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Cardano Price Analysis: 29 April

The Cardano market has been moving higher ever since the downtrend observed on 22 April. The value of the ADA has surged by 43% in the past 5 days and has continued to trend upwards. At the time of pr

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The Cardano market has been moving higher ever since the downtrend observed on 22 April. The value of the ADA has surged by 43% in the past 5 days and has continued to trend upwards. At the time of press, ADA was trading at $1.37 with a market capitalization of $43.99 billion.

Cardano 4-hour chart

Source: ADAUSD on TradingView

Cardano has been witnessing a strong uptrend in the spot market, however, the long-term chart could be pointing toward a fall that could be incoming. This fall could be the result of the strong rally that the asset has been witnessing over the past week.

Ever since the asset hit $1.4, the price has remained a bit unstable as the selling pressure was also rising. This could be attributed to traders who were eager to realize profit while the market was still at a high point.

Reasoning

Bollinger bands were diverging at press time, indicative of increased volatility. However, the signal line was approaching the candlesticks as the selling pressure was emerging in the mid-term. 50 moving average remained under the candlesticks, indicating the rising price of the digital asset.

Since the price was surging for almost a week, buying pressure pushed ADA to the overbought zone. The relative strength index hit 69, at the time of writing, which meant the ADA market was saturated by buying pressure. This made the price unstable and could lead to a fall. Similarly, Chaikin Money Flow indicated that money has been flowing into the ADA market, confirming the high buying pressure in the market.

Critical level

Entry-level: $1.37
Take Profit: $1.29
Stop-level: $1.41
Risk to Reward: 2.02

Conclusion

The current chart of Cardano noted that the consistent buying pressure over the past week caused the asset to hit the overbought zone. At this point, we may see a trend reversal as the price strives to stabilize. Traders can benefit from a short position as the price could drop to $1.29.


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Source: https://ambcrypto.com/cardano-price-analysis-29-april

Blockchain

UBS Group Reportedly Planning to Launch Crypto Services to its Wealthy Customers

The Swiss multinational investment bank, UBS Group AG, is reportedly in the works of launching several cryptocurrency services.

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The trend of giant banks developing crypto services is expanded beyond the US with Switzerland’s UBS Group AG. The institution plans to enable its wealthy customers exposure to digital asset investments later in the year.

  • By citing people familiar with the matter, Bloomberg reported that UBS Group AG is in the “early stages of planning to offer wealthy customers digital currency investments.”
  • The bank, based in Zurich, Switzerland, with over $1 trillion in Assets Under Management, is looking into several alternatives for its crypto-related services.
  • Nevertheless, the organization has warned about the infamous volatility of the digital asset sector and will enable its clients to allocate only a “very small portion” of their total wealth.
  • One of the discussed options suggested that institutional customers will be able to receive crypto exposure through third-party vehicles.
  • Interestingly, Bloomberg’s report arrives just a few months after the financial service company working under the UBS Group AG hat – UBS Global Wealth Management – warned that the entire cryptocurrency sector could plummet to zero.
  • Before UBS Group AG, numerous US-based banks initiated steps into enabling their clients to receive exposure to bitcoin and other digital assets.
  • BNY Mellon, the oldest American bank, led the charge this year after releasing BTC custodial services. Shortly after, Morgan Stanley followed by filing to receive BTC exposure for up to 25% for 12 of its funds.
  • Even the previous bashers, Goldman Sachs and JPMorgan, showed a pro-crypto approach. Goldman filed for a Bitcoin ETF, and its clients can now trade BTC derivatives, while JPM will reportedly launch an actively managed fund following the performance of the primary cryptocurrency.
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Source: https://cryptopotato.com/ubs-group-reportedly-planning-to-launch-crypto-services-to-its-wealthy-customers/

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Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s

By breaching the high fees on the Ethereum blockchain, ORAO has chosen to launch its general data products on top of Justin Sun’s TRON.

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The data-agnostic oracle network supporting multiple blockchains, ORAO, will launch its general data product on top of TRON. The two parties announced a partnership earlier, with ORAO claiming it chose TRON due to the significantly lower transaction costs compared to other networks.

ORAO to Launch Products on TRON

Described as a “blockchain agnostic oracle platform built to support any number of chains,” ORAO operates with protocols working on top of Polkadot, Ethereum, Elrond, and other networks. The team behind it announced the partnership with Justin Sun’s TRON in a press release shared with CryptoPotato.

The statement informs that ORAO uses a “proactive rating system” to judge data upon submission, which means that “bad and malicious data never makes it to the buyer in the first place.”

Furthermore, its data oracles provide a wider variety of secure information working at high speeds – from local weather to the outcome of football matches and elections.

“One of the key strengths of ORAO are our Predefined Data Protocols, which greatly expand the variety of data products that providers can offer. However, while they make for fantastic flexibility, the fact remains that many of the data products they support would not be economically viable on a platform that is mired in congestion issues.” – commented Nikola Strahija – founder of ORAO.

The integration on TRON comes after the team examined other alternatives, including Ethereum. However, the notoriously high transaction fees and the “increased congestion,” which leads to a “growing need for a fast, scalable, and affordable base layer solution,” made TRON the most accurate option.

