Outstanding Stablecoins, Spot Trading Volumes Hit Record 9958

Stablecoins have hit an all-time high with over $4Bn tokens representing the Greenback now on the blockchain. While Tether dominance remains, new stablecoins that came to market recently have made leapfrogs of progress. And trading volumes have already in less than 5 months beat that of last year’s record with 2019 set to dwarf the now infamous bear market in comparison.


This year to date has seen trading volumes with Tether pairs already exceeding a whopping $1.3 Trillion – $200Mn more than all of last year (see chart 3). Despite the transparency concerns of a now diversified reserve, the dominating market stablecoin has not budged traders from using it as it remains to have the most liquidity and options across cryptocurrency exchanges (Diar, 30 April).

While there is a leering concern of wash trading on unregulated and under-regulated exchanges, current volumes at this magnitude could also indicate a growing difficulty in market manipulation, should it be the case.

|| SLOW AND STEADY WINS A BULL MARKET RACE

Last year’s stablecoin newcomers have not been slouches either. Circle/Coinbase backed USDC has seen its outstanding tokenized version of the US Dollar grow by 41% since the start of the year – north of $100Mn. And trading volumes have finally managed to pick up some speed clocking in a whopping 435% increase (see table, chart 1).

|| GROWING IN TANDEM

TrustToken’s USD, one of the few stablecoin options on the market at the start of last year has seen growth, albeit, smaller than USDC. Still, TUSD has recorded $3.8Bn in trading volume for May, a little over $200Mn than their closest rival. Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.

|| BLOCKCHAIN BILLIONS

Major stablecoins now stand north of $4Bn, with more fiat options coming to market, primarily offerings from TrustToken. The company has announced a plethora of new fiat-pegged tokens, but have so far garnered little interest as trading pairs and a forex market does not exist as of yet.

|| BLOCKCHAIN UNUTILIZED

Though numbers impressive, the use case of stablecoins have found little appeal outside of sitting on centralized exchanges. USDC has indeed seen an impressive 540% increase in active addresses on-chain versus the start of the year. And TrustUSD is not very far behind on this metric either. But the absolute maximum addresses using the blockchain have been a mere 5500 at peak on a single day for the two majors outside of Tether.

|| NEW AVENUE PUSH

Last week saw Coinbase make its largest market push yet opening up crypto-to-crypto trading, including USDC, to another 50 countries bringing up the tally to an impressive 103 from 32 just a year ago (Diar, 11 February).

The popular exchange has now invested and built out its own vision of an ‘Open Financial System’ through various avenues from a non-custodial wallet, to supporting major Decentralized Finance (DeFi) companies that have garnered much attention as of late.

And while the experiment still continues as to the long-term stability of these various decentralized applications, the infrastructure is slowly coming together. However, with a focus remaining on distressed economies, the growth and use-case is likely to remain small without developed nations also adopting into the concept.

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Libra Launch Won’t Happen Until Regulators are Happy: Coeure 15440

Libra

Global regulators will not let Facebook launch its Libra currency until all their concerns, ranging from money laundering to financial stability, have been addressed and “a prolonged discussion” may be needed first, the man in charge of their response told Reuters. Facebook announced Libra — a new digital coin backed by four official currencies and available to billions of social network users around the world — a month ago, adding that it was hoping to launch as soon as next year.

Benoit Coeure, the European Central Bank board member who chairs an international working group on Libra, said Facebook’s global reach meant the cryptocurrency had to be safe “from day one” for its users, the financial system and authorities fighting crime.

“You’ve got to be safe, robust and resilient from day one,” Coeure said in an interview on the sidelines of a Group of Seven meeting in Chantilly, France. “It’s not a learning process: either it works or it doesn’t.”

Regulators fear Libra, which in its original design would let users transfer money using a pseudonym, may be used to launder money or finance terrorism. They also want to know what safeguards Facebook and the other 27 members of the Libra Association have in place to ensure they could withstand a run on reserves and that users’ privacy and ownership rights are protected.

This may involve a “prolonged discussion” among regulators on how to change existing national and international rules to cover Libra, Coeure said.

“Down the road we might find that there are gaps or inconsistencies that would require a prolonged discussion by regulators on how to do it differently,” he said.

“Authorities are not going to let any such projects happen before we have answers to our questions and before we have the right regulatory framework.”

