I know of Paxos-Gold (PAXG) which is an ERC20 token backed by physical gold bars held in a vault, but is there a similar token backed by physical silver? I've read about KAG, Kinesis Silver, but it does not seem to be an ERC20 token on the Ethereum blockchain. Is there such a token? …
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Avalanche (AVAX) has experienced a bearish trend over the past few months, particularly after being rejected from the $17.50 price level. This rejection has allowed the bears to exert significant control over the price. In the last 24 hours, AVAX made a slight upward movement of 0.5%. On the weekly chart, it has lost approximately 3.5% of its value. With the technical outlook on the daily timeframe, the bears have an advantage. Both demand and accumulation indicators remain low on the chart, indicating a decrease in buying strength. Related Reading: Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations It is worth noting that the recent volatility displayed by Bitcoin has influenced the price patterns of many altcoins, including AVAX. In order for altcoins like AVAX to surpass their immediate resistance levels, Bitcoin needs to stay above the $26,000 price mark. Presently, AVAX is trading close to a critical support level. If sellers exert more pressure, the altcoin may experience a significant decline in value. The decrease in market capitalization for AVAX indicates a lower buying strength in the market. Avalanche Price Analysis: One-Day Chart As of the time of writing, AVAX was trading at $13.90. The coin faces an overhead resistance at $14, and if it manages to surpass this level, it is likely to encounter strong resistance at $14.20. On the downside, if the price falls from its current level, it may break below the support mark at $13.80. This may lead the altcoin to trade near the $13.50 price level. The trading volume of AVAX in the last session was low, indicating that sellers still have an advantage in the market. Technical Analysis During the months of May and towards the end of April, AVAX experienced low buying strength. The Relative Strength Index (RSI) indicated that sellers had control over the price, as the RSI remained below the half-line and showed a downward trend at the time of writing. Additionally, the price moved below the 20-Simple Moving Average (SMA), suggesting low demand and indicating that sellers were driving the price momentum in the market. If the price of AVAX attempts to rise above the $14 mark, it is expected that demand will return to the market. In line with other technical indicators, AVAX has shown reduced buying signals, indicating a downtrend. The Moving Average Convergence Divergence (MACD) is a momentum indicator that helps identify price reversals. In the case of AVAX, it displayed declining green histograms, suggesting diminishing buy signals. Related Reading: MATIC Price Shows Bullish Formation – What’s Next? The Bollinger Bands, which measure price volatility and fluctuations, tightened at the time of writing. This tightening indicates that there is a possibility of increased volatility in the price of AVAX in the upcoming trading sessions. When the Bollinger Bands tighten, it often indicates a potential breakout in the near future. Featured Image From UnSplash, Charts From TradingView.com
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In our latest Cointelegraph Report, we analyze the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications.
With the events around centralized exchanges and the SEC for the past days it was inevitable that the mainstream media would not let such an opportunity just fade away to call Crypto dead. Even more now as it seemingly seems that US regulators actually are hell-bend on de-facto banning Crypto, now mainstream media will obviously…
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After Shiba Inu (SHIB) had a fabulous rally at the beginning of the year, the price has been in a sustained downturn since February 5, which neither the beta launch of Shibarium nor an increase in monthly burn rates were able to prevent. With the price currently trading at $0.00000804, SHIB is thus at possibly the most important point in its young history. A look at the 1-day chart reveals that SHIB reached a local high of $0.00001575 on February 5, 2023. From that point until early May, the price formed a descending triangle with a horizontal trend line at $0.000010 acting as support for a long time. This price level was also aligned with the 23.6% Fibonacci level. Most Important Moment In Shiba Inu Price History? When the trend line was broken to the downside, the downtrend continued rapidly. All year-to-date gains were wiped out. However, one last hope may now be a triple bottom chart pattern, which the Shiba Inu price is currently exhibiting. The price area at $0.00000776 served as the last support back in mid-June 2022 and late December 2022, and now again. Shiba Inu meets all three characteristics of the chart pattern. Related Reading: Shiba Inu Hits Crucial Barrier – How This May Impact Investor Sentiment First, the three lows must be roughly equal in price and spaced apart by a certain distance (June and December 2022, June 2023). Second, volume must be decreasing throughout the pattern, which is a sign that the bears are losing strength. Looking at the time pattern of SHIB trading volume, this condition can also be considered to be met. Third, Shiba Inu has been in a steady downtrend with lower highs since the all-time high of late October 2021. Hence, the decisive moment might have come now: While the trading volume decreases during downward movements, the volume should increase during upward movements when the price breaks through the resistance levels. Only if that happens, a trend reversal seems possible. A very first resistance to break through is at $0.0000817. If successful, the 50-day Exponential Moving Average (EMA) currently at $0.00000907 could come into focus. However, probably the most important resistance to confirm a fake breakout is the 23.6% Fibonacci level at $0.000010. Related Reading: Shiba Inu (SHIB) Price Could Soar To Major Highs Soon, Here’s Why The bullish case of Shiba Inu is also supported by a possible bullish divergence of the RSI in the 1-day chart. This occurs when the RSI indicates an oversold condition (SHIB’s RSI dropped as low as 24 in May), followed by a higher low associated with lower price lows. Thus, the RSI of Shiba Inu price in the 1-day chart could indicate bullish momentum. The break above the oversold zone in recent days could be a signal for a new buy position. But the bearish case is still strong as well. SHIB traders do not want to see a drop below $0.00000716 at any cost. If this happens, it would be an alarming signal that SHIB could test the September 2021 low around $0,000006. Featured image from iStock, chart from TradingView.com
Digital asset bank Custodia sued the Fed in June 2022, claiming an “unlawful delay” in processing an application for its master account.
BTC and ETH price action will continue to be affected by macro events, QCP Capital says, with next week looking “action packed” for crypto volatility.
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