Tesla CEO and part-time crypto memelord, Elon Musk, has sent a letter to Twitter through his lawyers indicating he is now willing to purchase the company for the originally agreed price of $US44 billion, or US$54.20 per share. The letter was also filed with the SEC.
This surprising move comes after Musk had previously reneged on his offer to buy Twitter, citing the social media giant’s lack of honesty and transparency around the extent of spam bots on the platform.
Immediately following the letter’s release, the price of DogeCoin, the meme coin Musk is so fond of, surged eight percent — changing hands at the time of writing at US$0.0656, up 9.2% on the day.
Dogecoin chart over the last seven days. Source: CoinMarketCap
Deal to Close Twitter’s Case Against Musk
Musk’s new offer to buy Twitter specifies that the social media platform must immediately drop its legal action against him — relating to the retraction of his previous offer to buy the company — which was due to go to trial in just two weeks.
With Musk’s new offer, it appears the legal action has been dropped, and the deal, as originally agreed, will be closed:
Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.
The timing of this new offer begs speculation that Musk was trying to avoid going to trial, perhaps because he received legal advice that he was unlikely to win or in hopes of preventing information from being released at trial (already a large trove of Musk’s private text messages have been released as part of the case).
Musk has given the impression that he simply decided Twitter is, once again, a company he wants to purchase for strategic reasons. Following the release of the letter, Musk tweeted that the purchase of Twitter is an important part of his plan to develop ‘X’, something which he describes as ‘the everything app’.
Buying Twitter is an accelerant to creating X, the everything app
Musk originally offered to buy Twitter in April of this year, promising his purchase would bring a renewed commitment to freedom of speech on the platform — but the deal quickly ran into problems.
Just three months after announcing his intention to purchase, Musk was backing out of the deal claiming that Twitter had provided him with misleading data about the prevalence of fake accounts and spam bots.
Twitter, for their part, insisted they had provided accurate data and took their case to the Delaware Court of Chancery to attempt to enforce the contract.
High-profile influencer and star of the reality TV show ‘Keeping Up With The Kardashians’, Kim Kardashian, has paid a total of US$1.26 million to settle charges brought against her by the US Securities and Exchange Commission (SEC) relating to her promotion of the cryptocurrency EthereumMax (EMAX) in 2021.
The SEC filed the charges against Kardashian for failing to disclose that she received a US$250,000 payment to promote EthereumMax to her social media followers.
Kardashian’s Promotion Biased, Banned From Promoting Crypto
The Instagram post from Kardashian that attracted the charges contained a link to the EthereumMax website and provided instructions to buy EMAX tokens, the cryptocurrency sold by EthereumMax.
Kardashian’s post was part of EthereumMax’s aggressive 2021 marketing push which saw numerous other celebrities, including boxer Floyd Mayweather Jr. and former basketball player Paul Pierce, endorse the cryptocurrency on social media.
According to the SEC, Kardashian’s failure to disclose the payment she received for her part in the promotion was a breach of the anti-touting provisions of US federal securities laws, which are intended to protect consumers from biased and self-interested promotion of securities. Speaking about the case, SEC Chair Gary Gensler said:
“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion…Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”
SEC Chair Gary Gensler
As part of her settlement, Kardashian also agreed to cooperate with the SEC’s ongoing investigation into EthereumMax and to refrain from promoting any cryptocurrencies for three years.
What Is EthereumMax?
Despite having ‘Ethereum’ in its name, EthereumMax’s EMAX tokens aren’t related to Ethereum’s native ETH cryptocurrency. Rather EthereumMax is simply an ERC-20 token built on top of the Ethereum blockchain. It has a total supply of 2,000,000,000,000,000 — that’s right, two quadrillion tokens — and an unknown current circulating supply.
EthereumMax’s founders claim it’s a “progressive coin” that provides “lifestyle perks and financial rewards” to holders. However, it’s unclear exactly what these perks and rewards are.
At the time of writing, EMAX is down over 98 percent from its all time high, which it hit on May 31, 2021, on the back of its aggressive celebrity endorsement drive.
