Category: EOS

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Crypto News EOS Industries

EOS Community Revolts and Blocks $250 Million Payments to Block.one

UK-based charity the EOS Network Foundation (ENF) has stopped payments to its parent company, Block.one, for allegedly not supporting the interests of the EOS network.

EOS Community Stops Vesting

On December 8, the EOS community elected to take the action against Block.one – the company that designed the EOS blockchain (EOSIO) – for failing to provide the ongoing support that was agreed on for 100 million EOS (10 percent of total supply) over 10 years from launch date.

The top 25 block producers out of 50 have approved a decision to stop the issuance of the remaining 67 million EOS, worth an estimated US$250 million at current prices, that was to be distributed over the next six to seven years.

Through a super majority consensus, the EOS network has taken its future in its own hands by voting to fire Block.one and stop vesting tokens to them. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.

Yves La Rose, leader, EOS Network Foundation

Community Frustrated with Block.one’s Efforts

Over the past three years since the chain’s inception, some members of the EOS community have been disappointed by Block.one’s lack of commitment to developing use cases for the network. Although Block.1 has launched a social media platform known as Voice, the reality is that Voice has turned into an NFT platform.

ENF leader Yves La Rose also mentioned that the coins given to Block.one were meant for the development of “public goods” for the blockchain, and not a social media app or exchange. The chain also lost one of its largest DApps earlier in the year to Binance Smart Chain (BSC).

As a result of the community’s discontent, in August 2021 a group was formed by existing EOS members and block producers called the EOS Network Foundation. It appointed La Rose, who formerly ran the EOS block producer EOS Nation, as its leader and since then has been at odds with Block.one.

In November, La Rose made a speech outlining his plans for the network, stating that EOS had been let down by Block.one and needed to find a new way forward. “What we are experiencing is a shift whereby the EOS community is placing itself in a position to be able to move away from Block.one, essentially forking them out,” La Rose said.

Negotiations over Intellectual Property

Over the next month and a half, the ENF engaged in dialogues with Brock Pierce, co-founder of Block.one. The primary goal was to get hold of the EOS network’s intellectual property, and the main bargaining chip on the ENF’s side was the network’s continuance of payments.

But one key problem, according to the ENF, was that the EOS intellectual property sits on Bullish’s balance sheet, meaning that Block.one would need to purchase it from the exchange. This caused a roadblock since Block.one wouldn’t publicly commit to getting the intellectual property back from Bullish.

Several major EOS block producers met to discuss the matter, and after a series of failed negotiations and disagreements over who would deliver a letter of intent, it resulted in the final vote between the block producers, and here we are. As it stands, it’s unclear if further negotiations could lead to the release of payments and the holder of the IP.

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Crypto News EOS Market Analysis Tezos Trading

Top 3 Coins to Watch Today: XTZ, EOS, LINA – December 10 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. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 41st cryptocurrency globally and the current price is US$5.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 105% rally since late September saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $5.65 is providing some resistance. However, continuation through the monthly high at $6.13 is not out of the question. Aggressive bulls might bid in the current region near $6.32. 

If the price runs the recent swing low, bulls might bid in the gap near $5.06. A deeper retracement could reach near the mid-August level and a gap near $4.90. The region near $4.73 and $4.35 may also provide some support during a deeper retracement.

2. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 50th cryptocurrency globally and the current price is US$3.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 81% decline from mid Q2, EOS has ranged between $3.25 and $4.95. The recent rally is approaching probable resistance near $3.99 – but could be aiming for stops above the relatively equal highs near $4.17. Continuation of the bullish move could target the daily gap near $4.46.

Aggressive bulls might add to positions near $3.21 and $3.10. Price action near $3.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $2.90 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $2.82.

3. Linear (LINA)

Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.

LINA Price Analysis

At the time of writing, LINA is ranked the 335th cryptocurrency globally and the current price is US$0.04029. Let’s take a look at the chart below for price analysis:

Source: TradingView

During November, LINA also turned the corner, breaking a key swing high early to mid-month. This move could suggest a longer-term bullish trend.

