Popular e-commerce website eBay has announced the release of its debut collection of NFTs, a hockey-themed drop in partnership with Tezos- and Polygon-based NFT platform OneOf.
The release marks the marketplace’s first foray into digital collectibles after it had been teasing the concept for some time now:
Calling all collectors, you can score our first exclusive NFT drop brought to you by @OneOfNFT with a @SInow x @WayneGretzky digital collectible. 🏒
Starting at $10, you can get a limited edition NFT along with bragging rights, unless you decide to sell it.#NFT#eBayExclusive
eBay officially announced its interest in digital collectibles in May 2021 after CEO Jamie Iannone had foreshadowed the possibility of integrating into the world of NFTs and cryptos. In September 2021 eBay said it would allow the sale of NFTs on its platform and in March this year, Iannone suggested that eBay would start accepting crypto payments later that month.
eBay’s NFT collection will involve digital collectibles of popular athletes such as Canadian former ice hockey player Wayne Gretzky. Each athlete will have four tiers – green, gold, platinum, and diamond – with the green tier including NFTs as cheap as US$10.
The firm has said it intends to release more NFT collections of high-profile athletes over the rest of the year. Prices of the NFTs range up to US$1,500 and are purchasable via the same fiat payment methods as the platform’s other physical items.
“Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere,” said Dawn Block, eBay’s vice president of collectibles, electronics and home, in a statement. “This builds on our commitment to deliver high passion, high-value items to the eBay community of buyers and sellers.”
OneOf is built on the Tezos and Polygon blockchain, which both use a proof-of-stake consensus mechanism.
Aave has launched a decentralised, NFT-based Twitter competitor on the Polygon network. Lens Protocol is designed to power social media apps such as Lens Frens to rival centralised giants like Twitter.
Lens Protocol is essentially a decentralised social graph that utilises NFTs stored within a crypto wallet to power social media platforms. Users retain ownership of their content, and anyone can build on the protocol.
Faster, Cheaper, Greener
Lens utilises the Polygon network, a sidechain scaling solution for Ethereum. Polygon enables faster, cheaper, and less energy-intensive transactions than Ethereum’s own mainnet, making it more viable for a social network built on a potentially large number of NFT assets:
The Aave Protocol is decentralized – even on social 🌿
Lens Protocol was first teased in June 2021 when Aave founder and CEO Stani Kulechov tweeted: “Since [Square CEO and then-Twitter CEO Jack Dorsey] is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum.”
Kulekhov added:
We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.
Kulechov went on to outline his mission statement: “We wanted to create a social media protocol, or essentially a social graph, and create these profiles on the network by tracking relationships on the network and creating an unauthorised way for content to be distributed between creator and audience.”
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. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 8th cryptocurrency globally and the current price is US$53.37. Let’s take a look at the chart below for price analysis:
SOL has retraced 80% from its Q1 highs and reached possible support last week near $50.34. Resistance might begin near $80.34, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $87.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $94.42 and $98.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $50.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $47.10 and $44.54. If the price reaches this zone, the Q1 2021 swing high near $40.13 might mark a more sensitive level.
2. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 18th cryptocurrency globally and the current price is US$0.7203. Let’s take a look at the chart below for price analysis:
Since its Q1 highs, MATIC has been in a steady bearish trend, retracing nearly 55%. The price found support near $0.7020, at the 60.8% retracement level.
Last week’s sharp impulse up might have marked the start of a new trend. If so, higher timeframes suggest that $0.6839 near the 65.8% retracement and the 9, 18 and 40 EMAs may see interest from bulls. The price could reach lower, near $0.6520, and still find support.
Currently, the price is contesting a region between $0.7139 and $0.7835. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $0.8344, while $0.9053 is also likely to be sensitive with the nearest support and resistance this close together.
3. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 27th cryptocurrency globally and the current price is US$0.1303. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.2457 in early April before retracing nearly 45% to find a low near $0.1260. The price consolidated around this level before the strong bullish impulse over the past several days.
Probable resistance near $0.1578 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1722 and relatively equal highs at $0.1936. Resistance near $0.2059 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.2356.
A retracement before a move higher might find support in the daily gap near $0.1243, just above the weekly open. Relatively equal lows near $0.1175 could also provide support. Run-on stops at $0.1105 and $0.1083 might find support in the gap beginning near $0.1020.
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.
