OKX launches Ethereum layer-2 testnet using ZK-based Polygon CDK

November 14, 2023 Coin Telegraph

The “X1” network will be part of the Polygon ecosystem and use zero-knowledge proofs to bridge assets from Ethereum.

Crypto exchange OKX has launched a testnet for an upcoming Ethereum layer-2 network named “X1,” according to a Nov. 14 announcement. The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals between layers.

OKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in trading volume per day, according to data from CoinMarketCap. Its token, OKB, has a current market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When a mainnet version of the new network is launched, OKB will be the native coin used to pay gas fees on it, the announcement stated.

X1 is being developed using the Polygon CDK, potentially making it part of the broader Polygon ecosystem that includes Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific and other networks. According to the announcement, OKX will also be a core contributor to the Polygon CDK software going forward and will “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.”

OKX chief innovation officer Jason Lau claimed that the new network will help to onboard new users to Web3, stating:

“X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3. This scalable and accessible network is perfect for developers, who can build on X1 to deliver user-friendly world-class consumer Web3 applications, all while maintaining interoperability with other networks and ecosystems.”

OKX is also the creator of OKT Chain, an Ethereum sidechain that uses OKB as its native coin. It isn’t the only exchange to build its own network: Binance launched BNB Chain in 2019, and Coinbase launched its layer-2 “Base” network on Aug. 9.

SHIB, UNI, OKB and HBAR flash bullish signs as Bitcoin volatility hits record low

August 6, 2023 Coin Telegraph

Bitcoin

Bitcoin remains stuck in a tight range, but select altcoins such as SHIB, UNI, OKB and HBAR are attracting buyers.

Bitcoin (BTC) continued its boring price action over the weekend, indicating that the bulls and the bears are not waging large bets as they are uncertain about the next directional move. Nevertheless, traders should continue to keep a close watch because a period of consolidation is usually followed by an increase in volatility.

Although it is difficult to predict the direction of the breakout with certainty, some analysts point to the Bitcoin whales increasing their exposure as a positive sign. On-chain analyst Cole Garner believes the bull move could continue till September when the summer seasonality kicks in and the shakeout happens.

*Crypto market data daily view. Source:* *Coin360*

Bitcoin rose sharply in the first few months of the year but the major altcoins struggled to keep pace. That could change as the current consolidation in the largest cryptocurrency is giving an opportunity for select altcoins to play catch up.

What are the top-5 cryptocurrencies that are looking positive in the near term? Let’s study their charts to determine the resistance levels to keep an eye on.

Bitcoin price analysis

Bitcoin formed an inside-day candlestick pattern on Aug. 5, indicating indecision among the bulls and the bears. The price is getting squeezed between the 20-day exponential moving average ($29,430) and the horizontal support at $28,861.

*BTC/USDT daily chart. Source:* *TradingView*

The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate that bears are at a slight advantage. Sellers will try to yank the price below the $28,861 to $28,585 support zone. If they can pull it off, the BTC/USDT pair could start a downward move to $26,000.

Conversely, if the price rebounds off the current level and breaks above the 50-day simple moving average ($29,840), it will suggest the start of a recovery to the overhead resistance zone between $31,804 and $32,400.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls have been defending the support at $28,861 but a negative sign is that they haven’t been able to achieve a strong rebound off it. This suggests that demand dries up at higher levels.

The 20-EMA is turning down gradually and the RSI is just below the midpoint, suggesting that the bears have a minor advantage. The sellers will have to sink and sustain the price below $28,861 to resume the short-term down move.

If bulls want to start a recovery, they will have to drive and sustain the price above the moving averages. If they do that, the pair could climb to the stiff overhead resistance at $30,000. A break and close above this level could open the doors for a further rally to $31,000.

Shiba Inu price analysis

Shiba Inu (SHIB) broke and closed above the overhead resistance of $0.0000085 on Aug. 4, indicating that the bulls are trying to start a new uptrend.

*SHIB/USDT daily chart. Source:* TradingView

The bullish momentum picked up further on Aug. 5 and the SHIB/USDT pair soared to $0.000010. This move sent the RSI into the overbought territory, indicating that a minor correction or consolidation is possible.

If the bulls do not give up much ground from the current levels, it will signal that traders are holding on to their positions as they anticipate another leg higher. If the price breaks above $0.000010, the pair may surge to $0.000012 and then to $0.000014.

*SHIB/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are trying to arrest the decline at the 20-EMA. If the price rebounds off the current level with strength, the bulls will again try to push the price to $0.000010. A break above this level could signal the resumption of the up-move.

Instead, if the price continues lower and breaks below the 20-EMA, it will suggest that traders are aggressively booking profits. A break below the 61.8% Fibonacci retracement level of $0.000009 could open the doors for a potential fall to $0.0000085.

Uniswap price analysis

Uniswap (UNI) has been in a correction for the past few days but a positive sign is that the bulls are trying to arrest the decline near the 20-day EMA ($6.04).

*UNI/USDT daily chart. Source:* TradingView

If the price rebounds off the current level with strength, it will suggest that the sentiment remains positive and the traders are using the dips to buy. The UNI/USDT pair could first rise to $6.70 and if this level is crossed, the next target could be $7.50.

