Category: Cardano

Categories
Cardano Crypto News Kadena Market Analysis Polygon Trading

Top 3 Coins to Watch Today: ADA, MATIC, KDA – August 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6th cryptocurrency globally and the current price is US$0.5774. Let’s take a look at the chart below for price analysis:

Source: TradingView

From its Q2 high, ADA dropped nearly 70% before finding support near $0.3960. The price has been consolidating since it set this low and is currently testing support near $0.4929. This level has held as support despite the larger market’s sharp downturn since mid-June.

It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4506 and $0.4350 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.4072 could provide support.

If this region holds as support, bulls may find the first resistance near $0.6510. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range. 

A break of this resistance may retest resistance just above the June monthly open, near $0.7490. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.

2. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 14th cryptocurrency globally and the current price is US$1.02. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its Q2 highs, MATIC has been in a steady bearish trend, retracing nearly 78% and finding support near $0.4820, at the 65.8% retracement level.

Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.9130, near the 45.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.8520, and still find support.

Currently, the price is contesting a region between $0.8239 and $0.8025. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.15, while $1.25 is also likely to be sensitive with the nearest support and resistance this close together.

3. Kadena (KDA)

Kadena KDA is a proof-of-work blockchain that combines the PoW consensus mechanism from Bitcoin with directed acyclic graph (DAG) principles to offer a scalable version of Bitcoin. Kadena claims it can provide the security of Bitcoin while being able to offer unparalleled throughput that makes the blockchain usable to enterprises and entrepreneurs alike. Kadena’s unique infrastructure is decentralised and built for mass adoption because of its multi-chain approach. 

KDA Price Analysis

At the time of writing, KDA is ranked the 104th cryptocurrency globally and the current price is US$2.14. Let’s take a look at the chart below for price analysis:

Source: TradingView

KDA climbed 60% from its mid-June low, creating a bullish market structure break on the daily chart.

Aggressive bulls might find the closest support near the August open, around $2.00. This level will likely show inefficient trading on the daily chart after Monday’s candle closes.

If this level breaks, the next support might be near $1.85. This level is near the 61.8% retracement. It’s also near the 9, 18 and 40 EMAs, and the high of accumulation on the weekly chart.

A dip lower could reach $1.78, where bulls rejected bears on the weekly. However, a move this low could go significantly lower. Bulls’ stops near $1.70 and a large area of inefficient trading on the weekly offer little support to stop a more significant drop.

The closest resistance is from $2.30 to $2.45, near the June monthly open. This area showed inefficient trading on the weekly chart. The price has passed through this zone multiple times, but it could provide some resistance again.

If the market’s rally does continue, $2.57 might offer the next resistance. This level shows inefficient trading on the daily chart. It’s also at the low end of inefficient trading on the weekly and monthly 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
Cardano Crypto News

Cardano Vasil Hard Fork Upgrade is Delayed Again, ‘More Testing Needed’

Input Output Global (IOG), the lab behind the Cardano blockchain, released a YouTube update this week informing followers that its Vasil hard fork upgrade has been delayed yet again.

According to the update, more testing is required to ensure “inevitable issues” are ironed out:

Input Output July YouTube update.

All Users Need to be ‘Ready to Progress’

Cardano’s (ADA) long-awaited Vasil hard fork has been delayed by several more weeks, amid some significant price volatility (including a 7.7 percent gain on July 29).

Kevin Hammond, IOG’s technical manager, says the hard fork had to be postponed one more time to ensure that all parties, including exchanges and API developers, were fully ready for the transition to take place.

https://iohk.io/en/team/kevin-hammond

All users have to be ready to progress through the hard fork to make sure the process is smooth, both for them and end users of the Cardano blockchain.

Kevin Hammond, technical manager, IOG

The upgrade, entitled Vasil, is designed to increase Cardano’s scaling capabilities and is set to be the largest upgrade to the Cardano blockchain since the Alonzo hard fork. Put simply, this hard fork is a backward-incompatible change to the software used to validate and produce new blocks.

