The LEO/USD market expands upward amidst upward resistance at $6.0100. Since April 5, 2024, the market’s direction has been bullish, aligning with an emerging trendline.
Owing to the resistance at $6.0100, the buying momentum is not impressive. However, the price keeps expanding upward alongside the rising trendline. According to the SMA (Simple Moving Average), the direction of the price is upward. Similarly, the MACD (Moving Average Convergence Divergence) has crossed the zero line as price gears skyrocket.
LEO/USD Market Key Levels:
Resistance levels: $6.0100, $6.1900, $6.5000 Support levels: $5.1700, $4.3500, $3.6100
LEO/USD – Daily Chart
The LEO/USD daily chart showcases that the UNUS SED LEO market is expanding upward amidst upward resistance at $6.010.
The CHoCH (Change of Character) in December at $3.9720 led to the ongoing overall bullish trend. The MACD (Moving Average Convergence Divergence) has since been reluctant to cross the zero line to the downside.
The emerging expansion in 2024 did not end until the price hit $6.1860 resistance. LEOUSD crashed afterward, grabbing sell-side liquidity below $5.6720.
How is LEOUSD likely to react as it invalidates the $6.0100 resistance?
Owing to the selling pressure from the $6.0100 resistance, the market is experiencing a slow appreciation. The invalidation of the $6.0100 resistance, however, is expected to cause a massive rally to the upside.
LEO/BTC Price Analysis
LEOBTC remains bullish since the retraction at 0.0000680 support. The upward retraction occurred in February 2024 after a massive crash into the 00006800 demand zone.
Another bounce off the major trendline just happened as the price returned from the 0.00001040 swing high. The bullish trend is expected to continue as the 0.00001040 high gets invalidated.
UNUS SEO LEO (LEO) Current Statistics The current price: $5.9490 Market Capitalization: $5,550,000,000 Trading Volume:$2,450,000
In 2024, DeFi sees a surge, with yield farming leading the charge, offering attractive returns by utilizing idle assets in liquidity pools. Top protocols also offer tokens for direct investment, adding dynamism to the sector.
In the vibrant landscape of 2024, decentralized finance (DeFi) experiences a remarkable surge, with yield farming emerging as the primary driver. This innovative practice leverages idle assets within liquidity pools to generate appealing returns, attracting a growing number of investors seeking to optimize their crypto holdings. What sets yield farming apart is its multifaceted nature, akin to a comprehensive gym membership for crypto enthusiasts. Beyond merely accruing high yields, participants actively manage their assets, unlocking governance perks, and diversifying their portfolios across various protocols.
Yield farming rebounded after setbacks, buoyed by Ethereum’s PoS transition, liquid staking protocols, and the SEC’s approval for Bitcoin spot futures, leading to a TVL increase to $115 billion by March 2024, highlighting DeFi’s resilience.
Despite encountering setbacks in the past, yield farming has proven resilient, bouncing back stronger than ever. This resurgence can be attributed to several factors, including Ethereum’s successful transition to Proof-of-Stake (PoS), the proliferation of liquid staking protocols, and the regulatory clarity provided by the SEC’s approval of Bitcoin spot futures. As a result, the Total Value Locked (TVL) in DeFi surged to an impressive $115 billion by March 2024, underscoring the sector’s resilience and capacity for growth amidst challenges.
Emerging Trends: Liquid Staking and DeFi Lending
In 2024, DeFi revolves around liquid staking, with Lido pioneering this trend during Ethereum’s transition to proof of stake. DeFi lending has also surged, led by Aave, JustLend, and Spark, totaling nearly $20 billion in TVL. Decentralized exchanges like Uniswap, Curve, and Pancakeswap remain popular for yield farming. Ethereum dominates with $64 billion in TVL, while Tron follows with a focus on DeFi lending using USDT. Solana emerged strongly in 2023 despite challenges, and EigenLayer introduced a new segment for crypto restaking with promising early results.
Below are some of the top Yield farming platforms in 2024.
Uniswap (UNI)
Uniswap (UNI), launched in 2018 by Hayden Adams, is a prominent decentralized exchange (DEX) on Ethereum, attracting significant investment. It boasts impressive metrics such as a Total Value Locked (TVL) of $6.2 billion, UNI Price of $14.10, Daily Active Users (30-day avg) reaching 194,620, and an annualized Trading Volume of $445.95 billion.
