Category: Harmony

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Avalanche Crypto News Harmony Market Analysis Trading VeChain

Top 3 Coins to Watch Today: ONE, AVAX, VET – August 5 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. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 118th cryptocurrency globally and the current price is US$0.02215. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE bulls have had to endure a 80% drop since early Q2 until the price set a low and began a range in June.

Currently, the price is aggressively moving toward possible resistance, beginning near $0.02851. Stops above the swing high at $0.03215 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 77.6% retracement level of a recent significant bearish swing.

If the price continues through this high, it could be reaching for an inefficient area near $0.03542. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.03725 and $0.03938, which surrounds the yearly open.

If the price stays above the weekly low of $0.02035, this price could support a run above the $0.01965 swing high. Just below, at $0.01844, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.

A deeper retracement might retest the accumulation area between $0.01735 and $0.01670. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01450. This area overlaps the 47% extension of a recent significant bearish swing.

2. Avalanche (AVAX)

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

AVAX Price Analysis

At the time of writing, AVAX is ranked the 14th cryptocurrency globally and the current price is US$23.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains in Q2 ended with an almost 78% retracement as the rest of the altcoin market dropped after May. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $26.30.

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

Near the 40 EMA, a broad zone from $20.35 to $19.00 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $18.10, and potentially lower to a higher-timeframe support zone between $16.60 and $15.32.

If the higher-timeframe recovery trend resumes and the current resistance near $30.64 breaks, the wicks near $34.14 and the new monthly highs may see profit-taking.

3. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 34th cryptocurrency globally and the current price is US$0.02903. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 50% move during late March ran into resistance near $0.08450, at the 35% extension of the Q1 swing.

An old high and the 18 EMA have provided support near $0.02383 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.

Just below, near $0.02143, the 50.8% retracement of the current Q1 swing might also mark an area of support. 

If the market turns bearish, $0.02032 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.03348, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03728. Above, old consolidations near $0.04025 and $0.04472 may also provide some resistance before another round of price discovery.

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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Blockchain Hackers Harmony

Harmony Community Outraged by Proposal to Repay Victims of $100 Million Hack

Members of the Harmony (ONE) community have reacted angrily to a proposal from the Harmony team to reimburse victims of last month’s Horizon bridge hack in which almost US$100 million of users’ assets were stolen:

The proposed plan would see victims recompensed not from treasury funds but through the minting of billions of new ONE tokens, requiring a hard fork of the blockchain and potentially resulting in further devaluing of the token and more losses for holders.

Harmony Team Offers Two Reimbursement Options

The reimbursement proposal from the Harmony team gives community members two options, the primary difference between them being how many new tokens will need to be minted. ONE holders will have the opportunity to vote on the option they prefer, which will then be implemented by the Harmony team.

The Harmony team claims that issuing new tokens is the best way to compensate victims, explaining that paying compensation directly from the project’s treasury could endanger its very survival:

We decided against using the foundation treasury in the interest of the longevity and wellbeing of the project, as reimbursing from the treasury would greatly hinder the foundation’s ability to support the growth of Harmony and its ecosystem.

Harmony team

Under the first option, victims of the hack will be compensated for 100 percent of their losses, requiring the minting of 4.97 billion new ONE tokens. The second option is reimbursement of only 50 percent of victims’ losses, requiring the minting of 2.48 billion new tokens.

Both options would take three years to complete, with victims required to claim 1/36th of their share of tokens each month over that period. The Harmony team says a slow drip feed of tokens to victims would “prevent market disruptions from a sudden increase in supply of ONE tokens”.

Harmony’s current total token supply is 13.1 billion, meaning that by the end of the reimbursement scheme its supply will have inflated by between 19 and 38 percent.

Community Not Impressed

Unsurprisingly, the Harmony community is generally unimpressed with this proposal. Most holders are concerned about the massive inflation of supply and the effect this will have on the value of their investment:

Holders’ concerns are likely justified – for the price of ONE to grow during the three years of the proposed reimbursement scheme, it would have to overcome the injection of an additional 69 million or 138 million tokens (depending on the option) each and every month.

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Crypto News Harmony Market Analysis SKALE Network Trading Zcash

Top 3 Coins to Watch Today: SKL, ONE, ZEC – July 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. SKALE Network (SKL)

Skale SKL is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralised project aims to reduce latency and ensure that payments can be made as cheaply as possible. SKALE Network is geared towards improving both the security and decentralisation of Ethereum-based apps. Token holders on the SKALE Network are incentivised and earn rewards by helping to improve the scalability and security of the platform by serving as validators.

