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Polkadot, Uniswap, VeChain Price Analysis: 08 June

The market witnessed a significant dip on June 7 which took a toll on every coin. Bitcoin fell by 9.75% and the total market capitalization dropped by 10.46% and lost over $171 billion in 12 hours. Su

The post Polkadot, Uniswap, VeChain Price Analysis: 08 June appeared first on AMBCrypto.

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The market witnessed a significant dip on June 7 which took a toll on every coin. Bitcoin fell by 9.75% and the total market capitalization dropped by 10.46% and lost over $171 billion in 12 hours. Such was the case for altcoins as well specifically Polkadot which lost 15.2%, Uniswap was down by 14.4% and VeChain’s price fell down by 17%.  

Polkadot [ DOT ] :-

Source: DOT/USD – TradingView

Trading at $21.03, Polkadot could be seen inching closer to its support level of $18.78. DOT has been consistently negative in its performance since June 4. Relative Strength Index (RSI) had been moving along the neutral line, until today when the indicator was spotted in the oversold region due to the high selling pressure.

Even Simple Moving Averages50 SMA (orange) and 100 SMA (red) switched their position to resistance from support as both indicators were placed above the candlesticks. According to Squeeze Momentum Indicator, the market was at the moment in a ‘squeeze release’. This indicated that the fall could continue for a little while since the light red bars showed bearish pressure rising.

If the price makes a quick comeback, it could save the coin from falling under $18.78, else $15.90 will act as the next support level. 

Uniswap [ UNI ] :-

Source: UNI/USD – TradingView

The last 24 hours’ fall broke the little uptrend Uniswap had achieved and brought its price down to $23.26. Since the coin at press time was $1.1 away from reaching the support level. MACD indicator displayed clear signs of a bearish crossover as the blue indicator line fell below the red signal line.

Bollinger Bands significantly diverged at the time of writing, exhibiting incoming volatility. Although under the 25.0 mark, the Average Directional Index (ADX) could be seen rising, and if the indicator moves past the neutral line, the downtrend could pick up the pace.

If UNI makes a recovery soon, it will keep under $29.93 resistance level. Should the coin fall through the active support level, the next support will be established at $18.63.

VeChain [ VET ] :-

Source: VET/USD – TradingView

VET had been climbing towards its $0.14 resistance levels and there was some possibility for the coin to break past it. However, at the time of writing, the coin was trading at a low $0.109, very close to the $0.09 support level. Parabolic SAR displayed a strong downtrend going forward for a while as the white dotted line was above and far from the candlesticks.

Capital outflows have remained consistently strong since the last three days, according to Chaikin Money Flow, and even at the time of writing, the indicator was well below the neutral line. Awesome Oscillator exhibited similar movements as the appearance of red bars on the indicator suggested bearish momentum rising.

While the price indicator is close to the support level, it is still far away from the bedrock $0.07 level. VET will still need stronger negative cues to fall further below. 


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/polkadot-uniswap-vechain-price-analysis-08-june

Blockchain

Binance Coin, Filecoin, Tron Price Analysis: 13 June

The recent market fall has led to traders rushing toward sell-offs, even as Bitcoin’s price started to consolidate. The king coin’s downtrend on June 12, which led to an over 6% fall in valuation,

The post Binance Coin, Filecoin, Tron Price Analysis: 13 June appeared first on AMBCrypto.

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The recent market fall has led to traders rushing toward sell-offs, even as Bitcoin’s price started to consolidate. The king coin’s downtrend on June 12, which led to an over 6% fall in valuation, was followed by several alts such as Binance Coin, Filecoin, and Tron’s TRX. Breaking through important support levels, these coins also faced rising selling pressure and depleting capital inflows. Their south-bound movement kept them vulnerable to additional losses going forward.

Binance Coin [BNB] 

Source: BNB/USD, TradingView

Binance Coin continued on its downtrend. After gaining over 33% just between May 31 and June 2, its valuation fell by 20% during June 7-9. Still trading in the red, the coin was priced at $337.8 at press time. After testing resistance at $365, it had fallen a further 13.2% over the past week.

Relative Strength Index or RSI dipped below the median line on June 10 to 39.8 at press time. If selling pressure continues to mount, the coin could be headed for the oversold zone. As Parabolic SAR’s dotted line hovered above the candlesticks, a downtrend for the price action could be noted.

However, according to Awesome Oscillator’s histogram, bullish momentum could be seen creeping in although it was too early to declare a positive price movement based on the indicator alone.

The support at $304 remained strong and could act as a savior if BNB continues its downward movement.

