Crypto Market Daily Highlights – Bearish Session Sinks SOL and ADA

Key Insights:

  • It was a mixed session for the crypto top ten, with Solana (SOL) leading the way down.
  • A quiet day on the economic calendar left geopolitical risk to weigh on risk sentiment, leaving the NASDAQ 100 down by 0.16%.
  • The Tuesday mixed session saw the total crypto market cap fall for a fourth consecutive day, with $11.6 billion coming off the table.

It was a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) failed to revisit the $24,000 handle for the second consecutive session. The bearish start to August saw ADA and SOL lead the way down.

There were no cues for the crypto market, leaving investors to continue considering weak US economic indicators. Following a string of weak economic indicators, US job openings disappointed on Wednesday. The numbers came ahead of the all-important nonfarm payroll figures on Friday.

Adding to the market angst on Tuesday was the speaker of the House Nancy Pelosi’s Taiwan visit, which could strain relations between the US and China.

The NASDAQ 100 slipped by 0.16%, while the S&P500 and the Dow saw heavier losses of 0.67% and 1.23%, respectively.

NASDAQ correlation
Total Market Cap – NASDAQ – 030822 5 Min Chart

The Total Crypto Market Cap Falls for a Fourth Day in a Row

On Tuesday, the total crypto market cap slid to a day low of $1,023 billion before rising to an afternoon high of $1,068 billion.

However, a bearish send to the session led to a slide back to sub-$1,039 billion before steadying.

Crypto market cap
Total Market Cap 030822 Daily Chart

The crypto news wires were on the quieter side, leaving geopolitics and investor sentiment towards the US economic outlook to test buyer demand.

Speaker of the House Nancy Pelosi visited Taiwan, drawing condemnation from China. The threat of renewed tensions between the US and China weighed on riskier assets.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Tuesday session for the crypto top ten.

BNB and ETH bucked the top tend trend, with modest gains of 0.18% and 0.03%, respectively.

For the rest of the top ten, ADA and SOL led the way down, sliding by 3.12% and by 4.44%, respectively.

BTC (-1.16%), DOGE (-2.82%), and XRP (-2.17%) also struggled.

From the CoinMarketCap top 100, it is a mixed session.

Cronos (CRO), Lido DAO (LDO), and Ethereum Classic (ETC) were among the front runners. CRO rose by 13.17%, with LDO and ETC gaining 10.06% and 4.37%, respectively.

Theta network (THETA), Waves (WAVES), and Chiliz (CHZ) were amongst the biggest losers. CHZ slid by 8.94%, with WAVES and THETA falling by 6.05% and 7.58%, respectively.

Total Crypto Liquidations Continue to Signal Red

Early in the Wednesday session, 24-hour liquidations rose, reflecting the current crypto reversal that kicked off on July 29.

At the time of writing, 24-hour liquidations stood at $208 million, up from $163 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 78,905 versus 72,497 on Tuesday morning.

The one and four-hour liquidations also signaled a pickup in liquidations at the turn of the day.

Crypto liquidations rise
Total Crypto Liquidations 030822

According to Coinglass, four-hour liquidations stood at $37.01 million versus $12.96 million on Tuesday morning. One-hour liquidations were up from $1.28 million to $5.39 million (see hourly crypto market cap chart below).

Crypto bearish session
Total Market Cap 030822 Hourly Chart

Daily News Highlights

  • Coinbase-backed Nomad Bridge saw $190 million drained in a security exploit.
  • FCA finalized tighter rules for ads promoting high-risk assets.
  • The courts gave crypto lender Vauld three months of protection from 147,000 creditors.

Crypto Price Analysis August 1: APE, WAVES, ETC, UNI, AAVE

Key Insights:

  • Waves countered the bearishness with an 8% rise to trade at $6.
  • Ethereum Classic continued its downtrend, slipping by 16% in 3 days.
  • Bitcoin and Ethereum fell to $22.9k and $1.6k as well.

Altcoins dominated the crypto market with their rise and fall, but with bears winning the day, the market lost about $25 billion in the last 24 hours.

The likes of Waves and Ethereum Classic propagated the downtrend affecting the king coin and the altcoin king as well, which sank to $22.9k and $1.6k, respectively.

Waves (WAVES)

Despite being up by 8.65%, the altcoin is still moving sideways, with the coin trading at $6.05, the same price WAVES was a month ago.

However, with the support of the 50-day Simple Moving Average (SMA) (red), this recovery might get easier, especially if WAVES is able to flip the 100-day SMA (blue) into support as well.

ApeCoin (APE)

The Bored Ape Yacht Club NFT token has not been moving a lot these past few days, declining by just 4.91% in over 72 hours.

On the other hand, it still has the support of bullish crossover on the MACD, which will be crucial in keeping APE’s 63.5% rally intact.

Ethereum Classic (ETC)

The Ethereum hard fork fell by more than 16.8% in the span of 3 days, 13.4% of which came in just the last 24 hours.

With the Parabolic SAR set to move above the candlestick, ETC will face a further downtrend, which would be harmful to its 195.16% rally it noted this month.

Uniswap (UNI)

The DeFi token is on a similar path as ETC as despite falling by 12.85% in 72 hours, UNI is still maintaining its 154.99% rally from a month ago.

The green bars on the Awesome Oscillator evince the same thing, which will help UNI from falling further.

Aave (AAVE)

AAVE lost the least in this list as the altcoin declined by just 3.11% in the last 24 hours, leaving its almost 103% rally intact.

The Relative Strength Index (RSI) is also keeping itself sustained in the bullish zone, which is a good sign for AAVE’s future.

WAVES Price Prediction: What’s Next After a 14% Surge?

Key Insights:

  • The WAVES token has risen 45% since July 13 and rallied 14% in the last 24 hours. 
  • WAVES now has a market capitalization of $671 million, ranking 66th overall in the market.
  • WAVES is still down 90% from its all-time high price.

Despite a market-wide downturn, WAVES has rallied 14% today and ranks 66th in the list of cryptocurrencies worldwide by market capitalisation at $671 million.

The token climbed from a low of $4.4601 on July 13 to $6.4992 today – a 45% spike over the week.

The WAVES cryptocurrency plays a key role in maintaining the Waves network and is used to create custom tokens, as well as to pay for transaction fees. The Waves blockchain itself is designed to enable users to create and launch custom crypto tokens without the need for extensive smart contract programming.

Price Action

WAVES started trading in June 2016 at around the $1 price point. The token then went onto hit a new all-time high in December 2017 before falling in line with the wider crypto markets. The price declined from $15.21 at the high to around $3 in April 2018.

2019 was lacklustre for the WAVES cryptocurrency as it stagnated within the $1-$2 range throughout the year. The token started gaining traction in the latter half of 2020 and then marked a new all-time high in May 2021 when it reached a price of $34.01.

After an extended dip in the following months, the coin rallied back to the $32 mark in October 2021, before plummeting to $9.0144 by February 1, 2022.

 

WAVES weekly price chart
WAVES 200722 Weekly Price Chart

The first half of this year saw strong price action pushing WAVES to new all-time highs again, this time going past the $60 level after the world’s largest cryptocurrency exchange, Binance announced that it will accept WAVES as collateral on its loans platform. 