Beyond facilitating ERC-20 token trading, Uniswap enables users to engage in yield farming via liquidity pools. Users’ assets are not held or sold by Uniswap; instead, liquidity providers (LPs) deposit token pairs into pools. Traders then swap tokens from these pools, generating fees. A portion of these fees is distributed back to LPs, encouraging them to maintain liquidity and earn passive income.
Through incentivizing LPs, Uniswap contributes to a thriving DeFi ecosystem, offering trading and yield farming opportunities. This unique model has cemented Uniswap’s position as a key player in DeFi’s evolution.
Aave (AAVE)
Aave (AAVE) haunts the DeFi landscape as a leading decentralized lending platform, boasting an impressive $11.2 billion in Total Value Locked (TVL). Launched in 2017 by Stani Kulechov, Aave (Finnish for “ghost”) has expanded beyond its Ethereum roots, now particularly offering its services on blockchains like Avalanche and Harmony.
Here’s what makes Aave a top-yield farming destination:
At Aave, users can become “ghostly money lenders” by acting as liquidity providers (LPs). They deposit their crypto holdings into Aave’s lending pools and earn passive interest income in the form of special “aTokens.”
Aave employs an overcollateralized loan system, minimizing default risks for lenders. Borrowers seeking crypto must deposit collateral exceeding the loan amount, providing protection for lenders.
Holders of the AAVE token possess governance rights, allowing them to influence Aave’s development through voting proposals.
Aave’s unique features cater to a specific need within the crypto ecosystem. It allows users to “pawn” their holdings temporarily, freeing up capital to explore other investment opportunities without permanently selling their assets.
With growing confidence in the crypto market, platforms like Aave are poised for continued growth in 2024 and beyond. However, it’s important to acknowledge the inherent risks associated with DeFi. The decentralized nature of Aave’s operations exposes it to potential regulatory scrutiny.
Despite these potential challenges, Aave stands out as a robust platform offering a hauntingly good way to participate in DeFi yield farming.
Curve Finance (CRV)
Curve Finance (CRV), once the leading DEX, specialized in stablecoin liquidity pools. It attracted LPs with low fees and efficient trading, expanding to wrapped cryptocurrencies. The CRV token offered governance and yield farming rewards. However, a 2022 hack drained funds and diminished its dominance. While showing signs of recovery, Curve now competes to regain its former prominence in the DeFi arena.
DeFi in 2024: A Thriving Landscape with a Word of Caution
In 2024, DeFi flourishes, with TVL exceeding $110 billion, propelled by liquid staking, lending, and DEX yield farming. Institutional investors may further fuel growth, yet regulatory uncertainties persist. Newcomers should prioritize established platforms with high TVL and user bases, exercising caution amid promising opportunities.
This growth could be further bolstered by the potential arrival of institutional investors. Their participation could usher in an era of enhanced stability and transparency for DeFi. However, a cloud of uncertainty hangs overhead due to ongoing regulatory scrutiny from governing bodies in the EU and North America.
Newcomers should tread cautiously in the dynamic DeFi space. Prioritize established platforms with high TVL and strong user bases, which indicate resilience and potential for long-term success.
Bitcoin’s price action has seen considerable movement today as its price continues to close in on a medium-term resistance. In fact, the market can be considered preparing to break the $65,000 mark. There are also indications that price action may have acquired the needed momentum to achieve the desired goal.
BTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Levels
Resistance Levels: $65,000, $70,000, and $75,000
Support Levels: $60,000, $55,000, and $50,000
The current price candle has grown significantly during today’s session, placing the BTC price above the crossed Guppy Multiple Moving Average (GMMA) lines. Likewise, the Stochastic Relative Strength Index (SRSI) lines are trending upward. The indicator lines had previously approached a trend reversal move. However, the more recent part of the indicator lines has averted that, and the lines of this indicator is now rising upward, indicating renewed upside momentum. This further affirms the strength of the bulls in this session.
Bitcoin Price Prediction: Will Bitcoin Break Below the $65,000 Mark?
