Two cryptocurrencies that have been widely discussed in recent months are Dogecoin (DOGE) and the much more recent Safemoon, a token which purportedly protects everyday investors from whales dumping a few months after buying in at low prices – a move which has left over 1000 cryptocurrencies more or less dead in the water so far.
The company behind Safemoon attempts to do this by putting in place a steep 10-12% fee for selling or trading the token, half of which is redistributed to remaining holders.
Dogecoin, on the other hand, was created as a joke – but it’s popularity has skyrocketed in the past few months due to promotion by high-profile figures like Elon Musk and Snoop Dogg.
Both cryptos, however, have taken a tumble recently.
Market Cap Bogged Down By Bearish Traders
During a bearish swing that wiped nearly half a trillion USD off of the total market cap of all cryptocurrencies combined, the market caps of these 2 “internet darlings” suffered their fare share of losses.
According to Susannah Streeter – a senior investment and market analyst at Hargreaves Lansdown – predicting the moment whales decide to cash out and leave you holding the bag is quite difficult.
Much of the demand has come from traders hoping to benefit from future price rises rather than using the coins or tokens as a means of exchange. Predicting the point at which demand subsides and prices begin to fall is very difficult, if not impossible, and people risk getting their fingers seriously burnt.
Susannah Streeter [The Sun]
Worth around $0.054 on the 1st of April – which is still a massive increase compared to the price Dogecoin had at the beginning of the year – DOGE’s price increased nearly tenfold to $0.407 on the 19th of April before hitting a low point of $0.215, 4 days later. In the meantime, the price of DOGE has started slowly climbing again.
The same cannot be said of Safemoon though. After peaking at $0.000014 per token early last week, the price of Safemoon hit 0.000004 on the 23rd of April. The price then showed signs of recovery for 2 days, before starting to drop again.
Although cryptocurrencies have always been “high risk/high reward”, the drop of these two cryptocurrencies should remind us all to take the time to research the cryptocurrencies we intend to invest in, regardless of how much praise they get by internet forum users.
In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. The Graph (GRT)
The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. There is a hosted service in production that makes it easy for developers to get started building on. The Graph currently supports indexing data from Ethereum, IPFS, and POA, with more networks.
GRT Price Analysis
At the time of writing, GRT is ranked 60th cryptocurrency globally and the current price is $1.88 AUD. Let’s take a look at the chart below for price analysis.
After its early Q1 bullrun, GRT has been ranging between approximately $3.00 AUD and $1.50 AUD.
Last week’s sharp decline ran equal lows into a gap on the daily chart. This down move could set the stage for an attack on the relatively equal highs near $2.23 AUD if the price was to break through resistance possibly near $1.90 AUD and $1.98 AUD.
Above these highs, resistance near $2.44 AUD could halt a bullish move, although reaching the all-time high at $2.88 AUD is possible.
Aggressive bulls might look for entries in possible support near $1.55 AUD and $1.35 AUD, just below the current price. If the price sweeps last week’s low, the levels near $1.20 AUD and $1.05 AUD may also provide support.
2. Shiba Inu (SHIB)
Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap.
SHIB Price Analysis
At the time of writing, SHIB is ranked 2438th cryptocurrency globally and the current price is $0.000001513 AUD. Let’s take a look at the chart below for price analysis.
SHIB’s spectacular April pump has retraced most of its gains as it finds support near $0.000001325 AUD.
Stops under the relatively equal lows near $0.00001113 AUD might be swept, along with the swing low near $0.00000908 AUD. If this sweep happens, the price could find support near $0.00000850 AUD. A move further down could find more support near $0.00000730 AUD.
Spikes upward are likely to encounter resistance beginning near $0.000001630. If the bullish trend resumes after re-accumulation, some traders might take profits as the price approaches possible resistance starting around $0.00002404 AUD and $0.000003187 AUD.
The all-time high near 0.000005348 AUD looks like a primary target. Any moves beyond this level are challenging to predict from current price action.
3. Swipe (SXP)
Swipe is a platform that tries to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card, and the Swipe Token (SXP). The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe’s second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offers increasing perks and benefits.
