Armando Morrison, Author at Coinedict

Ethereum DEX Aggregator 0x Launches on Polygon

Armando Morrison3 years ago2 years ago07 mins

Key Takeaways 0x will let developers source liquidity from a variety of Polygon-based DEXs in one single interface. The major liquidity sources leveraged by the API include QuickSwap, SushiSwap, ComethSwap, Curve, Dodo, mStable, and Dfyn. 0x joins a growing list of leading DeFi projects that have expanded to Polygon. Share this article 0x has expanded to the Polygon network. 0x Adds Support for Polygon 0x, one of Ethereum’s top decentralized exchange aggregators, has launched on Polygon. 0x first launched its Application Programming Interface in 2020 with the aim of helping developers aggregate liquidity from Ethereum’s top DEXs. Since then, it’s powered over 1 million trades from 250,000 unique traders, representing more than $26 billion in volume. The 0x API integrated Binance Smart Chain earlier this year and has now expanded to Polygon. The move to the network will allow developers to build solutions that can access on-chain liquidity from various sources through one interface. In a press release, 0x confirmed that it would incorporate liquidity from various DeFi platforms, including QuickSwap, SushiSwap, ComethSwap, Curve, Dodo, mStable, and Dfyn. Polygon is an Ethereum “commit chain” built to help the network scale. It runs its own Proof-of-Stake algorithm that can settle transactions at a much higher speed and lower cost than Ethereum mainnet. In recent months, Aave, Augur, Sushi, Curve, Paraswap, and 1inch have all expanded to Polygon. Another “blue chip” DeFi project expanding to Polygon highlights the network’s growing significance in the ecosystem; the network is now trailing only Aave, Maker, and Compound in total value locked. 0x says the move will help Polygon onboard the next 100,000 crypto users. The API will also support 0x’s Request for Quote (RFQ) system and open order books in the future. At that point, 0x will enable professional-grade trading features for any Polygon DEXs that integrate the API. 0x’s API support comes a few days after Polygon launched a software development kit (SDK) that allows developers to launch their own chains on the network. Meanwhile, yield farming on the network has exploded in recent weeks, and several major projects have announced expansions. Ren launched a Polygon Bridge last week, allowing DeFi users to put an EVM-compatible version of Bitcoin to work on the chain. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. 0x Aggregates DEX Liquidity and Pricing with New API Ethereum ERC-20 exchange protocol 0x is aggregating liquidity from Kyber, Uniswap, Oasis, and other decentralized exchanges to improve asset pricing and reduce slippage. 0x introduced a new set of open-source… What is Kusama? How Polkadot’s playground accommodates blockchain de… Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same… Ren Launches Polygon Bridge with Support for Bitcoin Ren has integrated Polygon. Ren Unveils Polygon Bridge Ren has launched a bridge to Polygon. The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi… Yield Farmers Are Migrating to Polygon Polygon offers a similar yield farming experience to Ethereum mainnet at a fraction of the cost. Key metrics show that DeFi power users are starting to migrate to the network….

Five Signs That The Bitcoin Bottom Is In

Armando Morrison3 years ago2 years ago05 mins

Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record. Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon. The Signals Showing The Bitcoin Bottom Is Near Just as extreme bullish sentiment and exuberance around mid-April was the local top of the 2021 rally so far, the current level could also act as the bottom now that sentiment has shift to the polar opposite. A hidden bull div has formed on daily support | Source: BTCUSD on TradingView.com Contrarian investors and traders suggest buying the fear or blood in the streets, but that’s still not the reason to think the bottom is in. Related Reading | Building The Case That The Bitcoin Bottom Is In Rather, technicals on nearly all timeframes point to a reversal in the making. The first ever cryptocurrency is forming a bullish divergence (above) while at daily support. The bounce happened once the Relative Strength Index hit oversold levels. The logarithmic MACD shows momentum is turning upward | Source: BTCUSD on TradingView.com The daily LMACD is also turning upward, showing that bulls are attempting to regain momentum on daily timeframes after a month of mayhem. Moving up to a higher timeframe, Bitcoin price has also bounced at a rising trendline of RSI support on the three-day chart (below). Bitcoin bounced off a high timeframe RSI support trend line | Source: BTCUSD on TradingView.com But Wait, There’s More Reasons To Be Bullish On BTC If that’s not enough to believe there’s a low-timeframe reversal in the making, on higher timeframes there’s still many more reasons to be bullish. Related Reading | Don’t Have A Cow: Bart Simpson Is Back In Bitcoin The rarely-looked-at two-week timeframe shows that Bitcoin fell to the middle-SMA on the Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it resulted in the finally impulse upward. The two-week middle-BB was retested only once during the last bull run | Source: BTCUSD on TradingView.com The recent push down also caused Bitcoin’s most profitable buy signal to indicate “capitulation” in BTC miners. Past bull markets saw more than 8,000% and 3,500% after the last buy signal appeared per cycle. The most profitable buy signal in crypto is about to trigger | Source: BTCUSD on TradingView.com Nearly every time the signal appears, more upside is on the way. So why would this time be any different? With so many signals stacking up, chances that the cryptocurrency is near the bottom are becoming more likely. Drawdowns post buy signal are still common, however, the potential reward has historically always outweighed the risk in terms of ROI versus loss. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Will Survive Energy Debates, Green Miner Says

