Day: May 14, 2023

Gold’s steady ascent, outperforming Bitcoin, raises questions about potential causes of this discrepancy – market sentiment, regulation, volatility, and environmental concerns. Understanding these factors is essential, but the future trajectory of both assets remains uncertain.

Terra Luna Classic (LUNC) experiences a 10% rebound, but allegations against Jump Trading and Terraform Labs might affect its price. The LUNC’s future depends on lawsuit outcomes, market sentiment, and the overall state of the cryptocurrency world.

The DOGE price might see a bullish upswing in the upcoming week with several lower price rejections at the support level of $0.071. Technical indicators, such as the 4-hour Relative Strength Index, suggest potential bullish movement, raising the possibility of an upswing towards the overhead trendline.

Bitcoin has experienced a notable recovery, pushing for $27,000 with a 7% increase in two days. Experts express optimism for BTC’s potential growth, but some traders foresee a “gap” forming in CME Bitcoin futures markets. As market participants stay cautious, blockchain enthusiasts should closely monitor market trends and projections in the cryptocurrency landscape.

The S&P 500 Index experienced a nominal loss of 0.29%, while Bitcoin seems to be on track for a 5% loss, dragging several altcoins with it. Despite Bitcoin’s recent rebound, Material Indicators cautions against optimism due to lack of strong bids from whales. Analyzing top five cryptocurrencies shows potential for near-term gains, but traders should remain cautious and conduct thorough research before investing or trading.

XRP has been trading sideways, consolidating between $0.433 and $0.408, showcasing uncertainty surrounding the coin. However, examining the shorter time frame chart reveals the formation of a bullish ascending triangle pattern, signaling a potential upswing. The rising support trendline is expected to push the price higher, potentially clearing the neckline resistance of $0.44.

A dormant crypto whale recently reawakened, withdrawing 375,000 USDT from Binance to acquire 3.26 trillion Milady Meme Coin (LADYS) tokens. This move highlights the influence of market whales on meme coins like LADYS, Dogecoin, and XRP, potentially affecting market trends and investors’ trust.

The Ethereum market recently experienced a price breakdown from $1827, signaling a potential extended correction. However, buyers remain active near the 100-day EMA at $1766. Traders should watch for competition between buyers and sellers to determine the coin’s upcoming trend. Bearish momentum could weaken if the buying pressure continues, but a longer correction towards $1600 is also possible.

In light of an $8 billion trading volume influx, the future valuation of Bitcoin has become a hot topic. With 40.083% of the total Bitcoin supply dormant for over three years, investor behavior and key technical indicators may reveal potential price trajectories and the end of cryptocurrency’s recent downturn.

Crypto startups received approximately $56 million in funding this week, focusing mainly on DeFi and NFT-related projects. Blockworks secured the largest sum of $12 million, while Pudgy Penguins obtained $9 million and Odsy Network collected $7.5 million. These figures reflect the continued flow of investments into the crypto and Web3 sectors.

Bitcoin’s rally to $27,000 in 2023 shows buying exhaustion, struggling to move past $30,000, and increasing correlation with traditional financial metrics. The strengthening negative weekly correlation between Bitcoin and the rising U.S. dollar, cooled Fed rate cut expectations, and gold’s critical resistance level may signal a potential downtrend for Bitcoin in Q2, prompting investors to remain cautious.

Bitcoin price showed a breakdown attempt from the monthly support of $27,000-$26,786 on May 12th, but buyers defended the support, suggesting a possible bullish reversal. The current correction phase is governed by a resistance trendline, with Bitcoin trading at $26,874 and an intraday loss of 0.12%. A breakout could signify uptrend resumption and re-challenge the $31,000 peak.

The legal battle between Ripple Labs and the SEC raises concerns for XRP’s escrow holdings managed by Ripple. A potential court ruling against the company could impact its control of XRP tokens, disrupting business alignment and possibly forcing Ripple to consider alternative cryptocurrencies for cross-border payments.

The recent correction in Pepecoin price showcased a bullish reversal, with the market value nearly doubling in two days. The 4-hour chart exhibits a bullish reversal pattern, indicating a potential rally. With sustained buying, the coin price could increase by 8-10%, while a breakout from the trendline could surge the price by an additional 50%. Technical indicators favor a bullish forecast.

The $SIMPSON meme coin, based on Homer Simpson, has gained attention with an 18,000% price increase, but concerns over its rushed development and stability remain. Alternately, $SPONGE coin and AiDoge.com offer more promising opportunities due to their solid foundations, partnerships, and innovative use cases, appealing to investors seeking long-term returns in the meme coin market.

Former QuadrigaCX users will receive only 13% of their total claims as accounting giant Ernst & Young published a notice regarding the 13.094156% payout to each creditor. QuadrigaCX owes CAD $303.1 million across 17,648 claims, including Canada Post and Canada Revenue Agency. The exchange’s collapse in 2019 highlights the need for proper oversight and regulation in the crypto market.