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Cardano, Synthetix, Zcash Price Analysis: 11 June

While a move above Cardano’s ascending triangle could see the price head back towards $2, its technicals suggested a break in the opposite direction. Synthetix was tipped to defend $8.65 from a breakd

The post Cardano, Synthetix, Zcash Price Analysis: 11 June appeared first on AMBCrypto.

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While a move above Cardano’s ascending triangle could see the price head back towards $2, its technicals suggested a break in the opposite direction. Synthetix was tipped to defend $8.65 from a breakdown and rise north from its up-channel. Finally, Zcash could keep itself grounded under its EMA Ribbons until the broader market recovers from its recent lows.

Cardano [ADA]

Source: ADA/USD, TradingView

While Cardano’s short-term trajectory seemed rather bleak – candlesticks were below all 3 moving averages (20, 50, and 200 SMA), its long-term movement was expected to be bullish as per the formation of an ascending triangle. On the 4-hour timeframe, ADA formed a series of higher lows and tested the $1.85-resistance multiple times since the end of May. An ascending triangle appeared in the process – A pattern that usually sees a break to the upside.

Such an outcome would also see ADA touch $2 for the first time since the 19 May crypto-crash.

On the flip side, there were near equal chances of a breakdown according to its indicators. The OBV moved south after 16 May as selling pressure drove market prices. Even the RSI’s lower trajectory flashed warning signs in the market. A move below the lower trendline could drag ADA towards its next defense at $1.24.

Synthetix [SNX]

Source: SNX/USD, TradingView

With further losses of 23% over the last seven days, Synthetix seemed to have borne the brunt of the market corrections on 19 May. Since the day, SNX has failed to maintain key levels on its 4-hour chart as bulls have had to grapple with constant selling pressure. The same was outlined by OBV’s downtrend. SNX eventually found a support line at $8.65 – A level last seen in January.

On the plus side, the formation of an up-channel injected some optimism in the market. A break above the upper trendline and $10.7-resistance could trigger a minor rally towards the $12-mark. The Stochastic RSI’s bullish crossover in the oversold zone suggested that SNX was up for a reversal and all eyes would be on its overhead resistance moving forward.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Historically, Zcash has shared a strong correlation with Bitcoin, and its movement since 19 May was a testament to that fact. Upwards price action in the BTC market has induced bullish sentiment in the ZEC market as well but gains have been limited at the strong resistance line of $190. When BTC retraced to $32,000 on 7 June, ZEC fell by nearly 20% but defended the $120-support level from an additional breakdown.

Needless to say, ZEC’s short-term trajectory heavily relied on the king coin’s path forward. Under extreme bearish conditions, its price could sink towards the demand zone between $85-$100. The constricted nature of ZEC’s EMA Ribbons suggested some sideways movement in a bear market. The bands could also function as resistance lines in case of an attempted breakout.

According to the Awesome Oscillator, bearish momentum was on the up.


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Source: https://ambcrypto.com/cardano-synthetix-zcash-price-analysis-11-june

Blockchain

UMA Technical Analysis: Price Has Fallen Below the Fibonacci Pivot Point of $12.38

UMA price has tested and fallen below 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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Universal Market Access is a protocol to create synthetic assets that are based on the Ethereum blockchain. A synthetic asset is a different asset class that represents the value of the underlying asset. However,  UMA helps its users to create self-enforcing financial contracts and run them on Ethereum. The following UMA technical analysis will predict the price trends for the next few days:

Past Performance

On June 10, 2021, UMA started trading at $13.01. As of June 16, 2021, the closing price of UMA was $12.04. Thus, in the past week, the UMA price has plummeted by roughly 7%. In the last 24 hours, UMA has traded between $11.85-$13.14.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/uma-technical-analysis-price-has-fallen-below-the-fibonacci-pivot-point-of-12-38.png

https://www.tradingview.com/x/AoAaDOFl/

Day Ahead And Tomorrow

Currently, UMA is trading at $12.20. The price has increased slightly from the opening price of $11.97. Thus, the market looks positive.

