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Price analysis 5/30: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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Price analysis 5/30: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation for the next bull phase. 

CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that Bitcoin may be close to forming a cyclic bottom.

Daily cryptocurrency market performance. Source: Coin360

In the current bearish environment, it is difficult to fathom a Bitcoin rally to $250,000 but billionaire investor Tim Draper is still bullish. While speaking on a YouTube show on May 24, Draper said that if more retailers start accepting Bitcoin, participation from women will increase as they will buy things with Bitcoin. According to Draper, this could boost Bitcoin’s price above his target objective of $250,000.

With several analysts calling for a bottom in Bitcoin, is it a good time to buy? Could the crypto markets start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke above the downtrend line on May 30 and the bulls are attempting to sustain the price above the 20-day exponential moving average (EMA) ($30,562). If they succeed, it will be the first indication that the bears may be losing their grip.

BTC/USDT daily chart. Source: TradingView

If the price sustains above the 20-day EMA, the BTC/USDT pair could rise to $32,659 and later to the 50-day simple moving average (SMA) ($34,954). The 20-day EMA is flattening out and the relative strength index (RSI) has risen above 46, suggesting that bulls are attempting a comeback.

Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make another attempt to pull the pair below $28,630 and challenge the May 12 intraday low at $26,700. A break below this support could signal the resumption of the downtrend.

ETH/USDT

Ether (ETH) bounced off the vital support at $1,700 on May 28 and is marching toward the 20-day EMA ($2,026). This suggests that bulls are attempting to start a sustained recovery.

ETH/USDT daily chart. Source: TradingView

The RSI is showing a bullish divergence suggesting that the selling pressure may be reducing. The buyers will try to push the price above the 20-day EMA and challenge the breakdown level at $2,159. If bulls fail to clear this hurdle, the BNB/USDT pair may turn down and consolidate between $1,700 and $2,159.

If bulls thrust the price above $2,159, it will suggest that $1,700 may be the bottom in the short term. The pair could then rally to the 50-day SMA ($2,504). This bullish view could be invalidated if the price turns down and plummets below $1,700.

BNB/USDT

BNB took support near the immediate support at $286 on May 27, suggesting that traders are buying the dips. The bulls will now again attempt to push the price above the overhead resistance at $320.

BNB/USDT daily chart. Source: TradingView

If they succeed, the BNB/USDT pair could rally to $350. The longer the price sustains above $320, the greater the possibility that the bottom has been made on May 12. If bulls overcome the barrier at $350, the rally could reach $400.

On the other hand, if the price turns down from the current level or $350, it will suggest that bears are selling on rallies. That could again pull the price to the immediate support at $286. If this support cracks, the pair could decline to $260.

XRP/USDT

Although Ripple (XRP) dipped below $0.38 on May 26, the bears could not maintain the selling pressure. This started a recovery on May 28, which has reached the downtrend line.

XRP/USDT daily chart. Source: TradingView

The bears have repeatedly mounted a strong defense at the downtrend line; hence, this is an important resistance to keep an eye on. If the price reverses direction from the downtrend line, the bears will try to pull the XRP/USDT pair below $0.37 and challenge the crucial support at $0.33.

On the contrary, if buyers drive and sustain the price above the 20-day EMA ($0.43), it will suggest that the sellers may be losing their grip. The pair could then rally to the psychological level at $0.50.

ADA/USDT

Cardano (ADA) broke below the minor support at $0.46 on May 27 but the bears could not build upon the advantage. The bulls purchased this dip and started a recovery on May 28.

ADA/USDT daily chart. Source: TradingView

The relief rally picked up momentum on May 30 and the bulls are attempting to push the price above the 20-day EMA ($0.54). If they succeed, it will suggest that the ADA/USDT pair is attempting to form a bottom. The pair could then rise to $0.61 and later attempt a rally to the breakdown level of $0.74.

This positive view could be negated if the price turns down from the 20-day EMA. If that happens, the bears will again try to sink the pair below $0.40 and start the next leg of the downward move.

SOL/USDT

Solana (SOL) recovered from $40 on May 28, indicating that lower levels continue to attract buying by the bulls. The buyers will now try to push the price to the 20-day EMA ($53).

SOL/USDT daily chart. Source: TradingView

If bulls propel the price above the 20-day EMA, it will suggest that the downtrend could be weakening. The SOL/USDT pair may then rise to $60 and thereafter rally to the 50% Fibonacci retracement level of $66.

On the contrary, if the price turns down from the current level or the 20-day EMA, it will suggest that bears continue to sell on rallies. That could increase the possibility of a retest of $37.37. A break below this support may start the next leg of the downtrend.

DOGE/USDT

Dogecoin (DOGE) plunged below $0.08 on May 26 but made a strong comeback on May 27. This suggests aggressive buying at lower levels but the bears are not ready to give up their advantage as they continue to defend the 20-day EMA ($0.09) with vigor.

