Monero

The feds must rein in crypto-financed terrorism

Government should develop Know Your Customer procedures for social media and messaging services and take stronger measures to track cryptocurrency transactions.

While regulators and policymakers dither and try to decide if cryptocurrencies have a future in the economy, early adopters, including terrorists and violent extremists, are exploiting a law enforcement blind spot. The ease by which money laundering and terrorism financing take place with cryptocurrencies and the more dangerous privacy coins are becoming a security threat of our own making through bureaucratic inaction.

The recent indictment of a New York woman accused of sending funds to Hay’at Tahrir al-Sham — designated by the United States and United Nations as a Foreign Terrorist Organization — is newsworthy because it’s the exception, not the rule. But this does not necessarily mean that financing terrorism with cryptocurrencies is itself a rare event. Rather, the few prosecutions that have been announced reflect the limitations of law enforcement’s capabilities in the United States and around the world — a problem that can and should be solved.

The U.S. has only a small group of dedicated law enforcement personnel to track and seize cryptocurrencies used for criminal purposes. Agents responsible are also tasked with investigating all aspects of the misuse of cryptocurrencies ranging from extortion and money laundering to sanctions evasion and terrorism financing. This lack of specific focus broadens the potential for misuse of cryptocurrencies to be undetected, particularly in light of the steady migration by criminals to so-called privacy coins that encrypt wallets — like Monero — and in some cases also the transactions themselves.

In June 2020, my own Counter Extremism Project (CEP) located a notorious pro-ISIS website requesting Monero (XMR) cryptocurrency donations “because it offers more privacy and safety features than Bitcoin.” Months later, a website that supports the National Socialist Order and spreads violent neo-Nazi propaganda requested donations via Monero, and a neo-Nazi chat group on Telegram posted a guide on how to purchase Monero to the dark web. The neo-Nazi accelerationist group The Base, too, has requested cryptocurrency donations in Monero to facilitate training and unspecified equipment.

Though the U.S. has the most advanced capacity to track and seize cryptocurrencies used for criminal purposes, these and other privacy coins present technical hurdles that no country has yet fully overcome. Their encryption technology renders law enforcement largely blind to who holds privacy coins and to what end they are used, and its users know it. The availability of so-called decentralized wallets, shareware downloadable from the internet, outside of cryptocurrency exchanges also provides another layer of anonymity by removing a third party that is responsible for fulfilling customer identification obligations and due diligence procedures.

*Value of crypto received by illicit address, 2017-2022. Source: Chainalysis*

In May 2022, the Senate Committee on Homeland Security & Governmental Affairs reported that “the IRS has had to develop new partnerships with private companies to attempt to develop a tool or solution for tracing Monero transactions” and that “regulators expressed concern over the use of privacy coins, noting that there is a ‘substantial difference between more transparent cryptocurrency and more opaque transactions.’”

Congress, however, has yet to create new regulatory frameworks or fund the development of new technological tools to the technical hurdles facing law enforcement that would ensure that the terrorism financing risks emanating from such privacy-enhancing, but transparency-reducing technologies are appropriately mitigated.

In addition to blockchain analysis, officials should contemplate standards for behavior-based transaction monitoring and regulatory requirements for the tech industry to cooperate with law enforcement, given the intertwining use of cryptocurrencies, including privacy coins, with social media, messenger services and crowdfunding platforms. These service providers can and should become part of the first line of defense. Still, the tech industry is unlikely to focus on countering the misuse of its services for the financing of terrorism unless motivated by regulation and compelled by liability risks.

Behavior-based monitoring by exchanges focuses on the actions of wallet holders and recognizes patterns that do not fit the usual behavior of users. If such suspicious patterns occur, they are flagged for further inspections to determine whether risks of money laundering, terrorism financing or other financial crimes occur. Exchanges have access to real-time user information that is broader than the information available to traditional financial institutions, which largely rely on information provided by their customers. For this powerful tool to be used more effectively, appropriate regulatory standards should be developed to guide its use by exchanges while adequately protecting user data.

Stronger regulatory standards for content monitoring and Know Your Customer procedures for social media, messenger services and crowdfunding platforms are needed when these platforms are used for commercial purposes, such as through web shops or crowdfunding campaigns. These internet platforms presently operate purely on their own non-regulated standards, which presents an uneven defensive mechanism across various platforms and generally very low moderation standards.

Noncustodial wallets and exchanges, as the Financial Action Task Force (FATF) advises, should be considered high-risk technology. Therefore, their use outside of exchanges should always be considered as a strong indication of nefarious activity. If exchanges choose not to require users that hold noncustodial wallets to fully disclose their identity during a transaction involving such noncustodial wallets, it would be advisable that these exchanges do not process such transactions.

Ultimately, only through governmental cooperation with industry stakeholders, combined with effective regulatory standards for the tech and fintech industries, can substantial progress be achieved and the risk of cryptocurrencies and privacy coins being used to fund extremism and terrorism be substantially reduced.

Hans-Jakob Schindler served as a member and then as coordinator of the United Nations Security Council’s ISIL, al Qaeda and Taliban Monitoring Team from 2013–2018 before becoming senior director of the Counter Extremism Project. He holds a Ph.D. in international relations/international terrorism from the University of St. Andrews.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

Bitcoin price is making another run at $28,000 and this is luring altcoin traders into XRP, LTC, XMR and AVAX positions.

The recent banking crisis in the United States seems to have shaken the belief of some customers in the legacy banking system. According to Federal Reserve data, customers pulled nearly $100 billion in deposits in the week ending March 15.

American venture capital investor and entrepreneur Tim Draper said in a March 25 report that “founders need to consider a more diversified cash management approach” due to the over-regulation of banks and micromanagement by the government. As part of a contingency plan, Draper suggested businesses keep “ at least six months of short-term cash in each of two banks, one local bank and one global bank, and at least two payrolls worth of cash in Bitcoin (BTC) or other cryptocurrencies.”

*Crypto market data daily view. Source:* *Coin360*

The move from the traditional banking system to cryptocurrencies may have already started, as seen from the strong showing of Bitcoin in the past few days. Even after the recent up-move, investors do not seem to be hurrying to book profits in Bitcoin. However, the same cannot be said about most altcoins, as they have witnessed a minor pullback.

In the short term, traders need to be selective of the cryptocurrencies to trade. Let’s study the charts of Bitcoin and select altcoins which may start the next leg of the up-move.

