Category: Crypto News

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Crypto News Market Analysis NEO Trading

Altcoins Trading Analysis – 3 Coins that Might Breakout this Week: CRO, NEAR, NEO

For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Crypto Coin (CRO)

Crypto.com Coin (CRO) is the native cryptocurrency token of Crypto.com Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked 24th cryptocurrency globally and the current price is $0.1214 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

CRO’s +44% January rally could be setting up a more significant bullish move for the rest of the quarter.

Last week, the support beginning near $0.0829 AUD launched a move to the resistance starting near $0.0954. This move failed to close below the previous swing high. However, it did create probable support underneath the high near a monthly level around $0.0715 AUD.

Aggressive bulls could enter near this recently formed support. The last swing high at $0.1086 AUD gives a first reasonable target. Bulls could hold for the second target at the set of relatively equal daily highs near $0.1104 AUD, just below the previous major down moves EQ.

A daily close above the resistance from $0.0915 AUD to $0.0995 AUD could signal an extended move. Resistance at the EQ near $0.1192 AUD, a small price range near $0.1211 AUD, and probable resistance beginning at $0.1516 AUD give potential take profit or turning points before the equal highs forming the primary objective at $0.1677 AUD.

2. Near Protocol (NEAR)

NEAR Protocol is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees.

NEAR Price Analysis

At the time of writing, NEAR is ranked 64th cryptocurrency globally and the current price is $2.97 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

NEAR tore upward into price discovery last week before pausing at resistance near the main move’s 0.68 extension.

The price range beginning at $2.17 AUD provides the first potential support for an early-week dip. Just below this range, the previous swing high and accumulation near $1.94 AUD could provide more substantial support.

A significant market drop could reach as low as the consolidation range beginning at $1.59 AUD, supported by the January monthly open.

It’s impossible to predict where the price in discovery will go, but the last high at $2.89 AUD provides the first probable target. Extensions from the primary move hint at $3.15, AUD, and $3.85 AUD as probable take-profit zones.

3. Neo (NEO)

Neo bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet — a new economy where digitized payments, identities, and assets come together. Initially known as Antshares, this project was believed to be China’s first-ever public blockchain when it was launched in February 2014. The open-source platform subsequently rebranded to Neo three years later.

NEO Price Analysis

At the time of writing, NEO is ranked 23rd cryptocurrency globally and the current price is $35.82 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

January saw a +91% spike in price into the resistance beginning near $28.14 AUD. This move swept September’s swing high, which might set the stage for retracement and reaccumulation.

The previous high and brief reaccumulation near $25.29 AUD has so far provided support, making it a reasonable place for bulls to begin building positions.

A deeper drop to run stops and test the daily gap beginning at $22.52 AUD is likely to meet support. This area has confluence with a monthly level and a consolidation zone.

Bulls could target the most recent swing high near $34.71 AUD. A break of this resistance zone is likely to reach near the old monthly high at $45 AUD.

Resistance near $36.15 AUD could cause the price to pause. However, a break of this level is likely to proceed to resistance under the next monthly high, near $55.24 AUD.

Where to Buy or Trade Altcoins?

These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

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Australia Bitcoin Crypto News DeFi Ethereum

Australian Analyst Positive About 2021 as Ethereum (ETH) Hits New All Time High

Australian Analyst Matt Harcourt of Apollo Capital, the country’s leading crypto-asset investment firm, recently spoke to DMARGE about crypto trends in 2021. While the discussion focused largely on Bitcoin (BTC), it’s Ethereum (ETH) that’s making headlines today after securing a new all-time high (ATH) above its previous record of AUD$1,850 (US$1,420).

Ethereum was one of the best-performing assets of 2020, gaining over 800% in value throughout the year. After starting the year at the extremely low price of AUD$166, ETH has steadily climbed to its new ATH, only suffering a brief dip during the early days of the COVID-19 outbreak.

In mid-2020, a thriving decentralized finance (DeFi) market emerged that was largely developed on Ethereum’s ERC20 protocol. Although DeFi had a somewhat bumpy start with several projects collapsing or exit-scamming, it nevertheless helped to boost Ethereum’s price and should continue to do so into 2021. 24-hour volume on the Ethereum network has also seen extreme growth this year, peaking at $140 billion on January 4.

