Category: Trading

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Angry and Upset Crypto Traders Take To Reddit

May has been definitely one of the craziest and most volatile months for the crypto market so far in 2021.

There are several possible reasons why the market has shaken so much. The previous bull run attracted new traders and investors entering the crypto world, sometimes without any proper training and buying at the top of the market.

With so much happening, some crypto traders have taken their stories to Reddit, especially sharing their frustrations and to blow off some steam.

Some Lost Everything

Some traders were hit hard by the crypto crash — seeing even 50% of their portfolio vanished, losing life savings, the chance to pay their houses, car, or even rent.

One user shared his story on how he and his wife lost 50% in their total investments, and now they can’t buy a car and their dreams of being homeowners will be put on hold — and to complete the picture, they have a baby incoming.

However, despite the adversity, they still don’t plan to sell.

She was upset, but she said we shouldn’t sell for a loss, and just to keep holding for the next few years and act as if the money doesn’t exist. […] Remember, if you do all the investing, that means you did all the losing. Don’t deny this.

A Reddit user

Some are Staying Optimistic

One trader said the crypto crash came amid an already rough month for him. Despite the adversity, he incited everyone in the community to not let themselves go in a downward spiral if they’re going through a similar situation. “Remember to consider the good things in life first before dwelling on depressing news and events”, he said.

Excited for crypto to change the world for the better, just going to take a little bit longer than we want but the good things always take patience and especially this year, I am trying to be as patient as any sane person in these tumultuous times.

A Reddit user

Some traders believe the current situation is an opportunity for everyone that wants to join the crypto space but thought they were already too late. One user bought ETH when it was priced around $120 USD. However, he emphasised the difficulty of buying the dip especially when there’s a lot of FUD (Fear, Uncertainty, Doubt) going on and the markets are in red, adding “it takes courage to buy dips”.

The thing I’m trying to say is that it’s impossible to time the market, but don’t call people who buy at dips ‘lucky’. It takes courage to buy at long time lows, not knowing if the market is going to back up. It’s much easier in hindsight, during a bull run. Remember this.

A Reddit user

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Trading

A Story Of Trading Cryptos For 10 Years

This is a story from a crypto trader who started in 2010, hopefully new traders can learn something from reading it.

Have seen a few people make these and realised just how long I’ve been following crypto by comparison to most, so thought I would share my story and my thoughts in case it helps anyone

  • 2010 – I’m reading some random Internet forum to kill time and somehow come across this new Internet currency called “bitcoin.” It sounds interesting, I consider mining some but my laptop is barely staying alive as-is, there are some people selling it through paypal so I think about buying some in case it explodes and hits $1/coin or something like that (it’s currently worth a few cents) but I decide it’s not likely and I would probably get scammed anyway, so I move on
  • ~2011/2012 – I’m playing a private Everquest server and the guy running it announces he’s going to start selling in-game items for bitcoin to help keep the server running. Turns out it’s trading for $5/coin now, I hate myself a bit for not buying in when I first heard about it. I think about buying some again, I’ll spend some and hold some, but I would have to give my bank info to some shady site that I don’t trust, plus I’m pretty sure I already missed the boat and it’s too late to buy in now, it will probably crash soon anyway.
  • 2013 – I see a news article that BTC just hit $100 and I absolutely hate myself for missing the boat once again. This time I’m absolutely SURE it can’t go any higher though, so I don’t waste my money.
  • Late 2013 – Holy shit it’s not stopping, it crossed $1,000! I’m not sure it’s possible to hate myself more. It has to crash soon, right?
  • 2014 – It finally crashed, but it’s still way higher than I ever thought it could go. I start trolling around some crypto forums and hear about this new joke coin called Dogecoin. It’s super cheap, probably won’t ever amount to anything, but I can buy a few million of them for just a couple hundred dollars so might as well, right? Maybe it will hit 1 cent someday, doesn’t seem likely but neither did bitcoin. I finally make my first crypto purchase, I buy 2.5 million Dogecoin, I think I paid around $300. Shortly afterward, it exploded and at it’s peak was worth $10,000. Then it dropped again and settled at around $500, I sat on it.
  • 2016 – I want to buy something online and the seller only accepts BTC. I check the charts and it hasn’t done much in a couple years, so I buy a bit of it, some to spend and some to hold. That gets me back onto the crypto forums and checking the charts, Ethereum catches my interest and is already the #2 coin by market cap, since Dogecoin has lost all hype and been dead for a couple years now I trade all of my Dogecoin for Ethereum. Shortly afterward, ETH lost half it’s value and I panic sold. Shortly after that, it recovered and I bought back in for twice the price I originally paid (cutting the size of my ETH portfolio in half).
  • 2017 – I finally get to ride a bull run. It’s awesome, I’m watching my investment explode and spending all my time on crypto forums. I throw a couple hundred extra at a bunch of “shitcoins” and enjoy the ride
  • 2018 – 2020 – I HODL. I’ve missed enough opportunities, I’m more willing to watch my holdings go to $0 than I am to let another bull run happen without being on board. I even buy a little bit more BTC and ETH when I see how low they get in 2020.
  • 2021 – I watch another bull run happen without being on board, in Dogecoin, the one I got rid of. My holdings would have been worth over $1 million if I held. I track down my old doge wallet info desperately hoping I’m remembering wrong and that I’m still holding some, but it’s empty. The ETH I traded it for is up nicely, but a small fraction of what the doge would have been worth. Strange how upsetting it is to be up 1000% on an investment when you realise you could be up 10,000%.