Cryptocurrencies are subject to patchy rules across the world, with the technology remaining mostly unregulated. While some smaller countries, from Belarus to Malta, have brought in specific laws, major economies have tended to apply existing financial rules.

Coeure said his G7 working group on stablecoins will work on the matter until the International Monetary Fund’s annual meeting in October, when it will hand it over to the Financial Stability Board of global financial regulators. Facebook said earlier this week it would not proceed with the launch of Libra until regulatory concerns are addressed.

BSV, XTZ, TRX, LTC, ATOM and OKB 14187

BSV

BSV/USD

The Bitcoin SV (BSV) network will complete the Quasar upgrade on July 24, which will increase the default block size hard cap from 128MB to 2GB. After a few months of the upgrade, the cryptocurrency will be able to handle thousands of transactions every second. DRIVE Markets has launched trading in Bitcoin SV. Backed by these positive news, the digital currency has turned out as the top performer among major cryptocurrencies. It has rallied close to 25% in the past seven days. Can it continue its up move or will it witness profit booking at higher levels? Let’s analyze the chart.

BSV/USD

The BSV/USD pair broke below the 61.8% Fibonacci retracement level of the rally this week, but lower levels saw sharp buying that has propelled the price right back up. This is a positive sign as it confirms demand at lower levels. The price can now reach $214.210 and above it $255.620. If the bulls propel the price to a new high, the uptrend will continue.

However, after forming large ranges in the past two weeks, we expect the volatility to cool down and the pair to enter a consolidation for a few weeks. The pair will turn negative if the price turns around from one of the overhead resistances and plummets below $107. Nonetheless, we give it a low probability of occurring.

XTZ/USD

Tezos (XTZ) is the second-best performer of the past seven days, rising close to 20%. Can it build on its momentum and start a new uptrend? Let’s see the chart.

XTZ/USD

The XTZ/USD pair is largely range-bound between $0.33 and $1.85. For the past three weeks, the bulls have managed to defend $0.902128, which is the 61.8% Fibonacci retracement of the recent rally. The bulls have not been able to push the price above $1.295480, which shows profit-booking at higher levels. Both moving averages are flat and the RSI is close to 50, which suggests that the digital currency might consolidate for a few more weeks.

If the pair breaks out of $1.295480, it can rally to $1.85. A breakout of $1.85 will start a new uptrend that has a long-term target objective of $3.37. Therefore, traders can buy on a close (UTC time frame) above $1.295480 and keep a stop loss of $0.80.

Our bullish view will be invalidated if the price reverses direction from $1.295480 and plummets below $0.829651. If that happens, a drop to $0.33 is probable.

TRX/USD

Tron (TRX) CEO Justin Sun tweeted that something big will happen next week along with the Warren Buffet lunch. Sun has invited influential people in the crypto universe to join him for the power lunch with the legendary investor. The crypto community has kept its fingers crossed on the outcome of the meeting.

TRX/USD

The TRX/USD pair had broken down of the channel last week. Though bears broke below the critical support of $0.022 during the week, they could not sustain the price at lower levels. Aggressive buying has propelled the price back into the channel. This is a positive sign.

There is a minor resistance at the downtrend line above which the pair can move up to $0.040. A breakout of this resistance can push the price to $0.050. The traders can wait for the price to scale above the downtrend line before buying. The stop loss can be kept at $0.020 because if this support gives way, a drop to $0.017740 and below it a retest of the yearly low is probable.

LTC/USD

Litecoin (LTC) was recently named as the official cryptocurrency of the Miami Dolphins. This will increase the visibility of the cryptocurrency among NFL fans. With halving just a few days away, can the price resume its uptrend or will it remain range-bound? Let’s find out.

LTC/USD

After failing to break out of the ascending channel a few weeks ago, the LTC/USD pair plummeted below the channel last week. The bears followed it up with a breakdown of the support at $83.65. However, they could not sustain the lower levels and the price has quickly bounced back. This shows strong demand at lower levels.

Currently, the bulls are facing resistance at the channel line. This line, which had previously acted as a support is likely to act as a resistance. Nevertheless, if the price climbs back into the channel, it will be a positive sign. The next level to watch on the upside is $140.3450. Therefore, traders can wait for the price to re-enter the channel and sustain it before buying. The stop loss can be kept at the recent lows of $76.

