Nexo has been the subject of a “smear campaign” this week, alleging that the company has siphoned funds from charity and stolen donations. The crypto lender has now issued a cease-and-desist letter to the Twitter account @Otteroooo behind the campaign:
Nexo’s Response
On June 26, Twitter user @Otteroooo (Otter) shared a thread claiming Nexo was guilty of stealing charity funding for lavish personal purchases. The tweets alleged that Nexo had targeted the Bulgarian charity HelpKarma for the theft. Purportedly, one ‘Konsta Kanchev’ was the co-founder of Nexo and founder of HelpKarma, according to Otter. This ‘Kanchev’ is said to have redirected the funds intended to cover medical treatments for children into the building of a personal palace.
Naturally, Nexo was none too pleased with the so-called smear campaign, responding specifically that ‘Konsta Kanchev’ does not exist and that Otter had merely amalgamated the names of Nexo’s chair and co-founder, Kosta Kantchev, and HelpKarma’s founder, Konstantin Krastev. Nexo also highlighted that it and HelpKarma had never shared common operations, beneficial owners, or management.
The lender then issued a public notice to cease and desist via its blog:
However, for much of the thread Otter is discussing Kosta Kanchev – alluding to the possibility that the above could simply have been an innocent typo. One tweet by @Davidgerard states: “Nexo offers 18% interest to the public. This is not possible in this economy”, insinuating fraud-related activity. But the below tweet shows that Otter’s tweets had very little influence on Nexo’s performance – suggesting the cease-and-desist notice may be questionable:
With these, and more, rumours spreading, and many Twitter users siding against Nexo, the company is standing firm on the notion that the motivation behind the allegations was to gain a large following before selling the account.
Recent Company Movements
Nexo made the news in December 2021 after pioneering NFT-backed lending services. Thanks to a partnership with Singaporean hedge fund Three Arrows Capital, Nexo clients were given the opportunity to borrow digital assets with their NFTs as collateral. At the time, the crypto lender was only accepting Bored Apes and CryptoPunks.
More recently, Nexo issued a proposal to buy out Celsius, a crypto lender competitor, showing a keen interest in its collateralised loan portfolio. This followed Celsius’ perceived one-way trip to insolvency thanks to a series of frozen user withdrawals and transfers.
Securities and Exchange Commission (SEC) chair Gary Gensler has confirmed in a recent interview with CNBC that Bitcoin is a virtual commodity. Notably, he declined to comment on the status of any other cryptocurrencies.
Bitcoin: the Only Commodity?
In an interview with CNBC’s Jim Cramer, Gensler was probed as to whether he was collaborating with the Commodities and Futures Trading Commission (CFTC) in relation to the regulation of cryptocurrencies.
The significance? While the SEC focuses on securities regulation, the CFTC (as its name implies) is responsible for regulating commodities such as oil, gold, silver or wheat. According to Gensler, and his predecessors, you can add Bitcoin to that list:
Some, like Bitcoin, and that’s the only one, Jim, I’m going to say because I’m not going to talk about any one of these tokens, my predecessors and others have said, they’re a commodity.
Gary Gensler, chair, SEC
Interestingly, former SEC chair Jay Clayton argued that Ethereum was a commodity, saying it was sufficiently decentralised. However, when pressed, Gensler refused to provide a direct response.
Gensler’s view, expressed during his tenure teaching blockchain at Massachusetts Institute of Technology (MIT), is that Ethereum’s ICO (initial coin offering) passed the “Howey Test”, a legal precedent used to classify securities:
Given the time passed, Ethereans have argued that the network is now sufficiently decentralised to constitute a commodity, although Gensler has thus far refused to provide an official view.
Bitcoiners remain convinced that Bitcoin is the only commodity, a view that MicroStrategy CEO Michael Saylor has repeatedly stated:
A quick scan of Twitter reveals that the general sentiment among Bitcoiners is that if you raised money, and/or you have a foundation, leader or CEO, it is a security and cannot be regarded as decentralised:
According to data from research firm Chainalysis, a user must hold somewhere between 0.1 and one percent of the total token supply of a decentralised autonomous organisation (DAO) to create a proposal, and somewhere between one and 4 percent to pass such a proposal.
DAOs are organisations originally set up without a centralised hierarchy and intended to work in a bottom-up manner so that a community can collectively own and contribute to the decision-making process. However, recent data suggests they are not working in as decentralised a manner as they were intended to be.
