21Shares Enters the US with new Crypto Product Launches

Key Insights:

  • 21Shares entered the US market this week, with the launch of two cryptocurrency exchange-traded products (ETPs).
  • Last week, the firm launched the first Bitcoin (BTC) and Ethereum (ETH) ETFs in Australia.
  • 21Shares built the first crypto ETP on the Six Swiss Exchange in 2018.

21Shares has enjoyed a strong European presence in recent years as the acceptance and adoption of digital assets gather momentum. ETP and ETF products have drawn plenty of investor interest.

In 2018, 21Shares rolled out the first crypto exchange-traded product on the Six Swiss Exchange.

Since then, 21Shares has evolved and currently offers 35 exchange-traded products available in CHF, EUR, GBP, and USD.

33 crypto exchange products are on offer to European investors, including The Sandbox ETP, Decentraland ETP, Crypto Basket Index ETP, and DeFi 10 Infrastructure ETP.

Among the 33 ETPs is also the Terra ETP, down 92% over the past 24-hours.

Despite the market angst from the TerraUSD (UST) de-pegging and the collapse of Terra LUNA, 21Shares continues to expand its product suite.

21Shares Launches Two US Crypto Index Funds Amidst Choppy Conditions

On Wednesday, 21Shares announced its entry into the US with the launch of two Crypto Index Funds.

The first fund offerings in the US will give accredited investors easy access to crypto. Accredited investors can invest into the Crypto Basket 10 Index Fund and the Crypto Mid-Cap Index Fund.

The Crypto Basket 10 Index Fund provides accredited investors with,

“An easy and efficient way to gain diversified exposure to bitcoin and other leading cryptocurrencies in a traditional private placement vehicle, which allows subscriptions and redemptions weekly and monthly, respectively.

The Fund seeks to track an index comprised of the top 10 largest cryptocurrencies based on market capitalization and available on US exchanges.”

At the time of writing, underlying assets included Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), Litecoin (LTC), Bitcoin Cash (BCH), and Cosmos (ATOM).

The Crypto Mid-Cap Index Fund,

“seeks to track an index comprised of the mid-cap portion of the cryptocurrency market based on market capitalization.”

At the time of writing, the underlying assets included Cardano (ADA), Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), Litecoin (LTC), Bitcoin Cash (BCH), and Cosmos (ATOM).

Both of the Funds have an expense ratio of 2.5%.

The latest product launch offering follows last week’s launch of two crypto exchange-traded funds in Australia and heightened volatility across the crypto market.

The Bearish Crypto Market Gives 21Shares and Investors an Entry Point

21Shares launched its Australian and US crypto products at a difficult time for the crypto market.

For May, bitcoin has tumbled 23.9% and by 38% year-to-date. From May 9 to May 18, bitcoin was down 15.8%, reflecting the impact of the TerraUSD (UST) de-peg and the Terra LUNA collapse.

21Shares CEO and co-founder Hany Rashwan said in an interview,

“We’ve been working on products in the US since we started, so we couldn’t be more excited to finally bring them.”

On the US debut, Hany has also said,

“Bear markets are wonderful times to consolidate, to build and to innovate, and we see this as a long-term investment.”

 

At the time of writing, bitcoin was up 1.04% to $28,965. A move through to $29,500 would support a breakout day ahead.

BTC finds support after early pullback.
BTCUSD 190522 Daily Chart

Bitcoin May Finish a Brief Rebound but Is Unlikely to Go Below $10K

Bitcoin and Major Cryptos Changes in the Last 24 Hours

Bitcoin has been hovering around the 30K mark for a second day, forcing the rest of the crypto market to balance declines and gains. Ethereum has lost 1.2% in 24 hours but remains near 2,000. Altcoins from the top ten are mostly declining, losing between 0.7% (DogeCoin) and 3.8% (Polkadot). Tron is gaining 1.7% but has been little changed since the end of last week. Total crypto market capitalisation, according to CoinMarketCap, declined 1.1% overnight to $1.29 trillion. Bitcoin’s dominance index remained unchanged at 44.3%.

BTC Indicators and Technical Analysis

The Cryptocurrency Fear and Greed Index was up 4 points to 12 by Wednesday and remains in “extreme fear”. The index’s recovery from lows since 2019 is due to a waning selloff but not a market reversal to growth. Bitcoin has stalled at the psychologically significant 30K level and has also lost the momentum of the rebound at the 76.4% Fibonacci line from the downward move from late March to last Thursday’s lows.

BTC Future Scenarios and Price Forecast

This is a typical shallow counter-trend correction. The inability of the market to develop the offensive from the current levels would raise the question that the final target for the downtrend would be the 161.8% area of that move, which is near $11.3K.

Such a setback would cancel out all upside momentum from October 2020. So far, this scenario looks exceptionally pessimistic and needs to converge the disappointment of crypto-neophytes on top of an actual collapse of the global economy and stock market. Such a dip would leave Bitcoin’s price at only 16% of its peak, which has happened several times in its history.

Chart, histogram Description automatically generated

However, a significant drop below previous cyclical highs ($20K) would be unusual, although Bitcoin was previously repurchased on similar drawdowns. Perhaps a more cautious scenario would be a dip into the $20-23K area to close the gap at the end of 2020 or a return to the 2017 highs. The realist-optimistic scenario points to the possibility of cautious buying by long-term investors from current levels.

However, it does not suggest a new wave of explosive growth, as financial conditions and a return to the area at the start of 2021 are disappointing for those investors who have been buying cryptocurrencies as a way to make a quick buck. Moreover, inflation has weaned 10% off the dollar’s purchasing power over this period.

Crypto News

Among the news that caught our eye were: According to CoinShares, institutional investors invested $274 million in crypto funds last week, a record since the start of the year.

Following TerraUSD, another stable coin – DEI – lost its peg to the US dollar. According to the Congressional Research Service (CRS), the stable coin market needs strict regulation. Because of the speculative nature of cryptocurrencies, investors need more protection, or they could lose confidence in the markets, SEC chief Gary Gensler said.

