Armando Morrison, Author at Coinedict

Ethereum Corrects Gains, Here’s Why 100 SMA Is The Key for Fresh Increase

Armando Morrison3 years ago2 years ago04 mins

Ethereum failed to continue above $2,900 against the US Dollar. ETH price corrected gains and it is now trading near a major support at $2,640 and the 100 hourly SMA. Ethereum broke the $2,850 resistance, but it failed to gain pace above $2,900. The price is now testing the $2,650 support and the 100 hourly simple moving average. There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the 100 hourly SMA to avoid a drop towards the $2,380 support. Ethereum Price Reaches Key Support Ethereum extended its recovery wave above the $2,800 and $2,850 resistance levels. ETH even pushed above the $2,900 level and settled nicely above the 100 hourly simple moving average. However, it failed to gain pace above $2,900. The bulls made two attempts to push the price above the $2,920 level, but they failed. The recent high was formed near $2,912 before the price started a downside correction. Ether corrected lower below the $2,850 and $2,800 support levels. There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD. The pair even declined below the 23.6% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high. Ether price is now testing the $2,650 support and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $2,370 swing low to $2,912 high. Source: ETHUSD on TradingView.com On the upside, an immediate resistance is near the broken trend line at $2,800. The next major resistance is near the $2,900 level, above which the price could attempt a move towards the $3,000 resistance zone. More Losses in ETH? If Ethereum fails to continue higher above the $2,800 and $2,900 resistance levels, it could extend its decline. An initial support on the downside is near the $2,650 zone and the 100 hourly SMA. A downside break below the 100 hourly SMA might spark a larger decline. The next key support is near the $2,380 level. Any more losses could lead the price towards the $2,185 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently below the 50 level. Major Support Level – $2,650 Major Resistance Level – $2,800

Here’s Why BTC Remains At A Risk of Fresh Drop

Armando Morrison3 years ago2 years ago04 mins

Bitcoin price failed to clear the key $40,000 resistance zone against the US Dollar. BTC is correcting gains and it remains at a risk of more losses towards $36,000 or $34,000. Bitcoin is struggling to clear the $40,000 and $40,500 resistance levels. The price is currently holding the $37,000 support and the 100 hourly simple moving average. There was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate lower if it breaks the $37,000 support and the 100 hourly SMA. Bitcoin Price Struggles Below $40K Bitcoin broke the $40,000 resistance and extended its recovery wave. BTC even cleared the $40,500 level and settled well above the 100 hourly simple moving average. However, the bulls failed to gain strength above $40,500. A high was formed near $40,923 and the price corrected lower. There was a break below the $40,000 support level. Moreover, there was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair. The pair gained pace below the 50% Fib retracement level of the upward move from the $36,472 low to $40,923 high. Bitcoin is currently holding the $37,000 support and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the upward move from the $36,472 low to $40,923 high is also acting as a support zone. On the upside, an immediate resistance is near the broken triangle support at $38,500. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A proper close above the $40,000 resistance zone could start a strong increase. More Losses in BTC? If bitcoin fails to clear the $39,500 resistance, there is a risk of more downsides. An initial support on the downside is near the $37,000 level. The first major support is near the $36,000 pivot level. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now 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 – $37,500, followed by $36,000. Major Resistance Levels – $38,500, $39,500 and $40,000.

