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Bitcoin Retests $30K as Ripple Spikes 6% Daily (Market Watch)

After a few more days spent underneath the $30,000 line, bitcoin finally jumped above it and even challenged $31,000 earlier. Most altcoins are also slightly in the green today, with XRP standing out as the most impressive gainer from the larger-cap ones.

BTC Touched $30K

The cryptocurrency market has not been in a bullish state for months, but the situation worsened last week when BTC dumped by $15,000 at one point to its lowest position since December 2020 at $25,300.

The asset recovered some ground and briefly exceeded $31,000 days later. This was short-lived, though, as the bears returned to the scene and drove it south once more. Thus, bitcoin spent the majority of the next several days below $30,000, as reported.

It even dipped to $28,500 yesterday, following reports about massive BTC quantities being deposited to exchanges. Nevertheless, the bulls stepped up at this point and reversed bitcoin’s trajectory.

In a matter of hours, the asset spiked beyond $30,000 and neared $31,000. Despite failing there, bitcoin still trades above $30,000, and its market capitalization stands at $575 billion. Moreover, its dominance over the altcoins has increased to roughly 45%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP Leads the Way, ETH Taps $2K

Ethereum also suffered quite badly during the most recent correction and went from $3,000 to $1,700 in days. Similar to BTC, it bounced off at that point and reclaimed $2,000 days later.

However, it fell below that coveted mark on Wednesday and remained there for the most part. Now, though, a 4% daily increase has pushed the second-largest crypto to just above $2,000.

Binance Coin is also north of $300 after a minor daily jump. Similar increases are evident from Cardano, Solana, Polkadot, Dogecoin, Avalanche, Tron, Shiba Inu, and Litecoin.

Ripple has gained the most from the larger-cap alts with a 5.5% increase, which has pushed XRP to above $0.4. ATOM, ICP, UNI, and TFUEL are among the most notable gainers from the lower-cap altcoins.

The crypto market capitalization has neared $1.3 trillion following a $50 billion daily increase.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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XRP Price Analysis: Ripple Drops 42% in a Week, What’s Next?

Last week, Ripple closed a red candle of a whopping 42%. The bulls managed to fight back, pushing the price up at the end of the week. Will this be the end of the bearish sentiment in the short term, though?

Technical Analysis

By Grizzly

The Daily Chart

On the daily chart, XRP is moving downward in a descending channel (in yellow). Currently, the support zone (in green) at $0.33 has prevented any further price declines. To dominate the market, bulls must be able to keep the price above this area. If they succeed, XRP will be more likely to move higher towards the static resistance (in blue) at $0.55 and then $0.68.

Many indicators have entered the oversold zone, and there could be a possibility of a short-term upward trend. To confirm the reversal of the momentum, the price must form a higher high and a higher low. The bulls need to take the price up to $0.65 to confirm a bullish structure.

xrpchart_1
Source: TradingView

Key Support Levels: $0.33 & $0.17

Key Resistance Levels: $0.55 & $0.68

Moving Averages:

MA20: $0.54

MA50: $0.67

MA100: $0.73

MA200: $0.80

The 4-Hour Chart

The structure taking shape in the 4-hour timeframe can be considered bullish if Ripple can form a higher high above the resistance zone outlined in red. The last ascending wave, however, appears weak, which could mean that retesting $0.33 might not be out of the question yet.

xrpchart_2
Source: TradingView

In addition, it should be noted that the red resistance zone intersects with a thick Ichimoku cloud, which makes it difficult for bulls to break through.

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Ripple Sits at a Long-Term Support Following 30% Weekly Crash, Rebound In Sight? (XRP Technical Analysis)

The market is still in shock due to the deep collapse in recent days. Investors are skeptical, and it remains to be seen when the bulls will return to the market.

Technical Analysis

By Grizzly

The Daily Chart

The bears were able to push the price down to critical horizontal support at $0.33. This level has played an essential role for XRP since 2019.

1
Source: TradingView

The sharp upward trend in 2021 occurred after breaking this level. If the bulls can defend it, one can expect XRP to move towards the resistance at $0.5, which is the first challenge for the bulls. However, given the macroeconomic conditions in the market,  one must remain very careful and cautious.

