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Crypto Price Analysis & Overview July 10: Bitcoin, Ethereum, Ripple, Cardano,and Doge

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Bitcoin

Bitcoin saw a small 1% increase this week as it continued to trade sideways within the confines of a symmetrical triangle pattern. BTC has been trapped within this triangle since the start of June 2020, and a breakout will dictate the next direction.

Looking ahead, if the buyers can rebound from the lower boundary of the triangle and push above the upper boundary, the first level of resistance will be located at $9,815. This is followed by additional resistance at $10,000, $10,226, and $10,430 (2020 high).

On the other side, if the sellers push beneath the triangle, the first level of support is found at $8,900 (100-day EMA). Beneath this, added support lies at $8,700 (.382 Fib Retracement) and $8,500 (downside 1.272 Fib Extension).

btcusd-jul10
BTC/USD. Source: TradingView

Ethereum

Ethereum saw a 5.3% surge this week as the coin climbed toward the $240 level. ETH started the week off by rebounding from the support at $225 as it pushed higher into the resistance marginally beneath $250. From there, ETH fell lower into the $240 level. A break above $250 is likely to cause it to start another bullish run toward the 2020 high at $287.

Moving forward, the first level of resistance to pass is $250. Above this, added resistance is found at $265 (bearish .886 Fib Retracement), $275, and $287 (2020 high).

On the other side, if the sellers push lower, the first level of strong support lies at $225. Beneath this, added support is found at $215 (.236 Fib Retracement & 100-day EMA), and $200 (200-day EMA).

ethusd-jul10
ETH/USD. Source: TradingView

Against Bitcoin, Ethereum pushed higher this week to create a new 4-month high at 0.0263 BTC. The coin started the week beneath the 0.025 BTC resistance as it pushed higher to break the previous strong resistance at 0.0253 BTC, which had caused trouble for the market during May and June.

After breaking 0.0253 BTC, ETH climbed into the 0.0263 BTC resistance level, where the buying pressure stalled.

Looking ahead, if the bulls push beyond 0.0263 BTC, resistance is expected at 0.0266 BTC (bearish .886 Fib Retracement). Above this, added resistance lies at 0.0273 BTC and 0.0278 BTC (2020 high).

On the other side, if the sellers push lower, the first level of support lies at 0.026 BTC. This is followed by added support at 0.0253 BTC and 0.025 BTC.

ethbtc-jul10
ETH/BTC. Source: TradingView

Ripple

XRP saw an impressive 11% surge this week, which had the cryptocurrency briefly climbing back above the $0.20 resistance level. XRP started the week off by trading at the support at $0.175 (.5 Fib Retracement level).

From there, it rebounded higher as it broke above the 100-day EMA at $0.196 and pushed over $0.20 to reach the 200-day EMA resistance at $0.215. It was unable to break this resistance, which caused it to drop lower into the 100-day EMA support at $0.196 where it currently rests.

Moving forward, if the buyers push back above $0.20, the first level of resistance is found at $0.215 (200-day EMA). Above this, added resistance lies at $0.225 (bearish .5 Fib Retracement) and $0.235.

On the other side, if the sellers push beneath the 100-day EMA, the first level of support lies at $0.192 (.382 Fib Retracement). This is followed by added support at $0.175 (.5 Fib Retracement).

xrpusd-jul10
XRP/USD. Source: TradingView

Against Bitcoin, XRP finally started to recover from the disastrous 3-month period in which prices dropped by a total of 40% to reach as low as 1900 SAT. XRP rebounded from 1900 SAT this week as it pushed higher beyond the resistance at 2000 SAT and 2100 SAT to reach the 2200 SAT level.

The coin didn’t break above 2200 SAT and rolled over to drop into the current 2140 SAT level.

Looking ahead, if the bulls push beyond 2200 SAT, the first level of resistance lies at 2250 SAT (bearish .236 Fib Retracement). Above this, added resistance is found at 2300 SAT and 2360 SAT.

On the other hand, if the sellers push beneath 2100 SAT, support is found at 2071 SAT, 2050 SAT, and 2000 SAT.

xrpbtc-jul10
XRP/BTC. Source: TradingView

Cardano

Cardano saw an impressive 17% price surge this week, which saw the coin climbing into a new 24-month high price. The cryptocurrency started the week at the $0.095 support. It quickly began to rise as it broke past resistance at $0.1 and continued to reach as high as $0.135.

