Category: Cardano

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Cardano Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: ADA, MATIC, SAND – January 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. 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$1.37. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 75% drop from its November highs found a low near $1.22 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.48. A sustained bullish move may target the swing high at $1.57. If this stop run occurs, a run beyond the high into probable resistance near $1.65 and $1.80 is possible.

Bulls could buy a retracement to possible support near $1.30, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.24. 

However, relatively equal lows near $1.19 and $1.14 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.05.

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, 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$2.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

December 2021 marked a turning point for MATIC, with the price rocketing up almost 85% from its lows to probable resistance beginning near $2.85.

The price is currently struggling with the area between $2.38 and $2.60. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $2.35. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $2.24, and the potential support just below that begins around $2.15.

Continuation to the upside will likely target the recent monthly highs near $2.89. However, probable resistance beginning at $2.70 and $2.78 could cap or slow down this move.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 36th cryptocurrency globally and the current price is US$5.82. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since November’s high, SAND‘s 65% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $5.62 and $5.42 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $6.34 and $6.90 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $6.15, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $6.30, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $6.54 might provide a ceiling for this impulse.

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.

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Cardano Crypto News Litecoin Market Analysis Ripple Trading

Top 3 Coins to Watch Today: XRP, LTC, ADA – December 23 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. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 7th cryptocurrency globally and the current price is US$0.9425. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 80% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.7822. Last week, the price bounced from the monthly open near $0.8243 again, creating possible support near $0.8050. A quick sweep of this recent swing low could reach into a support area near $0.7912, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7725.

If the price breaks through the closest significant resistance near $0.9556, the swing high at $0.9934 is a likely target. This move could reach a daily gap of near $1.12.

Strong bullish momentum could propel the price to resistance near $1.15. If this move occurs, the significant swing high near $1.22 provides a reasonable goal.

2. 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 18th cryptocurrency globally and the current price is US$155.75. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late September, LTC kicked off a bullish trend that rallied nearly 83% by November to break the monthly highs.

The following 65% plummet found support near $148.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $158.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $168.12, where aggressive bulls might begin bidding. The level near $177.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $190.05. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $146.18 could provide at least a short-term bounce. If this level fails, the old highs near $139.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

3. 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$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 70% drop from its November highs found a low near $1.20 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.42. A sustained bullish move may target the swing high at $1.50. If this stop run occurs, a run beyond the high into probable resistance near $1.62 and $1.78 is possible.

Bulls could buy a retracement to possible support near $1.27, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.22. 

However, relatively equal lows near $1.18 and $1.13 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.03.

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.

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Blockchain Cardano Crypto News Crypto Staking Metaverse NFTs Solana

5 Interesting Solana NFT Projects Launching Soon

Earlier in the week, Crypto News Australia published a guide on the five most interesting NFT projects launching on the Cardano blockchain this month. Follow this article for the low down on the five most interesting projects set for launch on the Solana (SOL) blockchain this month.

SolGame

SolGame allows NFTs to be traded new or on the secondhand market.

SolGame, a win-to-earn platform and Squid Game crypto fan project, is powered by a collection of 3,333 unique NFTs. Players can collect HD NFTs and generate passive income by holding specific NFTs. The project includes ultra-rare, animated drops, and cross-platform gaming. The concept allows users to mint new or trade SolGame NFTs on the secondhand market to make up their team, and participate in the daily competition for a chance to win.

Aurory Project

Encounter NPCs and Nefties in the Aurory game universe.

Aurory ($AURY) is a P2E (play-to-earn) desktop game in which players are invited to explore a rich and diverse universe. Players can travel across two different areas and biomes, called “Antik” and “Cryptos”, where they will meet an array of “NPCs” and “Nefties”, magical creatures which can be caught or traded. $AURY token can be earned via PvE and PvP game modes and through staking, while also tradable through a traditional DEX on Aurory’s in-game marketplace.

StarLaunch

StarLaunch is the first insured IDO launchpad and incubator for SOL projects.

StarLaunch, an Initial DEX Offering (IDO) launchpad for the SOL blockchain, is set for imminent launch. The project is an incubator for blockchain projects built atop SOL, which aims to connect projects with a community of backers. StarLaunch is the first insured IDO launchpad and incubator for SOL projects, with a stated goal of connecting its “community of backers with trusted and thoroughly vetted Solana blockchain projects”.

SolCaps

Customisable SolCaps.

SolCaps is a collection of 1,616 unique and randomly created NFTs and as a project aims to gather different users from different blockchains through fashion, specifically caps with crypto designs. The project is adamant that the community making it possible must have a voice and a vote on the future of SolCaps. This means that the project will donate to NGOs and the community will decide the best cause to help.

