Cryptocurrencies Price Prediction: Litecoin , Binance & Ethereum – European Wrap 8 May

Litecoin price out of time as 20% implosion is a clear and present danger for LTC

Litecoin (LTC) price is still hungover from a brutal weekend where bulls dropped the ball on pushing price action above the important 55-day Simple Moving Average (SMA). With several important cryptocurrencies dropping on Monday, Litecoin price is being dragged another leg lower by market sentiment and is at a crucial level during the European trading session. Only the 200-day SMA is standing between bulls and the brink of implosion that would see LTC trading near $65, which is 20% lower.

Litecoin price has plunged over the weekend as bulls tried relentlessly to push price action above the 55-day SMA. As they failed, each rejection was a window of opportunity for bears to enter and start overpowering bulls in the fragile equilibrium of demand and supply. Following a 10% drop over the weekend, LTC is finding some support near $81 at the monthly S1 support and the 200-day SMA as selling pressure is still ongoing. 

BNB price bullish outlook shakes as Binance battles FUD following Bitcoin withdrawal pause

Binance, one of the largest cryptocurrency exchanges, temporarily halted BTC withdrawals twice in the past 24 hours. This has fueled Fear, Uncertainty and Doubt (FUD) among crypto market participants, and influencers are commenting that the exchange could be “going bust” soon. 

Binance CEO Changpeng Zhao (CZ) addressed the FUD surrounding the massive exchange outflows and explained that funds are being moved between hot and cold wallets. Crypto intelligence tracker Whale Wire reported the largest withdrawal in the exchange’s history, with over 162,000 Bitcoin leaving Binance’s wallets. This outflow is valued at upwards of $4.6 billion. 

AAVE V3 deployment on Ethereum layer 2 METIS network unanimously approved

AAVE DAO’s recent proposal to deploy version 3 on the Ethereum mainnet got 100% unanimous support from its community. The proposal will bring METIS liquidity incentives to AAVE users over the next six months, boosting the liquidity for both AAVE and METIS, an Ethereum layer 2 token. 

AAVE, a DeFi lending protocol, is set to deploy its Version 3 on the Ethereum layer 2 network METIS. The decentralized autonomous organization (DAO) proposal garnered a unanimous response from its community, and the voting concluded with 100% of votes supporting the deployment.