Značka: Cosmos

Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, ACH*, FTM

Bitcoin (BTC) fell close to $34,000 on Jan. 21, which reflects a 50% decline from the $69,000 all-time high made on Nov. 10, 2021. Altcoins also could not buck the trend and faced intense selling pressure, which pulled the total crypto market capitalization to $1.6 trillion, a 46% decline from its November 2021 all-time high near $3 trillion.It is not only the crypto markets that are facing selling by investors. The S&P 500 has also plummeted 8% year-to-date. However, gold has outperformed and risen about 1.76% during the period, cementing its billing as a safe haven asset.Crypto market data daily view. Source: Coin360Several retail traders who purchased Bitcoin near its all-time high are voicing their concerns on social media. However, El Salvador’s President Nayib Bukele does not seem to be worried by the recent fall as he recently announced a purchase of 410 Bitcoin at an average price of roughly $36,585 per coin.Could Bitcoin and altcoins witness a bounce after the recent carnage? Let’s study the charts of the top-5 cryptocurrencies that may outperform if a relief rally starts.BTC/USDTBitcoin plunged below the $39,600 to $37,332. support zone on Jan. 21, indicating panic selling. The selling continued on Jan. 22 and the price dipped to $34,008.BTC/USDT daily chart. Source: TradingViewThe sharp fall of the past few days has pulled the relative strength index (RSI) near the 20 level, suggesting that the selling may have been overdone in the short term. Usually, such oversold levels are followed by a consolidation or relief rally.Recovery attempts are likely to face strong resistance in the overhead zone. If the $37,332 to $39,600 zone flips into resistance, it will signal that the sentiment remains negative and traders are selling on rallies.The bears will then attempt to resume the downtrend and sink the BTC/USDT pair to the major support at $30,000. A break and close above the 20-day exponential moving average ($41,427) will be the first indication that bears may be losing their grip.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is trading inside a descending channel pattern. The bears pulled the price below the channel but have not been able to sustain the lower levels. This suggests strong buying by the bulls who have pushed the price back into the channel.The pair could rise to the 20-EMA where the bears may again pose a stiff challenge. If the price turns down from this resistance and plummets below $34,008, the selling could intensify. Conversely, a break above the 20-EMA could open the doors for a possible rise to the resistance line of the channel.LUNA/USDTTerra’s LUNA token has been trading inside a descending channel for the past few days. The price dropped to the support line of the channel on Jan. 22 but the bulls purchased this dip aggressively as seen from the long tail on the day’s candlestick.LUNA/USDT daily chart. Source: TradingViewThe LUNA/USDT pair could attempt a pullback to the moving averages and then to the downtrend line of the channel. If bulls propel the price above the channel, the pair could rise toward $87.90 and later to $93.81.Contrary to this assumption, if the price turns down from the current level or the moving averages, it will suggest that bears are selling on every minor rally. The pair could then retest the support line of the channel. A break below this support could accelerate the selling.LUNA/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the relief rally has reached the 20-EMA which is an important level to watch out for. The marginally downsloping 20-EMA and RSI just below the midpoint indicate a minor advantage to bears.If bulls drive the price above the 20-EMA, the pair could attempt a rally toward the downtrend line of the channel. Alternatively, if the price turns down from the current level, the bears will fancy their chances and strive to pull the pair to the support line of the channel. ATOM/USDTCosmos (ATOM) turned down from the overhead resistance at $40 on Jan. 17 and plummeted to the 200-day simple moving average ($27.57) on Jan. 22. ATOM/USDT daily chart. Source: TradingViewThe ATOM/USDT pair has rebounded sharply off the 200-day SMA, suggesting that bulls are defending this level aggressively. The buyers will now try to push the price to the 20-day EMA ($35.91). A break and close above this level could indicate that the correction may be over. The pair could then rally to the critical overhead resistance at $44.80. This positive view will invalidate if the price turns down from the current level or the 20-day EMA and breaks below the 200-day SMA. Such a move could open the door for a possible drop to $20.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows a double top formation, which completed on a break and close below $34. This topping out pattern has a target objective of $23.20 and the pair plunged to an intraday low at $27.31.The relief rally from the lower levels is facing stiff resistance at the breakdown level at $34. If bulls push and sustain the price above this resistance, the pair could rise to the downtrend line. A break and close above this line will suggest a possible change in trend. Related: How to pick or analyze altcoins?ACH/USDTAlchemy Pay (ACH) aims to bridge the gap between the crypto and fiat world by achieving seamless transactions between the two economies. Its recent partnership with MEXC Global will provide users with several payment options in Japan, Korea, and Indonesia.Alchemy Pay also teamed up with Algorand and Avalanche to bring direct fiat payment channels such as Visa, Mastercard, PayPal and several local payment channels to their network.A new partnership with NIUM will help Alchemy Pay lower costs for its clients in the 190+ countries where NIUM operates. NIUM’s licences in financially important regions such as the United Kingdom, Europe, U.S., Singapore, Hong Kong and Australia, will assist Alchemy Pay in penetrating these markets.The network added support to Dai after a new collaboration with MakerDAO and also announced a partnership with IoTeX (IOTX). The integration enables IOTX to be used for business-to-business (B2B) or customer-to-business (C2B) payments in several parts of the world.The project’s multiple partnerships have helped it to expand its support to more than 70 countries with 300 payment channels reaching more than 2 million merchants. ACH was also listed on Binance exchange on Jan. 10, making it easier for a larger pool of traders to transact the coin ACH has been steadily declining since hitting an all-time high in August 2021. This suggests that traders have been booking profits on rallies.ACH/USDT daily chart. Source: TradingViewTHE ACH/USDT pair plunged below the strong support zone at $0.056 to $0.045 on Jan. 21, but a minor positive is that bears could not build upon this advantage. This indicates strong demand at lower levels.If buyers push the price back above the overhead zone, several aggressive bears who may have sold recently may get trapped. This could result in a short squeeze which may push the pair to the downtrend line of the descending triangle. The bullish momentum could pick up on a break and close above the triangle. On the other hand, if the price turns down from the overhead zone, it will suggest a change in sentiment from buy on dips to sell on rallies. The bears will then attempt to sink the price below $0.03 and resume the downtrend. FTM/USDTFantom (FTM) broke above the $3.17 overhead resistance on Jan. 16 but could not clear the next hurdle at $3.48. This may have attracted profit-booking by traders, resulting in a sharp pullback. FTM/USDT daily chart. Source: TradingViewThe bears pulled the price below the 50-day SMA ($2.14) on Jan. 22 but could not sink the FTM/USDT pair to the 200-day SMA ($1.57). Strong buying by the bulls has pushed the pair back above the 50-day SMA.The bulls will now try to push and sustain the price above the 20-day EMA. If they manage to do that, the pair could retest the overhead zone. Conversely, if the price turns down from the current level or the 20-day EMA, it will suggest that traders are selling on rallies. The bears will then try to pull the pair below the 200-day SMA.FTM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a head-and-shoulders pattern, which had a target objective at $1.70. The pair bounced from $1.77 and has reached the 20-EMA, which is acting as a stiff resistance.If the price turns down from the current level, the bears will try to resume the downtrend and sink the pair to $1.30. Conversely, if the price rises and sustains above the 20-EMA, the pair could rally to the neckline of the bearish setup and then rise to $3.00.LEO/USDUNUS SED LEO (LEO) plunged and closed below the ascending channel pattern on Jan.21 but a minor positive is that bulls bought at lower levels and are attempting to push the price back above the moving averages.LEO/USD daily chart. Source: TradingViewIf they succeed, the LEO/USD pair could retest the overhead resistance at $3.92. A break and close above this level could indicate the resumption of the uptrend. The pair could then rise to the resistance line of the channel. If bulls thrust the price above the channel, the pair could pick up momentum. This positive view will invalidate if the price turns down from the current level and breaks below $3.37. The pair could then drop to the strong support at the 200-day SMA ($3.19).LEO/USD 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls repeatedly attempted to push and sustain the price above the overhead resistance at $3.85 but failed. This may have attracted profit-booking, resulting in a decline to the strong support at $3.40.The sharp rebound off $3.40 indicates aggressive buying at the level. The bulls will now try to push the price to $3.85. If bulls clear the overhead zone between $3.85 to $3.92, the uptrend could resume. This positive view will invalidate on a break and close below $3.40.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.*Disclaimer: ACH is a featured cryptocurrency from one of Cointelegraph’s sponsors, its inclusion did not affect this price analysis.

