Lets take a look at what might have caused the recent drop in the crypto market – with Bitcoin dropping from around A$70k to A$60k.
Please feel free to leave comments on the Twitter thread if you think we may have missed something.
Bitcoin Whales
Big Whales (over 100 million to 1 billion dollars) transferred from unknown wallets (presumably cold storage) into crypto Exchanges on 23rd February, where they could be selling or trading in the open market – affecting the crypto prices. Here are some of the recent ones.
In a friendly conversation on Twitter, Elon suggested that Bitcoin price might be high. Peter has been tweeting to everyone famous recently saying how much he hates Bitcoin and loves Gold. There is nothing new there, but when Elon says the price might be a bit high, that could have prompted some people to take profits. Also on a side note, Elon called Peter an eggplant emoji – which everyone found hilarious. And now it seems Peter has put it in his profile name. Haha.
Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying Bitcoin, #Tesla stock entered a bear market, plunging 20% from its all-time high set on Jan. 25th, and 16% since disclosing the #Bitcoin buy. Not an example other CEOs will likely follow!
Kraken is investigating the Bitcoin sell off with CEO Jesse Powell stating in a Bloomberg interview (below) that there was a massive Bitcoin sell off on Kraken in the past few days, which caused many liquidations on margin positions. He stated that Kraken might have been hit harder than other exchanges because it provides margin trading. And they would investigate why this happened…
YouTube – Bloomberg Interview with Kraken CEO
Conclusions
This recent pull back might be the first time new crypto traders have seen such a “big” drop. Having been studying this market for quite a few years now and seeing many drops before – has led me to be humble, take profits and never over extend my positions.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Dogecoin (DOGE)
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 favorite coin.
Dogecoin Price Analysis
At the time of writing, DOGE is ranked 12th cryptocurrency globally and the current price is $0.0751 AUD. Let’s take a look at the chart below for price analysis.
Last week retested the high of DOGE’s +1100% January pump to $0.1092 AUD.
Despite highly manipulated price action, traders could still hunt for lower-timeframe longs. Monday’s retest of the area between $0.0643 AUD and $0.0589 AUD showed some signs of support.
The area between $0.0532 AUD and $0.0498 AUD contains a gap that overlaps with the 0.705 retracement, which increases its chances of giving support. The level near $0.0468 AUD could also form support, although with a higher risk of breaking on a retrace to January’s open.
While the higher-timeframe market structure remains bullish, probable resistance has formed between $0.0713 AUD and $0.0856 AUD, Traders satisfied with their profits could look to exit here if the price returns to this level.
More hopeful bulls could aim for the highs near $0.0985 AUD. If the price breaks through this level, it could reach the 0.27 extension near $0.1253 AUD, with a sustained breakout possibly touching the 1.0 extension near $0.1752 AUD.
2. PundiX (NPXS)
Pundi X 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.
The company, which has its headquarters in Singapore, has shipped its XPOS solution and devices to over 25 markets including the United States, Spain, Argentina, Korea, Australia, Colombia, Spain, and Taiwan.
NPXS Price Analysis
At the time of writing, NPXS is ranked 124th cryptocurrency globally and the current price is $0.0012 AUD. Let’s take a look at the chart below for price analysis.
February provided NPXS holders with a respectable +233% return before the price returned to a range around $0.001 to consolidate.
Monday retested a lower-timeframe 0.62 retracement level, which overlaps with a gap beginning at $0.00081 AUD. This level could provide support during the consolidation and potentially offer an aggressive entry on a local lows retest.
The gap near $0.00065 AUD provides a lower risk-reward entry, while a full retrace of January’s move could reach probable support near $0.00048 AUD, just above the February monthly open.
The recent equal highs near $0.00109 AUD cap a resistance area down to $0.00102 AUD while providing a likely near-term target. Probable resistance technically reaches up to the last significant swing high at $0.00175 AUD. Still, a break of this resistance could reach the 0.27 extension at $0.00195 AUD and potentially the 1.0 extension at $0.00253 AUD.
3. Secret (SCRT)
Secret is the native coin of the Secret Network, a decentralized network for private/secure computation. Nodes on the network (known as secret nodes) can perform generalizable computations over encrypted data, which allows smart contracts (known as secret contracts) to use private and sensitive data as inputs. Our focus is on computational privacy, not just transactional privacy. Developers can build decentralized, privacy-preserving “Secret Apps” on the network. The privacy functionality of the Secret Network is critical for many fields, including decentralized finance, Web3, machine learning, access control, and many more.
SCRT Price Analysis
At the time of writing, SCRT is ranked 151st cryptocurrency globally and the current price is $3.12 AUD. Let’s take a look at the chart below for price analysis.
SCRT launched nearly +180% upward during February before retracing on Monday to the gap beginning near $2.86 AUD.
