TA: Ethereum Dips From $2K, Why 100 SMA Might Spark Fresh Increase

Ethereum struggled to gain pace above the $2,000 resistance against the US Dollar. ETH is correcting lower, but dips might be limited below the $1,900 zone.

• Ethereum started a downside correction from the $2,000 resistance zone.
• The price is still trading above $1,900 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it stays above $1,900 and the 100 hourly SMA.

Ethereum Price Reaches Key Support

Ethereum attempted an upside break above the $2,000 resistance zone. However, the bulls struggled above the $2,000 level. A high was formed near $2,015 and the price started a downside correction.

There was a move below the $1,950 and $1,940 levels. Ether price dipped below the 23.6% Fib retracement level of the upward move from the $1,704 swing low to $2,015 high. However, it is still trading above $1,900 and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $1,960 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,980 level and a connecting bearish trend line on the same chart. The main resistance is still near the $2,000 zone. A proper upside break above the $2,000 resistance might stage a fresh increase. In the stated case, ether price could rise towards the $2,100 level. Any more gains may perhaps send it towards the $2,150 resistance zone.

Downside Break in ETH?

If ethereum fails to continue higher above the $1,980 resistance, it could extend its downside correction. An initial support on the downside is near the $1,920 zone.

The next major support is near the $1,900 level and the 100 hourly simple moving average. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $1,704 swing low to $2,015 high. A downside break below the $1,850 level might send the price towards $1,800.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $1,900

Major Resistance Level – $2,000

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Ethereum Is Up 4% But Are The Charts Pointing Towards Sustained Recovery?

Ethereum was bullish on its chart today at the time of writing. ETH broke its consolidation phase and rose upwards by 4% over the last 24 hours. The king altcoin secured $1900 as a strong support level. After the coin moved past the $1700 level, the bulls started to show up in the market.

The demand for the altcoin also came back into the market after Ethereum moved up and past the $1700 price mark. Continued buying strength can push ETH to trade above the $2000 price level.

If the bulls continue to trade above the $2000 price level then the recovery would remain strong in the market. Currently, Ethereum has been down by 60% from its all time high of $4800, which the coin secured in the month of November, 2021.

The overhead price ceiling for the coin stood at $2100. If the bulls fail to hold the momentum the coin could go back to the consolidation phase.

Ethereum Price Analysis: One Day Chart Ethereum was trading at $1900 on the one day chart | Source: ETHUSD on TradingView

ETH was priced at $1949 at the time of writing. The coin’s nearest support line was $1900, a fall from which could push ETH near $1700.

The break from the consolidation caused the coin to rise by 4% over the last 24 hours. For the coin to invalidate the consolidation bit, the coin has to attempt trading near the $2100 and then at $2400.

If bulls the tire out, Ethereum could be sandwiched between $1700 and the $1900. The volume of the coin declined in the last trading session.

The volume bar was red in colour which indicated that the bearish pressure still remained in the market.

Technical Analysis Ethereum flashed an increase in buying strength on the one day chart | Source: ETHUSD on TradingView

Buyers came back in the market as demand for the coin increased on the one day chart. The Relative Strength Index noted a move upwards as buyers regained confidence.

Despite the increase in the buying strength, RSI noted a small downtick which could mean that selling pressure was back in the market.

The coin was priced above the 20-SMA which is a sign of bullishness and push from buyers cause price to rise further. This indicated that price momentum was driven by buyers in the market.

Related Reading |  TA: Ethereum Tests $2K, Why ETH Could Extend Rally

Ethereum flashed buy signal on the one day chart | Source: ETHUSD on TradingView

As buyers increased in number as seen on the RSI, Ethereum flashed buy signals on the one day chart. Awesome Oscillator depicts the price momentum and it showed green histograms signalling a change in price momentum. Green histograms on the AO can be attributed to a buy signal. Bollinger Bands indicate the price volatility.

The indicator showed tightening of the bands which can be related to a change in volatility or an incoming price fluctuation in the market.

Although Ethereum rose on the charts, indicators have painted a mixed signal. Only with sustained buying strength can Ethereum invalidate the bearish thesis completely.

Related Reading | TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it

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TA: Bitcoin Price Remains Supported, $30.8K Holds The Key

Bitcoin remained in a positive zone above $31,200 against the US Dollar. BTC could correct lower, but the bulls might remain active near $30,800.

• Bitcoin is showing positive signs above the $30,500 and $31,000 resistance levels.
• The price is now trading above the $31,200 level and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct lower and test the $31,000 and $30,800 support levels.

Bitcoin Price Faces Key Resistance

Bitcoin price extended increase above the $31,000 zone. It even broke the $32,000 resistance on a couple of occasions, but the bears protected more gains above $32,200.

The recent swing high was formed near $32,400 before the price started a downside correction. There was a move below the $32,000 level. The price corrected and tested the 23.6% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high.

It is now testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the stated case, the price could rise towards the $32,500 resistance. The next major resistance sits near the $33,400 level.

Dips Supported in BTC?

If bitcoin fails to clear the $32,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,800 level and the trend line. A downside break below the trend line could send the price towards the $30,800 support.

The 50% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high is also near the $30,800 level. Any more gains might open the doors for a move towards the $30,000 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level.

Major Support Levels – $31,800, followed by $30,800.

Major Resistance Levels – $32,000, $32,200 and $32,400.

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Cardano TVL Jumps 30% In 24 Hours As It Recovers To $155 Million

Cardano has been making waves in decentralized finance (DeFi) ever since it debuted smart contract capabilities on the network. Development has ramped up, making it the network with the most developments going on. This activity has translated to a rise in the total value locked (TVL) on the network. And although this value has been declining for a whole, it recently recorded a recovery that saw it jump 30% in a single day.

Cardano TVL On The Rise

Shortly after multiple decentralized exchanges (DEXes) had been launched on the Cardano network, the TVL had quickly climbed. This was a result of the accelerated adoption that came with notable personalities such as Snoop Dogg taking to the platform and bringing their enormous fanbases with them. At its peak, Cardano’s TVL had grown as large as $326 locked back in March.

Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market

However, just as the market had declined, the DeFi space had taken a big hit too. The result of this was that TVL had fallen more than 50% from its all-time high and the Cardano network, just like other networks, had watched its TVL decline.

On Monday, the network’s TVL had dropped to $118 million, its lowest in a two-month period. However, this would prove to be short-lived given that a surge bumped it back above $150 million in TVL. In a 24-hour period, Cardano’s TVL had added more than 30.96% to its value bringing it to its current position of $155.24 million locked on the network.

ADA price on the rise following surge in activity | Source: ADAUSD on TradingView.com

Minswap (MIN) continues to dominate on the network, while newcomer WingRiders (WRT) has beat out OG protocol SundaeSwap (SUNDAE) to claim the second position in terms of TVL. SundaeSwap now places third with a total of $36.51 million locked.

DeFi TVL Still Struggling

2021 was no doubt the year of decentralized finance (DeFi) given how much TVL was added in the span of a year. From trending at $21 billion in January 2021, DeFi TVL peaked at $230 billion in the same year. This would set the tone for the rest of the year. That is until eh December 4th crash rocked the crypto market to its core.

Related Reading | Negative Sentiment Deepens In Crypto, Why Recovery May Not Last

The decline that would begin from this point outward would be very apparent. In a matter of six months, the DeFi space has now lost more than $115 billion, culminating in more than half of its TVL being shaved off.

Currently, the crypto market is on a recovery trend as bitcoin has recovered above $30,000. This recovery has had an impact on the DeFi TVL but not much. TVL is up 4.87% in the last 24 hours, bringing the total value locked to $112.39 billion as at the time of this writing.

Featured image from Young Platform, chart from TradingView.com

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How Early LUNA Holders, Founders Made Off With $6B

The Terra (LUNA) crash will go down in crypto history as one of its most catastrophic events. Billions of people lost their life savings and investments. In the meantime, a small group of insiders benefited.

Related Reading | LUNA Classic Jumps 90% Following Support From Crypto Exchanges

According to a report from Arcane Research analyst Anders Helseth, the Terra (LUNA) ecosystem, now known as Terra Classic, operated as a long-term “pump and dump” scheme.