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3 possible reasons why Polkadot is playing second fiddle in the L1 race

2021 was a sort of “coming-of-age” for many layer-one (L1) blockchain protocols because the growth of decentralized finance (DeFi) and nonfungible tokens (NFTs) forced users to look for solutions outside of the Ethereum (ETH) network where high fees and network congestion continued to be barriers for many.Protocols like Fantom (FTM), Avalanche (AVAX) and Cosmos (ATOM) saw their token values rise and ecosystems flourished as 2021 came to a close. Meanwhile, popular projects like Polkadot (DOT) underperformed, comparatively speaking, despite the high expectations many had for the sharded multi-chain protocol. FTM/USDT vs. AVAX/USDT vs. ATOM/USDT vs. DOT/USDT daily chart. Source: TradingViewSetting aside the specific capability that each protocol offers in terms of transactions per second and time to finality, here are several factors that may have played a role in DOT’s laggard performance when compared to other L1 competitors. Interoperability is a key factorOne of the major themes of 2021 was cross-chain interoperability between separate blockchain networks, with a bridge to Ethereum being the most important connection to establish due to the fact that a majority of projects currently run on the network. Protocols like Fantom, Binance Smart Chain, Avalanche and Harmony developed cross-chain bridges and this led to a noticeable bump in their token price, total value locked and on-chain activity. Despite the fact that Polkadot was specifically designed to offer multi-chain support as a “layer-zero” meta protocol, there was no major release of a bridge that connected Polkadot with Ethereum in 2021 and this left the protocol unloved by crypto traders looking to engage with DeFi and NFTs. Cosmos, likewise, didn’t see the release of a major bridge that connected its ecosystem with Ethereum, but there were minor integrations like the addition of Ether as a collateral asset on Terra which demonstrated that cross-chain compatibility was possible. The late launch of parachain auctionsAs 2021 came to a close, all of the previously mentioned networks were seeing a healthy amount of activity and cross-protocol interactions while projects on Polkadot were still finalizing their preparations to launch on the mainnet. This was in part due to the fact that the parachain auctions for Polkadot didn’t begin until November 11 when Moonbeam (GLMR), an Ethereum-compatible smart contract parachain, secured the first slot. DOT saw its price rise to an all-time high of $55 on Nov. 4 as those interested in contributing to the parachain auctions secured their tokens, but by the time the auctions had officially started its price was already on the downslope toward a low of $23.28 on Jan. 10. Moonbeam official went live on the Polkadot network on Jan. 11 and has managed to rack up more than 1 million transactions as users were finally able to transfer ERC-20 tokens into the Polkadot ecosystem. ⚡​ ONE MILLION TRANSACTIONS ⚡️Moonbeam hits 1M tx on the network! ​ Moonbeam is lighting up @Polkadot’s ecosystem with new integrations, 100k+ wallets, 700+ ERC-20 tokens & 1M GLMR tokens locked with collators.See the networkhttps://t.co/6ZhRLYDHgX pic.twitter.com/tczI7mAjlR— Moonbeam Network (@MoonbeamNetwork) January 20, 2022The price of DOT saw a slight bump higher following the launch of Moonbeam but has once again slid back down below $25. Related: Moonbeam (GLMR) launch brings EVM interoperability closer to the Polkadot networkThe benefits of holding DOTA third factor that may be weighing on the popularity and price of DOT is confusion about what the token is used for and what benefits it provides to token holders. Thinking about selling my $DOT. I don’t see the purpose of the project anymore, many of the cool projects that were going to build on it migrated to $MATIC or so.Why should I keep it?— Quinten François (@QuintenFrancois) July 29, 2021

