Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The near-term momentum took a U-turn from bearish to bullish in a matter of hours.- The strong pump past $0.395 meant a retracement could follow.Bitcoin [BTC] surged from $21.6k to $24.8k within 36 hours.This near-term rally began on 14 February, but is was unclear whether the run had ended.Meanwhile, Ripple [XRP] also broke the lower timeframe bearish structure.Is your portfolio green? Check out the XRP Profit Calculator A 16 February article highlighted that $0.387 and $0.395 will be significant resistance levels for XRP bulls.
These levels were broken cleanly in recent hours of trading.
Has the breakout revealed the market’s bullish hand, or will all the gains be retraced? Strong surge leaves inefficiencies in the south The daily timeframe showed the mid-range mark at $0.37 has once more acted as a strong support zone.The breakout past $0.395 meant a move to the range highs at $0.41 was likely.However, the strong gains and the imbalances on the one-hour chart meant buying XRP at $0.4 might not be a good risk-to-reward trade.The RSI declined from oversold territory.
This does not indicate a pullback in the works by itself, but showed that the market could be overextended.The OBV saw a healthy rise to underline demand behind XRP.In the meantime, Bitcoin itself faces resistance in the $24.8k-$25.2k territory.
A consolidation phase for BTC could give time for XRP to retrace and surge toward $0.42.If the bulls are in control of the market, any retracement that XRP notes toward $0.38 or $0.39 would be accompanied by very little selling pressure.Hence, the OBV might not show a large dip.
The $0.384-$0.388 area can be used to re-enter long positions, with a tight stop-loss below $0.38.A deeper pullback beneath $0.38 is likely to test the bullish order block just beneath $0.37, highlighted in cyan.
How much are 1, 10, 100 XRP worth today? The funding rate and rising Open Interest indicate bullish sentiment Since 10 February, the Open Interest made higher lows on the one-hour chart.Coinalyze’s data showed that there was a sentiment shift to the bearish side on 13 February, as the predicted funding rate fell to negative values.A local bottom was formed when XRP traded at $0.366 – the surge over the past couple of days showed bears their error.Moreover, Open Interest and funding rates rose on 14 February.The OI showed capital flow into the market and the funding rate showed long positions were favored once more.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The bullish pattern saw a spectacular failure.- The push below $300 was quickly reversed despite the recent Binance FUD.There was some fear around Binance Coin in recent days.The order from the New York regulator to Paxos to stop minting BUSD tokens was accompanied by a plunge in BNB prices on 13 February.
Read Binance Coin’s Price Prediction 2023-24 Since then, Binance Coin was able to push itself back above $300.Bitcoin was also bullish and noted large gains over the past couple of hours, which helped sway market sentiment in favor of the buyers.
The imbalance to the south showed Binance Coin is set to retrace some gains On the 4-hour chart, Binance Coin had been firmly bearish until very recently.This was because of its failure to hold on to $320 as support a week ago.Back then, an ascending triangle pattern (orange) was spotted after a steady uptrend for Binance Coin.The inference was that a breakout above $330 could propel BNB to $360.
However, the selling pressure ramped up and prices crashed from $320 to $290 in the span of five days.The drop below $320 showed the market structure flip to bearish.Is your portfolio green? Check the Binance Coin Profit Calculator The recovery since that drop broke that bearish structure.The lower high at $320 was defeated, and it was likely that BNB will set a higher low and continue upward.
But where will this higher low be? On the 4-hour chart, a large imbalance was spotted and marked in white.This FVG is likely to be filled over the next day or two.The $300-$315 area has been strong support since 21 January, and another move upward could commence after a retest of this zone.More ideally, buyers would want to see a revisit to the bullish order block at $288-$294 to buy BNB, with a stop-loss below $286.More aggressive buyers in the $300 area can set stop-losses at $297.4, targeting $350-$360 to take profit.
Mean coin age on the rise while dormant circulation stayed flat The 30-day MVRV slumped from mid-Jan to early February even though the price pushed higher.This suggested that near-term holders had taken a profit.In early February, a large spike in the 90-day dormant circulation was witnessed.At this time, the mean coin age also fell dramatically.Together they highlighted a large number of BNB tokens had been moved, which can presage intense selling pressure.
The price action of the past few days vindicated this.Weighted sentiment remained in negative territory at press time.However, the mean coin age began to trend upward, which outlined a phase of accumulation was in progress.With the MVRV ratio also close to zero, it is possible that there was space for another rally.- The Tron blockchain outperformed most DeFi projects in terms of protocol revenue.- Longs were liquidated as TRX failed to make a significant increase.