The analyst looked into on-chain activity to support his claims and found revealing information on the distribution of LUNC and its value inflows, how the token supply moved from one group of addresses to another, from exchange platforms from 2020 to a few days before the crash.

The analyst called the Terra Classic ecosystem the “perfect exit liquidity” for early LUNA holders. This scheme was supported by the high popularity in the Anchor Protocol, the UST (Terra Classic’s algorithmic stablecoin) and LUNA mint mechanism, and this token’s supply.

As seen below, the LUNA supply was “highly concentrated” by Terraform Labs (TFL), Terra Classic’s developing company co-founded by Do-Kwon. Excluding exchange platforms, TFL controlled over 537 million LUNA tokens as of October 3, 2020.

Source: Arcane Research

The analyst claims unidentified wallets founded by Terraform Labs, the largest LUNC holder, moved their funds to “bridges and centralized exchanges”. The funds began moving in late 2020 and “frequently” saw transactions from TFL to as many as 3,000 unidentified wallets.

A total of $6 billion in net outflows were recorded between Terraform Labs to these wallets to bridges/exchanges. As seen below, these funds were later transferred to the “others” group of wallets.

In other words, according to the analyst’s research, Terraform Labs seemed to have moved their LUNA supply to exchanges where they were bought by retail investors. The “others” wallets saw $6.5 billion in net inflows.

Source: Arcane Research Did The LUNA Crash Made Billions To Early Investors?

In theory, $6.5 billion is the profit scored by TFL and early LUNC investors, but the analyst believes the number could be much higher. The report claims the following:

Therefore, we have reason to believe that the potential for creating outside profits was larger than the $6 billion net flow that’s calculated based on the assumption that portions of the early deposits of LUNAto exchanges were not sold.

Thus, the report claims the Terra Classic ecosystem, levering the popularity and the upside volatility on the price of LUNA (LUNC), created “exit liquidity” for these investors. The analyst concluded the following on the alleged mechanism that enabled early LUNC investors to transfer value to retail investors:

By pumping the LUNA token, the burn/mint mechanism, and creating a sustained demand for the UST token through Anchor, the perfect exit liquidity for large LUNA bags was created (…). At best, the profits can be described as collateral winnings in a failed bootstrapping attempt.

Related Reading | Daily Pump & Dump | May 31, 2022 Crypto Market Report

At the time of writing, LUNA trades at $9 with a 3% loss on the 4-hour chart.

LUNA trends to the downside on the 4-hour chart. Source: LUNAUSDT Tradingview

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Daily Pump & Dump | May 31, 2022 Crypto Market Report

The daily pump & dump is a weekday update on the crypto market providing you with an abbreviated breakdown of price action related to Bitcoin, Ethereum, and other trending altcoins. 

Today’s summary:

• Bitcoin reclaims $30,000 over memorial day weekend
• How Ethereum could lose its head against BTC
• What’s going on with Cardano?

Bitcoin Makes Memorial Day Weekend Memorable

Over the US Memorial Day holiday, bulls took advantage of thin order books and low volume, pushing the price per BTC to more than $31,500 at close. Of note, the daily candle closed above the upper Bollinger Band. Bulls must stampede with high volume within the next 24 hours or are at risk of a pullback to at minimum the middle-SMA at around $29,766.

Will bulls follow through? | Source: BTCUSD on TradingView.com

A strong close above $32,000 could lead to continuation to targets between $34,000 and $38,000. Tonight is also the monthly close for BTCUSD. A close above $29,000 should keep the top cryptocurrency well above support, while closing above $33,000 would be a healthier sign of further recovery ahead.

Related Reading | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Ethereum Losing Its Head (And Shoulders) Against BTC

The LUNA debacle has significantly hurt altcoin sentiment. The associated selloff and panic took many top altcoins down by 80-90% across the board. Ethereum held up well by comparison to other altcoins, dropping only 64%. Bitcoin fell 62% in total.

Ethereum could head down further against BTC | Source: ETHBTC on TradingView.com

The long-running outperformance on the ETHBTC trading pair could soon swing further in favor of the top cryptocurrency as BTC dominance strengthens. The ETHBTC trading pair also appears to exhibit a head and shoulders pattern at risk of confirmation and further breakdown. The target would be close to the 0.04 level.

Cardano Surges 40% In 48 Hours, But Why?

Knife-catching is never a recommended strategy, yet traders everywhere are regularly tempted by this high-risk technique. The reason is because there can be significant reward for getting it right. Cardano has been substantially oversold, falling a full 87% from over $3 to the 30-cent range.

Was the R:R too good to pass up? | Source: ADAUSD on TradingView.com

Because the altcoin was hit particularly hard, it now represents a strong risk versus reward setup. Bulls who missed their chance on the way up the last time around, could see another 8x if the altcoin revisits prices set late last year.

Related Reading | Hammer Time: The Bullish Signal That Could Save Bitcoin

Although the reward is high, so is the risk. During the 2018 bear market, after plummeting 90%, ADA then crashed another 78%. On Black Thursday, ADA reached one-cent.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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Bitcoin LTHs Realized Significant Losses Recently, Final Capitulation Here?

Data shows Bitcoin long-term holders have realized a significant amount of losses recently, a sign that the final capitulation before the bottom may be here.

Bitcoin Long-Term Holder SOPR Shows Average of 27% Losses Being Realized This Week

According to the latest weekly report from Glassnode, BTC long-term holders seem to have harvested some losses this week.

The “spent output profit ratio” (or the SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a profit or a loss right now.

The metric works by looking at the on-chain history of each coin being sold to see what price it last moved at. If this price was less than the current one, then the coin has been sold at a profit.

On the other hand, the last selling price being more than the latest would imply the sale of the coin has realized a loss.

When Bitcoin SOPR values are greater than one, it means coins moving right now are, on average, selling at a profit.

Related Reading | Bitcoin On-Chain Data Signals A Long Squeeze Brewing In Futures Market

While the value of the indicator being less than one suggests the overall market is selling at a loss at the moment. Naturally, the ratio being exactly equal to 1 signifies that investors are breaking even on average.

Now, here is a chart that shows the trend in the Bitcoin SOPR for long-term holders, a cohort that holds their coins for at least 155 days before selling.

Looks like the 7-day average value of the metric has sunk recently | Source: Glassnode's The Weekly Update - Week 22, 2022

As you can see in the above graph, the Bitcoin long-term holder SOPR has been observing a negative value during this past week.

The current value of the indicator suggests that each LTH coin spent in the last seven days has realized an average of 27% loss.

Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market

The report notes that in the history of the coin, similar values of the metric have only been observed during the final capitulation lows of bear markets.

This may suggest that the current Bitcoin market could also be nearing a bottom. However, both during 2015 and 2018, the LTH SOPR dipped even deeper and the price corrected further before the low was reached.

BTC Price

At the time of writing, Bitcoin’s price floats around $31.7k, up 9% in the last seven days. Over the past month, the crypto has lost 18% in value.

The below chart shows the trend in the price of the coin over the last five days.

The value of Bitcoin seems to have shot up over the past couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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How This Achievement Brought Ethereum Closer To The Merge

Ethereum is making progress towards its transition from a Proof-of-Work (PoW) consensus to a Proof-of-Stake consensus algorithm. In an event dubbed as “The Merge”, the current network and its decentralized application will begin operating on the latter.

Related Reading | Analyst Hints Huge Chances For Ethereum Killers To Surge, Sides With Solana And AVAX

Core ETH Developer Tim Beiko recently announced the successful roll-out of a Beacon Chain, or a mainnet PoS network, for its longest-lived PoW testnet “Ropsten”. This will aid developers in launching “The Merge” on this test network. The event is set for June 8th.

If successful, Ethereum and its developers could be steadily moving to a mainnet Merge event at some point in the coming months. The Ropsten Beacon Chain must meet certain requirements before operating on a PoS consensus, as Beiko clarified:

For The Merge to happen, we now need two things on Ropsten. First, its beacon chain must activate the Bellatrix upgrade, scheduled for June 2. Then, a PoW total difficulty value, the Terminal Total Difficulty (TTD) will be chosen to trigger the transition.

In that sense, Beiko asked node validators to prepare for the upcoming PoS transition. This could be one of the largest “The Merge” milestones in recent months and could provide validators with experience about “what a post-merge node is like”.