Enjin Airdrops 50,000 NFTs via Social Media QR Adverts

Armando Morrison3 years ago2 years ago08 mins

Key Takeaways Enjin placed QR codes on social media ads allowing users to download a free NFT. All 50,000 NFTs were claimed within 48 hours, attracting 38,000 new Enijn Wallet users. The campaign highlights the disruptive potential of NFTs in the marketing industry. Share this article Enjin placed QR codes in social media advertisements to distribute 50,000 tokenized digital art pieces. Enjin Rewards Social Media Users Enjin organized a social media campaign to airdrop 50,000 NFTs over the weekend. The team behind the NFT ecosystem took out a series of digital adverts for a marketing campaign called “MyFirstNFT.” Each ad featured a QR code, which could be scanned with the Enjin Wallet app to gain access to a free NFT. The ads went out on Reddit, Instagram, Facebook, and Twitter with hopes of attracting more people into the NFT space. NFTs, otherwise known as non-fungible tokens, are tokenized assets that offer provable ownership and scarcity by recording data for the asset on the blockchain. A wave of celebrities, musicians, viral meme artists, and other creators experimenting with the technology has helped the space explode in recent months, introducing many to the possibilities of tokenized assets. When users scanned the QR code in the Enjin adverts, they could reserve the NFT on a browser page. To claim the reservation, they had to download the Enjin Wallet app. The 50,000 digital art pieces were claimed within 48 hours, with 38,000 of the recipients being Enjin Wallet users. Maxim Blagov, CEO at Enjin, commented on how powerful NFTs could be when used as a marketing tool. In a press release, he said: “Marketing campaigns are most effective when they interact with the audience, giving instead of demanding. Traditionally, giving away free physical items is expensive, while digital items require adding friction to prevent abuse. NFTs are revolutionary for the marketing industry: they combine the simplicity and low cost of digital campaigns with the engagement of physical marketing.” The campaign showcased what the project has called Enjin Beam technology, which helps companies “beam” NFTs to users who view a QR code. A company could use Enjin Beam, for example, to promote new products or airdrop digital merchandise. The 50,000 NFTs were distributed at no cost on Enjin’s Proof-of-Authority jumpnet blockchain. Most NFTs are minted on Ethereum today, which is known for its high gas fees. While the second-ranked blockchain has Layer 2 solutions and Proof-of-Stake on the horizon, the Enjin platform has already started to attract various games, applications, and NFT-focussed projects. Enjin Beam, for example, has been used by Microsoft. The technology company has adopted the technology to reward fans. Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies. 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. Enjin Launches New NFT Blockchain on Polkadot The Polkadot ecosystem welcomes a new NFT network launched by Enjin. The new platform will foster blockchain interoperability, increasing the liquidity of both protocols. Enjin Launches NFT Blockchain on Polkadot… 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… Enjin Attracts Binance and Microsoft to NFT Project Enjin has revealed that more than 50 firms are using its JumpNet blockchain, according to an announcement on the firm’s website. What Is JumpNet? JumpNet is a blockchain designed to… Enjin Launches NFTs for Microsoft Azure and Minecraft In partnership with Enjin, Microsoft has announced Azure Space Mystery, a new NFT-based educational game for Azure cloud community members only. In the game, participants are given coding challenges and,…

Polygon Releases SDK Eyeing “Multi-Chain Future”

Armando Morrison3 years ago2 years ago09 mins

Key Takeaways The Polygon team has launched its long-awaited software development kit (SDK). The Polygon SDK will enable developers to deploy their own EVM-compatible blockchains on the network. The launch pushes forward Polygon’s vision of creating a multi-chain ecosystem for Ethereum. Share this article 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 development kit (SDK). The SDK is a set of pluggable modules for developers to quickly deploy Ethereum-compatible chains. Previously known as Matic, Polygon runs a scalable network that is fully compatible with the Ethereum Virtual Machine (EVM). It acts as an Ethereum “commit chain,” processing transactions at a higher speed and lower cost than Ethereum mainnet. Speaking of the SDK update, Polygon co-founder Sandeep Nailwal said: “The release of Polygon SDK is an important addition to one of the most exciting periods in Ethereum’s history.” The first version of the SDK allows developers to deploy stand-alone sidechains with independent validators and security. The standalone chains will be plugged into the Matic Proof-of-Stake chain and have interoperability with Ethereum through the Matic Bridge. In future updates, the SDK will support Layer 2 chains that will be dependent on Ethereum for security. Layer 2 chains will be able to leverage scaling technologies like Optimistic Rollups, zk-Rollups, and Plasma. SDK users will have the choice between a stand-alone or secured chain. According to Polygon, the stand-alone option may be preferable for projects with large communities that can run secure validator networks. On the other hand, smaller projects may want to remain closely tied to Ethereum’s security model. The SDK launch will further add value to one of crypto’s fastest-growing ecosystems. Polygon has about 1 million unique users across more than 350 decentralized applications. The latest update pushes forward Polygon’s vision of creating a multi-chain ecosystem for Ethereum. As per the team, there are also plans to allow Polygon chains to be able to interact with one another, creating a network the team refers to as “Polkadot on Ethereum” (unlike Ethereum, Polkadot uses parachains that are connected to a Relay Chain). Nailwal confirmed that Polygon is hoping to help make Ethereum interoperable with other chains. He said: “With advanced Layer 2 solutions, Ethereum 2.0 all coming online now or soon, the need for a comprehensive interoperability framework is stronger than ever. With the Polygon SDK, we are solving pressing needs for Ethereum’s multi-chain future, including ease of deployment and inter-L2 communication.” Polygon has seen explosive growth in the last few quarters. Leading DeFi projects like Aave, SushiSwap, Curve, 1inch Network, and others have launched on the network in recent months, attracting billions of dollars in liquidity to the network. In recent weeks, yield farming on Polygon has become popular among DeFi users looking to put their crypto assets to work. Polygon SDK is designed to support pluggable consensus algorithms based on the needs of developers. Currently, it supports Ethereum’s Proof-of-Work system, Clique PoA, and IBFT. In the future, the team plans to support other widely used algorithms such as HotStuff and Tendermint. With the increase in activity Polygon has seen recently, the MATIC token has also soared. It quickly rebounded from last weekend’s crypto crash, trading at $2.23 today. With a $13.66 billion market cap, Polygon is currently the 12th largest cryptocurrency project. 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. 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… 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 Transactions Explode After DeFi Expansion Polygon’s on-chain activity suggests exponential growth over the last month, largely driven by DeFi projects expanding to the platform. Polygon Experiences DeFi Growth As Ethereum faces scaling issues and high… 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…

