Category: Fantom

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Crypto News Fantom Litecoin Market Analysis The Sandbox Trading

Top 3 Coins to Watch Today: LTC, FTM, SAND – August 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. Litecoin (LTC)

Litecoin LTC is a cryptocurrency 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 22nd cryptocurrency globally and the current price is US$62.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last month, LTC kicked off a with recovery trend to break the weekly highs. The following 70% plummet found support near $44.36, sweeping under the 40 EMA into the 65.8% retracement level before bouncing to resistance beginning at $65.73.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $69.12, where aggressive bulls might begin bidding. The level near $76.18, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $82.13. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $56.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $48.65 may also give support and see the start of a new bullish cycle after retesting these support levels.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 53rd cryptocurrency globally and the current price is US$0.4118. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.5067, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.3865. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.3574 to $0.3320 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.3070, may mark an area of possible support as well as a bearish target.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 37th cryptocurrency globally and the current price is US$1.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive gains during Q1 halted at $3.00 before retracing 85% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $1.40 – an area that could provide resistance again. If this swing high breaks, the price may find resistance near $1.58. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $1.28 and $1.24 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $1.10.

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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Algorand Crypto News Fantom Market Analysis Trading Tranchess

Top 3 Coins to Watch Today: CHESS, ALGO, FTM – July 15 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. Tranchess (CHESS)

Tranchess CHESS is a yield-enhancing asset tracker with varied risk-return solutions. Tranchess provides a different risk/return matrix out of a single main fund that tracks a specific underlying asset. The name Tranchess was inspired by the game of chess, as well as the French word “Tranche”, which is often associated with tranche funds that cater to a different class of investors with varying risk appetite. Tranchess was launched on June 24, 2021. The project leverages on smart contracts, making it transparent and automated across processes.

CHESS Price Analysis

At the time of writing, CHESS is ranked the 548th cryptocurrency globally and the current price is US$0.2954. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHESS dropped 85% from its early April swing high before beginning a consolidation range in mid-May.

Most trading occurred between the June monthly open and $0.2650. Here, relatively equal lows have formed under the oldest historical low, around $0.3570.

These lows might serve as a magnet for a stop run reaching near the last swing low, between $0.2162 and $0.2270. A continued move down could run more bulls’ stops below May’s low at $0.1840.

No historical price action exists under May’s low to pinpoint possible support. Round numbers suggest that $0.1535 could offer some support on an initial stop run under May’s low. 

Below this level, the 50% and 100% extensions (projected from two swings in the current range) overlap near $0.09240. This confluence could offer a weak hint at another possible support. Bulls should be highly cautious given the bearish chart and market conditions.

2. Algorand (ALGO)

The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.

ALGO Price Analysis

At the time of writing, ALGO is ranked the 28th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:

Source: TradingView

After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.4522.

Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $0.5312 might look for bids near $0.5736. More significant resistance rests above, near $0.6125. A group of significant swing highs at $0.6510 and $.6718 give possible targets if this resistance breaks.

A stop run on the recent low at $0.3033 into possible support beginning near $0.2630 might see stronger bidding. This area also has a confluence with the recent monthly lows.

3. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 63rd cryptocurrency globally and the current price is US$0.2499. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4167, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.2165. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.1854 to $0.1723 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.1470, may mark an area of possible support as well as a bearish 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.

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Crypto News Fantom Market Analysis Polygon The Sandbox Trading

Top 3 Coins to Watch Today: MATIC, FTM, SAND – June 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. 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 20th cryptocurrency globally and the current price is US$0.3749. 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 $0.3520, 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 $0.3639, near the 65.8% retracement and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $0.3320, and still find support.

Currently, the price is contesting a region between $0.3039 and $0.3135. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $0.4631, while $0.5470 is also likely to be sensitive with the nearest support and resistance this close together.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 64th cryptocurrency globally and the current price is US$0.2189. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q2 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $0.4267, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.2061. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.1834 to $0.1730 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of August 2021’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.1530, may mark an area of possible support as well as a bearish target.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 42nd cryptocurrency globally and the current price is US$0.8427. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND‘s impressive gains during Q1 halted at $2.38 before retracing 80% of the move. This price action created several areas of possible higher-timeframe resistance in the process.

The price found resistance on its last swing upward near $1.15 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $1.26. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.

The fast move up left little higher-timeframe support. However, a vast zone between $0.8890 and $0.8146 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.

Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $0.7055.

