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ATOM Enters “Trouble Area” as Price Rallies Another 9%; Pain Ahead?

ATOM was among the biggest gainers on cryptocurrency boards this Wednesday as traders assessed its integration into the US-regulated crypto exchange Coinbase. The Cosmos’ native token rallied 9 percent on a 24-hour adjusted timeframe, touching an intraday high level near $5.56, hours after Coinbase added support for staking ATOM rewards. Its gains appeared even as other top crypto assets showed signs of a downside correction. “Starting today, eligible customers can easily start earning 5% APY on their Cosmos (ATOM) held on Coinbase,” the exchange announced. “Customers can securely keep their assets on Coinbase and instantly trade or withdraw their holdings and rewards…

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Bitcoin Expects to Hit Yearly Highs on UBS’s Bullish Gold Call; Here’s Why

Bitcoin is looking to resume its uptrend towards $12,500 based on its proximity with traditional rival gold. The analogy pops out of an erratic positive correlation between the two assets that have caused them to trade in tandem since March 2020. Both gold and Bitcoin receive their cues from the same set of fundamentals: the global central bank policies in response to the coronavirus pandemic. The correlation between Bitcoin and Gold since March 2020. Source: TradingView.com The correlation between Bitcoin and Gold since March 2020. Source: TradingView.com That includes ultralow interest rates, an expanding fiscal deficit, an infinite bond-buying program,…

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Cosmos Jumps 38%–Textbook Indicator Points to 70% Price Rally

Cosmos’s native token ATOM has surged more than 38 percent in the last five days, validating a textbook technical indicator that now predicts additional 70 percent gains for the cryptocurrency. ATOMUSD breaks out of its Falling Wedge pattern. Source: TradingView.com ATOMUSD breaks out of its Falling Wedge pattern. Source: TradingView.com As shown in the chart below, ATOM/USD was trading inside a Falling Wedge pattern, confirmed by its price fluctuating downwards between two converging trendlines. On September 24, the pair rebounded from the pattern’s lower trendline to close above the upper one. Breakout Outlook ATOM/USD continued on its uptrend upon breaking…

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Cardano’s ADA Rallies 30%—Technicals Show “Potential Buy” Signal: Analyst

ADA was trading higher in the early trading session Monday as traders piled up behind the token over its optimistic fundamentals. The Cardano blockchain project’s native asset surged 3.3 percent to 970 sats as of 10:25 GMT. The gains followed a wild upside move the began on September 24, 2020. Since then, the ADA/BTC exchange rate had surged by up to 32 percent, hitting an intraday high at 982 sats. ADABTC is testing its 50-day moving average as resistance. Source: TradingView.com ADA’s gains closely followed a wider upside correction across the top cryptocurrencies. Nevertheless, the token outran its rivals by…

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Here’s Why Ethereum Rival Avalanche May Be a Bull in Making

Avalanche started trading on Binance with a bang. The latest Ethereum rival saw its native token, AVAX, rising by more than 1300 percent in its first hour of trading on September 22. A jump from $0.85 to $12.54 was enough for attracting profit-takers. Thereby, a strong sell-off ensured, and the price crashed. But despite the bearish correction, AVAX/USD up by 450 percent from its exchange rate open. The pair is consolidating sideways, showing a minimal inclination to extend its move lower. On the other hand, it appears that the token is waiting for more buyers so it could sustain its…

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DeFi Overtakes Ethereum In The Media, Data Shows

Ethereum is the primary cryptocurrency benefiting from the DeFi trend. And while a rising tide lifts all boats, the demand for the top-ranked altcoin is second-to-none. And while Ethereum is dominating the crypto market right now, its DeFi that is dominating the headlines in the media, not the altcoin that makes it all possible. DeFi Dominates Ethereum Mentions In The Media Decentralized finance is on the tips of everyone’s tounges these days. It is hard not to notice even for passerby the enormous profits being generated out of what seems like thin air thanks to a variety of DeFi tokens.…

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Great Time For LINK Rally, Hints Analyst As Price Rebounds 20%