Beacon Chain node validators will need to fulfill requirements to stay active on The Post Merge network, such as running execution clients. PoW node validators will need to run a consensus layer client.

Beiko added the following on what could be a glimpse of an Ethereum mainnet post “The Merge”:

Post-merge, validators receive the priority fees from transactions This happens on the execution layer, so those fees aren’t locked on the beacon chain. To get them, you need to set a “fee recipient” address upon starting your validator.

What Could Change On Ethereum With The Merge

This testnet will have no direct implications for Ethereum holders or users. However, ETH Ropsten miners will stop operating under the new consensus layer.

Once the mainnet completes its Merge event, ETH miners will be unable to continue operating with this cryptocurrency. This could potentially induce a short-term shock to the crypto space.

ETH is one of the most popular cryptocurrencies, and one of the best to mine. The Merge is probably the most hyped event in this cryptocurrency’s history.

This combination of ingredients, a sudden shift in the system, and a highly anticipated event could contribute to the creation of volatility around “The Merge”. In the long term, the PoS migration could be a bullish catalyzer for the price of ETH.

Related Reading | TA: Ethereum Tests $2K, Why ETH Could Extend Rally

At the time of writing, ETH’s price trades at $1,900 with a 3% profit in the last 24-hours. The cryptocurrency has been lagging as Bitcoin takes over the market due to an increase in uncertainty in the macro-environment.

ETH moving sideways before some minor gains on the 4-hour chart. Source: ETHUSD Tradingview

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Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate

Bitcoin exchange outflows have been turning for the better recently. What had predicated this was a long week of inflows surpassing outflows, solidifying the fact that it was a seller’s market. However, the tide has begun to turn as the Monday numbers are in. Bitcoin exchange outflows have now surpassed inflows by a large margin. 

Investors Are Accumulating

Glassnode has published exchange inflow and outflow data which points toward an accumulation trend among investors. For the start of the week, the inflows into centralized exchanges had touched $1.1 billion, a high number. But the outflows came out even higher. Bitcoin investors have moved $1.4 billion out of centralized exchanges in the last day. This has resulted in a negative net flow of -$325.3 million.

Related Reading | Negative Sentiment Deepens In Crypto, Why Recovery May Not Last

The same trend was recorded across the second-largest cryptocurrency, Ethereum, whose net flow had come out to the negative as well. In total, there was $476 million worth of ETH moving into exchanges. However, $487 million were moved out of exchanges, bringing the negative net flow to -$11 million.

This trend also mirrors that recorded in the Tether UST net flows. Inflows have surpassed outflows by more than $126 million, indicating that more investors are choosing to accumulate more cryptocurrencies such as bitcoin and Ethereum and moving out of stablecoins such as USDT.

Daily On-Chain Exchange Flow#Bitcoin $BTC $1.1B in $1.4B out Net flow: -$325.3M#Ethereum $ETH $476.0M in $487.0M out Net flow: -$11.0M#Tether (ERC20) $USDT $510.1M in $383.7M out Net flow: +$126.4Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) May 31, 2022

Bitcoin Whales Not Left Out

It is no surprise that bitcoin whales are often seen accumulating when the price of the digital asset is down. For most, this presents an opportunity for them to get as many coins as they can at a discounted price, causing them to increase their holdings significantly.

This time around, the number of addresses holding more than 10K BTC has seen one of the most apparent accumulation trends. It reached a new all-time high and there are now 97 BTC addresses holding more than 10,000 BTC in them, marking a new 15-month high.

BTC price reverses as it drops to $31,500 | Source: BTCUSD on TradingView.com

The number of addresses holding more than 0.1 BTC has also reached a new all-time high. This number has risen to 3,525,636, suggesting that not only are the whales accumulating, but smaller bitcoin addresses are also jumping in on the action.

Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market

Active supply has also declined significantly and is now sitting at a six-month low. There has been a little over 1.19 million BTC that have been active in the last 1-3 months. The previous low was 1.2 million BTC which was recorded at the beginning of December 2021.

Bitcoin is trading at $31,700 at the time of this writing. The recovery trend which had begun on Monday continues to grow stronger causing the digital asset to cement its position above $31,000.

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TA: Bitcoin Revisits $32K, Why Dips Remain Attractive In Near-Term

Bitcoin started a fresh increase and surpassed $31,000 against the US Dollar. BTC could correct gains, but dips might remain well supported above $30,800.

• Bitcoin is gaining pace above the $30,500 and $31,000 resistance levels.
• The price is now trading above the $31,000 level and the 100 hourly simple moving average.
• There is a connecting bullish trend line forming with support near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally further if it clears the $32,200 resistance zone.

Bitcoin Price Rallies 5%

Bitcoin price remained well bid above the $30,000 pivot level. It formed a base and started a fresh increase above the $30,500 resistance zone.

The price gained pace above the $31,200 resistance zone and settled well above the 100 hourly simple moving average. Finally, there was a spike above the $32,000 level and the price traded as high as $32,186. It is now correcting gains below $32,000.

There was a move below the 23.6% Fib retracement level of the upward move from the $30,234 swing low to $32,186 high. However, there is a connecting bullish trend line forming with support near $31,250 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $32,200 level. The next major resistance is near the $32,200 level. A clear move above the $32,200 resistance level might call another increase. In the stated case, the price could even clear the $32,500 resistance. The next major resistance sits near the $33,400 level.

Dips Limited in BTC?

If bitcoin fails to clear the $32,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,500 level. The first major support is near the $31,250 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $30,234 swing low to $32,186 high.

The main support is now forming near the $30,800 level. A downside break below the $30,800 support might put a lot of pressure on the bulls. In the stated case, the price may perhaps revisit the $30,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $31,250, followed by $30,800.

Major Resistance Levels – $32,200, $32,200 and $33,400.

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Bitcoin Touches $30,000, Is The Coin Headed Towards Recovery?

Bitcoin traded at $30,000 during the time of writing. The coin has maintained its resistance at $28,000 as the bears came to rescue.

Over the last 24 hours itself, Bitcoin attempted to break its consolidation. For the consolidation to be invalidated it has to trade above the $31,000 price level.

The lateral movement might cause a case of breakout as usual. The indicators of Bitcoin on the one day chart seem to look positive. In the last 24 hours, BTC rose by 4.6% and in the last week there has been 0.8% appreciation.

Despite a positive outlook on the one day chart, there could be a possibility of price breaking on the downside. The global cryptocurrency market cap today was $1.33 Trillion with a 3.8% positive change in the last 24 hours.

Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $30,000 on the one day chart | Source: BTCUSD on TradingView

Kingcoin was trading at $30,542 at press time. After trading close to its rigid support line of $28,000, the coin broke past $29,000 level.

Overhead resistance for the coin stood at $31,000 and if the bulls continue the momentum then the coin might try to trade near the $34,000.

Other resistance mark stood at $36,000 and then at $37,000. The volume of the coin was seen rising which is tied to being bullishness.

The volume bar was green at the time of writing, that also highlights a rise in buying pressure. Although, Bitcoin painted bullishness the coin, it formed a descending triangle.

A descending triangle is connected to bearish price action so it cannot be determined certainly if the coin would move on the upside.

Technical Analysis Bitcoin registered a rise in buying strength on the one day chart | Source: BTCUSD on TradingView

Bitcoin flashed bullish signals on the one day chart. The Relative Strength Index recovered on the chart, the indicator moved north near the 50-line.

This reading meant that buyers came back in the market and signified increased demand indicating bullish pressure.

The Average Directional Index displays the directional trend of the coin. The ADX was parked above the 40-mark, this pointed out that the current trend was strong.

ADX however, displayed a downtick and that could signify that the present price momentum was dying down flashing a change in current price momentum.

Related Reading | TA: Bitcoin Clears $30K, Why This Could Mean Trend Change

Bitcoin flashed a buy signal on the one hour chart | Source: BTCUSD on TradingView

Awesome Oscillator depicted green histograms. The indicator depicted market momentum and it showed bullishness. AO also flashed buy signals on the one day chart.

This corresponded with the Relative Strength Index as the indicator climbed near the half-line. Chaikin Money Flow determines the capital inflows and outflows.

The indicator was hovering near the half-line because capital inflows recovered at press time.