This spike, however, was followed by a strong correction and WAVES dropped to $5.3913 on May 27 – a 90% drop in 57 days.

On July 19, the token’s price formed a symmetrical triangle pattern and was trading below the vital 50 and 100-day exponential moving averages (EMA). WAVES has since recovered and is trading at $6.24, but the token is still down 90% from its all-time high price.

 

WAVES 200722 Daily Price Chart
WAVES 200722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on WAVES is neutral, with 14 indicators displaying bullish signals compared to 14 bearish signals at the time of writing.

The daily simple and exponential moving averages are giving mostly buy signals, while the relative strength index (RSI) stands at 58.9.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

This means that WAVES has some way to go before it approaches the overbought territory.

Crypto Price Analysis July 19: NEXO, LDO, WAVES, LEO, MATIC

Key Insights:

  • NEXO emerged as one of the best-performing assets today, rising by 28%
  • LEO remained unmoved but continued its gradual decline.
  • Bitcoin and Ethereum moved up today, trading at $23.1k and $1.5k.

With the king coin and the altcoin marking a substantial rise in the past few days, most of the altcoins are following suit to close in green. Consequentially the crypto market cap is also sustaining above $1.034 trillion at the time of writing.

Nexo (NEXO)

In the span of 24 hours, NEXO shot up by 28.73% to close above $0.75. Trading at $0.778 at the time of writing, the altcoin is yet to recover the 50.8% losses it witnessed during the June crash.

For the first time in more than a month, the Awesome Oscillator turned positive, and the gradual incline might keep in the positive zone for a while longer.

Lido DAO (LDO)

Lido DAO’s native token was one among the best performing altcoins, trading at $1.63. At one point during the day, the crypto shot up by 20.69% in the span of 24 hours.

According to the Bollinger Bands, the volatility at the moment for the asset is very high, which is natural considering its 260.69% rise in 17 days, but with the candlestick above the basis, the price swing will be positive.

Waves (WAVES)

WAVES followed the broader market cues and shot up by almost 21%, trading at $6.03. However, it is yet to recover the 55.51% losses it witnessed in June.

The Chaikin Money Flow does indicate organic growth fuelled by the inflows however, it isn’t enough to help in recovering from the crash.

UNUS SED LEO (LEO)

LEO stands to be one of the only few altcoins which are treading against the market trend, rising during the June crash and falling during the recovery.

Down by 9.87% over the past 12 days, it has already invalidated half of its 18.78% recovery observed last month.

Polygon (MATIC)

Despite declining by 3.4% today, MATIC kept its 24-hour price movement positive at 23.93%, thanks to yesterday’s rise.

Being one of the only significant altcoins to mark a 170% rally in the last one month, MATIC is already overbought and might note a trend reversal over the next couple of days.

Crypto Market Daily Highlights – June 22 – Powell Sinks DOGE and ETH

Key Insights:

  • After brief relief on Tuesday, volatility spiked on Wednesday, with Fed Chair Powell pulling the crypto strings.
  • Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL) joined bitcoin (BTC) in deep the red. Solana saw a five-day winning streak come to an end.
  • The total market cap reversed gains from Monday and Tuesday, with a $33 billion fall to end the day at $862 billion.

It was yet another choppy session for the crypto market on Wednesday. Recession fears plagued bitcoin (BTC) and the broader crypto market. Apprehension ahead of Fed Chair Powell’s testimony on Capitol Hill added to the market angst.

The NASDAQ Mini 100, WTI crude oil, and the crypto market were in the red going into the afternoon session.

Market sensitivity to Fed Chair Powell’s testimony was evident, not only across the global equity markets, but also across the crypto market.

However, after tracking the NASDAQ 100 through the early part of the Powell testimony, a decoupling was evident later.

On Wednesday, the NASDAQ 100 slipped by 0.15%, while bitcoin slid by 3.6%.

WTI crude slid by 4.03% to $106.19, with the reversal more aligned with the crypto market and reflective of investor jitters over the risk of a US recession.

WTI and BTC sink/
NASDAQ BTC WTI 230622 5 Minute Chart

Today, the second day of Fed Chair Powell’s testimony on Capitol Hill will draw interest along with key stats from the US.

Economic data from the US include prelim June private sector PMIs and the weekly jobless claims. The numbers will need to be upbeat to support the Fed Chair’s view on labor market conditions and the economy.

Crypto Market Cap Hits Reverse as Powell Talks Recession

A bearish crypto session saw the total crypto market cap fall to a day low of $852 billion before a partial recovery to end the day at $861.5 billion.

On Wednesday, $33 billion came off the table as investors responded to Fed Chair Powell’s testimony.

Crypto market cap hits reverse.
Total Market Cap 230622 Daily Chart

The pullback reversed modest gains from earlier in the week, with the market cap now down $19 billion for the week and $431 billion for June.

Any market hope of Powell removing downside risks vanished on Wednesday. Initially, the market responded positively to early comments before hitting reverse.

In line with market expectations, Fed Chair Powell discussed the need to continue hiking rates to bring inflation back to target.

According to FX Empire, Powell noted,

“We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.”

For riskier assets, Powell’s reference to the influence of incoming data and the economic outlook on the Fed interest rate path eased immediate concerns of a hard landing.

The support was brief, however, with the Q&A session highlighting the Fed’s threat to the US economy.

Market reaction to the testimony left the top ten cryptos in negative territory.

DOGE (-6.21%), ETH (-6.75%), and SOL (-6.25%) led the way down.

ADA (-4.75%) and BTC (-3.63%) also struggled, while BNB (-2.64%) and XRP (-1.89%) saw relatively modest losses.

From the CoinMarketCap top 100, Waves (WAVES) was the biggest loser, sliding by 15.39%, the downside partially reversing a 43.04% breakout from Tuesday.

Several cryptos bucked the trend, with Polygon (MATIC) and Uniswap (UNI) among the front runners. MATIC and UNI ended the day with gains of 8.49% and 4.32%, respectively.

Stablecoins Hold Steady Despite USDD Peg Issues

On the stablecoin front, USDD avoided a fall to sub-$0.97 before striking a day high of $0.9762.

USDD
USDD 7-Day Chart 230622

Since June 13, TRON DAO Reserve has yet to restore the dollar peg. Despite this, a partial recovery from a June 19 of $0.9256 remains good enough for the market.

Transparency has proven to be the key, with initial investor fear of another stablecoin collapse abating.

According to TRON DAO Reserve, the collateral ratio stood at 324.16%.

USDD collateral ration TRX positive.
USDD Collateral Ratio 230622

Looking at the major stablecoins, Binance USD (BUSD) and USD Coin (USDC) were the only coins with the dollar peg firmly in place.

Total Crypto Liquidations Eased Further Back Powell’s Testimony

The downward trend in total crypto liquidations continued into this morning.

24-hour liquidations slipped from a Wednesday $170.27 million to $165.11 million this morning. Last week, total liquidations had hit $1 billion levels.

One-hour liquidations reflected improved market conditions.

