Category: Algorand

Categories
Algorand Burger Swap Crypto News Market Analysis Qtum Trading

Top 3 Coins to Watch Today: BURGER, QTUM, ALGO – August 17 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Burger Swap (BURGER)

BurgerSwap BURGER is one of the first democratised, decentralised automated market makers (AMMs) on the Binance Smart Chain (BSC). It was built without the control of any centralised authorities through the use of smart contracts. BURGER token staking allows any user to create proposals and influence the adjustment of transaction fees, block rewards, and other system parameters of the Burger Swap exchange via voting.

BURGER Price Analysis

At the time of writing, BURGER is ranked the 470th cryptocurrency globally and the current price is US$1.56. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% retracement from its June highs, BURGER found a temporary low near $1.45. A recent move above $1.70 could be the first sign of a bullish shift but could also be a stop run before the next drop lower. 

If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $1.93, possibly reaching up to $2.10.

However, a move below the closest support near $1.40 makes stop runs on the swing lows near $1.35 and $1.26 likely. A confluence of several levels near $1.15 could provide a temporary bounce. Still, a sustained bullish market will likely target $2.00 and even $2.07.

2. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol, aiming to bring together the strengths of Bitcoin and Ethereum in one chain. QTUM is built on Bitcoin’s UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications. 

QTUM Price Analysis

At the time of writing, QTUM is ranked the 99th cryptocurrency globally and the current price is US$4.02. Let’s take a look at the chart below for price analysis:

Source: TradingView

QTUM retraced 70% from its Q2 highs before forming a new low near a cluster of older relatively equal lows in late June.

Last week’s sharp rally reached probable resistance near $4.67. This level is near the 61.8% and 78.6% retracements of the last significant move upward.

Possible support rests just below the monthly open, near $3.80. This area saw significant consolidation in late July. It remains to be seen whether this is a run on bears’ stops before a more substantial move down, or a bullish shift in market structure that could lead to a more significant rally.

With the overall market being bearish and significant numbers of equal lows enticing bears below, traders may want to watch possible support near $3.65. This area is inefficiently traded and borders the last accumulation before Q1’s stunning rally.

Suppose this is the start of a more significant rally. In which case bulls might target $4.38, where higher timeframes show an inefficiently traded area near multiple bearish rejections during December 2021. A powerful bullish swing could reach up to $5.20, where early December saw inefficient trading and the bulk of Q3 2021’s trading took place.

3. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.3545. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4022.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.4712 might look for bids near $0.5326. More significant resistance rests above, near $0.5925. A group of significant swing highs at $0.6310 and $0.6518 provide possible targets if this resistance breaks.

A stop run on the recent low at $0.3071 into possible support beginning near $0.2430 might see stronger bidding. This area also has a confluence with the recent monthly lows.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Algorand Blockchain Crypto News Monash University

Monash Uni Wins Algorand Boost to Drive Green Blockchain Innovation

Melbourne’s Monash University has been named one of 10 global winners of the Algorand Centres of Excellence (ACE) Program. The prize is a shared US$50 million funding boost to drive eco-friendly blockchain technology, education and innovation.

Two Key Apps in Development

Monash’s Blockchain Technology Centre will partner with the Singapore-based Algorand Foundation to jointly develop two applications: a blockchain-as-a-service app for academic credentialing, as well as a prototype for blockchain as a pharmaceutical supply chain provider.

Joseph Liu, associate professor and director of the Monash Blockchain Technology Centre, has expanded on the future functions of these apps. The academic credentialing app aims to develop and explore a blockchain-enabled trusted credential issuance and verification system, while the second project will navigate the possibilities of leveraging blockchain technology to provide a robust, transparent, and accountable pharmaceutical supply chain.

https://users.monash.edu.au/~kailiu/

Though associated primarily with cryptocurrency, blockchain technologies can actually be used in diverse sectors such as strengthening renewable energy optimisation, providing a fair platform for carbon trading, creating robust supply chains for food and agriculture, securing financial technologies, and ensuring cultural sustainability for heritage art and music.

Joseph Liu, associate professor and director, Monash Blockchain Technology Centre

The Algorand Foundation seeks to develop a global blockchain ecosystem, and its Grant and Development Award funding mechanisms have supported other education and research projects in academia. Monash is only one branch of Algorand’s endeavours; not only will it connect Australia with Pacific communities through consultation and training workshops, competitions and community meetups, it will also provide support, opportunities and resources to ensure long-term community sustainability beyond the lifetime of the ACE Program.

