According to a global markets strategy PDF released by leading investment bank JPMorgan, the price of bitcoin (BTC) production has sunk to approximately US$13,000 from early June’s US$20,000.
This is reportedly the result of the bear market brought on by the crypto winter:
💥JP MORGAN: #Bitcoin mining cost of production has dropped from $24K to $13K per $BTC
JPMorgan has found that the production cost to mine one Bitcoin has dropped from an estimated US$24,000 to a lowly $13,000, a 10-month low according to Bloomberg.
The bank’s strategists, led by Nikolaos Panigirtzoglou, have found that the recent plunge in BTC’s production costs resulted from the following combination of factors:
The decline in electricity use as proxied by the Cambridge Bitcoin Electricity Consumption Index, while the hash rate has been fluctuating in recent months with no clear downtrend.
Nikolaos Panigirtzoglou, strategist, JPMorgan
Despite improved profitability suggesting that pressure for miners to sell their bitcoin holdings for liquidity purposes could lessen, the decrease in costs is typically seen as a negative for the overall bitcoin price:
Bitcoin miners sold large quantity of Bitcoin in June after getting panic panic. but whales are accumulating it at low price. Additionally Bitcoin mining cost drop from $23k to $13k due to less use of electricity 🧐 pic.twitter.com/QOQ4eFds5F
Although opinions vary, data from MacroMicro suggests that the production cost remains steady at approximately US$17,700. MacroMicro justifies this by explaining that the lower the mining costs, the more miners will join. However, when mining costs are higher than miners’ revenue, numbers will logically fall.
Funding a Mining Operation
The cost of bitcoin mining depends on several variables, chief among which is electricity costs incurred by miners for their required machinery. Providing bitcoin’s price exceeds maintenance costs, a mining operation will be profitable. However, mining operations must also consider infrastructure, labour and hardware costs for the maintenance of mining farms, all of which can vary. This crypto winter is also taking place while energy prices soar globally.
Bitcoin miners aren’t alone in their struggles, however. Miners of all sorts are facing pressure created by the damaging plunge of bitcoin. Among those experiencing exponential lows this year-to-date: Marathon Digital Holdings is down 73 percent, Riot Blockchain Inc has dropped 73 percent, and Core Scientific Inc is down a whopping 83 percent. Worse yet, there’s scope for these figures to continue falling.
Luckily, there is hope when it comes to infrastructure, with the Bloomberg report suggesting mining costs can be reduced via the deployment of more energy-efficient mining rigs, such as those becoming available thanks to Intel and Bitmain.
Bitcoin Falls on Rough Times
July has been somewhat of a nightmare month for bitcoin as it fell under US$19,000 following the US’s highest inflation print in 40 years. Economists had initially predicted an 8.8 percent June year-on-year inflation rate; however, the reality was 9.1 percent, which meant an immediate dip in BTC’s price.
To add further stress, Bitcoin has also had to address the strain placed on diamond hands, namely those investors who normally refrain from selling an investment despite downturns or losses. Glassnode, an on-chain analytics firm, discovered that while the total unique Bitcoin count had exceeded 1 billion, diamond hands were selling at an average loss of 33 percent.
The Financial Planning Association of Australia (FPA) is showing its support for a “crypto rule book”, calling to regulate crypto assets via exchanges and arguing it would be far too difficult to regulate the underlying assets separately.
Regulate Exchanges, Not the Technology
Ben Marshan, the FPA’s head of policy, strategy and innovation, has said that “the regulation of a financial product or service should not depend on the technology which underlies the asset”, adding:
To this point, investment in crypto assets is as much in relation to the asset itself, such as an ether [ETH] coin or a non-fungible token [NFT], as a bet on the sustainability of the technology platform supporting the asset, for example, the Ethereum blockchain.
Ben Marshan, head of policy, strategy and innovation, FPA
Marshan’s opinion is that besides regulating exchanges, it would be nearly impossible to regulate assets given the way they are housed: “[The products are] so decentralised, they’re in all sorts of foreign jurisdictions.”
He noted further that the regulation of crypto should fall under the current financial services regime and not under a new separate legal framework. Focusing regulation on crypto service providers, such as exchanges, would remove a lot of “complexity” from the equation:
It makes it a lot easier because instead of having to work your way through thousands of pages of the Corporations Act, people can go to a specific section and it’s much more efficient.
