Category: Cryptocurrency News

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Some believe the change could help cut down engagement-farming posts on the platform — something Crypto X may be all too familiar with.

Fund issuers and industry experts hope Hong Kong’s new crypto ETFs will open the doors for mainland Chinese investment in the future.

Cardano (ADA), the smart contracts platform known for its energy-efficient Proof-of-Stake consensus mechanism, has been generating buzz lately. On-chain data reveals a significant uptick in large transactions, hinting at a potential return of the whales – major investors who can significantly impact cryptocurrency prices. Related Reading: Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums? Whales Making Waves On The Cardano Sea IntoTheBlock, a blockchain analytics firm, reported a surge in Cardano transactions exceeding $100,000. Over the past week, the average daily volume for these large transactions reached nearly $14 billion. Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days. For comparison, this is a third of Bitcoin’s current volume, 5x as much as Litecoin’s volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM — IntoTheBlock (@intotheblock) April 29, 2024 This represents a third of Bitcoin’s transaction volume within the same timeframe, showcasing a surge in activity on the Cardano network. Interestingly, the data dwarfs Dogecoin’s large transaction volume by a whopping 16 times, highlighting the increased interest in Cardano compared to the meme coin. Unveiling The Mystery: Are Whales Buying Or Selling? While the high transaction volume is undeniable, its implication for Cardano’s price remains unclear. Large transactions can represent both buying and selling activity, making it difficult to predict a definitive price direction. ADA market cap currently at $16 billion. Chart: TradingView.com However, the sustained volume exceeding $10 billion throughout the week, even during a recent price dip, suggests continued movement within the network. This could indicate institutional investors entering the Cardano market or signify significant internal token transfers within the ecosystem. Data Hints At Bullish Undercurrents While the exact nature of the large transactions remains to be seen, Santiment, another on-chain analytics platform, provides a potentially bullish signal. Their data suggests a growing accumulation trend among large holders. Addresses containing between 100,000 and 100 million ADA have been steadily increasing their holdings since the beginning of April. This accumulation by whales could be a positive sign for Cardano’s future price, indicating their confidence in the project’s long-term potential. Technical Analysis Paints A Target-Rich Environment Market analyst Cobra Vanguard has weighed in on the recent developments, employing technical analysis to predict Cardano’s price trajectory. Vanguard identifies an expanding price channel that Cardano has been trading within since the start of the year. This pattern suggests higher highs and lower lows, potentially indicating continued price volatility. Based on this analysis, Vanguard outlines several price targets for ADA, with the first hurdle at $0.52. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? If successfully breached, the analyst predicts further climbs towards $0.57, $0.61, and $0.67. The ultimate target sits at a bullish $0.77, potentially marking a significant price increase for Cardano. Cardano: A Sea Of Opportunity Or A Whale’s Playground? The recent surge in large transactions on the Cardano network has undoubtedly generated excitement within the cryptocurrency community. While the exact reasons behind the high volume remain unclear, the potential involvement of whales and the uptick in accumulation by large holders paint a cautiously optimistic picture. Featured image from Invyce, chart from TradingView

A recent report by Citi, a global financial institution, has put Brazil at the top of the nations leading the digital money initiatives in Latin America. The report states that Brazil features a combination of factors that ease the adoption of digital money such as government support and digital payment solutions. Citi: Brazil Leads Advancements […]

XRP price is struggling to recover above the $0.520 resistance. The price could gain bearish momentum if it breaks the $0.50 support. XRP is attempting a fresh increase and facing hurdles near $0.520. The price is now trading near $0.5150 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance at $0.520 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above the $0.520 resistance. XRP Price Aims Upside Break Recently, XRP price climbed above the $0.550 resistance and tested $0.570. A high was formed at $0.5705 before there was a pullback like Bitcoin and Ethereum. The price dipped below the $0.5250 support zone. It even spiked below $0.500 and tested $0.4980. A low was formed at $0.4990 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $0.5705 swing high to the $0.4990 low. It also trades near $0.5150 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.520 level. There is also a major bearish trend line forming with resistance at $0.520 on the 4-hour chart of the XRP/USD pair. Source: XRPUSD on TradingView.com The next key resistance is near $0.5350 or the 50% Fib retracement level of the downward move from the $0.5705 swing high to the $0.4990 low. A close above the $0.5350 resistance zone could spark a strong increase. The next key resistance is near $0.570. If the bulls remain in action above the $0.570 resistance level, there could be a rally toward the $0.620 resistance. Any more gains might send the price toward the $0.680 resistance. More Losses? If XRP fails to clear the $0.520 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 level. The next major support is at $0.490. If there is a downside break and a close below the $0.490 level, the price might accelerate lower. In the stated case, the price could retest the $0.460 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level. Major Support Levels – $0.500, $0.4990, and $0.460. Major Resistance Levels – $0.520, $0.5350, and $0.570.

Crypto users have continued to send funds to the apparent honeypot scam, even with many warnings they won’t be able to transfer any of it.

Jameson Lopp, a prominent figure in the Bitcoin community, deliberately “griefed” one of Bitcoin’s testnets by generating three years’ worth of blocks in a single week to highlight a vulnerability, sparking outrage among fellow Bitcoin developers. Using just 20 lines of code and about $1 worth of electricity, Lopp’s action, intended to draw attention to […]

Ethereum price struggled to recover above $3,350 and corrected gains. ETH is consolidating near $3,200 and facing many hurdles. Ethereum started another decline and tested the $3,120 zone. The price is trading below $3,220 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below the $3,170 support. Ethereum Price Faces Uphill Task Ethereum price failed to settle above the $3,250 level and started another decline, like Bitcoin. ETH traded below the $3,200 level and even spiked below $3,120. A low was formed at $3,113 and the price is now consolidating. There was a minor increase above the $3,200 level. The price broke the 23.6% Fib retracement level of the recent decline from the $3,355 swing high to the $3,113 low. However, the bears were active near the $3,240 and $3,250 levels. The 50% Fib retracement level of the recent decline from the $3,355 swing high to the $3,113 low acted as a hurdle. There was a fresh decline below the $3,200 level. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $3,170 on the hourly chart of ETH/USD. Immediate resistance is near the $3,200 level and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The first major resistance is near the $3,240 level. The next key resistance sits at $3,300, above which the price might gain traction and rise toward the $3,350 level. A close above the $3,350 resistance could send the price toward the $3,450 resistance. If there is a move above the $3,450 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,620 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,250 resistance, it could continue to move down. Initial support on the downside is near the $3,170 level and the channel zone. The first major support is near the $3,120 zone. The main support is near the $3,070 level. A clear move below the $3,070 support might push the price toward $3,030. Any more losses might send the price toward the $2,880 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,170 Major Resistance Level – $3,250

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