The Portuguese authorities are considering introducing a tax on income earned from investments in digital assets. Dogecoin co-founder Billy Marcus called 95% of crypto-assets “trash” and suggested that 70% of investors don’t even understand the fundamentals of the crypto market.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

Bitcoin’s Short-term Upward Channel

Bitcoin and Major Cryptos Last Price Changes

On Monday, Bitcoin was down 3.6%, ending the day around $29.9, but is trading back above $30K on Tuesday morning. Ethereum has little changed over the past 24 hours (-0.4%), remaining near $2000. Other altcoins from the top 10 changed in price from -2.7% (Polkadot) to 1.2% (Solana). Total crypto market capitalisation, according to CoinMarketCap, rose 0.1% overnight to $1.30 trillion. Bitcoin’s dominance index fell 0.1 points to 44.3%.

Indicators and BTC Technical Analysis

The Cryptocurrency Fear and Greed Index was down 6 points to 8 by Tuesday, hitting its lowest level since August 2019. Technically, the crypto market on Monday followed the cautious sentiment of the stock market. We note that after hitting lows on May 12th, a short-term upward channel is forming in BTCUSD with increasingly higher local lows and local highs. Such dynamics of the flagship crypto resemble the work of traders of institutional managers, who moderately “buy the fear” or fix the profit from the short positions.

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Fundamentals and BTC Price Forecast

So far, there is little reason to argue that a prolonged rise will follow the current buying, as the fundamentals (tightening markets, slowing economy) remain in place. According to CryptoQuant, institutional investors continue to buy BTC through market makers despite the decline in the crypto market.

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, believes bitcoin has no future as a payment network because of its low scalability and negative impact on the environment. There is a need for an alternative blockchain-based Proof-of-Stake (PoS) protocol for payments. IMF managing director Kristalina Georgieva called for a new public infrastructure for payment systems, including digital currencies.

Do Kwon, founder of the Terra ecosystem, presented a new plan to rehabilitate the project. On May 18th, the developer intends to present Terraform Labs team with a new management system for the Terra fork, decoupling it from the TerraUSD (UST) stable coin.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

Best Performing Altcoins of Last Week: BNB, TRX, MANA, MKR

Key Insights:

  • Bitcoin’s price faced strong resistance at the $31,000, while altcoins made attempts to recover. 
  • BTC’s recovery above the $27,000 mark pushed certain altcoins towards a short-term recovery.
  • BNB, TRX, MANA, and MKR were among the coins that got a decent upswing.

Bitcoin’s price attempted recovery above the $30,000 resistance level, but after facing rejection ahead of the $31,000 mark, its price oscillated close to $28,983 at the time of writing. BTC’s price jumped by almost 7% in a day, cutting its weekly losses to less than 18%, in tandem altcoins saw a short-term price push.

The world’s largest cryptocurrency by market cap was still down by over 50% from its all-time high made in November 2021 at around $69,000. After BTC’s recent short-term uptrend, most of the major altcoins faced the uphill task of recovering above their key support/resistance levels.

Altcoins short-term price surge

Certain altcoins that performed well over the last week in tandem with BTC’s recovery above the $27,000 mark were binance coin (BNB), Tron (TRX), Decentraland (MANA), and Maker (MKR).

In addition to that, two ethereum (ETH)-based altcoins called Chain’s XCN and FLEX Coin’s FLEX token charted notable weekly gains despite the widespread crypto meltdown.

The native token of the blockchain technology company chain, XCN, rose by more than 30% in price over the last seven days from a low of $0.071 to a high of $0.091.

On the other hand, Hong Kong-based futures exchange platform’s native token FLEX jumped by over 33% in the last week from a low of $3.72 to a high of $4.95.

Furthermore, many altcoins like DOT, AVAX, SHIB, MATIC, FTT, FTM, and APE were briefly in the green zone. Apecoin’s APE token rallied by 46%, breaking above the $9.00 level, while FTM, MANA, and GALA saw close to 50% gains over the last week.

BNB, TRX, MANA, and MKR see short-term price gains

Binance Coin’s BNB saw a bounce from the $200 support zone, rising to as high as $300 on May 13. However, the fifth-ranked coin by mark cap faced considerable resistance at the $315 mark and after making a high of $313 on May 13, it made its way back to the $250 level.

FXempire, BNB, Crypto
BNB Price Action | Source: FXEmpire

If bulls fail to ride the sell-side pressure, the price might correct lower, but dips could be limited below the $250 level. At the time of writing, BTC’s price pullback to the $28,900 mark brought BNB’s price down to the $279.36 level.

BNB’s price was down by 9.35% in the last 24-hours and almost 25.62% over the previous week.

Apart from BNB, Tron’s TRX token maintained its price above the key $0.067 mark despite the market-wide sell-off. TRX’s price made it close to the $0.084 mark but faced resistance at the higher level, which led to a pullback towards the $0.067 mark.

FXempire, TRX, Crypto
TRX Price Action | Source: FXEmpire

While TRX’s price maintained its rangebound movement between the $0.067 and $0.084 mark, its price didn’t fall below the key support zone at the $0.065 mark which was noteworthy.

Defi token MKR was another coin that performed well amid high sell pressure in the larger market. On the other hand, Decentraland’s MANA gained up to 50% as the market saw a short-term recovery.

Maker Protocol’s MKR token recovered from the last week’s losses as the price pushed above the $1500 mark. At press time, MKR traded at $1,456.29, noting 1.71% daily and 9.55% weekly gains.

On a weekly chart, MKR’s price made a higher high for the last four days.

FXempire, MKR, Crypto
MKR Price Action | Source: FXEmpire

At the time of writing, data from CoinMarketCap highlighted that MANA was the top gainer in the top 100 assets by market cap.

FXempire, BTC, Crypto, Altcoins
Source: Coin Market Cap

The 33rd ranked coin by market cap traded at $1.14, noting 4.19% daily gains. Over the last two days, MANA’s price recovery above the $1.13 mark has instilled positive momentum for the coin.

FXempire, MANA, Crypto
MANA Price Action | Source: FXEmpire

If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.

So, what do altcoins need to recover?

Most of the top altcoins have a high BTC correlation during bear markets. The top coin’s price movement and volatility provide ample opportunities for alts to rally.

Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.

BTC’s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC’s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.

Analyst Rekt Capital also highlighted that for ‘BTC to develop some semblance of bullish momentum, it needs to keep $28600 as support for price to challenge $32000.’ However, a BTC weekly close below the $28600 mark would be bearish.

Bitcoin and ETH Signal Relief Rally, BNB Forms Key Bullish Pattern

Key Insights:

  • Bitcoin (BTC) dived to $26,000, before it found support.
  • Ether (ETH) traded close to $1,700 and is currently recovering losses.
  • BNB tested $200 and is now forming a bullish candlestick pattern on the daily chart.

Bitcoin

In the past two days, bitcoin (BTC) price saw a major decline below the $32,000 support zone. There was a clear move below the $30,000 support level and the 21 simple moving average (H1).

The price even declined below the $28,250 level and tested $26,000. It is now consolidating losses and attempting a recovery wave above the $28,000 level. On the upside, the price is facing a major hurdle near the $28,500 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

A move above $28,500 could resend the price towards the $32,000 resistance. If not, it could start another decline and may possibly trade below $26,000.

Ethereum (ETH)

ETH also followed a bearish path below the $2,200 support zone. The price gained pace below the $2,000 level and the 21 simple moving average (H1).

The bears even pushed the price below $1,800. It tested the $1,700 zone and is currently attempting a recovery wave. It is facing a key bearish trend line with resistance near $1,925 on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

A proper upside break above the $1,920 level and $1,950 could push the price towards the $2,200 resistance zone. If not, it could start another decline and may possibly trade below $1,750.

BNB

BNB started a major decline from well above the $400 level. There was a clear move below the $350 and $300 support levels to move into a bearish zone.

The price tumbled over 30% in the past three sessions and even declined below $250. However, the bulls took a strong stand near the $200 zone. There was a major recovery wave and the price climbed above the $250 level.

BNB Daily Chart
BNB Daily Chart by FXEmpire

It seems like the price is forming a key bullish reversal candlestick pattern on the daily chart. Immediate resistance is near the $280 level. A clear upside break above the $280 resistance might stage a strong rally.

The next key resistance might be $300, above which the bulls could aim a move towards the $350 level. If there is no upside break, the price could start a decline below the $240 level. The next major support is near $200.

ADA and DOT price

Cardano (ADA) nosedived below the $0.45 and $0.40 levels. It is now recovering and trading above $0.45. However, the price might face hurdles near $0.50.

Polkadot (DOT) tumbled below the $8.00 and $7.50 levels. It is back above $8.00, but bears might remain active near $8.80 and $9.00.

A few trending coins are APE, LEO, and TRX. Out of these, APE is trading in the green zone and might rise above the $7 level.

Bitcoin and Ether Start Recovery, MATIC Forms Bullish Candle

Key Insights:

  • Bitcoin (BTC) declined sharply and tested $30,000.
  • Ether (ETH) is recovering losses from $2,200.
  • MATIC seems to be setting up for a key upside break.

Bitcoin

In the past few sessions, the bitcoin (BTC) price saw a major decline below the $35,000 level. There was a steady decline and the price traded below $32,000.

It tested the key $30,000 support and recently started an upside correction. There was a decent increase above the $31,000 and $31,500 resistance levels. Bitcoin cleared a key bearish trend line and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

However, the price is struggling to settle above $32,000 and $32,200. If the bulls gain strength, the price could recover to $33,800. Conversely, it could start a fresh decline towards the $30,000 support zone.

Ethereum (ETH)

ETH also followed a downtrend and traded below the $2,400 support. It even declined below $2,300 and tested the $2,200 zone.

It is slowly rising and trading above the $2,350 resistance. There was a move above a major bearish trend line at $2,380 on the hourly chart. Ether price is now consolidating above $2,400 and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Chart by FXEmpire

On the upside, there is a key barrier near $2,480 and $2,500. A close above $2,500 might start a steady increase in the near term.

Polygon (MATIC)

MATIC started a major drop from the $1.50 resistance zone. The bears gained strength for a move below the $1.30 and $1.20 support levels.

The price settled below the $1.10 level and the 21-day simple moving average. Finally, it traded below the $1.00 level and tested the $0.80 support. A base is formed above the $0.80 level and there is a strong bullish candle in place on the daily chart.

MATIC Daily Chart
MATIC Chart by FXEmpire

It is now facing a strong resistance near the $0.98 and $1.00 levels. There is also a major bearish trend line with resistance near $1.02 on the daily chart.

A close above the $1.00 and $1.02 levels may perhaps send MATIC price towards the $1.15 resistance zone or even $1.20. If not, there is a risk of a fresh decline below the $0.85 level.

ADA, BNB, and DOT price

Cardano (ADA) tested the $0.60 and recovered over 10%. The price is now attempting a close above the key $0.70 resistance zone.

Binance Coin (BNB) declined heavily and even spiked below $300. The next major resistance is now forming near the $335 level.

Polkadot (DOT) tested the $10.00 support zone, where the bulls emerged. The price is now rising and trading above $11.00. On the upside, the $12.00 level presents a major hurdle.

A few trending altcoins are SHIB, TRX, and EGLD. Out of these, EGLD is gaining momentum above the $110.00 resistance level.

Bitcoin and ETH Recovery Won’t Be Easy, NEAR Eyes Fresh Uptrend

Key Insights:

  • Bitcoin traded below the key $35,000 and $34,200 support levels.
  • Ether (ETH) settled below the $2,500 pivot level.
  • NEAR is up over 5% and could extend gains above $12.

Bitcoin

Recently, the bitcoin (BTC) price started a major decline below the $38,000 level. The price declined sharply below the $35,000 support zone and the 21 simple moving average (H1).

The bears even pushed the price below the $34,000 level. It traded close to the $32,500 zone and is currently consolidating losses. On the upside, the price is facing resistance near $33,350. There is also a key bearish trend line forming with resistance near $33,500 on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

The price must clear $33,500 and the 21 simple moving average (H1) to start a recovery wave. If not, it could dive further below $32,000.

Ethereum (ETH)

ETH also followed a bearish path below the $2,750 support. There was a steady decline below the $2,600 and $2,500 levels.

Ether price even declined below the $2,400 level and settled below the 21 simple moving average (H1). It is now consolidating losses near the $3,400 level. On the upside, the price is facing resistance near $2,450 and a connecting bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

The price must clear $2,450 and the 21 simple moving average (H1) to start a recovery wave. If not, the bears might aim a move toward the $2,200 level.

NEAR Protocol

NEAR started a major decline after it failed to surpass the $20.00 resistance. The price declined steadily below the $15.00 level and the 21-day simple moving average.

There was a break below a crucial bullish trend line with support near $14.20 on the daily chart. However, the bulls appeared near the $10.00 support zone. The price is now forming a base above the $10.00 level.