Ben Marshan, head of policy, strategy and innovation, FPA
Marshan’s view is that if a rule book were adopted, it would allow financial planners to recommend crypto assets to their clients along with specific training in associated crypto strategies.
“At the moment, it’s effectively illegal because there’s no authorisation around crypto assets,” Marshan said, “and because of that financial planners can’t recommend them and can’t get professional indemnity insurance.”
Calls to Government for Clearer Regulation
While the FPA is pledging its support for a “crypto rule book” to be implemented, many have called on Australia’s new Labor government for clearer regulation when it comes to crypto. In 2021, Aussies lost a total of A$84 million in cryptocurrency scams, which many argue could have been avoided if the previous government had enacted clearer regulations regarding digital assets.
In a recent panel discussion of the G20 finance officials meeting in Indonesia, Reserve Bank of Australia (RBA) governor Philip Lowe signalled his support for privately issued stablecoins, subject to appropriate consumer protection guardrails.
Private Sector Better Suited to Issuing Digital Dollars?
Just weeks after Australian Treasurer Jim Chalmers said that crypto would remain excluded from foreign currency tax arrangements, RBA head Lowe has said that privately issued stablecoins may be better than central bank digital currencies (CBDCs), provided the relevant companies are suitably regulated.
Treasurer Jim Chalmers (left) and RBA governor Philip Lowe (centre) represent Australia at the the 2022 G20 finance officials meeting. Source: The West Australian
In a panel discussion that included the inherent risks of decentralised finance (DeFi) projects, talk shifted to CBDCs and their potential application in both a retail or wholesale context.
With the recent implosion of “stablecoin” UST and Luna, regulation has come into sharp focus, an issue that no doubt partially informed the RBA chief’s comments on privately issued stablecoins:
If these tokens are going to used widely by the community they are going to need to be backed by the state, or regulated just as we regulate bank deposits.
Philip Lowe, RBA governor
Lowe added: “I tend to think that the private solution is going to be better – if we can get the regulatory arrangements right – because the private sector is better than the central bank at innovating and designing features for these tokens”.
Coincub awards points across nine overall categories: government, financial services, population, taxation, talent development and industry participation, trading, fraud and environmental potential. New sub-categories such as crypto education courses and initial coin offerings have been added to create a more comprehensive gauge.
Germany, US Top the Table, Followed by Switzerland and Singapore
Jointly topping the table are Germany and the US, whose dominance stems from both countries’ progressive regulatory environments and major bitcoin investments by mainstream institutions.
Allowing its savings industry to utilise crypto investments and maintaining a zero-tax policy on capital gains on BTC and ETH held for more than a year were key reasons for Germany’s ascent to the top of the rankings earlier this year.
The US moved up from third spot in Q1 to share the top rank with Germany in the wake of President Joe Biden’s March executive order on digital assets, which increased consumer protection and financial stability while also cracking down on illicit activity.
Switzerland came in third on Coincub’s global crypto rankings, largely due to the City of Lugarno recognising bitcoin as legal tender. More than 1000 blockchain and virtual asset service providers are based in Switzerland, and the country also ranks highly for its preponderance of Bitcoin nodes and ATMs.
In fourth place is Singapore, down from top spot at the end of 2021 because of recent regulatory tightening in the island republic.
Why Australia Made the Top Five
Australia’s proliferation of initial coin offerings, exchanges and transaction volumes, as well as several of its universities offering blockchain and crypto educational courses, helped see it into fifth place.
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. Decentraland (MANA)
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 35th cryptocurrency globally and the current price is US$0.9145. Let’s take a look at the chart below for price analysis:
MANA dropped 80% since March 1 and made a low near $0.5800. It has consolidated above this low since May 12.
The price might find support between $0.8808 and $0.8537. This level saw accumulation on July 17, contains the 9 and 18 EMAs, and borders the July monthly open.
A deeper retracement could reach near $0.8290. A drop to this level would rebalance more inefficient trading on the daily chart. It could also run bulls’ stops below today’s opening price and July 16’s swing low.
The price is testing the closest resistance, at $0.8962. Bears entered shorts here before last week’s drop. It’s also near the 40 EMA.