On many of the competing networks, the native token is used to conduct contract actions such as token transfers or swaps whereas protocols that are in the Polkadot ecosystem use their native tokens to pay for gas. Aside from being used to participate in parachain auctions, the main uses for DOT include staking to support the operation and security of the network and for use in governance votes. While governance abilities are important for the overall health of blockchain protocols, the average cryptocurrency users still haven’t shown much enthusiasm for participating in votes and are more interested in things like gaming, DeFi and NFTs. Multiple layer-one solutions are launching developer and liquidity incentive programs and up and coming DeFi protocols are still offering high yield staking opportunities. Currently DOT offers 13.94% APR to stakers and its possibly that this is not enough to satisfy the appetite of yield farmers who are looking to get more bang for their buck. The long-term outlook for Polkadot remains strong and the project has an active and dedicated community of followers to go along with an experienced development team led by Ethereum co-founder Dr. Gavin Wood. The launch of Moonbeam might indeed mark a turning point for DOT as cross-chain compatibility is now live and other parachain projects should start to launch on the mainnet shortly, but it remains to be seen how long it will take the network to catch up to its L1 competitors who have a head start on cross-chain interactions and increased on-chain activity. 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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Top 5 cryptocurrencies to watch this week: BTC, NEAR, ATOM, FTM, FTT

Bitcoin (BTC) has stopped its decline and is attempting a recovery along with select altcoins. Some traders have been fearing a massive sell-off in Bitcoin but Capriole CEO Charles Edwards said that Bitcoin’s worst crashes have happened “due to miner capitulation (December 2018 and March 2020), when BTC fell below production costs.” However, the current production cost of Bitcoin was $34,000, which is well below the current price.In a sign that institutional investors remain bullish on the crypto sector even after the recent fall, Cathie Wood’s Ark Invest bought 6.93 million shares of the special purchase acquisition company that will merge with Circle, the principal operator of USD Coin (USDC) and the second-largest stablecoin in terms of market capitalization.Crypto market data daily view. Source: Coin360Another sign that the crypto markets are maturing is the fact that nonfungible tokens (NFTs) have not responded negatively to the fall in crypto prices. A recent report by DappRadar said that NFT trading in the first ten days of 2022 generated $11.90 billion compared to $10.7 billion in Q3 2021.Could Bitcoin continue its recovery and pull select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies to find out.BTC/USDTThe bulls are struggling to propel Bitcoin above the 20-day exponential moving average ($44,415) for the past few days but a minor positive is that buyers have not given up much ground. This suggests that bulls are buying on every minor dip.BTC/USDT daily chart. Source: TradingViewIf buyers push and sustain the price above the 20-day EMA, it will signal a possible change in trend. The BTC/USDT pair could then rally to the 50-day simple moving average ($47,987) where the bears may again mount a stiff resistance. A break and close above this resistance could clear the path for a rally to $52,088.Contrary to this assumption, if the price fails to rise above the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then attempt to sink the price below the critical support at $39,600. If they succeed, the pair could extend its downtrend.BTC/USDT 4-hour chart. Source: TradingViewThe moving averages have flattened out and the relative strength index (RSI) is just above the midpoint on the 4-hour chart. This suggests a range-bound action in the short term. The pair could remain stuck between $39,600 and $45,456.A break and close above $45,456 could tilt the advantage in favor of the bulls, signaling the start of a possible rally to $52,088. Alternatively, a break and close below $39,600 could indicate the resumption of the downtrend.NEAR/USDTNEAR Protocol’s NEAR token is in a strong uptrend. The price broke above the previous all-time high at $17.95 on Jan. 11, signaling the resumption of the up-move. The bears pulled the price back below $17.95 on Jan. 12 but the bulls bought this dip and reclaimed the level on Jan. 13.NEAR/USDT daily chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If bulls do not allow the price to dip below the breakout level at $17.95, the NEAR/USDT pair could rally to $25.44.Alternatively, if bears pull the price below $17.95, the pair could drop to the 20-day EMA ($16.42). A bounce off this level could keep the uptrend intact but a break and close below it will suggest that traders are rushing to the exit. The pair could then decline to $13.NEAR/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has been taking support at the 20-EMA. The upsloping moving averages and the RSI in the positive territory indicate that the short-term trend favors the buyers.If bulls propel the price above $20.59, the uptrend could begin. The pair could then rise to $22 and later to $25.Contrary to this assumption, if the price drops below the 20-EMA, it will indicate that short-term traders may be booking profits. The pair could then drop to the 50-SMA. A break and close below this support will indicate the start of a deeper correction.ATOM/USDTCosmos (ATOM) is attempting to form an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance at $44.80.ATOM/USDT daily chart. Source: TradingViewThe rising moving averages and the RSI in the overbought territory indicate that the path of least resistance is to the upside. A close above $44.80 could open the gates for a rally to the psychological level at $50 and then toward the pattern target at $69.42.Alternatively, if the price turns down from the overhead resistance, the ATOM/USDT pair could drop to the 20-day EMA ($36). This is a key level for the bulls to defend. If the price rebounds off this level, the bulls will again attempt to drive the pair above the overhead resistance and resume the uptrend.A break and close below the 20-day EMA will be the first sign that the up-move could be losing steam. The pair could then drop to $32.90.ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken out of the symmetrical triangle pattern, indicating that the uncertainty has resolved in favor of the buyers. The bears may attempt to defend the overhead resistance at $44.80 but if they fail, the pair could rally to the pattern target at $51.19.Alternatively, if the bears successfully defend the resistance at $44.80, the pair could drop to the 20-EMA. If the price rebounds off this support, the bulls will again try to clear the overhead hurdle. This positive view will be negated on a break and close below the 50-SMA.Related: Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merchFTM/USDTFantom (FTM) is in a strong uptrend. The price action of the past few days has formed an inverse (IH&S) which will complete on a break and close above $3.17. FTM/USDT daily chart. Source: TradingViewThe bears may attempt to stall the rally at $3.48 but if bulls push the price above this level, the next leg of the uptrend could begin. The up-move could first reach $4 and later continue its journey toward the pattern target at $5.11.Contrary to this assumption, if the price turns down from the overhead resistance, the bears will attempt to pull the FTM/USDT pair to the 20-day EMA ($2.62). If the price turns up from this level, it will suggest that the sentiment remains positive and traders are buying the dips.However, a break and close below this support will signal the start of a deeper correction to the 50-day SMA ($2.07).FTM/USDT 4-hour chart. Source: TradingViewThe bears attempted to stall the up-move at $3.17 but the bulls had other plans. They bought the dip to the 20-EMA and have pushed the price above the overhead barrier. If bulls sustain the price above the breakout level, it will signal the resumption of the uptrend.On the other hand, if bears pull the price below $3.17, the pair could drop to the 20-EMA. This is an important level to watch out for because a break and close below it could indicate that the current breakout may have been a bull trap. The pair could then drop to $2.80 and later to the 50-SMA.FTT/USDTFTX Token (FTT) has been in a strong corrective phase for the past several weeks. The bulls pushed the price above the downtrend line on Jan. 14, signaling a possible change in trend.FTT/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI has risen above 64 after forming a positive divergence. This suggests that bulls are attempting a comeback. If the price sustains above the downtrend line, the FTT/USDT pair could rise to $53.50.Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, it will suggest that the breakout was a bull trap. That could pull the price down to $33.76. A break and close below this support could open the doors for a possible drop to $24.FTT/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a falling wedge pattern. The buyers pushed the price above this pattern and have also cleared the horizontal resistance at $45.07. Both moving averages are sloping up and the RSI is in the overbought zone, indicating that bulls have the upper hand. If bulls maintain the price above $45.07, the pair could start its march toward the psychological resistance at $50.This positive view will invalidate if the price turns down and re-enters the wedge. Such a move will indicate that demand dries up at higher levels.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.

