Category: Cryptocurrency News

BNB price struggled above $720 and started a downside correction. The price is now moving lower and there is risk of more downsides below $600. BNB price started a fresh decline below the $650 support zone. The price is now trading below $650 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bearish momentum if there is a close below the $600 support. BNB Price Trims Gains After a major increase, BNB price struggled near the $720 resistance. As a result, there was a bearish reaction below the $680 support, like Ethereum and Bitcoin. The price dipped below the $650 support and the 100 simple moving average (4 hours). It traded as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $724 swing high to the $613 low. The price is now trading below $650 and the 100-hourly simple moving average. Immediate resistance is near the $630 level. The next resistance sits near the $640 level. There is also a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair. A clear move above the $650 zone could send the price higher. In the stated case, BNB price could test $665. A close above the $665 resistance might set the pace for a larger increase toward the $672 resistance. Any more gains might call for a test of the $680 level in the coming days. More Losses? If BNB fails to clear the $640 resistance, it could continue to move down. Initial support on the downside is near the $615 level. The next major support is near the $605 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $580 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $605 and $600. Major Resistance Levels – $630 and $650.

Traders are seemingly going risk-off ahead of a U.S. CPI print and a Fed monetary policy meeting, with Bitcoin falling to a weekly low.

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Bermuda Monetary Authority (BMA) have signed a digital assets Memorandum of Understanding (MOU). This MOU establishes a framework for collaboration between the two regulatory authorities to support the creation and effective supervision of digital assets entities across their jurisdictions. It […]

XRP price failed to recover above the $0.5050 resistance zone. The price is now moving lower and might gain bearish momentum below the $0.480 support. XRP is gaining bearish momentum below the $0.500 support. The price is now trading below $0.500 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline heavily if it breaks the $0.480 support zone. XRP Price Breaks Support XRP price attempted a recovery wave above $0.4920 like Ethereum and Bitcoin. The price climbed above the $0.500 resistance zone, but the bears were active near $0.5050. A high was formed at $0.5053 and the price is again moving lower. There was a move below the $0.4980 and $0.4950 support levels. The price traded below the 23.6% Fib retracement level of the recovery wave from the $0.4533 swing low to the $0.5053 high. Besides, there was a break below a connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair. The pair is now trading just above the 50% Fib retracement level of the recovery wave from the $0.4533 swing low to the $0.5053 high. However, it is still trading below $0.50 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4920 level. The first key resistance is near $0.4950. The next major resistance is near the $0.500 level. A close above the $0.500 resistance zone could send the price higher. The next key resistance is near $0.5050. If there is a close above the $0.5050 resistance level, there could be a steady increase toward the $0.5250 resistance. Any more gains might send the price toward the $0.5350 resistance. More Losses? If XRP fails to clear the $0.4950 resistance zone, it could continue to move down. Initial support on the downside is near the $0.480 level. The next major support is at $0.4740. If there is a downside break and a close below the $0.4740 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4550 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.4800 and $0.4740. Major Resistance Levels – $0.4950 and $0.5050.

The firm’s third Bitcoin purchase since April 23 brings its total holdings to 141.07 Bitcoin, worth over $9.6 million.

At least 14% of New Zealanders surveyed said they have owned cryptocurrency or held digital assets in the past. The findings categorize New Zealanders as early adopters, indicating they were quick to recognize the potential of cryptocurrency. Survey data reveal that only 16% of respondents would invest in real estate, compared to 60% who plan […]

Ethereum price failed to clear the $3,720 resistance. ETH declined again and is now at risk of more losses below the $3,550 support zone. Ethereum started a fresh decline from the $3,720 resistance zone. The price is trading below $3,650 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses if there is a close below the $3,550 support. Ethereum Price Dips Again Ethereum price attempted a decent increase above the $3,650 resistance zone. ETH even spiked above $3,700 but the bears were active. A high was formed at $3,710 and the price started a fresh decline. There was a sharp decline below the $3,660 and $3,650 levels. A low was formed near $3,565 and the price is now consolidating losses, like Bitcoin. Ethereum is now trading below $3,650 and the 100-hourly Simple Moving Average. If there is a fresh increase or a recovery wave, the price might face resistance near the 23.6% Fib retracement level of the downward move from the $3,710 swing high to the $3,565 low. The first major resistance is near the $3,640 level. There is also a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the downward move from the $3,710 swing high to the $3,565 low. An upside break above the $3,680 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. If the bulls push Ether above the $3,750 level, the price might rise and test the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,650 resistance, it could continue to move down. Initial support on the downside is near $3,550. The next major support is near the $3,520 zone. The main support sits at $3,500. A clear move below the $3,500 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 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 zone. Major Support Level – $3,550 Major Resistance Level – $3,650