ApeCoin (APE) has integrated with Polygon, an Ethereum sidechain known for delivering faster and cheaper transactions, as a direct consequence of Yuga Labs’ recent Otherdeeds NFT mint disaster:
One of the world's largest Web3 ecosystems, @0xPolygon now supports ApeCoin making it available for 19,000+ dApps and games across the board! https://t.co/vUoGTAfqkl
This week, Crypto News Australia reported how Yuga Labs made more than US$550 million with the minting of its virtual lands called Otherdeeds, NFTs belonging to the company’s metaverse project, Otherside.
Ethereum Blockchain Brought to its Knees
However, the hype and demand for Otherdeeds caused massive congestion on the Ethereum network, leading to a sharp increase in gas fees and practically shutting down the entire Ethereum blockchain.
Some users reported paying up to US$10k to $14k in gas fees to obtain their Otherdeeds NFTs, but some others weren’t so lucky as they paid the gas fee but the transaction still failed. Yuga Labs said it would refund users who had experienced failed transactions for their gas:
We are still working on refunding all Otherdeed minters with failed transactions their gas. Note that you do not need to do anything – we will transfer it all back to your wallet and announce when it is completed. Don't click any links.
Yuga Labs remarked that the demand was higher than expected, and that Ethereum’s capacity failed to meet the project’s size. However, the community started speculating that this was just a marketing stunt to show that ApeCoin needs its own chain.
ApeCoin DAO board member Yat Siu dismissed the allegations, saying Yuga Labs encourages its DAO to propose ideas for a new chain. Yet it seems the community is not buying it:
I fail to understand how this provides clarity. Reads like further obfuscation. Why can’t Yuga admit what everyone in the space knows — they messed up, the smart contract wasn’t optimized, the KYC free-for-all was a bad idea, the initial response blaming Ethereum was absurd.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is US$1.26. Let’s take a look at the chart below for price analysis:
Since its Q1 highs, MATIC has been in a steady bearish trend – retracing nearly 25% by mid-April. The price found support near $1.20, at the 50.6% retracement level.
Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.39 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.20, and still find support.
Currently, the price is contesting a region between $1.19 and $1.35. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.44, while $1.53 is also likely to be sensitive with the nearest support and resistance this close together.
2. Hedera (HBAR)
Hedera Hashgraph HBAR is a public network that allows individuals and businesses to create powerful decentralised applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations older blockchain-based platforms face, such as slow performance and instability. The HBAR token has a dual role within the Hedera public network.
HBAR Price Analysis
At the time of writing, HBAR is ranked the 36th cryptocurrency globally and the current price is US$0.1691. Let’s take a look at the chart below for price analysis:
HBAR‘s 50% Q1 run retraced almost to its origin, narrowly missing probable support near $0.1695 before bears swatted down the bounce near resistance around $0.1989.
With the daily gap between $0.1812 and $0.1750 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $0.1545 and $0.1500, which would also sweep the lows of last week’s bounce.
The relatively equal highs near $0.2256 provide a likely first target on lower timeframes. However, the resistance beginning at $0.2435 may initially suppress a further move up.
A clean break through this resistance will need to contend with the next resistance near $0.2692, under the last swing high. This swing high at $0.2770 gives a reasonable take-profit area before a possible move to the 1.0 extension near $0.2956.
3. Gala (GALA)
GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change the fact that players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.
GALA Price Analysis
At the time of writing, GALA is ranked the 74th cryptocurrency globally and the current price is US$0.1688. Let’s take a look at the chart below for price analysis:
After setting a low last week, GALA turned into a recovery trend to make the new monthly highs.
The following 60% plummet found support near $0.1679, sweeping under the 40 EMA into the 58.8% retracement level before bouncing to resistance beginning at $0.1930.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.2112, where aggressive bulls might begin bidding. The level near $0.2350, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.2685.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.1580 could provide at least a short-term bounce. If this level fails, the old highs near $0.1435 might also give support and see the start of a new bullish cycle after retesting these support levels.
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.
Global payment processing giant Stripe has introduced crypto payouts to its Stripe Connect service, partnering with Twitter to pilot the technology before expanding it to other platforms in coming weeks.
The pilot will allow select creators who use Twitter’s monetisation features – such as Ticketed Spaces and Super Follows – to be paid for their content and receive their payouts in crypto via the Polygon network. Stripe has chosen to use the Ethereum scaling solution as the first network to process its crypto payments because of its “low fees, high speed, integration with Ethereum and broad wallet compatibility”.
