A press release shared with Bitcoinist claimed that Bitfinex partnered with crypto bank OrionX. The cooperation will allow the trading venue to strengthen its foothold in the Latin American region by targeting key countries with a high demand for crypto products.

Bitfinex Grows In Latin America, Whats Behind Deal With OrionX?

Based in Chile, OrionX was launched 2017 as a crypto trading platform. In the following years, the company has become a powerhouse in its home country, and its looking to expand into Peru, Colombia, and Mexico as it targets one million users by 2024.

In that sense, the cooperation with Bitfinex will allow the crypto bank to use its partners expertise as a worldwide platform. OrionX might benefit from Bitfinexs capabilities with multiple products, such as trading, staking, and crypto lending.

Thus, the Latin American platform is seeking to increase its chances of succeeding in its expansion. In the meantime, Bitfinex seeks to increase its presence in the region.

Cofounder of OrionX Joel Vainstein stated about the partnership:

Having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our capital raising activities. We are confident that their extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region.

Since 2021, the crypto trading venue has doubled its efforts to work with Latin American projects. Per the release, the company partnered with several organizations to promote Bitcoin and decentralized technologies, such as Mi Primer Bitcoin, based in El Salvador.

In addition, the crypto trading venue has been promoting financial and scientific education via its contribution to a Paraguay-based NGO called Penguin Academy. Bitfinex sponsored a three-week boot camp focused on teaching women coding skills.

The cooperation with OrionX is taking these efforts to the next level. The partners recognize the regions need for financial products and services and are preparing to offer an alternative to the legacy financial system.

According to Paolo Ardoino, CTO at Bitfinex:

Were excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralised technology to promote financial freedom and empower businesses that share our values. We look forward to working even more closely with the team at Orionx to support its growth and development going forward.

Latin America is one of the fasting r......

Cosmos (ATOM) experienced a short bullish momentum on May 10, 2023. The asset saw an increase of 10.89% taking its price to a high of $11.2.

However, the bears regained control of the market on May 13 and sent the coin to its current price of $10.40, representing a decrease of 1.12%. From the beginning of May 2023 till date, ATOM has witnessed a price decline of 11.2%, based on its current price.

Bears In Control of Comos (ATOM) Price

The ATOM/USDT daily chart suggests that the market sentiment for Cosmos (ATOM) is predominantly bearish. It also shows a downward price movement dominating and hindering any potential bullish momentum.

Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally

The price of ATOM was influenced negatively by the recent chaotic legal battle with its former growth and strategy chief, Grace Yu. 

The news raised negative sentiments among investors and market participants toward Cosmos (ATOM). The Validators even urged Cosmos founder Kwon Jae to close the case against Grace Yu. And this action indicates a level of concern within the Cosmos community.

Negative sentiment towards an asset can influence investor behavior, decreasing demand for ATOM and potentially contributing to downward pressure on its price.

An example of this is that ATOM has been trending down since April 17, suggesting a bearish sentiment. The trendline now serves as a reference for identifying potential resistance levels since the asset has tested it severally.

Cosmos (ATOM) trades between $10.160 and $11.301 support and resistance levels. ATOM breaking through the $10.160 primary support level will confirm the bearish momentum. Afterward, the bears might target th...

Investors can now hedge against interest-rate risk in a DeFi environment by trading Secured Overnight Financing Rate (SOFR) swaps.

Dispersion Capital begins investments with $40 million Web3 fund (Unsplash)

On-chain detective ZachXBT believes that the project has likely exit scammed after bridging $31.6 million to multiple addresses on Tron and Ethereum.

Shanghai (Getty Images)

DeFi Dad says hed be shocked if Bitcoin doesnt hit $500K within 10 years, but he thinks Ethereum is getting more powerful all the time.

Blue Globe viewing from space at night with connections between cities. (Unsplash/NASA)

Popular entrepreneur and VeeFriends creator, Gary Vaynerchuck, shared his thoughts on NFT tickets, VeeCon 2024, cryptocurrency and blockchain adoption at VeeCon 2023.

New York-based Hunting Hill launches crypto affiliate (Florian Wehde/Unsplash)

Crypto flows to China-based fentanyl precursor suppliers (Chainalysis)

<p>Data shows the sharks and whales of the largest stablecoins have been accumulating, something that may turn out to be bullish for Bitcoin.</p> <h2>Sharks & Whales Have Been Loading Up On Stablecoins Recently

According to data from the on-chain analytics firm Santiment, the sharks and whales have recently improved their share of the total supply of stablecoins like USD Coin (USDC), Dai (DAI), and Binance USD (BUSD).

