DAILY CRYPTOCURRENCY NEWS

Chinese Securities Journal Warns About Crypto Assets

Chinese Securities Journal’s Financial Stability report has shown that investors should be more careful in trading crypto assets since it has no legal protection due to its distributed structure, it is highly volatile and tracking the blockchain technology funds activities is difficult.

Stellar Prepares to Vote on Protocol 17

Stellar (XLM) will vote on the Protocol 17 update on June 1. This upgrade will allow an asset clawback feature which means that you can withdraw your asset if your project is manipulated or your funds are sent to the wrong addresses or fall into the wrong hands. This upgrade could increase investors' confidence in Stellar.

BTC and ETH Transaction Fees Decrease

While the Bitcoin transaction fees have decreased approximately 81% since the mid-April, Ethereum average transaction cost has fallen 71% between Wednesday and Sunday.

Tether Starts Using Avalanche

Tether’s CTO Paolo Ardonio has announced that Tether will go live on the Avalanche blockchain. Ardonio has also mentioned the low transaction fees and high scalable blockchain vision of Avalanche.

Bank of America Will Use Blockchain

Bank of America has joined into the network created by Paxos Trust Co., a blockchain-focused finance company, to be able to make stock certificate transactions in minutes instead of days.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 359160.51 TRY

Bitcoin is trading above the $45,000 level this morning, rising close to 5%. Having struggled to break this level yesterday, Bitcoin met the European opening above the morning resistance. While there was an inflow of $1.4 billion in BTC in the stock exchanges, there were increasing volume and continuous funding rates in futures and derivatives. For this reason, we can say that BTC has confirmed the $42,000 bottom or nearly bottom return. The miner approval rate required for the Taproot update reached 95%. However, BTC dominance fell below 40%, losing some power in dominant pricing. Confidence indices also seem to be "oversold" and will confirm the return.

When we consider the BTC/USDT technically, the double bottom formation that occurs in a 4-hour period can start if the $45,850 level is broken, and as a target, the gap level in the forward BTC may come to the level of $48,370. In the 4-hour period, the MACD and momentum have surpassed the negative momentum and started to give buy signals. Thus, the importance of support-resistance purchases rather than price increased again.

RESISTANCES 47.450 / 49.674 / 52.348
SUPPORTS 42.552 / 39.878 / 37.654

BITCOIN [BTC] 359160.51 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24591.25 TRY

Ethereum is rising around 8% this morning. ETH, which fell below the $3,200 level once again yesterday evening, is doing well compared to BTC. Even in the price declines of ETH, the amount of ETH removed from the stock markets was $1.2 billion. ETH 2.0 staking continues record after record. After the Berlin fork, Ethereum network fees also dropped drastically. Therefore, while the dominance of Bitcoin will decrease, BTC and ETH movements will also begin to diverge. When evaluated at this scale, positive decomposition of ETH can be expected.

When we consider ETH/USDT technically, it was retested after completing the OBO formation and touching on the upward channel that has existed since March 2020, and the $3,100 levels were confirmed as bottom. In order for the uptrend to continue, the $3,600 level, that is, the OBO neckline, must be broken upwards. The outlook is positive and upward.

RESISTANCES 3698 / 3863 / 4150
SUPPORTS 2795 / 2959 / 3247

ETHEREUM [ETH] 24591.25 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 317.52 TRY

AVAX, which we see that it rises by 11% in the morning hours, is priced at $37 levels. Tether firm announced yesterday that it will start using Avalanche infrastructure. With the effect of the general recovery we started to see in the market and the announcement of Tether-Avalanche, we see that AVAX recovered faster. We still maintain our view that AVAX is discounted.

When we consider the AVAX/USDT parity technically, the price, which is around $37, continues its movement in the rising channel, AVAX continues its movement from the channel lower band to the mid-band today, after moving in the lower channel of the channel yesterday. We see that AVAX price continues its upward movement by breaking the resistance in the $35 band, which corresponds to the 38.20% slice of the Fibonacci retracement level. If it makes its daily close above the $35 level, which corresponds to the 38.20% slice of the Fibonacci retracement level, we expect the price to move towards the descending trend line first. It will be critical for it to break the $39-40 band upwards. If the price moves down, we expect the $35 level, which corresponds to the Fibo'38.20 retracement level, to be the support level.

RESISTANCES 39,26 / 41,56 / 45,18
SUPPORTS 27,42 / 29,72 / 33,34

AVALANCHE [AVAX] 317.52 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.78 TRY

Ripple is priced around $1.53 with XRP, which we saw to rise by 2% in the morning. In the case between the SEC and Ripple, James K. Filan, one of Ripple's attorneys, made statements on Twitter last night. K. Filan stated that SEC is antagonistic toward XRP holders and has no intention of protecting them or advancing XRP holders' interest and that the SEC is horribly misguided and needs to end this travesty. In the course of the case, we see a wind blowing in favor of Ripple, and we see that the statements made by Ripple lawyer James K. Filan, who took this wind behind him, before the teleconference to be held on May 21, were positively reflected in the pricing, but there was no major reaction movement to the news.