Armando Morrison3 years ago2 years ago08 mins

Key Takeaways Bitcoin will survive despite the recent criticisms surrounding the network’s environmental impact, Iris Energy Pty says. The cryptocurrency space has been the subject of debate in recent weeks after Tesla halted Bitcoin payments, citing environmental concerns. Bitcoin’s price has plummeted this month, which could be an indicator that institutional investors are losing interest in the asset. Share this article Despite the increasing number of criticisms regarding Bitcoin’s environmental impact, Iris Energy Pty thinks the asset is here to stay. The Bitcoin Energy Debate Environmental debates will not kill Bitcoin, Iris Energy Pty has said. The Australian mining company, which uses renewable energy for its operations, spoke to Bloomberg amid ongoing discussions over Bitcoin’s environmental impact. Daniel Roberts, the company’s co-founder, remarked that Bitcoin requires a high level of energy for security because the market has determined that it is valuable. He said: “I don’t think it’s up to any individual to decide where energy should be used. It’s a market-based decision where Bitcoin, by virtue of the attraction and adoption it’s gained, is commanding that level of energy to secure it, to secure people’s savings.” Bitcoin has faced increased scrutiny in recent weeks after Tesla announced that it would stop accepting payments in the asset owing to environmental concerns. The electric car company’s shock U-turn contributed to a major sell-off that’s seen Bitcoin tumble 43% off record highs recorded in April. An ongoing regulatory crackdown in China has also contributed to the market-wide negative sentiment in recent weeks. Bitcoin critics often point out that the network uses roughly 115 terawatt-hours of energy annually, which is more than most of the world’s countries. Many analysts have suggested that growing ESG (Environmental, Social & Governance) concerns could be a major factor preventing big companies from adopting Bitcoin. Prior to Tesla’s comments on the network’s environmental impact, the company had added $1.5 billion worth of the asset to its balance sheet, following the likes of MicroStrategy and MassMutual. The long-awaited arrival of institutional investors fueled Bitcoin’s biggest price rally in history, peaking at almost $65,000 in April. In recent weeks, though, momentum has stalled. Bitcoin has failed to break above its 200-day moving average this week, which could be a sign that the market is due to decline further. With growing attention on the impact of Proof-of-Work, green mining solutions are in a good position to win from the asset’s success. “The recent news in the space and the focus on ESG continues to highlight that the business model we embarked on many years ago is likely the right one,” Roberts said. Roberts told Bloomberg that the firm had been approached by multiple special purpose acquisition companies (SPACs) with a potential listing in mind. The valuation would reportedly be worth around $300 million to $500 million. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Crypto Market Continues to Slide After Week of Chaos The cryptocurrency bloodbath continues. Market Faces Heavy Correction Bitcoin and other crypto assets plunged Sunday, days after one of the market’s biggest crashes in over a year. The leading crypto… Crypto Market Tumbles After Tesla Halts Bitcoin Payments Tesla’s Bitcoin U-turn sends crypto assets tumbling. Tesla Halts Bitcoin Payments Tesla will no longer accept payments in Bitcoin, Elon Musk has announced. The self-described “Technoking of Tesla” took to… Bitcoin Tumbles as China Issues Yet Another Threat Bitcoin investors have panicked for a third consecutive day, sending the asset 12% into the red. Today, it’s because China has sent out another warning to the crypto industry, specifically… What is Polygon (MATIC): Ethereum’s Internet of Blockchains In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