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The expanding Cosmos: Here’s why Osmosis (OSMO) hit a new all-time high

Crypto assets within the Cosmos ecosystem have been on a run since the start of 2022 thanks to an intensified focus on brokering cross-chain compatibility with other blockchains. One decentralized finance (DeFi) protocol that has benefited from the current expansion plans is Osmosis (OSMO).  Osmosis is the first decentralized exchange (DEX) servicing projects connected through the Interblockchain Communication Protocol (IBC) and data from Cointelegraph Markets Pro show OSMO price surged 123% from a low of $4.05 on Dec. 17 to a new all-time high at $9.24 on Jan. 7.OSMO/USD 1-day chart. Source: CoinGeckoThree reasons for the price growth seen in OSMO include a surge in trading volume on the DEX, a record high in the total value locked on the protocol and the release of cross-chain bridges that connect the Cosmos (ATOM) ecosystem with other Ethereum (ETH) virtual machine (EVM) compatible networks. Trading volume surgesOne of the biggest factors helping drive the price of OSMO has been the significant increase in trading volume on the exchange. According to data from Token Terminal, trading volume hit a record high of $186.8 million on Jan. 7 and a new all-time high was set on the same day.OSMO price vs. DEX trading volume. Source Token TerminalThe spike in trading volume and token price briefly resulted in Osmosis becoming the third ranked DEX by market capitalization as highlighted in the following tweet from Twitter user Jimmy Yang. 3rd largest DEX token is a @Cosmos DEX $OSMO $ATOM pic.twitter.com/UbBNur2Dsr— Jim Yang is hiring (@proofstake) January 6, 2022Other factors that have helped bolster the price of OSMO as trading volume increased include the fact that more than 81 million OSMO are currently staked on the network according to data from SmartStake. Furthermore, a large portion of the supply is also being used to provide liquidity in the various liquidity pools offered on Osmosis. Total value locked on the riseA second development laying out the bullish case for OSMO has been the steady increase in total value locked on the protocol, which hit a record $1.21 billion on Jan. 11 according to data from Defi Llama. Total value locked on Osmosis. Source: Defi LlamaThe climbing TVL comes as multiple tokens in the Cosmos ecosystem hit new highs. Notably, ATOM, which is the most recognizable asset from Cosmos, hit a daily high of $43.64 on Jan. 7, which is just a dollar below its all-time high. Osmosis’ second native token, ION, also hit a new high at $16,500 on Jan. 11. Related: 3 reasons why Cosmos (ATOM) price is near a new all-time highCross-chain ease the burden for tradersA third reason for the bullish turn in OSMO is the increased attention Cosmos has directed toward EVM compatibility and cross-chain bridges.Evmos is a current project in development that is working on becoming the first IBC-compatible EVM-based chain and it is currently supporting ERC-20 tokens on its testnet. IBC-enabled ERC20 tokens Now live on @EvmosOrg’s incentivized testnet!#IBCGang @cosmosibc @cosmos https://t.co/0knQk4gf9G— Federico Kunze Küllmer (@fekunze) December 22, 2021

