A board displaying stock prices is seen at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray
Over the weekend, Australia’s leading share market index S&P/ASX 200 saw a notable increase in price. Interestingly, the gains in ASX coincides with Anzac Day public holiday. This raises some questions on whether the increase in the Aussie market was related to the nation’s remembrance day.
Meanwhile, the leading cryptocurrency Bitcoin (BTC) declined within the week, while the S&P/ASX 200 gained.
Anzac-ASX Market Move
The 25th of April is the Australian and New Zealand Army Corps (ANZAC) Day, dedicated to commemorate the soldiers “who served and died in all wars, conflicts, and peacekeeping operations”, especially those in the Gallipoli Campaign during World War I.
It seems Aussie traders and investors got optimistic about Anzac Day as S&P/ASX 200 increased by almost one percent in two days leading up to the remembrance day.
Within the same period, Bitcoin declined by over three percent from $51,739 USD on Friday to $50,052 USD on Sunday.
Bitcoin price chart. Source: Coinmarketcap
ASX Drops 0.2% on Monday
On Monday though, the Australian share market lost some points. The ASX/S&P 200 dropped by about 0.2 percent of its opening value. The market closed at 7045.6 points, according to data from Market Index. The drop may be attributed to the fact that there was a low trading volume on the market.
ASX 200 chart. Source: Market Index
Bitcoin, however, gained some points on Monday. At the time of writing, it was trading at $53,772 USD on CoinMarketCap, which represents about an 8.11 percent increase over the past 24 hours. Bitcoin maintains a market capitalization above $1 trillion USD.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. ICON (ICX)
ICON is a decentralized blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON.
ICX Price Analysis
At the time of writing, ICX is ranked 79th cryptocurrency globally and the current price is $2.73 AUD. Let’s take a look at the chart below for price analysis.
During the weekend it swung around $2.4150 AUD as it tested support near $2.1201 AUD.
Aggressive traders expecting expansion to the upside could look for entries near possible support around $2.2762 AUD. Bids near $2.1201 AUD may be able to capitalize on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near $1.9500 AUD.
In the short term, $2.9426 AUD may provide some resistance. The swing high near $3.2700 AUD looks like a first target, with the area just above up to $3.5500 AUD possibly creating resistance.
A break out of this zone would make the March high at $3.6170 AUD a more likely target, with further expansion possibly reaching near $5.3226 AUD.
2. IOTA (MIOTA)
IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, it relies on a technology known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA Price Analysis
At the time of writing, IOTA is ranked 24th cryptocurrency globally and the current price is $2.68 AUD. Let’s take a look at the chart below for price analysis.
The weekend’s 31% drop was immediately bought up and closed the day bullish, suggesting strength for IOTA bulls.
Aggressive traders could look for support near $2.4215 AUD. Levels near $2.2970 AUD, $2.1851 AUD, and $1.9773 AUD also provide areas for bids during a retracement.
Little resistance rests overhead, but the area between $2.8593 AUD and the swing high at $2.9773 AUD may cap an initial move upward. Extensions seem to indicate $3.2283 AUD and $3.8425 AUD as take-profit zones.
3. WINK (WIN)
WINk is a gaming platform for users to play socialize and stake across multiple blockchain ecosystems that leverages the WIN token as the native digital asset within the platform. Through behavioural mining, innovative token economy design and other incentive mechanisms, WINk aims to build an ecosystem that provides a high-quality decentralized gaming experience. This would enable developers to build DApps that drive genuine adoption, engaging users to participate and contribute as active stakeholders in the platform.
WIN Price Analysis
At the time of writing, WINK is ranked 134th cryptocurrency globally and the current price is $0.0017 AUD. Let’s take a look at the chart below for price analysis.
An impressive 463% month for WIN has retraced over 56% as the price consolidates near the weekly gap beginning near $0.001701 AUD.
