MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels

MATIC, Polygons native token, recently suffered a significant price decline amid a broader market downturn. The token dropped over 20% in the past month, reaching its lowest price level in two years. As the market recovers, some analysts have made a bullish case for the token but warned of a key level to watch. MATIC [...]

The post MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels appeared first on Crypto Breaking News.

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Bitcoin Repeating Bull Cycle Trend From 8 Years Back: Analyst

Well-known cryptocurrency analyst and trader Rekt Capital has revealed an intriguing finding regarding Bitcoin’s price trend in a recent analysis. His ground-breaking prognosis reveals that the crypto asset is mirroring historical price action that took place during a bull cycle eight years ago. Similar Historical Price Tendency In Bitcoin Rekt Capital asserted that the way Bitcoin is reiterating a past price trend from a cycle 8 years ago is amazing. Given the magnitude of the 2016 bull cycle, BTC could be poised for significant growth in the upcoming months. During the 2016 bull cycle, BTC witnessed a notable growth of nearly 3,000%, following the conclusion of the Bitcoin Halving event.  Related Reading: Heres When Bitcoin Could Peak In This Accelerated Bull Run: Analyst Moving on, Rekt Capital drew attention to his previous post regarding Bitcoin’s post-Halving movement, which he dubbed the Post-Halving Danger Zone. According to the analyst, the digital asset is currently caught up in this zone. He further noted that Bitcoin has veered to the negative below the current Re-Accumulation Range Low, repeating the pattern that began in 2016. In 2016, the move below the re-accumulation range was about 17%. However, this divergence in 2024 is down by 6%. Rekt Capital previously affirms in 2016, about 21 days after the Halving, Bitcoin saw a lengthy -11% decline before transitioning toward the upside. Thus, if there should be downside volatility in this cycle around the Re-Accumulation Range Low, 2016 data indicates that BTC could turn to the upside in the next 10 days, considering the post time. Even though the Post-Halving “Danger Zone” ends in the upcoming days, particularly four days from now, Rekt Capital stated that 2016 data proves that there may be some negative volatility at the $60,600 Range Low in the interim.  Pre-Halving Danger Zone For BTC Notably, the expert also identified a Danger Zone before the event, where previous Pre-Halving retraces have always started. According to Rekt Capital, pre-Halving retracements have historically been seen in Bitcoin between 14 and 28 days before the event, and this cycle hasn’t been any different thus far. Related Reading: Bitcoin Loses Historical Level, Analyst Says Reclaim And Bounce, Or Die He stated that Bitcoin saw its first pre-Halving retrace of -18% about 30 days before the Halving, while in 2016, the pre-Halving retrace started 28 days before the event, suggesting BTC could move in the same direction as that of 2016. Due to this, Rekt Capital is confident that a potential danger zone could occur after Halving. However, the retracement from the current all-time high has now proven to be deeper and longer than past retracements, spanning several weeks. Consequently, the expert predicted a high probability that Bitcoin prices may have reached a bottom. At the time of writing, the price of Bitcoin was seeing a positive sentiment, rising by 0.43% to $64,126 in the past day. Both its market cap and trading volume have increased by 0.50% and 24.43%, respectively, in the last 24 hours. Featured image from iStock, chart from Tradingview.com

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Bitcoin Déjà Vu: Analyst Identifies Trends Reflecting 2016 Cycle

Cryptocurrency analyst Rekt Capital has come up with an intriguing narrative pointing to several trends in the current price action of Bitcoin that are similar to the price trends seen in the 2016 bull cycle, even as market sentiments continue to dwindle.  Bitcoin Trends Reiterating 2016 Pattern According to Rekt Capital, more than a month after the initial analysis, Bitcoin keeps demonstrating how much it closely resembles the cycle of 2016. Similar to 2016, Bitcoin has experienced further declines over the past three weeks following the Halving below the Range Low of its Re-Accumulation Range also known as the Post-Halving Danger Zone The post read: Over a month later Bitcoin continues to prove how it is more similar to the 2016 cycle. Just like in 2016, Bitcoin in this cycle is seeing additional downside below the Range Low of its Re-Accumulation Range in the three-week window after the Halving (i.e. Post-Halving “Danger Zone”). Given that Rekt Capital already addressed the concept of the Post-Halving Danger Zone, the analyst is not shocked by this current price decrease. During the 2016 cycle, about 21 days after the Halving event, BTC saw a lengthy decline of 11% before transitioning toward an upward direction. It is worth noting that Rekt Capital noted that if downside volatility around the Re-Accumulation Range Low is going to happen in this cycle, 2016 history indicates it may happen during the 15 days following the Halving. Since the recent event was concluded about 12 days ago, the expert’s prediction could be realized in the upcoming days. Related Reading: Bitcoin Enters Danger Zone Post-Halving, Analyst Warns Of Potential Downside While the Post-Halving “Danger Zone” ends in 15 days, 2016 data suggests that there may be some negative volatility in the interim, possibly reaching the $60600 Range Low. Drawing attention to previous patterns, Rekt Capital highlighted a similar pattern between the 2016 and 2024 pre-Halving re-accumulation range. After a breakout from the re-accumulation range this year, BTC witnessed a Pre-Halving rally, as was observed in 2016. Pre-Halving Retrace Movement Just like in 2016, once the pre-Halving rally peaked, Bitcoin started its Pre-Halving retrace. Specifically, this occurred roughly 28 days prior to the Halving event in both 2016 and 2024. Related Reading: Analyst Warns Of Bitcoin Pre-Halving Retrace Echoing Troubling 2020 Trend A negative wick on the weekly candle indicates a significant reaction in the first week of the pre-Halving Retrace in 2016. However, this reaction was fleeting and came before an extended price decline. This cycle likewise saw a strong early reaction from Bitcoin via a downward wick, but there are indications that this reaction might not have lasted long. Thus, to avoid a fate similar to that of 2016, Rekt Capital believes that BTC will need to maintain highs around $60,000 and beyond. Featured image from iStock, chart from Tradingview.com