READ  Revolut Announces 11 New Tokens for Trading in Cryptocurrencies

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish, and we can expect a price to rise. However, both the lines are close to the zero lines and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the UMA price to decrease.

The RSI indicator is at 49%. It has just rallied from the 30% mark. Thus, buying pressures are slowly mounting. Hence, we can expect the price to start rising again in a few hours.

UMA Technical Analysis

The price has fallen below the Fibonacci pivot point of $12.38. As some oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $11.81 soon.

READ  Are Bitcoin [BTC] and Gold Prices Correlated? – ‘Pomp’ and Schiff to Battle Soon

The price has tested and fallen below the 23.6% FIB retracement level of $13.14. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

#UMA #Universal Market Access

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Source: https://www.cryptoknowmics.com/news/uma-technical-analysis-price-has-fallen-below-the-fibonacci-pivot-point-of-12-38

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Blockchain

CNN Launches “Vault” to Sell NFTs of Historic News Moments

The WarnerMedia-owned multinational news channel CNN is launching “Vault by CNN” to offer a select set of NFTs from the channel’s 41-year old archives.

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If you’ve ever wanted to own a piece of history, now might be your chance. The WarnerMedia-owned multinational news channel CNN is jumping into the NFT space with a new offering called “Vault by CNN”. The project will mint a select set of NFTs from the channel’s 41-year old archives on the Flow blockchain, which is also home to NBA Top Shot, a marketplace for sports highlights.

CNN NFTs Will Be Available in Late June

While CNN hasn’t specified the details for its first batch of NFTs, the channel has hinted that the offering will be based on its early exclusives, world history, and Presidential Elections. “Vault” will begin dropping these moments over a span of six weeks starting in late June 2021. Users could expect the successive collections to cover more topics and themes as Vault by CNN adapts to the community.

Explaining the rationale for the launch of its new service, CNN stated:

“Until now, there has been no way to ‘collect’ these moments. Users can often find old footage online, or packaged up in documentaries, but they cannot ‘own’ them or display them in the way they can with a print newspaper or magazine.”

The tokenized news moments will be available in a combination of both limited and open editions. To purchase these tokens, users will have to sign up for “Vault”, where they will store the moments. Unlike other NFT shops, users are not required to fulfill their payments in cryptocurrencies; they can buy their tokens using traditional methods such as credit cards. Although, users will need to create a digital wallet with the mobile application Blocto.

Users Will Be Able to Render Their NFTs Offline

CNN has partnered with video framing company Infinite Objects to help users render their NFTs onto a screen without an internet connection. 

Interestingly, Fox and Time Magazine have also announced their foray into the NFT market before CNN. As of yesterday, Fox Corporation revealed that it was investing $100 million in Blockchain Creative Labs for NFT content creation. 

READ  CHSB Technical Analysis: Breakout of the Pivot Resistance Level of $1.35

#CNN NFTs #Fox NFTs #News NFTs #Vault by CNN

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Source: https://www.cryptoknowmics.com/news/cnn-launches-vault-to-sell-nfts-of-historic-news-moments

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SEC Delays VanEck Bitcoin ETF Decision Yet Again, Deadline Pushed to July

The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.

The post SEC Delays VanEck Bitcoin ETF Decision Yet Again, Deadline Pushed to July appeared first on BeInCrypto.

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The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin ETF again, saying in a filing that it wanted public commentary.

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The United States Securities and Exchange Commission has once again delayed its decision on the VanEck bitcoin ETF, the regulator announced in a filing published on June 16. The decision follows the first announcement of a delay in April when it requested an extension of 45 days to make a decision on the approval. The next deadline is set for July 2021.

The SEC will now seek public comments on the proposal to list the product prepared by Cboe Global Markets. Investors will likely be disappointed about the decision but will have to make do with the fact the ETF decision has only been delayed, not outright rejected.

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Concerns over investor protection

A bitcoin ETF would give a much larger swathe of investors the ability to invest in bitcoin easily. It allows investors to access the cryptocurrency market easily via a stock listing. This is the problem foreseen with an ETF, namely that the accessibility could lead to more risk for investors.