The equal lows at this weekly gap might see a stop run before any further move up. The area near $0.00109 AUD at the top of a daily gap could provide support.
The bottom of the gap seems a more likely support, ranging from approximately $0.0009664 AUD to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $0.0006308 AUD.
Impulses upward during retracement are possible, but the most substantial resistance seems just below the April swing high near $0.002971 AUD. This swing high provides a clear first target, with any targets beyond challenging to predict.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
The crypto market tanked over the weekend, losing over 300 billion USD in market capitalization, dropping to $1.9 trillion USD.
Bitcoin dropped below $70k AUD, and most altcoins also dropped in value. ETH was down -11%, falling to $2,900 AUD. Ripple’s XRP, which made significant gains over the last week, fell by -12%, while Binance’s BNB coin dropped by -10%.
China Mining Blackouts
At first, the reason behind the crash was attributed to massive blackouts in Northwest China, specifically, in the Xinjiang region, which affected the hash rate of several BTC mining pools. The hashrate dropped nearly 50%.
We just saw the single largest 1-day drop in mining hash rate since Nov 2017. The hash rate on the network essentially halved, causing mayhem in BTC price as it crashed. pic.twitter.com/zzdgDikjXt
Some others blamed the circulating rumours about the US Treasury charging financial institutions with money laundering, but there is no evidence to back this claim.
High Leveraged Liquidations
According to analyst Adam Cochran, the reason behind the crash can be attributed to a set of conditions that include ignorance of market-making combined with massive leveraged trading across exchanges like Binance.
1/22
So a lot of people think that the treasury rumor (which is painfully false) caused the crash.
While *maybe* it was a contributing factor, it certainly wasn't the cause.
My current working theory is that there could have been an exchange issue driving this.
The rumours, the power outage, combined with margin accounts trading with 100 – 150x leverage on several exchanges could have made the perfect receipt for disaster.
Binance Futures markets tanked the hardest. Exchanges with high leverages remained at lower prices, while Coinbase and other exchanges remained at average levels during the crash.
9/22
It was Binance that led the market in the dip, and specifically Binance futures.
We know this because the futures market is what tanked the hardest, fastest and furthest.
Margin accounts on Binance were building big positions using leverage up to 150x, but as price dips below certain points, some of these accounts were below maintenance limits, which liquidates them.
20/22
When you look at the usual suspects, Coinbase dips were in the average range, Kraken lacked the volume to cause a dip this big and FTX ran smooth as butter.
So that really leaves Binance, although I'm not sure we'd ever get clarity on the issue if one happened anyway.
When traders are liquidated, crypto is exchanged for Tether, which makes the crypto drop in price. Currently, the volume/market cap for Tether is 4.62, and Tether went up 1.05 USD after the crash.
This triggers other accounts to sell their positions, creating a toxic cycle that ends in the liquidation of most retailers. Over 1 million positions were liquidated, while the largest liquidation was $68 million on Binance.
13/22
That $63M position getting liquidated is what put the market in major jeopardy, but by that time there was already degraded performance issues connecting to Binance and spiking gas fees.
So there was very little way for anyone to backstop or arbitrage that liquidation.
Despite the sudden crash, the market is slowly recovering. Several cryptos rebounded quickly. Ethereum is now trading at $2,150 while Bitcoin managed to recover above $56k, after falling nearly $10k in price.
PS- Reminder this is a working theory, its impossible for us to get the data we need to know for sure, so all we can do is take educated guesses and try and interpret the market.
Dogecoin is trading in an active uptrend and strong trading volume today, like many other altcoins. The cryptocurrency DOGE just went up +90% in a single day and surges over +125% in a week and +6450% in a year. Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.
What is Dogecoin?
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.
Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favourite coin.
At the time of writing, DOGE is ranked 10th cryptocurrency globally and the current price is $0.1716 AUD. This is a +125% increase since 7 April 2021 (a week ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that Dogecoin was trading sideways on a DOGE/USDT pair. The first resistance was on the $0.0954 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards current resistance at $0.1705 AUD after making a new all-time high price today. As other altcoins are waking up bullish today, DOGE might continue the uptrend with its hype going around.
