Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales
[NEWS BLOG]: Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales
The aggregated crypto market has been struggling throughout the past few weeks, with it incurring an insane selloff that was catalyzed by Bitcoin’s decline from its mid-February highs of $10,500 to lows of $3,800.
This selloff did significant damage to the market’s technical strength, leading many investors and analysts to adopt a bearish sentiment – a far cry from that seen throughout the beginning part of the year.
One prominent analyst is now noting that there is one key level that bulls must surmount if they want to propel the market higher, as a failure to do so could lead to significant losses in the days and weeks ahead.
"Crypto Market Struggles to Break Key Resistance as Bearishness Grows "
At the time of writing, the aggregated crypto market capitalization is sitting at roughly $174 billion, which is around where it has been trading at over the past few days.
Over a one-month time frame, it is important to note that the market has seen significant volatility, with the market cap cratering from highs of $264 billion in early-March, to lows of $118 billion on March 13th.
This massive decline came about in tandem with the market-wide selloff that led many major cryptocurrencies to plunge by 50% or more.
Michaël van de Poppe – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that bulls need to reclaim the $185-190 billion market cap level in order for the aggregated market to be bullish.
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A veteran non-profit is embracing the crypto community to fight forest fires in the Amazon.
The Rain Forest Foundation, founded in 1987, announced today a campaign to fight the Brazilian forest fires with the help of the crypto community. Although the foundation has accepted crypto for years—and even developed their own, BitSeed, in 2014–the Brazilian fires has given the Foundation a new impetus for embracing the crypto community.
Deforestation is up 278% from a year ago last July with the number of forest fires doubling between January and August 2018 to 2019, according to the Rain Forest Foundation. The organization is seeking - read more.
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 4th, 2021
slipped by 0.59% on Monday. Following on from a 5.72% slide on Sunday, Ripple’s XRP ended the day at $1.55255.
A bullish start to the day saw Ripple’s XRP rise an early morning intraday high $1.62204 before hitting reverse.
Falling short of the first major resistance level at $1.6379, Ripple’s XRP slid to an early afternoon intraday low $1.50399.
The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426
Finding support at the first major support level at $1.5064, Ripple’s XRP broke back through the 23.6% FIB to revisit $1.58 levels before easing back.
At the - read more.
India Plans to Issue a National Blockchain Framework
The Indian government is preparing a national framework to support the wider deployment of blockchain use cases.
Minister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases.
Dhotre made the announcement in a letter addressing questions about blockchain from members of the Lok Sabha, the lower house of the Indian parliament.
In particular, MP Parvesh Sahib Singh Verma asked whether the government had encouraged and conducted research - read more.