Značka: Elrond

Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, ALGO, EGLD

Bitcoin (BTC) and most altcoins sold off on Dec. 4 with massive deleveraging seen in the crypto derivatives markets. Data suggests more than $2.5 billion of crypto liquidations over a 24-hour period.During the recent fall, Ether (ETH) has continued to outperform Bitcoin. While Bitcoin’s market dominance has dropped below 41%, Ether has continued to gain ground and its market dominance has risen above 21%.Crypto market data daily view. Source: Coin360Some analysts believe that Bitcoin’s recent decline could result in a lengthy phase of consolidation. Decentrader co-founder filbfilb expects Bitcoin to consolidate well into the first quarter of the next year. Lex Moskovski, CIO of Moskovski Capital, also expects “a slow grind up.”Could Bitcoin hit a bottom within the next few days? Let’s analyze the charts of the top-5 cryptocurrencies that could lead the markets higher.BTC/USDTBitcoin had taken strong support at the 100-day simple moving average ($54,496) in end-September, making this an important support for the bulls to defend.BTC/USDT daily chart. Source: TradingViewHowever, the bears had other plans. They pulled the price below the 100-day SMA on Dec. 3 which may have triggered several stop losses. That resulted in panic selling and the BTC/USDT pair plunged to $42,000 on Dec. 4. The bulls bought this decline with vigor as seen from the long tail on the day’s candlestick.The downsloping 20-day exponential moving average ($56,219) and the relative strength index (RSI) near the oversold zone suggest that bears have the upper hand. If the pair continues lower from the current levels, the next stop could be the strong support at $40,000. Conversely, if the price turns up from the current level, the pair could rise to the 100-day SMA, which may act as a strong hurdle. A break and close above this level will be the first sign that a stronger recovery is possible.BTC/USDT 4-hour chart. Source: TradingViewThe pair has been trading inside a descending channel pattern. The bears pulled the price below the support line of the channel but bulls purchased this dip and pushed the pair back into the channel.If bulls successfully defend the support line, the pair could rise to the 20-EMA. This level is again expected to act as a strong resistance. If the price turns down from the 20-EMA, it will signal that sentiment remains negative. That may increase the likelihood of a break below the channel.If that happens, the pair could drop to the strong support zone at $42,000 to $40,000. Conversely, a break and close above the 20-EMA will be the first sign that sellers may be losing their grip. The pair could then rise to the resistance line of the channel.ETH/USDTEther (ETH) has been range-bound between $4,868 and $3,900 for the past few days. Although bears pulled the price below the range on Dec. 4, they could not sustain the lower levels. The bulls bought this dip aggressively as seen from the long tail on the day’s candlestick.ETH/USDT daily chart. Source: TradingViewIf bulls sustain the price above $3,900, the ETH/USDT pair could rise to the 20-day EMA ($4,326). A break and close above this level could clear the path for a possible rally to the all-time high at $4,868. The bulls will have to overcome this barrier to signal the resumption of the uptrend.Contrary to this assumption, if the price turns down from the current level, the bears will make one more attempt to sink and sustain the pair below $3,900. If they succeed, the pair could plummet to the strong support at $3,400.ETH/USDT 4-hour chart. Source: TradingViewThe pair’s rebound is facing stiff resistance near the 61.8% Fibonacci retracement level at $4,215.12. The 20-EMA is sloping down and the RSI is in the negative territory, indicating a minor advantage to the bears.If the price breaks the $4,000 support, the pair could drop to $3,823.98. A break and close below this level could result in a retest of $3,503.68.Conversely, if bulls drive the price above the moving averages, the pair could rise to $4,654.88 and then challenge the all-time high.MATIC/USDTPolygon (MATIC) has been trading inside an ascending channel pattern for the past several days. The bulls pushed the price above the resistance line of the channel on Dec. 3 but could not sustain the higher levels. This may have prompted profit-booking on Dec. 4.MATIC/USDT daily chart. Source: TradingViewThe MATIC/USDT pair plunged to the 100-day SMA ($1.54) but buyers stepped in and bought this dip. However, the long wick on today’s candlestick indicates that bears are selling near the resistance line.The 20-day EMA ($1.85) is sloping up and the RSI is in the positive zone, signaling advantage