AVAX on THIN ICE
Updated
Bankrupt exchange Voyager Digital to shut shop after failed deals, details inside
According to Voyager Digital’s lawyers, the crypto lender will self-liquidate its assets after failing to reach an agreement on a sale to either FTX US or Binance.US.
The announcement, shared in a court filing on 5 May, comes just ten days after Binance.US abruptly backed out of a $1 billion deal to buy Voyager Digital’s assets when the US government intervened to prohibit part of it.
Prior to the agreement with Binance.US, the crypto lender made a similar offer to FTX. When FTX went bankrupt alongside Voyager in November, the first contract was cancelled.
Voyager stated in a filing that a number of digital assets on the platform that cannot be removed will be liquidated and returned to its users. These assets include major cryptocurrencies such as Algorand [ALGO], Celo [CELO] and Avalanche [AVAX].
Avalanche’s latest collaboration with Chinese company Alibaba could change the game for AVAX in the cryptocurrency market. At press time, the excitement of the partnership was reflected on the AVAX charts.
Avalanche managed to secure a major partnership that could make it a stronger contender in the metaverse.
AVAX sees low demand despite the hype around a new partnership and supports retest.
Avalanche could be about to spice things up in the metaverse thanks to a major development that might be a game-changer. The development in question is a partnership with Chinese tech giant Alibaba.
According to Avalanche’s official announcement, the two secured a partnership through which Avalanche will be the conduit for Alibaba’s metaverse pursuits.
The partnership will focus on Alibaba’s Cloudverse, the cloud computing segment of the Chinese company which already has millions of customers. Avalanche will provide the decentralized technology to support this metaverse endeavor.
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.
#Avalanche will provide all blockchain elements for Cloudverse
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.
#Avalanche will provide all blockchain elements for Cloudverse
One of the ways to tell if the excitement has been converted into strong demand is to evaluate on-chain volumes. AVAX on-chain volume experienced a slight upside in the last 24 hours, although likely not strong enough to support enough bullish excitement.
Despite the lack of strong demand within the first 24 hours after the announcement, there was one key factor that may still support a strong bounce. AVAX’s price action had been trading within a tight range after finding support near the $16.50 price range. More importantly, the price was recently pushed into an ascending support line.
The same support level may act as a bounce-off zone if AVAX can secure enough bullish demand in the next few days. Its MFI already pivoted after previously registering outflows. Weak bullish demand or a surge in sell pressure may also manifest in the market sentiment shifts in favor of the bears.
According to Voyager Digital’s lawyers, the crypto lender will self-liquidate its assets after failing to reach an agreement on a sale to either FTX US or Binance.US.
The announcement, shared in a court filing on 5 May, comes just ten days after Binance.US abruptly backed out of a $1 billion deal to buy Voyager Digital’s assets when the US government intervened to prohibit part of it.
Prior to the agreement with Binance.US, the crypto lender made a similar offer to FTX. When FTX went bankrupt alongside Voyager in November, the first contract was cancelled.
Voyager stated in a filing that a number of digital assets on the platform that cannot be removed will be liquidated and returned to its users. These assets include major cryptocurrencies such as Algorand [ALGO], Celo [CELO] and Avalanche [AVAX].
Avalanche’s latest collaboration with Chinese company Alibaba could change the game for AVAX in the cryptocurrency market. At press time, the excitement of the partnership was reflected on the AVAX charts.
Avalanche managed to secure a major partnership that could make it a stronger contender in the metaverse.
AVAX sees low demand despite the hype around a new partnership and supports retest.
Avalanche could be about to spice things up in the metaverse thanks to a major development that might be a game-changer. The development in question is a partnership with Chinese tech giant Alibaba.
According to Avalanche’s official announcement, the two secured a partnership through which Avalanche will be the conduit for Alibaba’s metaverse pursuits.
The partnership will focus on Alibaba’s Cloudverse, the cloud computing segment of the Chinese company which already has millions of customers. Avalanche will provide the decentralized technology to support this metaverse endeavor.
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.
#Avalanche will provide all blockchain elements for Cloudverse
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.
#Avalanche will provide all blockchain elements for Cloudverse
One of the ways to tell if the excitement has been converted into strong demand is to evaluate on-chain volumes. AVAX on-chain volume experienced a slight upside in the last 24 hours, although likely not strong enough to support enough bullish excitement.
Despite the lack of strong demand within the first 24 hours after the announcement, there was one key factor that may still support a strong bounce. AVAX’s price action had been trading within a tight range after finding support near the $16.50 price range. More importantly, the price was recently pushed into an ascending support line.
