Autor Cointelegraph By Yashu Gola

Uniswap's 80% gains in July are in danger with UNI price painting a classic bearish pattern

Uniswap's 80% gains in July are in danger with UNI price painting a classic bearish pattern

Uverejnil používateľ | júl 30, 2022 |

Uniswap (UNI) looks ready to post its best monthly performance in more than a year as it rallied approximately 80% in July, but signs of an extended pullback in the near term are emerging. Uniswap price nearly doubles in JulyUNI’s price is having one of its best months ever, reaching nearly $9 on July 30 versus nearly $5 at the beginning of the month, best returns since January 2021’s 250% price rally. UNI/USD monthly price chart. Source: TradingViewMerge FOMO an UNI “fee switch” proposalUniswap’s gains primarily surfaced due to similar upside moves in a broader crypto market. But they turned out to be relatively massive due to an ongoing euphoria surrounding “the Merge.”Notably, the Ethereum blockchain’s potential transition from proof-of-work to proof-of-stake in September has triggered a buying hysteria among related toke. $ETH move bringing the entire ecoystem with it.Best movers: •Defi: $LDO $UNI $BIT $AAVE•Layer 2: $OP $MATICAnd of course because it’s crypto $ETC is the biggest pump. pic.twitter.com/hN9Rd6Yr9j— Luke Martin (@VentureCoinist) July 27, 2022Additionally, UNI may also have been drawing its gains from a so-called “fee switch” proposal.Specifically, community governance system that oversees Uniswap has been discussing whether or not they should grant UNI holders the right to earn 0.5% commission from Uniswap’s 3% trading fees while rewarding the rest for liquidity providers.if $uni turns on the fee switch its an easy top 10 coin in crypto— moon (macro expert) (@MoonOverlord) July 29, 2022

UNI “rising wedge” still in playFrom a technical’s perspective, UNI is now heading lower after testing $20 as its interim resistance.It now eyes an extended pullback toward the upper trendline of its prevailing “rising wedge” pattern—around $8. However, its price would risk falling even further if it lands back inside the pattern’s trading range, defined by two ascending, converging trendlines.UNI/USD daily price chart featuring ‘rising wedge’ breakdown. Source: TradingViewThat is primarily because rising wedges are bearish reversal patterns. They resolve after the price breaks below their lower trendlines. Meanwhile, their profit target are typically at length equal to the maximum distance between their upper and lower trendlineswhen measured from the breakdown point.Related: DeFi’s downturn deepens, but protocols with revenue and fee sharing could thriveIn other wordsUNI’s price could fall toward $4.50 by September, down 50% from today’s price if the pattern plays out.Conversely, a bounce back at or ahead of testing the rising wedge’s upper trendline could have UNI retest $10 as its interim resistance. In doing so, it could eye an extended upside move toward the $11.50-$17 range.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ethereum chain split is possible after the Merge, survey finds — But will ETC price keep climbing?

Ethereum chain split is possible after the Merge, survey finds — But will ETC price keep climbing?

Uverejnil používateľ | júl 29, 2022 |

Ethereum’s proof-of-work (PoW) powered by GPUs generated approximately $19 billion in revenue last year for ETH miners. But these revenue streams are in danger as Ethereum is expected to become a proof-of-stake (PoS) blockchain via “the Merge” upgrade in September.Miners could then revolt against the new upgrade by continuing to mine on the old Ethereum PoW after the hard fork chain split. A survey from crypto hedge fund Galois Capital recently revealed that 33.1% of respondents believe that the Merge would create two parallel blockchains: ETH1 (PoW) and ETH2 (PoS). Question 1: What happens during the merge? If Choice 2 or 3 go to Questions 2-5.— Galois Capital (@Galois_Capital) July 27, 2022Nevertheless, most respondents, or 53.7%, expect Ethereum’s chain to smoothly transition from PoW to PoS.Is the ETH1 PoW “illogical”?But contentious hard forks aren’t anything new. In fact, the current Ethereum chain came to be in 2016 following a controversial hard fork aimed at reversing a $60 million exploit, resulting in a chain split between Ethereum and Ethereum Classic (ETC).This is where the argument of Ethereum Classic versus ETH1 begins. Since Ethereum Classic is already a PoW chain, creating a similar chain, ETH1, will not have “much relevance,” according to some Redditors.  Several other comments from Reddit explaining why ETH1 will fail include:Meanwhile, most respondents in the Galois Capital survey also believe that exchanges and projects (especially Tether) will support ETH2 over ETH1 in the event of a hard fork.Question 4: How do exchanges handle perps and futs?— Galois Capital (@Galois_Capital) July 27, 2022

