25th April - Crypto Technical & Market Watch
Samsung Planning New Blockchain Mainnet Featuring Samsung Coin
South Korean electronics giant Samsung may end up developing a public-private blockchain complete with its own cryptocurrency token, an anonymous source told crypto industry.The project, part of an undertaking by the company’s dedicated blockchain division, would see a blockchain mainnet appear based on Ethereum (ETH), along with a new asset dubbed Samsung Coin.
Binance Singapore Launches But Offers Just One Trading Pair
Binance has launched a new cryptocurrency exchange in Singapore after months of anticipation.Users of the platform are only able to purchase bitcoin (BTC) using Singapore dollars (SGD,) meaning far fewer trading pairs are available for consumers compared with the company’s main exchange.
Samsung Invests $2.9 Million Into Crypto Wallet Startup Ledger
Hardware cryptocurrency wallet manufacturer Ledger has secured 2.6 million euro ($2.9 million) from electronics giant Samsung.The news follows the appointment of Pascal Gauthier, the firm’s former president, as its new CEO. Former CEO Eric Larchevêque will now serve as Executive Chairman of the Ledger’s Board. He said in a letter that “in this role I will be able to properly focus on strategy and vision, while also overseeing regulator and government outreach, partnerships, customers, broader business relationships and technology thought leadership.”
Bitcoin (BTC) is currently facing some resistance close to $5,600. On the upside, a breakout of $5,600 can propel the price to the next critical zone of $5,674.84–$5,900. We anticipate the bears to defend this zone. Hence, traders can book partial profits on their remaining long positions above $5,600 and keep the stop loss on the rest at $4,800.If the bears sink it can slide to the next support at $4,914.11. If the bulls fail to defend $4,914.11.The next few days are critical as it will determine whether the recovery is over or if this is only a shakeout.
ETH again reversed direction from the resistance at $180 on April 23.A break of this support can sink the pair to $144.78. Hence, traders can retain the stop loss on the remaining long positions at $150. If the bulls quickly push the price back above $167.32, it will again try to break out of the overhead resistance zone of $180–$187.98. It will pick up momentum above $187.98.
It can now drop to $0.27795, which is a critical support. If this support also gives way, a retest of the yearly low at $0.24508 will be in the cards.If the support at $0.27795 holds, the XRP/USD pair might remain range bound for a few more days.We will wait for the price to signal a trend reversal before suggesting a long position in it.
Bitcoin Cash is on its way to the next support at $255. If the bulls fail to defend $255, it will be a negative sign. he trend is gradually turning in favor of the bears, but if the BCH/USD pair finds buyers at $255, it will remain range bound between $255 and $335.63 for a few days.
Disclosure: The author holds no cryptocurrency at the time of writing.
Register for Technical news and market update firstname.lastname@example.org