DOGE/USDT daily chart. Source: TradingView

The bulls will again try to push the price above the 20-day EMA. If they do that, the DOGE/USDT pair could rise to the psychological level at $0.10. This level may again act as a resistance but if bulls overcome this hurdle, the pair could rally to $0.12.

Alternatively, if the price turns down from the 20-day EMA or $0.10, it will suggest that bears are active at higher levels. That could pull the pair down to $0.08 and later to the May 12 intraday low of $0.06.

Related: Bitcoin ‘ready’ for $32.8K after consolidation as BTC price gains 6.3%

DOT/USDT

Polkadot (DOT) formed a Doji candlestick pattern on May 27, suggesting indecision among the bulls and the bears. This uncertainty resolved to the upside and bulls pushed the price to the overhead resistance at $10.37.

DOT/USDT daily chart. Source: TradingView

If buyers propel the price above the overhead resistance, it could open the doors for a possible rally to $12. If bulls clear this hurdle, the next stop could be $14. A break and close above this resistance could indicate that the DOT/USDT pair may have bottomed out.

This positive view could invalidate if the price turns down sharply from the current level and breaks below $8.56. That could result in a decline to the May 12 intraday low of $7.30. The bears will have to sink the price below this level to indicate the resumption of the downtrend.

AVAX/USDT

Avalanche (AVAX) dipped below the strong support at $23.51 on May 26 but the bears could not capitalize on this advantage. The bulls bought the dip on May 27 and started a recovery on May 28.

AVAX/USDT daily chart. Source: TradingView

The bulls will attempt to push the price to the 20-day EMA ($32.42), which is an important level to keep an eye on. If the price turns down from this resistance, the bears will try to retest the May 27 intraday low at $21.35. If this support cracks, the AVAX/USDT pair could slide to the psychological level at $20.

The RSI is showing a positive divergence, indicating that the selling pressure could be reducing. If bulls push the price above the 20-day EMA, the pair could rally to $38 and later attempt an up-move to $46.

SHIB/USDT

The bulls successfully defended the support at $0.000010 on May 27, which resulted in a rebound on May 28. Shiba Inu (SHIB) continued its recovery and has reached the 20-day EMA ($0.000012), which is likely to act as a strong resistance.

SHIB/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the bears will again attempt to sink the SHIB/USDT pair below $0.000010. If that happens, the pair could retest the critical support at $0.000009.

Alternatively, if bulls push the price above the 20-day EMA, it will suggest that the downtrend may be weakening. The pair could then attempt a rally to $0.000014 and later to the breakdown level at $0.000017. The bulls will have to clear this overhead hurdle to signal a potential change in trend.

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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Record Investment Outflows of $423 Million Led to Crypto Bloodbath

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Record Investment Outflows of $423 Million Led to Crypto Bloodbath

Last week saw record outflows of $423 million from crypto assets, according to CoinShares.

The report found that the outflows last weekend were likely responsible for bitcoin’s decline to $17,760. Analyst James Butterfill said: “The outflows were solely focussed on bitcoin, which saw net outflows for the week totaling US$453m.”

BTC outflows bring down institutional investments 

Therefore, if bitcoin is removed from the calculations, Ethereum contributed an inflow of around $11 million while other alts also added minor positive flows, aggregating inflows to the extent of $70 million. 

This was Ethereum’s first inflow after 11 consecutive negative sessions according to CoinShares.

In the past week, the BTC market has slid under the $20,000 level twice. Short-bitcoin saw inflows of $15 million due to the launch of the first U.S.-based short investment product in the week in question, the report noted.

[1/5] This week’s Digital Asset Fund Flows Report is now available! Written by @jbutterfill, the headline for this week is: Record US$423m outflows last week while Short-Bitcoin saw inflows of US$15m. Read on for the highlights -> pic.twitter.com/eIalnFhacv

— CoinShares 👩‍🚀 (@CoinSharesCo) June 27, 2022

Benefits of a crypto bear market

Similar wide margins were last seen in the previous negative peak, in terms of outflows, in Jan at $198 million.

However, in relative terms, Butterfill remarked that the week did not witness the largest negative flows against total assets under management (AuM). 

“This record occurred during the bear market in Feb 2018 where outflows representing 1.6% of AuM were witnessed, while the outflows last week were the third largest on record, representing 1.2% of AuM,” the report noted.

According to FTX CEO Sam Bankman-Fried, the Federal Reserve’s decision to aggressively increase interest rates was the main reason behind the market crash.

But despite the bearish sentiments, some crypto bosses are optimistic about the results of a market downturn. Charlie Silver, founder of Permission.io told Insider: ” There are hundreds of firms that are built on hype and not substance. It will be good for the industry to have them go away.”

“Bear markets are healthy because it resets valuations to reality and flushes out the bad actors. There are many cryptos that are true Ponzi schemes, that pay investors only with new investor money. When the new money dries up the project falls apart,” Silver added.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Uzbekistan warms up to Bitcoin mining, but there’s a catch

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Uzbekistan warms up to Bitcoin mining, but there’s a catch

The executive order spares all the mined assets from taxation and bans mining anonymous currencies.