Harcourt believes there is room for more growth going into 2021, citing a ‘broken’ financial system that will help boost interest in cryptocurrencies.

“…there is a ‘broken’ (I use that word loosely) financial system that will inevitably be replaced by the more open, fair and efficient system that is Bitcoin and blockchain technology (Ethereum, Decentralised Finance),” he told Australian news outlet DMARGE.

However, he noted that now may not be the best time to buy as prices are very high. “A good time to enter the market may come in 1, 2 or 3 months as I think Bitcoin will end 2021 at a higher price,” he said. It looks like he might be right, as other market indicators are suggesting a possible retrace from the current overbought level.

The supply of Bitcoin on exchanges is currently at the highest its been in nine months, suggesting traders are getting ready to sell. With Bitcoin already up by a massive 25 percent just in 2021 alone, buying power must surely start dissipating soon. Even the institutional interest that drove Bitcoin to new highs through late 2020 is beginning to wane, and retail investors appear to be diversifying into altcoins.

Over the past 24 hours, smaller-cap cryptocurrencies like AAVE, ATOM, and MIOTA have all enjoyed gains of between 7 to 12 percent. In the same period, Bitcoin has seen barely any change at all, suggesting that this record-breaking month-long rally that saw it double in price may finally be exhausted.

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Charity Crypto News Cryptocurrencies Fashion

Australia’s First Cryptocurrency For Fashion

Fashion house Australian Brands Alliance (ABA) will soon launch SwapPay – a fintech start-up offering fashions’ first cryptocurrency in Australia.

ABA currently sells nine of their clothing brands on online shopping powerhouse, The Iconic. Founder Paul Elsibai plans to encourage their Millennial customers to return unwanted items by offering ‘virtual coins’ to spend on one of these in-house brands.

Reducing Fashion Waste

According to Mr Eisbai, the aim of the initiative is to fix the post-purchase waste problem. On average, Australians buy 27kg of textiles each year, while 23kg are sent into landfill. Paul Eisbai says:

As a clothing manufacturer we have a responsibility to think about the life of the clothes we make. While we’re comfortable that our customers will get a long life from our clothing, we want to assist them if they tire of them or need a change.

How Does SwapPay Work?

SwapPay will accept clothing in good condition and offer a virtual coin of varying value for the items. Postage will be at the customer’s expense.

Brands themselves are able to assign the value of the coin. A coin at one brand may be worth $20, while for another it is $10.

The items will then be donated on to charitable organisations, or recycled and made into new garments. SwapPay is not the first business to offer this service. The Iconic, for example, already offers free postage for unwanted clothing, which is then donated to the Salvation army.

SwapPay is the first to offer digital currency in return.

The Future Of SwapPay

At the moment, SwapPay will only be offered with Australian Brand Alliance’s businesses.

The hope is that in time it will be offered up to other retailers both inside and outside the fashion world. It is still very much a work in progress with decisions to be made on how it will turn a profit. Paul Esibai says:

SwapPay is a communications platform, so we may charge retailers a fee for marketing through the platform. We are still ironing these things out. But one thing we will not do is make a profit from the returned clothing – that is all to be donated.

Stay Tuned

Want to learn more? Watch this space. Sign up with SwapPay to stay in the loop with what’s to come.

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Australia Crypto Exchange Crypto News Swyftx

Australian Based Startup Swyftx Has Record Breaking Growth in 2020

Since launching in 2017, Australian based Crypto Exchange Swyftx has seen unprecedented growth due to their innovative approach to business and fantastic user support.

The Swyftx platform currently supports over 60,000 users and has introduced heavy infrastructure optimisations to support expected growth in 2021.

We have seen an incredible amount of new users to the Swyftx platform in 2020 and judging by the early indications, we expect 2021 to be even bigger.

Chris Vanek – Swyftx Chief Marketing Officer

Excellent User Support

We believe one of the main reasons Swyftx has been so successful, is that they provide excellent user support (Trustpilot).

During the busy period in January 2021 we saw over 2,500 support requests in a single day!

