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54 migrants dead, 105 injured after vehicle overturns in Chiapas, Mexico: Authorities

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A vehicle full of migrants overturned in Chiapas, Mexico, Thursday night, leaving 54 dead and 105 injured, authorities said.

“After the accident that occurred in Chiapa de Corzo, I inform you that unfortunately 49 people died at the scene and 5 more died while receiving medical attention in hospitals,” Chiapas Gov. Rutilio Escandón tweeted. “We have 105 injured (83 men and 22 women), care for the injured continues.”

Workers remove the container from the trailer of a truck that crashed with migrants aboard during a road accident in Tuxtla Gutierrez, Chiapas state, Mexico, on December 9, 2021. – At least 53 migrants were killed on December 9 in Mexico after the truck they were hiding in hit a retaining wall and overturned in the southern state of Chiapas, a major transit point for those trying to reach the United States.

Civil Protection Chiapas said on Twitter that the tragedy was the result of a “car accident of two trucks traveling on the Belisario Domínguez Bridge and Ribera Cauharé in Chiapa de corzo

“I deeply regret the tragedy caused by the overturning of a trailer in Chiapas carrying Central American migrants. It’s very painful. I embrace the families of the victims,” Mexican President Andres Manuel Lopez Obrador tweeted.

Mexico’s National Institute of Immigration also confirmed the incident on Twitter, saying it “regrets the death of migrants in the tragic accident that occurred in Chiapas.”

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It said it is coordinating efforts with national, state and municipal authorities to provide consular assistance, identify bodies, cover funeral expenses and facilitate the repatriation of remains to countries of origin.

“Humanitarian attention that will be granted to the survivors will be accommodation, food and in case they accept, Visitor Cards for Humanitarian Reasons,” the institute wrote. “The INM will assist in the investigation of the accident.”

This is a developing story. Please check back for updates.

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Bitcoin

Bitcoin’s [BTC] bearish pennant has some tips for its long-term holders

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Bitcoin’s [BTC] bearish pennant has some tips for its long-term holders
  • Bitcoin is forming a bearish pennant pattern
  • Bitcoin’s open interest in the derivatives market dropped substantially last week

Bitcoin has kicked off this week with a return of sell pressure after failing to maintain its upside last week. A new CryptoQuant analysis suggests that we might see more price slippage this week.


Read Bitcoin’s [BTC] Price Prediction 2023-2024


Bitcoin is forming a bearish pennant pattern according to a CryptoQuant analyst by the pseudonym ghoddusifar. This pattern is usually associated with a continued downtrend. In other words, the pattern just increased the likelihood of Bitcoin extending its downside this week.

Source: CryptoQuant

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If the above observation is true, then we should expect the market to react accordingly. Well, Bitcoin’s exchange flows align with this view. Both exchange inflows and outflows have tapered out this week, perhaps an indication of lower market confidence.

The latest exchange flow readings from Glassnode confirm that exchange inflows slightly outweighed the outflows.

Source: Glassnode

While spot demand for BTC indicates lower confidence, the derivatives market also highlights a similar outcome. Bitcoin’s open interest in the derivatives market dropped substantially last week and continued to drop during the weekend.

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Source: CryptoQuant

Investors are less likely to execute leveraged trades under such conditions marked by uncertainty. Unsurprisingly, Bitcoin’s estimated leverage ratio dropped slightly during the weekend, confirming that investors are less confident about the short-term outlook.

Source: CryptoQuant

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What are Bitcoin whales doing?

Now that we have established that there is less confidence in the market, we can look into what whales are doing in these conditions. This may help determine the likely outcome in the next few days.

The number of Bitcoin addresses holding over 1,000 BTC dropped substantially in the last five days. this explains the current sell pressure, as well as why it failed to continue its previous rally attempt in the first half of last week.

Source: Glassnode

If Bitcoin’s current sell pressure prevails, then investors should expect another price drop below the $16,000 mark. Bitcoin traded at $16,219 at press time.

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Source: TradingView

The second half of last week demonstrated some sideways price action. This is because there was some demand from the retail market which acted as a buffer for the incoming sell pressure.

However, the price did slide some more as market confidence continued to erode. Bitcoin investors should be on the lookout for more downside and higher relative strength. Such an observation will lay the foundation for a potentially stronger recovery rally.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Altcoins

Assessing the state of Avalanche’s [AVAX] metrics ahead of December 2022

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Assessing the state of Avalanche’s [AVAX] metrics ahead of December 2022
  • Avalanche’s TVL registers an increase, but the metrics favor the bears
  • RSI and Bollinger Bands give bearish signals while MFI and MACD suggest otherwise 

Avalanche Daily, a popular Twitter handle that posts updates about the Avalanche [AVAX] ecosystem, posted the weekly stats of the network on 27 November.

As per the data, the total stake amount reached 260,644,512 AVAX, which looked optimistic for the blockchain. Nonetheless, the total volume of the Avalanche ecosystem changed little compared to last week, as its number stood at over 13 million, which translated to two million transactions per day.

