Inflows of cash into the crypto market has been on the rampage as more institutional demand for cryptographic money is on a geosmetric progression.
MercadoLibre, an Argentina e-commerce giant that is listed on NASDAQ bought bitcoin as part of its treasury.
MercadoLibre disclosed the following information,
“As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets.”
On this note, this was one of the major reason why Michael Saylor, the CEO of Micro Strategy said that,
“I think that Bitcoin is going to be the emerging strong money store of value asset in the 21st century. There are 8 billion people that need strong money or a monetary asset. If they’re going to live a decent life, that asset needs to be digital.”
From a fundamental perspective, every minor dip is a great opportunity for institutions to dive into the crypto market to accumulate the flag ship crypto asset and also altcoins which has helped to stabilize the volatility of the crypto market.
Yesterday, the flagship digital asset declined by 4.05% with over $2331 loss.
The failure of the bulls to successfully break above a daily resistance of $57881.98 leading to the plunge of the underlying asset. BTC price has witnessed a strong rejection to the upside for six consecutives attempts.
More selling pressure was registered as the 4-hour chart which printed a double top market structure. As the bearish pressure intensified, BTC price broke the EMA crosses and a horizontal support at $56626.55.
From a daily time frame perspective, BTC is on a range market pattern with a range zone of $58046 and $53171. MACD is traded below the zero line and also the the histogram decreases as bearish bias. If bears counter the 20 period SMA, this will lead to free fall of BTC price to retest the double bottom at $53171.78 in the next few sessions.
Yesterday, EOS oficially releases the staking reward on the 3rd of may to her users.
From a fundamental perspective, this acted as a fuel to propel EOS price to gain 100% rally from its low. As traders accumulate the underlying for a massive bull run. EOS extended its rally by 49.18% following on Wednesday gain of 23.98%.
After creating a support on the 20 period SMA during Asian session at $8.5850, EOS price surged to an intraday high of $12.80. Traders booked for profit and caused a minor pull back to $11.4206.
The MACD is above the signal line and the increase of the histogram indicate that there are room to the top for bullish continuation but correction could be witnessed if broader market volume is low. A break below $11.4208 could cause a crash of the underlying asset to low of 8.9168 for a retest.
But from a bullish perspective, if the bulls thrust EOS above $12.8079, EOS price would continue the rally to visit the all time high of $18 in the days ahead.
Neo announced a partnership with StackOS and will provide decentralized cloud services for Neo’s upcoming hackathon, scheduled for this summer.
From fundamental perspective, this partnership is a huge step forward for the Neo ecosystem which brings adoption of the underlying asset for developers.
This news has been a major catalyst for NEO price in the past couple of days.
Technically, NEO price created higher highs and higher lows in the green bullish channel marked up the 4-hour chart. Previous session saw a breakout of strong resistance at $111.954.
After gaining support during the Asian session at this key level yesterday, NEO price rallied to monthly high of $140 before a pull back as of the time of writing.
The bulls leveraged on the 20-day SMA as dynamic support for NEO to climb higher. The MACD is above the signal line and while the histogram is momentarily on the increase. This is a bullish signal for uptrend continuation as the bulls steered at the upper part of the channel before a major pull back.
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