Category: Stellar

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Blockchain CBDCs Crypto News Stellar

Ukraine Bank Launches CBDC Pilot Built on Stellar Lumens Blockchain

A recent announcement by the Stellar Development Foundation (SDF) has revealed that the Stellar blockchain will be used to pilot an electronic version of the hryvnia, Ukraine’s national currency. In addition to September’s news of the country legalising cryptocurrencies, Ukraine appears to be gradually embracing the entire digital asset ecosystem.

Stellar Partners with Fintech Firm and Ukraine Bank

‍The CBDC pilot will be carried out by global fintech firm Bitt and one of Ukraine’s oldest banks, TASCOMBANK. The project will be overseen by the country’s central bank, with additional oversight from the Ministry of Digital Transformation.

As part of the project, an electronic hryvnia will be issued on the Stellar blockchain. One of the main tests will be use cases for “programmable payroll for public employees at Diia, an IT solutions enterprise, as well as for peer-to-peer payments and merchant payments”.

Oleksandr Bornyakov, deputy minister of Digital Transformation of Ukraine, noted:

This pilot project will serve as a technological basis for the issuance of electronic money, and is the next key step to advance innovation of payment and financial infrastructure in Ukraine.

Oleksandr Bornyakov, deputy minister of Digital Transformation of Ukraine

Build It, Test It, and It Will Come

The stated objective of the project is to “pilot the issuance of electronic money on an open blockchain with asset-control capabilities for issuers”.

TASCOMBANK will build and test the regulated electronic hryvnia on Stellar, which will be deployed on Bitt’s digital currency management system. Part of Stellar’s appeal, according to Bitt CEO Brian Popelka, is its “many benefits, including greater flexibility that aligns with the electronic hryvnia’s specific needs”. Volodymyr Dubey, TASCOMBANK’s chairman of the board, was similarly optimistic about the project’s prospects, saying:

With the rapidly growing impact of virtual assets on our everyday life and economic landscape, it is essential to utilise the advantages of blockchain technology and new related products as a part of the bank’s long-term market strategy. Electronic currency paves the way to more sophisticated products in the virtual assets field that we are excited to explore.

Volodymyr Dubey, chairman of the board, TASCOMBANK

Stellar Making Strides

Earlier this year, the Stellar Foundation announced a partnership with Moneygram and USDC as part of its move into the global remittances space. Now, its ambitions have expanded into central bank digital currencies (CBDCs) with its CEO and executive director expressing great confidence that its blockchain is up to the task.

Stellar is an open network that was designed with asset issuance in mind, and is uniquely suited to assets like the electronic hryvnia. It offers issuers, like TASCOMBANK, a suite of controls that they can configure for their asset control needs while maintaining the interoperability and flexibility of an open ledger.

Denelle Dixon, CEO and executive director, Stellar Development Foundation

This regulated electronic hryvnia will be built under the current e-money legislation of Ukraine, and the payment services law governing the circulation of electronic money and future issuance of a digital currency is anticipated to take effect in 2022.

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Crypto News Market Analysis Stellar Trading

Top 3 Coins to Watch Today: XLM, DOT, ATOM – December 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. 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 25th cryptocurrency globally and the current price is US$0.2607. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.7257 in May before retracing nearly 80% to find a low near $0.2480. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.3678 is slowing the bullish advance down. However, another leg might target the last swing high at $0.4122 and relatively equal highs at $0.4436. Resistance near $0.4759 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.5049.

A retracement before a move higher might find support in the daily gap near $0.2723, just above the monthly open. Relatively equal lows near $0.2575 could also provide support. A run-on stops at $0.2416 and $0.2331 might find support in the gap beginning near $0.2146 or a high-timeframe level near $0.1973.

2. 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 10th cryptocurrency globally and the current price is US$25.95. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOT consolidates between $25.44 and $35.70 at the 100% extension of September’s consolidation after a sharp move up through all-time during November.

The current consolidation could provide support if the price breaks the zone’s high near $35.51. A better risk-to-reward entry could present itself near the daily candle bodies of the last swing high near $29.37, which also has confluence with the 18 EMA and the 61.8% retracement. This potential drop could reach to possibly support the August open and 78.6% retracement, near $23.68.

A sharper downturn in the market could send the price as low as $22.89, near the last significant swing high in this leg, although a move this low could signal the start of a bearish trend.

Extensions from September’s consolidation indicate that the 150% extension, near $41.70, and the 200% extension, near $49.62, could be the next significant targets.

3. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 35th cryptocurrency globally and the current price is US$21.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

Q3 provided respectable 198% gains for bulls who bought ATOM at the monthly open, with the price finding resistance near $30.12.

If bulls take back control this month, the top of the former gap beginning at $20.44 may provide support for at least a short-term bounce. The top of the consolidation range starting near $18.58 is more likely to provide substantial support.

The most robust support is likely to be found in the overlapping consolidation ranges between $17.74 and $16.06, with a sharp slice through these levels possibly suggesting the end of the bull run.

The region from approximately $27.70 to the most recent swing high is likely to provide some resistance. The swing high provides a reasonable first target for a possible next leg up. 

If this high breaks, the 1.0 extension near $32.21 and the 2.0 extension near $38.90 may provide the next primary targets.

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.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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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Bitcoin Cash Crypto News Market Analysis Stellar Trading Zcash

Top 3 Coins to Watch Today: BCH, XLM, ZEC – December 1 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. Bitcoin Cash (BCH)

Bitcoin Cash BCH is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity (big blocks). In the same way that physical money, such as a dollar bill, is handed directly to the payee, Bitcoin Cash payments are sent directly from one person to another. As a permissionless, decentralised cryptocurrency, Bitcoin Cash requires no trusted third parties and no central bank. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary middlemen such as banks and payment processors.

BCH Price Analysis

At the time of writing, BCH is ranked the 22nd cryptocurrency globally and the current price is US$581.04. Let’s take a look at the chart below for price analysis:

Source: TradingView

October marked a turning point for BCH, with the price rocketing up almost 70% from its lows to probable resistance beginning near $716.22.

The price is currently struggling with the area between $615.43 and $465.76. This region could provide support after a close above – or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $534.33. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $510.21, and the potential support just below that begins around $490.64.

Continuation to the upside will likely target the monthly high near $612.30. However, probable resistance beginning at $648.55 and $692.05 could cap or slow down this move.

2. 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 25th cryptocurrency globally and the current price is US$0.3457. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.7197 in May before retracing nearly 85% to find a low near $0.2544. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near $0.3778 is slowing the bullish advance down. However, another leg might target the last swing high at $0.4082 and relatively equal highs at $0.4534. Resistance near $0.4859 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.5149.

A retracement before a move higher might find support in the daily gap near $0.2923, just above the monthly open. Relatively equal lows near $0.2775 could also provide support. A run-on stops at $0.2616 and $0.2531 might find support in the gap beginning near $0.2426 or a high-timeframe level near $0.2285.

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 60th cryptocurrency globally and the current price is US$224.28. 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 might cause bulls to be less aggressive in bidding. However, possible support near $215.87 and $205.96 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near $190.45 and $176.23 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $243.50, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $258.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $270.41 might 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.

Duration: 6 week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

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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Cardano ChainLink Crypto News Market Analysis Stellar Trading

Top 3 Coins To Watch Today: ADA, LINK, XLM – October 20 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. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform that says its 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 4th cryptocurrency globally and the current price is A$2.84. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 56% drop from its August highs found a low near A$2.45 in September before closing over a short-term high around A$2.94 last week.

This daily close over the high could signal a shift in market structure that might reach probable resistance near A$3.12. A sustained bullish move may target the swing high at A$3.21. If this stop run occurs, a run beyond the high into probable resistance near A$3.28 and A$3.34 is possible.

Bulls could buy a retracement to possible support near A$2.75, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$2.70. 

However, relatively equal lows near A$2.67 and A$2.64 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$2.60 and A$2.55.

2. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 17th cryptocurrency globally and the current price is A$34.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s massive late-July spike retraced near A$25.46 into the consolidation that began the impulse before bouncing to A$26.77. 

This consolidation could provide support again, although bears would first have to push the price through possible support near A$32.65. The market’s structure may be shifting bearish, with A$30.12 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$28.44 before finding support near A$26.91.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$38.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the August wick near A$44.58.

3. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals 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 22nd cryptocurrency globally and the current price is A$0.4944. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near A$0.8697 in May before retracing nearly 83% to find a low near A$0.3244. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.5378 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.5682 and relatively equal highs at A$0.6034. Resistance near A$0.6359 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.6649.

A retracement before a move higher might find support in the daily gap near A$0.4723, just above the monthly open. Relatively equal lows near A$0.4475 could also provide support. A run on stops at A$0.4216 and A$0.4055 might find support in the gap beginning near A$0.3826 or a high-timeframe level near A$0.3582.