Chainalysis conducted research on the workings of 10 major DAO projects and found that, on average, less than one percent of all holders had about 90 percent of the voting power:
The report highlighted that although all governance token holders had voting rights, the right to make a new proposal for the community and to pass it was not as easy for everyone, as each token corresponded to a set amount of voting power within the organisation. Chainalysis estimates that between one in 1,000 and one in 10,000 governance token holders had enough tokens to create a proposal. Passing a proposal was even more difficult, with only between one in 10,000 and one in 30,000 holders having enough to do so.
DAOs All the Rage
As DAOs become increasingly popular in the ever-expanding crypto ecosystem, they are often seen as the future of decentralised corporate governance. As such, regulating them is just a matter of time, as Australian pro-crypto Senator for NSW Andrew Bragg argues. Bragg has said that DAOs pose an “existential threat to the tax base” since they are recognised as partnerships and as such are not liable to pay company tax.
Australian crypto payments operator Banxa will lay off more than 30 percent of its global staff to reduce operating costs amid the ongoing bear market.
“Like many others in our industry [we] are anticipating another crypto winter, with trading volumes declining significantly,” said Banxa CEO Holger Arians in a grim letter to staff.
“We saw our market capitalisation nearly halve in a matter of days, and the forecast is that these conditions will most likely continue for another 12 months.”
Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run.
Holger Arians, CEO, Banxa
With staff across seven different countries, including Australia, APAC, the US, UK and Canada, Banxa will reportedly cut employee numbers from 230 employees to 160.
European MD Also Out the Door
Banxa is an international Web3 on-and-off ramp solution that facilitates conversions between digital assets (including cryptocurrencies and NFTs) and fiat currencies. The company’s European managing director, Jan Lorenc, is also likely to step down, indicating Banxa’s diminishing interest in the Euro market.
The company has traded on the Toronto Stock Exchange’s early-stage TSX Venture Exchange since January 2021, but its shares have plunged 74 per cent in the past 12 months as the crypto and broader tech markets continue to cop a hammering.
Banxa will centralise its operations in the Australian and Philippines markets in order to better prioritise higher margins and profitability in the face of current industry headwinds, according to a spokesperson.
Jobless Crypto Queue Lengthens
Other major cryptocurrency platforms have also slashed their head counts. In mid-June, lending platform BlockFi and major exchange Crypto.com announced they would cut more than 400 jobs between them. Just a day later, Coinbase revealed it would be liquidating 1,100 jobs, or around 18 percent of its total workforce. With Gemini and Robinhood also recently rationalising their staff numbers, it would seem that the crypto winter is already upon us.
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. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another via 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 24th cryptocurrency globally and the current price is US$0.1164. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.2357 in Q2 before retracing nearly 70% to find a low near $0.1058. The price consolidated around this level before the strong bullish impulse over the past several days.
Probable resistance near $0.1370 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1424 and relatively equal highs at $0.1550. Resistance near $0.1759 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.1856.
A retracement before a move higher might find support in the daily gap near $0.1104, just above the weekly open. Relatively equal lows near $0.1035 could also provide support. Run-on stops at $0.0984 and $0.09174 might find support in the gap beginning near $0.08312.
2. Iost (IOST)
IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope it will serve as the backbone for online services in the future. One of the biggest challenges IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.
IOST Price Analysis
At the time of writing, IOST is ranked the 109th cryptocurrency globally and the current price is US$0.01418. Let’s take a look at the chart below for price analysis:
IOST rallied 95% during late March and almost set new monthly highs before selling off 45% into its weekly low.
A retest of the monthly open, near $0.02625, started a new wave of selling in early May. The subsequent break of the weekly open created a new area of resistance between $0.01959 and $0.01863 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.
If this resistance breaks, a move toward the monthly highs might find resistance between $0.02174 and $0.02270. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.02730.
Old support near $0.01389 created a sharp bullish reaction in late June. This region, down to $0.01274, could provide support again.
However, a longer-term bottom is more likely to be found between $0.01027 and $0.00963, where higher-timeframe charts show an inefficiently traded area.
3. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$7.61. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 70% after Q2, showing little sign of interest from buyers.
June’s consolidation at possible support from $9.85 to $7.10 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of Q2 consolidation range, near $8.70, and the monthly high near $10.58 may see profit-taking from bulls.