The last price candle on this chart has grown past the GMMA indicator lines, appearing green. Also, the GMMA indicator lines can be seen crossing each other below the current price of BTC. At this point, the market is on the verge of breaking through the resistance at the $65,000 mark, with the token now trading at the $64,800 mark.
The SRSI indicator lines are now in the overbought region. The fact that the lines of this indicator are still pointing steeply upwards in this region suggests that the current trend of this market may still have the needed momentum to push through the $65,000 resistance. Traders can only wait and see how this will unfold.
BTC/USDT Medium-term Trend: Bitcoin Stays on a Bullish Path (4H Chart)
Looking at the 4-hour BTC market, we can see that price action seems determined to stay on a bullish path. While the previous session ended under the control of buyers with significant gains recorded, the ongoing session has started on the same trajectory. The last price candle here was formed clearly above the GMMA lines, and the SRSI indicator lines maintained an upside trajectory.
The leading line of this indicator is now above the 80 mark, while the lagging one is still below the 70 mark. Consequently, this indicates that price volatility in this market is healthy. However, the last price candle here can be seen testing the $65,000 mark with its upper shadow. Considering the prevalent trend in the market, traders can anticipate that the market will hit the $67,000 mark.
Bitcoin has once again showcased its resilience amidst economic uncertainty, as the U.S. Consumer Price Index (CPI) reported a softer-than-expected increase of 0.3% in April, compared to March’s 0.4% rise and economists’ forecasts.
Despite this modest uptick, the annual inflation rate remains significant at 3.4%, slightly lower than March’s 3.5%. The core CPI, excluding food and energy sectors, also rose by 0.3% in April, in line with expectations and down from March’s 0.4%. Year-over-year, core inflation stands at 3.6%, consistent with forecasts but lower than the previous month’s 3.8%.
Image via Trading Economics
Bitcoin Jumps to $65,000 Post-CPI Data Release
Following the US CPI report earlier today, Bitcoin surged by almost 6%, reaching $65,000. This increase follows a period of stagnation, with no significant inflows into spot ETFs and concerns about high interest rates weighing on the cryptocurrency’s price.
BTC/USD 1-Hour Chart
The gradual decline in inflation throughout 2023 has led to expectations of a more lenient monetary policy in 2024. However, the slight increase in inflation this year, alongside ongoing economic growth, has tempered expectations for immediate rate cuts by the U.S. Federal Reserve.
Prior to the CPI data release, the likelihood of a rate reduction this summer was low, with traders estimating only a 50% chance of a cut in September, according to the CME FedWatch Tool.
Meanwhile, retail sales figures for April showed no growth, contrary to predictions of a 0.4% increase and below March’s 0.6% rise. Excluding auto sales, retail figures saw a modest 0.2% increase, as expected, but down from the previous month’s 0.9%.
Image via Trading Economics
Bitcoin’s resilience in the face of economic uncertainty underscores its growing reputation as ‘digital gold,’ potentially serving as a hedge against inflation and economic volatility. As global markets navigate through these uncertain times, the cryptocurrency market remains a focal point of interest and speculation.
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Polkadot (DOT) Long-Term Analysis: Bearish Polkadot (DOT) is still trading between $6.20 and $7.30 but continues to drop at the $7.30 rejection rate. The bulls have twice retested and broken above the 21-day SMA but were unable to extend their bullish momentum to the 50-day SMA high. The altcoin was rejected at the $7.30 resistance level. The negative momentum is approaching the current support level of $6.20.
DOT/USD is currently trading below the 21-day SMA, having fallen as low as $6.48. The crypto’s price is hovering above its current support. If bearish momentum continues beyond $6.20, the DOT price might fall to lows of $6.05 and $5.67. Meanwhile, the currency is currently valued at $6.55.
DOT/USD – Daily Chart
Technical indicators: Major Resistance Levels – $10, $12, $14 Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis Polkadot was first caught between two moving average lines before being rejected by resistance at $7.30. As price bars fall below the moving average lines, the 21-day SMA serves as resistance. Polkadot will resume a positive trend if buyers maintain the price above the 21-day and 50-day SMA moving average lines.
What Is the Next Direction for Polkadot (DOT)? Polkadot experiences further resistance but continues to drop at the $7.30 rejection rate. On the May 9 price drop, DOT made an upward reversal as a retraced candle body tested the 61.8% Fibonacci level. The pullback indicates that the DOT price will fall even further to the Fibonacci extension level of 1.618 or $6.38. Meanwhile, the crypto signal is still negative as the altcoin falls to the bearish trend zone.