Avalanche Subnet Weekly Stats

Total Subnets: 39
Total Blockchains: 30
Total Validators: 1255
Total Stake Amount: 260,644,512 AVAX

Overview🧵👇#AVAX #Avalanche $AVAX pic.twitter.com/zhadKQkUK0

— AVAX Daily 🔺 (@AVAXDaily) November 27, 2022

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However, Avalanche’s total active address volume showed signs of a decrease to an average of 30k per day. Apart from these, several integrations happened in the Avalanche ecosystem that had the potential to initiate a price pump. COMB Financial, for example, recently announced that Utopia went live on Avalanche.

🚀 @Combfinancial is pleased to inform that #Utopia is now officially deployed on @Avalancheavax

🚀 #COMB is dedicated towards building financial products that all users can use and trust with their finances.

🔽INFOhttps://t.co/dL18tDDEKl pic.twitter.com/dSk0pwjvhk

— 🔺 𝗔𝘃𝗮𝗹𝗮𝗻𝗰𝗵𝗲 𝗦𝗽𝗮𝗰𝗲 🔺 (@Avalanche_Space) November 27, 2022

Interestingly, AVAX’s performance on the chart has also been sluggish lately. The alt registered over a 5% decline in its price over the last 24 hours and was trading at $12.30, at press time.

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On the same note, let’s have a look at the other notable developments and metrics to understand what investors should expect from AVAX during the last few weeks of this year.


Read Avalanche’s [AVAX] Price Prediction 2023-24


This looks concerning for Avalanche

AVAX’s on-chain metrics revealed that the sellers were leading the market, as several metrics suggested a further price decline during the days to follow. For instance, AVAX’s Binance funding rate registered a sharp decrease, which is a bearish signal as it indicated that the token failed to receive interest from the derivatives market. AVAX’s popularity also seemed to decrease, as its social volume fell over the last week.

Furthermore, AVAX’s development activity shifted southward and decreased significantly, which is a negative signal for a blockchain because it represents decreased developer efforts to improve the network.

However, DeFiLlama’s data provided some relief as it revealed a positive update. According to the charts, AVAX’s total value locked (TVL) went up over the last few days, which was a piece of optimistic news for the investors.

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Source: Santiment

Do the bulls have a chance? 

Though Avalanche’s daily chart also favored the bears, a few of the indicators suggested that the bulls might be gearing up. The Bollinger Band indicated that AVAX’s price was about to enter a squeezed zone. Thus, reducing the chances of a northbound breakout soon. The Relative Strength Index (RSI) was resting below the neutral mark, which was yet another bearish signal. 

However, AVAX’s Money Flow Index (MFI) registered an uptick, which gave investors hope. The MACD also displayed a bullish crossover, which might help AVAX increase its price in the coming days.

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Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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ApeCoin nears $4 once again, but can the bulls keep up the pressure?

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ApeCoin nears $4 once again, but can the bulls keep up the pressure?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • ApeCoin reclaimed a bullish market structure
  • Despite recent gains, a move into the $4.5 zone could see a strong wave of selling

Bitcoin had a bearish November. Its ascent to $21.5k was brutally ended, and BTC bulls fought to hold on to the $16k-$16.2k area of support. To the north, $16.7k and $17k posed some resistance. In these conditions, ApeCoin can be forgiven for seeing dramatic losses on the price charts as well.


Read ApeCoin’s Price Prediction 2023-24


It seemed that it could offer another shorting opportunity in the next few days. A move upward into a zone of resistance could see a sharp reaction from APE, especially if Bitcoin also tumbled beneath the $16k mark.

A bearish breaker from early November could see APE rejected

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Source: APE/USDT on TradingView

ApeCoin saw a sharp drop in price in early November alongside the rest of the market. The plunge took it from $5.2 to $2.3, a drop of 46%. APE meandered for some time at $2.85-$2.9 before climbing toward $4.

This recovery began on 16 November and looked to be in continuation at the time of writing. The RSI climbed back above neutral 50 while the OBV has also made some gains in the past two weeks.

On 2 November, the price formed a bullish order block at the $4.5 mark. Highlighted in red, this area has since been broken as a support zone. Now, it was a bearish breaker and could act as a firm resistance zone.

The price had a bullish market structure on the 12-hour timeframe as it broke above the previous lower high and has registered higher highs in the past week. However, the market sentiment was not in favor of the bulls yet. Short-term rallies were possible but a market-wide trend shift to bullish could take months to materialize.

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The confluence on the bearish breaker with the 61.8%-78.6% retracement levels meant that the $4-$4.5 area was likely to see APE rejected sharply. Therefore, a shorting opportunity targeting the $2.8-$3 zone can be attempted. A move above $4.5-$4.6 would invalidate this bearish notion.

Weighted sentiment remained negative as social dominance fared poorly for ApeCoin

The weighted sentiment was negative behind ApeCoin. This was a little surprising because APE has rallied by nearly 35% from the lows at $2.8. Meanwhile, the mean coin age metric has also climbed up the charts to show some accumulation across the network. Social dominance, alongside sentiment, was weak. ApeCoin did not capture the imagination of market participants recently.

A sharp drop in the mean coin age metric could be indicative of a lot of ApeCoin changing hands and could reflect a wave of selling in the market. Hence, apart from the price action, traders can also keep an eye on on-chain metrics.

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