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
Banking Blockchain Crypto News Payments Stablecoins Stellar

Payment Juggernaut Partners with Stellar and USDC for Blockchain-Based Payments

MoneyGram, one of the major global remittance services, has partnered with the Stellar Foundation (XLM) to provide a bridge between digital assets and local currencies for consumers, with United Texas Bank serving as the settlement bank between USDC issuer Circle and MoneyGram.

A Bridge From Traditional Finance to Digital Assets

On October 6, MoneyGram announced it would be using the Stellar blockchain to facilitate instant and cheap transactions. The bridge will allow “money transfers and enables near-instant settlement in USDC, a stablecoin pegged to the US dollar developed by Circle”.

The pilot project started in the fourth quarter of this year and will be rolled out slowly during early 2022. The blockchain-enabled bridge for USDC stablecoins and local currencies will connect MoneyGram’s 150 million or so consumers to the blockchain.

Denelle Dixon, CEO and executive director of the Stellar Development Foundation, stated that “we’re trying to go as big as we can”.

Working with MoneyGram allows end consumers to have on- and off-ramps everywhere that MoneyGram’s vast agent network supports it. So this is just transformational in terms of being able to exchange crypto for fiat and fiat for crypto,

Denelle Dixon, CEO and executive director, Stellar Development Foundation

This means that any digital wallet connected to the Stellar network can leverage any of MoneyGram’s 400,000 locations across the globe to send and receive remittances in various fiat currencies.

MoneyGram has joined Visa, which is also in the process of creating a blockchain-based bridge for international Central Bank Digital Currencies (CBDCs) to increase the ease, cost and speed with which people can make payments.

Ripple’s Relationship with MoneyGram Winding Down

Ripple (XRP) has had a longstanding relationship with MoneyGram that started in 2019, but it has been winding down since the US Securities and Exchange Commission filed suit against Ripple in December 2020, saying the firm had violated federal securities laws.

However, MoneyGram’s chairman and CEO Alex Holmes has stated that the partnership with Stellar is an entirely different animal from the relationship MoneyGram had with Ripple, which leveraged the crypto firm’s on-demand liquidity (ODL) to facilitate foreign exchange (FX) trading.

The relationship MoneyGram and Stellar have is based around the direct link between consumer payments. According to Holmes, the challenge is to create a foreign exchange market in a completely new and different environment.

United Texas Bank to Facilitate Crypto Settlements

Banks are quite skittish to start dealing with crypto due to the murky regulatory space in which the industry now finds itself. Holmes stated that “United Texas bank is an established bank here and very focused on the opportunities in the crypto space. Not every bank is willing to step into the crypto world, and I think it says a lot about how progressive that bank is trying to be.”

Unfortunately, a lot of regulation ends up being a look back. I think the blockchain and digital asset worlds [have] really accelerated, and now I see a lot of regulators looking to catch up.

Alex Holmes, chairman and CEO, MoneyGram
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Crypto News Market Analysis Solana Stellar Tezos Trading

Top 3 Coins To Watch Today: SOL, XLM, XTZ – October 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. 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 6th cryptocurrency globally and the current price is A$228.74. Let’s take a look at the chart below for price analysis:

Source: TradingView

August’s 150% rally ended with a drop as early October reached the 58.6% retracement level of SOL‘s last bullish leg.

The price is currently testing possible support beginning near A$218.34, just below the October open. Some bulls might be buying here, but many may be waiting for the price to show a willingness to move up from this level.

Below, just under the October monthly open and 41.8% retracement level of a more significant bullish swing, the area near A$203.65 could provide more substantial support. However, if the price reaches this far, it’s likely to touch possible support near A$192.05 around the 68.6% retracement level.

Near-term, the top of the mid-September consolidation near A$245.38 may provide resistance. A break through this level could reach near the last significant swing high with resistance likely to begin near A$261.70. 

2. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals 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 26th cryptocurrency globally and the current price is A$0.4147. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM kicked August off with a nearly 85% rally, spiking through the Q3 highs before testing possible support at the old high’s candle body near A$0.4011.

This area could provide support, although any sharp downturn in the market is likely to drive the price towards possible support around the current range’s EQ and the 9 EMA, near A$0.3756. A surge of traders selling during this week could pressure the price back down into accumulation before the next bull trend begins.

If bulls fail to step in at the possible mid-range support, a deeper retracement to possible support near A$0.3488 is likely. This area has confluence with the 61.8% retracement level, 18 EMA, and 40 EMA.

The highs near A$0.4597 are likely to provide some short-term resistance. However, a break of this level brings attention to the round numbers at A$0.4933 and A$0.5316 as the next probable resistances where bulls might take profits.

3. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 26th cryptocurrency globally and the current price is A$11.89. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 285% rally since mid-July saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near A$11.95 is providing some resistance. However, continuation through the all-time high at A$12.23 is not out of the question. Aggressive bulls might bid in the current region near A$11.82. 

If the price runs the recent swing low, bulls might bid in the gap near A$11.25. A deeper retracement could reach near the mid-September level and a gap near A$10.76. The region near A$9.83 and A$9.35 may also provide some support during a deeper retracement.

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 Market Analysis Solana Stellar Trading

Top 3 Coins To Watch Today: XLM, SOL, MINA – September 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. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, one of its goals was boosting financial inclusion by reaching the world’s unbanked but soon afterward, 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 25th cryptocurrency globally and the current price is A$0.3904. Let’s take a look at the chart below for price analysis:

Source: TradingView

After climbing nearly 280% since the beginning of the year, a 115% range has trapped XLM between A$0.4268 and A$0.3544 during Q3.

A consolidation near A$0.3876, visible on the weekly chart, provided support on the last touch. This level could provide support again on a stop run under the A$0.3688. 

A deeper run-on stop at A$0.3479 might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new monthly high soon. Below, little significant support exists until A$0.3218.

Higher-timeframe levels overlapping with a daily gap beginning at A$0.4169 are likely to provide resistance, perhaps on a sweep of the equal highs near A$0.4485. Breaking this resistance makes the relatively equal highs near A$0.4821 and the recent monthly high at A$0.5318 the next probable targets.

2. 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 7th cryptocurrency globally and the current price is A$187.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL‘s euphoric mid-August pump turned into a September dump, with little higher-timeframe support for bulls to justify entries.

Currently, the price is distributing at the 52% retracement level. A small consolidation near A$185.66 is visible on the 12-Hour chart, with a clearer consolidation at a higher timeframe. This area does have some confluence with the 69% retracement level and could offer some support in the future. 

The daily gap’s midpoint near A$198.34 has suppressed the price, although a push through this level could fill the daily gap up to A$215.39. A lack of sensitivity at this resistance could suggest a minor retracement before a possible move to new all-time highs.

3. Mina (MINA)

MINA Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralisation. The Mina network has a size of only 22 KB, which is minuscule when compared to Bitcoin’s 300 GB blockchain.

MINA Price Analysis

At the time of writing, MINA is ranked the 81st cryptocurrency globally and the current price is A$6.43. Let’s take a look at the chart below for price analysis:

Source: TradingView

MINA‘s 285% pump during Q3 ran into resistance near A$8.26 on September 15. Since then, the price has been consolidating between A$6.38 and A$7.12.

Just below the Monthly open, A$5.89 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near A$5.72 might cap a run on the lows near A$5.46 and A$5.08.

The higher-timeframe analysis points to the area near A$6.89 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near A$7.28 and A$7.54 may be the next targets.

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 Ethereum Classic Market Analysis Stellar Trading

Top 3 Coins To Watch Today: WIN, ETC, XLM – September 1 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. Wink Link (WIN)

The first TRON ecosystem comprehensive oracle Wink Link WINK fully integrates the real world with the blockchain space. It will be able to provide reliable, unpredictable and verifiable random numbers, and fully restore trust and improve user experience by tapping into data, events, and payment systems, etc, from the real world. The WINK team completed the acquisition of justlink.io on April 26, 2021, and WINkLink becomes the first TRON ecosystem comprehensive oracle. WIN, a TRON-based TRC20 token, will be the governance token of the WINkLink oracle network.

WIN Price Analysis

At the time of writing, WIN is ranked the 134th cryptocurrency globally and the current price is A$0.0008757. Let’s take a look at the chart below for price analysis:

Source: TradingView

WIN‘s nearly 83% drop from its April highs found a low near A$0.0005285 in July before closing over a short-term high around A$0.0009247 last week.

This daily close over the high could signal a shift in market structure that may reach probable resistance near A$0.0009823. A sustained bullish move may target the swing high at A$0.001057. If this stop run occurs, a run beyond the high into probable resistance near A$0.001146 and A$0.001209 is possible.

Bulls could buy a retracement to possible support near A$0.0008176, just above the August monthly open. A bearish turn in the marketplace may propel the price toward possible support near A$0.0007644. 

However, relatively equal lows near A$0.0007296 and A$0.0006988 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between A$0.0006735 and A$0.0006374.

2. Ethereum Classic (ETC)

Ethereum Classic ETC is a hard fork of Ethereum (ETH) that launched in July 2016. Its main function is as a smart contract network with the ability to host and support decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum; Ethereum Classic’s main aim is to preserve the Ethereum blockchain as it originally was, without artificially countering the DAO hack.