According to DeFi Llama, Tron [TRX] improved its protocol revenue as of 15 February.The protocol revenue is calculated by considering the protocol’s supply side actors and combining it with the liquidity providers’ interest rates.How much are 1,10, 100 TRXs worth today? Tron: Outpacing ETH and UNI but… At press time, Tron’s revenue was $1.31 million over the last 24 hours.This was far more than that of Ethereum [ETH] and Uniswap [UNI].
However, Tron had also surged in transaction fees earlier, but the overall ranking in fees and revenue left Tron in fourth place.In terms of the Total Value Locked [TVL], Tron was second after its 24-hour volume hit 14.02 million.This represented a 14.70% increase in the last 30 days.The TVL in the DeFi ecosystem measures the rate at which unique liquidity deposition flows into a protocol.
So, the increase implied that Tron was a top beneficiary of asset lock ups into DeFi contracts.However, the Tron landmarks per its TVL did not seem to extend to every part of the blockchain.According to Santiment, the total NFT trades volume under the Tron blockchain was 125,00.Usually, a hike would contribute to the fees and revenue, but it seemed that digital collectibles restricted participation.
An assessment of the on-chain data showed that the last time Tron recorded million-dollar sales was on 10 February.However, development activity was at its peak.
This metric describes a project’s allegiance to continually upgrade the state of its network.Since Tron’s development was at the year’s highest, there was no doubt that the developers contributing their part were putting in work.
TRX traders opting out Although Tron may have recorded giant strides, traders downplayed the motive of opening more contracts for TRX.According to Coinglass, the futures open interest regarding the cryptocurrency was mostly negative across the top exchanges.Realistic or not, here’s TRX’s market cap in BTC’s terms The decrease in interest had also affected the rate at which liquidations occurred.
At the time of writing, the 24-hour TRX liquidations were not up to $500,000.The data shown by the derivatives information portal also revealed that longs suffered most liquidations in the last four hours.This occurrence could be linked to TRX’s 1.21% increase in the last 24 hours, alongside the stagnant $0.06 regions.- The US SEC has charged Do Kwon and Terraform Labs for committing securities fraud – The SEC has also pressed fraud charges in relation to Chai payments The United States Securities and Exchanges Commission (SEC) has made yet another move in the stablecoin market.This time around, the regulator is going after the firm behind the collapsed algorithmic stablecoin, TerraUSD (UST).
The commission has filed a securities fraud lawsuit against Terraform Labs and its founder – Do Hyeong Kwon.Read Price Prediction for LUNA 2023-24 A court filing on the lawsuit read, “From at least April 2018 through May 2022 (“Relevant Period”), Terraform and Kwon offered and sold crypto asset securities in unregistered transactions and perpetrated a fraudulent scheme that led to the loss of at least $40 billion of market value, including devastating losses for U.S.retail and institutional investors.” Notably, the lawsuit has labeled both LUNA and UST as securities.And, the SEC is going after Terraform Labs and Do Kwon for multiple reasons.
The court filings highlighted their role in the promotion of the Anchor Protocol, a yield-bearing protocol that promised a return of 19-20% interest.
The case against Do Kwon and Terraform Labs Additionally, the regulatory body has alleged that Do Kwon and the firm have “engaged in a fraudulent scheme to mislead investors about Terraform blockchain and its crypto asset securities.Terraform and Kwon repeatedly – and falsely – told the investing public that a popular Korean electronic mobile payment application called “Chai” employed the Terraform blockchain”.The claim set forth was that the blockchain was used for commercial transactions.However, in reality, the Chai payments never used the blockchain to process transactions.Do Kwon and Terraform Labs “deceptively replicated Chai” transactions in order to make it seem like the blockchain was deployed.
In addition, the commission has alleged that the defendants misled investors about the stability of UST, the stablecoin pegged to LUNA.The infamous de-pegging event, which turned into a death spiral, wiped off more than $60 billion from the market.
And, the SEC claimed that this resulted in several US retail investors losing their life savings, while institutional investors took a billion-dollar loss.The lawsuit states, “The Commission seeks a final judgment: (i) ordering permanent injunctions restraining and enjoining Defendants from again violating the federal securities laws described herein; (ii) ordering Defendants to pay disgorgement with prejudgment interest; (iii) ordering Defendants to pay civil money penalties” Top posts altcoin2 hours ago Binance Coin shows strong bullish momentum, but buyers can wait for… Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s…Algorithmic stablecoin5 hours ago Terraform Labs And CEO Do Kwon Charged By SEC With Multibillion-Dollar Crypto Fraud The U.S.Securities and Exchange Commission (SEC) has charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging…
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