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Price analysis 3/16: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

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Price analysis 3/16: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Bitcoin (BTC) is witnessing a see-saw battle near $40,000 with both the bulls and the bears trying to gain the upper hand. The volatility could remain high as the markets await the United States Federal Reserve’s policy decision due on March 16.

Analyst Willy Woo suggests that Bitcoin could witness a capitulation event based on a cost basis, a metric that indicates the transfer of Bitcoin from inexperienced to experienced traders. Such sharp declines usually suggest the formation of market bottoms.

Daily cryptocurrency market performance. Source: Coin360

However, Glassnode believes that a capitulation has been avoided because the sell-offs have been absorbed by a relatively strong market. Although 82% of the short-term holders’ coins are in loss, Glassnode considers this to be a late-stage bear market behavior where investors hold their coins until they turn profitable.

Could the Fed’s policy decision start a trending move in Bitcoin and altcoins? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from the moving averages on March 15 but the long tail on the candlestick indicates strong demand at lower levels. The bulls continued their buying and have pushed the price above the 50-day simple moving average (SMA) ($40,151).

BTC/USDT daily chart. Source: TradingView

If bulls sustain the price above the 50-day SMA, the BTC/USDT pair could rally to the overhead zone between $45,400 and the resistance line of the ascending channel. The bears are expected to mount a strong defense in this zone.

If the price turns down from the overhead zone, the pair could extend its stay inside the channel for a few more days. The flat moving averages and the relative strength index (RSI) near the midpoint also suggest range-bound action is likely in the short term.

Contrary to this assumption, if the price turns down and plummets below the moving averages, it will suggest that bears continue to sell at higher levels. The bears will then try to sink the price below the support line of the channel and resume the downtrend.

ETH/USDT

Ether (ETH) bounced off the support line of the symmetrical triangle and the buyers are attempting to push the price above the 50-day SMA ($2,763).

ETH/USDT daily chart. Source: TradingView

If they succeed, the price could rise to the psychological level at $3,000 and then to the resistance line of the triangle. The bulls will have to push and sustain the price above the triangle to signal a possible change in trend.

The RSI has also formed a symmetrical triangle and a breakout from it could signal that buyers have the upper hand.

This bullish view will invalidate if the price turns down from the current level and breaks below the support line of the triangle. That could open the doors for a possible drop to $2,159.

BNB/USDT

The buyers are trying to push BNB above the moving averages but the bears are likely to have other plans. They will attempt to stall the recovery near the moving averages as they have done on the three previous occasions.

BNB/USDT daily chart. Source: TradingView

Both the moving averages are flattening out and the RSI has risen above 48, indicating that bulls are attempting a comeback. If buyers drive and sustain the price above the 50-day SMA ($388), the BNB/USDT pair could rise to $425 and thereafter to $445.

Contrary to this assumption, if the price turns down from the moving averages, it will suggest that the sentiment remains negative and traders are selling near resistance levels. The bears will then try to pull the price below the strong support at $350.

XRP/USDT

Ripple (XRP) turned down from the downtrend line on March 12 and dropped to the moving averages. Although the bulls have defended the moving averages, they have failed to achieve a strong rebound off it.

XRP/USDT daily chart. Source: TradingView

Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The buyers will have to push and sustain the price above the downtrend line to gain the upper hand. The XRP/USDT pair could then rally to $0.91 and later to the psychological level at $1.

Conversely, if the price turns down and breaks below $0.69, the advantage will turn in favor of the bears. The pair could then slide to the strong support level at $0.62.

LUNA/USDT

Terra’s LUNA token broke above the overhead resistance at $94 on March 14 but the bulls could not sustain the higher levels. The bears pulled the price back below $94 on March 15.

LUNA/USDT daily chart. Source: TradingView

The bears will now try to pull and sustain the price below the 20-day exponential moving average (EMA) ($84). If they succeed, the LUNA/USDT pair could drop to $70. Such a move could suggest that the bullish momentum has weakened.

Contrary to this assumption, if the price rises from the current level or rebounds off the 20-day EMA, the buyers will again attempt to push the price toward $105. A break and close above this resistance could indicate the resumption of the uptrend. The pair could first rally to $115 and later to $125.

SOL/USDT

The bulls pushed Solana (SOL) back above the breakdown level at $81 on March 14, indicating that the recent breakdown on March 13 may have been a bear trap.

SOL/USDT daily chart. Source: TradingView

The buyers are attempting to push the price above the 20-day EMA ($86). If they manage to do that, the SOL/USDT pair could rally to the downtrend line. This is an important level to keep an eye on because a break and close above it will suggest a possible change in trend. The pair could then rally to the overhead resistance at $122.