Another possibility is that the price sustains below the 20-day EMA. If that happens, it will suggest that the up-move has ended. The pair could then descend to the 50-day SMA ($5.58) where buying may emerge.

The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.

*UNI/USDT 4-hour chart. Source: TradingView*

The 20-EMA has turned down and the RSI is in the negative territory, indicating that the bears have the upper hand. If the price continues lower and breaks below $5.93, the correction may resume. The next support on the downside is $5.66.

Contrarily, if bulls propel the price above the 20-EMA, it will suggest that the bears are losing their grip. The pair may first rise to the 50-SMA and if this level is taken out, the up-move may reach $6.70.

OKB price analysis

OKB (OKB) has been gradually falling inside a large range between $38 and $59 for the past several weeks. The bulls pushed the price above the downtrend line on Aug. 4, indicating that the short-term downtrend may be ending.

*OKB/USDT daily chart. Source:* TradingView

The 20-day EMA ($43) has started to turn up and the RSI is in the positive territory, indicating that the bulls have the upper hand. Buyers will try to propel the price to $48 and subsequently to $50. This level may act as a major hurdle but if crossed, the pair could quickly jump up to $54.

Contrary to this assumption, a slide below the downtrend line will indicate that the attempt to start an up-move fizzled out. The bears will gain further strength if they sink the OKB/USDT pair below the moving averages. The pair could then slump to $41.

*OKB/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bears tried to tug the price back below the downtrend line but the bulls successfully held the level. This suggests that the buyers have flipped the downtrend line into support. The pair could first rise to $46 and if this obstacle is overcome, the next target could be $48.

The 20-EMA is an important support to watch out for. If the price plunges below the 20-EMA and the downtrend line, it will suggest that bears are back in command. The pair may then tumble to $42.

Hedera price analysis

Hedera (HBAR) broke above the overhead resistance of $0.055 on Aug. 6, indicating that bulls are attempting a comeback.

*HBAR/USDT daily chart. Source:* TradingView

If buyers sustain the price above $0.055, it will signal the start of a new up-move. There is a minor resistance at $0.062 but if this level is crossed, the HBAR/USDT pair could pick up momentum. The pair could first rise to $0.065 and thereafter attempt a rally to $0.075.

The important level to watch on the downside is $0.055. If bulls flip this level into support, it will indicate a change in sentiment from selling on rallies to buying on dips.

This positive view will invalidate in the near term if the price turns down and plummets below the 50-day SMA ($0.05). That could sink the pair to $0.045.

*HBAR/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls pushed the price above the overhead resistance of $0.055. This completed a bullish ascending triangle pattern, which has a target objective of $0.07.

The sharp rally has pushed the RSI into deeply overbought territory, indicating that a minor correction or consolidation is possible. On the downside, $0.055 is the critical level to keep an eye on.

If bears want to prevent this up-move, they will have to yank the price below the breakout level of $0.05. The pair could then plunge to $0.045.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Analyst Predicts Rallies for Chainlink, Updates Outlook on Polygon, Floki and One Additional Altcoin

June 29, 2023 The Daily Hodl

Bitcoin bulls look to re-establish control — Will BNB, LTC, OKB and QNT follow?

June 18, 2023 Coin Telegraph

Binance Coin

Bitcoin price is showing some strength, and charts suggest BNB, LTC, OKB and QNT could follow?

The bears lost an opportunity when they failed to sustain Bitcoin (BTC) below the $25,000 level this week. That may have attracted buying from the bulls who are attempting to start a recovery in Bitcoin and select altcoins.

Additionally, BlackRock’s application to launch a Bitcoin spot price exchange-traded fund and the sustained strength in the United States equities markets may have helped improve crypto sentiment. Bitcoin is on track to finish the week with a minor gain of 2% and institutional buying in the Grayscale Bitcoin Trust reduced its discount to Bitcoin spot from 44% on June 13 to 36.6%, according to CoinGlass data.

Although Bitcoin and select altcoins are trying to start a relief rally, the overall trend remains bearish. Therefore, short-term traders who buy for a pullback should consider booking profits or tightening their stops when the price struggles to break above stiff resistance levels.

The strategy may be different for long-term investors who may use the dips to strong support levels to acquire the cryptocurrencies of their choice. It is prudent to adopt a staggered buying approach as a runaway rally is unlikely.

Let’s look at the top-5 cryptocurrencies that are trying to start a recovery in the short term.

Bitcoin price analysis

Bitcoin turned up sharply on June 15, trapping the aggressive bears who may have gone short on a break below $25,250. That may have caused a short squeeze in the near term, which propelled the price to the 20-day exponential moving average ($26,403).

The bears are trying to limit the relief rally at the 20-day EMA but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are holding on to their positions in anticipation of a move higher.

However, the bears are likely to have other plans as they will try to offer stiff resistance in the zone between the 20-day EMA and the resistance line of the descending channel. If the price turns down from this zone, the BTC/USDT pair may remain inside the channel for a while longer.

But if bulls drive the price above the channel, the pair will signal a potential trend change in the near term. The pair could then surge toward $31,000.