What does it mean for Ethereum Classic?After reaching a record high in May 2022, the Ethereum network’s hash rate has been downtrend ev, indicating that miners are pausing or shutting down their rigs in the weeks leading up to the Merge.On the other hand, they could also be becoming stakers on the Ethereum’s PoS chain.Ethereum hash rate performance since September 2021. Source: YChartsThe miners’ exit from the Ethereum network is visible in the recent increase in GPU sales in the secondary market (against lower demand), according to Tom’s Hardware GPU Pricing Index.Nonetheless, there’s also an uptick in the number of social media threads that shows the miners’ strategy after the Merge will likely be to switch to whatever PoW chain is more profitable. As of July 29, Ethereum Classic was topping miners’ interest for its 116% weekly profitability, data on WhatToMine.com shows. Amazing – miner revenue/hash in USD for ETC has just surpassed that for ETH… (chart @coinmetrics) pic.twitter.com/x5RJs7lUrj— Noelle Acheson (@NoelleInMadrid) July 29, 2022

Simultaneously, the price of ETC has soared by more than 200% in July.ETC/USD daily price chart. Source: TradingViewBut that does not take away the fact that Ethereum Classic is a very small project compared to Ethereum. As of June 29, the Ethereum Classic had over 53,000 daily active addresses versus Ethereum’s 763,000.Ethereum Classic daily active addresses. Source: BitInfoCharts.comThe difference suggests that ETC’s ongoing price boom is purely speculative since Ethereum Classic remains largely underutilized as a chain and with only a handful of projects. Therefore, ETC is certainly at risk of a “sell the news” event after the Merge. At the same time, a potential ETH1 PoW chain may also push down demand for ETC. ETC price targetOn the weekly chart, ETC’s price has reached a resistance confluence, awaiting a breakout as the euphoria surrounding the Merge grows.Related: Crypto mining still profitable in the long-term, expert saysThe confluence comprises the 0.786 Fib line (~$43) and a multi-month descending trendline. Both have historically capped ETC’s bullish attempts in the past, as the chart below illustrates. Nonetheless, a breakout move increases the token’s potential to hit $75 next, due to its proximity to the 0.618 Fib line.ETC/USD weekly price chart. Source: TradingViewConversely, a pullback move from either the resistance confluence or the 0.618 Fib line could have ETC eye a drop toward the support area illustrated above. It is defined by the red bar, the multi-year rising trendline support (purple) and the descending channel’s lower trendline (green).In other words, ETC risks dropping toward the $10–$12 area by September, down 75% from July’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 Bitcoin trading behaviors hint that BTC’s rebound to $24K is a ‘fakeout’

