News

Revolut app announces Bitcoin withdrawals… within limits
May 6, 2021 12:48 am

Revolut has rolled out its Beta launch of Bitcoin withdrawals to U.K.-based Metal customers, who will be allowed to withdraw 500 to 1000 pounds a month in its initial stages.

Europe’s leading financial app Revolut has finally enabled Bitcoin withdrawals four years after it first provided crypto trading services to some users, and a year after it extended trading to all 7 million users worldwide.

Revolut first added Bitcoin, Litecoin, and Ethereum trading for premium users back in 2017, however they have only been able to withdraw it as fiat until now.

The financial tech firm announced today the beta launch of Bitcoin withdrawals with exclusive access first given to its U.K.-based top-tier Metal customers. Revolut also plans to roll out withdrawals worldwide — it has users in the U.S., Australia and elsewhere — and to other client tier-bases in the future.

The move follows a similar pathway to Paypal which launched U.S. crypto trading in late 2020, with many noting at time that coins bought on the platform would not be able leave.

To begin with, Revolut users will be able to add three external addresses and withdraw between 500 to 1,000 pounds a month, with Revolut also introducing two-factor authentication to ease security concerns.

Nik Storonsky, Founder and CEO at Revolut, noted that users had demanded withdrawals:

“Crypto withdrawals have been a heavily requested feature within Revolut’s crypto community and we’re delighted that we can begin the gradual process of rolling it out. Customers can lock down wherever they feel safest — whether it’s Revolut, into hot or cold storage, or to another exchange.”

“This is just the start of a long list of new crypto features we plan to launch so we can offer customers one of the best crypto products on the market,” he added.

Revolut is a London based firm that offers its clients’ bank accounts, debit cards, currency exchange, commission-free stock trading, crypto exchange, and foreign exchange services. The app supports customers across Europe, Canada, Singapore, Japan, the United States, and Australia.

In response to the global pandemic, the digital banking app rolled out crypto services for all standard users in April 2020.

Despite Revolut's interest in cryptocurrency, Kraken expressed difficulties in working with the firm in September 2020, listing Revolut as one of the cloud banking services that did not process deposits or withdrawals from the U.S. exchange.

Telcoin (TEL) gains 300% after layer-2 migration to the Polygon network
May 5, 2021 11:00 pm

TEL price broke out into a vertical rally after a protocol upgrade and a layer-2 migration that enabled trading on QuickSwap.

The ability to send money to anyone, anywhere, at any time was one of the original motivations behind Bitcoin (BTC) that helped give rise to the expanding cryptocurrency ecosystem that exists today. 

Blockchain-based global remittance platforms are one sector of crypto projects that have evolved over time to help meet the needs of peer-to-peer money transactions, and Telcoin (TEL) is one such project that has made significant gains in 2021.

TEL/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that the price of Telcoin has surged more than 4,100% since Feb. 1, rallying from a low of $0.00066 to a new all-time high at $0.0286 on May 5 as the altcoin saw a record $110 million in 24-hour trading volume.

Shift to global remittances ignite the rally

A scroll through the Telcoin Twitter feed shows that the project recently launched an upgraded protocol that enabled its remittance services between the Philippines and Canada to go live on Feb. 4.

The launch of V2 included new versions of both iOS and Android mobile applications that users in participating jurisdictions can download in the Apple and Google Play store.

According to the Telcoin team, Canada is the “first of four initial sending markets that Telcoin is entering for fiat remittances,” and it will soon be “followed by Singapore, Australia, and the USA.”

The project gained further attention in late February when Telcoin CEO Paul Neuner appeared before the Nebraska State Legislature to talk about opportunities in the fintech space and how the state could benefit from legislation geared toward turning Nebraska into a decentralized finance hub.

Layer 2 trading lifts TEL price to new highs

After trading sideways through most of March and April, TEL price received a dose of rocket fuel thanks to the token being listed on the QuickSwap decentralized exchange that operates on Polygon, a layer-2 protocol buil on the Ethereum network.

The lower fee environment of the Polygon network and the attractive yield opportunities for liquidity providers on QuickSwap likely led to the surge in trading volume for TEL.