The swing high near $0.05436 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.06157.

Even if the bearish trend continues, a stop run at the recent swing low near $0.04012 into possible support beginning near $0.03845 is reasonable. If the price reaches further down, the swing low and possible support near $0.03587 might provide another downside target. 

The area near $0.03315 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $0.03193 into possible support beginning around $0.03029.

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.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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 EOS Market Analysis Trading

Top 3 Coins to Watch Today: EOS, UNI, FIL – November 10 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. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 40th cryptocurrency globally and the current price is US$5.29. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 81% decline from May to July, EOS has ranged between US$4.23 and $6.45.

The recent rally is approaching probable resistance near $5.49 – but could be aiming for stops above the relatively equal highs near $5.37. Continuation of the bullish move could target the daily gap near $5.84.

Aggressive bulls might add to positions near $5.19 and $5.10. Price action near $5.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $4.90 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $4.82.

2. Uniswap (UNI)

Uniswap UNI is a popular decentralised trading protocol known for its role in facilitating the automated trading of decentralised 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. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralised exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked the 15th cryptocurrency globally and the current price is US$27.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 65% retracement from its August highs set a low near $20.41 during its consolidation that began in mid-September.

Relatively equal highs near $30.56 could be the current target if the price breaks through resistance beginning near $31.87. Bullish continuation might reach through the next significant swing high near $33.76 into the daily gap near $35.59.

If bullish strength continues, the zones just below the monthly open near $36.88 and $37.45 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near $25.33 into possible support near $24.51. If this down move occurs, the swing low near $23.90 and possible support near $22.34 may be the primary objective.

3. Filecoin (FIL)

Filecoin FIL is a decentralised storage system that aims to “store humanity’s most important information”. The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. Filecoin is an open protocol backed by a blockchain that records commitments made by the network’s participants, with transactions using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

FIL Price Analysis

At the time of writing, FIL is ranked the 28th cryptocurrency globally and the current price is US$67.30. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 70% from its September high, FIL set a low near $55.34 as it formed its current range.

Last week, the price swept highs near $67.34. Relatively equal daily highs near $70.55 provide a reasonable target, although resistance beginning near $73.68 could cap the move. A break of this resistance is likely to target the swing high near $78.12 into higher-timeframe resistance beginning near $85.07.

The current area near $62.33 could provide support, although bulls may be more likely to buy near the price fractal near $60.15 if a retracement reaches this level. A break of this area could continue down to sweep the October low near $56.93 into possible support beginning near $52.36.

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.

Duration: 6 week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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 EOS Litecoin Market Analysis Ripple Trading

Top 3 Coins To Watch Today: XRP, LTC, EOS – October 11 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. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is A$1.59. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 68% from its highs, XRP has wicked into the monthly gap beginning near A$1.32. This wick formed the bottom of the current range.

The price shows no apparent signs of a longer-term reversal, which may mean that the closest resistance near A$1.85 will continue to suppress the price. However, some support could be found near the monthly open, possibly giving bulls footing for a stop run through the swing high at A$1.66. 

This move could continue into resistance near A$1.71 and spike through the relatively equal highs near A$1.77. A break of the next swing high near A$1.83 is likely to find resistance once it reaches A$1.90. If this move occurs, it may suggest a longer-term reversal.

A retest of possible support near A$1.46 could provide an entry for a short-term trade. However, there is a higher probability for more substantial support near A$1.40 after a run on the lows at A$1.37 and A$1.30.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 15th cryptocurrency globally and the current price is A$243.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

LTC has dropped nearly 75% from its highs, with the current low’s wick on July 21 taking stops below two major swing lows.

The resulting bounce found resistance near A$310.08, which could continue to cap upward movement. If the price finds support in the current region near A$236.17, it could continue to resistance just above the relatively equal highs near A$257.83. A more substantial move might run stops above the swing high near A$265.10 into resistance near A$270.92.

