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Breaking Crypto Stories

Here are the top stories today:

• Federal Reserve Orders Cease and Desist for Crypto-Friendly United Texas Bank

• Bitcoin Network Activity Hits 3-Year Low Amidst Price Weakness

• New York Attorney General Targets Uniswap in Regulatory Crackdown

📄Federal Reserve Orders Cease and Desist for Crypto-Friendly United Texas Bank

The Federal Reserve has issued a cease and desist order to United Texas Bank, citing deficiencies in risk management and compliance with anti-money laundering regulations.

• The Federal Reserve's cease and desist order against United Texas Bank highlights significant deficiencies in risk management and compliance with anti-money laundering laws.

• The order follows a May examination that found issues with the bank’s governance and oversight of crypto clients.

• The Fed's recent actions against crypto-friendly banks have sparked concerns about a potential coordinated effort to restrict banking services to the crypto industry.

📉 Bitcoin Network Activity Hits 3-Year Low Amidst Price Weakness

Bitcoin's network activity has fallen to a three-year low, with daily active addresses dropping from nearly 1.2 million in March to around 838,000, reflecting decreased interest in the network.

• Bitcoin’s network activity has decreased significantly, with daily active addresses falling to 838,000, the lowest level since 2021.

• The decline in activity coincides with Bitcoin’s recent price stagnation and overall market disinterest.

• Analysts view the current "chopsolidation" in Bitcoin’s price as a potential precursor to a breakout, suggesting possible buying opportunities for investors.

🎯New York Attorney General Targets Uniswap in Regulatory Crackdown

New York State Attorney General Letitia James has intensified her scrutiny of Uniswap by issuing subpoenas to its venture capital investors and the DeFi platform itself.

• New York Attorney General Letitia James has issued subpoenas to venture capital firms invested in Uniswap, including Andreessen Horowitz and Union Square Ventures.

• Uniswap Labs faces a $175,000 penalty from the CFTC and a Wells notice from the SEC for alleged violations related to securities regulations.

• This regulatory crackdown is part of a broader trend of increased scrutiny on the crypto sector by U.S. regulators, with concerns about the industry's treatment by political figures.

Meme of the Day

Potential Trade Opportunities

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Solana (SOL)

Solana Price Prediction: Can SOL Maintain Its Upward Momentum?

Price Movements: Solana (SOL) has been consolidating within a tight range over the past few sessions, reflecting market indecision. SOL's price action has shown fluctuations around the $131.40 support level, with resistance being encountered near $135.07. The Relative Strength Index (RSI) indicates neutral momentum, suggesting neither buyers nor sellers have taken full control of the market. As the RSI hovers around the mid-50 level, Solana appears to be building momentum for a possible move, though the direction remains uncertain until a clear breakout or breakdown occurs.

Key Levels to Watch: On the upside, the immediate resistance to watch is at $135.07, with a stronger resistance level at $139.34. A break above these levels could trigger further bullish momentum, potentially leading to new highs. On the downside, the $131.40 support is crucial, with additional support at $130.71. If these levels fail to hold, Solana may test the $127.66 mark, indicating a potential bearish shift. Traders should pay close attention to how SOL reacts to these key levels for potential trade setups.

Trade Strategies: For long traders, a confirmed breakout above $135.07 could signal an entry opportunity, with a target of $139.34 as the next take-profit zone. If the price fails to hold above $131.40, short positions could be considered, with a target of $127.66. Both long and short trades should be managed with appropriate stop-loss orders to minimize risk, given the current market volatility. Monitoring the 9 and 20 EMAs for a bullish or bearish crossover can also provide additional signals to strengthen trade decisions.

Toncoin (TON)

Toncoin Price Prediction: Indicators Suggest Key Support Levels May Be Tested

Price Movements: TON has been exhibiting a bearish trend over its recent sessions, with closing prices gradually declining. The price action remains under pressure, reinforced by key technical indicators such as the EMAs and MACD, which suggest ongoing weakness in the market. The 9 EMA sits below the 20 EMA, signaling that short-term momentum continues to lag behind the broader trend. Additionally, the MACD has remained in negative territory, indicating that selling pressure is dominating and momentum remains in favor of the bears.

Key Levels to Watch: Several key resistance levels are shaping the outlook for TON. Prices are currently struggling to break above resistance at $5.298, with stronger barriers further up at $5.42 and $5.562. A breakout above these levels could signal a reversal of the downtrend, but without substantial buying volume, these resistance zones may limit any upward movement. On the downside, the $4.50 level serves as a potential support, and if this is breached, the asset may face further downside pressure, making it a critical area for traders to watch.

Trade Strategies: For traders looking to capitalize on the current trend, short positions may offer opportunities if TON breaks below the $4.50 support level. Bearish momentum, as indicated by the MACD and RSI, suggests that the asset could experience further declines. However, long traders should be cautious, waiting for a confirmed breakout above the $5.298 and $5.42 resistance levels before entering the market. Monitoring volume and momentum indicators will be essential in identifying potential entry and exit points for both long and short trades.

Polygon (MATIC)

MATIC Crypto Under Pressure: What Traders Need to Know

Price Movements: MATIC has been experiencing bearish momentum, with the price currently consolidating around $0.3763. The 9 EMA remains below the 20 EMA, indicating persistent selling pressure in the short term. The RSI is hovering near oversold territory, suggesting that the asset may be nearing a potential reversal, though the bearish trend remains dominant for now. The MACD is also signaling ongoing bearish momentum, with the histogram reflecting a sustained downtrend.

Key Levels to Watch: Key support for MATIC lies at $0.3738, with further downside potential toward $0.3598 if bearish pressure intensifies. On the upside, the immediate resistance sits at $0.4048, with stronger resistance levels at $0.4126 and $0.4143. A break below support could signal a continuation of the downtrend, while a breach of resistance may suggest a bullish reversal, potentially opening the door for further gains.

Trade Strategies: For long traders, potential entry points could be found near the support levels of $0.3738 or $0.3598 if signs of bullish divergence in momentum indicators appear. A target for long positions could be set near the resistance at $0.4048. Short traders may look for opportunities around the resistance levels of $0.4048 and $0.4126, with exit targets at the support zones of $0.3738 and $0.3598, especially if bearish momentum continues to dominate.

ICYMI:

• Nvidia Partners with Sakana AI to Propel Japan’s AI Revolution: $100 Million Series A Funding Secured

• Zurich Cantonal Bank (ZKB) Launches Cryptocurrency Trading Services

• Ripple Stablecoin Set to Launch Soon, CEO Garlinghouse Confirms

• Former Mt. Gox CEO Mark Karpeles to Launch New Crypto Exchange EllipX

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