Injective, a L1 protocol, has also revealed that is developing cross-chain bridges for Cosmos-based projects and it is currently working on support for OSMO. Sneak peek at the latest Injective Bridge IBC integration @osmosiszone ⚛️ @InjectiveLabsThe @cosmos IBC ecosystem is growing stronger everyday! pic.twitter.com/rVoRdQxjh0— Injective (@InjectiveLabs) January 4, 2022

As cross-chain bridges come online and allow tokens from other EVM-compatible networks to bridge into the Cosmos Hub, Osmosis has the potential to see further increases in trading volume and TVL simply because it is the main DEX for the Cosmos ecosystem at this time. If this were to occur, there’s also the possibility that OSMO price could appreciate further. 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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Which layer-one protocols will outperform in 2022? | Tune in now to The Market Report

In this week’s show, Cointelegraph resident experts decide which layer-one protocol is more likely to rise above the rest in 2022. Join Cointelegraph host and analyst Benton Yaun alongside market analysts Jordan Finneseth and Sam Bourgi as they pick their favored layer-one protocols for 2022. Will it be Velas ($VLX), which is currently the fastest blockchain when it comes to transactions, Avalanche (AVAX), with its substantial VC backing, fast transactions and low gas fees, or Cosmos (ATOM), a platform focused on interoperability. Let us know which project you think has the most potential by leaving a comment in the chat room!Stick around after the showdown for insights from Cointelegraph’s Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Markets Pro identifies two altcoins that stood out this week: ACH and ICP.Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!“The Market Report” streams live every Monday at 12pm ET, so be sure to head on over to the Cointelegraph YouTube page and smash that like and subscribe button for all our future videos and updates.

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Cosmos ecosystem tokens rally after Evmos promises Ethereum interoperability

The wider cryptocurrency market is facing another day of volatility and selling on Jan. 7 as Bitcoin (BTC) bears managed to break bull support at $42,000. The price of Bitcoin was pushed to a daily low of $40,620 before resources were exhausted. Data from Cointelegraph Markets Pro shows that four of the top seven gainers of the day are part of the growing Cosmos Hub. This ecosystem currently uses the Interblockchain Communication protocol (IBC) to facilitate interoperability and communication between connected networks.Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProHere’s a look at what’s behind the strength seen in IRISnet (IRIS), Secret (SCRT), Akash Network (AKT) and Cosmos (ATOM). IRISnet expands its NFT capabilitiesThe top gainer over the past 24-hours has been IRISnet, an interchain service hub for decentralized applications that enables cross-chain interoperability and provides businesses with modules to support running a distributed system. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.079 in the early trading hours on Jan. 7, the price of IRIS blasted 84% higher to hit a daily high at $0.144 as its 24-hour trading volume surged 2,320% to $112.6 million. IRIS/USDT 4-hour chart. Source: TradingViewThe sudden surge in price and volume for IRIS comes as the protocol’s nonfungible token community continues to expand thanks to the upcoming launch of the Uptick Network nonfungible token (NFT) ecosystem. These efforts have helped to attract new users to the IRISnet ecosystem. Pulp Fiction NFTs are coming to the Secret NetworkThe Secret Network is a blockchain protocol with built-in data privacy for smart contracts that enables programmable privacy for data transfer, decentralized finance (DeFi) and NFTs. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Jan. 3, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points that includes market sentiment, trading volume, recent price movements and activity on Twitter.VORTECS™ Score (green) vs. SCRT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for SCRT began to pick up on Jan.3, around 55 hours before the price increased 25% over the next day.The boost to SCRT price comes after it was revealed that movie director Quentin Tarantino will be releasing NFTs from the popular move Pulp Fiction on the Secret Network. Akash Network partners with CloudStackThe Akash Network bills itself as the world’s first decentralized cloud computing marketplace for DeFi. Known as DeCloud, the service enables any application to launch quickly without the need to set up, configure or manage servers. Data from Cointelegraph Markets Pro and TradingView shows that after a quick drawdown to a low of $2.33 on Jan. 5, the price of AKT rebounded 25% to a daily high at $2.93 on Jan. 7 as its 24-hour trading volume increased by 88%. AKT/USD 4-hour chart. Source: TradingViewThe building momentum for AKT comes following the announced partnership between the Akash Network and CloudStack, a decentralized cloud aggregator that offers a portal to access any decentralized storage network, including Filecoin, Arweave and Storj. Related: 3 reasons why Cosmos (ATOM) price is near a new all-time highBulls like the idea of interoperability between Cosmos and EthereumCosmos is the foundational blockchain protocol for the entire Cosmos Hub, billing itself as the “internet of blockchains.” ATOM holders stake the platform’s native ATOM token to secure the entire ecosystem. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Dec. 29, prior to the recent price rise. VORTECS™ Score (green) vs. ATOM price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ATOM climbed into the green zone on Dec. 29 and hit a high of 80 just as its price began to increase by 79% over the next nine days. The overall cryptocurrency market cap now stands at $1.987 trillion and Bitcoin’s dominance rate is 39.9%.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 reasons why Cosmos (ATOM) price is near a new all-time high