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Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards

Cardano (ADA) is flashing mixed signals as its market structure hints at an imminent short-term price crash. While bearish indicators suggest a possible decline, a crypto analyst reveals that the broader trend remains intact, with technical patterns supporting the potential for a rally toward the $0.9 mark. Cardano Price Crash Incoming TradingView Crypto analyst SiDec has released a bearish price forecast for Cardano, anticipating a significant correction toward the $0.75 area in the coming days. This cautious outlook is based on detailed analysis using Elliott Wave Theory, Fibonacci tools, and critical price action zones.  Related Reading: Crypto Analyst Releases Next Potential Targets For Cardano, Is $1 ADA Still Possible? SiDec has stated that ADAs price continues to consolidate after completing a 5-wave impulse move, signaling the end of its upward momentum. Following this strong impulse rally, the cryptocurrency is now exhibiting a classic Elliott Wave behavior, transitioning into a textbook ABC corrective pattern.  The cryptocurrency first experienced a pull-back, labeled as Wave A on the price chart, followed by a temporary recovery in Wave B. According to SiDec, Wave C is expected to complete the retracement pattern, with ADAs final downward move nearing its end.  Currently, technical indicators and price action point to the $0.705 region as a high-probability long entry zone. The TradingView analyst also clarifies where ADA might find solid support during this corrective phase using Fibonacci Retracement zones. The 50% retracement level of the entire bullish 5-wave impulse is positioned approximately at $0.7534 a critical price point that coincides closely with ADAs previous price swing at $0.746. This former resistance level has yet to be revisited, making it a natural support candidate.  The analysis further identifies a 1:1 ABC extension for the anticipated correction in ADA, placing Wave Cs potential crash target around $0.7492. This also creates a tight cluster of technical indicators in the range of roughly $0.75, indicating a strong support zone.  Further supporting this level, the daily 21 Exponential Moving Average (EMA) stands at $0.7455, while the daily 21 Simple Moving Average (SMA) is slightly lower at $0.7347. SiDec has also identified the Point of Control (POC), which marks the price with the highest volume, near $0.7318.  The analyst further highlights that Cardanos anchored Volume Weighted Average Price (VWAP) resides within the $0.75 support zone. At the same time, the Pitchfork tools golden pocket aligns dynamically as support around the same area.  ADA Price Path To $0.92 Holds Firm While SiDec eyes a potential crash to new lows for ADA in the near term, the analysts chart also shows a green zone, with a projected bullish bounce drawn. Following its Wave C crash, Cardano is expected to rebound and approach the $0.92 level.  Related Reading: Cardano Price Set For 300% Explosion With Major Bullish Impulse The TradingView analyst has advised caution around this area, as $0.92 acts as a significant resistance zone and coincides with a prior liquidity zone that could trigger rejection or profit-taking.  SiDec has emphasized that the risk-to-reward ratio around this area will only become favorable once there is clear confirmation, such as an SFP, a bearish engulfing candle, or visible divergence. Overall, if the $0.75 support zone holds, Cardano, which is currently trading at $0.78, could be positioned for a strong recovery toward $0.92 and beyond. Featured image from Unsplash, chart from Tradingview.com

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Bitcoin Price Targets $110,000 All-Time High After Consolidation Trend Ends