NEAR Daily Chart
NEAR Chart by FXEmpire

It is up over 5% today despite a steady decline in bitcoin and ether. If NEAR clears the $12.00 resistance, it could rise towards the $13.20 resistance and the 21-day simple moving average.

If the bulls manage to push the price above the $13.20 resistance zone, the price could start a major increase. The next major resistance could be near the $15.00 level. If not, the price might continue to move down below the $10.00 level.

ADA, BNB, and DOT price

Cardano (ADA) declined over 10% and there was a close below $0.70. If there are more losses, the price could even test the $0.60 level.

Binance Coin (BNB) is slowly moving lower towards the $320 support zone. If the bears remain in action, the price could test the $300 level.

Polkadot (DOT) is down 10% and there was a break below the $12.00 level. The next major support is near $11.50, below which the price might test $11.20.

A few trending coins are WAVES, AXS, and WAVES is gaining pace. Out of these, WAVES is gaining pace above the $14.00 level.

Bitcoin and ETH Turn Bearish, ADA Near Crucial Juncture

Key Insights:

  • Bitcoin declined 10% and traded below the $37,550 support.
  • Ether (ETH) moved into a bearish zone below $2,755.
  • ADA is testing a crucial support zone near $0.75.

Bitcoin

Recently, bitcoin price saw a sharp bearish reaction below the $39,200 level. The price tumbled below the $38,000 level and the 21 simple moving average (H1).

There was a close below the $37,550 support level and BTC even moved below $36,660. It is now consolidating near the $35,800 level. On the upside, the bulls are facing resistance near the $39,200 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

The first major resistance is near the $36,660 level. A clear move above the $36,660 level could send the price to the main hurdle at $37,550. On the downside, the price might find bids near $35,200. The next major support sits near the $34,500 level, below which there is a risk of a drop to $33,800.

Ethereum (ETH)

ETH also followed a similar pattern after there was a move below $2,850. The price spiked below the $3,755 level and settled below the 21 simple moving average (H1).

It is now consolidating losses near the $2,680 level. On the upside, it is facing resistance near the $2,700 level. The next key barrier is $2,740, a connecting bearish trend line on the hourly chart, and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Chart by FXEmpire

A close above $2,740 might call for a move towards $2,850. If not, ether price might slide below the $2,650 support level. The next key support is near $2,600, below which the bears might aim a test of $2,540.

Cardano (ADA)

Cardano (ADA) started a major decline after it failed to clear the $1.244 and $1.245 resistance levels. There was a steady decline below the $1.10 support level.

The price even settled below the $1.00 level and the 21-day simple moving average. It even dived below $0.855 and tested the main support at $0.750 on the daily chart. Recently, there was a sharp bullish wave from $0.755, but the bears appeared near $0.900.

ADA Daily Chart
ADA Chart by FXEmpire

It is now consolidating near the $0.780 level. If the bears remain in action, the price might slide below the $0.78 and $0.75 support levels. On the upside, the previous support at $0.90 could act as a resistance. A clear move above $0.90 might start a steady increase.

BNB and DOT price

Binance Coin (BNB) dived below the $385 level and even moved below $375. It is now struggling to recover and might test the $362 support zone in the near term.

Polkadot (DOT) declined over 12% and traded below the $15.00 level. It seems like the bears are aiming a move below the $14.00 support zone.

A few trending coins are TRX, ANC, and CRV. Out of these, ANC gained over 5% and surpassed the $2.10 level.

Bitcoin and ETH at Make-or-Break Levels, UNI Aims Fresh Surge

Key Insights:

  • Bitcoin gained pace and tested the key $40,000 resistance.
  • Ether (ETH) faced resistance near $2,965 and corrected lower.
  • UNI climbed over 10% and eye a strong reversal above $8.00.

Bitcoin

After a clear move above the $38,800 resistance, bitcoin price started a steady increase. There was a break above the $39,400 resistance zone.

The price even tested the key $40,000 resistance, where the bears appeared. As a result, BTC started a downside correction and declined below $39,400. There was a move below the $39,100 support and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

Besides, there is a key bearish trend line forming with resistance near $39,450 on the hourly chart. On the downside, there is a major support at $38,750. If the bulls fail to protect $38,750, the price could start a fresh decline.

Ethereum (ETH)

ETH also started a fresh increase above the $2,850 resistance level. The bulls pushed the price above the $2,915 resistance level and the 21 simple moving average (H1).

However, it struggled near $2,965 and there was no test of $3,000. Ether is now correcting gains and trading below $2,900. On the downside, there is a key support near the $2,850 level, below which the price could restart downtrend.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

Conversely, the price might start a fresh increase above the $2,915 resistance. The main barrier is still near $3,000.

Uniswap (UNI)

UNI started a strong decline after it topped near the $12.00 level. The bears pushed the price below the $10.50 and $10.00 support levels.

It even moved below the $8.00 level and the 21-day simple moving average. Finally, there was a spike below the $7.00 level and the price tested the $6.30 zone. Recently, the price started a recovery wave above the $7.00 resistance.

Uniswap (UNI) Daily Chart
UNI Chart by FXEmpire

It gained over 10% and was able to spike above the $7.80 resistance. On the upside, the $8.00 level and a major bearish trend line on the daily chart hold the key for the bulls.

A close above the trend line might start a fresh increase towards the $10.00 resistance. The next major resistance is near the $11.20 level. If there is no upside break, the price could restart decline and test the $7.00 level. The next key support sits at $6.30.

ADA, BNB, and DOT price

Cardano (ADA) surged over 15% and tested the $0.900 resistance. It is now correcting gains and might even test the $0.82 support.

BNB tested the $410 resistance zone, where the bears appeared. The price is correcting lower and could revisit the $388 support zone.

Polkadot (DOT) is holding gains above the $15.00 resistance. A clear move above the $16.20 level may perhaps open the doors for more upsides.

A few trending coins are TRX, ETC, and AXS. Out of these, ETC is gaining pace above the $30.00 resistance zone and might rise further.

Bitcoin and ETH Near Breakout Zone, WAVES Could Take-Off

Key Insights:

  • Bitcoin (BTC) is attempting a key upside break above $39,100 and $39,150.
  • Ether (ETH) is facing a major breakout zone at $2,880 and $2,900.
  • WAVES surged over 10% and might continue to rise in the near term.

Bitcoin (BTC)

After forming a double bottom near $37,500, the bitcoin price started a steady recovery wave. There was a clear move above the $38,500 resistance zone.