Blockchain network interoperability is shaping up to be one of the main themes for the cryptocurrency ecosystem in 2022. New users are continuing to onboard into the growing world of crypto while both new and established projects search for the chain that will best serve the needs of their protocol and community. One project that has 2022 off to a bullish start thanks to its focus on facilitating the communication between separate networks is Cosmos (ATOM). This project bills itself as “the internet of blockchains” and seeks to facilitate the development of an interconnected decentralized economy. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $25.06 on Dec. 30, the price of ATOM has rallied 75% to hit a daily high at $43.98 on Jan. 4 as its 24-hour trading volume spiked to $2.54 billion. ATOM/USDT 1-day chart. Source: TradingViewThree reasons for the surging price of ATOM include the launch of a cross-chain bridge which makes the protocol Ethereum Virtual Machine (EVM) compatible and an upcoming Theta upgrade which will rapidly expand the ecosystem of connected chains and applications.Cosmos nears EVM compatibilityThe most significant development that has provided a boost to ATOM is the rollout of Evmos, an EVM-compatible protocol that will allows assets and projects that operate on the Ethereum (ETH) network to migrate over to the Cosmos ecosystem. @EvmosOrg is an application-agnostic @cosmos chain ⚛️@EvmosOrg will be interoperable with @Ethereum, EVM-compatible environments, and other chains via IBC, making it easy to move value across chains ⛓Learn about @EvmosOrg network architecture https://t.co/VfDiYxVkte pic.twitter.com/20iMai6B3Z— Figment (@Figment_io) December 7, 2021Up to this point, there had not been a way for Ethereum-based projects to interact with the Cosmos ecosystem. This significantly limited the number of projects and tokens that could interact with DeFi and NFT projects in the Cosmos ecosystem.Gravity Bridge, which launched on Dec. 15, is another project dedicated to facilitating the bridging of assets between Ethereum and Cosmos and currently it operates as a standalone chain. Plans to migrate to the Cosmos Hub in early 2022 are currently underway.Preparing for the Theta upgradeA second development that has put wind in the sails of Cosmos is the protocol’s upcoming Theta upgrade which is scheduled for March 31. Some of the new features included in the upgrade include the addition of meta-transactions, where transactions can be submitted by separate accounts that receive tips and the introduction of inter-chain accounts which allow users to manage accounts across multiple blockchains. Another feature is liquid staking, a system where users utilize the value of staked assets in other parts of the Cosmos ecosystem. The Theta upgrade also includes NFT modules, which enable the simple management of NFT identifiers, their owners and associated data.Related: ROSE gains 54% in a week as Oasis Network ecosystem expandsExpanding ecosystems are typically bullishA third reason for the bullish momentum of ATOM is ecosystem’s expansion to 28 live, interconnected chains that total more than $68 billion in total value. Cosmos is the only cross-chain ecosystem in the world that uses an interoperability standard.#CosmosFactshttps://t.co/HwBEUuchyP pic.twitter.com/9b9YRyLfVS— Cosmos – Internet of Blockchains ⚛️ (@cosmos) December 30, 2021

Some of the more established chains that have joined the Cosmos ecosystem include the Binance Smart Chain, Terra (LUNA) and Crypto.com (CRO), while the biggest projects using Cosmos’ software development kit (SDK) include Osmosis (OSMO), Secret (SCRT), Oasis Network (ROSE) and Kava (KAVA). As the bridge protocols linking Cosmos with other EVM-compatible networks are established, the number of chains connected to the Cosmos Hub is likely to increase. This will bring an increase in the total value of the ecosystem along with it. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ATOM on Dec. 29, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. ATOM price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ATOM began to pick up on Dec. 28 and climbed to a high of 81 just as the price began to increase 67% over the next six days.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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Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE

Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end.However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022.Crypto market data daily view. Source: Coin360The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021 were more than $9.3 billion. A majority of over two-thirds of the crypto inflows were into Bitcoin.Could Bitcoin start a new up-move in January pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.BTC/USDTBitcoin has been trading between the 20-day exponential moving average ($48,720) and the strong support at $45,456 for the past few days. This suggests that buying dries up at higher levels.BTC/USDT daily chart. Source: TradingViewBoth moving averages are turning down and the relative strength index (RSI) is in the negative zone, indicating that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will try to sink the price below $45,456. If they manage to do that, the next leg of the downtrend to $42,000 and then to $40,000 could begin.Contrary to this assumption, if the price breaks above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($52,332). A break and close above this level could signal the start of a new up-move that could reach the 61.8% Fibonacci retracement level at $58,686.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is range-bound between $45,456 and $51,936.33. The price has rebounded off $45,456 and if bulls push the pair above the 50-SMA, it will suggest accumulation at lower levels. That could drive the price toward $51,936.33.Conversely, if the price turns down from the 50-SMA, the bears will make one more attempt to pull the pair below $45,456. If they succeed, the pair could resume the downtrend with the next target objective at $38,975.67.LUNA/USDTTerra’s LUNA token is attempting to resume its uptrend but the bears have other plans, drawing a line near $93.81.LUNA/USDT daily chart. Source: TradingViewThe upsloping moving averages and the RSI in the positive territory suggest a slight edge to the buyers. If the price once again rebounds off the 20-day EMA ($82), it will indicate that bulls continue to accumulate on dips.The LUNA/USDT pair will then try to break above $93.81 and challenge the all-time high at $103.60. A break and close above this resistance could start the next leg of the uptrend to $135.26.Conversely, if the price turns down and breaks below the 20-day EMA, it will signal a change in the short-term trend. The pair could then drop to $65.15.LUNA/USDT 4-hour chart. Source: TradingViewThe bounce off $81.11 is facing selling in the zone between the 50% Fibonacci retracement at $92.35 and the 61.8% retracement level at $95.01. The bears will now try to pull the price below the 20-EMA and the uptrend line.If they do that, the pair could drop to $84 and then to $81.11. A break and close below this support could signal that bears are back in the game.On the contrary, if the price rebounds off the current level or the uptrend line, the buyers will try to drive the pair above $95.01 and retest the overhead resistance at $103.60.FTM/USDTFantom (FTM) has turned down from the overhead resistance at $2.67, which suggests that bears are defending this level with vigor.FTM/USDT daily chart. Source: TradingViewThe FTM/USDT pair could drop to the 20-day EMA which could act as a strong support. A sharp rebound off this support will suggest that buyers are accumulating on dips. The rising 20-day EMA ($2.03) and the RSI above 68 suggest that the path of least resistance is to the upside. A break and close above $2.67 will suggest that bulls are back in the game. The pair could then start its northward march toward $3.17 and then to $3.48. The bears will have to pull and sustain the price below $2 to invalidate the bullish sentiment.FTM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows a rounding bottom formation, which will complete on a break and close above the overhead resistance at $2.67. If the price rebounds off the 20-EMA, the bulls will again try to overcome the barrier at $2.67. If that happens, the up-move could begin.Conversely, if the price breaks below the 20-EMA, it will suggest that the short-term bullish momentum could be weakening. The pair could then drop to the 50-SMA and later to the strong support at $2.Related: Three reasons why PlanB’s stock-to-flow model is not reliableATOM/USDTCosmos (ATOM) broke and closed above the overhead resistance at $34 on Jan. 1. The moving averages have completed a bullish crossover, indicating that bulls have the upper hand. ATOM/USDT daily chart. Source: TradingViewIf the price sustains above $34, the bullish momentum could pick up further and the ATOM/USDT pair could rise to $38 and later to $43.28. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls are in control.Contrary to this assumption, if the price breaks and closes below $34, it will suggest that bears are attempting to trap the aggressive bulls. The pair could then drop to the 20-day EMA ($28). If the price rebounds off this level, the bulls will make one more attempt to clear the overhead hurdle but if the pair breaks below the moving averages, the decline could extend to $25.ATOM/USDT 4-hour chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the price rebounds off the 20-EMA, it will signal that sentiment remains positive and traders are buying on dips.The up-move could resume on a break and close above $37. Conversely, if bears pull the price below the 20-EMA, it may lead to profit-booking from short-term traders. That may pull the price down to the 50-SMA. ONE/USDTHarmony (ONE) has reached the downtrend line where the bears are likely to mount a stiff resistance. If the price turns down from the current level, the altcoin could dip to the 20-day EMA ($0.24).ONE/USDT daily chart. Source: TradingViewIf the price rebounds off the 20-day EMA, it will suggest that the sentiment remains bullish and traders are accumulating on dips. The bulls will then again attempt to push the price above the downtrend line.If they succeed, it will suggest the start of a new up-move. The first target on the upside is $0.34 and a break above it could result in a retest at $0.38. This positive view will invalidate if the price turns down and breaks below $0.21. ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a cup-and-handle pattern, which will complete on a break and close above $0.29. This reversal setup has a pattern target at $0.38. It is unlikely to be a straight dash to the target objective because bears are likely to mount a strong resistance at $0.34.Conversely, if the price turns down from the current level, it could drop to the moving averages. If this support cracks, the ONE/USDT pair could decline to $0.21. A bounce off this support could keep the pair range-bound between $0.21 and $0.27 for some time.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.

