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Bitcoin Resilient in the Face of Economic Uncertainty as Ascent Resumes

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%.

Bitcoin Resilient in the Face of Economic Uncertainty as Ascent Resumes — 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.

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%.

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 Continues to Drop at the $7.30 Rejection Rate

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.

Polkadot Continues to Drop at the $7.30 Rejection Rate — 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.

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Livepeer (LPT/USD) Gains Momentum: Is This the Start of a Bull Run?

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.

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Dash 2 Trade Price Prediction for Today, May 15: D2TUSD Ready for the Next Upbeat Trend

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.

Key Levels:
Resistance levels: $0.00500, $0.00600, $0.00700
Support levels: $0.00300, $0.00200, $0.00100

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 Market’s Consolidation Lingers at the Discount Zone

Avalanche Price Prediction – May 14

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

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$SPONGE (SPONGE/USD): Poised to Rally As Bulls Flex Their Muscle?

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.

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Crypto Inflows: Market Sees Fresh Inflows Amidst Subdued ETP Activity

The crypto market has seen a notable change as CoinShares reports inflows for the first time in five weeks, amounting to $130 million. This shift comes as Exchange-Traded Product (ETP) volumes decline, with just $8 billion recorded for the week, less than half of April’s $17 billion average. This reduced ETP activity suggests a dip in investor participation, now representing only 22% of total volumes on global exchanges.

US Leads with $135 Million in Crypto Inflows

The United States leads in attracting these inflows, with $135 million entering the market. Grayscale, a key player, experienced its smallest weekly outflows since January, totaling $171 million. In contrast, Hong Kong saw a significant drop to $19 million in inflows, indicating that the initial surge following the launch of Bitcoin ETFs was primarily seed capital.

Canada and Germany continue to witness outflows, amounting to $20 million and $15 million, respectively, totaling $660 million year-to-date.

Crypto Inflows: Market Sees Fresh Inflows Amidst Subdued ETP Activity — Image via CoinShares

Bitcoin has shown a resurgence with $144 million in inflows, offsetting a previously slow month. However, short-bitcoin ETPs saw outflows of $5.1 million, contributing to a total of $18 million in outflows over eight weeks.

The lack of engagement from US regulators regarding applications for a spot Ethereum ETF has fueled speculation that approval may not be imminent. This sentiment is reflected in the $14 million in outflows observed last week.

Bitcoin Traders Eye US CPI Data for Price Direction

Traders are eagerly awaiting the US Consumer Price Index (CPI) data release on May 15 at 8:30 am ET. The CPI, which measures inflation by tracking price changes in consumer goods and services, is expected to significantly influence Bitcoin’s price. This anticipation stems from Bitcoin’s recent trend of reacting to macroeconomic updates, indicating an increasing sensitivity to such news.

Following three months of inflation figures exceeding expectations, analysts predict a slight moderation for April’s CPI, with a year-on-year increase of 3.4%—down from March’s 3.5%. The month-to-month rise is also expected to slow to 0.3%, a decrease from the previous 0.4%.

The CPI report holds more influence over market dynamics than the Producer Price Index (PPI), and its implications for monetary policy and financial markets will become clearer once both CPI and PPI data are analyzed. Investors and traders are preparing for the potential impact of the upcoming inflation data on the crypto market’s trajectory.

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Zcash (ZEC/USD) Selling Trend Tilts Market Equilibrium

The Zcash market has reached a state of equilibrium following bullish intervention at the $20 price level, which initiated a shift in market sentiment towards a bullish trajectory. However, this upward momentum was met with bearish resistance at $24. The subsequent presence of bears at the $24 price level has reinstated equilibrium within the range of $20 and $24. Presently, the market is experiencing a downward slide as bearish forces persist.

Zcash Market Data

ZEC/USD Price Now: $22.41
ZEC/USD Market Cap: $363 million
ZEC/USD Circulating Supply: 16 million
ZEC/USD Total Supply: 16 million
ZEC/USD CoinMarketCap Ranking: #169

Key Levels

Resistance: $24.00, $25.00, and $26.50
Support: $21.00, $20.00, and $19.00.

