DAILY CRYPTOCURRENCY NEWS

Algorand and pNetwork Officially Partner Up

PNetwork has formally established a collaboration with Algorand. Algorand and pNetwork collaboration will expand the Algorand ecosystem and enable the interoperability with other blockchain environments

VanEck's Bitcoin ETF Decision Was Postponed to June

Stating that VanEck's application for Bitcoin ETF requires a longer review, the U.S. Securities and Exchange Commission has postponed its final ETF decision to June 17, 2021.

JP Morgan: Ethereum Will Surpass Bitcoin in the Long-Term

JP Morgan has made comments on Ethereum and stated that Ethereum would show a better performance in the following period and surpass BTC in the long term.

Germany Will Support Institutional Crypto Funds

With a new law to enter into force as of July 1, Germany will allow nearly four thousand existing institutional investment funds to invest in crypto assets. Experts have stated that they think crypto assets should be legitimized.

XRP Whales Continues Purchasing

The XRP supply distribution chart shows that the purchasing pressure based on market cap has increased rapidly in the last five days. Analytics platform Santiment highlights the significant increase in the XRP amount in whale accounts.

Cryptocurrency Addiction in Young Koreans

The article published in one of the leading newspapers of South Korea Chosun Ilbo discusses the Bitcoin tracking obsession and the impacts of Bitcoin pricing on the young Korean citizens. It says this obsession should be considered as an addiction and handled immediately.

Wyoming University Will Earn Crypto Income

The University of Wyoming is allocating $4 million for the staking program in cryptocurrencies, as seen in an allowance bill signed by the governor this month. The obtained staking income will go to the financing of the university's capital expenditures.

 

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 354257.78 TRY

Markets did not reveal any new situation from the FOMC's interest rate decision text and President Powell's speeches, and Bitcoin fell to the 53,000 band with the SEC news after receiving the information that it would stick to the March projection. Responding to ETF applications, which came to the fore in the first week of May, was postponed to the end of June. While this has raised concerns whether the SEC under the Gensler Presidency will not approve the ETF, the market loves the new President. Bitcoin is floating around $54,400 this morning. However, while the amount of BTC in wallets and miner pools continues to increase, there are still signals that the bullish market is continuing. BTC seems to continue to discount in the Bitcoin-Ethereum range, only due to the decline of dominance. While the whales continued to accumulate BTC, they reached 14% of the supply.

When we consider BTC/USD technically, the price that made a "throwback" in the previous declining trend, became a support point with the break of the resistance level corresponding to the Fibo'38.2 slice at $53,920. With the recent horizontal break of $54,400, an attack may develop towards the level of $56,000, which is above the horizontal channel. The outlook is positive and the main trend is bullish.

RESISTANCES 56.048 / 58.147 / 59.493
SUPPORTS 52.603 / 51.257 / 49.158

BITCOIN [BTC] 354257.78 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24666.85 TRY

Ethereum is holding its course this morning with a sideways change near record levels in the $2,730 zone. JPMorgan has reported that ETH will outperform BTC this year. As the ICRYPEX Research Unit, we stated at the beginning of January that our ETH target would be $6,000 in a 1.5-year period, and we can state that we are maintaining our target without any revisions. ETH hides good potential for the ERC20 network, which will go through updates and improvements especially in the summer months. We stated yesterday that the European Investment Bank will also issue digital bonds in Ethereum, but today we want to state and underline that it is an event of high importance.

When we consider ETH/USD technically, the bullish channel continues its movements. While we have lower support of $2,650 in the narrow band, a new record could be reached at $2,800 in the upwards. Our top reaction zone will be this point. Therefore, we can see short-term movements within the $150 band while it stays above $2,650.

 

RESISTANCES 2799 / 2879 / 3000
SUPPORTS 2398 / 2478 / 2599

ETHEREUM [ETH] 24666.85 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 320.19 TRY

Although AVAX has declined by 2% against the dollar this morning and priced around $27.70, the parity we examined in the 3-hour period has turned the candle opening into a positive direction. A break is expected for the flag formation in the parity, which is under pressure just below the $27.80 resistance. With candlestick closings above $28.00, the formation target points around $35.00 for the breakout to be confirmed. The growth target of over 20% for the pattern in question also needs market optimism led by Bitcoin and Ethereum. The first resistance for the parity is $30.20 in the Fibo'50 slice, and if the purchase volume prevails in this zone, AVAX can make price movements stronger.