Bitcoin Bear Market Comes Down To Pivotal June Close

Armando Morrison3 years ago2 years ago05 mins

Bitcoin price is still below $40,000, after just weeks ago trading at over $64,000 per coin. The selloff shocked market participants of all sizes, prompting fears that the bull market is now over and a bear phase is next. A trader who predicted this recent collapse months in advance using high timeframe technical analysis, now fears that a bear market could follow. But it all comes down to the pivotal June monthly close. Here’s why. Bitcoin At Risk Of Bear Market If Bulls Can’t Close June At New Highs When it comes to technical analysis, the highest timeframes offer the most dominant signals. This means that regardless of what’s going on on daily or shorter timeframes, if the weekly, monthly, or higher say the trend is up, that’s the direction the market heads. Reversals have to begin on the smallest timeframes, however, it is within the high timeframe charts where the earliest warning signs are visible. This is no different for Bitcoin, Ethereum, or any financial asset or cryptocurrency. Related Reading | Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next The problem is, on a rarely used high timeframe segment on the Bitcoin price chart, the top cryptocurrency is exhibiting an extremely bearish structure. A sharp-eyed trader has spotted a hidden bearish divergence on the RSI across the five-month timeframe. Three-months, six-months, or a year are more commonly used, but that doesn’t discount the effectiveness of the segment. Bear markets have always started off with a wick like the above | Source: BLX on TradingView.com High Timeframe Technicals Point To Bear Market, According To Trader With Track Record This is the same trader that spotted the first ever bearish divergence on the Bitcoin quarterly chart. The signal confirmed and the top cryptocurrency dropped by more than 50% in its worst monthly candle on record. Bulls can undo the damage done and prevent an evening star pattern from forming on the monthly if they can close May above $45,000. However, it is the June close that would also finalize the five-month candle above. Related Reading | The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever The candle currently has the largest upside wick into resistance in the history of the chart, showing that bears were ready and waiting. Each wick left on the five-month timeframe, was followed by a bear market. Is this time different, or is a bear market coming to crypto before Bitcoin ever gets to six figures like the market expects? And could that expectation cause the bear market to be the worst on record as investors finally give up on the dream? Anything is possible, but bulls have a little over a month to take Bitcoin to such highs, or else the RSI could turn down and this bearish signal could confirm. Featured image from Deposit Photos, Charts from TradingView.com