It is however uncertain if BTC will act according to the indicators as the coin also points towards a possible bearish turn in price.

 Related Reading | Bitcoin (BTC) At $29,000, How Long Will The Consolidation Continue?

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Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market

Bitcoin has been on a bear path given its recent movements and it’s no secret that the digital asset is well out of the bull market. This has sparked speculations as to what will actually trigger another bull rally for the pioneer cryptocurrency. Billionaire Tim Draper who has always been vocal when it comes to his thoughts about the crypto market has weighed in on this and put forward what he believes will be the defining factor for the next bitcoin bull market.

Women Are The Key

It is no surprise that more women are moving into the market. Even though males still disproportionately dominate crypto investing, the number of women moving into the space has been on the rise, reaching as high as one in every three investors now being a woman. Nevertheless, there is still a long way to go when it comes to bringing more women into crypto and billionaire Tim Draper believes that they will drive the next bitcoin rally.

Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle

Draper bases this on the fact that women command an immense purchasing power and if they were to bring this power into the bitcoin market, it will trigger another rally for the digital asset. He is not very far off with this assessment given that he said that women control approximately 80% of retail spending.

BTC recovers above $30,000 | Source: BTCUSD on TradingView.com

Women, who only currently make up 30% of all crypto investors in the United States, are still yet to move into the market en masse compared to their male counterparts, who by comparison possess less retail purchasing power. The factors behind this disparity usually come down to the fact that males are said to be risk-takers compared to women. Hence, are more comfortable playing in a relatively new space with little to no regulation.

Driving Bitcoin To $250K

Draper’s analysis of more women moving into the market could mean that bitcoin will hit new all-time highs. He puts forward where he believes that the price of the digital asset may end up and that number came out to $250,000.

Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

However, the billionaire explains another factor that will drive the price to this point. Alongside more adoption from women, he cites adoption from merchants who save more money when they accept bitcoin compared to credit cards.

He notes that once the cryptocurrency becomes more widely accepted as a form of payment, it will drive more women to own bitcoin wallets and buy things with BTC. “Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate,” the billionaire added.

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Rise of “Wellness Metaverse” – What to expect?

The metaverse continues to be a topic of debate in the crypto space. Much has been written about metaverses transforming games, fostering creator-focused economies, and restructuring education. However, one aspect of the discussion that has always been overlooked is metaverse’s impact on the health industry.

While the pandemic has accelerated digital wellness, areas such as cost efficiency, accessibility, and patient care still have space for improvement. These flaws could be solved by incorporating technologies like AR and VR into the health industry.

Metaverse transforms the healthcare industry’s paradigm by focusing on individuals rather than service providers, making the customer journey more personalized. It will no longer be limited to treatments but also prevention at affordable costs.

Health 5.0 — An Innovation Push Led by Metaverses

The healthcare sector has passed through four transformation stages, from production and industrialization to automation and digitalization. The fifth stage, Health 5.0, will include major technological developments driven by the metaverse.

The innovations brought by the metaverse have impacted the healthcare industry in areas such as medical education, virtual consultation, and personalized wellness programs.

For instance, virtual consultations in the metaverse will allow patients to immerse themselves in scenarios recreated by therapists. As the environment is personalized to the patient, they will feel safe and relaxed, resulting in more effective therapy. Moreover, medical data is secured and recorded on the blockchain, where patients have more control over their information.

For example, the Whealth project , developed by Limoverse, involves lifestyle plan creation based on personal genomics and metabolic analysis. Users will be able to complete an EPLIMO (Epigenetic Lifestyle Modification) to receive a breakdown of their geno-metabolic condition and a personalized plan in order to improve their lifestyle. Users will also be able to work with a certified lifestyle coach through Limoverse in order to improve their health and wellness at a fraction of the cost compared to today’s traditional means and with much more convenience. Through this process, users will also be able to earn LIMO tokens as a reward for pursuing a healthier lifestyle.

Innovative projects in the metaverse can empower individuals to pursue different wellness programs by incentivization through tokens or NFTs. Most projects in the move-to-earn space are limited in how they interact with and reward users for improving their lifestyles. Projects such as Limoverse are creating an entire ecosystem that not only rewards users for monitoring and improving their health but also allows users to connect with organizations and individuals that can aid them in their journey. This, in turn, greatly improves the use case for a metaverse in healthcare while implementing and sustaining a meta economy.

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Cryptocurrency Spams Grow By Over 4000% In The Last Few Years

Crypto spam activities have increased by 3,894% within the past months. LunarCrush, a cryptocurrency intelligence platform, gave this report in a recent publication.

The report showed considerable growth in the crypto industry with its expansion on social media. It revealed that scam bots and posts within social media networks increased to their All-Time-High (ATH). This report arrived amid the world’s leading billionaire, Elon Musk’s comment on the issue of Twitter being flooded with spambots.

Twitter To Become The Debate For Spam Accounts

Twitter’s would-be owner has severally emphasized the growing presence and influence of cryptocurrency scammers, spambots, and links to phishing websites on the social media network. While others ignored his comments, LunarCrush, a cryptocurrency metrics, and data analysis firm, curated a report concerning the issue.

Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

From the review, we can see that the number of spam crypto entities within Twitter spiraled by over 3,894% from 2019 till now. In addition to that, the report also showed that cryptocurrency spam recorded the highest increasing metric in contrast to every other social metric.

Hub For Cryptocurrency Spams?

Twitter is a leading social media platform worldwide, and several sectors depend on it for announcements, communications, etc. The crypto sector is one sector that essentially uses Twitter to facilitate its practices. There’s even a sub-niche for cryptocurrency, blockchains, NFTs, and others on Twitter.

Therefore, it’s effortless for individuals to open any well-known Crypto Twitter niche and learn anything they need on cryptocurrency.

Cryptocurrency market rises back | Source: Crypto Total Market Cap on TradingView.com

Besides that, the report from LunarCrush showed that Twitter isn’t left out of the rising crypto spams on social media. It revealed that the volume of spam within the platform increased by over 1,374% within the past two years. Thus, beginners are the most prone to these spambots and their efforts to loot individuals.

Related Reading | Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?

Also, another shocking news is that the spam accounts aren’t operated by spambots but by individuals. Thus, from the report, we could see that many people handle one single account or one person handles multiple accounts. Therefore, making it rather difficult for the built-in bot to detect spam within Twitter and penalize them.

LunarCrush CEO Informed Matti Greenspan About The Issue

In his cryptocurrency newsletter, the CEO of LunarCrush, Joe Vezanni, explained to Matti Greenspan, founder of Quantum Economics, on the matter. In the newsletter, he explained that a Web2 website like Twitter receives a direct incentive for acting ignorant to the current fake accounts. Vezanni buttressed that this boosts the platform’s value.

However, Web 3.0 platforms like Orbis are distinguished from the crowd because they make all efforts for genuine accounts.

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TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it

Ethereum formed a base near $1,740 and started a recovery wave against the US Dollar. ETH is now facing a major resistance near the $1,900 zone.

• Ethereum started a recovery wave above the $1,800 and $1,820 levels.
• The price is now trading above $1,820 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $1,900 and $1,920 resistance levels to continue higher.

Ethereum Price Eyes Upside Break

Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move.

There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USD.

The price is now trading well above $1,820 and the 100 hourly simple moving average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base.

Source: ETHUSD on TradingView.com

On the upside, an initial resistance is near the $1,900 level. The next major resistance is near the $1,920 level. A proper upside break above the $1,920 resistance might start a decent increase. In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the main $2,085 resistance zone.

Fresh Decline in ETH?

If ethereum fails to continue higher above the $1,920 resistance, it could start a fresh decline. An initial support on the downside is near the $1,840 zone.

The next major support is near the $1,820 level and the 100 hourly simple moving average. A downside break below the $1,820 level might call for another sharp decline. In the stated case, the price could revisit the $1,720 support zone in the near term. The next major support sits near $1,700.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 60 level.

Major Support Level – $1,820

Major Resistance Level – $1,920

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Cardano (ADA) Continues To Sink, What’s Next For The Coin?

Cardano (ADA) recently fell below its support line of $0.50 as seen at press time. Just like Bitcoin, major altcoins too have either consolidated or fallen on their charts. On the longer time frame, Cardano (ADA) continued to display bearish thesis.

