Category: Cosmos

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Avalanche Axie Infinity Cosmos Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: AXS, ATOM, AVAX – August 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. 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 44th cryptocurrency globally and the current price is US$14.39. 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 August. Aggressive bulls could look for entries at the most recent area of support formed near $13.34. However, equal lows near $12.32 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 $10.80, possibly reaching support at an old swing high and a daily gap near $10.00.

A recent level near $18.84 provided resistance and caused a swing high to form near $22.88, offering first targets. A move through this high may arrive at new monthly high levels near $24.40 and $26.13.

2. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 26th cryptocurrency globally and the current price is US$10.60. Let’s take a look at the chart below for price analysis:

Source: TradingView

ATOM has been consolidating in a range around Q1 2022’s high. Q2 2022 saw the start of a smaller range inside this larger range. Near the current price, $10.00 or $8.60 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run.

Just above the current price, the 9, 18 and 40 EMAs may provide resistance near $11.86. This level saw consolidation before last week’s downward move.

A move back toward the local range highs could reach possible resistance near $12.65, where bears rejected the recent rally. This level is just above the May monthly open.

A more extended move by bulls may reach the larger range’s rejection area near $13.81. However, a move this far is less likely unless the overall market rallies.

Below the higher timeframe’s range, $8.25 to $7.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the July 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $7.05 and $6.70, and provides a reasonable stop run target.

3. 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 also 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 15th cryptocurrency globally and the current price is US$22.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains in Q2 ended with an almost 80% retracement as the rest of the altcoin market dropped after May. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $27.30.

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 $21.35 to $19.30 could see interest from bulls before further expansion. Bears may capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $17.10, and potentially lower to a higher-timeframe support zone between $16.70 and $15.22.

If the higher-timeframe recovery trend resumes and the current resistance near $29.64 breaks, the wicks near $35.14 and the new monthly highs may see profit-taking.

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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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Cosmos Crypto News Market Analysis Request Trading Zcash

Top 3 Coins to Watch Today: ZEC, REQ, ATOM – July 1 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. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain but, unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 50th cryptocurrency globally and the current price is US$53.23. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs may cause bulls to be less aggressive in bidding. However, possible support near $50.47 and $41.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near $84.23 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $95.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $106.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $115.32 might provide a ceiling for this impulse.

2. Request (REQ)

The Request REQ utility token ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralised payment system where anyone can request a payment and receive money through secure means. It removes the requirement for third parties in order to provide a cheaper, more secure payment solution that works with all global currencies. 

REQ Price Analysis

At the time of writing, REQ is ranked the 160th cryptocurrency globally and the current price is US$0.1174. Let’s take a look at the chart below for price analysis:

Source: TradingView

REQ has continued its rally through the daily gap between $0.08133 and $0.1057, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $0.07583 could form a wick below this level, potentially reaching an untapped daily gap beginning near $0.07051.

Resistance beginning at $0.1372 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 swing high at $0.1507, continue into probable resistance just above, and possibly set a new monthly high at $0.1833.

3. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 27th cryptocurrency globally and the current price is US$7.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

ATOM has been consolidating in a range around Q1 2022’s high. Q2 2022 saw the start of a smaller range inside this larger range. Near the current price, $7.00 or $6.80 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run.

Just above the current price, the 9, 18 and 40 EMAs might provide resistance near $7.86. This level saw consolidation before last week’s downward move.

A move back toward the local range highs could reach possible resistance near $8.65, where bears rejected the recent rally. This level is just above the May monthly open.

A more extended move by bulls might reach the larger range’s rejection area near $9.81. However, a move this far is less likely unless the overall market rallies.

Below the higher timeframe’s range, $6.75 to $6.10 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the July 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $6.05 and $5.90, and provides a reasonable stop run target.

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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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Cosmos Crypto News Litentry Market Analysis Theta Network Trading

Top 3 Coins to Watch Today: THETA, LIT, ATOM – June 10 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. Theta Network (THETA)

Theta Network THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.

THETA Price Analysis

At the time of writing, THETA is ranked the 40th cryptocurrency globally and the current price is US$1.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

THETA has formed a clean range between $2.30 and $1.50. The price is likely to run these equal highs and lows before the next significant move.

The price is currently near the low end of the range. On the monthly chart, an old, inefficiently traded area down to $1.40 could provide support. This support might create a bounce back up to the old range highs.

If this level breaks, a broad zone between $1.33 and $1.18 could be the next support. This area shows inefficient trading on the monthly and weekly charts.

Shorter-term traders might frame a short near $1.70. Here, an inefficiently traded area on the daily chart could provide resistance. Just above, $1.88 might also provide resistance. This level is near the current consolidation range’s highs.