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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Cardano Crypto News Fantom Market Analysis Tezos Trading

Top 3 Coins to Watch Today: ADA, FTM, XTZ – May 25 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 8th cryptocurrency globally and the current price is US$0.5086. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop after Q1 found a low near $0.4635 during mid-May before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.6015. A sustained bullish move may target the swing high at $0.6422. If this stop run occurs, a run beyond the high into probable resistance near $0.7110 and $0.7519 is possible.

Bulls could buy a retracement to possible support near $0.4845, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.4425. 

However, relatively equal lows near $0.4157 and $0.4022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.3847 and $0.3752.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 50th cryptocurrency globally and the current price is US$0.4108. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.62, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.4011. This level also has confluence with the 80.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.3834 to $0.3530 might mark a possible swing low or consolidation area. This zone is between the 65.8% and 78.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.3230, might mark an area of possible support as well as a bearish target.

3. 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 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 37th cryptocurrency globally and the current price is US$2.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 70% drop since late March saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.

The level near $2.50 is providing some resistance. However, continuation through the monthly high at $2.32 is not out of the question. Aggressive bulls might bid in the current region near $2.00. 

If the price runs the recent swing low, bulls might bid in the gap near $1.92. A deeper retracement could reach near the early monthly level and a gap near $1.86. The region near $1.80 and $1.73 may also provide some support during a deeper retracement.

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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DeFi Fantom Markets Stablecoins

Fantom Stablecoin ‘DEI’ Loses Dollar Peg, Sinking 35%

Following on from the collapse of TerraUSD (UST), the Fantom-based algorithmic stablecoin DEI has also lost its dollar peg, plummeting 35 percent in value to reach an all-time low of US$0.54 on May 16.

Like many algorithmic stablecoins, DEI became unstable after DeFi market confidence was rocked by the UST debacle, dropping to US$0.97 on May 15 before suddenly falling dramatically the next day. At the time of writing, DEI was trading at US$0.62:

If we take a look at the chart, it clearly shows the peg sinking into the red:

DEI/USD Chart, Source: Coinmarketcap.com

What is DEI?

DEI is an algorithmic stablecoin on the Fantom blockchain created by DeFi project DEUS Finance. It’s the unit of account for all projects built on DEUS infrastructure. 

In many ways DEI is similar to UST, the primary difference between them being that DEI is collateralised – meaning that users can mint 1 DEI by depositing US$1 of collateral in the form of either USD Coin (USDC), Fantom (FTM), Dai (DAI), wrapped Bitcoin (WBTC) or DEUS (the DEUS Finance governance token).

DEI attempts to maintain its peg much like UST by using an algorithm that incentivises arbitrage trading to maintain a stable value.

What Triggered the Crash?

The proximate cause of DEI’s decline was the loss of confidence in algorithmic stablecoins caused by the sudden collapse of LUNA and UST, though there were other factors that made DEI especially vulnerable.

The DEUS Finance ecosystem had suffered two flash loan attacks in the past two months, losing over US$30 million. In addition, the DEUS governance token has plummeted in value over the past six weeks, falling from its all-time high of US$1062.41 on April 2 to just US$218.80 at the time of writing. 

These issues have caused the collateral ratio of DEI to drop to only 43 percent, according to DEUS Finance, which means there isn’t enough capital backing the coin for users to make redemptions against their DEI, further undermining confidence.

DEUS Finance Doesn’t Want to See DEI Die

To try to avoid complete collapse, DEUS Finance has suspended redemptions of DEI in an attempt to stabilise its price. It has also announced a treasury bond program to attempt to raise funds to increase DEI’s collateral ratio and restore confidence:

Despite these efforts, some community members took to Twitter to voice their concerns that DEI may go the way of UST:

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Crypto News Fantom Internet Computer Market Analysis NEAR Protocol Trading

Top 3 Coins to Watch Today: FTM, ICP, NEAR – May 2 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. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 50th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce during Q1 ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.60, possibly forming the next bullish leg’s target.

Currently, the price is testing possible support near the weekly open, around $0.6911. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.6534 to $0.6230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early August’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.5930, might mark an area of possible support as well as a bearish target.

2. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 37th cryptocurrency globally and the current price is US$13.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q1, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $20.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $23.12.

Even if the bearish trend continues, a stop run at the recent swing low near $13.01 into possible support beginning near $12.75 is reasonable. If the price reaches further down, the swing low and possible support near $12.13 might provide another downside target. 

The area near $11.95 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $11.40 into possible support beginning around $10.88.

3. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 19th cryptocurrency globally and the current price is US$11.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

After its uptrend during Q1, NEAR has retraced 45% from its highs to support at the retracement of around $10.15.