Bitcoin price analysis

Bitcoin has been hovering around the $28,000 level for the past few days. A consolidation after a strong rally is a positive sign as it shows that traders are holding on to their position, expecting a further up-move.

*BTC/USDT daily chart. Source: TradingView*

The upsloping 20-day exponential moving average ($25,936) and the relative strength index (RSI) in the positive area suggest the bulls remain in control. That enhances the prospects of a break above $28,900.

If that happens, the BTC/USDT pair could rally to the $30,000 to $32,000 resistance zone. The bears will try to defend this zone with all their might because if they fail in their endeavor, the pair may skyrocket to $40,000.

The vital support on the downside is $25,250. If this level fails to hold up, the pair may tumble to the 200-day simple moving average ($20,179).

*BTC/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair has been trading in a range between $26,500 and $28,900 for some time. The 20-EMA is flat and the RSI is just above the midpoint, indicating a balance between supply and demand.

A break above $28,900 will signal that bulls have overpowered the bears. That will indicate the resumption of the up-move. On the contrary, if the price breaks below $26,500, the pair may tumble to $25,250 and then to $24,000.

XRP price analysis

XRP (XRP) soared above the overhead resistance of $0.43 on March 21. The bears tried to trap the aggressive bulls by pulling the price below the moving averages but the bulls held their ground.

*XRP/USDT daily chart. Source: TradingView*

Buyers are trying to push the price toward the overhead resistance at $0.51. If bulls clear this obstacle, the ETH/USDT pair could attempt a rally to $0.56. This level is likely to witness aggressive selling by the bears but if buyers bulldoze their way through, the next stop may be $0.80.

Another possibility is that the price turns down from $0.51. During the pullback, if bulls flip the $0.43 level into support, it will suggest that the sentiment has turned positive. That will increase the likelihood of a break above $0.51.

The crucial support to watch on the downside is $0.40. If this level gives way, the next support is $0.36.

*XRP/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bears are trying to defend the 61.8% Fibonacci retracement level at $0.46 and the bulls are buying the dips to the 20-EMA. This shows a state of equilibrium between the bulls and the bears.

If the price sustains above $0.46, it will suggest that bulls have seized control. The pair could then attempt a rally to $0.49 where the bears may again mount a strong defense. On the other hand, if the price slips below the 20-EMA, the pair may fall to $0.43 and then to $0.40.

Litecoin price analysis

While most major altcoins are struggling to start a recovery, Litecoin (LTC) is showing signs of strength. The 20-day EMA ($86) has started to turn up and the RSI is in the positive zone, indicating advantage to buyers.

*LTC/USDT daily chart. Source: TradingView*

The LTC/USDT pair could first rise to $98 and then retest the strong overhead resistance at $106. This is an important level to keep an eye on because if it crumbles, the pair may accelerate to $115 and then to $130.

Alternatively, if the price turns down sharply from $106, it will suggest that bears are active at higher levels. The pair could then drop to the 20-day EMA. If the price rebounds off this level, it will suggest that the sentiment remains positive. The bulls will then make another attempt to resume the up-move.

The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a drop to $75.

*LTC/USDT 4-hour chart. Source: TradingView*

The rebound off the 20-EMA on the four-hour chart shows that the bulls are viewing the dips as a buying opportunity. The bulls will try to kick the price above $96 and extend the up-move to the overhead resistance at $106.

Contrarily, if the price breaks below the 20-EMA, it will suggest that the bullish momentum is weakening. The pair could then descend to the uptrend line. This is an important level for the bulls to defend because if it cracks, the pair may tumble to $75.

Monero price analysis

After trading near the moving averages for a few days, Monero (XMR) has broken free and is trying to climb higher.

*XMR/USDT daily chart. Source: TradingView*

The 20-day EMA ($153) has started to turn up and the RSI is in the positive territory, indicating that buyers have the edge. There is a minor resistance at $170 but if bulls overcome this barrier, the XMR/USDT pair could pick up momentum and soar to $187 and subsequently to $210.

The moving averages are expected to provide support during pullbacks. A break and close below the 200-day SMA ($150) could turn the tide in favor of the bears. The pair may then slump to $132.

*XMR/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the four-hour chart is sloping up and the RSI is in the positive zone, indicating that bulls have the upper hand. The pair could reach $169, where the bulls may again face stiff resistance from the bears.

However, on the way down, if bulls do not allow the price to break below the 20-EMA, it will increase the likelihood of a rally above $169. If that happens, the pair may climb to $180 and later to $188.

The first sign of weakness will be a break and close below the 20-EMA. That could open the doors for a possible drop to the 200-SMA.

Avalanche price analysis

The bulls have successfully held Avalanche (AVAX) above the moving averages, indicating that lower levels are attracting buyers.

*AVAX/USDT daily chart. Source: TradingView*

The price has been consolidating between $18.25 and the 200-day SMA ($16.05) for the past few days but this range-bound action is unlikely to continue for long. If buyers thrust the price above $18.25, the AVAX/USDT pair will attempt a rally to $22 where they may face strong selling by the bears.

This positive view will invalidate in the near term if the price plummets and sustains below the 200-day SMA. The pair could then slide to $15.24 and thereafter to $14.

*AVAX/USDT 4-hour chart. Source: TradingView*

The bulls have successfully guarded the $16.25 level on the downside but they have failed to propel the pair above the resistance line. This indicates that the bears have not given up and they continue to sell on rallies. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage either to buyers or sellers.

This uncertainty could tilt in favor of the bulls if they take out the resistance line. The pair may then start the next leg of the recovery to $20 and later to $22. A break and close below $16.25 will tilt the advantage in favor of the bears.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bullish crypto traders maintain the upper hand despite the total market cap rejecting at $1T

Former BitMEX CEO Arthur Hayes says catastrophe is coming for the crypto sector, but derivatives data shows bulls slowly taking control of the market.

The total crypto market capitalization soared by 29.4% in two weeks, although Bitcoin’s (BTC) price stabilized near $21,000 on Jan. 19.

As a result, it became increasingly difficult to justify that the five-month-long bearish trend still prevails after the $930 billion total crypto channel top has been breached. Still, the psychological $1 trillion resistance remains strong.

*Total crypto market cap in USD, 2-day. Source: TradingView*

The move possibly reflects investors becoming more optimistic about risk assets after weaker-than-expected inflation metrics signaled that U.S. Federal Reserve’s interest rate hiking strategy should ease throughout 2023.

However, Klaas Knot, who serves as the governor of the Dutch central bank, stated on Jan. 19 that the European Central Bank (ECB) “will not stop after a single 50 basis point hike, that’s for sure.”