So that’s where I am now, just HODLing what I still have. I’ve seen a lot of posts here from people who think they are too late, or who want to sell in a crash to avoid more losses, so I want to encourage everyone to look at the long term charts. This could be another year long crash like 2018, or it could be another quick summer crash where it recovers and takes off like in 2017. Don’t try to predict what it’s going to do, if you believe in it just ride along.

I’ve lost millions in potential profit from panic selling, thinking I was too late to get in, and trying to outsmart the market over the past decade. Don’t be like me.

Read the full story on Reddit.

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Binance Crypto News Market Analysis Swyftx Trading

Polygon (MATIC) Just Surged +118% in a day as Dotmoovs is scaling with Polygon

polygon dotmoovs
polygon dotmoovs https://twitter.com/0xPolygon/status/1396851361044582405/

Polygon (MATIC) is trading in an uptrend, like many other altcoins. The cryptocurrency MATIC just went up +118% in a single day by breaking a falling wedge pattern with strong buying volume and surges over +145.23% in a week.

What is MATIC?

Polygon (previously Matic Network) is one of 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.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.

MATIC Price Analysis

At the time of writing, MATIC is ranked 13th cryptocurrency globally and the current price is $2.41 AUD. This is a +145.23% increase since 18th May 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 2-hour candle chart, we can clearly see that Matic was trading inside the falling wedge pattern on the MATIC/USDT pair. The first resistance was on the $1.90 AUD price levels which MATIC broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding a strong position this week after the recent bitcoin crash recovery, MATIC might continue to increase in the uptrend if the traders keep buying with high volume.

“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.”

Source: TradingView

What Do The Technical Indicators Say?

TradingView indicators for MATIC

TradingView indicators (on the 1 day window) mainly suggest MATIC as a strong buy, except the Oscillators which indicate MATIC as a neutral.

So Why Did Matic Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying MATIC for the next Altcoins rally. Recent news also announced exciting development involving Polygon.

Investors are taking a deep interest into Polygon. Its unique model, success in drawing users from larger blockchains, and high-and-growing market capitalization make it a safer bet for buyers. Growth seems very likely. But, at what rate the token will grow is a point of contention among analysts.

Where to Buy or Trade Matic?

MATIC has high liquidity on the Binance exchange which could help for trading MATIC/BTC or MATIC/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Bitcoin Cryptocurrencies Investing Market Analysis Trading

The 5 Biggest Problems In The Crypto Space Right Now

As the crypto market continues its biggest correction of 2021, while future investments are hedged and day traders rush to cash out, more experienced investors resign themselves to jumping yet another HODL hurdle.

Although steep corrections are just business-as-usual in the crypto world, there are a number of factors setting this particular correction apart from previous ones and pointing to broader issues in the crypto sphere.

There is a prevalence of shitcoins

The term “altcoin” looks definitely outdated – many new cryptocurrencies really do bring something unique to the table and are backed by plenty of research and development.

Everyone is looking to get a piece of the crypto pie – and for every Chainlink (LINK) or Cardano (ADA), there is an army of cryptocurrencies that either have arguably no real use case, like Safemoon, or were explicitly created as a joke. Not only do investors stand to lose a lot by investing in dodgy cryptos – the rugpulls many of these coins do lower the level of trust in cryptocurrencies overall.

