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Monero, BAT, Crypto.com Coin Price Analysis: 15 November

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The world’s premier privacy coin, Monero appeared to break out of a short-term downtrend and could be set to move toward its resistance around the $127-level, provided it can defend an important level of support at $115 if the bears gain some traction over the next few hours. Further down the crypto-ladder, Basic Attention Token could be poised to follow the gradual downtrend it has been on over the past couple of months while Crypto.com Coin continued to post losses on its charts.

Monero [XMR]

Source: XMR/USDT on TradingView

Monero was moving within a descending channel (yellow), but closed a trading session above the same, following which, it moved above the important level of resistance at $115 and showed bullish momentum gathering on the charts.

The move out of the channel was accompanied by average trading volume, a finding that need not discourage the market’s bulls yet. A close below $115 once more would be of more concern.

The pattern generally sees the price push upwards to where the price was when the channel began, making $135 a target for Monero over the next couple of weeks.

However, this could be affected by a strong move by Bitcoin or Ethereum, making the resistance at $127 a more feasible target in the coming days for XMR to reclaim.

Basic Attention Token [BAT]

Source: BAT/USD on TradingView

Basic Attention Token was in the process of forming a symmetrical triangle pattern, a formation that could see a breakout by the token in either direction.

The trading volume has also been on a steady decline in recent days. The Awesome Oscillator highlighted the lack of momentum in either direction for the crypto-asset over the past few days.

The level at $0.2 has seen the price whipsaw about it back in May of this year. Back then, the price had followed the prior trend and continued to gain after a couple of weeks of sideways trading. In this instance as well, the established trend may be the more likely direction for the market to break towards.

Crypto.com Coin [CRO]

Source: CRO/USDT on TradingView

Crypto.com’s exchange token CRO has been steadily losing value since mid-October when it was trading at $0.1559.

The OBV showed that there was a period of equilibrium between buyers and sellers over the past few days, but at the time of writing, the sellers appeared to be stronger as the OBV set a lower high on the charts.

This downtrend was likely to continue in the coming days, perhaps even weeks.

Source: https://eng.ambcrypto.com/monero-bat-crypto-com-coin-price-analysis-15-november/

Amb Crypto

Chainlink, Ethereum Classic, Compound Price Analysis: 09 January

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Chainlink approached $15.88, a level of resistance that has a confluence with the mid-point of the range it has been trading in over the past couple of days. Ethereum Classic attempted to flip the $7 resistance to support, and Compound saw increased selling volume even as its price climbed the charts.

Chainlink [LINK]

Source: LINK/USD on TradingView

Chainlink was trading within a range from $14.55 to 17.5 over the past few days. The 1-hour chart indicated that the momentum might be back on the side of the bulls, as the RSI rose above neutral 50.

Trading volume has yet to pick up, though. Considering this LINK move level by level, the mid-point of the range at $15.88 is quite important.

A rejection at this level would see LINK revisit $14.55 support while flipping this level from resistance to support would likely see LINK advance to test the $17.5 resistance.

In other news, Warp Finance announced their decision to integrate with Chainlink price feeds to secure the relaunch of the protocol, following a flash loan attack it was the victim of last month.

Ethereum Classic [ETC]

Source: ETC/USDT on TradingView

The Awesome Oscillator crossed over into bearish territory and posted red bars, while the Directional Movement Index showed a rising +DMI (blue) even as the ADX fell toward the 20 value.

Since the defense of $5, ETC has slowly conquered level after level of resistance. $7 could be the next level to fall to the bulls. The indicators, along with the price, suggested that ETC might undergo a period of consolidation in the vicinity of the $7 level.

Yet, a move past and retest of this level is likely to occur and would indicate further gains for ETC, with the next resistance at $7.5.

Compound [COMP]

Source: COMP/USDT on TradingView

The OBV showed that buying volume was falling, even as the prices rallied from the $128 lows COMP registered in late December.

This bearish divergence indicated that a correction for COMP was likely to occur, although it gives no indication of when by itself.

The MACD was above the zero line but had formed a bearish crossover to give a weak sell signal.

If in the coming days, COMP faces a drop beneath the $170 level on good trading volume, this market conviction will likely be followed through to push the prices as low as $150.

Source: https://ambcrypto.com/chainlink-ethereum-classic-compound-price-analysis-09-january/

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Amb Crypto

DEXs like Uniswap has carved out a niche, how will 2021 play out?

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The year 2020 saw the cryptocurrency market reach new peaks. It also led to the development of decentralized exchanges and provided the opportunity for them to carve out a niche in the previously centralized ecosystem. The torchbearer for the DEXs has been Uniswap, whose growth astounded the whole crypto market.

Even though an increased on-chain volume is expected for DEXs as every trade involves an on-chain transaction, Uniswap was leading among DEXs. The progress of DEXs can be visible in the on-chain ETH flows highlighted below.

Along with decentralized exchanges, the surging market also gave way to stablecoins to flourish in terms of volume. According to a report, the on-chain volume for stablecoins reached a new monthly high in December 2020 of $178.34 billion. This peak suggested a 20% increase from the previous months’ volume.

Whereas compared to the previous high witnessed in September 2020, this was 11.3% or $18.16 billion higher. Tether [USDT] has been an important stable coin whenever BTC rallies and held 71.2% of the stablecoin volume. USD Coin [USDC] and DAI followed with 16.2% and 6.4% respectively.

As Bitcoin and the crypto market continued to rally in 2021, the net inflow of stablecoins to exchanges has been noting a rise every single day, except on 2 January.