For the shorter time frame, ADA was hinting at a possible price reversal on charts. Over the last 24 hours, ADA increased by 1.7% and in the last week, the coin brought home a double digit loss. The bulls have faded out as buying strength continued to remain bleak at the time of writing.

At the moment, $0.50 has been acting as the coin’s immediate resistance mark. Immediate support levels for the coin ranged between the $0.44 and $0.40 price marks respectively. If broader market recovers along with a consistent buying strength, there could be hopes of a price reversal for Cardano (ADA).

Cardano Price Analysis: One Day Chart Cardano was priced at $0.47 at on the four hour chart | Source: ADAUSD on TradingView

ADA was trading at $0.47 at the time of writing. Ever since April the coin formed a descending channel which reflected bearishness on the chart. Recently, ADA broke out of the descending channel as it fell below the $0.50 price mark.

At the moment $0.50 is acting as the nearest price ceiling for the coin. In case Cardano is able to break past the $0,50 price mark, the coin could trade near $0.58. A fall below the $0.47 price level will cause ADA to hover between $0.44 and $0.40.

A fall beneath which might make ADA touch its over an year low price level. Volume of the coin dipped considerably signifying that bears were still in charge.

Technical Analysis Cardano registered an uptick in buying strength on the four hour chart | Source: ADAUSD on TradingView

Cardano showed signs of price reversal on the four hour chart. The price of the altcoin was attempting to rise above the 20-SMA line. At the moment however, the sellers were still in charge of the price momentum.

The Relative Strength Index registered an uptick which meant that the price was optimistic on the chart. Buyers were coming back in the market and an increased demand could push the asset above the 20-SMA.

Increased demand will make ADA trade near the $0.58 price level and then the coin could attempt to touch the $0.70 price level.

Related Reading | Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

Cardano flashed buy signal on the four hour chart | Source: ADAUSD on TradingView

ADA’s Awesome Oscillator displayed green histograms and this meant a change in price momentum. AO also depicted a buy signal as the green histograms were a sign of the same.

Moving Average Convergence Divergence underwent a bullish crossover and flashed green histograms.

Green histograms meant that over the upcoming trading sessions, the coin could attempt to rise on its charts.

Suggested Reading | Cardano TVL Sheds $205 Million Since Hitting All-Time High

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TA: Bitcoin Clears $30K, Why This Could Mean Trend Change

Bitcoin started a fresh increase and surpassed $30,000 against the US Dollar. BTC is showing positive signs and might rally further if it clears $30,600.

• Bitcoin is gaining pace above the $29,500 and $30,000 resistance levels.
• The price is now trading above the $29,500 level and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise further if it clears the $30,600 resistance zone.

Bitcoin Price Gains Pace

Bitcoin price formed a fresh base above the key $28,500 support zone. It remained well bid and started a fresh increase above the $29,200 resistance zone.

The price cleared the 50% Fib retracement level of the downward move from the $30,188 swing high to $27,505 low. Besides, there was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair.

The pair is now trading above the $29,500 level and the 100 hourly simple moving average. Bitcoin is also trading above the 76.4% Fib retracement level of the downward move from the $30,188 swing high to $27,505 low.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $30,250 level. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance level might call for a trend change. In the stated case, the price could even clear the $31,200 resistance. The next major resistance sits near the $32,500 level.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,600 resistance zone, it could start a downside correction. An immediate support on the downside is near the $30,000 level.

The first major support is near the $29,600 level. The main support is now forming near the $29,300 level and the 100 hourly simple moving average. A downside break below the $29,200 support might send the price further lower. In the stated case, the price may perhaps revisit the $28,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $29,500, followed by $28,500.

Major Resistance Levels – $30,250, $30,600 and $32,500.

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Bitcoin (BTC) At $29,000, How Long Will The Consolidation Continue?

Bitcoin remained consolidated over the last 24 hours, altcoins however, have dipped on their charts. Over the last week, the king-coin continued to register lateral price movements on the charts. Ever since November, 2021, price of Bitcoin has consistently moved on the downside.

On the longer time frame, Bitcoin has continued to show signs of upcoming bearishness. On a comparatively, shorter time frame the king-coin might be hinting at a price reversal.

Over the last 24 hours BTC made no gains. In the last week, it lost about 2% as the coin was mostly consolidating. Currently, BTC is sandwiched between $28,000 and $29,000 as those two levels have been acting as the coin’s crucial demand zone.

The buyers seem to have clearly given up on the initiative to lead the price action and with continued strength from sellers, BTC might be eyeing the $20,000 price level.

Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,000 on the one day chart | Source: BTCUSD on TradingView

BTC was priced at $29,100 at the time of writing. The coin had formed a descending channel ever since November 2021 highlighting an extended bearish phase. The coin has touched $69,000 in the month of November, which is considered the all-time high for the coin.

Currently price of BTC is laterally trading between $29,000 and $28,000. A fall below which can push price of the coin to as low as $19,000. Overhead resistance for the coin stood at $30,000 and for bearish thesis to be invalidated BTC needs to trade above $31,000.

Broader market strength and buyers will be required in order to BTC to move northwards on its chart.

Technical Analysis Bitcoin registered a rise in buying strength on the four hour chart | Source: BTCUSD on TradingView

Bitcoin’s short term time frame looked optimistic pointing towards a price reversal on the charts. The coin formed a descending wedge pattern on the chart (yellow).

A descending wedge pattern is related to a trend reversal and that can be considered bullish for BTC. Usually after a period of consolidation, explosive price actions are often due.

On the Relative Strength Index, the indicator climbed and reached the 50-mark which meant buyers were returning in the market. This signified positiveness in the market.

Price of BTC was still under the 20-SMA which meant that sellers were still driving the price momentum. An increase in buying strength can push BTC above the 20-SMA line.

Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

Bitcoin flashed buy signal on the four-hour chart | Source: BTCUSD on TradingView

Technical outlook on the four hour chart all point towards a price reversal. The Awesome Oscillator dictates the price momentum in the market. AO flashed green histograms which is also tied with a buy signal which reaffirms the readings on the RSI.

The Bollinger Bands displays price volatility in the market, and if the bands are tight and constricted and period of price volatility could be expected. This could mean that over the upcoming trading sessions BTC might aim to rise above its immediate resistance level provided broader market and buyers extends support.

Related Reading | Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?

 

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Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?

Ethereum has slid on its charts again at the time of writing. Over the last week, the coin lost about 10% of its value. The bears have strengthened in the market because the buyers have left the market.

Technical outlook of the coin remained bearish and selling pressure mounted. The coin would continue to remain so over the next trading sessions.

The coin also witnessed a sustained sell-off over the last 48 hours. Ethereum fell below its long standing support line of $1900.Over the last 24 hours the coin tried to recover itself but the bearish price action is still strong at the time of writing. The bears might be exerting pressure to push the coins below the price mark of $1700.

A fall below the $1700 price mark will cause ETH to tumble further by another 19%. For the bulls to take a breather, ETH needs to trade above the $1900 price mark again.

Ethereum Price Analysis: One Day Chart Ethereum was priced at $1700 on the one day chart | Source: ETHUSD on TradingView

The altcoin was priced at $1793 at the time of writing. The altcoin has not traded near this price level in almost in one year now. The altcoin’s overhead resistance stood at $1900, for bearish pressure to be invalidated the coin has to attempt trading above the $2200.

Local support for the coin was at $1700 which the coin can trade below if the bears continue to drive the price action. The volume of the coin traded decreased and was seen in green. This indicated positiveness on the chart.

Technical Analysis Ethereum registered an uptick in buying strength on the one day chart | Source: ETHUSD on TradingView

Ethereum was trading very close to the immediate support level. The coin was trading below the 20-SMA line which meant that selling momentum was active and strong. This reading meant sellers were in charge of the price momentum.

In correspondence with the same, the Relative Strength Index was below the half-line. This meant that the buying strength was less in the market. However, it can be noted that, there is an uptick on the RSI which could be a sign that buying strength is picking up momentum.

Chance of a reversal cannot be ruled out because there is a bullish divergence on the chart (yellow). A bullish divergence is related to a trend reversal.

Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

Ethereum continued to flash sell signals on the one day chart | Source: ETHUSD on TradingView

The Awesome Oscillator was still negative on the one day chart. The indicator is supposed to depict the price momentum, the red histograms show negative price action. The red histograms also depict a sell signal on the chart.