SXP Price Analysis
At the time of writing, SXP is ranked 158th cryptocurrency globally and the current price is $4.53 AUD. Let’s take a look at the chart below for price analysis.
The second half of April punished SXP bulls with a nearly 50% drop before the price found support near an old swing low around $3.35 AUD.
Aggressive bulls might look for entries at possible support beginning near $3.98 AUD. However, stops under equal lows near $3.30 AUD could be swept.
The area near $3.20 AUD provides a possible target for this stop run if it occurs. A more sustained bearish trend could reach down to the broad zone of possible support between $2.80 AUD and $2.65 AUD.
The price is currently challenging resistance at a gap beginning near $4.53 AUD. If this level breaks, bulls could find more resistance near $4.87 AUD while targeting the highs up to $4.70 AUD.
A sweep of these highs is likely to find resistance by the time price reaches the area near $4.90 AUD. The next reasonable targets would be the swing highs and resistance near $5.15 AUD and $5.80 AUD.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
Although in the past when resistance levels looked less than auspicious, bulls returned and kept the price of Bitcoin flying high. Now, JPMorgan Chase & Co. strategist Nikolaos Panigirtzoglou seems worried about the future of Bitcoin, according to a note published by him and fellow strategists.
Price Must Go Back Above The 60K Level
According to Panigirtzoglou, Bitcoin futures markets have largely been liquidated in the past few days, similar to the middle of previous months – and he foresees momentum stalling, if not quite fizzling out.
“Over the past few days, Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November. Momentum signals will naturally decay from here for several months, given their still elevated level. Whether we see a repeat of those previous episodes in the current conjuncture remains to be seen.”
Although the price of Bitcoin soared to around AUD 83,700 around the time Coinbase was listed by NASDAQ, 1 BTC is currently worth around AUD 71,200 (at the time this article was written).
Some bearish traders allegedly predict that the lack of momentum may push the price even further back down to around AUD 64,500.
However, even if this scenario plays out – and it’s quite possible that it will – Bitcoin’s overall growth throughout 2020 and 2021 so far has been spectacular – and small nosedives happen all the time, after which prices tend to continue steadily climbing.
The note is not completely gloomy, however: it also notes that the hash rate seems to have recovered, and that going forward the amount of BTC liquidity should increase – and remain high.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. ICON (ICX)
ICON is a decentralized blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON.
ICX Price Analysis
At the time of writing, ICX is ranked 79th cryptocurrency globally and the current price is $2.73 AUD. Let’s take a look at the chart below for price analysis.
During the weekend it swung around $2.4150 AUD as it tested support near $2.1201 AUD.
Aggressive traders expecting expansion to the upside could look for entries near possible support around $2.2762 AUD. Bids near $2.1201 AUD may be able to capitalize on an attempt to run the stops below the weekend’s swing low. A stop run below this low may reach into possible support near $1.9500 AUD.
In the short term, $2.9426 AUD may provide some resistance. The swing high near $3.2700 AUD looks like a first target, with the area just above up to $3.5500 AUD possibly creating resistance.
A break out of this zone would make the March high at $3.6170 AUD a more likely target, with further expansion possibly reaching near $5.3226 AUD.
2. IOTA (MIOTA)
IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, it relies on a technology known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.
IOTA Price Analysis
At the time of writing, IOTA is ranked 24th cryptocurrency globally and the current price is $2.68 AUD. Let’s take a look at the chart below for price analysis.
The weekend’s 31% drop was immediately bought up and closed the day bullish, suggesting strength for IOTA bulls.
Aggressive traders could look for support near $2.4215 AUD. Levels near $2.2970 AUD, $2.1851 AUD, and $1.9773 AUD also provide areas for bids during a retracement.
Little resistance rests overhead, but the area between $2.8593 AUD and the swing high at $2.9773 AUD may cap an initial move upward. Extensions seem to indicate $3.2283 AUD and $3.8425 AUD as take-profit zones.