SEC Charges Follow Investor Lawsuit
Kardashian’s charges aren’t the first legal stoush related to EthereumMax — in January 2022 a lawsuit filed in the US District Court of California’s Central District alleged the founders of EthereumMax, Steve Gentile and Giovanni Perone, and their celebrity spruikers were effectively running a pump and dump scheme.
The complainant claims that while the celebrities pumped the price by promoting the cryptocurrency to their followers, they, along with the founders, were already dumping their EMAX tokens for a significant profit, while their followers were left holding the bag.
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. STEPN (GMT)
Stepn GMT is a self-styled “Web3 lifestyle app” with GameFi elements on the Solana blockchain. It combines aspects of a play-to-earn game with a fitness app to create a new category called “move-to-earn”. Users buy NFT sneakers, which they can use to earn in-game currency while walking, running, or jogging. STEPN aims to revolutionise the market of fitness applications by incentivising millions of users to follow a healthier lifestyle. The app solves several problems like “proof of movement” – proving that users really exercised – and a functioning GPS system. Moreover, STEPN incentivises users financially and plans to introduce social rewards elements and successfully contribute to carbon neutrality.
GMT Price Analysis
At the time of writing, GMT is ranked the 82nd cryptocurrency globally and the current price is US$0.6884. Let’s take a look at the chart below for price analysis:
GMT has retraced much of 2022’s parabolic run. It dropped 85% from its April high before rallying in mid-June.
Bulls are testing $0.6718 to see if it can hold as support. This area shows inefficient trading on the daily chart. It’s also near the top of early July’s accumulation before the most recent rally.
Even if the price eventually moves higher, it may first drop under the July monthly open to an area near $0.6029. Bulls rejected bears in early July at this level. It also overlaps with an area of accumulation in late June.
If the market sees it as bearish, a retest of $0.7614 could prove this level as resistance. Bears already rejected bulls once here. This level also contains the 40 EMA and is inefficiently traded on the daily chart.
A break through this resistance could retest an old area of inefficient trading, near $0.8432. The target would likely be bulls’ stops above highs at $0.8830 and $0.9517.
If the price reaches this level, it may go one step further and retest the June monthly open near $1.10. This level is at the low end of inefficient trading on the monthly chart. It’s also the origin of early June’s sudden breakdown.
Yet, while the market remains bearish, traders may want to focus on bearish scenarios. Rejection from any resistance might reach near $0.5813. This area shows inefficient trading on the daily chart. Bulls also rejected bears here on the weekly chart before starting June’s rally.
Below this level, $0.5146 may be the next target if the bearish trend continues. This area shows inefficient trading on the daily and weekly charts. It’s also just below relative equal lows, formed in mid-June. Bulls’ stops under these lows offer attractive targets to bears.
2. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$31.79. Let’s take a look at the chart below for price analysis:
SOL has retraced 87% from its Q2 highs and reached possible support near $28.34. Resistance might begin near $37.64, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $44.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $48.12 and $52.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $30.54, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $26.10 and $23.54. If the price reaches this zone, the Q1 2021 swing high near $20.87 may mark a more sensitive level.
3. iExec Rlc (RLC)
iExec RLC claims to have developed the first decentralised marketplace for cloud computing resources. Blockchain technology is used to organise a market network where users can monetise their computing power, applications and datasets. By providing on-demand access to cloud computing resources, iExec is reportedly able to support compute-intensive applications in fields such as AI, big data, healthcare, rendering, or FinTech.
RLC Price Analysis
At the time of writing, RLC is ranked 183rd cryptocurrency globally and the current price is US$1.27. Let’s take a look at the chart below for price analysis:
RLC printed nearly 50% gains during Q1. After this move, the price has been consolidating for the past few weeks around a monthly level near $1.12.
Overlapping support zones should provide bullish strength, with the current region beginning at $1.25 providing a reasonable entry accompanied by a wide stop. Relatively equal daily lows near $1.15 could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $1.03.
