As of May 10, 2024, bitcoin exhibits a promising recovery trajectory, albeit amidst mixed market signals across various technical frameworks. Following an intraday fluctuation ranging from ,954 to ,388, at present, bitcoin is coasting along values between ,861 to ,272 per unit, suggesting a market grappling with both bullish and bearish sentiments. Bitcoin Bitcoin’s (BTC) […]
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SOL Price Pops 10%, Can Solana Bulls Regain Strength?
Solana started a recovery wave from the 0 zone. SOL price is rising and might accelerate higher if there is a close above the 2 resistance.
- SOL price recovered higher and tested the 0 resistance against the US Dollar.
- The price is now trading below 2 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at 2 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could start another decline if it stays below 2 and 0.
Solana Price Faces Resistance
Solana price extended losses below the 0 and 0 support levels. SOL tested the 0 zone and recently started an upside correction, like Bitcoin and Ethereum.
There was a decent increase above the 5 and 0 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the 0 swing high to the 8 low. There was a break above a key bearish trend line with resistance at 2 on the 4-hour chart of the SOL/USD pair.
It even spiked above the 0 zone and the 100 simple moving average (4 hours), but there is no hourly close. The bears are currently active near the 50% Fib retracement level of the downward wave from the 0 swing high to the 8 low.
Source: SOLUSD on TradingView.com
Solana is now trading below 2 and the 100 simple moving average (4 hours). Immediate resistance is near the 2 level. The next major resistance is near the 0 level. A successful close above the 0 resistance could set the pace for another major increase. The next key resistance is near 0. Any more gains might send the price toward the 5 level.
Another Decline in SOL?
If SOL fails to rally above the 2 resistance, it could start another decline. Initial support on the downside is near the 2 level.
The first major support is near the 8 level, below which the price could test 0. If there is a close below the 0 support, the price could decline toward the 5 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – 2, and 8.
Major Resistance Levels – 2, 0, and 5.
Bitcoin Technical Analysis: Bulls Regain Strength and Rise Toward Upper Resistance Levels
Bitcoin’s price trajectory on March 25, 2024, showcases bullish momentum, coasting along at ranges between ,934 to ,087 per unit. The day’s trading ranged from ,568 to ,672, indicating a volatile yet upward trend. Bitcoin A close examination of bitcoin’s (BTC) oscillators suggests a predominantly neutral to bullish sentiment among traders. The relative strength index […]
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Ethereum Price Could Regain Strength If It Clears This Key Hurdle
Ethereum price is attempting a fresh increase wave above the ,400 zone. ETH must clear the ,580 resistance to continue higher in the near term.
- Ethereum is holding gains above the ,250 support zone.
- The price is trading above ,400 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at ,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the ,500 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price remained stable above the ,250 support zone. ETH formed a base and started a fresh increase above the ,350 resistance level, like Bitcoin.
ETH climbed above the ,400 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the ,587 swing high to the ,250 low. There was a break above a key bearish trend line with resistance at ,400 on the hourly chart of ETH/USD.
Ethereum is now trading above ,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the ,500 level. It is near the 76.4% Fib retracement level of the downward move from the ,587 swing high to the ,250 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the ,550 level. The next key resistance sits at ,580, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the ,720 level. If there is a move above the ,720 resistance, Ethereum could even climb toward the ,880 resistance. Any more gains might call for a test of ,000.
Another Decline In ETH?
If Ethereum fails to clear the ,500 resistance, it could start another decline. Initial support on the downside is near the ,400 level.
The first major support is near the ,250 zone. The next key support could be the ,060 zone. A clear move below the ,060 support might send the price toward ,000. Any more losses might send the price toward the ,880 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,400
Major Resistance Level – ,580
Bitcoin Technical Analysis: BTC Bulls Regain Strength After Recent Pullback
In the last day, bitcoin exhibited a dynamic display, marked by significant fluctuations and upward movements across different periods. Upon hitting a peak at ,210 per unit on Mar. 5, the cryptocurrency dipped below the ,000 threshold, only to climb again on Wednesday, positioning itself in the ,500 to ,500 bracket. Bitcoin Over the course […]
Bitcoin News
Bitcoin Price Eyes Recovery But Can BTC Bulls Regain Strength?
Bitcoin price is aiming for an upside break above the ,500 resistance. BTC bulls could face heavy resistance near ,850 and ,350.
- Bitcoin price is attempting a recovery wave from the ,500 support zone.
- The price is trading just above ,000 and the 100 hourly Simple moving average.
- There is a crucial bearish trend line forming with resistance near ,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to settle above the ,400 and ,500 resistance levels.
Bitcoin Price Eyes Upside Break
Bitcoin price remained well-bid above the ,500 support zone. BTC formed a base and recently started a consolidation phase above the ,000 level.