New crypto traders are entering the crypto space without training and buying at All-Time Highs (ATH)

In a market where DYOR (Do Your Own Research) raises from common sense to paramount importance, many investors hop right in and buy the latest crypto they heard about on Twitter. There often seems to be a lack of understanding of the project behind a certain coin, let alone the planning of an investment or trading strategy.

Combined with the excitement of being involved in the crypto space, the desire of quick gains and maybe the fear of missing out on that, some people end up buying at the ATH of a certain cryptocurrency. A quick look at a price chart would have indicated that a correction could be imminent.

Thankfully, resources like Binance Academy are doing a great job of breaking down the basics and turning new investors into more seasoned veterans.

Certain individuals are able to cause 25% price swings with a single tweet

The popularity of some “cool billionaires” has definitely contributed a lot in terms of public awareness of cryptocurrencies. However, the veneration bestowed upon them can also lead the same fans to take sharp turns with their own crypto positions, based on their celebrities activity on social platforms like Twitter.

Such influence results in certain coins getting pumped (or dumped) in price just because they are mentioned by a popular supporter. Case in point, Dogecoin (DOGE) – which may be funny, but at the end of the day, it was created as a joke.

Two consequences stand out: on one side, uneducated retail investors may end up making poor decisions with their cryptos just by following the hype and social media noise. On the other, the control a given influencer seems to have on the price volatility of specific cryptos makes them, if not the overall market, less attractive for institutional investors.

Over 60% of Bitcoin mining power is still controlled by China

Bitcoin is now mainly mined in huge facilities, as the difficulty has gone up making the process not financially viable for small mining rigs. Many Chinese entrepreneurs have made their fortune by sprawling complexes pumping out digital gold. Unfortunately for them though, the Chinese government doesn’t seem to be too happy with cryptocurrencies outside of their tentative CBDC. Bans or policies on cryptocurrency issued by the country where 60% of BTC is mined can have tragic consequences for the corresponding markets.

Furthermore, some regions of China have decided to crack down on crypto miners due to the amount of electricity used in the process. A dramatic shortage in BTC mining not only cuts the supply but also hinders the overall network.

Bitcoin’s Proof-of-Work blockchain consumes an excessive amount of energy

Bitcoin has changed the world of digital payments. Unfortunately, given its current scale and rate of adoption, the Proof-of-Work (PoW) component of the the most popular cryptocurrency’s blockchain is now causing huge amounts of energy consumption globally.

Transaction fees and mining power have seen such a steep increase that some companies have stopped accepting BTC payments. It’s also no surprise that a lot of attention is being turned towards “greener” cryptocurrencies and technologies built to make Bitcoin work in ways that do not harm the environment as much.

As the bull market that lasted for over half a year seems to be fading, it’s important to remember that this has happened plenty of times before. The market will hopefully emerge from this temporary hurdle stronger and more mature than it previously was.

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Binance Crypto News Market Analysis Swyftx Trading

3 Coins that Might Breakout this Week: REEF, SFUND, SOL – Altcoins Trading Analysis

candle bars graph
candle bars graph https://unsplash.com/photos/ZzOa5G8hSPI

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Reef Finance (REEF)

Reef is a DeFi platform built on Polkadot that aims to deliver cross-chain trading. A yield engine and a smart liquidity aggregator are among the project’s offerings. Reef aggregates liquidity and provides automation. It also aims to address the drawbacks associated with existing trading platforms. While centralized exchanges are prone to security breaches, decentralized rivals can lack liquidity and are often difficult to use.

REEF Price Analysis

At the time of writing, REEF is ranked 128th cryptocurrency globally and the current price is $0.03093 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

After a nearly three-month period of distribution, REEF has dropped to the 79% retracement of its candle-bodied range. With the price at a steep discount relative to its trading range, buyers hunting for a deal could see an opportunity.

The consolidation low near $0.02538 AUD has provided support. However, the multiple equal lows may attract a stop run before any significant break to the upside.

If the price sweeps these lows, the daily gap beginning near $0.02165 AUD could cap its downward movement. Strong bearish momentum may propel the price into the consolidation near $0.01870 AUD.

Layered resistance rests overhead, with $0.03525 AUD possibly providing a ceiling to the first bullish impulses. A move through this level may find some resistance near $0.03918 AUD, while $0.04478 AUD could form the roof until a new bullish trend emerges.

