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Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) rebounded sharply after dropping near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the dip. According to on-chain analytics platform CryptoQuant, the exchange balances declined by more than 24,335 Bitcoin on May 11 and 12, indicating that bulls may have started bottom fishing.

However, macro investor Raoul Pal is not confident that a bottom has been made. In an exclusive interview with Cointelegraph, Pal said that if equity markets witness a capitulation phase, crypto markets are also likely to plunge before forming a bottom. He anticipates the current bear phase to end after the United States Federal Reserve stops hiking rates.

Daily cryptocurrency market performance. Source: Coin360

Bear markets are known for sharp relief rallies, which are used to lighten up long positions or initiate short positions. The price eventually turns down and makes a new low. Bottoms are only confirmed in hindsight. Therefore, investors may consider accumulating in phases rather than going all-in during a bear market.

Right now, investors want to know what important overhead levels that may act as resistance. Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off $26,700 on May 12 and formed a Doji candlestick pattern. This suggests that the selling pressure could be reducing. The recovery picked up steam on May 13 and bulls pushed the price above the psychological level at $30,000.

BTC/USDT daily chart. Source: TradingView

The relief rally may face resistance near $33,000 and again at the 20-day exponential moving average (EMA) ($34,903). If the price turns down from the overhead resistance, the bears will make another attempt to sink the BTC/USDT pair below $26,700 and resume the downtrend.

If they manage to do that, the selling could accelerate and the pair may drop to $25,000 and later to $21,800.

Contrary to this assumption, if bulls arrest the next decline above $28,805, it will suggest accumulation on dips. That could enhance the prospects of a break above the 20-day EMA. If that happens, the pair may rally to the 50-day simple moving average (SMA) ($40,210).

ETH/USDT

Ether (ETH) broke below the $2,159 support on May 11 and later slipped below the psychological level at $2,000 on May 12. The bulls bought the dip to $1,800, which has started a relief rally.

ETH/USDT daily chart. Source: TradingView

The buyers will now attempt to push the price above the breakdown level at $2,159. If they succeed, the ETH/USDT pair could pick up momentum and rally to the 20-day EMA ($2,554). This is an important level to keep an eye on because a break and close above it will suggest that the decline may be over.

Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling near overhead resistance levels. The bears will then again try to sink the pair below $1,700.

BNB/USDT

BNB fell sharply on May 12 but the long tail on the day’s candlestick shows that bulls aggressively defended the critical support at $211. This started a relief rally that has reached the $350 to $320 resistance zone.

BNB/USDT daily chart. Source: TradingView

If bulls drive the price above $350, it will suggest that the decline may be over. The recovery could thereafter reach $413. Such a move could indicate that the BNB/USDT pair may remain stuck inside a large range between $211 and $692.

Contrary to this assumption, if the price turns down from the overhead resistance zone, it will suggest that bears are active at higher levels. The price could then gradually drift down to the crucial support at $211. The bears will have to sink the price below this level to start a new downtrend that may reach $175 and later $150.

XRP/USDT

Ripple (XRP) nosedived to $0.33 on May 12 when buying emerged. The bulls are attempting a recovery that is likely to face stiff resistance at the psychological level at $0.50.

XRP/USDT daily chart. Source: TradingView

If the price turns down from $0.50, the bears will again attempt to pull the XRP/USDT pair to $0.33. This is an important level for the bulls to defend because a break below it could result in a decline to $0.24.

Conversely, if buyers propel the price above $0.50, the pair could rally to the 20-day EMA ($0.56). A break and close above this level will suggest that the bulls are back in the game. The pair could then rise to the 50-day SMA ($0.70).

ADA/USDT

Cardano (ADA) plunged to $0.40 on May 12, which pulled the RSI into the deeply oversold territory. The buyers bought this dip and are attempting to start a relief rally.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair could rise to the breakdown level at $0.74, which is an important level to keep an eye on. If the price turns down from this resistance, it will suggest that the bears have not yet given up and they are selling on rallies. The pair could then retest the strong support at $0.40.

Contrary to this assumption, if bulls propel the price above $0.74, it will indicate that the bears may be losing their grip. The pair could then rally to the psychological level at $1 where the bears are again expected to mount a strong defense.

SOL/USDT

Solana (SOL) has been in a strong downtrend for the past few days. The price dipped to $37 on May 12, which pulled the RSI deep into the oversold territory. This started a relief rally on May 13.

SOL/USDT daily chart. Source: TradingView

The bulls are likely to encounter selling in the zone between the 38.2% Fibonacci retracement level at $59 and the 50% retracement level at $66. If the price turns down from this zone, the bears will attempt to resume the downtrend by pulling the pair below $37. If they can pull it off, the SOL/USDT pair could drop to $32.