The price was able to recover above the 23.6% Fib retracement level of the downward move from the ,261 swing high to the ,518 low. The bulls seem to be active above the ,200 and ,350 levels. Bitcoin is now trading just above ,000 and the 100 hourly Simple moving average.
However, there are many hurdles near ,400. Immediate resistance is near the ,250 level. There is also a crucial bearish trend line forming with resistance near ,250 on the hourly chart of the BTC/USD pair.
The next key resistance could be ,380 or the 50% Fib retracement level of the downward move from the ,261 swing high to the ,518 low, above which the price could rise and test ,850. A clear move above the ,850 resistance could send the price toward the ,250 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming near the ,000 level. A close above the ,000 level could push the price further higher. The next major resistance sits at ,500.
Another Failure In BTC?
If Bitcoin fails to rise above the ,380 resistance zone, it could start another decline. Immediate support on the downside is near the ,420 level.
The next major support is ,500. If there is a close below ,500, the price could gain bearish momentum. In the stated case, the price could dive toward the ,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,420, followed by ,500.
Major Resistance Levels – ,250, ,400, and ,850.
XRP Price Could Regain Strength If It Clears This Key Barrier
XRP price is eyeing a fresh increase from the .600 support. The price could gain bullish momentum if it clears the .625 resistance zone.
- XRP is slowly moving higher above the .612 level.
- The price is now trading below .625 and the 100 simple moving average (4 hours).
- There was a break below a key bullish trend line with support near .628 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the .625 and .628 resistance levels.
XRP Price Aims Fresh Increase
After a major increase, XRP faced sellers near the .700 zone. The bulls lost control and the price started a major decline below the .650 support, like Bitcoin and Ethereum.
There was a break below a key bullish trend line with support near .628 on the 4-hour chart of the XRP/USD pair. The pair even declined below the .612 support. A low was formed near .6010, and the price is now attempting a fresh increase.
There was a move above the .612 resistance. However, XRP is now trading below .625 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the .625 zone. It is close to the 23.6% Fib retracement level of the downward move from the .7000 swing high to the .6010 swing low.
The first major resistance is near the .628 zone. A close above the .628 resistance zone could spark a steady increase. The next key resistance is near .650 or the 50% Fib retracement level of the main decline from the .720 swing high to the .5720 swing low.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the .650 resistance level, there could be a rally toward the .700 resistance. Any more gains might send the price toward the .720 resistance.
Another Decline?
If XRP fails to clear the .625 resistance zone, it could start a fresh decline. Initial support on the downside is near the .612 zone.
The next major support is at .600. If there is a downside break and a close below the .600 level, XRP price might accelerate lower. In the stated case, the price could retest the .572 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – .612, .600, and .572.
Major Resistance Levels – .625, .628, and .650.
Alex Jones Lost a 10K-Bitcoin Stash Gifted by Max Keiser — Now He Can Regain It Doing a Quiz
International journalist and Bitcoin maximalist Max Keiser is giving Infowars host Alex Jones the chance of regaining a gift of 10,000 bitcoin he lost. According to Keiser, Jones will have the chance to recover the stash by answering a trivia round consisting of 5 questions. However, Jones has not answered Keiser’s call at the time of writing.
Max Keiser Will Give Alex Jones Opportunity to Recover 10,000 Bitcoin
Bitcoin enthusiast and journalist Max Keiser took to social networks to allow Infowars host Alex Jones to regain the 10,000 bitcoin he lost when BTC was priced at . According to Jones, Max gave him a laptop containing the bitcoin in a meeting, but Jones did not care for the item, which got lost in undisclosed circumstances.
Jones disclosed this loss on a show two years ago, when he revealed that this indeed happened. At the time, Jones stated:
Ten years ago … Max Keiser comes to me and he says I have 10,000 bitcoins for you. This is the future. It will be the new global currency. He is on record.
When he later revealed what happened, the show hosts called him a “f*cking idiot” and invited him to find the lost laptop. “I deserve it,” Jones added after being slapped twice.
Max Keiser’s 10K-Bitcoin Quiz
Nonetheless, it seems that destiny might reunite Jones with 10,000 bitcoin (valued at approximately 0 million), as Keiser recently posted this message on X:
I’ll be back on Alex Jones later this week with a quiz. If he can answer all 5 questions correctly, he gets his 10,000 bitcoin.
Jones, who was ordered to pay .5 billion due to his claims about the Sandy Hook school shootings, declared bankruptcy after the 2022 verdict. A recent ruling determined that Jones still needs to pay most of this amount despite filing for personal bankruptcy.
