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Basic Attention Token market update: BAT/USD shows bullish signs

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The BAT/USD trading pair is about 2% down on the day, though sentiment remains bullish given spot trading volume and transaction count are rising

Most of the altcoin market is trading lower as of press time, with leading altcoins Ethereum, Ripple, Bitcoin Cash and Litecoin all turning red on the hourly charts.

The same picture is replicated by ERC-20 tokens, with Basic Attention Token trading lower at 2% and 1.75% down in the past 24 hours respectively.

BAT/USD short-term price analysis

The BAT/USD pair is trading with a bullish bias on the daily charts and the 4-hour charts. The pair has lost 2% of its value and price is currently trending lower within a descending channel.

As of press, increased buying is seeing the token’s price print lower lows, with support for higher prints limited by the upper boundary of the channel.

Although prices are likely to dip further, there is a buy signal that has formed on the shorter and medium-term timeframes. BAT/USD could thus break above $0.26 resistance marked by the 23.6% Fibonacci retracement.

BAT/USD 4-hour trading chart (Price feed Kraken). Source: TradingView

On the downside, immediate support is at $0.25 and a dive below it would mean bulls will have to defend prices at the 100-day moving average at $0.246.

Network highlights

According to data from Coin360, Basic Attention Token has a market cap of $370 million and just under $16 million worth of the token has been traded in the past 24 hours.

Free float supply on the Basic Attention Token network has increased over the past month, helped by a surge in interest in DeFi and yield farming. According to Coin Metrics, around 10 million BAT tokens have entered supply since the Compound farming craze hit the market two weeks ago.

The token has seen an upsurge in transaction count, with the seven-day rolling average showing a sharp rise in June. Transactions hit an all-time high at 13,630 on June 27.

A chart showing a spike in transaction count for BAT and ZRX. Source: Coin Metrics

Basic Attention token has also seen an uptick in its trading volume, the highest since the March crypto crash.

Graph showing an increase in spot trading volume. Source: Coin Metrics

BAT/USD currently trades at $0.252 on most major exchanges, although the token’s price has spiked over 8% on US crypto exchange Gemini.

BAT/USD price on Gemini has spiked 8%. Source: TradingView

Source: https://coinjournal.net/news/basic-attention-token-market-update-bat-usd-shows-bullish-signs/

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Singapore witnessed over 50% growth in the blockchain sector.

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A collection of organizations teamed up to produce a “map” of what the blockchain landscape looks like in the Asian country Singapore, and it shows a significant growth in comparison to the last year. Infocomm Media Development Authority (IMDA), supported by a Singaporean governmental agency, published a map showing a collection of company logos organized by specific business sectors. The categories here range from corporate services to smart cities to protocol and infrastructure and beyond.

There are 234 blockchain companies in the country. 

A notable addition for this year is decentralized finance (DeFi), a sector that seems to be gaining global momentum as Temasek recently became the first Asian entity to partner with the Libra Association. Global recruiting for jobs requiring blockchain skills is also up. There are a total of 234 blockchain-based companies represented across 26 categories on the 2020 map. That’s 91 more companies represented now versus last year, indicating growth above 50%. The blockchain technology is currently being utilized in many fields across countries. The technology that underpins cryptocurrencies is being used in fields like healthcare and logistics. 

Japan witnessed a 30% growth in the blockchain sector. 

As reported earlier, one of the country’s largest crypto companies revealed that the blockchain sector in Japan has grown by over 30% since 2019. For years, Japan has been witnessing growth in the blockchain industry. The Asian country is among the few nations to formulate and implement a regulatory framework for the industry. The blockchain-friendly approach by Japan has led to the rapid growth of this industry. According to the report by the Monex Crypto Bank, Japan’s blockchain industry has grown by over 30% in the past year. The Monex Crypto Bank’s report revealed that as of May 2020, there were 430 blockchain companies in the country, a 30.7% rise from the 329 companies reported in July last year.

Source: https://coinnounce.com/singapore-witnessed-over-50-growth-in-the-blockchain-sector/

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Celsius Network Review

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Alex Mashinsky is the CEO of the company and he has a very solid background in the internet industry. Alex has previously founded seven New York City-based startups and have raised over $1 billion. Alex founded two of the New York City´s top 10 venture-backed exits since 2000, Arbinet and Transit Wireless.

S. Daniel Leon is the founding president and COO of the company and has a business and social entreprenur background. He has been CEO of Atlis Labs and Beyon3D. In addition, he has been chairman of HereO and general manager of GroundLink.

Nuke Goldstein is the CTO of the company and is a software developer with a career within AI, IoT and blockchain.

Harumi Urata-Thompson is the CFO of the company and serves on the board of the directors for several companies and speaks on topics including Blockchain, Artificial Intelligence, Cryptocurrency, Cybersecurity and much more.

Jeremie Beaudry is the CCO and GC of Celsius Network.

Camilla Churcher is the global head of business development.

Aliza Landes is the VP lending.

Below is an interview with the CEO, Alex Mashinsky.

Source: https://www.cryptocoinzone.com/bitcoin-lending/celsius-network-review/

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Tron (TRX) Price Jumps 5% And Showing Early Signs of A Fresh Rally

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Tron price formed a strong support base above $0.0150 against the US Dollar. TRX is currently up over 5% and it seems like the bulls are aiming a larger rally in the near term.

  • Tron price is gaining traction and it is trading nicely above $0.0168 against the US dollar.
  • The price traded to a new weekly high at $0.0177 and it is showing positive signs.
  • There was a break above a connecting bearish trend line with resistance near $0.0168 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards $0.0188 or even $0.0200 as long as it is above $0.0165.

Tron Price Could Rally To $0.020

After testing the $0.0150 support level, tron price started a fresh increase against the US Dollar. TRX broke a couple if important hurdles near $0.0160 to move into a positive zone.

Besides, there was a close above the $0.0165 level and the 100 simple moving average (4-hours). Recently, it rallied over 5% and outpaced other major cryptocurrencies, including bitcoin and Ethereum.

During the rise, there was a break above a connecting bearish trend line with resistance near $0.0168 on the 4-hours chart of the TRX/USD pair. The pair traded to a new weekly high at $0.0177 and it is showing positive signs.

An initial support is near the $0.0173 level. It coincides with the 23.6% Fib retracement level of the recent upward move from the $0.0163 low to $0.0177 high. The first major support on the downside is near the $0.01705 and $0.01700 levels.

Tron Price

TRX price breaks $0.0170. Source: TradingView.com

The 50% Fib retracement level of the recent upward move from the $0.0163 low to $0.0177 high might also provide support at $0.01700. On the upside, the first hurdle is near the $0.0178 and $0.0180 levels.

A successful close above the $0.0180 resistance level could open the doors for a larger rally towards the $0.0188 level or even $0.0200 in the coming sessions.

Dips Supported in TRX

If TRX price corrects lower, it is likely to remain supported near the $0.0170 level. The next major support is near the $0.0165 level (the recent breakout zone).

Any further losses may perhaps put pressure on the bulls and the price could dive below $0.0162 and the 100 simple moving average (4-hours).

Technical Indicators

4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is rising and it is approaching the 75 level.

Major Support Levels – $0.0170, $0.0165 and $0.0162.

Major Resistance Levels – $0.0178, $0.0180 and $0.0200.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Source: https://www.newsbtc.com/2020/07/06/tron-trx-price-fresh-rally-0-020/?utm_source=rss&utm_medium=rss&utm_campaign=tron-trx-price-fresh-rally-0-020

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