Category: Decentraland

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Crypto News Decentraland Market Analysis PancakeSwap Quant Trading

Top 3 Coins to Watch Today: QNT, MANA, CAKE – August 8 Trading Analysis

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. Quant (QNT)

Quant QNT launched with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. The main aim of Quant – using Overledger – is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.

QNT Price Analysis

At the time of writing, QNT is ranked the 43rd cryptocurrency globally and the current price is US$127.72. Let’s take a look at the chart below for price analysis:

Source: TradingView

Q3 marked a turning point for QNT, with the price gaining almost 65% from its lows to probable resistance beginning near $140.30.

The price is currently struggling with the area between $128.80 and $110.33. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $105.41. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $97.65, and the potential support just below that begins around $90.34.

Continuation to the upside will likely target the monthly high near $136.19. However, probable resistance beginning at $150.77 and $162.30 could cap or slow down this move.

2. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 36th cryptocurrency globally and the current price is US$1.07. Let’s take a look at the chart below for price analysis:

Source: TradingView

MANA dropped 80% from Q1 to Q2 and made a low near $0.7800. It has consolidated above this low since June.

The price may find support between $0.9508 and $0.9037. This level saw accumulation on July 17, contains the 9 and 18 EMAs, and borders the July monthly open.

A deeper retracement could reach near $0.8790. A drop to this level would rebalance more inefficient trading on the daily chart. It could also run bulls’ stops below today’s opening price and July 16’s swing low.

The price is testing the closest resistance, at $1.18. Bears entered shorts here before last week’s drop. It’s also near the 40 EMA.

If this resistance breaks, $1.25 to $1.32 may provide the next resistance. This area is between the 61.8% and 78.6% retracement of the last month’s downtrend. Bulls also rejected bulls here in late June on the weekly chart.

A more significant rally might reach an area of inefficient trading on the monthly chart from $1.36 to $1.40. This move would sweep most bears’ trailed stops above relative equal highs up to this level. Yet, bulls aiming for this level may want to be cautious since the overall trend is still bearish. 

3. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 72nd cryptocurrency globally and the current price is US$4.40. Let’s take a look at the chart below for price analysis:

Source: TradingView

CAKE‘s 80% decline after Q2 created relatively equal lows near $3.05 before bouncing over the local range’s midpoint near $4.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.

Aggressive bulls could look for entries in the daily gap starting near $4.30. The monthly open aligns with more probable support near $3.22. 

A stop run below the monthly open near $3.15 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $3.00, just above the equal lows.

Resistance rests just above, with the zone from $4.75 to $4.90 likely to provide a short-term ceiling. A break through this level may target resistance just under the cluster of relatively equal highs near $5.12. 

Beyond these highs, resistance near $5.28 provides a final challenge before attacking an old daily swing high near $5.43.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

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Crypto News Decentraland Market Analysis MetisDAO Siacoin Trading

Top 3 Coins to Watch Today: MANA, METIS, SC – July 19 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 35th cryptocurrency globally and the current price is US$0.9145. Let’s take a look at the chart below for price analysis:

Source: TradingView

MANA dropped 80% since March 1 and made a low near $0.5800. It has consolidated above this low since May 12.

The price might find support between $0.8808 and $0.8537. This level saw accumulation on July 17, contains the 9 and 18 EMAs, and borders the July monthly open.

A deeper retracement could reach near $0.8290. A drop to this level would rebalance more inefficient trading on the daily chart. It could also run bulls’ stops below today’s opening price and July 16’s swing low.

The price is testing the closest resistance, at $0.8962. Bears entered shorts here before last week’s drop. It’s also near the 40 EMA.

If this resistance breaks, $0.9346 to $0.9923 may provide the next resistance. This area is between the 61.8% and 78.6% retracement of the last month’s downtrend. Bulls also rejected bulls here in late June on the weekly chart.