A break below the monthly open is likely to target buy stops near A$230.46, an area that could provide some support. A move below this level could target below the swing low at A$214.88, possibly reaching the gap beginning near A$203.55.

3. Eos (EOS)

EOS is a platform that’s designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 40th cryptocurrency globally and the current price is A$6.49. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS‘s nearly 83% drop from its May highs found a low near A$4.65 in July before closing over a short-term high around A$8.35 last month.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$7.36. A sustained bullish move may target the swing high at A$7.84. If this stop run occurs, a run beyond the high into probable resistance near A$8.15 and A$8.49 is possible.

Bulls could buy a retracement to possible support near A$5.82, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$5.48. 

However, relatively equal lows near A$5.30 and A$5.12 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$4.95 and A$4.85.

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 EOS Market Analysis Trading

Top 3 Coins To Watch Today: EOS, ALPHA, ARPA – September 30 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. Eos (EOS)

EOS is a platform that’s designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 39th cryptocurrency globally and the current price is A$5.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS‘s nearly 83% drop from its May highs found a low near A$4.64 in July before closing over a short-term high around A$7.26 last week.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$7.56. A sustained bullish move may target the swing high at A$8.14. If this stop run occurs, a run beyond the high into probable resistance near A$8.35 and A$8.79 is possible.

Bulls could buy a retracement to possible support near A$5.02, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$4.75. 

However, relatively equal lows near A$4.52 and A$4.34 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$4.15 and A$3.90.

2. Alpha Finance (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 143rd cryptocurrency globally and the current price is A$1.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

APLHA‘s massive May spike retraced near A$0.6833 into the consolidation that began the impulse before bouncing to A$0.8265. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$1.05. The market’s structure may be shifting bearish, with A$1.27 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$0.9477 before finding support near A$0.8590.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$1.32 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach the midpoint near A$1.45.

3. ARPA Chain (ARPA)

ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (MPC). Founded in April 2018, the goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyse data and extract data synergies while keeping each party’s data input private and secure. Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include credit anti-fraud, secure data wallets, precision marketing, joint AI model training, and key management systems.

ARPA Price Analysis

At the time of writing, ARPA is ranked the 406th cryptocurrency globally and the current price is A$0.06861. Let’s take a look at the chart below for price analysis:

Source: TradingView

ARPA set a high near A$0.1688 in April before retracing nearly 83% to find a low near A$0.0427. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.06988 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.07351 and relatively equal highs at A$0.07733. Resistance near A$0.07954 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.08290.

A retracement before a move higher might find support in the daily gap near A$0.06574, just above the monthly open. Relatively equal lows near A$0.06130 could also provide support. Run-on stops at A$0.05944 and A$0.05820 might find support in the gap beginning near A$0.05687 or a high-timeframe level near A$0.05177.

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 EOS Market Analysis Trading Zilliqa

Top 3 Coins To Watch Today: ZIL, CELR, EOS – September 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. 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 as of October 2020 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 85th cryptocurrency globally and the current price is A$0.1492. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZIL‘s nearly 83% drop from its May highs found a low near A$0.09538 in July before closing over a short-term high around A$0.1237.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$0.1533. A sustained bullish move may target the swing high at A$0.1647. If this stop run occurs, a run beyond the high into probable resistance near A$0.1788 and A$0.1950 is possible.

Bulls could buy a retracement to possible support near A$0.1389, just above the August monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$0.1236. 

However, relatively equal lows near A$0.1194 and A$0.1124 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$0.1015 and A$0.1066.

2. Celer Network (CELR)

The Celer Network CELR is a smartly designed layer-2 scaling solution that provides off-chain transaction handling. The Celer platform offers fast, simple and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem. As to the overall goal of the network, its founders envisioned unleashing the full potential of blockchain and revolutionising Dapps with more efficient and productive outputs.