Initially, Stripe will only support payments in the USDC stablecoin, but this will presumably expand in future as the technology matures and grows beyond Twitter.
Aim is to Streamline Traditional Payment Systems
In the announcement, Stripe’s product manager of crypto, Karan Sharma, cited the complexity and heterogeneity of traditional payment systems as a key factor in the decision to integrate crypto payments into Stripe Connect:
While we are continuously expanding our geographic coverage, many countries remain out of reach in part due to the intrinsic complexity involved in supporting heterogeneous local payments systems. Unfortunately, this makes participation in the online economy harder for many of those who stand to benefit most.
Karan Sharma, Stripe product manager, crypto
Stripe to Handle ‘Crypto-Related Complexity’
Twitter already uses Stripe Connect to handle payouts to creators, so the addition of crypto payments should be smooth.
Stripe will handle all the “crypto-related complexity and operations” and no code changes will be required by Twitter. Nor will it have to worry about acquiring, storing or transferring crypto – Stripe will handle all of these functions. In addition, Stripe will perform all the required Know Your Customer (KYC) checks.
Stripe plans to support crypto payouts via Stripe Connect in more than 120 countries by the end of 2022.
Twitter Expands Range of Payments
Twitter is enthusiastic about offering creators more payment options and potentially expanding the range of users who can take advantage of its monetisation products:
We want creators to get paid in the way that works best for them, which is why we are excited to partner with @Stripe to offer crypto payouts for our monetization products. Creators can now get paid out in USDC for money earned with @SuperFollows & Ticketed @TwitterSpaces 💰💰💰 https://t.co/AvV9kIpmFP
As the Elon Musk takeover is now confirmed, this news marks the latest move by Twitter towards greater crypto adoption, having already rolled out Bitcoin tipping and Ethereum tipping for creators in the past few months.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role in securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 17th cryptocurrency globally and the current price is US$1.48. Let’s take a look at the chart below for price analysis:
Since its Q1 lows, MATIC has been in a steady bullish trend – printing a 40% gain by mid-March. The price found support near $1.37, at the 70.6% retracement level, during February’s decline.
Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.80 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.40, and still find support.
Currently, the price is contesting a region between $1.55 and $1.45. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.54, while $1.62 is also likely to be sensitive with the nearest support and resistance this close together.
2. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 9th cryptocurrency globally and the current price is US$1.08. Let’s take a look at the chart below for price analysis:
ADA‘s near 60% drop during Q3 found a low near $0.7835 during mid-March before closing over a short-term high.
This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.18. A sustained bullish move may target the swing high at $1.22. If this stop run occurs, a run beyond the high into probable resistance near $1.28 and $1.37 is possible.
Bulls could buy a retracement to possible support near $0.9840, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9325.
However, relatively equal lows near $0.8857 and $0.8522 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8247 and $0.8052.
3. Smooth Love Potion (SLP)
Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.
SLP Price Analysis
At the time of writing, SLP is ranked the 375th cryptocurrency globally and the current price is US$0.02155. Let’s take a look at the chart below for price analysis:
SLP‘s 65% rally during March ran into a 30% retracement near $0.02015. Since then, the price has been consolidating in a 40% range between $0.02124 and $0.02632.
Just below the late-December low, $0.01824 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01758 might cap a run on the lows near $0.01632 and $0.01575.
The higher-timeframe analysis points to the area near $0.02751 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03027 and $0.03360 may be the next targets.
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.
Polygon is a sidechain scaling solution for Ethereum that enables faster and cheaper transactions than the Ethereum mainnet. Unlike Ethereum, which uses energy-intensive proof-of-work, Polygon relies on the eco-friendlier proof-of-stake consensus model that remains backed by the security offered by Ethereum.
Rarible Aims to Clear ‘Roadblocks’
As Rarible’s co-founder Alexei Falin said, “We have enjoyed watching the NFT market grow rapidly throughout the past two years but acknowledge that there are certain roadblocks that exist within the space, including high gas fees and ecosystem limitations. As a top NFT protocol and marketplace we have a responsibility to solve issues related to NFT creation and consumption, which is at the core of our multi-chain vision.”
— jared.info | gasistoodamnhigh.eth (@JaredRonis) March 17, 2022
Rarible Rolls Out ‘Multi-Wallet’
The marketplace has also launched a multi-wallet profile feature on Rarible.com that lets users sign in with up to 20 wallets at a time across different blockchains. By doing so, users with multiple wallets across various supported ecosystems won’t have to constantly sign in and out when buying and selling NFTs on the platform.
