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Price Analysis Jan 06: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XMR

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The price of an asset class is determined by its fundamentals and the sentiment towards it. At times of panic or exuberance, fundamentals take a back seat and sentiment dictates the price action. Currently, the US-Iran tension has sent investors scurrying towards safety. This has seen a move away from stocks and into assets that are considered safe havens.

However, it is unlikely to be a one-way move. There will be periods of calm that would be followed by statements from both parties that would reignite the conflict. Accordingly, the volatility will remain high as the market participants interpret and digest the news and events.

If the tension cools down, the price might give up some of its recent gains as the bulls and the bears again battle it out for supremacy. At this juncture, the fundamentals of the asset class will play a major role in setting the next course of direction.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

For the next few days, the short-term traders might get several opportunities to ride the small rallies. We believe that traders should book profits intermittently instead of waiting for a large windfall profit. Let’s study the charts of the top cryptocurrencies and determine the best possible course of action.

BTC/USD

Bitcoin (BTC) has risen above both moving averages, which are on the verge of a bullish crossover. The RSI has also risen into the positive zone, which suggests that bulls have a slight advantage. The price can now move up to the overhead resistance at $7,856.76.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

If the bulls can carry the price above $7,856.76, the momentum is likely to pick up and a rally to $10,360.89 is possible. As the risk to reward ratio is attractive, we suggest traders initiate long positions as suggested in our earlier analysis.

However, if the bears defend $7,856.76, the BTC/USD pair might remain range-bound for a few more days. A break below $7,000 will be the first sign that bears are back in action. The downtrend will resume below $6,435.

ETH/USD

Ether (ETH) broke and closed (UTC time) above the resistance line of the symmetrical triangle on Jan. 5, which triggered our buy suggested in an earlier analysis. The price has reached the 50-day SMA, which might act as a minor resistance.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

If the bulls push the price above the 50-day SMA, the ETH/USD pair is likely to rally to the $151.829 to $157.50 resistance zone. We anticipate the bears to mount a strong defense of this zone, hence, traders can book partial profits close to the zone. For now, the traders can keep the stop loss on the long position at $122.

Our bullish view will be invalidated if the price turns down from the current levels and plummets below $125.841. Such a move will increase the possibility of a retest of the recent lows at $117.090.

XRP/USD

XRP has surged above the overhead resistance at $0.20041 and is attempting to scale above the 50-day SMA. The strength of the breakout from the tight $0.18339 to $0.20041 range suggests that the bulls have overpowered the bears.

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

There is a minor resistance at the 50-day SMA, above which a rally to $0.2326 is possible. The flattening 20-day EMA and the RSI in positive territory suggest that the bears are losing their grip.

However, as the price has risen sharply, we suggest traders wait for a dip towards the breakout level of $0.20041 or a minor consolidation to happen before initiating long positions. Hence, we withdraw the buy proposed in an earlier analysis.

Contrary to our assumption, if the bulls fail to sustain the price above $0.20041, the bears will once again attempt to sink the price below $0.18339.

BCH/USD

After a minor consolidation for the past two days, Bitcoin Cash (BCH) has broken out of the overhead resistance at $227.01, which is a positive sign. The price is nearing the next resistance at $241.85. The traders can book partial profits at the current levels and trail the stops higher on the remaining long position to $215.

BCH USD daily chart. Source: Tradingview

BCH USD daily chart. Source: Tradingview

If the bulls can push the price above $241.85, the next target is a move to $306.78. The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, which suggests that the bulls are in command.

Our bullish view will be invalidated if the BCH/USD pair turns down from the current levels and break below the moving averages.

LTC/USD

Litecoin (LTC) is attempting to break out of the 50-day SMA. If successful, it can move up to the overhead resistance at $50. The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, which suggests that bulls have the upper hand.

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

If the bulls can scale the price above $50, a move to $60 is possible. However, if the price turns down from $50, the LTC/USD pair might remain range-bound for a few more days.

The traders can watch the price action close to $50 and book profits if the bulls struggle to break above it. However, if the price breaks out of $50, the traders can trail the stops higher to protect the paper profits. For now, the traders can maintain the stops on the long position at $38.

EOS/USD

EOS has risen close to the overhead resistance at $2.8695. The moving averages are about to complete a bullish crossover and the RSI is in the positive zone, which is a positive sign. This shows that bulls are in command.

EOS USD daily chart. Source: Tradingview

EOS USD daily chart. Source: Tradingview

If the bulls can push the price above $2.8695, a rally to the downtrend line is likely. We anticipate the bears to defend the downtrend line aggressively, as the price has repeatedly turned down from it in the past few months. Therefore, traders can keep a close watch and book partial profits close to the downtrend line.