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Cross chain DeFi hub Umee raises $32M with Coinlist token sale

Cross chain DeFi hub Umee’s token sale on Coinlist has broken the record for user interest on the platform and concluded with nearly $32 million raised.Coinlist reported that more than 922,000 Coinlist accounts had registered for options 1 and 2 of the UMME token sale, which is the highest number ever for a token sale on the platform. In the end around 63,000 accounts contributed. A Medium post from the Umee team yesterday stated that funds will be used to expand the development and engineering teams. The Beta web app for the platform is set to launch “in the coming days,” and the mainnet is scheduled to ship by mid-February.The $32 million raise is reportedly the fifth largest public raise on Coinlist all year. This also puts it among the top public token sale rounds this year with BitDAO (BIT) which raised over $43 million, GuildFi (GF) which raised over $139 million, and others.It adds to the $6.3 million Umee raised in June in its first private funding round led by Polychain, Alameda Research, Coinbase, CMS Holdings, and others.Umee is a decentralized platform which allows cross chain leverage trading and yield staking. Its website claims it can help users “discover new yield opportunities and explore DeFi applications intersecting networks in a seamless and trustless manner.”It is led by Brent Xu, a contributor to Ethereum (ETH) and Cosmos (ATOM), who sees decentralized finance (DeFi) as “the most innovative concept in crypto.” The team wishes to expand on ideas and technology used by Tendermint on Cosmos that allow separate layer-one blockchains to become interoperable. Related: DAO treasuries surged 40X in 2021: DeepDAOAccording to Xu, Umee uses the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem so that assets from Ethereum Virtual Machine (EVM)-based blockchains can be used interoperably on other layer-one blockchain networks in DeFi apps. This is a similar design to Cosmos but Umee focuses on cross chain interest rates, multi-chain staking, and interchain leverage.

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Top 5 cryptocurrencies to watch this week: BTC, MATIC, NEAR, ATOM, HNT