SKL Price Analysis

At the time of writing, SKL is ranked the 150th cryptocurrency globally and the current price is US$0.05101. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since the beginning of Q2, SKL has been in a gentle downtrend. The future likely holds more stop runs and erratic volatility until the chart forms more substantial high-timeframe levels.

A retracement might uncover support near $0.05020, which is the daily high of the last swing low. The high of the wick beginning near $0.04671 may also provide support. However, bulls will likely remain wary of the current downtrend, making the low at $0.04130 the likely next bearish target.

Just above, the daily gap beginning near $0.05788 may provide resistance to bulls, possibly marking a future range high. A push through this level is likely to target the swing high near $0.06293 – perhaps running to probable resistance near $0.06544. Strength above this level might signal the start of a bullish trend, encouraging bulls to “buy the dip”.

2. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 108th cryptocurrency globally and the current price is US$0.02152. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE bulls have had to endure a 85% drop since early Q2 until the price set a low and began a range in June.

Currently, the price is aggressively moving toward possible resistance, beginning near $0.02951. Stops above the swing high at $0.03325 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.

If the price continues through this high, it could be reaching for an inefficient area near $0.03742. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.03975 and $0.04038, which surrounds the yearly open.

If the price stays above the weekly low of $0.02095, this price could support a run above the $0.01935 swing high. Just below, at $0.01854, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.

A deeper retracement might retest the accumulation area between $0.01725 and $0.01680. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01480. This area overlaps the 47% extension of a recent significant bearish swing.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain but, unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 52nd cryptocurrency globally and the current price is US$60.44. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC‘s recent bearish flip of the 9, 18 and 40 EMAs may cause bulls to be less aggressive in bidding. However, possible support near $52.47 and $44.96 – between the 41.8% and 58.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near $83.23 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $75.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $88.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $97.32 may provide a ceiling for this impulse.

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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Blockchain Ethereum Hackers Harmony

Harmony Protocol’s Multi-Sig Wallet Compromised in $100 Million Heist

The Harmony blockchain’s Horizon cross-chain bridge has been hacked, resulting in the theft of  approximately US$100 million worth of assets.

The Harmony team says it has identified the hacker’s wallet and is now working closely with security partners, forensic specialists and law enforcement to recover the lost assets.

During the attack – which occurred on the morning of June 23, US time – the hacker was able to steal a variety of assets including BUSD, USDC, ETH and wBTC, which have all since been swapped for ETH and remain in the hacker’s accounts on the Ethereum blockchain.

Hack Exploited Multi-Sig Wallet

According to Harmony founder and CEO Stephen Tse, the hack on Horizon bridge wasn’t due to vulnerabilities in the smart contract code. In a statement released in the days following the attack, Tse said the attacker somehow compromised several of the private keys used to sign transactions on the multi-signature wallet that controls the assets stored in the bridge:

The incident response team has found no evidence in any breaches of our smart contract codes nor vulnerabilities on the Horizon platform. Our consensus layer of the Harmony blockchain remains secure.

Stephen Tse, founder and CEO, Harmony

Tse added: “Our incident response team has discovered evidence that private keys were compromised, leading to the breach of the Horizon bridge. Funds were stolen on the Ethereum side of the bridge. The private keys were encrypted and stored by Harmony, with the keys doubly encrypted via passphrase and a key management service, and no single machine had access to multiple plaintext keys.” 

Before this hack, the multi-sig wallet controlling assets in the Horizon bridge required only two of four private keys to sign a transaction, making it highly vulnerable to attack. Since the attack, Tse has tweeted saying that the multi-sig wallet has been hardened to require four of five private keys to sign any transactions:

Harmony Offers Reward, Won’t Pursue Legal Action

In the aftermath of the hack, the Harmony team tweeted an offer of a US$1 million bounty for the return of the stolen funds and said it would advocate for no criminal charges if and when the funds are returned:

This is a relatively common tactic used by crypto projects to incentivise hackers to return lost assets, and while it sometimes works it’s not a widely supported tactic as it is seen by some as rewarding criminal behaviour:

Cross-Chain Bridges Vulnerable

Cross-chain bridges like Horizon provide interoperability between various blockchains, allowing users to swap tokens between the chains and easily take advantage of different applications and services on various chains, however they aren’t without risk.

One of the primary risks of cross-chain bridges is that their assets are often held in highly centralised multi-sig wallets controlled by a small number of individuals. This centralisation of enormous quantities of crypto assets makes them very attractive targets for hackers. Already this year, several cross-chain bridges – including Axie Infinity’s Ronin bridge and Solana’s Wormhole bridge – have been hacked for a combined total of close to US$1 billion.