The SolCaps NFTs will be available for minting at a price determined through a vote by the community via the project’s Discord. Each item has a unique design based on different cryptocurrencies and will be available for users to use for a profile picture on Twitter or Discord, for example.

Dessert Girls

Aime, one of the Dessert Girls available for purchase.

Consisting of 2,222 algorithmically generated NFTs, Dessert Girls is a first-generation collection with a future breeding feature that will live in the Sweet Metaverse. Owning a Dessert Girl NFT will be the starting point, with players able to buy a Dessert Boy to make a couple. Each NFT will have visible physical traits but also character traits. After minting, the project will add ‘trait-extras’, allowing for customisation on the second market.

The Sweet Metaverse will make use of $SWEET coin, which will hold utility in the metaverse as a currency. The coin will be distributed to Dessert Girls holders at the start of 2022.

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Cardano Crypto News NFTs

5 New Cardano NFT Projects Launching Soon

December is the month in which several non-fungible token (NFT) projects are launching, and a lot of them are calling the attention of NFT enthusiasts for their P2E modality, allowing them to earn money while playing and trading some of their favourite tokens.

A few days ago, we compiled a list of 9 interesting NFT projects launching this month; now let’s take a look at some new NFT and metaverse projects launching specifically on the Cardano network.

If you’re curious about the Metaverse and want to learn more about it, you can also check out our top 10 metaverse projects, which include some of the most popular titles such as Decentraland, Axie Infinity, and The Sandbox.

1. MAD Orakel

Mad Orakel screenshot. Source: Dartsnft.co.uk

MAD Orakel is a soon-to-be-released DeFi platform dedicated to darts memorabilia where users can buy, trade and collect their favourite players. It’s currently the market leader in NFT dart cards across the UK. What will be the first sports NFTs payable with fiat currency and ADA, the project is being built on Cardano.

2. Project 2090

Project 2090 integrates a full cyberpunk experience into the Cardano Metaverse.

Project 2090 is a Metaverse and NFT collection of 5555 unique Cyborgs XX, minted onto the Cardano blockchain and created by Deca Labs. The project aims at integrating a full cyberpunk experience into the Cardano Metaverse.

The Cyborg XX is the first series of Project 2090, in which Cardano NFTs serve as the primary avatars for players. Any sci-fi enthusiast keen to mint a Cyborg XX must do so using a Cardano wallet such as Adalite or Nami. Using a Binance or Coinbase wallet will not provide players with the NFT.

3. ADA Headless Samurai

ADA Headless Samurai comes with giveaways and a comic announcement.

ADA Headless Samurai is an NFT project launching on the Cardano blockchain consisting of hand-drawn samurais in the form of NFTs with multiple combinations. The project launches on December 16 with giveaways and a comic announcement.

4. Cardano Village

Cardano Village enables land ownership and home decoration.

Cardano Village is an upcoming metaverse project and NFT collection of unique villages, where every house has different traits. The metaverse consists of a whole continent where users, called Cardanians, can interact with each other and perform various activities, such as land acquisition and home decoration.

5. Clay Mates

Clay Mates are animated figures created by Clay Nation.

Clay Mates is a collection of unique animated NFT figures on the Cardano blockchain, created by Clay Nation. Each Clay Mate will be up for sale this month, announced via its official Discord and Twitter. Clay Mates will be delivered to the user once the adoption days are announced. However, users must order their NFT using ADA from a Cardano wallet, otherwise they won’t receive their Clay Mate.

Clay Mates are divided according to rarity. The average price ranges between 35-75 ADA (US$46-98), and can be traded between players through the ESCROW services in the CNFT (Cardano Non-Fungible Tokens) marketplace.

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Cardano Crypto News Market Analysis Trading TRON

Top 3 Coins to Watch Today: TRX, ADA, HARD – December 6 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. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 22nd cryptocurrency globally and the current price is US$0.08607. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market in the mid-Q3 drop, falling nearly 63% from its mid-September high until it found a low late in October.

Price action in late November formed a weekly support level near $0.08654, which has so far held up the price. The most recent swing low inside this range, near $0.08439, might be the target for any future stop runs. After this low, the swing low near $0.08229 and the gap beginning near $0.07945 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.09422, just over the monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09755 – but could reach as high as $0.1083.

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 6th cryptocurrency globally and the current price is US$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 86% drop from its August highs found a low near $1.30 in late November before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.45. A sustained bullish move may target the swing high at $1.58. If this stop run occurs, a run beyond the high into probable resistance near $1.64 and $1.70 is possible.

Bulls could buy a retracement to possible support near $1.30, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.24. 