According to data from Cointelegraph Markets Pro, market conditions for TEL have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. TEL price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for TEL was elevated following its launch on QuickSwap which initially elevated the price above $0.01. The score continued to rise and reached a high of 95 on May 3, roughly two days before the price rallied 84% to a new all-time high on May 5.

With a globally relevant use case now operating in a low fee, layer-2 environment, Telcoin has the potential to attract a wide range of global users. As blockchain technology increases its mainstream presence and new participants look for cheaper ways to transfer funds and make payments, TEL price could see further appreciation. 

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

Largest Latin American eCommerce platform adds $7.8M Bitcoin to its treasury
May 5, 2021 10:38 pm

The purchase makes the eCommerce platform the 36th publicly traded company to add Bitcoin to its balance sheet.

Mercado Libre, the largest e-commerce platform in Latin America, has announced to the U.S. Securities and Exchange Commission (SEC) that it acquired $7.8 million in Bitcoin in the first quarter of 2021. It stated in the report:

“As part of our treasury strategy this quarter we purchased $7.8 million in Bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets”.

The purchase makes the Argentinean company the first large Latin American company to acquire Bitcoin for its treasury and sees it join an exclusive club of companies such as MicroStrategy and Tesla, which have previously announced to the authorities the holding of BTC within their assets.

Just last week major Japanese game developer Nexon announced it had purchased 1,717 BTC for it's balance sheet at a cost of roughly $100 million. Mercado Libre's announcement makes it the 36th publicly listed company to hold Bitcoin according to Bitcoin Treasuries. Mercado Libre trades on Nasdaq as MELI.

Mercado Libre's bet on Bitcoin

Beyond the formal announcement, the relationship of the popular eCommerce portal with Bitcoin is not new. As previously reported by Cointelegraph en Español, at the end of April it enabled the use of Bitcoin for their real estate verticals in the Argentine market.

In addition, Marcos Galperín, founder and former CEO of Mercado Libre, has already announced publicly on several occasions that he has owned Bitcoin in his personal portfolio since 2013, and has also expressed a variety of bullish opinions regarding the cryptocurrency ecosystem in Latin America, even stating that he saw Bitcoin as a better store of value than gold.

Bears aim for sub-$60K Bitcoin price ahead of Friday’s $1.1B options expiry
May 5, 2021 9:40 pm

Bitcoin bulls have a $104 million advantage leading into Friday's $1.1 billion options expiry, but a favorable close depends on BTC price reaching $60,000.

Bitcoin (BTC) entirely recovered from its recent drop that saw the price fall to the $53,000 support level. This move back to $57,500 relieved bulls from the negative pressure of the May 7, 3,500 BTC options contract, which represents $200 million in open interest along with a $1.1 billion options expiry.

Today's swift recovery could have been partially driven by the news that New Digital Investment Group (NYDIG) partnered with Fidelity National Information Services (FIS) to create a framework for U.S. banks to offer crypto trading services.

Patrick Sells, the bank solutions chief at NYDIG, told CNBC that several banks have already signed up for the program.

Moreover, a Mastercard survey found that 40% of the 15,500 interview participants intend to use crypto for payments over the next 12 months. Additionally, it reported that 77% of millennials are interested in learning more about cryptocurrency.

Whatever the reason behind Bitcoin's recent price recovery, bulls are now in a much better position for the May 7 options expiry.

The equilibrium in the call-to-put ratio is misleading

May 7 aggregate BTC options open interest. Source: Bybt

Options contract buyers pay the premium upfront and thus face no forceful liquidation risk. On the other hand, the call (buy) option provides its buyer with upside price protection, and the put (sell) does the opposite.

This means traders aiming for neutral-to-bearish strategies will typically rely on put options. On the other hand, call options are more commonly used for bullish positions.

Analysts could easily dismiss Friday's Bitcoin expiry as the put-to-call ratio is flat. This means the neutral-to-bullish and neutral-to-bearish options open interest is balanced. However, these options will expire in less than 38 hours, causing the $65,000 and higher calls to become worthless.

The put options, a right of selling Bitcoin at $48,000 on Friday, are also worthless today. To correctly interpret the potential impact of the May 7 expiry, analysts must exclude the strikes that are too far out from the current price.

