Cryptocurrencies Reviews - Page 6

BNB bounced off the moving averages on Nov. 29 but the bulls are struggling to build upon this move. This suggests that the bears are likely to pose a strong challenge between $300 and $318. The 20-day EMA of $292 is flattening out and the RSI is just above the midpoint, indicating a balance between supply and demand. The advantage could tilt in favor of the buyers if they catapult the price above $318. That could clear the path for a rally to $338, where the bears may again erect a stiff barrier. This positive view could invalidate in the near term if the price turns down and plummets below the moving averages. The pair could then decline to the support at $258.

Bitcoin has shrugged off the weakness in the United States equities markets and is attempting to start a recovery on Nov. 30. Buyers are attempting to achieve a monthly close above $17,000. This suggests that the selling that had picked up due to the FTX crisis may be reducing. Usually, smaller investors panic and dump their holdings in a bear market but it has been the opposite with Bitcoin investors. According to Glassnode data released on Nov. 27, investors holding less than one Bitcoin, also called shrimps, bought 96,200 Bitcoin since the FTX crash. Along similar lines, investors holding between 1 to 10 Bitcoin, classified as crabs, bought 191,600 Bitcoin over the past 30 days. This shows investors are continuing to accumulate at lower levels. However, a sharp recovery in Bitcoin’s price is unlikely for some time. Trading firm QCP Capital believes that the United States Consumer Price Index data on Dec. 13 and the U.S. Fed’s policy decision on Dec. 14 could act as risk factors because many investors could be “forced to continually sell assets to raise liquidity.” QCP expects the situation to turn around only in the second or third quarter of next year after the Fed possibly pivots and releases liquidity in the system.

Ether turned down from the 20-day EMA of $1,234 on Nov. 26 but the bulls arrested the decline at $1,151 on Nov. 28. This indicates a pick-up in demand and a sign that the sentiment could be turning positive. Buyers have pushed the price above the 20-day EMA and will next attempt to break above the 50-day SMA of $1,335. If they succeed, the ETH/USDT pair could rally to the resistance line of the descending channel. This level may attract strong selling by the bears because a break above the channel could indicate a possible trend change. To invalidate this bullish view, the bears will have to defend the 50-day SMA and pull the price back below $1,051. The pair could then decline to the support line of the channel.

Bitcoin turned up from $15,995 on Nov. 28 and broke above the developing descending triangle pattern on Nov. 30. This invalidated the bearish setup and may have attracted buying from the bulls who are trying to push the price above the 20-day exponential moving average (EMA) of $16,910. A close above the 20-day EMA will be the first sign that the bears may be losing their grip. The BTC/Tether $1.00 pair could then rally to $17,622 and later to the 50-day simple moving average (SMA) of $18,434. The sellers are expected to defend this zone with vigor. If the price turns down from the overhead zone but bounces off the 20-day EMA, it will suggest that the bulls are buying the dips. That could increase the possibility of a rally to $20,000 and then to $21,500. Another possibility is that the price turns down from $17,622. If that happens, it will suggest that the pair may consolidate between $15,476 and $17,622 for some more time.

The most likely culprit was an unexpected transfer of 127,000 BTC from a Binance cold wallet on Nov. 28. The huge Bitcoin transaction immediately triggered fear, uncertainty and doubt, but the Binance CEO, Changpeng Zhao, subsequently announced it was part of an auditing process. Regulatory pressure has also been limiting BTC’s upside after reports on Nov. 25 showed that cryptocurrency lending firm Genesis Global Capital and other crypto firms were under investigation by securities regulators in the United States. Joseph Borg, director of the Alabama Securities Commission, confirmed that its state and several other states are investigating Genesis' alleged ties to securities laws violation.

Bitcoin remains in a downtrend. The bears pulled the price below the immediate support of $16,229 on Nov. 21, which suggests a lack of demand from the bulls. If the price sustains below $16,229, the BTC/Tether pair could retest the vital support at $15,588. This is an important level to keep an eye on because a break and close below it could signal the start of the next leg of the downtrend. The pair could then start its downward journey toward $12,200. On the contrary, if the price turns up and breaks back above $16,229, it will suggest that the bulls are buying the dips below $16,000. The bulls will then attempt to push the price toward the overhead resistance at $17,190.

Ether continues to slide gradually toward the support line of the descending channel pattern. This is an important level for the bulls to defend because a break below the channel could intensify selling. The ETH/USDT pair could then drop to the psychological level of $1,000 and after to the vital support at $881. The downsloping 20-day EMA of $1,381 and the RSI in the negative territory indicate that the bears are in control. Contrary to this assumption, if the price rebounds off the support line with strength, it will suggest that buyers are defending the level with all their might. They will then try to clear the moving averages and open the doors for a possible rally to the downtrend line of the channel.