Algorand and Blockchain Emissions

This isn’t Algorand’s first notable partnership. In May 2022, $ALGO, the company’s native currency, spiked after the announcement of an International Federation of Association Football (FIFA) sponsorship and technical partnership deal. As FIFA’s official blockchain platform, Algorand will provide a blockchain-supported wallet, develop FIFA’s NFTs, and help implement further blockchain tech. On the day following the announcement, $ALGO jumped from US$0.58 to $0.73, a 25 percent gain.

Last month saw the National Australia Bank (NAB) announce its participation in a new project alongside several overseas banks to use blockchain technology to offset carbon emissions. The Canadian Imperial Bank of Commerce, the UK’s bank and insurance company NatWest, and Brazil’s Itaú Unibanco will join NAB to launch Project Carbon – a voluntary pilot that will enter the carbon marketplace.

Categories
Algorand Crypto News Market Analysis SKALE Network THORChain Trading

Top 3 Coins to Watch Today: SKL, ALGO, RUNE – July 29 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. SKALE Network (SKL)

Skale SKL is described as an elastic network designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralised project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralisation of Ethereum-based apps. Token holders on the network are incentivised and earn rewards by helping to improve the scalability and security of the platform by serving as validators.

SKL Price Analysis

At the time of writing, SKL is ranked the 140th cryptocurrency globally and the current price is US$0.05502. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of Q2, SKL has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near $0.04920, which is the daily high of the last swing low. The high of the wick beginning near $0.04571 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.04230 the probable next bearish target.

Just above, the daily gap beginning near $0.06088 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.06493 – perhaps running to probable resistance near $0.07044. Strength above this level may signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.3411. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 25% into resistance that starts near $0.4322.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5012 might look for bids near $0.5536. More significant resistance rests above, near $0.6025. A group of significant swing highs at $0.6410 and $0.6618 provide possible targets if this resistance breaks.

A stop run on the recent low at $0.2835 into possible support beginning near $0.2530 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. THORChain (RUNE)

ThorChain RUNE is a decentralised liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process. The native utility token of the THORChain platform is RUNE. This is used as the base currency in the THORChain ecosystem and is also used for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million RUNE to participate in its rotating consensus process.

RUNE Price Analysis

At the time of writing, RUNE is ranked the 53rd cryptocurrency globally and the current price is US$2.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

RUNE has dropped 85% from its early Q2 high. It’s currently breaking down from its consolidation range formed in May and early June.

The price might find its closest resistance in an inefficiently traded area on the daily chart between $2.99 and $3.10. This level has confluence with the past week’s swing high.

The price may be forming a triple-sweep (three lower lows) before returning into its consolidation range. If so, an inefficiently traded area near $3.25 could provide another resistance. This level also shows distribution on the weekly chart near the 18 EMA.

A more extended rally could reach an inefficiently traded area on the monthly chart between $3.42 and $3.90. Yet this is less likely to happen soon, given the current bearish market conditions.

Below, $2.65 could offer support. This level is an area of inefficient trading below a daily swing low from June. It also shows accumulation on the weekly.

The following daily swing low, near $2.35, could offer the next bearish target. This level shows inefficient trading on the daily and weekly charts.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Algorand Crypto News Fantom Market Analysis Trading Tranchess

Top 3 Coins to Watch Today: CHESS, ALGO, FTM – July 15 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Tranchess (CHESS)

Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.

CHESS Price Analysis

At the time of writing, CHESS is ranked the 548th cryptocurrency globally and the current price is US$0.2954. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHESS dropped 85% from its early April swing high before beginning a consolidation range in mid-May.

Most trading occurred between the June monthly open and $0.2650. Here, relatively equal lows have formed under the oldest historical low, around $0.3570.

These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.2162 and $0.2270. A continued move down could run more bulls’ stops below May’s low at $0.1840.

No historical price action exists under May’s low to pinpoint possible support. Round numbers suggest that $0.1535 could offer some support on an initial stop run under May’s low. 

Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.09240. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 28th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4522.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5312 might look for bids near $0.5736. More significant resistance rests above, near $0.6125. A group of significant swing highs at $0.6510 and $.6718 give possible targets if this resistance breaks.

A stop run on the recent low at $0.3033 into possible support beginning near $0.2630 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 63rd cryptocurrency globally and the current price is US$0.2499. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4167, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.2165. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.1854 to $0.1723 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.1470, may mark an area of possible support as well as a bearish target.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Algorand Blockchain Markets Sports

ALGO Rallies Amid Blockchain Deal with FIFA for 2022 World Cup

The native cryptocurrency of the US-based proof-of-stake blockchain Algorand (ALGO) has spiked following the announcement of a sponsorship and technical partnership deal with global football governing body FIFA.