Current price action makes it unclear where bulls are most likely to find the current range’s next resistance. A bullish reversal will likely draw to the relatively equal highs at $1.95. Bears might stop the price first at an area of old bullish rejection on the monthly, near $2.13.

2. Litentry (LIT)

Litentry LIT is a decentralised identity authentication and user activity data management Infrastructure. Build on Substrate, Ready for Polkadot. Litentry is helping support change that is in favour of a user-centric network with the blockchain. Litentry includes an identity-based network and related tools, and features an identity matching and identity staking mechanism; as a whole, it consists of decentralised identity and user activity data management infrastructure.

Litentry Price Analysis

At the time of writing, LIT is ranked the 524th cryptocurrency globally and the current price is US$0.8241. Let’s take a look at the chart below for price analysis:

Source: TradingView

LIT has spent the first half of 2022 in a range. It spiked through this range’s high in late March before an aggressive move toward the range lows.

The price found support near $0.5034, near the origin of a recovery in early June, and created a week-long consolidation. However, the swing low near $0.7018, and is likely to provide resistance. It may cause further consolidation at the current area before a decisive break.

A break under the support near $0.6579 might target the swing lows and possible support near $0.6024. Below this level, there is little apparent higher-timeframe support.

If bulls appear, a break through the current resistance near the 9 EMA, around $0.9508, might find resistance from $1.12 to $1.27.

A sustained bullish shift in the market could propel the price through monthly open into probable resistance near the high at $2.35.

3. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 30th cryptocurrency globally and the current price is US$8.89. Let’s take a look at the chart below for price analysis:

Source: TradingView

ATOM has been consolidating in a range around Q1 2022’s high.

Q2 2022 saw the start of a smaller range inside this larger range. Near the current price, $10.38 or $11.00 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run.

Just above the current price, the 9, 18, and 40 EMAs might provide resistance near $12.86. This level saw consolidation before last week’s downward move.

A move back toward the local range highs could reach possible resistance near $13.06, where bears rejected recent rally. This level is just above the May monthly open.

A more extended move by bulls might reach the larger range’s rejection area near $14.81. However, a move this far is less likely unless the overall market rallies.

Below the higher timeframe’s range, $8.15 to $7.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the July 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $7.25 and $6.96, and provides a reasonable stop run 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.

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Blockchain Cosmos Crypto News Tokens

Typo Sees $36 Million in Seized Whale JUNO Tokens Sent to Wrong Wallet

Typographical errors or a misplaced cut-and-paste are the stuff of nightmares in the journalistic profession, so imagine the horror for the Juno community when US$36 million worth of its tokens were sent to the wrong wallet address thanks to a programming mishap.

The community last week voted to seize the tokens from the wallet of a whale investor accused of gaming an airdrop. But instead of sending the funds to an address controlled by the Juno community, as originally intended, they were misdirected to another wallet because of a faulty software upgrade:

Juno Proposal 20, passed almost unanimously by the Juno community, was supposed to automatically run code to move funds “gamed” by Japanese whale Takumi Asano from his wallet into a “Unity” address controlled by the community.

Funds Wind Up in Blockchain Limbo

When the code was executed on May 4, a programming error moved three million revoked JUNO tokens to an erroneous address on the Cosmos-based blockchain to which neither Asano nor the Juno community had access.

Andrea Di Michele, a member of Juno’s developer team, attributed the glitch to a copy-paste error. “When I gave the [Proposal 20] developers the address of the [Unity] smart contract, I pasted the address of the smart contract and just underneath it put the transaction hash,” Di Michele said.

Developers then accidentally copied the transaction hash – which looked similar to the wallet address – rather than the address itself. As a result, the seized funds were moved to an unreachable sector of the Juno/Cosmos blockchain.

Of Juno’s more than 120 validators, none appeared to notice that the Unity address had been pasted incorrectly. One of them stated the obvious on behalf of the many: “We f..ked up big time.”

Asano Foreshadows Possible Legal Action

Asano has since indicated he may pursue legal action against the validators unless the confiscated funds are returned to his investors.

As mistakes go, this one is not quite in the league of the DeFi protocol bug that accidentally rewarded Compound users with US$80 million worth of COMP tokens last October. But it’s way bigger than the Mutant Ape NFT that sold for 17 USDC rather than 17 ETH in August 2021, the result of another unfortunate if equally amusing typo that in this case cost a mere US$54,000.

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Airdrop Blockchain Cosmos Crypto Wallets DeFi

Users Left Fuming After Evmos’ Cosmos Cross Chain Fails to Launch

Evmos, a layer-1 blockchain compatible with EVM (Ethereum Virtual Machine) built on Cosmos, is facing a community backlash after the protocol failed to launch this week due to numerous bugs found on the network.