Our bullish view will be invalidated if the price turns down from the channel and plunges below $76. In such a case, a drop to $58 is probable.

ATOM/USD

Cosmos (ATOM) rallied close to 5% in the past seven days. Is this the start of a new uptrend or is this only a pullback in a downtrend. Let’s study the chart.

ATOM/USD

Due to a short trading history, we are analyzing the daily charts for the ATOM/USD pair. The pair has given up a lot of ground in the recent correction. It is currently attempting to bounce off the $3.6043–$3.4101 support zone.

The pullback is likely to face resistance at the 20-day EMA. The next fall towards the support zone will give us a better idea whether the bottom is in place. If the price breaks below $3.4101 during the next fall, it can retest the lows at $2.9277.

Conversely, if the pair rebounds off the support zone and breaks out of the 20-day EMA, it is likely to reach the 50-day SMA and above it $6.15. Therefore, traders can watch the price action during the next fall and buy on a breakout above 20-day EMA. The stops can be placed below $3.40.

OKB/USD*

OKB is the native token of OKEx, a world-leading cryptocurrency exchange. It is trading well above its listing price. The token offers its users opportunities to set up OKEx partner exchanges, settle trading fees and subscribe to new tokens sale on the OK jumpstart platform.

The total supply of OKB is 1 billion, out of which only 300 million is in circulation and the rest has been locked up until 2022. The long-term hodlers of the token will benefit from the OKB Buy-Back & Burn Program, which will be run every 3 months. Currently, the token is operating on the ERC-20 protocol but will soon migrate to the OKChain mainnet – being developed by OKEx — which is in its final stages of testing.

In its evaluation report, Shinobi Capital, an established blockchain and cryptocurrency advisory firm, expects OKB to benefit from the development of OKChain mainnet and better market conditions for cryptocurrencies. They expect OKB to hit a market capitalization of about $7.068 billion by 2020.

OKB has been listed on Bitfinex and is attempting to partner with other exchanges to further expand the ecosystem. At press time, the token is ranked 1,878 on CoinMarketCap with a 24-hour volume of $142,547,972. So, is this a good opportunity to scoop OKB before prices shoot up? Let’s look at the technical picture.

OKB/USD

The OKB/USD pair hit a high of $6.68 on May 18, 2018, and from there, it lost a lot of ground during the crushing bear market and fell to a low of $0.5718 on January 13, 2019. However, it participated in the recovery and rose to a high of $2.5566 on April 3. That is a 347% gain within three months.

Thereafter, the pullback found support at the 61.8% Fibonacci retracement level of the up-move. It consolidated between $1.30 and $1.829 for a few days before breaking out. It again got stuck in the $1.55–$2.09 range for a few days.

Currently, the price has broken out of the range and is likely to move up to $2.5566, which will act as a stiff resistance. If this level is scaled, the price can move up to $4 and above it to $5.40. Both moving averages are gradually sloping up, which suggests that bulls have the upper hand.

However, if bears defend $2.5566, the digital currency might remain range-bound between $2.09 and $2.5566 for a few days. It will lose momentum on a break below the 50-day SMA and will turn negative on a breakdown of $1.2616.

*Disclaimer: OKB is a featured cryptocurrency from one of Cointelegraph’s sponsors, and its inclusion did not affect this price analysis.

The market data is provided by the HitBTC exchange. 

Coinbase Launch Trading Signals 14865

Trading Signals

Trading signals are up-to-date, trusted, exclusive data only available on Coinbase.com and are meant to help our customers independently create and manage their own crypto strategy. Our goal is to provide accurate, objective measurements of cryptocurrency usage based on the aggregated and anonymized activity of millions of Coinbase customers. These insights are only available to customers signed in to Coinbase — and they are the first of their kind in crypto.

These new signals, which are in addition to the typical market data we already provide, will power a deeper understanding and comparison of cryptocurrencies and their communities so Coinbase customers can think beyond price when building their crypto portfolio.

Trading signal: Top holder activity

What it is: The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours. This is updated approximately every 2 hours.

Why it’s important: While we can’t predict what crypto prices will do, we can tell you how the largest holders have recently traded with the top holder activity signal.