The 20-EMA on the 4-hour chart has turned up and the relative strength index (RSI) is in the positive area, indicating that bulls have the upper hand in the near term. There is a minor resistance at $26,850 but if that is crossed, the pair may reach the resistance line of the channel near $27,600. This level may prove to be a difficult hurdle for the bulls to cross but if they manage to do that, the pair could rally to $28,500.

This positive view will invalidate in the short term if the price turns down and breaks below the 20-EMA. That could pull the price down to the 50-simple moving average and eventually to the strong support zone between $25,250 and $24,800. A break below this zone may intensify selling.

BNB price analysis

BNB (BNB) has been in the thick of things for the past few days but a positive sign is that the bulls did not allow the price to break the $220 support. This indicates demands at lower levels.

*BNB/USDT daily chart. Source: TradingView*

The first resistance on the upside is the 38.2% Fibonacci retracement level of $252.50. If this level is scaled, the BNB/USDT pair may reach the 20-day EMA ($261). The bears will try to halt the recovery at this level. If they succeed, the pair may turn down toward $220.

On the contrary, if bulls propel the price above the 20-day EMA, the pair could reach the 61.8% Fibonacci retracement level of $272.50. This is a crucial level for the bears to defend because if it gives way, the pair may soar toward $305.

*BNB/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the moving averages have completed a bullish crossover and the RSI has risen into the positive zone. This indicates that buyers are attempting a comeback. The bulls will have to overcome the barrier at $252.50 to gain strength. The pair could then rally to $265.

On the downside, the first support is at the 20-EMA. If this level breaks down, the pair could slip to the uptrend line. A break and close below this level will indicate that the bulls have given up. The pair could then retest the critical support at $220.

Litecoin price analysis

Litecoin (LTC) plunged below the symmetrical triangle pattern on June 10, indicating that bears have the upper hand. The sellers pulled the price below the immediate support at $75 on June 14 but could not build upon this move.

*LTC/USDT daily chart. Source: TradingView*

The sharp recovery in the past few days has pushed the LTC/USDT pair back above $75. This shows strong buying at lower levels. The bulls will next try to push the price to the 20-day EMA ($82), which is an important level to keep an eye on. If buyers clear this hurdle, the pair may rise to the 50-day SMA ($86).

Contrary to this assumption, if the price turns down from the current level or the 20-day EMA and breaks below $70, it will signal the start of the downtrend. The first stop is likely to be $65 and then $60.

*LTC/USDT 4-hour chart. Source: TradingView*

The strong recovery pushed the price above the 20-EMA on the 4-hour chart, suggesting that the selling pressure is reducing. The moving averages are on the verge of completing a bullish crossover and the RSI has jumped into the positive territory, indicating that buyers are attempting a comeback.

There is a minor resistance at $80 but if bulls overcome this obstacle, the pair may accelerate to $85 and thereafter to $90. If bears want to prevent the up-move, they will have to quickly yank the price back below $75.

OKB price analysis

OKB (OKB) broke below the symmetrical triangle pattern on June 10, signaling the start of a deeper correction. A minor positive for the bulls is that they successfully defended the support at $30.50, indicating demand at lower levels.

The price has reached the 20-day EMA ($42.73), which is an important level to watch out for. If the price turns down from the current level, it will suggest that the sentiment remains negative and traders are selling on rallies. That could pose a serious threat to the $38.50 support. If this level gives way, the OKB/USDT pair may skid to $35 and eventually to $30.

Contrarily, if buyers thrust the price above the 20-day EMA, it will suggest that the bears may be losing their grip. The pair could then rise to the support line, which is likely to act as a formidable resistance. Buyers will have to kick the price above $48 to gain the upper hand.

The pair bounced off $38.50 with vigor but is facing resistance near $42.39. A minor positive in favor of the buyers is that the moving averages have completed a bullish crossover and the RSI is in the positive territory.

If buyers thrust the price above $42.39, the pair may pick up momentum and soar to $46 where the bears are again expected to mount a strong defense.

Another possibility is that the price turns down and tumbles below the 20-EMA. That may indicate a possible range-bound action between $38.50 and $42.39 for some time.

Quant price analysis

Quant (QNT) rebounded off the $95 level with strength on June 16, indicating aggressive buying at the support.

*QNT/USDT daily chart. Source: TradingView*

However, the bears have not yet given up and they are fiercely defending the downtrend line. Sellers will try to sink the price below $95 while the bulls will try to maintain the QNT/USDT pair above it.

If the price turns up from $95 once again, it will enhance the prospects of a rally above the downtrend line. If that happens, the pair may start a strong recovery that could catapult the price to $135.

This positive view could invalidate in the near term if the price continues lower and plummets below $95. The pair may then slip to $87 and subsequently to $80.

*QNT/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair quickly gave back a major portion of its gains, indicating that bears are active at higher levels. They pulled the price below the 61.8% Fibonacci retracement level of $103.90, which is a negative sign.

Buyers will have to quickly drive the price back above the moving averages if they want to have another shot at the downtrend line. Alternatively, if the price sustains below the 50-SMA, the likelihood of a drop to $95 increases.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin’s recovery may trigger buying in these 4 altcoins

May 14, 2023 Coin Telegraph

ada

While most coins are reeling under pressure, Bitcoin and select altcoins such as ADA, ATOM, LDO, and ARB are showing promise.

