🧘‍♂️ALERT: This Crypto is Pumping

Market Meditations | May 23, 2022

Dear Meditators

Weekend price action was mixed with Bitcoin and Ethereum boasting modest gains.

Some altcoins have even gone on to experience a pump. More on this in our technical analysis section.

Apart from price action, If you have been in crypto long enough, you know that there are crypto scams left and right.

Aside from a targeted crypto exchange hack, the most common hacks are phishing scams.

This newsletter sheds light on yet another huge profile that has been hacked.

Today’s Meditations: 

  • ETH Technical Analysis
  • BNB Technical Analysis
    • This crypto is pumping!
  • Another Huge Account Hacked

⏰ Top Headlines


? Look Ben-ETH 

ETH/USD

Macro Structure: Key levels remain the same. We have managed to hold the key support at $2k and have stayed below the key resistance level of the 100 Week Moving Average which currently is about $2.2k.

Key Support: $2k then $1.6k and $1.4k following that.

Key Resistance: 100 Week Moving Average then the $2.5k level.

Looking Forward: Not somewhere we would take a position. Makes more sense to short the resistance, perhaps the $2.5k level or to wait to short a breakout further down. Another consideration would be longs around the $1.4k and $1.6k levels.


? BN Bounce

BNB/USD

Macro Structure: One of the strongest bounces out of the majors. BNB has bounced 60%.

Key Support: $260.

Key Resistance: $360.

Looking Forward: Key shorting opportunity at $360. Should it be claimed, however, it would be a key sign of bullish momentum.


? Beeple Hack

You may remember back in March the phishing attack that led to over $1 million being stolen in a fake ApeCoin Airdrop. On Sunday, Beeple’s Twitter account was hacked. Hackers then posted a phishing link that scammed people out of over $70,000.

  • Beeple’s Twitter account was hacked as part of a phishing scam.
  • A tweet on his account shared a link to a website pretending to be a raffle of Beeple’s Louis Vuitton collaboration.
  • This scam, actually, drained people’s MetaMask wallets of Ethereum.
  • Harry Denley, a security expert at MetaMask, said that clicking on the link hackers had posted would automatically drain wallets.
  • Beeple posted later on Sunday that he had control of his account. He also tweeted, “Stay safe out there, anything too good to be true IS A [*******] SCAM.”
  • Phishing hacks seemingly continue to happen and everyone thinks that it will never happen to them.

You should be careful with any link that you click on being fully aware that phishing attacks are everywhere in the community. To find other ways to keep your crypto safe, check out our crypto security guide here.


Tuesday, 24 May

  • ‼️ MetisDAO Community Livestream

    Weekly community livestream hosted by Metis to discuss the inclusive builder rewards program for supporting a collaborative ecosystem starting at 12 PM EST. Updates and a Q&A session to immediately follow with the team.

Wednesday, 25 May

  • ?️ Theta Network AMA

    Another Theta Network AMA featuring Mitch Liu, Jieyi Long and West Levitt will stream live on ThetaTV Thursday, April 28th at 7 PM EST.

Thursday, 26 May

  • Factors Affecting Reserves

    The Federal Reserve releases “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks” at 4:30 PM EST. The release discloses balance sheets for each Federal Reserve Bank.

Friday, 27 May


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?  Watch 

  1. How to Get Rich Trading Crypto Course if you struggled with today’s technical section.

? Read 

  1. Moving Averages 
  2. Fibonacci Retracement  
  3. Volume and Open Interest  

The Coinbase Institute published its first Monthly Insights Report in tandem with the official launch announcement last week.

The inaugural publication provides insights into market movements of the crypto economy and traditional finance, analysing empirical data to put the topic of correlation to rest.

Tune in tomorrow to look into the report and what it means for the future relationship between crypto and traditional finance. 


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??‍♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Ellen B.


Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.

Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.