Bitcoin price failed to stay above the $68,500 support zone. BTC extended losses and now showing bearish signs below the $68,800 level. Bitcoin started another decline from the $70,150 resistance zone. The price is trading below $68,800 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could further if there is a clear move below the $68,000 level. Bitcoin Price Dips Again Bitcoin price attempted another increase above the $69,500 resistance zone. BTC even broke the $70,000 resistance zone but it failed to extend gains. A high was formed at $70,142 before there was a fresh decline. The price declined below the $69,500 and $68,500 support levels. A low was formed at $67,920 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low. Bitcoin is now trading below $69,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,800 level. The first major resistance could be $69,000 and the 50% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low. The next key resistance could be $69,500. There is also a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair. A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance. More Losses In BTC? If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level. The first major support is $67,650. The next support is now forming near $67,500. Any more losses might send the price toward the $66,400 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $68,000, followed by $67,500. Major Resistance Levels – $69,000, and $69,500.

Australian rapper Iggy Azalea and her cryptocurrency venture, the Mother Iggy (MOTHER) token, have garnered significant attention in the crypto industry due to its rapid popularity and a more than 140% spike in its first week of trading.  However, after its initial surge, the token experienced a substantial price correction, leading to a decline from its record price of $0.2490, reached on June 6. On Friday, the token retraced to as low as $0.1155 after reaching its record high. In a recent social media post on Sunday, Iggy Azalea revealed plans to revive a co-founded telecommunications company, triggering a 27% surge in the MOTHER token’s price and potentially signaling a continuation of the recent uptrend. Iggy Azalea MOTHER Tokens Accepted For Phone Purchases  In her social media post, Azalea revealed plans to resurrect a co-founded telecommunications company, allowing MOTHER and Solana (SOL) token holders to utilize their tokens for purchasing phones or monthly cell plans.  Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Azalea also revealed that technology company Sphere Labs will handle the payment infrastructure for these transactions, while Unreal Mobile will provide the phone services.  Azalea mentioned that users will have access to a selection of phones for purchase. She also revealed that the company will have an advertising campaign and a launch later this week. Azalea further stated: Roll out campaign and advertising, etc. all begin and continue throughout the week so you’ll see me posting more of that. But don’t forget this is just a convenient side mission for me and not my main vision for what will drive mother. From Scam Threat To Crypto Vision According to a report from Fortune Magazine, the launch of Mother Iggy’s token was accidental and strategic. Azalea took action after discovering a scammer on Telegram using her name to launch a memecoin. Determined to combat this fraudulent activity, she launched her token within a shorter time frame. Per the report, Iggy Azalea has been observing the crypto industry since 2020 and recognized the potential in non-fungible tokens (NFTs) and Web3 art projects. Memecoins resonated with her as they aligned with her familiarity with viral content and memes throughout her career. Contrary to the negative perception surrounding celebrity-backed coins, Iggy Azalea emphasized her intention to establish long-term utility for the MOTHER token. The Australian singer sees the “celebrity buzz” as an opportunity for the retail industry to engage with the Solana blockchain. Related Reading: Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery In addition to integrating with her phone data provider startup, Azalea intends to integrate MOTHER tokens as a gifting and crowdfunding platform. Ultimately, her goal is to turn Mother Iggy into a stablecoin, which she considers the “holy grail” of accomplishments. The MOTHER token is currently trading at $0.1897, indicating a 20% decline from its record levels. The token has observed a 25% trading volume in the past 24 hours, reflecting ongoing market activity and investor interest. Featured image from Shutterstock, chart from TradingView.com