Cashio, a Solana-based algorithmic stablecoin project, has been exploited for US$52.8 million in an “infinite mint glitch”. Following the attack, the project’s total locked value (TVL) dropped from over US$28 million to US$579,701, and the project’s stablecoin CASH took a nosedive from US$1 to zero.
Cashio developer oxGhostChain took to Twitter to warn people “not to mint any CASH” and added that the team “are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP”:
Please do not mint any CASH. There is an infinite mint glitch.
We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a postmortem ASAP.
The attack was initially believed to have only siphoned off US$28 million from Cashio’s protocol, but after investigations the results were bleak, as was the reaction on Twitter:
CASH price drop following the attack. Source: DeFi Llama
Anyone can mint tokens on the platform by depositing liquidity tokens for the two stablecoins USDC and USDT from the Saber platform. Thereafter, users can redeem the stablecoin for the underlying liquidity tokens.
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. Cosmos (ATOM)
Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
ATOM Price Analysis
At the time of writing, ATOM is ranked the 20th cryptocurrency globally and the current price is US$26.77. Let’s take a look at the chart below for price analysis:
ATOM has been consolidating in a range around May 2021’s high since Q3 2021.
February 2022 saw the start of a smaller range inside this larger range. Near the current price, $26.38 or $24.94 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run before late February’s rally.
Just above the current price, the 9, 18 and 40 EMAs might provide resistance near $27.86. This level saw consolidation before last week’s downward move.
A move back toward the local range highs could reach possible resistance near $33.06, where bears rejected February’s rally. This level is just above the 2022 yearly open and the March monthly open.
A more extended move by bulls might reach the larger range’s rejection area near $38.81. However, a move this far is less likely unless the overall market rallies.
Below the higher timeframe’s range, $17.55 to $14.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the June 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $17.25 and $15.96, and provides a reasonable stop run target under relatively equal lows at $20.18 and $21.40.
2. Elrond (EGLD)
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 37th cryptocurrency globally and the current price is US$143.35. Let’s take a look at the chart below for price analysis:
EGLD‘s 919% rally during the second half of 2021 reversed with many other coins in November, retracing nearly 80% by January.
Just above the current price and near the March open, $141.68 could provide resistance before a downward move. This level has confluence with the 18 EMA.
Bears might consider $170.94 as a higher probability resistance to hunt shorts for a longer swing downward. However, higher-timeframe charts suggest that the price could reach up to $205.45 at the top of an inefficiently traded area before any future bearish breakdowns.
Resistance might also rest near $254.44, above the 2022 yearly open. However, the price is less likely to reach this level unless the overall market starts a bullish swing.
The price is finding support between $133.00 and $94.38. This zone might continue to hold as investors accumulate for the snapshots beginning on Tuesday. Overlapping higher-timeframe levels from $118.44 to $107.81 could provide the most substantial support inside this area.
Significant swing lows and stops near $53.41 may be the bearish target if this support breaks. If the price reaches this level, a longer-term bottom might form in a higher-timeframe inefficiently traded area between $53.41 and $29.80.
3. Glitch (GLCH)
Glitch GLCH is a fast, interoperable, blockchain-agnostic protocol purpose-built for DeFi. Rather than aiming to be a jack-of-all use cases, GLITCH has a singular focus on decentralised financial applications and trustless money markets. GLITCH solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees through a unique revenue-sharing model. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.
GLCH Price Analysis
At the time of writing, GLCH is ranked the 630th cryptocurrency globally and the current price is US$0.3845. Let’s take a look at the chart below for price analysis:
GLCH‘s stunning 1,988% bullrun during the second half of 2021 retraced nearly 90% by January.
January’s low found support between $0.3332 and $0.2911, which could provide support again. However, while the market remains bearish, bulls might wait to see if the price reaches near July’s accumulation zone between $0.2239 and $0.1949.
Reaching this zone would run most bulls’ trailed stops. The higher end of this range, near $0.2239, may be more sensitive if bulls begin accumulating for another market cycle.
Just above the current price, $0.3772 could provide short-term resistance. The 9 and 18 EMAs frame this level at the low end of February’s consolidation.
A more substantial rally might reach possible resistance at the 40 EMA and March open, near $0.4437. If the overall market turns more bullish, this resistance may break as bulls look to take profits around $0.5560, near the 78.6% retracement of February’s downward swing.
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.