Despite this recent spate of hacks on cross-chain bridges, DeFi remains by far the crypto sector most vulnerable to exploits. A recent report from blockchain analytics firm Chainalysis found that since the start of 2020, 97 percent of crypto hacks have targeted DeFi applications. Just weeks ago, the decentralised exchange Osmosis was forced offline after a US$5 million hack was identified by a Reddit user.

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Crypto News Harmony Horizen Market Analysis SushiSwap Trading

Top 3 Coins to Watch Today: ZEN, SUSHI, ONE – June 22 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. Horizen (ZEN)

Horizen ZEN is an interoperable blockchain system, supported by a decentralised node infrastructure. Its sidechain platform focuses on scalable data privacy, and as such enables businesses as well as developers to build private or public blockchains using the unique sidechain technology known as Zendoo. Horizen claims to be completely decentralised, fully customisable with privacy features, and supports low costs associated with building blockchains with configurable revenue models and an unlimited number of tokens and digital assets.

ZEN Price Analysis

At the time of writing, ZEN is ranked the 135th cryptocurrency globally and the current price is US$14.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEN saw an energetic run during Q1, climbing approximately 75% before cooling off into resistance beginning near $31.85 pinned down last month’s attempt to rally, which is likely to retest possible support near $16.14.

A deeper marketwide retracement could take out the relatively equal lows below the weekly open and support near $14.23. This move may offer entries near probable support between $13.47 and $11.78.

However, more bullish market conditions may prompt a rally to the relatively equal highs near $17.67 into resistance beginning at $21.46. If the price reaches this level, the last high at $24.58 gives the next likely target before price discovery begins.

2. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 145th cryptocurrency globally and the current price is US$1.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 80% from its Q1 highs, SUSHI set a low near $0.9210 as it formed its current range.

Last week, the price swept highs near $1.37, which now also marks the previous monthly high. Relatively equal daily highs near $1.43 provide a reasonable target, although resistance beginning near $1.55 could cap the move. A break of this resistance is likely to target the swing high near $1.64 into higher-timeframe resistance beginning near $1.72.

The current area near $1.20 could provide support, although bulls may be more likely to buy around the price fractal near $1.14 if a retracement reaches this level. A break of this area could continue down to sweep the low near $1.00 into possible support beginning near $0.8702.

3. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 89th cryptocurrency globally and the current price is US$0.02878. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE bulls have had to endure a 79% drop since early Q2 until the price set a low and began a range in June.

Currently, the price is aggressively moving toward possible resistance, beginning near $0.03621. Stops above the swing high at $0.04135 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.

If the price continues through this high, it could be reaching for an inefficient area near $0.04472. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.04875 and $0.05038, which surrounds the yearly open.

If the price stays above Monday’s low of $0.02695, this price could support a run above the $0.02935 swing high. Just below, at $0.02554, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.

A deeper retracement might retest the accumulation area between $0.02425 and $0.02280. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.01980. This area overlaps the 37% extension of a recent significant bearish swing.

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 EOS Harmony Market Analysis Trading WAX

Top 3 Coins to Watch Today: EOS, ONE, WAX – March 29 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 49th cryptocurrency globally and the current price is US$2.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

Early September began a bearish trend for EOS, which dropped 71% before setting a low near $1.86 in late February.

After a several-week accumulation and running stops below the December 2021 swing low, mid-March began a bullish rally that climbed 58% by March 28, reaching the 2022 yearly open.

The old 2021 lows, near $3.27, could mark a resistance area. If this is the start of a larger bullish market cycle, bulls might take their next profits near $4.31 – an inefficient area near November’s breakdown. Another potential resistance is near $5.06, which saw multiple rejections during distribution before November’s breakdown.

An area of old consolidation from $2.95 to $2.57 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 $2.34, 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 $1.70 and $1.21. This region, especially under $1.42, was inefficiently traded and has not been revisited since 2018.

2. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 59th cryptocurrency globally and the current price is US$0.1688. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE bulls have had to endure a 71% drop since early January until the price set a low and began a range in late February.

Currently, the price is aggressively moving toward possible resistance, beginning near $0.1711. Stops above the swing high at $0.1735 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.

If the price continues through this high, it could be reaching for an inefficient area near $0.1972. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.2275 and $0.2538, which surrounds the 2022 yearly open.

If the price stays above Monday’s low of $0.1595, this price could support a run above the $0.1735 swing high. Just below, at $0.1554, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.

