Značka: NEAR protocol

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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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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Deadmau5 and Portugal The Man release single as 1M NFTs in bid to go platinum

Dance music star Deadmau5 and Grammy award-winning indie rock band Portugal The Man (PTM) have teamed up to release one million copies of their new single “This is Fine” as nonfungible tokens (NFTs). The single was released on Deadmau5’s (whose real name is Joel Zimmerman) label, Mau5trap with the aim to have the single be the first NFT to go platinum.The artists minted one million units on the NEAR protocol blockchain and released them on marketplace Mintbase. A quarter of a million units were available for purchase during Art Basel’s “Miami Beach” art show on Dec. 2. We are excited to welcome @deadmau5 @portugaltheman to Miami for #ArtBasel and the exciting launch of their “platinum” #NFT music project on @Mintbase with @nearprotocol— Mayor Francis Suarez (@FrancisSuarez) December 2, 2021The remaining singles will be sold as a mix of single units and bundled units, each with unique attributes. The bundled unit prices are still yet to be determined. The announcement promised “multiple metaverse integrations and rewards coming for collectors of this NFT,” but provided no additional details. mau5 x @portugaltheman “this is fine” now available at @mintbase 😀 https://t.co/qvfGeLAWVC pic.twitter.com/EXPXIONcbl— Goat lord (@deadmau5) December 2, 2021

According to guidelines from The Recording Industry Association of America (RIAA), a certified platinum sale is one million units. It remains unclear whether the song will go platinum even if all one million copies are sold due to its unconventional method of release. Each NFT is being sold for 0.25 NEAR per piece, or around $2.20 – similar to the price of an iTunes download in the pre-stream years. In addition to the single, each NFT also features unique artwork by Wooden Cyclops, the art director of PTM. He collaborated on the artwork with Smearballs, the artist behind the Deadmau5’s characters in his music videos “Monophobia,” “Drama Free” and “Pomegranate.” NFT + Poster To celebrate the NFT song collab drop from @portugaltheman x @deadmau5 get instructions to get an 18×24 poster signed by John Gourley from Portugal the Man and myself #woodencyclops #portugaltheman #deadmau5 #OpenSeaNFT https://t.co/P7RsWBGT14 pic.twitter.com/gNFw0LnIlh— Wooden Cyclops (@WoodenCyclops) December 2, 2021

Related:Snoop drops ‘Decentralized Dogg’ NFT like it’s hotDeadMau5 is not new to the NFT game. In Dec 2020, Zimmerman partnered with augmented reality artist Sutu create NFT In Titan’s Light — a 30-second audio-reactive artwork loop paired with a section of the deadmau5 track SATRN.A month later in Jan 2021, he partnered with digital artist Mad Dog Jones to release two NFT art collections on the Winklevoss-owned Nifty Gateway. In the same month, PTM launched its crypto token “PTM Coin” on the ETH-based Rally Network. The token grants fans exclusive access to events and perks.

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