The first test of possible support near $7.10 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $6.80, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $6.15 to $5.70.
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.
FTX’s credit line offer stood to effectively wipe out all BlockFi shareholders, including investment firm Morgan Creek Digital, the firm told its investors. For this reason, Morgan Creek – a longtime backer of BlockFi – is attempting to raise an equivalent amount from investors to purchase a majority stake in the troubled lender, according to a leaked investor call.
VC Funds Line Up to Help Bail Out BlockFi
While Morgan Creek has declined to comment on the move, multiple venture capital funds are said to be exploring ways to provide equity financing to BlockFi as the lender struggles to stay afloat, according to an insider.
Morgan Creek managing partner Mark Yusko did reveal via the leaked call that BlockFi founders Zac Prince and Flori Marquez had good reason to accept FTX’s terms. Of the several emergency financing offers BlockFi had received, FTX’s was the only one that would not subordinate client assets to the rescuer:
Deal Just Days Away
Yusko also revealed on the leaked call that FTX and BlockFi were “probably three days away from signing a definitive agreement”. The outcome may prove to be the only bright light in what’s been a bleak month for BlockFi – and crypto in general – with Prince announcing in a June 14 tweet that “roughly 20 percent” of its workforce would be let go in the wake of the current market slump.
Caroline Malcolm, the Australian-born head of international policy at crypto security firm Chainalysis, believes the federal government will soon introduce regulatory reforms to offer everyday Australians a higher level of consumer protection.
Regulations Likely Within Next Year
The former head of the OECD’s global blockchain policy centre told attendees at the Chainalysis LINKS conference in Sydney that she believes regulations will be implemented in the next six to 12 months.
Specifically, the focus is likely to relate to advertising standards and prohibited practices, and bringing those in alignment with traditional investment regulations:
Thinking about some of those traditional concepts around market manipulation, for example, and bringing those into crypto space and starting to have some obligations there in terms of whether it be wash trading, front-running, or insider trading.
Caroline Malcolm, head of international public policy and research, Chainalysis. Source: Australian Financial Review
Malcolm noted that the new regulations would require clarity, particularly in the areas of advertising and promotion:
It’s not about banning advertising or banning the sale of particular assets to particular parts of the community. But [it is] really about making sure that there’s no misleading advertising, that there are disclosures about what you’re actually buying when you’re getting into this sector, and making sure that those risks are as clear to you as the opportunities are.
Caroline Malcolm, head of international public policy and research, Chainalysis. Source: Australian Financial Review
‘Australia Can’t Tackle This Alone’
Malcolm suggested that Australia is likely to take a similar approach to the UK, which has brought crypto assets into a similar regime as for other financial products.
Speaking in relation to Australian regulators and the local industry, she added that both have “misconceptions” about risk levels in crypto, and “both need to work together to understand each other’s obligations”. Malcolm argued further that Australian regulators ought to be working with global counterparts to ensure one country’s approach is as consistent as possible with others’.
Australia can’t tackle these issues by itself. We really need to work together to almost have a sandbox for trialling new approaches which cannot just put us in the same position in terms of policy outcomes, but perhaps even put us in a better position to allow us to be more effective in some of these policy objectives that we have.
Caroline Malcolm, head of international public policy and research, Chainalysis. Source: Innovation Australia
While Australians made US$2.1 billion in crypto gains during 2021, it isn’t clear how they have fared thus far in 2022, particularly after the most recent downturn. Arguably, this may be the appropriate time to introduce sensible consumer regulations in alignment with other financial products.
Solana Labs this week announced the launch of the Solana Mobile Stack software ecosystem for Android, alongside ‘Saga’ – an Android smartphone. Unfortunately, the news has been greeted with outright contempt by some sections of crypto Twitter:
Network Outages Still a Concern
Mobile phones are finally set to accommodate Web3, and the reaction has been mixed, to say the least. Solana’s announcement of the ‘Saga’ Android and the most recent Solana mobile stack (SMS) software for developers has been accompanied by comparisons to Apple and Ethereum; however, many voices have also raised concerns regarding Solana’s frequent network outages:
Regardless of the negative public feedback, some of the features users can expect to see in the Saga include a software custodian solution called Seed Vault, a mobile wallet adapter, and Solana Pay for Android. Solana also has plans to release a DApp store for its mobile devices so users can access Web3 with ease. The SMS development kit is available for download now, though the phone itself is unlikely to hit the market before early 2023.