If this resistance breaks, $0.9346 to $0.9923 may provide the next resistance. This area is between the 61.8% and 78.6% retracement of the last month’s downtrend. Bulls also rejected bulls here in late June on the weekly chart.
A more significant rally might reach an area of inefficient trading on the monthly chart from $1.0932 to $1.3375. This move would sweep most bears’ trailed stops above relative equal highs up to this level. Yet, bulls aiming for this level may want to be cautious since the overall trend is still bearish.
If the downtrend continues, $0.7255 may offer the next support. A drop to this level would run bulls’ stops under the June 18 and July 13 swing lows. It’s an area where bulls have rejected bears many times since September 2021.
Under this level, support might be near the last downswing’s 50% extension, from $0.6290 to $0.5800. Bulls rejected bears here in Q2 2021 on the monthly and weekly charts. Near this level, stops near early May’s and last September’s swing lows give bears an attractive target.
2. MetisDAO (METIS)
METIS is based on the spirit of Optimistic Rollup, building an easy-to-use, highly scalable, low-cost and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including NFT platforms, decentralised Reddit-like social platforms, open-source developer communities, influencer communities, gaming communities, freelancer communities, crowdfunding, yield farming, DEX trading, and much more.
METIS Price Analysis
At the time of writing, METIS is ranked the 238th cryptocurrency globally and the current price is US$29.60. Let’s take a look at the chart below for price analysis:
METIS plummeted 91% from the end of March to mid-June. Since then, it has consolidated while creeping upwards. This upward movement accelerated last week.
An area between $25.518 and $23.746 should provide the closest support if the bullish rally continues. This level is near the top of early June’s accumulation on the weekly chart. It will also soon contain the 9 EMA.
The closest resistance may be at $28.90. Reaching this level would sweep bears’ stops above June 28’s swing high. Many swing highs above this level could continue attracting the price upward.
An area of inefficient trading on the weekly chart, between $32.955 and $41.634, may be the primary goal for bulls. The top of this range, above $39.518, also shows inefficient trading on the daily chart. It gives bulls a logical place to take profits if the price can reach this far.
Suppose the price resumes the downtrend without reaching significantly higher. In that case, higher timeframes suggest that $14.00 might be the next possible support level. This area, down to $11.641, shows inefficient trading on the monthly and weekly charts. It’s also under the June 18 swing low, giving bears an attractive target for hunting bulls’ stops.
A continued decline might reach a zone between $9.211 and $7.690. This area shows inefficient trading on the monthly and weekly charts. It also borders the July 2021 accumulation zone’s high.
3. Siacoin (SC)
Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.
SC Price Analysis
At the time of writing, SC is ranked the 129th cryptocurrency globally and the current price is US$0.004232. Let’s take a look at the chart below for price analysis:
SC crashed 79% from its April high and set a low at $0.003129 in mid-June before beginning a consolidation.
The current price, near $0.004143, could support the next upward move. This level is at the high of late June’s consolidation.
Above, an area near $0.004350 may offer the first resistance. This level is at the bottom of inefficient trading on the weekly and daily charts. It’s also a place where bulls rejected bears in early May.
A move to this level might reach slightly higher. An area of inefficient trading on the weekly chart, between $0.004560 and $0.005242, could prompt a reversal. This area contains the 61.8% retracement and pockets of inefficient trading on the daily chart.
If the rally continues, $0.005963 offers the next logical target for bulls. Moving to this level would sweep bears’ stops above relative equal highs into inefficient trading on the monthly and weekly charts.
Should the downtrend resume, $0.003449 may offer the closest higher-timeframe support. Bulls and bears have taken turns rejecting each other near this level on higher-timeframe charts. It also saw accumulation in December 2020 before a parabolic rally. Reaching this level would sweep bulls’ stops under July 1’s swing low.
A drop to this level could easily reach $0.003140. A move to this level would sweep bulls’ stops under June’s low into the upper half of October 2020’s accumulation.
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.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. SKALE Network (SKL)
Skale SKL is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralised project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralisation of Ethereum-based apps. Token holders on the SKALE Network are incentivised and earn rewards by helping to improve the scalability and security of the platform by serving as validators.
