From the statement that Bitcoin is flashing a strong bullish signal to Binance opening a new blockchain center in Georgia. Here are some highlights from the crypto market.
Bitcoin News
Seasoned trader, Tone Vays, believes that Bitcoin (BTC)'s current accumulation momentum is leading the asset towards a new breakout.
Vays told his 123,000 YouTube subscribers that Bitcoin’s accumulation will allow the market to rest before resuming its uptrend.
Prior to that, Bitcoin cooled down between May and June 2022, before sliding below the key psychological $20,000 area.
“Accumulation usually leads to trend continuation… We saw that in May 2022. Accumulation after a big drop is often a signal for another big drop.”
Source: Tone Vays
Although Vays offers an example of a downtrend, he said that BTC is still in an uptrend as it accumulates between $27,500 and $28,500.
“We have a new range, and let's XEM if the market will head towards the top of the range. I am quite optimistic and think this accumulation is a good sign. The more time the market spends between $27,500 and $28,500, the stronger the breakout will be.”
Looking at the monthly chart, Vays said that Bitcoin's technical indicators are flashing bullish signals.
According to the analyst, Chaikin Money Flow (CMF), an indicator that XEM whether market participants are accumulating assets, is showing a bullish opportunity. He also said that the MACD is also giving the same signal.
As for the Relative Strength Index (RSI), Vays says it is starting to approach the overbought territory on the monthly timeframe.
Source: Tone Vays
Ripple News
XRP has become the top 20 fastest growing digital currency on the weekly timeframe, with over 20% upside momentum and is currently trading around $0.466.
XRP Price Chart | Source: TradingView
XRP rally is not an uncommon event, given the fact that the cryptocurrency still exhibits the volatility inherent to speculative asset classes.
Based on the current outlook for this week, we can expect key trends, including a strong consolidation, where the price will maintain a trading range close to current levels. The second is a possible downside correction when buyers take profits.
Binance News
Binance exchange continues to expand its global reach by establishing a new blockchain hub in Georgia.
On March 26, Binance announced the opening of its brand new blockchain hub in Georgia, aiming to drive further crypto adoption in the country.
With this new hub, Binance intends to attract Georgian talent to the blockchain sector, promote education in the industry, and create more job opportunities.
According to the announcement, Binance's Georgia division is currently recruiting 25 people, partnering with the public and private sectors in the country to host educational events and hackathons. The company hopes to create "dozens of other jobs" with the launch of the center in Georgia by the end of 2023.
NFT News
On March 26, Gucci announced a multi-year cooperation agreement with Yuga Labs, the owner company of many famous NFTs such as Bored Ape Yacht Club, Cryptopunks, Mebits, 10KTF, etc.
This continues to be an important step in connecting the worlds of fashion, entertainment and the metaverse.
“This will offer an active role in The Otherside and 10KTF in many forms,” said Robert Tryfus, CEO of both Gucci Vault and Metaverse Ventures.
In addition, Gucci is the first brand to accept payments in ApeCoin (Ape) at select stores in the US from August 2022.
Avalanche News
Avalanche is trading in a range on the chart and the market has held the $16.4 support area multiple times in March. The block production halt on March 23 saw AVAX bulls lose bullish momentum at $17.6.
Source: TradingView
The Volume Profile Visible Range tool shows the Control Point (in red) located at $17.3. This is the point where volume is the largest in the range from the $17.8 peak and $15.8 low.
AVAX is trading in a (yellow) range extending from $15.47 to $18. The midpoint is at $16.37 and the $17.73 threshold has acted as support for the past few days.
At the moment, Avalanche has seen another bounce from support. This could lead the price towards the $18 resistance. In this case, traders can wait for a rejection signal on the short timeframe to enter a short, with the downside target at the $16 support area, 4 and $15.5.
The above view will become invalidated if the price closes above $18.3.
News Stacks
Stacks (STX), the layer-1 solution for Bitcoin, has received positive developments with Ordinals and Inscriptions. Now, with the introduction of these new products, the Stacks ecosystem has benefited greatly.
The momentum of Stacks can be measured by the total value of locked assets (TVL), which shows a spike in the past month, with $ 26.34 million at the moment.
While the rising TVL is indicative of a budding ecosystem, things could soon fall apart. According to Artemis data, the number of daily active addresses on the network and the number of transactions have plummeted over the past few weeks.
Source: Artemis
Other news
Nvidia Says Cryptocurrencies Don't Benefit the World
In a recent interview with the Guardian, Michael Kagan, chief technology officer of US chipmaker Nvidia, expressed skepticism about the benefits of cryptocurrencies.
Kagan claims that cryptocurrencies do not bring value to society even though Nvidia's powerful processors are being sought after by the sector.
During the interview, Kagan praised the value of artificial intelligence applications such as the ChatGPT chatbot, suggesting they have a greater potential for social impact than cryptocurrency mining.
In the past, Nvidia has been deeply involved in the crypto industry, with its processors widely used for mining. However, the company has decided to abandon the field to focus on other goals.
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Viet Cuong
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