A more significant rally might reach an area of inefficient trading on the monthly chart from $1.0932 to $1.3375. This move would sweep most bears’ trailed stops above relative equal highs up to this level. Yet, bulls aiming for this level may want to be cautious since the overall trend is still bearish. 

If the downtrend continues, $0.7255 may offer the next support. A drop to this level would run bulls’ stops under the June 18 and July 13 swing lows. It’s an area where bulls have rejected bears many times since September 2021.

Under this level, support might be near the last downswing’s 50% extension, from $0.6290 to $0.5800. Bulls rejected bears here in Q2 2021 on the monthly and weekly charts. Near this level, stops near early May’s and last September’s swing lows give bears an attractive target.

2. MetisDAO (METIS)

METIS is based on the spirit of Optimistic Rollup, building an easy-to-use, highly scalable, low-cost and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including NFT platforms, decentralised Reddit-like social platforms, open-source developer communities, influencer communities, gaming communities, freelancer communities, crowdfunding, yield farming, DEX trading, and much more.

METIS Price Analysis

At the time of writing, METIS is ranked the 238th cryptocurrency globally and the current price is US$29.60. Let’s take a look at the chart below for price analysis:

Source: TradingView

METIS plummeted 91% from the end of March to mid-June. Since then, it has consolidated while creeping upwards. This upward movement accelerated last week.

An area between $25.518 and $23.746 should provide the closest support if the bullish rally continues. This level is near the top of early June’s accumulation on the weekly chart. It will also soon contain the 9 EMA.

The closest resistance may be at $28.90. Reaching this level would sweep bears’ stops above June 28’s swing high. Many swing highs above this level could continue attracting the price upward.

An area of inefficient trading on the weekly chart, between $32.955 and $41.634, may be the primary goal for bulls. The top of this range, above $39.518, also shows inefficient trading on the daily chart. It gives bulls a logical place to take profits if the price can reach this far.

Suppose the price resumes the downtrend without reaching significantly higher. In that case, higher timeframes suggest that $14.00 might be the next possible support level. This area, down to $11.641, shows inefficient trading on the monthly and weekly charts. It’s also under the June 18 swing low, giving bears an attractive target for hunting bulls’ stops.

A continued decline might reach a zone between $9.211 and $7.690. This area shows inefficient trading on the monthly and weekly charts. It also borders the July 2021 accumulation zone’s high.

3. Siacoin (SC)

Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.

SC Price Analysis

At the time of writing, SC is ranked the 129th cryptocurrency globally and the current price is US$0.004232. Let’s take a look at the chart below for price analysis:

Source: TradingView

SC crashed 79% from its April high and set a low at $0.003129 in mid-June before beginning a consolidation.

The current price, near $0.004143, could support the next upward move. This level is at the high of late June’s consolidation.

Above, an area near $0.004350 may offer the first resistance. This level is at the bottom of inefficient trading on the weekly and daily charts. It’s also a place where bulls rejected bears in early May.

A move to this level might reach slightly higher. An area of inefficient trading on the weekly chart, between $0.004560 and $0.005242, could prompt a reversal. This area contains the 61.8% retracement and pockets of inefficient trading on the daily chart.

If the rally continues, $0.005963 offers the next logical target for bulls. Moving to this level would sweep bears’ stops above relative equal highs into inefficient trading on the monthly and weekly charts.

Should the downtrend resume, $0.003449 may offer the closest higher-timeframe support. Bulls and bears have taken turns rejecting each other near this level on higher-timeframe charts. It also saw accumulation in December 2020 before a parabolic rally. Reaching this level would sweep bulls’ stops under July 1’s swing low.

A drop to this level could easily reach $0.003140. A move to this level would sweep bulls’ stops under June’s low into the upper half of October 2020’s accumulation.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

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Avalanche Crypto News Decentraland Market Analysis Polygon Trading

Top 3 Coins to Watch Today: MANA, AVAX, MATIC – July 8 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 32nd cryptocurrency globally and the current price is US$0.9282. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a high during Q1 and Q2 before retracing 70% to the low at $0.7330 last month.

The price broke through resistance near $0.9134, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $0.8713. However, a drop this far increases the chances of a stop run to $0.8105 and possibly into support near $0.7825. For now, continuing recovery market conditions could help $0.7510 become support.

The swing high around $1.10 gives bulls a reasonable first target, with $1.18 also likely to draw the price upward. Higher-timeframe resistance beginning near $1.29 or $1.37 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $1.45.

2. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 15th cryptocurrency globally and the current price is US$20.16. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains in Q2 ended with an almost 75% retracement as the rest of the altcoin market dropped from early last month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $30.35.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion. 

Near the 40 EMA, a broad zone from $18.15 to $17.45 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.30, and potentially lower to a higher-timeframe support zone between $15.72 and $14.80.

If the higher-timeframe recovery trend resumes and the current resistance near $24.35 breaks, the wicks near $28.84 and the new monthly highs may see profit-taking.

3. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 18th cryptocurrency globally and the current price is US$0.5669. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its Q1 highs, MATIC has been in a steady bearish trend, retracing nearly 75%. The price found support near $0.3820, at the 65.8% retracement level.

Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.5139, near the 45.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.4720, and still find support.

Currently, the price is contesting a region between $0.4539 and $0.4325. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $0.6931, while $0.7530 is also likely to be sensitive with the nearest support and resistance this close together.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

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1inch Network ChainLink Crypto News Decentraland Market Analysis Trading

Top 3 Coins to Watch Today: MANA, LINK, 1INCH – May 16 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 33rd cryptocurrency globally and the current price is US$1.23. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a high during Q1 before retracing 65% to the low at $0.7530 last week.

The price broke through resistance near $1.20, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $1.13. However, a drop this far increases the chances of a stop run to $1.05 and possibly into support near $0.9425. For now, continuing recovery market conditions could help $1.10 become support.

The swing high around $1.40 gives bulls a reasonable first target, with $1.48 also likely to draw the price upward. Higher-timeframe resistance beginning near $1.60 or $1.65 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $1.74.

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

At the time of writing, LINK is ranked the 25th cryptocurrency globally and the current price is US$7.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early April trend retraced near $7.10 into the consolidation that began the impulse before bouncing to $7.66. 

This consolidation could provide support again, although bears would first have to push the price through possible support near $7.05. The market’s structure may be shifting bearish, with $7.98 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.89 before finding support near $6.77.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $8.79 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $10.58.

3. 1inch (1INCH)

1INCH is a decentralised exchange (DEX) aggregator, connecting several DEXes into one platform to allow users to find the most efficient swapping routes across all platforms. In order for users to find the best price for a swap, they need to look at every exchange – DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXes. 1inch has launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralised autonomous organisation (DAO).

1INCH Price Analysis

At the time of writing, 1INCH is ranked the 98th cryptocurrency globally and the current price is US$0.9458. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its Q1 highs, 1INCH began a range that has been whiplashing both bulls and bears.

Resistance beginning near $1.45 held the price down for the second half of April, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick push to $1.13, or into the zone beginning near $1.26, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $1.34 provides a reasonable target. 

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $1.40 and $1.45.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 45% retracement, near $0.8540.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

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Australia Crypto News Decentraland Metaverse

Indigenous Australians Making an Embassy in the Metaverse

Indigenous Australians are consolidating their presence in the digital landscape by establishing the First Nations Cultural Embassy in the metaverse.

Oldest Culture Explores Emerging Technologies

Last month, the Sovereign Yidindji Nation from the rainforest region of far north Queensland launched its own digital currency, making it the first indigenous enclave in Australia to enter the cryptosphere.

Now, Dr Vanessa Lee-Ah Met and Bibi Barba – representatives of the Yupungathi Meriam Nation and the Darumbal and Yuin Nations, respectively – have issued a discussion paper seeking support to run the first operations of this pilot project, which aims to position the first peoples of Australia in the metaverse.