Over the past three days, Bitcoin has hovered between $103,000 and $104,500, creating a narrow channel after a notable rally that saw it break above $100,000 last week. Technical analysis of the daily candlestick chart shows the formation of a minor impulsive wave from $103,000, which may mark the final end of the recent consolidation and the beginning of a fresh rally towards new highs.   Notably, recent price action in the past 12 hours or so has seen the gradual end of the consolidation, and attention is now turning to the next psychological level at $110,000.  Analyst Sees Breakout As Signal For Upside Continuation In a post shared on the social media platform X, crypto analyst CrediBULL explained the logic behind his current long trade setup, pointing out that Bitcoin has broken away from its three-day consolidation zone with an early impulse that started at the $103,000 level. His analysis predicted that this movement could be the start of a much larger leg upward, especially if the current price structure holds without falling back into a local demand zone between $101,000 and $102,000. Related Reading: Bitcoin 6-Month Flight Plan To $188,000, Heres The Roadmap According to CrediBULL, the current trade has a clean invalidation level just below the impulse origin, allowing for a tight stop loss. This setup yields a high reward-to-risk ratio exceeding 5:1, with an upside target of $110,660, as illustrated in the chart. If this breakout is genuine, it could be a signal that Bitcoin is preparing for an aggressive push toward new all-time highs. On the other hand, CrediBULL cautioned that if the current move proves to be a deviation and price falls below the impulse origin, focus should shift to the local demand zone around $101,800. The chart supports this with a clearly marked green area labeled local demand. This is the next major support if Bitcoin bulls fail to hold the current price levels. $110,000 Bitcoin Target In Sight With Increasing Market Momentum According to the crypto analyst, his prediction of the next move to $110,000 has at least a 20% chance of playing out. These odds are quite nice, considering the unpredictable nature of the crypto market.  Related Reading: Whats Driving The Bitcoin Price Recovery Above $100,000 And Is It Sustainable? Notably, price action in the past 24 hours has seen the leading cryptocurrency break above $105,000 again, peaking at an intraday high of $105,503 before easing slightly. This move strengthens the case that the recent consolidation phase may have concluded, and a successful move above $110,000 before the end of the week is underway. At the time of writing, Bitcoin is trading at $104,428. A successful rally to the $110,660 target would represent a 6% gain from the current price, while downside risk is capped below the $103,000 level. Featured image from Getty Images, chart from Tradingview.com

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Uniswaps Healthy Uptrend: Could 38.6% More Gains Be Coming?

The chart presents a strong bullish trend for Uniswap, with a period of initial sideways movement within a low-volatility range. Following a correction and gradual decrease, the token saw a sudden breakout with a steep increase in price and trading activity. Uniswap currently trades at $7.03, with a 24h trading volume of $485.64 million and […]

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Bitcoin 6-Month Flight Plan To $188,000, Heres The Roadmap

With Bitcoin back above $100,000, crypto analyst Leo Hart has released a 6-month roadmap on the flagship cryptos journey to new all-time highs (ATHs). The analyst predicted BTC could rally to as high as $188,000 by the sixth month.  The Roadmap For Bitcoins Flight Plan To $188,000 In an X post, Leo Hart outlined Bitcoin’s flight to the moon plan for the next six months, during which he expects the flagship crypto to rally to $188,000. For stage one, which he dubbed the Maximum Power Law Trend Departure, the analyst stated that the target is $108,000, and predicts that BTC will reach this price level in the next two weeks.  Related Reading: Bitcoin Price To $150,000: BTC Is Mirroring Bullish Fractal From 2020 He further explained that this Bitcoin price level is 36 days from the first quarter point in his mathematical calculation. The analyst also highlighted the green rectangle near the Power Law Trend in his accompanying chart, which shows the maximum deviation from the PLT.  For the second stage, Maximum Absolute Wave Height (MAWH), Leo Hart stated that Bitcoin’s target at this stage is $145,500, and the timeline is two months. This means that BTC can reach this target by July, which would mark a new ATH for the flagship crypto. The analyst noted that this price target is the peak, represented by the horizontal tangent to the upper boundary in the chart. The third stage is the Red Zone Entry Point (RZEP), and the target is $188,000. Bitcoin is expected to reach this price level in the next four months. However, the analyst didnt explain why BTC can hit this price level.  Meanwhile, he also mentioned a fourth stage called Zero Gravity and Re-entry. He explained that beyond stage 3, market participants will enter a zero-gravity phase with unknown parameters, followed by the descent from orbit, hinting at a potential price crash.  BTCs Journey To A New ATH Has Begun Crypto analyst Rekt Capital indicated that Bitcoins journey to a new all-time high has begun. In an X post, he noted that BTC has rejected from the $104,500 level, which was part of his initial theory on how the flagship crypto could reach a new ATH.  Related Reading: Bitcoin Price Flashes Signal That Has Led To A Surge Every Time Following this rejection, the analyst predicts that the next step is for Bitcoin to hold the $97,000 to $99,000 range as support. Once that happens, he expects the flagship crypto to break out to new ATHs. His accompanying chart suggested that BTC could rally to $110,000 in the short term. Crypto analyst Titan of Crypto also confirmed that the $135,000 target is still in play for 2025.  At the time of writing, the Bitcoin price is trading at around $103,400, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com