Ethereum

TA: Ethereum Resumes Decline, Here’s What Could Trigger More Downsides

Armando Morrison3 years ago2 years ago04 mins

Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240. Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels. The price is now trading well below $2,450 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if it breaks the $2,200 support zone in the near term. Ethereum Price Is Showing Bearish Signs Ethereum started a decent recovery from the $2,200 support zone. ETH climbed above the $2,300 and $2,350 resistance levels. However, the bulls failed to gain strength for a push above $2,450 and the 100 hourly simple moving average. The price started a fresh decline and traded below the $2,400 level. It broke the 50% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high. It is now trading well below $2,450 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD. Ether is now testing the 61.8% Fib retracement level of the upward move from the $2,200 swing low to $2,481 high. Source: ETHUSD on TradingView.com On the upside, an immediate resistance is near the $2,360 level. The first major resistance is near the trend line and the $2,440 level. A close above the trend line could start a major increase towards the $2,500 level. The next major resistance is near the $2,550 level. More Losses in ETH? If Ethereum fails to clear the $2,400 and $2,450 resistance levels, it could extend its decline. An initial support on the downside is near the $2,250 zone. The first major support is now near the $2,200 level. A downside break below the $2,200 support might spark a larger decline. The next key support is near the $2,200 level. Any more losses could lead the price towards the $1,850 support zone, followed by the $1,700 region. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is currently below the 50 level. Major Support Level – $2,200 Major Resistance Level – $2,450

Bitcoin Bears Are Back, Here’s Why BTC Could Test $30K

Armando Morrison3 years ago2 years ago04 mins

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000. Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $34,000 support and $33,200. Bitcoin Price Turns Red Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher. It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is now struggling to clear the $36,000 resistance level. Bitcoin is also trading well below $37,000 and the 100 hourly simple moving average. Moreover, there is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $35,500 level. The first major resistance is near the $36,000 level and the trend line. The next major resistance is near the $37,000 level. It is close to the 50% Fib retracement level of the downward move from the $40,417 high to $33,650 low. A close above the $37,000 resistance zone could open the doors for a steady increase. The next major barrier for the bulls is near $40,000 level. More Losses in BTC? If bitcoin fails to clear the $36,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $34,500 level. The first major support is near the $34,000 level. If there is a downside break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. Any more losses could clear the path for a test of the $30,000 level. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $34,000, followed by $32,000. Major Resistance Levels – $35,500, $36,000 and $37,000.

Bitcoin Resumes Decline, Here’s Why BTC Could Dive To New Monthly Low

Armando Morrison3 years ago2 years ago04 mins

Bitcoin price is showing bearish signs and trading well below $40,000 against the US Dollar. BTC is likely to extend losses below $34,000 and $32,000 in the near term. Bitcoin failed to settle above $40,000 and it started a fresh decline below $38,000. The price is now trading well below $40,000 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower as long as it is trading below $38,000 and $40,000. Bitcoin Price Turns Red This past week, bitcoin price started a decent recovery above the $35,000 level against the US Dollar. The BTC/USD pair even broke the $38,000 resistance level. However, the price failed to settle above the $40,000 level and it remained well below the 100 simple moving average (4-hours). A high was formed near $40,971 and the price started a fresh decline. There was a break below the $38,000 support level. Bitcoin traded below the 50% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. There is also a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The pair is now testing the 76.4% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. If there is a downside break below the $34,000 and $33,500 support levels, the price is likely to accelerate lower. The next major support is near the $31,250 level, below which the price may possibly test the $30,000 support level in the near term. Upsides Limited in BTC? If bitcoin remains stable above the $33,500 level, it could start a fresh increase. An initial resistance on the upside is near the $36,500 level. The first major resistance is near the trend line and $38,000. The main resistance is now near $40,000. A close above $40,000 is must to start a steady increase in the near term. The next key barrier could be $45,000. Technical indicators 4 hours MACD – The MACD for BTC/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Level – $33,500 Major Resistance Level – $38,000