The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment.

A silver lining is Bitcoin’s solid bounce on May 12. Several analysts anticipate Bitcoin to start a recovery but monitoring resource Material Indicators sounded cautious.

In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a concerning sign. They believe that the bullish perspective will invalidate if Bitcoin sustains below the 200-week moving average.

Over the next few days, the progress on the debt ceiling talks between leaders from Congress and the White House is expected to take center stage. The uncertainty and risks of a potential U.S. default could keep the rally in the equities markets under check but it is difficult to predict how Bitcoin and altcoins will react to all the chaos.

Bitcoin has started a corrective phase and most altcoins have broken below their respective support levels. Only a handful of cryptocurrencies are looking positive on the charts. Let’s analyze the chart of the top five cryptocurrencies that may turn up in the near term.

Bitcoin price analysis

The long tail on Bitcoin’s May 12 candlestick shows that the bulls are aggressively buying the dips to the neckline of the inverse head and shoulders (H&S) pattern.

Buyers will try to push the price back into the triangle but may face stiff resistance from the bears. The downsloping 20-day exponential moving average ($27,959) and the relative strength index (RSI) below 41 indicate that bears have a slight edge.

If the price turns down from the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair below $25,250. If they can pull it off, the selling may intensify and the pair could crash to $20,000.

On the upside, the bulls will have to clear the hurdle at the resistance line to regain control. The pair may then retest the overhead resistance at $31,000.

After facing stiff resistance at the 20-EMA, the bulls have cleared the obstacle. This indicates that the bulls are trying to seize control. The pair may first climb to the 50-simple moving average and then to $28,400.

On the contrary, if the price turns down sharply from the current level, it will suggest that the bears are trying to flip the support line of the triangle into resistance. The pair may then plunge to the crucial support at $25,250.

Cardano price analysis

Cardano’s (ADA) solid rebound off the uptrend line on May 11 suggests that lower levels continue to attract strong buying.

*ADA/USDT daily chart. Source: TradingView*

The bulls will try to resume the recovery by propelling the price to the 20-day EMA ($0.38). This level may act as a minor barrier but if bulls overcome it, the ADA/USDT pair could soar toward the neckline of the inverse H&S pattern. This level is likely to witness a tough battle between the bulls and the bears.

Another possibility is that the price turns down from the 20-day EMA and drops to the uptrend line. The repeated retest of a support level at short intervals tends to weaken it. That may open the doors for a potential fall to $0.30.

*ADA/USDT 4-hour chart. Source: TradingView*

The bulls pushed the price above the moving averages, indicating that the bears may be losing their grip. The 20-EMA has started to turn up gradually and the RSI is in the positive zone, indicating that the bulls are on a comeback.

If buyers pierce the overhead resistance at $0.37, the pair could pick up momentum and rally to $0.40 and later to $0.42. Conversely, if the price turns down from $0.37, the pair may slide to the uptrend line.

Cosmos price analysis

Cosmos (ATOM) snapped back from the $10.20 support on May 10, indicating that the bulls are buying the dips to this level.

*ATOM/USDT daily chart. Source: TradingView*

The bears are trying to halt the relief rally at the 50-day SMA ($11.28) but the bulls have not given up much ground. This enhances the prospects of a rally above the 50-day SMA. If that happens, the ATOM/USDT pair could rally to the downtrend line.

This is an important level for the sellers to guard because a break above it will invalidate the bearish descending triangle pattern.

The critical support to watch on the downside is $10.20. If it cracks, the descending triangle will complete and the pair may then plummet to $8.50.

*ATOM/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the relief rally is facing selling at higher levels but the price action is forming a possible inverse H&S pattern that will complete on a break and close above $11.30. The pair may then start an up-move to $12 and subsequently to $12.50.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that the bears are in control. The pair may then slump toward the vital support at $10.20. A bounce off this level could keep the pair inside the boundaries of $11.30 and $10.20 for a while longer.

Lido DAO price analysis

Lido Dao (LDO) rebounded off the $1.60 support and has reached the overhead resistance at the 20-day EMA ($1.95).

*LDO/USDT daily chart. Source: TradingView*

The bears are trying to protect the 20-day EMA but the bulls have not given up. This suggests that the buyers expect the recovery to continue. If bulls drive the price above the 20-day EMA, the LDO/USDT pair could rally to the downtrend line. This level is likely to attract strong selling by the bears.

If buyers arrest the next decline above the 20-day EMA, it will suggest a change in sentiment from selling on rallies to buying on dips. The pair could then start a sustained recovery above the downtrend line.

On the downside, the bears will have to sink and sustain the price below $1.60 to indicate the resumption of the downtrend.

*LDO/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are trying to propel the price above the overhead resistance at $1.98. If they succeed, the pair will complete a bullish double bottom pattern. This reversal setup has a target objective of $2.39. If this level is also crossed, the pair may reach $2.60.

Contrarily, if the price turns down from the current level or $1.98 and breaks below the moving averages, it will suggest that bears are active at higher levels. That may keep the pair stuck between $1.57 and $1.98 for some time.

Arbitrum price analysis

Arbitrum (ARB) has been finding support near the psychologically important level of $1, indicating that the bulls are aggressively buying the dips.