Bulls have a $104 million advantage at $57,000

The call (buy) options up to $60,000 total 4,950 contracts ($285 million), and if the price of Bitcoin happens to reach $64,000 on May 7, another 1,620 contracts will boost the call options open interest by $93 million.

Alternatively, the neutral-to-bearish put options add up to 3,150 contracts down to the $54,000 strike. These currently present a $181 million open interest and would be increased by 2,800 contracts down to $50,000. This level would boost put options' open interest by $161 million.

Although bulls have a $104 million advantage leading to Friday's expiry, this number would be greatly reduced at any level below $60,000. As the chart indicates, most call options (1,680 contracts) have been placed at this level.

Therefore, bears have incentives to suppress the price below $60,000. At least until 8:00 AM UTC on May 7.

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

Grifter season in DeFi-land, and Uniswap v3 is here! Finance Redefined 4/28-5/05
May 5, 2021 9:32 pm

Uniswap v3 starts off with a whimper, not a bang, and grifters galore in this week's Finance Redefined.

Lots of cons, no artistry

It’s grifter season: scams and opportunists run amok, and it’s harder than ever to tell who to trust.

Case and point: over the weekend, an influencer by the pseudonym “Crypto Spider” was found to have pumped-and-dumped a meme coin, $SELON — while publicly claiming that he had joined his followers in taking a loss.

The drama jarred me personally, despite the fact that I didn’t have any exposure to the failed shitcoin. The reason being is that I quoted Crypto Spider in a piece from January. Had I unwittingly aided a scammer?

I’d gotten his name from a trusted colleague. Part of my beat is emerging projects, and I’m always open to hearing from anon teams and sources — other cryptomedia outlets ignore them to their detriment, given that the largest digital asset in the world was founded by an anon.

When we spoke he told me about an algo stablecoin project, and I now realize that it was likely an effort to use the Cointelegraph platform to pump his bags. Thankfully, I did my due diligence while researching the project: the developers were clever and intrepid, but ultimately working in what appears to be a doomed vertical (though I suppose FEI and OHM are still giving it the old college try), and I profiled them as such.

While my reporting was unlikely to lead anyone astray, seeing Spider exposed as a fraud was nonetheless a jolt. It’s getting harder to tell who to trust out there — a point that Spider made himself.

I reached out to him over the weekend to ask for his side of the story, and he pointed to a Tweet thread from his alleged co-conspirator — one which, oddly, confirmed that he had promoted the project and then sold. He also sighed that he’d become “the target of anyone who shilled or created meme coins.”

It would take the moral nuance of a toddler to claim Spider’s actions are equivocal to the standard influencer cheerleading, but with all the money sloshing around more and more people seem to be getting mixed up with shady deals. 

Not even institutions are exempt: Alameda Research invested $20 million in Reef, part of what would have been a larger $80 million deal — but the two companies cut ties over a disagreement regarding Alameda transferring the tokens they purchased to Binance, presumably to sell. Alameda later said it was merely an OTC buy and not a longer-term “strategic investment.”

Anons lie, institutions lie, and despite the money pouring from the sky greed is still getting the better of people. Watch who you listen to and what you invest in — I know I’ll be even more careful going forward.

But here’s one principle that hasn't led me astray yet: anonymity by nature encourages and enables both the best and the worst in crypto. An anon with integrity can be a guiding light in these choppy waters.

Uniswap v3 mewls out of the gate

After months of anticipation, Uniswap v3 is finally here. It may take a while before it gets its sea legs, however. 

In the first few minutes after launching the protocol had attracted $1.3 million in total value locked; at the time of publication it has since risen to $24.3 million. The majority of liquidity is in bread-and-butter trading pairs such as ETH/stable pairs, but specifics are hard to come by; while a blog post from Uniswap says that their info site has migrated to displaying v3 statistics, their top pools are still for Uniswap v2. 

Aside from the interface stumble, there is not yet sufficient liquidity to swap at any significant size. Quotes for ETH/stablecoin pairs led to double-digit slippage quotes on orders over 10 ETH or so, and the interface often suggests better prices on v2. (Cointelegraph has a policy in place prohibiting writers from making trades during business hours, so I’m only relaying the quotes I got for the trades).