After staying above $50,000 on Christmas day, Bitcoin (BTC) faced selling pressure on Dec. 26. One of the reasons for the possible dip in Bitcoin’s price is the increase in inflows to the Binance exchange. Data analysis account Material Scientist said that Binance’s inflows could be due to “a new player.” Although Bitcoin is almost certain to miss PlanB’s floor model price projection of $135,000 for December, the creator of the stock-to-flow price model remains bullish. He said that Bitcoin’s price at $51,000 remains within one standard deviation of the model, which keeps the forecast of $135,000 for this halving cycle in play.Crypto market data daily view. Source: Coin360Several asset managers have added Bitcoin to their portfolio in 2021 but UK’s ex-Chancellor Lord Hammond warned retail investors to be “extremely cautious” while investing in cryptocurrencies. He said that “it’s almost certainly not suitable for retail investors as a mainstream investment category.”Let’s study the charts of the top-5 cryptocurrencies that may lead the recovery in the crypto sector in the next few days.BTC/USDTBitcoin broke above the 20-day exponential moving average ($49,832) on Dec. 23 but the recovery hit a roadblock at the 38.2% Fibonacci retracement level at $52,314. This indicates that bears have not yet given up and continue to sell on rallies.BTC/USDT daily chart. Source: TradingViewThe BTC/USDT pair formed a Doji candlestick pattern on Dec. 24, indicating uncertainty among the bulls and the bears. This indecision resolved to the downside on Dec. 25 and the price has slipped to the 20-day EMA. The relative strength index (RSI) is just below the midpoint and the 20-day EMA is flattish, indicating a balance between supply and demand.If the price rebounds off the current level and breaks above $52,314, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. The pair could then rise to the 50% retracement level at $55,500 and later to the 61.8% retracement level at $58,686.Conversely, if bears pull the price below the 20-day EMA, the pair could drop to the 200-day simple moving average ($47,569) and then to $45,456. A break and close below this level could open the doors for a possible drop to $42,000.BTC/USDT 4-hour chart. Source: TradingViewThe pair is attempting to form a cup and handle formation which will complete on a breakout and close above the overhead resistance at $51,936.33. This reversal setup has a target objective at $58,313.81.This positive view will invalidate if the price turns down from the current level and breaks below $49,600. That could pull the price down to $47,920.42. If this support also cracks, the decline could extend to $45,558.85.MATIC/USDTPolygon (MATIC) has been in a strong uptrend. Although bears posed a stiff challenge at $2.70, the bulls did not give up much ground and have pushed the price to a new all-time high today.MATIC/USDT daily chart. Source: TradingViewIf bulls sustain MATIC price above $2.70, the MATIC/USDT pair could start the next leg of the uptrend. The pair could first rise to $3.41 and if this level is crossed, the up-move may reach the psychological mark at $5.The upsloping 20-day EMA ($2.30) and the RSI in the positive territory suggest that bulls are in control. If the price turns down and breaks below the 20-day EMA, it will suggest that the current breakout was a bull trap. The pair could then drop to $2 and later to $1.73.MATIC/USDT 4-hour chart. Source: TradingViewAfter struggling to break out and sustain above $2.70 on three occasions, the bulls have finally managed to overcome the resistance. However, the bears are unlikely to give up easily and will again try to stall the up-move at the resistance line of the ascending channel.If the price turns down from the current level and breaks below the 20-EMA, the pair could drop to $2.42. This is an important support for the bulls to defend because if it cracks, the pair could plunge toward the 200-SMA. On the contrary, if bulls drive and sustain the price above the channel, the bullish momentum could pick up further.NEAR/USDTNEAR Protocol’s NEAR token picked up momentum after breaking above the falling wedge pattern on Dec. 23. This carried the price above the strong resistance at $13.23, signaling the resumption of the uptrend.NEAR/USDT daily chart. Source: TradingViewThe bears are unwilling to allow the bulls to have their way and are aggressively defending the $16 level. The NEAR/USDT pair formed an inside-day candlestick pattern on Dec. 25, indicating indecision among the bulls and the bears.If the price breaks below $14, the pair could drop to $13.23 and then to the 20-day EMA ($11.11). A strong rebound off either level will suggest that the sentiment remains positive and traders are buying on dips. If bulls drive the price above $15.93, the pair could rise to $17.95. This bullish view will be negated if bears sink and sustain the price below the 20-day EMA.NEAR/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair is consolidating between $14.20 and $15.93, which is a positive sign. The 20-EMA is sloping up and the RSI is in the positive zone, suggesting that bulls have the upper hand.If buyers drive the price above $15.93, the pair could resume the uptrend. On the other hand, if the price breaks below the 20-EMA, the pair could drop to $13.23. This level is likely to act as strong support but if it cracks, the next stop could be $11.50.Related: Binance Turkey fined 8M lira for non-compliance against money launderingATOM/USDTCosmos (ATOM) broke out and closed above the resistance line of the descending channel on Dec. 25, indicating that the downtrend may be over.ATOM/USDT daily chart. Source: TradingViewThe 20-day EMA ($25.91) has started to turn up and the RSI has risen into the positive territory, indicating that bulls have the upper hand. If buyers sustain the price above the channel, the ATOM/USDT pair could rise to $33.60 and thereafter to $38.If the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that traders continue to sell on rallies. The pair could then drop to the 200-day SMA ($24.12).ATOM/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the pair picked up momentum after breaking and closing above the 200-SMA. The bears tried to stall the up-move at $30 and pull the price down but the bulls successfully defended the 20-EMA.This suggests that the sentiment has turned positive and traders are buying on dips. The pair could rally to the overhead zone at $33.60 to $34.15 where the bears may mount a strong resistance.If the price turns down and breaks below the 20-EMA, it will suggest that supply exceeds demand. That could open the doors for a possible decline to $26.37 and then to the 200-SMA.HNT/USDTHelium’s HNT token bounced off the strong support at $25 and broke above the 20-day EMA ($35.38) on Dec. 16. The bears attempted to pull the price back below the 20-day EMA but the bulls purchased the dip and extended the recovery to $43.40 on Dec. 23. HNT/USDT daily chart. Source: TradingViewThe bears are defending the overhead zone between the 50% Fibonacci retracement level at $42.14 and the 61.8% retracement level at $46.18. This has pulled the price back to the 20-day EMA, which is an important level to watch out for.If the price rebounds off the current level, the buyers will try to push the HNT/USDT pair above the overhead zone. If they succeed, the pair could rise to $51.94.Conversely, if bears sink the price below the 20-day EMA, the pair could drop to $29.94. A break and close below this level could sink the price to $25.HNT/USDT 4-hour chart. Source: TradingViewThe bears are defending the overhead resistance at $42. Although the bulls pushed the price above this resistance, they could not sustain the higher levels. This could have trapped the aggressive bulls, resulting in a correction.The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.If bears pull the price below the 200-SMA, the correction could deepen further and the pair may slide to $30. Alternatively, a break and close above $39.50 could push the price to $42. A break and close above this level will suggest the resumption of the uptrend.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.

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