Key Support Levels: $0.23 & $0.17

Key Resistance Levels: $0.51 & $0.77

Moving Averages:

MA20: $0.56

MA50: $0.69

MA100: $0.73

MA200: $0.81

The XRP/BTC Chart

Against BTC, the price has lost the critical support at 1550 SATS, which has now turned into resistance. Considering the huge sell-off, returning the price to higher levels will not be easy. First, the selling pressure must be reduced. Then market usually enters an accumulation or transition phase until the next major leg. There is still selling pressure in the market now, although not as much as in the past few days.

1
Source: TradingView
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Crypto Price Analysis May-13: Ethereum, Ripple, Cardano, Solana, and Shiba Inu

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.

img1_cryptopostcharts

Ethereum (ETH)

Ethereum had crashed this past week, with the largest selling volume taking place on Thursday when the price reached its lowest level in 2022 at $1,700 (on Bitstamp). Since then, the price has recovered above $2,000 and has found good support at $1,900. Overall, it was a very difficult week for ETH, which lost 22% in the past seven days.

Nevertheless, there are signs of optimism that the spike in volume yesterday may indicate a possible reversal in the downtrend, at least in the near term, because such high volume has not been seen since 2021. At the time of this writing, ETH is on the move up.

The next key resistance levels are found at $2,200, $2,350 and $2,500. The indicators also favor bulls now, with the MACD and RSI indicators both signaling that a potential reversal might be in play. Should this materialize in the next few days, then the cryptocurrency may see a good performance in the coming week, recovering some of the most recent losses.

ETHUSD_2022-05-13_16-30-21
Chart by TradingView

Ripple (XRP)

XRP took a nosedive yesterday to a level not seen since February 2021 at $0.336 (Binance). The selloff was sharp, and since then, XRP’s price has recovered to some extent, turning the $0.37 level into support. Overall, it lost 25% in the past seven days.

Any recovery will face resistance at $0.56, which used to act as a support in the past. Considering that the market may have bottomed yesterday during the selloff, XRP has a good chance to recover and attempt a relief rally in the next few days.

However, it is important to note that on most charts, the price has made a lower low which makes the overall macro trend bearish, despite any relief rally. For this reason, it is best to watch the key resistance level carefully as sellers may return.

XRPUSDT_2022-05-13_16-43-43
Chart by TradingView

Cardano (ADA)

Despite a significant crash, ADA has made a sustained recovery in the past 24h. Yesterday, its price fell to $0.40 (Binance), where it found support, and now it sits just under the key resistance at $0.59. Compared to the previous two cryptocurrencies, ADA performed the worst in the past seven days, losing 28% of its valuation.

The volatility in the past three days saw the price of ADA fall by 39% and recover by 51%. This goes to show that the market can be very unpredictable, and price swings are out of the ordinary at this time. The volume spiked yesterday but now seems to decrease, which should lower volatility as well.

The biggest challenge for ADA is to move above the resistance at $0.59. If successful, then its price can attempt to rally to the next key level found at $0.75.

ADAUSDT_2022-05-13_16-51-23
Chart by TradingView

Solana (SOL)

Since early April, Solana has crashed over 70%, with the most recent price action seeing it reach a potential local bottom at $37 (Binance). The last time Solana’s price was this low was in August 2021. With a price loss of 26% in the past seven days, Solana is the worst performer on our list.

The key support level is found at $44 and the resistance – at $57. While Solana is attempting to recover some of its most recent losses at the time of this post, buyers need to build up more momentum to break the aforementioned level. Should they be successful, the next target is $78.

SOLUSDT_2022-05-13_16-58-37
Chart by TradingView

Shiba Inu (SHIB)

Shiba Inu used to be one of the most popular cryptocurrencies during the bull market. Now, the price has fallen to levels not seen since October 2021. It found good support during this most recent crash at $0.000010, and SHIB is currently in a relief rally. Despite its ongoing recovery, SHIB still lost 30% of its valuation in the past seven days.

