Below is the technical analysis of the two major popular cryptocurrencies, XRP and Cardano.Both XRP and Cardano have shown significant growth and are among the top 10 cryptocurrencies by market capitalization.XRP/USDT 1-Hour Technical Analysis (Source: TradingView) The 1-Hour technical analysis of XRP trading against USDT reveals that the asset is currently trading near its 200-day moving average, a position that is known for high market volatility.Despite this, the overall trend remains bullish, leading to expectations of sustained upward price action in the near future.However, the RSI value of XRP, currently at 48.82, suggests increasing selling pressure which may drive prices downward.If the bearish momentum persists, the RSI is expected to reach the oversold region of 30, a level that could trigger a price reversal.At present, XRP is in a support region.
Failure of the bulls to maintain this support could result in a break and subsequent drop to $0.3859.ADA/USDT 1-Hour Technical Analysis (Source: TradingView) Looking at the 1-hour technical analysis chart of Cardano, the support level 1 for Cardano is deemed crucial in determining its price trajectory.In the event of a rebound from this support, the digital asset is likely to make a strong push toward the resistance level at $0.3949.
In the event of bullish market sentiment, the possibility of breaking through resistance zone 1 and reaching prices above $0.4100 cannot be ruled out.However, alternatively, if support level 1 fails to hold, Cardano will need to surpass its current 1-hour low at $0.3471 to avoid a downward trend.The RSI of Cardano is currently in the oversold territory with a value of 30.51, indicating a potential price reversal in the near future.Also, the digital asset is trading below the 200-day moving average and 50-day moving average, meaning that the market is changing the trend from bullish to bearish.The post XRP and Cardano Support Region Under Scrutiny, Break Could Result in Price Drop appeared first on Analytics Insight.The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs.
In a filing with the U.S.Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment.Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65% Bankprov disclosed that it holds approximately $41.2 million in cryptocurrency-collateralized loans, with about $26.7 million of the debt backed by crypto-mining equipment.Collateralized loans secured by application-specific integrated circuit (ASIC) mining rigs became a popular investment vehicle in 2021, but the crypto winter resulted in significant pressure on the industry.By the end of June 2022, Luxor executive Ethan Vera estimated that about $4 billion in loans backed by mining machines were under financial strain.Since then, several crypto-mining companies have either sought bankruptcy protection or reorganized tens of millions in debt.For example, at the end of September 2022, the bitcoin mining firm Compute North filed for bankruptcy.Two months later, Core Scientific also filed for bankruptcy.
Other mining operations are attempting to restructure debt.Greenidge Generation announced Tuesday that it has reorganized $11 million in debt with B.Riley.Bankprov stated that it repossessed ASIC mining equipment from undisclosed crypto-mining operations in September.“Our digital asset loan portfolio declined by $79.3 million, or 65.8%, largely due to paydowns on outstanding lines of credit, the partial charge-off, and repossession of cryptocurrency mining rigs in exchange for forgiving a $27.4 million loan relationship,” according to Bankprov’s filing.The financial institution’s EX-99.1 earnings filing added: The portfolio of loans secured by cryptocurrency mining rigs will continue to decline as the Bank is no longer originating this type of loan.