However, relatively equal lows near $1.20 and $1.17 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.12 and $1.05.

3. Kava Lend (HARD)

Kava Lend HARD is a decentralised money market built on Kava, enabling the lending and borrowing of cross-chain assets. Kava Lend supports supply-side deposits for BTC, XRP, BNB, BUSD, and USDX. The platform will allow overcollateralised borrowing for supported assets. All HARD tokens distributed as rewards are locked by a smart contract. Users who claim HARD tokens with longer vesting schedules will receive more tokens. The exact options for token redemptions are subject to governance voting.

HARD Price Analysis

At the time of writing, HARD is ranked the 495th cryptocurrency globally and the current price is US$0.9164. Let’s take a look at the chart below for price analysis:

Source: TradingView

HARD‘s 55% drop from August to October might have found a range low near $0.7933. The recent break and continuation through the short-term highs near $0.9044 and $0.9821 suggest some bullish strength.

Bulls are likely to take some profits near the high end of the current range. The areas near $1.10 and $1.18 offer some confluence for resistance. The swing high near $1.23 might be the current target, followed by possible continuation up to $1.26 and into resistance near $1.30.

Aggressive bulls might bid near the last high and daily gap around $0.9244. However, a drop to possible support around $0.8465 is reasonable. A market-wide retracement could send the price down to sweep relatively equal lows near $0.8033. If this stop run occurs, the price could find support between $0.7543 and $0.7122.

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.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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.

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Cardano Crypto Wallets eToro Regulation Tokens TRON

Regulatory Concerns for Cardano as eToro Delists ADA for US Traders

US investment platform eToro has this week delisted Cardano and Tron from its trading pairs, citing regulatory issues. According to an official announcement from eToro, US users will no longer be able to open new positions or receive staking rewards for Cardano (ADA) and Tron (TRX) due to regulatory issues.

Regulatory Uncertainty Affects Exchanges

The investment platform only cited “business-related considerations in the evolving regulatory environment” as the reason for delisting the digital assets. The new update will take effect on December 26 and staking for the assets will end on December 31.

In recent months, regulators in the US and UK have placed more focus on exchanges as part of regulating the crypto sector. However, at the same time, eToro Australia has introduced crypto staking and 15 new digital assets.

Due to the lack of regulatory clarity, exchanges have different limiting factors for their own policies, so if a currency – ADA, for example – doesn’t meet some or other requirements, an exchange can delist it if it sees fit. In the current state of crypto, one can see liquidity come and go based on various countries and their rules regarding the asset class, and since crypto is a global product but regulations vary between countries, complications can arise.

What Will Happen to Assets on eToro?

According to eToro’s post, positions can be closed at any time – meaning users can still sell their ADA and TRX on eToro and receive USD, adding that it has no plans to force selling. Users will still be able to securely hold existing positions of Cardano and Tron. While staking rewards will no longer be offered to US users for either asset, the final reward payout will go to users on January 15, 2022.

We are only limiting users from opening new positions. We are not forcing users to sell any existing positions.

eToro announcement

eToro plans to roll out its Money crypto wallet in 2022, compatible with the assets so that users can move their holdings there if they don’t wish to sell now. The limiting of sales won’t happen for at least 30 days after offering support for redeeming ADA and TRX to the wallet, which will continue to support the assets even after US users can no longer sell their holdings for USD.

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Cardano Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: ADA, AVAX, SLP – November 22 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 that says its 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$1.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near $1.60 during last week before closing over a short-term high around $1.90.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.98. A sustained bullish move may target the swing high at $2.19. If this stop run occurs, a run beyond the high into probable resistance near $2.37 and $2.45 is possible.

Bulls could buy a retracement to possible support near $1.70, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.64. 

However, relatively equal lows near $1.60 and $1.54 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.48 and $1.40.

2. 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$136.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX continued its rally through the daily gap between $98.45 and $96.25, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $93.34 could form a wick below this level, potentially reaching an untapped daily gap beginning near $88.14.

Resistance starting at $144 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant new swing high at $155, continue into probable resistance just above, and possibly set new all-time highs at $163.

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 327th cryptocurrency globally and the current price is US$0.06923. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 160% pump during early July ran into 85% retracement near $0.05983 in late September. Since then, the price has been consolidating in a 120% range between $0.06124 and $0.07655.

Just below the mid-September low, $0.06327 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.06122 might cap a run on the lows near $0.05914 and $0.05793.

The higher-timeframe analysis points to the area near $0.07795 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.083367 and $0.08620 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.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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
Binance Coin Bitcoin Cardano Crypto News Dogecoin Ethereum Markets Solana

Crypto Market in the Red Amid $880 Million Liquidity Flush

The crypto market is experiencing a sharp correction after approximately US$840 million was liquidated this week, draining nearly US$400 billion from the market.