TRON’s Rapid Growth

Upon further explaining the decision to go with TRON, Strahija described Justin Sun’s brainchild as a “rapidly growing powerhouse” in the market.

The partnership between the two will also enable TRON users to receive data from other networks due to ORAO’s blockchain agnostic features.

“DeFi and crypto should not be limited to high net worth portfolios who can afford congestion pricing. We are seeing a rising trend of many top Ethereum projects moving to TRON. We are thrilled for ORAO to join the TRON Network and reap the benefits of a fast, affordable, and agile network.” – said Sun.

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Source: https://cryptopotato.com/data-agnostic-oracle-network-orao-chooses-trons-blockchain-over-ethereums/

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South Korea to Examine Altcoin Listings on Exchanges Due to High Risks

In order to reduce the potential risks for investors, South Korea’s officials will look into the listing processes of altcoins on exchanges.

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The significant rise of the altcoins in price and popularity has raised concerns among South Korean officials. The nation’s bank association has advised its members to investigate the rapidly growing number of alternative coins available for trading on crypto exchanges.

South Korea Warning for Altcoins

Although bitcoin is well in green since the start of the year, 2021 is so far going towards the altcoins. Multiple coins have skyrocketed in value in recent months, leading to consecutive all-time highs – just for reference, five out of the top ten marked new records in the past 24 hours alone.

Furthermore, others that seemingly have little-to-no value behind them, like Dogecoin and copycats such as SHIBA INU, have blossomed after reaching the main stage. Double- and even triple-digit returns have become the “new normal,” which attracts the masses.

Taking advantage of these trends, crypto exchanges are rushing to list the new hot coin. This seems to have become a real issue in South Korea, though, according to a local report.

It informed that the bank association believes the rapidly growing number of altcoins on local exchanges is increasing the risks for investors. Consequently, it advised its members to examine the listing processes to “gauge the trading capacity of an exchange, in an apparent move to reduce exposure to risks.”


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“One of the criteria that we recommend is the safety of digital assets, and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risks.” – commented an official of Korea Federation of Banks.

The coverage outlined the rapidly growing trading volume of alts compared to bitcoin. The largest local crypto exchange – Upbit – saw a BTC trading volume of just 4.26%, while the altcoins were responsible for the remaining more than 95%.

Regulations in South Korea

The East Asian country has been quite active in terms of establishing a legislative framework around the cryptocurrency industry lately.

Back in March, the authorities implemented a new rule suggesting hefty penalty standards and fines for all virtual asset services providers (VASPs), including exchanges, that fail to report suspicious transactions and keep relevant data.

As a result, some trading venues halted their South Korean branches, including OKEx Korea and Binance Korea.

Separately, the country plans to implement a 20% capital tax on profits made by crypto trading.

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Source: https://cryptopotato.com/south-korea-to-examine-altcoin-listings-on-exchanges-due-to-high-risks/

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Gemini Now Allows Users to Earn up to 2.25% Interest on Dogecoin

Dogecoin (DOGE) becomes the 32nd cryptocurrency on Gemini Earn’s portfolio as users can earn up to 2.25% interest on it.

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The US-based cryptocurrency exchange Gemini announced it will grant its customers the opportunity to earn interest on Dogecoin. They can realize as much as 2.25% annual percentage yield (APY) on the meme coin. With this innovation, Gemini Earn now accounts for more than $2 billion in loans for its customers.

DOGE Coming to Gemini

The massive craze around the meme coin keeps its invasion and reached the US trading venue Gemini. The official website of the crypto exchange founded by the Winklevoss brothers announced to its users that they can start earning interest on DOGE with Gemini Earn.

The company revealed its custody support to the meme coin and affirmed that Gemini is the only regulated platform in the US where trading and earning interest on DOGE is allowed in all 50 states. Furthermore, Gemini’s officials opined that Dogecoin is a true successor of Bitcoin:

”We listed Dogecoin because we believe it is the people’s money and continues Bitcoin’s tradition of giving the control of money back to the people.”

The Gemini team also confirmed that clients may begin earning interest on SushiSwap (SUSHI), Injective (INJ), and Polygon (MATIC).

Gemini Earn stated that users can earn up to 7.4% APY on their crypto held on the exchange. Additionally, interest is earned and aggregated daily and customers can claim their digital assets at any time. Another main advantage of the service is that there are no minimum balances and fees to transfer into or redeem from it.


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Gemini Earn is accessible for every customer in the US and Singapore. With the addition of Dogecoin, there are now 32 digital assets that the service supports.

Another Innovation by Gemini

The founders of the cryptocurrency exchange – The Winklevoss twins – are well known for their support for the crypto industry and Bitcoin in particular. Their digital asset exchange is among the few regulated in the US and has made several notable partnerships as of late.

CryptoPotato reported recently that Gemini collaborated with Mastercard to launch a crypto credit card with rewards paid in the form of the primary cryptocurrency. According to the statement, the card will offer up to 3% of bitcoin cashback to users.

Many investors embraced the announcement and the waiting list quickly surged to 140,000. Gemini promised the card will come with no annual fees, combined with 24/7 live customer support, which should ”deliver a superior cardholder experience.”

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Source: https://cryptopotato.com/gemini-now-allows-users-to-earn-up-to-2-25-interest-on-dogecoin/

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