*ARB/USDT daily chart. Source: TradingView*

On the upside, the bears have been attempting to stall the recovery at $1.20 but a minor positive in favor of the bulls is that they have kept up the buying pressure. That increases the likelihood of a break above $1.20. If that happens, the ARB/USDT pair could rise to $1.40 and later to $1.50.

This positive view will invalidate in the near term if the price turns down sharply from $1.20. That will point to a possible consolidation between $1 and $1.20 for a few days.

*ARB/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the 4-hour chart has started to turn up and the RSI is in the positive territory indicating that the selling pressure is reducing. Buyers will try to strengthen their position by pushing the pair above $1.20. If they do that, the pair will complete a double bottom pattern, which has a target objective of $1.35.

The first sign of strength for the bears will be a break and close below the 20-EMA. That could pull the pair to $1.05. A slide below $1 will signal the resumption of the downtrend.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 cryptocurrencies with the best upside potential in the week ahead

May 7, 2023 Coin Telegraph

Bitcoin

Bitcoin and Ethereum's ETH are finding buyers at lower levels, which may be a bullish sign for XMR, OKB and RPL.

Bitcoin’s (BTC) volatility has shrunk further this week and it is on track to form an inside-bar pattern on the weekly chart. Although the bulls are finding it difficult to clear the overhead hurdle in the $30,000 to $31,000 zone, a positive sign is that they have not ceded ground to the bears.

It is not only cryptocurrencies, even the S&P 500 Index has been oscillating inside a range for the past few days. This indicates that markets are awaiting a trigger to start the next directional move.

While the short-term price action is uncertain, analysts are getting bullish for the long term. Trader Titan of Crypto highlighted a potential signal on the Bollinger Bands monthly chart, which projects a rally to $63,500 in about a year.

While most major cryptocurrencies gave up some ground over the past week there are still some pockets of strength. Let’s analyze the charts of five cryptocurrencies that may turn up in the short term.

Bitcoin price analysis

Bitcoin turned down sharply from the resistance line of the symmetrical triangle pattern on May 6, indicating that the bears are not willing to let the bulls through. A minor positive is that the bulls have been buying the dips to the support line of the triangle as seen from the long tail on the day’s candlestick.

The flattish 20-day exponential moving average ($28,819) and the relative strength index (RSI) near the midpoint do not signal a clear advantage either to the bulls or the bears.

If the price breaks below the triangle, it will suggest that bears are trying to seize control. The BTC/USDT pair may first fall to $26,942 and then to $25,250.

On the other hand, a break and close above the triangle will suggest that the bulls have absorbed the supply. That may start a rally to $32,400 where the bears are again expected to mount a strong defense.

Buyers nudged the price above the triangle but the long wick on the candlestick shows that the breakout turned out to be a bull trap in the near term. BTC price turned down sharply and plunged to the support line of the triangle.

The bounce off this level has reached the moving averages, which is a key short-term level to watch out for. If Bitcoin's price turns down from the current level, it will raise the chances of a break below the support line.

Contrarily, if buyers kick the price above the moving averages, the pair may rise to the resistance line. The bulls will have to drive and sustain the price above this level to start an up-move.

Ether price analysis

Ether (ETH) faced a strong rejection above the psychological resistance at $2,000 on May 7. This indicates that the bears have not given up and they continue to protect the overhead resistance levels.

*ETH/USDT daily chart. Source: TradingView*

The 20-day EMA ($1,903) has flattened out and the RSI is near the midpoint, indicating that the ETH/USDT pair may remain range-bound in the near term. The boundaries of the range could be between $2,000 and $1,785.

A consolidation just below the local high is a positive sign. It shows that the bulls are in no hurry to book profits, increasing the possibility of a break above $2,200.

On the contrary, if the price plunges below $1,785, it will suggest that bears have seized control. That could start a fall to $1,619.

*ETH/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bears could not build upon the break below the 50-simple moving average. This shows that the selling pressure reduces at lower levels. The bulls are trying to stage a recovery by sustaining the price above the 20-EMA. If they can pull it off, the pair will again try to retest the crucial resistance at $2,000.

On the contrary, if ETH price turns down from the current level and breaks below the 50-SMA, it will suggest that the bears are in command. That could sink the pair to the support line.

Monero price analysis

Monero (XMR) is trying to stay above the moving averages, indicating that the bulls are attempting a comeback.

*XMR/USDT daily chart. Source: TradingView*

The flattish 20-day EMA ($156) and the RSI just above the midpoint indicate a balance between supply and demand. If buyers thrust XMR price above the neckline of the inverse head and shoulders pattern, the advantage will tilt in their favor.

The XMR/USDT pair may then start a new up-move. There is a minor resistance at $181 but if that is crossed, the pair may reach $187.

Instead, if the price turns down from the current level or the neckline, it will suggest that the bears remain active at higher levels. The sellers will then try to yank the price below the $149-support, opening the door for a decline to $130.

*XMR/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price rebounded off the 50-SMA but the bulls could not pierce the resistance line. This shows that the bears are selling on rallies. If the price snaps back from the 20-EMA, it will suggest that the sentiment is turning positive and traders are buying on dips.