According to Coinglass, one-hour liquidations stood at $2.05 million.

total crypto liquidations ease.
Total Crypto Liquidations 230622

A decline in 24-hour total liquidations to sub-$100 million would deliver crypto market support. Persistent headwinds, including the threat of an economic recession, will continue to test support cryptos.

Daily News Highlights

  • Crypto.com obtained Singapore regulatory approval for payment services.
  • Citibank & Swiss company METACO announced plans to develop institutional crypto custody.
  • Israel and Hong Kong reported plans to test new digital currencies.
  • Tether (USDT) announced its fifth stablecoin offering, the GBPT.
  • Cardano (ADA) slumped on news of a delay to the Vasil hard fork.
  • Crypto mining became more accessible as miners sold graphic cards at heavy discounts.

Bitcoin and ETH Price Prediction: Recovery Isn’t Over Yet, TRX Could Take-off

Key Insights:

  • Bitcoin could rise again unless it breaks the $19,950 support.
  • Ether (ETH) is showing positive signs above $1,060.
  • TRX eyes more upsides above the $0.0665 resistance.

Bitcoin

After a short-term recovery wave, bitcoin price failed to clear the $21,750 resistance zone. BTC formed a top and started a fresh decline below the $21,000 level.

There was a clear move below the $20,600 support area and a connecting bullish trend line on the hourly chart. However, the bulls were active near the $19,950 support zone. The price is now rising above the $20,600 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

The first major resistance is near the $21,000 level. The main resistance sits at $21,750, above which the price could recover towards $22,800.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,200 resistance zone. The price started a fresh decline below the $1,150 support level and the 21 simple moving average (H1).

There was a clear move below a key bullish trend line with support near $1,145 on the hourly chart. It tested the $1,060 support zone, where the bulls emerged. Ether price is now rising above the $1,100 level and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, the price could face sellers near the $1,150 and $1,155 levels. The main resistance is now near the $1,200 zone, above which the price could rally 5%-8%.

Tron (TRX)

TRX formed a strong base above the $0.0480 level and started a steady increase. There was a steady increase above the $0.0500 level.

There was a move above the 38.2% Fib retracement level of the downward move from the $0.0920 swing zone to $0.0480 low. TRX price is now trading near a key resistance at $0.0665 (the previous breakdown support).

Tron TRX Daily
Tron TRX Daily by FXEmpire

A clear move above the $0.0665 level could send the price towards the $0.0720 resistance zone or the 21-day simple moving average. Any more gains might clear the path for a surge towards the $0.0850 level.

If there is no upside break above the $0.0665 resistance, the price could trim gains and restart decline towards the $0.050 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is showing a few bearish signs below the $0.500 support zone. The next major support is near $0.462, where the bulls might emerge.

Binance Coin (BNB) failed to continue higher above $225 and started a fresh decline. It seems like the bulls might make another attempt to clear $225 and $230.

Polkadot (DOT) retreated lower and settled below the $8.00 support. The next major support sits near the $7.45 level.

A few trending coins are DOGE, UNI, and WAVES. Out of these, UNI is up over 10% and eyeing more gains towards the $6.50 resistance.

Crypto Market Daily Highlights – June 21 – BNB, DOGE, SOL Impress

Key Insights:

  • After a mixed start to the week, buying momentum gathered pace on Tuesday, with Dogecoin (DOGE) leading the top ten crypto majors.
  • Solana (SOL) extended its winning streak to five days, its best run since March.
  • The total market cap rose by $8.8 billion, another relatively modest rise. For June, the total market cap remains down by $405 billion.

It was another choppy session for the crypto market on Tuesday. Bitcoin (BTC) took a run at $22,000 before easing back. The pullback saw bitcoin end the day at $20,699.

A sharp pickup in risk appetite across the global financial markets delivered support to the crypto market.

With the US markets reopened after Monday’s holiday, the NASDAQ 100 rallied by 2.51%.

While weaker than in previous weeks, a correlation between bitcoin and the NASDAQ was evident, with a late decline in the NASDAQ pulling back the broader crypto market.

An upward swing in crude oil prices tested support for the NASDAQ and the crypto majors late in the session. Market angst over inflation and central bank policies to bring inflation back to target raises the threat of a global economic recession.

Will WTI impact crypto demand?
NASDAQ BTC WTI 220622 Daily Chart

Despite this week’s uptrend, headwinds persist, which leaves the crypto market at risk of a reversal.

Today, Fed Chair Powell testimony on Capitol Hill will draw plenty of interest and will remind the markets of what lies ahead on the policy and economy front.

Crypto Market Cap Up for Again but Deep in the Red for June

Another mixed crypto session led to a modest increase in the total crypto market cap.

On Tuesday, the total market cap increased by $8.8 billion, following a $4.4 billion rise on Monday.

The upswing was small compared with Sunday’s $62.6 billion jump, leaving the market cap down $405 billion for June.

Total market cap rises modestly.
Total Market Cap 220622 Daily Chart

Poignantly, the crypto market avoided a new June low for a third consecutive day.

However, downside risks remain, with central bank monetary policy, the threat of a recession, and a likely shift in the regulatory landscape the key considerations near term.

Looking at the top ten, ADA (-2.04%) and ETH (-0.18%) gave up early gains to end the day in the red.

However, it was a bullish session for the remainder, with DOGE rallying by 9.50% to lead the way.

BNB (+1.66%), BTC (+0.71%), SOL (+3.30%), and XRP (+1.44%) also found support.

From the CoinMarketCap top 100, Shiba Inu (SHIB) and Waves (WAVES) led the way, surging by 31.20% and 43.04%, respectively.

On the stablecoin front, USDD movements were market positive. While TRON DAO Reserve failed to restore the peg, USDD returned to $0.97, easing market fear of another stablecoin collapse.

USDD returns to $0.97
USDD 7-Day Chart 220622

The return to $0.97 levels delivered TRON (TRX) support, with TRX ending the day up 6.18%.

TRON DAO Reserve collateral figures continued to ease concerns of a USDD collapse.

At the time of writing, the collateral ratio stood at 326.35%.

USDD CR steadies market nerves
USDD Collateral Ratio 220622

Total Crypto Liquidations Eased Back Following Fed Policy Decision

The downward trend in total crypto liquidations continued on Tuesday.

After hitting $1 billion last Tuesday, 24-hour liquidations fell from $315 million on Monday to $199.82 million on Tuesday.

This morning, 24-hour liquidations stood at $170.27 million, a second consecutive morning at sub-$200 million.

One-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $1.91 million.

A decline in 24-hour total liquidations to sub-$100 million would deliver crypto market support.

Crypto Daily News Highlights

  • Elon Musk reassurances of support for DOGE delivered a meme coin breakout.
  • Axie Infinity (AXS) became the most searched NFT in 112 countries, outmuscling Decentaland (MANA).
  • Crypto Casino Stake.com sponsored English Premier League side Everton Football Club.
  • DeFi Pulse Index jumped 13%, driven by a token rebound.
  • Uniswap (UNI) broke out on news of the NFT marketplace launch.