The Directional Movement Index also decides the overall price movement, and it showed that -DI was above the +DI level. The Average Directional Index (Red) was above the 40 mark, which meant that the current market trend was strong and the bearishness might continue over the next trading sessions.

Related Reading | Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

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Ethereum Gas Fees Touch New Lows, What’s Ahead For Ethereum

Ethereum is one of the most widely-adopted cryptocurrency projects worldwide. Yet, it’s hated worldwide for its sky-high gas (transaction) fees. Users globally constantly complain about the coin’s terribly-high transaction prices on various social media platforms.

Shockingly, Santiment, an on-chain and metrics platform, published on Twitter a report showing Ethereum’s transaction prices plummeting to their lowest.

The Ethereum Platform

Ethereum is a distributed, permissionless, and open-source blockchain that provides users access to a smart contract. It is the second-largest blockchain by market capitalization, following crypto giant Bitcoin.

Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle

Remarkably, Ethereum offers a p2p (peer-to-peer) network that verifies and executes codes within the platform, known as Smart Contracts.

Ethereum GAS Price

On the Ethereum network, users are charged some amounts to perform any transaction, buying, selling, swapping, minting, etc. Ethereum previously had a ridiculous record for having very high gas fees for its transactions.

Recently, the crypto giant began offering meager transactional charges to its users, as recorded by Santiment. Santiment is a financial market content and data platform for blockchains and cryptocurrencies.

The metric platform took to Twitter the news of Ethereum’s meager transaction prices. As of Tuesday, 24th May, the second-largest blockchain had a transaction price of $2.54 a transaction.

What’s Next For Ethereum (Source: Santiment)

According to Santiment, this is the lowest the transaction fees have been since last July. Therefore, it may be unique for ETH prices. Historically, ETH coin prices usually leap once the average transactions drop below $5. Ethereum’s average gas fees have plummeted, breaking its 10-months low.

Nevertheless, traders still need to be careful while trading and transacting with the crypto because the market is presently disadvantaged. Thus, a considerable leap might not occur given the current global bearish market.

Various crypto pundits and financial analysts project that Bitcoin is about to dip massively, predicting a further dip. Mike Novogratz was among the “prophets of doom” for the world’s leading blockchain and crypto.

ETH price on the brink of falling below $1,700 | Source: ETHUSD on TradingView.com

Novogratz, a financial investor, took to Twitter, stating that further dips await Ethereum and Bitcoin and the entire DeFi market. In his tweet, he emphasized that 2022 will not be so favorable for investors and traders.

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

Noting that Bitcoin controls the value of the entire DeFi marketplace, if Bitcoin dips, being the most significant blockchain, the whole market dips. This includes the Ethereum blockchain.

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Cardano Slides Below $0.50 Alarming A Danger Ahead

Cardano is among the cryptocurrencies with higher impacts due to significant price slides. Price volatility remains one of the substantial discouragement and threat of virtual currency. Their swing in price could go beyond ten times in a single minute. A positive price move is always a favorable trend for a token and its investors. However, a price drop could pose a danger for both.

The general crypto markets have been witnessing more downward trend recently. This has left several tokens on an expected price level even as some investors make massive sell-offs. Cardano seems to have entered a state of instability following its critical price drop. Its slide on Thursday went below its possible support level. Without any rise in trading volume in the crypto market, Cardano will suffer more losses.

Cardano is now fighting dangerously from its drop position as it’s beyond the supporting mark. Though it had a previous market cap ranking as the eighth cryptocurrency, the token had made a 7% drop in the last 8 hours.

The price of Cardano has now fallen below its $0.50 support mark. Hence, its liquidation has raised more than $1.40 million from crypto derivatives exchanges. If the selling pressure increases, there would be a higher probability of more difficult restoration.

Analytical Study Of Cardano For Support Level

ADA’s last 4-hour price chart analysis depicts a release from a symmetrical triangle. Its Y-axis pattern for height represents a 33.5% drip for the token as its price falls below the support level. Using a candlestick close that could reflect the 4-hour trend would hit below the 50% level of Fibonacci retracement at $0.45. This will possibly bring the confirmation of the negative price trend.

Where there’s a continuation of the pattern, ADA could maintain a downward trend that reaches $0.34 or $0.32. By closely observing its movement on May 12, the token moved to $0.38. This could eventually become its possible support level if it makes more downward moves.

If there’s continuous trading of ADA below $0.46, the bears will benefit more. It’s possible to revert the negative appearance of the price drop for the token. This would require a break on the resistance barrier using a candlestick close for 4-hour experimentation.

Cardano price trading below $0.46 | Source: ADAUSD on TradingView.com

Also, cutting off some of the supply processes could spike ADA’s number of buying orders. Hence, the token’s price may reach $0.61 as it moves up.

The crypto market now harbors many uncertainties, doubts, and fear within the past few weeks. The Fear and Greed Index report shows increased levels of negativity within investors and other participants in the crypto market.

Following the technical and on-chain indicators, there could still be hope for Bitcoin. This is because the token is yet to get a fully blown negligence from participants.

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Cardano TVL Sheds $205 Million Since Hitting All-Time High

Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest.

To date, the crypto has plunged to $120.86 million. With the rate it’s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022.

Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It’s a POS network that strengthens and provides sustainability to dApps and systems.

Suggested Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

Cardano Loses Over 65% of TVL

Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34.

Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way.

And it’s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL.

ADA total market cap at $15.48 billion on the weekend chart | Source: TradingView.com

Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges.

It’s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55.

On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance barrier. Breaking through the supply wall can increase the number of buy orders for Cardano, thus pushing the prices to $0.61.

Suggested Reading | ADA Grapples At $0.524; Bullish Trajectory Coming

Crypto Market Not Flipping Upwards Overnight

In the past few weeks, mixed emotions have provoked the crypto market. Investors have been hesitant to jump the gun, crippled by fear and uncertainty.

Yes, there is a lot of pessimism in today’s market. More so, technical indicators seem to support the fact that the crypto market downtrend will not flip overnight.

Although it’s always recommended to invest when the market sentiment registers at a low end, the current market conditions may not give you good returns sooner than expected.

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Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

This week, Bitcoin had made history when it recorded its eighth consecutive red weekly close. This first-of-its-kind streak had cemented the digital asset on one of the worst bearish trends that have ever been recorded. Now, even as the week runs towards another close, the cryptocurrency has not been able to make any considerable recovery, indicating that it may not be done with its bearish streak.

Bitcoin Headed For A Ninth Red Close?

With bitcoin still trading well below $30,000, it is no long shot to speculate that the digital asset may close out this week in the red too. If it does so, then it will break its previous record while plunging the market into even worse bearish trends. Nine consecutive weekly closes would prove that bulls have mainly relinquished control of the market, meaning the bears have the leeway to pull the market down further.

Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle

This combined with the increased interest rates from the Fed has left investors feeling warier about financial investments. Thus driving them towards more ‘stable’ investment options. With such money leaving the market, bitcoin possesses little chance of actually reversing the current trend.

Even though bitcoin has been providing a safe haven from the altcoin bloodbath, it does not mean that the digital asset itself has not taken losses. NewsBTC reported that while bitcoin has been the best performer of all the indices, the cryptocurrency is still down 24% from the start of the month. This decline in price means that investors are still not as bullish on the pioneer cryptocurrency. 

BTC price falls to $28,000 | Source: BTCUSD on TradingView.com What The Indicators Say

For bitcoin, maintaining above the 50-day moving average has always been a bullish indicator. This is why the current trading value of the cryptocurrency does not spell good news for it. For example, bitcoin is more than $9,000 below its 50-day moving average. To cement a recovery trend, it would not only have to move above this point but will need to establish significant support above the $40,000 level. This would mean that bitcoin would have to recover 37% to achieve this.

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

While this is not outside the realm of possibility, exchange inflows show that it is very unlikely to happen. Over the last 24 hours alone, BTC exchange inflows have surpassed outflows by $7.5 million, showing that the sell-off trend continues to wax stronger.

Unless this sell-off trend can be halted and turned into an accumulation trend, a 37% recovery remains out of the picture for bitcoin. Coupled with the extreme fear sentiment that is being experienced in the space, BTC is more likely to touch below $25,000 before establishing support above $40,000.

