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#Binance continues to experience #Bitcoin net outflows following the news of #SEC charges, recording the 8th largest net #outflow on record of -14,000 #BTC.
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#Binance US suspended #USD Deposit due to conflict with #SEC
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Here's the Analysis of #ALGO :
#ALGO is been dropping hard like nothing and broke below the Major level around $0.12. Currently, price is retracing back to the zone as major resistance to continue to push lower. No sign of bulls taking control over here, so buys would be risky until price flips over the level.
#LINK made a retest back to the potential retest area and followed. Price strongly reacted over there and made a low of $5.82, which is 6.6% in profits. Move stoploss to BE or Take partial if you need. Anticipating another lower low nearby $6.00.
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Mexc Will List ADD Finance (ADD) in the Innovation Zone.
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Here's the Analysis of #APE :
#APE is been strongly reacted from the major support zone of $2.79 -$2.89 and rejected from the resistance line too. Price is again the major level and could bounced again but as per market condition it might break below it. Potential shorts below the zone, buy are risky at this point.
#LINA Continues to push lower after breaking a daily candle close. Trade moving around 28.2% in profits. We recommend to secure major partials here. We still have clean move looking left, till $0.0115 and $0.010.
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#Bitcoin moving with fundamental news events and the breakout turns to be a fakeout now. Price fully reversed back to the resistance area and rejected again. #BTC back in range, so lets see where the breakout would be.
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less than 40 minutes left unitill $ADD finance listing on MEXC : https://twitter.com/mexc_global/status/1666087526392803331?s=46&t=jK5Mvlh3_rd_g-TONFL7KQ
as per official announcement from ADD finance team they are going to list on one of major exchange in upcoming weeks.
The recent downward movement of #Bitcoin, from $27,300 to $25,800 (-5.8%), has resulted in a decrease in the #percentage of supply in profit from 69% to 62.5% (-6.5%). As a result, an additional 1.26M #coins have fallen into a loss position.
This is Normal Impact on the market, in this Bear Market. If price recovers, everything will be fine.
In Past 24 Hours, a Massive Liquidation Happened, which was more than $300M.
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Here's the analysis of #OCEAN :
#OCEAN is been nearly rejected from the major resistance zone of $0.442 - $0.448 and currently rejecting the support area strongly around $0.337 - $0.343 with a trendline confluence. If daily candle form support, then we can look for buys after that. Short-sell will only after the break of the zone.
What is #DeFi ?
#DeFi, short for Decentralized Finance, refers to a category of financial applications and platforms built on #blockchain technology. It aims to recreate traditional financial systems and services, such as lending, borrowing, trading, and investing, in a #decentralized and permissionless manner, without the need for intermediaries like banks or #financial institutions.
In #DeFi, smart contracts are used to automate and execute financial transactions, allowing users to interact directly with the protocol using their digital assets. This eliminates the need for traditional intermediaries, reduces costs, and provides greater accessibility and financial inclusivity.
Key characteristics of #DeFi include open and transparent protocols, #permissionless access, composability (the ability to combine different #DeFi protocols and services), and the use of cryptocurrency or digital assets as #collateral or means of exchange.
#DeFi has gained significant popularity and growth in recent years, offering users opportunities to earn passive income, participate in #yield farming, access decentralized exchanges, and engage in other #innovative financial activities within the cryptocurrency #ecosystem.
#BTC.D (#Bitcoin Dominance) trending lower with the #Bitcoin down-move, which compensated the Altcoin movement. Index Rejected from the Major Resistance Area around 48.65% and might reach the support around 47% and lower. We can see Altcoin short-term movement, if #BTC sustain above the $27,600 Support.
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Here's the Analysis of #LINK :
#LINK is been in a consolidation Range like a month now, and moving inside the channel pattern. The Support Zone is at $6.243 - $6.302 and Resistance is at $6.757 - $6.817. Nothing Fancy Now, wait for a Breakout of the range, or either test the Resistance for Shorts.
