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17TH MAY LATEST CRYPTO NEWS DIGITAL MAGAZINE

Crypto’s sharp fall in tandem with the stocks puts into question the narrative of digital assets being an uncorrelated asset. The three-month correlation between Bitcoin, Ether and the major US stock indexes reached between 0.67 and 0.78 last week, according to Dow Jones Market Data. Miller Value Partners Chairman Bill Miller in an interview with CNBC said that he had held on to a large portion of his Bitcoin holdings but had to sell some to satisfy margin calls.

However, he remains bullish on Bitcoin. He said: "I’ve been through at least three declines of over 80%. I own it as an insurance policy against financial catastrophe. ... I haven’t heard a good argument yet why anybody shouldn’t put at least 1% of their liquid net worth in bitcoin," CoinDesk reported. The big question worrying investors is whether to buy now or to wait for a further decline before purchasing.

Arthur Hayes, former CEO of Bitmex, said in a blog post that “crypto capital markets must be allowed time to heal after the blood letting concludes.” He expects to become a buyer in Bitcoin near $20,000 and Ether at $1,300.

We had mentioned in our previous analysis that bulls will attempt to aggressively defend the zone between $30,000 and $28,800 and that is what happened. Although Bitcoin dipped to $25,338.53 on May 12, the long tail on the day’s candlestick shows strong buying at lower levels.

That started a rebound in the BTC/USD pair which is facing resistance near $31,500. The bears tried to sink the price back below $28,800 on May 16 but the bulls held their ground. The buyers will now make another attempt to push the price to the 20-day exponential moving average (EMA). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the possibility of a break below $28,800. If that happens, the pair may drop to $25,338.53. A break and close below this support could open the doors for a possible drop to $20,000.

This negative view could invalidate in the short term if bulls propel the price above the 20-day EMA. Such a move will suggest that demand exceeds supply and the pair could then rise to the overhead resistance at $37,000.

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

Enjoy the issue!

FEATURING IN THIS WEEKS EDITION

– Maxxer
– LunaOne
– PlayPoint
– Smartchem (SMAC)
– Bancambios

– AppZaloot
– Solidray
– ZiberBugs
– CleanCarbon
– PlutusFi

CRYPTO TRADE OPPORTUNITIES

BITCOIN – BTC/USD

We had mentioned in our previous analysis that bulls will attempt to aggressively defend the zone between $30,000 and $28,800 and that is what happened. Although Bitcoin dipped to $25,338.53 on May 12, the long tail on the day’s candlestick shows strong buying at lower levels.

That started a rebound in the BTC/USD pair which is facing resistance near $31,500. The bears tried to sink the price back below $28,800 on May 16 but the bulls held their ground. The buyers will now make another attempt to push the price to the 20-day exponential moving average (EMA).

ETHEREUM – ETH/USD

We had warned in our previous analysis that if the $2,159 support cracks, Ether could drop to $1,700 and that is what happened on May 12.

A minor positive is that the bulls aggressively purchased the dip to $1,700 as seen from the long tail on the May 12 candlestick

RIPPLE – XRP/USD

We had projected a decline to $0.40 in our previous analysis if the $0.50 support cracked. But XRP plunged further to $0.33 on May 12. That pulled the relative strength index (RSI) close to 21, indicating that the selling was overdone in the near term.

That started a rebound on May 13 but the long wick on the day’s candlestick shows that bears continue to sell at higher levels. The bears are likely to pose a strong challenge at the psychological level at $0.50.

BNB/USD

We had suggested in our previous analysis that if bulls fail to push Binance Coin above $349, the bears may sink the price to $254.50 and that is how it played out.

The BNB/USD pair plummeted below $254.50 on May 12 but the bulls aggressively purchased at lower levels resulting in a strong recovery. That started a relief rally and the bulls are now attempting to push the price to the 20-day EMA.

SOLANA– SOL/USD

Solana’s recovery attempt on May 10 fizzled out at $75 and this renewed selling. We had projected the SOL/USD pair to decline to $40 but the pair plummeted to $36 on May 12. The bulls purchased this dip resulting in a relief rally.

The pair is facing strong resistance near $60 but a minor positive is that the bulls have not given up much ground. This increases the possibility of a rally to the 20-day EMA.

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

SmartChem ICO: Green Chemistry Blockchain Project

Fundamental Analysis

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.

However, problems of such magnitude also provide new opportunities. According to some estimates, a global market of almost 50 billion Euros of mostly harmful wet chemistry is waiting to be challenged and replaced. Read more

ZiberBugs: Discover the Gaming System of the New Era

Introduction

The Covid-19 induced lockdowns in 2020 and 2021 across different parts of the world had brought people’s outdoor activities to an abrupt halt for weeks and months. It also changed people’s preferences in terms of recreation and entertainment.

As more and more people sought means of recreation, entertainment and pleasure within the confinements of their homes, demand for video games spiralled over the past couple of years. This silent metamorphosis in people’s behaviour helped the global video games grow to over US 180 billion in market capitalisation. It is now bigger than both the movies and the North American sports market put together. Read more

CleanCarbon: A DeFi Solution to World Pollution

Introduction

Tackling climate change in every possible way to prevent world pollution has now become a quintessential task for every government or administration in the world. Companies and individuals also play a crucial role in it by not only ensuring no further man-made damage is done to our planet Earth but also repair the damage that has already been done. 

The waste generated by humans is mainly disposed off in open land, called landfilling or finds its way into natural river bodies, which create a negative impact on the environment and is responsible for water pollution.  Read more

AppZaloot: A Social Media Platform For Community Engagement

Would it be incorrect to assert that social media is the centre of everyday Internet activity? Since social media has become mainstream, communication has drastically changed. However, social media networks possess one very serious flaw: they are centralised in their control, which means all user information is stored on centralised servers. As a result, two related concerns are privacy and data security. Additionally, there is a bunch of power in the hands of a few who control the centralised systems. This is where AppZaloot comes in.

AppZaloot is a social media platform for community engagement that uses disruptive technology. AppZaloot aims to transform current social media platforms and existing delivery platforms so that location-based information can be shared. Rather than promoting greed, their team aims to promote compassion to benefit as many people as possible. AppZaloot has also pledged to give a portion of all revenue back to local community projects, everywhere they have active users. Read more

Solidray ICO Offers Platform Participation at Discounted Price

Solidray, a decentralised crypto platform that provides utilities ranging from Web 3.0 social media to NFT marketplaces, has launched an ICO of its Solidray token (SRT), that offers an opportunity for crypto enthusiasts to be part of the platform at a discounted price. 

There will be a total supply of 10 billion SRT tokens, out of which, only 40% or 4 billion SRT tokens are being offered in the ICO sale. The SRT token supply in circulation will be 6.5 billion.  Read more

Bancambios Announces the Launch of its First ESG-driven DeFi INDEX

Bancambios, a multichain impact-driven DeFi ecosystem, is set to launch its first eco-friendly ESG-driven DeFi INDEX to ensure that the worlds of DeFi, AI, and sustainability co-exist. 

Bancambios Institutional-grade ESG-driven DeF trading, built on 4 different blockchain hosting platforms, ensures that you get the best of DeFi to ensure adequate speeds and energy-efficiency.  Read more