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Cardano Price Prediction: ADA Set To Crash To $0.4 After Correction To Liquidity Zone

Cardano (ADA) has found itself once again caught in a downward current as bearish sentiment grips the broader crypto market. The ADA/USDT pair on Binance is now painting a structure that many crypto analysts interpret as a warning sign of deeper losses ahead. According to a recent technical analysis on the TradingView platform, Cardano may be heading toward the $0.40 region after briefly correcting to an important liquidity zone. Bearish Market Structure And Liquidity Retest For Cardano Technical analyst RLinda noted that Cardano is currently under intense bearish pressure, describing it as being in a defined bear market. The analysis was made on the TradingView platform based on ADA/USDT price action on the 4-hour candlestick timeframe since early March. Related Reading: Cardano Price Could Be Set For 100% Rally As This Bullish Triangle Has Formed On The Daily Timeframe Notably, the chart shows that ADA traded within a period of sideways consolidation between March 11 and May 6, only to eventually initiate a pullback in what appears to be a classic liquidity retest move. This corrective move has now brought into focus the previously broken support zone around $0.63, which is now acting as resistance. RLinda highlights that this resistance level, combined with the 0.5 Fibonacci retracement zone, marks the upper boundary of what is now considered a selling zone. A retest of this support is, however, very possible, and the reaction here will determine if Cardano breaks down further. Breakdown Below $0.581 Could Open The Floodgates For ADA Cardanos price structure within the 4-hour candlestick chart shows lower highs and increasingly weaker bounces since March 26, reinforcing the bearish outlook. Interestingly, RLindas chart outlines a key trigger level at $0.581. A further breakdown is expected should ADA fail to hold the $0.581 support level, which has already served as a confluence area multiple times this cycle.  Related Reading: XRP, Cardano Command Inflows Amid Market Wide Selling Here Are The Numbers The next key support lies at $0.5092, but this level is not expected to provide significant strength. If this zone is breached, the analyst warns of a potential plunge into what she terms a zone of emptiness, where buying pressure might become non-existent. This emptiness of demand could send ADA plummeting further toward $0.4564, with an additional downside targeting $0.42 and potentially even $0.40. The analyst marks this area as the final destination for the current bearish phase unless broader market sentiment shifts dramatically.  Speaking of broader market sentiment, the crypto market was recently rocked by a surge in volatility triggered by conflicting reports about a supposed 90-day U.S. tariff suspension, but the White House quickly denied the rumour. The back-and-forth was enough to push the Bitcoin price down to $74,620 again by 9:30 EDT. Cardano’s price also dropped to $0.54 during the same time window. While ADA has since managed a mild recovery to the $0.5751 range, the bounce lacks conviction. The thin volume and absence of aggressive buying suggest the relief may be temporary and there are possibilities of more downside moves. Featured image from Adobe Stock, chart from Tradingview.com

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Polygon (MATIC) In Buy Zone That Earlier Led To 112% & 87% Surges

On-chain data shows Polygon (MATIC) is currently inside the same buy zone that earlier led to rallies of around 112% and 87% for the asset. Polygon 30-Day MVRV Ratio Is Significantly Negative Currently As pointed out by analyst Ali in a post on X, MATIC is showing a historically bullish pattern in its 30-day MVRV ratio. The “Market Value to Realized Value (MVRV) ratio” here refers to an on-chain indicator that keeps track of the ratio between the Polygon market cap and realized cap. The realized cap is a capitalization model that calculates the total valuation of the cryptocurrency by assuming that the “real” value of any coin in circulation isn’t the current MATIC spot price, but rather the price at which it was last transferred on the blockchain. Related Reading: Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying? Considering that the last movement of any coin was the last time it changed hands, the price at its time would serve as its current cost basis. As such, the realized cap essentially sums up the cost basis of every coin in circulation. Put another way, the realized cap is a measure of the total amount of capital the investors have put into the asset. Since the MVRV ratio compares the value the holders are carrying right now (that is, the market cap) against this initial investment, its value can tell us about the profit-loss status of the market as a whole. Now, here is a chart that shows the trend in the 30-day version of the Polygon MVRV ratio, which tells us about the profit-loss balance specifically for the investors who bought within the past month: The value of the metric seems to have been quite low in recent days | Source: @ali_charts on X In the graph, the 30-day MVRV ratio has been displayed in terms of a percentage, with the 0% mark aligning with the scenario where the market cap and realized cap are equal. It’s visible that the indicator has registered some steep drawdown for Polygon recently and has dipped deep inside the negative territory. This would imply that the investors who bought within the last 30 days have entered into notable losses. The latest levels of the metric have been low enough to qualify for a zone that has provided profitable buying opportunities in the past. “Historically, the last two entries into this zone saw MATIC surge by 112% and 87%,” notes the analyst. Related Reading: Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level A possible explanation behind this pattern could be the fact that as these 30-day investors enter into losses, the selling pressure in the market goes down as there aren’t many profit-takers left. This naturally facilitates for bottoms to take place. It now remains to be seen whether this past pattern would repeat for Polygon this time as well, and if it does, whether any resulting surge would be of a similar scale or not. MATIC Price Polygon has registered a 3% surge in the past day, with its price now floating above $0.93. Given the timing, it’s possible the MVRV ratio buy signal may already be in effect. Looks like the price of the coin has shot up over the past day | Source: MATICUSD on TradingView Featured image from GuerrillaBuzz on Unsplash.com, Santiment.net, chart from TradingView.com