Since then, ADA rolled over and has fallen into the support at $0.11 (.236 Fib Retracement).

Moving forward, if the buyers push higher again, the first level of resistance is expected at $0.117 (1.272 Fib Extension). This is followed by added resistance at $0.127, $0.135, and $0.14 (1.618 Fib Extension level).

On the other side, if the sellers push beneath $0.11 (.236 Fib Retracement), added support lies at $0.1. This is followed by support at $0.09 (.382 Fib Retracement) and $0.08 (.5 Fib Retracement).

adausd-jul10
ADA/USD. Source: TradingView

Against Bitcoin, Cardano also saw an impressive price surge this week as it started the week off by trading at the 1000 SAT level as it pushed higher to reach the resistance at 1500 SAT (1.414 Fib Extension). ADA has dropped into the support at 1240 SAT (.236 Fib Retracement) since reaching this high.

Looking ahead, if the buyers push upward again, resistance lies at 1300 SAT, 1400 SAT, and 1500 SAT (1.414 Fib Extension). Added resistance is expected at 1600 SAT (bearish .786 Fib Retracement).

On the other side, if the sellers push beneath the support at 1240 SAT, added support is found at 1080 SAT (.382 Fib Retracement), 1000 SAT, and 960 SAT (.5 Fib Retracement).

adabtc-jul10
ADA/BTC. Source: TradingView

Dogecoin

Dogecoin saw a super pump over the past week of trading as the cryptocurrency reached as high as $0.0057. The coin started the week off by trading beneath $0.0024 as it started to surge. It quickly broke the resistance at $0.0027 that caused the coin trouble in May and June and continued further higher until reaching $0.0057.

More specifically, the cryptocurrency closed its candle at the resistance provided by a bearish .618 Fib Retracement level at $0.0048. From there, DOGE has dropped toward the $0.0037 level.

Looking ahead, if the buyers regroup and push higher again, resistance is expected at $0.004, $0.0046, and $0.0047 (bearish .618 Fib Retracement). If the bulls continue above $0.0047, added resistance lies at $0.005 and $0.0057 (bearish .86 Fib Retracement).

On the other side, if the sellers push beneath $0.0037, support is expected at $0.0035 (.618 Fib Retracement), $0.0032, and $0.0030 (.786 Fib Retracement).

dogeusd-jul10
DOGE/USD. Source: TradingView

Dogecoin also saw a very impressive week against Bitcoin as the coin started trading at the 26 SAT level and went on to push as high as 60 SAT during the week. Dogecoin had been very static in 2020 and was never able to pass the 34 SAT resistance.

The resistance above was penetrated during the week as Dogecoin surged to 60 SAT (bearish .618 Fib Retracement). Since reaching this level, DOGE has dropped lower as it trades at 41 SAT.

Moving forward, if the bulls regroup and push higher, the first level of strong resistance is found at 46 SAT (bearish .382 Fib Retracement). This is followed by added resistance at 53 SATS (bearish 5 Fib Retracement), 60 SAT (bearish .618 Fib Retracement), and 71 SAT (bearish .786 Fib Retracement).

On the other side, the first level of support is expected at 38 SAT (.618 Fib Retracement). Beneath this, added support is found at 35 SAT and 32 SAT (.786 Fib Retracement).

dogebtc-jul10
DOGE/BTC. Source: TradingView

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Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-july-10-bitcoin-ethereum-ripple-cardanoand-doge/

Blockchain

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

A multinational payments firm is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

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Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

“When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, SIA’s innovation and business solutions director. “We are discussing digital custody needs with banks in Europe.” 

The firm is also helping banks manage and safekeep security tokens and central bank digital currencies, he added.

Through SIA, Hex Trust plans to offer European banks the software to custody digital assets on behalf of their customers. Hex Trust will also act as a sub-custodian for banks that don’t want to directly offer the service, said Hex Trust CEO Alessio Quaglini. 

Currently, Hex Trust works with three banks – Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Quaglini said Hex Trust has 10 other banks that are exploring the custodian’s products.

Going forward, SIA will be the primary distribution partner for Hex Trust to offer digital-asset services to banks in Europe, Quaglini said. 

Source: https://www.coindesk.com/hex-trust-sia-crypto-custody-eu-banks

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Blockchain

Collider Labs Raises $1M to Invest in Blockchain Startups

The venture builder is seeking to invest in early-stage startups with a focus on transparency, privacy and “fairness.”