The chart above showed the last 6 months of net exchange flow of ERC-20 stablecoins. The exchange witnessing most inflows was Binance as it held $2.307 billion in stablecoin balance. The exchange’s diverse holdings were >$1B in BUSD, >$500M in USDT, >$500M in USDC, plus other stablecoins.

Here, Uniswap took the second spot with $708.656 million. Even though the difference between the first two places is large, it was not occupied by a centralized exchange. Popular centralized exchanges like Huobi, OKEx, Coinbase, and others followed Uniswap with stablecoin balanced under $600 million, at press time.

The decentralized exchanges have gained a large chunk of the on-chain volume along with the stablecoin inflow in this bull market. As we move ahead, 2021 could be an important period for the growth of more decentralized projects.

Source: https://ambcrypto.com/dexs-like-uniswap-have-carved-out-a-niche-how-will-2021-play-out/

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Cardano, Cosmos, FTX Token Price Analysis: 09 January

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Cardano saw strong gains recently as its went past $0.17 and gain nearly 100% over the past week. The $0.28 mark had been defended from bearish pressure and a loss of this level could indicate further retracement for ADA. Cosmos established an uptrend over the past few days, although its volatility was quite pronounced. FTX Token flinched in the face of selling pressure but more time is needed to establish if FTT would retrace further or rise back above its previous ATH.

Cardano [ADA]

Source: ADA/USDT on TradingView

Cardano broke out of a range it was trading in (cyan) and retested the $0.172 level a few days ago. Subsequently, ADA climbed the charts to record a session close at $0.338, a gain of 95% since the retest.

The price was pushed back beneath the $0.32 level as the RSI also moved back toward neutral 50, while trading volume also decreased to indicate some consolidation. Further retracements can occur for ADA.

A move beneath $0.28 was resisted by the bulls over the past few trading sessions. This indicated that a close below $0.28 could trigger further losses for ADA.

The Stochastic RSI was in the oversold region, and if, alongside price, the RSI also begins to climb as trading volume picks up, another move to the upside would be signaled.

In other news, Project Catalyst, the first stage of the Voltaire roadmap, was kicked off and $500,000 worth of ADA was committed in fund3 to distribute between proposers, voters, and community advisors.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

ATOM formed an ascending channel (cyan). The Awesome Oscillator showed some choppiness over the past few days, but the bullish momentum has been stronger than the brief crossovers of the AO into bearish territory.

The Bollinger Band Width indicator was also rising, agreeing with the observation that observed volatility has been on the rise.

However, an uptrend has been established for ATOM. Important levels of resistance hence lie at $7 and $7.8, with support at $6.3 and $5.6, with the channel boundaries also expected to act as support and resistance.

FTX Token [FTT]

Source: FTT/USD on TradingView

Since the breakout past $4 in late November and the subsequent retest of the same level nearly a month ago, FTT has been in a strong uptrend.

The 4-hour chart showed that that trend’s strength could have flipped, as the -DMI (pink) rose above the +DMI (blue) to indicate a bearish trend.

The OBV also formed a lower low, which was not an encouraging sign for FTT in the shorter timeframes.

Using the Fibonacci retracement tool for FTT’s move from swing low at $4.55 to swing high at $10.13, some important levels of support were highlighted.

Source: https://ambcrypto.com/cardano-cosmos-ftx-token-price-analysis-09-january/

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XRP Price Analysis: 09 January

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Disclaimer: The findings of the following article is the sole opinion of the writer and should not be taken as investment advice 

Bitcoin continued on its parabolic run as it breached the $40,000 level to register a high of $41,986. Ethereum was also trading above $1,200 and the altcoin market saw many coins, large-cap or otherwise, register good gains.

XRP had a rather unclear picture. Further bearish news or a correction across the market could easily see XRP lose the important $0.3 level to the bears.

XRP 1-day chart

Source: XRP/USD on TradingView

We know how XRP’s surge to $0.78 turned out. What is important to consider is the fact that, prior to the breakout, XRP was trading within a range from $0.17 to $0.3 since July 2019.

In the long-term, $0.3 is a very important level indeed. That is why the move above this level over the past few days gave some hope to XRP bulls.

Even though XRP has a low correlation of +0.3 to BTC, it remains a fact that XRP has not seen anywhere near the expected appreciation while Bitcoin and Ether multiplied in value over the past few months. A deep correction in the crypto market will see XRP face intense selling pressure as well.

Hence, for XRP, a short position is likely to turn out to be the profitable bet over the coming weeks, provided $0.3 is ceded to the bears.

Reasoning

The RSI showed that the bearish momentum which seized XRP has given way to a more neutral outlook. The defense of the $0.3 level is of vital importance over the coming weeks.

A daily close beneath this level is very likely to see XRP register further losses, with the mid-point of the range at $0.23 likely to be tested in that case.

The RSI has not yet risen past neutral 50, and could be poised to test that value before heading downward once more alongside the price. The 100 day moving average (pink) can also be expected to offer resistance to XRP.

Position

Note that this trade requires $0.3 to be lost and retested as resistance to enter a short position.

Entry: $0.3

Stop-loss: $0.345

Take-profit: $0.23

Risk-to-reward: 1.56

Conclusion

In the scenario that XRP loses the $0.3 level to selling pressure, a short position is recommended. A consolidation above this level over the next few days does not necessarily mean that XRP is on the road to recovery, but a move above $0.36 would indicate bullish strength for XRP.

Source: https://ambcrypto.com/xrp-price-analysis-09-january/

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