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Binance Coin (BNB) Price Analysis: Breakout Above $555 Lead to a Short-Term Rally

BNB experienced notable downward pressure recently, falling to a key support range between $520 and $525. However, this zone once again proved to be a crucial level for buyers. Binance Coin (BNB) has since recovered, trading at $544.27, marking a 6.35% decline in the daily chart, despite a notable 158.42% increase in trading volume, which […]

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PEPE Price Breaks Ascending Triangle To Target Another 20% Crash

The PEPE price has taken a sudden bearish turn after breaking out of an Ascending Triangle pattern. In light of this breakout, a crypto analyst has predicted that PEPE could face a massive 20% price crash if it fails to hold above a critical resistance level.  Bears Threaten 20% Crash In PEPE Price PEPEs price action has swiftly reversed from bullish to bearish, marked by a negative Change of Character (CHoCH) following its breakout from an Ascending Triangle pattern. Notably, PEPEs CHoCH is highlighted where the price broke below previous support, indicating a significant structural shift to the bearish zone as buyers lose momentum.  Related Reading: PEPE Price Enters Oversold Levels On Daily Timeframe, Heres What Happened The Last Two Times According to pseudonymous TradingView analyst MyCryptoParadise, bears could seize control of PEPEs price as it approaches a crucial resistance zone at $0.000008. The analyst has suggested that if the meme coin fails to break above the resistance, it could result in a 20% crash to lower support levels.  The first minor support level at $0.0000065 is highlighted in the green line on the analysts price chart. Should bearish momentum persist, PEPE could drop further, trapping late buyers and extending its correction phase. The analyst has pinpointed a much deeper support zone at $0.0000055, serving as a crucial defense against a stronger price breakdown.  A major factor supporting PEPEs projected price crash is the alignment of its key resistance level with several bearish elements. The TradingView analysts price chart shows that PEPEs $0.000008 resistance coincides with a 200 Exponential Moving Average (EMA), which acts as a dynamic resistance. The 200 EMA is often a reliable indicator of long-term trend shifts, and its overlap with the resistance adds strength to the bearish outlook.  The resistance also coincides with a Fair Value Gap (FVG), a region where liquidity has been left untested, suggesting that price could be drawn back to fill this gap. Lastly, PEPEs critical resistance level intersects with a Fibonacci Golden Zone, a key retracement level where price reversals often occur, further signaling the potential for a downturn.  Potential Breakout Scenario While MyCryptoParadise projects a 20% correction for the PEPE price, which is currently trading at $0.00000698, he also shared a possible bullish scenario in which the meme coin surprises traders with an upward breakout. The TradingView analyst has projected that if PEPE manages to close a candle above the $0.000008 resistance, his bearish thesis could be completely invalidated. Related Reading: Analyst Says PEPE Price Must Break This Resistance Level For 150% Surge Toward ATHs In this case, the market should anticipate a continuation of the uptrend, with the next price target potentially reaching $0.0000085 and beyond. However, for bulls to break through this resistance level, strong volume and momentum are required. Given that Pepes price is still in the red, this bullish scenario seems like a less likely scenario for now. Featured image from Adobe Stock, chart from Tradingview.com

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Bitcoin Enters Danger Zone Post-Halving, Analyst Warns Of Potential Downside

