Market
A Temporary Recovery Or Start Of A Rally?
BNB has bounced off the crucial $500 support level, sparking speculation about whether this marks the beginning of a bullish resurgence or a temporary relief before another downturn. After facing sustained selling pressure, buyers have stepped in to defend this key level, fueling hopes for a potential recovery. However, with resistance levels still looming, the true strength of this rebound remains uncertain.
Market sentiment remains uncertain as bulls attempt to regain control while bears stay cautious. BNB’s next move hinges on breaking key resistance levels and sustaining higher prices. A successful breakout could confirm a bullish continuation, while fading momentum may lead to another rejection and a retest of lower support zones.
Technical indicators such as RSI and moving averages will play a crucial role in determining the next move. Bulls may have the upper hand if the RSI trends upward and key levels are reclaimed. On the other hand, if bearish pressure resurfaces, the possibility of further downside cannot be ignored.
Analyzing The Buying Pressure On Price
Currently, BNB is displaying strong upside movements as it moves toward the $605 resistance level. The coin has been steadily climbing, indicating buyers are regaining control and pushing its price higher. This move comes after a successful rebound from the key $500 support level, which has sparked renewed optimism among traders.
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Despite the ongoing bullish momentum, the price’s position under the 100-day SMA signals that BNB has not yet fully regained a strong positive trend in the longer term. It could also indicate that there is still some selling pressure from bears that might prevent the price from maintaining a steady rise.
If BNB continues to trade below this key moving average, it could have difficulty sustaining its current upbeat momentum. The longer it remains below the SMA, the greater the risk of a reversal or consolidation.
Additionally, the RSI (Relative Strength Index) indicator remains in the oversold territory, showing no immediate signs of moving back toward neutral or the overbought zone. An RSI reading below 30% typically implies that the asset is oversold, and there may be more downside potential or a need for price correction.
However, the RSI’s failure to exit the oversold zone suggests that the market is still under strain, with bearish pressure possibly outweighing bullish pressure. For the bulls to take control and push BNB higher, the RSI would need to gradually move back above the 30-50% range, triggering a shift toward more balanced market conditions.
Is BNB Ready For A Breakout Or Heading For Another Decline?
In conclusion, BNB’s current upward movement is an encouraging sign for the bulls, but the real test lies at the $605 resistance level. Should bulls succeed in pushing the price above this level, a stronger rally may follow, resulting in the cryptocurrency testing other resistance levels such as $680 and $724.
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Nevertheless, failure to clear the $605 zone might lead to a consolidation phase or possible pullback to the $531 and $500 support levels. Traders will need to closely monitor market conditions and technical indicators to gauge whether the current bullish sentiment can be sustained.
Featured image from Shutterstock, chart from Tradingview.com
Coinbase’s Layer 2 network, Base, is facing intense scrutiny after what appears to be a major pump and dump—one that it inadvertently helped fuel. The project’s official Twitter account publicly promoted a meme coin titled “Base is for everyone.”
This triggered a speculative surge, driving the token’s market cap to an estimated $15 to $20 million within hours of launch. The token quickly plummeted near zero in mutes.
Did Base Just Help Fuel a Pump and Dump?
Base’s tweet, which featured promotional imagery and direct links to the meme coin on Zora, created the perception of legitimacy.
Traders piled in, and price charts reflected an explosive rally—followed by an equally sharp collapse.
Within one 4-hour trading window, a green candle representing millions in inflow was immediately reversed by a red candle of equal size, marking a total loss of liquidity and confirming a textbook pump and dump.
The token’s value fell by more than 99%, and trading volumes on Uniswap surged past $13 million during the brief window of activity.
There is massive ongoing outrage against both Coinbase and Base. Crypto influencers have called the incident a failure of due diligence and communications strategy.
Accusations of incompetence and poor risk oversight are spreading fast on social media, while memes mocking the network’s “Base is for everyone” slogan are everywhere.
Base is yet to provide an official response to the incident.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP is back trading above, $2, and bullish momentum is gradually creeping back compared to its price action at the end of March and beginning of April. Crypto analyst EGRAG CRYPTO believes this week could highlight a turning point for a full flip into bullish momentum, and how the XRP price closes out the week will be very important.
According to the analyst’s outlook, which was posted on social media platform X, the current XRP candle on the weekly timeframe is hovering just above both $2.10 and the 21-week Exponential Moving Average (EMA). However, he noted that the real confirmation lies with if XRP can manage to close the week with a full-bodied candle above $2.25.
Why Is $2.25 Important For XRP’s Price?
The $2.25 level has now become more than just another short-term resistance. It is what EGRAG considers the final barrier to validating the recovery structure forming after March and April’s sharp retracement. His weekly chart shows XRP climbing out from a significant low after bouncing off the 0.888 Fib extension level and now stabilizing above the yellow 21-week EMA line.
The alignment of XRP’s price above both the $2.10 price level and this moving average adds credibility to the potential of a bullish continuation, but EGRAG makes it clear that a weekly close above $2.25 is the “lock-in” point. From a technical standpoint, this would mark the first full-bodied weekly candle above the 21W EMA since the past four weeks. If achieved, this can be interpreted confirmation that bulls have regained dominance and that a bottom was established on April 7.
Furthermore, it suggests that the April 7 bottom will continue to hold as support going forward. The chart also outlines close price targets at $2.51 and $2.60, with Fibonacci extension levels projecting even higher zones at $2.69 on the way to crossing back above $3.
Failing To Close Above $2.25 Could Reintroduce Unwanted Narratives
EGRAG also issued a cautionary note in case there isn’t a clean breakout. Should XRP fail to close the weekly candle above $2.25, he warned it could trigger a return of bearish narratives, including what he referred to as a possible “tariff issue.” This is referring to the recent tariff back-and-forth between the US and China in the past month, which has unbalanced the investment markets.
A strong rejection could see the XRP price pull back toward the $1.96 Fibonacci level or even lower into the broader support band of around $1.58 to $1.30. The white box region on the chart above would then become the primary battleground for bulls and bears if a close above $2.25 is not secured by the end of the week.
Mayer Mizrachi, the mayor of Panama City, Panama, announced today that the city government will accept payments in crypto. It will accept Bitcoin, Ethereum, and two stablecoins for taxes, permits, fees, etc.
However, Mizrachi clarified that the municipal government has a legal requirement to accept these funds only in USD. It will exchange cryptoassets for cash with a partnered bank, presenting a severe limit to potential crypto adoption.
Is Panama City Accepting Crypto?
In the last few months, a tide of pro-crypto regulation has swept over many of the world’s jurisdictions. This obviously includes the United States at the federal and state levels, but many other countries are rising to the occasion.
Case in point, the mayor of Panama’s capital city just announced that the municipal government will accept payments in crypto.
“Panama City council has just voted in favor of becoming the first public institution of government to accept payments in crypto. Citizens will now be able to pay taxes, fees, tickets and permits entirely in crypto starting with BTC, ETH, USDC, USDT,” claimed Mayer Mizrachi, the mayor of Panama City.
Mizrachi went on to explain some previous efforts to accept crypto payments in Panama. Four years ago, a legislative initiative tried to enable crypto payments all over the country.
It got some traction but eventually stalled out in 2022. In 2023, the Supreme Court ruled the bill “unenforceable.” Since then, it doesn’t seem like any other serious efforts have made progress.
Panama City’s municipal government is circumventing the legislature to accept crypto payments, but the strategy has significant drawbacks. Mizrachi explained that public institutions must receive funds in US dollars, and he couldn’t circumvent this requirement.
In other words, any crypto payments will actually go to a partnered bank. The bank will actually custody (or dispose of) these assets, while the city only holds USD. Mizrachi’s effort avoids a contentious legislative battle, but its actual impact might be severely limited.
Although Panama has its own currency, the balboa, the US dollar has more legal standing in a few different ways. It’s a legal tender; public institutions have to accept it, and the balboa is actually pegged to the dollar anyway.
This is a very similar situation to what made El Salvador accept Bitcoin as a currency, as it also had to use the US dollar as its sole currency.
Mizrachi explained that this short workaround will increase “the free flow of crypto” through Panama’s economy, but it may not be that simple. Depending on the agreement between the city government and partnered banks, it could just dump its cryptoassets on the international market.
If Panama wants to actually adopt cryptocurrency, it may need more sustainable measures integrated to the local economy.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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