Kategorie: Crypto Markets

• 1inch price broke higher on Thursday, rising by more than 10% on the day as 24-hour gains hit 16%. 
• A bullish scenario for 1INCH could see its price break to $1 in the short term. 
• The bearish case could materialise if sellers target $0.48. 

1inch (1INCH) price is up 16% in the past 24 hours as of 8:45am ET on Thursday, with the cryptocurrency seeing huge buying pressure to invalidate a bearish formation that appeared after breaking lower mid-March.

The 1INCH/USD pair is trading at its highest price level since 1 March, and the last 24 hours have been the best for bulls since 21 February 2023.

1INCH price breakout – what’s the short term target?

The bounce from lows of $0.48 on Monday had the 1INCH/USD pair just shy of the $0.60 resistance level, with the technical picture suggesting bulls have taken control. Indeed, the bullish breakout has 1INCH price sporting a 4% green candle on the hourly time frame as prices of major coins reclaim key levels.

As can be seen in the chart below, 1inch price has soared with three consecutive daily green candles and both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) on the daily chart indicating bulls have an upper hand.

1inch price chart showing huge breakout in past 24 hours. Source: TradingViewMarket data shows massive open interest for 1inch. If bulls sustain the upward momentum, a breakout above $0.60 could see the 1inch token target the next major resistance zone near $0.68.

The psychological $1 level is a key area of interest in the short term, especially given 1INCH traded to its all-time high of $8.65 in October 2021.

1INCH price: what’s the bearish scenario?

At current prices, 1INCH is trading at levels likely to attract profit booking from some investors. The outlook could come into play if rejection at current highs sees the support at the 100 day simple moving average pierced.

The case is also suggested by the upward sloping RSI, which is trending towards the overbought territory. This means that should bears retake initiative, a breakdown at $0.48 would risk further losses to the $0.43 area.

The post 1inch price prediction as 1INCH surges 16% to multi-week highs appeared first on CoinJournal.

• The US SEC has filed several charges against the Beaxy Exchange.
• The exchange has consequently suspended operations
• In its defence, Beaxy has said that it committed to cooperation with the SEC for over two years.

US-based cryptocurrency exchange Beaxy Exchange suspended its operations immediately after the United States Securities and Exchange Commission (SEC) filed multiple charges against the exchange and its founder Artak Hamazaspyan.

The US regulatory authorities including the SEC seem to have gone full throttle in their crackdown on cryptocurrency platforms. SEC’s lawsuit against Beaxy comes just a few days after Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO Changpeng ‘CZ’ Zhao.

The exchange in a statement issued after the SEC lawsuit said:

“We forthrightly committed to cooperation with the Securities and Exchange Commission (SEC) for over two years, continually providing information, data, and interviews to assist regulators in whatever manner we could. Unfortunately, despite our best efforts, it has become clear that the regulatory environment is just too uncertain to continue operations.” 

SEC sues Beaxy for the sale of an unregulated security

According to a press release issued by the US SEC, Beaxy Exchange and its executives have been charged for failing to register as a national securities exchange broker and clearing agency for the sale of BXY token.

Beaxy Exchange has raised about $8 million through the sale of BXY token, which the SEC alleges is an unregistered security.

The SEC further alleges that Beaxy’s founder Artak Hamazaspyan misappropriated about $900K for his personal use, allegedly including gambling. In addition, the SEC says that Beaxy’s market makers for operating as unregistered dealers.

According to the SEC, the exchange has violated the Securities Exchange Act of 1934.

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• Bitcoin has recovered from lows of $26,690 reached after Binance-related regulatory news.
• XRP has outperformed after breaking above $0.50, while Ethereum reclaims $1,800.
• Bitcoin faces tough resistance at $28k-$30k.

Bitcoin price is back above $28,000, trading as high as $28,600 on Wednesday morning as crypto looked to shake the downward pressure injected by this week’s regulatory related news.

After the BTC price fell to lows of $26,690 following the CFTC charge against Binance CEO Changpeng Zhao and his crypto exchange, bulls have managed a 6% jump in the past 24 hours to push Bitcoin to the crucial $28,000 level.

The gains for BTC have also come amid a broader crypto market upside, as traders shed the regulatory anxiety amid news that Hong Kong regulators were looking to make the city state a digital asset hub by encouraging banks to extend finance services to Bitcoin and cryptocurrency companies.

Bitcoin bulls now face the task of breaching the thick resistance wall between the $28k and $30k zone, which could open the path to the highest price since June 2022. 

Another flip lower could bring back the $25k support area into play, but crypto analyst Rekt Capital suggests dips with a monthly close above the zone would be a healthy retest.

It’s possible that #BTC  could start the month of April with some downside

But as long as $BTC Monthly Closes above ~$25000, that downside would constitute a healthy retest attempt of the then-broken Macro Downtrend#Crypto #Bitcoin

— Rekt Capital (@rekscapitaI) March 29, 2023

XRP outperforms as Ethereum eyes $2,000

As BTC looks to retest YTD highs, XRP was outperforming most altcoins in top 50 market cap category as it exploded above $0.50.

At the time of writing, XRP was poised above $0.56, having tested bears around $0.58. XRP/USD is 16% up in the past 24 hours and 45% this past week as buyers target the key $0.60 level ahead of what could be a make or break few days – given the highly anticipated end to the Ripple Labs versus US Securities and Exchange Commission (SEC) case.