Zcash Through the Lens of Indicators

While the overall trend for Zcash remains bearish with a gradual decline, the market experienced a minor gain of around 2% today. Initially, a bullish surge drove the price upwards, with bulls briefly capturing the $24 level. This surge, however, resulted in a contraction of the Bollinger Bands indicator, signifying a decrease in market volatility as buying and selling pressure reached temporary equilibrium.

However, the price action has since fallen below the key 20-day moving average. The Relative Strength Index (RSI) has indicated weak momentum since early April and has approached a potential breakout above the 50 level. However, resistance from bears at the $24 price point prevented the RSI from crossing this threshold.

The current convergence of the Bollinger Bands suggests a potential breakout is imminent. However, given this crypto signal of prevailing bearish bias indicated by other technical indicators, the breakout is more likely to be downward.

ZEC/USD Price Prediction: 4-Hour Chart Analysis

The four-hour chart reinforces the overall bearish sentiment. Here, the price action remains firmly below the 20-day moving average, highlighting a stronger bearish bias compared to the daily timeframe. However, there are signs of a potential bullish resurgence near the $22 support level. If bulls can maintain control at this level, a short-term upward breakout may occur, leading to a price recovery rally.

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Will Arbitrum (ARB) Surpass Resistance and Initiate a Price Recovery?

Arbitrum (ARB) Price Prediction – May 14
Arbitrum (ARB) is currently undergoing intricate price dynamics as the cryptocurrency market continues to fluctuate. At the time of writing, ARB opened the day at $0.9804 and is currently trading at $0.9586, marking a -2.26% decrease from its opening price.

Despite briefly touching $0.9876, ARB faced resistance, impeding sustained upward momentum.The past 24 hours have seen ARB experience a -3.32% decline, reflecting the prevailing short-term bearish sentiment in the cryptocurrency market.

Over the last 30 and 7 days, ARB has witnessed substantial declines, with a -24.38% and -10.99% decrease respectively from the maximum price levels. However, a slight 0.28% increase was observed from the minimum recorded price during the same period.

Key levels:
Resistance: $0.9876, $1.0000, $1.1000
Support: $0.9500, $0.9400, $0.9300

The immediate resistance for ARB is evident around the $0.9876 level, where significant selling pressure was observed earlier. This resistance level may persist and strengthen as ARB attempts to break through recent highs.

Conversely, support levels are identified at $0.9500, $0.9400, and $0.9300, providing a foundation for potential price rebounds.

ARB/USD Long-term Trend: Bearish (Daily Chart)

On the 1-day chart, ARB’s Relative Strength Index (RSI) stands at 30.82, indicating potential proximity to oversold conditions. While this suggests possible buying opportunities, it also signifies a bearish sentiment prevailing in the market.

The Moving Average Convergence Divergence (MACD) remains below the zero line at -0.0719, indicating a continuation of the bearish trend. However, the slight uptick in RSI from oversold levels could signal a potential reversal in the short term.

ARBUSD Medium-Term Trend: Bearish (4H Chart)
Zooming in on the 4-hour chart, ARB’s RSI is slightly higher at 32.89, suggesting continued bearish sentiment in the short term. Similarly, the MACD persists below the zero line, reinforcing the prevailing bearish outlook.

However, the RSI’s movement towards neutral territory and potential convergence with the MACD signal line may indicate a weakening bearish momentum, potentially paving the way for a price reversal or stabilization.

Conclusion
Despite encountering resistance and facing bearish trends in the short term, ARB maintains potential for positive price movement. With identified support levels in place and technical indicators showing signs of potential reversals, there are reasons for cautious optimism regarding ARB’s future performance.

As market conditions evolve, it’s crucial to remain vigilant and consider additional factors impacting ARB’s price trajectory.

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