3. WINK (WIN)
WINk is a gaming platform for users to play socialize and stake across multiple blockchain ecosystems that leverages the WIN token as the native digital asset within the platform. Through behavioural mining, innovative token economy design and other incentive mechanisms, WINk aims to build an ecosystem that provides a high-quality decentralized gaming experience. This would enable developers to build DApps that drive genuine adoption, engaging users to participate and contribute as active stakeholders in the platform.
WIN Price Analysis
At the time of writing, WINK is ranked 134th cryptocurrency globally and the current price is $0.0017 AUD. Let’s take a look at the chart below for price analysis.
An impressive 463% month for WIN has retraced over 56% as the price consolidates near the weekly gap beginning near $0.001701 AUD.
The equal lows at this weekly gap might see a stop run before any further move up. The area near $0.00109 AUD at the top of a daily gap could provide support.
The bottom of the gap seems a more likely support, ranging from approximately $0.0009664 AUD to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $0.0006308 AUD.
Impulses upward during retracement are possible, but the most substantial resistance seems just below the April swing high near $0.002971 AUD. This swing high provides a clear first target, with any targets beyond challenging to predict.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
CFD (Contracts for Difference) platforms offer traders an opportunity to enter into an agreement to either pay in or be paid out based on any price difference that occurs between the opening and closing of a trade, rather than purchasing the actual asset itself. CFD has gained massive popularity in the trading community over the last ten years, due to its unique capacity for traders to potentially benefit from both the rising and falling of stock, commodity, and cryptocurrency asset values.
Partnering with a trading platform, like Bit-Market, gives you access to all the added benefits like added bonuses on deposits, increased trading opportunities, high transaction speed, a stop-loss system, and the ability to leverage your trades. Albeit, the most exciting benefit that Bit-Market offers is its revolutionary education program. By the end of this article, you will have a good understanding of what that program offers.
5 ways the Bit-Market education portal makes you a better trader.
1. An improved understanding of how their platform works.
Trading can be stressful enough without a cumbersome website and trading platform. Bit-Market has built a user-friendly website as well as a simple trading platform. Aside from this, they offer over-the-phone and online education programs that will help you understand how to use them.
2. An improved understanding of market analysis.
Analyzing the crypto market is primarily made up of three pillars:
Fundamental analysis.*1 How world news affects the current price fluctuation of crypto assets.
Technical Analysis*2 Fluctuations in asset values are displayed on a chart, populated by candlestick indicators.
Sentimental analysis.*3 Somewhat a combination of technical and fundamental analysis. It describes the common feeling of which direction the market is moving, which is generally referred to as “bullish”, or “bearish”.
The news*1 caused a 17% spike in the Bitcoin price*2, giving Bitcoin another boost in bullish investor confidence.*3
One’s ability to keep a tight grip on what the current state of affairs is in all three pillars will largely determine the success or failure of traders. Accessing the support and knowledge of Bit-Market is an effective way of maximizing your chances of placing trades at the right time to potentially capitalize on price fluctuations.
3. A refreshed view on candlestick chart basics.
In the early stages of trading, you may find yourself flustered by the numerous indicator patterns.
– The Doji and The Spinning Top, The Hammer, and The Hanging Man. What are they? What do they tell us? How do we capitalize on them?
You are best off taking advantage of the dedicated education and account management teams that Bit-Market offers, to master the above-mentioned indicator patterns.
The agents you will speak to spend their days behind their screens analyzing technical and fundamental indicators and give you an up-to-the-minute report on how they see the markets, together with their take on setting trade positions.
4. Guidance on placing promising trade positions.
Fully understanding all the concepts of analyzing the markets to place trades takes thousands of hours of study and practice. Accessing the professional insight from account managers and education specialists at Bit-Market gives you access to master-level skills right when you need them – RIGHT NOW!
5. Access to speedy trade signals.
Being a successful trader, ultimately, comes down to how much time you can spend analyzing the markets, how well you can predict price movements, and how often you can place successful trades on said movements. Even full-time traders have lives and responsibilities outside of trading, which limits their ability to keep tabs on market information.
Teaming up with the Bit-Market platform, which operates continuously, gives traders around-the-clock access to analysis and knowledge right before markets change direction.
