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Crypto News: Apple Hints on Crypto & Ripple IPO

27 May, 2021 Martin Petkov
Crypto News

Hello and welcome, everyone. It's Martin here with CryptoGains. We're beginning here with a brief description of Bitcoin, which is currently edging closer to hitting its 200-day moving average. This particular article is looking at the moving average on the daily chart. And, of course, suggesting that, as soon as we cross above that level, it's more than likely that the bullish trend will resume, and we'll see a strong rally in Bitcoin.

In addition to that, analyst Nick Mancini is pointing out that, after bottoming, the open interest in Bitcoin is again gaining some momentum, indicating that confidence is returning to the market. However, there are other interesting developments today. One of them is that Ripple's CEO confirmed that an initial public offering, which is going to make the company Ripple public, is highly likely after the Securities and Exchange Commission case concludes, which, of course, is very positive and very supportive for Ripple.

Another important and very positive development for the crypto world has to do with the fact that PayPal will enable crypto withdrawals to external wallets, which is something new and is going to make the reach and interoperability of cryptocurrencies even more pervasive. And finally, Apple is also giving strong indications that they're going to grow into the crypto space by hiring talent in the alternative payments business. So, these are all very supportive developments for crypto, but let's take a look at the charts and see how we can actually trade them.

The article that we discussed on Bitcoin was looking at the 200-day moving average, but looking at the one-hour chart, we're just about to witness a cross above the 200-hour moving average, which is also very positive. So, over $39,300, which coincides with that level, I suggest initiating a long position, with targets at $40,600, and then, the next level of resistance comes at $42,500. Conversely, below $39,300, selling Bitcoin, with targets at $38,000 and $37,200 .

Now let's move to Ethereum. For Ethereum, the critical level is $2730. Above that level, we will have good opportunities to buy Ethereum, with targets at $2900 and $3200. Conversely, however, below $2730, we may see further declines taking prices to levels as low as $2500 and $2380 on the short side.

Now we're moving to Ripple, which, of course, we also discussed in regards to the coming initial public offering. For Ripple, it's a fairly clear picture. Above $1, good opportunities to buy Ripple. The first target is at $1.05, and then, very little resistance all the way up to $1.25. Conversely, below $1, decreases are likely, taking us down to $0.94 and $0.89.

Now, we're moving to Cardano. The critical pivot point for Cardano is $1.70, and above that level, we have good opportunities to initiate long positions, with targets at $1.81 and $2.00. However, below $1.70, it's quite likely that bearish sentiment will prevail, taking us down to $1.60 and $1.44.

And the final idea for today comes from one of the newer coins that we have on StormGain, and that's Enjin. Enjin gained a lot of ground in the last few trading sessions, and the pivotal point for Enjin is $1.75. As long as we're above that level, good opportunities to buy Enjin, with targets at $2.00 and $2.17. Conversely, below $1.75, declines are likely, with the initial support at $1.60 on the short side and then, subsequently, at $1.36.

These are all the ideas for today. Of course, the most important thing today is to remember to join the crypto webinar that I'll be hosting at 7 pm tonight, where I'll be talking about CryptoResearch 3.0, which I co-authored with my colleagues at StormGain. Lots of insightful tips and ideas for trading cryptocurrencies and a very special gift and bonus for those who stay until the end of that webinar.

Remember to join, keep learning, and thanks for joining me.

Trade wisely! Bye-bye!

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