Category: Crypto News

Categories
Crypto News Market Analysis Trading

Synthetix Breakout Analysis – SNX Trading in Active Uptrend with +52% Gains in a Week

Synthetix SNX has already gone up over +52% this month, and the trading analysis suggests that there might be another wave incoming. Let’s take a look at SNX and what the charts are telling us about price analysis, and possible reasons for the recent breakout.

What is SNX?

Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. Each synthetic asset (or Synth) is an ERC20 token that tracks the price of an external asset; for example, each USD token tracks the price of the US dollar and unlike the other synthetic assets, is fixed at 1. A wide variety of Synths exists within Synthetix, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.

SNX Quick Stats

Symbol:SNX
Global rank:33
Market cap:$1,147,454,062 AUD
Current price:$10.79 AUD
All time high price:$14.30 AUD
1 day:+29.61%
7 day:+52.08%
1 year:+472.56%

SNX Price Analysis

At the time of writing, SNX is ranked 33rd cryptocurrency globally and the current price is $10.79 AUD. This is a +52.08% increase since 17th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 4-hour candle chart, we can clearly see that SNX was trading inside the rising wedge pattern on the SNX/USDT pair. The first resistance was on the $7.12 price level which SNX broke with a strong bullish trend buying volume and is now heading towards the all-time high price. Seeing that many altcoins are waking up bullish today, SNX is likely to continue to increase in the uptrend.

‘A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”

Source: TradingView

What do the Technical indicators say?

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

So Why did SNX Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up SNX to their portfolio for this Altcoin rally. It could also be contributed to some of the recent news of Synthetix Staking DApp Launch.

Recent Synthetix News & Events:

Where to Buy or Trade SNX?

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

Categories
Crypto Exchange Crypto News Ripple

Watch out for XRP Liquidity as Crypto Exchanges Begin Delisting

XRP Whales dropped as it continued losing support

Many people in the cryptocurrency industry predicted an incoming gloom for XRP, after the blockchain company Ripple, revealed on Tuesday that the US Securities and Exchange Commission (SEC) was preparing to charge them. The lawsuit was filed later that day, which saw the cryptocurrency shading massive price points. 

Aside from this, many cryptocurrency exchanges have already begun delisting XRP on their platform – which is not a healthy development for the cryptocurrency.

SEC Says XRP is a “Security”

As Crypto News Australia recently reported, the ongoing case with Ripple stems from the long-standing controversy about XRP being security. According to the SEC, Bitcoin (BTC) and Ether (ETH) are not securities because they are decentralized and not controlled or issued by any company. XRP took the opposite side of this when Ripple issued billions of it in the past eight years. 

So, the US regulator accused the company and its executives of issuing unregistered securities to investors. Since the lawsuit was filed, the cryptocurrency has been taking massive hits.

At the time of writing, XRP trades at $0.33 on Coinmarketcap, which accounts for a -30 percent price change in a 24 hours count. Consequently, the cryptocurrency has also lost the position as the third-largest digital currency by market capitalization to Tether (USDT), the US dollar-backed stablecoin. 

XRP Might Face Liquidity Issues

Presently, about three cryptocurrency exchanges – Beaxy, CrossTower, and OSL – have discontinued support for the Ripple cryptocurrency, amid the development. This could be seen as an effort to run away from legal issues with the SEC, as exchanges that continued to support the crypto would likely be ordered to register with the SEC as a security exchange or face a fine – that’s if the SEC wins the case.

Notionally, more exchanges might delist XRP for the same reason, as the whole case unfolds. When this happens, XRP will fall into a liquidity crisis which isn’t a healthy sign for the crypto’s performance. “Many cryptocurrency exchanges would be forced to delist it, so liquidity would dry up,” said Ryan Watkins, a research analyst at Messari.

Categories
Australia Crypto News Industries Investing

Japan’s SBI Buys B2C2 Aiming To Become A Bigger Force On The Crypto Markets In APAC

London-based crypto asset management firm B2C2 was recently bought by the financial monolith SBI Group.

According to Phillip Gillespie – the CEO of B2C2 – the spike in interest in Bitcoin that sent the most popular cryptocurrency rocketing to a $2400 price tag coincides with the interest in the asset shown by Square, PayPal, and others. However, this has also lead to a drop in the available supply of the asset.

“If an institution wants to buy crypto, there’s a bit of a problem. There are not that many places they can go right now.”

Regional Competition Heats Up

At the beginning of November, Australian Senator Andrew Bragg spoke out at the Future Of Financial Services 2020 conference – stating that Singapore’s decision to build the world’s first global data exchange showed that Australia was not the only economy in the region investing in cryptocurrencies, blockchain-based fintechs and the like – and that the Australian government would need to allocate more resources to ensure Australia stays in the lead in the very lucrative market.