Following the halving event on April 19, the price of Bitcoin has displayed a puzzling performance. BTC initially gained nearly 10% to trade as high as $67,020 on April 24. However, in the last two days,  the digital assets price has declined by 6.49%, falling below the $63,000 price mark.  As expected, such negative performance has drawn attention from investors and market speculators. In particular, renowned analyst with X handle Rekt Capital has provided a theory on Bitcoins price fall and perhaps an insight into the future price movements of the crypto market leader. Related Reading: Timing The Breakout: When Will Bitcoin Escape The Post-Halving Consolidation? BTC Potential Price Decline Ahead? In an X post on April 26, Rekt Capital stated that Bitcoin has now entered the Post-Halving Danger Zone. The analyst described this phenomenon as a period during which Bitcoin has historically experienced price corrections after the halving event. Rekt Capital noted that in 2016, Bitcoin recorded these price retraces in the three weeks following the Halving event. During this time, the tokens price declined by 11%.  The analyst postulates that Bitcoin is now in the Post-Halving Danger Zone of the current bull cycle following its price fall over the last two days. It is worth stating that if Bitcoin mirrors past price movement in this phase, the token could be heading for $60,000. However, Rekt Capital states that if the crypto market leader experiences such a fate, it will be within the next two weeks.  At the time of writing, Bitcoin trades around $62,672 with a decline of 2.44% in the last day. This price fall underscores BTCs negative performance in the last month in which it has lost 11.16% of its market value.  BTC trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com Related Reading: Forbes Unveils 20 Crypto Zombies, Declares Ripple And XRP Among The Undead Bitcoin ETFs Record Minor Inflow; Net Outflows Hit $217 Million According to data from SoSoValue, the Bitcoin Spot ETF market recorded net outflows to the tune of $217 million on April 25. Unsurprisingly, Grayscales GBTC accounted for $138 million of these figures as its total outflows now approach $17 billion. Notably, for the first time ever, Fidelitys FBTC and Valkyries BRRR  produced net outflows estimated at $22 million and $20 million, respectively. Meanwhile, ARK Invests ARKB and Bitwises BITB also experienced a loss in investment on Thursday. Interestingly, all other Bitcoin Spot ETFs recorded zero net flows except Franklin Temptons EZBC, which saw a net inflow of $1.87 million. At the time of writing, the BTC spot ETFs have a combined value of $128 billion, reflecting a remarkable growth since their trading debut on January 11. Featured image from The Economic Times, chart from Tradingview

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85% Of Altcoins In Opportunity Zone, Santiment Reveals

The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical opportunity zone. MVRV Would Suggest Most Altcoins Are Ready For A Bounce In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The Market Value [...]

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Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact?

On-chain data shows the next major Bitcoin demand zone is around $56,000, a level BTC might end up revisiting if the decline continues. Bitcoin Has Next Major On-Chain Support Around $56,000 According to data from the market intelligence platform IntoTheBlock, BTC’s recent drawdown has meant that it may end up having to rely on the price range around $56,000 for support. Related Reading: Bitcoin Whales Showing Different Behavior From Past Cycles, But Why? In on-chain analysis, a level’s potential as support or resistance is based on the total number of coins that the investors last acquired there. Below is a chart that shows what the various price ranges around the current spot price of the cryptocurrency look like in terms of this cost-basis distribution. The data for the BTC acquisition distribution across the various price levels | Source: IntoTheBlock on X In the graph, the size of the dot represents the amount of Bitcoin that was purchased inside the corresponding price range. It would appear that the $63,000 to $64,890 level is currently thick with investors. To be more particular, 1 million investors acquired 530,000 BTC inside this range. Generally, whenever the asset retests the cost basis of any investor, they may become more likely to make some kind of move, due to the importance the level holds for them. Investors who were in profits just prior to the retest may be willing to make further bets, believing that if this level was profitable in the past it might be so again in the future. Naturally, this buying effect would only be relevant for the market if a large amount of investors acquired coins inside a tight price range. The $63,000 to $64,890 range qualifies for this. The range should have acted as a support point for the coin, but BTC has recently slipped under it, possibly suggesting that this support level may have broken down. As IntoTheBlock has highlighted in the chart, the next major range of potential support is the $55,200 to $57,100 range. Thus, should the current drawdown continue, this may be the next relevant range. “While this doesn’t mean that Bitcoin has to go this low, it is good to keep this range in mind while price is exploring recent lows,” notes the analytics firm. A decline to the average price of this range ($56,000) would mean a drawdown of almost 10% from the current spot value of the coin. Related Reading: Bitcoin Rebounds After Nearing Cost Basis Of Short-Term Whales Before this level, though, there is another interesting on-chain level that BTC could end up revisiting. As analyst James Van Straten has pointed out in an X post, the Realized Price (the average cost basis) of the short-term holders is around $58,800 right now. Looks like the value of the metric has been going up since a while now | Source: @jvs_btc on X The short-term holders (STHs) here refer to the investors who bought within the past 155 days. This group’s Realized Price has been at an important level historically during bull runs, as the asset has often found support at it. Breaks under it have, in fact, usually led to bearish transitions in the past. “If we drop below this, I will concede to a bear market similar to May 2021,” says Straten. BTC Price Bitcoin has registered a decline of almost 7% over the past 24 hours and in the process, has lost any recovery it had made earlier. Now, BTC is trading around $62,100. The price of the asset appears to have been going down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com