The analyst who correctly predicted a major drop in the LINK price earlier this September had eased his bearish bias on the cryptocurrency. Per the pseudonymous entity, LINK/USDT is in the middle of confirming a bottom after plunging by almost 63 percent from its YTD/record top at $20. The said downside move brought the pair inside what appears to be a reliable support range. The analyst highlighted the area in his latest tweet as he made a cautious bullish prediction. LINK/USDT is looking to establish a price floor as per Lomah Crypto. Source: TradingView.com LINK/USDT is looking to establish a…

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Bull Case: Analyst Explains How Uniswap’s UNI Could Surge 34%

The latest rebound in the UNI market has raised its expectations of extending its bullish move by at least 34 percent. So says a pseudonymous analyst whose recent predictions for the newly-launched decentralized finance (DeFi) token have come accurate. The chartist in his Thursday tweet adjusted UNI/USD’s upside target to $6.43. The pair was trading near $4.91 at the time of this writing. Trade setup presented by MacnBTC. Source: TradingView.com Trade setup presented by MacnBTC. Source: TradingView.com The analyst envisioned UNI/USDT to retest $4.67 as its local support, primarily because of its ability to act as a firm price floor/ceiling…

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UNI Shows Signs of Rebound After Crashing 57%; What’s Ahead?

UNI logged a strong reversal in the running week after crashing by 57 percent in just four days of trading earlier this month. The UniSwap’s governance token was trading about 30 percent higher from its session low at $3.68. Traders came back to raise their bids for the crypto as its rivals in the decentralized finance space continue to face a market-wide bearish pressure. So it appears, UNI was among the only DeFi tokens that surged by a double-digit percentage on a 24-hour adjusted timeframe, according to data fetched by Messari. Chart analyzer Michaël van de Poppe anticipated a “slight…

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Here’s What Analysts Are Saying About Bitcoin As It Plunges 16%

Bitcoin continued its tumbling on Wednesday under the pressure of a rising US dollar. Safest Haven Returns The cryptocurrency plunged by up to 1.43 percent to hit an intraday low at circa $10,389. Its latest move downside came as a part of a larger bearish correction that began when BTC/USD had formed a year-to-date top at $12,486 on August 17. Now trading at $10,469, the pair was down by 16 percent from its yearly top, showing a plunging demand for Bitcoin at higher levels. The selling pressure increased particularly as investors grew cautious of further stimulus from the US Federal…

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Uniswap UNI Token FOMO Brings Ethereum Fees To Nearly $1M An Hour

Last week, Uniswap launched its UNI token and set the crypto market ablaze with renewed interest in the DeFi project. The 400 free tokens essentially acted as a stimulus check, and as investors rushed to cash their “checks,” it brought Ethereum fees sky-high to a record nearly $1 million in a single hour. What does this mean for Ethereum, and what does it say about the demand for Uniswap’s new DeFi coin? UNI FOMO Drives ETH Gas Fees To Record One-Hour Highs The DeFi trend has brought about flashbacks of the crypto hype bubble, where new projects were minted by…

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How BTC Held On Exchanges Matches Bitcoin’s Deadliest Drop Yet

Several signs indicate that Bitcoin is potentially on the brink of a new bull market, and much higher prices are ahead. However, one seemingly bullish sign that investors are preparing for mark up, is actually at the same level as just prior to the collapse to the cryptocurrency’s bottom. Are looks this deceiving, and Bitcoin is about to take a similar plunge once again? Or is this potentially bullish signal the first real indication that the bull run is here? Investors Move BTC Off Of Crypto Exchanges At Hastening Rates Although Bitcoin is valuable to different people for many different…

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YFI Worst Hit by Ongoing Crypto Market Meltdown; Could It Recover?