The most important resistance levels are at $0.000017 and $0.000020. To reach them, SHIB buyers have to reverse the momentum in their favor and sustain it in the coming week. Historically, SHIB has been a poor performer beyond a few days in a bear market, but so long the market remains in recovery, SHIB could perform well.

SHIBUSDT_2022-05-13_17-07-30
Chart by TradingView
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Ripple Price Analysis: Following the 18% Daily Collapse, Here Are the Important Levels for XRP

Yesterday marked one of Ripple’s biggest red candles in 2022. Bears were able to push the price down 18% and instill more fear in the market.

Technical Analysis

By Grizzly

The Daily Chart

On the daily timeframe, after XRP ended last week in the range between $0.55- $0.65, the price experienced a sharp decline and touched $0.47. Considering the historical trend, the price has increased after hitting the dynamic support (in green). If the bulls want to push the price up towards the wedge’s top (in red), the main challenge would be the resistance between $0.7 and $0.75 (in blue).

Ripple seems to have a challenging path to reach that level because it must first turn back to the last week’s sideways range band. Given the current fear in the market, it is more likely for investors to treat price increases as exit opportunities. This means the volatility is also likely to be very hgih.

Key Support Levels: $0.47 & $0.40
Key Resistance Levels: $0.55 & $0.65

Moving Averages:
MA20: $0.62
MA50: $0.72
MA100: $0.74
MA200: $0.83

XRP_price_chart1
Source: TradingView

The 4-Hour Chart

XRP_price_chart2
Source: TradingView

On the 4-hour timeframe, XRP moves down in a descending channel. Currently, the channel bottom is acting well as the support. The price will likely be able to move to the blue zone where the horizontal resistance and the channel top intersect.  A reversal signal can be confirmed after forming a higher high at $0.65.

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Ripple Price Analysis: 3 Times XRP Increased From This Level, Will It Happen Again?

Ripple has touched the range between $0.5-0.55 three times over the past year. Now, the bears are trying to bring the price to this range once again, but will support hold the fourth attempt?

Technical Analysis

Technical Analysis By Grizzly

The Daily Chart

On the daily timeframe, the bears were able to push the price below the support level at $0.63 and turn it into a horizontal resistance (in red).

XRP price continued to drop after the pullback and is now close to the support zone at $0.50-0.55 (in green). Since last month, the bearish momentum in the market began to diminish.

Given that the price had reached the green zone three times in the past year, it is now considered technically weaker support. If the bearish momentum continues to decline, the demand at this level will likely not be able to cope with the supply, in case of another retest of the support. If this happens, support at $0.42 is likely the next stop for XRP.

Moving Averages:

MA20: $0.65

MA50: $0.74

MA100: $0.75

MA200: $0.83

The 4-Hour Chart

On the 4-hour timeframe, Ripple dropped to short-term support at $0.56 after failing to break above the thick Ichimoku cloud.

Given that the cloud thickness in the resistance zone at $0.60 has decreased, it can be expected that the resistance will likely get retested. Suppose Ripple can not get back to the top of this resistance, it will likely plunge into the $0.5 support area, which is mentioned above.

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What’s Next For Ripple Following the Drop Below $0.6? (XRP Price Analysis)

The crypto market experienced a sharp drop yesterday, liquidating many long positions. A lot of cryptocurrencies are approaching their long-term support levels, and it remains to be seen how bulls will defend them.

Technical Analysis

By Grizzly

The Daily Chart

On a daily time frame, XRP moves down inside a descending channel (in yellow). The intersection point of the channel’s midline with the horizontal support at $0.5 (in green) is a crucial level to monitor. If the bulls defend it, one can expect the channel top to be retested at around $0.8.

Otherwise, the bears have the potential to push the price down to as low as $0.37. If buyers can hold the price above $0.5 and accumulate in this area, the bearish momentum would fade and open up the doors for a potential move to the upside.

The bottom line is that based on the current sentiment, where the market seems to be in the doubt/fear phase, and buyers are not very inclined to make big purchases.