The relevant indicator here is the <a href= "https://www.newsbtc.com/news/ethereum/ethereum-breaks-1900-sharks-continue-accumulation/" rel="noopener" target="_blank">Supply Distribution</a>, which tells us what percentage of a cryptocurrencys total circulating supply is being held by which wallet group in the market.</p> <p>Addresses are divided into these wallet groups based on the total number of tokens that they are holding at the moment. In the context of the current discussion, the 100,000 to 10 million coins cohort is of interest.</p> <p>This group naturally includes the wallets of all the investors who are carrying a balance of at least 100,000 and at most 10 million tokens. As the assets in question here are USD-pegged stablecoins (meaning that their value is fixed at $1), the bounds of this range convert to $100,000 and $10 million, respectively.</p> <p>As these amounts are massive, only the largest of the investors in the market would be sitting on these addresses. The <a href= "https://www.newsbtc.com/news/bitcoin/bitcoin-sharks-whales-821-5m-dip-santiment/" rel="noopener" target="_blank">sharks and whales</a> are two such cohorts that are large enough to cover these wallets.</p> <p>These groups can be quite influential in the market, as they have the power to move a notable amount of coins at once. Obviously, the whales would be the more important group of the two, as they are the larger cohort.</p> <p>Now, here is a chart that shows the trend in the Supply Distribution of these sharks and whales for three of the most popular stablecoins in the sector:</p> <p><img alt="Stablecoins Sharks & Whales" class= "alignnone aligncenter" height="1748" src= "https://pbs.twimg.com/media/Fw1UA9TakAEV_pc?format=jpg&name=4096x4096" width="2852"></p> <p>As displayed in the above graph, the supplies of these three stablecoins hit a low back in March, but have since then observed an increase. This means that sharks and whales of the respective tokens have been accumulating during this period.</p> <p>Generally, investors use stables whenever they want to avoid the <a href= "https://www.newsbtc.com/news/bitcoin/bitcoin-volatility-shrinks-levels-violent-move-incoming/" rel="noopener" target="_blank">volatility</a> associated with other assets like...

The latest price moves in bitcoin (BTC) and crypto markets in context for May 24, 2023. First Mover is CoinDesks daily newsletter that contextualizes the latest actions in the crypto markets.

Intropia enables the development of a professional Web3 network with the help of on-chain profiles and introductions.

Attorney Marta Belcher joins The Agenda podcast to unpack financial surveillances vast infrastructure and warn of the potential ramifications of central bank digital currencies.

Big data, data analytics, data governance, data visualization, data integration and more. Discover these key data terms for a deeper understanding.

(Rachel Sun/CoinDesk)

On this weeks episode of The Market Report, Cointelegraphs resident expert discusses why Bitcoins price is stuck near $27,000 and the next price level for the king of cryptocurrencies.

This is an opinion editorial by Aleksander Svetski, author of The UnCommunist Manifesto, The Bitcoin Times and the Remnant Series, and head of growth and strategy at Lucent Labs.

I know, I know. Your Twitter feed has probably been drowning in threads and tips from AI bros who have discovered 99 ways for you to save 99 hours every week using ChatGPT or some other list of 99 AI apps.

Im sick of it too. Trust me, especially considering that most of these AI experts were Web3 experts last year, NFT experts the year before and DeFi or crypto experts before that. Trend hopping at its finest.

Thats not to say theres no value here to be found here. Somewhere beneath or behind the almost-deafening noise coming from these influencooors there is a possible paradigm shift, and a genuine set of use cases. Weve seen some already, of course.

You can chat with these models to reason out a problem, you can summarize thoughts and ideas, find correlations between ideas, search for some information better than you could with Google and, of course, build more linguistically-functional chatbots. Perhaps the best use case thus far are the dev-assistant tools, but I get the sense that weve not yet seen the Uber moment.

There is also somewhere beneath and behind all of the scary talk of artificial general intelligence (AGI) and the idiocy being proposed by bureaucrats and would-be regulators a more human-centric, human-enhancing use for these tools.

The idea of a language user interface as the next step from the thumb tapping weve become used to over the past decade is fascinating, and what we should be thinking about is how to make these tools new bicycles for the mind, as Steve Jobs said about computers. Its very important that we push back against doomer narratives that lean the world toward approved AI in order to avoid such tools becoming yet another appendage of the State.