Another crypto-friendly financial institution, Metropolitan Commercial Bank, announced during the second week of January 2023 that it plans to “exit its crypto-asset-related business.” Metropolitan stated that it holds no exposure to crypto assets, but has business relationships with four customers focused on cryptocurrencies.The bank did not specify an exact date, but said that these relationships and the crypto business will be phased out this year.Tags in this story Amesbury, application-specific integrated circuit, ASIC mining equipment, B.Riley, Bankprov, bankruptcy protection, Bitcoin, business relationships, collateralized loans, compute north, Core Scientific, crypto assets, crypto mining companies, Crypto Winter, Cryptocurrency, debt, decline, digital asset loan portfolio, Discontinued, Ethan Vera, Executive, Exposure, financial institution, financial strain, Greenidge Generation, industry, investment, Loan Originations, loans, Luxor, Massachusetts, Metropolitan Commercial Bank, mining rigs, phased out, Provident Bancorp, reorganized, repossessed, restructuring, revenue, U.S.Securities and Exchange Commission, undisclosed operations What do you think the future holds for banks and the cryptocurrency industry? Share your thoughts in the comments below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Big eyes coin raised over $20 million in presale Having Already Raised Over $20 Million In Presale, Could Big Eyes Coin Join Filecoin And Ethereum As Another Phenomenal Presale Success? Big Eyes Coin (BIG) has some big shoes to fill, but it seems like it’ll reach if targets – if not pass them entirely.Currently, in stage 10 of its presale, it has already raised an incredible $20 million, a number which grows every single day.Big Eyes is a meme coin during a time of oversaturation after the successes of Dogecoin (DOGE) Shiba Inu (SHIB) in 2021, which has led to many pump-and-dump schemes cropping up to take advantage of the new interest.Having the ability to develop backing from a community willing to buy in presale and raise so much in this space of time only goes to show that Big Eyes’ popularity will endure and will be here to stay once it is officially released.Likely to continue raising more on top of a number that is already impressive in its own right, it wouldn’t be farfetched to position the coin in the big leagues like the aforementioned Ethereum and Filecoin; meaning paying attention to its presale and getting ahead of the curve could have a big payout in the near future for interested investors.But those interested shouldn’t wait too long, as the offer of a 200% bonus on purchases when the code LAUNCHBIGEYES200 will be ending very soon! Big Eyes Coin (BIG) Website: https://bigeyes.space/ Telegram: https://t.me/BIGEYESOFFICIAL Twitter: https://twitter.com/BigEyesCoin The post Having Already Raised Over $20 Million in Presale, could Big Eyes Coin Join Filecoin and Ethereum As Another Phenomenal Presale Success? appeared first on Analytics Insight.
An analysis of the Bitcoin/USDT 1-hour chart reveals that the dominant cryptocurrency is currently trading in proximity to its 200-day Moving Average (MA).The Relative Strength Index (RSI) reading of 41.91 suggests that bears are attempting to establish market dominance.
Additionally, the Average True Range (ATR) of Bitcoin is displayed at 158.23, further emphasizing market volatility.Bitcoin/USDT 1-Hour Price Analysis (Source: TradingView) Furthermore, after an extended period of consolidation, the digital asset appears to have finally breached its 200-day Moving Average to the downside.Nevertheless, numerous crypto analysts are anticipating a retest of the previous resistance level at $25,000 for Bitcoin.Should this price level be retested, it is speculated that a significant sell-off could ensue.Ethereum/USDT 1-Hour Price Analysis (Source: TradingView) The chart above depicts an evaluation of Ethereum, the second largest cryptocurrency by market capitalization.
Currently, the cryptocurrency is trading near its 1-hour support level at a price point of $1,540.
The Relative Strength Index (RSI) is exhibiting a bearish slope with a reading of 42.89.However, the Bull Bear Power Indicator displays a positive value of 8.76, indicating that bulls are currently exerting control over the market.Additionally, Ethereum has violated its 200-day Moving Average and is now trading beneath it, suggesting that sellers are attempting to break the current support level.If this support level fails, it is projected that Ethereum will experience a price decline towards $1450.
Solana/USDT 1-Hour Price Analysis (Source: TradingView) Lastly, the third and the most well-known cryptocurrency for the NFT collects, Solana 1-hour chart is displayed above.Solana is also following the patterns of the major cryptocurrencies, Bitcoin and Ethereum.Additionally, the Bull Bear Power indicator is shown at a reading of -0.25, meaning that the bears are taking the throne as of now.But however, if Bitcoin, the dominant cryptocurrency, manages to trigger a bullish trend, it is likely that other cryptocurrencies such as Solana will mirror its movement.
The post Top 3 Cryptocurrencies Technical Analysis: Bitcoin, Ethereum, and Solana appeared first on Analytics Insight.
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