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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 22
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.
Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year’s end.
The reason for the rise can be attributed to various positive developments in the crypto field and also to the ongoing trade war between the top two economies of the world, China and the United States.
The current recovery from the lows was backed by stronginstitutional flows, as indicated by the record volumes on the Bitcoin derivatives exchanges.
Even with all the controversy surrounding it, Tether continues to be the leader with trading volumes in 2019 already exceeding that of the entirety of 2018.
Early backers of EOS are likely to make huge returns on their initial investments if they sell out in the buyback offer announced by Block.one.
The seed round in 2017 had valued the company at $40 million, while the buyback offer values the company at $2.3 billion.
The bulls are finding it difficult to breakout of the overhead resistance at $8,496.53, but on the downside, the bulls are buying the dips to the 20-day EMA.
Contrary to our assumption, if the pair breaks out and closes (UTC time frame) above the overhead resistance, a rally to $10,000 will be in the cards.
On the downside, a break below the 20-day EMA and $6,933.90 support zone can plunge the pair to $5,900.
The bears have not been able to close (UTC time frame) below the 50-day SMA since breaking above it on February 17.
Conversely, if theXRP/USD pair rebounds off the 20-day EMA, it can rise to $0.45 and if this level is crossed, a new uptrend is likely.
On the other hand, if the bears sink theBCH/USD pair below the 20-day EMA, it can drop to the support line of the channel.
On the other hand, if the LTC/USD pair fails to break out of the overhead resistance, it might remain range bound for a few days.
If the bears break below the moving averages, the digital currency will weaken and can decline to the next support at $0.057898.
Conversely, if theADA/USD pair bounces off the moving averages, the bulls will again try to break out of the overhead resistance at $0.094256.
Tron (TRX) has been consistently rising above $0.02815521 for the past three days but is struggling to hold on to higher levels.
If the bulls succeed in sustaining the digital currency above $0.02815521, it can move up to the next target objective of $0.040.
Contrary to our expectation, if theTRX/USD pair breaks down of the moving averages, it will lose momentum and can drop to the support at $0.02094452.
Collapsed Cryptopia Founder Wants You to Put Funds on His New Exchange
Because there are, apparently, second acts in crypto, the creator of the defunct Cryptopia exchange is trying again with a new exchange product called Assetylene.
Cryptopia went into liquidation on May 15 after a major hack that drained an estimate $16 million-worth of crypto last year.
In finance, past performance is not indicative of future results but in mental health repeating the same thing over and over and expecting a different result is insanity.
Bitfinex Argues Why Judge Should Dismiss NYAG Case in Latest Court Filings
UPDATE (May 23, 16:30 UTC): Judge Joel Cohen has granted a partial stay on the New York Attorney General’s request for documents from Bitfinex and Tether, pending a July 29 hearing on the companies’
The NYAG has until July 8 to file a response to the motion, and until the hearing, Bitfinex and Tether are required only to produce documents deemed relevant by a third-party to the question of whether they fall under state jurisdiction.
In a separate affidavit, Stuart Hoegner, general counsel for both Bitfinex and Tether, wrote that both companies prohibit any U.S. residents, including New Yorkers, from transacting on their platforms, and that only verified Tether customers are allowed to redeem USDT for dollars, not just anyone who buys the stablecoin on the secondary market.
At some point before the NYAG obtained its preliminary injunction against the companies, “Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin,”
Alistair Milne, an investor in Bitfinex’s recent token sale, wrote on Twitter Tuesday afternoon that Tether holds less than 1 bitcoin simply to fund transactions on the Omni protocol, which runs on top of the original cryptocurrency’s blockchain.
The crypto exchange needed the funds to continue processing customer withdrawals after losing access to some $850 million that is said to be held by Crypto Capital, a payment processor that is also in the cross-hairs of investigators.
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