2. Seedify.fund (SFUND)

Seedify.fund is a blockchain innovation ecosystem, with a community-driven Seed Stage Fund, Decentralized Incubator, and Launchpad. Seedify.fund cross-bridges a community-driven DAO with an incubator/seed fund to provide seed investments to projects selected by community votings.

SFUND Price Analysis

At the time of writing, SFUND is ranked 877th cryptocurrency globally and the current price is $2.76 AUD. Let’s take a look at the chart below for price analysis. Note: this chart is on the pair SFUND-BNB.

Source: TradingView

SFUND‘s five days of glory culminated in eleven days of bullish despair as the price plummeted nearly 75% from its highs.

The explosive pump left little bullish support below, with $1.95 AUD providing an area to look for buying on the daily chart. A test of this level could reach possible support near $1.80 AUD, which marks the approximate midpoint of the four-hour chart’s consolidation that preceded the pump.

However, the final bottom may emerge below $1.52 AUD, where a nine-day consolidation suggests the bulk of the buying took place.

The lower half of the upcandle at $2.80 AUD may provide resistance, with a pump through this level possibly letting trapped buyers out near $3.25 AUD.

A burst of bullish energy could reach as high as the daily gap near $4.75 AUD. However, this doesn’t seem likely to occur unless market conditions become more bullish.

3. Solana (SOL)

Solana is a highly-functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized 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 18th cryptocurrency globally and the current price is $38.51 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

The -67% finale to SOL‘s nearly month-long distribution calls “Solana Summer” into question. However, the coin has often shown strength during the crypto market’s bearish microcycles.

The recent sweep of the $28.03 AUD low into support starting near $29.50 AUD could be all bulls require before some upward movement.

Just below, a monthly gap at $26.55 AUD might provide support on a sweep of last week’s low, although the price may pierce through this gap. If the crypto market stays bearish, the price might visit the consolidation lows and support near $16.44 AUD.

Trapped bulls looking for hedges or exits could be selling near the swing low and daily gap starting near $41.25 AUD. A higher bounce might find more resistance around $48.91 AUD, near the midpoint of an upcandle and the distribution range’s swing low. Beyond these two resistances, the zone near $55.36 AUD might mark the top until a new bull cycle.

Where to Buy or Trade Altcoins?

These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Crypto News Market Analysis Trading

Bitcoin Fear and Greed Index Showing Extreme Fear

The Bitcoin Fear and Greed Index is the lowest that it has been for the past year – reaching a point of 10 indicating extreme fear in the market.

This indicator shows the current sentiment of the Bitcoin market into a simple meter from 0 to 100. Zero means ‘Extreme Fear’, while 100 means ‘Extreme Greed’.

From Greed To Fear

The lowest it has ever been was back in August 2019, hitting a point of 5. Just earlier this month however, it was at 73, indicating a rating of greed, coming down slightly from extreme greed highs of 95/100 earlier this year.

Tools like the Fear and Greed Index can help traders gauge market sentiment and react to ever-changing patterns and trends.

Triggering Trading Emotions

GREED – People tend to get greedy when the market is rising which results in huge FOMO (Fear Of Missing Out). The general pattern emerges as more and more buyers come into the market, it eventually tops out and a correction follows after a period of too much greed.

FEAR – When the market turns and more and more traders sell, FUD (Fear Uncertainty and Doubt) sets in and this cascades downwards. When this bottoms out, some traders then see this as a buying opportunity and the cycle changes and repeats.

Warren Buffet’s Famous Saying

The investment godfather Warren Buffet was famous for the following quote.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

Warren Buffet

This advice from Warren Buffet suggests that we could use the Fear and Greed Index indicator as a tool to assist us when we are trading and investing cryptocurrencies.

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Binance Crypto News Market Analysis Ontology Swyftx Trading

ONG Surges +500% In a Week as Ontology Introducing ONT staking with 90% APY

Ontology (ONG) has been trending upwards recently, unlike most of the other coins which have been going downwards. The Cryptocurrency ONG just went up +500% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +800% in 30 days.

What is Ontology?

Ontology is a high-performance, open-source blockchain specializing in digital identity and data. Ontology’s infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. Ontology adopts a dual-token model, with both ONT and ONG as utility tokens. Ontology decouples ONT and ONG to alleviate the risk of turbulent fluctuations of the native “asset” value on the gas fee.