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Ethereum Price Threatened With Sharp Drop To $1,400, Heres Why

Ethereum might be on track to facing renewed pressure, according to an interesting technical outlook. Despite short bursts of recovery attempts, the broader market structure is still trying to flip in favor of bulls, but price movement shows that the bears are still in control. Notably, a recent technical analysis posted by crypto analyst Youriverse on the TradingView platform highlights a potential sharp drop in the price of Ethereum towards $1,400 if the current downward trend continues. Strong Rejection From Key Fibonacci Zone Hints At Persistent Resistance Technical analysis shows that the Ethereum price chart is currently characterized by a noticeable Fair Value Gap (FVG) on the 4-hour timeframe. This interesting gap was left behind after a steep 10% drop last Sunday, marking a strong area of seller dominance. Related Reading: Ethereum Price Looks Set To Crash To $1,000-$1,500, But Can It Fill The CME Gaps Upwards To $3,933 This gap represents a zone of clear imbalance where selling activity outweighs buying pressure and has influenced Ethereums price action throughout the past seven days. Earlier last week, Ethereum retraced into this gap, reaching the midpoint, but was met with swift rejection. This swift rejection showed the intense selling pressure present within this Fair Value Gap.  Interestingly, the Ethereum price has returned to this Fair Value Gap again, and another rejection here could send it back to a bottom below $1,400. Furthermore, Ethereum is trading within an area identified as the golden pocket of the Fibonacci extension indicator, which is drawn from the $1,383 bottom on April 9. Unless price action breaks decisively above this level and heads toward the next Fib level of 0.786 at $1,724, there is still a risk of a significant rejection that could lead to further downside below $1,400. Stochastic RSI Weakness Suggests Possible Downturn Ahead For Ethereum In addition to the Fair Value Gap and Ethereums struggle within the golden pocket of the Fibonacci retracement zone, the Stochastic RSI is now introducing another layer of bearish pressure to the current outlook. This momentum oscillator, which measures the relative strength of recent price movements, is approaching the overbought region on the daily timeframe.  Related Reading: Ethereum Pain Is Far From Over: Why A Massive Drop To $1,400 Could Rock The Underperformer Ethereums approach of overbought zone with the Stochastic RSI is due to inflows that have pushed the cryptos price from the $1,383 bottom on April 9. Now that the Stochastic RSI is moving into the overbought zone, it adds to the bearish outlook that it could reject at the Fair Value Gap and start a new downside correction very soon.  So far, the Ethereum price was rejected at $1,650 in the past 24 hours, which further supports the bearish continuation thesis. If the selling pressure builds again, as suggested by both the weakening RSI and persistent resistance at the Fair Value Gap, the analyst warns of a breakdown that could drag the price to as low as $1,400, or even lower. At the time of writing, Ethereum is trading at $1,627. Featured image from Unsplash, chart from Tradingview.com

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Bitcoin Fear & Greed Index Reaches 31, Is The Market About To Recover Or More Pain To Come?

Bitcoin trades at $85.5K as market fear intensifies at 31 on the Fear & Greed Index. Analysts are keeping an eye on the $89.5K level

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Abu Dhabi Financial Free Zone Partners with Chainlink for Tokenization Solutions

Abu Dhabi’s financial free zone signs an agreement with Chainlink for tokenization frameworks In a significant move, the Abu Dhabi Global Market (ADGM), a renowned financial free zone in the United Arab Emirates, has entered into a memorandum of understanding (MoU) with Chainlink, a leading blockchain platform. This partnership aims to develop tokenization frameworks to [...]

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Ethereum CLS Shows Price Will Rebound Above $2,600, Heres Why

