Technical analysis suggests that a recent uptrend in the price of Aave (AAVE) is showing signs of exhaustion based on the early development of a classic bearish reversal pattern. Is AAVE headed to $70? Dubbed a "rising wedge," the pattern surfaces when the price rises inside a range defined by two ascending, converging trendlines. As it happens, the trading volume declines, pointing to a lack of conviction among traders when additional buying is needed for continued upside momentum. Therefore, falling wedges typically result in a bearish breakout where the price breaks below the pattern's lower trendline and falls by as …

Analysts in both crypto and traditional markets have noted some startling similarities between the recent downturn and the one caused by a pandemic panic in March 2020. The real question is whether it’s the start of a larger downturn or if there will be a significant bounce-back as in 2020 that led to an extended bull run in both crypto and stocks markets. Podcaster and author of The Pomp Letter, Anthony “Pomp” Pompliano, is on the permabull side of the ledger, tweeting on Wednesday that since March 1, 2020, when one Bitcoin cost about $8,545, “Bitcoin is up 340%.” Bitcoin …

Major Ethereum blockchain analytics platform Nansen continues scaling its operations by acquiring a cross-chain decentralized finance (DeFi) tracker. Nansen has acquired the multi-chain portfolio tracker Ape Board in an eight-figure deal, the firm announced to Cointelegraph on Tuesday. Closing later in May, the acquisition will unite the teams of the two platforms, aiming to combine Nansen’s analytics and Ape Board’s portfolio tracking to provide an all-in-one information service. As part of the acquisition, 13 employees at Ape Board will join Nansen’s team counting 120 analysts, product managers and engineers to jointly provide the “definitive information super-app of Web3.” “Ape Board …

Popular crypto analytics platforms Etherscan and CoinGecko have parallelly issued an alert against an ongoing phishing attack on their platforms. The firms began investigating the attack after numerous users reported unusual MetaMask pop-ups prompting users to connect their crypto wallets to the website. Based on the information disclosed by the analytics firms, the latest phishing attack attempts to gain access to users’ funds by requesting to integrate their crypto wallets via MetaMask once they access the official websites. Security Alert: If you are on the CoinGecko website and you are being prompted by your Metamask to connect to this site, …

Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST). The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this sell-off, UST briefly lost its United States dollar peg, falling to as low as $0.98. Excessive LUNA supply LUNA serves as a collateral asset to maintain UST’s dollar peg, according to Terra’s elastic monetary policy. Therefore, when the value of UST is above $1.00, the Terra protocol incentivizes users to burn …

Thursday was a bloodbath for traditional and cryptocurrency markets. On the worst day of trading since 2020, Bitcoin (BTC) dropped over 7%, while the Nasdaq slipped over 5%. Many hoped for capitulation in the trade and crypto markets, and although the short-term outlook for Bitcoin looks weak, one analyst and some evidence would suggest that Bitcoin is still on course to becoming a risk-off asset. Markets are by no means math-based or infallible, but a risk-off asset describes an asset that performs well–or is an asset that investors flock to–when overall market sentiment wanes. Government bonds are risk-off assets. Conversely, …

Coinbase, one of the largest crypto exchanges by volume, opened its beta nonfungible token (NFT) marketplace to the public on Wednesday, with on-chain data showing a maximum of 150 total transactions on the day and a $75,000 volume. The transactions captured by Dune Analytics show the total amount which took place through the 0x Protocol, the infrastructure behind Coinbase’s marketplace. While not all transactions are guaranteed to be from Coinbase since 0x announced its support for NFTs in January, it has yet to announce any other partners apart from Coinbase. The number pales into insignificance compared to expectations arising from …

An article in the Wall Street Journal has claimed sales of nonfungible tokens (NFTs) are “flatlining” — in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales. The article cited data from NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum NFT market were also said to have declined by 88% since a high in November 2021. “The NFT market is collapsing,” the article concluded. However, on-chain data from Dune Analytics’ …

The Market Report with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss what they believe are the top three most bullish coins one should take a closer look at. But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. Next up: the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as each makes his case for the most bullish cryptocurrency right now. …

The decentralized finance (DeFi) space has been rife with hacks, exploits and scams so far this year, with over $1.6 billion in crypto stolen from users, surpassing the total amount stolen in 2020 and 2021 combined. Analysis from blockchain security firm CertiK revealed the statistics on Monday showing the month of March having the most value stolen at $719.2 million, over $200 million more than what was stolen in all of 2020. The March figure is largely due to the Ronin Bridge exploit where attackers made off with over $600 million worth of crypto. We have seen $1.6B lost in …

Ripple (XRP) opened in May with a decent price rebound after falling 28% in April, its worst monthly performance since June 2021. Furthermore, the XRP/USD pair shows prospects of continuing its recovery trend in the coming weeks. Support confluence raises XRP bullish prospects XRP's price rose by nearly 6.25% in the first two days of May, going as high as $0.63 (data from Binance). The buying sentiment surged around $0.58, a level that acted as strong support in January 2022 and enabled XRP to rise by more than 50% thereafter. Interestingly, the $0.58-support coincides with XRP's 200-week exponential moving average …

Axie Infinity was a pioneer of the play-to-earn movement and the project inspired new Web3 applications that aspire to apply the earning model to their respective ecosystems. The latest project to join the move-to-earn movement is STEPN, a Solana-based Web3 application where owners of the nonfungible token (NFT) sneakers earn as they walk. STEPN has programmed a few factors that determine just how much a person can make with its sneakers and the Green Satoshi Token (GST) is STEPN’s in-game token that currently trades for $7.30. Over the last 30 days, the token has surged over 77%, but is it …