The two green lines that appear in the graph represent the previous resistance and support levels of DOGE/USDT relate to previous bull run from early February.
What do the Technical Indicators say?
The Dogecoin TradingView indicators (on a 1 day window) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a neutral.
So Why did DOGE Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying Dogecoin for the next altcoins rally.
Also, a Miami nightclub recently announced they accept Dogecoin enabling payments in crypto. E11EVEN MIAMI, the award-winning 24/7 ultra club located in the heart of Downtown Miami, is one of the first major nightclubs in the USA to accept cryptocurrencies as a form of payment and Dogecoin is also into the list.
Just remember, some of y’all could have put $1,000 into #dogecoin 4 months ago and today you would have had $38,000.
Dogecoin has the highest liquidity on Binance Exchange so that could help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some then Swyftx Exchange is a popular choice in Australia.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. BitTorrent (BTT)
BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years. According to its official literature, BitTorrent is currently the “largest decentralized P2P communications protocol” in the world.
The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.
BTT Price Analysis
At the time of writing, BTT is ranked 27th cryptocurrency globally and the current price is $0.0104 AUD. Let’s take a look at the chart below for price analysis.
BTT’s explosive March climbing over +1,100% retraced nearly half of the move within a week.
While the price possibly needs to cool off before any significant move higher, stubborn bulls could look for entries in possible support beginning near $0.0093 AUD.
A break below $0.0084 AUD might to continue to an area near $0.0068 AUD. Strong bearish momentum might push the price through April’s monthly open to possible support near $0.0049 AUD.
In both bullish and bearish scenarios, it seems reasonable (but not guaranteed) to anticipate a retest of resistance near $0.0125 AUD, which would sweep a cluster of relatively equal highs near $0.0128 AUD.
Continued strength above this area could continue to resistance near $0.0144 AUD and the high near $0.0155 AUD.
2. Ethereum (ETH)
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
Ethereum Price Analysis
At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is $2,843 AUD. Let’s take a look at the chart below for price analysis.
Since the beginning of March, ETH has climbed +70%, a relatively small amount compared to many other altcoins. However, the price continues to creep to new all-time highs, suggesting that the consolidation period may be near its end.
Aggressive bulls could look for entries in new possible support between $2,796 AUD and $2,683 AUD. A dip below this area might also find support near $2,583 AUD. However, a daily close near $2,605 AUD brings bullish strength into question.
A sudden drop in the market could test possible support beginning near $2,410 AUD. This retracement would create extensions suggesting $3,987 AUD to 3,998 AUD as a potential target for bulls.
Currently, extensions indicate a reasonable take-profit zone near $3,388 AUD to $3,684 AUD with $3,652 AUD having the most confluence. If bulls can maintain strength, confluent extensions point to $4,225 AUD – $4,300 AUD as a possible next target.
3. PundiX (NPXS)
PundiX is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain.
NPXS Price Analysis
At the time of writing, NPXS is ranked 88th cryptocurrency globally and the current price is $0.006301 AUD. Let’s take a look at the chart below for price analysis.
Source: TradingViewNote: NPXS recently changed to PUNDIX. This analysis is done on the old NPXS charts since the old chart contains more historical price action. Multiply the NPXS values given here by 100 for the approximate levels on the PUNDIX chart.
March 1st spawned a bullish move in NPXS, reaching over +430%. Chaotic price action near the top of this move resolved into a nearly 50% retracement.
Multiple breaks of swing lows between sweeps of swing highs suggest that the market structure has turned bearish for the immediate future. If the overall market’s conditions remain bullish, this could result in consolidation somewhere below the current price.
Possible support for the start of consolidation rests near $0.005967 AUD. A set of equal lows below this level might be swept into possible support, beginning near $0.005038 AUD.
