is near the ,000 level. An upside break above the ,000 resistance might send the price higher. The next key resistance sits at ,050, above which the price might gain traction and rise toward the ,150 level. If there is a clear move above the ,150 level, the price might rise and test the ,220 resistance. Any more gains could send Ether toward the ,350 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the ,965 resistance and the trend line, it could continue to move down. Initial support on the downside is near the ,925 level.
The next major support is near the ,900 zone. A clear move below the ,900 support might push the price toward ,850. Any more losses might send the price toward the ,740 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,925
Major Resistance Level – ,965
End Of The Road For BNB After 200% Surge? Mounting Resistance Threatens Rally
BNB, the native cryptocurrency of the BSC network, has undoubtedly been one of the winning altcoins scene the bull market began. The price has been able to go from around 0 to over 0 in the space of a year, notching over 200% gains in the process. However, it seems that this outperformance by the altcoin is coming to an end, as an analyst predicts that it is about to hit massive resistance that could stop its growth dead in its path.
BNB Headed For Mounting Resistance
In an analysis that was shared on the TradingView website, crypto analyst Trade City Pro revealed that the BNB token might have to fighting massive resistance soon. The analyst points out that this is a culmination of the bullish rally that the altcoin has seen in the last year, and now bears are maki g their stand.
The analyst points to Bitcoin’s performance during this time as something that could help to pinpoint where the BNB price is headed next. As they explain, BNB risks falling into correction and consolidation after that, making its current level a perilous one for investors.
Mainly, the crypto analyst credits the altcoin’s performance from here on what Bitcoin does next. BNB, which is currently the 4th-largest cryptocurrency by market cap, mirrors Bitcoin’s movements to a larger extent compared to smaller altcoins. So, Trade City Pro’s analysis with respect to Bitcoin is not far off.
For confirmation of whether the BNB token continues to be something to sell or hold, the analyst places the ultimate decision around the ,000 level for Bitcoin. They explain that a dump below ,000 would be a sell signal. However, if the Bitcoin price were to maintain strength above ,000, then they would continue to hold the altcoin.
What Happens In The Event Of A Price Crash?
Should the BNB price crash from here, the crypto analyst has prepared an action plan that could help investors take advantage of it. For example, a Bitcoin crash below ,000 could send the BNB price below 0, and at this level, the analyst believes buying would be a good move. This is what the analyst refers to as the “Potential Re-Entry” point.
Then, for “Entering After Resistance,” the analyst advises investors to buy the altcoin if the price is able to reclaim 6 and stay above it. This level is important because the 6-0 range is identified in the analysis as a significant resistance zone, and so beating it is important for the BNB price to continue its rally.
Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction
Additionally, Trade City Pro adds that the Fibonacci Retracement Levels might offer a level for re-entry into the altcoin. “In case of a correction, the key Fibonacci levels from the last upward wave at 0.5 and 0.618 (between 4 to 0) might offer good entry points. Wait for a reaction or momentum change at these levels before entering,” they stated.
Lastly, the analyst points out that BNB has not really followed the broader market in recent times, which could mean something is coming. “It’s intriguing that BNB seems relatively unaffected by broader market conditions, suggesting Binance might be positioning for something unique,” Trade City Pro said in closing.
Enegix Global Launches New Bitcoin Mining Brand 21pool After Halving
PRESS RELEASE. Dubai, UAE – Enegix Global, a leading player in the digital mining infrastructure industry based in the UAE, is excited toannounce the launch of its new brand, 21pool. The brand’s flagship product is a bitcoin mining pool that specializes in aggregating the computational power of miners to increase payouts. 21pool utilizes the most […]
Bitcoin News
Vijay Chetty Steps Up as CEO of Eclipse Labs After Founder Neel Somani’s Departure Over Allegations
Vijay Chetty, the newly appointed CEO of Eclipse Labs, has announced his commitment to leading the company’s mission of bridging the gap between Ethereum and Solana with a high-performance and trust-minimized blockchain. Formerly the Chief Growth Officer, Chetty brings firsthand experience of Eclipse’s potential and has expressed his excitement about the project. He acknowledges the […]
Bitcoin News
‘The Dog Days Are Over’: Cat Memecoins Soar 16.1% After Roaring Kitty’s Return
On Monday, popular internet figure and trader “Roaring Kitty” made a surprise comeback to social media that sent the crypto market into shock and excitement.
His return post was followed by a series of cryptic videos, including catsm, which seemingly fueled a price increase for cat-themed memecoins in the past 24 hours.
Memecoin Frenzy And Market Reaction
Keith Gill, known as “The Roaring Kitty,” returned to social media after a three-year hiatus by posting the popular “leaning forward in the chair” meme.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
His comeback propelled GameStop’s meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy.
Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits.
Other big players in the sector saw green numbers in the following hours, like Pepe (PEPE) and many of the top market cap dog-themed memecoins.
As part of the ripple effect, the largest frog-themed memecoin has flipped Solana (SOL) in its daily trading volume, registering a 238% increase in volume in the past day.
Moreover, smart traders benefited from the surge after buying large token amounts. According to Lookonchain, one whale bought 195 billion PEPE, worth .98 million, and had already made 6,000 in unrealized profit a few hours later.
Dog Days Are Over, Cat-Themed Memecoins Gain 16%
The impact of Roaring Kitty’s return didn’t stop at the dog-themed memecoins. Several images and references to cats were part of the trader’s edits, fueling a 16% surge in the cat-themed sector.
Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month.
One of Roaring Kitty’s edits included a fragment of Florence + The Machine’s song “Dog Days Are Over.” Alongside the video, the trader emphasized the lyrics, “The dog days are over, the dog days are done.”
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones.
Whales Hear The ROAR
Lookonchain reported that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge.
Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume.
Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from .00024830 to .0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%.
Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around 5,472.
Another big player, who had previously made 2,170 SOL, about 0,000, on POPCAT, spent another 4,000 SOL, approximately 2,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount.
Nigerian Currency Becomes Worst-Performing After Erasing All Early April Gains
The Nigerian currency, which has been depreciating against the U.S. dollar in the past few weeks, has completely erased its gains from early April, making it the worst-performing currency in the world. The decline of the naira is attributed to Nigeria’s ongoing foreign exchange shortages. One economist expects the pressure on the currency to peak […]
Bitcoin News
‘Jeo Boden’ Meme Coin Soars 20% After Trump Diss – Details
The memecoin “Jeo Boden” has taken the crypto world by storm, riding on the back of a lukewarm comment from former US President Donald Trump. The whimsical cryptocurrency, a playful misspelling of President Joe Biden’s name, experienced a huge increase after Trump mentioned it at an NFT event in Florida.
What was once a subject of amusement has now become a serious investment, as Boden surged 20% following Trump’s offhand remark.
Trump Rally Or Fleeting Frenzy? Analysts Divided
The cryptocurrency community has been divided over the impact of Trump’s mention of Boden. Some analysts, such as Samantha Wilkins, believe that any mention from a prominent figure like Trump is positive for the memecoin. They contend that Boden has shown to be a tenacious and astute investment, and that the excitement around it has only grown as a result of Trump’s remark.
Trump Speaks on $BODEN at NFT Event
“That’s a Lotta Money for a Coin, I Don’t Like That Investment”
Audio Source: @realDannyNelson pic.twitter.com/8NcpuCc6ZI
— db (@tier10k) May 9, 2024
However, some experts remain skeptical. They caution that Boden’s value is built on hype rather than utility, making it susceptible to swift market shifts. A single negative tweet from Trump or a change in market sentiment could cause Boden to come crashing down as quickly as it rose.
Will Trump Re-Boden The Market?
Adding another layer of intrigue to the Boden saga, the prediction platform Polymarket has created a contract speculating on the likelihood of Trump mentioning the memecoin again before July. Currently, the contract’s “yes” shares are trading at .05, indicating an 11% chance that Trump will utter the word “Boden” in the coming months.
This unique situation presents an unusual scenario where the value of a memecoin hinges on the whims of a former president. If Trump revisits Boden in a future speech or tweet, it could trigger another surge in price.
However, if he remains silent, the current hype surrounding Boden may fizzle out, leaving investors holding a depreciating digital punchline.
Boden: A Gamble On Speculation
The rise of Boden serves as a cautionary tale for memecoin enthusiasts. While these tokens can offer explosive returns, their value is often tied to fleeting trends and external factors beyond their control. With the enigmatic Trump as a wildcard influence, the future of Boden remains uncertain.
Investors eagerly await the next chapter in this bizarre crypto story, as the saga of Boden continues to unfold. It is a gamble on speculation, where the coin’s value dances on the edge of uncertainty. The Boden phenomenon highlights the unpredictable nature of memecoins and the risks associated with investing in such volatile assets.
Featured image from Reddit, chart from TradingView
Bitcoin Network Adjusts to Lower Fees and Reduced Hashrate After Latest Halving
Based on the three-day simple moving average, Bitcoin’s hashrate has continued its downward trend, registering at about 550 exahash per second (EH/s). Following the halving, onchain costs have decreased significantly, with data indicating transfer fees ranging from .50 to .65 per transaction. Bitcoin’s Hashrate Slides 19% in 16 Days According to statistics, the three-day simple […]
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