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Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

Ethereum has been on a downtrend along with the rest of the crypto market. This has seen the value of the cryptocurrency plunged below $2,000 and efforts to recover above this major resistance level have been futile. Naturally, the decline in the value of the digital asset has affected its profitability. What has resulted from this is Ethereum wallets that are in profit at current prices have now declined to a two-year low.

Ethereum Profitability Declines

Ethereum remains the second-largest cryptocurrency by market cap but when it comes to profitability, it tells another story. Data shows that the percentage of ETH wallets that are in profit has declined significantly in the last couple of months. Along with the price, most of the profitability decline has happened in the last six months.

Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

IntoTheBlock shows that only 56% of all Ethereum investors are currently in profit. This puts a total of 43% in the loss while only 1% of all investors are sitting in the neutral territory, meaning that they purchased their tokens at current prices. 

Data from Glassnode supports this metric although it puts the number of addresses in profit at a slightly higher percentage. The data aggregation tool shows that 58% of all ETH investors are still in profit. However, what is notable about this figure is that the last time that Ethereum profitability was this low was almost two years ago, back in July 2020.

ETH price trading at $1,781 | Source: ETHUSD on TradingView.com

It is no coincidence that the majority of those in profit has been investors that have been in the market for more than a year. The long-term outlook for the smart contract network has always favored those who followed it compared to those in the short term. 

Small Wallets Ramp UP

Even through the downtrend that has rocked the digital asset, support has still not waned. Smaller investors have continued to throw their hats in the ring with Ethereum. This is evidenced by the growing number of wallets holding at least 0.01 ETH reaching a new all-time high. It is now sitting at a new record of 22,874,566 addresses.

#Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 22,874,566

View metric:https://t.co/XXb0u19ouH pic.twitter.com/gYKCAAlgcZ

— glassnode alerts (@glassnodealerts) May 27, 2022

This metric has hit multiple all-time highs in just the first two quarters of 2022. It shows renewed interest from smaller investors but unless this interest becomes evident in the largest ETH investors, there may not be any significant change in value.

Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle

As for the price of the digital asset, Ethereum’s price is down more than 60% from its all-time high in November. It is currently trading at $1,770 with a market cap of $213.9 billion. It remains the largest DeFi platform with over $67 billion in TVL.

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Bitcoin Is Consolidating But Is A Rally Near?

Bitcoin has been laterally trading for almost a week now. The coin has continued to remain under the $30,000 price level. The technical outlook of Bitcoin could be pointing at a turnaround in prices on the long term price chart.

On the short term price chart however, king coin’s price action remains quite bearish. At the time of writing, BTC has seemed to settle a slightly above the $28,000 support line. In the past 24 hours, the coin lost 1.2% of its value and in the last week, the coin posted some recovery.

After Bitcoin traded for $28,000, the bulls came to its rescue and have defended that level. This could be accounted to a positive change in price at the time of writing. The $28,000 support line is crucial for Bitcoin as a drop from that level could push the coin to $24,000 or even lower.

Bitcoin Price Analysis: One Day Chart Bitcoin was trading at $29,000 on the one day chart | Source: BTCUSD on TradingView

The cryptocurrency was trading at $29,600 at the time of writing. Over the past week, the coin has been touching the $30,000 mark and dipping below it.

King coin’s crucial support line stood at $28,000. Overhead resistance for the coin was at $31,000. Volume of Bitcoin was green in colour which meant that the bulls were still struggling to defend the coin in the market.

If the bulls slowly start to enter the market, BTC might re-attempt to move above the $31,000 price level. A move above the $31,000 price mark will make buyers re-enter the market and strengthen the positive price action in the market.

Technical Analysis Bitcoin registered a slight improvement in the number of buyers on the one week chart | Source: BTCUSD on TradingView

Bitcoin’s technical outlook has painted a bearish picture on the one-week chart. Even with slight improvements over the last 24 hours, the coin’s price action was still weak. The Relative Strength Index was near the oversold zone but the coin was slightly better than being oversold.

Despite the small uptick, it can barely to referred to as a positive development. Moving Average Convergence Divergence underwent a bearish crossover. After the bearish crossover, MACD flashed red histograms which are tied to sell signal in the market.

Although the technical outlook was bearish, an interesting point can be noted from the above chart. At the time of writing, BTC was near the $29,000-$28,000 price range and that’s positive because this price mark has previously acted as a mark that has fuelled rallies before (blue).

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

Bitcoin’s Relative Strength Index displays chances of price reversal on the one month chart | Source: BTCUSD on TradingView

On the one-month chart, Bitcoin has showed a chance of positive price turnaround. The Relative Strength Index of Bitcoin formed a falling wedge pattern. A falling wedge pattern is bullish. It signifies a trend reversal. A move above the $31,000 price mark will push BTC near $36,000.

Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

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Bitcoin Dominance Remains High As Market Sell-Offs Settle

Bitcoin dominance over the market has still not receded even as the price has fallen below $30,000. Just as BTC had taken a hit, so had the altcoins. This had given the pioneer cryptocurrency more leeway to eat back into the market dominance. Even though the market has been brutal to investors in the past week, it is starting to level out and as the end of the month draws closer, indicators are starting to point towards better forecasts.

Bitcoin Still On The High Side

With Bitcoin, there has never been a dispute regarding its dominance in the crypto space. However, this dominance has since been declining as more digital assets gain ground. It was expected that cryptocurrencies such as Ethereum would continue to win more market share but that has not proven to be the case.

Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

Instead what has happened has been that bitcoin dominance has climbed back up towards seven-month highs. It is currently sitting above 46% and the last time the dominance was this high was back in October 2021 following the September crash.

This dominance is also evident in the performance of the digital asset compared to the other indexes in the space. The month of May had hit all of the indexes hard, resulting in double-digit losses across the board but BTC has held up better in comparison to its counterparts.

BTC dominance recovers above 45% | Source: Market Cap BTC Dominance on TradingView.com

For the month of May, Bitcoin’s price is down 24%, a huge fall. But the small, mid, and large cap indexes have all done worse. The Large Cap Index is down 27% since the month began and the Mid Cap Index is down 31%. In true Small Cap Index fashion when the market is in a downtrend, it has recorded the most losses with a 37% decline since the month began.

Altcoins Not Looking Too Hot

The altcoins market is one that attracts investors due to the fact that it holds high promise for maximum returns. This has seen the market bloom throughout the bull rallies. But just as they are likely to run high during bull markets, they are also likely to incur the most losses during market sell-offs. This has been true so far in recent months. Whereas bitcoin has been able to retain above 40% of its all-time high value, a lot of altcoins cannot say the same. 

BTC outperforms other indexes | Source: Arcane Research

An example of this is Cardano. ADA had recorded one of the largest rallies during the 2021 bull market but it has also been one of the worse-hit cryptocurrencies in the bear market. Since hitting its all-time high of $3.10 in September, it has since lost over 84% of its value.

Related Reading | Bitcoin On-Chain Activity Throttled After LUNA Collapse

Dogecoin, an investor meme coin favorite, is down more than 89% from its all-time high. Solana is down more than 80%. In comparison to these, bitcoin has been one of the best performers in the market, which explains why its dominance has continued to grow.

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Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

On-chain data shows the Bitcoin exchange whale ratio has remained at a high value recently, a sign that could be bearish for the crypto’s price.

Bitcoin Exchange Whale Ratio On Verge Of Entering “Very High Risk” Zone

As explained by an analyst in a CryptoQuant post, the 72-hour MA whale ratio is near 0.90, the very high risk zone.

The “exchange whale ratio” is an indicator that’s defined as the sum of top ten inflows to exchanges divided by the total inflows.

In simpler terms, this metric tells us what part of the total inflows are contributed by the ten largest transactions, which typically belong to the whales.

When the value of this indicator is above 0.85, it means whales occupy a very large percentage of exchange inflows right now.

As investors usually transfer their Bitcoin to exchanges for selling purposes, such a trend can be a sign that whales are dumping at the moment.

The indicator’s value usually remains above this threshold during BTC bear markets, or fake bull for mass dumping.