In this short article, Id like to explore the ideological AI battlefield and its relationship to Bitcoin. Some pretty important battle lines have been drawn, and we must all be aware of them.

Bitcoin Remains The Most Important Thing In The World

Energy is still the currency of the universe. Thats not changing, and will never change. At the risk of sounding like too much of a hippie: Its all energy.

People often forget that, and this recent AI hype cycle is a clear example. Most people you talk with, even otherwise smart people, think that AI is the...

Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity. However, it is not the case this time around because despite Musk mentioning the meme coin, its price has gone in the opposite direction.

Elon Musk Says Dont Bet On Crypto Or Dogecoin

Tesla CEO Elon Musk spoke at the Wall Street Journals CEO Council Summit held in London and among other topics, he touched on the crypto industry and Dogecoin in particular. Musk once again professed his support for Dogecoin, saying he likes the meme coin because of its humor and the fact that it incorporated dogs.

However, he further went on to state that he would not advise anyone to bet their life savings on either crypto or Dogecoin. Im not advising anyone to buy crypto or bet the farm on, you know, Dogecoin or anything like that, the billionaire said when asked if he was still a fan of crypto.

Musk has a long history of supporting the meme coin and it was this support that sent the cryptocurrency rallying to new all-time highs back in 2021. At different points since then, Musks posts have also moved the price positively. But his stance this time around has deviated from what is normally expected and the price of DOGE has suffered for it.

DOGE Price Retraces Despite Musk Mention

In one of the rare cases, the price of Dogecoin has actually retraced after Musk mentioned the meme coin during his interview. The price is down over 3% in the last 24 hours alone and is now trading dangerously close to the $0.07 support level.

As a result of this, DOGE has fallen below its 200-day moving average, a move that puts it on a bearish path over the short to mid-term. Also, with Bitcoin seeing losses, it has taken the market down with it, so there is not much room for recovery for DOGE at this time.

However, many in the community continue to hold out hope that Elon Musk will eventually announce a DOGE integration on Twitter as a payment method. Such a move would no doubt lead to an at least 50% upside for the meme coin, and it could be a catalyst for its next rally.

At the time of writing, DOGE is changing hands at a price of $0.07113.

Courthouse in S Hertogenbosch, Netherlands, where Alexey Pertsev was tried (Jack Schickler/CoinDesk)

Officials in Washington, D.C. said they would hold a listening session to understand the experiences of workers and the usage of AI surveillance in the workplace.

(Shutterstock)

Computer Hacking Hackers (Shutterstock)

A bold prediction states that BTC price can gain 500% between now and April 2024.

The venture capital firm will allocate up to $200,000 to blockchain projects that it deems promising.

The International Monetary Fund projects 2.2% GDP growth and manageable debt, but warns of liquidity risks.

(Anuchit kamsongmueang/Getty Images)

Outlier Ventures founder Jamie Burke warns that as projects compromise with products that are not interoperable, it blurs the vision of Web3.

North Korean leader Kim Jong-Un (Chung Sung-Jun/Getty Images)

Karachi, Pakistan - Nov 14, 2021: People are seen at a weekly Sunday bazaar in Bufferzone, an area of central Karachi of Sindh province in Pakistan

BTC fell, mirroring losses in broader markets. (Meg Boulden/Unsplash)

The platform aims to consolidate the resources of academic institutions and enterprises in China, and bolster research efforts in areas related to the metaverse.

The policy framework showcases Pakistans willingness to integrate AI for public and national betterment. The country has set 15 targets with timelines ranging from 2023 to 2028.

The two tech firms say the goal of the generative artificial intelligence tools isnt to replace humans but to help them.

The technology is getting so advanced that deepfakes may soon become undetectable by a human verifier, said Jimmy Su, Binances chief security officer.

The proposed bill would require top government officials and lawmakers to declare all personal crypto holdings over $760.

BNB price (Binance coin) is struggling to clear the $315 resistance against the US Dollar. It is declining and remains at risk of a move below $300.

• Binance coin price is moving lower from the $315 resistance against the US Dollar.
• The price is now trading below $312 and the 100 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair (data source from Binance).
• The pair could accelerate lower if it breaks the $305 support zone.

Binance Coin Price Dips Again

This past week, BNB price attempted an upside break above the $312 resistance. However, the bulls struggled to gain strength above $315, similar to Bitcoin and Ethereum.