Last month’s high near $1.38 provides the highest probability target, with the next swing high inside resistance at $1.45 giving another target and potential short-term reversal area.
A strong move through this level into resistance beginning at $1.52 is likely to target the monthly high at $1.60, potentially reaching the next monthly high near $1.85.
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.
China’s central bank digital currency, the e-CNY, is now being piloted in several cities for use in public transport and schooling.
Expanding the Eyes of the State
China has officially begun rolling out the next round of its CBDC program, most evidently in the city of Guangzhou, where it is now possible to pay for public transport with central bank-issued digital yuan.
In order to do so, passengers are required to download an app, deposit funds and scan a QR code in the bus terminal to make payment. A similar program has reportedly been launched in the city of Ningbo, becoming the ninth municipality in China to do so.
The communist government has rapidly expanded the e-CNY’s application this year, most notably in the form of government-sponsored airdrops designed to stimulate after prolonged lockdowns.
Since launching its CBDC program, one online retailer noted it had seen around 900 million CNY (US$131.6 million) in transactions since accepting e-CNY. In total, approximately 830 billion ($US121.4 billion) worth of e-CNY transactions were recorded in the first five months of 2022 alone.
CBDCs, Not as Advertised
As whistleblower Edward Snowden correctly points out, CBDCs, while marketed as digital currencies, are in fact much more sinister. Properly understood, CBDCs are best conceived as programmable money capable of forming the base layer of a social credit score.
In a dystopic world where all money is essentially a smart contract, government gets to decide what it wants you to do, and then uses sticks and carrots to optimise compliance with its agenda. It’s no surprise, then, that authoritarian regimes such as the Chinese Communist Party have been so quick to embrace them:
Central banking digital currencies (CBDCs) and social credit systems explained. Show this to anyone who still thinks this is a conspiracy theory. It’s time to take the blinkers off before it is too late. #CBDCspic.twitter.com/KT2Yubr4FK
In a bizarre twist in the long and convoluted story of John McAfee, creator of the eponymous antivirus software, he is allegedly alive, well, and living in Texas.
The extraordinary claims are made by McAfee’s ex-girlfriend in an interview for a new Netflix documentary titled Running With The Devil: The Wild World of John McAfee, released this week.
Did John McAfee fake his own death?
McAfee ‘Speaks’ Post-‘Suicide’
Central to the Netflix biopic is an interview conducted with McAfee’s former partner Samantha Herrera, who claims she had spoken with the disgraced software developer over the phone after his supposed June 2021 suicide in a Spanish jail.
While the director of the documentary, Charlie Russell, is sceptical, stating “I can’t work out whether [Herrera] thinks it’s real or not”, McAfee’s widow, Janice, isn’t having any of it. She believes that if McAfee were hiding out, it wouldn’t be in Texas, or anywhere else in the US considering he is wanted by the IRS.
Instead, Janice McAfee is circulating a petition for the release of her husband’s remains – and for an independent autopsy – as they are yet to be returned to her by Spanish authorities:
Its difficult to put into words what life has been like this past year. I still can't believe John is gone. If you haven't yet please sign this petition to help pressure the Spanish authorities to release John's remains so he can finally be laid to rest.https://t.co/PJ5jH5MN2x
Regardless of the truth surrounding McAfee’s passing, he remains as curious in death as he was in life. The biopic was released by Netflix on August 24.
Death and Taxes
McAfee was arrested at Barcelona International Airport in October 2020 for tax evasion. Late on June 23, 2021, he was reportedly discovered dead in his cell in a Barcelona jail, only hours after the Spanish National Court had approved his extradition to the US, where he would have faced up to 30 years in prison.
According to McAfee’s lawyer, he had hanged himself, although there were several signs of foul play in connection with his apparent death. One of these was a tweet from McAfee which read: ‘I am content in here. I have friends. The food is good. All is well. Know that if I hang myself, a la [convicted sex offender Jeffrey] Epstein, it will be no fault of mine’.