“Hong Kong will still be an important gateway to China, but because of the recent turmoil there and the foreign influence laws, they won’t have the same regional headquarter attraction. We would be mad to sit idly by and allow such a lucrative share of the market to lead to Singapore or to Tokyo.”

Following a purchase of B2C2 shares worth $30 million back in July, SBI Holdings has bought up much more of the company’s stock – in fact, following the recent deal, SBI Holdings now owns 90% of the company. At the time this article was written, the price of the acquisition has not been publicly stated.

According to Ryo Suzuki – the executive director of SBI’s FX and Rates Division – the company already had the infrastructure to become a key regional player but was missing the necessary assets.

“SBI Group is the biggest internet financial group in Japan so we have the customer base. The cryptocurrency market is not mature in Japan yet, but B2C2’s expertise can provide such a service.”

Japan has now entered the APAC crypto market alongside Australia,  Singapore, and Hong Kong – now it’s time to see where the chips will fall, how the Australian government can help the local crypto industry get a leg up on the competition.

Categories
Crypto News Market Analysis Trading

UMA Breakout Analysis – Parabolic Breakout on UMA with +53% Gains in a Week

UMA is trading in uptrend here like many other altcoins. The Cryptocurrency UMA just went up +44% in a single day by breaking a Descending triangle with strong buying volume and surges over +53% in a week.

What is UMA?

UMA, or Universal Market Access, is a protocol for the creation of synthetic assets based on the Ethereum blockchain. UMA was launched in December 2018. Synthetic assets are a class of assets that represent different, underlying assets and have the same value. UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.

UMA Quick Stats

SYMBOL:UMA
Global rank:41
Market cap:$821,920,594 AUD
Current price:$14.73 AUD
All time high price:$36.63 AUD
1 day:+44.74%
7 day:+53.94%
1 year:+129.34%

UMA Price Analysis

At the time of writing, UMA is ranked 41st cryptocurrency globally and the current price is $14.73 AUD. This is a +53.94% increase since 16th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 4-hour candle chart, UMA just bounced back from its support levels of $9.35 AUD and took a strong parabolic breakout from Descending Triangle within the next resistance which was at $11.61 AUD. The yellow line is acting as a support level for this Descending triangle trend.

“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows”

Source: TradingView

What do the technical indicators say?

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

So Why did UMA Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some of the recent news of Mario.cash Launch.

Recent UMA News & Events:

Where to Buy or Trade UMA?

UMA has the highest liquidity on Binance Exchange so that would help for trading UMA/USDT or UMA/BTC 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 Institutions Ripple

Ripple’s CEO Says The Company Is getting Sued By The Securities And Exchange Commission

According to a new report, the Securities And Exchange Commission (SEC), a federal agency in the United States that regulates securities markets — plans to sue Ripple, one of the most famous crypto companies in the world.

Ripple announced the event this Monday, accusing the SEC of “attacking crypto” with Jay Clayton, SEC Chairman, trying to “limit innovation” on the crypto industry in the United States.

XRP As “Unlicensed Security”

Allegedly, the company would have sold XRP, Ripple’s official cryptocurrency, as unlicensed security instead of a digital asset in 2012, when it was launch. This means a violation of the SEC’s investor-protection laws.

Ripple’s CEO, Brad Garlinghouse told Fortune that the firm will file the case in 2021. Garlinghouse and Chris Larsen, a co-founder, will also act as defendants for this case.

Both Larsen and Garlinghouse have expressed their discontent with the U.S. jurisdiction on crypto-assets, and regulations under the Trump administration. On October 6, the company stated its intention to leave the U.S., seeking a favorable climate for cryptocurrencies.

Price Drop And “Constant Disputes”

The negative legal climate could turn against Ripple if the SEC moves forward with the lawsuit. According to Fortune, “years of debate” could follow on whether XRP was issued as a digital currency like Bitcoin or Ethereum, instead of a security, which should have been under SEC’s license:

“The action will follow years of debate between the company and the agency about whether XRP, a digital currency associated with Ripple, is a security, like a share of stock—which must be registered with the agency—or is instead a currency and thus beyond the SEC’s purview.”

Following the announcement of the lawsuit, the XRP, which has a market cap of $23B, fell -13,50% at press time, according to Coinmarketcap.

Categories
Crypto News Initial Coin Offering Market Analysis Trading

Paris Saint Germain Fan Token Breakout Analysis – PSG Pumps +216% in a Single Day on Binance

After the launch of Fan Token on Binance Launchpad today, PSG took a strong Breakout with +216% gains in a single day. Let’s take a quick look at PSG, price analysis, and possible reasons for the recent breakout.