A deeper retracement might retest the accumulation area between $0.1425 and $0.1280. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.0980. This area overlaps the 27% extension of a recent significant bearish swing.

3. Wax (WAXP)

WAXP is a purpose-built blockchain, released in 2017, that is designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS. The custom features and the incentive mechanisms developed by WAX are intended to optimise the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.

WAX Price Analysis

At the time of writing, WAX is ranked the 114th cryptocurrency globally and the current price is US$0.3528. Let’s take a look at the chart below for price analysis:

Source: TradingView

WAX finished its 76% retracement from November’s euphoric high to January’s low as it found support between $0.2712 and $0.2417.

This level could provide support again, although bulls anticipating continuation might watch for closer setups in possible support between $0.3403 and $0.2960. This region marks the high of an accumulation range on higher timeframes, and its low end contains the added confluence of the 9, 18 and 40 EMAs and the March open.

The swing high and small inefficiently traded area near $0.3834 could be the first target of this rally. Continuation through this level might reach resistance near the low of the late December consolidation range and 2022 yearly open, near $0.4230. A more sustained rally will likely run for the relatively equal highs around $0.5268.

If the bearish trend resumes, bears may take profits – although the price could continue lower – between $0.2188 and $0.1723. This level is below multiple old swing lows, an appealing target for bears, and contains the last accumulation area before August’s explosive rally to new all-time highs.

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 CUDOS Filecoin Harmony Market Analysis Trading

Top 3 Coins to Watch Today: FIL, ONE, CUDOS – February 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. 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 44th cryptocurrency globally and the current price is US$20.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

FIL has retraced nearly 93% since its April 2021 high, with little higher-timeframe support below the current price.

After rejecting resistance at $26.21, the price is crossing below the February open. This area near the February open, between $20.46 and $20.97, might form a new resistance. 

A break through this level could reach near $21.88. A retest of possible higher-timeframe support near $19.23 could provide a bounce. However, if the price moves under $18.03 and retests it from below, higher timeframes show no remaining support below this region.

2. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 50th cryptocurrency globally and the current price is US$0.1855. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a strong rally during the second half of 2021, ONE has ranged between $0.16326 and $0.38000.

The price is currently testing possible support, near $0.18317, for the third time. This area has confluence with the 61.8% retracement level of 2021’s bull run and the February monthly open. While it could provide support again, multiple retests of a level often lead to it breaking.

If this level breaks, $0.14879 might offer the next substantial support. This level supported the price during December 4’s crash and is approximately halfway between the 61.8% and 78.6% retracement levels of 2021’s bull run.

A more significant breakdown could reach between $0.11481 to $0.08465 – particularly near $0.09797 – and possibly mark a longer-term bottom. These levels are just below the 78.6% retracement level where the price accumulated for 2021’s bull run.

Just above the current price, the 18 EMA and an inefficiently traded area near $0.1970 may offer resistance. A break through this level could reach $0.2407, above the last significant swing high and the 2021 open. 

If market conditions turn much more bullish, higher timeframes suggest that bulls might take significant profits near $0.2910, which marks an old area of rejection.

3. Cudos (CUDOS)

CUDOS powers a decentralised computing network that will interoperate with multiple blockchain ecosystems to provide the following benefits: Trusted layer 1 validator network built on the Tendermint protocol – Wasm compatibility, for smart contracts to be deployed on CUDOS using next-generation languages so long as they compile to WebAssembly, ie, Golang, Rust, Java, etc; cross-chain or horizontal interoperability; the network’s Inter Blockchain Communication (IBC) integration, allowing Cudos Network smart contracts to interface with multiple networks; and 10x lower transaction and gas costs compared to those on PoW networks.

CUDOS Price Analysis

At the time of writing, CUDOS is ranked the 418th cryptocurrency globally and the current price is US$0.03007. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since May, CUDOS ranged between approximately $0.04444 and $0.02320, with a 158% surge from the range lows between mid-October and mid-November.

The price retraced the Q4 breakout into possible support just under the 78.6% retracement, near $0.02407. The higher-timeframe chart suggests that this area and down to $0.01815 could offer support again.

At the 78.6% retracement and just above the February monthly open, $0.02785 offers closer possible support.

Just above the current price, overlaps on multiple timeframes suggest that $0.03201 may create strong resistance. However, the price could move as high as $0.038220 if this closer resistance gives way.

The price is currently entering an area of congested historical price action between $0.03335 and $0.02829. This zone is between the 61.8% and 78.6% retracement levels, which often mark an accumulation area. These factors, and the confluence with the 9, 18 and 40 EMAs, support the idea that price may consolidate in this region.

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