XRP price is consolidating losses above the $0.500 support. The price could extend losses if it fails to recover above the $0.530 resistance zone. XRP extended losses and traded below the $0.530 support. The price is now trading below $0.5250 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another increase if the bulls push the price above $0.530. XRP Price Stable Above $0.50 Recently, XRP price extended losses and traded below the $0.5250 support, like Bitcoin and Ethereum. There was a move toward the $0.5080 support. A low was formed at $0.5087 and the price is now consolidating losses. There was a minor increase above the $0.5120 resistance. Besides, there was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair. However, the pair is still trading below $0.5250 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5250 level. It is near the 23.6% Fib retracement level of the downward move from the $0.5699 swing high to the $0.5087 low. The first key resistance is near $0.530 and the 100-hourly Simple Moving Average. Source: XRPUSD on TradingView.com A close above the $0.530 resistance zone could spark a strong increase. The next key resistance is near $0.5465. If the bulls remain in action above the $0.5465 resistance level, there could be a rally toward the $0.580 resistance. Any more gains might send the price toward the $0.600 resistance. More Losses? If XRP fails to clear the $0.530 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level. The next major support is at $0.5080. If there is a downside break and a close below the $0.5080 level, the price might accelerate lower. In the stated case, the price could retest the $0.4840 support zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5150 and $0.5080. Major Resistance Levels – $0.5250 and $0.530.
Slow Mist founder exposes TON phishing messages, which users tricked into believing they receive cheap USDT via TON message comments.
Pantera Capital has made a significant investment in Telegram’s The Open Network (TON) blockchain, highlighting the platform’s large user base and potential for fostering cryptocurrency adoption and innovation in decentralized finance. This partnership is set to reinforce the principles of digital freedom and privacy advocated by Telegram’s founder, Pavel Durov, potentially increasing TON’s adoption and
Sui's zkLogin introduces multi-signature recovery and Apple account support, enhancing user options and account recovery capabilities.
Canaan Inc. has launched the Avalon A15 series, with the new product being the A1566 model. This upgraded bitcoin mining machine incorporates Canaan’s most advanced technology. The A1566 model sets a new performance benchmark with an industry-leading energy efficiency ratio of 18.5 joules per terahash (J/T), 185 terahash per second (TH/s) of hashing power, and
Ethereum price started a recovery wave from the $2,940 support. ETH could gain bullish momentum if it clears the $3,055 and $3,080 resistance levels. Ethereum found support near $2,940 and started a steady increase. The price is trading near $3,030 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD (data feed via Kraken). The pair must surpass the $3,080 resistance to continue higher in the near term. Ethereum Price Holds Support Ethereum price extended losses below the $3,000 level, like Bitcoin. Finally, the bulls appeared near the $2,940 and ETH started a recovery wave. A low was formed at $2,936 and the price started an upside correction. There was a decent increase above the $2,980 level. The price cleared the 23.6% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Besides, there was a break above a major bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD. Ethereum is now trading near $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level and 100-hourly Simple Moving Average. The first major resistance is near the $3,080 level or the 50% Fib retracement level of the downward move from the $3,218 swing high to the $2,936 low. Source: ETHUSD on TradingView.com The next key resistance sits at $3,150, above which the price might gain traction and rise toward the $3,220 level. If there is a clear move above the $3,220 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,550 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,080 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,935 zone. The next support is near the $2,880 level. A clear move below the $2,880 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term. 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 – $2,935 Major Resistance Level – $3,080
BlockFi shut down will take place at the end of May, and Coinbase will be reliant on it for distribution.
Fed statements hint at delayed rate hikes, shifting focus to cryptocurrencies. Bitcoin and LINK are potentially gearing up for significant rallies. Continue Reading: Cryptocurrency Markets Respond to Economic Indicators and Analyst Insights
Tether strongly criticized a Deutsche Bank report that raised concerns about the stability of stablecoins, including Tether’s dollar-pegged token, predicting a potential crisis similar to the 2022 collapse of Terrausd, which erased billions from the market. Deutsche Bank analysts, citing a study of 334 historical currency pegs, suggested that most stablecoins will face significant challenges
An analyst has explained why the recent high in Bitcoin has experienced different market conditions than those observed during the 2021 bull run peak. Bitcoin Liquidations Have Been Short-Dominated In Recent Market High In a new post on X, on-chain analyst Checkmate pointed out how the latest 2024 high achieved following the spot exchange-traded fund (ETF) inflows has a major difference when compared to the 2021 peak. Related Reading: Arbitrum Prints TD Buy Signal: Trend About To Flip? The difference lies in the trend registered on derivatives markets. Below is the chart shared by the analyst that shows the trend in the dominance of long liquidations in the sector over the last few years. The distribution of liquidations on derivatives market over the last few years | Source: @_Checkmatey_ on X “Liquidation” here naturally refers to the act of forceful closure that any derivatives market contract undergoes on an exchange when it accumulates losses of a certain degree. The risk of a contract getting liquidated becomes higher, and the more volatile the asset price gets. During sharp rallies and crashes, huge amounts of liquidation can pile up in the market. From the chart, it’s visible that as the rally in the cryptocurrency had occurred this year, the short holders had been taking a beating. This was only natural as surges pile up losses for these investors betting on a decline, so price growth as rapid as the one witnessed would have pushed many of these contracts toward liquidation. Interestingly, the scale of the short dominance maintained throughout the run, implying that the investors didn’t quite believe the run would continue any further at every point of the rally, so they bet against it. This has also remained true in the recent stagnation following the top, as short liquidations have outweighed the long ones even though the price has decreased. As is apparent in the graph, the 2021 peaks saw a different trend. Longs were getting liquidated as Bitcoin topped out during both the first half of the 2021 peak and the second half. In those periods, the investors had become too greedy and were only betting on the rise to continue even when the asset had slowed down. This greed appears to haven’t overtaken the market in the bull run. While the current Bitcoin rally differs from the last one in this metric, analyst Maartunn has pointed out in an X post another indicator where the trend appears to be similar to that observed in previous peaks. Looks like the value of the metric has been plunging in recent days | Source: @JA_Maartun on X This indicator is the Coin Days Destroyed (CDD), which basically tells us about the scale of dormant coin movement that’s happening in the market right now. It would appear that this metric had attained very high levels recently. Related Reading: Bitcoin Network Fundamentals Could Sustain $265,000 Price, CryptoQuant CEO Explains “Coin Days Destroyed has probably peaked,” says Maartunn. “Bitcoin’s price typically reaches its peak around the same time.” It should be noted that although this has been true for some of the tops, the 2021 peak took months to form after the metric peaked. BTC Price At the time of writing, Bitcoin is floating around $62,200, up more than 5% over the past week. BTC appears to have been sliding off in the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, checkonchain.com, CryptoQuant.com, chart from TradingView.com