Binance Coin shows a yellow sign  

Binance Coin traded around $575, somewhat above its key support amid the bulls’ inability to break the altcoin’s $600 resistance line. 

The digital asset posted a weighted sentiment pegged at about 0.607 and trending upward, according to Santiment’s data. The positive value of the indicator indicated that participants in the BNB market had favorable sentiments. 

 

The primary momentum indicators for BNB also supported this optimistic assessment. Its Money Flow Index (MFI) was 65.61 at the time of publication and was still growing, indicating that market participants preferred to accumulate BNB rather than distribute their holdings. 

Similarly, at 0.07, the altcoin’s Chaikin Money Flow was above the zero line and trending upward. This suggested that the BNB market was seeing a consistent influx of liquidity. The demand for crypto assets would increase if this metric kept rising.  

For the first month, the price of BNB showed a neutral trend, suggesting that the altcoin’s price action in the cryptocurrency market was poor. But when the market became more volatile, the bulls gained ground and the altcoin surged 113.5% in the next month, reaching a monthly high of $635. 

On the other hand, if this bullish forecast proves false and bearish pressure increases, the price of BNB may break below the triangle and trade near the $520 mark. 

The fact that the altcoin’s negative funding rate has been so noticeable over the past few weeks increases the likelihood that this will occur. A negative funding rate on an asset encourages more traders to hold short positions. This shows that a greater number of traders are purchasing the asset in anticipation of a price rally and anticipating a decline in the asset’s value. 

The bulls will regain momentum and the Binance token will test its resistance level of the $630 mark if the market maintains its price above the $565 support level. If that price is maintained, the BNB coin price will be ready to test its previous high of $691 in the coming weeks. Alternatively, should the bulls be unable to maintain the price above the $568 support level, the BNB token will begin to trade in a bearish manner and, thus could likely drop toward its crucial support level of $498 this month. 

Forex Signals Brief May 17: Chinese Data Closes the Week

Yesterday started with the Prelim Q1 GDP numbers from Japan which showed a -0.5% contraction, sending the JPY down and USD/JPY around 200 pips higher after the 3 cent retreat post the soft US CPI inflation report earlier this week. The employment report from Australia was mixed, with the unemployment rate jumping 3 points higher to 4.1% while employment change came above expectations, which left the Aussie trading in a range throughout the day.

Economic data from China to close the week

Continue reading “Forex Signals Brief May 17: Chinese Data Closes the Week”

XRP Price Analysis: Is It Time to Buy At Above $0.50 or Bail Out?

XRP is within a broad consolidation, technically moving sideways inside a wedge. Unlike ETH and BTC, bulls are firmer, keeping prices above $0.50—a huge boost. Even though there has been a conclusive close above the wedge, the rejection of lower lows might be the foundation of more gains over the weekend. Traders are closely monitoring the reaction between $0.55 and $0.60 on the upper end and $0.48 and $0.46 as support.

Looking at the XRP performance, the coin is mostly stable as prices weave around $0.50. As aforementioned, for the uptrend to be defined, there must be a conclusive break higher. When this happens, trading volume will spike. So far, it is steady, encouragingly standing above $1.1 billion.

XRP daily chart for May 17

For now, the following XRP and Ripple news are worth monitoring:

  • The United States SEC, Ripple—the blockchain firm–and interested third parties must file briefs countering the omnibus letter motions filed earlier this week by May 20. Meanwhile, the court will be deliberating whether to issue an injunction against Ripple and the appropriate penalty they should pay for violating securities laws.
  • The latest news from Turkey shows that they have implemented new crypto regulations per an announcement from the Turkish Grand National Assembly. Observers note that some of the 19 articles proposed were primarily meant to remove the country from the FATF grey list by June.

XRP Price Analysis

[[XRP/USD]] is steady at spot rates, green from this month’s low.

Still, the failure of bulls to conclusively break $0.55 and $0.66 should be a concern.

Risk-on traders can wait for a clean break above $0.60 and reversal of April 13 losses before considering long opportunities.

On the flip side, the rejection of selling pressure and prices staying above $0.50 means bulls have a chance. 

For this reason, aggressive traders might look for longs if prices are above $0.48.

Even so, this outlook will be firmer if there is a high volume break above $0.55 and May 2024 highs.

Ethereum Maintain $3,000 But Drops To Fresh 2024 Lows Against Bitcoin

Ethereum mirrored Bitcoin’s performance yesterday and shrunk. Even so, optimism remains high. Looking at the candlestick arrangement, it would be ideal if ETH prices broke $3,300 before bulls considered taking long positions. As it is, sellers are still in control, especially if there is no confirmation of the May 15 bar. The bear breakout pattern of mid-April still influences price action. 

Due to the general inactivity on May 15 and prices retracing, Ethereum is mostly stable and bearish. ETH should close above $3,000 for any chance of prices surpassing $3,300. If the coin falls today, participation will also contract from the $14 billion registered in the past 24 hours.