However, if the EOS/USD pair scales above the downtrend line, a move to $3.50 is possible. For now, the traders can keep the stop loss on the long positions at $2.40, which can be trailed higher after the pair rises above $2.8695.

BNB/USD

Binance Coin (BNB) has broken out of the overhead resistance at $14.5201 and held it for four hours. This has triggered our buy recommendation given in an earlier analysis. There is a minor resistance at the 50-day SMA, above which a rally to $16.50 is possible. The stop loss on the long position can be kept at $12.95.

BNB USD daily chart. Source: Tradingview

BNB USD daily chart. Source: Tradingview

Contrary to our assumption, if the price turns down from the 50-day SMA and plummets back below $14.5201, it will be a negative sign. It will signal a lack of buyers at higher levels. The BNB/USD pair might thereafter remain range-bound for a few days. The downtrend will resume if the bears sink the price below the support at $12.1111.

BSV/USD

The bulls have propelled Bitcoin SV (BSV) above the overhead resistance at $113.96. This is a positive sign as it shows that the momentum favors the bulls. The moving averages have completed a bullish crossover and the RSI has risen close to the overbought levels, which suggests that the advantage is with the bulls.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

If the price sustains above $113.96, a move to $140 is possible. Therefore, the traders can trail their stop loss on the long positions to $102.

Our bullish view will be invalidated if the price turns down from the current levels and sustains below $113.96.

XLM/USD

Stellar Lumens (XLM) has broken out of the first overhead resistance at $0.047799. If the price closes (UTC time) above this level, it will trigger our buy recommended in the previous analysis.

XLM USD daily chart. Source: Tradingview

XLM USD daily chart. Source: Tradingview

The 20-day EMA has flattened out and the RSI has risen into the positive territory. This suggests that the bears are losing their grip.

If the price continues its move northwards and breaks above $0.051014, a rally to $0.06 and above it to $0.088 is likely. Conversely, if the price fails to sustain above $0.047799, the XLM/USD pair might remain range-bound for a few more days. The pair will turn negative on a break below $0.042133.

XMR/USD

Monero (XMR) has made it to the list of top ten cryptocurrencies by market capitalization. This shows that the altcoin is finding favor from the bulls. The price broke out of a long-term descending channel on Jan. 03, which suggests that the downtrend might be over.

XMR USD daily chart. Source: Tradingview

XMR USD daily chart. Source: Tradingview

However, the end of a downtrend does not automatically signal the start of an uptrend because, at times, the price consolidates in a range before starting a new uptrend.

Currently, the price has risen sharply from the lows of $44.50 and has reached the overhead resistance at $57.1199. A breakout of this level can propel the XMR/USD pair to $67. However, if the bears defend the resistance at $57.1199, the pair might remain range-bound for a few more days.

Though we are positive, we do not find a trade with a good risk to reward ratio, hence, we are not proposing a long position in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-jan-06-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xlm-xmr

Blockchain

SafeMoon Army Gears Up To Uplift the Price, Yet Needs To Be Programmed!

safemoon jump

The post SafeMoon Army Gears Up To Uplift the Price, Yet Needs To Be Programmed! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Safemoon gained the trader’s attention in a very short stipulated time frame by rising from nowhere to $0.00001375. Since then the price could not regain the lost levels despite a couple of attempts of upswing. However, with increased market sentiments and positive mentions, the asset remains the hottest trend despite the Safemoon price experiencing a …

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Safemoon gained the trader’s attention in a very short stipulated time frame by rising from nowhere to $0.00001375. Since then the price could not regain the lost levels despite a couple of attempts of upswing. However, with increased market sentiments and positive mentions, the asset remains the hottest trend despite the Safemoon price experiencing a slump.

The token gained wide recognition with the launch of the beta sign up for its wallet for only the first 500 people. The wallet is said to be a secure place to store and trade Safemoon, with additional features like Simplex integration, dark mode, contact lists, etc. And hence, this announcement uplifted the assets price to some extent.

safemon

No doubt, the price remained above the levels, yet it appears that the Safemoon price is plateauing with no significant change. Despite the narrow trend, the asset is still among the hottest trends in the market with notable social mentions. 

Also Read: Will Jeff Bezos & Kim Kardashian Take “SAFEMOON to the Moon”?

Will The Crypto Space Witness Safemoon VS Dogecoin?

The entire crypto space is familiar with the fact that Tesla CEO, Elon Musk is a huge proponent of Dogecoin. And moreover, Amazon CEO, Jeff Bezos had also shown his interest in the digital asset. The scenario flipped when Elon Musk called himself a ‘Dogefather’ in an SNL event which might have irked Bezos.