Trading signals: Typical hold time & Popularity on Coinbase

What they are: The typical hold time signal is the median number of days an asset stays in a Coinbase customer’s account or vault before it’s sold or sent to another address or wallet. The popularity on Coinbase signal is a ranking (out of all tradable assets) of how many customers hold a particular cryptocurrency. These signals are updated approximately every 24 hours.

Why they’re important: For those customers who want to better understand what the average Coinbase customer does, we’re providing data on hold times and popularity. Keep in mind that Coinbase has a wide diversity of customers, with a variety of factors driving their asset hold times and which assets they find interesting.

Trading signal: Price correlation

What it is: The price correlation signal measures how cryptocurrency prices have moved in relation to each other. This is updated approximately every 24 hours.

High positive correlation means those assets’ prices have tended to move in the same direction. High negative correlation means those assets’ prices have tended to move in the opposite direction. Low or no correlation (around 0%) means the assets’ prices haven’t tended to be related.

Why it’s important: Price correlations can help you assess the historical diversity of your portfolio and assess potential risk exposure. For example, if you want to increase your exposure to potential BTC-related price movements, you could buy cryptocurrencies that are highly correlated to BTC. And if you wanted to hedge your bets against BTC-related price movements, you could buy crypto with a high negative correlation. Further, you could make uncorrelated bets with a crypto that has no relationship with BTC.

Keep in mind that regardless of the data, price correlations are historical and not predictive of future correlations.

When considering these trading signals and other market data provided by Coinbase, please keep in mind that they are not and should not be considered investment advice, which Coinbase does not provide. Always make your own independent assessment of whether any particular investment or investment strategy is right for you, your risk tolerance, and financial means, before entering into a transaction. When in doubt, consult with a financial professional.

We think trading signals, backed by verified transactional data, are an important step to raising the level of trust in the cryptoeconomy. Coinbase customers can now use these signals to suit their needs.

Cadence Launches Its Digital Securitization and Investment Platform for Private Credit 12053

Cadence

Cadence has launched its investment platform for private credit, leveraging its proprietary digital securitization technology to make these alternative investments available and accessible for its institutional and accredited investors.

Since 2000, private credit has been the fastest growing asset class in private capital markets, achieving a compound annual growth rate of just under 20%. According to The Alternative Investment Management Association (AIMA), by 2020, total global assets under management in private credit is forecast to surpass $1 trillion, with over $414 billion sitting on the sidelines in cash. These figures demonstrate both the remarkable growth of private credit markets and the challenges the industry has faced in meeting investor demand.

Sourcing opportunities to deploy this capital continues to present a tremendous challenge for the buyside community. With 40% of all sourcing coming exclusively from direct relationships, platforms like Cadence help to create a more transparent and efficient capital market that can scale.

As stated by Cadence’s Founder and CEO, Nelson Chu, “The securitization market for private credit has been in desperate need of innovation, especially when it impacts so much of our economy today. Think about the granola bar company that just got their first big purchase order from Whole Foods that they can’t fulfill or the mobile app developer that needs to make payroll while Apple takes 45 days to pay out their earnings from the App Store. Cadence is doing its part to help power the growth of small to medium sized enterprises by providing them market-driven cost efficiencies.”

To date, they’ve issued 10 different securitizations all with varying durations under 9 months during their private beta. The company launched the first-of-its-kind tokenized debt security and also was the first to list their digitized assets on The Bloomberg Terminal.

Cadence closed a fundraising round of $2 million earlier this year led by Recharge Capital, whose portfolio companies include Cadre, Care/Of, dv01, RigUp, and Uala. Institutional investors included Fantail Ventures, Argo Ventures, the venture arm of Argo Group, Coinbase Ventures, and INBlockchain. Strategic angel investors included current and former senior executives from several of the leading banks and asset managers.

Facebook Official Responds to Maxine Waters on Cryptocurrency Project 11367

Facebook Libra

David Marcus, the head of Facebook’s new cryptocurrency project, Libra, assured Rep. Maxine Waters (D-Calif.) that the company is “taking the time to do this right” after a group of Democratic lawmakers, including Waters, called for Facebook to halt its plans.

In a letter to Waters and other top members of the House Financial Services Committee, Marcus defended Libra’s mission and vowed to answer policymakers’ “important questions,” according to a copy of the letter obtained by The Hill on Tuesday ahead of planned hearings on the issue.