When we consider the XRP/USDT parity technically, XRP is priced at $1.53, which continues to move in its rising trend since April 4. We see that the Fibonnaci retracement level opens daily above the $1.48 level, which corresponds to the 50.0% slice, and the price moves towards the $1.55 level, which is the Fibo'61.80 retracement level. If the daily close is above the $1.55-1.57 band, XRP is expected to move towards the $1.64 levels. If it closes daily below this band, we would expect support at $1.48, which corresponds to the Fibo'50.00 retracement level. We maintain our positive view for the XRP/USDT parity, in which we see that the 7-day DEMA breaks the 14-day DEMA upward.

 

RESISTANCES 1,6120 / 1,6970 / 1,8300
SUPPORTS 1,1760 / 1,2610 / 1,3940

RIPPLE [XRP] 8.78 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 987.90 TRY

LTC is pricing at $305 levels this morning, up nearly 8%. LTC, affected by the withdrawals caused by the negative news in the market, seems to experience a faster recovery than the general market. When we look at the amount of LTC held by Grayscale, 3,594 LTC purchases have been made in the last 24 hours, and there are a total of 1.51 million LTC, approximately $437 million. With the Grayscale premium at 1168%, LTC's fund performance is read as better than the spot performance, and we think this will make LTC attractive to Grayscale's existing and potential institutional investors.

When we consider the LTC/USDT parity in a technical sense, LTC, which continues its price movements within the channel it has created since November 2020, started a correction movement towards the lower band of the channel with the reactions it received from Fibo'141.4 on May 10. With the reaction from the $263 level, which corresponds to the Fibo'50 level, it held the Fibo'61.8 level in the daily period. If the momentum, which is turning its direction up on a daily basis, can break the down trend in the coming days, we think the upward movement may accelerate. In addition, the MACD sell signal that arrived on May 13 in the daily period seems to have lost its strength. The range of $360-370, which corresponds to the channel mid-band as a first target, can be considered as resistance. In case of withdrawals, the $260 level corresponding to the channel sub-band can be considered as a buying opportunity. 

RESISTANCES 320 / 337 / 367
SUPPORTS 228 / 245 / 274

LITECOIN [LTC] 987.90 TRY +7.00 +0.03 VOL 21 LTC

LINK is pricing at around $40 this morning, gaining about 7% in value. When we look at the chain data, we see that the number of new addresses and active addresses have started to recover on a daily basis. 14,326 new LINK purchases have been made by Grayscale in the last 24 hours, and the total number of LINK held has reached approximately 18,700. Considering the high amount of stablecoins transferred to the exchanges, we think that the recovery process has begun for LINK and the direction is positive. We consider the LINK and Ether Algorithm PoS coins that we suggested in our Crypto Zoom program yesterday.

When we consider the LINK/USDT parity technically, we see that it has been priced within the major channel it has created since December 2020. Starting the correction movement with the sales reactions it received from the upper band of the major channel, LINK has created a minor channel that falls in a 4-hour period. We see that the price movement continues towards the mid-band of the falling channel with the reactions it receives from the lower band of the falling channel in the 4-hour period and from the lower band of Bollinger. Priced above the Fibo'61.8 level, LINK broke its downward trend in momentum in the 4-hour period, and again in the 4-hour period, we see the MACD heading up to give a buy signal. The first resistance level for LINK, which we think will gain momentum in its upward movement with the break of the trend in the MACD, can be considered as the $43 level, which corresponds to the mid-band of the major channel. In possible withdrawals, the lower band of the major channel and the $34-35 levels, which corresponds to the Bollinger lower band, can be considered as support and reaction places. 

RESISTANCES 41,76 / 43,62 / 46,81
SUPPORTS 31,66 / 33,52 / 36,71

BASIC ATTENTION TOKEN [BAT] 5.62 TRY

Basic Attention Token, which we saw that it rose by 7% in the morning hours, is trading at $1.13. When we consider the BAT/USDT parity technically, we see that the price cannot provide a permanent price movement below the $1.00-1.03 band, which corresponds to the Fibo'23.60 correction level, and this band is a support for BAT. We see that this band ended an OBO that was not confirmed yesterday by providing permanence on it. As long as it does not close daily below the $1.00-1.03 band, we expect BAT to continue its upward price movement. In case of continuation of the upward movement, the first resistance point is $1.15, which corresponds to the 38.20% slice of the Fibonacci retracement level. It will be critical that the band is broken and the downward trend that has been going on since the beginning of May will break upwards and provide permanence. If the price goes above these levels, the upward price movement can be accelerated.

RESISTANCES 1,1621 / 1,2000 / 1,2710
SUPPORTS 0,9443 / 0,9822 / 1,0532

BASIC ATTENTION TOKEN [BAT] 5.62 TRY +7.00 +0.03 VOL 21 BAT

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