This positive view will be invalidated in the short term if the price turns down from the 20-day EMA or the downtrend line and plummets below $77. Such a move could indicate the resumption of the downtrend and the pair may extend its decline to $66.

ADA/USDT

Cardano (ADA) is attempting to rise above the 20-day EMA ($0.85) but the bears are expected to mount a strong defense at the resistance.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the current level, the ADA/USDT pair could drop to the strong support at $0.74. This is an important level for the bulls to defend because if it cracks, the pair could decline to the next support at $0.68.

Alternatively, if the price breaks and closes above the 20-day EMA, the pair could attempt a rally to the psychological level at $1. This level is likely to act as a strong resistance. If the price turns down from this resistance, the pair may remain range-bound between $1 and $0.74 for a few days.

Related: BTC price cracks $41K as hopes of peace in Eastern Europe send Bitcoin higher

AVAX/USDT

Avalanche (AVAX) has been sustaining below the uptrend line since March 13 but the bears have not been able to capitalize on this weakness and sink the price below the immediate support at $64. This indicates a lack of sellers at lower levels.

AVAX/USDT daily chart. Source: TradingView

The bulls are attempting to push the price back above the uptrend line and the moving averages. If they succeed, the AVAX/USDT pair could rise to the downtrend line of the descending channel. This is an important level to watch out for because the bears have successfully defended the resistance on four previous occasions.

If the price once again turns down from the downtrend line, it will suggest that the bears are in no mood to relent. The sellers will then try and pull the price back below $64.

Conversely, if bulls drive the price above the channel, it will suggest that the downtrend could be over. The pair could then rally to the psychological level at $100.

DOT/USDT

Polkadot (DOT) has been trading close to the 20-day EMA ($17) for the past two days, indicating that the bulls are buying the dips.

DOT/USDT daily chart. Source: TradingView

The flattish moving averages and the RSI near the midpoint suggest that the bears may be losing their grip. The bulls are again expected to attempt a rally above the overhead resistance at $19.

If they can pull it off, the DOT/USDT pair could rise to $23 where the bears may pose a strong challenge. A break and close above this level would complete a double bottom pattern.

This positive view will invalidate if the price turns down and breaks below the strong support at $16. That could drag the price down to $14.

DOGE/USDT

Dogecoin (DOGE) turned down from the 20-day EMA ($0.12) on March 14, indicating that higher levels are witnessing strong selling by the bears.

DOGE/USDT daily chart. Source: TradingView

One minor positive factor is that the bulls have not allowed the price to break below the strong support at $0.10. This could keep the DOGE/USDT pair range-bound between $0.12 and $0.10 for a few more days.

A break and close above the 20-day EMA could be the first sign that the selling pressure may be reducing. The bulls will then try to push the pair above the 50-day SMA ($0.13) and clear the path for a possible rally to $0.17.

Alternatively, if the price breaks below $0.10, the selling could intensify and the pair may drop to $0.06.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets

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Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets

Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard's Assets

The South Korean police have reportedly launched an investigation into possible embezzlement involving an employee of Terraform Labs. To prevent fund transfers, the police have requested crypto exchanges to freeze the Luna Foundation Guard’s accounts.

Embezzlement Investigation and Asset Freeze

The Seoul Metropolitan Police Agency’s Cybercrime ​​Investigation Unit announced Monday that it has launched an investigation into possible embezzlement by an employee of Terraform Labs, local media reported.

An official from the Seoul Metropolitan Police Agency was quoted by Chosun as saying:

We have received information that there is a person suspected of embezzling corporate funds who is believed to be an employee of Terraform Labs.

The police received reports of the alleged embezzlement in the middle of this month and have been looking into the case. As part of the investigation, the police plan to check the details of cash and crypto transactions of Terraform Labs and the Luna Foundation Guard (LFG).

The police explained that there is evidence that embezzled funds had flowed into the Luna Foundation Guard’s accounts. The cybercrime unit has therefore requested major domestic cryptocurrency exchanges, such as Upbit and Bithumb, to “urgently” freeze the accounts belonging to the Luna Foundation Guard to prevent withdrawals of funds held at crypto exchanges.

However, the police’s freeze request is not a compulsory matter according to Korean laws and regulations but a matter that needs to be arbitrarily performed by each crypto exchange. Therefore, it has not been confirmed whether the freeze requests have been carried out, the publication conveyed.

Cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed earlier this month after UST lost its peg to the U.S. dollar.

Following the collapse, the Korean government launched an emergency investigation into the two coins and met with representatives of the country’s top crypto exchanges to discuss measures to prevent similar incidents from happening.

Last week, a number of victims filed a lawsuit against Terraform Labs CEO Kwon Do-hyung (aka Do Kwon) with the Seoul Southern District Prosecutors Office on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and the Act on the Regulation of Similar Receipts.