This Netflix documentary isn’t the only analysis of McAfee’s life in current circulation. No Domain: The John McAfee Tapes, a new book published by biographer Mark Eglinton, details exactly how McAfee managed to lose his US$100 million fortune. The funds were reportedly spent on “bizarre” mansions and compounds across the globe. Perhaps there’s one in Texas we didn’t know about.
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. Elrond (EGLD)
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, used for paying network fees, staking, and rewarding validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 42nd cryptocurrency globally and the current price is US$57.54. Let’s take a look at the chart below for price analysis:
EGLD‘s 65% rally during Q1 reversed with many other coins in Q2, retracing nearly 50%. Just above the current price and near the June monthly open, $69.20 could provide resistance before a downward move. This level has confluence with the 18 EMA.
Bears may consider $74.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach $82.45 at the top of an inefficiently traded area before any future bearish breakdowns.
Resistance might also rest near $86.45, above the recent monthly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.
The price is finding support between $45.30 and $40.86. This zone may continue to hold, while overlapping higher-timeframe levels from $37.44 to $34.81 could provide the most substantial support inside this area.
2. DeFiChain (DFI)
DeFiChain DFI is a blockchain platform built with the mission of maximising the full potential of DeFi within the Bitcoin (BTC) ecosystem. The software platform is supported by a distributed network of computers and is designed to facilitate fast and transparent transactions. The development team positions DeFiChain as an innovative blockchain project and offers solutions to problems like scalability, security, and decentralisation.
DFI Price Analysis
At the time of writing, DFI is ranked the 215th cryptocurrency globally and the current price is US$0.9492. Let’s take a look at the chart below for price analysis:
DFI collapsed 80% from its April high before beginning an uptrend in early July.
Bulls broke the market structure to the upside across Q2. This break resulted in a 64% climb ending with a large spike during June. Inside this spike, $1.22 could provide the first resistance. It overlaps with a small area of inefficient trading in mid-June and is near the 40 EMA.
A move higher may retest July’s high, near $1.30. This area shows inefficient trading on the daily and weekly charts. It’s also near the top of inefficient trading on the monthly chart.
If the rally continues, bulls should find support near $1.08. A narrow pocket under this level, from $1.06 to $1.02, could provide more sensitivity. This pocket shows inefficient trading on the daily and overlaps with old highs. It’s also near the 9 and 18 EMAs.
If the downtrend resumes, a wide area from $0.9133 to $0.07532 may spawn the following bullish setup. This zone shows inefficient trading on the monthly chart.
3. Oasis Network (ROSE)
The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.
ROSE Price Analysis
At the time of writing, ROSE is ranked the 100th cryptocurrency globally and the current price is US$0.06918. Let’s take a look at the chart below for price analysis:
ROSE climbed 40% from its Q1 low, then dropped nearly 63% into support last month. The price is currently testing this resistance, near $0.1043. It may also provide support again and has confluence with the 61.8% and 78.6% retracements.
Resistance begins just above, at $0.09537. This inefficiently traded area, which reaches slightly beyond $0.1186, contains the previous monthly highs, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs.
These confluences often provide strong resistance. Since this resistance is close to the $0.1215 support, the price may enter consolidation before breaking out to the next move.
If the price breaks this resistance, bulls could eye an area of old rejection, near $0.1320, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.1359 to $0.1387.
A more significant bearish turn in the market may reach for bulls’ stops under the Q2 lows, down to an area of old support in an inefficiently traded area between $0.06341 and $0.05217.
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.
The Australian government has released a statement indicating that it will begin a review as to how digital assets should be managed. This starts with a process it has termed “token mapping”:
🚨Breaking:🚨 Australia will become the first country in the world to “token map” all crypto available in its nation.
Token mapping aims to discover the makeup of all crypto-assets. Australia hopes to use this to identify gaps in laws, tax auditing, and to safeguard consumers.
In the statement, Treasurer Jim Chalmers highlighted that the review was designed to ensure that Australia kept in line with global best practices:
Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector.
Jim Chalmers, Australian federal Treasurer
In doing so, the first item on the agenda was a so-called “token mapping” exercise aimed to establish how different digital assets and related services ought to be regulated. Apparently, this is the first of its kind, making Australia “leaders in this work”.