Cardano remains in a strong downtrend. The bears pulled the price below the immediate support at $0.31 on Nov. 21 opening the doors for a possible drop to the support line. A minor positive for the bulls is that the RSI is forming a bullish divergence. This suggests that the bearish momentum could be waning. The ADA/USDT pair could attempt a recovery from the support line, which is likely to hit a wall at the 20-day EMA of $0.34. If the price turns down from this level, it will suggest that the bears continue to sell on rallies. That could result in a retest of the support line. If this level cracks, the selling could accelerate and the pair may drop to $0.25. Contrarily, a break above the 20-day EMA could embolden the buyers who may push the pair to the downtrend line.

BNB has declined to the critical support at $258, which could witness a tough battle between the bulls and the bears. The downsloping 20-day EMA of $284 and the RSI below 37 indicate that the bears have the upper hand. If the bears sink and sustain the price below $258, the selling could pick up momentum and the BNB/USDT pair could drop to $239 and thereafter to $216. Alternatively, if the price turns up from the current level, it will suggest that the bulls continue to buy the dips to $258. The pair could then rise to the moving averages where the bears may again mount a strong defense.

Buyers pushed XRP above the downtrend line on Nov. 20 but could not clear the hurdle at the 20-day EMA of $0.39. This suggests that the sentiment remains negative and traders are selling on rallies. The XRP/USDT pair could drop to the support line where buyers may step in. A strong rebound off the support line will suggest that the pair has formed a symmetrical triangle pattern. On the other hand, if the price slips below the support line, the pair could drop to the $0.32 to $0.30 support zone. A strong rebound off this zone will indicate that the pair may remain stuck between $0.30 and $0.41 for a few days. The bears will have to pull the price below $0.30 to signal the start of the next leg of the downtrend.

XRP re-entered the $0.41 to $0.30 range on Nov. 8, indicating a lack of demand at higher levels. The selling continued on Nov. 9 and the price dropped to $0.32. Buyers purchased the dip and tried to push the price back above $0.41 but the bears did not relent. This suggests that the bears have flipped the $0.41 level into resistance. The bears will again try to pull the pair to the critical support at $0.30. This is an important level for the bulls to defend because a break and close below it could signal the resumption of the downtrend. On the upside, the first sign of strength will be a break and close above $0.41. The XRP/USDT pair could then rise to the 50-day SMA of $0.45.

Bitcoin broke and closed below the June low of $17,622 on Nov. 9. This marked the resumption of the downtrend. Although the bulls tried to stage a strong recovery on Nov. 10, their efforts met with heavy selling above $17,622. This suggests that the bears have flipped the level into resistance. The 20-day exponential moving average (EMA) of $18,271 has turned down and the relative strength index (RSI) is in the negative territory. This suggests that the bears have the upper hand. If the price sustains below $17,622, it will increase the prospect of a break below $15,588, If that happens, the BTC/Tether (USDT) pair could extend its decline to $12,200. Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it will suggest strong demand at lower levels. The pair could then challenge the psychological level at $20,000.

Ether has been declining inside a descending channel pattern for the past several weeks. The failure to push the price above the channel on Nov. 4 may have led to profit-booking by the short-term traders. The buyers aggressively bought the dip to the support line on Nov. 10, but the relief rally fizzled out near the 50-day simple moving average (SMA) of $1,372. This suggests that the bears are selling at higher levels. The bears will again strive to sink the price below the channel. If that happens, the selling could intensify and the ETH/USDT pair could drop to $1,000. To gain the upper hand, buyers will have to push the price above the moving averages. The pair could then rise to the downtrend line.

Tether says it has no exposure to Genesis Global or Gemini Earn. The stablecoin operator said the reliability of its reserves is important to highlight “at a time like this.” Tether has historically had issues with transparency. Tether issued a short statement on Nov. 16 saying that it has no exposure to institutional crypto lender Genesis Global or the Gemini Earn program after the announcement that Genesis Global and the Gemini exchange were freezing withdrawals. Genesis Global is the lending partner for interest-bearing Gemini Earn. Eager to differentiate itself from contagion-stricken crypto organizations, Tether said: “It is important at a time like this to highlight that these [Tether’s] reserves have proved tried and true demonstrating consistent resilience during the black swan events that have characterized the market this past year.”