#LINA continues to push lower and lower, made a low of $0.0118, which is 37.8% in profits. Price reached the support area on Daily TF, which might might result in pullback. It better to close the position.
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#BITCOIN Daily TF UPDATE :
#BITCOIN on Daily TF, flipped below the zone as mentioned and price sustaining below it too. Still, price moving inside the falling wedge pattern and needed a strong breakout. As of now, #BTC below $26,700 (~$27,000) can be seen as bearish
What are the Benefits of Using CEX ?
There are several benefits to using Centralized Exchanges (#CEX) in the cryptocurrency space:
1. Liquidity: #CEX platforms typically have higher #liquidity compared to decentralized exchanges. This means there is a larger #pool of buyers and sellers, making it easier to execute trades quickly and at desired prices.
2. User-friendly Interface: #CEX platforms are often designed with a #user-friendly interface, making them more accessible to newcomers in the cryptocurrency space. They provide intuitive trading features, #charts, and order books that are easy to understand and navigate.
3. Security Measures: #CEX platforms implement various security measures, such as two-factor authentication (#2FA), encryption, and #cold storage for user funds. This helps protect against hacking and theft, giving users peace of mind when storing their assets.
4. Wide Range of Cryptocurrencies: CEX platforms typically offer a wide selection of #cryptocurrencies for trading. They list popular coins as well as newly launched tokens, giving users a broader range of #investment options.
5. Fiat-to-Crypto Support: Many CEX platforms support fiat currency #deposits and withdrawals, allowing users to easily convert between #cryptocurrencies and traditional currencies like #USD, #EUR, or #GBP. This makes it convenient for users to enter or exit the crypto market using their local currency.
6. Customer Support: CEX platforms often provide customer support #services to assist users with any issues or inquiries they may have. This can include live chat, email support, or dedicated support #tickets to address user concerns promptly.
It's important to note that while CEX platforms offer advantages in terms of liquidity, user-friendliness, and security, they also require users to trust a centralized entity with their funds. Decentralized exchanges (#DEX) provide an alternative option for those who prioritize self-custody and control over their assets.
Recent #stablecoins capital outflows are driven primarily by the second (#USDC), and third (#BUSD) largest assets, seeing supplies fall in 2023 by -$15.7B and $-11.5B, respectively. #USDT has absorbed a significant proportion of these flows, pushing to a new #ATH supply of $83.1B.
It is likely that this reflects a geographical divergence, with #US regulated entities historically having expressed a preference for #USDC over #USDT.
#BTC got into low volume now, after getting rejected from the resistance zone. Price reaching the support area as usual, a part of the consolidation. Price kinda moving in a tight channel pattern and gave a break. Nothing can be done here, unless price breakout of the range.
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Since the start of April 2023, negative values indicate a prevailing sell-side trend, where the inflow of #BTC + #ETH surpassed that of #stablecoins. This marks a notable shift from the strong #buy-side pressure observed in Q1. The buy-side #momentum weakened in early #April, aligning with the onset of the current market correction.
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What is CEX ?
#CEX stands for Centralized Exchange. It refers to a type of cryptocurrency exchange that operates through a centralized platform. In a CEX, all trading activities, including buying, selling, and storing of digital assets, are facilitated by a central authority or intermediary.
In a centralized #exchange, users typically create accounts on the platform and deposit their #funds into wallets provided by the exchange. The exchange acts as a trusted #third party, holding custody of the users' #assets and facilitating transactions between buyers and sellers. #CEXs provide order books where users can place orders to buy or sell #cryptocurrencies at specific prices.
Centralized exchanges offer various features and services such as market orders, limit orders, trading charts, order history, and often provide user-friendly interfaces for easy trading. They also commonly support fiat currency deposits and withdrawals, allowing users to trade cryptocurrencies with traditional money.
While centralized exchanges provide convenience and #liquidity, they also come with some drawbacks. Users need to trust the exchange with the security and custody of their funds, as the exchange controls the private keys. Centralized exchanges are also subject to regulations and may require users to complete Know Your Customer (#KYC) procedures.