Besides, there was a break above a connecting bearish trend line with resistance near $38,250 on the hourly chart. The price even climbed above the $38,880 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

However, the bears are still protecting the $39,100 and $39,150 resistance levels. A clear close above $39,150 could call for a decent increase. If not, the bitcoin price might resume a decline below $38,250.

Ethereum (ETH)

ETH also started a recovery wave above the $2,800 resistance level. There was a break above a key bearish trend line, with resistance near $2,825 on the hourly chart.

It even surpassed the $2,850 resistance zone and the 21 simple moving average (H1). However, ether is now facing major hurdle near the $2,880 zone. The next key resistance might be near the $2,915 level. A clear move above the $2,915 resistance zone could open the doors for a decent increase.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

Conversely, the price might retest the $2,780 support. The main support is now near $2,715, below which the bears might gain strength.

WAVES

WAVES started a strong decline after it topped near the $63.50 level. There was a nasty drop below the $50.00 and $40.00 support levels.

It even moved below the $20.00 level and the 21-day simple moving average. Finally, there was a spike below the $15.00 level and the price tested a major support at $12.50. It is now forming a base and up over 10%.

WAVES Daily Chart
WAVES Chart by FXempire

There was a move above the $13.50 resistance. On the upside, the $15.00 level and a major bearish trend line on the daily chart are crucial for the bulls.

A close above the trend line might start a fresh increase. In the stated case, WAVES price might rise towards the $20.00 level. If there is no upside break, the price could revisit the main $12.50 support. The next key support sits at $7.80.

ADA, BNB, and DOT price

Cardano (ADA) is gaining pace above the $0.80 level. It is up 5% and seems like it could even test the $0.85 resistance.

BNB is consolidating near the $390 level. A daily close above the $400 level may perhaps open the doors for a fresh increase.

Polkadot (DOT) managed to pop above the $15.00 resistance. If the bulls remain in action, the price could test $15.50 in the near term.

A few trending coins are TRX, CVX, and CRV. Out of these, CRV is gaining pace above the $2.32 resistance level.

Liechtenstein-Based LGT Bank Launches Crypto Services With SEBA Bank

Key Insights:

  • LGT Bank to launch crypto custody and trading services.
  • Swizz-based SEBA Bank will provide its certified custody solutions with high-security standards.
  • LGT will initially offer investment services for bitcoin and ether.

Liechtenstein’s largest family-owned private financial institution, LGT Bank, is setting foot in the crypto space. The bank will initially offer crypto custody and brokerage services to private clients.

In a Wednesday announcement, the bank noted that the Zug-based digital asset service provider, SEBA Bank, will provide its fully regulated comprehensive crypto services.

Initially, LGT plans to offer investment services for bitcoin (BTC) and ether (ETH), and crypto services will be integrated with traditional investments. This would allow clients to integrate cryptocurrencies into their portfolios.

Growing demand for crypto

Roland Matt, CEO of LGT Bank said that there has been growing demand for cryptocurrencies among their clients in the recent past. Security has always been a challenge in inculcating crypto products and services.

To start with, the crypto asset investment solutions will be initially available to Switzerland and Liechtenstein-domiciled clients.

In October, the digital asset service provider launched a product dubbed SEBA Earn, allowing clients to earn yields on their crypto holdings. Proof-of-stake protocols including polkadot (DOT), tezos (XTZ), and cardano (ADA) were added to the yield earning possibilities, with plans to add other assets depending on demand.

Polkadot Launches Cross-Consensus Messaging to Streamline Communication Between Parachains

Key Insights:

  • Polkadot XCM went live to support communication among its parachains.
  • This will enable contact between the network’s 500 chains, apps, and services.
  • Polkadot’s price hit a nine-month low this week.

In a press release today, Polkadot announced its latest milestone, the launch of XCM, a messaging system that allows for communication between its various parachains.

Serving as a cross-consensus messaging system, XCM has fulfilled Polakdot’s foundational objective to be a fully interoperable multichain ecosystem.

Now, parachains can transfer assets and data among themselves, through the use of XCM. It is expected that the development will benefit over 500 chains, apps, and services that have been developed on Polkadot and its parachains.

Currently, messages sent and received across the XCM channels are secured at the same level as the Relay Chain. But going forward, this will change with the arrival of XCMP, which will allow data to be sent across parachains, without the need to be stored on the Relay Chain.

Polkadot deployed this service to the Statemint parachain enabling users to mint non-fungible tokens (NFTs) and teleport them from one chain to another and even track them across chains.

Commenting on the launch, Hoon Kim, chief technical officer of the Polkadot native dApp and parachain auction winner Astar, said:

“I see traditional smart contracts on isolated layer 1 chains like setting up shop in a kingdom surrounded by walls. Then we have bridges which are like a trading route that first connected nations from nations. Now we have XCM, which is like a free trade agreement for blockchains. This is the natural future.”

Polkadot on the charts

While Polkadot is making strides in the decentralized finance (DeFi) environment, pioneering game-changing systems on the spot front, it has not been impressing its investors.

In the last month, DOT has dropped by 37.55% from $23.2, to trade at $15.23, at the time of writing.

Polkadot is currently at its 8-month low price of $15.23

But by falling to the lowest DOT has been at in almost eight months, DOT has set itself up for recovery in the coming weeks, making $20 as its next target.

BTC and ETH Bears in Control, ALGO Aims Major Reversal

Key Insights:

  • Bitcoin (BTC) is facing a major hurdle near $39,150.
  • Ether (ETH) is struggling to rise above $2,875 and $2,900.
  • ALGO surged over 15%, but it must settle above $0.70 for upside continuation.

Bitcoin

Recently, the bitcoin price started an upside correction above the $38,000 level. The price climbed above the $38,500 resistance level and the 21 simple moving average (H1).

However, the bears were active near the $39,150 level. A swing high was formed near $39,150 and the price slowly moved lower. There was a break below the $38,800 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

Bitcoin is now struggling to stay above the $38,150 support zone. A close below $38,150 might start a sharp decline towards the $37,500 and $37,200 levels.

Ethereum (ETH)

ETH also started an upside correction above the $2,800 level and the 21 simple moving average (H1). There was a move above the $2,850 level.