Filecoin [FIL] 

Source: FIL/USD, TradingView

Filecoin lost 26% of its valuation during the market reduction on June 7. The coin fell through support lines at $84.5 and $75.5 and had since lost further valuation during the price fall on June 11. It was trading at $69 and saw slight gains on the four-hour chart with the emergence of a green candlestick at press time.

Chaikin Money Flow indicated that traders rushed to sell their holdings on June 12, as the capital outflows mounted way over the inflows. Selling pressure also continued to be overpowering, as Relative Strength Index continued to hover over the oversold region since June 8. The convergence of the Bollinger Bands did highlight the reduced volatility of the market and price action could be constricted going forward.

Tron [TRX] 

Source: TRX/USD, TradingView

The blockchain network recently hit several milestones. Tron’s daily active users hit an all-time high of 5.26 million, while the total daily transaction count has also hit an all-time high of 6.22 million on Tuesday.

Nevertheless, Bitcoin’s retracement on June 10-11 proved to be detrimental to Tron, which fell by over 12% during this time. The coin broke through its support at $0.069 but found new support at the $0.065 mark, with the former acting as a strong resistance. The 24-hour trading volume for the coin also fell by 31% over the past day.

Bollinger Bands remained diverged during this time, indicating that market volatility was picking up. The appearance of a red line below Awesome Oscillator’s histogram suggested that bullish momentum was starting to surface on the coin’s price action. Moreover, MACD’s histogram closed in one a bullish crossover, even as the lines remained below the equilibrium and moved in alignment with one another.

Since the indicators suggest that bearish momentum is declining, TRX could defend $0.065 support from a breakdown. In case the support is broken, the coin could face a plunge of over 20% towards the next support at $0.055.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-filecoin-tron-price-analysis-13-june

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Why NFL’s Russell Okung Asked Nigeria To Adopt The Bitcoin Standard

Following El Salvador’s decision to grant Bitcoin the status of legal tender, other government officials in the region have hinted at adopting similar measures. Most of the interest seems to have a source in developing countries. Their populations have been the most benefit from Bitcoin’s open and censorship resistance network. NFL’s professional player Russell Okung […]

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Following El Salvador’s decision to grant Bitcoin the status of legal tender, other government officials in the region have hinted at adopting similar measures. Most of the interest seems to have a source in developing countries. Their populations have been the most benefit from Bitcoin’s open and censorship resistance network.

NFL’s professional player Russell Okung wrote an open letter to the Nigerian government. He asked the official of this country to adopt the Bitcoin standard “or risk falling behind”.

Okung is of Nigerian descendant and is well-known for his pro-BTC stance. He famously used the phrase: “Paid me in Bitcoin”, as a demand to his team’s management. The professional football player has kept an eye on the situation in El Salvador and believes that “soon every nation will be faced with this decision”.

Therefore, Okung argues that it will be more beneficial for the country to be first in Africa to make BTC legal tender. In that way, Nigeria will “will enjoy significant advantages globally for generations to come”.

Similar to El Salvador, Nigeria and other countries in Africa have placed their fate in “the hands of global central bankers”. Okung believes these entities have acted for their own benefit and not those of the Nigerian people.

The NFL’s player emphasizes that the current global economic outlook calls for fast and extreme measures. Other countries, Okung claims, such as Russia, China, Kenya, and Iran use Bitcoin in some form to “circumvent U.S. sanctions” and retake more participation in the global financial system. He adds:

I’m proposing an equally aggressive approach to national Bitcoin adoption which would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.

What Countries Risk By Not Adopting Bitcoin

Nigeria has a troublesome history with the cryptocurrency. A national ban was imposed in the country, only to be removed after a couple of days when BTC’s price rose 46%. The measure caused people to panic buy BTC to protect their savings, businesses, and hedge against the situation described by Okung.

Data from Statista indicates that around $400 million are traded in cryptocurrencies in this country for 2021 alone. This suggests that the Nigerians have a lot of interest in this asset class.

The African country has seen a wave of massive protest, as a report from The Guardian claims. Nigerians have been celebrating Democracy Day and have mobilized to manifest rejection for their government’s bad governance.

The report claims that Nigeria is one of the most corrupt countries around the globe. Thus, seems logical that their citizen has high Bitcoin adoption levels. At the same time, it seems improbable that government officials will give BTC legal tender status. Still, Okung presented his arguments, he seems to understand the benefits for Nigerians and what truly it’s at stake.

(…) a delay in pursuing a national plan for bitcoin adoption will risk a scenario where Nigeria is left behind and its citizens excluded from the possibility of significant wealth creation and preservation.

At the time of writing, BTC trades at $37,464 with moderate gains in the daily chart. BTC experienced high volatility during the weekend. In order for the bulls to take control, the $40,000 resistance must be flipped into support in the short term.

