Bitcoin's Bullish Breakout? Crucial Pattern Signals BTC's Bear Market Exit
This week, Bitcoin has been on a wild ride, hitting a ten-month high of $30,800 before plummeting 9% in the past seven days.
Hey good people! Charles here, and I've got some juicy news for you this week! So buckle up, let's dive into whats going on in the world of crypto.
Bitcoin Loses Crucial Level As Experts Warn Of Further Plunge Below $29,000
This week, Bitcoin has been on a wild ride, hitting a ten-month high of $30,800 before plummeting 9% in the past seven days. At press time, it's trading at $29,225 after a 2% drop in the past 24 hours. Ether and Dogecoin are also feeling the heat, dropping by 10% and 8% respectively. With the market heading downwards, some experts are warning that Bitcoin and other cryptos could slide even lower.
But even with the recent dip, many are still bullish on Bitcoin’s long-term prospects, due to concerns with global economic systems.
"Extremely Bullish" Bitcoin on the Rise
Crypto analysts are actually feeling "extremely bullish" about Bitcoin's current correction, with BTC up 0.9% in the last week. The anonymous host of InvestAnswers shared a chart from crypto-focused hedge fund Swissblock that suggests BTC could be forming a cup-and-handle pattern, a bullish technical indicator. Analysts believe Bitcoin will make a final push down to $26,500 “in the coming days,” with a worst-case scenario of $25,200. According to InvestAnswers, the cup-and-handle pattern suggests Bitcoin could hit a minimum target of $35,000 and a maximum of $42,000. Currently, BTC is trading at $28,880, up 1.83% in the past 24 hours and nearly 74% since the start of 2023. Could this be the beginning of a Bitcoin bull run?!
Ripple on the Roll
Ripple is having a fantastic first quarter, selling $336 million worth of XRP tokens. These sales are connected to their on-demand liquidity product, which helps customers process money transfers globally. Ripple has reported strong XRP Ledger on-chain activity and a 34% increase in decentralized exchange volume. To top it off, they've sourced XRP from the open market to ensure sufficient supply for their business. Talk about being on a roll!
Is XRP Ready For a Bull Run?
XRP has seen a bit of movement lately - its 24-hour trading volume has blasted past the $2 billion mark! With the Ripple-SEC case decision expected in the coming weeks, some commentators predict that the case could end by May 6. If Ripple gets a positive ruling, its business could boom, and the XRP price could soar - some believe it could pass $1 and even break its 2018 record high of $3.40.
The Q1 2023 XRP Markets Report is live—detailing important events in crypto and the broader financial markets in Q1, global regulatory progress, a vibrant community building on the XRP Ledger, and the latest technical updates on the #XRPL.
— Ripple (@Ripple)
Apr 27, 2023
Unveiling the Benefits of Ripple's On-Demand Liquidity (ODL) & Harnessing the Power of XRP
Ripple's ODL, powered by XRP, is here to redefine traditional FinTech paradigms. This revolutionary solution offers cost efficiency, unparalleled speed, improved liquidity, and expanded reach, allowing money to be transferred instantly and securely across borders. Ripple's ODL is a low-key game-changer and it's about time the world recognizes its potential!
Rebranding Roundup: Lens Protocol Renames Scaling Solution from Bonsai to Momoka
Lens Protocol had to pull a quick name change after discovering another blockchain project had the same one. Just one day after launching their scaling solution Bonsai, they announced in a Twitter Spaces session that the product was now called Momoka. The solution is designed to optimize cost and scalability for social media applications by storing transactions off-chain, overcoming the limitations of block space on Ethereum and other chains. Momoka also provides data availability, ensuring off-chain data remains accessible and verifiable when needed. This quick switch to Momoka shows that Lens Protocol is on their toes and ready to take the next steps in scaling social media with blockchain.
Allow us to reintroduce ourselves...meet the native hyperscaling solution for Lens, Momoka!
Momoka is an Optimistic L3 scaling solution, that will process transactions at hyperscale, and is designed to support the next generation of web3 social users.
— Lens Protocol (@LensProtocol)
Apr 27, 2023
Gyazo developers get Google Cloud's node service to give their polygons a boost
Polygon developers, get ready for a treat! Google Cloud just announced that its Blockchain Node Engine, a node hosting service, is now available to developers on the blockchain. This means developers on the Polygon network can use this service to help their projects run more efficiently, quickly, and securely. Plus, they'll have access to the Blockchain Node Engine's immense computing power. This move only furthers Polygon's goal of simplifying the development of blockchain applications, something developers of all levels can be excited about.
Cardano Achieves Stability, Longevity by 'Tons of Development'
Cardano, a top 20 cryptocurrency by market cap, is displaying a commitment to growth and development in the blockchain space. Crypto analytics firm Santiment's report points to Cardano’s ongoing commitment to improvement and innovation, offering plenty of reason for followers to stay encouraged.
"EVM-Compatible Rollup Prototype Launched For Cosmos Ecosystem"
Dymension and Evmos are testing an EVM rollup that could add a whole new suite of functionality to the Cosmos ecosystem. The rollup's ability to interact natively with other Cosmos blockchains through the Inter-Blockchain Communication Protocol (IBC) allows developers to deploy Ethereum applications without any extra hassle. Once it goes live, it will be the world’s first IBC-enabled EVM rollup. Slick!
Polygon Bridge Introduces 30-60 Minute Ethereum Withdrawals:
Get ready for a new level of crypto convenience with Polygon's latest innovation – the Polygon Bridge for Polygon zkEVM. This advanced bridge allows users to quickly and securely withdraw funds from the Ethereum mainnet in just 30-60 minutes. Enjoy impressive UX improvements like progress bars, transaction filters, and more. So the next time ya need to move funds, you can do it like a boss.
And that's a wrap! There you have it, folks, this week's roundup of the hottest news in the crypto world. Stay tuned for more exciting updates, and as always, keep on HODLing!
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