The low liquidity woes may soon be ameliorated, however. As multiple Twitter observers pointed out, Uniswap is making it simple to migrate liquidity pools to v3 — including Sushiswap LP positions in what some have dubbed a “reverse vampire attack.”

Perhaps coolest of all however is that a long list of Uniswap v3 pool positions, which are represented as NFTs, are now on sale on Opensea. Uniswap founder Hayden Adams bragged about his, the first-ever v3 position. I expect a interesting market to develop over the comping days for early pool positions, and the first positions in culturally important pools may come to have significant value. What would the first EMN-DAI position NFT be worth now?

In all, a mixed-review launch. But that’s to be expected for a protocol only open to the public for the last few hours, and as Framework Venture’s Vance Spencer puts it, once it’s attracted significant liquidity v3 may well represent a new “era” for capital efficiency in DeFi:

Major stories this week

Balancer and Gnosis team up for Uniswap v3 rival Cowswap

Inverse Finance acquires Tonic in possible first-ever protocol merger

Lido looks to go cross-chain

Federal Reserve says DeFi may lead to “Paradigm Shift”

Goldman Sachs leads $15M investment round for Coin Metrics
May 5, 2021 9:22 pm

The investment firm is reportedly preparing to make cryptocurrencies available to its clients in the second quarter of 2021.

Blockchain analytics firm Coin Metrics has raised $15 million in a funding found led by financial giant Goldman Sachs.

In an announcement today, Coin Metrics said Goldman Sachs, Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, Collab+Currency and others had contributed $15 million to the analytics firm to “accelerate the company’s global expansion” as well as reach more places in the crypto market. Coin Metrics co-founder Nic Carter called the funding a “huge validation” for the firm as a provider of crypto data for institutions.

"Data is critical for the mainstream adoption of cryptoassets by traditional investors and financial services players,” said Goldman Sachs Global Head of Digital Assets Mathew McDermott, who will also be joining Coin Metrics' board of directors.

Goldman Sachs is continuing to seemingly warm to more companies and financials innovations of the crypto space this year. Last week, the firm identified 19 stocks from crypto and blockchain firms that had outperformed the S&P500 in the year to date. The financial giant is also reportedly preparing to make Bitcoin (BTC) and other cryptocurrencies available to its clients in the second quarter of 2021.

Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins
May 5, 2021 8:15 pm

Experts say DOGE traders rotating profits into Robinhood-listed altcoins could be behind the rally in LTC, BCH and ETC.

Every cryptocurrency bull market has at least one surprise catalyst that comes out of nowhere to excite traders and spark massive trading volumes that lift the total market capitalization to new highs. 

The 2021 bull market is no exception to this rule, and one of the biggest catalysts for growth this year has been the explosive popularity of Dogecoin (DOGE), which has made headlines in traditional and alternative financial circles as its price surge to new all-time highs over the past few months.

DOGE/USDT 4-hour chart. Source: TradingView

With such tremendous growth happening in just a few short months, it's only natural for traders to make moves that help lock in gains and then search for the next potential mover to invest in.

The price action for DOGE even caught the eye of Jon Bollinger, inventor of Bollinger Bands, who on May 3 tweeted “$Dogeusd put in a top, fell by 65%, and is now knocking on the door again while $dogebtc is breaking out. Simply amazing price action.”

Dogecoin was trading near $0.40 at the time of the tweet but has since skyrocketed 80% to a new all-time high at $0.69. After today's strong rally, Bollinger to posted the following tweet as a word of advice to DOGE traders:

And it appears that some traders had similar thoughts or took Bollinger’s words to heart on May 5, as the price of DOGE experienced a pullback of 25% before recovering near the $0.60 level.

Large-cap altcoins benefit from Dogecoin's momentum

Several observant traders, including Digital Currency Group founder Barry Silbert, pointed out that a lot of DOGE's trading activity has happened on the Robinhood trading app and that the other cryptocurrencies available on the platform could benefit from traders rolling profits over from DOGE into slower performing cryptocurrencies.

This turned out to be a prescient viewpoint, as all the major cryptocurrencies available on Robinhood have seen double-digit gains on May 5, while the price of DOGE has experienced a 25% pullback.