Ethereum daily chart for May 17

 

The following Ethereum news events are worth watching:

  • The failure of ETH to expand on May 16 means the coin still needs to perform better than Bitcoin. At spot rates, ETH is down to fresh 2024 lows versus BTC. There might be chances if the United States SEC clarifies their status on ETH favorably. For now, the downtrend will likely continue.
  • One analyst now thinks all layer-2 operators on Bitcoin and Ethereum are money service businesses (MSBs). For this reason, they are likely to be targeted by regulators, especially in the United States. If the United States SEC acts, it could be another blow for Ethereum.

Ethereum Price Analysis

[[ETH/USD]] is trading at around $3,000.

At current levels, sellers of mid-April 2024 are still in control. This outlook will change once Ethereum bulls push prices above $3,300 on rising volumes. In the event, ETH may soar back to 2024 highs of around $4,100.

Conversely, there will be more gloom for ETH bulls if May 15 gains are wiped out today.

In that event, the reaction at $2,800 will be key to determining where prices will go next.

A clean breakout might offer entries for sellers to consider shorts, targeting $2,600 and $2,200.

Bitcoin Is On High-Demand Amongst Whales: BTC To $70,000 This Weekend?

Bitcoin remains bullish, as can be seen from what happened in the daily chart. Even though prices cooled off on May 16, the bullish bar of the day prior is trend-defining. Since the retracement wasn’t deep, peeling off all gains, buyers can take advantage of the dip and consider long opportunities. However, from the candlestick arrangement, further losses today might negate the already developing bullish momentum.

Highlighting the state of affairs on May 16, Bitcoin prices are steady on the last day but up 5% in the previous trading week. Though losses were evident yesterday, engagement is higher than average, rising to over $30 billion yesterday. If prices expand from spot rates, closing above $70,000 or better over the weekend, participation will likely continue swelling.

Bitcoin daily chart for May 17

The following Bitcoin news developments are what traders are closely monitoring:

  • In a major boost for crypto and Bitcoin, the United States Senate overwhelmingly voted to pass a bill yesterday overturning the SEC’s rule on Bitcoin and crypto custody. With this, highly regulated financial firms in the country are now free to custody BTC and cryptocurrencies in general. Still, it remains whether President Biden will veto it.
  • On-chain data reveals rising whale demand for BTC. Despite this surging interest, analysts think prices will continue hovering at spot rates for longer. As it stands, the coin, having broken $66,000, faces more selling pressure above $70,000.

Bitcoin Price Analysis

[[BTC/USD]] remains bullish despite the slowdown on May 16.

From the Bitcoin candlestick arrangement in the daily chart, every attempt lower but within the May 15 range may offer entries for buyers.

However, ideally, a confirmation of Wednesday’s gains might ignite demand, accelerating the leg up to $70,000 over the weekend.

If the confirmation is with high trading volume, bulls could even reclaim $73,800.

Conversely, if today turns red with higher trading volume, BTC stands to resume the downtrend, even slipping to $56,500.

Forex Signals Brief May 16: Attention Shifts to US Employment

Yesterday started with the Wage Price Index from Australia, which was expected to tick lower from 1.0% to 0.9% in Q1, but slowed further to 0.8% instead. However, AUD/USD ended up higher at the end of the day, after the soft US CPI April inflation report, which showed a slowdown after the sticky figures we saw in Q1. Monthly inflation came at 0.3% for both the headline and core CPI numbers, down from 04% in March, while CPI YoY ticked down to 3.4% from 3.5% previously.

US Unemployment Claims expected to fall to 219k

Continue reading “Forex Signals Brief May 16: Attention Shifts to US Employment”

XRP Revival: Ripple Bulls Spring Back To Life, will $0.55 Fall?

XRP, like the rest of the markets, is back to green, finding a solid anchor at the $0.50. Even though prices are oscillating inside the wedge, the uptick of May 15 is welcomed. Looking at the candlestick arrangement in the daily chart, buyers appear to be building on and preparing for more gains. However, prices must hold above $0.50 for this forecast to hold. A breakout above $0.55 at the back of rising volume might see XRP register more gains.

Reflecting the current state of affairs, trackers show that XRP is up 4% in the last day. However, gains weren’t massive enough to completely wipe out losses of the past week. Even so, should today end up as bullish and prices edging above the wedge, the tide would have turned. Presently, trading volume on the last day stands at over $1 billion, the first time this week.

XRP daily chart for May 16

The following XRP and Ripple news will make or break prices:

  • Ripple—the blockchain company using XRP in some of its solutions—is integrating Metaco months after acquiring the platform. This incorporation now means the blockchain company is a complete Digital Asset Custody Service platform. This could be crucial considering Ripple’s plans to launch a stablecoin and ride the tokenization wave.
  • While there are rumors that the United States SEC is scrutinizing plans of Ripple of launching a stablecoin, analysts believe the eventual release of a USDT competitor will be a massive boost for XRP. 