In the past, the SEC has cited investor protection and market volatility as the primary reasons behind the absence of bitcoin ETFs. Bitcoin’s recent correction of over 40% — though it has picked up to around the $40,000 range — has only exacerbated this concern.

In the filing, market manipulation and fraud have also been listed as concerns. The SEC asks the Cboe if it has taken any actions to prevent these occurrences, as well as if the trust and shares would be susceptible to manipulation.

More interestingly, it asks the degree to which bitcoin is transparent and how much it has changed in the past five years. It also asks potential commentators on the size and regulation of the bitcoin futures contract.

Insiders and market enthusiasts have pushed for an ETF, saying that it is about time for an asset that is now more or less in the mainstream. But regulators across the world are unsure what to do with such a nascent asset class and envision that there will be both legal and economic challenges to bringing it into greater public access.

Will the U.S. see an ETF approval this year?

The likeliness of a cryptocurrency ETF being approved this year in the U.S. is up in the air. VanEck has also submitted an SEC filing for an ETH-centered ETF, but updates on that are limited as it was only submitted early in May.

Gabor Gurbacs, a Director at VanEck, has called upon officials to embrace bitcoin, saying there are “trillions of dollars in potential value.” The U.S. remains a noticeable laggard in the cryptocurrency arms race, with economic rivals like China and developing nations taking to the technology at a much quicker pace.

The SEC now has several ETF applications on its desk, though the VanEck ETF remains the most prominent of them all. It could be that the SEC and other regulatory bodies are focused on a broader crypto framework first. In any case, the market should hear some news on the matter before the end of the year.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

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Source: https://beincrypto.com/sec-delays-vaneck-bitcoin-etf-decision-yet-again-deadline-pushed-to-july/

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VanEck Bitcoin ETF: SEC delays decision and additionally seeks public comment

The US Securities and Exchange Commission has a history of delaying the approval of Bitcoin ETFs. The regulatory hurdles and the indefinite rejections in the past have dented the hopes of a quick SEC

The post VanEck Bitcoin ETF: SEC delays decision and additionally seeks public comment appeared first on AMBCrypto.

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The US Securities and Exchange Commission has a history of delaying the approval of Bitcoin ETFs. The regulatory hurdles and the indefinite rejections in the past have dented the hopes of a quick SEC approval. Crypto-enthusiasts have already been frustrated by the SEC’s reluctance to sign off on an ETF.

In what is the most recent development, the agency further delayed passing its judgment on the VanEck Bitcoin Trust. 

Usually, the SEC delivers a decision on a particular application within 45-day windows. However, to date, the agency has used the upper cap, 240 days, to review most of the Bitcoin ETF applications and has ended up rejecting them. It should be noted that this is the second time that the regulatory body has extended its review period by 45 days for VanEck’s ETF. Previously, in April, the SEC stated that it needed “sufficient time” to evaluate the aforementioned proposal.

Additionally, the SEC has asked for public comment on VanEck’s application. Interested parties need to answer questions with relevant data to substantiate their views on how vulnerable the ETF would be to “market manipulation” and whether or not the regulatory ecosystem has “changed” since 2016. Other questions require the commentators to shed light on their views about the “transparency” of Bitcoin and their standpoint on the “size and regulation” of CME’s Bitcoin futures contracts. 

The SEC has time and again highlighted its concerns over fraud and manipulation in the BTC markets. Additionally, since the agency doesn’t have any control over exchanges, the regulators in the US feel that their “investor protection” obligation gets obstructed.  

However, the community presumed that the regulatory body would be more receptive to the crypto space under the novel leadership of Gary Gensler, but this decision has not sent out the message the community was expecting. However, Galaxy Digital’s exec, Mike Novogratz had recently stated that, in his opinion, ETFs would go live either by the fourth quarter this year or the first quarter next year. Now, since the brakes have already been applied, the approval is likely to delay itself even further. 


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Source: https://ambcrypto.com/vaneck-bitcoin-etf-sec-delays-decision-and-additionally-seeks-public-comment

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