At the Davos forum, Knot added: “Core inflation has not yet turned the corner in the Euro area.”

In essence, investors fear that another round of interest rate increases could further pressure corporate earnings, triggering unemployment and a deep recession. In this case, a sell-off on the stock market becomes the base scenario and the crypto markets would likely follow the bear trend.

To further prove the strong correlation between cryptocurrencies and the stock markets, the Russell 2000 index declined 3.4% between Jan. 18 and Jan. 19. The movement coincides with the total crypto market capitalization correcting by 4% after flirting with the $1 trillion mark on Jan. 18.

The 10.4% gain in total market capitalization between Jan. 12 and Jan. 19 was impacted mainly by Bitcoin’s 10.4% gains and Ether (ETH), which traded up by 8.7%. The bullish sentiment was more eventful for altcoins, with eight of the top 80 coins gaining 20% or more in the period.

*Weekly winners and losers among the top 80 coins. Source: Nomics*

Metaverse-related tokens rallied after tech giant Apple announced the upcoming release of its VR headset. Top movers included Decentraland (MANA), up 55%; Enjin (ENJ) rising 37%; and The Sandbox (SAND) climbing 30%.

Frax Share (FXS) rallied 40% as it reached 65,000 Ether deposited on its liquid staking protocol, which currently has over U$100 million in total value locked.

Privacy coins like Monero (XMR) and ZCash (ZEC) both declined after increased regulatory risks and the U.S. Department of Justice announced the arrest of the founder of Bitzlato, a now-shutteredpeer-to-peer crypto exchange.

Demand for leveraged bullish bets rises

Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

*Perpetual futures accumulated 7-day funding rate on Jan. 19. Source: Coinglass*

The seven-day funding rate was positive in every instance, meaning the data points to a higher demand for leverage longs (buyers) in the period. Still, being charged 0.25% per week to maintain their bullish trades opened should not be a significant concern for most investors.

Thus, traders should analyze the options markets to understand whether whales and arbitrage desks have placed higher bets on bullish or bearish strategies.

Investors are not afraid of dips, according to BTC options

Traders can gauge the market’s overall sentiment by measuring whether more activity is going through call (buy) options or put (sell) options. Generally speaking, call options are used for bullish strategies, whereas put options are for bearish ones.

A 0.70 put-to-call ratio indicates that put options open interest lag the more bullish calls by 30% and is therefore bullish. In contrast, a 1.40 indicator favors put options by 40%, which can be deemed bearish.

*BTC options volume put-to-call ratio. Source: Laevitas*

Even though Bitcoin failed to break the $21,500 resistance on Jan. 18, there were no signs of increased demand for downside protection. This becomes evident as the put-to-call volume remained below 0.80 the entire time, even after the negative 5.5% move on Jan. 18.

The neutral-to-bearish strategies remain strongly in demand in the BTC option markets, favoring call (buy) options by 23%.

Derivatives markets suggest support at the $930 billion level is strong

After solid gains over the past seven days, the cryptocurrency market continues to show resilience despite warnings of a “global financial meltdown” by BitMEX founder Arthur Hayes. This year “could be just as bad as 2022 until the Fed pivots,” Hayes wrote, calling that scenario his “base case.”

According to crypto derivatives metrics, there is hardly any sense of fear or absence of leverage buying demand after the total market capitalization first missed the opportunity to breach the $1 trillion mark. Those are encouraging signs, especially when combined with the technical analysis of the descending channel breakout.

Consequently, the odds favor the previous channel top at $930 billion becoming a strong support level. So, for now, even a downturn in traditional markets should not be a huge concern for crypto bulls, but investors should continue monitoring derivatives metrics.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 cryptocurrencies that could benefit from a positive CPI report

Crypto markets flip green following the continuation of last week’s rally in equities, and SOL, XMR, LDO and AAVE could be ready to move higher.

Bitcoin (BTC) has finally pushed above the $17,000 mark after rallying to $17,375 on Jan. 12, with both the bulls and the bears eyeing the Consumer Price Index (CPI) readout due on Jan. 12. If the print shows that inflation is cooling off, risk assets may rally, but a negative surprise could attract strong selling.

While some believe that a macro bottom could be forming in Bitcoin, others remain skeptical. They draw a parallel between the current bear market and the dot-com bubble burst. The United States Federal Reserve stopped raising rates in May 2000 but the Nasdaq did not bottom out for two more years. If the same scenario plays out with cryptocurrencies, then the next bull run may not start in a hurry.

However, one positive for the future of the crypto industry is that legacy finance companies continue to show interest in the space. Laser Digital co-founder and CEO Jez Mohideen believes that the arrival of traditional companies could help regulate the cryptocurrency sector.

Do the charts signal a rally in Bitcoin? What are the other altcoins that are showing a positive chart structure? Let’s find out.

BTC/USDT

Bitcoin has been trading above the moving averages since Jan. 4. This is the first indication that the selling pressure could be reducing. The price reached the overhead resistance at $17,061 on Jan. 6 but the bulls could not ascend this level. This indicates that the bears have not given up yet.

A minor positive in favor of the bulls is that they have not allowed the BTC/USDT pair to tumble below the moving averages. If the price consolidates between the moving averages and $17,061 for some time, the prospects of a break above the overhead resistance could improve. If bulls kick the price above $17,061, the pair could surge toward $18,388.

Alternatively, if the price turns down and slumps below the moving averages, it will indicate that the pair could remain stuck between $17,061 and $16,256 for a few more days.

The four-hour chart shows that bears are guarding the $17,061 level but they have not been successful in pulling the price below the 20-day exponential moving average (EMA). This suggests that buyers are not rushing to the exit as they expect a break above the overhead resistance.

The gradually upsloping 20-EMA and the relative strength index (RSI) in the positive territory indicate that buyers have a slight edge. A break above $17,061 could signal the start of a new up-move in the near term.

If bears want to regain control, they will have to sink the price below the 50-day simple moving average (SM. The pair could then decline to $16,600 and stay inside the range for a while longer.

SOL/USDT

Solana (SOL) has been a huge underperformer in the past several months but the price action of the past few days increases the likelihood of a possible relief rally. It is too early to predict whether the expected move is a dead cat bounce or the start of a sustained recovery. However, the setup could be of interest to short-term traders.

The SOL/USDT pair has rallied sharply from the Dec. 29 low of $8. Buyers propelled the price above the 50-day SMA ($12.75) on Jan. 3 and have managed to sustain the pair above this level since then. This suggests that the bulls are trying to flip the moving averages into support.