Dr Vanessa Lee-Ah Mat, Australian scholar from the Yupungathiand Meriam Nation. Source: Griffiths University

Crypto Can Help to Avoid Past Mistakes

One of the reasons to create a cultural embassy in the metaverse is to impart a sense of sovereignty to indigenous people. So far, Australia is the only Western country that abides by the term Terra Nullius, a legal concept that means “land of no one”, and used by the erstwhile British Empire to colonise Aboriginal lands without treaty or payment.

Blockchain is about transparency and trust […] With no recognition of cultural significance, land or indigenous culture, there is a risk of repeating the mistakes of the past.

Dr Vanessa Lee-Ah Mat

“Crypto allows us to be part of the conversation again by adopting the newest digital tech,” added Dr Lee-Ah Mat.

The First Nations Cultural Embassy is now in the design phase. It plans to expand across numerous metaverse platforms, such as Decentraland and Sandbox, and the project has already received offers to donate plots of land.

Using Blockchain to Preserve Australian Indigenous Art

Indigenous Australians are not only using crypto to make their voices heard; it’s also about preserving their art and culture with blockchain. This week, Crypto News Australia reported that artists from the Yolngu nation are digitising their work as non-fungible tokens (NFTs) in an attempt to create a new source of revenue and also preserve their art for future generations.

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Crypto News Decentraland Market Analysis OMG Network Stellar Trading

Top 3 Coins to Watch Today: MANA, OMG, XLM – March 21 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 32nd cryptocurrency globally and the current price is US$2.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.30 last week.

The price broke through resistance near $2.45, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.37. However, a drop this far increases the chances of a stop run to $2.32 and possibly into support near $2.25. For now, continuing bullish market conditions could help $2.40 become support.

The swing high around $2.73 gives bulls a reasonable first target, with $2.88 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.00 or $3.10 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.16.

2. Omg Network (OMG)

Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.

OMG Price Analysis

At the time of writing, OMG is ranked the 100th cryptocurrency globally and the current price is US$4.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 35% drop has filled the March monthly gap twice as the price consolidated between $3.82 and $4.90.

The price’s current region, between $4.71 and $4.60 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.10 is a likely target. 

An animated move through these highs could reach up to the daily gap beginning at $5.15. The area between $5.33 and $5.59 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.50 and find support near $4.43. If this level is lost, the swing low at $4.31 is a likely target, with $4.12 possibly giving support.

3. 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 through 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 29th cryptocurrency globally and the current price is US$0.1955. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2857 in early February before retracing nearly 45% to find a low near $0.1680. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.2478 is slowing the bullish advance down. However, another leg might target the last swing high at $0.2722 and relatively equal highs at $0.3036. Resistance near $0.3259 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3826.

A retracement before a move higher might find support in the daily gap near $0.1843, just above the monthly open. Relatively equal lows near $0.1775 could also provide support. Run-on stops at $0.1705 and $0.1653 might find support in the gap beginning near $0.1600 or a high-timeframe level near $0.1510.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

Categories
Crypto News Decentraland Market Analysis OMG Network Trading Waves

Top 3 Coins to Watch Today: OMG, MANA, WAVES – March 3 Trading Analysis

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. Omg Network (OMG)

Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.

OMG Price Analysis

At the time of writing, OMG is ranked the 104th cryptocurrency globally and the current price is US$4.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

OMG‘s 45% drop has filled the February monthly gap twice as the price consolidated between $3.88 and $4.70.

The price’s current region, between $4.41 and $4.27 and just under the monthly open, could continue to give support. If this area continues to hold, the cluster of relatively equal range highs up to $5.12 is a likely target. 

An animated move through these highs could reach up to the daily gap beginning at $5.31. The area between $5.73 and $6.19 provides a likely cap for a move into this zone.