SKL Price Analysis
At the time of writing, SKL is ranked the 150th cryptocurrency globally and the current price is US$0.05101. Let’s take a look at the chart below for price analysis:
Since the beginning of Q2, SKL has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.
A retracement might uncover support near $0.05020, which is the daily high of the last swing low. The high of the wick beginning near $0.04671 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.04130 the likely next bearish target.
Just above, the daily gap beginning near $0.05788 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.06293 – perhaps running to probable resistance near $0.06544. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.
2. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
ONE Price Analysis
At the time of writing, ONE is ranked the 108th cryptocurrency globally and the current price is US$0.02152. Let’s take a look at the chart below for price analysis:
ONE bulls have had to endure a 85% drop since early Q2 until the price set a low and began a range in June.
Currently, the price is aggressively moving toward possible resistance, beginning near $0.02951. Stops above the swing high at $0.03325 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.
If the price continues through this high, it could be reaching for an inefficient area near $0.03742. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.03975 and $0.04038, which surrounds the yearly open.
If the price stays above the weekly low of $0.02095, this price could support a run above the $0.01935 swing high. Just below, at $0.01854, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.
A deeper retracement might retest the accumulation area between $0.01725 and $0.01680. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01480. This area overlaps the 47% extension of a recent significant bearish swing.
3. 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 52nd cryptocurrency globally and the current price is US$60.44. Let’s take a look at the chart below for price analysis:
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 $52.47 and $44.96 – 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 $83.23 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near $75.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $88.12, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $97.32 may provide a ceiling for this impulse.
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.
In what is a legal precedent for the High Court of England and Wales, a plaintiff has been granted permission to file a lawsuit against anonymous defendants by means of an NFT drop.
The move will allow Fabrizio D’Aloia, founder of Italy-based online gaming company Microgame, to serve legal documents on people who are not known by name but connected via two digital wallets:
Our firm was the first law firm in the UK and in Europe to obtain permission by a High Court Judge to serve document proceedings related to a worldwide freezing injunction against unknown persons by NFT using the blockchain technology. Read more: https://t.co/ZOlfwEp8bcpic.twitter.com/PbHK1twkGs
Joanna Bailey, an associate of Giambrone & Partners LLP who are representing D’Aloia, described the precedent as “significant” in a sector where scams and hacks can often only be tied to wallet addresses and not their actual individual owners:
This is so important because it shows the court’s willingness to adapt to new technologies and embrace the blockchain and actually step in to help consumers where previous legislation and regulators simply could not …
D’Aloia claimed to have been lured by an online brokerage into depositing about 2.1 million USDT and 230,000 USDC into two wallets that turned out to be fraudulent. The court ruling, said Bailey, allows D’Aloia to sue those responsible for the fraudulent platform by sending court documents via an NFT drop to the two wallets.
A month earlier, the UK High Court of Justice ruled to recognise NFTs as private property, hailed as a “landmark” in the ongoing battle against fraud in the crypto space.
However, the catch in that ruling was that the conferred private property status did not extend to the underlying content represented by an NFT.
Civil Procedure Rules in the UK have previously allowed for lawsuits and legal documents to be served using Instagram, Facebook, and a contact form on a website. Until now, the only other means were via personal services, “snail” mail, dropped off at a physical address, or by sending a fax or another type of “electronic communication”.
In what some have described as crypto’s “Lehman moment”, troubled lender Celsius has officially filed for “financial restructuring” under Chapter 11 of the US Bankruptcy Code.
Moments ago, @CelsiusNetwork filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring. https://t.co/vf5wsT6TMp
To many in the industry, Celsius has remained one of the more controversial businesses, with many citing its yield as unsustainable.
These claims go as far back as 2019, reflected in a “discussion” where the company’s founder Alex Mashinsky clashed with Bitcoiners Tone Vays and Saifedean Ammous regarding the company’s business model:
As crypto broker Voyager filed for bankruptcy, in addition to crypto lender Vauld freezing withdrawals, many felt that it would be a matter of time before Celsius caved.
At the current pace, given that they can essentially leverage their entire asset base (of customer assets), Celsius will have paid off all the Defi loans by the end of this week. The bankruptcy filing should occur shortly thereafter.