Bart Simpson Is Back In Bitcoin

Armando Morrison3 years ago2 years ago05 mins

The crypto market is in fierce debate: is the top of the Bitcoin bull market in? Bears salivating for cheaper coins say yes, while bulls hell bent on seeing through stock-to-flow predictions say otherwise. But which is it? A secondary conflict surrounds the topic: “if that was a top, it sure doesn’t look like one.” And while that is indeed true, don’t have a cow, man. We’re about to explain why the most recent top ushered in the return of Bart Simpson, along with why the move likely happened the way it did. “If This Is The Top In Bitcoin, It Doesn’t Look Like A Top” Even if you aren’t a pro at technical analysis and couldn’t read a chart if your life depended on it, it is pretty clear that tops and bottoms come to a sharp point most of the time – signaling a rebound is ahead and the violence left behind. Rounded bottoms do commonly appear but are a slow grind of a process and tend to stretch across a long timeframe. Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken The shape and pattern of the recent Bitcoin “top” has many traders and analysts confused. Where is the blow-off phase? Where is the bearish retest? What type of pattern even is this? All of these questions are used as firepower to make an argument that this isn’t a top. The spiky pattern with several sharp peaks into resistance instead looks like the top of the head of a famous cartoon character: Bart Simpson. Bart moves are back in BTC | Source: BTCUSD on TradingView.com via Twitter I’m Bart Simpson, Who The Hell Are You? The character Bartholomew JoJo Simpson, or Bart for short, first appeared on The Tracey Ullman Show in 1987 as a short. A dedicated show first aired in 1989 and it has been running ever since. The animated character is a TV icon, and the show is a pop culture phenomenon that’s adored by millions. So why then, when Bart appears on the Bitcoin price chart do crypto traders get so upset? Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern “Bart moves” as the community calls them, result from low liquidity. During such phases, whales can easily push price action through trading ranges. Bitcoin at more than a trillion dollar market cap tames the overall liquidity argument, but when order books are thin because everyone is holding, a whale can just as easily make waves as we’ve recently seen. This high timeframe Bart move is the largest on record, and shows that more coins being exchanged are necessary to further price appreciation. Order books should be stacked for further upside. For now, the cryptocurrency is back to being a whale’s playground – either until buying or selling picks up to an extreme. Featured image from iStockPhoto, Charts from TradingView.com

Polygon Datasets Now Available on Google Cloud

Armando Morrison3 years ago2 years ago08 mins

Key Takeaways Polygon’s blockchain datasets can now be viewed through Google Cloud’s BigQuery tool. The integration will provide useful metrics for analysis like the most active and popular tokens, contracts, and apps on the network. The team said that the update will be critical for the network’s growth. Share this article Ethereum’s popular scaling network Polygon has announced that its blockchain datasets are now integrated with Google Cloud’s BigQuery tool. Polygon Data Available on Google Cloud Polygon’s datasets are now available in Google Cloud. According to Polygon, the integration with Google Cloud’s BigQuery service will help analysts, data scientists, and developers derive useful insights from the Polygon blockchain. Polygon runs a scalable bridge network running parallel to Ethereum and functions like a “commit chain” that is both faster and much cheaper than Ethereum mainnet. The data insights platform will help the network’s growth with decentralized applications, as well as its usage in the enterprise setting. Google’s Cloud division has collaborated with key cryptocurrency projects like Chainlink and Theta Network in the past. Both projects leveraged Google Cloud for their computing needs. BigQuery is one of the most popular data analytics platforms worldwide. It leverages the capabilities of the Google Cloud Platform (GCP), the same infrastructure that powers products like Google Search, Gmail, and YouTube. It is a simple yet powerful tool to query all kinds of datasets, including those pulled from public blockchains. After datasets are processed, the insights are organized using standard SQL syntax. According to Polygon, the tool functions as an “indexer” for both simple and complex queries used in on-chain analysis. For example, it can be used to run queries of several blockchains and track the activity associated with interoperable tokens. Polygon Making Progress For Polygon, the integration will be useful for analyzing metrics like the most active and popular tokens, contracts, or apps on the network. At the same time, the analytics tool may make it easier for anyone to monitor transactions, and help regulators to more effectively analyze the Polygon chain for illegal activities such as money laundering and tax evasion. However, that’s a common occurrence with all public blockchains. The availability of Polygon’s blockchain data in BigQuery’s analytics platform is being provided under Google Cloud’s Public Datasets Program, under which the tech giant has made available more than 100 publicly available datasets from various industries. Polygon has seen explosive growth in the last six months in terms of daily active users, transactions, and total value locked (TVL). The growth accelerated after major DeFi projects like Aave, SushiSwap, Curve, 1inch Network, and others decided to expand to Polygon, attracting plenty of Ethereum users and billions of dollars worth of liquidity. The latest technical update follows the launch of the much anticipated Polygon SDK, a set of software modules that allow developers to deploy their own Polygon-based chains. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Google Cloud Gets Involved With Theta Network as Its 2.0 Mainnet Launc… Theta Network, a blockchain-based media platform, has announced that Google Cloud will serve as a node operator and cloud provider. The news coincides with Theta’s 2.0 mainnet launch. Google Cloud’s… Behind Polygon’s Mission to Become the “AWS of Ethereum… Ethereum’s exorbitant gas fees have made headlines all year long. But for every bottleneck lies a business. And one fast-rising star in the scalability race is Polygon (previously Matic), a… What is Kusama? How Polkadot’s playground accommodates blockchain de… Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same… Polygon Releases SDK Eyeing “Multi-Chain Future” Polygon, a scaling and infrastructure development on Ethereum, has launched the first version of its highly-anticipated Polygon software development kit (SDK). Polygon SDK Goes Live Polygon has released its software…

Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move

Armando Morrison3 years ago2 years ago04 mins

Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500. Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels. The price is currently trading near $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA. Bitcoin Price is Facing Key Hurdles Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500. The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term. More Losses in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level. The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,000, followed by $36,000. Major Resistance Levels – $39,500, $40,000 and $40,500.

Ren Launches Polygon Bridge with Support for Bitcoin

Armando Morrison3 years ago2 years ago07 mins

Share this article Ren has integrated Polygon. Ren unveils Polygon Bridge Ren has launched a bridge to Polygon. The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi ecosystem with obvious benefits for users.” Polygon, which acts as an Ethereum commit-chain, offers a similar experience to DeFi on Ethereum at a fraction of the cost. It’s integrated several Ethereum staples including Aave, Curve, and SushiSwap, and in recent weeks has become a hit with yield farmers looking to deploy their capital. Ren, also known as RenVM, is a network that allows for cross-chain interoperability. So far it’s been popular for bringing Bitcoin onto DeFi on Ethereum, but it offers compatibility with many other chains. The Polygon x RenVM Bridge will initially allow DeFi users to move four assets directly onto Polygon without interacting with Ethereum. Those assets are Ren-based versions of Bitcoin, Bitcoin Cash, Dogecoin, and Zcash. After they’ve been added, DigitByte, Filecoin, and Terra will follow. Once added to Polygon via the bridge, the assets will be available through apps like QuickSwap, Curve, and BadgerDAO. That means DeFi users will be able to earn yield with their assets on the Proof-of-Stake network. In the blog post announcing the update, Ren COO Michael Burgess said: “The addition of Polygon support to RenVM will greatly benefit all stakeholders, providing more utility to Polygon and even more velocity through RenVM.” Polygon has been a busy few months, most recently announcing its long-awaited SDK update. The network will now allow developers to launch their own EMV-compatible chains. Polygon’s co-founder Sandeep Nailwal said that the upgrade marked a step towards a “multi-chain future.” Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, AAVE, CRV, and several other cryptocurrencies. They also had exposure to SUSHI in a cryptocurrency index. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Polygon Releases SDK Eyeing “Multi-Chain Future” Polygon, a scaling and infrastructure development on Ethereum, has launched the first version of its highly-anticipated Polygon software development kit (SDK). Polygon SDK Goes Live Polygon has released its software… Yield Farmers are Migrating to Polygon Polygon offers a similar yield farming experience to Ethereum mainnet at a fraction of the cost. Key metrics show that DeFi power users are starting to migrate to the network…. Polygon Launches $40M Liquidity Mining Program with Aave Polygon is launching a liquidity mining program with hopes of attracting liquidity to its network. Polygon Rewards Liquidity Miners Polygon, one of Ethereum’s most vital scaling solutions, is launching a… What Are Non-Fungible Tokens (NFTs)? Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. A fungible asset’s representation on blockchain makes commodities tradable 24/7 via borderless and frictionless transactions. Fungible goods are…