If the price breaks above the overhead resistance at $15, the pair could accelerate toward $19. This level may again act as a barrier but if crossed, the rally could extend to the 50% Fibonacci retracement level of $23.40.

The bulls may lose their grip if the price turns down and slides below the moving averages. Such a move will indicate that bears are active at higher levels.

*SOL/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price pulled back to the 20-EMA but the bulls purchased this dip. This indicates a change in sentiment from selling on rallies to buying on dips. The bulls will try to extend the up-move by driving the price above the $14.24 to $15 resistance zone.

On the other hand, the bears will try to pull the price below the 20-EMA. If they can pull it off, the pair could slump to the 50-SMA. This level may behave as a support but if bears sink the price below it, the decline could extend to $11.

XMR/USDT

Monero (XMR) broke out of the falling wedge pattern on Jan. 5 and buyers have managed to sustain the price above the breakout level for three days. This indicates a potential trend change.

The moving averages have turned up and the RSI is in the positive territory, signaling that buyers have the upper hand. There is a minor resistance at $162 and then again at $167 but both these levels are likely to be crossed.

The XMR/USDT pair could thereafter reach the overhead resistance at $174. This level may act as a major obstacle but if bulls manage to overcome it, the pair could soar to $200.

Contrary to this assumption, if the price turns down and plummets below the moving averages, it will suggest that the breakout from the wedge may have been a bull trap. The downward momentum could pick up on a break below $138.

The four-hour chart shows that the bears are trying to form a short-term double-top pattern near $160. Sellers have pulled the price below the 20-EMA, which opens the doors for a possible drop to the 50-SMA. The bulls may fiercely protect the moving averages because a break below it could tilt the advantage in favor of the bears.

If the price turns up from the current level, it will suggest that lower levels are attracting buyers. The pair could then once again rise to the overhead resistance at $160. If this resistance is scaled, the up-move could resume.

LDO/USDT

Lido DAO (LDO) broke out of the downtrend line on Jan. 1 and made a sharp move higher. This suggests the downtrend may have ended.

The moving averages have completed a bullish crossover, indicating that buyers have the upper hand but the overbought levels on the RSI point to a short-term correction or consolidation.

If buyers do not give up much ground from the current level, the LDO/USDT pair could reach the overhead resistance at $1.85. This level may again act as a strong barrier but if bulls overcome it, the pair could reach $2.30.

The first sign of weakness will be a break below the 20-day EMA ($1.21). Such a move will suggest that bears are selling on rallies.

*LDO/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair has started an uptrend. The upsloping moving averages and the RSI in the overbought zone suggest that bulls remain in control. There is a minor resistance at $1.71 but if that is crossed, the rally could reach $1.85.

The 20-EMA has acted as a strong support during pullbacks, hence this remains an important level to keep an eye on in the near term. If this support cracks, the pair could slide to the 50-SMA.

AAVE/USDT

Buyers successfully defended the psychological support near $50 and are trying to form a double bottom pattern. This is the reason for selecting Aave (AAVE).

The bounce off the strong support at $50 has reached the 50-day SMA ($58). Both moving averages have flattened out and the RSI has jumped into the positive territory, indicating advantage to buyers.

If bulls thrust the price above the 50-day SMA, the AAVE/USDT pair could rally to the downtrend line and thereafter to $67. A break and close above this level will complete a double bottom which has a pattern target of $84.

This bullish view will be invalidated if the price turns down and plummets below the vital support at $50.

*AAVE/USDT 4-hour chart. Source: TradingView*

The bulls are trying to push and sustain the price above the immediate overhead resistance near $58. If they manage to do that, the pair could rally to the downtrend line. This level may act as a strong hurdle but on the way down, if bulls flip the $58 level into support, it could increase the likelihood of a break above the downtrend line.

The first support to watch on the downside is the 20-EMA. If this level gives way, the pair could slide to $54. This is an important level for the bulls to defend if they want to keep the short-term momentum in their favor.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and these 4 altcoins are showing bullish signs

Bitcoin’s volatility could soon pick up and that may boost buying interest in ETH, TON, XMR and OKB.

Cryptocurrency markets lack any signs of volatility going into the year-end holiday season. This suggests that both the bulls and the bears are playing it safe and are not waging large bets due to the uncertainty regarding the next directional move. This indecisive phase is unlikely to continue for long because periods of low volatility are generally followed by an increase in volatility.

Willy Woo, creator of on-chain analytics resource Woobull, anticipates that the duration of the current bear market may “be longer than 2018 but shorter than 2015.”

The crypto winter has resulted in a loss of more than $116 billion to the personal equity of 17 investors and founders in the cryptocurrency space, according to estimates by Forbes. The carnage has been so severe that the names of 10 investors were removed from the crypto billionaire list.

Could the bear market deepen further or is it showing signs of starting a relief rally? Let’s look at the charts of Bitcoin (BTC) and select altcoins to find out.

BTC/USDT

Bitcoin has been trading in a tight range near the 20-day exponential moving average (EMA) of $16,929 for the past few days. This indicates that the bears are defending the level, but the bulls have not given up yet.

This period of calm is unlikely to continue for long and the BTC/Tether (USDT) pair may soon witness a range expansion. Generally, it is difficult to predict the direction of the breakout, hence it is better to wait for the pair to make a decisive move before initiating directional bets.

If the price breaks above the moving averages, the likelihood of a rally to the overhead resistance at $18,388 increases. This level may again act as a major roadblock, but if the bulls force their way through, the momentum could pick up and the pair could rally to $20,000.

On the way down, a break below $16,256 could signal that bears are in control. The sellers will then attempt to sink the pair to the vital support at $15,476.

Both moving averages on the 4-hour chart have flattened out and the relative strength index (RSI) is just below the center. This suggests a range-bound action in the near term. The boundaries of the range could be $17,061 on the upside and $16,256 on the downside.

A break above $17,061 will indicate that the bulls have come out on top and that could start a short-term up-move. On the other hand, a slump below $16,256 will suggest that the bears have strengthened their hold.

ETH/USDT

Ether (ETH) has been clinging to the 20-day EMA of $1,228 for the past few days. This suggests that traders expect a break above this overhead resistance.

The 20-day EMA is flattening out and the RSI is just below the midpoint, suggesting equilibrium between buyers and sellers. If the bulls thrust the price above the moving averages, the ETH/USDT pair could attract further buying. The pair could then rally to $1,352 and later to the downtrend line. This level could again act as a formidable resistance.