to buyers. If the current rebound sustains, the bulls will again attempt to thrust the price above the resistance line.Alternatively, a break and close below the 50-day SMA ($1.76) could pull the price to the 100-day SMA.MATIC/USDT 4-hour chart. Source: TradingViewThe pair’s recovery is facing selling at the 78.6% Fibonacci retracement level at $2.21. If bears sink the price below the 20-EMA, the pair could decline to the 50-SMA and then to the 100-SMA. A break below this support could open the doors for a decline to $1.54.Conversely, if the price rebounds off the 20-EMA, the bulls will again try to thrust the pair above $2.21. If they manage to do that, the pair could rally to $2.40. The bulls will have to clear this overhead hurdle to thrust the pair to the all-time high at $2.70.Related: Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploitALGO/USDTAlgorand (ALGO) plunged below the critical support at $1.50 on Dec. 4 but the bulls bought the dip aggressively as seen from the long tail on the candlestick. The bulls will now try to push the price above the moving averages.ALGO/USDT daily chart. Source: TradingViewIf they do that, the ALGO/USDT pair could rise to the resistance line. This is an important level for the bears to defend because a break above it could invalidate the descending triangle pattern. The pair could then rise to $2.36 and later to $2.55.Contrary to this assumption, if the price turns down from the moving averages, it will indicate that bears are selling on rallies. The pair could then retest the support at $1.50. A break and close below this level will complete the bearish setup. The pair could then drop to $0.80.ALGO/USDT 4-hour chart. Source: TradingViewThe pair has been trading between $1.60 and $2 for some time. The bears pulled the price below $1.60 but could not sustain the lower levels. This suggests aggressive buying on dips. The bulls have pushed the price back into the range.If buyers drive the price above the moving averages, the pair could rally to the overhead resistance at $2. On the other hand, if the price turns down from the moving averages, the bears will again try to sink and sustain the pair below $1.60. If they manage to do that, a retest of $1.32 is likely.EGLD/USDTThe sharp rally in Elrond (EGLD) from $287 on Nov. 17 to the all-time high at $544.25 on Nov. 31 pushed the RSI deep into the overbought zone. Vertical rallies are generally followed by waterfall declines and that is what happened in the past few days. EGLD/USDT daily chart. Source: TradingViewThe EGLD/USDT pair turned down from the all-time high and plunged to $224.62 on Dec. 4, completing a 100% retracement of the latest leg of the rally.A minor positive is that bulls purchased the lows on Dec. 4 as seen from the long tail on the day’s candlestick. The buyers are currently attempting to defend the uptrend line and push the price back above the 50-day SMA ($324).If they manage to do that, the pair could rise to the 20-day EMA ($364) where bears may again mount a stiff resistance. If bulls overcome this hurdle, the pair could rally to $425.Conversely, if the price dips and closes below the 100-day SMA ($271), the pair could extend its slide to $200.EGLD/USDT 4-hour chart. Source: TradingViewSharp selling pulled the price below the uptrend line but the bears could not sustain the lower levels. This indicates strong accumulation on dips. The pair quickly climbed back above the uptrend line but the bulls could not clear the barrier at the 20-EMA.This indicates that sentiment remains negative and traders are selling on rallies. If the price sustains below the uptrend line, the next stop could be $224.62.On the contrary, if the price turns up from the current level and breaks above the 20-EMA, it will indicate that the bears may be losing their grip. The pair could then start a recovery, which may reach the 50-SMA. A break and close above this resistance could clear the path for a possible rally to the $425 to $440 resistance zone.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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French startup brings vintage vines to the NFT market

