Coinbase, one of the largest U.S.-based cryptocurrency exchanges, reported a system-wide outage in its services, affecting customers’ crypto operations. On its status site, Coinbase stated that it was aware that “some users may experience failures when sending crypto or withdrawing fiat,” and declared it was working to fix this issue. Later, the exchange recognized experiencing […]
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BNB Price Faces Crucial Test: Will $600 Withstand the Pressure?
BNB price is attempting a fresh increase from the 0 zone. The price must settle above the 0 resistance to gain bullish momentum.
- BNB price started a fresh increase after it cleared the 5 resistance zone.
- The price is now trading above 0 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at 2 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it clears the 2-0 resistance zone.
BNB Price Holds Support
After forming a base above the 5 level, BNB price started a fresh increase. There was a steady increase above the 5 and 5 resistance levels, like Ethereum and Bitcoin.
The bulls pushed the price above the 0 pivot level and the 61.8% Fib retracement level of the downward move from the 8 swing high to the 82 low. It is now trading above 0 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at 2 on the 4-hour chart of the BNB/USD pair. The pair seems to be consolidating near the 76.4% Fib retracement level of the downward move from the 8 swing high to the 82 low.
Immediate resistance is near the 2 level. The next resistance sits near the 8 level. A clear move above the 8 zone could send the price further higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could test 5. A close above the 5 resistance might set the pace for a larger increase toward the 0 resistance. Any more gains might call for a test of the 0 level in the coming days.
Are Dips Supported?
If BNB fails to clear the 2 resistance, it could start a downside correction. Initial support on the downside is near the 2 level and the trend line.
The next major support is near the 8 level. The main support sits at 5. If there is a downside break below the 5 support, the price could drop toward the 0 support. Any more losses could initiate a larger decline toward the 0 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – 2, 8, and 5.
Major Resistance Levels – 2, 8, and 0.
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Exodus Movement, a crypto wallet company, announced that its planned listing on NYSE American will not proceed as scheduled due to the U.S. Securities and Exchange Commission (SEC) still reviewing its registration statement, despite the statement being declared effective at the end of April. The company, which intended to uplist from OTC trading to expand […]
Bitcoin News
Algorand Market Cap And TVL Skyrocket As ALGO Faces Critical Support Test
Blockchain platform Algorand achieved notable gains in key metrics during the year’s first quarter (Q1), aligning with the overall upward trend observed in the crypto market ecosystem.
However, despite this growth, its native token ALGO experienced a 22% price decrease since the beginning of Q2, putting a critical support line to the test and raising questions about the cryptocurrency’s prospects.
Algorand Revenue Skyrockets
According to a report by Messari, Algorand’s revenue witnessed a substantial 1,747% quarter-on-quarter (QoQ) surge, primarily driven by a 288% increase in transactions and a 50% rise in the average price throughout the quarter. The Orange memecoin project also contributed to this growth.
In Q1 2024, ALGO’s commitment to governance on the Algorand platform declined by 60% year-on-year (YoY) and 3% Quarter-on-Quarter, reaching its lowest level in a year at 1.7 billion ALGO staked.
Per the report, this downturn can be attributed, at least in part, to the diminishing governance rewards allocated per governance period. For example, governance participants received 68.2 million ALGO in Q1 2023, but this figure dropped significantly to only 21.9 million ALGO in Q1 2024.
The market cap for stablecoins on the Algorand platform declined 6% QoQ to million. Circle’s USDC market cap on Algorand decreased by approximately 9% QoQ to million.
In contrast, Tether’s USDT stablecoin market cap remained stable during the same period with no QoQ change, although it recovered 2% of the stablecoin market share.
Consequently, USDC’s market share decreased by 3% to 68% QoQ, while USDT’s market share increased by 2% to encompass 30% of Algorand’s total stablecoin market cap.
Algorand’s DeFi TVL And Market Cap Lead The Pack
Algorand’s total decentralized finance (DeFi) total value locked (TVL) witnessed growth for the second consecutive quarter, rising by 9% QoQ to 0 million.
Although TVL experienced a decline in Q3’23 due to Algofi’s deprecation, the entire DeFi market on Algorand rebounded and surpassed Q2’23 levels, nearly reaching the levels seen in Q1’23.
Folks Finance retained its position as the top DeFi protocol by TVL on Algorand. Even though its TVL fell by 5% QoQ in Q1, it maintained just over 50% market share.
Pact and Tinyman also demonstrated noteworthy gains, capturing approximately 15% and 18% of the DeFi TVL market share in Q1. AlgoRai Finance experienced the most substantial growth, with a remarkable 53% increase in its TVL QoQ.
Lastly, during Q1, Algorand’s market cap expanded by 18% QoQ, reaching .1 billion. The global crypto market cap also witnessed significant growth during the same period, nearing all-time highs of around trillion, denoting a 50% increase from the previous quarter.
Although Algorand capitalized on this upward trend with an 18% increase in its market cap, it experienced a more substantial surge of 123% in the preceding quarter.
Testing Key Support Levels
ALGO’s performance in the early stages of the second quarter has been predominantly bearish. Currently, the token is trading at .1935, with a possibility of further testing the support line at .1904. A breach of this level could lead to a continuation of the decline towards the next support at .1789.