The bulls will then make another attempt to clear the overhead hurdle. If they manage to do that, the pair could first rise to $162 and then to $164.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that bears are in control. That will increase the likelihood of a retest of the support line.

OKB price analysis

OKB (OKB) is trading inside a large symmetrical triangle pattern. Generally, in this setup, traders buy near the support line and sell near the resistance.

The bears are trying to maintain OKB price below the 50-day SMA ($45.57) while the bulls are attempting to reclaim the level. If the price turns up from the current level or rebounds off the support line, it will suggest demand at lower levels.

If buyers shove the price above the 20-day EMA ($46.87), it will suggest that the OKB/USDT pair may prolong its stay inside the triangle for some more time.

Contrary to this assumption, if bears sink the price below the triangle, it will suggest that the setup has behaved as a reversal pattern. That could start a new downtrend which is likely to pull the pair to $37.

The 4-hour chart shows that the bulls are trying to defend the horizontal support near $44.35 but they have not been able to propel the price above the moving averages. This suggests that every minor relief rally is being sold into. If the price turns down from the current level and plummets below $44.35, the pair may slump to $41.70.

Conversely, if the price rises above the moving averages, it will signal accumulation at lower levels. The pair could first rise to $49.50 and thereafter attempt a rally to $53.

Rocket Pool price analysis

Rocket Pool (RPL) is looking strong as it is trading above the moving averages. This shows that the bulls are buying on dips.

*RPL/USDT daily chart. Source: TradingView*

The bulls will have to propel the price above the overhead resistance at $53.45 to signal that the corrective phase may be over. The RPL/USDT pair may thereafter attempt a rally to $58.

Another possibility is that RPL price rises from the 20-day EMA ($48.36) but turns down from $53.45. That will indicate a possible range-bound action between the 50-day SMA ($46.13) and $53.45 for some time.

A break and close below the 50-day SMA will be the first indication that the bears are in command. That will open the doors for a potential decline to $37.

*RPL/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bears are trying to sustain the price below the 20-EMA while the bulls are trying to push the price above it. If buyers succeed, the pair may rise to the downtrend line. This is the key short-term level to watch for. If this resistance is overcome, the pair may rally to $53.45.

Contrarily, if the price turns down from the current level and breaks below the 50-SMA, the price risks dropping to the support line. The bulls are likely to defend this level fiercely.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Watch these 5 cryptocurrencies for a potential price rebound next week

March 12, 2023 Coin Telegraph

Bitcoin

Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON, and OKB may witness a strong recovery.

Traders dumped risky assets following the crisis and failure of Silicon Valley Bank (SVB). The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week.

The collapse of SVB led to a crisis in the crypto space with USD Coin (USDC) losing its peg to the U.S. dollar on reports that $3.3 billion of Circle’s $40 billion of USDC reserves were held at SVB. After trading near $0.87 on March 11, USDC has climbed up above $0.96 at the time of publication.

SVB’s failure has increased uncertainty in the short term with investors closely watching for any signs of the contagion spreading to other regional banks across the U.S.

During times of uncertainty, it is best to stay on the sidelines. However, if there is no domino effect following SVB’s debacle, select cryptocurrencies may start their recovery. The cryptocurrencies selected in the article are all trading above the 200-day simple moving average, a key level watched by long-term investors to determine whether the asset is in a bull or bear phase.

Let’s study the charts of Bitcoin and the four altcoins that may outperform if the sector witnesses a recovery over the next few days.

BTC price

Bitcoin has corrected back to the 200-day SMA ($20,389). Buyers are expected to defend the level with all their might because a break below it could intensify selling.

On the way up, the 20-day exponential moving average ($22,042) is likely to act as a major hurdle. If the price turns down sharply from the 20-day EMA, the BTC/USDT pair may retest the support at the 200-day SMA. If this level cracks, the pair may slide to $18,400 and then to $16,300.

If bulls want to prevent the decline, they will have to drive the price above the 20-day EMA. If they manage to do that, the pair may pick up momentum and soar toward the overhead resistance at $25,250.

The 4-hour chart shows that the bulls are attempting to start a recovery from $19,550 but the bears are aggressively defending the 20-EMA. If the price turns down from the current level, the bears will again try to sink the pair below $19,950. If they succeed, the pair could fall to $18,400.

Contrarily, if the price turns up and breaks above the 20-EMA, it will suggest that the short-term selling pressure may be reducing. That may start a recovery to $21,480 where the bears will again pose a strong challenge. If this level is scaled, the pair may reach $22,800.

ETH/USDT

Ether (ETH) dipped below the 200-day SMA ($1,421) on March 10 but the long tail on the day’s candlestick shows solid buying at lower levels.

The recovery is facing resistance near $1,461. If the price turns down from the current level and reaches the 200-day SMA, it will signal that bears are selling on a shallow bounce. That will increase the likelihood of a drop below $1,352. The ETH/USDT pair could then slide to $1,100.

If bulls want to prevent the decline, they will have to thrust the price above the 20-day EMA ($1,548). If they do that, the pair could rise to $1,743 where the bears may again erect a strong barrier. A break above this level will open the doors for a possible rise to $2,000.

The 4-hour chart shows that the pair is attempting a rebound. The 20-EMA is flattening out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand.

