Značka: Harmony

Backlash as Harmony proposes minting 4.97B tokens to reimburse victims

Backlash as Harmony proposes minting 4.97B tokens to reimburse victims

podľa | júl 27, 2022 | 0 |

The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June. The proposal has been met with a significant amount of backlash from members of the community, with many highlighting concerns that such a large issuance of new tokens would result in inflationary pressure on the asset and bring its value down. This proposal is disappointing. There is no other options. Seems to be either minting more tokens or minting more tokens. If we disagree, there will be no disbursement as per your proposal.— night (@night7576) July 27, 2022In its proposal on July 26 via the project’s community page, the Harmony team noted that 65,000 wallets across 14 different assets were impacted by the hack and that they have “worked tirelessly to brainstorm and develop paths towards reimbursing” victims. The Harmony team stated that it could not offer any solution that results in immediate reimbursement given “the current state of Harmony’s treasury,” so it offered two options that involve minting several billion ONE tokens via a hard fork to the Harmony blockchain, which would be given to victims of the hack.The first option offered to provide an estimated 100% reimbursement via 4.97 billion new ONE tokens, while the second option estimates a 50% reimbursement with 2.48 billion ONE tokens over a three-year period. The team is awaiting community feedback before proceeding forward, but initial responses already appear to be overwhelmingly negative, with most comments on the community page or on Twitter voicing strong concerns with the ideas. I will vote no on this 100%. Its not the answer. Use part of the treasury to refund the providers and get everything is good standing and move forward. The investors and community shouldnt have to pay for it.— mcone.one (@mconecrypto) July 27, 2022

The community has also noted that a similar method of recovery was employed by the Terra eco-system following its $40 billion melt down in May.On the community page, user BSKA wrote “This is absolutely garbage, scrap the whole proposal and go back to the drawing board Team!” while CJL noted “let me get this straight: no word for weeks […] and the proposal you come back with is a LUNA-style hard fork and a 3-year vest?”Related: Infamous North Korean hacker group identified as suspect for $100M Harmony attackCommunity member shwaver suggested this proposal will end up driving builders away from the Harmony eco-system:“You’ve done this completely backwards. In order to afford repayment, you need to first reestablish a stable ecosystem e.g. repeg or alternative so projects have a reason to build here, people have a reason to make long-term investments, etc.”“This purely inflationary solution does the opposite–creating a financial incentive to sell all ONE now and build elsewhere–while also punting on the repeg,” they added. In June, the Horizon Bridge to the Harmony layer-1 blockchain was exploited for $100 million. Later in the month, the team tried to offer a $1 million bounty to the hacker who exploited the bridge to return the funds — although the strategy seemingly failed. Harmony’s ONE token is priced at $0.02 at the time of writing, with a total supply of 13.5 billion tokens, according to Coinmarketcap. 

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Harmony hacker sends stolen funds to Tornado Cash mixer

Harmony hacker sends stolen funds to Tornado Cash mixer

podľa | jún 28, 2022 | 0 |

The funds from Harmony’s Horizon Bridge have begun to move into the Tornado Cash Ethererum mixer, signaling that the attacker has no intention of accepting the $1 million bounty offered.The decision to obfuscate the ill-gotten gains answers questions about whether the Harmony team’s offer of just 1% of the $100 million in crypto funds stolen on June 24 would be enough to convince the exploiter to return them.#PeckShieldAlert ~6k $ETH (~$7.1m) into @TornadoCash from @harmonyprotocol exploiters Intermediary address: 0x432…47ae pic.twitter.com/AR9dmJRQet— PeckShieldAlert (@PeckShieldAlert) June 27, 2022A total of 18,036.3 ETH worth about $21 million was moved out of the Horizon Bridge exploiter’s primary wallet at 03:10 am ET on June 28. These funds were then divided equally three ways and sent to three different addresses in single transactions respectively, over the next 10 hours.Tornado Cash supports mixing a maximum of 100 ETH at a time, which means large sums can easily take several hours to mix. Mixing ETH is a privacy measure designed to obfuscate the transaction path of coins so they cannot be traced back to previous transactions.The first and second wallets that received ETH from the exploiter’s primary wallet have completed mixing the coins and are now left with about 16.3 ETH collectively, an amount likely too small to bother with.The third wallet was busy sending batches of 100 ETH to Tornado in eight-minute intervals and still had 2,800 coins remaining as of the time of writing.Cointelegraph has not received a reply from the Harmony team on what it plans to do to replace the stolen funds in the bridge. The project’s Twitter account reaffirmed on June 27 that the team was working with “two highly reputable blockchain tracing and analysis partners,” along with the Federal Bureau of Investigation, to investigate the hack.1/ We are aware the hacker has begun to move funds through Tornado Cash. The team is working with two highly reputable blockchain tracing and analysis partners, and collaborating with the FBI as part of an investigation into this criminal act. — Harmony (@harmonyprotocol) June 28, 2022