The launch of the Evmos mainnet, which came with a rather ambitious token airdrop, was highly anticipated by the Cosmos and Ethereum communities as it allowed cross-chain transfer between the two blockchains.

Critical Security Bug Halts Network

But it seems the launch was riddled with gremlins. Two days before the launch, a “critical security bug” was found on the network, which rushed validators to implement a fix improperly and subsequently caused a network halt:

Users were reporting problems related to hardware and software wallet integrations, which were apparently higher than the network was able to handle. On top of this, some users were claiming a “lack of organisation” and numerous delays surrounding the launch of the mainnet:

The team behind Evmos said developers and validators were reportedly still working on the matter and unable to reach a consensus on the next steps for the protocol.

Launch Suspended Till Further Notice

The backlash forced the Evmos team to suspend the launch for an undetermined number of days to address the community’s concerns, and that the network would be reviewed internally via a postmortem:

Evmos Responds to Backlash

While the community backlash was rather harsh for Evmos, some other users were supportive of the response from the Evmos team to handle the issues and give clarity to its community.

Some other DeFi projects are the opposite, however. Such was the case in January with the cross-chain bridge Multichain when it lost over US$3 million through a security hack. The protocol was sending “mixed messages”, stating the issue had been fixed, but it later reminded users to revoke approvals of the token.

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Cosmos Crypto News Elrond Glitch Market Analysis Trading

Top 3 Coins to Watch Today: ATOM, EGLD, GLCH – March 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. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$26.77. Let’s take a look at the chart below for price analysis:

Source: TradingView

ATOM has been consolidating in a range around May 2021’s high since Q3 2021.

February 2022 saw the start of a smaller range inside this larger range. Near the current price, $26.38 or $24.94 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run before late February’s rally.

Just above the current price, the 9, 18 and 40 EMAs might provide resistance near $27.86. This level saw consolidation before last week’s downward move.

A move back toward the local range highs could reach possible resistance near $33.06, where bears rejected February’s rally. This level is just above the 2022 yearly open and the March monthly open.

A more extended move by bulls might reach the larger range’s rejection area near $38.81. However, a move this far is less likely unless the overall market rallies.

Below the higher timeframe’s range, $17.55 to $14.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the June 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $17.25 and $15.96, and provides a reasonable stop run target under relatively equal lows at $20.18 and $21.40.

2. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 37th cryptocurrency globally and the current price is US$143.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 919% rally during the second half of 2021 reversed with many other coins in November, retracing nearly 80% by January.

Just above the current price and near the March open, $141.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.

Bears might consider $170.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach up to $205.45 at the top of an inefficiently traded area before any future bearish breakdowns.

Resistance might also rest near $254.44, above the 2022 yearly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.

The price is finding support between $133.00 and $94.38. This zone might continue to hold as investors accumulate for the snapshots beginning on Tuesday. Overlapping higher-timeframe levels from $118.44 to $107.81 could provide the most substantial support inside this area. 

Significant swing lows and stops near $53.41 may be the bearish target if this support breaks. If the price reaches this level, a longer-term bottom might form in a higher-timeframe inefficiently traded area between $53.41 and $29.80.

3. Glitch (GLCH)

Glitch GLCH is a fast, interoperable, blockchain-agnostic protocol purpose-built for DeFi. Rather than aiming to be a jack-of-all use cases, GLITCH has a singular focus on decentralised financial applications and trustless money markets. GLITCH solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing model. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.

GLCH Price Analysis

At the time of writing, GLCH is ranked the 630th cryptocurrency globally and the current price is US$0.3845. Let’s take a look at the chart below for price analysis:

Source: TradingView

GLCH‘s stunning 1,988% bullrun during the second half of 2021 retraced nearly 90% by January.

January’s low found support between $0.3332 and $0.2911, which could provide support again. However, while the market remains bearish, bulls might wait to see if the price reaches near July’s accumulation zone between $0.2239 and $0.1949. 

Reaching this zone would run most bulls’ trailed stops. The higher end of this range, near $0.2239, may be more sensitive if bulls begin accumulating for another market cycle.

Just above the current price, $0.3772 could provide short-term resistance. The 9 and 18 EMAs frame this level at the low end of February’s consolidation. 

A more substantial rally might reach possible resistance at the 40 EMA and March open, near $0.4437. If the overall market turns more bullish, this resistance may break as bulls look to take profits around $0.5560, near the 78.6% retracement of February’s downward swing.