What Is Token Mapping?
The process of token mapping is said to entail uncovering the characteristics of all digital asset tokens, including the different types, their underlying protocols, and any other relevant technological features.
Chalmers added: “As it stands, the crypto sector is largely unregulated, and we need to do some work to get the balance right so we can embrace new and innovative technologies while safeguarding consumers.”
Noting the increased proliferation of crypto investments to the extent that related promotions are “plastered all over big sporting events”, Chalmers stressed that “we need to make sure customers engaging with crypto are adequately informed and protected”.
Prior to the token mapping exercise, government is expected to release a consultation paper with industry regarding a proposed regulatory framework.
Given the widespread belief among mainstream pundits that most cryptos amount to unregistered securities (including NFTs), the so-called token mapping exercise may yield at least one positive outcome – that it simply isn’t feasible to have different sets of rules for the traditional and crypto sectors (particularly with regards to fundraising and disclosures).
If government does the work, you’d expect it to find that Bitcoin is best reviewed as a commodity, whereas all the other cryptocurrencies are more accurately seen as companies. Most Bitcoiners aren’t, however, holding their breath:
There's bitcoin and then 20,000 cryptocurrencies. It's an obvious distinction to anyone who has spent time understanding why/how bitcoin arose in the first place. Bitcoin = commodity, crypto = a security. Not holding breath that gov is capable/wants to know the difference
Lim vows he will continue to steer the ship unless its new major shareholders tell him to resign, as he works to repay the $US50 million (A$72.8 million) lost through the collapse of crypto lenders Babel Finance and Celsius Network.
‘Key Shareholder’ Sought Lim’s Resignation
Earlier this month, a key shareholder of the exchange had sent Lim a letter requesting his resignation, citing a “loss of confidence between partners” and consequences from the Babel disclosure, according to a Bloomberg story attributed to a source claiming “specialist knowledge” of the situation.
Zipmex halted transfers and withdrawals in July when news broke of the missing millions. Since then the exchange has enabled partial withdrawals of its customers’ Bitcoin and Ether holdings, albeit in minuscule amounts.
Meanwhile, the three-month moratorium providing bankruptcy protection against creditors will hopefully enable the hamstrung exchange to complete a fresh capital raise of between $US50 million and $US80 million. Lim’s intention is to ultimately return funds to investors, all while he oversees a restructuring of the company.
New Shareholders May Seek New Leadership
“This plan includes potentially bringing in new majority shareholders who may want a greater say in management decisions,” Lim told The Australian Financial Review. “Should this happen, my co-founder Akalarp [Yimwilai] and I have made it clear that we will fully cooperate with them and their wishes in the event they may be looking for a management change.”
Zipmex, which employs around 250 people across Singapore, Thailand, Indonesia and Australia, joins two other Singapore-based firms attempting to trade their way out of financial difficulties brought on by the current market downturn. Vauld was also granted a three-month moratorium on its debts by the same court last week, while another crypto lender, Hodlnaut, announced widespread staff layoffs pending “police proceedings” after it too sought protection from creditors.
Dune Analytics has released data that illustrates the true revenue-earning potential of NFTs for prominent lifestyle labels, with Nike and Gucci alone reportedly raking in approximately US$260 million in sales between them.
Fashion and leisure brands Dolce & Gabbana, Adidas, Tiffany, Nike and Gucci are reportedly reaping the rewards of their NFT seeds, following the release of new NFT revenue data showing the total NFT revenue for 13 companies. Nike sits at the top of the board with a whopping US$185 million:
According to the data, Nike has generated almost US$1.3 billion in transaction volume from secondary NFT trading, which adds to its primary sales (US$93 million) and generated royalties ($92 million). Nike has more than 14 collections under its belt that are working to generate these funds, with a significant portion of these (such as CloneX) attributed to the company’s recent acquisition of RTFKT. This has enabled Nike to make 6,362 ETH in the past month alone, despite the crypto winter.
