BNB breached the major resistance area and reached a new all-time high. The price dropped due to BTC's rapid movements but is now respecting the support uptrend line. It might be a good idea to buy some BNB near the support area.

Support Area: $595-$605

MATIC broke the triangle in a downward direction, and the price dropped significantly after the breakdown. This is why we advised against opening new positions. Consider accumulating some MATIC if the price drops to the support area.

Support Area: $0.55-$0.58

The number of transactions processed by the Bitcoin network is nearing new all-time highs. The current monthly average transaction count is 617,000 per day, which is 31% above the yearly average, indicating a strong demand for Bitcoin blockspace.

AGIX analysis:

Price is currently testing the major support area. There might be accumulation at the support area before the next move, so consider opening a long position with a tight stop loss.

Support Area: $0.60-$0.65

Resistance Area: $0.756-$0.80

Bitcoin is moving sideways as expected. Some action may occur when global markets open. The first resistance is $67,000; a break above this will open the gates to the $69,000-$70,000 level.

JUP tested the support area and is now bouncing from there. If you have opened long positions, increase your stop loss below the support area. We may see a move towards the resistance area in the coming days.

Resistance Area: $1.14-$1.23

CME Group Futures Market Update

Open interest in the CME Group futures market has stabilized above $8 billion after hitting a record high of $11.5 billion in March 2024. This trend suggests that more traders from traditional markets are adopting a cash-and-carry arbitrage strategy. This strategy involves holding a market-neutral position by buying a long spot position and selling a short position in a futures contract of the same asset when it's trading at a premium.

CKB is unable to break above the resistance area, and the price is now heading towards the support area. This is a no-trade zone, and waiting for a test of the support area for new entries is better.

The winner of the giveaway will be announced within 24 hours.

ARKM analysis:

Price is currently testing a major support area and needs to hold this level. If the candle closes above the support level, then we may see some bounce from here. If you are opening a long position, then use a tight stop loss.

Support Area: $1.70-$1.80

Resistance Area: $2.15-$2.30

Bitcoin has once again dropped to the support area and is currently holding this level. The testing of the support area is positive, and we may anticipate some sideways movement around the support area. This could potentially represent the final dip before the next significant movement.

The altcoin market cap (TOTAL2) has broken below the support trendline, and we may see a test of the major support area before the next move. You can continue accumulating your favourite altcoins during this dip. We may also see some sideways movement before the next significant move.

With the Runes Protocol launching at the time of halving (20 April 2024), the demand for runes transactions skyrocketed to between 600k and 800k per day, and has remained elevated since.

Educational Post

What Is Chain Abstraction?

Chain abstraction is NEAR’s idea of simplifying how users interact with blockchain technology by separating it from the user experience (UX). The goal is that users should not be aware of the specific blockchain they are interacting with or even realize that they are using a blockchain.

How Does Chain Abstraction Work?

Efficiency

Imagine if you could only send messages from an iPhone to another iPhone but not to Android phones. That would be inefficient and impractical. Similarly, users should be able to interact with decentralized applications (DApps) across different blockchains without unnecessary hurdles.

The goal of chain abstraction is to remove or hide the complexities of blockchain technology, allowing users to focus on the functionality and benefits of the DApps they use. For instance, if Sarah wants to use a new DApp called XYZ, she should not have to worry about which blockchain it is built on. From a user perspective, she just wants it to work well and fulfill its purpose.

Similarly, millions of people use the internet every day, but only a smaller percentage understand the technology behind it and how it works. As long as it works as intended and adds value to users, there is no reason for the average user to fully grasp its technical details.

Transactions

Imagine using a DApp that allows you to easily transact across multiple networks and navigate different services. For instance, imagine that Sarah opens the XYZ app on her phone, orders a coffee, and sees a discount for her favorite clothing store. She buys a pair of shoes, earning rewards that are stored as non-fungible tokens (NFTs) on Ethereum. Later, she notices a special offer tied to her reward and buys tickets to an event, which are also NFTs, but on BNB Smart Chain (BSC).

All these transactions could happen in a single app, removing the need for Sarah to manage multiple wallets, switch networks, or directly handle transaction fees. This level of cross-chain interaction is the ultimate goal of chain abstraction.

VANRY analysis:

Price is currently testing the support area. Let's see if it can hold this level. Consider opening a small long position with a tight stop loss.

Support Area: $0.134-$0.138

Resistance Area: $0.1520-$0.156