ONG Price Analysis

At the time of writing, ONG is ranked 126th cryptocurrency globally and the current price is $1.80 AUD. This is a +500% increase since 15th May 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that ONG broke out from the rising wedge pattern on the ONG/USDT pair. The first resistance was on the $1.10 AUD price levels which ONG broke with a strong bullish trend & buying volume and is now heading towards the next resistance. ONG could continue the uptrend whereas many other altcoins are bearish this week due to Bitcoin’s recent crash.

“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.” – Larry Swing on Investopedia [source]

What do the Technical Indicators say?

The ONG TradingView indicators (on the 1-day window) mainly indicate ONG as a buy, except the Oscillators which indicate ONG as a sell.

Why did ONG Breakout?

General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying ONG for the next Altcoins rally. It could also have contributed to some of the recent news from Ontology introducing $ONT staking with >90% APY.

While ONT is the network’s “primary token,” ONG is used for on-chain services like transactions or paying for the deployment of smart contracts.
ONG tokens are also released to ONT token holders in amounts relative to their holding ratio to encourage ONT staking.

Where to Buy or Trade ONG?

Ontology ONG has high liquidity on Binance exchange so that would help for trading ONG/BTC or ONG/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.

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Bitcoin Cryptocurrencies Investing Market Analysis Trading

Biggest Bitcoin Selloff Since Black Thursday

Stock and Crypto Market Values
Stock and Crypto Market Values https://unsplash.com/photos/fiXLQXAhCfk

After more than a week of Bitcoin losing value, a report by Glassnode shows that Monday saw the biggest sell-off since March 2020.

That was when panic selling occurred due to fears about the market brought on by the COVID-19 pandemic. Such event subsequently became known as Black Thursday in the crypto scene.

Retail Investors Sell vs. Institutions Buy

Despite the massive sell-off, prices haven’t tanked as much as one would expect. In total, 30,749.89 BTC were sold on Monday. But as retail investors sold their BTC, companies and institutions have taken the opportunity to buy it.

As a result, Binance – a popular exchange especially between private traders – registered an inflow of around 26,000 BTC. Coinbase, on the other hand – one of the exchanges preferred by institutional investors – registered a net outflow of 146 BTC.

Although 146 BTC isn’t an enormous amount, it shows that, overall, more BTC is being bought than sold on the exchange often preferred by institutional investors. At current daily transactional volumes, Coinbase is still seeing more BTC being bought than sold.

Coinbase has seen almost entirely net outflows of BTC since breaking last cycles $20,000 USD all-time high, a trend that has continued this week. Coinbase is the preferred venue for U.S. institutional accumulation and given the scale of typical daily withdrawals (10,000 to 20,000 BTC per day), it suggests that larger buyers remain in active accumulation during this correction.

Glassnode “The Week On-chain (Week 20, 2021)”

The effect on the overall crypto market

This is not the first time Bitcoin has tanked in price. Indeed massive corrections like this one happened before and BTC has always recovered.

It’s also worth mentioning that the sale of BTC to Binance and other exchanges does not necessarily mean that people are looking at getting rid of their cryptocurrency. Many of the Bitcoins sold may simply be exchanged for other cryptos, given the gains Ethereum (ETH) and other cryptocurrencies have also made recently.

This provides further indication that the recent inflows are likely to be driven by both new market entrants (panic sellers) and potentially due to capital rotation into other crypto assets.

Glassnode “The Week On-chain (Week 20, 2021)”

Overall, more Bitcoin is being sold across all exchanges – This data seems to suggest that the market may start recovering sooner rather than later, possibly thanks to institutional support.

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Crypto News Market Analysis Trading

3 Coins that Might Breakout this Week: CRO, GMR, HBAR – Altcoins Trading Analysis

Market Analysis, Trading
Market Analysis, Trading https://unsplash.com/photos/amLfrL8LGls

In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.

1. Crypto Coin (CRO)

Crypto.com Coin (CRO) is the native cryptocurrency token of Crypto.com Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company. Crypto.com Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

CRO Price Analysis

At the time of writing, CRO is ranked 45th cryptocurrency globally and the current price is $0.1918 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

After climbing nearly 380% since the beginning of the year, a 115% range has trapped CRO between $0.3718 AUD and $0.1863 AUD during Q2.

A consolidation near $0.1889 AUD, visible on the weekly chart, provided support on the last touch. This level could provide support again on a stop run under the $0.1789 AUD.

A deeper run on stops at $0.1563 AUD might reach the top of a higher-timeframe gap at the same level. However, a push this low reduces the chance of a new all-time high soon. Below, little significant support exists until $0.1361 AUD.