Ethereum Classic (ETC) has been one of the biggest beneficiaries of the shift in funds, which helped the Ethereum fork blast to a new record high of $100 on May 5. In the same period, Bitcoin Cash (BCH) and Bitcoin SV (BSV) have seen gains in the 25%–30% range.

While the percentage growth seen in the price of Litecoin (LTC) is less than that of the other tokens listed on Robinhood, LTC's 15% rally pushed the altcoin to a new multiyear high of $351. This puts LTC price less than 7% below its previous all-time high at $375.

LTC/USDT 4-hour chart. Source: TradingView

According to data from Cointelegraph Markets Pro, market conditions for LTC have been favorable for some time. 

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. LTC price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for LTC began to pick up on April 29 and maintained an elevated level over the next four days before hitting a high of 68 on May 2, around 11 hours before the price increased 35% over the next three days.

With DOGE still trading above $0.58 at the time of writing and hype is continuing to build ahead of Elon Musk’s appearance on the comedy sketch show Saturday Night Live, the bullish price action for LTC and the other cryptocurrencies available on Robinhood could continue as retail traders new to the crypto market flock to the popular meme coin.

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, and you should conduct your own research when making a decision.

WallStreetBets combats market manipulation using blockchain
May 5, 2021 8:15 pm

The grassroots movement is dedicated to “rooting out corruption” with its latest exchange-traded portfolio and token offerings.

WallStreetBets, the Reddit-based grassroots movement that achieved notoriety for short-squeezing hyper-leveraged financial firms, has launched a new blockchain-based application aimed at combating market manipulation in traditional finance. 

The group announced the creation of WallStreetBets Exchange Traded Portfolios, or ETPs, that can provide investors with broad exposure to various assets in a completely decentralized manner. The group explained:

“WallStreetBets ETPs may serve as an alternative to kind of the market manipulation by opaque and politically connected banks and hedge funds.”

The product is powered by a decentralized autonomous organization, or DAO, which means portfolio rebalancing is the sole domain of community members who exercise their rights through the forthcoming WSB token. Although the group didn't specify when the new product will launch, it has reportedly engaged experts from the fields of blockchain and fintech to design the new offering.

Jaime Rogozinski, the founder of the r/Wallstreetbets subreddit, called the merger between blockchain and financial markets the “next logical step for finance,” adding that “It will result in stronger, more democratized markets and will empower individuals around the world."

The r/Wallstreetbets subreddit currently has 10 million members, having more than doubled since late January when the GameStop drama first unfolded. WallStreetBets burst into the spotlight after its community collectively gobbled up shares of heavily shorted GameStop and AMC stocks, sending their price soaring — and torching short-selling hedge funds in the process. Wall Street’s best and brightest betting against these so-called “meme stocks” lost over $5 billion on the ordeal.

Despite building its latest product on the blockchain, r/Wallstreetbets recently moved to ban all cryptocurrency-related discussions after Bloomberg decried the group’s alleged infatuation with the digital asset market. Subreddit moderator u/Bawse1 explained:

“Due to the article that was written [by] Bloomberg who somehow felt that ‘WallStreetBets Bows to Crypto.’ Crypto discussion is banned indefinitely. I’ve read a lot of dumb articles written about wsb. This one takes the cake. P.S. Like always. Please be respectful.”
Georgia's central bank is exploring 'Digital Gel' CBDC
May 5, 2021 7:30 pm

Georgia's central bank has invited fintech firms and others to participate in the CBDC project.

The National Bank of Georgia said that it is considering launching a central bank digital currency, or CBDC.

In an announcement on Wednesday, the central bank hinted at the issuance of a CBDC in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The NBG said it would be inviting fintech firms and other financial institutions to participate in the project, named "Digital Gel" after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” says the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but it did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October 2020, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI
May 5, 2021 7:03 pm

Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.

Dogecoin (DOGE) skyrocketed above $0.69 today and flipped XRP to become the fourth largest cryptocurrency with a market capitalization of over $88 billion at its highest point. 

Galaxy Digital recently released a report titled “Dogecoin: The Most Honest Sh*tcoin,” and the document highlighted the fact that no updates have been logged in Dogecoin’s GitHub repository since 2017. Even the blockchain’s network security is suboptimal with only 26% of the overall node count running fully synced notes, the report added.