In addition, Do Kwon dissolved Terraform Labs Korea days before the collapse of LUNA and UST. While many suspected foul play, Kwon claimed that the timing was just “coincidental.” He also claims that his company does not owe the Korean government any taxes.

What do you think about this case? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Registration For The Upcoming VERSE Token By Bitcoin․com Is Now Open

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Registration For The Upcoming VERSE Token By Bitcoin․com Is Now Open

press release

Registrations are now open for the VERSE token sale, which will begin in the later part of June 2022. Interested parties who register can participate in the token sale immediately upon launch.

Miami, Florida – May 23rd, 2022 – VERSE is the rewards and utility token distributed to holders who participate in the Bitcoin.com ecosystem. Bitcoin.com is a global leader in introducing newcomers to cryptocurrency and is the go-to platform for educational resources, news, and more. Bitcoin.com’s ecosystem includes 30 million wallets and more than five million monthly active users across various products and services.

The VERSE token will reward users who engage in buying, selling, spending, swapping, and staying informed about cryptocurrency. Rewards will be allocated by interacting with the Verse DEX, staking VERSE, cashback paid in VERSE, and using VERSE as collateral in various lending pools. Additionally, token holders will receive access to exclusive products and services.

VERSE is a cross-chain token using the ERC-20 token standard on the Ethereum blockchain. The Verse team will actively explore opportunities to expand the token into low-fee Ethereum Virtual Machine-compatible networks to provide an optimal user experience.

The VERSE supply is fixed at 210 billion tokens, distributed over seven years through a block-to-block approach. A further breakdown looks as follows:

  • 10% sold during Sale A (completed in May 2022)
  • 6% being sold during Sale B (coming in June 2022)
  • 15% allocated to the team
  • 35% set aside for ecosystem incentives
  • 34% will be used for funding future development of Verse and its ecosystem

The first token sale raised $33.6 million last month from notable market participants such as Blockchain.com, KuCoin, and Digital Strategies along with thought leaders like Roger Ver, Jihan Wu, and David Wachsman.

“We were honored to see such outspoken support during our first token sale round. Furthermore, we could not be more excited about bringing our second token sale to the public and providing more people with access to VERSE. This new utility token marks a crucial milestone for the Bitcoin.com ecosystem. It will enable us to enhance the mainstream appeal of cryptocurrency and blockchain through our buy/sell services, news coverage, and educational tools” said Dennis Jarvis, CEO Bitcoin.com.

To participate in the upcoming VERSE token sale, interested parties need to register on the Verse website. They will be the first to know when the VERSE token sale is live.

Registrants need an Ethereum wallet – such as the Bitcoin.com Wallet – to receive the VERSE tokens. Payment for the token sale is possible with Bitcoin, Bitcoin Cash, Ethereum, USDT, and USDC.

The Verse community already counts over twenty-five thousand participants combined across Telegram and Discord. VERSE tokens will be minted following the conclusion of the Verse public sale in July.

The VERSE token sale is not available to U.S. purchasers.

Bitcoin.com

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam

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Popular Radio Presenter Suspended for Alleged Ties to Bitcoin Scam

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme.

300% Return on Investment

The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment.

The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people.

Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) group executive responsible for corporate affairs and marketing. In a statement, the executive said:

Thobela FM has taken a decision to unschedule Sebasa Mogale, (Ntshirogele) Afternoon Drive presenter, following the Carte Blanche exposé. Mr Mogale is being afforded an opportunity to resolve the issues raised in the recent broadcast which pertain to his personal business dealings involving cryptocurrency.

Ntuli added that the SABC will “leave no stone unturned” in its own probe into Mogale’s role in the scam.

A Confidence Trickster

According to an exposé by Carte Blanche, Mogale had used his celebrity status to lure some listeners of his radio show to invest. The media outlet’s report said investors with no training in personal finance management had “cashed in their pensions and savings policies.” However, in the end, Mogale’s promises turned out to be empty.

“But for at least 140 people the man they trusted to guide them through the crypto maze appears to have been little more than a confidence trickster,” reads part of Carte Blanche’s summary of the exposé.

Following news of Mogale’s suspension, some of the victims of the scam have come forward to reveal their losses. Sello Bonoko is quoted in another report explaining he became a victim after he listened to Mogale’s bitcoin investment pitch that “sounded convincing.” He also said he trusted Mogale’s promises primarily because these were made on national radio. Bonoko said he lost more than $14,500 (R230,000).

Meanwhile, a spokesman for the South African police is quoted in the report telling Mogale’s victims to file reports with law enforcement. He said the police can only act after formally receiving the complaints.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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