Chris Vanek – Swyftx Chief Marketing Officer

It is quite impressive how they can maintain high support standards even under pressure as they scale up with thousands of support requests per day.

Swyftx is Innovating How Australians Buy & Sell Cryptocurrencies

With over 230 coins and tokens currently supported on the Swyftx platform (and more being added frequently), there is certainly no lack of buying options.

They are also constantly introducing new features for their platform to enhance the user experience. For example: Instant Deposits and Withdrawals, Crypto Bundles, Telegram Support Group, Low Market Volume Warnings, Dashboard Customisation and User Interface improvements.

Swyftx also have security very high on their list, and encourage all users to use cold wallets to store their crypto.

Be sure to check out our Review of Swyftx Exchange for more information and how to get started with them.

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Crypto News Market Analysis Trading VeChain

VeThor Token Breakout Analysis – VTHO Gains +73% in a Week with Strong Uptrend

VeThor Token VTHO is flipping on a 1-day candle chart, The Cryptocurrency VTHO has grown by a massive +73% in the past week. Let’s take a quick look at VTHO price analysis and possible reasons for the recent breakout.

What is VeThor Token?

VeThor Token is represented as the energy cost for carrying payment transactions and smart contract transactions on the VeChainThor blockchain. VTHO is so generated as a form of gas from VeChain Tokens, over time.

VeThor Token Quick Stats

SYMBOL:VTHO
Global rank:309
Market cap:$49,812,847 AUD
Current price:$0.0015 AUD
All time high price:$0.0546 AUD
1 day:+41.4%
7 day:+73.55%
1 year:+116.47%

VTHO Price Analysis

At the time of writing, VTHO is ranked 309th cryptocurrency globally and the current price is $0.0015 AUD. This is a +73.55% increase since 12th January 2021 (7 days ago) as shown in the chart below.

Source: TradingView

In the past month, there was a strong rise in Bitcoin, Ethereum, and other Altcoins. As a result, VeThor VTHO also formed strong support near $0.0012 AUD price levels before starting a fresh increase against the BTC pair. The red uptrend line started on 20th November. Is being obliterated this week, colossal strength and volume which both signals the further rise in the uptrend. Additional growth can follow for this Altcoin on different trading pairs.

Here we also have the “W” pattern with a higher low just as looking at it before starting a strong increase, there was a break above a crucial contracting triangle with resistance near $0.0011 AUD on the weekly chart of the VTHO/USDT. The pair gained pace above the $0.0013 AUD and $0.0014 AUD resistance levels.

“W pattern is a price pattern, also called Double Bottom. This pattern, when drawn it looks like the W and this is why it is called as W pattern. Sometimes patterns look like W but it is not the exact W pattern and these patterns are called Semi-W patterns.”

Source: TradingView

What do the technical indicators say?

The VTHO TradingView indicators (on the 1 day) mainly indicate VTHO as a buy, except the Oscillators which indicate VTHO as a neutral.

So Why did VTHO Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying VTHO for the next Altcoins rally & it could also be contributed to some of the recent news of Daas Fee-Delegation.

Recent VeThor News & Events:

Where to Buy or Trade VTHO?

VeThor Token has the highest liquidity on Binance Exchange so that would help for trading VTHO/USDT or VTHO/BNB pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

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Bitcoin Crypto News Ethereum

Growth in Addresses with +1000 BTC Suggests Institutions are Near

Bitcoin Fear and Greed Index Clicks 94: Is Bitcoin due for Correction?

There is a serious growth in the number of Bitcoin addresses containing at least 1,000 Bitcoin (BTC). This is evident as the number of these BTC addresses are already higher this year when compared to the record throughout the past year, according to the information shared by Arcane Research. Such massive growth highlights the increasing level of interest in the leading cryptocurrency among deep-pocketed and institutional investors.

Bitcoin Whales Addresses are Increasing

From January 2020 to December, Bitcoin addresses with at least 1,000 Bitcoin increased by only over 6.7 percent, Arcane Research shared, citing data from Glassnode. However, as the price of Bitcoin began rising notably in December, the number of these whale addresses began increasing as well. From December to January 2021, the addresses increased by 7.2 percent, surpassing the whole record in 2020.