BNB soared to $398 on Nov. 8, but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. The selling continued on Nov. 9 and pulled the price near the strong support at $258. BNB/USDT daily chart. Source: TradingView
The bulls purchased the drop on Nov. 10, but they could not thrust the price above the 20-day EMA of $295. This suggests that the sentiment turned negative and the bears were selling the relief rallies to the 20-day EMA. The bears will again try to break the support at $258 and if they manage to do that, the BNB/USDT pair could drop to $239 and later to $216. This negative view will be invalidated in the near term if thebulls push and sustain the price above $313.

Bitcoin price dips under $17.6K June low as FTX nerves liquidate nearly $1B. BTC price pressure sees sellers take out existing two-year macro lows, but optimism over a relief “pump” is building. Data from Cointelegraph Markets Pro and TradingView revealed carnage across crypto price charts as exchange FTX kept the mood low. After initially rebounding over $20,000 on news that the embattled FTX might be bought out by competitor Binance, panic returned after the Wall Street open. BTC/USD lost $2,000 in under two hours, seeing a sudden plunge that set a low of $17,120 on Bitstamp. The last time the pair traded at that level was in late November 2020, meaning Bitcoin managed to beat the previous macro lows of $17,600 set in June this year.

LINK’s price has rebounded by nearly 75% after bottoming out at $5.29 in May. Notably, the Chainlink token’s recovery rally has coincided with a persistent increase in the supply held by its whales (entities that hold at least 1,000 LINK). The LINK supply percentage held by addresses with a balance between 1,000 LINK and 1 million LINK has risen to nearly 23% in November from 18.2% in May, according to Santiment data. This indicates that rich investors may have been the key players behind the LINK price recovery. Interestingly, the LINK accumulation trend is rising in the days leading up to the launch of “Chainlink Staking.” Chainlink co-founder Sergey Nazarov announced at SmartCon 2022 that the long-awaited LINK staking reward function would go live in December. In addition, the project’s official website confirms that it will enable “eligible community members” to stake LINK into its pool in December.

Solana erases its ‘Google rally’ gains, but a 50% SOL price recovery is still in play. Solana bulls show signs of countering the ongoing correction trend, raising anticipations that SOL price will recover in the coming months. A recent price rally in the Solana SOL tickers down $17 market ran out of steam midway as traders’ attention shifted to crypto-focused hedge fund Alameda Research’s insolvency rumors. On Nov. 7, SOL’s price plunged nearly 6% to about $30.50. The intraday selloff came as a part of a broader pullback trend that started on Nov. 5 when SOL peaked at around $38.75. Between then and now, the Solana token is down over 20%. The beginning of SOL’s plunge coincided with reports that Alameda Research has liabilities worth $8 billion but may not have liquid assets on its balance sheet to meet those obligations.

FTX Token price risks 30% plunge as a 23M FTT ‘part’ moves to Binance. Alameda Research reportedly obtained $2.2 billion worth of loans using FTT as collateral, a token created by cryptocurrency exchange FTX. From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement. On Nov. 6, FTT broke below the pattern’s support line near $22.50, accompanied by a volume spike. The FTX exchange token’s selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months. As a rule of technical analysis, the inverse-cup-and-handle breakdown can push the price down by the length equal to the distance between the pattern’s support and peak level. That puts FTT’s breakdown price target at around $16, down roughly 30% from the current price. The bearish technical setup came as Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, said his company would liquidate its entire FTT holdings in the coming months, on fears that the token might collapse in the same manner as Terra LUNA tickers down $1.71 in May 2021.

Bitcoin could become the foundation of DeFi with more single-sided liquidity pools. More options for single-sided Bitcoin staking could lead to a consolidation of decentralized exchange aggregators - meaning improved liquidity for users. For many years, Ethereum reigned supreme over the decentralized finance (DeFi) landscape, with the blockchain serving as the destination of choice for many of the most innovative projects serving up their take on decentralized finance. More recently, however, DeFi projects have started to crop up across multiple ecosystems, challenging Ethereum’s hegemony. And, as we look to a future in which the technical problem of interoperability is solved, one unlikely contender for the role of DeFi power player emerges - Bitcoin BTC tickers down $17,935. In that future, Bitcoin plays potentially the most important role in DeFi - and not in a triumphalist, maximalist sense. Rather, Bitcoin can complement the rest of crypto as the centerpiece of multichain DeFi. The key to this is connecting it all together so that Bitcoin can interact with Ethereum as seamlessly as iOS and Android do today. An argument in favor of harmonizing Bitcoin with DeFi may come as a surprise. Commentators often pit the incumbent Bitcoin blockchain against its more agile and functional counterpart, Ethereum. The real “flippening,” however, is connecting DeFi to Bitcoin. Doing so gives users the best of both worlds, combining the dexterity of Ethereum with the purity of Bitcoin. The debate revolves around what a Bitcoin-enabled DeFi industry looks like or if it is even possible to accomplish.