Contrary to this assumption, if the price breaks above $66, the recovery could extend to the breakdown level at $75. The bulls will have to overcome this barrier to signal that the downtrend may be coming to an end.

DOGE/USDT

Dogecoin (DOGE) plummeted to $0.06 on May 12 but a minor positive is that the bulls purchased this dip. This started a relief rally which reached near the breakdown level at $0.10.

DOGE/USDT daily chart. Source: TradingView

The long wick on the May 13 candlestick indicates that the bears are defending the $10 level aggressively. If the price turns down from this resistance, the bears will attempt to resume the downtrend by pulling the DOGE/USDT pair below $0.06. If they manage to do that, the next stop could be $0.04.

Alternatively, if bulls drive the price above $0.10, the pair could rise to the 20-day EMA ($0.12). This is an important level to keep an eye on because a break and close above it could suggest the start of a stronger recovery.

Related: 3 reasons why Cardano can sink further despite ADA price bouncing 58%

DOT/USDT

Polkadot (DOT) has been in a downtrend for the past several days. The buyers stepped in to arrest the decline near the strong support at $7 on May 12 as seen from the long tail on the day’s candlestick.

DOT/USDT daily chart. Source: TradingView

The buyers will now try to sustain the price above the breakdown level at $10.37. If they succeed, the DOT/USDT pair could rise to the 20-day EMA ($13.68). This level is likely to attract strong selling by the bears. If the subsequent decline halts at $10.37, it will indicate that the downtrend may be weakening.

Conversely, if the price turns down sharply from the current level or the 20-day EMA, it will increase the possibility of a retest at $7. Below this level, the decline could extend to $5.

AVAX/USDT

Avalanche (AVAX) broke below the crucial support at $32 on May 11 and bears tried to resume the decline on May 12. However, the long tail on the day’s candlestick suggests strong buying at lower levels.

AVAX/USDT daily chart. Source: TradingView

The bulls have pushed the price above the breakdown level at $32, which is the first sign of strength. If the AVAX/USDT pair sustains above $32, the bulls will attempt to push the price to the overhead resistance at $51. The bears are likely to defend this level with vigor.

Alternatively, if the price turns down from the 38.2% Fibonacci retracement level at $41.09, it will suggest that the sentiment remains negative and bears are selling on rallies. The pair could then again retest the strong support at $32 and later $23.

SHIB/USDT

Shiba Inu (SHIB) plunged below the psychological level at $0.000010 on May 12 but the long tail on the day’s candlestick suggests buying at lower levels. This resulted in a recovery on May 13.

SHIB/USDT daily chart. Source: TradingView

The SHIB/USDT pair could rise to the breakdown level at $0.000017, which is likely to attract strong selling by the bears. If the price turns down from it, the bears will make another attempt to sink and sustain the pair below $0.000010.

Conversely, if bulls drive the price above $0.000017 and the 20-day EMA ($0.000018), it will suggest that markets have rejected the lower levels. The pair could then rally to the 50-day SMA ($0.000023).

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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LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash

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LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash

LUNA Investor Arrested for Knocking on Do Kwon's Door After Losing $2.4 Million in Terra Crash

A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investments.

Investor Under Investigation for Going to Do Kwon’s Home

The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) has wiped out a large number of investors. One investor in particular sought direct answers from Kwon Do-hyung (aka Do Kwon), CEO of Terraform Labs who is behind the two cryptocurrencies.

The investor, known as “Chancers,” is a Korean social media personality who conducts streams on cryptocurrency-related topics. He lost around 3 billion won ($2.4 million) in the LUNA and UST collapse. He told BBC News:

I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m of my cryptocurrency was wiped out.

He explained that he was angry with the lack of communication from Do Kwon after LUNA and UST went into freefall. He then searched online and found Kwon’s home address in Seoul.

“I wanted to ask him about his plans for LUNA,” Chancers said. “I suffered a huge loss and wanted to talk to him directly.”

The frustrated investor traveled across his home city and knocked on Kwon’s door on May 12. He streamed the event on his online channel; about 100 people were watching at the time.

However, after ringing the doorbell of Kwon’s condominium, his wife answered the door and said her husband was not home. She also called the police but Chancers already left the building when they arrived.

The investor found out the next day that the police were looking for him. He then surrendered himself at Seoul’s Seongdong Police Station on the morning of May 13.

“I surrendered myself to the police station twice,” Chancers stressed, insisting: “I didn’t trespass on Do Kwon’s property, but according to Korean law, it’s illegal to just go there and try to talk. I didn’t know.”

Chancers told the news outlet that he expects to face a fine and a criminal record that could make his life difficult. He opined:

It’s so hard. I lost a lot of money and now I’m being investigated by the police. I originally served as a civil servant in Korea. But if I am convicted of this case, I may not be able to return to the civil service again.