Note:Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
The Livepeer market is presently demonstrating bullish momentum, evident from the consistent formation of higher lows subsequent to the establishment of a pivotal support level at $10. This level attracted bullish interest, prompting buying activity. However, the current bull market appears to be encountering some resistance around the $17.50 price mark as selling pressure starts to balance out with buying pressure. It is conceivable that, akin to previous instances, another higher support level could emerge from this juncture in the Livepeer market.
Livepeer Market Data
LPT/USD Price Now: $17.81
LPT/USD Market Cap: $572 million
LPT/USD Circulating Supply: 32 million LPT
LPT/USD Total Supply: 32 million LPT
LPT/USD CoinMarketCap Ranking: #115
Key Levels
Resistance: $19.00, $20.00, and $21.00
Support: $16.00, $15.50, and $15.00.
Livepeer Through the Lens of Indicators
The upward trajectory embarked upon by the market commenced on April 13 and has since been sustained, with bullish intervention occurring at progressively higher price points. Drawing from the historical performance of this market, should a downturn occur, it is likely that bulls will step in around the $15.85 price level to establish another series of higher lows.
Regarding the crypto signal provided by the Bollinger Bands indicator, it has already begun to depict an ascending price channel, as evidenced by the upward trend of the bands. However, due to heightened market volatility around the $17.50 and $20.00 price thresholds, there appears to be an impact on the lower standard deviation, causing it to diverge downward owing to substantial resistance from the bear market. Nonetheless, the swift and pronounced buying activity witnessed as the price approached levels below $17.50 indicates the robust bullish bias prevalent in this market below said price level.
LPT/USD Price Prediction: 4-Hour Chart Analysis
From a 4-hour chart perspective, the $17.45 price level has emerged as a notable support level, attracting considerable buying activity from traders. However, a semblance of tug-of-war is evident, with bears consolidating their position around the $18.00 price mark, presenting a formidable resistance level. Nevertheless, the candlestick pattern observed in the current session suggests a prevailing bullish sentiment, despite the bears’ establishment above the $17.75 price level. Analysts and traders should remain vigilant for signs of a volatility squeeze, as it could indicate the potential onset of bullish momentum.
Dash 2 Trade Price Forecast: D2TUSD Ready for the Next Upbeat Trend (May 15) After updating the lows, the Dash 2 Trade market is now ready for the next upbeat trend as usual. The currency pair is rising and it may break up the $0.00386 resistance level if all support level holds. The coin price may likely swing up further to retest the previous high at the $0.00402 level and perhaps rise as high as the $0.01000 upper resistance mark, resulting in a greater opportunity to buy the asset.
D2T (USD) Long-term Trend: Bearish (4H) Dash 2 Trade is in a bearish trend in its long-term view. The price is trading below the two EMAs; which means that it’s in a bearish market at the moment. The price of the cryptocurrency has fallen below the supply trend lines as a result of the bears’ pressure, which brought it to a low of $0.00303 during yesterday’s session, but it now appears like the bulls are ready for the next upbeat trend and drive us upward.
At the time of writing this article, the price of D2TUSD responded to the shift in the market structure and is currently below the moving averages at the $0.00304 resistance value as the daily chart opens today. Meanwhile, traders who buy the coin during the bearish market will also make gains in the future.
Thus, a further increase in the buying pressure above the $0.00402 previous high level will invalidate any further bearish thesis.
Additionally, the daily stochastic suggests an uptrend. This indicates a bullish continuation of the upward, which will allow the bulls to continue the current rally and may soon result in the $0.01000 resistance trend line or higher in the long-term forecast.
D2T (USD) Medium-term Trend: Bullish (1H) Dash 2 Trade market remains bullish on the medium-term outlook. This is clear as we can see the prices trading above the EMA-9. The sustained bullish pressure pushed the currency pair up to the $0.00303 supply level during yesterday’s session and sustained it. This has enhanced the coin price to remain in an uptrend in its recent high.