Higher-timeframe levels overlapping with a daily gap beginning at $0.2507 AUD are likely to provide resistance, perhaps on a sweep of the equal highs near $0.2486 AUD. Breaking this resistance makes the relatively equal highs near $0.2918 AUD and the all-time high at $0.3518 AUD the next possible targets.

2. GMR Finance (GMR)

GMR Finance aims to bring the gaming community, content creators and game developers together with GMR token. Converting clips into Non-Fungible Tokens will be available with just a few clicks. A NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

GMR Price Analysis

At the time of writing, GMR is ranked 2949th cryptocurrency globally and the current price is 0.0000004739 AUD. Let’s take a look at the chart below for price analysis. NOTE: This is a 4h chart of GMR paired against BNB.

Source: TradingView

GMR’s euphoric early-May pump turned into a late-May dump, with little higher-timeframe support for bulls to justify entries.

Currently, the price is distributing at the 62% retracement level. A small consolidation near 0.0000004522 AUD is visible on the daily chart, with a clearer consolidation on the 4h chart. This area does have some confluence with the 79% retracement level and could offer some support in the future.

The daily gap’s midpoint near 0.0000003933 AUD has suppressed the price, although a push through this level could fill the daily gap up to 0.0000006194 AUD. A lack of sensitivity at this resistance could suggest a minor retracement before a possible move to new all-time highs.

3. Hedera Hashgraph (HBAR)

Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralized applications (DApps). It has been called “trust layer of the internet” and it is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.

HBAR Price Analysis

At the time of writing, HBAR is ranked 55th cryptocurrency globally and the current price is $0.393 AUD. Let’s take a look at the chart below for price analysis.

Source: TradingView

HBAR‘s 1400% pump during Q1 ran into resistance near $0.5509 AUD on March 15th. Since then, the price has been consolidating in a 120% range between $0.3143 AUD and $0.4709 AUD.

Just below the May open, $0.3229 AUD is the first level that could provide substantial support. If the price breaks down through that, overlapping levels near $0.2281 AUD might cap a run on the lows near $0.2543 AUD and $0.2682 AUD.

The higher-timeframe analysis points to the area near $0.4306 AUD as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.5202 AUD and $0.6109 AUD may be the next targets.

Where to Buy or Trade Altcoins?

These 3 Altcoins have high liquidity on Binance Exchange so that could help with trading. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

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Bitcoin Crypto News Investing Market Analysis Trading

New Crypto Traders Panic Over Recent Price Dip

In the past week Bitcoin (BTC) has gone through a few price dips – the kind of situation that could scare new investors causing them to sell-off their assets in fear of losing everyting.

Has anything actually changed though? Has something triggered the drop in price? Is there a reason to panic?

The market has shown various times that when public sentiment about cryptocurrency lowers due to some public figure or negative news there are people who sell their assets. This looks like an emotional reaction with little regard for fundamentals.

Bitcoin price USD 17 May 2021 Glassnode
Bitcoin price USD 17 May 2021 [Glassnode]

In a post by Glassnode they state that there are “strong signals that short-term holders are leading with panic selling”. Bitcoin which is down to $44,757 USD at the time of writing from $55,000 USD one week ago is seemingly being driven by weak hands.

[…] weak hands traders have predictable buying and selling behaviors as they are driven by fear, uncertainty, and doubt (FUD).

Bryce Lippai on Binance Academy [source]

Long Term Holders Buying The Dip

While the long-term price action seems to be driven by the monetary preferences of the world changing from fiat money to crypto, short-term price action is driven by leverage and derivatives markets.

As the price of Bitcoin has dropped to around $44,000 USD, it looks like institutions are buying the dip. The recent three-month consolidation can be thought of as bitcoin simply moving from weak hands to strong ones.

Bitcoin: Number of Accumulation Addresses [Glassnode]

There is also an increase in accumulation addresses, which are thosethat have at least two incoming transactions but have never spent any coins. This suggests that long term investors are buying this dip too.

The Importance of Research

An important phrase in the crypto world is “Do Your Own Research” (DYOR), meant to encourage people to understand what they are buying so that they get to know the project or technology they are investing in. By not just following sentiment, investors can feel more secure about their decisions.

DYOR seems to be applicable beyond the crypto world – due to the amount of misinformation floating around, one needs to keep a keen eye on the sources, or get professional advice.