The same support level may act as a bounce-off zone if AVAX can secure enough bullish demand in the next few days. Its MFI already pivoted after previously registering outflows. Weak bullish demand or a surge in sell pressure may also manifest in the market sentiment shifts in favor of the bears.
Note
Avalanche’s [AVAX] Q1 performance was not the best; will Q2 be any different? Avalanche witnessed declines across several areas in Q1, such as active addresses, NFT sales, and TVL. However, its revenue registered an increase in the last quarter.
Note
Messari published Avalanche’s [AVAX] quarterly report on 2 May, highlighting how the blockchain performed during Q1 2023. A key takeaway was that AVAX’s market cap rebounded along with the broader market, increasing 65.8% quarter-on-quarter (QoQ).Note
Avalanche’s Q1 performance in a nutshell In terms of active users, Q1 was not the best for the Avalanche network, as it registered a decline. Avalanche’s daily average active addresses across the C-Chain and subnets declined by 20.7% QoQ.
However, it should be considered that the decline was noted as there was an unusual surge in active addresses in Q4, driven by a rise in NFT minting. If the spike is omitted, then the number of active addresses was stable.
Note
A positive development in Q1 was that Avalanche’s revenue increased. To be precise, the network’s revenue denominated in AVAX steadily increased by more than 10% QoQ.The increase in revenue was largely due to an 18.2% increase in transaction fees, which came from the network experiencing moments of instability during the concluding weeks of the last quarter.
Avalanche’s state in DeFi
The blockchain’s performance in the DeFi space was not the best in Q1 either, as its network value declined. Avalanche’s TVL denominated in AVAX declined by more than 34%.
Nonetheless, it was interesting to note that the TVL, when denominated in USD, rose by 4%. As per Messari’s report, this incident suggested an asset price increase in USD rather than a new capital inflow.
Note
Already strong BEARISHNote
4H,2H,30min. Chart bearish 👉Daily,Weekly Bearish
Note
Monday happens nothingtuesday
pmi important also for eurousd if euro gets stronger nasdaq and s+p500 and gold get stronger too
pmi for dollar at 9:45 watch closely and wait how the algos trade. Dont go immediately in,just be patient
also manufacturing data will be published. Important
Until the dat come out, the price moves higher or lower above/below the opening price ,but suddenly comes back to the opening level. No good idea to trade.
Wednesday 2p.m.: FOMC meeting, but this meeting is FOMC minute. High impact, but not so much as the real FOMC meeting,
10 a.m. Yellen will speak,
Thurseday: GDP,pending homesales,unemployment
Friday: Big Day,PCE coming out, also Durable goods
also consumer sentiments and inflation expectations.
Friday will be a very busy day. Watch for those data points.
Note
This week:s+p500
4193 to 4180 should be filled. I am looking bearish this week until sp500 goes to around 4160.
There I will be prepared for a buy, if volume sinks, and we have a bullish signal. The volume has to be increase, while the price gos up again.
If not so, it could mean, that important news, what the public does not know will arrive soon.In this case I willstay out.
If we have buy presure, the target will be 4180, we hold above it, we go then to 4223, and then 4277, cuz there no resistance
Nasdaq US100
Big LVN zone 13563-13606 and a single close at 13689 and 13750
I am expecting that coming down and correction.No! I want to have this correction, before US100 begins a big buy pressure at this level and rise higher.
My bullish target will be then 13952,13999,14218 and 14298
There we have nearly no resistances
In case US100 falls below 13606,
it nears of 13518 but latestly 13350. There are my next Bulls waiting to welcome the bears and support the strong Buy pressure.
Bitcoin.Possibly will come down to 2395 area before the Buying pressure begins.
It has to go above 27700. If we start sideways and the volume reducing, I will take the first Profits, and wait for a second ,but powerfull bullish run.
Then we had the pullback to 38,2 Fib which is a bullflag level,
We pushed then the high ,and higher highs which was wonderful
Gold: we had very strong impulse from 1618 to 1973
Then we had the pullback to 38,2 Fib which is a bullflag level,
We pushed then the high ,and higher highs which was wonderful
The profit taking on the Highs put back Gold in a correction mode,
I am expecting Gold will come down to 1900-1936 (62%Fib.) and then we attack 2150, and then 2212.5
Important is: Gold must Close this week above 1900-1920.
If it doesn´t and falls below this level, then we will see 1840 agin. It will be a ull trend, ,but it will need longer to climb higher.