What is Fan Token?

Tokens are generally assets that can represent proof of ownership or even membership. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens. Socios.com is an app for football (soccer) fans, where users acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.

Fan Token Quick Stats

SYMBOL:PSG
Global rank:268
Market cap:$72,764,396 AUD
Current price:$49.78 AUD
All-time high price:$57.12 AUD
1 day:+216.26%
7 day:+399.70%
1 year:+399.70%

Fan Token Analysis

At the time of writing, PSG is ranked 268th cryptocurrency globally and the current price is $49.78 AUD. This is a +399.70% increase since the launch of its ICO at Binance Launchpad today (21st December 2020). Have a look at the chart below for price analysis.

Source: TradingView

After the launch of PSG on Binance Launchpad, It pumped up to $57.12 AUD having +399% gains in just a few hours and the initial opening price of PSG was $15.46 AUD at Binance Exchange with many different trading pairs like PSG/BTC, PSG/USDT, and PSG/BUSD.

Currently, PSG is trading at $49.78 AUD price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.

What do the technical indicators say?

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

So Why did PSG Breakout?

After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news of the PSG Token on Binance Listings.

Recent PSG News & Events:

Where to Buy or Trade Graph?

The Fan Token has the highest liquidity on Binance Exchange so that would help for trading PSG/BTC, PSG/USDT, or PSG/BUSD pairs. However, you can also buy PSG from different exchanges listed on Coinmarketcap.

Categories
Crypto News Dogecoin Market Analysis Trading

DogeCoin Breakout Analysis – DOGE Pumps +51% in a Week with Strong Bullish Trend

Dogecoin is trading in active uptrend here like many other altcoins after Bitcoin made a new all-time high. The Cryptocurrency DOGE just went up +25.93% in a single day and surges over +51.13% in a week. Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.

What is Dogecoin?

Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

DOGE Quick Stats

SYMBOL:DOGE
Global rank:43
Market cap:$830,033,722 AUD
Current price:$0.0064 AUD
All time high price:$0.0248 AUD
1 day:+25.94%
7 day:+51.13%
1 year:+136.66%

DOGE Price Analysis

At the time of writing, DOGE is ranked 43rd cryptocurrency globally and the current price is $0.0064 AUD. This is a +51.13% increase since 15th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that Dogecoin was trading inside the falling wedge pattern on the DOGE/BTC pair. The first resistance was on the $0.0049 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0073 AUD & $0.0085 AUD respectively. Seeing that many altcoins are waking up bullish today, DOGE is likely to continue the uptrend.

“The falling wedge pattern is a continuation pattern formed when price bounces between two downward slopings, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend”

Source: TradingView

What do the Technical Indicators say?

The  Dogecoin TradingView indicators (on the 1 day) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a sell.

So Why did DOGE Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up DOGE to their portfolio for this Altcoins rally. It could also be contributed to some of the recent news of Elon Musk’s Tweet about DOGE

Recent DOGE News & Events:

Where to Buy or Trade Dogecoin?

Dogecoin has the highest liquidity on Binance Exchange so that would help for trading DOGE/USDT or DOGE/BTC 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 IOTA Market Analysis Trading Zilliqa

Altcoins Trading Analysis – 3 Coins that Might Breakout Today: IOTA, UNI, ZIL

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

1. IOTA (MIOTA)

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.

IOTA Price Analysis

At the time of writing, IOTA is ranked 31st cryptocurrency globally and the current price is $0.4395 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

The first half of December retraced most of IOTA’s November gains – but are bulls accumulating for the next move upward? Last Friday, the price bounced from a significant weekly level near $0.3758 AUD as it swept stops below the low near $0.3852 AUD. This move could be setting the stage for the first crack at resistance just under the December monthly open near $0.4105 AUD.

If this price move occurs, bulls will likely find entries at probable support near $0.3758 AUD – confluent with a significant monthly level. If this level breaks instead, bulls can anticipate support near the consolidation range’s midpoint around $0.3471 AUD.

A break of the monthly open makes the relatively equal highs near $0.4961 AUD a likely target. Continuation from this level could lead to the next resistance near $0.5247 AUD and on to the monthly high at $0.5562 AUD.

2. UniSwap (UNI)

UniSwap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance DeFi tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked 29th cryptocurrency globally and the current price is $5.08 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

UNI’s chart paints a similar picture to IOTA’s setup, with last Friday’s price bouncing from the support near 3.82 AUD.