Crypto Price Analysis June 21: WAVES, SHIB, ZIL, COMP, AAVE

Key Insights:

  • The total crypto market today was worth a little less than $900 billion.
  • WAVES and Shiba Inu led the market rally.
  • The majority of the cryptocurrencies, including Bitcoin, closed in green today.

The last few days have been very fruitful for crypto investors who bought the crash, and the investors who had been facing losses breathed a sigh of relief.

At the time of writing, the crypto market cap rose to $893 billion as altcoins pulled it out of the weeds.

WAVES (WAVES)

As opposed to other altcoins, WAVES, although closed in the green for the last two days as well, marked the most growth only in the previous 24 hours. Rising by 44.82%, WAVES led the crypto market rally bringing the price to $6.5.

According to the Bollinger Bands, the altcoin might continue rising going forward, albeit slowly. This is because the volatility seems to be declining courtesy of the converging bands, but with the candle above the bias, the price action will be positive.

Shiba Inu (SHIB)

The meme coin did not hold back today and, on the back of broader bullish cues, marked a rally exceeding 33%. Trading at $0.00001077, SHIB finally invalidated all the bearishness it witnessed this month.

It has room for growth going forward as well since the bullishness only seems to be increasing, as is visible on the Awesome Oscillator. As soon as the green bars appear above the neutral line, SHIB will note consistent rises.

Zilliqa (ZIL)

Walking along the lines of its fellow cryptocurrencies, ZIL too marked a 28.21% rise in the last three days, trading at $0.041. Although the altcoin is far from recovering June’s losses, this rally did bring it closer.

The Relative Strength Index (RSI) also indicates a further rise, given its proximity to the bullish zone, which it will achieve once it crosses above the neutral line.

Compound (COMP)

Compound’s governance token COMP witnessed an excellent beginning to the week with a 48.33% rise, which placed the altcoin closer to invalidating its 51.16% losses. Trading at $42.51, COMP will continue a sustained rise.

This is backed by the appearance of an uptrend on the charts after the white dots of the Parabolic SAR shifted their position to underneath the candlesticks.

AAVE (AAVE)

After a 57.81% decline, the DeFi token did not seem like it could recover its losses. However, the 38.8% incline over the last two days rose the trading price to $68 at the time of writing. 

Regardless, AAVE still has a long way to go to invalidate the losses, and in doing so, it would also be able to flip the 50-day Simple Moving Average into support which would be crucial for a further rally.

Axie Infinity Surpasses Decentraland To Be the Top NFT in 112 Countries

Key Insights:

  • Axie Infinity holds the title of the most-searched community NFT in 112 countries.
  • Although Decentraland is the most popular NFT in the United States.
  • Both AXS and MANA have been attempting to recover from the May-June crash.

The world of NFTs has grown beyond expectations and now hosts millions of people around the world. Now sales of NFT collections may make one think that the Bored Ape Yacht Collection is the biggest NFT collection to exist, however, the reality of the situation is starkly different.

Axie Infinity Rules NFTs

That is true. Axie Infinity’s NFTs do rule NFTs in a lot of places around the world, except for the United States, where Decentraland has a much higher demand.

But apart from that, in more than 112 countries, Axie Infinity is the most searched for community NFT. The closest competition it has is Decentraland which too only holds the title in 43 countries.

In Oceania, particularly, which compromises Australia, Papua New Guinea, Fiji, and New Zealand, Axie Infinity has absolutely no competition. 

While on the other hand, Africa has a wide range of NFT collections finding preference in different countries. Apart from Axie Infinity and Decentraland, NFT collections such as Sorare, Bored Ape Yacht Club (BAYC), and Town Star are also favorites.

AXS and MANA on the Charts

Although Axie Infinity and Decentraland are a favorite among NFT collectors/traders, investors haven’t shown such interest in their native tokens. At the time of writing, AXS and MANA were trading at $15.4 and $0.89, respectively. 

Recovering from the 37.46% crash, AXS marked a 16.6% rally over the last three days, but the coin still has a long way to go before it can attract the attention of spot investors. 

The same goes for MANA as well, which increased by 15.69% after declining by 23.87%.

Since other altcoins such as Waves and Synthetix have rallied by more than 30% in the same time period, AXS and MANA will naturally not receive much attention, but they still have the upper hand in their fields.

Bitcoin and ETH Could Nosedive, XLM Remains Elevated

Key Insights:

  • Bitcoin remained in a bearish zone below $30,850 and $30,000.
  • Ether (ETH) declined heavily below the $1,840 support.
  • XLM could rally if there is a close above the $0.155 resistance.

Bitcoin

After a close below the $31,250 zone, bitcoin price started a fresh decline. There was a sharp move below the $30,000 support level and the 21 simple moving average (H1).

Recently, there was a recovery wave, but the bears were active near $30,450. The price is again moving lower and it broke a key bullish trend line at $30,400 on the hourly chart. The price is now consolidating losses above the $29,450 support zone.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If there is a close below the $29,450 support, bitcoin price might resume losses. The next major support sits near the $28,550 level.

Ethereum (ETH)

ETH remained in a bearish zone below the $1,915 pivot zone. The bears were in action and the price declined below the $1,845 support zone.

There was a clear move below the $1,785 support level and the 21 simple moving average (H1). Besides, there was a move below a connecting bullish trend line with support near $1,800 on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

The price is now consolidating losses below the $1,800 resistance zone. The next major support sits near the $1,720 level, below which there is a risk of a move towards the $1,640 level.

Setllar (XLM)

XLM started a strong decline after it topped near the $0.24 level. There was a major drop below the $0.20 and $0.18 support levels.

It even moved below the $0.16 level and the 21-day simple moving average. Finally, there was a spike below the $0.12 level and the price tested the $0.10 zone. A base was formed above $0.10 and the price started a steady increase.

Stellar XLM Daily Chart
XLM Daily Chart

There was a break above a major bearish trend line with resistance near $0.130 on the daily chart. The next major resistance sits near the $0.155 zone.

A close above the $0.155 zone might start a strong increase. In the stated case, XLM price might rise towards the $0.166 level and then $0.180. If there is no upside break, the price could start a downside correction and decline towards the $0.130 support.

ADA, BNB, and DOT price

Cardano (ADA) is trading well below the $0.60 support zone. It seems like there is a risk of a move towards the $0.525 support zone.

BNB is back below the $300 level. If the bears remain action, the price might slide further towards the $285 support zone.

Polkadot (DOT) settled below the $10.00 pivot level. It seems like the price is now moving lower and could even test the $9.00 support.

A few trending coins are ICP, WAVES, and HOT. Out of these, WAVE is still eyeing an upside break above the $10.00 resistance.

Bitcoin and ETH Remain At Risk, Why WAVES Could Rally

Key Insights:

  • Bitcoin gained bearish momentum below $30,850 and $30,000.
  • Ether (ETH) declined heavily below the $1,915 support.
  • WAVES could rally if there is a close above the $10.00 resistance.

Bitcoin

After struggling above the $32,000 zone, bitcoin price started a fresh decline. There was a sharp move below the $30,850 support level and the 21 simple moving average (H1).