“I want to give you my personal assurance that we are committed to taking the time to do this right,” Marcus wrote.

The letter, dated July 3, is addressed to the group of Democratic lawmakers who last week called for a moratorium on Facebook’s Libra project. The House Financial Services Committee members, including Democratic Reps. Carolyn Maloney (N.Y.), Wm. Lacy Clay (Mo.), Al Green (Texas) and Stephen Lynch (Mass.) as well as Waters, panned Facebook’s history of privacy scandals and the potential for its new cryptocurrency to attract hackers.

Their letter called for Facebook to “cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” saying a failure to do so “risks a new Swiss-based financial system that is too big to fail.”

In response to the group of critics, Marcus wrote, “We understand that big ideas take time, that policymakers and others are raising important questions, and that we can’t do this alone.”

“We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received,” he wrote.

Capitol Hill has responded to Facebook’s new cryptocurrency project with widespread skepticism and sharp pushback as lawmakers have said they are wary of the embattled company with billions of users launching its own currency.

A coalition of consumer groups quickly backed the calls for a moratorium, claiming the U.S. regulatory system is not prepared to take on such an expansive cryptocurrency project.

Waters, the chairwoman of the House Financial Services Committee, has offered some of the most scathing feedback.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” Waters said in the statement, hitting Facebook over its alleged violation of consumer protection laws and ongoing data privacy controversies.

In the letter, Marcus noted that the Libra Association — the Switzerland-based nonprofit that will operate the cryptocurrency — released its plans early in order to field questions and concerns from policymakers. Facebook says it will only be one member of the Libra Association, meaning the company will not retain singular control over the digital currency.

Libra is backed by dozens of powerful businesses, including Mastercard and Uber, and is slated to launch next year. Libra has branded itself as an effort to aid the “unbanked,” the estimated 1.7 billion people who do not have access to traditional banking.

BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA 12124

Price

BTC/USD

Bitcoin (BTC) has rebounded off the 20-day EMA and the bulls are currently attempting to scale above the $12,000–$12,500 resistance zone. A breakout of this zone can retest the recent highs of $13,973.50. We anticipate stiff resistance at this level but if the momentum can break through it, short sellers will be forced to throw in the towel, which can propel the price to $16,249.42. Above this, a retest of the lifetime highs will be in the cards.

Both moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls still hold the advantage in the short term.

BTC/USD

However, if bears defend the overhead resistance zone, the BTC/USD pair might again dip back to 20-day EMA. A break of this support can drag the price to the 50-day SMA. We anticipate this support to hold and it can act as a good entry point for the traders.

We suggest traders wait for the price to rebound off the supports before buying, because if 50-day SMA fails to hold, traders will be forced to liquidate their long positions. Nonetheless, with the bear market having ended, traders should view dips as a buying opportunity.

ETH/USD

Ether (ETH) has bounced back above the 20-day EMA, which is a positive sign. We like the way bulls have managed to keep the price above the 50-day SMA during this pullback. It shows that buyers are not waiting for a deeper correction to enter long positions.

ETH/USD

The bulls might face resistance at $320.840 and above it at $366. However, if the price breaks out and closes (UTC time frame) above $320.840, we suggest traders buy 40% of the desired position size. A stop loss for the trade can be kept at $270. Remaining positions can be added on a breakout above $366.

We are recommending long positions on a breakout above $320.840 because the ETH/USD pair will complete a rounding bottom pattern that has a target objective of $557.43. There is stiff resistance close to $500, hence, we will keep it as our initial target. Our bullish view will be invalidated if the pair reverses direction from the overhead resistance and slumps below $270.

XRP/USD

Ripple (XRP) has held the first support of $0.37835. However, the subsequent bounce off the support could not break out of 20-day EMA on July 6. This shows selling at higher levels. The moving averages have completed a bearish crossover and the RSI is in the negative zone. This suggests that bears have the upper hand.

XRP/USD

Currently, bulls are again attempting to push the price above the moving averages. If successful, the XRP/USD pair can move up to $0.45. However, if the bulls fail to propel the price above the moving averages, bears will try to sink the pair below $0.37835. If this support gives way, the next support is $0.35660. As the cryptocurrency has not participated in the recent recovery, we will wait for it to pick up momentum before suggesting a trade in it.