About $80 million in ETH is still in the explorer’s primary wallet. They could possibly return a portion of the stolen funds to Horizon, or they may be taking a break as it has taken the exploiter over 13 hours to mix just $21 million.Although the initial haul was valued at about $100 million at the time, positive ETH price fluctuations have increased the dollar value to $101.5 million.Stephen Tse, the founder of Harmony, confirmed on June 25 that the exploiter took control of the required two Horizon Bridge signees for the multisig address used to secure funds. He noted that the Ethereum side of the bridge affected by the exploit was moved to a more secure multisig wallet that required four signees.Related: Axie Infinity to compensate Ronin exploit victims and relaunch bridgeHorizon is the latest in a growing list of token bridges that have been attacked. The largest token bridge to be hacked was Poly Network in 2021, which lost $610 million that was almost entirely returned.In total, over $1 billion has been extracted from the Meter, Wormhole, Ronin, and now Horizon token bridges through nefarious means in 2022 so far.

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Harmony offers $1M bounty, but is it big enough?

Harmony offers $1M bounty, but is it big enough?

podľa | jún 27, 2022 | 0 |

The Harmony layer-1 blockchain project team has offered a bounty equal to just 1% of the $100 million in crypto stolen from the Horizon Bridge hack last week. Harmony tweeted on June 26 that the team had committed $1 million for the return of the funds that were stolen from the Horizon Bridge on June 23. It added, “Harmony will advocate for no criminal charges when funds are returned.”We commit to a $1M bounty for the return of Horizon bridge funds and sharing exploit information. Contact us at whitehat@harmony.one or ETH address 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac. Harmony will advocate for no criminal charges when funds are returned.— Harmony (@harmonyprotocol) June 26, 2022However, concerns have been raised that the modest bounty sum may not be enough to incentivize the attacker to return the funds.The Horizon Bridge is a token bridge between the Harmony blockchain and the Ethereum network, Binance Chain, and Bitcoin. The Bitcoin bridge was not affected in this exploit.Compared to other high-profile exploits this year, Harmony’s bounty offer ranks low. The $10 million offered to the Rari Fuse attacker in May was 12.5% of the total stolen. The Beanstalk Finance team offered $7.6 million which was 10% of the total exploited from the protocol in April. Harmony’s bounty offer is so low that the crypto trader known on Twitter as Degen Spartan called it an “insulting amount.” He added, “imagine losing 100m and thinking you’re in a position to lowball for a 1% bounty lmwo these people are just doing performance art to mitigate legal liability.”1M?insulting amount, gfy https://t.co/TgZ0gDOC43— 찌 G 跻 じ Goblin of the (@DegenSpartan) June 26, 2022

In an incident response update on the Horizon bridge hack on June 25, Harmony founder Stephen Tse tweeted that the hack was not the result of a smart contract code breach, instead, the team found evidence that private keys were compromised which led to the breach of the bridge. 1/ An incident response update on the Horizon bridge hack Confidentiality is key to maintain integrity as part of this ongoing investigation. The omission of specific details is to protect sensitive data in the interest of our community.— stephen tse s.one stse.eth (@stse) June 26, 2022

Tse said that the Ethereum side of the bridge had migrated “to a 4-5 multisig since the incident.” The vulnerability of the multisig wallet requiring just two out of five signers was brought up by a community member in April, but the issue was not addressed by the Harmony team until now. A multisig wallet is a crypto wallet that requires multiple key holders to approve a transaction. These wallets are commonly used at crypto projects.As of the time of writing, the Horizon Bridge hacker has not moved the stolen funds into Tornado Cash, an Ether (ETH) mixer, or any other anonymizer.Related: How can crypto stop getting hacked?Hope is not lost for Harmony, as its $1 million bounty is not the smallest proportional to the amount of funds lost. In 2021, the Poly Network interoperability platform was hacked for $610 million. The team’s bounty offer of $500,000 was 0.08% of the total stolen. The offer was rejected, but luckily the funds were returned anyway.