“In Korean culture, the problem itself is not important but rather the fact that it caused a scandal,” he explained. “I even had to apologize publicly as a sinner. I had no idea this would be so big. It’s very sad.”

Do Kwon claims that he has been in Singapore since December last year. However, he dissolved Terraform Labs Korea and shut down the company’s Korean offices just days before LUNA and UST collapsed.

South Korean authorities have launched an emergency investigation into the implosion of the two coins. This week, the Korean police asked crypto exchanges to freeze the assets of the Luna Foundation Guard.

Do you think it was wrong for the investor to knock on Do Kwon’s door after he lost millions in the LUNA and UST crash? 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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Hardware Wallet D’CENT Offers Multiple Ways Which Can Help Users Bypass Crypto Exchanges

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Hardware Wallet D’CENT Offers Multiple Ways Which Can Help Users Bypass Crypto Exchanges

press release

PRESS RELEASE. D’CENT Hardware Wallet recently added a new user-focused feature named ‘Exchange’ under the platform’s ‘Discovery’ tab menu, allowing users to exchange multiple network cryptocurrency assets with only a few clicks. Furthermore, users may acquire cryptocurrencies using their credit cards directly from the ‘Buy Cryptocurrency’ tab, thereby bypassing the need for crypto exchanges.

Details about the wallet

D’CENT provides three types of wallets, namely ‘Biometric’, ‘Card Type’, and ‘App’, all of which are handled through a single D’CENT mobile application that is fully compatible with both iOS and Android smartphones.

D’CENT users may convert their cryptocurrencies into supported coins using the ‘Exchange’ menu and can purchase crypto via the ‘Buy Cryptocurrency’ options without using traditional exchange services as aforementioned. In this way, D’CENT has effectively eliminated the need for users to register their crypto wallet addresses which means that they are given an easy and safe user experience, since these services shall instantly recognize D’CENT wallet addresses which would help make the entire process both quicker and more seamless.

What makes the wallet so special?

Apart from the aforementioned features, D’CENT will also be working alongside the ChangeNOW and Changelly crypto exchanges, as well as Simplex, Wyre and MoonPay for the purposes of buying crypto assets. D’CENT wallets also currently support over 40 main network coins. Additionally, more than 20 main network oriented decentralized application (Dapp) services are also supported via the ‘Discovery’ tab.

NFTs based on Ethereum, Polygon, Klaytn, Luniverse and HECO can also be managed through the wallets. In addition, D’CENT will focus on incorporating different features which will be verified via the wallet in order to provide both enhanced user focus alongside an intuitive user experience based on blockchain services. Lastly, Metamask integration for PC and support for upto 100 main networks will also be prioritized going forward.

About D’CENT

D’CENT Wallet is a safe, easy to use, and reliable hardware wallet that boasts enhanced crypto protection built on the highest security standards. IoTrust developed D’CENT Wallet as a startup built by security professionals with more than 15 years of security and technical expertise in designing deeply embedded security solutions focused around secure-chip technology (SE and TEE). Essentially, D’CENT Wallet combines hardware and software and security methods to safeguard users’ digital assets.

For more information, check out the official website as well as the Twitter, Medium, YouTube and Facebook channels.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

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Acquiring a Home With Bitcoin — A Deep Dive Into the Latest Crypto-Backed Mortgage Trend

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Acquiring a Home With Bitcoin — A Deep Dive Into the Latest Crypto-Backed Mortgage Trend

During the last few years, cryptocurrencies have been integrated into traditional finance tools like automated teller machines (ATMs), loadable debit cards, point-of-sale devices, and direct payments for all kinds of goods and services. Digital assets have also been added to retirement account offerings issued by financial giants like Fidelity. In recent times, cryptocurrencies can be further capitalized to put a down payment on a mortgage or get a conventional home loan using bitcoin as collateral.

Crypto-Backed Conventional Home Loans

These days, at least in the United States, banks require at least 20% down if a person or a couple wants to purchase a home by leveraging a conventional loan. Typically, people use cash for collateral or a down payment, but Americans can also utilize things like business equipment, inventory, invoices, blanket liens, and even other forms of real estate to secure a traditional mortgage.

As of April 8, 2022, the median home price in the U.S. was $392,000, which means a buyer needs $78,400 in collateral to secure a conventional bank loan. While crypto assets can be utilized to load debit cards and pay for items via point-of-sale commerce, there’s not many firms that allow people to use digital currencies for a crypto-backed loan.

Interested home buyers looking to leverage their crypto assets to buy a home can use firms like Milo and Abra. In the future, Figure Technologies and Ledn aim to offer crypto-backed mortgage products.

