Market relief or scam pump loading?

23.05.2023

Dear traders,

Today we start with green candles, and we could see a possible push up in the coming days.

Jake
TOP Trader

BTC pushed up to $27,500 to grab liquidity and is now above $27,200, which is good if managed to hold above $27,200 on the daily close. Significant volatility is still expected.

ETH had a wick up to $1,870 and showed some momentum for bigger moves. However, it remains bearish from 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 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, and there is a lack of volume. Buy all dips below $7 in spot mode, as it will pay off in the future with LINK.

SOL is still fighting $20, which now acts as resistance. There is no volume and a bigger push in the market. A further drop to the $18 support is still possible.

EOS is still fighting with the $0.86 resistance and a possible breakdown. There is a possibility of 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 $91 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 103.5, which is a bullish signal for the next upward push.

Crypto/stock daily news:

CRYPTO MARKET MOVERS

Keeping up with crypto prices is hard.

(Some say it’s even harder than Keeping Up With The Kardashians.)

Lucky for you, Trader Jake has been keeping a close eye on prices over the last week. Here are a few tokens that popped up on his radar:

We got 2 winners and 1 loser.

2 WINNERS

1/ NUM is up 97% over the last 7 days.

What is it? Numbers Protocol makes digital media traceable and verifiable through its blockchain.

Why’s it up? With the rise in media created by humans (and A.I.), the Numbers Protocol has been getting some attention.

2/ RNDR is up 35% over the last 7 days.

What is it? Render Network offers decentralized GPU-based solutions.

Users can leverage idle GPUs at a fraction of the cost of in-house solutions, and developers can earn extra money for registering their idle GPUs to be used.

Why’s it up? Metaverse and VR-related tokens are all up over the last week with the news of Apple launching its new VR headset next month.

There are also rumors that developers on the new Apple VR headset could use the Render network.

1 BIG LOSER

1/ TORN is down 32% over the last 7 days.

What is it? Tornado Cash is a decentralized crypto mixer that lets users make anonymous crypto transactions.

Why’s it down? Over the weekend, Tornado Cash was hacked. The attacker was able to gain total control over the governance of the crypto mixer (i.e. they were in “God Mode.”)

Sheesh, talk about a rough few months for Tornado Cash: