Značka: Cardano

Cardano projects SundaeSwap and CardStarter squabble over failed promises to investors

The ongoing drama between two projects built on the Cardano (ADA) blockchain escalated across multiple social media platforms Monday, much to the dismay of the ADA community.The issues began in April when accelerator program CardStarter announced it would launch its own decentralized exchange or DEX. Shortly thereafter, its founders incentivized investors to provide liquidity for the project on Uniswap in exchange for native CSWAP tokens. The platform’s developers landed an agreement with a third-party DEX called SundaeSwap sometime later, marketing the deal as a “merger” last June. As per the agreement, CardStarter would no longer develop its promised DEX, and would instead provide liquidity to the existing SundaeSwap DEX.As told by Reddit user “Environmental-Law768”, investors were later promised “great benefits” during a YouTube ask-me-anything session for CSWAP holders in the SundaeSwap DEX. Last week, however, it was revealed that these so-called benefits would simply be a conversion from CSWAP to CardStarter’s native CARDS tokens ($3.14 at time of writing), at a rate of 400:1. Holders who had locked in $15M (at the time of reveal) worth of liquidity on the platform seemed to feel this was a slap in the face, amounting to no meaningful reward for their efforts. Allegations of a rug pull soon followed.Both SundaeSwap and CardStarter took to social media to place blame over the investor fallout on each other — much to the disapproval of ADA enthusiasts and Cardano founder Charles Hoskinson.In light of SundaeSwap’s announcement, we share the following documents which we feel speak for themselves.We will continue to fight for the CSWAP community. pic.twitter.com/6oM2rdcKYF— CardStarter (@CardStarter) January 24, 2022According to a SundaeSwap statement cited by Hoskinson, the June deal was purely a marketing and collaboration agreement. However, the SundaeSwap team acknowledged using misguided terms on multiple occasions when communicating with users. To make matters worse, the freshly launched SundaeSwap DEX has already suffered from numerous user reports of failed transactions. During a YouTube stream Monday afternoon, Cardano founder Hoskinson condemned the heated exchanges between the parties. Hoskinson elaborated it was unacceptable for the fiduciary organizations involved, SundaeSwap and CardStarter, to use Twitter, Reddit, Telegram, and other channels in social media to make their case. “It’s despicable. It doesn’t do anything other than try to abdicate your personal responsibility and damage the brand of the ecosystem as a whole,” said Hoskinson, continuing:Please, people, get your shit together. Both sides come together, agree to arbitration, talk to each other, and figure out whatever the hell you agree to get done. And if you can’t somehow survive the arbitration process, the courts are always available to you.

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Price analysis 1/24: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) and most major altcoins are struggling to find a bottom, indicating that traders are dumping their positions out of fear. The big question on everyone’s mind is whether the selling is over or could the decline continue?UTXO Management senior analyst Dylan LeClair highlighted that the network cost basis, the average price at which Bitcoin was last moved by various investors, is $24,000 and historically, the ratio of cost basis to price has bottomed out below 1.0. If history were to repeat itself, Bitcoin may have to fall some more to make it an attractive buy according to the metric.Daily cryptocurrency market performance. Source: Coin360Long-term investors don’t seem to be perturbed by the recent correction in Bitcoin. Glassnode data suggests that investors continue to withdraw their coins to cold storage. “Bitcoin illiquid supply is going up relentlessly,” said Lex Moskovski, chief investment officer of Moskovski Capital.Bitcoin and most major altcoins are nearing strong support levels. Could investors use their opportunity to buy or will the bears prevail? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading below the $39,600 to $37,332.70 zone for the past two days. The buyers attempted a relief rally on Jan. 23 but could not even challenge the overhead resistance at $37,332.70. This indicates weak demand at higher levels.BTC/USDT daily chart. Source: TradingViewThe selling renewed today and the bears pulled the BTC/USDT pair below the Jan. 22 intraday low at $34,008. The next support on the downside is the critical zone between $30,000 and $28,805.The oversold level on the relative strength index (RSI) suggests that the selling may be overdone in the short term. This could attract buying from traders near the support zone. If the price rebounds off this zone, the bulls will try to push the pair above $39,600.A break and close above the 20-day exponential moving average ($40,835) will be the first indication that the bears may be losing their grip. A trend change may be signaled after the price rises and sustains above the 50-day simple moving average ($45,404).ETH/USDTEther (ETH) plummeted and closed below the descending channel on Jan. 21, indicating an increase in selling pressure. The bulls tried to push the price back into the channel on Jan. 23 but failed.ETH/USDT daily chart. Source: TradingViewThis renewed the selling pressure today and bears have pulled the price below the Jan. 22 intraday low at $2,300. The ETH/USDT pair could now decline to the psychological level at $2,000 where the buyers may provide support.If the price rebounds off this level, the bulls will again try to push the price back into the channel. If they succeed, the pair could rise to the breakdown level at $2,652. Conversely, if the price breaks below $2,000, the pair could slide to the next major support at $1,700.BNB/USDTBinance Coin (BNB) plummeted below the support line of the descending channel on Jan. 21 and follow-up selling on Jan. 22 pulled the price toward the strong support zone at $330 to $320.BNB/USDT daily chart. Source: TradingViewThe buyers attempted a relief rally on Jan. 23 but the bears did not allow the price to re-enter into the channel. This indicates that bears are defending the support line of the channel. The selling resumed today and the bears will try to sink the price below the support zone.If the price sustains below $320, the BNB/USDT pair could slide to $254.50 and then to the next support at $225.40. The first sign of strength will be a break and close inside the channel. The pair could then attempt a rally to the 20-day EMA ($443).ADA/USDT Cardano (ADA) broke below the strong support at $1 on Jan. 22 but the long tail on the candlestick shows that bulls purchased the dip and defended the level successfully.ADA/USDT daily chart. Source: TradingViewHowever, a minor negative is that the bounce off $1 could not even reach the 20-day EMA ($1.24). This suggests that bears are pouncing on minor relief rallies and not waiting for higher levels to sell.The bears again pulled the price below $1 today. If they sustain the ADA/USDT pair below this level, the selling momentum could pick up. The pair could then decline to $0.80 and later to the support line of the channel. SOL/USDTSolana (SOL) nosedived below the $116 support on Jan. 21 and the price reached the support line of the descending channel on Jan. 22. Although bulls defended this level, they could not push the price to the breakdown level at $116. This indicates that buying dries up at higher levels.SOL/USDT daily chart. Source: TradingViewThe bears resumed their selling today and are attempting to sink the SOL/USDT pair below the support line of the channel. If they succeed, the selling could pick up momentum and the pair may drop to $66 and later to $58.The incessant selling of the past few days has pushed the RSI below 22. This indicates that selling may have been overdone in the short term and a relief rally is possible. The first level to watch on the upside is $116 and then the 20-day EMA ($131).XRP/USDTRipple (XRP) broke below the Dec. 4 intraday low at $0.60 on Jan. 22. There was an attempt by the bulls to start a relief rally on Jan. 23 but it did not find any takers at higher levels.XRP/USDT daily chart. Source: TradingViewThe selling resumed today and the bears are trying to pull the price to the psychological level at $0.50. This is an important support for the bulls to defend because if it cracks, the XRP/USDT pair could slide to $0.39.Contrary to this assumption, if the price rebounds off the $0.50 support, the bulls will attempt to push the pair to the 20-day EMA ($0.72). A break and close above this resistance could signal that the selling pressure may be reducing.LUNA/USDTTerra’s LUNA token rebounded off the support line of the descending channel on Jan. 22 but the recovery hit a wall at $70.22 on Jan. 23. This suggests that bears have not given up and are actively selling at higher levels.LUNA/USDT daily chart. Source: TradingViewThe moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will now try to pull the price to the support line.If the price rebounds off this line once again, the possibility of a move back to the downtrend line increases. Alternatively, if bears sink and sustain the price below the channel, the selling could intensify and the pair may plummet to $37.82.Related: Bitcoin ‘enters value zone’ as BTC price floor metric goes green againDOGE/USDTDogecoin (DOGE) plummeted below the strong support at $0.13 on Jan. 22 but the long tail on the candlestick shows buying at lower levels. The buyers attempted to start a recovery on Jan. 23 but higher levels attracted selling.DOGE/USDT daily chart. Source: TradingViewThe price has turned down today and the bears are attempting to pull and sustain the DOGE/USDT pair below the $0.13 support. If they succeed, the pair could start its slide toward the psychological level at $0.10.Contrary to this assumption, if the price turns up from the current level, the bulls will again try to push the pair to the 20-day EMA ($0.15). A break and close above the 50-day SMA ($0.16) could keep the $0.13 to $0.19 range into play.DOT/USDTPolkadot (DOT) plummeted below the critical support at $22.66 on Jan. 21 and reached the next support at $16.81 on Jan. 22. Although bulls defended this level, they could not extend the relief rally on Jan. 23. This indicates a lack of demand at higher levels.DOT/USDT daily chart. Source: TradingViewThe bears have resumed their selling today and are attempting to sustain the DOT/USDT pair below $16.81. If they do that, the pair could extend its decline to the next major support at $10.37.The sharp selling of the past few days has pushed the RSI into the oversold territory. This suggests that the selling may have been overdone in the short term and a relief rally could be possible. If the price turns up from the current level and rises above $19.20, the pair could rally to $22.66.AVAX/USDTAvalanche (AVAX) plunged and closed below the $75.50 support on Jan. 21, completing a bearish descending triangle pattern. The bulls defended the $51.04 support on Jan. 22 but could not push and sustain the price above the 200-day SMA ($65) on Jan. 23.AVAX/USDT daily chart. Source: TradingViewThis suggests that bears continue to sell on minor rallies. The bears have resumed their selling today and will try to pull the AVAX/USDT pair below the strong support zone at $51.04 to $47.66. If they succeed, the pair could plummet to $32.23.Conversely, if the price rebounds off the support zone, it will indicate accumulation at lower levels. The bulls will then attempt to push the pair to the breakdown level at $75.50, which is an important level to watch out for.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 1/21: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check.Daily cryptocurrency market performance. Source: Coin360The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview with Bloomberg that the firm’s strategy is to acquire and hold Bitcoin and not sell.Could Bitcoin and most major altcoins start a relief rally from their strong support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin attempted a recovery on Jan. 20 when bulls pushed the price to the 20-day exponential moving average ($43,041). However, the bears had other plans as they sold this rise and pushed the price lower as seen by the long wick on the day’s candlestick.BTC/USDT daily chart. Source: TradingViewThe selling continued today and the BTC/USDT pair has broken below the strong support at $39,600. There is a minor support at $37,332.70. The bulls are likely to defend this support zone with all their might. The oversold level on the relative strength index (RSI) also points to a possible consolidation or a rebound. If the subsequent relief rally rises above the 50-day simple moving average (SMA), it will indicate that the downtrend may be over.Conversely, if the price plummets below the support zone, the bearish momentum could pick up and the pair may slide to $30,000.ETH/USDTEther’s (ETH) long wick on the Jan. 20 candlestick indicates that the trend remains negative and traders are selling on relief rallies to strong resistance levels. ETH/USDT daily chart. Source: TradingViewThe selling has continued today and bears have pulled the price below the immediate support at $2,928.83. This opens up the doors for a possible drop to $2,652 where buyers are anticipated to mount a strong defense.If the price bounces off $2,652, the bulls will again try to push the ETH/USDT pair above the 20-day EMA and the resistance line of the channel. If that happens, the pair could signal a change in trend.Conversely, if bears sink and sustain the price below $2,652, the selling could accelerate and the pair may drop to $2,000.BNB/USDTBinance Coin (BNB) turned down from the 20-day EMA ($474) on Jan. 20, indicating that bears are defending this resistance aggressively. The sellers will now try to pull the price below the Jan. 10 intraday low at $405.60.BNB/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate advantage to bears. If the price sustains below $405.60 and the descending channel, the selling could intensify and the pair may drop to $325.Conversely, if the price rebounds off $405.60 or the support line of the channel, the bulls will again attempt to push the BNB/USDT pair above the 20-day EMA and the resistance line of the channel. If they do that, it will signal a possible change in trend.ADA/USDT Cardano (ADA) broke and closed below the moving averages on Jan. 20. The long wick on the day’s candlestick showed that bears continue to sell on rallies.ADA/USDT daily chart. Source: TradingViewIf bears sustain the price below the moving averages, the ADA/USDT pair could drop to the critical support at $1. This is an important support to watch out for because it has not been breached on a closing basis for about ten months.If the price turns up from the current level and breaks above the moving averages, it will indicate that traders are accumulating on dips. The buyers will have to push and sustain the pair above the descending channel to signal a possible change in trend.SOL/USDTSolana (SOL) formed an outside day candlestick pattern on Jan. 20. Traders sold aggressively at higher levels and pulled the price below the immediate support at $130.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair has dropped to the strong support at $116. If this level also fails to provide support, the decline could extend to the support line of the descending channel. The downsloping moving averages and the RSI in the oversold zone, suggest the path of least resistance is to the downside.Alternatively, if the price turns up from $116, the bulls will again try to overcome the barrier at the 20-day EMA ($146). If they manage to do that, the pair could rise to the resistance line. A break and close above the channel could signal a change in trend.XRP/USDTRipple (XRP) broke and closed below the $0.75 support on Jan. 19. The bulls tried to reclaim the level on Jan. 20 but the long wick on the candlestick shows that bears continue to sell on rallies.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair has broken below the support at $0.69. If bears sustain the lower levels, the pair could extend its decline to $0.60. The downsloping moving averages and the RSI near the oversold territory indicate that sellers are in control.This negative view will invalidate if the price turns up from the current level and breaks above the moving averages. Such a move could suggest accumulation at lower levels. The pair could then start its up-move toward $1.LUNA/USDTTerra’s LUNA token once again turned down from the downtrend line on Jan. 20, indicating that bears continue to defend this level with vigor. LUNA/USDT daily chart. Source: TradingViewAlthough the 20-day ($79) is flattish, the RSI has slipped below 46, indicating that bears have a slight advantage. If the price sustains below $73.95, the LUNA/USDT pair could start its decline toward the critical support at $62.46.Contrary to this assumption, if the price rebounds off the current level, the bulls will again try to push the pair above the downtrend line. If they succeed, it will indicate that the correction may be over. The pair could rally to $93.81.Related: 3 wildest theories explaining $500B crypto market crashDOT/USDTPolkadot (DOT) has dipped below the critical support at $22.66, which is an important level to keep an eye on because it has not been breached on a closing basis since mid-August of last year.DOT/USDT daily chart. Source: TradingViewIf the price rebounds off the current level, the bulls will again attempt to clear the overhead hurdle at the moving averages. A break and close above the 50-day SMA ($27.08) will be the first indication that the selling pressure may be reducing. The bulls will have to push and sustain the price above $32.78 to signal a possible change in trend.Conversely, if the DOT/USDT pair sustains below $22.66, it will suggest that supply exceeds demand and traders are rushing to the exit. The pair could then drop to the next support at $16.81.AVAX/USDTAvalanche (AVAX) turned down from close to the 20-day EMA ($90) on Jan. 20 and broke below the strong support at $75.50 today.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in command. A close below $75.50 will complete a descending triangle pattern, signaling that a top may be in place. The AVAX/USDT pair could then start its decline toward $50.However, the bulls are unlikely to surrender without putting up a strong fight. If the price rebounds off the current level, the pair could recover to the 20-day EMA and later to the downtrend line. The bulls will have to clear this hurdle to signal a possible end to the corrective phase.DOGE/USDTThe bulls tried to push Dogecoin (DOGE) back above the moving averages on Jan. 20 but failed. This suggests that sentiment remains negative and bears are selling near resistance levels.DOGE/USDT daily chart. Source: TradingViewThe DOGE/USDT pair could now gradually drop toward the strong support at $0.13 where the buyers may step in to arrest the decline. If the price rebounds off this level and rises above the moving averages, it will suggest that the range-bound action may continue for a few more days.The critical level to watch on the upside is $0.19 and $0.13 on the downside. The next trending move could start after the price breaks out of either level. Until then, volatile random moves inside the range may continue.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 1/19: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin (BTC) and select altcoins are showing signs of some buying near support levels. According to Arcane Research, the seven-day average real Bitcoin trading volume has dropped to the lowest level since July 2021. During the previous instance, the sharp drop in volume marked a bottom and led to a strong rally from August to October 2021.However, Bloomberg Intelligence senior commodity strategist McGlone warned in a recent podcast that risk assets may correct as the United States Federal Reserve increases rates and reduces asset purchases. After the corrective phase is over, McGlone expects Bitcoin to transition from a “risk-on to a risk-off asset” and “come out better off.” Daily cryptocurrency market performance. Source: Coin360In the short term, analysts at Decentrader, a crypto market intelligence firm, expect Bitcoin to stay range-bound between “$44,000 and potentially $38,000 before an eventual breakout.”While analysts are divided on their forecasts for Bitcoin, let’s study the charts of the top-10 cryptocurrencies to find the path of least resistance.BTC/USDTThe bears are attempting to pull Bitcoin toward the strong support at $39,600 but the long tail on the candlesticks of the past two days shows that bulls have other plans. The buyers are buying on dips but a minor negative is that they have not been able to push the price above the 20-day exponential moving average ($43,804).BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) remains in the negative zone, indicating that bears have the upper hand. If the price turns down from the current level or the 20-day EMA, the bears will again attempt to sink the BTC/USDT pair to $39,600. This is a key level to keep an eye on in the short term.If this level cracks, the bearish momentum could pick up as several stop-losses could be triggered. That may result in a decline to $30,000.Alternatively, if the price rebounds off the current level or the $39,600 support, the buyers will attempt to push the pair above the moving averages. If the price sustains above the 50-day simple moving average ($47,070), the negative view will invalidate and the pair could rally to the stiff overhead resistance at $52,088.ETH/USDTEther (ETH) has continued its down move and is close to the support at $2,928.83. The bulls may attempt to defend this level and start a relief rally.ETH/USDT daily chart. Source: TradingViewIf that happens, the ETH/USDT pair could rise to the 20-day EMA ($3,381). This is a key resistance to watch out for because a break above it will be the first indication that the bears may be losing steam.A break and close above the channel will signal a possible change in trend. The pair could then start its upward march toward $4,200.On the contrary, if the price turns down from the current level or the 20-day EMA, it will increase the possibility of a break below $2,928.83. If that happens, the pair could slide to the strong support at $2,652.BNB/USDTBinance Coin (BNB) continues to trade inside the descending channel pattern. The 20-day EMA ($485) has started to turn down and the RSI has dipped below 43, suggesting that bears are at an advantage.BNB/USDT daily chart. Source: TradingViewThe bulls are attempting to defend the minor support at $450. If the price rebounds off this level, the buyers will make one more attempt to clear the overhead hurdle at $500. If they succeed, it will indicate a possible change in trend.The BNB/USDT pair could then start its northward march toward $572 and later to $617. Alternatively, if the price breaks below $450, the bears will try to pull the BNB/USDT pair to the support line of the channel. ADA/USDT Cardano (ADA) rallied to the resistance line of the descending channel on Jan. 18 but the bulls could not push the price above the channel. This suggests that bears are defending the resistance line aggressively.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair has dipped to the moving averages, which could act as a strong support. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating advantage to buyers.If the price rebounds off the current level, the bulls will again try to drive the price above the channel and the developing neckline of a possible inverse head and shoulders pattern. If that happens, the pair could start a new uptrend.This positive view will invalidate if the price breaks and sustains below the moving averages. Such a move could pull the pair down to $1.06.SOL/USDTSolana (SOL) has reached near the minor support at $130. The bulls had defended this level on Jan. 10 and may again try to do so during the current decline.SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the support, the bulls will again attempt to push the SOL/USDT pair above the 20-day EMA ($151). If they succeed, the pair could rally to the resistance line of the descending channel. This is an important level to watch out for because a break and close above it will signal the possible start of a new up-move.On the contrary, if the $130 support cracks, the pair could drop to the critical support at $116. A break below this level could pull the price to the support line of the channel.XRP/USDTRipple (XRP) had been stuck between the 20-day EMA ($0.78) and the $0.75 support for the past few days, which has resolved to the downside today. This indicates that bears have overpowered the buyers.XRP/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that the path of least resistance is to the downside. If the price sustains below $0.75, the bears will try to build upon their advantage and sink the XRP/USDT pair to $0.69. Contrary to this assumption, if the price turns up from the current level and rises above the moving averages, it will indicate that bulls are accumulating on dips. That could start a relief rally which could reach the overhead resistance at $1. LUNA/USDTTerra’s LUNA token dipped below the 50-day SMA ($76) on Jan. 18 but the bulls bought the dip and pushed the price back above the 20-day EMA ($80). This is a positive sign as it shows traders are buying on dips.LUNA/USDT daily chart. Source: TradingViewIf the bulls maintain the price above the 20-day EMA, the LUNA/USDT pair could rise to the downtrend line. A break and close above this level will suggest that the selling pressure could be reducing. The pair could then rise to the 61.8% Fibonacci retracement level at $87.88 and later to $93.81.This positive view will invalidate if the price turns down and breaks below $73.95. Such a move will suggest that supply exceeds demand. The pair could then decline to $68.33 and later to $62.46.Related: 43% of Bitcoin trading volume during US market hours: Arcane ResearchDOT/USDTPolkadot (DOT) continues to drift down toward the strong support at $22.66 where the bulls will try to halt the decline. The strength of the rebound off this level could indicate whether the decline is over or not.DOT/USDT daily chart. Source: TradingViewIf the bounce rises above the moving averages, it will suggest accumulation at lower levels. The DOT/USDT pair could then rise to the overhead resistance at $32.78. A break and close above this level will suggest the start of a new uptrend.Conversely, if the price turns down from the moving averages, it will indicate that sentiment remains negative and traders are selling on rallies. That will increase the prospects of a break and close below $22.66. If that happens, the pair could drop to $16.81.AVAX/USDTAvalanche (AVAX) continues to slide toward the strong support at $75.50. The price action of the past few days has formed a descending triangle pattern that will complete on a break and close below $75.50.AVAX/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the RSI is in the negative territory, indicating that bears have the upper hand. The sellers will have to sink and sustain the price below $75.50 to indicate the start of a new downtrend.The bulls are unlikely to surrender the $75.50 level easily. If the price rebounds off this support, the AVAX/USDT pair could reach the moving averages. If buyers push the price above the moving averages, the pair could rise to the downtrend line. The bulls will have to propel the price above this resistance to indicate a change in trend.DOGE/USDTDogecoin (DOGE) dipped below both moving averages on Jan. 18 which brings the $0.19 to $0.13 range into play. The flattish 20-day EMA ($0.16) and the RSI just below the midpoint suggest a balance between supply and demand.DOGE/USDT daily chart. Source: TradingViewIf the price sustains below the moving averages, the DOGE/USDT pair could gradually drop to $0.15 and if this level also cracks, the decline could extend to $0.13. A break and close below $0.13 will indicate the resumption of the downtrend.Alternatively, if the price turns up and breaks above the moving averages, it will suggest that bulls are buying on dips. The buyers will then attempt to clear the overhead hurdle at $0.19 and push the pair to $0.22.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Cardano goes ‘full send’ with a 50% ADA rally ahead of SundaeSwap launch

Cardano (ADA) traded within striking distance of its three-week high  at the start of this week, leading some investors to suggest that a trend reversal was in order. In reality, the bullish momentum is primarily connected to an anticipation of the upcoming decentralized exchange (DEX) called SundaeSwap.ADA price rose by nearly 12% on Jan.17 to reach an intraday high of $1.60, a day after SundaeSwap announced the launch of its “fully-functional beta decentralized exchange (DEX).” Nonetheless, the upside swing also came as a part of a wider rebound trend wherein ADA jumped by almost 50% in just seven days.ADA/USD daily price chart. Source: TradingViewIn detail, ADA’s rebound began almost in sync with similar retracement moves across the cryptocurrency market. That included Bitcoin (BTC), which sharply reversed its trend on Jan. 10 after its price dipped to as low as $39,650. At press time, BTC price trades at $41,500.ADA initially tailed the crypto market’s reversal, but later continued its upside momentum on its own after taking cues from the euphoria surrounding the SundaeSwap DEX launch on Jan. 20. As a result, ADA emerged as one of the best performers among the top-ten cryptocurrencies based on a 24-hour adjusted timeframe.Top 10 cryptocurrencies in the past 48 hours. Source: MessariWhat makes SundaeSwap bullish for ADA?SundaeSwap’s official DEX launch announcement included evidence of greater demand for ADA tokens in the future and this is typically a bullish signal for investors.The moment we’ve all been waiting for has finally come!We’re excited and proud to share that SundaeSwap and the ISO will be launching on the evening of Thursday, January 20th (EST)! Check out the article below! https://t.co/8oDYU6i3k9 pic.twitter.com/upgNZx2xH2— SundaeSwap Labs (@SundaeSwap) January 15, 2022The DEX platform also introduced its native SUNDAE token and discussed three ways to distribute it among users: via an initial stake offering (ISO) round, yield farming and direct exchange-based conversion. Discussing the ISO round, SundaeSwap explained that it would distribute 5% of the total SUNDAE supply via five epochs. Each epoch represents a five-day reward cycle wherein users delegate their ADA tokens into a stake pool.”If you want to make sure you qualify for all five ISO reward rounds, you must have ADA staked with eligible SPOs [Stake Pool Operators] before 21:45 UTC on January 25,” the DEX’s announcement read, adding:”Your reward will be calculated based on the snapshot taken at that time, and at the same time at each subsequent epoch boundary.”Meanwhile, the yield farming program saw SundaeSwap adding four ADA-based liquidity pools: SUNDAE/ADA, LQ/ADA, WMT/ADA and CARDS/ADA. The DEX also allocated 500,000 SUNDAE per day from January through June.ADA to $2?The SundaeSwap-led bounce pushed ADA toward its 100-day exponential moving average (100-day EMA; the blue wave) near $1.57.ADA/USD daily price chart featuring 100-day EMA resistance. Source: TradingViewAdditional bullish cues have also been coming from the anticipated launch of Pavio, Cardano’s first metaverse undertaking.Pavio is a Decentraland-like virtual land startup with some 100,000 land parcels, each being minted as a unique nonfungible token (NFT) with coordinates. The advent of the Metaverse in the crypto sector in the past months and Cardano’s involvement in it may boost demand for ADA further.Related: Meta poaches staff from Microsoft and Apple for metaverse plansThis raises the possibility for Cardano to close above its 100-day EMA resistance wave, thus shifting the next upside target toward the 200-day EMA near $2.Conversely, risks of an overall crypto market crash led by the U.S. Federal Reserve’s tapering programs this year could spoil ADA’s bullish setup to an extent. “While ADA is far from its peak, the prospect of obtaining more scalability as part of its 2022 roadmap explains why investors appear to be betting big on Cardano. This point was also noted by Liam Bussel, the chief marketing officer of Cardano-native DEX WingRiders in a statement to Cointelegraph.Bussel said,”In a world characterized by high performance and novel use cases, Cardano will be able to keep up and lead the pack. As a result, a weekly closing above $1.80 is likely, barring any last-minute profiteering by sellers.”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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Blockchain assessment: How to assess different chains?

With so many blockchain networks appearing all the time, new or even experienced crypto enthusiasts may feel overwhelmed when it comes to deciding which are the best to invest in.In this guide, we’ll outline the most important aspects of any blockchain project, and why one should pay close attention to such details when assessing the different chains on the crypto market.Use caseArguably the most important part of any blockchain project is its use case. What is the project’s reason for existing? Is the project here to enhance payment processing? To improve on a business supply chain or to entertain users?There’s technically no such thing as an invalid use case, but some are certainly more applicable than others. For example, a project meant to assist millions in acquiring food is likely to earn more support than a meme coin. If one decides that a project is valuable to them and that this value can translate over to a wide audience, then that’s a point in the project’s favor.When examining use cases, it’s best to look at the project’s white paper. For example, we can take a look at Polygon’s whitepaper, which details potential use cases associated with the platform.CommunityA project is nothing without its community. Blockchain technology is an open-source and user-driven solution, after all. When assessing a blockchain, it’s often best to check into the community and see how much power they have. Reliable projects are generally as decentralized as possible, providing users from all over with the ability to hold tokens and have their say in governance. These users are usually outspoken, with public conversations happening on platforms like Reddit, Twitter and Discord. It’s usually best to join a project’s Discord server to gauge both the size and contributions of its community.Transaction speeds and scalabilityOne’s blockchain project of choice might have the best intentions, but if the technology can’t scale or reliably process transactions, it’s at a severe disadvantage. What good is a platform that can’t serve the hundreds of thousands of customers it hopes to gain?When assessing a blockchain, it’s best to examine the network’s typical transaction speeds alongside how it intends to scale en masse. Is it possible to implement upgrades down the line? Will it, or does the network already utilize a layer-two solution? Does the solution sound realistic in the long term?The Ethereum website contains extensive documentation on its current and future scalability methods. One can pair this factor alongside the community one, as dedicated community members would have public discussions surrounding their favorite project’s use cases and potential upgrades, as well as how it’s currently running.Consensus and governanceThe two most common blockchain consensus methods are proof-of-work and proof-of-stake. Proof-of-work (PoW) networks require miners that are users who dedicate their computing power to solve complex equations and validate transactions. Miners are paid for their efforts with each block mined, though the computer power required is harmful to the environment.Proof-of-stake (PoS), on the other hand, provides power to users who hold and stake, or lock in, their digital assets. Generally, the more assets a user stakes, the more power they have