There was a break below the key bullish trend line at $31,500 on the hourly chart. The bears gained strength for a push below the $30,000 level. The price is now consolidating losses above the $29,450 support zone.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If there is a clear move below the $29,450 support, bitcoin price might resume losses. The next major support sits near the $28,550 level.

Ethereum (ETH)

ETH also followed a similar pattern from the $2,015 resistance zone. There was a sharp move below the $1,915 support level and the 21 simple moving average (H1).

The price even declined below the $1,800 level and tested the $1,765 zone. Recently, there was a minor recovery, but the bears remained active near $1,845. Ether resumed decline and traded below a key bullish trend line at $1,820 on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

The price is now consolidating losses above the $1,765 support zone. The next major support sits near the $1,680 level. On the upside, the price must clear $1,845 to start a decent recovery.

WAVES

WAVES started a strong decline after it topped near the $60.00 level. There was a major drop below the $30.00 and $20.00 support levels.

It even moved below the $10.00 level and the 21-day simple moving average. Finally, there was a spike below the $5.00 level and the price tested the $4.00 zone. It is now forming a base and up over 10%. There was a move above the $8.50 resistance.

WAVES Daily Chart
WAVES Daily Chart by FXEmpire

There was a break above a major bearish trend line with resistance near $9.00 on the daily chart. The next major resistance sits near the $10.00 zone.

A close above the $10.00 zone 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 $6.00 support. The next key support sits at $4.00.

ADA, BNB, and DOT price

Cardano (ADA) trimmed gains after a strong rally to $0.685. It is now trading below $0.600 and might attempt a fresh increase.

BNB is consolidating near the $300 level. A daily close above the $305 level may perhaps open the doors for a fresh increase.

Polkadot (DOT) is down over 8% and trading below the $9.80 level. If there is a break below $9.30, the price could revisit the $9.00 support.

A few trending coins are ICP, KCS, and GLM. Out of these, GLM rallied over 35% and broke the $0.35 resistance zone.

Crypto Morning Brew: BTC, ETH Consolidate Pre-Key Macro Risk Events, Two DeFi Tokens Surge

Key Points

  • Major cryptocurrencies are still in consolidation mode ahead of upcoming macro risk events.
  • Bitcoin continues to trade in thin intra-day ranges in the mid-$31,000s.
  • Tron and Waves’ native tokens have surged on Wednesday amid recent DeFi capital inflows.

State Of The Market

Amid a subdued tone to broader macro trading conditions on Wednesday with market participants globally in wait-and-see mode ahead of key upcoming market risk events, cryptocurrency trade on Wednesday has been uneventful, much like trade on Tuesday. The total market capitalization of cryptocurrencies remains close to but just below $1.30 trillion, having held on to but not extended earlier weekly gains that saw market cap jump from closer to $1.20 trillion.

The widely watched US ISM Manufacturing PMI survey for May, which will give a timely insight into business/economic conditions in the US industrial sector, is scheduled for release at 1400GMT on Wednesday. It is expected to signal that growth in the US economy remains robust, though continuing to wane from its 2021 peaks amid ongoing global headwinds such as rampant inflation and supply chain snags as a result of the Russo-Ukraine war and recent lockdowns in China. Meanwhile, a couple of important Fed policymakers will be speaking later in the session.

In terms of the playbook for crypto traders, anything that suggests a better growth outlook, as well as an easing of inflationary pressures/easing of the pressure on the Fed to hike so aggressively in H2 2022 and 2023, would likely be good for stocks and crypto and vice versa. But ahead of the release of US private payroll firm ADP’s estimate of employment change in the US in May on Thursday and then the release of the official US labor market report for May on Friday, traders are unlikely to overly commit to big new positions. That suggests trading conditions might well remain subdued on Wednesday.

Bitcoin Continues Consolidation In Mid-$31,000s

Bitcoin continues to trade in tight intra-day ranges in the mid-$31,000s, not far below earlier weekly highs closer to $32,000, leaving it with a market cap of around $600 billion according to CoinMarketCap. For now, support in the form of the 15 May highs in the $31,400 area is holding up, while bulls continue to eye a potential test of early 2022 lows in the $33,000 area and around $34,200, though any such move will likely have to wait until this week’s aforementioned macro risk events are out of the way.

Turning to ethereum, the world’s second-largest cryptocurrency by market cap continues to consolidate close to its 21-Day Moving Average in the mid-$1,900s and is roughly flat on the day. That leaves its market cap around $233 billion.

In terms of some of the notable major altcoin movers, Cardano, Avalanche, Solana and Polygon are all underperformers, posting losses of between 3-6% over the last 24 hours, according to CoinMarketCap data.

Meanwhile, the native token on the Binance Smart Chain BNB has barely budged in the last 24 hours, despite Binance announcing a new technical roadmap designed to enhance the network’s decentralized structure, and infrastructure capacity for sidechains, as well as the potential for decentralized application development. The new roadmap comes after Binance merged its Binance Chain and Binance Smart Chain back in February.

DeFi, NFT Update: Tron, Waves Ecosystems Experience Rapid Capital Inflow

Trade Value Locked (TVL) into Decentralised Finance (DeFi) smart contracts on the Tron blockchain surged above $6 billion on Tuesday before hitting $6.2 billion on Wednesday, data on DeFi Llama showed, its highest level since last November, when the broader crypto market was just beginning a pullback from record highs reached earlier in the month. Recent inflows have coincided with fresh upside in Tron’s native token TRX, which was last up over 10.0% in the last 24 hours according to CoinMarketCap data, despite the broader subdued tone to crypto trade.

The surge in Tron TVL from under $4.0 billion as recently as mid-way through last month comes at a time when the rest of the DeFi market is struggling to attract/retain capital. According to DeFi Llama, TVL across the entire space remains close to $100 billion on Wednesday, roughly in line with where it has been for the past few weeks and still substantially lower than its pre-TerraUST collapse levels of closer to $200 billion.

Another bright spot in the DeFi space this week has been a new surge of flows into the Waves ecosystem. After surging to nearly as high as $4.75 billion in late March thanks to the attractive stablecoin yields on offer on Waves’ Vires Finance DeFi protocol, the depegging of Waves’ algorithmic stablecoin USDN triggered a massive outflow and, over the past weekend, TVL fell to as low as $900 million.

However, over the weekend Waves released a plan to revive its DeFi ecosystem, even as its algorithmic stablecoin USDN continues to struggle to maintain its 1:1 peg to the US dollar. USDN is currently changing hands just under $0.95. As a result of the new revival plan, Waves has seen its TVL jump back $1.0 billion and towards $1.1 billion, while Waves’ native token WAVES has surged more than 90% in the past three days to around $4.50 to closer to $9.0.

Meanwhile, the broader rebound in cryptocurrency markets in recent days seems to have helped the price floors of major non-fungible token (NFT) collections find support. The minimum price to get your hands on one of the 10,000 Bored Ape Yacht Club NFTs fell under $150,000 over the weekend but has since rebounded to about $170,000. Meanwhile, the price floor to secure one of 10,000 CryptoPunks NFTs is back above $90,000 having dipped as low as $80,000 at the end of last week.