Falin has said, “We have seen firsthand how inconvenient it is to log in and out of wallets that hold collectibles spanning blockchains. To streamline this process for our users, the multi-wallet profile can support collections across any Rarible-supported blockchain in one place, so you can access items with one simple click.”
Layer-2 Ethereum scaling solution Polygon was down for over 11 hours last week after an earlier network upgrade inadvertently introduced a bug, which disrupted the network’s consensus layer:
🚧Network update Due to issues with the Tendermint implementation used by the Polygon PoS chain, users can expect downtime starting at 5:50 PM UTC.
We appreciate your patience. More details are in the forum and we’ll share updates when possible. 👇https://t.co/O1MFUrKuAr
On March 10, Polygon notified users via its online forum that the network would be down from 5:50PM UTC to allow developers to correct the bug. The network was brought back online approximately 11 hours later after the Polygon team deployed a hotfix to address the bug.
Bug Prevented Network Consensus
As explained by the Polygon development team, the bug resulted in different Heimdall validators – part of Polygon’s consensus layer – being on different versions of the blockchain, which prevented the network from achieving 2/3 consensus, and in turn caused the entire blockchain to stop producing blocks.
Although still under investigation by the team, we suspect there may have been a bug in the upgrade which affected consensus, and caused different Heimdall validators to be on different versions of the chain, thereby not reaching 2/3 consensus. When using Tendermint consensus, this situation will cause the Heimdall chain to halt.
Team Polygon
Hotfix Partially Restores Network Functionality
In a forum post to announce the hotfix, the Polygon team explained that the Polygon Bridge – the functionality which allows users to make Ethereum transactions using Polygon to sidestep high Ethereum gas fees – would not be functional until a full update was applied at a later date:
“Kindly note, with this temporary hotfix, Polygon Bridge will not be active/available until we deploy the final solution.”
Outage Raises Concerns
Although users were notified of the outage in advance, many began expressing their concerns as it dragged on far longer than expected:
Anyone else having trouble with Metamask and MATIC today? Heard MATIC network was down. I've been having trouble sending and claiming on Polygon.
I’m a bit worried because their network has been down for 4 days and people are losing money on their deposits and I’m not even earning rewards anymore on their staking network. Tbh a bit nervous as a polygon bull right now. Devs need to step up
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. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 12th cryptocurrency globally and the current price is US$17.93. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 70% during Q1, showing little sign of interest from buyers.
March’s consolidation at possible support from $18.68 to $19.57 broke down with the rest of the market last week, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of January’s consolidation range, near $24.70, and the monthly high near $26.88 may see profit-taking from bulls.
The first test of possible support near $15.70 showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $14.66, running stops under the Q3 2021 swing low.
If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $13.55 to $12.87.
2. Polygon (MATIC)
Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.
MATIC Price Analysis
At the time of writing, MATIC is ranked the 16th cryptocurrency globally and the current price is US$1.41. Let’s take a look at the chart below for price analysis:
Since its January low, MATIC has been in a steady bullish trend – printing a 54% gain by early February. The price found support near $1.45, at the 82.6% retracement level, during February’s decline.
Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $1.82 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.35, and still find support.
Currently, the price is contesting a region between $1.59 and $1.40. Closes over this level could confirm it as new support, leading to a move higher.
However, bulls are contending with probable resistance near $1.49, while $1.58 is also likely to be sensitive with the nearest support and resistance this close together.
3. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.
NEAR Price Analysis
At the time of writing, NEAR is ranked the 22nd cryptocurrency globally and the current price is US$10.44. Let’s take a look at the chart below for price analysis:
After its December to mid-January uptrend, NEAR has dropped 74% from its highs to support at the 78.6% retracement around $9.15.
The price shifted market structure to run to the consolidation lows near $10.51, just under the monthly open. Continued bullishness in the market may create support just below, between $12.22 and $11.90.
Bulls might show more interest if the price retraces near the February open, around $11.60. Continued bearishness could see the price reach into old support around $10.00.
If the price reaches this old support, it is unlikely to be the exact long-term bottom – but could prompt a short rally. Bulls may show more interest from $9.43 to $8.69.
On the other hand, if the current resistance breaks, the price might find resistance near $14.98, whereas early-January buyers may still be trapped in longs.
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.