Another spike upward is possible, but not guaranteed, as the price retraces. The area just under the April monthly open, beginning near $0.009644 AUD, seems a reasonable target. Above this resistance, the last swing high near $0.01254 AUD provides active uptrend.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
Ripple XRP is trading in an uptrend like many other altcoins. The Cryptocurrency XRP just went up +72% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +105% in a month.
What is XRP?
Ripple (XRP) is one of the fastest and most scalable digital assets, enabling real-time global payments anywhere in the world. The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.
XRP Price Analysis
At the time of writing, XRP has ranked the 4th cryptocurrency globally and the current price is $1.25 AUD. This is a +72% increase since 1st April 2021 (7 days ago) as shown in the chart below.
For now, XRP/USDT has formed some solid bullish signs, not only on the lower timeframes but also on the 12-hour chart – possibly the origin for the suggested targets to reach within the upcoming schedule. XRP/USDT seems to bounce off the black line cluster: taking off from there might provide a great origin for upside targets to be reached.
The first resistance was on the $0.85 AUD price levels which XRP broke with a strong bullish trend buying volume and is now heading towards the next resistance price at $1.35 AUD. Seeing that many altcoins are holding strong this week, XRP will possibly continue the bullish trend.
General market sentiment seems to suggest many cryptos are in the middle of a bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying XRP for this Altcoins rally. It could also have contributed to some of the recent news regarding Ripple’s Letter regarding Motion to Seal with Proposed Redacted Exhibits.
The first redaction is an email between Ripple CEO Brad Garlinghouse and an anonymous person about Rippleworks, the company’s non-profit VC arm. The second is between anonymous parties discussing the public perception of XRP and Ripple’s control of it.
XRP has the highest liquidity on Binance Exchange so that would help for trading XRP/USDT or XRP/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Avalanche (AVAX)
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading, and other services. Avalanche provides decentralized asset trading which anyone can launch and use, and does so with a network that is unique in the digital realm in providing subsecond transaction confirmations.
The AVAX token forms the in-house payment method for Avalanche and is used for fee collection during transactions, as well as for incentives and related purposes. Users can also earn passive income by staking their coins on the network.
Avalanche Price Analysis
At the time of writing, AVAX is ranked 33rd cryptocurrency globally and the current price is $44.72 AUD. Let’s take a look at the chart below for price analysis.
AVAX followed February’s +380% move with a slower March, consolidating in a +68% range.
Aggressive bulls could look for entries near support and the April monthly open around $39.14 AUD. A significant downturn in the market would likely hunt stops near the weekly level around $34.32 AUD, with a more substantial drop to sweep stops and find support near $30.08 AUD.
Traders could look for first profits between the last swing high near $41.55 AUD and probable resistance beginning near $44.20 AUD. Bulls could propel the price to the swing high near $50.30 AUD, possibly reaching resistance near $57.96 AUD.
A solid bullish move could sweep the highs cluster around $52.98 AUD into probable resistance near $60.75 AUD. The final resistance before price discovery seems to wait near $68.37 AUD.
2. Elrond (EGLD)
Elrond 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, decentralized 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.
Elrond Price Analysis
At the time of writing, EGLD is ranked 42nd cryptocurrency globally and the current price is $217.33 AUD. Let’s take a look at the chart below for price analysis.
Similar to AVAX, EGLD’s explosive February rally retraced into consolidation through most of March.
Bulls look strong as they break through highs and create new support. The daily gap beginning near $215.26 AUD might offer an aggressive entry just above possible support near $202.30 AUD.
A more decisive move to the downside might sweep stops into support near $190.58 AUD, while a sharp downturn in the market could reach stops near the monthly gap around $175.32 AUD.
Price seems to be consolidating under resistance near $220.73 AUD, making the swing high at $235.62 AUD a first target for the bulls. Breaking this high might test resistance at $250.33 AUD, possibly followed by a move to the swing high near $290.95 AUD and into price discovery.