There seems to be a massive mismatch between Dogecoin’s fundamentals and its valuation. The meme coin’s rally is an indication that traders are driven by greed and such phases of frenzy never end well. When the bubble bursts, several investors will be left nursing massive losses.

Daily cryptocurrency market performance. Source: Coin360

Moving away from the Dogecoin frenzy, the latest CoinShares report shows weekly institutional inflows of $489 million for various crypto products. Bitcoin (BTC) accounted for the lion’s share of the investments at $411.7 million.

This shows that institutional investors are viewing the current weakness in Bitcoin as a buying opportunity. The total crypto assets under management is at $64.7 billion, having risen about $7 billion in the past six weeks.

Will Ether (ETH) continue to pull altcoins higher or will Bitcoin make a comeback? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin plunged below the moving averages on May 4 but the bears could not capitalize on this weakness. This suggests the bulls have not yet given up and they continue to buy on every dip.

BTC/USDT daily chart. Source: TradingView

The bulls have pushed the price above the moving averages today and they will now try to challenge the downtrend line and the overhead resistance at $58,966.53. A breakout of this resistance zone will clear the path for a possible retest of the all-time high at $64,849.27.

However, the flattish moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the BTC/USDT pair stuck between $52,323.21 and $58,966.51 for a few days.

The bears may gain the upper hand if the price turns down and plummets below $52,323.21. Such a move will suggest weakness and that could result in a decline to the critical support at $46,985.

ETH/USDT

Ether is in a momentum-driven uptrend. Generally, in such phases of melt-up, the asset may remain overbought for an extended duration and corrections can be sharp but are usually short-lived. After a one-day pullback on May 4, the bulls are trying to resume the up-move today.

ETH/USDT daily chart. Source: TradingView

If buyers propel the price above $3,527.19, the ETH/USDT pair could rally to $4,528.97. However, the farther the price moves away from the moving averages, the greater the risk of a massive correction. Therefore, traders should exercise caution.

If the price reverses direction from $3,500, it will indicate profit-booking at higher levels. The bears will then try to pull the price below $3,165.30, which could result in a decline to the 20-day exponential moving average ($2,731).

A strong rebound off this level will suggest the uptrend remains intact. The bulls then try to resume the up-move. Conversely, a break below the 20-day EMA will suggest the pair has formed a short-term top.

BNB/USDT

Binance Coin’s (BNB) sharp correction on May 4 attracted buyers near the $600 mark. This suggests the sentiment remains bullish and traders are accumulating at lower levels.

BNB/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If the buyers push the price above $680, the uptrend could resume with the next target objective at $808.57.

This positive view will nullify if the price turns down from the overhead resistance and breaks below the 20-day EMA ($567). Such a move will suggest that supply exceeds demand and the BNB/USDT pair could then drop to the 50-day simple moving average ($436).

DOGE/USDT

Dogecoin is in a strong melt-up. The bulls pushed the price above the $0.45 resistance on May 4, which resulted in a pick-up in momentum. The long wick on May 4 suggested profit-booking by traders near $0.61 but the bears could not maintain the selling pressure.

According to data from Cointelegraph Markets Pro, market conditions for DOGE have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. DOGE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for DOGE flipped green on May 2 when the price was $0.38, well before the indication of any rally.

Since then, the VORTECS™ Score has largely remained in the green and DOGE rallied to $0.69 today, an 86% gain in about four days.

DOGE/USDT daily chart. Source: TradingView

The buying resumed today and the DOGE/USDT pair hit a new all-time high at $0.69. However, the long wick on the day’s candlestick suggests profit-booking at higher levels. The pair could now drop to the breakout level at $0.45. A break below this level could pull the price to the 20-EMA ($0.33).

Alternatively, if the bulls flip this level into support, the pair may again try to rise above $0.69. If that happens, the rally may extend to $0.84 and then $1.

Frenzied buying in an asset can result in strong rallies. However, traders should be careful and protect their capital with a trailing stop-loss because vertical rallies can quickly reverse direction, resulting in sharp losses.