It's important for users to consider the #reputation, #security measures, #supported cryptocurrencies, #fees, and #regulatory compliance of a centralized exchange before using their services.
Here's the Analysis of #OP :
#OP is kinda rejected the support zone on Daily TF around $1.36 - $1.41 and is been testing the resistance zone of $1.50 - $1.53. We need to see a breakout either side, and a flip above resistance area, will be good room for scalping.
What is Stablecoin ?
#Stablecoin are a type of cryptocurrency that are designed to maintain a stable value, usually #pegged to a fiat currency like the #US dollar. Unlike other cryptocurrencies such as #Bitcoin or #Ethereum, which can experience significant price volatility, stablecoins aim to provide stability and minimize fluctuations in value. They achieve this by backing the value of each coin with #reserves of the pegged fiat currency or other assets.
Stablecoins offer several benefits in the crypto ecosystem. They can be used as a store of value, a medium of #exchange, or a unit of account, providing stability for users and facilitating everyday transactions. Additionally, stablecoins can enable #faster and cheaper #cross-border transactions compared to traditional #banking systems.
Different types of stablecoins exist, including #fiat-collateralized stablecoins, crypto-collateralized stablecoins, and algorithmic stablecoins. Each type has its own mechanism for maintaining price stability.
Overall, stablecoins play a crucial role in the cryptocurrency market, providing a reliable and stable digital #asset that combines the benefits of cryptocurrencies with the stability of traditional fiat currencies.
#LINK did gave any breakout over the channel pattern and rejected instead. Price Broke below the support zone turning it into resistance area around $6.24 - $6.30. A retest is back zone as resistance is expected for next down move 📉
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#Bitcoin dropped hard and broke out of the consolidation range and Strong support zone too around $25,880 - $26,040. Well thats a strong breakout, so a pullback is expected till strong resistance zone to continue pushing lower.
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🚀 Hello folks keep an eye on $ADD Finance Gem! It can be next big trend setter and game changer with Defi and AI and their amazing Dapps.
Upcoming Listing
LBank - 05/06/2023 15.00 UTC
MEXC - 06/06/2023 14.00 UTC
Become Early adopters now
👇BUY on Pancake swap
https://shorturl.at/pBOVY
🗣Official Announcement LBANK : https://support.lbank.site/hc/en-gb/articles/19259129831449
🗣Official Announcement MEXC : https://twitter.com/MEXC_Global/status/1665722904867139584?t=VjO-YcQdt7x82Lt5I92FJA&s=19
We can expect another major exchange listing in couple of days. Don't miss it out😊
Approximately 780K #Bitcoin, which accounts for about 4.6% of the total circulating supply, has been acquired at the current spot price of approximately $26,800.
The significant concentration of Bitcoin within this particular price range means that any movement, whether up or down, would result in a considerable number of coins shifting into positions of profit or loss. This emphasizes the heightened sensitivity of our current situation.
#Bitcoin is been pushed back to the strong resistance area and rejected hard from there and again approaching towards the strong support zone of $26,500 - $26,570. Already, mentioned its a Consolidation, and price to following it up only. Wait for a breakout 📈📉
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What is Fork in Crypto ?
a #Fork refers to a significant change or divergence in the protocol of a blockchain network. It is a term used to describe the splitting of a #blockchain into two separate paths, each following its own set of rules.
There are two main types of forks: hard forks and soft forks.
#Hard Fork: A hard fork involves a substantial change in the protocol that is not #backward-compatible. It creates a permanent #divergence in the blockchain, resulting in two separate chains. #Nodes or participants who do not upgrade to the new protocol will continue to follow the old chain, while those who adopt the changes will follow the new chain. Hard forks often lead to the creation of new #cryptocurrencies with their own separate blockchain.
#Soft Fork: A soft fork, on the other hand, is a backward-compatible upgrade to the #protocol. It introduces changes that are compatible with the #existing rules, allowing nodes that have not #upgraded to continue validating transactions on the updated blockchain. In a soft fork, the blockchain remains as a single unified #chain, but nodes that have upgraded will enforce additional rules.