Technical analysis: more than $92 million was stolen from Mirror Protocol based on Terra Classic
A member of Terra Classic community discovered an exploit in the Terra Classic-based Mirror Protocol's DeFi code that allowed an unknown attacker to withdraw about $90 million. The attack took place in October 2021, but due to the specifics of Mirror Protocol and Terra Classic, it only became known last week. And over the weekend, May 28 and 29, Mirror Protocol lost another $2 million in cryptocurrency. According to information of protocol developers, last attack was connected with vulnerabilities in Mirror Protocol oracle which were exploited by unknown hacker.
Analysts at Morgan Stanley, a major U.S. bank, noted that the number of venture capital deals in the crypto market continues to remain at a high level, even despite the downtrend. For example, last year the volume of such transactions amounted to $30 billion. However, the bank's analysts also warned that by the end of the year the volume of venture capital transactions with cryptocurrencies may decrease by 50%.
The BNB Chain team has published an updated technical roadmap. It says that over the next year, BNB Chain will improve its network structure, increasing the level of decentralization, as well as expand the infrastructure of the entire ecosystem. Thus, according to the new document, the number of BNB Chain validators will increase to 41, new sidechains for applications will appear in the network, and the block size will grow to 200 million gas units.
Bitcoin
BTC quotations rose above the important level of $30,000, where the lower boundary of the "Flag" tehanalysis model passes (marked with lines of orange color). As a result, bitcoin price reached the level of $32,200, which now acts as the current resistance.
Since the bears still have a lot of strength, the upward trend is unlikely to persist in the short term. However, if the bulls manage to keep the price above $34,800, where the line of the 50-day simple moving average (SMA) and the upper boundary of the "Rising channel" pass, the BTC will go to the levels of $36,800 and $38,800. In favor of the development of this trading option indicates the candlestick pattern "Doji".
But it is more likely that the value of bitcoin will again fall below $30,000. This will be a signal of a new wave of correction. This signal will be confirmed by the closure of the daily candles below $28,300. Further BTC quotations may test $26,300 level. A deeper correction will direct BTC quotes to the levels of $23,800 and $20,000. Five signals still point in favor of the realization of this trading scenario: the models of tehanalysis "Double Top" (marked by lines of green color) and "Hanging Man", as well as the breakdown of the lower boundaries of the "Rising channel" (purple lines), "Flag" (orange lines) and "Wedge" (lines of green color).
Ethereum
The price of ether is consolidating between the support level of $1,900 and resistance of $2,055. If the ETH quotes break through the support of $1,730, it will confirm the forecast about the recovery of the downward movement. Such development of events will direct the value of the altcoin to the targets of $1,530 and $1,360. In favor of this variant of the trading development are indicated by four signals of tehanalysis: "Head and shoulders" models (borders are marked with blue lines), "Bearish absorption" (marked in orange) and "Hanging man", as well as a breakout of the lower border of the "Flag".
However, in case several daily candlesticks close above $2,055, we should expect a resumption of the upward movement. Such a scenario would send ETH quotes to resistance levels of $2,300 and $2,420. The lower boundary of the "Flag" pattern and the line of the 50-day SMA also passes around $2,420. A rise in the value of the altcoin above these levels will be a signal of the development of a short-term upward trend, which will direct ETH to the targets of $2,570 and $2,740.
Binance Coin
The BNB continues to consolidate between the levels of $300 and $330 and also moves along the lower boundary of the "Flag" tehanalysis pattern (marked in blue).
Retention of bullish dynamics looks quite realistic, which will be confirmed by several daily candlesticks closing above $330. In this case, the BNB quotes will head to the boundaries of the cluster of $350-366 levels. This area is also where the upper boundary of the "Flag" and the line of the 50-day SMA passes. In the prospect the bullish trend might lead to the retest to the resistance level of $383 and consolidation limits of $400-410. There are three signals that support this idea: a break-up of the upper boundary of the "Flag", the "Morning Star" candlestick pattern, and the divergence between the price on the chart and the MACD oscillator.