The upgrade is expected to be game-changing, offering improved speed and scalability, making it more appropriate for DApps and smart contracts. This is not the first delay Vasil has seen, with the project originally scheduled for release in late June:

The network’s DApp development community has the final decision on the Cardano testnet upgrade, meaning that developers must ensure the testing is void of critical issues before the hard fork can be implemented. A release date is yet to be announced.

Previous Cardano Delay

IOG originally postponed the Vasil upgrade by one month due to alleged bugs “that needed eliminating”, requiring further testing. At the time, Nigel Hemsley, head of delivery and projects at IOG, stated his project was “very close” to completion and a June 20 deployment. However, a minimum of seven non-severe bugs required attention before this could go ahead.

Categories
Cardano Crypto News Market Analysis PancakeSwap Solana Trading

Top 3 Coins to Watch Today: ADA, CAKE, SOL – July 20 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 8th cryptocurrency globally and the current price is US$0.5085. Let’s take a look at the chart below for price analysis:

Source: TradingView

From its Q2 high, ADA dropped nearly 75% before finding support near $0.4269. The price has been consolidating since it set this low and is currently testing support near $0.4629. This level has held as support despite the larger market’s sharp downturn since mid-June.

It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4006 and $0.3950 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.3772 could provide support.

If this region holds as support, bulls might find the first resistance near $0.5710. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range. 

A break of this resistance may retest resistance just above the June monthly open, near $0.6590. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.

However, bulls should be cautious of the bearish market conditions and a potential hardfork delay. A break of the two closest support levels could lead to a much more significant drop near $0.3588. This level, near the 2021 yearly open, is inefficiently traded on the monthly and weekly charts.

2. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 78th cryptocurrency globally and the current price is US$3.54. Let’s take a look at the chart below for price analysis:

Source: TradingView

CAKE‘s 79% decline after Q1 created relatively equal lows near $2.96 before bouncing over the local range’s midpoint near $3.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.

Aggressive bulls could look for entries in the daily gap starting near $3.36. The monthly open aligns with more probable support near $3.28. 

A stop run below the monthly open near $3.10 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $2.90, just above the equal lows.

Resistance rests just above, with the zone from $3.95 to $4.27 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near $4.77. 

Beyond these highs, resistance near $4.98 provides a final challenge before attacking an old daily swing high near $5.42.

3. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$46.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 89% from its Q2 highs and reached possible support last month near $27.34. Resistance might begin near $49.64, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $58.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $63.42 and $66.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $41.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $37.10 and $33.54. If the price reaches this zone, the Q1 2021 swing high near $29.12 may mark a more sensitive level.

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
Cardano Crypto News

Cardano ‘Vasil’ Hardfork Delayed Pending Bug Fixes

Input Output Global (IOG, formerly IOHK), the development lab of Cardano (ADA), has postponed for one month the Vasil upgrade for the Cardano blockchain, citing multiple bugs that need to be eliminated and giving it more time for testing.

As per a blog post from Nigel Hemsley, head of delivery and projects at IOG, the Vasil hardfork was “very close” to being complete and deployed on June 20, but it was decided to halt it as there are still at least seven non-severe bugs to be fixed:

Most Important Upgrade Since Alonzo

Vasil is one of the most important upgrades for the Cardano blockchain since the Alonzo hardfork, as it will introduce several improvements on the network that will scale throughput and reduce transaction fees.

The IOG engineering team is extremely close to finalising the core work, with just seven bugs still outstanding to complete the hard fork work, with none currently ranked as ‘severe’. After some consideration, we have agreed NOT to send the hard fork update proposal to the testnet today to allow more time for testing.

IOHK blog post

Once the testnet undergoes the hardfork, developers must meet with Cardano’s decentralised application development community to “carry out any required integration and testing work” before the launch date in late July.

Institutional demand for Cardano has doubled in 2022, according to intelligence firm IntoTheBlock, and the number of on-chain transactions has increased remarkably.