The price shifted market structure to run to the consolidation lows near $12.11, just under the monthly open. A continued bearish trend in the market may create support just below, between $11.84 and $11.25.  

On the other hand, if the current resistance breaks, the price might find resistance near $17.98, whereas mid-January buyers may still be trapped in longs.

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 EOS Fantom Market Analysis Origin Protocol Trading

Top 3 Coins to Watch Today: EOS, FTM, OGN – April 18 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 47th cryptocurrency globally and the current price is US$2.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

Q1 began a bearish trend for EOS, which dropped 70% before setting a low near $1.90 in early March.

After a several-week accumulation and running stops below the December 2021 swing low, late March began a bullish rally that climbed 38% by March 29, reaching the 2022 yearly open.

The old 2021 lows, near $3.20, could mark a resistance area. If this is the start of a larger bullish market cycle, bulls might take their next profits near $3.81 – an inefficient area near November’s breakdown. Another potential resistance is near $4.26, which saw multiple rejections during distribution before November’s breakdown.

An area of old consolidation from $2.75 to $2.97 could provide the next bullish setup before any continuation upward. This area contains the last swing high before late February’s stop run. A drop just below, near $2.30, is also reasonable. This level is near the March monthly open and 40 EMA.

If the bearish trend resumes, bulls might find the next higher-timeframe support between $2.10 and $1.90. This region, especially under $1.72, was inefficiently traded and has not been revisited since 2019.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 42nd cryptocurrency globally and the current price is US$1.16. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce since March ran into resistance near the old monthly highs. This rejection created a set of relatively equal highs near $1.65, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $1.92.

Currently, the price is testing possible support near the weekly open, around $1.07. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.9749 to $0.9130 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early December’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.8730, might mark an area of possible support as well as a bearish target.

3. Origin Protocol (OGN)

Origin Protocol OGN is a network that allows market participants to share goods and services through peer-to-peer (P2P) networks. The platform aims to create an extensive online marketplace leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS) in order to eliminate the need for middlemen.

OGN Price Analysis

At the time of writing, OGN is ranked the 190th cryptocurrency globally and the current price is US$0.6253. Let’s take a look at the chart below for price analysis:

Source: TradingView

OGN climbed just over 40% from March’s monthly open as it positioned itself to challenge two old swing highs.

The region between $0.4668 and $0.5447 has provided support for the past few days, making it a reasonable place for aggressive traders to take smaller-size positions. However, a better risk-reward entry might form at support between $0.4344 and $0.4372.

If the resistance between $0.7517 and $0.8130 breaks, the next resistance is between $0.8641 and the December swing high at $0.9568, which marks the first primary target for this trend.

Beyond this first target, traders could target a swing high from last year at $1.08, and possibly up to resistance between $1.15 and $1.22.

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 DeFi Fantom Hackers Tornado Cash

DeFi Platform ‘Deus Finance’ Exploited for $3 Million

Fantom-based DEUS Finance has suffered a flash loan exploit when hackers made off with an estimated US$3 million and washed it through Tornado Cash. Luckily, affected DEI holders will be reimbursed.

Hackers Use Flash Loan Attack

According to a tweet from blockchain security firm PeckShield, hackers used a flash loan attack to destabilise the DEI, the other token issued by DEUS Finance:

Hackers set the flash loan to target the price oracle responsible for the price of DEI, making it think the DEI had collapsed. This resulted in a loss of all funds that were held in the DEI/USDC liquidity pool.

An estimated US$3 million was stolen and exchanged for 200,000 DAI and 1101.8 ETH, and moved via the Multichain cross-chain router protocol (CRP). The hacker moved the funds to Tornado Cash, a privacy-centric swapping tool, to help make the funds disappear (or at least make them much harder to track).

Deus Finance admitted the flaw in its lending process and stated that its $DEI lending contract had been closed. The DEUS token fell nearly 40 per cent following reports of the hack, but it seemed to have recovered somewhat by the time of writing.

Community to be Fully Recompensed

According to the postmortem on its official medium, Deus Protocol CEO Lafayette Tabor reassured users they would be completely reimbursed:

To make things clear: NO USER FUNDS are LOST. We will make everyone whole again – anyone affected by the exploit will be reimbursed completely. This means that the sAMM inside the borrowing contract will be replenished and the balances of users that got affected will be restored to the value they had prior to the exploit.

Lafayette Tabor, CEO, Deus Protocol

After also taking to Twitter to inform the community about the reimbursement plan, Tabor stated that the developers would create a new contract where affected users would be able to repay their loans:

DEUS community members were elated to hear about the reimbursement scheme, since it’s very rare for compromised protocols to recompense their community.