Ethereum Breaks Key Resistance, Here’s Why ETH Could Test $3K

Armando Morrison3 years ago2 years ago03 mins

Ethereum extended its upward move above the $2,750 resistance zone against the US Dollar. ETH price is showing positive signs and it could rise towards $3,000 or even higher. Ethereum extended its recovery wave above the $2,650 and $2,750 levels. The price is now trading above the $2,700 support and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now showing signs of more gains above $2,900 and $2,950. Ethereum Price Remains Well Bid Ethereum remained supported above the $2,500 level and it extended its recovery wave. There was a break above the $2,600 and $2,650 resistance levels, opening the doors for a steady increase. There was a clear break above the 61.8% Fib retracement level of the downward move from the $2,742 high to $2,375 low. Moreover, there was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD. Ether price is now trading above the $2,700 support and the 100 hourly simple moving average. It cleared the last swing high near $2,742 and it is now trading above $2,800. Source: ETHUSD on TradingView.com Besides, it is testing the 1.236 Fib extension level of the downward move from the $2,742 high to $2,375 low. If there are more gains, the price could test the $2,950 resistance. The next major resistance is near the $3,000 level, above which the price could rally towards the $3,000 level. Dips Limited in ETH? If Ethereum fails to continue higher above the $2,900 and $2,9500 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,750 zone. The first key support is near the $2,650 level. Any more losses could lead the price towards the $2,550 support zone and the 100 hourly simple moving average. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently well above the 50 level. Major Support Level – $2,750 Major Resistance Level – $2,950

Technical Breakout Suggests BTC Could Rally Above $40K

Armando Morrison3 years ago2 years ago04 mins

Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term. Bitcoin is showing positive signs above the $37,000 and $38,000 resistance levels. The price is trading nicely above the $37,000 zone and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher above the $39,500 and $40,000 resistance levels. Bitcoin Price Aims Upside Break Bitcoin corrected lower after testing the $40,000 resistance zone. BTC declined below $38,000, but it remained supported near the $37,000 zone and the 100 hourly simple moving average. A low was formed near $36,500 and the price started a fresh increase. It broke the $37,000 and $38,000 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. There was also a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $37,000 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. The main resistance is still near the $40,000 zone. A clear upside break above the $40,000 resistance zone could spark a strong upward move. The next major resistance is near the $42,000 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. Dips Supported in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,200 level. The first major support is still near the $37,000 zone and the 100 hourly SMA. If there is a downside break below the $37,000 support, the price could decline towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $38,200, followed by $37,000. Major Resistance Levels – $39,500, $40,000 and $42,000.

Indonesia to Launch Central Bank Digital Currency

Armando Morrison3 years ago2 years ago08 mins

Key Takeaways Indonesia is working on a central bank digital currency, Governor Perry Warjiyo has announced. Transaction volumes on digital banking platforms has surged since the start of the pandemic. The U.S. and a number of other countries are also in the process of researching CBDCs. Share this article Indonesia has seen a strong increase in digital banking transactions during the Covid crisis. Now, the country will capitalize on its citizens’ growing interest in mobile banking systems by launching its own digital token. Modernizing Money Indonesia is launching a central bank digital currency. Governor Perry Warjiyo announced the move in a streamed news conference Tuesday, revealing that creating a digital currency was one of the Indonesian government’s top priorities. The digital rupiah will capitalize on the growing interest in digital banking platforms, which have seen a 60% increase in transaction frequency since the start of the pandemic. Central bank digital currencies, known more commonly as CBDCs, have become a hotter topic since the start of the pandemic, with governments worldwide looking for potential ways to offer a replacement to cash. Bank Indonesia data showed that more than 570 million digital transactions were made in April, highlighting Indonesia’s declining interest in modern alternatives to cash. Warjiyo said: “Bank Indonesia plans in the future to issue a central bank digital currency, digital rupiah… as a legal digital payment instrument in Indonesia” The Indonesian government has not provided a timeline yet for the project, nor has it specified what blockchain it would use. Indonesia could choose to use a private blockchain like China’s digital yuan project or a public blockchain like Ethereum. France’s early CBDC experiment used the Tezos network, for example. Indonesia is currently in the process of banning cryptocurrencies as a transaction method, even though citizens can trade them on exchanges. This legislation will surely remain in place as the government encourages the use of their own digital currency for transactions. Indonesia isn’t the only country that’s been looking into CBDCs more actively this year. The UK has established a CBDC Taskforce, while The Bank of Japan has started trialing a digital yen. Last week, too, Jerome Powell announced that the Federal Reserve would be looking into the benefits and drawbacks of digital currencies as “a complement to, and not a replacement of, cash” and commercial bank deposits. “The design of a CBDC would raise important monetary policy, financial stability, consumer protection, legal, and privacy considerations and will require careful thought and analysis—including input from the public and elected officials,” he said. Disclosure: At the time of writing, the author of this feature owned BTC, ETH, and several other cryptocurrencies. This news was brought to you by Phemex, our preferred Derivatives 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. CBDCs Will Replace Private Stablecoin Tether, Central Bankers Say Speaking at the annual ECB Forum on central banking, heads of the three central banks said that they are actively exploring the idea of a CBDC. Some predict it will… 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… After the World’s First CBDC, China Now Wants to Build a Blockch… In a 145-page document, the Beijing municipal administration presented a two-year roadmap for a blockchain-based programmable governance model. More than 100 government services in China are already using blockchain technology…. “Be Right, Not First,” Says Fed Chairman Powell on a Digit… “We have not made a decision to issue a CBDC,” said Fed Chairman Jerome Powell in his speech during today’s International Monetary Fund (IMF) event devoted to the cross-border payments….