The regained gift might help the embattled journalist to face this situation. According to Keiser, Jones has not communicated with him to confirm his participation in the proposed quiz. On October 25, he declared:
Alex hasn’t confirmed a date or time yet. Is he about to lose the chance to own 10,000 bitcoin AGAIN!!!
Many have inferred that Keiser might still have a backup of the wallet containing the BTC gift.
What do you think about Alex Jones’ lost bitcoin stash and Max Keiser’s 10K-bitcoin quiz? Tell us in the comments section below.
Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg
A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg.
According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued as well as push Terra Classic (LUNC) price to reach the price mark.
Since the collapse of the Terra ecosystem in 2022, the USTC stablecoin has lost its dollar peg and now trades at 98.8% below the mark.
Following this catastrophic event, members of the Terra Class community have continued to submit various proposals to burn more USTC contains as a deflationary mechanism that could result in the stablecoin recovering its dollar peg.
Currently, the Terra Classic community is voting on a proposal that aims to direct the Binance exchange to start burning 50% of USTC every month. It is believed that if the world’s biggest exchange aids in reducing the circulating supply of USTC, it could significantly boost the token’s rise to .
A Reverse Split Is More Efficient Than Buring Tokens, Community Member Says
According to Rexyx, burning USTC tokens may not be the best way of regaining the stablecoin’s dollar peg. The Terra Classic community member explains that there are currently 9.8 billion USTC tokens in circulation, and users will need to burn massive amounts of USTC to record any significant rise in value.
LUNC to reach ?
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Its a long post, but this 'could' rescue #TerraClassic, $LUNC and $USTC at speed.
Why I think burning $USTC is maybe not the best use of your money.
Currently there is nearly 9.8bn $USTC minted, to make a real difference to the price you need to…
— Rexyz (@RexYellerBelly) September 18, 2023
Alternatively, Rexyz proposes that the Terra community implements a reverse split of the USTC token, which leads to a revaluation of the stablecoin, albeit at some investment cost.
In this proposal, Rexyz gives an example, stating that if 100 USTC is the current equivalent of , a 100/1 reverse split would convert 100 USTC to just one USTC token, which will now be valued at . Through this mechanism, USTC holders retain their holdings’ current value, and there is no need to burn more tokens.
However, Rexyz notes that a reverse split would erase all existing network debt. This means that USTC investors will have to forfeit whatever losses incurred during the collapse of the Terra ecosystem.
Could A USTC Reverse Split Rescue The Terra Classic Ecosystem?
Interestingly, Rexyz also stated that the revaluation of the USTC token could initiate a recovery of the Terra Classic network. The community member explained that once USTC regains its dollar peg and the LUNC-USTC swap mechanism is tested with the implementation of improved capital controls, investors can start burning trillions of LUNC.
Related Reading: USTC Surprises With Nearly 60% Rally – What’s Going On?
Rexyx believes this will lead to a massive rise in LUNC’s value, and the altcoin may even record new all-time highs. Rexyz advises the Terra community to implement the reverse split of USTC and “pin” their hopes of recovering past losses by investing in LUNC, which also lost 99.9% of its market value in 2022.
However, the Terra classic community member states this initiative should executed upon research and approval by the relevant experts.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Near 2-Month Lows as Bears Regain Momentum
Bitcoin extended recent declines on Thursday, as the cryptocurrency moved towards a two-month low. Bearish sentiment increased following the latest Federal Open Market Committee (FOMC) minutes, where the Federal Reserve hinted at further rate hikes. Ethereum fell below ,800 today.
Bitcoin
Bitcoin (BTC) neared a two-month low during today’s session, as traders continued to react to the latest FOMC minutes report.
Following a high of ,192.26 on hump-day, BTC/USD dropped to an intraday low of ,376.50 earlier in the day.
This was the weakest point that bitcoin had fallen to since June 21, when it was at a low of ,271.
The drop comes as a recent upwards crossover between the 10-day (red) and 25-day (blue) moving averages has reversed course.
Additionally, the relative strength index (RSI) has plunged deeper into oversold territory, and is now tracking at 35.05.
This is its lowest level since March, and should momentum continue to fall, price could end up at a floor of ,600.
Ethereum
Bearish sentiment was also high in ethereum (ETH), which fell to a multi-month low of its own on Thursday.
ETH/USD bottomed out at ,783.05 on Thursday, less than 24 hours after trading at a high of ,826.82.
As a result of this sell-off, ethereum slipped to its lowest point since June 20, when it almost moved under the ,700 mark.
Ethereum’s RSI is also currently hovering in bear territory, with a reading at 33.67, and appears to be angling to reach a floor at 30.00.
Should it reach this point, ethereum will likely be trading around a long-term support point of ,750.
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What is behind today’s increase in bearish sentiment? Leave your thoughts in the comments below.