A high is formed near $315.5 and the price is now moving lower. There was a move below the 50% Fib retracement level of the upward move from the $304 swing low to the $315 high. BNB price is now trading below $312 and the 100 simple moving average (4 hours).

There is also a key bearish trend line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair. It seems like the price is now approaching the $305 support.

Source: BNBUSD on TradingView.com

On the upside, BNB is facing resistance near the $312 level and the 100 simple moving average (4 hours). The next major resistance is near the trend line or $315. A clear move above the $315 resistance might spark bullish moves. The next major resistance is near the $320 level, above which the price might rise toward the $332 resistance. Any more gains might send the price toward the $340 level.

More Losses in BNB?

If BNB fails to clear the $315 resistance,...

The Japanese parliament has decided to roll out tougher AML procedures in line with the travel rule.

0.00010 BTC = 2.63 USD
1.00 USD = 0.00004 BTC
Converter

Ethereum price failed to surpass $1,880 and declined against the US Dollar. ETH is struggling and might continue lower toward the $1,790 support.

• Ethereum is currently moving lower from the $1,880 resistance zone.
• The price is trading below $1,830 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could accelerate lower toward the $1,790 and $1,780 levels.

Ethereum Price Fails Again

Ethereums price attempted a fresh increase above the $1,850 resistance zone. However, ETH bears remained active near the $1,880 level and the price started another decline, similar to Bitcoin.

The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hourly Simple Moving Average.

There is also a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. Immediate resistance is near the $1,830 zone and the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,840 level and the trend line. A close above the $1,840 resistance could send Ether toward $1,880. The next resistance sits near $1,920, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone could start a steady increase toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,...

Core Scientific said favorable market conditions have increased its liquidity position and its bankruptcy restructuring plan has been revised.

Dresden Mayor Bill Hall (Doreen Wang/CoinDesk)

Bitcoin price is struggling to clear the $27,500 resistance. BTC could attempt another increase if it stays above the $27,000 support.

• Bitcoin is still struggling to gain pace above the $27,400 and $27,500 levels.
• The price is trading above $27,000 and the 100 hourly Simple moving average.
• There was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $27,000 pivot level.

Bitcoin Price Revisits Support

Bitcoin price started a decent increase from the $26,550 zone. BTC was able to clear the $26,850 and $27,000 resistance levels. It also sparked some positive moves in Ethereum.

During the increase, there was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair. The pair spiked above the $27,400 resistance but there was no upside continuation. A high is formed near $27,511 and the price is now moving lower.

There was a move below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average. It is also testing the broken trend line at $27,150.

Immediate resistance on the upside is near the $27,280 level. The next major resistance is near the $27,400 level. The main resistance is still near $27,500. A close above the $27,500 resistance zone might send the price toward the $28,200 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance is near $28,500, above which the price might start a strong increase toward the $29,200 resistance. Any more gains might send the price to...

Ether can simultaneously be both a security and commodity, meaning it lies under the regulatory scope of two federal agencies, according to former Commodities Futures Trading Commission Commissioner Dan Berkovitz.

(Getty)

Ledger CEO Pascal Gauthier says the past week has been a humbling experience and apologized for the firms miscommunication.

(Olivier Guillard/Unsplash)

Bitcoin price chart (CoinDesk)

(Mufid Majnun/Unsplash)

3 key indicators are behind the prolonged bearish trend in Ether, and data fails to identify an immediate catalyst for a price breakout.

Patrick Hillmann, chief communications officer (Binance)

Fantom (FTM) is a blockchain project that has gained attention in the crypto space for its unique features and potential. Despite a recent dip in key metrics such as Total Value Locked (TVL), the project has something special that many believe is worth attention.

Is Fantom Poised To Disrupt The Crypto World?

One of the most important metrics for any blockchain project is TVL, which represents the amount of money invested or held in the network. According to the data researcher for Dune Analytics under the pseudonym OxFinish, for Fantom, TVL saw a massive uptrend in the autumn of 2021 during the second Bitcoin run to an all-time high (ATH) but has since fallen to its lowest point in almost two years, currently sitting at approximately $292 million.

Interestingly, the TVL correlates perfectly with Stablecoin Market Capitalization, the easiest thing to bridge between blockchains, as seen in the chart above. 

Moreover, according to Ox, FTMs price is highly correlated with active users, as evidenced by the recent mini Altcoin Season surges in network activity when the price increases. Social dominance and USD transaction volume have also fallen, indicating a complex interdependence of key metrics within the ecosystem.

