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

Bitcoin has just dropped below a crucial support level, triggering the liquidation of over-leveraged positions. However, the price is rebounding from this support area. Bitcoin's stability relies on it maintaining this support level. If it falls below $64,500, it could decline towards the $59,000-$60,000 range.

As expected, CKB has dropped to the support area and bounced from there. If you have opened a long position at the support area, you should increase your stop loss to breakeven and hold. We may see a bounce from here towards the resistance area.

After the Bitcoin halving in 2020 After the 2020 Bitcoin halving, the price of BTC remained stagnant for 150 days, ranging between $9,000 and $11,000. Currently, 60 days after the halving, many people are feeling deeply pessimistic about the price movement.

There is very low liquidity on the downside and major of the liquidity is sitting around $70,000 level.

CAKE analysis:

The price has broken through a significant support area and is currently testing it again. If the price is unable to reclaim this level, we may see a move towards the next support area. It's advisable to wait for some time if you are planning to open new long positions.

Support Area: $1.76-$1.94

Resistance Area: $2.37-$2.54

Bitcoin is holding strong at the support area and has bounced back. This is a promising sign, and we could see a move towards the $67,000 mark soon.

VANRY bounced from the support area as expected. If you have opened a long position, increase your stop loss to the breakeven point. The support and resistance levels remain the same.

MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per Bitcoin. As of 6/20/24, $MSTR hodls 226,331 BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.

NEO dropped to the support area and immediately bounced back up. If you purchased NEO at the support area, raising your stop loss and maintaining the trade is advisable. We might witness a test of the resistance area in the upcoming days.

HBAR analysis:

Price broke below the major support area and is now slowly declining. A test of the lower support area may be imminent, presenting a zone for new entries. It's advisable to wait for some time before making new entries.

Support Area: $0.0667-$0.070

Resistance Area: $0.0937-$0.101