3 Bitcoin trading behaviors hint that BTC’s rebound to $24K is a ‘fakeout’

Uverejnil používateľ | júl 28, 2022 |

Bitcoin (BTC) price rallied toward $24,200 on July 28 after a near 10.5% surge that began a day earlier.The gains appeared after Federal Reserve Chairman Jerome Powell signaled intentions to slow down their prevailing tightening spree. They prompted some Bitcoin analysts to predict short-term upside continuation, with CryptoHamster seeing BTC at $26,000 next.It seems that the downside breakout was a false one, and the bullish flag has been validated. Let’s see how fast $BTC can reach those targets. #bitcoin $BTCUSD $ETH $ETHUSD #ビットコイン #биткойн #比特币 https://t.co/v6x4Ka23L7 pic.twitter.com/nKoEV8440X— CryptoHamster (@CryptoHamsterIO) July 28, 2022But BTC’s potential to recover entirely from its ongoing bearish slumber appears low for at least three key reasons.Bitcoin bulls have been duped beforeBitcoin established its record high of $69,000 in November 2022. Since then, the cryptocurrency has declined by more than 60% while undergoing several mini pumps on its way down. On the daily chart, Bitcoin has rebounded at least five times since November 2021, securing 23% to 40% gains on each recovery. Nonetheless, it has continued its correction every time after forming a local price top around its exponential moving averages (EMA) and then falling to new yearly lows.BTC/USD daily price chart featuring ‘fakeouts.’ Source: TradingViewThis time looks no different, with Bitcoin facing a bullish rejection in June and recovering nearly 17% a month later. Notably, BTC price faces interim resistance in its 50-day EMA (the red wave) at around $23,150, with a breakout clearing its way toward $27,000, coinciding with the 100-day EMA (black). At $27,000, the price would still form a lower high compared to the previous local tops. So, that technically raises the possibility of another bearish continuation move.High selling, low buying volumeInterestingly, the volume behavior during the ongoing Bitcoin correction shows a greater interest in selling the coin at local tops.The daily chart below illustrates it by highlighting the volume readings during downtrends and uptrends since November 2021. For instance, the last two big price declines in May and June coincided with a sharp increase in selling volumes.BTC/USD daily price chart. Source: TradingViewIn comparison, the follow-up rebounds to those price declines accompanied modest to lower trading volumes. The ongoing volume behavior looks the same, peaking during the downtrend and dropping as the price recovers. This suggests a weakening upside momentum, which may lead to another price correction.BTC to equities correlation flips back to positiveBitcoin is once again tailing stock market trends despite briefly decoupling from them in early July.For instance, on July 28, the day-to-day correlation coefficient between Bitcoin and the tech-heavy Nasdaq Composite stood near 0.66. That includes declines in both markets after the U.S. GDP plunged for a second consecutive quarter.BTC/USD and NDAQ daily correlation coefficient. Source: TradingViewThat officially confirms that the U.S. has entered a “technical recession,” which could weigh negatively on the stock market. Therefore, Bitcoin’s downside prospects appear high if its positive correlation with the stock market continues.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Lido DAO: Ethereum’s biggest Merge staker soars 400% in July — but technicals flash warning

Lido DAO: Ethereum’s biggest Merge staker soars 400% in July — but technicals flash warning

