Polygon reaches level that last time triggered a 275% MATIC price rally — will history repeat?

Polygon (MATIC) price reversed course to the upside on May 10 after testing $0.794 as its interim support, thus rising by up to 25% to $0.99. The rebound occurred a day after the token slumped over 17% to reach $0.787, its lowest level since July 2021, amid a global market crash led by the U.S. Federal Reserve’s hawkish policies. MATIC price rebounded after undergoing five days of relentless declines, attracting buyers around the same support level that had preceded a 275% bull run last year. MATIC/USD weekly price chart. Source: TradingView A…

Avalanche rebounds 25% in five days as AVAX price tests key level — big rally ahead?

Avalanche (AVAX) has rebounded strongly five days after testing a key inflection area as its support. Now, the AVAX/USD pair faces the possibility of continuing its upside retracement move further into Q2. A 30%-plus move ahead? AVAX’s price surged to almost $69.50 on May 5 from nearly $55 on April 30, a 25% jump. Interestingly, AVAX’s rebound move surfaced inside the same support area ($54-60 range) that had preceded a 100% and a 175% price rally in the January 2022-April 2022 and the October 2021-November 2021 session, respectively. AVAX/USD weekly…

Nexo Token Enjoys Short-Lived Rally Upon Binance Listing

Pablo Jódar, financial products manager at STORM Partners, a solution provider for the cryptocurrency space in Europe, said Nexo got a positive tailwind from the recent partnership announcement with Mastercard. The company unveiled a crypto-backed payments card that allows users to spend without having to sell their digital assets and offers customers a 2% cashback in their transactions. Author: Lyllah Ledesma Source link

Bitcoin price slow to react as US dollar rally stops at 20-year highs

Bitcoin (BTC) stayed rangebound on April 29 as a welcome retracement saw the U.S. dollar come down from 20-year highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader eyes $40,600 as “crucial” breaker Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hugging support near $39,300 after failing to hold $40,000. The pair had managed some modest upside despite a “parabolic rally” in U.S. dollar strength throughout the week. The U.S. dollar index (DXY) finally began cooling Friday after reaching its highest levels since 2002. Despite its inverse correlation, BTC/USD…

Monero ‘falling wedge’ breakout positions XMR price for 75% rally

Monero (XMR) price dropped by nearly 10% three days after establishing a week-to-date high around $290 on April 24. Nonetheless, several technical indicators suggest that the XMR/USD pair is poised to resume its uptrend over the next few months. Falling wedge breakout underway Notably, XMR’s price broke out of its “falling wedge” structure in late March. It continued its move upside in the later daily sessions, with rising volumes indicating bullish sentiment among Monero traders. Traditional analysts consider falling wedges as bullish reversal patterns, i.e., the price first consolidates within…

Major exchange listings spark a 40% rally in Steem, TrustSwap and 0x

Sentiment in the cryptocurrency market is on the upswing after small gains from Bitcoin (BTC) and altcoins hint that the market could be in the process of a bullish breakout. A handful of altcoins are also finding momentum and a round of fresh partnership announcements appear to back the 40% gains seen in select assets on April 21. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Steem (STEEM),…

Ethereum Could Stage Strong Rally If It Clears This Key Resistance

Ethereum gained pace above the $3,080 resistance against the US Dollar. ETH price could continue higher if there is a clear move above the $3,150 resistance. Ethereum remained well bid and climbed above the $3,080 and $3,100 levels. The price is now trading above $3,080 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $3,130 and $3,180 to start another increase in the near term. Ethereum…

DeFi token AAVE eyes 40% rally in May but ‘bull trap’ risks remain

A sharp rebound move witnessed in the Aave (AAVE) market in the last three days has raised its potential to rise further in May, a technical indicator suggests. AAVE price rebounds from key support Dubbed a “rising wedge,” the pattern appears when the price rises inside a range defined by two ascending, contracting trendlines. It typically resolves after the price breaks below the lower trendline with convincingly rising volumes. AAVE has been painting a similar ascending channel since early February 2022. The AAVE/USD pair has bounced in the past few days after…

Monero defies crypto market slump with 10% XMR price rally — what’s next?

Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market’s decline of 8.5% in the same period. What’s more, the XMR/USD pair has broken above a strong, multi-month resistance trendline, hinting at more upside ahead. XMR price action  XMR’s price was down by a modest 0.87% on April 10 from its two-month-high of $245 established a day before. However, the cryptocurrency still outperformed its top rivals, including Bitcoin (BTC) and Ether (ETH), on a weekly timeframe. Speculations about entities using Monero to bypass sanctions could…