Despite the above, Fantom has a vibrant ecosystem of projects building on it, with one decentralized exchange (DEX) standing out as the backbone of the network: SpookySwap. SpookySwap currently has over 22% of TVL dominance, with only GMX on Arb having a slightly higher percentage at approximately 24%. At one point, the TVL of SpookySwap was higher than the TVL of Avalanche.

As an automated market maker (AMM), SpookySwap enables users to trade any ERC20 token on the Fantom network without needing an order book. Instead, the platform uses complex algorithms to determine the price of tokens based on supply and demand. This approach makes it easy for users to trade tokens...

Multicoin Capital managing partner Kyle Samani (Danny Nelson/CoinDesk)

The firm aims to fund startups building infrastructure for Web3 and other decentralized technology projects.

(Shutterstock)

During the recent weekend, Avalanche (AVAX) witnessed a significant surge in selling pressure, resulting in a bearish breakout. As a consequence, the price of AVAX dipped close to a multi-month low of $13.8.

However, on the 24-hour chart, the altcoin displayed a slight upward movement, showing some appreciation. On the other hand, the weekly chart depicted lacklustre performance for AVAX.

The technical outlook for Avalanche remains bearish, as both demand and accumulation levels have remained low. The price action of AVAX has been influenced by the undecided nature of Bitcoin (BTC), which recently re-entered the $27,000 range.

This has caused other altcoins, including AVAX, to exhibit uncertainty on their respective charts. The overhead resistance level for AVAX holds significant importance, as surpassing this level could trigger a rally for the altcoin.

Conversely, if sellers exert further pressure, AVAX may break its consolidation and fall below its immediate support level, thereby strengthening the bearish sentiment.

Broader market strength is necessary for AVAX to reclaim its overhead ceiling. The decline in the market capitalization of AVAX indicates a decrease in buying strength at the current time.

Avalanche Price Analysis: One-Day Chart

At the time of writing, AVAX was priced at $14.70. It is currently trading in close proximity to its immediate resistance level of $15. A breakthrough above $15 has the potential to propel the altcoin towards $15.80 and ultimately $16.

The involvement of buyers in the market is crucial to generate demand and facilitate AVAXs upward price movement. On the downside, if AVAX fails to sustain its current price level, it may find support at $14 before potentially trading below that level. The recent trading session showed a decline in the amount of AVAX traded, indicating the dominance of sellers in the market.

Technical Analysis

The cryptocurrency exchange filed a petition for rulemaking with the SEC in July and was served a Wells notice for potential violations of securities law in March.

Bitcoin mining rigs (Eliza Gkritsi/CoinDesk)

The funding will support our efforts to continue building AI products that people can rely on," developers wrote.

Canadian Bitcoin mining corporation Upstream Data Inc. has filed a patent infringement lawsuit against Delaware limited liability company Crusoe Energy Systems LLC in the United States District Court for the District of Colorado. 

The lawsuit alleges that Crusoe has infringed on Upstream's patent related to bitcoin mining technology used to convert stranded natural gas into bitcoin. According to the complaint, Upstream holds the patent for a system that powers a blockchain mine at remote oil well sites using stranded gas to generate electricity for cryptocurrency mining. According to the filing, the company has deployed over 350 bitcoin mining systems across the U.S. and Canada, addressing the issue of stranded gas venting and flaring.

Crusoe, which manufactures and operates cryptocurrency mining systems connected to stranded natural gas sources, is accused of competing with Upstream by selling and operating similar systems. The complaint claims that Crusoe's "Digital Flare Mitigation" systems infringe on Upstream's patented technology. The lawsuit further alleges that Crusoe was aware of Upstream's patented technology during the development of its own products. The lawsuit filing highlights instances where Crusoe identified Upstream as a competitor in blog posts and claims made in patent applications.

The lawsuit seeks damages and injunctive relief against Crusoe for patent infringement. Upstream argues that Crusoe's actions have caused harm to its business by infringing on its patent rights and creating unfair competition in the market.

The case will be heard in the United States District Court for the District of Colorado, where Crusoe has regular and established places of business according to the filing. Upstream asserts in the lawsuit that the court has jurisdiction over the case.

Atmosphere (Shutterstock/CoinDesk)

Discussion circle at Zuzalu, with Ethereum co-founder Vitalik Buterin on the turquoise beanbag chair, listening to Asymmetry Finance's Hannah Hamilton. (Hannah Hamilton)

The Cardano price has consistently remained below the $0.38 zone for the past two weeks, indicating a strong presence of sellers in the market. Despite attempts by buyers to regain strength over the past month, their efforts have been feeble, unable to overcome the bearish sentiment.