within the network. By staking, users typically become validators who then validate transactions, removing the need for miners. This process is more environmentally friendly than mining and rewards users in interest for their efforts. While both PoS and PoW have their pros and cons, many believe PoS is the future of blockchain and that PoW networks are on their way out. After all, PoS is the more scalable option and Ethereum, the second-largest cryptocurrency in terms of market capitalization, is making the upgrade to PoS over the coming months. Consensus directly affects network governance and is something to consider when assessing different blockchain networks.TeamThe team behind the project is just as important as the technical aspects of any blockchain. Projects should be very open regarding who’s developing a project, as well as the history and skillset of the team. Failing to disclose the details about the development team can be a significant warning sign while assessing blockchains, as a lack of information could mean they’re looking to scam users. While this isn’t always the case, it’s recommended to stick with projects that are open about their development process.The Polkadot project has some of its key members available on its website, including their real names and history. That said, it could be improved by including relevant social links to the team’s profiles so that users can conduct their own research to verify the project and the team behind it. RoadmapNot only should a blockchain have a solid reliable use case, but it should have a roadmap planned out regarding future developments and product feature additions. A thorough roadmap generally means that the team has thought long-term about their project and how it can benefit the world. It also provides users with more knowledge about what they’re investing in, and whether or not the network aligns with their values.The Cardano roadmap features detailed sections for each part of its roadmap, ensuring that all users can understand what to expect in the network’s future.Market capitalization/total value locked (TVL)When it comes to decentralized finance (DeFi) projects specifically, one vital factor to consider is its total value locked (TVL) and its market cap.The TVL represents the total amount of all funds locked into a DeFi platform’s smart contracts. The higher a TVL, the healthier a platform’s ecosystem, as more users are taking advantage of its offerings. Alternatively, a project’s market capitalization constitutes the value of existing assets within its ecosystem, serving as an indicator of the project’s growth potential. This number constitutes not just those utilizing the platform’s tokens, but also those holding assets in a passive way.One can consider market capitalization to be the indicator of the popularity of a project, while TVL can mark how much money is actually being moved around within its various protocols. Both statistics are important, but it’s important to understand what each means relevant to a project’s competition. DeFi Pulse details the TVL of all sorts of DeFi projects, while CoinMarketCap lists the market capitalization of nearly any chain on the market.LongevityFinally, take a look at how long the project has been on the market. If it has been available for years, what has the project accomplished? Has it stuck to its roadmap and been reliable, or suffered from consistent delays and failing to deliver? A project’s reliability can be a great indicator of its longevity. Alternatively, if a project is new to the market, consider observing it for a few months and seeing how things play out. If development appears smooth and the group is making a fair amount of progress and announcements, it might mark a more reliable long-term investment.

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Price analysis 1/17: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE

Bitcoin’s (BTC) volatility has been shrinking in the past few days. The standard deviation of daily Bitcoin returns for the last 30 and 60 days as calculated by the Bitcoin Volatility Index is at 2.63%, the least volatile it has been since November 2020.Generally, tight ranges are followed by strong price expansions. In 2020, the low volatility period in November was followed by a sharp rally in mid-December, which resulted in a supercycle that carried the price all the way to $64,854 on April 14, 2021.Daily cryptocurrency market performance. Source: Coin360However, there is no certainty that the volatility expansion will happen only to the upside. The price could break out in either direction. Commentator Vince Prince warned that the high leverage ratio of Bitcoin could trigger a big chunk of stop-losses if the $40,000 support breaks down.Could Bitcoin start a new up-move or will bears pull the price below the support levels, triggering a sell-off in altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin has been trading near the 20-day exponential moving average (EMA) ($44,181) for the past few days. Although bulls have not been able to push the price above this resistance, a minor positive is that they have not given up much ground.BTC/USDT daily chart. Source: TradingViewIf the price turns up from the current level or $41,725.95, the bulls will make one more attempt to clear the overhead resistance at the 20-day EMA and the horizontal resistance at $45,456.If they do that, the pair could rise to the 50-day simple moving average (SMA) ($47,680) where the bulls may again encounter stiff resistance from the bears. A break and close above this resistance could push the pair to $52,088.Conversely, if the price breaks below $41,725.95, the BTC/USDT pair could drop to the strong support at $39,600. This is an important level for the bulls to defend because if it breaks down, the selling could intensify and the pair may plummet toward $30,000.ETH/USDTEther’s (ETH) recovery off the support line of the descending channel fizzled out near the 20-day EMA ($3,439), which suggests that the sentiment remains negative and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will now try to pull the price below $3,188. If they manage to do that, the ETH/USDT pair could drop to $2,928.83. This is an important support to watch out for because if it collapses, the decline could extend to $2,652.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the bulls will try to push the pair above the resistance line of the channel. If that happens, the pair could rise to $4,200. BNB/USDTBinance Coin (BNB) failed to break above the resistance line of the descending channel pattern on Jan. 16. This may have sparked selling by short-term traders, pulling the price below the 20-day EMA ($488).BNB/USDT daily chart. Source: TradingViewIf bears pull the price below $466.50, the BNB/USDT pair could decline toward the support line of the channel. The flat moving averages and the RSI just below the midpoint, indicate equilibrium between the bulls and bears.If the price rebounds off $466.50, the bulls will again try to thrust the price above the channel and the 50-day SMA ($530). If they succeed, it will signal a possible change in trend. The pair could then rally to $572.ADA/USDT Cardano (ADA) broke and closed above the 50-day SMA ($1.34) on Jan. 16, indicating that bulls are attempting a comeback. The price could now reach the resistance line of the descending channel.ADA/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls have the upper hand in the short term. If buyers propel and sustain the price above the channel, it will signal a change in trend.The ADA/USDT pair could first rally to $1.87 and if this level is crossed, the next move could be to $2.47. On the other hand, if the price turns down from the resistance line, the pair could again drop to the moving averages.SOL/USDTSolana (SOL) continues to trade inside the descending channel pattern. The bulls attempted to push the price above the 20-day EMA ($154) on Jan. 13 but failed. This suggests that bears are selling on every minor rally.SOL/USDT daily chart. Source: TradingViewThe bears will now attempt to pull the price below the support at $130. If they succeed, the SOL/USDT pair could drop to the strong support at $116. This is an important level for the bulls to defend because a break below it could sink the pair to the support line of the channel.Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rise to the resistance line of the channel. A break and close above the channel will signal a possible change in trend. XRP/USDTRipple (XRP) has been trading between the 20-day EMA ($0.79) and the support at $0.75. This squeeze is soon likely to end in a range expansion.XRP/USDT daily chart. Source: TradingViewIf the price breaks below $0.75, the XRP/USDT pair could resume its downtrend and drop to $0.69 followed by a decline to $0.60. The downsloping moving averages and the RSI in the negative territory indicate advantage to bears.Contrary to this assumption, if the price turns up from $0.75 and breaks above the moving averages, it will suggest accumulation at lower levels. The pair could then start its northward march toward the stiff overhead resistance at $1.LUNA/USDTTerra’s LUNA token could not rise and sustain above the 61.8% Fibonacci retracement level at $87.88 on Jan. 15 and 16. This may have triggered profit-booking by short-term bulls.LUNA/USDT daily chart. Source: TradingViewThe price has turned down to the 20-day EMA ($80.17), which could act as a support. If the price turns up from the current level, the bulls will again try to propel and sustain the LUNA/USDT pair above $87.88. If they succeed, the pair could rally to the 78.6% Fibonacci retracement level at $94.80. Alternatively, if the price slips below both moving averages, it will suggest that traders are rushing to the exit. The pair could then drop to $68.33.Related: Propy rallies 227% as real estate NFTs become reality and PRO lists at CoinbaseDOT/USDTPolkadot (DOT) rose above the 20-day EMA ($26.90) on Jan. 12 but the bulls could not push the price above the 50-day SMA ($28.15). This may have attracted profit-booking from the short-term traders.DOT/USDT daily chart. Source: TradingViewThe bears pulled the price back below the 20-day EMA on Jan. 17. If sellers sink the price below $25.45, the DOT/USDT pair could drop to the strong support at $22.66. The 20-day EMA is flat and the RSI is just below the midpoint, indicating a balance between supply and demand. This suggests that the pair could remain range-bound between $22.66 and $32.78 for a few more days.If the price turns up from the current level and rises above the 50-day SMA, the pair could rally to $32.78. The bulls will have to clear this hurdle to signal the start of a new up-move.AVAX/USDTAvalanche (AVAX) turned down from the 20-day EMA ($95) on Jan. 16, indicating that bears continue to defend this level aggressively. If the price sustains below the uptrend line of the symmetrical triangle, the next stop could be $75.50.AVAX/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears have the upper hand. A close and below $75.50 could complete a descending triangle pattern, which could signal the start of a new downtrend.The AVAX/USDT pair could drop to $57.02 and then to $50. This negative view will be invalidated if the price turns up from the current level and breaks above the downtrend line. The pair could then rally to $128.DOGE/USDTDogecoin’s (DOGE) failure to rise and sustain above the $0.19 overhead resistance on Jan. 15 may have attracted profit-booking from short-term traders. This has pulled the price to the 20-day EMA ($0.16).DOGE/USDT daily chart. Source: TradingViewThe flattening 20-day EMA and the RSI just below the midpoint signal a consolidation in the near term. If bears sink and sustain the price below the moving averages, the DOGE/USDT pair could drop to $0.13.Conversely, if the price rebounds off the current level, the bulls will make one more attempt to push and sustain the pair above $0.19. If they manage to do that, it will indicate the start of a new up-move. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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