YFI has been among the worst-hit tokens in an ongoing meltdown that has wiped $65 billion from the cryptocurrency market. As of 1223 GMT Tuesday, YFI/USD was trading about 47 percent lower from its all-time high at $44,003. The pair’s downside correction followed a major rally that brought it up by more than 2,500 percent until last week. So it appears, traders decided to lock their profits at local tops, causing the market to flip bearish later. YFI is eyeing a $20K-retest in the coming sessions. Source: TradingView.com YFI is eyeing a $20K-retest in the coming sessions. Source: TradingView.com Independent…

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YFI Expects Big Trouble as Price Falls Six Days in a Row

It is day six and YFI has not stopped falling from its all-time high above $44,000. The Yearn Finance’s governance token remains among the best-performing crypto-assets in 2020, with lifetime gains near 2,000 percent. Nevertheless, its higher-than-expected price has also reduced its bids in the open market. That has resulted in a sharper decline. YFI/USD dropped another 15 percent during the Monday session, marking $22,495 as its intraday low. That brought the pair down by almost 48 percent from its all-time high. At the same time, the total value locked inside the pools of Yearn Finance moved towards $950 million.…

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Ethereum Risks Crashing to $200 as Price Breaks Multi-Week Support

Ethereum is looking to fall towards $200 after breaking a multi-week support level this Monday. The price floor was a part of a Bear Flag pattern. In retrospect, Bear Flag appears as an asset consolidates in an upward channel following a robust directional move down. The price eventually breaks below the Channel’s lower trendline, a move that signals extension/continuation to the existing bearish bias. ETH/USD broke below its Bear Flag support on Monday. The pair suffered two days of selling sentiment, falling more than 6 percent as traders failed to break above a crucial technical resistance level of $375. Ethereum…

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The Key Reason Why Ethereum Could Move Even Higher After 20% Bounce

While legacy markets and Bitcoin have rejected from local highs, Ethereum has been holding up well. Since the launch of Uniswap’s UNI token, the price of the leading cryptocurrency has surged around 6-7%. From the lows set earlier this month, the coin is up in excess of 20%, shocking some commentators who thought this market was on the verge of a bear trend. Ethereum is primed to move even higher in the days ahead. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Ethereum Could Soon Move Even Higher After Bounce From Lows Ethereum is primed to continue…

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“Unusual” BTC Miner Outflow Could Behind Today’s Bitcoin Price Collapse

Bitcoin as a cryptocurrency underpinning a blockchain network secured by miners leaves the asset’s price susceptible to sell pressure from the very parties that keep it chugging along. It very well could be BTC miners dumping some Bitcoin for profits or to cover operating expenses that prompted the fall in the cryptocurrency’s valuation today. Are Bitcoin Miners Behind Today’s Selloff And Fall From $11,000? According to a bulletin from CryptoQuant Alerts Beta on Telegram – a tool used to track suspiciously large or notable inflow and outflows of BTC – miners could be behind today’s dump. Just as prices began…

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No Respite for UMA as DeFi Token Plunges Another 8%; What to Watch?

The UMA Protocol continued to lose portions of its market capitalization on Friday as its native token of the same name plunged further. THE UMA/USDT exchange rate was trading at $12.81 as of 12:14 UTC, down about 8.5 percent into the European session. Lackluster volumes and low volatility appeared as the primary catalyst for the pair’s dismissive intraday performance. The latest sell-off in the UMA market followed its attempts to rebound higher in the last two daily sessions. UMA/USDT jumped by around 6.5 percent after locating interim support at $12.39. But bulls showed no interest in staying beyond the $13-resistance…

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Analyst Sees Ethereum in “Reversal Stages” as Price Dips 20%

Ethereum is on the track of registering more losses eves as it trades 196 percent higher on a year-to-date timeframe. A pseudonymous analyst highlighted a string of technical and fundamental catalysts that could push the second-largest crypto lower. He first noted that ETH/USD is repeating a market setup from the mid-2019, wherein the pair early rallied strongly but then pared a majority of its gains. ETH/USD cycle from 2019 showing its massive downside correction following a major rally. Source: TradingView.com Ethereum performed strongly in 2020, especially in the aftermath of March 2020’s global market rout led by the fast-spreading COVID-19…

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Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

As many analysts predicted, Bitcoin was cleanly rejected in the low-$11,000s on Wednesday due to a cluster of resistance in that region. $11,000 is a price point that BTC bounced off multiple times during last month’s consolidation. Critical on-chain data, though, predicts that the leading cryptocurrency is poised to move higher in the medium term. This adds to the bullish long-term perspective imposed by other on-chain data points. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Bitcoin Could Soon Surge Upward: Here’s Why One cryptocurrency trader recently shared the chart below, noting that Bitcoin just formed a…

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