According to CoinGecko, in the 24 hours since the announcement the price of ALGO increased from US$0.58 to $0.73, a gain of 25 percent. At the time of writing, ALGO was trading at $0.64, around 10 percent above its pre-announcement price – it’s currently the 31st largest crypto by market capitalisation.

Algorand is Now FIFA’s Official Blockchain Platform

As the official blockchain platform of FIFA, Algorand will provide the body with a “blockchain-supported” wallet, help FIFA implement blockchain technology, and develop its digital assets, including NFTs.

Romy Gai, FIFA’s chief business officer, cited transparency and sustainability as important factors in its decision to partner with Algorand:

At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward-looking, innovative partner that can help us achieve these goals. 

Romy Gai, chief business officer, FIFA

Deal Provides Valuable Exposure

As part of the sponsorship agreement, Algorand becomes a FIFA World Cup 2022 Regional Supporter in North America and Europe and a FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor, providing the blockchain network with valuable exposure and promotional opportunities.

Algorand was founded in 2017 by the Turing Award-winning scientist Silvio Micali, who this week said he was excited about the opportunity this new partnership represents to showcase the capabilities of the blockchain network:

“This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

Silvio Micali, Founder of Algorand

Algorand is regarded as one of the most efficient and environmentally sustainable blockchains and has been used by over 2000 organisations worldwide, including Blockchain Solutions Australia, who partnered with Algorand in late 2020.

Algorand isn’t the first crypto-related organisation to become a FIFA 2022 World Cup sponsor – in March, leading exchange Crypto.com became an official sponsor for the event.

Categories
Algorand Alpha Finance Lab Crypto News Litecoin Market Analysis Trading

Top 3 Coins to Watch Today: LTC, ALGO, ALPHA – May 5 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 22nd cryptocurrency globally and the current price is US$102.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, LTC kicked off a recovery trend that gained nearly 23% to break the weekly highs.

The following 55% plummet found support near $96.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $110.53.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $120.12, where aggressive bulls might begin bidding. The level near $133.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $149.13. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $96.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $89.23 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.6615. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.7522.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.8412 might look for bids near $0.9036. More significant resistance rests above, near $0.9815. A group of significant swing highs at $1.10 and $1.16 give possible targets if this resistance breaks.

A stop run on the recent low at $0.6533 into possible support beginning near $0.6130 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. Alpha Finance (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 306th cryptocurrency globally and the current price is US$0.2847. Let’s take a look at the chart below for price analysis:

Source: TradingView

ALPHA‘s 60% rally from its Q1 lows met resistance near $0.5995, before creating a new range for Q2.

After a bearish flip of the 9, 18 and 40 EMAs, the price broke below $0.4310. This area, which has confluence with multiple swing lows and the February monthly open, may provide resistance on any future retest.

The price might find support near $0.3045 to $0.2549 if the overall market’s conditions turn more bullish. This zone has confluence with the 61.8% to 78.6% retracements and accumulation zone for Q1’s rally.

Suppose the price does rally through the probable resistance near December’s open. In that case, the January swing highs and above, near $0.4561, could provide resistance again. A shift back to more bullish market conditions could push the price to the 50% extension of the summer’s swing, near $0.5034.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Algorand Avalanche Crypto News Ethereum Solana Terra

Institutions Leaving ETH for Competing Altcoins, CoinShares Report Reveals

According to analysis from CoinShares, investors have favoured smaller layer-one altcoins of late with institutional capital outflows from Ethereum hitting US$17 million:

Smart Money Favours Layer-One Projects

Institutional investors have been shifting their attention away from Ethereum to competing layer-one blockchain projects, with capital inflows for altcoins increasing while ETH products posted outflows for the third consecutive week. Data from CoinShares’ Digital Asset Fund report shows that investors bought up US$3.5 million worth of Avalanche, Solana, Terra, and Algorand.

The data shows total outflows of ETH now amount to US$59.3 million, around 35 percent of the year-to-date outflows of US$169 million.

Weekly Flows from ETH. Source: CoinShares

Decentralised application usage on Solana in the past week has increased, according to data from DappRadar. While the metrics from Avalanche’s DApp usage have not increased over the week, the project’s investment in incentive programs and millions spent bringing developers to the platform signal a bullish future.

Significant Shift in Past Three Weeks

Inflows into Avalanche, Solana, Terra and Algorand were US$1.8 million, US$800,000, US$700,000, and US$200,000 respectively, with Bitcoin recording inflows worth US$2.6 million for the first time in two weeks. Over the past three weeks, total outflows were US$219 million, a significant shift from the US$134 million that left the market in the first week of April.

In March, another report released by CoinShares showed that institutional crypto funds had seen their biggest capital inflows since December 2021, with over US$193 million coming in during the week ending March 25.