Categories
Cardano Crypto News Internet Computer Market Analysis MXC Trading

Top 3 Coins to Watch Today: ADA, ICP, MXC – June 21 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$0.4913. Let’s take a look at the chart below for price analysis:

Source: TradingView

From its March high to early May, ADA dropped nearly 68% before finding support near $0.4549. The price has been consolidating since it set this low and is currently testing support near $0.4549. This level has held as support despite the larger market’s sharp downturn since mid-June.

It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4206 and $0.4019 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.3972 could provide support.

If this region holds as support, bulls might find the first resistance near $0.5610. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range. 

A break of this resistance may retest resistance just above the June monthly open, near $0.6696. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.

However, bulls should be cautious of the bearish market conditions and a potential hardfork delay. A break of the two closest support levels could lead to a much more significant drop near $0.2288. This level, near the 2021 yearly open, is inefficiently traded on the monthly and weekly charts.

2. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 36th cryptocurrency globally and the current price is US$5.67. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP has dropped 53% from its most recent June high as it continues its nine-month downtrend.

The edge of the recent swing’s lower candle bodies could provide the closest support, near $5.15. This level overlaps with the 100% extension of June’s opening rally.

Currently, the price is testing possible resistance near $5.43. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bears’ stops at $6.06.

If the price breaks through this resistance, it may find its next resistance near $6.59. This level is near the midpoint of May 12’s swing low and the midpoint of an inefficiently traded area on the weekly chart.

A rally this high may reach slightly higher, near $6.82. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.

Below, there is no historical price action to suggest possible support. The next downside targets may be near $4.00 and $2.80. These approximate levels are near the 150% and 200% extensions of June’s opening rally.

3. Meta Connect (MXC)

Meta X Connect MXC is a utility token allowing for the increased frequency of data transactions and idiosyncratic data flows within the AI and blockchain markets. The MXProtocol ensures networks are created and connected via a decentralised and robust protocol using an interchain data market, encouraging participation via Proof of Participation (“PoP”) Mining. The mechanism also allows for the provisioning of any tangible smart Internet of Things (IoT) devices with minimal cost, creating a framework for data providers and receivers to produce their own GDPR-safe AI and blockchain NFTs.

MXC Price Analysis

At the time of writing, MXC is ranked the 132nd cryptocurrency globally and the current price is US$0.06589. Let’s take a look at the chart below for price analysis:

Source: TradingView

MXC bulls suffered a sharp 51.65% drop during the second week of May. Since then, the price has consolidated in the lower half of the range created by this drop.

A level near $0.06508 has been providing support on each recent retest. This level has confluence with the bottom of the candle bodies created in May’s significant swing low. It could continue to provide support for a run to or beyond the closest resistance.

Bulls may find their next resistance near $0.06938. Here, a recent swing high, an inefficiently traded area on the daily chart, and the 9 EMA could attract the price.

A break through this level may find its resistance in the upper half of the local range, near $0.07631. This level contains the 40 EMA and previously supported the price as it formed the base of late May and early June’s rally.

A significantly higher move could retest resistance near $0.09245. This level shows inefficient trading on the weekly and daily charts. It also provided support during March and April’s consolidation. A run to this level would sweep many bears’ stops above the swing high at $0.09245.

An eventual move below the 2022 yearly open into a zone from $0.05245 to $0.04329 is reasonable to expect. Moving to this zone would sweep bulls’ stops under two relatively equal major swing lows. This level also saw accumulation before December’s rally.

If the downtrend resumes, bears might next target possible support near $0.03428. This level is near the midpoint and lower half of 2021’s massive consolidation. It would also provide bears with a shot at bulls’ stops under the significant swing low at $0.03229. 

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
Axie Infinity Cardano Crypto News Market Analysis Solana Trading

Top 3 Coins to Watch Today: SOL, ADA, AXS – June 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. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$30.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 87% from its Q2 highs and reached possible support last week near $26.34. Resistance might begin near $33.64, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $37.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $40.42 and $45.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $25.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $23.10 and $20.54. If the price reaches this zone, the Q1 2021 swing high near $17.12 might mark a more sensitive level.

2. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$0.4951. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop during Q2 found a low near $0.4335 during early June before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.5915. A sustained bullish move may target the swing high at $0.6322. If this stop run occurs, a run beyond the high into probable resistance near $0.7210 and $0.7719 is possible.

Bulls could buy a retracement to possible support near $0.4570, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.4325. 

However, relatively equal lows near $0.4057 and $0.3922 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.3647 and $0.3552.

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 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 49th cryptocurrency globally and the current price is US$14.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 20% range could suggest that a recovery is setting up in June.

Aggressive bulls could look for entries at the most recent area of support formed near $13.34. However, equal lows near $12.42 make a tempting target for a stop run into this support. This move could reach support near $11.90. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $11.20, possibly reaching support at an old swing high and a daily gap near $10.58.

A recent level near $17.84 provided resistance and caused a swing high to form near $19.88, offering first targets. A move through this high may arrive at new monthly high levels near $20.31 and $23.50.

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
Cardano Crypto News DeFi

Cardano (ADA) Leads Major Cryptos Relief Rally, Up 25% Overnight

Amid a crypto market generally showing signs of recovery following last month’s meltdown, the token underpinning the Cardano blockchain is up 25 percent in the space of a day.

Cardano Outranks Ripple

Cardano (ADA) is now the sixth-ranked cryptocurrency with a market capitalisation of US$22.6 billion, overtaking Ripple’s XRP and trading at $0.67 at time of writing, as per data from CoinMarketCap.

Despite this bullish performance, attributed to increased DeFi activity on the layer-1 blockchain and the launch of Lagon’s cross-chain bridge to facilitate token transfers between Ethereum and Cardano, ADA is still 78 percent below its all-time high of US$3.10, recorded in September last year.

Trading Volume Pumps 272%

Across major crypto exchanges, ADA’s trading volume averaged US$2.4 billion over 24 hours, representing a 272 percent increase on the previous day.

According to Defi Llama, the Total Value Locked (TVL) on Cardano rose by 30.56 percent over the same period and is currently at US$194.87 million, up from $149.25 million:

A black chart with blue lines passing across it.

Since the beginning of the year, Cardano has seen a 50-fold spike in large transaction volume (LTV), representing a significant increase in institutional demand.

BTC, ETH Also Up

As a further reflection of an overall crypto market recovery, Bitcoin was up 2.95 percent over the same 24-hour period, trading at around US$31,478 at time of writing, while Ethereum was up 3.26 percent and fetching US$1,933.

Categories
Cardano Crypto News Fantom Market Analysis Tezos Trading

Top 3 Coins to Watch Today: ADA, FTM, XTZ – May 25 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 8th cryptocurrency globally and the current price is US$0.5086. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop after Q1 found a low near $0.4635 during mid-May before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.6015. A sustained bullish move may target the swing high at $0.6422. If this stop run occurs, a run beyond the high into probable resistance near $0.7110 and $0.7519 is possible.

Bulls could buy a retracement to possible support near $0.4845, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.4425. 

However, relatively equal lows near $0.4157 and $0.4022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.3847 and $0.3752.

2. 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 50th cryptocurrency globally and the current price is US$0.4108. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.62, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.4011. 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 $0.3834 to $0.3530 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.3230, might mark an area of possible support as well as a bearish target.

3. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 37th cryptocurrency globally and the current price is US$2.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 70% drop since late March saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.

The level near $2.50 is providing some resistance. However, continuation through the monthly high at $2.32 is not out of the question. Aggressive bulls might bid in the current region near $2.00. 

If the price runs the recent swing low, bulls might bid in the gap near $1.92. A deeper retracement could reach near the early monthly level and a gap near $1.86. The region near $1.80 and $1.73 may also provide some support during a deeper retracement.