LTC/USD

Litecoin (LTC) has been trading in a tight range for the past three days. The bulls are attempting to keep the price above the 50-day SMA. If this support breaks down, the pullback can extend to $111.8994. This is a critical support, below which, the fall can extend to the support line of the ascending channel.

LTC/USD

Both the moving averages are flattening out and the RSI is just below 50, which suggests a consolidation in the short term. We will wait for the price to bounce strongly either from $111.8994 or from the support line of the channel before recommending a trade.

Contrary to our assumption, if the bulls ascend the moving averages, a rally to $140.3450 is likely. The LTC/USD pair will pick up momentum on a breakout and close above $146.

BCH/USD

Though Bitcoin cash (BCH) has traded below the 20-day EMA for the past seven days, bears have not been able to take advantage of the weakness and sink the price to the support line of the channel. This shows a lack of sellers at lower levels.

BCH/USD

We now expect bulls to attempt to push the price above the moving averages. If successful, a move to $448 and above it to $515 is possible. Hence, short-term traders can buy on a close (UTC time frame) above $423 and keep the stop loss at $375, which is below the recent lows. A breakdown below $375 will invalidate our bullish view, as it can result in a drop to $280.

EOS/USD

Though bulls have held the support at $5.550, they have failed to propel EOS above 20-day EMA and into the channel. If the cryptocurrency re-enters the channel, it will be a bullish sign. We might suggest long positions if the price sustains inside the channel for a couple of days. The bulls might face resistance at the downtrend line, but once it is scaled, it can move to $7.6435 and above it to $8.60.

EOS/USD

Conversely, if the price reverses direction from the current levels or from the 20-day EMA and breaks below $5.550, it can correct to $4.4930. With the 20-day EMA sloping down and RSI in the negative zone, the path of least resistance is to the downside.

BNB/USD

After staying below the 20-day EMA for the past seven days, Binance Coin (BNB) is attempting to rise above it. If bulls can sustain the price above $34.50, it is likely to move up to $40 once again. A breakout and close (UTC time frame) above $40 will resume the uptrend.

BNB/USD

Conversely, if bulls fail to sustain the price above $34.50, bears will again try to sink it to $28.7168. The zone between the uptrend line and $28.7168 is likely to offer strong support. Hence, we might suggest long positions closer to the uptrend line because the long-term trend remains bullish. Our positive view will be negated if the BNB/USD pair breaks down and sustains below the uptrend line. If that happens, the slide can extend to $18.

BSV/USD

Bitcoin SV (BSV) has been struggling to move above 20-day EMA for the past five days, which is a negative sign. It shows a lack of demand at higher levels. The 20-day EMA is sloping down marginally and the RSI is just below 50, which suggests rangе-bound action in the short term.

BSV/USD

The support of the range is at $172.910 while resistance is at $226 and above it at $255.620. After such a sharp move, a consolidation is a positive sign. If the consolidation resolves to the upside, the BSV/USD pair will pick up momentum and resume its uptrend. On the other hand, if bears sink the price below $172.910, a fall to $134.360 is possible. We are currently neutral on the pair.

TRX/USD

We have been waiting to buy Tron (TRX) close to the trendline of the ascending channel as it reduces the risk. However, on July 7, the bulls propelled the price higher, breaking out of both the moving averages. The price is facing a stiff resistance close to $0.036. If this level is scaled, the next level to watch on the upside is $0.040.

TRX/USD

However, if bulls fail to push the TRX/USD pair above $0.036, a fall to $0.030 is likely. If this support also cracks, the decline can extend to the support line of the channel. Both moving averages are flattening out and the RSI is close to the midpoint. This points to a consolidation in the near term. We do not find any buy setups at the current levels.

ADA/USD

Cardano (ADA) is range-bound between $0.073 and $0.10. The bulls have held the first support at $0.077 and are attempting a pullback. If the price breaks out of the moving averages, it can move up to $0.10, which is a critical resistance. The cryptocurrency will pick up momentum on a breakout and close above $0.10.

ADA/USD

On the other hand, if the ADA/USD pair turns down from the 20-day EMA, bears will again try to break below the $0.077–$0.073 support zone. If this zone cracks, the next support on the downside is at $0.060. However, if the support zone holds, the bulls will attempt to scale above the moving averages. We will watch the next dip towards $0.077 and then suggest long positions.

Market data is provided by the HitBTC exchange.