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This indicates that there was a strong BTC buying momentum among deep-pocketed investors in the cryptocurrency market, more precisely, in December. For more insight, the Bitcoin distribution list from Bitinfocharts shows that 2,318 addresses are holding between 1,000 – 10,000 BTC. There are only 99 addresses holding at least 10,000 – 100,000 Bitcoin, while only one address holds more than 100,000 BTC (over US$5 billion), which belong to the Huobi exchange. 

The Number of Ethereum Addresses are Declining

While Bitcoin whale addresses have skyrocketed lately, the second-largest cryptocurrency, Ether (ETH), is seeing a drop in small-sized addresses. Per Glassnode, the addresses with +10 ETH has decreased to a five-month low of 282,063, while the +100 ETH addresses decreased to a six-month low of 50,483. Also, addresses with +1,000 ETH declined to a three-year low of 6,975. 

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The Ethereum 2.0 staking and DeFi could be two possible reasons behind the decreasing number of Ethereum addresses.

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Crypto News Markets

10 Altcoins with Recent All-time High in Price

10 Altcoins with Recent All-time High in Price

Many cryptocurrencies are starting the new year with great price movement. The leading cryptocurrency, Bitcoin (BTC), more than doubled its previous years-long all-time high (ATH) in January, reaching over US$40,000. Although BTC is down from that price range, many other cryptocurrencies are peaking at price. Some already made a high ATH recently. This is causing many traders to believe the long-awaited altcoin season is almost here.

Major Altcoin with Recent ATH

The top ten altcoins with new price ATH includes:

  • Binance Coin (BNB)
  • Uniswap (UNI)
  • Kusama (KSM)
  • Oasis Network (ROSE)
  • Aave (AAVE)
  • Chainlink (LINK)
  • Avalanche (AVAX)
  • Polkadot (DOT)
  • Near Protocol (NEAR)
  • Synthetix (SNX)
Image

BNB, the native cryptocurrency of the leading exchange, Binance, made a new all-time high in value at US$46.8 on January 18. However, the price of BNB slightly dropped to US$44.33 on Coingecko during the time of writing. UNI, the governance token of the largest decentralized exchange, Uniswap, also reached a new peak of US$7.8 on January 18 but has dropped to the current price of US$9.04.

Kusama is designed to be Polkadot’s canary network. Its cryptocurrency KSM climbed to a new high of US$120, but the current price sits at US$112 on Coingecko. The native cryptocurrency of Oasis Network, ROSE, also increased to an ATH of US$0.074300 but dropped to US$0.068124.

AAVE, LINK, and DOT reached a new high of US$202, US$25.53, and US$19.10, respectively. AVAX, NEAR, and SNX also increased to US$14.37, US$2.76, and US$17.06. However, all these cryptocurrencies are trading below the ATH during press time. 

Noteworthily, Bitcoin has been losing its dominance lately from about 70 percent to 66 percent, which somewhat suggests that altcoin season is almost here.

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Bitcoin Crypto News Cryptocurrencies

Time to Trade Altcoins? Other Cryptos Are Surging While BTC Struggles to Reach $40K

Despite recovering from a robust bearish correction, Bitcoin struggles to reach $40K with volatile market movements since last week. Now altcoins could take the spot for retailers.

Traders Seeking for Altseason

Traders and analysts are considering moving towards altcoins with a smaller market cap, but with greater profits in the long run. The calls for an Altseason began on January 10, when Polkadot’s DOT token reached the fourth spot with the most market cap.

The Ethereum-powered Chainlink token —LINK— followed with 13 % gains in the last days, taking the number 9 spot in the market. A handful of altcoins started seeing considerable bullish movements while BTC was entering into a consolidated zone.

Several altcoins were up by at least 2 – 10 % in the last 24 hours:

  • Cosmos Atom: 13%
  • NEO: 17.75%
  • Litecoin: 4%
  • VeChain VET: 11.31%

Analysts suggest that Bitcoin is coiling up for another major bullish run and in the meantime, this could be a great opportunity to trade the alt market.