This balance will tilt in favor of the buyers if they push and sustain the price above $1,500. If they do that, the relief rally may reach $1,600. On the other hand, if the price turns down and breaks below the uptrend line, the advantage may tilt in favor of the bears. The pair may then retest the strong support at $1,352.

MATIC/USDT

Polygon (MATIC) corrected sharply from $1.56 on Feb. 18 and reached the 200-day SMA ($0.94) on March 10. The long tail on the day’s candlestick shows that the bulls are fiercely defending the level.

The bulls will try to push the price to the 20-day EMA ($1.15) where the bears are likely to mount a strong defense. If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.

That could increase the prospects of a drop below the 200-day SMA. If that happens, the MATIC/USDT pair might slump to $0.69.

Conversely, if buyers propel the price above the 20-day EMA, it will suggest that the bulls are back in the driver’s seat. The pair could then rise to the overhead resistance at $1.30.

*MATIC/USDT 4-hour chart. Source: TradingView*

The recovery from $0.94 has reached the 20-EMA. This is an important level to keep an eye on because if the price sustains above it, the pair may rally to $1.15.

This level may again act as a strong resistance but if bulls arrest the next decline above $1.05, it will suggest that the downtrend could be over. That may open the gates for a possible rise to $1.30.

This positive view will invalidate in the near term if the price turns down and breaks below the $0.94 support.

TON/USDT

While most major cryptocurrencies have fallen to or below their 200-day SMA, Toncoin (TON) is still way above the level. This suggests that traders are not rushing to the exit.

The TON/USDT pair has formed a symmetrical triangle pattern near the local high. The price action inside the triangle is random and volatile.

Typically, the triangle acts as a continuation pattern. That means the trend that was in force before the formation of the setup resumes. In this case, if buyers kick the price above the resistance line of the triangle, the pair may start a move toward $2.90.

Conversely, if the price continues lower and plummets below the triangle and the 200-day SMA ($1.90), it will suggest that bears are in command. That may pull the price toward $1.30. Such a move will indicate that the triangle behaved as a reversal setup.

*TON/USDT 4-hour chart. Source: TradingView*

The downsloping 20-EMA and the RSI in the negative territory on the 4-hour chart show that bears have the upper hand. If the price turns down from the current level and breaks below $2.18, the drop is likely to extend to $2.

Contrarily, if bulls drive and sustain the price above the 20-EMA, it will suggest that bulls are attempting a comeback. The pair may then rise to $2.45 where the bears may mount a strong defense. If this level is crossed, the bulls try to pierce the triangle near $2.50.

OKB/USDT

OKB (OKB) is in a corrective phase but a minor positive in favor of the bulls is that it is way above its 200-day SMA ($26).

The next support on the downside is the 50% Fibonacci retracement level of $36.13 and then the 61.8% retracement level of $30.76. The bulls are likely to protect this zone with all their might.

If the price turns up from this zone, the OKB/USDT pair may rise to the 20-day EMA ($45.48). This is an important level to keep an eye on because a break and close above it will signal that the corrective phase may be over.

On the other hand, if the price slips below $30.76, it will suggest that traders are rushing to the exit. The pair may then plunge to the 200-day SMA.

The downsloping 20-EMA and the RSI in the negative territory on the 4-hour chart suggest that bears have the upper hand. There is a minor support near $37.50 but if it gives way, the pair may reach $36.13.

On the contrary, if the price turns up and breaks above the 20-EMA, it will suggest that bulls are trying to regain control. The pair may then rise to $44.35. This is an important resistance for the bears to guard because if it gets taken out, the price could reach $50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Redemption and Reshuffling: BUSD’s Exit From Top 10 Cryptocurrencies Shakes Market Valuations

March 6, 2023 Bitcoin.com

Bitcoin’s bullish price action continues to bolster rallies in FIL, OKB, VET and RPL

February 19, 2023 Coin Telegraph

Bitcoin

BTC’s shallow correction near the $25,000 level could lead to dip buying in FIL, OKB, VET and RPL.

The Dow Jones Industrial Average fell for the third consecutive week but Bitcoin (BTC) price decoupled and is on track to close the week near the strong overhead resistance at $25,211. This suggests that the wider crypto market recovery is on a strong footing.

After Bitcoin’s sharp rally from the lows, analysts remain divided in their opinion about the next move. Some traders believe that the current Bitcoin rally will turn down once again, but others expect the momentum to continue, indicating the start of a new bull phase.

Chances are that Bitcoin and several other cryptocurrencies may continue to rally until a vast majority of the bears turn bullish. After that happens, a sizable dip is likely. That could shake out several weak hands and give an opportunity to the stronger hands to add to their positions. A higher low followed by a higher high may confirm the end of the bear phase and signal the start of the next bull market.

Meanwhile, select altcoins are looking strong and they may follow Bitcoin higher in the near term.

Let’s look at the charts to determine the critical levels to keep an eye on.

BTC/USDT

Bitcoin is trading near the stiff overhead resistance at $25,211. The small trading range days on Feb. 18 and Feb. 19 indicate that bulls are not hurrying to book profits and the bears are wary of shorting at the current levels.