This attack comes little more than a month after Polygon DeFi protocol QiDao was exploited for US$13 million. And in January, Algorand-based DeFi trading platform Tinyman was hacked and drained of roughly US$3 million.

Categories
Crypto News Fantom Market Analysis The Graph Trading Waves

Top 3 Coins to Watch Today: WAVES, FTM, GRT – March 17 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. 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 40th cryptocurrency globally and the current price is US$27.94. Let’s take a look at the chart below for price analysis:

Source: TradingView

During the last week’s high, WAVES‘ slight 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 $25.88 and $22.35 – between the 31.8% and 40.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $33.45 and $35.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $29.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $31.42, the start of the bearish move.

2. Fantom (FTM)

Fantom FTM is a directed acyclic graph (DAG) smart contract platform providing decentralised finance (DeFi) services to developers using its own bespoke consensus algorithm. Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms – specifically transaction speed, which developers say they have reduced to under two seconds.

FTM Price Analysis

At the time of writing, FTM is ranked the 44th cryptocurrency globally and the current price is US$1.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

FTM‘s bounce since January ran into resistance near the old all-time highs. This rejection created a set of relatively equal highs near $3.25, possibly forming the next bullish leg’s target. Until then, the price will likely encounter resistance near $1.90.

Currently, the price is testing possible support near the weekly open, around $1.08. This level also has confluence with the 78.6% retracement of the current local range and the 18 and 40 EMAs. 

If this level fails to provide support, a zone from $0.9849 to $0.9230 might mark a possible swing low or consolidation area. This zone is between the 61.8% and 75.6% retracement of early December’s swing.

A more bearish tone in the market could propel the price lower. The lows, near $0.8837, might mark an area of possible support as well as a bearish target.

3. The Graph (GRT)

The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.

GRT Price Analysis

At the time of writing, GRT is ranked the 49th cryptocurrency globally and the current price is US$0.4388. Let’s take a look at the chart below for price analysis:

Source: TradingView

GRT‘s 80% retracement in Q1 set a low near $0.3147 during its consolidation that began in early March.

Relatively equal highs near $0.5244 could be the current target if the price breaks through resistance beginning near $0.5958. Bullish continuation might reach through the next significant swing high near $0.6138 into the daily gap near $0.6612.

If bullish strength continues, the zones just below the previous monthly highs near $0.7043 and $0.7412 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $0.4036 into possible support near $0.3782. If this down move occurs, the swing low near $0.3342 and possible support near $0.3016 may be the primary objective.

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 DeFi Fantom yearn.finance

Dozens of Tokens Crumble as DeFi ‘Godfather’ Calls it Quits

Dozens of popular tokens have plunged after Andre Cronje, a prominent DeFi (decentralised finance) developer, decided to stop contributing to the sector, as per a March 6 announcement from his colleague Anton Nell.

Nell shared the news via his personal Twitter saying both he and Cronje were “closing the chapter” of contributing to the DeFi space:

Most of the tokens that crashed in price were associated with the collaboration of Nell and Cronje across DeFi protocols and DApps (decentralised applications).

Fantom (FTM) plunged 17.5 percent, while Yearn.finance (YFI) fell 13 percent and the tokens from Solidly (SOLID), an Automated Market Maker (AMM) that only launched a week ago, went down as much as 75 percent.

DeFi Godfather ‘Closes the Chapter’ in Crypto

Neither Nell nor Cronje gave a specific reason for their departure from the DeFi sector. Nell said only that: “This is not a knee-jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now.”

Cronje did provide some hints ahead of his departure. Last week he deleted his Twitter and updated his LinkedIn account to reflect he was longer working at Fantom.

Most users reacted in anger to the duo’s departure and some were pointing fingers at a possible rug. However, The DeFi Edge, a popular member within the crypto Twitter community, defended Cronje’s position by guessing he was “fed up” with the DeFi space – especially after the reception of the SOLID protocol, which he was reportedly left alone to work on, handling the PR, marketing, and the project’s community.

Hundreds of users were spreading FUD about the future of the projects related to Cronje, such as his brainchild Yearn.finance, claiming the project is now “dead”, but they failed to realise he hasn’t worked in the protocol for over a year now and that it has a large team of contributors and developers that backs it up.

The Fantom Foundation said on Twitter that Cronje’s departure doesn’t mean the end of the project, as it was never a one-man team – rather, it has hundreds of developers and contributors building on Fantom.