The bears appeared near the $2,875 level. The bulls made two attempts to clear $2,875 resistance but failed. The price started another decline and traded below $2,850. The price is now showing bearish signs below $2,820 and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Chart by FXempire

Immediate support sits near the $2,800 level and a connecting trend line on the hourly chart. The next major support sits near the $2,775 level, below which the price might take a hit.

Algorand (ALGO)

ALGO started a major decline from the $1.00 resistance zone. There was a nasty drop below the $0.80 and $0.70 support levels.

Finally, the price found support near the $0.55 zone. A support base was formed and the price started a recovery wave. It surpassed the $0.60 resistance. Today, it gained over 15% and spiked above the $0.70 resistance.

ALGO Daily Chart
ALGO Chart by FXEmpire

It even tested the 38.2% Fib retracement level of the downward move from the $1.00 swing zone to $0.55 low. ALGO is now attempting a close above a major bearish trend line with resistance near $0.70 on the daily chart. A close above the $0.70 level might start a strong reversal.

The next key resistance on the upside may perhaps be near $0.770 or $0.800. If there is no upside break, the price could revisit the $0.550 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is still consolidating below the $0.800 resistance zone. If the bears remain in action, the price could decline towards the $0.750 level.

Binance Coin (BNB) is sliding and might revisit the $382 support. The next major support sits near the $375 level, followed by $365.

Polkadot (DOT) settled below the $15.00 level, which is now acting as a resistance. On the downside, the $14.00 level is a major support zone.

A few trending coins are AVAX, TRX, and NEAR. Out of these, TRX is gaining pace above the $0.070 level.

BTC and ETH Face Uphill Task, TRX Could Extend Rally

Key Insights:

  • BTC is attempting a recovery wave but faces a hurdle near $39,150.
  • Ether (ETH) is trading well below $2,900.
  • TRX has surged over 15% and may rally further if it clears $0.0720.

Bitcoin (BTC)

After a sharp decline, the bitcoin price found support near the $37,500 zone. A base was formed and the price started an upside correction above the $38,000 level.

The price was able to recover above the $38,500 resistance and the 21 simple moving average (H1). It is now facing resistance near the $39,150 level or the 50% Fib retracement level of the downward move from the $40,400 swing zone to the $38,500 region.

Bitcoin Hourly Chart
BTC Chart By FXEmpire

The next major resistance sits near $39,500 and a connecting bearish trend line on the hourly chart. A close above $39,150 and $39,500 is a must for a steady upward move. If not, the price might resume its decline below $38,000.

Ethereum (ETH)

ETH also followed a similar pattern, after it declined towards the $2,720 level. The price started a recovery wave above the $2,750 level and the 21 simple moving average (H1).

The price even climbed above the $2,800 resistance, but the bears were active near $2,865. Ether price is now moving lower and trading below $2,820. There is also a key bearish trend line with resistance near $2,870 on the hourly chart.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

If ether price stays below $2,865 and $2,870, it could resume its decline. The next major support sits near the $2,720 level.

Tron (TRX)

TRX formed a strong base above the $0.0575 level. As a result, there was a bullish reaction above the $0.0650 resistance zone.

The price climbed above the $0.0680 resistance and the 21-day simple moving average. It even moved above the 50% Fib retracement level of the downward move from the $0.080 swing zone to the $0.0575 low.

Tron TRX Daily Chart
TRX Chart by FXEmpire

It is now facing a major resistance near the $0.0720 zone a bearish trend line on the daily chart. If there is a clear move and close above $0.0720, TRX could extend the rally.

The next key resistance on the upside may perhaps be near $0.080 or $0.0850. If there is no upside break, the price could revisit the $0.0620 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is still struggling below the $0.800 resistance zone. It is moving lower and there is a risk of a move towards the $0.750 level.

Binance Coin (BNB) attempted a fresh increase above the $392 resistance but failed. It is now trading below $390 and might even test $382.

Polkadot (DOT) declined heavily below the $16.20 and $15.50 support levels. If the bears remain active, there is a risk of a move towards the $14.00 level.

A few trending coins are LUNA, SAND, and RUNE. Out of these, LUNA gained pace and recovered above the $84.00 level.

Bitcoin and ETH Remains At Risk, ApeCoin Rallies Above $20

Key Insights:

  • Bitcoin climbed above $39,500, but stayed below $40,000.
  • Ether (ETH) struggled to clear $2,950.
  • APE gained pace and broke the $20.00 resistance (as discussed in the last analysis).

Bitcoin

Recently, bitcoin price started a decent upward move above the $38,450 resistance. There was a clear move above the $39,250 level and the 21 simple moving average (H1).

However, the price struggled to clear the $40,000 resistance zone. It seems to be forming a short-term top near $39,850 and is currently moving lower. There was a break below a major bullish trend line with support near $39,500 on the hourly chart.

Bitcoin

There was a move below the $39,400 support and the 21 simple moving average (H1). If the bears remain in action, the price may perhaps decline towards the $38,450 support zone.

Ethereum (ETH)

ETH also followed a similar pattern above the $2,840 level. The price gained pace above the $2,900 level and the 21 simple moving average (H1).

The price even climbed above the key $2,915 resistance, but the bears were active near $2,950. Ether price is now moving lower and trading below $2,900. There is a key rising channel forming with support near $2,875 on the hourly chart.

Ether

Any more losses might send the price towards the $2,840 level. The next major support sits near the $2,800 level. On the upside, the bears might remain active near $2,950.

ApeCoin (APE)

APE remained in a strong uptrend above the $15.00 level and the 21-day simple moving average (as discussed in the last analysis).

There was a consolidation phase above the $19.00 level. Finally, the price gained strength and started a fresh surge above the $19.65 resistance level. The price even climbed above $20.00 to set a new monthly high.

ApeCoin (APE)

It is now showing positive signs above the $20.50 level. The next key resistance on the upside may perhaps be near $21.20 or $22.00.

If there is a downside correction, the price might test the $20.00 support. The first major support is now forming near the $19.65 level and a trend line on the daily chart. Any more losses may perhaps send the price towards the $17.80 level.

ADA, BNB, and DOT price

Cardano (ADA) is still struggling below the $0.850 resistance zone. It is moving lower and there is a risk of a move towards the $0.800 level.

Binance Coin (BNB) attempted a fresh increase above the $400 pivot level. However, there was no close above the $400 level and the price is now correcting gains.

Polkadot (DOT) traded below the $17.20 and $17.00 support levels to move into a bearish zone. The next major support is near $16.50, where the bulls might take a stand.