XRP Price Analysis

[[XRP/USD]] is rallying, finding primary support from $0.50.

Should XRP close above $0.52 today, buyers could find the momentum to breach the bear flag to the upside and conquer $0.55.

So far, there is a double-bar bullish formation following a week of consolidation.

The current events align with price action from April 18 to 22, which shapes XRP prices.

Aggressive traders might load the dips above $0.48, targeting April 22 highs of $0.57.

Meanwhile, risk-on traders could search for entries once there is a clean break above $0.57—or $0.40. 

Their immediate target will be $0.74 if bulls take charge or $0.35 if sellers emerge on top.

Ethereum Breaks $3,000, Again: Will The SEC Surprise The World?

Ethereum is back to green territory, cracking $3,000 for the first time in roughly five days. The revival among bulls comes at the back of rising Bitcoin prices. If ETH extends yesterday’s gains, building on the momentum at the current pace, the odds of the coin easing past $3,300 will be elevated. Technically, price action favors buyers, and traders are rejuvenated, expecting even more gains.

Looking at coin trackers, Ethereum added 4% on the last day alone. Because of the spike, ETH sellers were nullified as the coin printed green in the past week, adding 2%. However, what’s notable is that the average trading volume remains low, averaging just $15 billion in the past day. Ordinarily, and reading from engagement in March, participation stood at over $30 billion.

Ethereum Daily Chart for May 16

The following Ethereum news events are worth monitoring:

  • The United States Justice Department has charged two brothers from New York for committing, among others, wire fraud and conspiracy to commit money laundering. This indictment comes after they stole $25 million of ETH in 12 seconds.  
  • ARK 21Shares applicants have made amends to their spot Ethereum ETF filing. The updated filing excludes staking. As expected, the decision to exclude staking raised eyebrows. However, these amends could increase the chances of their filing being approved by the strict United States SEC, surprising everyone.

Ethereum Price Analysis

[[ETH/USD]] is back above $3,000; an encouraging development.

The Ethereum candlestick in the daily chart shows a double-bar bullish reversal pattern, signaling strength.

At the same time, since the expansion from around the $2,800 zone is with rising participation, momentum could spill over to today.

So far, the series of higher highs relative to the lower BB suggests that buyers are positioning for more gains.

Accordingly, traders might align their positions with the emerging trend, targeting $3,300 in the short term.

Any unexpected dump below $2,800 cancels this outlook, allowing sellers to take charge.

Bitcoin Roaring On Soft Inflation Data:  Surges By $4,500 As Bulls Target $70,000

Bitcoin is rising, as seen in the daily chart. After a depressing lull over the past few weeks, yesterday’s events sparked interest, lifted sentiment, and funneled capital back to the world’s most valuable coin. The breakout saw the coin surge by over $4,000, lifting prices above $66,000. This surge is massive for Bitcoin and might set in motion other encouraging events that will lift prices above immediate liquidation lines.

For now, the spike of May 16 has seen Bitcoin gain roughly 7% in the last day and week. At the same time, the uptick in trading volume, rising above $42 billion, is massive. It signals that traders are interested and likely looking for entries to load on dips, aligning with the recent breakout.

Bitcoin daily chart for May 16

The following Bitcoin news events are worth watching:

  • Inflation in the United States is falling. From yesterday’s data, core inflation dropped to a three-year low. Though headline inflation still came in higher, there are hints of a taper, which means the United States Federal Reserve could consider slashing rates in the months ahead.
  • Pro-Bitcoin business intelligence firm MicroStrategy has been added to the MSCI World Index based on its rapidly rising market capitalization. MSTR shares have more than 4X in the past year alone. It comes as fresh data shows that more public firms are also gaining BTC exposure via spot ETFs.

Bitcoin Price Analysis

[[BTC/USD]] is back in green, reading from the candlestick arrangement in the daily chart.

The breakout above $66,000 signals that the recent consolidation was an accumulation.

Since the surge of May 15 was with rising trading volume, traders might search for entries to load on dips, targeting $70,000 and $72,000 in the coming sessions.

This outlook is valid as long as Bitcoin stays above the psychological round number at $60,000. Any flash down cancels this forecast.

Forex Signals Brief May 15: Attention on US CPI and Retail Sales

Yesterday we had the UK employment report which was pretty solid, despite the Unemployment Rate ticking higher to 4.3% in March from 4.2% in February. However, the average earnings index grew by 5.7%, beating expectations of a slowdown to 5.3%, while the Claimant Count Change despite turning positive this time, it came below expectations.

Will we see another hot US CPI inflation report?

Continue reading “Forex Signals Brief May 15: Attention on US CPI and Retail Sales”