Categories
Algorand Crypto News Market Analysis NEAR Protocol Trading Zilliqa

Top 3 Coins to Watch Today: ALGO, NEAR, ZIL – April 14 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.9322.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.12 might look for bids near $1.06. More significant resistance rests above, near $1.18. A group of significant swing highs at $1.20 and $1.26 give possible targets if this resistance breaks.

A stop run on the recent low at $0.7065 into possible support beginning near $0.6630 might see stronger bidding. This area also has a confluence with the recent monthly lows.

2. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 17th cryptocurrency globally and the current price is US$16.74. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 20% from its highs to support at the retracement of around $15.15.

The price shifted market structure to run to the consolidation lows near $14.51, just under the monthly open. Continued bullishness in the market may create support just below, between $14.00 and $13.45. 

Bulls might show more interest if the price retraces near the February open, around $13.00. Continued bearishness could see the price reach into old support around $12.55. 

On the other hand, if the current resistance breaks, the price might find resistance near $21.98, whereas mid-January buyers may still be trapped in longs.

3. Zilliqa (ZIL)

Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

ZIL Price Analysis

At the time of writing, ZIL is ranked the 70th cryptocurrency globally and the current price is US$0.1091. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s 65% drop during Q1 found a low near $0.04038 before closing over a monthly high around $0.1482 with massive gains. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.1637.

A sustained bullish move may target the swing high at $0.1864. If this stop run occurs, a run beyond the high into probable resistance near $0.1988 and $0.2045 is possible.

Bulls could buy a retracement to possible support near $0.1018, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.09376. 

However, relatively equal lows near $0.08834 and $0.08224 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.07815 and $0.07766.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Algorand DeFi Ethereum Hackers Illegal Polygon Scams

Fantasm Finance DeFi Project Exploited for $2.6 Million

This week’s attack on Fantom Network-based synthetic asset protocol Fantasm Finance saw the loss of US$2.6 million worth of Ethereum. The stolen funds were run through the Tornado cash mixing service and totalled 1,007 ETH.

According to the protocol’s Medium page, the team will conduct a postmortem and consider all compensation options for victims.

Another Day, Another DeFi Hack

The address of the attacker shows the extent of the theft, with 1.8 million FTM remaining in the pool for redemption:

Since the March 9 exploit, the attacker has been using Tornado cash to mask transactions. Tornado Cash is a service that breaks the link between source and destination addresses, thereby obscuring the transaction history.

Attacks on DeFi Remain Rife

The crypto space and DeFi, in particular, have been under attack by hackers seeking to exploit protocols. The reason for the frequency with which new projects launch without undergoing a security audit makes them very vulnerable to attackers. In January, Algorand-based DeFi platform ‘Tinyman’ was exploited for US$3 million. The team at Algorand quickly tweeted it it had been compromised and pulled the remaining liquidity from the project.

The most recent DeFi attack prior to Fantasm targeted Polygon DeFi protocol QiDao’s Superfluid vesting contract, draining US$13 million. User funds on QiDao however remained safe, as the exploit was “solely on Superfluid”, according to the Polygon-based DeFi protocol.

Categories
Algorand Avalanche Axie Infinity Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: AVAX, ALGO, AXS – March 4 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 10th cryptocurrency globally and the current price is US$77.80. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s 70% rally in January ended with an almost 35% retracement as the rest of the altcoin market dropped. Bulls stepped in near the 61.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $86.35.

With the 9, 18, and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion. 

Near the 40 EMA, a broad zone from $68.12 to $65.35 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 80% retracement, at $61.54, and potentially lower to a higher-timeframe support zone between $57.82 and $54.77.

If the higher-timeframe bullish trend resumes and the current resistance near $93.35 breaks, the wicks near $105.84 and the new monthly highs might see profit-taking.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike proof-of-work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 29th cryptocurrency globally and the current price is US$0.7967. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during February, ALGO gained nearly 22% into resistance that starts near $0.9122.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.10 might look for bids near $1.05. More significant resistance rests above, near $1.15. A group of significant swing highs at $1.21 and $1.25 give possible targets if this resistance breaks.

A stop run on the recent low at $0.7460 into possible support beginning near $0.6830 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 40th cryptocurrency globally and the current price is US$52.62. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 25% range could suggest that a larger move is setting up in February.

Aggressive bulls could look for entries at the most recent area of support formed near $49.22. However, equal lows near $45.12 make a tempting target for a stop run into this support. This move could reach support near $42.67. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $40.23, possibly reaching support at an old swing high and a daily gap near $38.58.

A recent level near $58.84 provided resistance and caused a recent swing high to form near $63.88, offering first targets. A move through this high may arrive at new monthly high levels near $68.31 and $75.30.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.