The Ethereum price is showing signs of a possible trend reversal as technical indicators like the Continuous Linked Settlement (CLS) suggest a breakout may be on the horizon. The crypto expert who shared this analysis has predicted that Ethereum is set to rebound to $2,600 in this bull cycle.  Ethereum CLS Sparks Potential Price Rally David Perk, a TradingView crypto analyst recently published a detailed technical analysis of the Ethereum price. The analyst forecasts that ETH could soon reach $2,600 and beyond in the coming months.  Related Reading: Crypto Pundit Says Ethereum Price Is Destined To Reach $10,000 This Cycle, Heres Why Perk based his predictions on Ethereums daily and monthly CLS. According to his analysis, if Ethereums price action can respect its daily CLS and liquidity zone, it could gradually move upward, targeting its monthly CLS of $2,055 before skyrocketing above $2,600.  His analysis report described in detail what CLS means and how it can affect a cryptocurrencys trajectory. Perk disclosed that CLS represents smart money across all markets. It is the global settlement system used by major financial institutions, including Foreign Exchange (FOREX) markets.  The crypto analyst suggested that CLS processes a massive volume of capital from large investment and central banks, boasting a daily volume of more than $6.5 trillion. In the case of Ethereum, since CLS follows a structured settlement process, traders who track these cycles can potentially anticipate significant price changes and liquidity shifts. Moreover, by knowing when large institutional money is entering or exiting the market, analysts can predict ideal entry and exit points for a cryptocurrency.  Perks Ethereum price chart shows an area marked in green, which represents the cryptocurrencys liquidity zone. Additionally, the daily and monthly CLS can be seen, with the former acting as a support area and the latter as a resistance or target for future price movements.  ETH Falling Wedge Breakout Targets $2,800 In other news, crypto analyst Marzell has shared a bullish prediction of the Ethereum price in an X (formerly Twitter) post. Marzell announced that Ethereum has successfully broken out of a Falling Wedge pattern.  Related Reading: Ethereum Price Recovery: Analyst Predicts Blow Off Top To $3,300 In One Week, Heres Why The Falling Wedge is known as a common bullish reversal pattern where a cryptocurrencys price moves within two converging trend lines, forming lower highs and lower lows. Notably, Ethereum has broken out of this wedge, signaling a potential rebound is imminent. The breakout occurred around the $1,991 price point, confirming its bullish momentum. As a result, Marzell predicts that Ethereum could experience a massive rally to $2,821, marking a whopping 41.69% increase from its breakout level. Currently, the price of Ethereum is trading at $2,008, already seeing a rise of 3.7% in the last 24 hours. If a rally to $2,821 occurs, it would represent a surge of approximately 40.5%. Featured image from Unsplash, chart from Tradingview.com

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Santiment Reveals Best Altcoins Currently In Opportunity Zone

The on-chain analytics firm Santiment has revealed the altcoins that have recently surged into the mid-term “opportunity zone.” These Altcoins May Be More Likely To See Rebounds In a new post on X, Santiment has discussed what the various altcoins in the market are looking like from the perspective of the MVRV. The “Market Value To Realized Value” (MVRV) refers to an indicator that keeps track of the ratio between the Bitcoin market cap and the realized cap. The realized cap here is a capitalization model for BTC that measures the total sum of capital that the investors have used to purchase their coins. As such, the MVRV tells us about how the value that the investors are holding right now (the market cap) compares against this initial investment. Related Reading: Bitcoin Plunges Under $63,000, Heres Where Next On-Chain Support Is Historically, the more profits the investors have held (that is, the higher the market cap has been compared to the realized cap), the more likely tops have been to occur. This is naturally because investors become more likely to give in to the allure of profit-taking the higher their gains get. On the other hand, cryptocurrencies have been probable to see rebounds when holders’ returns have dropped into the negative territory. In these conditions, there aren’t many profit-takers left, so selling pressure begins to run out. Based on these facts, Santiment has come up with an “Opportunity & Danger Zone Model” that uses the MVRV’s divergence from the norm on various timeframes to determine if an asset is providing a potential window for selling or buying right now. Below is the chart shared by the on-chain analytics firm that reveals what this model is saying for altcoins around the sector: Looks like some of the coins are approaching the opportunity zone | Source: Santiment on X From the graph, it’s visible that a lot of coins are still inside the overbought territory, but several altcoins have managed to sneak into the mid-term opportunity zone following the recent market downturn led by Bitcoin’s plunge. “This zone gets breached when an asset’s 30-day, 90-day, and 365-day average wallet returns are combining to be in negative territory,” explains Santiment. It should be noted, though, that while mid-term returns are red for these coins, they are still not yet inside the buy zone proper. “In a zero sum game like crypto, projects with minimal returns compared to the rest of the sector have a higher probability of a more efficient rebound for those who are willing to #buythedip on projects traders are in the most pain on,” notes the analytics firm. Related Reading: Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains According to Santiment, some of the best altcoin candidates who are inside the mid-term opportunity zone include Lido DAO (LDO), Synthetix (SNX), Storj (STORJ), and OMG Network (OMG). LDO Price Lido DAO has had a bad time recently as its price has gone down more than 31% over the past week. With these red returns, it’s no wonder that the coin is becoming underbought on the MVRV. The price of the altcoin appears to have plunged down in the last few days | Source: LDOUSD on TradingView Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

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Toncoin Enters Prime Buying Zone Following Pavel Durovs Exit from France, Sparking TON Price Rally

The recent TON coin price drop has created a favorable opportunity for investors looking to enter the market. Pavel Durov, the founder of France’s TON project, highlighted this as a great entry zone for those interested in getting involved with the coin. The TON project aims to revolutionize the way people interact and transact online, [...]

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