RESISTANCES 29,03 / 30,65 / 32,25
SUPPORTS 22,59 / 24,21 / 25,81

AVALANCHE [AVAX] 320.19 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.30 TRY

Ripple is pricing around $1.39 this morning, up 3%. One day is left for the interim hearing for the Ripple-SEC case, which is closely followed by the crypto money market, and it is possible that the developments will increase in Ripple optimism. Along with the possibility of macro-based hard movement, chain data also draws attention to the increase in whale accounts.

When the XRP/USD parity is examined on a technical basis, the horizontal course for a few days evolved into a positive direction with the breaking of the mid-band of Bollinger at $1.36 hours, while the Fibo'50 slice is around $1.41. Oscillators are giving a positive signal on the hourly chart for pricing where buyers may strengthen at $1.41 and above. The outlook is positive, the movement in prices may be in question with whale calculations.

 

RESISTANCES 1,4321 / 1,4836 / 1,5583
SUPPORTS 1,1797 / 1,2312 / 1,3059

RIPPLE [XRP] 8.30 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 977.04 TRY

Litecoin is pricing around $255 with a 1.5% price drop this morning. The major crypto unit, which continues to give positive signals in chain data, faces 322 purchases in the 24-hour Grayscale fund and 1165 purchases in weekly changes. The decreasing Grayscale premiums are more sellers than buyers in Grayscale funds, which shows that the expectations are positive at the end of the day rather than the purchase amount.

Considering the LTC/USD parity technically, the $248 and $263 range is the place where buyers and sellers are the most concentrated in the parity, this situation causes the parity to consolidate in the zone within the said boundaries. Stimulating the buying appetite across the market can lead to sharp rises again for the parity that has left the consolidation phase behind, but technically closes above $263 and a breakout of $271, which is the Fibo'50 slice, are required. The main support is observed at $248, while the intermediate support is above $255. The view is horizontal, in search of reaction.

 

RESISTANCES 261 / 268 / 275
SUPPORTS 235 / 241 / 248

LITECOIN [LTC] 977.04 TRY +7.00 +0.03 VOL 21 LTC

Chainlink is priced around $35.70, with a 1.5% retracement this morning. ETH token, which maintains its intense interest in the DeFi sector and stands out with its dynamic NFT projects, follows Ethereum 13 points behind on the basis of the return difference. This shows that it has not yet taken a share from the increasing ETH dominance. For this reason, it seems open to new investments on the basis of cheapness.

Although the LINK/USD parity is technically considered, the indicators give positive signals for the parity, which has not yet eliminated the downtrend, in order to increase gains, candlestick closings should come above the level of $37.00, where both the trend breakout zone and the 50% segment of Fibonacci are the most determinant zone. Thus, we get approval from the revenue difference analysis for the parity, which can reach a distance of 11% with the double bottom target. Unless below the $35.40 support, the outlook is positive for the short term.

RESISTANCES 36,49 / 37,51 / 38,32
SUPPORTS 32,82 / 33,84 / 34,65

BASIC ATTENTION TOKEN [BAT] 5.52 TRY

The Basic Attention Token is floating close to the horizontal this morning, with pricing around $1.20. For the parity, which stretched beyond the $ 1.15 neckline to the double bottom target, the gains returned to the neckline with pressure around $ 1.25.Even though the outlook is horizontal and unstable in the chart that we examine in the 3 hours period, the breakdown of the $1.25 resistance, which is the Fibo'50 slice, can trigger the prices upwards. While the double bottom formation continues, its target is in the $1.37 zone. The course is positive in the direction of the minor uptrend.

RESISTANCES 1,2302 / 1,2700 / 1,3117
SUPPORTS 1,0672 / 1,1070 / 1,1487

BASIC ATTENTION TOKEN [BAT] 5.52 TRY +7.00 +0.03 VOL 21 BAT

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