Autor Cointelegraph By Yashu Gola

3 reasons why XRP price could drop 25%-30% in March

3 reasons why XRP price could drop 25%-30% in March

Uverejnil používateľ | mar 13, 2022 |

XRP price risks dropping by more than 25% in the coming weeks due to a multi-month bearish setup and fears surrounding excessive XRP supply.XRP descending triangleXRP has been consolidating inside a descending triangle pattern since topping out at its second-highest level to date — near $1.98 — in April 2021. In doing so, the XRP/USD pair has left behind a sequence of lower highs on its upper trendline while finding a solid support level around $0.55, as shown in the chart below.XRP/USD weekly candle price chart. Source: TradingViewIn the week ending March 13, XRP’s price again tested the triangle’s upper trendline as resistance, raising alarms that the coin could undergo another pullback move to the pattern’s support trendline near $0.55, amounting to a drop between 25% and 30%. The downside outlook also takes cues from other bearish catalysts that has emerged around the triangle resistance. For instance, XRP formed a bearish hammer on March 12, a single candlestick pattern with a small body and a long upside wick, suggesting lower buying pressure near the coin’s week-to-date top of around $0.85.XRP/USD daily price chart featuring bearish hammer. Source: TradingViewAdditionally, the price turned lower after testing a confluence of resistances defined by its 20-week exponential moving average (20-week EMA; the green wave) and its 50-week EMA (the red wave), as shown in the attached image below.XRP/USD weekly candle price chart with moving average resistances. Source: TradingViewExcessive supply FUDMore downside cues for XRP come after Ripple Labs locked 800 million XRP in escrow as a part of its programmed schedule for withdrawals.The blockchain payment company moved around 100 million XRP worth nearly $40 million to exchange wallets on March 3. Meanwhile, it kept the other 700 million XRP (worth around $550 million) in an escrow account, raising anticipations that at least 200 million XRP would be flooded into the market to generate funds for Ripple’s operational expenses, as well as to distribute XRP among Ripple’s global clientele.Meanwhile, it kept the other 700 million XRP (worth around $550 million) in an escrow account, raising anticipations that at least 200 million XRP would enter the market to generate funds for Ripple’s operational expenses, as well as to distribute XRP among Ripple’s global clientele.I understood there are some 800 million $XRP that are locked up and ready to be sold…someone should check the increase in circulating supply to verify this— Shyan (@tayshyan) March 12, 2022The selloff fears originated from the XRP price’s earlier response to unexpected supply hikes. For instance, XRP/USD fell by more than 50% to near $0.60 four months after its net supply in circulation increased from 40.46 billion to over 47 billion in just two days.XRP circulating supply. Source: MessariNonetheless, Ripple’s withdrawal of 800 million XRP has not yet been reflected in its net circulating supply.Profit-taking risks mountAnother catalyst that hints XRP’s price could fall 25-30% to reach its descending triangle target is a Santiment indicator that tracks social media trends and their impact on market trends.XRP price versus $XRPNetwork trend. Source: SantimentXRP’s price rose by over 15% week-to-date on March 12, notes Santiment, alongside a large spike in social media searches for the hashtag #XRPNetwork, suggesting that it could follow up with a potential selloff ahead. Excerpts:”Historically, our social trends indicate that profit-taking is justified whenever the crowd makes the #XRPNetwork a top topic.”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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Haven Protocol (XHV) shows strong signs of bottoming out after crashing 90%

Haven Protocol (XHV) shows strong signs of bottoming out after crashing 90%

Uverejnil používateľ | mar 11, 2022 |

Haven Protocol (XHV) showed signs of returning to its bullish form as its price doubled in just five days of trading.What’s pumping Haven Protocol?XHV’s price surged by up to 107% week-to-date to climb above $3.60 on March 11, its highest level in more than three months. Interestingly, the move upside followed a period of aggressive selloffs that saw XHV’s value dropping from nearly $20 in November 2021 to as low as $1.60 in early February 2022 — an approximately 90% decline.Interestingly, the move upside followed a period of aggressive selloffs that saw XHV’s value dropping from nearly $20 in November 2021 to as low as $1.60 in early February 2022 — an approximately 90% decline.XHV/USD weekly price chart. Source: TradingViewTraders started returning to the Haven Protocol market against the prospects of two macroeconomic scenarios: U.S. President Joe Biden’s executive order that focuses on cryptocurrencies and hardline western sanctions on Russian oligarchs amid an escalating military standoff between Ukraine and Russia.In the order titled “Ensuring Responsible Development of Digital Assets,” President Biden directed federal agencies to submit reports on cryptocurrencies and consider introducing new regulations for the sector. Meanwhile, western powers decided to cut Russia out of the Swift global banking system while imposing targeted sanctions on some of the country’s wealthiest individuals.Crypto investors priced in the effects of these two updates, deciding to bid up the prices of privacy-enabled digital assets that promise to secure financial transactions from regulatory watchdogs. As a result, Monero (XMR), Kyber Network (KNC), Tornado Cash (TORN) and other privacy coins outperformed the crypto market massively this week.Privacy coins have surged, with #Monero posting +26% gains over the last 24-hours to lead the top-100.During times of unprecedented censorship in the crypto world, no wonder that the price of privacy coins, like $XMR, is surging. #XMR— Weiss Crypto (@WeissCrypto) March 9, 2022Haven Protocol, a fork of the Monero blockchain that promotes itself as an “offshore bank,” appears to have rallied on similar sentiment. Fractal suggests more gains for XHVThe recent bout of buying in the Haven Protocol market may have also emerged owing to a multi-month technical support level.Related: FBI director: Russia overestimates its ability to bypass US sanctions using cryptoXHV’s price rebounded after failing to close below its descending channel support on multiple attempts, as shown in the chart below. Notably, the token’s last 90% drop towards the same price floor in 2021 led to a sharp upside retracement from around $2.50 in June to around $20 in November.XHV/USD weekly price chart featuring descending channel. Source: TradingViewXHV’s price hints at undergoing a similar, extended upside recovery after its latest bounce. In doing so, the Haven Protocol token might retest the resistance trendline of its descending channel setup — around $10. Conversely, a pullback risk declines below XHV’s previous support lines inside the $1.00–1.50 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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Stacks price plunges hard after rallying 70% in a day — more STX losses ahead?