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Breaking: Harmony's Horizon Bridge hacked for $100M

Breaking: Harmony's Horizon Bridge hacked for $100M

podľa | jún 24, 2022 | 0 |

The Horizon Bridge to the Harmony layer-1 blockchain has been exploited for $100 million in altcoins which are being swapped for Ether (ETH).The hack may vindicate previously raised community concerns about the robustness of the two of four multisig that reportedly secures the bridge.Starting at about 7:08 am until 7:26 am ET, 11 transactions were made from the bridge for various tokens. They have since begun sending tokens to a different wallet to swap for ETH on the Uniswap decentralized exchange (DEX), then sending the ETH back to the original wallet.1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.More — Harmony (@harmonyprotocol) June 23, 2022So far, Frax (FRAX), Wrapped Ether (WETH). Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD). Dai (DAI), Tether (USDT), Wrapped BTC (WBTC), and USD Coin (USDC) have been stolen from the bridge through this exploit.The Horizon Bridge facilitates token transfers between Harmony and the Ethereum network, Binance Chain and Bitcoin. Harmony, the operator of the bridge, announced late on June 23 that the bridge has been halted. It said the BTC bridge and its assets have not been affected by the attack.The Harmony team also said it was working with “national authorities and forensic specialists” to determine who is responsible. A post-mortem is sure to follow.The developers and the co-founder of Harmony Nick White did not respond to requests for comment. Harmony is a layer-1 blockchain using proof-of-stake consensus. Its native token is ONE.Concerns have previously been expressed as to the soundness of Horizon’s multisig wallet on Ethereum which only required two out of the four signees to drain the funds. A founder of Chainstride Capital crypto-focused venture fund Ape Dev noted on Twitter April 2 that the low number of required signers would leave the bridge open for “another 9 figure hack.”The security of the bridge is currently predicated on a multisig wallet deployed at 0x715CdDa5e9Ad30A0cEd14940F9997EE611496De6. It has four owners, two of which are required to consent in order to execute an arbitrary transaction (i.e. drain the $330m). pic.twitter.com/sgYmyPrYgf— Ape Dev (@_apedev) April 1, 2022

Ape Dev’s prediction appears to have become a reality as the bridge is now down $100 million in assets.He is far from the only developer in crypto to have qualms with the security of token bridges.Vitalik Buterin discussed the issues with token bridges in a Reddit post this January. He posited that when bridges get exploited, it threatens the liquidity on each chain affected. He added that as the amount of token bridges increases, the threat of a 51% attack on one chain could present greater contagion risk to others.Since his prediction, Meter’s token bridge, Axie Inifinity’s Ronin Bridge and the Wormhole Bridge were each exploited for nearly a combined $1 billion.The national authorities and forensic specialists should be investigating *you* to figure out what kind of broken security practices allowed this “theft” to happen.— Chris Blec (@ChrisBlec) June 24, 2022

Multisigs are an ongoing security issue in attacks. The Ronin Bridge was secured by nine validators, only five of which were required to verify a transaction. The attacker took control of the required five validators and extracted over $600 million in assets.Related: Chainalysis launches reporting service for businesses targeted in crypto-related cyberattacksThe market does not yet appear to have responded to the attack as prices of all the coins and tokens in question have not made a significant move. However, ONE has dropped 7.4% over the past 24 hours, with most of the fall coming in the past 5 hours. It is trading at $0.024 according to CoinGecko.

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Harmony launches Bored Ape Yacht Club NFT Passport

Harmony launches Bored Ape Yacht Club NFT Passport

podľa | feb 19, 2022 | 0 |

On Friday, blockchain platform Harmony — whose mainnet runs on the Ethereum network, claiming to have two-second transaction finality and fees 1,000 times lower than Ethereum — announced the launch of its Bored Ape Yacht Club Passport. The Passport enables users to import proof of their apes into DeFi Kingdoms, a play-to-earn game built on the Harmony blockchain with over 120,000 monthly active users. During its initial stages, Ape holders will be able to validate and display their assets in the game across multiple blockchains when they connect their MetaMask wallet to DeFi Kingdoms.The infancy of cross-chain technology means that funds could be at risk when bridging across chains, as the biggest decentralized finance hack thus far this year showed. However, as stated by its developers, Harmony’s Passport does not move assets; instead, it proves asset ownership across multiple blockchains, guaranteeing their authenticity throughout. Its cross-chain bridge, Horizon, currently supports interoperability between Harmony, Ethereum, BNB Chain and three other blockchains.Leo Chen, a team member at Harmony, explained:“We wanted to give all NFT holders more utility and options to display their NFTs and participate in the Metaverse. Bored Ape Yacht Club holders are the first choices. The cross-chain identity creates a secure and easy way to do so without putting their assets at risk.”In a similar gesture, last month, Twitter kicked off its nonfungible token campaign, allowing its paid subscribers to show off their NFT possessions as profile pictures. However, the technical functionalities of the feature are in the testing phase, with only Ethereum-based NFTs eligible and no support for cross-chain functionalities.