Ethereum is also trending higher, up more than 5% in the past 24 hours and above $1,800. The gains come after bullish sentiment seeped into the market following CFTC indications of ETH being a commodity.

It also follows recent confirmation that the Shapella upgrade will happen on 12 April 2023. Community anticipation for ETH withdrawals could aid the price of Ethereum to jump to the psychological $2,000 level.

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• XLM price is up nearly 5% as it trades around $0.095.
• The Stellar price looks poised to retest resistance at $0.10, which could open a path for bulls to target $0.13.
• Sentiment is positive after latest news involving Stellar Development Foundation and US-based crypto-focused company Coinme.

Stellar (XLM) price is up 4.5% as a number of altcoins in the top 50 bracket by market cap record slight gains amid a lull for Bitcoin (BTC).

XLM is currently trading just above $0.095, about 9.3% up in the past week. According to CoinGecko data, $128 million worth of XLM has been traded in the past 24 hours, with the coin’s daily trading volume increasing by 27% in that period.

XLM price prediction as crypto cash exchange Coinme adds USDC on Stellar

The Stellar Lumens price, though not gaining as much as XRP, which spiked nearly 10% on Tuesday morning amid fresh upside momentum, could see a breakout of its own after recently validating a new support line. 

Stellar could also benefit from broader gains for crypto as bulls look to bounce from the downside catalysed by this week’s regulatory related news.

There has also been positive news for Stellar. 

On Tuesday, US-based cryptocurrency cash exchange provider Coinme announced it had partnered with the Stellar Development Foundation to integrate the stablecoin USDC on the Stellar network.

According to details in a press release, the collaboration will strengthen financial inclusion for millions of users. With USDC on Stellar, users of Coinme can now easily access borderless digital cash and P2P payments. People can send, receive and cash out USDC at thousands of Coinme locations across the US.

“By enabling USDC on Stellar in the Coinme wallet, anyone with cash can now utilise the Stellar blockchain to access a fully-backed dollar digital currency. People can now swap their cash for USDC on Stellar and send it in seconds for the cost of a penny,” Coinme CEO and co-founder Neil Bergquist said in a statement.

Bergquist added that the collaboration is a “game changer for the cash remittance and payments market.”

XLM price: technical analysis

The technical outlook for XLM price on the daily chart suggests bulls are facing stiff resistance near $0.10. While buying pressure that has characterised the crypto market in 2023 has seen buyers attempt to breach the massive supply wall, the lack of a decisive move means bears retain a slight advantage.

However, prices are above an ascending trendline support to suggest a potential bullish breakout should buyers take out sellers at $0.10. This will likely strengthen upside momentum that is currently indicated by the daily RSI above the 50 line. The daily MACD is also slightly bullish.

The post Stellar price prediction: XLM up 5% as bulls eye major resistance area appeared first on CoinJournal.

• XRP price rose nearly 10% to highs above $0.50 on Tuesday.
• Ripple is set for a court decision in its battle with the SEC, with social dominance for XRP rising.
• XRP price is up amid increased volume, with support for the XRP/TUSD pair on Binance added on 29 March.

The price of XRP soared nearly 10% on Tuesday morning to break above $0.50 for its highest level since early November. The XRP price is up 32% this past week.

XRP’s gains came as the broader cryptocurrency market endured yet another slow day, with action muted as the community digested recent news around major cryptocurrency exchange Binance. 

As of 11 am ET on 28 March, the XRP token traded at $0.5045, the highest price for the Ripple cryptocurrency since 5 November 2022 when it sharply dropped from above 50 cents to lows of $0.33.

XRP price outlook amid volume spike

Today’s upside comes after a week of growing positivity for XRP, with expectations over the SEC vs. Ripple Labs case helping return huge volume to the top 10 crypto.

The Commodity Futures Trading Commission (CFTC) terming Bitcoin, Ethereum and Litecoin as commodities in its complaint against Binance has only helped to fuel sentiment that XRP will be declared a commodity and not security when its court battle with the US regulator concludes.

On Monday, John Deaton, the founder of Crypto Law and a blockchain enthusiast, suggested that XRP offers the best risk/reward ratio.

“The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside?”

XRP has the most attractive risk/reward ratio IMO. The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside? 🤔

— John E Deaton (@JohnEDeaton1) March 26, 2023

This outlook for XRP has persisted over the past few days, with trading volume spiking as the network experienced increased mainstream interest.

According to on-chain data platform Santiment, XRP’s breakout to a 50-week high coincides with XRP Network’s social dominance bursting to a new year-high level. This has only added to increased crowd recognition, suggesting the cryptocurrency could see further upside volatility as volume spikes.

👀 #XRPNetwork’s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest. https://t.co/bMT66JTwmT pic.twitter.com/pUIWe9vGKu

— Santiment (@santimentfeed) March 27, 2023

Binance’s announcement that it will support for the XRP/TUSD pair starting 29 March, 2023 has also contributed the social chatter that’s seeing XRP price look to test new multi-month highs.

However, while bulls might have a chance to extend gains above $0.50, chances of a short term sell-off are likely given the outcome of the SEC case as well as prevailing market sentiment. If profit taking intensifies, its possible XRP could retreat to recent support near $0.36.

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