On the contrary, if the price fails to break above the moving averages, several short-term traders may sell aggressively. That could pull the price to the strong support at $1,150. If this level gives way, a head-and-shoulders pattern may be complete. That could clear the path for a potential drop to $1,075 and then $948.

*ETH/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the recovery is facing resistance in the zone between the 38.2% Fibonacci retracement level of $1,227 and the 50% retracement level of $1,251. If the price turns down and breaks below $1,180, the pair could retest the important support at $1,150.

Conversely, if the price turns up and breaks above $1,251, the rally could reach the 61.8% retracement level of $1,275. If the bulls manage to clear this obstacle, the pair may complete a 100% retracement and soar to $1,352.

TON/USDT

Toncoin (TON) has been consolidating in an uptrend for the past few days. Although the bears have stalled the up-move at $2.90, a minor positive is that the bulls have not given up much ground. This suggests buying on dips.

The rising 20-day EMA of $2.25 and the RSI in the positive territory indicate that th bulls have the upper hand. If buyers push the price above $2.50, the TON/USDT pair could rise to $2.65 and then retest at $2.90.

The bears are likely to have other plans as they will try to yank the price below the 20-day EMA and strengthen their position. There is minor support at $2.15 but if that fails to hold, the pair may plummet to the 50-day simple moving average (SMA) of $1.91.

*TON/USDT 4-hour chart. Source: TradingView*

The pair has formed a symmetrical triangle on the 4-hour chart. This indicates indecision between the bulls and the bears. The flattish moving averages and the RSI near the midpoint also do not give a clear advantage to anyone.

The first sign of strength will be a break and close above the resistance line of the triangle. That could start a rally to $2.90. If this level is scaled, the up-move could reach the pattern target of $3.24.

If the price turns down from the 50-SMA or the resistance line of the triangle, it will suggest that the pair may extend its stay inside the triangle. A break below the support line could indicate that the bears are back in control.

XMR/USDT

Monero (XMR) has failed to rise above the resistance line of the falling wedge pattern in the past few days, but a positive sign is that the bulls are trying to hold the price above the 50-day SMA of $140.

The moving averages have flattened out and the RSI is near the center. This indicates a balance between supply and demand. If the price breaks above the 20-day EMA of $144, buyers will try to gain the upper hand by pushing the XMR/USDT pair above the wedge. If that happens, the pair could rally to $174. A break above this level could signal a potential trend change.

On the other hand, if the price slumps below $138, the advantage could tilt in favor of the bears. The pair could then plummet to $125.

The pair rebounded off the strong support at $138.50 and the bulls are trying to push the price above the moving averages. If they succeed, the pair could rise to the downtrend line, where the bears may again mount a strong defense.

If the price turns lower from the downtrend line, the bears will try to pull the pair to $138.50. This is an important level to keep an eye on in the near term because a break below it could complete a descending triangle pattern. The pair could then tumble to $132 and thereafter to the pattern target of $124.

On the upside, a break above the downtrend line could invalidate the bearish setup and clear the path for a possible rally to $153.

OKB/USDT

Centralized Cryptocurrency exchanges have been in the eye of the storm since the collapse of FTX but OKB (OKB) is close to completing a bullish reversal pattern. That is the reason for its selection to the list.

The OKB/USDT pair has formed a large inverse head-and-shoulders pattern, which will complete on a break and close above $23.22. Both moving averages are sloping up and the RSI is in the positive territory, indicating the path of least resistance is to the upside.

If the price rises above the psychological level of $25, the pair could start a new up-move to $28 and then $31. The pattern target of the reversal formation is $36. This positive view could invalidate if the price turns down from the current level and plummets below the moving averages. The pair could then drop to $17.

*OKB/USDT 4-hour chart. Source: TradingView*

The pair has formed an ascending triangle pattern on the 4-hour chart. This bullish setup will complete on a break and close above $24.15. If that happens, the pair could start a new up-move toward the pattern target of $31.

Alternatively, if the price turns down and breaks below the triangle, it will invalidate the bullish setup. That could trigger stops of aggressive buyers who may have taken long positions in anticipation of a breakout. The pair could then slide to $20.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s boring price action allows XMR, TON, TWT and AXS to gather strength

BTC’s price range is tightening in preparation for a potential range expansion. Meanwhile, XMR, TON, TWT and AXS are maintaining their bullish momentum.

The relief rally in the United States equities markets took a breather this week as all major averages closed in the red. Traders seem to have booked profits before the busy economic calendar next week.

The S&P 500 index dropped 3.37%, but a minor positive for the cryptocurrency markets is that Bitcoin (BTC) has not followed the equities markets lower. This suggests that crypto traders are not panicking and dumping their positions with every downtick in equities.

The range-bound action in Bitcoin suggests that traders are avoiding large bets before the Federal Reserve’s rate hike decision on Dec. 14. However, that has not stopped the action in select altcoins, which are showing promise in the near term.

Let’s look at the charts of Bitcoin and select altcoins and spot the critical levels to watch out for in the short term.

BTC/USDT

Bitcoin has been hovering around its 20-day exponential moving average (EMA) of $17,031 for the past few days. The flat 20-day EMA and the relative strength index (RSI) near 50 do not give a clear advantage either to the bulls or the bears.

The critical level to watch on the upside is $17,622. If buyers kick the price above this level, the BTC/USDT pair could start a stronger recovery that could carry it to the downtrend line. The bears are expected to defend this level aggressively.

If the price reverses direction from the downtrend line but does not fall below $17,622, it will suggest that the bulls are attempting to flip the level into support. That could enhance the prospects of a break above the downtrend line. The pair could then rally to $21,500.

On the downside, the bears may gain strength if the price breaks below $16,678. The pair could then drop to $15,995.

*BTC/USDT four-hour chart. Source: TradingView*

The pair has been trading inside an ascending channel on the four-hour chart. The bears have kept the price in the lower half of the channel, indicating selling on rallies. A break below the moving averages could pull the price to the support line of the channel. If this level fails to hold, the pair could start a down move to $16,678 in the near term.

If the price turns up from the current level or the support line of the channel, it will indicate that bulls continue to buy on dips. The pair could then attempt a rally to the overhead resistance at $17,622. If this level gets taken out, the pair could climb to the resistance line of the channel.

XMR/USDT

Monero (XMR) has been trading inside a falling wedge pattern for the past several days. The upsloping 20-day EMA ($143) and the RSI in the positive zone indicate that bulls have an edge.