A few trending coins are GMT, GRT, and SKL. Out of these, SKL gained pace above the $0.190 resistance and surged over 20%.

Cardano To Launch Interoperability With Sidechains and Other Networks

Key Insights:

  • Cardano and Wanchain are collaborating to launch interoperability for Cardano.
  • Wanchain bridges connect EVM and non-EVM networks without any intermediary networks.
  • ADA’s recovery has been slow, especially after yesterday’s 8% drop.

When launched in 2018, Cardano promised a future where the chain would be naturally interoperable with other blockchains in the crypto space.

Now even though we haven’t seen that happen as one would expect, Cardano is still managing to enable interoperability in its ways.

Wanchain at Cardano’s Rescue

In a press release today, the blockchain announced its collaboration with Wanchain. Cardano will enable interoperability between the Cardano mainnet, Cardano sidechains, and other blockchain networks.

This will allow Cardano to deploy decentralized, non-custodial, bi-directional cross-chain bridges connecting it to additional Layer 1 blockchains.

This is possible thanks to Wanchain’s development as a decentralized blockchain interoperability solution with an Ethereum-like environment that works with industry-standard Ethereum tools, DAPPs, and protocols.

Given that Wanchain bridges currently connect over 15 different Layer 1 and Layer 2 networks, Cardano joining this network will open up opportunities for the decentralized applications built on the network to interoperate with other DeFi and web3 ecosystems.

This way, the possible use cases for ADA holders on other chains will increase. At the same time, it will pave the way for BTC, ETH, DOT, WAN, XRP, and other coins to be used in Cardano’s own Dapp ecosystem.

Commenting on this collaboration, the Chief Product Officer of IO Global, Dynal Patel, said,

“Interoperability is one of the driving forces behind the Cardano blockchain, and as such the Cardano ecosystem will continue to grow. Crosschain bridges are one aspect of this strategy, and Wanchain’s secure infrastructure brings a valuable new contributor into the ecosystem. Wanchain will provide added utility to the Cardano community, allowing users to interact with DeFi applications on a number of networks, and take advantage of the expanding ecosystem.”

Through this collaboration, Cardano users and Dapp developers can also benefit from the L1 blockchain’s transition into a multi-chain ecosystem with much higher scalability.

Cardano Investors Remain Wary

Though the ecosystem is developing and expanding, the altcoin as an investment option is not growing by a lot. After yesterday’s almost 8% drop, ADA invalidated all the growth made by the coin during the mid-March to April rally.

Trading at $0.82, with no particular incentive to it, ADA will be struggling to mark recovery and increase investment inflows for the altcoin.

Cardano lost almost 8% of its price again yesterday

Bitcoin and ETH Near Breakout Zone, SOL Eyes Bullish Break

Key Insights:

  • Bitcoin traded below $38,000 before the bulls took a stand.
  • Ether (ETH) is attempting a recovery wave above $2,900.
  • SOL seems to be forming a base for a rally above $110.

Bitcoin

Yesterday, bitcoin price saw a bearish reaction from the $40,750 resistance zone. There was a sharp decline below the $40,000 support and the 21 simple moving average (H1).

It even traded below the $38,200 support, but the bulls took a stand near $37,800. The price started a decent recovery wave above the $38,200. There was a move above the $39,000 level and the 21 simple moving average (H1).

Bitcoin

On the upside, bitcoin is now facing resistance near the $39,300 level (the recent breakdown zone). A clear break above $39,300 could set the pace for another upward move.

Ethereum (ETH)

ETH also followed a similar pattern from the $3,030 resistance zone. There was a clear move below the $2,900 support level and the 21 simple moving average (H1).

It traded as low as $2,770 before there was a recovery wave. The price climbed above the $2,850 level and the 21 simple moving average (H1). It is now attempting a clear move above the $2,900 and $2,910 resistance levels.

Ethereum (ETH)

If the bulls succeed, the price could rise towards the $3,000 level. Conversely, there could be a fresh decline below the $2,850 support.

Solana (SOL)

SOL started a major decline from the $140 level. It traded below the $120 and $115 support levels to enter a bearish zone.

The price even moved below $100 and the 21-day simple moving average. However, the price found a strong buying interest near the $94-$95 zone. It seems like SOL is now forming a base above the $94 level.

Solana (SOL)

On the upside, an initial resistance is near the $100 level. The first key resistance is near the $102 level and the 21-day simple moving average. There is also a crucial bearish trend line with resistance near $102 on the daily chart.

A close above the trend line resistance and the 21-day simple moving average could set the pace for a move towards the $110 level. The next target for the bulls may perhaps be $120. If there is no upside break, the price could dive below $94.

ADA, BNB, and DOT price

Cardano (ADA) is consolidating losses below the $0.855 level. To start a recovery wave, the price must clear the $0.855 and $0.862 resistance levels.

Binance Coin (BNB) settled below the $400 support. If there is no move back above $400, there is a risk of a drop to $380.

Polkadot (DOT) is struggling to stay above the $17.00 support. A downside break and close below $17.00 could set the pace for a move towards $16.20.

A few trending coins are AVAX, APE, and AR. Out of these, APE is gaining pace above the $19.00 resistance level.

Bitcoin and ETH Struggle To Hold Gains, ApeCoin Could Resume Surge

Key Insights:

  • Bitcoin is slowly trimming gains from the $40,750 resistance.
  • Ether (ETH) might test the key $2,915 support.
  • APE is showing bullish signs and might resume uptrend above $18.00.

Bitcoin

After a strong move above $40,000, bitcoin price faced sellers. The bears remained active near the $40,750 level. The price reacted to the downside and traded below $40,400.

There was a move below the $40,000 support and the 21 simple moving average (H1). Bitcoin even traded below the 23.6% Fib retracement level of the recent wave from the $38,250 zone to $40,750 high.

Bitcoin

It seems like the price might extend decline and test $39,500. It is near the 50% Fib retracement level of the recent wave from the $38,250 zone to $40,750 high. On the upside, $40,500 and $40,750 are important breakout levels.

Ethereum (ETH)

ETH also attempted an upside continuation above $3,000. However, the price struggled to clear the key $3,035 resistance zone.

It is moving lower below the $3,000 level and the 21 simple moving average (H1). There was a move below the 38.2% Fib retracement level of the recent wave from the $2,800 support to $3,035 high.