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Top 5 cryptocurrencies to watch this week: BTC, LINK, HNT, FLOW, ONE

Top 5 cryptocurrencies to watch this week: BTC, LINK, HNT, FLOW, ONE

podľa | jan 30, 2022 | 0 |

Bitcoin’s (BTC) relief rally rose above $38,500 on Jan. 29, but the bulls are struggling to sustain the higher levels. For the past few days, Bitcoin’s sentiment has closely followed the U.S. equity markets. Hence, analysts warned traders to be careful and not to read much into any possible weekend rallies when traditional markets are closed because it could be a trap.However, analysts at trading suite Decentrader said in a recent report that a “near-term relief bounce” is possible. The report also highlighted that “meaningful buyers” were stepping in and that could result in “a potential change in the higher time frame trend from bearish to bullish.”Crypto market data daily view. Source: Coin360The recent downturn in Bitcoin seems to have turned the JPMorgan analysts bearish as they believe the increased volatility could “hinder further institutional adoption.” In a note, the strategists have reduced their long-term theoretical Bitcoin price target from $150,000 to $38,000. If Bitcoin extends its recovery, select altcoins could attract buying from the aggressive bulls. Let’s study the charts of the top-5 cryptocurrencies that could extend the recovery in the short term.BTC/USDTBitcoin’s relief rally has reached the stiff resistance zone between $37,332.70 and $39,600. The 20-day exponential moving average ($39,475) is also present in this zone making this important for the bears to defend. BTC/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate advantage to bears. If the sellers pull the price back below $37,332.70, the BTC/USDT pair could gradually drop to $35,507.01 and later retest the Jan. 24 intraday low at $32,917.17. A break and close below this support could clear the path for a possible drop to $30,000.Alternatively, if the price turns up from the current level and breaks above $39,600, it will suggest a possible change in the short-term trend. The pair could then rally to $43,505 and later retest the 200-day simple moving average ($48,833).BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the 20-EMA has started to turn up gradually and the RSI has risen into the positive zone. This indicates that bulls are trying to make a comeback. If buyers drive the price above $39,600, the pair could reach the 200-SMA, which may act as a resistance.On the other hand, if the price turns down from the current level and slips below $37,312.70, it will indicate that bears have not yet given up. The sellers will then try to pull the price to $35,507.01, which is an important support for the bulls to defend. If the price rebounds off this level, it will suggest that traders are buying on dips. That may increase the possibility of a break above $39,600.LINK/USDTChainlink (LINK) has been range-bound between $15 and $36 for the past several months. Several attempts to escape the range have failed, indicating that bulls are buying at the support and bears are selling at the resistance.LINK/USDT daily chart. Source: TradingViewThe bears pulled the price below $15 on several occasions in the past few days but they could not sustain the lower levels. This may have attracted buying from aggressive traders who are attempting to push the price above the 20-day EMA ($18.91).If they succeed, the LINK/USDT pair could rise to the 200-day SMA ($24.75). Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will again try to pull the pair below $15 and start a new downtrend. LINK/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls have pushed the price above the $16.88 overhead resistance. The 20-EMA is turning up and the RSI is in the positive territory, indicating that bulls have a slight edge.If buyers sustain the price above $16.88, the pair could start an up-move to $20 and then to $23. Conversely, if the price turns down and plummets below $16.88, it will indicate that bears continue to sell on rallies. The pair could then drop to $14.HNT/USDTHelium (HNT) plunged below the 200-day SMA ($26.67) on Jan. 21, but the bears