The XMR/USDT pair could rise to the resistance line of the wedge, where the bulls are likely to encounter strong selling by the bears. If the price turns down from the resistance line and breaks below the moving averages, it will suggest that the pair may extend its stay inside the wedge.

Instead, if bulls drive the price above the resistance line, it will suggest a change in the short-term trend. The pair could then attempt a rally to $174 which could act as a roadblock. A break above this level could signal that the downtrend could be over.

*XMR/USDT four-hour chart. Source: TradingView*

The pair has been rising inside an ascending channel pattern on the four-hour chart. This shows that the short-term sentiment remains positive and traders are buying the dips. The pair could continue its up-move and reach the resistance line near $156. If this level is scaled, the rally may touch $162.

The first sign of weakness will be a break and close below the moving averages. The pair could then decline to the support line of the channel. A break below the channel could start a downward move to $133.

TON/USDT

The bulls pushed Toncoin (TON) above the resistance of the symmetrical triangle on Dec. 11, indicating that the uncertainty has resolved in favor of the buyers. The symmetrical triangle usually acts as a continuation pattern, which increases the likelihood of the resumption of the uptrend.

If buyers sustain the price above the triangle, the TON/USDT pair could attempt a break above the overhead resistance zone between $2 and $2.15. If they manage to do that, the pair could pick up momentum and soar to the pattern target of $2.87.

Contrarily, if the price fails to sustain above the triangle, it will suggest that bears continue to sell on rallies. A break below the 50-day simple moving average (SMA) of $1.70 could trap the aggressive bulls, pulling the pair to the support line of the triangle.

*TON/USDT four-hour chart. Source: TradingView*

The moving averages on the four-hour chart are sloping up and the RSI is in the overbought zone, indicating that bulls are in command. The up-move may face hindrance near $2 but if bulls sustain the price above this level, the rally could pick up speed.

If the price turns down from the current level and breaks below the 50-SMA, the selling could accelerate and the pair may slump to $1.70. This is an important level to keep an eye on because a break below it could signal that bears are back in charge.

TWT/USDT

Trust Wallet Token (TWT) has continued its northward march, suggesting that traders are buying at higher levels and not booking profits in a hurry. That increases the possibility of the extension of the uptrend.

The bulls will attempt to drive the price above the overhead resistance at $2.73. If they succeed, the TWT/USDT pair could rally to the psychological level of $3 where the bears may try to stall the up-move.

If buyers bulldoze their way through this obstacle, the uptrend could reach the pattern target of $3.51.

The bears are likely to have other plans as they will try to defend overhead resistance at $2.73. They will have to pull the price below the 20-day EMA ($2.30) to gain the upper hand.

*TWT/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that bulls have been buying the dips to the moving averages. Although the moving averages are sloping up, the RSI is showing a negative divergence, indicating that the bullish momentum may be weakening. This may change if bulls thrust the price above $2.73 as that could attract further buying.

The moving averages are the critical support to watch on the downside. If the 50-SMA support collapses, several short-term traders may book profits and that could pull the pair down to $2.25 and thereafter to $2.

AXS/USDT

Axie Infinity (AXS) has been in a strong downtrend but it is showing the first signs of a potential trend change. Buyers pushed the price above the downtrend line on Dec. 5 but could not sustain the higher levels, as seen from the long wick on the day’s candlestick.

A minor positive is that the bulls have not allowed the price to break below the moving averages. This shows that buyers are trying to flip the moving averages into support.

The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the momentum may be shifting in favor of the bulls. If the price breaks and sustains above the downtrend line, a rally to $11.85 is likely. This level is expected to act as a major hurdle on the upside.

The bullish view could invalidate in the near term if the price turns down and breaks below the moving averages. The AXS/USDT pair could then slide to $6.57.

*AXS/USDT four-hour chart. Source: TradingView*

The four-hour chart shows that bears are vigorously defending the downtrend line and the bulls are buying the dips to the 50-SMA. The 20-EMA has flattened out and the RSI is near 47, indicating a balance between supply and demand.

A break and close above $8.70 could shift the advantage in favor of the bulls. The pair could then rally to $9.28 and later to $10. Alternatively, a break below $7.86 could suggest that bears are back in the driver’s seat. The pair could then slide to $6.87.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Rocky road lies ahead, but here’s 5 altcoins that still look bullish

Bitcoin price looks set for more downside, but this could present trade opportunities in MATIC, ATOM, XMR and CHZ.

The United States equities markets plunged on Aug. 26 following Federal Reserve Chair Jerome Powell’s speech where he reiterated the central bank’s hawkish stance. Continuing its correlation with the equities market, Bitcoin (BTC) and the cryptocurrency markets also witnessed a sharp selloff on Aug. 26.

Bitcoin has declined about 14% this month, making it the worst performance for August since 2015 when the price had dropped 18.67%. That may be bad news for investors because September has a dubious record of a 6% average loss since 2013, according to data from CoinGlass.

Although buying in a downtrending market is not a good strategy, traders can keep a close watch on cryptocurrencies that are outperforming the markets because, in case of any turnaround, these are likely to be the first off the block. In a bear market, traders should be patient because they are highly likely to find plenty of opportunities to buy after the market stabilizes.

What are the critical levels to watch on Bitcoin? If it stages a turnaround, what are the cryptocurrencies that may outperform in the short term? Let’s study 5 cryptocurrencies that are looking strong on the charts.

BTC/USDT

A weak rebound off a strong support indicates that bulls are hesitant to aggressively buy at the level. The bulls successfully defended the support line for several days but could not push the price above the 20-day exponential moving average ($21,806). This shows a lack of demand at higher levels.

Bears pounced upon the opportunity and pulled the price below the ascending channel on Aug. 26. The 20-day EMA is sloping down and the RSI is near the oversold zone, indicating that bears are firmly in the driver’s seat.

The BTC/USDT pair could drop to the strong support zone between $18,910 and $18,626. If the price rebounds off this zone, the bulls will try to push the price above the 50-day simple moving average ($22,340). If they manage to do that, the pair could rise to $25,211.

Conversely, if the price breaks below $18,626, the pair could retest the June 18 intraday low at $17,622. The bears will have to sink the price below this level to signal the resumption of the downtrend.

The downsloping moving averages on the 4-hour chart indicate that bears are in command but the positive divergence on the relative strength index (RSI) suggests that the sell pressure could be reducing.

The first sign of strength will be a rise above the 20-EMA. If that happens, the pair could rise to the 50-SMA. A break above this level could signal that the correction may be over.