Below this gap, the next likely areas of support begin at $2.24 AUD and $1.95 AUD in the consolidation that spawned February’s bullrun.
Equal highs near $2.98 AUD, over the resistance beginning near $2.613 AUD, provide a tempting first target. February’s swing high near $3.65 AUD gives a second target. A move through these levels could reach the .27 extension near $3.78 AUD
If the current support holds, overlapping extensions near $3.95 AUD and $4.36 AUD could hint at the next resistance areas.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
For Bitcoin to get to the top it would need to overtake Gold, which has a 11 Trillion dollar market cap. That would take some doing – but who is to say it’s not possible, especially at the rate BTC it growing.
To surpass Gold, the price of bitcoin need to grow 10x and be worth over $500,000 per BTC – not taking into account any growth that Gold would have over the time period, which you expect it would.
Bitcoin Marketcap Trend
Bitcoin has a trend that previous highs get smashed by new highs, where the previous high appears a small bump in the chart. The trend continues so far…
Binance Coin (BNB), the in-house token of cryptocurrency exchange Binance, saw its price hit a new all-time high at $191.62 AUD this week, passing Bitcoin Cash by market capitalization.
BNB took a parabolic Breakout with +148% gains in a week. Let’s take a quick look at BNB, price analysis, and possible reasons for the recent breakout.
What is Binance Coin?
Binance Coin (BNB) is the cryptocurrency of the Binance trading platform exclusively for cryptocurrencies. The name “Binance” is a combination of binary and finance. The BNB token is used for reducing trading fees on the platform.
BNB Quick Stats
SYMBOL:
BNB
Global rank:
7
Market cap:
$25,496,690,411AUD
Current price:
$168.02 AUD
All-time high price:
$191.62 AUD
1 day:
+29.26%
7 day:
+148.70%
1 year:
+409.74%
BNB Price Analysis
At the time of writing, BNB is ranked 7th cryptocurrency globally and the current price is $168.02 AUD. This is a +148.70% increase from the last 7 days (4th February 2021). Have a look at the chart below for price analysis.
After looking at the above 2-hour candle chart, we can clearly see that BNB was trading inside the rising wedge pattern on the BNB/USDT pair. The first resistance was on the $112 AUD price levels which BNB broke with a strong bullish trend buying volume and is now heading towards the all-time high price. Seeing that many altcoins are waking up bullish this week, BNB is likely to continue to increase in the uptrend.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.”
Another reason for this sudden pump in price could be the whales secretly buying BNB for the next Altcoins rally & it could also be contributed to some of the recent news of New E-wallet Payment Options in Southeast Asia at Binance.
#Binance P2P Adds New E-wallet Payment Options in Southeast Asia
After the launch of Litentry on Binance Launchpad today, LIT took a strong Breakout with +146% gains in a single day. Let’s take a quick look at LIT, price analysis, and possible reasons for the recent breakout.
What is Litentry?
Decentralized identity authentication and user activity data management Infrastructure. Build on Substrate, Ready for Polkadot. Litentry is helping support change that is in favor of a user-centric network with the blockchain. Litentry includes an identity-based network and related tools, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data management infrastructure.
Litentry Quick Stats
SYMBOL:
LIT
Global rank:
240
Market cap:
$168,710,752 AUD
Current price:
$11.41 AUD
All-time high price:
$12.25 AUD
1 day:
+146.26%
7 day:
+160.70%
1 year:
+160.74%
Litentry Price Analysis
At the time of writing, LIT is ranked 240th cryptocurrency globally and the current price is $11.41 AUD. This is a +160% increase since the launch of its ICO at Binance Launchpad on (4th February 2021). Have a look at the chart below for price analysis.
After the launch of Litentry on Binance Launchpad, It pumped up to $12.41 AUD having +394% gains in just a few minutes and the initial opening price of LIT was $2.85 AUD at Binance Exchange with many different trading pairs like LIT/BTC, LITL/USDT, and LIT/BUSD.
Currently, LIT is trading at $11.50 AUD price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.
What do the technical indicators say?
The Litentry TradingView indicators (on the 1 day) mainly indicate LIT as a strong buy, except the Oscillators which indicate LIT as a neutral.
So Why did Litentry Breakout?
After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news of Exchange Listings.
Litentry has the highest liquidity on Binance Exchange so that would help for trading LIT/BTC or LIT/USDT pairs. However, you can also buy LIT from different exchanges listed on Coinmarketcap.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. 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 was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014 and officially launched the blockchain on July 30, 2015.
ETH Price Analysis
At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is $1,812 AUD. Let’s take a look at the chart below for price analysis.
ETH’s bullrun met resistance near the beginning of January, with a brief spike above its all-time high being forced back down into support on January 25th.