1
Source: TradingView

Moving Averages:

MA20: $0.67

MA50: $0.75

MA100: $0.74

MA200: $0.84

The 4-Hour Chart

On the 4-hour timeframe, although the pressure from sellers has eased, the intersection of the horizontal resistance at $0.63 (in blue) with the dynamic resistance (in red) can be a severe barrier for the price to recover.

Therefore, it’s important to see how the price will behave around it before drawing any further conclusions.

2
Source: TradingView
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Crypto Markets Shed $150B as Bitcoin Collapses to Lowest Point Since Russia’s Invasion (Market Watch)

After failing at $40,000 two days ago, bitcoin was violently rejected and dumped by over $4,000 in hours to its lowest price point in over two months. The alternative coins are also buried in red, with massive price drops from Solana, Polkadot, Avalanche, and many others.

Bitcoin Slumped Below $36K

It was just a few days ago when the primary cryptocurrency started its recovery from its most recent sub-$38,000 price dip. The bulls pushed the asset north following the FOMC meeting, in which the Fed said it will raise interest rates by 50 basis points instead of 75, and BTC tapped $40,000.

However, this leg up was short-lived as bitcoin was stopped there and remained at just under that level for the next day.

The situation changed vigorously in the following several hours, as reported yesterday. Bitcoin started crashing hard and dumped by approximately $4,000. Aside from causing millions of dollars in liquidations, the cryptocurrency plunged to its lowest level since Russia invaded Ukraine, below $36,000.

As of now, BTC has reclaimed some ground and sits above that level, but it’s still 8% down on the day. As a result, its market capitalization has plummeted below $700 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Only Red

As it typically happens when BTC dumps hard, so do the alternative coins. Ethereum is a prime example, as it stood above $2,900 yesterday. Now, though, a 7% daily drop has pushed the second-largest cryptocurrency by around $200 down. Moreover, ETH even dipped beneath $2,700 hours ago.

BNB, Ripple, Terra, Dogecoin, Shiba Inu, and Tron have all lost between 5-6% in the past 24 hours. Even more price drops are evident from Solana (-11%), Cardano (-9%), Polkadot (-10%), Avalanche (-13%), and NEAR Protocol (-15%).

The lower- and mid-cap alts are in an even worse situation. STEPN (-26%), Zilliqa (-20%), ApeCoin (-17%), Waves (-17%), Moonbeam (-17%), Axie Infinity (-16%), Kava (-15%), and Fantom (-15%) have all lost double-digits.

Ultimately, the cumulative market cap of all crypto assets saw $150 billion gone and is down way below $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Crypto Price Analysis May-6: Ethereum, Ripple, Cardano, Tron, and Shiba Inu

This week, we take a closer look at Ethereum, Ripple, Cardano, Tron, and Shiba Inu.

img1_crypto

Ethereum (ETH)

This past week, ETH experienced high volatility with price rallying towards the $3,000 resistance only to be sharply rejected back on the critical support at $2,720 on Thursday. Overall, ETH lost 7.3% of its valuation in the last seven days.

The market sentiment remains bearish, and ETH has a difficult week ahead, particularly as the price is now found on the key support that will soon be put under tremendous pressure from sellers. Should it fail, ETH’s price may fall towards $2,500.

The outlook is pessimistic, and the indicators on the daily timeframe and above are bearish. For example, the MACD moving averages are expanding as they fall, which is a sign of increased selling momentum. On the other hand, the RSI has plenty of room until it hits the oversold area at under 30 points (currently at 42). In this context, it is hard to be bullish.

ETHUSD_2022-05-06_08-57-09
Chart by TradingView

Ripple (XRP)

Despite a worthy attempt from XRP to break away from the key resistance at $0.65, the market turned around and pushed it back within the current range that has support at $0.58. This latest rejection took XRP’s price down, closing the past seven days with a 7% loss.

The indicators are looking more promising compared to ETH since XRP’s price appears to have bottomed when the key support was first tested on April 30th, at least in the near term. Since then, the momentum shifted, and XRP could consolidate within its current range.