On the contrary, if the price breaks below $19,800, the selling could pick up momentum and the pair may plummet to the $18,910 to $18,626 zone.

MATIC/USDT

Polygon (MATIC) has rebounded off its strong support, which shows that bulls are defending the level aggressively. This increases the likelihood of the range-bound action continuing for a few more days. That is one of the reasons for focusing on this altcoin.

The bulls are attempting to push the price above the moving averages. If they can pull it off, it will suggest that the MATIC/USDT pair could attempt a rally to the overhead resistance at $1.05. This level could attract strong selling by the bears.

Alternatively, if the price turns down from the moving averages, it will suggest that bears are selling on rallies. The bears will then attempt to sink the price below the crucial support at $0.75. If they succeed, the pair could decline to $0.63.

*MATIC/USDT 4-hour chart. Source: TradingView*

The bulls have pushed the price above the moving averages, which is the first indication that the selling pressure may be reducing. Another positive sign is that the RSI has made a positive divergence, a sign that the bears may be losing their grip.

The buyers will try to push the price above the overhead resistance at $0.84. If they succeed, the pair could rally to $0.91 which may again act as a strong resistance. To invalidate this positive view, the bears will have to sink the price below $0.75.

ATOM/USDT

Cosmos (ATOM) has been selected because it is trading above the 50-day SMA ($10.58) and is near the psychological support at $10.

The bulls are expected to defend the zone between $10 and the 50-day SMA aggressively. If the price rebounds off this zone and rises above the 20-day EMA ($11.39), it will indicate that the selling pressure may be reducing.

The ATOM/USDT pair could then rise to the overhead resistance at $12.50 and later to $13.45. A break above this level could suggest that the downtrend may be over.

Contrary to this assumption, if the price turns down and slips below the support zone, it could start a deeper correction. The pair could then decline to $8.50.

*ATOM/USDT 4-hour chart. Source: TradingView*

The 20-EMA has turned down on the 4-hour chart and the RSI is in the negative territory, indicating that bears have the edge in the near term. The sellers will have to sink and sustain the price below the uptrend line to challenge the psychological support at $10.

Conversely, if the price rebounds off the uptrend line, it will suggest that bulls are buying the dips to this level as they have done on previous occasions. The buyers will have to push the price above the moving averages to open the doors for a possible rally to $12.50.

XMR/USDT

Monero (XMR) has made it to the list because it is holding above its immediate support at $142. This suggests that lower levels are attracting buyers.

If bulls drive the price above the 20-day EMA ($153), it will suggest that the correction may be over. The XMR/USDT pair could pick up momentum if bulls drive the price above the overhead resistance at $158. If that happens, the pair could rally to $174. The bulls will have to clear this hurdle to signal the resumption of the up-move.

This positive view could invalidate in the near term if the price turns down and breaks below the strong support at $142. If that happens, the pair could slide to $132 and later to $117. The downsloping 20-day EMA and the RSI in the negative territory indicate that bears have a slight edge.

The buyers are attempting to push the price above the 20-EMA. If they manage to do that, the pair could rise to the 50-SMA, which may again act as a stiff resistance. If bulls overcome this barrier, the pair could rise to $158. A break and close above this resistance will suggest a change in the short-term trend.

Conversely, if the price turns down from the 20-EMA, it will suggest that bears are selling on minor rallies. The pair could then decline to the strong support at $142. If this support cracks, it will suggest the start of a deeper correction.

CHZ/USDT

Chiliz (CHZ) has found a place in this list for the third consecutive week. That is because, even after the recent correction, it remains in an uptrend.

Buyers pushed the price above the overhead resistance of $0.26 on Aug. 23 and Aug. 24 but they could not sustain the higher levels as seen from the long wicks on the candlesticks. This may have tempted the short-term traders to book profits. That pulled the price down to the breakout level of $0.20, which is just above the 20-day EMA ($0.20).

The bulls purchased this drop and are attempting to resume the up-move toward the overhead resistance at $0.26. The bulls will have to clear this hurdle to open the doors for a possible rally to $0.33.

The rising moving averages suggest advantage to buyers but the negative divergence on the RSI indicates that the bullish momentum may be weakening. If the price turns down and breaks below the 20-day EMA, the advantage will turn in favor of the bears. The pair could then decline to the 50-day SMA ($0.15).

*CHZ/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the 4-hour chart is flattening out and the RSI has been oscillating near the midpoint, indicating a balance between buyers and sellers. This could keep the pair range-bound between $0.20 and $0.26 for some time.

The next trending move could start if bulls push and sustain the price above $0.26 or below $0.20. Until then, the bulls are likely to buy the dips to the support at $0.20 and sell near the overhead resistance at $0.26. Trading inside the range is likely to remain volatile and random.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Rocky road lies ahead, but here are 5 altcoins that still look bullish

Bitcoin price looks set for more downside, but this could present trade opportunities in MATIC, ATOM, XMR and CHZ.

The United States equities markets plunged on Aug. 26 following Federal Reserve Chair Jerome Powell’s speech, where he reiterated the central bank’s hawkish stance. Continuing its correlation with the equities market, Bitcoin (BTC) and the cryptocurrency markets also witnessed a sharp selloff on Aug. 26.

Bitcoin has declined about 14% this month, making it the worst performance for August since 2015, when the price had dropped 18.67%. That may be bad news for investors because September has a dubious record of a 6% average loss since 2013, according to data from CoinGlass.

Although buying in a down-trending market is not a good strategy, traders can keep a close watch on cryptocurrencies that are outperforming the markets because, in case of any turnaround, these are likely to be the first off the block. In a bear market, traders should be patient because they are highly likely to find plenty of opportunities to buy after the market stabilizes.

What are the critical levels to watch on Bitcoin? If it stages a turnaround, what are the cryptocurrencies that may outperform in the short term? Let’s study five cryptocurrencies that are looking strong on the charts.

BTC/USDT

A weak rebound off of a strong support indicates that the bulls are hesitant to buy aggressively at this level. The bulls successfully defended the support line for several days but could not push the price above the 20-day exponential moving average (EMA) of $21,806. This shows a lack of demand at higher levels.

The bears pounced upon the opportunity and pulled the price below the ascending channel on Aug. 26. The 20-day EMA is sloping down and the RSI is near the oversold zone, indicating that the bears are firmly in the driver’s seat.

The BTC/Tether (USDT) pair could drop to the strong support zone between $18,910 and $18,626. If the price rebounds off this zone, the bulls will try to push the price above the 50-day simple moving average (SMA) of $22,340. If they manage to do that, the pair could rise to $25,211.