Related Reading | Bitcoin Trading Volume Plummets Down From Recent Top

On the other hand, values below the 0.85 mark usually signify that whale inflows are currently in a healthier balance with the rest of the market. The ratio’s value usually remains in this region during bull runs.

Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio (72-hour MA) over the past couple of months:

It looks like the indicator has been at a high value recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange whale ratio has a value of about 0.89 right now, above the 0.85 threshold.

According to the quant in the post, values above 0.90 may be considered the “very high risk” zone. So, the current value of the indicator is very close to that.

Related Reading | Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

In this month so far, the ratio’s value has almost always remained above the 0.85 line, with a couple of spikes above the 0.90 level.

The analyst believes whales are active right now due to the FED May Meeting Minutes, and if the ratio remains high in the near future, then it could spell trouble for Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $28.8k, down 2% in the last seven days. Over the past thirty days, the crypto has lost 30% in value.

The below chart shows the trend in the price of the coin over the last five days.

Seems like the price of the coin has plunged down over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

Bitcoin retested the key $28,500 support zone against the US Dollar. BTC is rising and the bulls might aim a clear move above the $30,600 resistance.

• Bitcoin is trading in a major range below the $30,600 resistance zone.
• The price is now trading near the $29,800 level and the 100 hourly simple moving average.
• There is a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain pace if there is a clear move above the key $30,600 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price remained well bid above the $28,500 support zone. There was a fresh increase initiated from the $28,635 swing low and the price climbed above $29,000.

There was a break above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 level, but there was no upside continuation. A high was formed near $30,188 and the price is now consolidating gains.

Bitcoin is trading near the $29,800 level and the 100 hourly simple moving average. There was already a test of the 50% Fib retracement level of the upward move from the $28,635 swing low to $30,188 high.

An immediate resistance on the upside is near the $29,950 level. There is also a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,180 level.

Source: BTCUSD on TradingView.com

The main resistance is still near the $30,600 zone. A clear move above the $30,600 resistance level might start a strong increase. In the stated case, the price may perhaps clear the $31,200 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,180 resistance zone, it could start another decline. An immediate support on the downside is near the $29,400 level.

The first major support is near the $29,250 level. It is near the 61.8% Fib retracement level of the upward move from the $28,635 swing low to $30,188 high. A downside break below the $29,250 support might send the price further lower. The main support is still near the $28,500 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,400, followed by $29,250.

Major Resistance Levels – $29,950, $30,180 and $30,600.

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The Nightly Mint: Daily NFT Recap

We’re wrapping up the last full week of May, and the NFT market is seemingly still performing strongly – considering the middling cryptocurrency market at large.

Meanwhile, Solana NFTs are getting a nice boost in what the community is calling ‘Solana Summer.’ Can a rising tide lift all boats? Additionally, U.S. case law around NFTs – largely unprecedented thus far – is seeing new decisions that could have major impacts on how legal courts interpret NFT cases in the future.

The Nightly Mint

Latest Mint: Solana NFTs, Apparently

If you’re keeping up with the hype, dominating the conversation this week has been goblintown and Trippin Ape Tribe. The latter has been an explosive project on Solana (the former being on Ethereum), and for a brief period today took the lead over Ethereum in 24-hour volume.

Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

Solana has been featured as the leading 'altcoin' NFT community behind NFTs, and while other blockchains continue to make strides, it's a 'long game play' for the broader NFT community. | Source: SOL-USD on TradingView.com Historic NFT Federal Case Law Underway With ‘MetaBirkins’

A new precedent in NFT case law could be underway, as Hermès battles with artist Mason Rothschild over his ‘MetaBirkins’ NFT project. An analysis of some recent decisions in the case by Pierce Atwood LLP reflects that Rothschild’s were a form of artistic expression fitting under the First Amendment. However, the court will still need to decide whether the project’s name has had “sufficiently compelling” enough evidence to show a likelihood of confusion between the fashion firm’s item and the NFT project name.

The ‘Minty Fresh’ Take

Not wrong.

Holy shit Solana NFTs are exploding

— Magic Eden (@MagicEden) May 25, 2022

Related Reading | TA: Ethereum Forms Bullish Pattern But This Level Is Crucial

Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin On-Chain Activity Throttled After LUNA Collapse

Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. The collapse had no doubt reduced faith in the cryptocurrency market and has seen investors significantly reduce their activity in the space. This has led to losses across the board for miners as fee revenues, transaction volumes, and transaction values have all plummeted, all of which have seen daily miner revenues fall towards yearly lows.

Bitcoin On-Chain Activity Declines

The previous week had seen on-chain activity ramp up during the height of the LUNA collapse. Mostly, this had been to investors scrambling to move their coins to avoid being affected by the downtrend that followed. As well as exchanges needing to restructure their bitcoin wallets following the carnage which had seen activity rise.

Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

Due to this, there had been a significant jump in the transaction volumes as well as the average transaction. Although this did not translate to more revenue for miners, recording a 21.85% fall from the prior week. Miner revenues were even worse last week following the LUNA crash. It recorded an additional 7.95% loss that brought daily revenues to $25.5 million. The last time revenues were this low had been in July of 2021.

Mining difficulty reaches all-time high | Source: Arcane Research

With the market settling from the crash and the exchange wallet restructurings done, on-chain activity has now returned to normal levels. What this resulted in has been a 44% collapse from the previous week and daily transaction volume is down almost 50% from last week’s levels.

Mining Difficulty Back Up

The bitcoin mining difficulty had been going down for the last couple of weeks, which had seen the block production rate surpass the 6 blocks per hour goal about three weeks ago. What followed was a correction in the mining difficulty that brought the mining difficulty back up. The adjustment has seen block production fall well below the target to be sitting at 5.64 blocks per hour.

BTC declines below $30,000 once more | Source: BTCUSD on TradingView.com

The percentage of revenue made up by fees had also dropped 0.69% from the prior week to 1.81%. This was expected seeing that the fees per day had recorded a 33.48% decline in the same time period. Transactions per day were also down 6.185 to 252,532 daily transactions.

Related Reading | Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

Bitcoin’s price had also taken a huge hit that had contributed to the decline in daily miner revenues, alongside the decreased block production rate which is now at an all-time high. An adjustment is expected on Wednesday that will likely reduce mining difficulty by 4% and 5%. With this, the block production rate is expected to increase and if the price of the digital asset does mirror this move, then miners may see a significant jump in revenues this week.

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Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

The spring is being compressed further as Bitcoin swings continue to diminish. Since the commencement of active trading in New York, the lower bound of the trading range has shifted to $29K, where the BTCUSD has found support. The top bound of the constructed triangle has advanced to $30.5K, up 1.8 percent from current prices of $30K in the last 24 hours.

Bitcoin Consolidation Uninspiring

As range adherence continued, Bitcoin (BTC) momentarily returned to $30,000 before the May 25 Wall Street open.

While it may appear dull at first glance, Michal van de Poppe saw Bitcoin on short periods as a source of renewed interest, predicting a run to near $33,000 next.

He told his Twitter followers:

“Bitcoin broke through $29.4K and ran towards the next resistance zone, if we hold $29.4K, we’ll be good towards $32.8K. Finally.”

The price of Bitcoin is consolidating, which is equally perilous for bulls and bears. Both gain liquidity and become accustomed to existing prices over time.

On a market-cycle level, there’s a good likelihood that the present consolidation will end with a collapse of the lower boundary and the liquidation of stop orders, confirming the initial downside momentum.

Related reading | Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

The bearish prognosis is fueled by monetary policy tightening and declining economic development, which causes retail investors to withdraw funds from bitcoin in favor of spending. It doesn’t help that people’s hopes of getting rich quick with cryptocurrencies aren’t coming true, as bitcoin is now valued the same as it was in early 2021.

BTC/USD trades below $30k. Source: TradingView

Investing in the business is becoming more sophisticated, moving beyond naive buy-and-hold strategies. Investors are pulling money out of bitcoin and putting it into blockchains that enable smart contracts, such as Cardano and Polkadot, according to CoinShares. Last week, crypto funds lost $141 million in net capital outflows.

The ECB warned that the high correlation between cryptocurrencies and stock markets is common during times of economic hardship, and that digital assets will no longer be allowed to diversify investment portfolios.

Related reading | Institutional Investors Seek Safe Haven In Crypto Products Amid Market Uncertainty

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