could not sustain the lower levels. The bulls aggressively purchased the dip to $20 and pushed the price back above the 200-day SMA on Jan. 26.HNT/USDT daily chart. Source: TradingViewThe recovery hit a wall at the 20-day EMA ($28.84) and turned down but the bulls did not allow the price to dip below the 200-day SMA. The price has been trading between the moving averages for the past three days.This tight-range trading is unlikely to continue for long. If bulls drive and sustain the price above the 20-day EMA, the HNT/USDT pair could rally to $36 and then to the downtrend line. This positive view will invalidate if the price turns down and plummets below the 200-day SMA. That may pull the pair down to $20.HNT/USDT 4-hour chart. Source: TradingViewThe price broke out of the downtrend line, indicating that the bears may be losing their grip. The bears tried to sink the price back below the 20-EMA but the bulls are attempting to defend the support.The up-move may pick up momentum after bulls drive the price above $31 as that could signal a 1-2-3 bottom. There is a minor resistance at the 200-SMA but once that is cleared, the pair could start its march toward $40. Conversely, if the price turns down and plummets below $26, the pair could drop to $24.Related: Bitcoin miners believe global hash rate to grow ‘aggressively’FLOW/USDTFlow (FLOW) has been in a strong downtrend for the past few months. The bears pulled the price below the strong support at $6 on Jan. 22 but have not been able to build upon their advantage. This indicates accumulation at lower levels. FLOW/USDT daily chart. Source: TradingViewThe bulls have pushed the price back above the breakdown level and the 20-day EMA ($6.41) today. If they sustain the price above the resistance level, it will signal a possible change in trend. The 20-day EMA is flattening out and the RSI has recovered into the positive territory, indicating that bulls are on a comeback.This positive view will invalidate if the price turns down from the current level and plummets below the $6 support. Such a move will indicate that bears continue to sell aggressively at higher levels.FLOW/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the price is facing resistance at the 200-SMA. This is a critical level to watch out for because the previous recovery had faltered at this resistance. If the price turns down from the current level, the FLOW/USDT pair could drop to the 20-EMA.If the price rebounds off this level with strength, it will indicate that bulls are buying on dips. The buyers will then make one more attempt to push the pair above the 200-SMA. If they manage to do that, the pair could rally to the overhead resistance zone at $9.27 to $9.70.ONE/USDTHarmony (ONE) is trading inside a large range between $0.16 and $0.36. The bears recently tried to sink the price below the range but the bulls firmly held their ground.ONE/USDT daily chart. Source: TradingViewThe price has rebounded off the support and the bulls will now try to push the ONE/USDT pair above the 200-day SMA ($0.19). If they succeed, the pair could rise to the 20-day EMA ($0.23) where the bears may again mount a stiff resistance.A break and close above the 20-day EMA could clear the path for a possible rally to $0.28. Conversely, if the price turns down from the current level, the bears will attempt to pull the pair below $0.16. If they can pull it off, it will signal the possible start of a new downtrend.ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the formation of a symmetrical triangle pattern. The 20-EMA has flattened out and the RSI is just below the midpoint indicating a balance between supply and demand.This indecision could tilt in favor of the bulls if the price rises and sustains above the triangle. That could suggest a possible trend reversal and the pair may rise to $0.22 and later to $0.26. This positive view will invalidate if the price turns down and plummets below the support line. Such a move will indicate that the triangle acted as a continuation pattern.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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Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