The downsloping moving averages on the 4-hour chart indicate that the bears are in command but the positive divergence on the relative strength index (RSI) suggests that the sell pressure could be reducing.

The first sign of strength will be a rise above the 20-EMA. If that happens, the pair could rise to the 50-SMA. A break above this level could signal that the correction may be over.

On the contrary, if the price breaks below $19,800, the selling could pick up momentum and the pair may plummet to the $18,910 to $18,626 zone.

MATIC/USDT

Polygon (MATIC) has rebounded off its strong support, which shows that the bulls are defending the level aggressively. This increases the likelihood of the range-bound action continuing for a few more days. That is one of the reasons for focusing on this altcoin.

Alternatively, if the price turns down from the moving averages, it will suggest that thebears are selling on rallies. The bears will then attempt to sink the price below the crucial support at $0.75. If they succeed, the pair could decline to $0.63.

The buyers will try to push the price above the overhead resistance at $0.84. If they succeed, the pair could rally to $0.91, which may again act as a strong resistance. To invalidate this positive view, the bears will have to sink the price below $0.75.

ATOM/USDT

Cosmos (ATOM) has been selected because it is trading above the 50-day SMA of $10.58 and is near the psychological support at $10.

The bulls are expected to defend the zone between $10 and the 50-day SMA aggressively. If the price rebounds off this zone and rises above the 20-day EMA of $11.39, it will indicate that the selling pressure may be reducing.

The ATOM/USDT pair could then rise to the overhead resistance at $12.50 and later to $13.45. A break above this level could suggest that the downtrend may be over.

Contrary to this assumption, if the price turns down and slips below the support zone, it could start a deeper correction. The pair could then decline to $8.50.

The 20-EMA has turned down on the 4-hour chart and the RSI is in the negative territory, indicating that th bears have the edge in the near term. The sellers will have to sink and sustain the price below the uptrend line to challenge the psychological support at $10.

Conversely, if the price rebounds off the uptrend line, it will suggest that the bulls are buying the dips to this level as they have done on previous occasions. The buyers will have to push the price above the moving averages to open the doors for a possible rally to $12.50.

XMR/USDT

Monero (XMR) has made it to the list because it is holding above its immediate support at $142. This suggests that lower levels are attracting buyers.

If the bulls drive the price above the 20-day EMA of $153, it will suggest that the correction may be over. The XMR/USDT pair could pick up momentum if the bulls drive the price above the overhead resistance at $158. If that happens, the pair could rally to $174. The bulls will have to clear this hurdle to signal the resumption of the up-move.

The buyers are attempting to push the price above the 20-EMA. If they manage to do that, the pair could rise to the 50-SMA, which may again act as a stiff resistance. If the bulls overcome this barrier, the pair could rise to $158. A break and close above this resistance will suggest a change in the short-term trend.

Conversely, if the price turns down from the 20-EMA, it will suggest that the bears are selling on minor rallies. The pair could then decline to the strong support at $142. If this support cracks, it will suggest the start of a deeper correction.

CHZ/USDT

Chiliz (CHZ) has found a place in this list for the third consecutive week. That is because, even after the recent correction, it remains in an uptrend.

The rising moving averages suggest an advantage to buyers but the negative divergence on the RSI indicates that the bullish momentum may be weakening. If the price turns down and breaks below the 20-day EMA, the advantage will turn in favor of the bears. The pair could then decline to the 50-day SMA of $0.15.

The next trending move could start if the bulls push and sustain the price above $0.26 or below $0.20. Until then, the bulls are likely to buy the dips to the support at $0.20 and sell near the overhead resistance at $0.26. Trading inside the range is likely to remain volatile and random.

Former Monero maintainer Riccardo ‘Fluffypony’ Spagni to surrender for South Africa extradition

Court filings hint at authorities allowing Spagni to be in the United States for the Independence Day holiday weekend before being taken to South Africa early on Tuesday.

Riccardo Spagni, the former maintainer of the privacy coin Monero also known as Fluffypony, faces extradition to South Africa months after his arrest by U.S. authorities.

In a Thursday court filing for the Middle District of Tennessee, Magistrate Judge Alistair Newbern ordered Spagni to surrender to U.S. Marshals on July 5 for extradition to South Africa. He will reportedly face 378 charges related to allegations of fraud and forgery between 2009 and 2011 at a company called Cape Cookies.

U.S. authorities arrested Spagni in Nashville in July 2021 at the request of the South African government, holding him in custody until September. The court filings hint at allowing Spagni to be in the United States for the Independence Day holiday weekend before being taken to Africa early on Tuesday. None of the charges in South Africa are related to Spagni’s time working on Monero (XMR), for which he was the lead maintainer until December 2019.

Spagni, who posts on Twitter under the handle Fluffypony, has been involved in the crypto space since 2011. Since his arrest in the United States, he tweeted regarding his desire to return to South Africa to “address this matter” related to the fraud charges:

I am very pleased that the U.S. court has released me. I am actively working with my attorneys on a way to return to South Africa as soon as possible so I can address this matter and get it behind me once and for all. That’s what I’ve always wanted to do.

— fluffy/pony (@fluffypony) September 21, 2021

According to data from Cointelegraph Markets, the price of XMR has fallen roughly 8% in the last 24 hours, reaching $110 at the time of publication. As with many cryptocurrencies in the current bear market, the price of the privacy coin has fallen significantly in the last 30 days — roughly 46% from more than $206 on May 31.

Former Monero maintainer Spagni to surrender for South Africa extradition

Court filings hint at authorities allowing Spagni to be in the United States for the Independence Day holiday weekend before being taken to South Africa early on Tuesday.

Riccardo Spagni, the former maintainer of the privacy coin Monero (XMR), also known as Fluffypony, faces extradition to South Africa months after his arrest by U.S. authorities.

U.S. authorities arrested Spagni in Nashville in July 2021 at the request of the South African government, holding him in custody until September. The court filings hint at allowing Spagni to be in the United States for the Independence Day holiday weekend before being taken to South Africa early on July 5. None of the charges in South Africa are related to Spagni’s time working on Monero, for which he was the lead maintainer until December 2019.

I am very pleased that the U.S. court has released me. I am actively working with my attorneys on a way to return to South Africa as soon as possible so I can address this matter and get it behind me once and for all. That’s what I’ve always wanted to do.

— fluffy/pony (@fluffypony) September 21, 2021