In notable NFT-related news, popular self-help, motivation, and business advice entrepreneur Gary Vaynerchuk, who has already established a strong presence in the NFT space, is set to launch his own NFT consulting business, according to a trademark filing back on 25 May. According to the filing, the firm will offer “technical consulting in the field of non-fungible tokens, cryptocurrencies, and other metaverse and Web 3 activities and assets”. Vaynerchuk has already launched his VeeFriends NFT collection, conducted an NFT conference (VeeCon), and created the “FlyFish Club”, a restaurant that requires NFT ownership for entrance.

Crypto Adoption: UAE Rolls Out Binance Pay, Crypto Sponsorships 2nd Most Profitable For NBA

Binance Labs on Wednesday announced that it has raised a $500 million fund to focus on supporting Web3 and blockchain start-up companies. However, in a recent report, Morgan Stanley outlined that it expects venture capital investments in the crypto space to slow for the remainder of the year, given that the era of “easy money” is finished (the bank thinks). According to the report, a record $30 billion was raised by crypto startups in 2021, while investments are currently still tracking for a new record high in 2022, despite the slowdown.

29 malls, 13 hotels and four mixed-use communities in the United Arab Emirates (UAE) are now accepting payment in crypto via Binance Pay, crypto media reported on Tuesday. Crypto enthusiasts view the rollout of Binance Pay as a new testing ground for the viability of crypto as an alternate payment means.

A report by IEG suggested that cryptocurrency partnerships are the second most profitable sponsorship category for the NBA. Analysts suspect this bodes well for the spread of crypto advertising/sponsorships across other industries/franchises, which will help bring crypto further into the mainstream.

Singapore’s central bank, the Monetary Authority of Singapore (MAS) launched Project Guardian on Tuesday to test new blockchain-based ideas surrounding the potential tokenization of digital assets. Regulated financial institutions including JP Morgan and DBS Bank will take part in the project, serving as so-called “trust anchors”. The project will see MAS explore potential applications of DeFi in the wholesale funding market, with the central bank to set up a liquidity pool of tokenized bonds and deposits through which it will execute borrowing and lending, all via a public blockchain network.

Executives from two of Australia’s largest four banks, speaking at the Australian Financial Review Banking Summit on Tuesday, ruled out allowing retail customers to engage in cryptocurrency trading. Maile Carnegie, an executive at ANZ, reasoned (somewhat patronizingly according to critics) that “the vast majority of them (retail customers) don’t understand really basic financial well-being concepts”.

Regulation News: Anti-crypto Lobby Sends Letter To US Lawmakers, Basel Committee To Regulate Banks’ Crypto Exposure

26 anti-crypto signatories wrote a letter to leading US lawmakers criticising crypto and blockchain technology, reported the Financial Times on Wednesday, in what it said was the first major attempt to counter lobbying by the crypto industry. The letter, signed by a mixture of tech experts and academics, said “we urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments”. The crypto industry spent around $9 million on lobbying in the US in 2021, more than triple the amount of 2020, with that number expected to have further risen this year.

Elsewhere, global banking standards setter the Basel Committee on Banking Supervision said on Wednesday that it would set new norms to govern banks’ exposure to crypto-assets later this year. “Recent developments have further highlighted the importance of having a global minimum prudential framework to mitigate risks from crypto-assets,” the committee stated, which analysts said was a likely referral to the recent collapse of Terra’s US dollar-pegged stablecoin UST.

“The committee plans to publish another consultation paper over the coming month, with a view to finalizing the prudential treatment around the end of this year,” they continued. The Basel Committee last year proposed rules that banks should hold $1 in capital for every $1 of crypto they hold, a proposal that received significant opposition from the likes of global megabanks including JP Morgan and Deutsche Bank, who said these standards were overly restrictive.

Meanwhile, the director of the United Nations’ (UN) International Computing Centre (the UNICC) Sameer Chauhan is “smitten” with crypto, various crypto market commentators said on Wednesday citing his recent remarks in a conversation with Cointelegraph at the World Economic Forum (WEF) last week. Chauhan said he sees “massive opportunities” in crypto.

“It’s a tool,” he noted. “You could use it for good or you could use it for profiting—which is not bad… In the future, crypto will be a very strong component of how the world interacts and how they transact, making it a more level playing field.”

Crypto Market Daily Highlights – May 31 – ADA Enjoys a Breakout Day

Key Insights:

  • Cardano’s ADA rallied by 9.99%, with bitcoin (BTC) consolidating Monday’s 7.69% breakout, while others faltered on the last day of the month.
  • Better than expected US consumer confidence figures for May delivered support, with bitcoin closely tracking the NASDAQ through most of the US session.
  • Despite a bullish end to May, bitcoin ended the month down by 15.6% to $31,782.

It was a mixed Tuesday session for the crypto market, with several of the top ten giving up some of Monday’s gains.

Cardano (ADA) and Waves (WAVES) were the top 100 front runners. ADA leapfrogged XRP to the #6 spot by market cap, with Waves moving to #60.

Gains on the day were not good enough to reverse losses for the month, however, with ADA and Waves seeing losses of 17.1% and 29.1%, respectively.

A fourth consecutive daily rise for bitcoin (BTC) could fuel a breakout and end the record nine-week losing streak. Bitcoin avoided a day in the red despite tracking the NASDAQ 100 through most of the day.

Crypto Market Cap Holds Steady Despite Mixed Session

While it was a mixed crypto session for the top ten, the total market cap held relatively steady.

On Tuesday, the total crypto market cap slipped from $1,300 billion to $1,293 billion. For May, however, the total market cap slid by $379 billion.

Crypto market cap slumps in May
Total Market Cap Monthly Chart

24-hour crypto liquidation numbers on Tuesday improved throughout the day. Total liquidations eased from $350 million to $230 million levels during the day.

According to Coinglass, 24-hour total liquidations stood at $229.73 million at the time of writing. Over the hour, liquidations were $5.50 million.

Total liquidations ease back.
Total Liquidations 010622

From the crypto top ten, ADA rallied by 9.99% on Tuesday to lead the way for a second consecutive day.

BTC and XRP also found support with gains of 0.21% and 0.80%, respectively, while the rest of the top ten saw red.

ETH and SOL saw losses of 2.89% and 3.04%, respectively, with BNB (-0.31% ) and DOGE (-2.37%) also seeing red.

Bitcoin Tracked the NASDAQ 100 in a Choppy Session

It was a choppy session for the NASDAQ 100 on Tuesday. While inflation fears gripped the global equity markets, the NASDAQ 100 saw a modest 0.41% loss on the day.

Crude oil prices were on the rise on the news of some OPEC members considering the suspension of Russia from OPEC + 1. Rising crude oil prices and inflation figures from Eurozone member states suggested another pickup in inflationary pressure.

Another spike could force the Fed into a more aggressive rate path towards monetary policy normalization and beyond.

At the time of writing, the NASDAQ 100 mini was up 66.25 points, with bitcoin up 0.26% to $31,869.