3. Morpheus.Network (MRPH)
Morpheus.Network optimizes supply chains. This is accomplished with their SaaS middleware platform seamlessly integrating legacy and emerging technologies while providing supply chain managers with a Digital Footprint, providing shipment and item visibility for automating safe and secure supply chains, saving time and money.
The platform creates a digital representation of a supply chain by turning information into actionable data and notarizing the actions and events and completion of supply chain processes using distributed ledger technology.
MRPH Price Analysis
At the time of writing, MRPH is ranked 357th cryptocurrency globally and the current price is $3.80 AUD. Let’s take a look at the chart below for price analysis.
Following the pattern of AVAX and EGLD, MRPH seens retracing from a test of resistance near $3.82 AUD.
Monday’s sweep of the last swing low into support near $3.35 AUD could set the stage for the next leg higher. A safer entry might be found near $3.10 AUD, although this move could reach down as far as $2.90 AUD. The cluster of multiple lows near $2.40 AUD looks like an appealing target for a stop run into support around $2.35 AUD.
Bulls could target the $4.28 AUD swing high, with a break likely reaching into the next resistance near $4.47 AUD. The swing high around $5.23 AUD provides the last target before the next stage of price discovery.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
File coin is trading in an uptrend here like many other altcoins. The Cryptocurrency Filecoin just went up +52% in a single day by breaking a Rising wedge pattern with strong buying volume and surges over +135.74% in a week.
What is Filecoin?
Filecoin is a system that hosts data in a decentralized manner with the goal of storing “humanity’s most important information.” Unlike cloud-storage companies which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, keeping it easily retrievable and hard to censor.
Filecoin Quick Stats
SYMBOL:
FIL
Global rank:
9
Market cap:
$18,203,679,833 AUD
Current price:
$289.51 AUD
All time high price:
$296.30 AUD
1 day:
+52.38%
7 day:
+135.74%
1 year:
+5405.74%
Filecoin Price Analysis
At the time of writing, Filecoin is ranked 9th cryptocurrency globally and the current price is $289 AUD. This is a +135.74% increase since 26th March 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that Filecoin was trading inside the Rising wedge pattern on the FIL/USDT pair. The first resistance was on the $220 AUD price levels which Filecoin broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding strong this week, Filecoin is likely to continue to increase in the uptrend if the traders keep buying with high volume.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”
What do the Technical indicators say?
The Filecoin TradingView indicators (on the 1 day) mainly indicate FIL as a strong buy, except the Oscillators which indicate FIL as a neutral.
So Why did Filecoin Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying Filecoin for the next Altcoins rally. It could also have contributed to some of the recent news regarding partnership with the new NFT Ecosystem.
Investment giant Grayscale recently launched a Filecoin trust, looking at purchasing FIL tokens and offering institutional investors the FIL-backed shares. Soon after, the trust attracted interest from mainstream investors: ByBt.com data showed that Grayscale Filecoin Trust added 45,550 FIL to its reserves.
We’ve only just begun scratching the surface of what NFTs mean for creators.
Vite has the highest liquidity on Binance exchange so that would help for trading FIL/BTC or FIL/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.
This shows bitcoin’s Compound Annual Growth Rate (CAGR) vs other assets over various timeframes. For example this is showing that bitcoin has returned 155% on average, every year, for the past 5 years, while gold has returned 7% on average each year over the same period.
A bullish chart by Plan BTC shows that there is a positive correlation between the Bitcoin price and the stimulus being printed by the Federal Reserve and European Central Bank.
Since COVID the FED has added over $3.5 trillion dollars to their balance sheet (pushing the red line directly upwards on the chart), this indicates that if this correlation continues, then Bitcoin would reach over $650,000 (as the blue line catches up to the red line) and could even reach $1 Million.