CELR Price Analysis

At the time of writing, CELR is ranked the 125th cryptocurrency globally and the current price is A$0.1249. Let’s take a look at the chart below for price analysis:

Source: TradingView

CELR‘s massive May spike retraced near A$0.03841 into the consolidation that began the impulse before bouncing to A$0.04266. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$0.1045. The market’s structure may be shifting bearish, with A$0.09365 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$0.08973 before finding support near A$0.08456.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near A$0.1290 potentially providing an attractive target to lure the price over the September monthly high. If so, the price could reach for the midpoint of the massive wick near A$0.1377.

3. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 38th cryptocurrency globally and the current price is A$6.70. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS set a high near A$18.34 in May before retracing nearly 93% to find a low near A$6.10. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$6.90 is slowing the bullish advance down. However, another leg might target the last swing high at A$7.24 and relatively equal highs at A$7.86. Resistance near A$8.15 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$8.94.

A retracement before a move higher might find support in the daily gap near A$6.05, just above the August monthly open. Relatively equal lows near A$5.83 could also provide support. Run-on stops at A$5.32 and A$5.08 might find support in the gap beginning near A$4.91 or a high-timeframe level near A$4.56.

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 EOS Litecoin Market Analysis Trading

Top 3 Coins To Watch Today: LTC, FIO, EOS – September 6 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. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 12th cryptocurrency globally and the current price is A$305.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping nearly 70% in May, LTC found a low just above July’s monthly gap near A$195. Since then the price has been consolidating in a range between A$273 and A$300.

The weekly level near A$290 may continue to provide support during a run on the local swing lows. The monthly gap beginning near A$265 will likely give the next higher-timeframe support if this level fails.

The price is currently chewing into potentially strong resistance near A$315. A sweep of the relatively equal highs near A$342, and a daily close above this level, could signal a move to the next set of relatively equal highs near A$379. 

Just above these highs, probable resistance rests near A$392, which may cap the price until the market moves out of consolidation. However, any significant bullish shift in market conditions during the next few weeks could help bulls reach the swing high near A$410, running stops into probable resistance near A$431.

2. Fio Protocol (FIO)

Fio Protocol FIO is a blockchain protocol that aims to enable a better way of sending/receiving coins and tokens. The FIO token is the native utility token of the project’s blockchain infrastructure, FIO Chain, and is used for transaction gas fees and on-chain governance. The FIO Chain uses a Delegated Proof-of-Stake (DPoS) to achieve network consensus. Block Producers are elected by FIO token holders via on-chain voting. Anyone can register to become a BP and produce blocks if they receive enough votes.

FIO Price Analysis

At the time of writing, FIO is ranked the 441st cryptocurrency globally and the current price is A$0.3246. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIO accompanied the rest of the market in the mid-Q2 drop, falling nearly 85% from its mid-May high until it found a low late in June.

Price action in late June formed a weekly support level near A$0.2076, which has so far held up the price. The most recent swing low inside this range, near A$0.2877, might be the target for any future stop runs. After this low, the swing low near A$0.2677 and the gap beginning near A$0.2543 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near A$0.3697, just over the June monthly open. A sweep of the relatively equal highs above this resistance might find sellers near A$0.3806 – but could reach as high as A$0.4188.

3. Eos (EOS)

EOS is a platform that’s designed to allow developers to build decentralised apps, known as DApps for short. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly.

EOS Price Analysis

At the time of writing, EOS is ranked the 29th cryptocurrency globally and the current price is A$8.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has been trading through a massive range since April, with the price showing mild bullishness during August.

The breaks of the swing highs at A$7.78 and A$7.50 led to support forming near A$6.95. Some bulls will likely wait for a more favourable entry on a potential stop run that could reach near A$6.74. 

If the support near A$6.50 continues to hold, the recent swing high at $9.68 is likely the next short-term target. This potential bullish swing might end with a run on short stops up to A$10.15 and A$10.46. 

Higher-timeframe resistance between A$11.29 and A$11.46 may cap any move upwards until the overall market becomes more bullish. However, any significant bearish move in Bitcoin will likely push the price down toward the low and possible support near A$7.12.

