Category: Cryptocurrency News

Solana had witnessed strong bullish force in the past seven days, however, the bulls lost steam at the time of writing. Over the last 24 hours, the coin depleted by 9%. The current support level for SOL stood at $38. The price of the asset registered a month high after the massive rally that took place on July 13 . Technical outlook for Solana pictured the bears taking over. After Bitcoin dipped on its chart by 6% over the last day, altcoins too had the same effect on their charts. Buying strength of Solana depreciated considerably flashing negative price action. After a relief rally, it is usually not uncommon for coins to retrace on their charts. If buying strength gains strength, then Solana might again break past its current price level and aim for the overhead price ceiling. If SOL manages to move the $44 price mark, a visit to the $50 doesn’t seem too difficult. Buying strength and broader market strength will help Solana regain price momentum. The global cryptocurrency market cap today is $1.07 Trillion with a 5.1% negative change in the last 24 hours. Solana Price Analysis: Four Hour Chart SOL was trading at $41 at the time of writing. The bulls lost momentum once it hit the $46 price mark. Overhead resistance for Solana was at $48, a move above which could help Solana touch $50 and even go above it. A fall from the current price mark will ensure that SOL touches the $38 mark and then touch the $30 support line. If buying strength maintains momentum, SOL might hover around the same price area before it attempts to rise further. Amount of SOL traded increased signifying a rise in buying strength which can be an indication of a recovery on the four hour chart. Technical Analysis   The altcoin’s buying strength remained low, sellers were dominating the price action on the chart. In accordance with the same, the Relative Strength Index displayed the same emotion. RSI was pictured underneath the half-line and that meant decreased buying strength. Although there was a fall in the number of buyers, the indicator noted an uptick which can be considered bullish. Price of SOL was below the 20-SMA, which indicated that in the short-term time duration sellers were driving the price momentum. Solana was however above the 50-SMA and 200-SMA which signified that bullish action could witness a rebound. Suggested Reading | Solana Adds 70% More Shine – Can SOL Keep The Light Coming?   SOL captured the fall in buying strength, it displayed sell signal. Awesome Oscillator depicts price direction and momentum along trend reversals. AO formed red sell signal bars which is a sell signal for the asset. Parbolic SAR also indicates price direction, dotted lines above the candlestick meant that the price direction was negative at the time of writing. For Solana to move upwards, buying strength will need to rise on the chart. Related Reading | Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds Featured image from The Financial Express, chart from TradingView.com

The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading. SCB Postpones Acquisition of Thai Crypto Exchange Bitkub The parent company of Siam Commercial Bank, SCB X, […]

Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC is finding bids near $22,500 and might start a fresh increase. Bitcoin started a downside correction and traded below the $23,000 level. The price is now trading above the $22,000 level and testing the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it stays above $22,500 and the 100 hourly SMA. Bitcoin Price Remains Supported Bitcoin price gained pace and spiked above the $24,000 resistance zone. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction. There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level. Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average. It started a decent upward move and climbed above $23,000. There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone. Source: BTCUSD on TradingView.com A close above the $23,880 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,250 level. The next major resistance sits near the $25,000 level. Downside Break in BTC? If bitcoin fails to clear the $23,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,750 level and the 100 hourly SMA. The next major support now sits near the $22,500 level. A clear break and close below the $22,500 support zone might send the price towards $21,450 in the near term or even $21,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level. Major Support Levels – $22,750, followed by $22,500. Major Resistance Levels – $23,440, $23,880 and $24,250.

Massive sell-offs from institutions appear to have been the driving force behind the drop in Bitcoin price since May, according to an analyst from Arcane Research.

Epic Games CEO Tim Sweeney has said that the firm will not ban NFTs, as devs “should be free to decide how to build their games.”

Crypto exchange Coinbase has confirmed that the company “had no financing exposure” to bankrupt firms, including Celsius Network, Voyager Digital, and Three Arrows Capital (3AC). “The issues here were foreseeable and actually credit-specific, not crypto-specific in nature,” Coinbase stressed. Coinbase: ‘We Have Not Engaged in These Types of Risky Lending Practices’ The Nasdaq-listed cryptocurrency exchange […]

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“All the Ethereum killers from back in the day didn’t succeed, and I don’t expect them to succeed at all,” Blockdaemon’s Ethereum lead told Cointelegraph.

Dogecoin slightly receded on its chart after displaying bullish momentum. Today most of the market movers were seen in the red. Currently, DOGE has found support near the $0.06 region, a while back the meme-coin had traded a little above the $0.07 price mark. The technical analysis of the coin still points towards a chance of bulls reclaiming levels above the $0.07 mark. Bitcoin too retraced over the last 24 hours and was priced at $22,000. Most altcoins follow the same price trajectory. Buying strength faded on the chart but buyers still outnumbered sellers in the market at press time. If Dogecoin continues on its present price trajectory then soon buying strength will be replaced by selling strength. DOGE displayed a relief rally and there is always a chance of retracement before the coin again moves on the upside. It is to be seen if Dogecoin reclaims higher levels, however, buying strength remains crucial at this junction for the meme-coin. Dogecoin Price Analysis: Four Hour Chart DOGE was trading at $0.0686 after the slight retracement as seen at the time of writing. The coin has managed to secure its position on the $0.0600 support line. The overhead resistance for the coin was at $0.0726, moving above which it could witness some resistance at $0.0781. If the coin picks up momentum then it could even trade above the $0.0840 mark. Further southbound movement, can push Dogecoin to $0.0575 and then below the support level of $0.0500. Trading level of Dogecoin fell indicating a fall in buying strength which is a sign of declining bullishness. Technical Analysis DOGE noted a sharp decline in the number of buyers on the four hour chart. Despite Dogecoin visiting the overbought zone, buyers could not hold onto the momentum. A slight decline in the buying strength can make selling pressure stronger. The Relative Strength Index dipped on the chart and was close to the half-line which meant that there was a fall in buying pressure. Price of Dogecoin was peeking slightly below the 20-SMA line which signified that sellers could soon start to drive the price momentum on the chart. The meme-coin however was above the 50-SMA and 200-SMA which indicated that bullish momentum didn’t completely fade out. Related reading | Dogecoin Emerges A Top Gainer Despite Musk Vs. Twitter Legal Tussle The meme-coin displayed signs of change in price action on the four hour chart. The Moving Average Convergence Divergence depicts the price momentum and reversals in the same. MACD displayed a bearish crossover and formed red histograms on the chart. This reading is tied to sell signal along with a flip in the current price direction. Similarly, Directional Movement Index also demonstrates price movement and direction. DMI was negative with the -DI line above the +DI line. The Average Directional Index (Red) dipped below the 40-mark signalling that the current price trend was losing vigour at press time. Related Reading | Tesla Ruins Bitcoin Rally? Musk’s Company Sold 75% Of Its BTC Featured image from UnSplash, chart from TradingView.com

I've been tracking my Coinbase automatic purchases for a long time. I do automatic purchases every few days. It is nice because I don't have to think about it, transfer any money in, make any purchases. Obviously I trade a few dollars for this convenience. 70-80% I end up buying at the highest price of…
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