Market makes relief push up to resistance lines. Could it break down again in red?
BTC reclaimed on Monday at 27k and is now facing 50 MA resistance. It is currently retesting the drop. The maximum expected pump for today is $27,800, and then it will push back strongly to 26k. It is a good time to reenter short at the resistance lines.
ETH pushed back over $1800 and could hit the $1850 resistance for a retest of the drop. A good shorting position is at the resistance price target.
XRP is still holding the $0.425 support and needs to hold it. Otherwise, the next price target at $0.37 will come quickly. It is still not good for a bigger long.
LINK is trading at the mid-$6 range, and $6.45 is holding as support. It is still showing no strength for a bigger push up. Buy all dips under $7 in spot mode as it will pay off in the future with LINK.
SOL bounced from the support at $20, which historically shows strength and a retest of the drop. It is still not showing strength in the longer term.
The DXY is charging towards 102.5 and trying to break it.
Crypto/stock daily news:
GRAPHS OF THE DAY
1. Net BTC accumulation rate is the fastest since October 2021 Long-term investors are buying up Bitcoin like it’s an Old Navy summer sale (these are wallets holding tokens for at least 155 days without moving/selling them.)
Why? HODLers are taking advantage of BTC’s price being low again.
It’s like shopping for a new winter coat – you gotta wait until it’s warmer so the price is lower.
With BTC now at ~$26K, we’ll see if their purchases pay off.
2. PEPE is now seeing more volume on centralized exchanges than Uniswap.
Only ~20% of the PEPE’s volume is currently coming from Dexes.
Why is this happening? When a new token launches, the only place it can be traded is a decentralized exchange like Uniswap.
After taking the crypto world by storm, exchanges started to list the token and drive interest mainstream. It’s currently listed on Binance, Gemini, Kucoin and more.
And if meme coins didn’t carry enough risk to begin with, there’s also been a lot of interest in trading PEPE on leverage.
The real loser here? Jaredfromsubway.eth
3. Is it time to “sell in May and go away?”
That’s financial speak for selling in May to avoid summertime market dips before buying again in October.
Well, some analysts have tried applying that to Bitcoin.
May has historically been its fourth best month – BTC has seen May gains 7 of the last 12 years.
But that wasn’t always the case in the months following May in recent years. Plus, the months after May the last 2 years have been redder than a slasher flick.
Check it out:
So what will happen this year? Who knows.
We still have a couple of weeks left. But it doesn’t bode well that BTC’s hitting 2-month lows of ~$26K just right now.
4. Cumulative NFT lending volume just broke the $1B mark
NFT lending has been a hot topic that caught even more flames when Blur launched BLEND.
The concept has only been around for one year, but this week it just crossed the $1B of total volume milestone.
This has been driven by two factors:
1. There are more NFT lending offerings launching
2. More people are looking to unlock value from their NFTs
BTC is in retest of drop mod and we could expect more lows before bigger push up.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
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