The daily chart shows a gap from $4.56 to $4.39 AUD. Price tends to fill gaps quickly. This phenomenon means that bulls could anticipate a move through the gap and relatively equal highs near $4.39 AUD towards the resistance at monthly open around $4.64 AUD.

A retest of probable support at $4.23 AUD would give bulls an entry to target a move toward the highs. If the price sweeps the most recent swing low first, this could provide a lower-risk entry opportunity near $3.91 AUD.

Breaking the monthly open adds the relatively equal highs near $6.22 AUD to the list of targets, with a move through this level possibly continuing to the November monthly high near $6.79 AUD.

3. Zilliqa (ZIL)

Zilliqa is a public, permissionless Blockchain that is 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 decentralized applications, and as of October 2020, it also allows for staking and yield farming.

ZIL Price Analysis

At the time of writing, ZIL is ranked 45th cryptocurrency globally and the current price is $0.0596 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

ZIL’s nearly +120% November rally has been cooling off during December – but may now be accumulating before the next leg up.

Bulls stepped in at last weekend’s retest of the December monthly open, suggesting that larger buyers are still active in the current price range.

However, this retest created equal lows above support starting at $0.0475 AUD, which could hint at a near-term sweep of these lows. If this happens, bulls may have an excellent entry – overlapping with the +62% retracement – to target resistance beginning at $0.0653 AUD.

A break of this resistance and the high just above at $0.0628 AUD leaves thin air for bulls to explore. Traditional Fibonacci projection techniques can provide anticipatory targets, with a first target at the +127% extension near $0.0784 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.

Categories
Crypto News Market Analysis Trading

AdEx Network Breakout Analysis – ADX Pumps +30% in a Single Day

Breakout Analysis

AdEx ADX just pumped up to +30% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at ADX, price analysis, and possible reasons for the recent breakout.

What is AdEx Network?

AdEx Network describes itself as a new-generation solution aiming to address and correct some of the most prominent inefficiencies of the online advertising industry. AdEx originated in 2017 as a decentralized ad exchange and subsequently evolved into a full protocol for the trading of advertising space/time and the subsequent verification and proof of ad delivery. It covers all interactions between publishers, advertisers, and end-users.

ADX Quick Stats

SYMBOL:ADX
Global rank:190
Market cap:$48,543,775 AUD
Current price:$0.4443 AUD
All time high price:$4.86 AUD
1 day:+30.25%
7 day:+45.66%
1 year:+380.42%

ADX Price Analysis

At the time of writing, ADX is ranked 190th cryptocurrency globally and the current price is $0.4443 AUD. This is a +45.66% increase since 13th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

If we see the above 4-hour candle chart, ADX did a strong breakout from the falling wedge pattern & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price and Altcoins are also rising in a bullish trend, ADX 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.”

What do the technical indicators say?

The AdEx Network TradingView indicators (on the 1 day) mainly indicate ADX as a buy, except the Oscillators which indicate ADX as a sell.

So Why did ADX Breakout?

The recent rise in Bitcoin over 100% 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 ADX for the next Altcoins rally & it could also be contributed to some of the recent news of ADX Staking Rewards.

Recent ADX News & Events:

Where to Buy or ADX?

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

Categories
Bitcoin Blockchain Crypto News Hackers

Bitcoin.org Hit By DDoS Attack

Although the Bitcoin blockchain itself was not affected, the official website that hosts a copy of Bitcoin Core open-source code for developers and any other interested party was. So far, an attack against a blockchain itself has never been executed.

DDoS Attacks Common In Similar Circumstances

According to Cobra – an anonymous dev who helps keep the website up and running – this sort of attack is not uncommon when Bitcoin is spiking high and markets are bullish. He also warned that this particular attack was probably not over just yet. Although the official Bitcoin site is up and running again, DDoS attacks happen in waves through coordinated botnets quite often.

“Basically, we got hit with a large DDoS, which is quite common around ATHs (all-time highs) and bull markets. It took us down for a while but for now, we’re back up, but  we might go down on and off periodically depending on how long the attackers want to continue attacking.”

A Distributed Denial of Service (DDoS) attack is an attack in which many devices infected by malware are coordinated by a bad actor in order to overwhelm an IP address with web traffic, slowing down traffic for normal users – and often taking the site offline completely for certain periods of time.

For those eager to help host the source code until the DDoS attacks cease, crypto enthusiasts have set up a torrent where the code can be downloaded from and hosted.

The attack is being led by mostly Russian IPs – although this does not necessarily mean the attack is coming from there, as bad actors nearly always use VPNs, allowing them to pretend to be from somewhere else.

In addition, infected devices carrying out the attack can belong to anyone, anywhere – and the owner of the device will almost certainly be unaware that their device is being used for nefarious purposes.