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Monero Holds Critical Support, Faces Rejection at $68 Resistance

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Jun 13, 2020 at 10:55 // News

Monero will continue its uptrend if the $66 and $68 resistance is cleared

The bulls have been having a running battle at the $68 overhead resistance. The Monero (XMR) coin has been trading below the $68 resistance after the last breakdown on June 2.

Monero Price Long-Term Prediction: Bullish

About 48 hours ago, buyers made a similar attempt to break the $68 resistance but were resisted again. The market dropped to $62 low and resumed upward move. Since April 29, the bulls have consistently made attempt to break the overhead resistance of the Monero coin but fail to breach it.

Nonetheless, as the crypto trades below the resistance, a strong bounce can possibly break the resistance. The market will accelerate to $80 high if the bulls are successful. Today, price is correcting upward but the coin is facing a minor resistance at $66. Monero will continue its uptrend if the $66 and $68 resistance is cleared.

Monero Indicator Analysis 

In the last breakdown, the bears almost break the support line.  A break below the support line and subsequent downward move will mean a change in the trend. However, the price action is indicating bullish signals. This is contrary to the stochastic indicator that is below the 50% range. This indicates a bearish momentum.

XMR-_Coinidol.png

Key Resistance levels: $80, $90, $100

Key Support levels: $50, $40, $30  

What Is the Next Move for Monero?

Monero is still struggling to make upward correction as it faces initial resistance at $66. On the upside, if the bulls break above the support line, the uptrend will resume. However, if the reverse is the case, the downtrend will continue. The crypto is in a sideways move below resistance.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/xmr-holds-critical-resistance/

Blockchain

Bitcoin Sees Largest Exchange Inflows Since March 2020 Crash

Another bearish signal for Bitcoin as the cryptocurrency sees the largest exchange inflows from external wallets last seen in March 2020.

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Another bearish signal for Bitcoin has been looming around the corner with the digital asset seeing the largest inflows from external wallets to spot exchanges last seen in March 2020, signifying investors are ready to sell-off their holdings.

Bitcoin Sees the Highest Daily Spike in Exchange Inflows

Having already lost over 50% of its value from its all-time high in just two months, numerous technical indicators are signaling Bitcoin towards even more adverse price reactions.

Following reports of the digital asset crossing the much-dreaded “death cross”, new on-chain data reveals that investors are depositing massive portions of their holdings to exchanges in order to cash out their holdings.

READ  Gazprom’s Oil Unit Opens Crypto Mining Farm at One of Its Drilling Sites

For instance, data from CryptoQuant shows that on June 21 Bitcoin saw the highest daily spike in inflows from external wallets to spot exchanges, last seen during the COVID-19 induced March 2020 crash, that took the cryptocurrency to as low as $3,000.

Even though the leading cryptocurrency has recovered more than $10,000 from the previous weeks, the digital asset has indeed weakened due to China’s brutal crypto crackdown.

Stablecoin Inflows Drop Considerably

At the same time, data from CryptoQuant indicates that the stablecoin inflows to exchanges seem to have dropped as investors turn bearish on Bitcoin.

For instance, during the first five months of the year, the circulating supply of stablecoins was on a steady rise and accelerated somewhat as the market sold off in May. However, stablecoin issuance came to a standstill at the beginning of June as bearish trends took over the Bitcoin market.

READ  Altcoins Notch Multi-Year Highs as Bitcoin Price Move Towards $60K

Since then, stablecoin inflows to exchanges have fallen to their lowest level last seen in October 2020.

Usually, stablecoin inflows are viewed as bullish catalysts. However, CryptoQuant’s recent newsletter warns of similar spikes in stablecoin issuance in the past followed by a prolonged price declines:

 “After the bottom of the last bear market (2018-2019), we saw a steady rise in issuance events. At the top (June 28, 2019) of this bullish period, there was a large issuance event (the two big spikes in July-August 2019 are due to USDT ETH issuance). It looks like the same is happening right now.”