However, if the BNB declines below the $263 and $240 levels, which are the first targets for the bears, the altcoin might fall to the $221 and $200 levels. There are three signals in favor of the development of bearish trading dynamics: a breakout of the lower boundaries of the "Flag" and two models of the "Evening Star" tehanalysis.
Cardano .
ADA is consolidating around $0.62, just above which passes the median line of the "Channel" teanalysis model (marked in orange) and the 50-day SMA.
Bullish momentum will send the altcoin to the first target at $0.76. And then ADA has all the chances to reach the target of $0.85 and the limits of the cluster of levels $0.9-1. There are two signals that support this prediction: the bullish absorption pattern (marked in green) and bullish divergence between the price on the chart and the MACD oscillator.
But the fall of the altcoin below the supports of $0.48 and $0.54 will be a signal of the restoration of the bearish dynamics. Then ADA quotations will fall to $0.4, where the lower boundary of the "Channel" tehanalysis model is also located.
XRP
XRP is moving near $0.41, which is also the boundary of the "Wedge" pattern (shaded in turquoise).
A close below that level would bring the altcoin down to $0.32 and $0.25. This idea is supported by two signals in the form of a breakout of the lower boundary of the "Wedge" tehanalysis model (marked in orange) and the "Bearish Takeover" tehanalysis model.
In case of growth of XRP quotes above resistance level of $0.48, altcoin will go to the target of $0.55, where the line of 50-day SMA passes, and $0.6. Preservation of ascending momentum will lead to the growth of XRP price to the levels of $0.66 and $0.72. The line of 200-day SMA also passes near $0.72. The signal in the form of divergence between the price on the chart and the MACD is in favor of the realization of this trading dynamics.
In the DeFi, NFT and GameFi markets, the advantage is still on the side of the bulls, but at any moment the bears can win again.
Wraped Bitcoin.
First place in the DeFi market is held by WBTC, a bitcoin tokenized in the Ethereum network. The token's quotes overcame the important $30,000 level, where the 50-period SMA line also passes.
As in the case of BTC, we do not exclude the possible development of a new wave of decline. It will lead to the collapse of token value to the support line of $28,050. Here also passes the lower boundary of the "Wedge" tehanalysis model (marked in turquoise). However, an increase above resistance of $32,000, where the 200-period SMA line passes, will lead to the movement of WBTC quotations to the first target of $34,200.
FLOW
The cryptocurrency FLOW takes the first place on the NFT market. After breaking through the lower boundary of the "Wedge" tehanalysis model (marked in purple), the altcoin quotes are located near the level of $2.69.
Continuation of the downward momentum may lead to the collapse of FLOW value to the first target of $2.55. In this case, the altcoin will find the next support at $2.2 and $2. This forecast is supported by the signals of the technical analysis in the form of overcoming the "Wedge" and the recently formed "Evening Star" model.
However, we should not forget about the persistence of divergence between the price on the chart and the MACD oscillator. These signals indicate that in the prospect the FLOW might go above the resistance of $3. The first target in that case is the level of $3.9, where the 50-day SMA passes. A bullish divergence signal between the price on the chart and the MACD oscillator supports this idea.
APE
APE token from ApeCoin DAO continues to lead the GameFi market. Quotes of the asset once again fell below the current resistance level of $7, where the 50-period SMA line is also located. If daily candlesticks close below the level of $6, then further APE quotes will go to the first targets in the form of support levels of $5 and $4. Three signals point in favor of development of bearish dynamics: the "Double Top" pattern (marked with orange lines), as well as a Triangle (marked with red lines) and the "Flag" borders breakout.
Now it is important for the bulls to consolidate above the $7 level. If that's the case, they can continue moving towards the first targets of $7.3 and $8. Further growth in APE value will send tokens to the levels of $11.30 and $12.50, where the 200-period SMA line and "Triangle" and "Flag" boundaries also pass.