In an interesting update, some of the social media platforms and telegram channels speculate Jeff Bezos may invest billions in Safemoon. The main aim would be to rally the Safemoon price to $1 before the Dogecoin price.

The cold war between the two giants has been viewed in many instances. And if it results in a brawl, then both the assets may be impacted positively to a larger extent. However, there is no such official confirmation from Jeff Bezos. As the story stands on the basis of the rounds on the social media platform.

Also Read: Bitcoin Price Likely To Experience A Death Cross This Weekend, What’s Next?

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Source: https://coinpedia.org/defi/safemoon-army-gears-up-to-uplift-safemoon-price/

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Non-Fungible Tokens Are The Future

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Greenlabzmedia Hacker Noon profile picture

@caseyimafidonGreenlabzmedia

I have contributed on top tier platform, Inc, Success, Thoughtcatalog, name it!

If you are an artist, graphic designer or animator, you may
have heard about NFTs or Nifties.

So what is an NFT?

NFT stands for Non-Fungible Token. It is a digital asset, like artwork, that’s verified using blockchain technology. It is the exact same technology that’s used for all the cryptocurrencies, like Bitcoin, Ethereum, Dogecoin, and all the others. This blockchain technology uses a network of computers to record transactions and gives buyers proof of authenticity and ownership. It’s a way for digital artwork to have provenance basically – sort of a digital footprint that shows the origin and the buying and selling of a piece of artwork over time. An artist will make a digital piece of art, let’s say it’s an animate GIF, and sell a limited number on NFT marketplaces. Once that limited number runs out, there are no more available.

So you might be saying “well if it’s an animated GIF, I can just copy it and download it onto my phone, and I’ll own it too, so why are people paying tons of money for these?”

Yes, it’s true that you can get an exact copy, but you don’t really own the ‘real, authentic’ artwork itself without blockchain verification.

So it‘s a similar idea with the Mona Lisa – let’s say you had someone make a copy of the Mona Lisa, and none of your friends could tell the difference. But the real Mona Lisa has a provenance, which is a way to prove the buying and selling history all the way up to the current owner. And that’s what the blockchain technology does.

The big sellers right now are images, GIFs, songs and videos. And just like everything else, supply and demand are driving the price. Since NFTs are scarce, and collectors want them, they’re willing to pay a lot of money for them. Some people are also seeing them as an investment, because they have the option to resell the NFT for a higher price later on.

It might seem a little crazy right now, but this is probably the direction artwork sales are headed. I guess we’ll see, right? Who knew that baseball cards, which are just pieces of cardboard with some ink on them could be really valuable?

If you’re a talented digital artist, you should probably get on one of the NFT sites now and give it a shot! I will recommend ARTDECO but first and foremost, who are they?

About ARTDECO:

ARTDECO is a marketplace aiming to link sellers (typically content creators such as digital artists, model creators or meme makers) with buyers who can select pieces they wish to purchase. To turn their work into an NFT, creators must first “mint” a token using ARTDECO’s Dapps. Similar to other tokens on Binance, the NFT can be transferred between wallets using ARTDECO’s software.

ARTDECO leverages the Binance blockchain to embed within an NFT’s code the full history of its owners and transactions. Of note, when a transaction goes through, both the buyer and the seller have to pay transaction fees that go to the ARTDECO network.

One interesting feature of NFTs is the ability to program royalties, or the rights to future cash flows, within these assets. This means that creators on ARTDECO can set a percentage of future sales and collect them automatically by issuing a token. This is a major feature drawing creators to this technology, because unlike with traditional content platforms, NFTs can be designed to pay out royalties immediately. For instance, if a piece of digital art listed a 10% royalty, the creator would receive 10% of any consequent sale of that art.

ARTDECO is on a mission to evolve towards a Decentralized Autonomous Organization (DAO), where all decision rights will belong to the platform users.

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Source: https://hackernoon.com/non-fungible-tokens-are-the-future-mp3732fc?source=rss

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DAO Maker (DAO) and Kyber Network (KNC) Technical Analysis: What to Expect?

Kyber Network and DAOMaker prices are still fragile. KNC/USDT may retest $2.3 in the short term, while DAO/USDT bulls are open for $3.5.

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Kyber Network and DAO Maker prices are still fragile, feeble despite traders’ optimism. KNC/USDT may retest $2.3 in the short term, while DAO/USDT bulls are open for $3.5.

DAO Maker (DAO)

DAO is the governance token of the platform seeking to create growth technologies and funding frameworks for startups.

Past Performance of DAO

Presently, prices are looking up after the plunge in the first half of Q2 2021.

Bottoming up from the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range, there are tinges of strength that must be confirmed.

READ  Bitcoin Whale Withdraws 15,909 BTC from Bitfinex

DAO is firm, confirming gains of last weekend.