BTC recouples with the NASDAQ.
BTC-NASDAQ 010622 Daily Chart

Away from the Crypto Moves,

  • Singapore central bank, the Monetary Authority of Singapore, explores Asset Tokenization and DeFi with DBS Bank, JPMorgan Chase, and Marketnode.
  • China shows the power of the e-CNY with the lottery to fuel consumer spending after the latest COVID-19 lockdown.
  • The launch of LUNA 2.0 (LUNA) remained a disappointment, with LUNA down 57% since launch.
  • Ethereum merge testing to transition to a proof-of-stake protocol entered the final phase.

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.

Crypto Market Daily Highlights – May 4

Key Insights:

  • CoinMarketCap top 100 Waves (WAVES) leads the broader crypto market in a mixed morning session.
  • XRP showed immunity to SEC motions, with the William Hinman 2018 Speech an SEC headache.
  • Bitcoin (BTC) and the top 10 find morning support despite market sentiment towards Fed monetary policy and influence from the NASDAQ 100.

CoinMarketCap top 100, Waves (WAVES), leads the broader crypto majors, rallying by 9.7% over the last 24-hours.

Cardano (ADA) joins WAVES in positive territory, rallying by 4.46% over 24-hours to lead the crypto top 10.

While there were no clear key drivers to provide WAVES with direction, news of ADA whales resuming stacking delivered ADA support.

Regulatory risk remained an area of focus, with news updates from the SEC v Ripple case drawing interest.

Today’s main event will be the Fed monetary policy decision later today. At the time of writing, Bitcoin (BTC) and the broader market were in positive territory despite the NASDAQ 100 faltering ahead of the policy decision.

Cardano (ADA) Among the Front Runners on ADA Whale News

Over the past 24-hours, CoinmarketCap top 10, ADA, was up 4.6% to lead the top 10 majors by market cap.

On Tuesday, FX Empire reported ADA whales resuming ADA stacking. According to the report,

“Data from crypto analysis platform Santiment on May 3 highlighted that ADA whale addresses holding 1 to 10 million ADA have been accumulating their bags over these past five weeks.”

The report also noted,

“Apart from the growth in accumulation by whale entities, Cardano’s network growth seems to be supporting price rise in the near future provided the larger market remains stable. In a recent Twitter post, the firm behind Cardano blockchain, Input Output HK (IOHK), revealed 925 projects are behind built on top of the blockchain.”

The news was in line with IOHK updates from March when the team talked of “a continuing series of optimizations and increases to network capacity that are being made as #Cardano continues to scale in 2022 for future growth.”

The Securities and Exchange Commission Files Another Motion

On Tuesday, Ripple Lab lawyer Matthew Solomon opposed an SEC request,

“to file an additional brief in support of its assertions that internal documents related to a speech given by a former SEC official are protected from disclosure by the attorney-client privilege.”

Solomon noted that it would be at least the SEC’s sixth “filing in opposition to Defendants’ August 10, 2021 motion to compel.”

The latest request by the SEC highlighted how pivotal the Hinman documents are to the case.

While market risk sentiment, inflation, and central bank monetary policy continue to influence the appetite for cryptos, Ripple Lab CEO Brad Garlinghouse and others believe the SEC v Ripple case will impact the whole crypto industry.

Despite the updates from the case, XRP remains in the wilderness and well below $0.70.

At the time of writing, XRP was up 0.88% to $0.6100.

CoinMarketCap top ten XRP ignores SEC moves.
Bearish sentiment remains despite this morning’s gains.

Bitcoin (BTC) Finds Support Ahead of Today’s Fed Policy Decision

At the time of writing, BTC was up 2.67% to $38,734. A mixed morning saw BTC rise to an early morning high of $39,145 before easing back.

BTCUSD 040522 Daily b
A return to $39,000 would bring $40,000 into play.

Investor angst over the Fed’s monetary policy decision eased through the morning session. Negative sentiment towards Fed monetary policy had resulted in a stronger correlation between BTC and the NASDAQ 100 before this week’s decoupling.

At the time of writing, the NASDAQ 100 was down 1.50%.

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.

What Next for WAVES After Neutrino USD Depegging?

Key Points:

  • USDN lost its near-1:1 peg to USD this week, dropping to as low as $0.65 before recovering to around $0.88.
  • The developers of the Waves blockchain, the native token of which (WAVES) backs USDN, stand accused of price manipulation.
  • Ultimately, WAVES’ (down more than 27% this week) fortunes likely depend on USDN regaining its peg in the long run.

What happened?

Neutrino USD (USDN) lost its near-1:1 peg to the US dollar this week, collapsing as much as 30% to fall below $0.65 on Monday, before posting an aggressive recovery back to around $0.88 on Tuesday.

Neutrino USD is an algorithmic stablecoin that maintains its peg with the backing of the Waves blockchain. The sharp deterioration in its fortunes came as the Waves blockchain’s native token WAVES slumped on reports that the blockchain’s developers have been engaging in price manipulation to pump the price of the cryptocurrency, as well as increase the usage of USDN.

Indeed, in March, WAVES rallied as much as 400% from around $16 to as high as $64. But in the last four sessions, it has dropped around 35% back to the low $30s, with 25% of that decline coming on Monday. The developers of Waves were accused on Monday of utilising leverage to artificially pump the value of their own token.

A pseudonymous crypto analyst outlined the accusations in a long Twitter thread, essentially saying that the developers of the Waves blockchain had been collateralising USDN in order to borrow USDC on the Vires.Finance DeFi lending platform, only to then use these proceeds to purchase WAVES, then burn these tokens for more USDN and repeat.

Waves is the “biggest ponzi in crypto” and USDN could become insolvent if the price of WAVES crashes sufficiently, the analyst said. Unsurprisingly, the founder of the Waves Platform Sasha Ivanov fired back, accusing a crypto trading firm Alameda Research of holding short positions against WAVES and launching a social media campaign of paid trolls to undermine confidence in the platform and USDN.

Software developer at Waves Inal Kardanov said on Twitter that USDN will not collapse because it remains “heavily over-collateralized”, referring to the fact that the market cap of WAVES (about $3.8B), which backs USDN, remains significantly higher versus the market cap of USDN (last at about 900M).

What next for WAVES?

The fortunes of Waves blockchain’s native WAVES token and USDN remain entwined. If USDN can maintain recent progress back towards recovering its peg as arbitrageurs take advantage of its still hefty discount versus the USD (assuming they have confidence it can maintain its peg in the future), the outlook for WAVES looks good.

A return to stability in the value of USDN could see a return in inflows as crypto investors seek to take advantage of the excellent yields on offer for lending/staking/liquidity providing of USDN on DeFi platforms likes Vires.Finance. As the market cap of USDN returns to growth, that would inevitably exert further upwards pressure on WAVES.

But all of the above requires a recovery of trust and it remains to be seen whether recent accusations of price manipulation/abuse of leverage leave a lasting impact. Failure of the USDN token to maintain its peg to USD, in the long run, could spell disaster for WAVES. A return to 2022’s sub-$10 lows could very much be on the cards.

Bitcoin and ETH Signal Correction, SOL Rally Approaches Hurdles

Key Insights:

  • Bitcoin is showing signs of downside correction below $47,000.
  • Ether might decline below the $3,330 support.
  • SOL rallied 10%, but it might face resistance near $132.