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
Cosmos Crypto News Gala Market Analysis Trading Verasity

Top 3 Coins to Watch Today: GALA, ATOM, VRA – March 11 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. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 60th cryptocurrency globally and the current price is US$0.2157. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, GALA kicked off a recovery trend to break the new monthly highs.

The following 55% plummet found support near $0.2076, sweeping under the 40 EMA into the 59.8% retracement level before bouncing to resistance beginning at $0.2530.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2712, where aggressive bulls might begin bidding. The level near $0.2940, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3385. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1991 could provide at least a short-term bounce. If this level fails, the old highs near $0.1750 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$27.99. Let’s take a look at the chart below for price analysis:

Source: TradingView

February provided respectable 45% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $36.52.

If bears take back control this month, the top of the former gap beginning at $24.36 may provide support for at least a short-term bounce. The top of the consolidation range starting near $23.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $22.64 and $20.36, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $32.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up. 

If this high breaks, the 1.0 extension near $37.21 and the 2.0 extension near $43.90 may provide the next primary new high targets.

3. Verasity (VRA)

Verasity is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase advertising revenues for video publishers on any video platform through its rewarded player and ad stack utilising its patented protocol layer on the blockchain – Proof of View. PoV is the only Protocol Layer patented technology for the blockchain USA Patent.

VRA Price Analysis

At the time of writing, VRA is ranked the 370th cryptocurrency globally and the current price is US$0.02101. Let’s take a look at the chart below for price analysis:

Source: TradingView

VRA‘s strong downtrend that began in mid-January has retraced most of its Q1 move, recently sweeping lows near $0.01948 but struggling to find strong support.

A sweep of the relatively equal lows near $0.01838 into possible support around $0.01722, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $0.01643.

The swing high near $0.02346 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $0.02568, potentially reaching up to the last monthly high near $0.02931.

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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
1inch Network Cosmos Crypto News Gala Market Analysis Trading

Top 3 Coins to Watch Today: GALA, ATOM, 1INCH – February 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. Gala (GALA)

GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets, and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.

GALA Price Analysis

At the time of writing, GALA is ranked the 55th cryptocurrency globally and the current price is US$0.253. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, GALA kicked off a bullish trend that rallied by 95% by early February to break the new monthly highs.

The following 45% plummet found support near $0.2476, sweeping under the 40 EMA into the 51.8% retracement level before bouncing to resistance beginning at $0.2630.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2812, where aggressive bulls might begin bidding. The level near $0.3040, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.3485. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.2291 could provide at least a short-term bounce. If this level fails, the old highs near $0.2050 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$26.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

January provided respectable 55% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $41.52.

If bears take back control this month, the top of the former gap beginning at $24.66 may provide support for at least a short-term bounce. The top of the consolidation range starting near $23.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $22.74 and $20.16, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $33.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up. 

If this high breaks, the 1.0 extension near $36.21 and the 2.0 extension near $42.90 may provide the next primary new high targets.

3. 1inch (1INCH)

1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).

1INCH Price Analysis

At the time of writing, 1INCH is ranked the 99th cryptocurrency globally and the current price is US$1.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its Q4 highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near $2.00 has held the price down for the second half of February, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick push to $1.88, or into the zone beginning near $2.10, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $2.17 provides a reasonable target. 

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $2.28 and $2.40.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 35% retracement, near $1.30.

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.

Categories
Cosmos Cryptocurrencies DeFi Injective

DEX Token ‘Injective Protocol’ Soars 100% on Futures Listing Announcement

The utility and governance token for the DEX Injective Protocol (ticker symbol INJ) rallied more than 100 percent in a single day last week following the February 9 listing of Cosmos (ATOM) perpetual futures on the platform. 

Injective Protocol is a decentralised exchange that offers a variety of financial products usually associated with centralised exchanges, such as margin trading, derivatives trading and other exotic assets. The platform also features cross-chain trading, supporting assets across the Ethereum, BSC and Cosmos networks.

The price of INJ exploded from the upper US$3 range in early February to a high of US$10.08 on February 11 following the listing of ATOM perpetual futures. At the same time, its 24-hour trading volume spiked 1,756 percent to a high of US$306 million.

ATOM Listing a First for a DEX Platform

This listing by Injective Protocol is the first time ATOM perpetual futures have been listed on a  decentralised exchange, marking a significant milestone for the platform. 

It builds on a string of recent positive developments for Injective Protocol, including the listing of Cosmos-based project Chihuahua (HUAHUA) and the release of Injective Bridge V2 in January, which drastically improved users’ experience.

In the days since its rally, INJ has backtracked somewhat and is now trading in the low US$6 range.

The growth of more exotic financial products on DEXs is part of a larger trend in crypto as the industry seeks to expand into a more diverse range of investment classes, such as the tokenisation of real estate.