Crypto Weekly
May 26, 2023

Sol foundation shows belief in blockchain with AI, Tenet team with CFX and Elon warns about Doge

This week saw wallets accumulate stablecoins like $USDC, $BUSD, and $DAI while Elon Musk warned against ‘betting the house’ on Dogecoin. Microstrategy CEO Michael Saylor was forefront saying VC interest in lightning network will lead the next bull run. Meanwhile, The Solana Foundation pledged $10 million for projects exploring Solana and AI. All while XRP rallied over 10% due to news from the SEC and CBDC. Finally Tenet teamed up with Conflux & Qtum while Bitfinex partnered with OrionX.


  • Wallets accumulate stablecoins like $USDC, $BUSD, and $DAI while Elon Musk warns against Dogecoin.
  • Microstrategy CEO believes VC interest in lightning network will lead the next bull run.
  • Solana Foundation pledges $10 million for projects exploring Solana and AI.
  • XRP rallies over 10% due to news from the SEC and CBDC, validating its potential.
  • Tenet teams up with Conflux & Qtum while Bitfinex partners with OrionX

Movers and Shakers

Top 7-Day Gainers:
  1. RNDR +16.32%
  2. KAVA +11.97%
  3. TRX +8.11%
  4. HT +7.31%
  5. MIOTA +6.69%

Top 7-Day Losers:
  1. GMX -13.71%
  2. SUI -13.06%
  3. FTM -11.01%
  4. ALGO -10.43%
  5. INJ -8.97%


Automate all your strategies for free on QUADX

Tired of subscription or added fees when running a bot? Wait no more, bot trading is totally free on QUADX!Discover Quadency Bots

Technical Summary

Bitcoin Pulse

New on-chain figures show a whopping 68% of BTC is held for at least a year, indicating strong confidence and long-term belief in its potential. And that's not all, 55% of BTC has been held for a remarkable two years or more. Long-term holders are in the game, with an all-time high of 14.46M coins held longer than 155 days. But here's an interesting twist: 

Bitcoin micro


  • LTFs reveal higher TF's low volatility, showing repeated moves at previous highs and lows with opposite directions.
  • Extreme of the bearish leg reached, expecting either a bullish retracement to $27k or continuation of the bearish leg to sub $25.8k.
  • Currently held down by 1H 50 EMA resistance, waiting to see how price closes relative to the 50 EMA.

The LTFs show the higher TF's low volatility at a much better resolution, we have seen price repeatedly run previous highs and lows, leading to opposite directional moves. However, we have now reached the extreme of the bearish leg and would expect either a bullish retracement to the $27k price level or a continuation of the bearish leg to sub $25.8k 

Given we are currently being held down by the 1H 50 EMA as resistance, we wait to see how price closes relative to the 50 EMA.

Bitcoin Macro


  • Low volatility persists as price action remains stagnant, continuing last week's trend.
  • Daily 50 EMA rejection indicates bearish sentiment, pushing towards crucial support levels.
  • The bullish order block serves as the final stronghold before the next bearish leg.
  • If support fails, a drop below $25k is likely, offering a healthy retracement from the recent high

Following on from last week's low volatility sideways price action, this week we have continued this low momentum; however, after a clear rejection of the daily 50 EMA as resistance, we have pushed to the last bastion of support (the bullish order block at the extreme) before price continues its next bearish leg. 

Moving forward, if this line in the sand is to fail, we would expect price to make its way to under $25k, at which point it would have had a healthy retracement from the 31k high. These price levels would also align with the retest of the daily 200 EMA as support for the next bullish price leg.

Altcoins on the move

Ethereum is blazing a trail with its latest energy-saving update, successfully closing a significant security hole. But that's not all—ETH is making history with its lowest supply on exchanges since its genesis, a remarkable 10.1%. The altcoin market is buzzing too, as sharks and whales make their moves, driving excitement around mid and low cap assets like MTL, POWR, Aergo, and DIA. And talk about a whale of a tale! An Ethereum whale scored an impressive 10X gains, turning $244k into a whopping $2.63M with PEPE

ETH macro


  • ETH faced resistance at the 50 EMA on the daily chart, encountering bearish selling pressure.
  • Price retreated below the 50 EMA, indicating a bearish sentiment in the market.
  • The focus now shifts to a potential macro retrace towards $1700, aligning with the crucial daily 200 EMA.
  • This retracement could serve as a catalyst for long-term bullish opportunities.

We saw ETH try to break above the 50 EMA on the daily chart this week, which was quickly met with bearish selling pressure pushing price back below the 50 EMA and signalling bears are laying in wait. 

Moving forward, we would look for price to continue its macro retrace down $1700, at least where it would meet the daily 200 EMA, a significant catalyst for potential long-term bullish legs.

Tweet of the Week

Be sure to join us on Telegram, Discord and Twitter!

Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.

Free Weekly Newsletter

Manage all your crypto assets on the go with zero-gas swaps and a unified portfolio at your fingertips.

Available On Mobile

Disclaimer: Information contained herein should not be construed as investment advice, or investment recommendation, or an order of, or solicitation for, any transactions in financial instruments; We make no warranty or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose. Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation to buy, sell or hold a particular financial instrument; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Quadency, or vice versa. Market information is made available to you only as a service, and we do not endorse or approve it.

Copyright © Quadency Global, Ltd