Cryptocurrency

The U.S. Dollar index (DXY) is about to enter a significant downtrend, according to cryptocurrency analyst EGRAG CRYPTO. In an analysis posted on Twitter, EGRAG projected that DXY would fall toward $93 after facing an upward rejection.A confluence of events signaling a valid rejection around the $105 resistance level informed EGRAG’s DXY projection. An intersection of horizontal support and an upward trendline, supported by the 20 Monthly Moving Average (MMA), formed an impregnable region that halted DXY’s upward movement.According to EGRAG, historical data provides evidence of a drop to 50 MMA to follow such a monthly close below 20 MMA.Traditionally, the DXY is used to gauge the greenback’s exchange rate against major fiat currencies, including the British Pound and the Euro. It also maintains a historically negative correlation against Bitcoin, except during crypto-specific factors that influenced the markets via unexpected volatility.Based on EGRAG’s projection, a falling DXY would imply Bitcoin’s price to surge to higher levels. In an earlier tweet, EGRAG indicated DXY has been in a downtrend since June 2022, with the potential to keep dropping until it achieves the $93 target. Based on its negative correlation with crypto, EGRAG predicts that the fall of DXY will ignite the markets, pushing crypto prices higher in the coming months.From the analyst’s projection, the surge in crypto prices could last until Q3, 2023, when the markets could become “ugly,” with the expectation of a “Black Swan” in the last quarter of 2023.The crypto market has been bullish since the beginning of 2023, respecting the negative correlation between crypto and DXY. Several analysts perceive Bitcoin’s pullback from the yearly high of $31,035 as a correction preparing the market for the next rally.EGRAG’s analysis aligns with the prevailing sentiment, which suggests that Bitcoin and the crypto market would trend higher in the coming months ahead of a period of uncertainty that would usher in the next Bitcoin halving.The post Analyst Predicts DXY Collapse and Bitcoin Rally in Coming Months appeared first on Coin Edition.See original on CoinEdition More

The Dubai-based exchange announced the launch of the service on May 2, delivering interest payouts to users that deposit cryptocurrency through the platform’s new offering. The service is touted to payout hourly interest payments from lending pools, while lenders can deposit and redeem loaned cryptocurrency tokens without lock-up periods.Continue Reading on Coin Telegraph More

Popular crypto trader Cheeky Crypto uploaded his latest analysis for Cardano (ADA) to YouTube yesterday. In the video, the trader highlighted that the Cardano network has seen a lot of traction recently. The biggest sign of Cardano’s increased traction is the 1,230 new projects that are building on the network, according to Cheeky Crypto.Other updates from the Cardano community shared in the trader’s video include the 72K token policies that have been released on the Cardano network over the last week. Furthermore, the trader shared that there is currently an average of around 65.4 million transactions being processed on Cardano.The trader went on to share that there are some layer-1 updates being implemented to the network through the course of this week, which will have a positive impact on validators within the Cardano ecosystem. The Hydra scaling protocol will also be coming to Cardano soon. This protocol should increase Cardano’s throughput to 1,000,000 transactions per second.In related news, CoinMarketCap shows that ADA’s price, along with the rest of the crypto market, declined over the last 24 hours. At press time, ADA’s price is down 1.02% – taking the altcoin’s price down to $0.3867. Despite the 24-hour drop in ADA’s price, the altcoin’s weekly performance remains in the green at +1.86%.ADA also weakened against the leading altcoin Ethereum (ETH) over the last 24 hours. Currently, ADA’s price is down 0.22% against ETH. The crypto was, however, able to strengthen against the market leader Bitcoin (BTC) by 1.04% during this time period.Furthermore, ADA’s price was able to reach a daily high of $0.3912 but has since retraced to its current level. Meanwhile, the altcoin’s 24-hour low sits at around $0.3816 at press time.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirectThe post Trader Shares Latest and Upcoming ADA Upgrades in Video appeared first on Coin Edition.See original on CoinEdition More

Polygon (MATIC) bulls encountered resistance at $0.9862 early in the day, and as a consequence, bears took market control and sunk the price to $0.9494, where support was formed. The bearish dominance was still in play at press time, resulting in a 2.46% drop to $0.9601.If negative momentum continues and the $0.9494 support level is breached, the next level of support to look for is around $0.9350, which may cause more selling pressure in the market. However, a price recovery is possible if the support level holds and buyers step in, pushing the price back above the $0.9862 resistance level.During the fall, MATIC’s market capitalization and 24-hour trading volume plummeted by 2.45% and 9.56%, respectively, to $8,878,775,281 and $347,171,084. MATIC/USD 24-hour price chart (source: CoinMarketCap)The MATIC price chart’s average directional index (ADX) value of 20.24 indicates that the negative momentum is weak and the price is now in consolidation. Given its upward trajectory, bulls may soon reassert their dominance in the market; an ADX reading above 25 would indicate an even more robust bullish trend.A Chaikin Money Flow score of -0.06 on the MATIC price chart indicates that there is still some selling pressure in the market. However, it is not strong enough to completely override the potential bullish trend indicated by the upward-pointing position. MATIC/USD chart (source: TradingView)On the MATIC price chart, the rate of change (ROC) score of -1.94 indicates that the price of MATIC has decreased relatively quickly over the last 4 hours. However, the fact that it is pointing upwards suggests a possibility of a price reversal or a temporary halt in the downtrend, indicating a possible buying opportunity for traders looking to enter the market.With a stochastic RSI reading of 28.53 and trending higher, the negative momentum in MATIC may fade, suggesting that traders consider establishing a long position in preparation for a future price gain. MATIC/USD chart (source: TradingView)MATIC faces bearish pressure, but consolidation may signal a potential price reversal, making it a buying opportunity for traders.Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.The post MATIC Price Dips, Bulls Await Chance to Reassert Dominance appeared first on Coin Edition.See original on CoinEdition More

Level Finance informed its 20,000 Twitter followers that more than 214,000 of the exchange’s LVL tokens had been drained and swapped into 3,345 Binance Coin (BNB), with an approximate value of $1.01 million. Continue Reading on Coin Telegraph More

Blockchain provider Polygon Labs, venture capitalists Andreessen Horowitz (a16z), the Association for Financial Markets in Europe (AFME) and the Digital Pound Foundation (DPF) released their responses on May 1 to the call for comments. Among these diverse voices, some common issues were raised. Continue Reading on Coin Telegraph More

TVL is a metric that measures the dollar value of all cryptocurrencies locked within a protocol’s smart contracts. Continue Reading on Coin Telegraph More

The AI developers came under intense scrutiny in Europe recently, with Italy being the first Western nation to temporarily ban ChatGPT. Last week regulators in Germany followed by demanding answers from OpenAI concerning the company’s intentions and ability to comply with the strict data privacy laws enshrined in the EU’s General Data Protection Regulations (GDPR). Marit Hansen, the commissioner for the northern German state of Schleswig-Holstein, told AFP reporters that regulators in Germany “want to know if a data protection impact assessment has been carried out and if the data protection risks are under control.” Continue Reading on Coin Telegraph More