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10TH MAY LATEST CRYPTO NEWS DIGITAL MAGAZINE

TerraUSD (UST) the algorithmic stablecoin of the Terra blockchain lost its peg to the US dollar and dropped to a low of $0.67 on May 10. Terra’s LUNA token, which is used to back UST has also been in a tailspin plunging more than 52% on May 9. Analysts fear that if the Luna Foundation Guard, tasked to defend the peg of the UST to USD, is forced to liquidate its Bitcoin holdings, that could create more panic and result in further liquidations.

On-chain market intelligence firm Glassnode highlighted in a recent report that Bitcoin had declined between 77.2% to 85.5% from the all-time high during the bear markets of 2015, 2018 and 2020. Network profitability has also declined to the precapitulation levels seen during 2018, late 2019 bear and March 2020. Glassnode warned that “further downside remains a risk, and would be within the realm of historical cycle performance."

Bitcoin turned down from the 20-day exponential moving average (EMA) on May 5 and plunged below the $37,000 support. This aggravated selling and the BTC/USD pair plummeted to $32,933 as we had projected in our previous analysis.

The sharp fall of the past few days has pulled the relative strength index (RSI) into the oversold zone, indicating that the selling may have been overdone in the short term. This points to a possible consolidation or a relief rally in the near term. The bulls are likely to defend the zone between $30,000 and $28,800 with all their might but the recovery is likely to face stiff resistance in the zone between $33,670 and $34,886. If the price turns down from this zone aggressively, it will suggest that the sentiment remains negative and traders are selling at higher levels.

That could increase the possibility of a break below $28,800. If that happens, the pair may enter a capitulation phase and drop to $25,000 and later to $20,000. On the upside, the 20-day EMA is the key level to keep an eye on.

If the price rises and maintains above this level, it will suggest that bears may be losing their grip. The pair could then rally to $37,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

FEATURING IN THIS WEEKS EDITION

– Bancambios
– Playpoint
– Smartchem (SMAC)
– AppZaloot
– Artex
– Ernest in Disguise
– Yieldchain

– CleanCarbon
– World Mobile Token
– PlutusFi
– ZiberBugs
– Faith Tribe
– Solidray
– Loop Ventures

CRYPTO TRADE OPPORTUNITIES

BITCOIN – BTC/USD

Bitcoin Price plunged below $30,000 on May 10 for the first time since July 2021. After the latest decline, Bitcoin has fallen more than 56% from its all-time high of $69,000 made on November 10, 2021. The drop in Bitcoin and the altcoins have pulled the total crypto market capitalization to about $1.4 trillion, a sharp drop from its all-time high of about $3 trillion on November 10, 2021.

The sell-off is not only limited to cryptocurrencies. Investors are dumping equities fearing a potential recession due to surging inflation and aggressive monetary tightening by the US Federal Reserve. The S&P 500 is about 17% below its all-time high reached on January 3 of this year and the Nasdaq is down 27% from its all-time high. According to Reuters, the performance of the markets in the first four months of 2022 has been the worst since 1939 Read more

ETHEREUM – ETH/USD

We had warned in our previous analysis that the selling momentum could pick up if Ether breaks below the support line of the descending channel and that is what happened.

Ether turned down from the 20-day EMA on May 5 and plunged below the channel on May 8. This exacerbated the selling and the ETH/USD pair sliced through several supports and dropped to $2,198.24 on May 10. Read more

RIPPLE – XRP/USD

XRP turned down from the 20-day EMA on May 5 and broke below the strong support at $0.58 on May 8. This aggravated selling and the XRP/USD pair dropped to the psychological support at $0.50 as we had projected in our previous analysis.

The sharp fall of the past few days pulled the RSI into the oversold territory which historically has resulted in a relief rally. Read more

LUNA/USD

Terra’s LUNA token plunged near the strong support at $75 on April 30. The bulls purchased this dip and are attempting to push the price above the 20-day EMA.

If they succeed, the LUNA/USD pair could rise to the overhead resistance zone between $100 and $103.50. The bulls will have to clear this hurdle to gain the upper hand. Read more

SOLANA– SOL/USD

Solana had been consolidating in a large range between $75 and $144 for the past several weeks. The buyers had successfully defended the support at $75 on three previous occasions but they could not repeat the performance on May 9.

Strong selling by the bears pulled the price to $60 on May 10. The buyers are currently attempting to push the price back above the breakdown level at $75 and trap the aggressive bears. Read more

Subscribe to the latest crypto news digital magazine for the latest updates about profit and loss in cryptocurrency.

SmartChem ICO: Dual Benefits of Value Accretion and Cleaner Planet

Sectoral Background

Industrial development is one of the key elements of economic progress of a society. Nowadays, however, it has also become one of the main reasons for our health and environmental hazards. The latter is due to the toxic waste emitted by few industries. Keeping industries clean in a sustainable way is one of the largest unsolved problems of the present world.

The scale of the problem can be gauged by the fact that about 322 million tons of toxic and harmful chemicals are produced every year across the European Union (EU) alone. The usage of common chemical solvents in industrial cleaning processes provide severe health risks and potential damage to the environment.  Read more

Artex: Bring Art Investment to the Next Level!

Among the most dynamic and compelling markets, art has been both a passion and a lucrative investment space for a long time for many participants in the art market, from galleries and auction houses to collectors, sponsors, artists, and eager buyers. In 2021, the global art market was at record highs, with billions of dollars spent on impressionist, post-war, and contemporary works. Blockchain technology is reinventing the process of buying, selling, trading, and even making and enjoying art.

Faith Tribe: An Inclusive Platform For Fashion NFTs!

The Blockchain industry is increasingly capturing people’s attention and demand for cryptocurrencies is steadily growing. Similarly, NFT has also entered the market, and both cryptocurrency and NFT are being widely used across many industries.

The fashion industry is one of the largest industries today with a market size of 3 Trillion dollars. The industry is fragmented in a variety of niches and players with a crucial impact on the global economy. Read more

CleanCarbon Opens up Second Token Pre-Sale for All, Launch Set on May 08

The second global pre-sale of CARBO tokens of the CleanCarbon project will begin this Sunday, May 08, 2022 and will only be open to everyone and there will be no whitelisting, the CleanCarbon team said.

Each user can only purchase up to 50 BNB worth of CARBO, as the CleanCarbon team does not want big players holding too many tokens and significantly affect the market. There is no lockup and CARBO tokens can be transferred right after they are distributed, which will happen an hour after the launch of PancakeSwap. Read more

WMT token listed on Eight Exchanges: KuCoin,ZB, Bitrue, BItmart, MuesliSwop, SundaeSwop, Minswop and MEXC Global

World Mobile token has listed its token on eight exchanges. These exchanges are Bitrue,KuCoin,MuesliSwop, SundaeSwop, Minswop, ZB, BitMart and MEXC Global. Listing WMT on these exchanges provides token holders with a chance to buy and sell these tokens with ease. Token holders are assured of liquidity as they can freely trade on any of these exchanges across the world. This helps further the commitment and vision of WMT, which is to bring sustainable connectivity to Africa through the World Mobile Sharing Economy.

“Cryptocurrencies have helped empower people across the world. They have given opportunities and opened financial access to people that were previously unbanked and couldn’t access financial services. World Mobile network is doing a great job of bridging financial inclusivity, and we are delighted to be part of this. We are thrilled that we can make meaningful contributions towards empowering billions of people across the world and enable them to access financial services.” said the Chief Marketing Officer at Bitrue, Adam O’Neill. Read more