But Why a Smartphone?
The idea for the Saga smartphone followed the release of SMS and was conceived by Anatoly Yakovenko, co-founder and CEO of Solana Labs. Yakovenko wondered what it would look like if one billion people were using crypto and realised that the best method for supporting the take-up would be to create a hardware wallet out of a phone:
The Android will feature a 6.67” OLED display, 12GB RAM, a Qualcomm Snapdragon 8+ Gen 1 processor, and 512GB of internal storage. Solana is hoping that Saga will become the “gold standard” for Web3 smartphones and plans to display the full capabilities of SMS.
Solana Has Been Suffering
The Saga announcement follows a relatively negative past few months for Solana. January saw the company slide by 42 percent in seven days, with $SOL (Solana’s native token) hit hard thanks to the new year crypto sell-off. This and the addition of several duplicate transactions and downtimes led to rising tensions among users.
And in May, Solana experienced a seven-hour down period after bots targeted the NFT minting tool ‘Candy Machine’. The bots caused four million transaction requests, which the platform could not cope with, and users were once again left questioning the competence of the blockchain.
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. MyNeighborAlice (ALICE)
ALICE is a multiplayer builder game where anyone can buy and own virtual islands, collect and build exciting items, and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience, as well as an ecosystem for players who want to collect and trade non-fungible tokens (NFTs).
ALICE Price Analysis
At the time of writing, ALICE is ranked the 280th cryptocurrency globally and the current price is US$2.570. Let’s take a look at the chart below for price analysis:
ALICE dropped almost 79% from its April high to a mid-May low. Since this drop, the price has consolidated in a tight range between approximately $3.330 and $1.845.
Support may have formed near $2.571. This area shows inefficient trading on the daily chart. It also overlaps June 15’s swing high and contains the 9 and 18 EMAs.
If this level breaks, the price might also find support at a small distance below, near $2.169. Here, the weekly chart shows that bulls rejected bears.
The 40 EMA is currently providing some resistance. Yet the price may be seeking the next resistance near $3.00. This level is near the top of the range, contains relative equal highs, and is just below the June monthly open.
A break through this level might reach the next resistance near $3.330. This level is just above relative equal highs and the June monthly open. It also shows inefficient trading on the weekly chart and overlaps with the June 2021 swing low’s wick.
If the rally continues, $3.804 could provide the next resistance. This level shows inefficient trading on the weekly and monthly charts. It also overlaps with June 2021’s weekly and monthly swing low candle body boundaries.
The overall market is still bearish, so bulls should be cautious. There is no historical price action to suggest support below the current price. The local range’s 50% extension suggests that $1.250 to $1.00 could be the next longer-term downside target.
2. Ergo (ERG)
The Ergo ERG platform aims to provide an efficient, secure and easy way to implement financial contracts that will be useful and survivable in the long term. Ergo describes itself as a self-amendable protocol that reportedly allows it to absorb new ideas and improve itself in a decentralised manner. It is a project that boasts a programmable blockchain with an energy-efficient and stable mining protocol.
ERG Price Analysis
At the time of writing, ERG is ranked the 315th cryptocurrency globally and the current price is US$1.97. Let’s take a look at the chart below for price analysis:
ERG‘s price has dropped almost 67% from its late-March high to its mid-June low, and has been consolidating in a tight range since.
The price is now testing possible support near $2.050. This level is at the May swing lows and in the upper half of the local consolidation range. It also contains the 9 and 18 EMAs.
If the price does rally, the next resistance may be at $2.2657. This level contains the 40 EMA. It also shows inefficient trading and is at the bottom of early June’s consolidation on the daily chart. A rally this high would fill a pocket of inefficient trading on the weekly chart.
A more substantial rally could reach up to $2.7272. This move would run bears’ stops above late May and early June’s swing highs. In this area, the monthly and weekly charts show inefficient trading. It also overlaps with a swing low from February 2022.
Bulls should be careful since market conditions are still bearish. If the price breaks the closest support, it might reach the next possible support between $1.680 and $1.4950.
A move this low would run bulls’ stops under a mid-March 2021 weekly swing low. Under this low, bears might take profits in the area of inefficient trading on the monthly chart.
3. Waves (WAVES)
WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.
