Asian market dumps and the dollar shows no power. A bad start to the week in most cases brings back a reversal in mid-week.
BTC is breaking its pattern and showing weakness with a possible breakdown to $25k in the coming days. Alts are bleeding even more and showing no strength. If BTC pushes back with a daily close above $28,500, it means it could be a false breakdown.
ETH drops hard back to $1850 and now needs to hold off a breakdown to the $1700 range, which is coming soon. Take care with your trades, as it is not yet safe for long re-entries.
XRP breaks the $0.46 support and now bounces back from $0.425. In the coming days, we are expecting this wick to be filled and a possible retest of the $0.4 support.
LINK breaks the $7 support and now aims for the $6.45 support to hold. Buy all dips under $7 in spot mode, as it will pay out in the future with LINK.
SOL touches the $20 support zone and pushes back to $21, still looking bearish with a possible a retest of the $20 support.
DXY is fighting with a downtrend channel and still shows no strength for the next push-up.
Crypto/stock daily news:
VISUAL OF THE DAY: ETH GAS FEES HIT 1-YEAR HIGH
Gas prices are through the roof. And not just for your car.
On Thursday, the average gas fee to make a single transaction on Ethereum was $15.82. I’d rather walk…
Ethereum gas fees haven’t been this high since May 2022.
Why? Pepe, the 2-week-old meme-coin that everyone & their mother is trading. It hit $150M in trading volume on Uniswap and is close to hitting a $1B market cap. It’s PEPE’s world, we’re just livin’ in it.
Since PEPE launched, the average price of gas is up 50%.
Rise in trading volume = a rise in fees to process each trade.
And the rise in MEV searchers isn’t helping.
They watch for big transactions in the mempool (the queue of trades waiting for validation AKA the “line to get in.”)
Then they order a trade and include a higher gas fee – that prioritizes their transaction to be placed instead of others. It’s like sliding the bouncer $20 to cut the line.
No fear, Traders – we’ll brave this meme-coin special together.
STRIPE DROPS A NEW FIAT-TO-CRYPTO ON-RAMP
The crypto industry gets attacked in a ton of different ways. Hacks, scams, regulations, bankruptcies, and jokes from your aunts & uncles at the family reunion BBQ.
Crypto has survived it all.
But lately, the industry’s Achilles’ heel has been targeted: fiat-to-crypto on-ramps. This is important for how easily users can convert fiat → crypto to use in the Web3 world.
Well, over the last few weeks, crypto has lost all its big fiat-to-crypto partners like Silvergate and Signature. While other partners have flat out run away.
Just when it looked like all hope was lost, a new hero has emerged… *drumroll*…
Stripe. The financial giant announced it’s launching a new fiat-to-crypto on-ramp solution to make it easy for customers to purchase cryptocurrencies.
Here’s everything you need to know:
• There’s an embeddable on-ramp that lets developers insert a crypto-purchasing widget
directly into their own website or app with just 10 lines of code.
• There’s a Stripe-hosted on-ramp that uses a link that companies can direct US-based customers to.
• Users can buy crypto for immediate use.
• It includes built-in fraud tools and identity verification to support companies in meeting
KYC and compliance requirements.
Who knows if Stripe’s new feature will save all the fiat-to-crypto problems the industry is facing, but it could be a huge help. And props to them for standing their ground while others run away.
Monday makes dumps mid-week could make some bigger push-up. Stay online and informed!
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