If we close above 1920 this Friday, then possibly in the next 14 Days Gold will RISE HIGHER...
Note
Some school kids asked me about Bitcoin and Cryptos. How would you explaine to a kid wht crypto is ,and debt cieling? Interesting is that they have heard about it....Imagine Bitcoin and cryptos as a special kind of digital treasure or virtual money.
more and more people are becoming interested in this digital treasure because they think it's valuable.
the Bitcoin price going up over time, like a roller coaster ride going higher and higher.
as more people want to own Bitcoin, its price increases because there is a limited amount available, just like rare toys or collectibles becoming more expensive when everyone wants them.
Understanding Volume and its Importance:
Volume means how much of something is being bought or sold
when there is a lot of buying and selling of Bitcoin (high volume), it shows that many people are interested in it, and this can affect its price.
Mention that high volume means there are lots of people who believe Bitcoin is valuable and want to own it, so its price can go up.
USA Debt Ceiling and Bitcoin's Rise:
Debt ceiling is like a limit or cap on how much money the government can borrow.
when there are concerns about the debt ceiling, it can create uncertainty about the economy and the value of regular money.
some people might think Bitcoin is a better choice because it's not controlled by any government and is seen as a more stable and valuable option.
that cryptocurrencies like Bitcoin and Ethereum are related to these sectors because they can be used in various ways within them.
For example, in technology, people can use Bitcoin to buy computer parts or software.
a person using Bitcoin to buy a computer or video game.
In biotechnology, mention that Ethereum's technology can be used to create secure systems for storing medical records or sharing research data.
Sectors Benefiting from Bitcoin and Ethereum:
sectors where people want to make fast, secure, and global transactions can benefit from Bitcoin and Ethereum.
For online shopping, people can use Bitcoin or Ethereum to buy things quickly and securely without needing a credit card.
For gaming, some games allow players to earn or trade virtual items using cryptocurrencies like Bitcoin or Ethereum.
Picture of a game character buying or selling virtual items with Bitcoin or Ethereum.
Note
AVAX refers to Avalanche, a decentralized platform and cryptocurrency that aims to provide a scalable and high-performance ecosystem for the deployment of decentralized applications (dApps) and the execution of smart contracts. Avalanche operates as a blockchain network and offers various features such as subnets, interoperability, and customizable blockchains.From an economic perspective, AVAX serves as the native cryptocurrency of the Avalanche network and plays several important roles within the ecosystem:
Transaction Fees: AVAX is used to pay for transaction fees when users interact with the Avalanche network, including executing smart contracts, transferring assets, and participating in decentralized applications. The fees help maintain the security and integrity of the network.
Staking and Governance: AVAX holders have the opportunity to stake their tokens and participate in the consensus mechanism of the Avalanche network. By staking AVAX, individuals can earn staking rewards and actively contribute to the network's security and consensus process. Additionally, AVAX holders may participate in governance decisions, allowing them to influence the future development and direction of the Avalanche ecosystem.
Utility in dApps and Ecosystem: As Avalanche aims to be a platform for decentralized applications, AVAX can be used as a utility token within various dApps and services built on the Avalanche network. For example, dApps may require AVAX for accessing specific features, in-app purchases, or rewards and incentives.
Store of Value: Similar to other cryptocurrencies, AVAX can also serve as a store of value. Investors may choose to hold AVAX as a long-term investment, speculating on its potential growth and adoption within the Avalanche ecosystem.
It's important to note that the value and economic meaning of AVAX, like any other cryptocurrency, can be influenced by factors such as market demand, adoption of the Avalanche platform, overall cryptocurrency market conditions, and regulatory developments. Understanding these factors and conducting thorough research is crucial before considering any investment in AVAX or any other cryptocurrency.
Note
Revolut launches new crypto course on Avalanche (AVAX)Revolut, the global financial app, launches the fifth course in its “Learn” section, dedicated to Avalanche (AVAX).
Summary
Revolut and the fifth crypto course on Avalanche (AVAX)
Revolut and the new crypto course on Avalanche: how does it work?
The knowledge behind the investments
Revolut and the fifth crypto course on Avalanche (AVAX)
For UK and EEA (European Economic Area) customers of Revolut‘s global financial app, the fifth crypto course on Avalanche (AVAX) has just been launched.
Indeed, by logging into the dedicated “Learn” section, Revolut customers will be able to find out more about Avalanche’s eco-friendly blockchain, designed for both Web3 developers and enterprises.
Not only that, the course will also explain how the Avalanche platform’s native token, AVAX, works, which is one of the latest cryptocurrencies offered to Revolut’s crypto community.