The current support between $1,492 AUD and $1,407 AUD could form a higher low before a surge above the all-time high, offering aggressive bulls an entry in the current region.
However, a deeper retracement across the crypto market could drop the price to support near $1,330 AUD, possibly creating a wick to fill the gap between $1,090 AUD and $987 AUD and giving longer-term bulls an excellent entry.
If the price breaks resistance between $1,848 AUD and $1,939 AUD, it’s likely to take out the high at $1,975 AUD. The extension near $1,985 AUD provides a reasonable first target, with the extensions at $1,894 AUD, $2,202 AUD, and $2,417 AUD providing reasonable take profit zones.
2. iExec Rlc (RLC)
iExec RLC claims to have developed the first decentralized marketplace for cloud computing resources. Blockchain technology is used to organize a market network where users can monetize their computing power, applications, and datasets. By providing on-demand access to cloud computing resources, iExec is reportedly able to support compute-intensive applications in fields such as AI, big data, healthcare, rendering, or FinTech.
RLC Price Analysis
At the time of writing, RLC is ranked 142nd cryptocurrency globally and the current price is $1.66 AUD. Let’s take a look at the chart below for price analysis.
RLC printed nearly +164% gains by January 25th. After this move, the price has been consolidating for the last week around a monthly level near $1.55 AUD.
Overlapping support zones should provide bullish strength, with the current region beginning at $1.38 AUD providing a reasonable entry accompanied by a wide stop. Relatively equal daily lows near $1.15 AUD could prompt a stop run that provides a better entry, maybe as low as the next overlapping support area near $0.95 AUD.
January’s high near $1.82 AUD provides the highest probability target, with the next swing high inside resistance at $1.73 AUD giving another target and potential short-term reversal area.
A strong move through this level into resistance beginning at $1.97 AUD is likely to target the monthly high at $2.29 AUD, potentially reaching the next monthly high near $2.95 AUD.
3. TomoChain (TOMO)
TomoChain is a scalable blockchain-powered via Proof-of-Stake Voting consensus which is used commercially by companies globally. Its mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits. TomoChain’s technology and DeFi-focused flagship products include: Fast & Near-Zero Fees: 2000 TPS, 2-second blocktime, ~$0 gas fees, and EVM compatible. An array of original features and protocols is designed to support speed, privacy, usability, and liquidity needs all in one platform.
TOMO Price Analysis
At the time of writing, TOMO is ranked 135th cryptocurrency globally and the current price is $1.78 AUD. Let’s take a look at the chart below for price analysis.
January brought a +125% pump at TOMO’s price, almost filling in the bowl-shaped structure between the current price and August’s high.
Bulls can look for entries to form in the current region to ride a parabolic run beyond August’s highs. The previous swing high near $1.52 AUD provided support, although a deeper market-wide retracement could drop the price into the weekly gap between $1.25 AUD and $1.34 AUD.
This region has confluence with a structure from mid-October, making it a highly probable support zone. If January’s move retraces, a similar scenario could appear at the daily gap beginning at $0.92 AUD and support structure near $0.99 AUD.
The resistance beginning at $1.98 AUD contains two swing highs at $2.10 AUD and $2.18 AUD, which provide the first probable targets. Beyond this level, the extension at $2.26 AUD provides a reasonable target for this leg of the move. The extensions at $2.45 AUD and $2.60 AUD also provide rational take-profit levels.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading on USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Alternative coins or Altcoins have been posting an exponential kind of growth recently, and many people do believe that it’s already their season. Since the start of 2021, more than ten digital currencies from relatively new projects have skyrocketed by over 200 percent. The native cryptocurrency of Voyager, VGX, made the largest increase in terms of the price change on a year-to-date count.
Most of the cryptocurrencies listed above are native tokens of decentralized finance (DeFi) protocols, which indicates a growing interest and participation in the industry. According to an infographic sourced from Cryptorank, the Voyager token sees a 1,437 percent increase on a YTD chart, which rates it as the top gainer in 2021. Voyager, meanwhile, is a cryptocurrency trading platform. The VGX coin was trading at US$2.9 at press time, with a market valuation of US$660,220,452.
The ALPHA, ARCH, and DODO tokens joined the list with a YTD price change of 979%, 933%, and 914%, respectively. These three cryptocurrencies are native tokens of decentralized finance protocols. Dogecoin is the fifth top gainer in 2021 so far, thanks to the collective effort of Redditors last week. DOGE sees a 747 percent YTD price change and a market capitalization of over US$5.1 billion.
The cryptocurrencies that gained over 500 percent increase on YTD includes ONX FTM, IDLE, FUN, and PRE, as seen in the infographic. The other cryptocurrencies on the list, including PancakeSwap token, the leading AMM on Binance Smart Chain, has more than 200 percent YTD change in market price since the start of the year.