On the upside, the .1988 zone presents a significant resistance level for ALGO. Notably, the token has attempted to surpass this threshold three times in the past 10 days without success.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Technical Analysis: BTC Faces Growing Uncertainty Amidst Market Fluctuations
As of May 8, 2024, bitcoin’s price is coasting along at ,378, experiencing a 24-hour intraday range from ,096 to ,413, with a trading volume of .91 billion and a market capitalization of .22 trillion. Despite a decline of 2.1% over the past 24 hours, bitcoin has gained 9.3% over the last seven days. Bitcoin […]
Bitcoin News
Cardano Update: ADA Faces Make-Or-Break Price Level For Bullish Revival
The Cardano (ADA) price is down 46% since its yearly high and is currently facing a make-or-break price level for a bullish reversal. Here’s what you need to know:
Cardano Price Analysis: Daily Chart
The daily ADA/USD chart is currently charting a path within a descending channel, which has defined the bearish trend since the beginning of March. On Monday, the ADA price peaked near .475, encountering substantial resistance at the channel’s upper boundary and from the critical 20-day Exponential Moving Average (EMA), which stands currently at .47.
In the short-term, this resistance level is crucial as it coincides with historical price rejection points, confirming its significance. As of press time, ADA is trading at approximately .44.
The convergence of the 20-day EMA (.47), 50-day EMA (.54), and 100-day EMA (.51) above the current price level illustrates a dense zone of resistance. The 200-day EMA at .52 reinforces this barrier, emphasizing a strong bearish momentum.
The Relative Strength Index (RSI) on the daily chart is currently at 38, which does not venture into the oversold territory (below 30) but indicates a bearish momentum with potential for further decline unless a reversal occurs.
For a bullish reversal, ADA needs a sustained break above the .47 mark (20-day EMA) with accompanying high volume to confirm the breakout from the descending channel and shift the market sentiment. Then, the cluster of EMAs becomes the central resistance zone.
Crossing this band is of utmost importance in order to build up bullish momentum for a break above the yearly high of .81 from March. If not, the ADA price could trend towards the midline of the channel and drop below .40.
In-Depth Weekly Chart Overview
Transitioning to the weekly chart, the broader picture also underscores the bearish sentiment that has dominated ADA since it reached its peak at .17 in late 2021. The series of lower highs and lower lows is a textbook representation of a downtrend.
The price action currently remains suppressed below the long-term moving averages: the 20-week EMA at .52, 50-week EMA at .48, 100-week EMA at .51, and 200-week EMA at .52, all of which slope downwards, underscoring the persistent selling pressure in recent weeks.
The Fibonacci retracement levels, drawn from the high of .17 to the low of .22, provide further insights. Currently, ADA trades near .44, which is above the major psychological and technical support at .40.
The closest significant Fibonacci retracement level is the 0.236 level at .918, which ADA has struggled to surpass. A breach above this level could open the path toward higher Fibonacci levels at .348 (0.382) and .697 (0.5), which would require a significant shift in momentum and buying interest.
Overall, for ADA to shift from its bearish constraints, attention should be focused on the daily resistance at roughly .47 (descending channel breakout). Overcoming this barrier would be pivotal for confirming a bullish reversal. Until this level is decisively broken with substantial volume, the outlook remains tilted towards bearish continuation.
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Jack Dorsey’s Block Faces DOJ Probe Over Alleged Transactions With Sanctioned Nations and Terrorist Groups
Department of Justice (DOJ) federal prosecutors from the Southern District of New York are investigating fintech company Block, formerly known as Square, for significant compliance failures in its transaction monitoring systems after a former employee revealed lapses that included processing transactions with sanctioned nations and groups linked to terrorism. Allegations against Block include handling transactions […]
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Eigenlayer’s Airdrop Faces Backlash Over Token Restrictions and Minimal Allocations
The announcement of Eigenlayer’s airdrop, featuring non-transferable tokens and aggressive geo-restrictions, has sparked outrage among users who felt the allocated amount was minimal and the documentation confusing. Despite adding over .7 billion in staked Ether in anticipation, participants criticized the linear distribution model favoring large restakers and the stringent geographic limits excluding users from 30 […]
Bitcoin News
Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?
Ethereum price is attempting a recovery wave above the ,125 zone. ETH must clear the ,200 resistance to continue higher in the near term.
- Ethereum extended losses and tested the ,075 support zone.
- The price is trading below ,180 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at ,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it trades below the ,125 support.
Ethereum Price Faces Resistance
Ethereum price struggled to recover and extended losses below the ,100 level. ETH traded as low as ,074 and is currently attempting another recovery wave, like Bitcoin.
There was a minor increase above the ,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the ,292 swing high to the ,074 low. However, the bears are active near the ,200 resistance zone.
Ethereum is now trading below ,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at ,140 on the hourly chart of ETH/USD. Immediate resistance is near the ,180 level and the 100-hourly Simple Moving Average.
The first major resistance is near the ,200 level or the 61.8% Fib retracement level of the recent drop from the ,292 swing high to the ,074 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at ,240, above which the price might gain traction and rise toward the ,280 level. A close above the ,280 resistance could send the price toward the ,350 resistance. If there is a move above the ,350 resistance, Ethereum could even test the ,500 resistance. Any more gains could send Ether toward the ,550 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the ,180 resistance, it could continue to move down. Initial support on the downside is near the ,125 level. The first major support is near the ,075 zone.
The main support is near the ,030 level. A clear move below the ,030 support might set the pace for more losses and send the price toward ,880. Any more losses might send the price toward the ,750 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 – ,125
Major Resistance Level – ,200