#Bitcoin #Bitcoin Inflows

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Source: https://www.cryptoknowmics.com/news/bitcoin-sees-largest-exchange-inflows-since-march-2020-crash

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Dogecoin Gets Hit the Hardest Among Top 10 Coins, Plunges Over 20%

Dogecoin has gotten hit the hardest among the top 10 coins and saw its second-worst day of the year on June 22 by plunging down over 36% to $0.17.

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Meme-based cryptocurrency Dogecoin gets hit the hardest among the top 10 coins and saw its second-worst day of the year on June 22 by plunging down over 36% to $0.17, the lowest level since Apr. 23.

Dogecoin Gets Hit the Hardest Among Top 10 Coins

On May 19, joke cryptocurrency Dogecoin shed over 55% within a single day, but it managed to climb back to almost half of the losses before the daily close.

The meme-based coin is currently trading 77% lower since May 8, from its current all-time high of $0.74 on May 8. The market cap, which was $34.97 billion on June 21, has now slid down to $27.22B in just the last 24 hours.

READ  Crypto Market Hits $200 Billion, Bitcoin Rallies To $7K: BCH, LTC, EOS, ADA Analysis

Dogecoin is currently the biggest loser among the top 10 cryptocurrencies, plunging over 20%, despite major altcoins like XRP, Binance Coin, and Polkadot experiencing double-digit losses.

The value of popular cryptocurrencies remained weak on June 22 after the crypto market witnessed a massive crash a day earlier, following China’s intensified crackdown on Bitcoin.

Over the bigger picture, Dogecoin looks weak that needs upside catalysts to rebound from current levels.

For instance, if Dogecoin declines below the support at $0.25, it will head towards the next support level at $0.2250. A successful test of the support at $0.2250 will push the cryptocurrency towards the next support at $0.2150.

Dogecoin-Branded NASCAR Crashes Like DOGE

Stefan Parsons’ car emblazoned with the Dogecoin logo crashed into the wall during Stage 2 at Nashville Superspeedway on June 19th. Fans of meme-based cryptocurrency fans pushed the hashtag #dogecar trend on Twitter.

READ  Vitalik Buterin Reveals Making $4.3M from $25,000 Investment in Dogecoin

The car was sponsored by Springates, a manufacturer of auto parts whose CEO is a DOGE enthusiast. Parson escaped unhurt but the value of the cryptocurrency did not.

DOGE has a long history on the NASCAR tracks. In April 2014, for instance, Dogecoin fans raised 68 million DOGE worth about $42,000 at the time, via a Reddit campaign to sponsor Josh Wise’s Ford Fusion car. Interestingly, Wise raced in the same team as Stefan Parsons’ father Phil.

#DOGE #Dogecoin

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Source: https://www.cryptoknowmics.com/news/dogecoin-gets-hit-the-hardest-among-top-10-coins-plunges-over-20

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VanEck to Launch a Mutual Fund that Invests in BTC Futures

Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures.

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Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures through its Cayman Islands-based subordinate. Rest, it has been revealed that the fund may also put some of its unsettled assets into the United States treasuries. 

VanEck to Initiate a Mutual Fund That Invests in BTC Futures

The Bitcoin Strategy Fund is not going to have any exposure to the spot price of the top crypto asset and it said:

“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.”

In addition to this, it has already been reported that the global investment manager VanEck has filed requisitions for both Bitcoin and Ethereum ETFs earlier this year.

However, the United States Securities and Exchange have not approved any of them as of yet. 

Moreover, the SEC has initiated the process of looking for additional comments to affirm whether or not it should checklist the Bitcoin ETF proposal of VanEck.

Mike Novogratz Comments on China Crypto Crackdown

The CEO of Galaxy Digital, Michael Novogratz has recently released a statement sharing his opinion on the effect of the ongoing China crackdown on crypto.

Novogratz took it to Twitter and said:

“China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.”

Novogratz is sure that the Chinese Crypto owners will be able to shift their assets outside China, but it will take some time.

READ  Block.One Social Media Platform Voice Announces its Launch

#BTC futures #Mutual Fund #VanEck

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/vaneck-to-launch-a-mutual-fund-that-invests-in-btc-futures

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Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

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Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

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