XRP/USDT

XRP dropped below the 20-day EMA ($1.39) on May 4 but the bears could not sustain the lower levels. This shows the bulls are defending the 20-day EMA. The price has reached the downtrend line where the bears are likely to mount a stiff resistance.

XRP/USDT daily chart. Source: TradingView

If the price turns down from the downtrend line, the bears will make one more attempt to sink the BNB/USDT pair below the 20-day EMA. If they manage to do that, the pair could slide to the 50-day SMA ($1.05).

On the contrary, if the bulls thrust the price above the downtrend line, the up-move may resume and the bulls may try to push the price to $1.96. A breakout of this resistance will suggest the start of the next leg of the uptrend.

ADA/USDT

Cardano (ADA) broke below the 20-day EMA ($1.29) on May 4 but the bulls defended the 50-day SMA ($1.24). The buyers are currently trying to push the price toward the resistance of the range at $1.48.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair is likely to face stiff resistance near the $1.48 to $1.55 zone. If the price turns down from this zone, the pair could again drop to the moving averages and extend the stay inside the range for a few more days.

Contrary to this assumption, if the price turns down and breaks below the 50-day SMA, the pair may gradually drop to $1.03. A strong bounce off this support will suggest that traders continue to buy on dips to the support of the range.

Until the bulls push the price above $1.55 or the bears sink the pair below $0.98, the range-bound action is likely to continue.

DOT/USDT

Polkadot (DOT) plummeted below the 20-day EMA ($36) on May 4 but the bulls did not panic and dump their positions. Rather, they bought the dip and have pushed the price back above the moving averages today.

DOT/USDT daily chart. Source: TradingView

If the bulls sustain the price above $38.30, the DOT/USDT pair may rally to $42.28 and then to $48.36. However, the flat moving averages and the RSI just above the midpoint suggest a balance between supply and demand.

This indicates the pair is likely to hit a wall at $42.28. If the price turns down from this resistance, the range-bound action is likely to continue. The next trending move could start if the price breaks above $50 or plunges below $26.50.

LTC/USDT

Litecoin (LTC) broke above the $335.03 overhead resistance today, indicating the resumption of the uptrend. The 20-day EMA ($271) has turned up and the RSI is in the overbought zone, suggesting the bulls are in command.

LTC/USDT daily chart. Source: TradingView

If the buyers push the price above the resistance line of the ascending broadening wedge pattern, the LTC/USDT pair could pick up momentum and rally to $400 and then $463.31.

However, the bears are likely to have other plans. They will try to stall the up-move at the resistance line. If the price turns down from this resistance, the pair could drop to $308 and then to the 20-day EMA.

A strong rebound off the 20-day EMA will suggest the sentiment remains positive. The bulls will then make one more attempt to resume the uptrend. This bullish view will invalidate if the price turns down and plummets below the support line of the wedge.

BCH/USDT

After days of hesitation near the 61.8% Fibonacci retracement level at $1,012.29, Bitcoin Cash (BCH) soared above the $1,213.51 resistance today, indicating the resumption of the uptrend.

BCH/USDT daily chart. Source: TradingView

If the bulls manage to sustain the price above $1,213.51, the BCH/USDT pair could rally to $1,410.42 and then $1,710.39.

Contrary to this assumption, if the bulls fail to sustain the price above $1,213.51, the pair could drop to $1,050. If the pair rebounds off this level, the bulls will make one more attempt to start the next leg of the uptrend.

However, a break below $1,050 will suggest that supply exceeds demand and that could pull the price down to the 20-day EMA ($926).

UNI/USDT

Uniswap (UNI) rebounded off the $39.60 support on May 5, which shows the bulls are defending this level aggressively. If the buyers propel the price above $45, the next leg of the uptrend could begin. The target objective on the upside is a rally to the resistance line of the ascending channel at $50.

UNI/USDT daily chart. Source: TradingView

The rising 20-day EMA ($38.35) suggests the buyers have the advantage but the negative divergence on the RSI indicates the bullish momentum may be weakening.

A break below the 20-day EMA will be the first sign that the bears are making a comeback. The UNI/USDT pair could then drop to the support line of the channel where buyers may emerge.

A strong bounce off this support will suggest buying at lower levels and the uptrend may remain intact. Conversely, a break below the channel will signal a possible 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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