BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
BTC has been moving downwards since April 14, when it reached a high of $64,854. The downward movement accelerated on April 18. On April 25, it reached a local low of $46,930 before bouncing.
Currently, BTC is trading near $54,700.
Technical indicators are still bearish. Despite increasing, the RSI is still below 50. Furthermore, the Stochastic oscillator has just made a bearish cross.
While the MACD is close to giving a bullish reversal signal, it has not done so yet. Even if it were to cross bullish, it would be the only bullish reading from the three indicators.
Despite the bearishness from indicators, the bounce occurred at a significant confluence of Fib support levels. The area is found between $46,900-$47,725, created by the 0.786 (black) and 0.5 (orange) Fib retracement levels. The former encompasses the most recent portion of the move while the latter is made up of the longer-term portion.
Nearly every cryptocurrency in the top-100 is seeing green today after the continuation of a broader market recovery. #10-ranked Litecoin (LTC) is close to losing its spot to Bitcoin Cash (BCH). The former has a market cap of $16.8 billion but BCH is hot on its heels just under $16.2 billion.
WAVES is the top gainer of the day so far. It’s up nearly 47% in the past 24 hours, trading at a price point above $20. It briefly made a new all-time high above $22 earlier in the day but has since retraced some.
PancakeSwap (CAKE) is the day’s biggest loser but it’s only lost a bit over 2% on the day. CAKE investors likely aren’t worried too much however, as the token is still up by 54% in the past week.
In other crypto news
- Reebok has launched a new non-fungible token (NFT) collection based on its footwear, 200 of these NFTs are being sold on the Wax Atomic Hub platform.
- Cryptocurrency legend Charles Hoskinson was interviewed recently by Forbes on the theoretical underpinnings of crypto and how its rapid evolution relates to the history of math and computer science.
- The Opium decentralized finance (DeFi) protocol has unveiled a new way to increase returns on Ethereum through highly leveraged exposure.