ETC Price Analysis

At the time of writing, ETC is ranked the 20th cryptocurrency globally and the current price is A$87.95. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETC‘s massive May spike retraced near A$55.36 into the consolidation that began the impulse before bouncing to A$61.47.

This consolidation could provide support again, although bears would first have to push the price through possible support near A$83.25. The market’s structure may be shifting bearish, with A$78.14 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$73.98 before finding support near A$68.29.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near A$98.66 potentially providing an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the massive May wick near A$108.63.

3. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked, but soon afterward 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 21st cryptocurrency globally and the current price is A$0.484. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near A$0.9156 in May before retracing nearly 83% to find a low near A$0.3266. The price consolidated around this level before the strong bullish impulse during the past several weeks.

Probable resistance near A$0.4955 is slowing the bullish advance down. However, another leg might target the last swing high at A$0.5368 and relatively equal highs at A$0.5844. Resistance near A$0.6155 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near A$0.6514.

A retracement before a move higher may find support in the daily gap near A$0.4375, just above the August monthly open. Relatively equal lows near A$0.3845 could also provide support. Run-on stops at A$0.3597 and A$0.3359 might find support in the gap beginning near A$0.2815 or a high-timeframe level near A$0.3169.

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 DeFi Stellar Stellar Lumens

Stellar Lumens (XLM) is Launching a Decentralised Exchange (SDEX)

Open source blockchain payment network and protocol Stellar is another step closer to enabling decentralised finance (DeFi).

Two potential changes to the protocol that would enhance DeFi exchange through the introduction of automated market makers (AMMs) were discussed via a recent meeting of the Stellar Development Foundation, which was live-streamed on YouTube. 

There’s general agreement that AMMs, which allow for the creation of liquidity pools, are a simple way to attract capital and enable high volumes of trading, and that introducing them to the protocol would have great benefits for the network. It means better liquidity, which means better exchange, which means better cross-currency payments.

Justin Rice, Head of Ecosystem, Stellar Development Foundation

Adding AMMs and liquidity pools to the Stellar Decentralised Exchange (SDEX) has the potential to attract more traders and reduce transaction costs. Improving liquidity is a key facet of Stellar network’s 2021 roadmap.

DeFi Exchanges Transforming Trade 

Market participation on DeFi exchanges is increasing significantly: monthly trading volume was on track to exceed US$55 billion in January, while open source and privacy-focused web browser Brave recently announced plans to build a decentralised exchange aggregator.  

It remains to be seen whether enhancements to the functionality of Stellar will further increase the popularity of its native digital currency, the Lumen (XLM), which experienced a breakout in late 2020.

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Blockchain Crypto News Stellar

Akoin Chooses Stellar to Power The Currency of Akon City

Senegalese singer, Akon, has received the green light from local government to construct a futuristic city in Uganda, with its own Akoin currency powered by Stellar.

As per a report by NBS Television, Akon is planning to build a futuristic, crypto-based city in Senegal that is going to operate on Akoin. Akoin is a Stellar-based cryptocurrency. In the interview Akon did not state the cost of the project.

I know if I put it there, they’re going to find a way to afford it because it’s going to motivate them

Akon

Akon plans to build malls, schools, police departments, waste management services, hospitals, and other buildings for recreation and culture. This will be done to uplift communities and “bring opportunities” to the people that live within them.

But ultimately when you create an opportunity, people grow with that opportunity, people learn with that opportunity, people are motivated with that opportunity.

Akon

Stellar Blockchain For Economic Inclusion

According to a press release by AkoinOfficial they are aiming to improve Africa’s financial infrastructure and lower costs by removing intermediaries and increasing transparency through the use of blockchain technology. The partnership with Stellar Organization and their Stellar Consensus Protocol can enable Akoin to reach this goal.

The Stellar Development Foundation can support Akoin initiatives through a wide network of charities that accept Stellar Lumens as a form of donation. Also, coupled with its work with Saldo on providing solutions for migrant workers to send funds back to their families, and developments made with IBM Worldwire, to send any currency anywhere in the world using Stellar. These made Stellar a winning choice for Akoin.

Additionally, launching on Stellar means that Akoin can be traded on the Stellar Decentralized Exchange (DEX). By immediately giving users access to several pairs beyond Akoin and XLM, participants are given the ability to explore the cryptocurrency world in ways that the current financial infrastructure limits them.

Akoin wants to remove barriers keeping Africans from participating in the world economy by empowering them with blockchain technology and services.