Many exciting developments are coming to the space of nonfungible tokens, or NFTs, ranging from Metaverse NFTs to fantasy soccer digital collectible cards and up to monster-battle NFT games. In fact, Cointelegraph Research predicts NFT sales will hit a record high of $17.7 billion this year.But one French startup is taking more of an ambitious approach with wine NFTs. In an exclusive interview with Cointelegraph, Samuel Balthazard and Yacin Kharroubi, the chief executive officer and chief product officer of World Wide Wines, respectively, discussed the logistics of making French wine available on the blockchain. Samuel is the descendant of the family operating the Château du Rouët vinery in Provence, which has existed since 1840. The project itself is built on the Elrond network. At 300 people we close the Wine List (it will reopen later with new conditions)More details in our Discord : https://t.co/Oj6s9i8HGS This is just the beginning of World Wide Wine and an advice… Never Forget to Taste a wine #NFT #Elrond — World Wide Wine NFT ⚡️ (@wwwineNFT) November 30, 2021Cointelegraph: A bottle of wine will cost differently, for example, in France than in China due to difference in taxes and customs duties. So what’s the setup here with regards to such payments?Samuel Balthazard: So, for the system, for the taxes, we have created a token named GRAPES. And when you buy an NFT, you stake some token in exchange for the permit to have the bottle. Then, when you want to take the bottle back [delivered], we use a system to know if there [are] enough GRAPES based on your country. For example, if you are in China [where the import taxes are high], you need to have more GRAPES tokens to pay the taxes. If you are in France, you are supposed to need fewer tokens.CT: So, where are you guys in terms of product development? Are you guys already selling these NFTs or just building like the prototypes?Yacin Kharroubi: So yeah, actually, we have been building this project for several months. But, we made the official announcement 10 days ago. So now, we have created all of the design We are going to launch the first drop of 300 NFTs, and we have already managed some partnerships with NFT collections and wineries for the moment.CT: How will you guys ensure the safety and security of the bottles as there is an off-chain risk? SB and YK: Yeah. For that, behind every NFT, there are three real bottles of wine because of the safety and the security. For these three bottles, we put them in three different vineyards, like we want to work at a cloud system, but with bottles.Securing each NFT in a three-bottle setup is the first step of the process because we want to assure that if one bottle is lost or two bottles are missing, we still have the third one, but the customer will only own one bottle. We buy three bottles. But when you wait for one bottle, if nothing happens with each other, they go to the marketplace. So, and with NFTs, you have discounts on this marketplace. So you can go […] on the marketplace and buy a discounted bottle. And the first part [is] we want to create a ‘wine menu.’ And it will be like an invitation to wine events or a discount in a wine bar or things like that.The second step in terms of safety is about insurance. When you stake an NFT, you have some GRAPES. 30%, it’s for fees; 30%, it’s for the owner of the wine, stock, storage; 30%, it’s for the vineyard. Meanwhile, the remaining 10% goes to us. So if the vineyard lost a bottle, he does not receive his GRAPES, so he has an [economic] interest in taking care of the bottle. And you can claim your bottle when you have enough GRAPES to pay the fees and shipping fee.CT: It says that each NFT will represent a different type of wine on your site. So how will you guys determine the quality of wine?SB and YK: Yeah, for so for this part, it’s about data and data science. So, in the beginning, we wanted to show the wine’s vintage as an attribute, but vintage is too subjective and too difficult for customers to choose. So we decided to create an attribute based on quality. And for this attribute, we’re going to use historical data, but we will create a prediction model. So analyzing all the data which allows us to determine quality, for example, the weather, the rain, and sunshine of the vineyards where grapes are grown.Related: Despite the bad rap, NFTs can be a force for goodCT: Would you guys like to include any other statements or visions about what you are doing?SB and YK: So we want to have three main objectives; first, digitalize the wine ecosystem, then, educate the people on how to spot good wine, and finally, gamification of the wine ecosystems [via the Metaverse]. We have a lot of ideas, for example, one wine collection of NFTs and then another. The ultimate step is to arrive at the real wine market with real wineries.The last part, I think it’s important, it’s why the vineyards would be interested? The first part, it’s about the second market. So, for example, when the Domaine Château du Rouët sells a wine, they control the first market. But, if the bottle appreciates in value over time, the winery doesn’t control that. And with NFTs, you can put royalties on the second market, so Domaine Château du Rouët gets a commission from resales

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