However, there are a couple of companies right now, either offering loans that utilize crypto assets for collateral or that are planning to do so in the near future. Moreover, some firms that planned to offer crypto-backed loans gave up on the idea shortly after.

For instance, the second-largest mortgage lender in the U.S., United Wholesale Mortgage, announced it would accept bitcoin (BTC) for mortgages at the end of August 2021. However, a few months later, United Wholesale Mortgage revealed the company decided not to offer the crypto services.

The company’s CEO, Mat Ishbia, told CNBC in October 2021 that the lender did not think it was worth it. “Due to the current combination of incremental costs and regulatory uncertainty in the crypto space we’ve concluded we aren’t going to extend beyond a pilot at this time,” Ishbia explained to CNBC’s MacKenzie Sigalos.

Crypto-Backed Home Loans Provided by Abra and Milo

Meanwhile, a financial services firm that just recently announced crypto-backed home loans is the cryptocurrency firm Abra. The company, founded in 2014 by former Goldman Sachs fixed income analyst Bill Barhydt, has provided digital asset trading services and a cryptocurrency wallet for over seven years.

Abra CEO Bill Barhydt revealed that the company would offer home loans via Abra’s Borrow application and a partnership with the company Propy.

On April 28, 2022, Abra announced it has partnered with the company Propy and homebuyers can secure a home loan using crypto as collateral via the Abra Borrow platform. The Abra lending application has various interest rates, depending on how much crypto collateral is added, from 0 to 9.95%.

“While digital asset investment has skyrocketed, most investors are unable to use their cryptocurrency holdings to directly fund the most important purchase in their life, a home,” Abra’s CEO Bill Barhydt explained during the announcement. “Our partnership with Propy solves this and is a major step in bridging the gap between crypto and real estate,” the Abra executive added.

In addition to Abra, a company called Milo is offering crypto-backed mortgages for people interested in purchasing real estate. Milo is a Florida-based startup that raised $17 million on March 9, 2022, in a Series A funding round. The California-based venture capital firm M13 led the funding round and QED Investors and Metaprop participated.

Milo offers crypto-backed mortgages and accepts BTC, ETH, and a few stablecoins.

Milo offers 30-year loans for borrowers looking to leverage up to $5 million. Milo accepts stablecoins, bitcoin (BTC), ethereum (ETH), and interest rates are between 5.95% and 6.95%, with loans that have two to three-week closing times. When Milo raised $17 million last March, Milo CEO Josip Rupena said the company’s efforts aim to enable crypto participants.

“This [funding] round of financing is a validation of Milo’s vision to empower global and crypto consumers and the opportunity to bridge the digital world with real-world real estate assets,” Rupena said at the time. “This is a multibillion-dollar opportunity, and we are proud to be pioneering the efforts in the U.S. for consumers that have unconventional wealth.”

Ledn and Figure Technologies Plan to Offer Crypto-Backed Mortgage Products

The crypto lender and savings platform Ledn revealed in December 2021 that it was readying “the impending launch of a bitcoin-backed mortgage product.” At the same time, the firm said that it raised $70 million from a handful of well-known investors.

While Ledn’s crypto-backed mortgages are not yet available, people can sign up to get on the waitlist.

Ledn was founded in 2018 and the company has raised a total of $103.9 million to date. At the time of writing, Ledn’s bitcoin-backed mortgage is not yet available, but people can sign up for Ledn’s mortgage product waitlist.

“By combining the appreciation potential of bitcoin with the price stability of real estate, this first-of-its-kind loan offers a balanced blend of wealth-building collateral,” Ledn’s mortgage web page says. “With the Bitcoin Mortgage, you can use your holdings to buy a new property, or finance the home you already own. Get a loan equal to your bitcoin holdings, without selling a satoshi.”

Figure Technologies also plans to provide a crypto-backed mortgage and people can sign up for a waitlist in order to access Figure’s upcoming product. Figure’s co-founder Mike Cagney explained at the end of March that the company was launching the mortgage program.

Figure aims to offer crypto-backed mortgages up to $20 million with varying interest rates, from 5.99% to 6.018% APR.

“Figure is launching a crypto-backed mortgage in early April,” Cagney said at the time. “100% LTV – you put up $5M in BTC or ETH, we give you a $5M mortgage. No painful process, no cash-out, any amount up to $20M, for a 30-year mortgage. You can make payments with your crypto collateral. And we don’t rehypothecate your crypto.”

While there’s not that many crypto-backed mortgage products today, the trend is starting to become a bit more prominent in 2022. If the trend continues, like crypto’s integration with ATMs, debit cards, and the myriad of traditional financial vehicles, the concept of buying a home with bitcoin will likely become a mainstay in society.

What do you think about the concept of crypto-backed mortgage products? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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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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