This persistent bearish price action has resulted in a notable breach of the crucial demand and support zone between $0.37 and $0.38.Over the last 24 hours, ADA has made a slight upward movement on its chart, but the progress has been limited.

Similarly, on the weekly chart, ADA has not shown significant advancement. The technical outlook for ADA reflects bearish pressure and a lack of buying strength.

Demand and accumulation remain low as a consequence. Many altcoins have indicated minor price increases, with Bitcoin returning to the $27,000 price. ADA must maintain trading above its immediate support line to break out of its current narrow trading range.

If ADA surpasses its overhead resistance, the altcoin could potentially experience a substantial rally in the following trading sessions. The decrease in ADAs market capitalization suggests an increase in sellers outweighing buyers in the market.

Cardano Price Analysis: One-Day Chart

At the time of writing, the price of ADA was $0.37. The altcoin is currently experiencing tight price movement within a highly constricted range. Additionally, ADA is approaching a critical support level at $0.36.

On the upside, there is an overhead resistance at $0.38.  A successful breakthrough above this level could drive ADAs price toward $0.40.

However, if the price fails to sustain its current level, it could drop below $0.36. This would lead to a trading range near $0.34. The recent session showed a decrease in the amount of ADA traded, indicating a slow buying strength.

Technical Analysis

According to the U.S. SEC, IOSCO members together regulate more than 95% of the worlds securities markets.

Nonfungible token marketplace NFTrade now supports cross-chain purchases on Ethereum, Polygon, Avalanche and BNB Chain.

(Michael Dziedzic/Unsplash)

Bitcoins NFT market is growing, but it is primarily driven by newfound hype for memecoin trading on the blockchain.

Cathie Wood (Danny Nelson/CoinDesk)

The approval marks the first time a digital asset custody provider has come under federal regulation as the SEC tightens custody rules.

Ledger Wallet (Amjith S/Unsplash)

LabDAO raises $3.6 million in funding (Pixabay)

NFTs drive Bitcoin activity (Ordinals Protocol)

CDCROP: FTX (Leon Neal/Getty Images)

The EU is set to agree new crypto tax laws (Ralph/Pixabay)

(Sorare)

Justin Sun (Steven Ferdman/Getty Images)

The number of ether staked in the network has surged to a record high of 22.58 million. (Glassnode)

(Ellen Qin/Unsplash)

The mixed martial arts organization, Professional Fighters League, will use NFT tickets, becoming the latest sports body to explore the Web3 ticketing functionality.

Bitcoin Price (CoinDesk Indexes)

Avalanche (AVAX) is gaining today as it seeks to retain its gains in the last 24 hours. Its trading volume is up by over 18% today, possibly sustaining its price recovery attempt.

Notably, AVAX entered the month of May with a bullish momentum trading at $16.66 on May 1, 2023. However, the bears have kept AVAXs price at $14 since May 18. 

It now approaches the $15 price level seeking to rediscover its positive price form. The increased trading volume today implies that more activities are ongoing on the network.

This surging interest in the network might help AVAX sustain its uptrend.  A return to $21 remains likely for the asset in the long term.

AVAX Price Moves

AVAX is gaining today, forming a higher high on the daily chart. The bulls are intent on mounting a recovery rally. However, the bears are still active in the market.

Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones?

Since AVAX still trades below its 50-day and 200-day Simple Moving Averages (SMA), the asset will likely see a further price decline in the short and long term. The SMAs display sell signals prompting traders to take short positions in the market today.

However, some indicators are pointing to a price recovery for AVAX soon. For instance, the Relative Strength Index (RSI) is 38.53 and close to the oversold region. 

The RSI indicator mirrors the bearish trend that began on May 18, 2023, but the indicator is moving upwards, hinting at a potential trend reversal for the asset.  

Although the AVAXs Moving Average Convergence/Divergence (MACD) is just breaking above its signal line and showing convergence, its histogram bars display small green bars hinting at a potential trend reversal to the upside. 

A close look at the chart structure shows that AVAX entered a downtrend on April 19, 2023. But it found support on May 22, sparking hope for a price recovery. 

Whats Ahead For Avalanche?

AVAX has found valuable support at the $14.29 price level, a pivot point for the asset. It is currently trading above its closest resistance level of $14.29. However, the bears are still active in the market, intent on keeping it below the next resistance level of $15.21.