Day-Ahead and What to Expect

If the middle BB guides, the path of the least resistance is southwards.

Even so, the close above $3 may provide the necessary foundation for more gains in the days ahead.

For the first time in more than a month, DAO/USDT is trending above the 20-day moving average.

DAO/USDT Technical Analysis

DAO Price Daily Chart for June 17

A market-wide recovery may boost DAO bulls, lifting confidence.

Sustained gains above $3 confirm a breakout. In that case, risk-off traders can load dips, aiming at $3.5.

Meanwhile, a change in fortune forcing DAO below $2.5 deflates bulls’ attempts.

Kyber Network (KNC)

The DEX is where traders can swap tokens without an intermediary. Their partnership with Polygon makes trading Gas-free. KNC is their primary token.

READ  Maker (MKR), Uniswap (UNI), and Origin Protocol (OGN) Technical Analysis: Bulls Next

Past Performance of KNC

KNC/USDT is confirmed in tight ranges in a defined downtrend.

Although there are signs of bulls, $2.3 still proves to be a strong liquidation line.

However, higher highs above the minor support trend line fortify bulls, cementing their resilience.

At press time, KNC hast posted marginal gains across the board, adding eight percent against ETH.

Day-Ahead and What to Expect

Presently, KNC prices are down 40 percent from Q1 2021 peaks. Even so, prices are flat-lining with resistance at $2.5.

The minor support trend line visible in the daily chart props bulls.

A close below $1.5 shifts strength to bears.

KNC/USDT Technical Analysis

KNC Price Daily Chart for June 17

KNC/USDT prices are within June 13 bull bar, signaling strength and bulls.

As such, if there is expansion above $2, confirming the double bar bullish pattern, risk-averse traders may find loading opportunities targeting $2.3—or March and April 2021 lows.

READ  Top Altcoins to Watch Out For This Alt-Season

Further gains may lift KNC/USDT towards $4.

On the other hand, KNC may collapse if $1.2 fails, mirroring losses of May 2021.

#DAO #DAO/USDT #DAOMaker #DeFi #KNC #KNC/USDT #Kyber Network

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Source: https://www.cryptoknowmics.com/news/dao-maker-dao-and-kyber-network-knc-technical-analysis-what-to-expect

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Will Jeff Bezos & Kim Kardashian Take “SAFEMOON to the Moon”?

safemoon

The post Will Jeff Bezos & Kim Kardashian Take “SAFEMOON to the Moon”? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Since Billionaires endorsing crypto tokens is becoming a thing now, rumors have it that Jeff Bezos is planning to invest billions in SafeMoon cryptocurrency and will soon take on Elon Musk’s Dogecoin.  It was previously rumoured that Bezos would invest billions in Dogecoin following Tesla CEO Elon Musk. However, Bezos never acknowledged the claims nor …

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Since Billionaires endorsing crypto tokens is becoming a thing now, rumors have it that Jeff Bezos is planning to invest billions in SafeMoon cryptocurrency and will soon take on Elon Musk’s Dogecoin

It was previously rumoured that Bezos would invest billions in Dogecoin following Tesla CEO Elon Musk. However, Bezos never acknowledged the claims nor rubbished them. 

Several crypto groups on Telegram say that Bezos aims to get SafeMoon to $1 before Musk gets Dogecoin to that level. As a result of rumors like these, investors have increased their investments in SafeMoon with the expectation of profiting from Bezos’ stake.

If you think this is too much drama already, there’s more up your alley. SafeMoon lovers have huddled up to get TV star Kim Kardashian’s attention. This comes after she announced Ethereum Max. Her advertisement for the tech crypto on Instagram got a lot of traction. 

Etheruem Max skyrocketed after Kim K lauded the crypto. In a few minutes, the crypto burned nearly 400 billion tokens, i.e 50% of its portfolio. She also attached a link to the post. 

Since then, thousands of passionate posts for Safemoon have filled Kim’s Instagram profile. The celebrity has yet to speak on the topic, but investors are hopeful that she will do so soon.

SafeMoon price soared 27% after breaching the support level at $0.00000344 for the 5th time in the last 10 days. The token has ripped the 50% Fibonacci retracement level at $0.00000397 and struck resistance at $0.00000450 after a rapid spike in a bullish trend.

The price will most likely face a slight retreat to the immediate support, which is the range’s midpoint at $0.00000397, after such a rapid run. SafeMoon may consolidate or continue its ascent at this point. If the altcoin breaks through the resistance level at $0.00000450, it might rally by 16%.

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Source: https://coinpedia.org/altcoin/jeff-bezos-kim-kardashian-take-safemoon-to-moon/

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