Dogecoin is trading in an active uptrend here like many other altcoins. The Cryptocurrency DOGE just went up +346% in a single day and surges over +539% in a week and +1,971% 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 favorite coin.
DOGE Quick Stats
SYMBOL:
DOGE
Global rank:
11
Market cap:
$8,948,508,697AUD
Current price:
$0.0724 AUD
All time high price:
$0.1165 AUD
1 day:
+346.94%
7 day:
+539.13%
1 year:
+1971.01%
DOGE Price Analysis
At the time of writing, DOGE is ranked 11th cryptocurrency globally and the current price is $0.0724 AUD. This is a +346% increase since 23rd January 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-hour candle chart, we can clearly see that Dogecoin was trading sideways on a DOGE/USDT pair. The first resistance was on the $0.0315 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0748 AUD & $0.0882 AUD respectively after making a new all-time high price today. Seeing that many altcoins are waking up bullish today, DOGE is likely to continue the uptrend with its hype going around.
Yesterday and today DOGE continues to the hype, becoming part of the Defi sector. Dogecoin is now available as renDOGE on the Ethereum network, opening up a whole new world of opportunities for the crypto community. The Dogecoin community can now hold DOGE while spending and participating in DeFi.
What do the Technical Indicators say?
The Dogecoin TradingView indicators (on the 1 day) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a neutral.
So Why did DOGE Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up DOGE to their portfolio for this Altcoins rally to me new all-time high prices.
Doge’s resurgence in the last few hours has been due to enthusiasm from a Reddit group called SatoshiStreetBets.
It could also be contributed to some of the recent Elon Musk’s Tweet about DOGE a photo of a fake magazine cover titled “Dogue” instead of “Vogue.”
Dogecoin has the highest liquidity on Binance Exchange so that would help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some quick then Swyftx Exchange is a popular choice in Australia.
Fantom FTM is trading in uptrend here like many other altcoins. The Cryptocurrency FTM just went up +54% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +195% in a week.
What is Fantom?
Fantom is a directed acyclic graph DAG smart contract platform providing decentralized finance DeFi services to developers using its own bespoke consensus algorithm.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.
FTM Quick Stats
SYMBOL:
FTM
Global rank:
95
Market cap:
$261,832,939 AUD
Current price:
$0.1012AUD
All time high price:
$0.1294 AUD
1 day:
+54.38%
7 day:
+195.96%
1 year:
+759.81%
FTM Price Analysis
At the time of writing, FTM is ranked 95th cryptocurrency globally and the current price is $0.1012 AUD. This is a +195.96% increase since 21st January 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that FTM was trading inside the falling wedge pattern on the FTM/BTC pair. The first resistance was on the $0.0684 AUD price levels which FTM 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 waking up bullish this week, FTM is likely to continue to increase in the uptrend.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying FTM for the next Altcoins rally & it could also be contributed to some of the recent news of Ideal Infrastructure for CDBC.
Stat: Nearly 40% of Central Banks consider likely or possible to issue a general purpose CBDC in the medium term.
Fantom has the highest liquidity on Binance Exchange so that would help for trading FTM/BTC or FTM/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Elrond EGLD is trading in uptrend here like many other altcoins. The Cryptocurrency EGLD just went up +34% in a single day by breaking a Rising wedge pattern with strong buying volume and surges over +52% in a week.
What is Elrond?
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 Quick Stats
SYMBOL:
EGLD
Global rank:
48
Market cap:
$1,104,958,674 AUD
Current price:
$64AUD
All time high price:
$80 AUD
1 day:
+34.38%
7 day:
+52.96%
1 year:
+127.81%
Elrond Price Analysis
At the time of writing, EGLD is ranked 48th cryptocurrency globally and the current price is $64 AUD. This is a +52.96% increase since 19th January 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that EGLD was trading inside the Rising wedge pattern on the EGLD/USDT pair. The first resistance was on the $45.05 AUD price levels which EGLD broke with a strong bullish trend buying volume and is now heading towards the next all-time high price. Seeing that many altcoins are waking up bullish this week, EGLD is likely to continue to increase in the uptrend.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.”
The EGLD TradingView indicators (on the 1 day) mainly indicate EGLD as a buy, except the Oscillators which indicate EGLD as a neutral.
So Why did EGLD Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying EGLD for the next Altcoins rally & it could also be contributed to some of the recent news of Smart Chain Integration.
$EGLD and @BinanceChain are now interoperable, opening up a wealth of opportunities for a global internet-scale DeFi ecosystem.
Help us spread the great news by joining our newest Amplify campaign 👇🏻 https://t.co/i0pf68Doln
Elrond has the highest liquidity on Binance Exchange so that would help for trading EGLD/BTC or EGLD/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