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
Cardano COTI Crypto News iExec RLC Market Analysis Trading

Top 3 Coins to Watch Today: ADA, COTI, RLC – April 27 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 9th cryptocurrency globally and the current price is US$0.8328. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 55% drop during Q1 found a low near $0.7935 during mid-March before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.8815. A sustained bullish move may target the swing high at $0.9622. If this stop run occurs, a run beyond the high into probable resistance near $1.10 and $1.15 is possible.

Bulls could buy a retracement to possible support near $0.8145, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.7925. 

However, relatively equal lows near $0.7757 and $0.7522 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7347 and $0.7152.

2. Coti (COTI)

COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions, as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.

COTI Price Analysis

At the time of writing, COTI is ranked the 185th cryptocurrency globally and the current price is US$0.2209. Let’s take a look at the chart below for price analysis:

Source: TradingView

COTI‘s rally during H2 2021 broke down in November and has since been in a bearish trend on the daily chart. The price recently swept lows below a contested area at $0.1942, which prompted a rally during the last week into resistance at the 40 EMA near $0.3148. 

It remains to be seen whether this contested area from $0.2073 to $0.1910 can support a retest.

Unless the overall market turns bullish, a bearish continuation to possible support near $0.2155 – just under the 79.6% retracement level – seems likely. This area has sparked multiple consolidations.

A break of this level might continue to possible support near $0.1799, where the H2 2021 rally began accumulating before its run.

If the market continues its rally, breaking through resistance near the 2021 yearly open, the macro range highs near $0.3415 might provide the next resistance.

3. iExec Rlc (RLC)

iExec RLC claims to have developed the first decentralised marketplace for cloud computing resources. Blockchain technology is used to organise a market network where users can monetise their computing power, applications and datasets. By providing on-demand access to cloud computing resources, iExec is reportedly able to support compute-intensive applications in fields such as AI, big data, healthcare, rendering, or FinTech.

RLC Price Analysis

At the time of writing, RLC is ranked 147th cryptocurrency globally and the current price is US$1.81. Let’s take a look at the chart below for price analysis:

Source: TradingView

RLC printed nearly +46% gains during March. After this move, the price has been consolidating for the past week around a monthly level near $1.80.

Overlapping support zones should provide bullish strength, with the current region beginning at $1.72 providing a reasonable entry accompanied by a wide stop. Relatively equal daily lows near $1.66 could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $1.60.

Last month’s high near $1.98 provides the highest probability target, with the next swing high inside resistance at $2.08 giving another target and potential short-term reversal area.

A strong move through this level into resistance beginning at $2.15 is likely to target the monthly high at $2.19, potentially reaching the next monthly high near $2.25.

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
Cardano Crypto News Market Analysis Polygon Smooth Love Potion Trading

Top 3 Coins to Watch Today: MATIC, ADA, SLP – April 7 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. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is US$1.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its Q1 lows, MATIC has been in a steady bullish trend – printing a 40% gain by mid-March. The price found support near $1.37, at the 70.6% retracement level, during February’s decline.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.80 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.40, and still find support.

Currently, the price is contesting a region between $1.55 and $1.45. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.54, while $1.62 is also likely to be sensitive with the nearest support and resistance this close together.

2. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 9th cryptocurrency globally and the current price is US$1.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop during Q3 found a low near $0.7835 during mid-March before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.18. A sustained bullish move may target the swing high at $1.22. If this stop run occurs, a run beyond the high into probable resistance near $1.28 and $1.37 is possible.

Bulls could buy a retracement to possible support near $0.9840, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9325. 

However, relatively equal lows near $0.8857 and $0.8522 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8247 and $0.8052.

3. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 375th cryptocurrency globally and the current price is US$0.02155. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 65% rally during March ran into a 30% retracement near $0.02015. Since then, the price has been consolidating in a 40% range between $0.02124 and $0.02632.

Just below the late-December low, $0.01824 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01758 might cap a run on the lows near $0.01632 and $0.01575.

The higher-timeframe analysis points to the area near $0.02751 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03027 and $0.03360 may be the next targets.

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.