Stacks price plunges hard after rallying 70% in a day — more STX losses ahead?

Uverejnil používateľ | mar 11, 2022 |

Stacks (STX) pared a considerable portion of the gains it made on March 10 as the euphoria surrounding its $165 million pledge to support Bitcoin (BTC) projects showed signs of fading.STX’s price dropped by over 30% to reach a level as low as $1.33 on Friday when measured from its week-to-date high of $1.94. The selloff, in part, appeared technical as the $1.94-top fell in the same range that served as solid support between October 2021 and January 2022, only to flip later to become a resistance area.STX/USD daily price chart. Source: TradingViewIt also appears that traders spotted selling opportunities due to STX’s long wick candlestick on March 10. Stacks rallied by as much as 73% into the day while forming a disproportionally long bullish wick on the daily chart that hinted at upside exhaustion.What pushed STX higher?The rally in the STX market on March 10 coincided with the launch of “Bitcoin Odyssey,” a $165 million fund to develop Web3, decentralized finance (DeFi), and nonfungible token (NFT) projects on the Bitcoin blockchain by harnessing Stacks’ open-source network for Bitcoin-based smart contracts.Couldn’t be happier to announce that we’ve partnered with @Okcoin and @StacksOrg to launch a $165M ecosystem fund to invest in Web3, Defi, and NFTs on Bitcoin!https://t.co/VUDyEIHn8P via @cointelegraph— trevor.btc (@TO) March 10, 2022Notably, STX serves as a utility token inside the Stacks ecosystem to pay for network activity and contract execution. STX owners can also stake their holdings on the Stacks network via “Stacking” to support its blockchain’s consensus mechanism. In return, they earn BTC rewards.It appears traders flocked to purchase STX en masse, anticipating a rise in its demand after the Bitcoin Odessey’s launch. For instance, cryptocurrency exchange OKcoin, the main backer behind the $160-million-fund, promoted the Stacks token for its bullish outlook, saying it is “not a bad time to get in on” Stacks.All-time high ahead?Interestingly, STX’s ongoing price rally appeared at a confluence of two key support levels, with at least one suggesting that the Stacks token is heading to a new all-time high next.This confluence comprises an upward sloping trendline that has acted as an accumulation point for traders since early 2020 and the 0.5 Fib line (near $1.50) of the Fibonacci retracement graph made from $0.04-swing low to $2.82-swing high. STX/USD weekly price chart. Source: TradingViewSTX now looks to close above its two interim exponential moving averages (EMA) — the 20-week (green) and the 50-week (red) EMAs — following its rebound from the dual-support area. A successful breakout may have the Stacks token retest another upward sloping trendline that has served as a resistance level since 2020.Related: Bitcoin spikes above $40K as Russia sees ‘positive shifts’ in Ukraine war dialogueConversely, a pullback from the 20-50 EMA resistances could have STX break below its ascending trendline support toward 0.786 Fib line near $0.63.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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Waves price rises 230% in just three weeks — Could a 'triple top' spoil the rally?

Waves price rises 230% in just three weeks — Could a 'triple top' spoil the rally?

Uverejnil používateľ | mar 10, 2022 |

Waves (WAVES) continued its price rally further into this week, even as its top crypto rivals wobbled between losses and gains elsewhere in the market.A 230% Waves boomThe WAVES/USD trading pair surged by nearly 75% this week to reach around $31, its best level since Oct. 28, 2021. Its rally came as a part of an upside retracement move that saw it rising by a little over 230% in three weeks.WAVES/USD weekly price chart. Source: TradingViewIn contrast, Waves’ top rival in the smart contracts sector, Ethereum, underperformed, with its native token Ether (ETH) dropping by almost 2% in the last three weeks. Similarly, Bitcoin (BTC), the leading cryptocurrency by market capitalization, underperformed in the same period, rising by a little over 1%. Neutrino buys the Waves dipAs Cointelegraph covered earlier, Waves’ price rally might have surfaced in the wake of back-to-back optimistic updates, including the launch of a $150 million fund to support Waves-based decentralized application projects and the partnership with Allbridge to facilitate interoperability between Waves and other blockchains.In addition, the period of Waves’ uptrend also coincided with an increase in its inflow to Neutrino’s smart contract. Notably, the supply of Waves tokens into the algorithmic stablecoin protocol increased from 43.38 million on Feb. 15 to as high as 51.80 million on March 8. The total number of Waves tokens in Neutrino smart contract as of March 10, 2022. Source: Defi LlamaAs of Thursday, Neutrino held about 47.31 million Waves tokens in its smart contract, with the total value locked coming out to be worth $1.35 billion, almost 60% of the total value locked inside the Waves ecosystem.Notably, Neutrino enables the creation of multiple decentralized stablecoins that maintain their U.S. dollar-peg by collateralizing Waves stored in Neutrino’s official smart contracts. The first such stablecoin is Neutrino USD (NUSD).Over the past 30 days, Neutrino issued more than $135 million worth of NUSD, backed by reserves that surged from around $530 million to — as mentioned above — $1.35 billion. Meanwhile, an increasing amount of Waves tokens supplied into Neutrino’s smart contracts underscored that it was one of the most active Waves buyers since Feb. 10. NUSD market capitalization in the past 30 days. Source: CoinMarketCapAs Waves’ price boomed, Neutrino appeared to have kept the tokens in its “reserves fund” to provide backing to NUSD in the event of the next price drop, thus limiting its downside bias.’Triple top’ setupTechnically, Waves may be sketching out a triple top against the U.S. dollar as its price comes closer to testing its all-time high near $42 for the third time since May 2021.WAVES/USD weekly price chart featuring triple top. Source: TradingViewIn detail, triple tops form when the price form three peaks with pullback moves towards a so-called “swing low” in between. First, they show that markets cannot penetrate the peak areas, i.e., they cannot find new buyers near/at the top level. Later, the price falls back to the swing low.Related: Waves risks ‘death cross’ plunge after price rallies 88% in six daysAs a result, if Waves fail to close above its first and second top, its likelihood to drop towards the swing-low area between $11 and $13 — the range that has been supporting the three peaks — will be high. 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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Gold-backed cryptos are shining in 2022, market cap hits $1B for the first time

Gold-backed cryptos are shining in 2022, market cap hits $1B for the first time

Uverejnil používateľ | mar 10, 2022 |

The market capitalization of gold-backed crypto tokens increased by 60% in 2022 to surpass $1 billion for the first time in history, according to Arcane Research in its latest weekly report. Gold shines, Bitcoin disappointsIn 2022, investors have been rushing to the perceived safety of gold-backed crypto assets, whose value is pegged to the price of gold. Namely, PAX Gold (PAXG), Tether Gold (XAUT), and similar precious metal-backed digital assets have been climbing in value as investors “diversify inflation bets” within the crypto sector, explains Arcane Research. PAXG is also outperforming Bitcoin (BTC) this year, as shown in the chart below. XAU/USD versus BTC/USD daily price chart. Source: TradingViewGold itself rose by almost 14% YTD to nearly $2,050 an ounce, its highest level since August 2020. Arcane noted:”The rallying gold price seems to have attracted more crypto investors to the gold-backed tokens […] since they allow crypto investors to diversify inflation bets through familiar crypto market infrastructure.”PAXG outperforms XAUTPAX Gold contributed the most — around $500 million — while swelling the gold tokens’ market valuation to over $1 billion. In comparison, its top rival, Tether Gold witnessed minimal growth, Arcane noted while citing the chart below.Gold-backed tokens’ market cap. Source: CoinGecko, Arcane ResearchCurrently, the total market cap of PAX Gold is a little over $607 million, up 85% YTD. Similarly, Tether Gold’s market valuation rose to nearly $211 million, up just 9.20% in the same period.Intelligent money behind the gold-token rallyAlexander Tkachenko, founder and CEO of VNX — a Luxembourg-based, FMA-regulated tokenized gold investment platform, explains that intelligent investors have been more cautious when investing in cryptocurrencies. He adds that their decision to invest in gold-backed tokens shows their inclination to adopt regulated digital assets amid the ongoing macro uncertainty.Tkachenko said: Not all gold-backed tokens are of good value. Therefore, investors should be careful not to get a ‘paper index,’ but look for tokens that are linked to physical gold and are ‘secure’ – issued by regulated issuers and can demonstrate the gold reserves.Related: Bitcoin stems losses after US bans Russian oil, gold heads to record highsPAXG’s issuer is Paxos, a New York State-chartered trust company regulated by the New York State Department of Financial Services (NYDFS). That translates into lesser overhead risks, especially when confirming that each PAXG in circulation is 100% backed by an ounce of gold. However, XAUT doesn’t appear to have been regulated by any regulator in any jurisdiction inside or outside the U.S. Its whitepaper also states that “no regulatory authority has examined or approved” its claims of being backed by gold.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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