A drop lower could be a run-on stop under $4.10 and find support near $3.94. If this level is lost, the swing low at $3.82 is a likely target, with $3.69 possibly giving support.

2. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 31st cryptocurrency globally and the current price is US$2.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a monthly high during February before retracing 35% to the low at $2.50 last week.

The price broke through resistance near $2.53, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.48. However, a drop this far increases the chances of a stop run to $2.42 and possibly into support near $2.37. For now, continuing bullish market conditions could help $2.67 become support.

The swing high around $2.90 gives bulls a reasonable first target, with $3.12 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.22 or $3.25 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.35.

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 54th cryptocurrency globally and the current price is US$17.52. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December’s high, WAVES‘ 40% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $15.88 and $14.35 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $19.45 and $20.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $22.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $25.42, the start of the bearish move.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.

Categories
Crypto News Decentraland Fashion Metaverse NFTs

Decentraland to Host World’s First Metaverse Fashion Week

Fashionistas and crypto enthusiasts are coming together to celebrate Decentraland’s first World Metaverse Fashion Week, with the participation of elite brands in the industry including Paco Rabanne, Dolce & Gabbana, Tommy Hilfiger, and more.

The event takes place from March 24-27 on property owned by Tokens.com’s subsidiary, Metaverse Group, with Decentraland as host.

Fashion is a key driver of interest in the Metaverse and we are pleased to have such a high calibre of brands participating in the first-ever Metaverse Fashion Week. The event provides brands the opportunity to showcase NFTs and virtual products while expanding their consumer reach to a new demographic.

Andrew Kiguel, Tokens.com CEO and co-founder (Business Wire)

Crypto Fashion is Here to Stay

The rise of the Metaverse and non-fungible tokens (NFTs) has called the attention of not only hungry investors and financial institutions, but also several fashion brands.

A glimpse of how the future of style might unfold was provided almost exactly a year ago by Crypto Fashion Week, a celebration of on-chain digital fashion that brought together designers, artists and brands to showcase their products.

A number of brands have since committed to investing in the future of digital fashion. One of them is Ordre, a global online wholesale company based in Byron Bay, Australia, that raised US$9 million in Series B funding to expand its fashion services and accelerate the development of its blockchain-based platform and NFT technology.

Categories
Crypto News Decentraland dYdX Loopring Market Analysis Trading

Top 3 Coins to Watch Today: MANA, LRC, DYDX – February 16 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 31st cryptocurrency globally and the current price is US$3.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a new all-time high during November 2021 before retracing 45% to the low at $2.50 last week.

Price broke through resistance near $2.88, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.79. However, a drop this far increases the chances of a stop run to $2.70 and possibly into support near $2.65. For now, continuing bullish market conditions could help $2.90 become support.

The swing high around $3.25 gives bulls a reasonable first target, with $3.34 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.42 or $3.45 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.50.

2. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 70th cryptocurrency globally and the current price is US$0.983. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $1.16.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.9324 and $0.9150. A deeper retracement that fills the gap down to the monthly level at $0.8740 provides a better entry, with any quick drops near the monthly open at $0.8558 providing the most favourable entries.

Continuation through the current resistance around $1.18 is likely to explode through the remaining daily highs stacked up to $1.26. There’s no telling how far the price could go beyond these new monthly high prices.

3. Dydx (DYDX)

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers and partners of dYdX to work collectively towards an enhanced protocol. DYDX enables a robust ecosystem around governance, rewards and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.

DYDX Price Analysis

At the time of writing, DYDX is ranked the 134th cryptocurrency globally and the current price is US$7.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

DYDX consolidates between $5.96 and $7.85 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $8.12. A stop run and swift rejection above $8.34 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around $8.70 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $7.20. Little exists below the current range to identify precise support levels. However, the area between $7.00 and $6.80 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $7.90 provides a reasonable target. The highs and daily resistance levels between $8.57 and $9.10 may provide a second target.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

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.