Bitcoin

After another failed attempt near the $48,000 level, bitcoin price started a downside correction. The price declined below the $47,400 level and the 21 simple moving average (H1).

It even traded below the $47,000 support, opening the doors for more downsides. The next major support is near the $46,000 level, below which the price might dive towards the $45,150 support zone in the near term.

Bitcoin

On the upside, bitcoin is now facing resistance near the $47,000 level. The main resistance is now near a connecting bearish trend line at $47,400 on the hourly chart. A clear break above $47,400 could set the pace for another upward move.

Ethereum (ETH)

ETH also followed a similar pattern from the $3,480 resistance zone. There was a clear move below the $3,425 support level and the 21 simple moving average (H1).

Besides, the price traded below a key bullish trend line with support near $3,380 on the hourly chart. On the downside, the $3,330 level is a key support, below which there is a risk of a larger decline towards the $3,200 support.

Ethereum (ETH)

On the upside, ether price is facing hurdle near $3,400 and $3,425. The next key barrier is $3,455, above which the price could rally to $3,550.

Solana (SOL)

SOL formed a strong base above the $80 level. It started a steady increase above the $88 and $90 resistance levels.

The upward move gained pace above the $100 level and the 21-day simple moving average. The price even traded above the 23.6% Fib retracement level of the main decline from the $204 swing high to $76 swing low.

Solana (SOL)

It is now approaching a major resistance near the $132 and $133 levels. The next major resistance is near the $140 level or the 50% Fib retracement level of the main decline from the $204 swing high to $76 swing low.

If SOL fails to clear the $133 resistance or $140, it might correct lower. If not, the bulls might aim a strong move towards the $165 level or even $170.

ADA, BNB, and DOT price

Cardano (ADA) struggled on a few occasions to settle above the $1.22 level. It is now trading below $1.20 and seems like the bears are aiming a move to $1.15.

Binance Coin (BNB) attempted an upside break above the $450 resistance level, but failed. It is now correcting lower and may perhaps test the $425 support.

Polkadot (DOT) declined below the $22.00 support level. The price is gaining pace below $22.00 and might visit the $21.50 support zone in the near term.

A few trending coins are TRX, WAVES, and FTM. Out of these, WAVES rallied over 15% and cleared the $58 resistance.

Bitcoin and ETH Consolidate, AAVE Could Surge To $300

Key Insights:

  • Bitcoin is trading above the $46,700 support zone.
  • Ether (ETH) is facing resistance near $3,425.
  • AAVE rallied above $200 and $220 resistance levels.

Bitcoin

After a strong increase, bitcoin price spiked above the $48,000 level. However, the price faced sellers near the $48,150 zone.

There was a downside correction below the $47,500 support zone and the 21 simple moving average (H1). The price is now following a declining channel with resistance near $47,600 on the hourly chart.

Bitcoin

A clear move above the channel resistance might start another increase and bitcoin could rise towards the $48,850 level. On the downside, the $46,700 level is a major support. Any more losses might increase selling pressure and the price could decline to $46,000.

Ethereum (ETH)

ETH gained pace above the $3,400 resistance level and the 21 simple moving average (H1). It even spiked above the $3,450 level, but faced sellers near $3,485.

The price is now consolidating gains above the $3,350 support level. There is also a connecting bullish trend line with support near $3,340 on the hourly chart. A downside break and close below the trend line could spark a sharp decline to $3,250.

Ether

On the upside, the price could face resistance near $3,425. A clear move above the $3,425 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $3,485.

AAVE

AAVE started a strong rally after it formed a base above the $110.00 level. There was a clear move above the $120.00 and $150.00 resistance levels.

During the increase, the price climbed a major bearish trend line with resistance near $122 on the daily chart. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $294 swing high to $112 low.

AAVE

It is now trading well above the $200 level and the 21-day simple moving average. The bulls are now facing resistance near the $230 level. The next key resistance might be $250 or the 76.4% Fib retracement level of the key decline from the $294 swing high to $112 low.

A clear move above the $250 resistance could set the pace for a move towards the next barrier at $300 in the coming sessions.

ADA, BNB, and DOT price

Cardano (ADA) slowly moved below the $1.20 level. It is now consolidating near the $1.18 level and might decline to $1.165.

BNB is consolidating near the $435 level. The main barrier is still near the $450 level, above which the price could start a strong rally.

Polkadot (DOT) is moving lower towards the $22.00 support level. If there is a downside break, the price could decline to $21.20.

A few trending coins are WAVES, ZIL, and COMP. Out of these, ZIL is gaining pace above the $0.15 resistance level.

Bitcoin and ETH Extend Rally, WAVES Surges 50% To New ATH

Key Insights:

  • Bitcoin remained in a positive zone above $46,000.
  • Ether (ETH) climbed above the $3,320 and $3,400 resistance levels.
  • WAVES surged over 50% after the company launched its leadership in the US.

Bitcoin

After a close above $45,800, bitcoin price started a steady increase. BTC cleared the $46,500 resistance zone and the 21 simple moving average (H1).

The bulls pushed the price above the $48,000 level. It is now consolidating gains and trading above the $47,500 support. There is also a key bullish trend line with support near $47,500 and the 21 simple moving average on the hourly chart.

Bitcoin

If there is a downside break below the trend line, the price might decline towards the $47,000 support. On the upside, the next stop for the bulls might be $48,500.

Ethereum (ETH)

ETH also gained bullish momentum and cleared the $3,350 resistance level. It even surpassed the $3,400 resistance level and the 21 simple moving average (H1).

It is now consolidating near the $3,465 resistance zone. A clear move above the $3,465 resistance zone could open the doors for another increase. In the stated case, the price may perhaps rise towards the $3,550 level or $3,600.

Ethereum (ETH)

If there is a downside correction, the price might test the $3,420 support and a connecting bullish trend line on the hourly chart. The main support is now near $3,315, below which the bears might gain strength.

WAVES

WAVES started a strong rally after it broke the $20.00 resistance zone. There was a clear move above the $25.00 and $30.00 resistance levels.

During the increase, the price climbed above a couple of bullish continuation patterns on the daily chart. It is now trading well above the $45.00 level and the 21-day simple moving average.

WAVES

The recent rally gathered pace after the Corbital LLC announced the launch of Waves Labs in the US. The price even spiked above the $50.00 level and traded to a new all-time high at $54.00. The current price action suggests the price might correct lower towards the $45.00 level.

Any more losses might call for a test of $42.00. On the upside, the $55.00 level is the next key breakout zone for the bulls.

ADA, BNB, and DOT price

Cardano (ADA) settled above the $1.20 level. It is now facing resistance near $1.232, above which it may perhaps rise to $1.250.

BNB is rising and trading above the $435 level. The main barrier is now near the $450 level. A clear upside break above $450 could set the pace for a test of $465.

Polkadot (DOT) surged and settled above the $22.50 level. An immediate resistance is near the $23.00 level. Any more gains could send the price towards the $25.00 level.

A few trending coins are LUNA, RUNE, and AAVE. Out of these, AAVE is gaining pace above the $200 resistance level.