podľa | jan 9, 2022 | 0 |

Bitcoin (BTC) and most major altcoins remain under pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 on Jan. 8, one of its lowest readings ever. In comparison, 2021 had started on a bullish note with the reading hitting levels of 93/100, indicating “extreme greed.”This weak opening in the new year has not unnerved Bloomberg Intelligence analyst Mike McGlone who remains bullish. He said in a recent analysis that Bitcoin may rally to $100,000 and Ether (ETH) to $5,000 this year. Crypto market data daily view. Source: Coin360However, some analysts argue that Bitcoin may struggle to maintain its bullish trend in an environment where interest rates are rising. Holger Zschaepitz questioned whether Bitcoin could hold up without “rock-bottom rates and trillions of dollars in central bank money and government stimmy.”Could Bitcoin bounce off the strong support, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.BTC/USDTBitcoin’s downtrend has reached the strong support at $39,600. The price formed a Doji candlestick pattern on Jan. 8, indicating indecision among the bulls and the bears.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and the BTC/USDT pair could start its journey to the next strong support at $28,805.On the other hand, if the price rises from the current level, the pair could rise to the 20-day exponential moving average ($45,876). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a break below $39,600 I .The bulls will have to push and sustain the price above the moving averages to indicate a possible change in trend.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the selling momentum picked up on a break and close below $45,456. The bulls are attempting to arrest the decline at $40,501 but the recovery attempt is likely to face strong selling near the 20-EMA.If the price turns down from the 20-EMA, the bears will attempt to sink the pair below $39,600 and extend the downtrend.Alternatively, a break and close above the 20-EMA could push the pair to the 50-simple moving average. If bulls push the price above this resistance, it will suggest that bears may be losing their grip.LINK/USDTChainlink (LINK) has been trading in a large range between $15 and $35.33 for the past few months. The bulls have pushed the price above the moving averages and the RSI has risen close to the overbought zone, indicating that buyers have the upper hand in the short term.LINK/USDT daily chart. Source: TradingViewThe bears posed a strong challenge near $27.61 for the past few days but the bulls did not allow the price to dip below the 20-day EMA ($23.23). This indicates that the sentiment has changed from sell on rallies to buy on dips.If bulls maintain the price above $27.61, the LINK/USDT pair could rise to 30 and thereafter to the overhead resistance at $35.33. This bullish view will invalidate if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $18.LINK/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken above the overhead resistance at $27.61. The bears will now attempt to stall the up-move at $30. If the subsequent correction does not break below $27.61, it will increase the possibility of a rally to $35.33.On the contrary, if the price turns down from the current level, it will suggest that the break above $27.61 may have been a bull trap. The bears will then try to pull the price below the 50-SMA. If they do that, the next stop could be $22.ICP/USDTInternet Computer (ICP) broke and closed above the downtrend line on Jan. 4 which was the first indication that the downtrend could be ending. The bears tried to trap the aggressive bulls and pull the price back below the 20-day EMA ($29) but failed.ICP/USDT daily chart. Source: TradingViewThe bulls again pushed and closed the price above the downtrend line on Jan. 8. The moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls are attempting a comeback.If buyers push and sustain the price above $38.02, the ICP/USDT pair could rally to $45.79. This level may again act as a stiff hurdle but if crossed, the up-move may reach $58.30.Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will indicate that the breakout above the downtrend line may have been a bull trap.ICP/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls have pushed the price above $33.29 but are struggling to clear the hurdle at $38.02. This suggests that bears continue to sell near the overhead resistance. This has kept the pair sandwiched between the two levels.If bulls push and sustain the price above $38.02, the pair could extend its up-move. On the contrary, if the price turns down from the overhead resistance, the bears will attempt to pull the pair below $33.29. If they manage to do that, the pair could drop to the 50-SMA.Related: Even after the pullback, this crypto trading algo’s $100 bag is now worth $20,673LEO/USDUNUS SED LEO (LEO) has been trading in a gradual uptrend for the past several weeks where the 50-day SMA ($3.55) has been acting as a strong support. LEO/USD daily chart. Source: TradingViewThe bears attempted to pull the price below the 50-day SMA on Jan. 7 but the bulls did not relent. This resulted in a strong rebound on Jan. 8 which pushed the LEO/USD pair back above the 20-day EMA ($3.69).The bulls will now attempt to drive the price above the all-time high at $3.92. If they succeed, the pair may resume its uptrend and reach $4.25. This positive view will invalidate if the price turns down and plummets below the 50-day SMA. That could start a correction to $3.40.LEO/USD 4-hour chart. Source: TradingViewThe pair has been trading inside an ascending channel pattern. The bears mounted a strong resistance near $3.85, which may have attracted profit-booking from short-term traders. That pulled the pair down to the support line of the channel where buyers stepped in and arrested the decline.The bulls are again attempting to push and sustain the price above $3.85. If they manage to do that, the pair could start its journey toward the resistance line of the channel. The bears will have to sink and sustain the price below the channel to invalidate the bullish view. ONE/USDTHarmony (ONE) has been trading between the 20-day EMA ($0.27) and $0.33 for the past few days. This suggests that bulls are buying on dips and bears are selling on rallies.ONE/USDT daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive territory suggest advantage to buyers. If bulls drive the price above $0.33, the up-move could resume. The ONE/USDT pair could then attempt to rise to $0.38.Contrary to the assumption, if the price breaks below the 20-day EMA, it will suggest that bears have overpowered the bulls. That could pull the pair down to the 50-day SMA ($0.24) and later to $0.21.ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart has been rising inside an ascending channel pattern. Although bulls pushed the price above the channel, they could not sustain the higher levels. This suggests that bears tried to trap the aggressive bulls.The price dipped back into the channel but a minor positive is that it bounced off the 50-SMA. This indicates that sentiment remains positive and bulls are buying on dips.If the price rises above the 20-EMA, the pair could again rally to the resistance line of the channel. A break and close above this level could signal a pick up in momentum. Conversely, a break and close below the 50-SMA could pull the pair down to the support line of the channel.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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Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE

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

podľa | jan 2, 2022 | 0 |

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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