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
Binance Crypto News DigiByte EOS Market Analysis Ripple Swyftx Trading

Top 3 Coins To Watch Today: EOS, XRP, DGB July 26 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. Electro Optical System (EOS)

EOS is a platform that’s designed to allow developers to build decentralized apps DApps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 28th cryptocurrency globally and the current price is A$4.87. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS marines continue pushing the price higher, printing nearly 45% gains during the end of July.

The consolidation near A$4.75 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near A$4.38 provides a tempting target for a stop run into probable support near A$4.15.

A decidedly bearish shift in the market could reach probable support near A$3.85.

Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near A$5.20 as a first target. Beyond this level, extensions near A$5.88, A$6.15, and A$6.45 give reasonable higher-timeframe targets.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is A$0.811. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP retraced 45% during July before finding support near A$0.5937. The following bounce encountered resistance at the daily gap near A$0.6328.

Bulls might wait for a sweep of the local lows into support near A$0.7344 before stepping in. A move to this level could reach into the higher timeframe gap down to A$0.6936. 

In the most bearish scenario, a significant turn in the market could push the price down to the consolidation near A$0.6422.

The local resistance is near A$0.9855 and the relatively equal swing highs give a reasonable first target. Just above, layered resistance near A$1.18 and A$1.27 could slow bulls down as they push the price towards the significant swing high at A$1.45.

3. DigiByte (DGB)

DigiByte DGB is an open-source blockchain and asset creation platform. Development began in October 2013 and the genesis block of its DGB token was mined in January 2014 as a fork of Bitcoin. A longstanding public blockchain and cryptocurrency, DigiByte uses five different algorithms to improve security, and originally aimed to improve on the Bitcoin blockchain’s security, capacity, and transaction speed. DigiByte consists of three layers: a smart contract “App Store,” a public ledger, and the core protocol featuring nodes communicating to relay transactions.

DGB Price Analysis

At the time of writing, DGB is ranked the 89th cryptocurrency globally and the current price is A$0.05837. Let’s take a look at the chart below for price analysis:

Source: TradingView

DGB bears have retraced over 145% since June, with little resistance above to end the current price discovery.

The price may find support near A$0.04655. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near A$0.04371. The area around A$0.04015 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near A$0.0695 could potentially provide some resistance in the short term. Extensions reaching near A$0.0784 and A$0.0872 make reasonable take-profit zones if the bullish trend continues.

Where to Buy or Trade Altcoins?

These three 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
Binance Blockchain Crypto News EOS

EOS Loses Most Used Dapp to Binance Smart Chain (BSC)

EOS’s largest project, Effect Network, has disclosed plans to relocate its entire network to Binance Smart Chain (BSC).

Who is Effect Network?

Effect Network (EFX) a Dutch-based project, also known as Effect.ai, has recently rebranded with their move to BSC. They are well known for the use of decentralized technology to build a framework that allows “anyone to build products and services and for anyone to gain access to fair paying work from anywhere”, thereby directly connecting businesses and the workforce. The network currently boasts of a workforce of more than 10,000 members globally, from 97 different countries.

Effect Network is currently the most used decentralized application (dApp) on the EOS mainnet. The network boasts of completing more than 7 million paid tasks since its inception. Some of its use cases involve big organisations like The United Nations (UN), Akon and Linus Tech Tips.

Why the Move From EOS?

The major issue that stood out for Effect Network was a concern about the future and viability of the EOS blockchain. Effect Network cites “unfulfilled promises to address the many issues that plague the EOS mainnet”. Another reason to move on seems to be the recent decision of the founder and CTO of EOS parent company Block.one, Dan Larimer, to leave the project “to pursue new personal projects”.

Binance Smart Chain Getting Lots of Attention

The network has partnered with top industry players like Chiliz, Chainlink, Gravity Network, ANKR Network, etc. Most of the partners are moving to BSC due to its comparatively lower transaction fees.

Chris Dawe spoke highly of the move to BSC. He also added that the platform’s culture of hard work, dedication, and vision is exceptional.

Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.

Chris Dawe, CEO of Effect Network

Chris Dawe also stated that Binance offers lots of support through Binance Labs and Binance_X initiatives.