WAVES Price Analysis
At the time of writing, WAVES is ranked the 66th cryptocurrency globally and the current price is US$5.92. Let’s take a look at the chart below for price analysis:
WAVES has dropped almost 96% from its late-March high and over 64% from its early June high. The price is now rallying toward the middle of its local range.
Bulls might find their first support between $5.82 and $5.01. This area shows inefficient trading on the daily chart inside June 21’s strong bullish impulse. It’s also just below the 9 and 18 EMAs.
The price may be seeking probable resistance near $7.97. This level shows consolidation on the daily chart over the current range’s midpoint. Weekly candle bodies also show that bears rejected bulls near January’s swing lows around this area.
This potential rally could continue over the June monthly open to $9.12. Candle bodies on the weekly and monthly charts show that bulls rejected bears at this level in late January. This area also shows inefficient trading on the weekly chart, which may need a revisit.
Yet relative equal lows near $4.13 offer a very tempting target for bears. The price could find some support under these lows, down to $3.75. This area shows inefficient trading on the weekly and monthly charts. It’s also near the high of September 2020’s consolidation.
A longer bearish move may continue through these possible supports to a zone from $2.57 to $1.80. If the price moves this low, it might be targeting bulls’ stops below weekly swing lows near $2.00. The bottom of this zone also shows inefficient trading on the monthly chart.
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. Basic Attention Token (BAT)
Basic Attention Token BAT is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend. The Basic Attention Token itself is the unit of reward in this advertising ecosystem and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users – whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.
BAT Price Analysis
At the time of writing, BAT is ranked the 68th cryptocurrency globally and the current price is US$0.4032. Let’s take a look at the chart below for price analysis:
BAT has dropped nearly 70% from its Q2 2022 high and 82% from its November 2021 all-time high.
Support might have formed last week from $0.3834 to $0.3565 and should hold if bulls are ready for a bounce. This zone overlaps with an inefficiently traded area on the weekly chart from $0.3763 to $0.3294.
If this level breaks, bears might target an inefficiently traded area on the monthly chart from $0.3047 to $0.2732. Below this level, $0.2545 to $0.2380 could provide support after a run on bulls’ stops under the Q4 2020 lows into an area of significant accumulation.
The closest resistance begins near $0.4583. This level has confluence with the 9 EMA and a brief consolidation before May 11’s spike downward.
A more significant rally might find resistance near $0.5140. This level is inefficiently traded and has confluence with the lows of last summer’s accumulation and the 18 EMA.
If the market becomes more bullish, $0.6146 may provide the next resistance. This level is slightly above the May monthly open, overlaps with multiple old lows and aligns with the 40 EMA.
2. Orion Protocol (ORN)
Orion ORN aims to solve the difficulties in performing profitable transactions associated with the lack of liquidity on the majority of crypto exchanges. This is the case for both centralised and decentralised exchanges. Orion’s solution to this is to aggregate exchanges’ order books into one simple-to-use-and-understand terminal. The Orion Protocol’s goal is to help users get the best returns out of their investments while also lowering the risks associated with using multiple exchanges.
ORN Price Analysis
At the time of writing, ORN is ranked the 397th cryptocurrency globally and the current price is US$1.30. Let’s take a look at the chart below for price analysis:
After a 75% retracement from its April highs, ORN found a temporary low near $1.20. A recent move above $1.49 could be the first sign of a bullish shift – but could also signal a stop run before the next drop lower.
If the market adopts a more bullish tone, the price could run through the most recent swing high. If this bounce occurs, it would likely find some resistance near $1.63, possibly reaching up to $1.85.
However, a move below the closest support near $1.25 makes stop runs on the swing lows near $1.21 and $1.18 likely. A confluence of several levels near $1.16 could provide a temporary bounce. Still, a sustained bearish market will likely target $1.12 and even $1.00.
3. Zilliqa (ZIL)
Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
ZIL Price Analysis
At the time of writing, ZIL is ranked the 67th cryptocurrency globally and the current price is US$0.04687. Let’s take a look at the chart below for price analysis:
ZIL‘s 85% drop found a low near $0.03368 before closing over a weekly high around $0.04682. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.06032.
A sustained bullish move may target the swing high at $0.05860. If this stop run occurs, a run beyond the high into probable resistance near $0.06384 and $0.06645 is possible.
Bulls could buy a retracement to possible support near $0.04258, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03926.
However, relatively equal lows near $0.03714 and $0.03524 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.03315 and $0.03069.
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.