The Chart Pattern That Takes Ethereum To $10K

Armando Morrison3 years ago2 years ago05 mins

In a flash, Ethereum is back to trading under $3,000 after just weeks ago reaching a high well over $4,000. The wider crypto market correction got the best of ETH and the rest of altcoins especially, and even managed to take down Bitcoin. However, if past market cycles are any indication of future results, the crash could be the first touch of an ascending trendline that sends the top-ranked altcoin to around $10,000 per ETH. How DeFi and NFTs Make For A Very Different Bull Run Than ICOs During the 2017 bull market, both Bitcoin and Ethereum soared as money flowed into the market. Much of that capital trickled its way down to ICOs, which only further fueled the FOMO for ETH. Eventually, they also led to the collapse of the second-ranked cryptocurrency and the start of the Ethereum bear market. Today things are very different. The most important altcoin in the space carries the rest of the market on its back. Sure that leads to high fees and slower transactions, but that’s because DeFi is such a big deal and so are NFTs. Related Reading | The Bearish Signal Ethereum Bulls Need To Fear These two transcendent technologies are also thanks to Ethereum, and while other chains could take the lead, first-mover advantage is hard to beat. Even though the altcoin collapsed in price recently, the pullback was technical and fundamentals remain plenty bullish. This could result in the latest selloff being the bottom, and after some gyrating in an ascending pattern, a breakout to $10,000 could be next for ETH. The ascending triangle would target $10K ETH | Source: ETHUSD on TradingView.com Analyst: Repeating Triangle Fractal Could Send Ethereum To $10K The pattern in reference is an ascending triangle pattern, pictured above. The pattern also matches the final consolidation phase of the last bull market, before Ethereum ran to all-time highs and the bear market started. Related Reading | Here’s Where The Ethereum Rally Could Pause, According To Bitcoin Blueprint Ether has a lot more going for it this time around, but after a run from $4,000 to $10,000, the market might need a reset – much like the market needed to reset after the rise from $500 to $4,000 over the last year. The path Ether could take if the fractal confirms | Source: ETHUSD on TradingView.com According to one trader who also sees the pattern playing out, the target of the structure will be $10,000 per ETH. Adding in an ascending pitchfork channel and some bars from the last breakout projected forward, and the price action would fit. The path Ethereum takes would only be visible in hindsight, but if accurate, the crypto market has one more leg up before the bull market is over. Featured image from iStockPhoto, Charts from TradingView.com

Uniswap to Launch on Layer 2 Solution Arbitrum

Armando Morrison3 years ago2 years ago08 mins

Key Takeaways Uniswap V3 is preparing to launch on the Layer 2 solution Arbitrum. More than than 40 million UNI tokens voted in favor of a governance proposal for the update. Uniswap V3 will also go live on Optimism when it launches. Share this article A proposal for Uniswap to deploy on Arbitrum has received immense support on the protocol’s governance forums this week. Following the vote, Uniswap will deploy its V3 contracts on the Layer 2 solution. Uniswap V3 Heads to Arbitrum Uniswap is planning to launch on Arbitrum. The popular Ethereum DEX, which recently unveiled its V3 update, will launch on Arbitrum following a governance vote. A Uniswap Governance Forum user called andy8052 put forward a proposal titled suggesting that Uniswap V3 should launch on Arbitrum yesterday. The community has shown strong support for the proposal, with more than 40 million UNI tokens used to vote in favor of the proposal and none against it. Arbitrum is an Optimistic Rollup solution designed to scale Ethereum. It will offer improvements to the network’s transaction speed and throughput by using a sidechain and sending transactions to Ethereum mainnet as calldata. It’s expected to be one of the leading Layer 2 projects. Apart from Arbitrum, the other dominant Optimistic Rollup solution is Optimism, which is due to go live sometime this year. When Uniswap announced its V3 update, it announced that it would launch on Optimism soon after launching. However, delays in the launch of Optimism have convinced the community to look for other options. Arbitrum launches tomorrow, May 28. “The best ability is availability,” the author of the proposal wrote. The overwhelming support in favor has been noticed, and Uniswap founder Hayden Adams has already confirmed that if the snapshot passes, Uniswap will deploy the v3 contracts to Arbitrum. As the threshold for a successful snapshot has been reached, the proposal will go forward. Adams confirmed that the team had “begun work on interface support and planning the deployment.” 2/ Assuming the snapshot passes we intend to support the community by deploying the v3 smart contracts to Arbitrum! We have already begun work on interface support and planning the deployment. — Hayden Adams 🦄 (@haydenzadams) May 26, 2021 He added that the launch would not replace the Optimism deployment and that work would continue to ensure Uniswap can be deployed on Optimism as soon as the Layer 2 solution goes live. With Arbitrum launching imminently, the project has garnered a significant amount of community support in recent weeks. The team’s other flagship offering, MCDEX, is also backed by several industry leaders, including Delphi Digital, Alameda Research, and DeFiance Capital. Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing. This news was brought to you by ANKR, our preferred DeFi Partner. 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We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Ethereum Scaling Solution Optimism Delays Launch to July Optimism has delayed its launch date until July. Optimism had originally planned to go live this month. Optimism “Adversaries” Delay Launch In a blog post titled “Optimistically Cautious,” the team… Uniswap v3 Is the Perfect Market Maker for Venture Capitalists Uniswap’s key feature increases the gamification of the most popular DEX. But this is a game retail doesn’t have the tools to win. Everyone’s a Market Maker on Uniswap After… What Are Non-Fungible Tokens (NFTs)? Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. 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