While many of the companies on this list seek to purely optimise ‘revenue per user’ through NFT drops and merchandise, others are using NFTs as an opportunity to establish deeper connections with their fans. Regardless of the motivation behind corporate involvement, the proof is in the pudding when it comes to the ongoing influence NFTs have on profits.
Almost $3B Spent on Minting in 2022
Not only has an extreme amount of money been spent on the purchase of NFTs, but also on the minting of them. A recent report from blockchain analytics platform Nansen found that NFT fans have spent US$2.7 billion solely on the minting of art in 2022 so far. The findings were based on product activity from over 1 million unique wallet addresses.
However, just a week ago a lengthy list of celebrities found themselves in hot water with US consumer watchdog group Truth in Advertising. The group sent warning letters to 19 celebrities, including socialite Paris Hilton and pop star Justin Bieber, regarding the alleged shilling of NFTs via social media.
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. Monero (XMR)
Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are its biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users, irrespective of how technologically competent they are.
XMR Price Analysis
At the time of writing, XMR is ranked the 28th cryptocurrency globally and the current price is US$151.23. Let’s take a look at the chart below for price analysis:
XMR is rallying to fill in pockets of inefficient trading left during its June decline. The closest resistance is at $172.80. This area of inefficient trading on the weekly and daily charts is near the 61.8% retracement of June’s move. It rejected the price on August 7, but the price is rechallenging it.
If it breaks, the next pocket of inefficient trading from $179.60 to $183.10 may be the following target. This zone is also near the high of inefficient trading on the weekly and the 78.6% retracement of June’s move.
In the longer term, bulls could be targeting bears’ stops above the significant weekly swing high near $206.50. This zone also shows inefficient trading on the monthly chart. If this resistance breaks, the next bullish target may be another area of inefficient trading on the weekly chart from $232.50 to $227.80.
The closest support could be near the current price, from $160.40 to $150.03. This area is at the end of July’s accumulation high. If this level breaks, a drop under the August monthly open may find more buyers near $142.30. This area shows accumulation, would run bulls’ stops under recent swing lows, and fill in a tiny pocket of inefficient trading. It also has confluence with the high of previous inefficient trading on the weekly chart.
A steeper drop may reach inefficient trading on the weekly chart, from $134.70 to $125.80. This zone is also near the bottom of previous inefficient trading from June and lines up with old swing lows from Q1 2022.
2. 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 77th cryptocurrency globally and the current price is US$0.03883. Let’s take a look at the chart below for price analysis:
ZIL‘s 85% drop found a low near $0.03168 before closing over a weekly high around $0.04382. This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.04732.
A sustained bullish move could target the swing high at $0.05620. If this stop run occurs, a run beyond the high into probable resistance near $0.06184 and $0.06745 is possible.
Bulls could buy a retracement to possible support near $0.03528, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.03126.
However, relatively equal lows near $0.02914 and $0.02854 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows may find support between $0.02715 and $0.02569.
3. IoTeX (IOTX)
IoTeX IOTX has built a decentralised platform with the aim of empowering the open economics for machines – an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. IoTeX is the decentralised backbone for machine economics, which serves machines ranging from smart home devices to autonomous vehicles.
IOTX Price Analysis
At the time of writing, IOTX is ranked the 108th cryptocurrency globally and the current price is US$0.03144. Let’s take a look at the chart below for price analysis:
By late Q2, IOTX had retraced 80% from its November high as it created relatively equal lows near $0.02506. Just above these lows, the price is testing possible support near $0.03145. This level saw accumulation in early August and could support at least a short move upward.
If this level instead breaks and the price drops, bears could be aiming for an inefficiently traded area between $0.02915 and $0.02827. This area is under multiple relatively equal lows that have been in place since late Q3 2021, providing an appealing target for bears.
However, a move into probable resistance near $0.03825 could occur first, even if the price later breaks down. This level is a range high for a significant amount of trading during Q1 2022.
If this resistance breaks, the price could reach the next probable resistance near $0.04516, where it consolidated before mid-Q2’s breakdown.
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.