Looking ahead, the cryptocurrency has a good chance to finally break away from its range if market sentiment improves, as the selling pressure seems to have subsided at the start of May after a very difficult month in April when XRP’s price crashed almost 40%.

XRPUSDT_2022-05-06_09-07-24
Chart by TradingView

Cardano (ADA)

If ETH was volatile, Cardano took this to the next level this past week. Price went up and down almost 20% between last Wednesday and Thursday. Despite this volatility, the cryptocurrency only lost around 5% of its valuation compared to seven days ago after being rejected by the resistance at $0.85.

Even if ADA’s price lost most of its gains, the indicators are giving some bullish signals. The daily MACD did a bullish crossover last Wednesday, and this has been maintained to date, even if the price returned to the key support found at $0.75.

Looking ahead, as long as ADA can stay above the key support, then the outlook is somewhat positive based on the price action and indicators. It is best to be cautious in the coming week as the market momentum can shift from one day to another.

ADAUSDT_2022-05-06_09-18-27
Chart by TradingView

Tron (TRX)

Tron took a center stage these past few weeks with the announcement of its new stablecoin called USDD, which is based on Terra’s UST & Luna model. This has led to a 22.2% price increase in the past seven days after TRX broke the key resistance at $0.073 (now acting as support).

Tron’s new resistance is found at $0.093, and the indicators have turned bullish this past week. MACD has crossed to the positive side, and buy pressure is building up with high volume.

This bullish momentum is likely to continue, particularly as demand for stablecoins with good passive returns is high during a bear market. USDD is promising 30% APR which would make it one of the best in the market if it can be sustained.

TRXUSDT_2022-05-06_09-29-36
Chart by TradingView

Shiba Inu (SHIB)

SHIB had another difficult week, with the price unable to move far from the key support at $0.000020. The longer it tests the key support level, the higher the chance of a breakdown. Overall, the cryptocurrency has lost almost 14% of it valuation in the past seven days.

The outlook for SHIB is bearish, and buyers have to do their best to defend the key support, otherwise, the next support for SHIB will be found at $0.000017. The key resistance at $0.000028 is far away, and the price will likely not revisit such levels any time soon.

Looking ahead, SHIB holders need to prepare for the worst while hoping for the best. If market sentiment does not change to turn bullish again, it is very hard to see how SHIB can hold above its current support.

SHIBUSDT_2022-05-06_09-30-21
Chart by TradingView
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Green Market Watch: Bitcoin Eyes $40K, Cardano (ADA) Explodes 9%

Yesterday’s FOMC meeting had a positive impact on most of the crypto market, with bitcoin spiking toward $40,000. Most altcoins are also in the green. Cardano, Solana, Polkadot, and Avalanche are among the best performers.

Bitcoin Touched $40K

Ever since last week’s rejection at above $40,000, the landscape for the primary cryptocurrency has been quite bearish. It quickly returned below that level and kept losing value. This resulted in a drop to a two-month low of under $37,500.

Despite bouncing off and challenging $39,000 in the next few days, the asset ultimately failed and returned below $38,000 once again, as reported yesterday.

It neared and stood around $38,500 ahead of the highly-anticipated FOMC meeting, which took place yesterday evening. In it, Fed Chair Jerome Powell said the institution will raise the interest rates by 50 basis points (instead of the expected 75).

This had a positive impact on BTC’s price, which jumped to an intraday high of $40,000. As of now, the cryptocurrency has retraced by several hundred dollars, but it’s still around 2% up on the day. As such, its market cap stands above $750 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Cardano Leads the Alts’ Way

The altcoins were also in bad shape in the past week or so, but green has taken over the market now.
Ethereum slipped to $2,700 days ago but now stands above $2.900. This comes after a 2.5% increase on a daily scale.

A similar price pump has pushed Binance Coin to $400, while Ripple is close to $0.65 after gaining 3.7% on the day.

Solana trades above $90 after surging by 6%. Polkadot (5%) and Avalanche (8%) are also well in the green. Cardano is up by more than 9% and sits close to $0.9.

Ultimately, the crypto market cap has added around $60 billion in a day and is now at $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto