Uniswap Retreats After Testing the High of $9.68; is $10.50 Still Possible?

Uniswap lost traction and fell nearly 3% on Tuesday. The bearish trendline acts as a resistance hurdle near the high of $9.68. However, the momentum oscillator still holds the bullish bias for the token.

After starting the week on a high note, the Uniswap was not able to defend the gains on Tuesday. The price trades with a negative sentiment below $9.40.

Generally, the crypto market is trading with a mixed mood. As of writing, Uniswap is exchanging hands at $9.37, down 3.78% for the day. The 24-hour trading volume fell to $295,461,965, per CoinMarketCap.

Uniswap Trades Near the Bearish Trendline

On the daily technical chart, the bulls find it difficult to cross over the bearish trend line that extends from the high of $17.33 made on March 6. After making a strong move on Monday, the prices took a breather, trading in a range bound manner for the past two sessions. However, the price still holds in the upper trajectory.

Uniswap Trades Near the Bearish Trendline

On the daily technical chart, the bulls find it difficult to cross over the bearish trend line that extends from the high of $17.33 made on March 6. After making a strong move on Monday, the prices took a breather, trading in a range bound manner for the past two sessions. However, the price still holds in the upper trajectory.

Currently, the token trades near the critical level around $9.40 as this zone previously acted as support zone. Further, a breach of the bearish trend line would strengthen the probability of the upside breakout sustainability. If that happens, the first upside target could be found near the horizontal resistance zone at $11.43, followed by the high of March 31 at $13.33.

The bullish view is supported by the Moving Average Convergence Divergence (MACD) indicator, which trades above the central line with a bullish momentum. Additionally, Uniswap manages to uphold above the two moving averages.

$UNI

Ethereum ETF Approval Could Be 'Last Dam To Be Broken' For Crypto, Says Anthony Pompliano
According to U.Today, Anthony Pompliano, a well-known Bitcoin advocate and entrepreneur, has shared his views on the potential impact of an Ethereum ETF approval. He suggests that if the Securities and Exchange Commission (SEC) approves the Ethereum ETF, it would be tantamount to endorsing the entire crypto industry. This comes after the approval of Bitcoin exchange-traded funds in January, which Pompliano sees as a significant step towards the full acceptance of the crypto space by Wall Street. He referred to the potential approval of Ethereum-based ETFs as 'the last dam to be broken' for the crypto industry.
Several companies, including Ark Invest, BlackRock, VanEck, and Grayscale, have submitted applications for Ethereum-based spot funds following the approval of their Bitcoin ETFs. The crypto community is divided on the likelihood of the SEC approving these ETFs. Dogecoin co-founder Billy Markus, for instance, expressed skepticism about the approval happening this year.
Meanwhile, a recent report suggests that the odds of the regulator approving spot Ethereum ETFs have risen to 75%. This news has led to a surge in Ethereum's value, pushing it above the $3,650 mark for the first time since April 9. At the time of writing, Ethereum was trading at $3,735, reflecting a significant 20.7% price increase. However, there remains a risk that the SEC could classify Ethereum as a security.
$ETH

Shiba Inu Whales Stir, Token Price Poised For Breakout
According to U.Today, Shiba Inu (SHIB) whales are displaying increased activity, coinciding with the token's price nearing a significant breakout. On-chain data reveals a surge in large transactions of Shiba Inu, defined as those exceeding $100,000. This movement of substantial amounts of SHIB is often a precursor to major market shifts. Such activity typically signals an expected price increase, as whales tend to purchase in anticipation of a positive market move.
Data from IntoTheBlock indicates that the large transaction volume for Shiba Inu has risen by 106.86% in the last 24 hours. This equates to 3.22 trillion SHIB, or approximately $83.74 million. Inflows from large holders have also increased by 155%. As whales reposition and large transaction volume sees a significant rise, the market is keenly observing these developments.
In the midst of this activity, SHIB's price has broken through a barrier that had previously restrained it, setting the stage for a potential rally. After several days of struggling to surpass the daily SMA 50 at $0.0000247, Shiba Inu finally had its breakout moment on May 20. The token saw a notable increase in Monday's trading session as crypto prices rose due to progress towards the approval of U.S. Ethereum spot ETFs, a reversal from a more pessimistic outlook just last week.
SHIB subsequently rose from a low of $0.000023 to a high of $0.0000261, triggering a jump over the daily SMA 50, which had previously limited Shiba Inu prices. At the time of writing, SHIB had increased by 6.48% in the last 24 hours to $0.00002546, trading above the crucial daily SMA 50 barrier. As SHIB teeters on the brink of a breakout, the coming days and weeks will be crucial. In the very short term, a sustained break above the daily SMA 50 might be necessary for Shiba Inu's price to continue its upward trajectory.
$SHIB

Shiba Inu Whales Stir, Token Price Poised For Breakout
According to U.Today, Shiba Inu (SHIB) whales are displaying increased activity, coinciding with the token's price nearing a significant breakout. On-chain data reveals a surge in large transactions of Shiba Inu, defined as those exceeding $100,000. This movement of substantial amounts of SHIB is often a precursor to major market shifts. Such activity typically signals an expected price increase, as whales tend to purchase in anticipation of a positive market move.
Data from IntoTheBlock indicates that the large transaction volume for Shiba Inu has risen by 106.86% in the last 24 hours. This equates to 3.22 trillion SHIB, or approximately $83.74 million. Inflows from large holders have also increased by 155%. As whales reposition and large transaction volume sees a significant rise, the market is keenly observing these developments.
In the midst of this activity, SHIB's price has broken through a barrier that had previously restrained it, setting the stage for a potential rally. After several days of struggling to surpass the daily SMA 50 at $0.0000247, Shiba Inu finally had its breakout moment on May 20. The token saw a notable increase in Monday's trading session as crypto prices rose due to progress towards the approval of U.S. Ethereum spot ETFs, a reversal from a more pessimistic outlook just last week.
SHIB subsequently rose from a low of $0.000023 to a high of $0.0000261, triggering a jump over the daily SMA 50, which had previously limited Shiba Inu prices. At the time of writing, SHIB had increased by 6.48% in the last 24 hours to $0.00002546, trading above the crucial daily SMA 50 barrier. As SHIB teeters on the brink of a breakout, the coming days and weeks will be crucial. In the very short term, a sustained break above the daily SMA 50 might be necessary for Shiba Inu's price to continue its upward trajectory.$SHIB

Microsoft's New Recall Feature Sparks Privacy Concerns
According to U.Today, Microsoft's CEO recently unveiled a new feature for Windows PCs, named Recall. This feature, designed to provide PCs with a 'photographic memory' by continuously taking screenshots to remember and understand user activities, has raised privacy concerns. Ethereum cofounder Vitalik Buterin has notably expressed his worries about the feature.
Buterin's main concern is about privacy, questioning whether the data captured by Recall would remain on the device or be sent to a central server for processing. If the data is sent to a central server, it could lead to significant privacy issues, crossing a boundary that many would deem unacceptable.
Microsoft's CEO, Satya Nadella, has clarified that the data will stay on the device, ensuring that users' activities and data are not exposed to potential external breaches or misuse. However, the specifics of the technology are still unclear, making it premature to definitively state that data will not be available to any third parties. Another issue is the assurance of data safety through encryption and the provision of tools to protect it from unauthorized actors.
In the midst of these technological debates, the Ethereum ecosystem has received some positive news. Ethereum recently received a hint at the upcoming approval of an ETF, which could significantly boost its market position. The asset has surpassed the long-awaited $3,600 price threshold, pushing market liquidations above $260 million.
The potential benefits of features like Recall are immense, offering unparalleled convenience and functionality. However, these benefits should not compromise user privacy. By ensuring that data remains on-device, Microsoft can provide a groundbreaking product while maintaining users' data ownership.

$ETH $BTC

Ether price hits 2-month high against Bitcoin as BTC price tests $69K

Bitcoin is flagging versus Ethereum ahead of the ETF decision, but one target sees $80,000 BTC price emerging from a green light to launch.

Bitcoin sought to flip $69,000 to support on May 22 as a comedown from local highs concerned analysts.

Bollinger warns of BTC price "pullback"

Data from Cointelegraph Markets Pro and TradingView showed weakening BTC price action, which delivered two tests of old 2021 all-time highs.

Still above $69,000 at the time of writing, that level formed a key line in the sand for some.

“Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH,” trading resource Material Indicators wrote in part of its latest coverage on X (formerly Twitter).

Material Indicators referred to a possible resistance/support flip at $69,000. It warned, however, that one of its proprietary trading tools was showing a “clear” down signal on daily timeframes.

“For me, a move above $71.5k would invalidate,” it added.

Others were similarly uneasy about a growing chance of rejection puncturing Bitcoin bulls’ latest attempt at beating out resistance.

John Bollinger, creator of the Bollinger Bands volatility indicator, cautioned over developments which made him “concerned.”

“I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd,” he told X followers on the day.

“Suggests a consol or a pullback. Not bearish here, just short-term concerned.”

BTC/USD chart with Bollinger Bands data. Source: John Bollinger/X
As Cointelegraph reported, predictions of a wider BTC price retracement had already come from the trading community, with popular trader and commentator Credible Crypto among the most vocal proponents of a return toward $60,000 or lower.

A new chart uploaded to X reiterated likely support being below the starting point of what Credible Crypto called an “impulsive move.”

Pro-XRP pundit asserts that Magistrate Netburn’s decision regarding the motion to exclude Andrea Fox’s declaration is the only thing stopping Judge Torres from issuing her final verdict in the Ripple lawsuit.

With several experts projecting that the lawsuit could be resolved this year, prominent XRP community Ashley Prosper pointed out a particular factor preventing Judge Analisa Torres from issuing her final decision in the SEC v. Ripple case.

He made the assertion after the SEC filed its opposition brief to Ripple’s omnibus sealing motion. According to Prosper, the only thing stopping the judge from issuing the final verdict is a decision from Magistrate Sarah Netburn regarding Ripple’s motion to exclude the testimony of SEC’s witness, Andrea Fox.

#XRP #XRPCommunity
Now the only thing left in the #Ripple v #SEC case before Judge Torres's can make her final ruling is for Judge Netburn to issue her ruling on whether Andrea Fox is a summary or expert witness. Lol, I say the only thing. That alone could open up another can of… https://t.co/p4qyJBa1PA

— Ashley PROSPER (@AshleyPROSPER1) May 21, 2024

Court Won’t Discard Fox’s Declaration

The XRP pundit said that while he hopes the court disregards Fox’s declaration after Magistrate Netburn declares her an expert witness, he does not see that scenario playing out.

His projection aligns with similar views of pro-XRP lawyers Bill Morgan and Jeremy Hogan. As reported earlier, they speculated that even if Netburn considers Fox an expert witness, she will not discard her testimony but allow Ripple to depose her.

Fox’s declaration is essential to the final verdict and could help determine the appropriate penalty against Ripple for its securities law violation. Hence, Judge Torres would likely wait to see whether her colleague would exclude Fox’s testimony before issuing the final verdict.
$XRP

$XRP
Here is the Number of XRP Needed for $1M if XRP Hits $3.84

Individuals investing in XRP today need only about 13% of $1 million as their initial capital to reach a million dollars if XRP hits $3.84.

As the crypto market enters the second leg of the bull frenzies, members of the XRP community have become hopeful of XRP. Among large-cap cryptocurrencies, Bitcoin and Ethereum have led the narrative in the last two days, while XRP struggles to follow from far behind.

Specifically, Bitcoin surged to $71,426 yesterday, a price point not seen in about two months. Similarly, Ethereum reclaimed $3,820, marking a significant recovery. In contrast, XRP largely maintained its position around the $0.5 mark.

Meanwhile, with the gradual return of the bulls, XRP enthusiasts are optimistic that the asset could make a significant breakthrough in this second phase, as XRP’s cumulative return for the last quarter was negative 5%. Among the hopeful targets is for XRP to regain its old all-time high of $3.84.

For instance, in a recent post on X, a widely followed XRP advocate mapped out potential profits from holding XRP, helping investors visualize their likely profitability status should XRP reclaim its old peak. The profits ranged from a few thousand dollars to $1 million.

XRP Needed to Make $1M if XRP Hits 3.84

Crypto investors aiming to make a million dollars by leveraging XRP require only a fraction of this target fortune for their initial investments. In particular, to achieve $1 million from XRP with a floor price of $3.84, a holding of approximately 260,416 tokens is required.

At XRP’s current market value of $0.5346, purchasing 260,416 XRP costs $139,218. This initial investment represents only 13.92% of $1 million.

In other words, if XRP reaches its previous all-time high, today’s investors could see returns exceeding 618%. Meanwhile, those who invested earlier stand to gain even more substantially.
#altcoins

Gala Games CEO blames $23M exploit on ‘messed up’ internal controls

$GALA

Gala Games CEO Eric Schiermeyer confirmed on Tuesday there was a “security incident” that resulted in the unauthorized sale of 600 million GALA tokens.

Gala Games’ CEO says “messed up” internal controls were to blame for a recent smart contract “security incident” that saw a hacker manage to steal and sell $23 million worth of its GALA token.

Earlier on May 20 at 7:32 pm UTC, Blockchain watchers reported that 5 billion GALA worth at least $200 million (price at the time) was minted, though the wallet responsible was selling the token in batches — managing to sell

Reports of the compromise saw GALA hit a 24-hour low of $0.038 — a 20% drop from its daily high just an hour earlier. It has since slightly recovered to $0.041, according to CoinGecko.

“We had an incident that resulted in the unauthorized SALE of 600million [...] GALA tokens and the effective BURN of 4.4 billion tokens,” Gala Games co-founder and CEO Eric Schiermeyer wrote in a May 20 X post.

“We messed up our internal controls,” he added. “This shouldn’t have happened, and we are taking steps to ensure it doesn’t happen again.”

Schiermeyer said Gala “identified the compromise” and removed “unauthorized access to the GALA contract.” Its Ethereum contract “is secure” and “was never compromised,” he added.

Gala believes it identified the person responsible and was working with the FBI, the United States Justice Department and “a network of international authorities,” Schiermeyer wrote.

In an X post, Gala Games added the “security incident involving the GALA token has been contained and the impacted wallet has been frozen.”

Gala and Schiermeyer did not disclose who was responsible for the incident or how that person gained access to the GALA contract.

Gala Games did not respond to a request for comment.

In August, Schiermeyer and fellow co-founder Wright Thurston filed lawsuits against each other on behalf of Gala Games.

$ADA

Here’s the Number of Cardano Addresses in Profit as ADA trades at $0.5021

With Cardano surging 4.19% over the past 24 hours to trade , over 1.9 million addresses are currently seeing profits on their ADA holdings.

(ADA) joined other prominent crypto assets in the latest rally led by Bitcoin (BTC). With Bitcoin breaching the $71,000 resistance yesterday, ADA also witnessed massive gains, as its price spiked to a daily high of $0.5090 from $0.4646.

Cardano Profitability

Nonetheless, despite this slight retracement, many Cardano addresses are still holding ADA at a profit. Data from IntoTheBlock shows that Cardano has a total address count of 4,466,970 (4.46 million).

Of this figure, 1,943,290 (1.94 million) wallets are holding ADA in profit at the current price of $0.5021. According to the data, these addresses hold a combined 19.63 billion ADA coins, representing 55% of Cardano’s circulating supply.

Conversely, about 2,477,590 (2.47 million) Cardano addresses are holding ADA in losses at the current price. The cumulative amount of ADA held by these addresses is around 14.89 billion.

Furthermore, only 46,090 addresses are at break even, which implies that they are neither holding ADA in profit nor loss.

Major Resistance Ahead

Cardano investors have remained optimistic about ADA’s potential surge to the levels projected by market watchers. These analysts speculate that ADA could surge to $6.66, $7.5, $7.77, or $27 at the peak of the bull run.

It is noteworthy that the targets are above Cardano’s previous all-time high of $3.10, which it attained in September 2021. For ADA to achieve this feat, the coin must breach major resistances from its current price down to the previous ATH.

The first resistance is currently around the range of $0.5029 – $0.5843, where 334,620 addresses bought 3.34 billion ADA. Afterward, the next resistance is positioned in the $0.5843 – $0.7183 price levels, where 402,150 addresses purchased 6.76 billion ADA coins, worth $3.39 billion at the current price.

$XRP

XRP Derivatives Trading Volume Skyrockets By 93% In 24 Hours
According to U.Today, the trading volume of derivatives on the cryptocurrency XRP has seen a significant increase of 93% within the last 24 hours. This surge is marked by a substantial rise in the turnover of perpetual futures on XRP, which reached $661.08 million. Concurrently, the spot market for XRP saw a 68% increase in trading volume, hitting an impressive $800 million.
This combined activity has pushed the total turnover of XRP on centralized platforms to a substantial $1.46 billion within a single day. With XRP's market capitalization standing at $28.32 billion, the trading volume now represents approximately 5.1% of its total value, indicating a significant, but not overwhelming, level of trading activity.
However, this increase in trading activity has been accompanied by a remarkable surge in liquidations of long positions. Over the past 24 hours, a staggering $935,280 million in bullish positions have been liquidated, compared to the relatively minor $74,580 liquidated from bearish positions. This divergence of a staggering 1,254% is indicative of the current market situation.
While the increased activity signals strong investor interest, the significant liquidations of bullish positions suggest a painful correction for many traders. As of now, XRP is priced around $0.50 per token. The XRP price has been moving within an upward corridor since May 2023, with the upper dynamic resistance now at $0.80 per token. As the token continues to attract attention with its dynamic performance, the market remains on high alert for potential volatility.

$DOGE

Dogecoin Founder Highlights Reasons Behind Users Blocking Ads
According to U.Today, Dogecoin Founder Billy Markus has expressed his views on why users block advertisements on social media platforms. Markus, who is known for his active presence on these platforms, pointed out that the main reason for users blocking ads is the prevalence of malware and other unwanted content in pop-up advertisements.
He suggested that if advertisers stopped incorporating such elements in their ads, users would be less likely to block them. This statement comes in the wake of increasing concerns about scams on social media platforms. In the Web3 world, social media is a significant channel for connecting with users, and scammers often exploit this. Cryptocurrency projects like Shiba Inu and Ripple have previously issued warnings to their communities about false claims on these platforms.
Markus emphasized that the blame for users blocking ads lies with the advertisers. In response to his post, users agreed that it would be more beneficial if advertisers and websites were honest about their offerings. They highlighted the need for self-protection, especially in the cryptocurrency ecosystem, where a single click on social media can lead to account draining.
As the digital currency ecosystem continues to evolve, so does the sophistication of criminal activity. U.Today recently reported a case where a Bitcoin whale lost a total of 1,155 BTC, marking one of the biggest heists of 2024. Despite numerous scams recorded over the past few years, the primary strategy to combat this ongoing fraud is to raise community awareness.
Prominent figures in the crypto world, including Shiba Inu and Ripple executives, and Cardano Founder Charles Hoskinson, have been regularly sensitizing their communities. Hoskinson has also highlighted the role of AI Deepfakes. The key takeaway is that users should be wary of advertisements that seem too good to be true, as they could potentially drain funds.

$ADA update

Here’s How Much Cardano You Need to Be Millionaire if ADA Hits $10 or $100

Cardano (ADA) has recently garnered attention with dynamic price moves. Analysts predict $10 or $100, but how much should one invest now to make $1M then?

ADA at $10

Several analysts believe Cardano could surge to a range between $7.8 and $10. This prediction is supported by historical data, suggesting a significant upward trajectory for ADA. One notable market analyst, Lucid, argues that ADA’s potential to reach $10 could be realized following the upcoming Cardano Chang update. Named in honor of Phil Inje Chang, a former Product Manager for Voltaire at IOHK, this update is anticipated to drive substantial growth.

In a more recent analysis, Martinez emphasized that Cardano is on the verge of a significant bull run, drawing parallels to 2019 when ADA experienced a 50% price correction before rebounding dramatically. According to Martinez, the recent 50% decline might signal a prime buying opportunity, similar to past trends that saw Cardano rebounding by over 4,095%.

As of now, ADA is priced at $0.5 per token. To reach $1 million if ADA climbs to $10 per token, an investor would need to acquire 100,000 ADA tokens. This equates to an investment of $50,000 at the current price.

ADA at $100

Looking further ahead, some forecasts are even more bullish, with ADA projected to potentially reach $100 within the next two decades. This prediction is backed by sources such as Changelly and Gemini, suggesting that ADA could enter the double-digit price range, reaching between $81.52 and $100.57 per coin.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.