The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever

Armando Morrison3 years ago2 years ago05 mins

Bitcoin price collapsed by more than 50% from its recent highs set only one month ago. The sharp decline now represents that largest drop in the history of the cryptocurrency – but there’s still several days left for the monthly candle to close. That means bulls can undo the damage done by the recent crash, and keep the structure of the bull market intact. To do so, however, the price per BTC must climb back to a key level now lost, and it must do it before the month comes to an end. Why Bitcoin Bulls Were Blindside By The Biggest Monthly Selloff Ever Bitcoin price was in an uptrend for over a year, capped off by the introduction of Coinbase Global on the Nasdaq stock market. Exuberance at the time was as high, driven by a potential “new paradigm” in crypto. Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning Wall Street and institutions were finally here. There was no way the market would correct, according to the crowd. Yet it did and because no one saw it coming it was especially disastrous. Over-leveraged longs were wiped out to the tune of billions, and those that were overexposed in other ways quickly regretted it. Edwards’ custom tool shows the worst month on record | Source: BTCUSD on TradingView.com The blitzkrieg resulted in the worst ever monthly candle on record, according to Bitcoin expert Charles Edwards. Edwards is responsible for creating some of the greatest tools in crypto, such as the Hash Ribbons indicator. His custom “drop %” tool shows how bloody things got (pictured above), but other analysts were quick to argue that there’s still time left in the monthly to change the data. Evening Star Pattern: Can Crypto Bulls Undo The Damage Done? This also means that bulls have a chance to undo the devastating candlestick pattern that’s been left on the price chart of Bitcoin. A slow month in April with very little movement resulted in a red doji candle at the height of an uptrend, followed by an enormous showing by bears. The pattern is called an “evening star pattern” and is a reversal of epic proportions, often signaling more red to follow. However, if bulls can leave a wick behind measuring roughly 50% of the red candle, it can also be quite a statement. Bulls have to close above here to undo the pattern | Source: BTCUSD on TradingView.com If Bitcoin price can close back the monthly candle above around $45,000 the evening star pattern will be defended for now. The next monthly candle will need to be green to ensure the bull market is still intact, otherwise, bears will complete the pattern in their follow up. Related Reading | Building The Case That The Bitcoin Bottom Is In Closing above the level could also keep the monthly RSI in the bull market territory, preventing a larger breakdown and fall into a bear market. Can Bitcoin bulls undo the worst monthly candle on record? Featured image from iStockPhotos, Charts from TradingView.com

Formation Fi to Launch Cross-Chain AMM on Polygon

Armando Morrison3 years ago2 years ago06 mins

Share this article More promising developments on the Polygon network, this time courtesy of Formation Fi. Formation Fi to Build on Polygon Formation Fi is developing an automated market maker on Polygon. The DeFi project is hoping to leverage Polygon’s scaling capacity to create a chain-agnostic yield farming protocol. Polygon is one of Ethereum’s leading scaling solutions. It’s sometimes referred to as an Ethereum “commit-chain,” providing high-speed transactions at a much lower cost than the base chain. The partnership between the two projects will lay the foundation for a “dark pool,” with MATIC holders able to earn double rewards for a limited time by providing liquidity to the pool. To do that, they’ll need to enter a whitelist raffle for Fomation Fi’s native token, FORM, to start earning yield (the rewards will be paid in both MATIC and FORM). Formation Fi plans to adopt a similar risk parity method to the one Ray Dalio made famous on the stock market. The protocol will feature four index coins representing four farming strategies: ALPHA, BETA, GAMMA, and FORM. By launching on Polygon, Formation Fi has a good shot at capturing some of the increase in yield farming activity the network has seen recently. Yield farmers have flocked to the network to put their crypto assets to work over the last few weeks, taking advantage of the high interest rates protocols offer for liquidity and low transaction costs. Until rollups and Proof-of-Stake arrive on Ethereum, that trend looks set to continue. Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies. 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. 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…. 1inch Network Launches on Polygon Polygon lands another massive integration: 1inch Network has launched on the scaling solution. 1inch DEX Launches on Polygon 1inch Network, the popular protocol that aggregates some of DeFi’s most essential… 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 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…