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Collider Labs has raised $1 million to be invested in early-stage blockchain and cryptocurrency startups.

In an announcement Thursday, the venture builder said the raise had brought on board several notable limited partners including Efficient Frontier CTO Alon Elmaliah and Follow [the] Seed Founding Partner Andrey Shirben.

Collider provides funding and liquidity and actively participates in building up startups alongside their communities and founders, according to the firm’s founding partner, Avishay Ovadia.

The company is actively seeking to invest in early-stage blockchain and crypto startups globally, with a focus transparency, privacy and “fairness.”

Collider “is a venture builder that somewhat resembles an accelerator” Ovadia said. With some “key characteristics” that differentiate it from a typical accelerator.

Venture builders, also known as startup studios, pair with early-stage startups and utilize their own ideas and resources to, if all goes according to plan, construct viable enterprises.

According to Ovadia, Collider forms partnerships with founders, invests in teams and works alongside them as what he calls “Investors in Residence.”

Source: https://www.coindesk.com/collider-labs-raises-1m-to-invest-in-blockchain-startups

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Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

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Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Voyager Digital, a publicly traded digital asset brokerage with offices in New York, has agreed to buy LGO, a French crypto exchange primarily serving institutional investors, as the company expands to Europe.

The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

As such, this deal is dwarfed by this year’s blockbuster crypto M&A deals such as Binance’s acquisition of CoinMarketCap, estimated to be worth $400 million, and FTX’s $150 million deal to acquire Blockfolio.

Read More: ‘They Have the Users’: Binance CEO Explains Why He Bought CoinMarketCap

What makes this deal unusual is that the two companies’ utility tokens, VGX and LGO, will be swapped into newly minted tokens featuring decentralized finance (DeFi) functions such as community governance and staking at an initial interest rate of 7%.

“We think this is really taking the old-school mergers and acquisitions to the token world, which hasn’t been done before,” Steve Enrlich, Voyager’s co-founder and chief executive officer, told CoinDesk.

Upon completion, Voyager, which is publicly listed on the Canadian Securities Exchange, will issue one million shares for the acquisition and operate in the European retail market with LGO’s Virtual Asset Service Provider registration with the French Financial Markets regulator (AMF). All activities will be conducted under the Voyager brand and LGO will discontinue its institutional services on Oct. 31. Shares of Voyager closed at C$0.67 ($0.51) on Wednesday. 

Read More: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients

Hugo Renaudin, co-founder and chief executive officer of LGO, told CoinDesk that the French company made the deal after it decided to shift its focus from institutional clients to increasing value for its token holders.

“The key decision-maker is what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

LGO launched an initial coin offering (ICO) in February 2018, according to its website, which raised 3,600 bitcoin (worth about $36 million at the time). The company’s white paper shows that 60% of the tokens were distributed through a pre-sale process, while 20% of the supply went to LGO’s founders and advisors.

At its peak in April 2018, the LGO token’s market cap was nearly $40 million, according to data from CoinMarketCap. On Wednesday, that value was calculated to be $1.5 million. 

Renaudin told CoinDesk that the company’s other option would have been focusing on better serving its institutional clients, which means its spot exchange would have to provide new and exotic derivatives products. After consideration, he said that the team had decided to change its focus to retail customers instead.

The merger comes during a time of regulatory crackdown on crypto derivatives trading around the globe. Popular crypto derivatives exchange BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) with facilitating unregistered trading activities, while in the UK, the Financial Conduct Authority (FCA) has banned crypto derivatives for retail consumers.

This is not the first acquisition by Voyager, which went public in early 2019 in a reverse merger with the shell of a Canadian mineral exploration company. Previously, it acquired wallet startup Ethos.io for about $4 million.

Read More: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Voyage’s revenue in the most-recent fiscal quarter, which ended Sept. 30, surged to about $2 million, compared with $1.1 million during the fiscal year ending in June.

“We are becoming the financial service firm of the future, which means I will look at acquisitions that can add products, customer assets to the platform, or tokens and other communities that can be accretive to what we are trying to do,” Enrlich said. “And adding these pieces together we are going to either do it organically or through more acquisitions.”

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Source: https://www.coindesk.com/voyager-acquires-lgo-token-merger

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