Uverejnil používateľ | júl 28, 2022 |

Lido DAO (LDO) price has skyrocketed by roughly 400% month-to-date to reach $2.22 on July 28, its highest level in over two months.LDO MergifiedLDO price has benefited majorly due to its association with Ethereum, the leading smart contract platform by total-value-locked (TVL) and market capitalization. Notably, LDO serves as a governance token inside the Lido DAO ecosystem, a project that offers staking services for Ethereum.$ETH move bringing the entire ecoystem with it.Best movers: •Defi: $LDO $UNI $BIT $AAVE•Layer 2: $OP $MATICAnd of course because it’s crypto $ETC is the biggest pump. pic.twitter.com/hN9Rd6Yr9j— Luke Martin (@VentureCoinist) July 27, 2022The staking practice allows users to earn passive income without needing to sell their coins. It also helps validate transactions and secure the blockchain. In return, the protocol offers stakers rewards in the form of new tokens minted and fees collected. Lido DAO working mechanism. Source: Official WebsiteEthereum could become a full-fledged proof-of-stake blockchain by Sept. 19, the tentative date for the Merge. A successful transition to proof-of-stake could mean more demand for Lido DAO services in the future.Lido DAO has remained the leading Ethereum staking service provider since August 2021. As of July 28, it had had put 4.14 million Ether (ETH) in the Merge’s official deposit contract Eth2 via its staking contracts.ETH 2.0 total value staked by provider. Source: GlassnodeThat somewhat explains LDO’s 140%-plus rally two weeks after the Merge’s release date announcement — from $1.29 on July 14 to $2.22 on July 28.LDO/USD daily price chart. Source: TradingViewFalse breakout risksDespite solid fundamentals, LDO’s ongoing rally risks trapping bulls, primarily due to a growing divergence between its price and momentum.On a daily chart, LDO’s price rise accompanies a drop in its relative strength index readings, suggesting that bulls may lose their grip on the market while letting bears take over. Same clues emerge from the ongoing divergence between the rising LDO price and its falling volumes, as shown below.LDO/USD daily price chart featuring price-RSI and price-volume divergence. Source: TradingViewTherefore, LDO market hints at an imminent correction, with its interim downside target at around $1.75, down 17% from the price on July 28. This level coincides with the 0.382 Fib line of the Fibonacci retracement graph shown in the chart below.LDO/USD daily price chart. Source: TradingViewOn the other hand, LDO appears to have been breaking out of a “bull pennant,” a bullish continuation pattern whose profit targets are measured after adding its preceding uptrend’s height (flagpole) to the breakout point.Related: Experts yet to explain massive spike in ETH active addressesThat puts Lido DAO en route to over $3.00 by September, which coincides with the 0.786 Fib line and potentially around the time of the Merge rollout. In other words, LDO could rally 45% from current price levels if the bull pennant pattern plays out. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Coinbase stock (COIN) in danger of another 60% crash by September — Here's why

Coinbase stock (COIN) in danger of another 60% crash by September — Here's why

Uverejnil používateľ | júl 27, 2022 |

Coinbase (COIN) stock bounced by 4.35% to $57 on July 27 after shedding roughly 20% over the past week. But more downside is likely despite the release of Coinbase’s first installment of the Bored Ape Yacht Club-featured movie called The Degen Trilogy.THE DEGEN TRILOGY: PART ONE⛓️RUN THE CHAIN⛓️Here’s a first look at what we’ve been building with the community ️ pic.twitter.com/RSV6McnMlw— Coinbase (@coinbase) July 26, 2022Bad news stalls COIN’s rallyOverall, COIN is down roughly 83% since its Nasdaq debut in April 2021 with more losses possible due to weak fundamentals and bearish technicals.To recap, COIN reached $79 on July 20, five days after breaking out of its “ascending triangle” pattern. As a rule, COIN’s profit target was supposed to be around $120, up over 130% from July 27’s price. Nonetheless, the stock’s bullish reversal stopped midway after reaching $79, mired by back-to-back negative pieces of news. Initially, COIN’s correction began in the wake of a broader retreat in the crypto market, led by Bitcoin (BTC). Then, the downside move picked up momentum after U.S. authorities arrested a former Coinbase manager on “insider trading” allegations.COIN daily price chart. Source: TradingViewBut the biggest selloff during this correction came on July 26 after Bloomberg reported that the U.S. Securities and Exchange Commission is investigating Coinbase for listing unregistered securities. In response, Cathie Wood’s ARK Investment Management sold over 1.4 million out of nearly 9 million Coinbase shares.COIN dropped by over 21% to close July 26 at $52.93 while testing the ascending triangle’s upper trendline as support. In the process, COIN wiped out its entire bullish reversal breakout move.Bearish continuation setup returnsAscending triangles are typically continuation patterns. Therefore, COIN risks facing more losses in the coming days if it moves back inside its ascending triangle range.Related: IMF global outlook suggests dark clouds ahead for cryptoOn the daily chart, a drop below the triangle’s upper trendline could have COIN test the lower trendline near $45 for a breakdown. Ideally, such a bearish move will push the stock toward the level at length equal to the maximum distance between the triangle’s upper and lower trendline.COIN daily price chart featuring ascending triangle breakdown setup. Source: TradingViewIn other words, COIN stock price could decline toward $21 by September, almost 60% lower than July 27’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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