Ethereum Closes Above 100 SMA, Here’s What It Means for ETH

Armando Morrison3 years ago2 years ago04 mins

Ethereum extended its upward move above the $2,550 resistance zone against the US Dollar. ETH price settled above the 100 hourly SMA and it might continue to rise. Ethereum extended its recovery wave above the $2,550 and $2,600 levels. The price is now trading above the $2,500 support and the 100 hourly simple moving average. There was a break above a crucial bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now showing positive signs above $2,500, but it is also facing hurdles near $2,760. Ethereum Price Gains Traction Ethereum remained supported above the $2,200 level and it started a steady recovery wave. There was a break above a couple of important hurdles near the $2,250 level. There was also a break above a crucial bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD. It opened the doors for a strong move above the $2,500 level and the 100 hourly simple moving average. Ether even cleared the $2,600 and $2,700 levels. It traded as high as $2,7608 before starting a downside correction. The price corrected lower below the $2,700 level. Source: ETHUSD on TradingView.com An immediate support is near the $2,525 level. It is near the 23.6% Fib retracement level of the upward move from the $1,740 swing low to $2,768 high. The first major support is near the $2,480 level and the 100 hourly simple moving average. On the upside, the first major resistance is near the $2,750 level. A clear break above the recent high could lead the price towards the $2,930 resistance. The next key resistance is near $3,000. Any more gains might call for a test of the $3,200 level. Fresh Decline in ETH? If Ethereum fails to continue higher above the $2,700 and $2,760 resistance levels, it could start another decline. An initial support on the downside is near the $2,500 zone. The first key support is near the $2,480 level and the 100 hourly SMA. The main support is now forming near the $2,255 level. It is near the 50% Fib retracement level of the upward move from the $1,740 swing low to $2,768 high. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is moving lower towards the 50 level. Major Support Level – $2,480 Major Resistance Level – $2,760

Here’s Why BTC Turned Attractive On Dips

Armando Morrison3 years ago2 years ago04 mins

Bitcoin price gained bullish momentum above the $38,000 resistance against the US Dollar. BTC is now consolidating gains and it is likely to remain supported near $37,000. Bitcoin started a steady increase above the $37,000 and $38,000 resistance levels. The price is now trading above the $37,000 zone and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to protect the $37,000 zone and the 100 hourly SMA. Bitcoin Price Turns Green Bitcoin remained well bid above the $35,000 level and it started a fresh increase. BTC broke the key $37,000 resistance zone and the 100 hourly simple moving average to move into a positive zone. The price even broke the $38,000 level and extended its upward move. The price even tested the $40,000 resistance zone and a high is formed near $40,021. It is now consolidating gains below the $40,000 and $39,500 levels. There is also a short-term contracting triangle forming with resistance near $39,500 on the hourly chart of the BTC/USD pair. An initial support on the downside is near the $38,000 level. The 23.6% Fib retracement level of the recent wave from the $31,000 swing low to $40,000 zone is also near the $38,000 area. Source: BTCUSD on TradingView.com To start a fresh increase, bitcoin price must clear the $39,500 and $40,000 resistance levels. The next major resistance is near the $41,500 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. An intermediate resistance is near the $43,200 level. Dips Limited in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,000 level. The first major support is now forming near the $37,000 zone and the 100 hourly SMA. A downside break below the $37,000 support could lead the price towards the $35,550 support zone. It is near the 50% Fib retracement level of the recent wave from the $31,000 swing low to $40,000 zone. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level. Major Support Levels – $38,000, followed by $37,000. Major Resistance Levels – $39,500, $40,000 and $41,500.