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Uzbekistan warms up to Bitcoin mining, but there’s a catch

The National Agency of Prospective Projects (NAPP) in Uzbekistan announced its demands toward crypto mining operators. It would only allow the companies that use solar energy to mine Bitcoin (BTC) or other cryptocurrencies. 

The normative act on the government page, dated June 24, describes the confirmation of “Guidelines on the registration of the crypto assets mining,” and sets the finalization date on July 9. The second article of the document offers an uncompromising wording:

“Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.”

As a further complication, the miners should own the solar photovoltaic power plant that they will use for energy.

The executive order also obliges any mining operator to obtain a certificate and register in the national registry of crypto mining companies. This procedure demands a brief list of documents, and should take no more than 20 days from submitting to the final decision to the licensing body. The certificates would be valid for one year after the registration.

Related: Go green or die? Bitcoin miners aim for carbon neutrality by mining near data centers

All the currency generated from mining activities would be spared taxation, though the mining farms would face the special tariffs on the consumed energy set by the Uzbekistan government. But, the trade operations with mined assets would have to be conducted only on the exchange platforms that are registered in Uzbekistan. The mining of anonymous cryptocurrencies would be prohibited.

In April 2022, the freshly-restructured NAPP became Uzbekistan’s exclusive crypto regulator with the mission to adopt a special crypto regulation regime in the country. This move came in a row of initiatives launched by the Uzbekistan President Shavkat Mirziyoyev to provide the regulatory framework for crypto. In September 2018, Mirziyoyev signed a law prohibiting local firms from launching their crypto exchanges in Uzbekistan. The law only offered legal status to crypto exchanges established by foreign legal entities.

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Celsius denies allegations on Alex Mashinsky trying to flee US

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Celsius denies allegations on Alex Mashinsky trying to flee US

Celsius CEO Alex Mashinsky wasn’t trying to leave the U.S. last week but has continued to work on recovering liquidity and operations, the company has claimed.

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Celsius denies allegations on Alex Mashinsky trying to flee US

Troubled crypto lending firm Celsius is putting their best foot forward to recover operations alongside CEO Alex Mashinsky, who currently stays in the United States, the company has claimed.

A spokesperson for Celsius has denied rumors that the company’s CEO tried to flee the U.S. last week amid the ongoing liquidity crisis of the Celsius Network.

The representative told Cointelegraph on Monday that the firm continues working on restoring liquidity, stating:

“All Celsius employees — including our CEO — are focused and hard at work in an effort to stabilize liquidity and operations. To that end, any reports that the Celsius CEO has attempted to leave the U.S. are false.”

Celsius’ statement came shortly after Mike Alfred, co-founder of the crypto analytics firm Digital Assets Data, took to Twitter on Sunday to claim that Mashinsky attempted to leave the country last week via Morristown Airport in New Jersey.

Citing an anonymous source, Alfred alleged that Celsius’s CEO was trying to go to Israel. “Unclear at this moment whether he was arrested or simply barred from leaving,” he added.

Alfred’s claims followed a massive GameStop-like “short squeeze” of Celsius, with Celsius’ native token Celsius (CEL) jumping 300% in one week by June 21. CEL price also abruptly rallied more than 600% on June 14, with analysts attributing the event to an exchange glitch or liquidation of short traders.

At the time of writing, CEL is trading at $0.741, down around 5% over the past 24 hours, according to CoinGecko. Celsius’ native token is still up more than 160% over the past 14 days.

Celsius Network token (CEL) 30-day price chart. Source: CoinGecko

Some industry observers in the crypto community have expressed skepticism about Alfred’s tweets about Mashinsky, with many considering his allegations as FUD.

If @Mashinsky attempted to leave the country this week, why are you reporting it now exactly when the CEL price is going down? Seems very coincidental Mike Alfud. And why no mainstream media or crypto media is reporting this? #CelShortSqueeze https://t.co/ynJbzWib9o

— Otis — #CelShortSqueeze ©️ ⚡️ (@otisa502) June 27, 2022

As previously reported by Cointelegraph, Celsius officially announced that it would be “pausing all withdrawals, swaps and transfers between accounts” on June 13. United States regulators subsequently started an investigation into Celsius as multiple accounts on the network were frozen.

Related: South Korean prosecutors ban Terraform Labs employees from exiting the country: Report

According to some analysts, Celsius’ liquidity issues should be attributed to shortcomings of the existing crypto lending model in general, as other lenders in the market have faced similar problems recently.

Celsius has been working hard to fix the consequences of the platform’s liquidity crisis, reportedly onboarding advisers and restructuring consultants to help the platform handle potential filing for bankruptcy. On June 18, Celsius’ lead investor BnkToTheFuture and its co-founder Simon Dixon offered to assist the network by deploying a recovery plan.

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