Revolut and the new crypto course on Avalanche: how does it work?
As mentioned, Avalanche is the fifth crypto course launched by Revolut, following Crypto Basics, Polkadot, 1Inch, and a bonus Polkadot course.
In general, Revolut’s “Learn” courses are designed to help customers improve their knowledge of cryptocurrencies and related topics, including blockchain, tokens, and popular protocols.
Not only that, over the past year, these courses have solidified their role in transforming cryptocurrency technical jargon into more accessible information for a wider audience, primarily among GenZ and Millennials.
And indeed, the impact of the feature has also been recognized by the second edition of the Pulse Report, published by FinTech consulting firm 11FS. Revolut’s “Learn” was chosen as a “top cryptocurrency star” in 2022 for its “simple and fun approach.”
As for Avalanche, Revolut’s new crypto course includes two lessons structured as follows:
Lesson 1: Introduction to Avalanche – Customers will learn what the Avalanche consensus protocol is and how it works. In addition, the lesson explains how Avalanche differs from other blockchains.
Lesson 2: How does Avalanche scale? Participants will learn about the concept of subnets and how Avalanche scaling models can contribute to the crypto ecosystem without a proportional increase in gas rates.
The global finance app, with 29 million customers worldwide, also launched “Collections” in mid-April, a new investment service that features 12 collections grouping more than 100 tokens.
Through the new way of investing, Revolut users will be able to choose whether to purchase an entire collection and thus distribute their investment evenly among all the tokens in the collection.
Note
Trend downNote
Selling Pressure,Weakenning of UsDollar, thats good for Euro. Strong Euro is GOOD,no VERY GOOD for SP500;NASDAQ;DOW JONES; GOLD;BITCOIN;CRYPTOS: Everything against Dollar.Look also my NVIDIA Forecast Chart performed: Nailed it! Weak US DOllar also good for Tech Stocks, Bio Pharma and Tech have Highly positive correltions with Bitcoin and Ethereum, and vice versa. NVIDIA : Top Performer
Friday is the Big Day of the Week: aND IT WILL BE VERY BUISY. RGHT AFTER THE bELL PMI and Inflation DATA!
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Market UpDATES:NASDQ100 US100 and Indices Sky Rocketing after FED pivot reates cooling
Nasdaq breaking 14055 easily as forecasted in my analysis : Next Target 14350
NVIDAI Sky ROCKETING(Watch als my other Forecasts USD/US100/USDJPY/GOLD/EURO- Related Markets)
Godl Found More Buyers on support.More Bullish Delat coming in nEXT TO 2000USD)
Medium-term price action on the daily chart exhibits scope to extend losses. The longer-term ascending channel is interesting (drawn from $1,641 and $1,959). Note that price action FAILED to touch gloves with the upper boundary in recent trading, pencilling in highs just ahead of the all-time high of $2,075.
Investment Sentiment rising higher from Lows:More Bulls
The Key Fed Inflation Rate Is Cooling At Pivotal Time For The S&P 500
EURO/USD Taking Profits +More Bulls Accumulation and Buying Pressure /Support 1,4075
Note
sell deltas deeper fallingNote
ADA, MATIC, SOL face the music as Robinhood delists tokensHours after Robinhood delisted ADA, MATIC, and SOL, the price action of the tokens was not what participants would have hoped for.
Ethereum continues to dominate the crypto sector, with increased TVL and notable growth on DEXs. NFT sector however, does not witness the same level of progress.
Should Shiba Inu traders be worried as Shibarium launch date remains uncertain
Solana prices dive 42% within a week, will there be a quick recovery
Solana nears an important resistance
Bitcoin’s Implied Volatility declined rapidly indicating the anticipation of low fluctuations of price from the options market.
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Note
BTC Bears Target Sub-$26,000 on SEC v Binance and Ripple BattlesBTC was flat this morning, with regulatory uncertainty stemming from the SEC lawsuits against Ripple, Binance, and Coinbase testing buyer appetite.
The market structure and momentum of Bitcoin was bearish, but its bounce back above 26k gave bears some food for thought.
Bitcoin’s correlation with the S&P 500 turned negative over May. This meant that the index has an overall bullish outlook, but Bitcoin has trended in the opposite direction in recent weeks. The increasing hostility from regulatory bodies in the United States has played a part in BTC’s misfortunes on the price chart.
There was an argument to be made that Bitcoin showed some signs of recovery. Yet, an analysis of the price action showed that the bias remained in favor of the sellers. On the other hand, if Bitcoin climbs to 28k, it could signal an uptrend.
