#nosedives

Oil On Price Cut: WTI Nosedives As Sellers Go Back To The Marketplace, What'' s Following?

KEY TAKEAWAYS Shares of iRobot Corp. are plunging Wednesday after the company behind the Roomba robotic vacuum warned about its “ability to continue as a going concern” and started a strategic review. The investor selloff came as the company’s loss widened and sales dropped in the fourth quarter. iRobot shares have lost more than 60% of their value in the last 12 months. Shares of iRobot Corp.…

Bitcoin Price Nosedives Below Support As Bears Target $25K

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Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term.

Bitcoin started a sharp decline below the $27,000 level.

The price is trading below $26,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could correct higher but upsides might be limited above $26,200 and $26,400.

Bitcoin Price Takes Hit

Bitcoin price failed to start a fresh increase above the $27,000 resistance. BTC started a fresh decline below the $26,500 support and the 100 hourly Simple moving average.

The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair.

Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low.

The next major resistance is near the $26,100 level and the trend line. The main resistance sits near the $26,500 level or the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low, above which the price might start a decent increase.

Source: BTCUSD on TradingView.com

The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent increase toward $27,200. Any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $26,100 resistance, it could continue to move down. Immediate support on the downside is near the $25,400 level.

The next major support is near the $25,000 zone, below which the price might accelerate lower. In the stated case, the price could drop toward the $24,500 support in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $25,400, followed by $25,000.

Major Resistance Levels – $26,000, $26,100, and $26,500.

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Chiliz (CHZ) Price Nosedives Indicating A Strong Bearish Sentiment

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Chiliz(CHZ) is trading in the red today, down by over 4% in the last 24 hours. This trend broadly reflects the global crypto market cap, down by 0.57% in 24 hours. 

However, despite the price drop, Chiliz’s trading volume is up by 39% at press time, which could influence its price action soon.

CHZ traded at $0.1011 on January 1, 2023, before it moved to $0.1202 on January 10. Since then, it has experienced extreme price volatility, peaking at $0.1577 on February 8 for the first time in 2023. However, the bears have prevailed on its price, returning it to $0.1075 today.

CHZ Price Prediction

CHZ is in a downtrend momentum, forming a fourth consecutive red candle. It has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.

Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

Also, its Relative Strength Index (RSI) is 28.15, firmly in the oversold region below 30. It implies that the bears are in control of their price movement. The RSI is still moving downwards, suggesting further price decline for the asset in the short term. However, since the asset is oversold, a retracement is likely if it can rally from its closest support level.

CHZ’s Moving Average Convergence/Divergence (MACD) is below its signal line and showing negative values. It also reflects the prevalent bearish trend. Also, the histogram bars are at full strength and bearish.

CHZ continues to decline l CHZUSDT on Tradingview.com

CHZ is rapidly approaching the $0.108 support level and a drop below this will send the asset’s price into free fall to record lower lows.

The bears at the $0.11685719 resistance level are active and resisting a rally for the asset. But CHZ is already in the oversold region and will probably reach a point of consolidation soon. 

Chiliz’s Web3 Moves For The Sports Industry Might Push More Adoption

Chiliz Chain is a layer-1 blockchain compatible with the Ethereum Virtual Machine. Chiliz aims to become the hub for leading sports brands in Web3. Socios.com is the existing Chiliz sports network with a growing community.

Who’s securing our network? 🔐

Jump Crypto @jump_, Paribu @ParibuCom, and Meria @Meria_Finance have chosen to help secure the #ChilizChain and have committed to building a fair environment to help sports thrive in the web3 landscape.#ChilizChain ⚡️ $CHZ pic.twitter.com/ZrqYBOqJFh

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) May 10, 2023

Also, Chiliz hopes to partner with other sports brands and unite fans and communities using fan tokens and Web3 technology. 

Chiliz Labs will support sports blockchain projects hoping to develop on the blockchain. According to their mission, they hope to unveil a wide range of Web3 sports projects, AI-based content, 3D digital sports gear, and NFT tickets. 

These activities will likely help the token’s price action since Web3, sports, AI, and NFTs are areas of interest in the crypto community.

Featured image from Pixabay and chart from Tradingview.com

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Polygon Profitability Tanks As MATIC Nosedives 5.6%

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MATIC has had a rollercoaster of a year. Its price has fluctuated between cycle peaks and cycle lows year-to-date but has seen some good recoveries as well. However, as the week draws to a close, MATIC dove off its $0.9 cliff, and investor profitability has plummeted right along with it.

MATIC Loses 5.6% In 24 Hours

Over the last 24 hours, the price of MATIC is already down more than 5.6%, according to data from TradingView. The digital asset which had been able to maintain its $0.9 level for the last few weeks had eventually succumbed and drifted down.

By the time the markets opened for trading on Friday, MATIC had already touched its 24-hour low of $0.84 before marking a small recovery back above $0.85. Its 5.6% decline coincided with a broader decline in the crypto market, which means it wasn’t an isolated incident for the token. 

It followed the likes of Ethereum (ETH) and Binance Coin (BNB), both of which had recorded more than 5% losses in the same time period. Volume was also down across the space with MATIC seeing an 18% decline in volume. 

Price trending at $0.85 | Source: MATICUSD on TradingView.com

The digital asset also lost about $300 million from its market cap. Nevertheless, it retains its position as the 10th largest cryptocurrency in the space, sitting right behind Cardano (ADA) which was down almost 5% in the same 24-hour period.

Profitability Drops Drastically

An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. Data from IntoTheBlock shows that presently, only 23% of all wallets holding the cryptocurrency are recording a profit.

The vast majority of holders, accounting for 68% of all wallets, are seeing losses. The remaining 9% are sitting in the neutral territory, putting them right at the price that they purchased their coins for.

Only 23% of holders in profit | Source: IntoTheBlock

Interestingly, unlike Bitcoin and Dogecoin, MATIC has a lower composition of long-term holders which could provide a reason for such low-profit percentages. Only 33% have held their coins for more than one year, whereas 57% have held them between one and 12 months, and 10% have only had their coins for less than one month. However, it is also important to note that MATIC’s 70% decline from its all-time high price of $2.90 in December 2021 plays a huge role in this.

MATIC was exchanging hands at $5.11 at the time of this writing, down almost 8% over the last seven days.

Featured image from Capital.com, chart from TradingView.com

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