The upsloping moving averages and the relative strength index (RSI) near the overbought territory indicate that bulls are firmly in command. A tight consolidation near a stiff overhead resistance usually resolves to the upside. If buyers catapult the price above $25,250, the BTC/USDT pair could accelerate to $31,000 as there is no major resistance in between.

Conversely, if the price dumps from the current level, it could find support at the 20-day exponential moving average ($23,115). The bears will have to pull the price below $22,800 to break the bullish momentum. The pair may then collapse to $21,480, which is likely to act as a strong support.

The bears aggressively sold the rally to $25,250 but they could not tug the price below the 20-EMA. This suggests that the sentiment remains strong and the bulls are viewing the dips as a buying opportunity.

Buyers are likely to have another go at the overhead resistance. If they manage to drive the price above $25,250, the next leg of the uptrend could begin.

The first sign of weakness will be a break below the 20-EMA. That will embolden the bears who will then try to sink the price to $22,800.

FIL/USDT

Filecoin (FIL) soared above the immediate resistance level of $7 on Feb. 17. This shows the intention of the bulls to start a new up-move.

After a brief consolidation on Feb. 18, the bulls continued the up-move on Feb. 19. This strong rally indicates aggressive buying by the bulls. There is a minor resistance at $9.53 but that is likely to be crossed.

The FIL/USDT pair could then take aim at $11.39. This level is likely to act as a major obstacle, but if bulls do not allow the next pullback to dip back below $9.53, the uptrend may continue. The next resistance is at $16.

This positive view could negate in the near term if the price turns down from the current level and plummets below $7.

*FIL/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bears tried to stall the up-move at $8 but the bulls did not allow the price to slip back below the breakout level of $7. This indicates aggressive buying on every minor dip. The rally picked up pace and reached the overhead resistance at $9.53.

Sellers may mount a strong defense at this level but the upsloping 20-EMA and the RSI in the overbought zone indicate that the path of least resistance is to the upside. If bears want to stop the rally, they will have to yank the price back below $8.

OKB/USDT

While most cryptocurrencies are languishing far below their all-time high, OKB (OKB) has been consistently hitting a new high for the past few days. Any asset that hits a new all-time high denotes strength.

The OKB/USDT pair turned down on Feb. 18, indicating profit booking above $58. In a strong uptrend, corrections usually do not last for more than three to five days. If the price turns up from $50, the bulls will try to propel the pair above $59. If they succeed, the pair could start its journey toward $70.

Another possibility is that the pair corrects sharply and retests the support at $45. If buyers flip this level into support, the pair may consolidate between $45 and $58 for a few days. The bears will have to sink the price below $44 to gain the upper hand.

The 4-hour chart shows that buyers bought the dip to the 20-EMA but the rebound lacks strength. Although the moving averages are sloping up, the RSI is showing a negative divergence. This indicates a weakening bullish momentum. If the 20-EMA cracks, the pair could slide to $47.50 and then to $44.35.

Alternatively, if the price turns up and breaks above $55, the bulls may have another go at the all-time high at $58.84. If this level is cleared, the pair may resume its uptrend.

VET/USDT

VeChain (VET) successfully held the retest of the downtrend line and thereafter broke above the overhead resistance, indicating that the bears may be losing their grip.

The moving averages have turned up and the RSI is near the overbought zone. This suggests that bulls have the upper hand. If buyers flip the $0.028 level into support during the next pullback, the VET/USDT pair may surge toward the next overhead resistance at $0.034.

Buyers are expected to protect this level with vigor because a break above it could indicate the start of a new uptrend. The pair may then rise to $0.05. This positive view could invalidate in the near term if the price turns down and plummets below the 20-day EMA ($0.025).

*VET/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls kicked the price above the overhead resistance, indicating the start of the next leg of the up-move. If bulls sustain the price above the breakout level, the pair may pick up momentum and quickly rally to $0.032 and then to $0.034.

Contrarily, if the price turns down from the current level and breaks below the 20-EMA, several aggressive bulls may get trapped. That could start a deeper correction as longs bail out of their position. The pair may then slide to $0.022.

RPL/USDT

Rocket Pool (RPL) has been in an uptrend for the past few days. The price has not broken below the 20-day EMA ($45) during pullbacks, indicating strong demand to buy at lower levels.

The inside-day candlestick pattern on Feb. 18 and 19 shows that bears are trying to stall the uptrend near $56 but the bulls are not willing to surrender their advantage. If buyers thrust the price above $57, the RPL/USDT could march toward the next target objective at $74.

On the downside, the first support is at the psychological level of $50. If this level gives way, the pair may slip toward the 20-day EMA ($45). This is an important level for the bulls to defend because a break below it may signal a trend change in the short term.

The 4-hour chart shows that bears are trying to defend the $56 level but the bulls have not given up much ground. This suggests that buyers are holding on to their positions as they anticipate a break above the overhead resistance. If that happens, the pair could rise to $61 and thereafter to $74.

Contrary to this assumption, if the price turns down and breaks below the 20-EMA, it will suggest that the bulls have given up and are booking profits. That may result in a deeper correction to the 50-SMA and then to $38.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Crypto Exchange OKX To Launch New Blockchain As Utility Token OKB Reaches Fresh All-Time Highs

February 16, 2023 The Daily Hodl

okb