Late on July 13, Celsius finally confirmed it was initiating voluntary Chapter 11 proceedings to “stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders”.
Continuing, the board of directors said:
Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers. Without a pause, the acceleration of withdrawals would have allowed certain customers—those who were first to act—to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery.
Celsius board of directors’ statement
Interestingly, as Swan Bitcoin founder Cory Klippsten commented, it would appear as if beleaguered users are at the back of the queue when it comes to Celsius’ stakeholders:
If @celsiusnetwork and @investvoyager cared about their users they'd file for SIPA bankruptcy as brokers (which they always claimed to be), where ALL proceeds go to customers first.
Filing for Chapter 11 is them saying EXPLICITLY that THE COMPANY OWNS ALL USER ASSETS. pic.twitter.com/FMDzmjRBZO
While the company apparently has some US$167 million in cash, it noted that initial approval would be sought to allow payment to employees, but that it would “not be requesting authority to allow customer withdrawals at this time”.
While the announcement is not likely to be welcome news to users whose funds remained frozen, it does offer vindication for those who saw it in advance and managed to persuade users to jump ship:
If you attacked me for calling out Celsius repeatedly over the last 13 months and predicting a Chapter 11 bankruptcy filing, I do not want an apology. Please make a donation to a charity, preferably one that benefits dogs, cats, or orphans. Thanks in advance.
Reversing recent NFT market trends, CryptoPunk #4464 this week changed hands for a massive 2,500 ETH (approximately US$2.6 million). According to CryptoSlam, this marks the single-largest NFT sale of the past 30 days, in defiance of typical winter market lows:
Despite the malaise of the wider crypto market and commensurate NFT trading volumes, one rare CryptoPunk seems to have achieved the impossible. Punk #4464, an eye mask/durag-wearing, vaping pixelated character, has notched the fourth-ranked CryptoPunks NFT sale of all time, sharing that status with two other Apes. (It should be noted, however, that as ETH has a fluctuating price, the USD value of each sale fluctuates significantly.)
Transaction history of CryptoPunk #4464.
The record CryptoPunk sale for both ETH and USD is #5822, an 8,000 ETH (US$23.7 million) alien that was sold in February.
So Why Is #4464’s Sale Impressive?
Only two months ago, there was consensus that CryptoPunks (and NFTs in general) had lost the public interest. The realisation came as CryptoPunk #273, a male punk with a cap and shades, sold on May 8 for just US$139,836. That figure was 87 percent lower than its initial purchase price of US$1.03 million, in October 2021.
With a total value loss of approximately US$890,000, an ongoing downward trend in the CryptoPunk market seemed inevitable. However, #4464 has defied the odds and is proof to the contrary.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Tranchess (CHESS)
Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.
CHESS Price Analysis
At the time of writing, CHESS is ranked the 548th cryptocurrency globally and the current price is US$0.2954. Let’s take a look at the chart below for price analysis:
CHESS dropped 85% from its early April swing high before beginning a consolidation range in mid-May.
Most trading occurred between the June monthly open and $0.2650. Here, relatively equal lows have formed under the oldest historical low, around $0.3570.
These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.2162 and $0.2270. A continued move down could run more bulls’ stops below May’s low at $0.1840.
No historical price action exists under May’s low to pinpoint possible support. Round numbers suggest that $0.1535 could offer some support on an initial stop run under May’s low.
Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.09240. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.
2. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 28th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:
After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4522.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5312 might look for bids near $0.5736. More significant resistance rests above, near $0.6125. A group of significant swing highs at $0.6510 and $.6718 give possible targets if this resistance breaks.
A stop run on the recent low at $0.3033 into possible support beginning near $0.2630 might see stronger bidding. This area also has a confluence with the recent monthly lows.
3. Fantom (FTM)
Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.
FTM Price Analysis
At the time of writing, FTM is ranked the 63rd cryptocurrency globally and the current price is US$0.2499. Let’s take a look at the chart below for price analysis:
FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4167, possibly forming the next bullish leg’s target.
Currently, the price is testing possible support near the weekly open, around $0.2165. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs.
If this level fails to provide support, a zone from $0.1854 to $0.1723 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.
A more bearish tone in the market could propel the price lower. The lows, near $0.1470, may mark an area of possible support as well as a bearish target.
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.
