![]() ![]() ![]() Its native token WLD gained some 38% until press time as major exchanges enabled trading with the asset. Worldcoin, the crypto project of Sam Altman, founder of ChatGPT-developer OpenAI, went live Monday with its mainnet launch. Elon Musk-owned social media platform Twitter started to rebrand Monday to X, part of Musk's artificial intelligence (AI) firm X.AI, while Musk added DOGE to his bio, prompting speculation about the token's role in the platform's future. Popular dog-themed memecoin dogecoin ( DOGE) defied the struggles of the broader cryptocurrency market, jumping as much as 5% before paring some of the gains, CoinDesk reported. SOL plummeted 6.8% over the last 24 hours, while XRP declined 6.2%.Įther ( ETH), the second largest crypto asset by market capitalization, fell 2.1% over the same period and traded at around $1,840. Major alternative cryptocurrencies - altcoins - also dropped through the day, with Ripple's XRP and Solana's SOL leading the fall. Then, BTC recovered and changed hands at around $29,100. The top cryptocurrency by market value fell more than 2.5% to around $29,000 between 9:30 UTC and 10:00 UTC shortly after the Wall Street Journal published its report, and dipped to as low as $28,872 later during the day, CoinDesk data show. The international payments token is then likely to attempt again to break above the 50-day SMA currently at $0.78.Bitcoin ( BTC) briefly dipped below $29,000 Monday for the first time in more than a month after the Wall Street Journal said Binance CEO Changpeng "CZ" Zhao suggested in a private conversation that the crypto exchange's affiliates had conducted wash trading several years ago, and China's policymakers warned of a tortuous economic recovery while falling short of announcing large-scale stimulus. XRP/USD Daily Chart TradingView Chart: XRP/USDĪlternatively, if XRP turns up and rises back above $0.69, it would mean that the buyers have bought at lower levels. That would increase the possibility of a drop towards the $0.50 psychological level. If the price rebounds off this level but does not rise back above $0.69, it would suggest that this level has flipped into resistance. If the bears manage to sustain the price below $0.69, the cross-border remittances token could drop to the immediate support at $0.60. The 50-day SMA at $0.78 had begun facing down and the RSI is near the oversold territory, indicating that the bears are in control. XRP broke below the strong support at $0.69 on April 25, implying that the range-bound action has resolved in favor of the downside. A drop further could take the third-largest crypto towards the $320 support floor. A daily candlestick close below the SMAs would pull BNB to the strong support at $350. However, the Relative Strength Index (RSI) was in the negative region and the ongoing correction suggested that traders were selling on Monday’s rally. Higher ambitions would see the price rise towards the $500 psychological level.īNB/USD Daily Chart TradingView Chart: BNB/USD The bulls will now attempt to push Binance coin’s price above the SMAs to tag the overhead resistance level around $445. At the time of writing, the exchange coin was trading at $403. ![]() This pushed the price higher before it was rejected by the 100-day Simple Moving Average (SMA), which sat at $404. Binance Coin Price AnalysisīNB broke below the immediate support at $390 on Monday, but the long tail on the day’s candlestick indicated that bulls were buying at lower levels. ![]() As a result, Monday’s attempts at recovery could attract buying at higher levels, leading to further declines. However, crypto enthusiasts appeared buoyed by the latest development that Elon Musk was finally acquiring Twitter for $44 billion.Īs such, traders have shifted their attention from risky assets to focus on long-term bullish projections while ignoring short-term vulnerabilities. dollar index (DXY), which has always been inversely related to the crypto market, favors sellers. XRP’s upside depended on flipping the 50-day SMA at $0.78 back to support.īinance Coin (BNB) was trading above $400, while XRP remained below $0.70 with bears determined to flip this level into resistance.BNB was required to hold on to $400 to avoid slipping further down.BNB and XRP were attempting a recovery, but the most likely outcome of this could be strong selling at higher levels. ![]()
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