The price of D2TUSD is still moving upwards at the $0.00304 supply value above the EMA-9 despite the sell traders’ movements as the 1-hourly chart opens today. Hence, maintaining above the moving average will allow the coin to rise higher, resulting in an intraday gain for the coin buyers.
Notably, the market is currently trending upward as shown by the daily stochastic. This indicates that the market value of the Dash 2 Trade will continue to rise. In light of this, it is anticipated that the bulls will swing the coin price upward and may eventually hit the $0.01000 supply value in the next days in its medium-term perspective.
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Avalanche (AVAXUSD) market’s consolidation lingers in the discount zone. The consolidation has begun since April 13, 2024, as prices bounced off the $30.60 demand zone.
Since the MSS (Market Structure Shift) on April 1, 2024, AVAXUSD has been bearish, as indicated by the SMA (Simple Moving Average). However, a reversal is impending due to the current indication of the Stochastic Oscillator. As of now, the market has entered an oversold state, and AVAXUSD might experience a breakout to the upside.
AVAX/USD Market Key Levels
Resistance levels: $39.90, $50.00, $65.40 Support levels: $34.40, $30.60, $24.70
AVAX/USD – Daily Chart
The AVAX/USD daily chart showcases that the market is still in the discount zone as the consolidation continues.
The price has not succeeded in breaking out above the $39.90 resistance level. This indicates a delay in the expected surge as the accumulation lingers.
Apparently, the price keeps forming higher lows as it converges between a diagonal resistance and the $39.90 resistance. The expected breakout is, however, likely to happen soon, as the Stochastic Oscillator indicates that the market is oversold.
How will AVAXUSD market react as it breaks out to the upside?
An order block has formed at the top of the consolidation range. According to the Stochastic Oscillator, the market is oversold despite the formation of higher lows.
As the price continues to respect the diagonal support, a successful breakout to the upside is likely to turn the order block into a breaker block in the bulls’ favor.
AVAX/BTC Price Analysis
On the daily chart of AVAXBTC, the market is also in a consolidation phase. The consolidation began after a sell-side liquidity grab below 0.0004960.
The overall trend of AVAXUSD, though, appears bearish. The price has, since the beginning of the year, been declining alongside a bearish channel.
Avalanche (AVAX) Current Statistics The current price: $32.50 Market Capitalization: $12,290,000,000 Trading Volume:$472,250,000
The price of $SPONGE has been stuck in a tug-of-war between buyers and sellers, stuck between $0.00004 and $0.00005 for a while. Lately, there’s been a bit of a downward nudge, with some testing the levels below $0.00004. But here’s the interesting part: each time it dips, it bounces back up. This crypto signal could be a sign that bulls are getting ready to push things higher and potentially establish a new floor above $0.00005.
Key Market Dynamics:
Resistance Levels: $0.0010, $0.0011, and $0.0012.
Support Levels: $0.000035, $0.000030, and $0.000025.
Delving into Technical Analysis for $SPONGE (SPONGE/USD)
Here are indications that bullish forces are exerting pressure on the market, albeit encountering significant bearish resistance. During the most recent 4-hour session, a robust bullish volume histogram was observed on the chart, reflecting substantial trading activity within that timeframe. However, conversely, the actual candlestick failed to make significant progress in either a bullish or bearish direction, apart from the lower shadow present on the candlestick.
The current trading session, characterized by a candlestick with a notable upper shadow, signifies the presence of bearish sentiment, which has constrained the market to its current price level of $0.000042. Indicators continue to suggest a market in a state of equilibrium. However, the Moving Average Convergence and Divergence (MACD) indicator has recently signaled a bullish crossover. This suggests that buyers are gaining ground, potentially paving the way for an imminent breakout as bullish momentum gathers strength.
Insights from the 1-Hour Perspective
Upon closer examination of the one-hour chart, $SPONGE appears to be initiating its position around $0.000042, with indications of bullish activity emerging. Buyers are actively driving the market, resulting in a slight divergence from the equilibrium level. The succession of higher lows, indicated by the lower shadows, along with a subtle shift in price action away from the midpoint, could suggest the potential for a breakout.
The Bollinger Bands, serving as measures of volatility, currently exhibit width owing to recent price fluctuations. This volatility may subside as buyers and sellers converge on a new price range. Should this trend persist, a significant upward rebound could be anticipated.