According to graphs by the data tracker Thermocap, Bitcoin is still traded at “the lower-end” of the bullish run, suggesting a longer uptrend. Especially this week, considering Grayscale bought 10,000 BTCs, resuming its massive crypto purchases.

According to researcher Geer Jan Cap, the “Short term peak was January 10th, at 20. We’re still in the low end of the ’21 bubble phase. 16 would be the bubble phase”.

Source: Twitter / GeerJancap

Categories
Crypto News IOST Market Analysis Trading

IOST Breakout Analysis – Parabolic Breakout on IOST with +106% Gains in a Week

IOST is trading in uptrend here like many other altcoins. The Cryptocurrency IOST just went up +47% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +106% in a week.

What is IOST?

IOST describes itself as an “ultra-fast,” fully-fledged and decentralized blockchain network and ecosystem with its own nodes, wallets and based on the “next-generation” consensus protocol dubbed “proof-of-believability.” IOST’s blockchain infrastructure is open-source and designed to be secure and scalable — all in the hope that it will serve as the backbone for online services in the future.

IOST Quick Stats

SYMBOL:IOST
Global rank:67
Market cap:$498,737,502 AUD
Current price:$0.0305 AUD
All time high price:$0.1772 AUD
1 day:+47.35%
7 day:+106.94%
1 year:+295.7%

IOST Price Analysis

At the time of writing, IOST is ranked 67th cryptocurrency globally and the current price is $0.0305 AUD. This is a +106.94% increase since 10th January 2021 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 1-day candle chart, IOST did a strong breakout from the falling wedge pattern while trading sideways from the last few days around $0.02471 AUD price levels & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price recently and Altcoins are also rising in a bullish trend, IOST looks well-positioned to hit the next high price levels.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

Source: TradingView

What do the technical indicators say?

The IOST TradingView indicators (on the 1 day) mainly indicate IOST as a strong buy, except the Oscillators which indicate IOST as a buy.

So Why did IOST Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying IOST for the next Altcoins rally & it could also be contributed to some of the recent news of IOST Staking Rewards.

Recent IOST News & Events:

Where to Buy or Trade IOST?

IOST has the highest liquidity on Binance Exchange so that would help for trading IOST/BTC or IOST/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Categories
Crypto News DeFi

DEXs on Track to Break US$55 Billion in Monthly Trading Volume

DeFi Tokens Generated $252 Million In Revenue For April 2021

Decentralized exchanges (DEXs) are on track to reaching another massive monthly trading volume, according to the latest market report by Messari, a cryptocurrency analytics platform. DEXs are one part of the decentralized finance (DeFi) industry that has gained immense growth in participation and market valuation since the past year, especially during the rush in DeFi.

Judging by the trading volume, the exchanges had an awakening moment in July where the volume began spiking consecutively to the all-time monthly high in September.

With 15 days left to conclude the month, DEXs could see a new ATH.

DEXs are Seeing High Trades in 2021

DEXs are seeing high market participation in January, as the monthly trading volume is already up to US$22 billion, which is about six percent below the $23.4 billion recorded in December. Recent reports had indicated that more coins, especially Ethereum (ETH), have been leaving centralized exchanges (CEXs) to other places that include DEXs. Notionally, this somewhat explains the increasing trading volume posted on these DeFi exchanges. 

Meanwhile, DEXs are likely to surpass the September ATH of US$26.7 billion, following the current trading volume so far. Potentially, the crypto analytics platform noted that the trading volume could hit a milestone record of US$55 billion in January. Among all the available decentralized exchanges, Uniswap dominates the market with a current monthly trading volume of $9.7 billion. Other leading DEXs by trading volume include SushiSwap, Curve, Synthetix, Kyber, Balancer, and dYdX.

Total Assets Valuation in DEXs

A glance at DeFi Pulse showed that DEXs are the second-largest set of DeFi protocols with about US$7.67 billion in assets locked – second to the Lending market, which has a total assets valuation of US$10.68 billion. The leading decentralized exchange, Uniswap, has more than US$2.7 billion assets locked, followed by Curve (US$1.9 billion), SushiSwap (US$1.83 billion), etc.