Bitcoin BTC BTCUSD
BTC with moderate gains in the daily chart. Source: BTCUSD Tradingview

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/why-nfls-russell-okung-asked-nigeria-to-adopt-the-bitcoin-standard/?utm_source=rss&utm_medium=rss&utm_campaign=why-nfls-russell-okung-asked-nigeria-to-adopt-the-bitcoin-standard

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How will the drop in this metric affect UNI, CAKE, SUSHI, AAVE?

Bitcoin maximalists are currently gaining from the dropping altcoin market capitalization. Another group in on that is DeFi project traders and HODLers. This weekend, the altcoin market capitalization

The post How will the drop in this metric affect UNI, CAKE, SUSHI, AAVE? appeared first on AMBCrypto.

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Bitcoin maximalists are currently gaining from the dropping altcoin market capitalization. Another group in on that is DeFi project traders and HODLers. This weekend, the altcoin market capitalization dropped further. In the past 7 days, the altcoin market capitalization has dropped along with a drop in altcoin prices. BNB, ADA, DOGE, XRP, DOT and CRV have dropped and this has increased the accumulation, investment inflow.

Low marketcap projects have offered high returns over the past 7 days. There are several factors supporting this narrative. Increasing trade volume of DeFi projects has increased in proportion to altcoin market cap. The demand across exchanges has increased and there is an increase in the number of unique wallet addresses and TVL. This may change the narrative of DeFi to bullish.

High market cap projects may lead to the increase in demand and investment inflow proportionate to the interest of their users. The low market cap projects continue to face a correction when traders exit. The drop in altcoin market capitalization has a direct impact on DeFi users.

Is the diminishing altcoin market capitalization bullish for DeFi

Source: DuneAnalytics

The diminishing altcoin market capitalization has had a direct impact on the investment inflow, the number of traders and the demand across exchanges. This is bullish for DeFi projects as the rising number of users and the metrics related to number of trades, wallets and users indicate a growing interest, investment, institutional investment inflow and growth in DeFi market capitalization.

With the rise in the number of DeFi projects, there is a surge interest from institutions. With the upcoming biggest smart contract event of the year, it is likely that DeFi projects like UNI, CAKE, SUSHI, AAVE that haven’t rallied in the past 2 weeks would rally following increasing demand and popularity, social media mentions.

When the average price chart of these projects is observed, and they are ranked in accordance to their ranking of growth in Active users, there is a strong correlation between users and market capitalization. AAVE, UNI, SUSHI have ranked the highest. Though ranking does not have a direct correlation with social volume and price, it has increased following drop in altcoin market capitalization. This builds a bullish case for DeFi in the following two weeks.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/how-will-the-drop-in-this-metric-affect-uni-cake-sushi-aave

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Canadian Purpose Bitcoin ETF Holdings at an All-Time High

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The Purpose Bitcoin ETF holdings have reached an all-time high of 19,692.149 BTC despite the current bitcoin market decline.

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The dip in the bitcoin market has not scared off Canadian investors. By considering the Purpose Bitcoin ETF re-accumulation, there is an indication that investors are buying the dip. Over the last month, Purpose’s holdings have increased by 963 BTC.

BTC is currently sitting at $36,028, a steep drop from its all-time high of $63,000. However, despite the flash crash, which brought the price down to around $30,000, the ETF has been steadily gaining over time.

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Its holdings at the current price amount to around $709 million.

William Clemente III

Purpose Bitcoin ETF success

The Purpose Bitcoin ETF launched in February 2021. It is hosted by the Canadian investment company Purpose Investments. 

The company won approval for the ETF from Canada’s regulators and continues to be successful. Two days after its launch, the ETF grew its assets under management (AUM) to over $400 million.

It’s not the only ETF Canada has or the only groundbreaking move coming out of the country. In April, Purpose Investments marked another first, with the world’s first direct custody Ether ETF.

This ETF offer investors the chance to invest directly into physically settled ether.

No signs of ETF approval from U.S.

Not only was the bitcoin ETF a first for Canada, but it was also a first for North America. It was hoped that this bold move would encourage its southern neighbor, the United States. However, this was not the case.

The U.S. is still to approve an ETF, despite the multiple applications from various parties. In addition, it appears even the success of the Canadian ETF hasn’t been able to sway regulators.

Most recently, the SEC delayed its decision on VanEck’s latest filing just hours before the deadline. This keeps it in the pile of over a dozen applications that are still in limbo.

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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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After working in news and lifestyle journalism, Leila decided to bring her interest in cryptocurrencies and blockchain to her day job. She now runs the Features and Opinions desk at BeinCrypto which fits perfectly with her enthusiasm for crypto’s social and political impact.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/canadian-purpose-bitcoin-etf-holdings-at-an-all-time-high/

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