Data from Coinglass (previously known as Bybt.com) shows at least 78,358 traders were liquidated in a span of just 24 hours. The largest single liquidation occurred on Bybit – ETH/USD, US$3.1 million.

ETH holders were by far the most affected compared to other cryptocurrencies such as BTC, which in 24 hours had a total of 1.13k BTC ($68.14 million) liquidated across most exchanges.

Most Currencies in the Red – Bitcoin Retests 58K Support

Liquidations were triggered when BTC plunged over 10 percent this week, dragging most of the market with it. Altcoins such as Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Dogecoin (Doge) were in the red by double digits as well.

Many say the drop is due to the $1.2 trillion infrastructure bill that US President Joe Biden signed into law on November 15. The bill is embedded with various crypto tax provisions for entities considered “brokers” by US law, even if they aren’t, such as node validators. The unclear and biased language caused outrage in the crypto community, with many industry leaders calling for opposition of the bill.

Going back to Bitcoin, the daily RSI pulled back to 40k levels but the price is currently hovering above 60k, though a further drop is expected in coming weeks.

Compared to previous dips, this one represented only 12 percent off its all-time high (ATH), but the emotional reaction appears to be much more intense. Back in September, BTC retraced -25 percent before jumping to new ATHs.

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Cardano Crypto News Market Analysis Qtum Solana Trading

Top 3 Coins to Watch Today: ADA, SOL, QTUM – November 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its 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 5th cryptocurrency globally and the current price is A$2.78. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near A$2.38 in September before closing over a short-term high around A$2.94.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$3.14. A sustained bullish move may target the swing high at A$3.25. If this stop run occurs, a run beyond the high into probable resistance near A$3.29 and A$3.36 is possible.

Bulls could buy a retracement to possible support near A$2.73, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$2.68. 

However, relatively equal lows near A$2.65 and A$2.60 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$2.57 and A$2.52.

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 6th cryptocurrency globally and the current price is A$301.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 65% from its high before finding a low in late September. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near A$276, although a sweep of the stops near A$270 could reach below the next swing low into possible support near A$262. A continued downtrend might run into the weekly gap near A$245.

Some bears might add more shorts near A$290, although a push to A$315 is reasonable. A daily candle close over the swing high near A$339 could suggest that a longer-term trend reversal may be in play, with bulls possibly entering on a retracement near A$354.

3. Quantum (QTUM)

Quantum QTUM is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims 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 80th cryptocurrency globally and the current price is A$21.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping almost 85% from its highs, QTUM has been consolidating in a range for the second half of Q3.

The recent sweep of the lows near A$16.45 could set the stage for at least a short rally higher, with bulls possibly buying near A$19.22 for a move toward the relatively equal highs near $24.68. A close over these highs might hint at a longer-term move toward probable resistance near A$28.30, likely following a retracement.

Rejection from possible resistance near A$23.12, potentially including a sweep of the highs around A$22.96, could signal a run to the swing low near A$18.35. If this move occurs, bears might target the swing low and support near A$17.44 and A$16.89.

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.

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Top 3 Coins To Watch Today: ADA, LINK, XLM – October 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 that says its 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 4th cryptocurrency globally and the current price is A$2.84. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near A$2.45 in September before closing over a short-term high around A$2.94 last week.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$3.12. A sustained bullish move may target the swing high at A$3.21. If this stop run occurs, a run beyond the high into probable resistance near A$3.28 and A$3.34 is possible.

Bulls could buy a retracement to possible support near A$2.75, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$2.70. 

However, relatively equal lows near A$2.67 and A$2.64 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$2.60 and A$2.55.

2. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 17th cryptocurrency globally and the current price is A$34.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s massive late-July spike retraced near A$25.46 into the consolidation that began the impulse before bouncing to A$26.77. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$32.65. The market’s structure may be shifting bearish, with A$30.12 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$28.44 before finding support near A$26.91.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$38.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the August wick near A$44.58.

3. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 22nd cryptocurrency globally and the current price is A$0.4944. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near A$0.8697 in May before retracing nearly 83% to find a low near A$0.3244. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.5378 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.5682 and relatively equal highs at A$0.6034. Resistance near A$0.6359 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.6649.

A retracement before a move higher might find support in the daily gap near A$0.4723, just above the monthly open. Relatively equal lows near A$0.4475 could also provide support. A run on stops at A$0.4216 and A$0.4055 might find support in the gap beginning near A$0.3826 or a high-timeframe level near A$0.3582.

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.