Is the market still facing significant resistance? Is it time to break up?

22.05.2023

Dear traders,

The weekend was slow and brought the market down slightly, but this week is looking good for big swings.

Jake
TOP Trader

BTC is currently struggling with strong resistance at $27,200 and does not appear to be in a good
position for a major upward movement. Take your positions and hold for a bigger swing that will
occur within the next 48 hours.

ETH is still holding steady at $1,800, acting like a stable coin and waiting for BTC’s next swing to
determine its direction, whether it will go up or down. It remains bearish on a larger time
perspective.

XRP is showing bullish momentum but is still struggling with resistance at $0.46. It needs to
maintain a daily hold above this level in order to make a bullish push-up.

LINK is currently trading in the mid-$6 range, with $6.45 acting as support. However, it still lacks
the strength for a significant upward push. Buy all dips below $7 in spot mode, as it will pay off in
the future with LINK.

SOL is losing momentum and has dropped below $20, which is a bearish signal unless it manages
to reclaim this level today. A further drop to the $18 support is still possible.

EOS has dropped below $0.86, indicating a significant signal on the daily chart. There is a
possibility for a bullish uptrend, but it is still in a sell-off mode and requires a stronger push to
break out bullish.

LTC has encountered strong resistance at $94 and is currently consolidating around $90 for its
next upward push. In 70 days, there will be a halving event in LTC, which suggests a larger price
increase after the reduction in mining supply. This presents a significant opportunity to invest and
hold!

The DXY is holding above 103, which is a bullish signal for the next upward push.

Crypto/stock daily news:

WHY REGULATION IS KEY TO UNLOCKING MASS-ADOPTION

The “R” word gets a lot of baseless flak. People think it stifles innovation, is just a way to handcuff projects, blah blah blah.
But it’s actually good for users! It helps governments & institutions adopt a new bad*ss technology.
Regulators that are open to the possibilities of blockchain tech will use it to capitalize on existing assets and will tap into new markets.
(Then there are the cool ass regulators like Nate Dogg and Warren G. If you know, you know.)

Now let’s talk about the 2 reasons why regulated blockchains will be a thing:
1. Some use cases need regulation
Blockchains have a lot of promises. And the most brilliant engineers, founders, and investors are all trying to figure out ways to implement blockchain technology across different industries.
Traditional finance. Real estate. Cross-border trades. Asset tokenizations. You name it.
People are trying to put everything on the blockchain. (Except pooping, that’s still not possible.)
But here’s the thing: some of those use cases need to work with centralized entities and governments.
• Wanna easily buy/sell land using the blockchain instead of filling out 8937298 pages of paperwork? Cool, it’s possible. But there still needs to be some sort of regulation & compliance.
• Want big traditional finance players to join the space? Cool, it’s possible. But there still needs to be some sort of regulation & compliance.
2. It will help people feel “comfortable” joining the space
Right now, inviting your friends to the crypto party looks a lot like this…

That’s because crypto is a lot like the Wild Wild West – blockchains are full of scammers, hackers, and rugpullers.
Some regulation is necessary in order to prevent short-term grifters and reckless scammers from causing havoc.
New users will also feel more comfortable using products that have the Regulatory Stamp of Approval.
It’s a paradox between having perfectly trustless technology (decentralized) and having technology that is easy to use and has everyday use cases (works with centralized entities).
To summarize: There are still some super important uses cases for decentralization (i.e Bitcoin can still be used to “bank the bankless” and give people ownership of their money.), but there are also use cases for these regulated blockchains.