Ether

On the downside, there is a major support forming near the $2,915 level. It is near the 50% Fib retracement level of the recent wave from the $2,800 support to $3,035 high. Any more losses might send the price towards the $2,840 level.

ApeCoin (APE)

APE started a major increase after it broke the $12.50 resistance zone and the 21-day simple moving average. Besides, there was a break above a key bearish trend line with resistance near $13.00 on the daily chart.

The price even climbed above $18.00, but it struggled to test the $20.00 resistance. It is correcting gains and trading below the $18.00 level.

ApeCoin (APE)

However, the bulls are protecting the $17.50 support zone. If they remain active, the price could start a fresh surge above $18.00. The next key resistance on the upside may perhaps be near $19.50 or $20.00.

If there is a downside break below the $17.50 support, the price might correct sharply. In the stated case, APE might slide and test the $15.00 support zone in the near term.

ADA, BNB, and DOT price

Cardano (ADA) struggled to gain pace above the $0.885 resistance zone. It is correcting gains and trading below the $0.860 level.

Binance Coin (BNB) failed to stay above the main $400 support zone. It is now moving lower towards the $388 support. The next major support is near $385.

Polkadot (DOT) faced selling interest above the $17.50 level. It is sliding and seems like the bears might aim a test of the $17.00 support zone.

A few trending coins are DOGE, LUNA, and AAVE. Out of these, DOGE is showing a lot of positive signs above the $0.150 level.

Bitcoin and ETH Bears Take Control, Doge Shines

Key Insights:

  • Bitcoin declined below the $40,000 and $39,150 support levels.
  • Ether (ETH) dropped below the key $2,915 support.
  • DOGE stayed above an important support at $0.1250 on the daily chart.

Bitcoin

After a close below $40,000, bitcoin price started a fresh decline. BTC trimmed gains and traded below the key $39,150 support zone to enter a bearish zone.

There was also a move below the $39,000 support and the price settled below the 21 simple moving average (H1). It traded towards the $38,400 level, where it found buying interest. The price started an upside correction above $38,700.

Bitcoin

On the upside, bitcoin is facing resistance near the $39,150 level and the 21 simple moving average (H1). The next major resistance is near $39,300 and a connecting bearish trend line on the hourly chart.

Ethereum (ETH)

ETH also declined over 4% and traded below the $2,915 support zone. It even broke the $2,850 support and tested the $2,810 level.

ETH also settled below $2,915 and the 21 simple moving average (H1). It is now correcting losses and trading above the $2,850 level. On the upside, the price is facing resistance near the $2,870 and the 21 simple moving average (H1).

Ether

The main resistance is now forming near the $2,950 level and a bearish trend line. On the downside, a clear move below $2,800 might send the price $2,720.

Dogecoin (DOGE)

DOGE started a major decline from the $0.1800 resistance zone. There was a drop below the $0.1500 and $0.1450 support levels.

The decline gained pace below the $0.1400 level and the 21-day simple moving average. The price even spiked below the $0.1320 level, but the bulls appeared near a major support at $0.1250 on the daily chart.

Dogecoin (DOGE)

It reacted sharply to the upside and gained over 5%. DOGE is also gaining pace above $0.1300 after there were reports of Elon Musk buying Twitter. On the upside, it is facing a key resistance near the $0.1400 level and connecting bearish trend line on the daily chart.

A close above $0.1400 might start a major increase. The next key resistance might be $0.1500, above which the price could surge towards the $0.1650 level.

ADA, BNB, and DOT price

Cardano (ADA) declined 5% and tested the $0.850 support. If there is a close below $0.850, there is a risk of a move towards $0.820.

Binance Coin (BNB) tested the $380 support zone, where the bulls emerged. It is now back above $390, but the bears might remain active near $395 and $400.

Polkadot (DOT) declined towards the $17.00 level. It is now consolidating losses and might face resistance near the $17.80 level. The next key resistance could be near $18.00.

A few trending coins are APE, GMT, and KNC. Out of these, APE is up over 5% and is gaining pace above the $17.20 resistance level.

Bitcoin and ETH Resume Downtrend, AVAX At Risk of Sharp Drop

Key Insights:

  • Bitcoin is gaining pace below the $40,000 level.
  • Ether (ETH) traded below the key $3,000 support zone.
  • AVAX is signaling a major downside break below $75.

Bitcoin

After facing a strong selling interest, bitcoin price started a fresh decline from the $43,000 zone. There was a clear move below the $40,950 support zone.

There was a break below a key bullish trend line with support near $41,900 on the hourly chart. It even traded below the $40,000 support and settled below the 21 simple moving average (H1). The current price action is bearish and seems like the bears are aiming a test of $39,000.

Bitcoin

The next major support is near the $38,550. Any more losses could send the price towards the $38,000 level in the near term.

Ethereum (ETH)

ETH also followed a similar pattern and started a fresh decline from the $3,165 resistance zone. There was a move below the $3,100 support zone.

Ether declined below a major bullish trend line with support near $3,020 on the hourly chart. It settled below the $3,000 level and the 21 simple moving average (H1). The next major support is near the $2,930 level.

Ethereum (ETH)

A downside break below the $2,930 support could push the price lower towards $2,840. On the upside, the previous support at $3,035 and the 21 simple moving average (H1) might act as a strong resistance.

Avalanche (AVAX)

AVAX attempted a major upside break above the $100 resistance. However, the bulls failed to gain strength above the $100 level.

A high was formed near $104 and the price started a major decline. There was a downside break below the $88 support level and the 21-day simple moving average. The price declined below the 50% Fib retracement level of the upward move from the $65 swing low to $104 high.

Avalanche (AVAX)

AVAX is now attempting a close below a crucial bullish trend line with support near $75 on the daily chart. If the bears succeed, the price could nosedive towards the $65 support. Any more losses may perhaps call for a test of the main $55 support zone in the coming days.

ADA, BNB, and DOT price

Cardano (ADA) is down 5% and traded below the $0.90 support level. The key support is near the $0.865 level, below which it could test $0.85.

Binance Coin (BNB) is slowly moving lower towards the $402 and $400 support levels. If there is a downside break below $400, the price might slide towards the $382 level in the near term.

Polkadot (DOT) is down over 5% and there was a move below the $19.00 level. It seems like the price might continue to move down towards the $18.00 support level.

A few trending coins are GMT, AMP, and LEO. Out of these, AMP is showing positive signs above the $0.0234 level.