Can the bulls drive Bitcoin past 27.4k next?
The market structure of Bitcoin on the daily timeframe was bearish. The structure shifted on 21 April when BTC dipped below a recent higher low. Since then, the price has trended lower on the chart.
Moreover, the trading volume has been extremely low from April onward, compared to the volume seen in February and March. This was reflected on the OBV as well, which only went slightly lower in May in contrast to the rapid gains it posted in mid-March.
The Fibonacci levels based on the recent leg down show that Bitcoin was likely headed toward 24.8k. The 61.8% extension level at 23.3k was also a target it presented. The price action showed that the 24.2k-24.4k region could serve as strong support. Beneath that, the 22.4k and 21.5k levels were important.
To signal a bullish shift in the structure, Bitcoin prices must rise back above the recent lower high at 27.4k. Yet, an uptrend would not be established there, as BTC would need to form a higher low and continue higher. Cautious investors can wait for this turn of events before looking to buy.
On Saturday, BTC extended the winning streak to three sessions, gaining 0.67% to end the day at $26,535.
SEC v Binance news delivered a breakout morning session before profit-taking left BTC with modest gains.
The technical indicators turned bullish, signaling a return to $27,000.
On Saturday, bitcoin (BTC) gained 0.67%. Following a 2.92% rally on Friday, BTC ended the day at $26,535. Significantly, BTC enjoyed its first three-day winning streak since May.
A mixed start to the day saw BTC fall to an early afternoon low of $26,202. Steering clear of the First Major Support Level (S1) at $25,523, BTC rose to a late morning high of $26,857. However, falling short of the First Major Resistance Level (R1) at $26,882, BTC eased back to sub-$26,500 and a range-bound afternoon session.
SEC v Binance News Delivered Brief Relief
On Saturday, news of Binance striking a deal to address the SEC’s motion to freeze Binance US assets supported a breakout morning.
Binance, Binance US, and the SEC agreed on a deal restricting access to customer funds to Binance US employees. The agreement prevents Binance Holdings staff from having access to private keys for US wallets.
The SEC filed a motion to freeze the assets of Binance US shortly after filing charges against Binance, Binance US, and Binance CEO CZ.
On Saturday, the US Court signed off on the deal, which allows Binance to repatriate all US customer funds and private keys onshore to nullify the motion to freeze.
While the news was positive, Binance US and Binance face charges that could drag on and further impact the US digital asset space.
Uncertainty toward the SEC v Ripple case remains another headwind, with optimism of a Ripple win fading after the release of the Hinman speech-related docs.
The Day Ahead
It is a quiet Sunday session, with no US economic indicators to provide direction. The lack of external market forces will leave BTC in the hands of the crypto market news wires.
SEC activity remains the focal point, with SEC v Ripple, Binance, and Coinbase (COIN)-related news likely to move the dial.
We also expect market sensitivity to lawmaker chatter. US lawmakers have remained silent on the William Hinman speech-related documents and the SEC charges against Binance and Coinbase.
Bitcoin (BTC) Price Action
This morning, BTC was down 0.05% to $26,523. A mixed start to the day saw BTC rise to an early high of $26,551 before falling to a low of $26,410.
BTC Technical Indicators
Looking at the EMAs and the 4-hourly candlestick chart (below), the EMAs sent bullish signals. BTC sat above the 100-day EMA ($26,269). The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, sending bullish signals.
A move through the 200-day EMA ($26,654) would support a breakout from R1 ($26,861) to target R2 ($27,186). However, a fall through the 100-day EMA ($26,269) and S1 ($26,206) would bring the 50-day EMA ($26,059) into view. A fall through the 50-day EMA would send a bearish signal.
Resistance & Support Levels
R1 – $ 26,861 S1 – $ 26,206
R2 – $ 27,186 S2 – $ 25,876
R3 – $ 27,841 S3 – $ 25,221
BTC needs to move through the $26,531 pivot to target the First Major Resistance Level (R1) at $26,861 and $27,500. A move through the Saturday high of $26,857 would signal an extended bullish session. The crypto news wires should be crypto-friendly to support an extended rally.
In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $27,186 and resistance at $27,500. The Third Major Resistance Level (R3) sits at $27,841.
Failure to move through the pivot would leave the First Major Support Level (S1) at $26,206 in play. However, barring a risk-off-fueled sell-off, BTC should avoid sub-$26,000 and the Second Major Support Level (S2) at $25,876. The Third Major Support Level (S3) sits at $25,221.
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