Conclusion
CFD (Contracts for Difference) give traders the benefit of both the rising and falling of stock, commodity and cryptocurrency asset values.
The Bit-Market education portal will make you a better trader by; improving your understanding of their platform, giving you a deeper understanding of market analysis, a refreshed look at candlestick chart basics, access to speedy trade signals, and confidence to place a promising trade position.
While the volatility of the crypto market opens up a huge number of trading opportunities, traders need to protect their committed funds from drastic fluctuations. The most effective strategy to do this is to partner up with a trading platform that offers a user-friendly platform, trading education, and on-demand support.
Bit-Market has just released an outstanding education program, facilitated by professional education specialists while dedicated account managers assist you every step of your CFD trading journey. “An investment in education has the greatest return” – Benjamin Franklin
Dogecoin is trading in an active uptrend and strong trading volume today, like many other altcoins. The cryptocurrency DOGE just went up +90% in a single day and surges over +125% in a week and +6450% in a year. Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.
What is Dogecoin?
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.
Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favourite coin.
At the time of writing, DOGE is ranked 10th cryptocurrency globally and the current price is $0.1716 AUD. This is a +125% increase since 7 April 2021 (a week ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that Dogecoin was trading sideways on a DOGE/USDT pair. The first resistance was on the $0.0954 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards current resistance at $0.1705 AUD after making a new all-time high price today. As other altcoins are waking up bullish today, DOGE might continue the uptrend with its hype going around.
The two green lines that appear in the graph represent the previous resistance and support levels of DOGE/USDT relate to previous bull run from early February.
What do the Technical Indicators say?
The Dogecoin TradingView indicators (on a 1 day window) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a neutral.
So Why did DOGE Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying Dogecoin for the next altcoins rally.
Also, a Miami nightclub recently announced they accept Dogecoin enabling payments in crypto. E11EVEN MIAMI, the award-winning 24/7 ultra club located in the heart of Downtown Miami, is one of the first major nightclubs in the USA to accept cryptocurrencies as a form of payment and Dogecoin is also into the list.
Just remember, some of y’all could have put $1,000 into #dogecoin 4 months ago and today you would have had $38,000.
Dogecoin has the highest liquidity on Binance Exchange so that could help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some then Swyftx Exchange is a popular choice in Australia.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. BitTorrent (BTT)
BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years. According to its official literature, BitTorrent is currently the “largest decentralized P2P communications protocol” in the world.
The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.
BTT Price Analysis
At the time of writing, BTT is ranked 27th cryptocurrency globally and the current price is $0.0104 AUD. Let’s take a look at the chart below for price analysis.
BTT’s explosive March climbing over +1,100% retraced nearly half of the move within a week.
While the price possibly needs to cool off before any significant move higher, stubborn bulls could look for entries in possible support beginning near $0.0093 AUD.
A break below $0.0084 AUD might to continue to an area near $0.0068 AUD. Strong bearish momentum might push the price through April’s monthly open to possible support near $0.0049 AUD.
In both bullish and bearish scenarios, it seems reasonable (but not guaranteed) to anticipate a retest of resistance near $0.0125 AUD, which would sweep a cluster of relatively equal highs near $0.0128 AUD.
Continued strength above this area could continue to resistance near $0.0144 AUD and the high near $0.0155 AUD.
2. Ethereum (ETH)
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
Ethereum Price Analysis
At the time of writing, ETH is ranked 2nd cryptocurrency globally and the current price is $2,843 AUD. Let’s take a look at the chart below for price analysis.
Since the beginning of March, ETH has climbed +70%, a relatively small amount compared to many other altcoins. However, the price continues to creep to new all-time highs, suggesting that the consolidation period may be near its end.
Aggressive bulls could look for entries in new possible support between $2,796 AUD and $2,683 AUD. A dip below this area might also find support near $2,583 AUD. However, a daily close near $2,605 AUD brings bullish strength into question.
A sudden drop in the market could test possible support beginning near $2,410 AUD. This retracement would create extensions suggesting $3,987 AUD to 3,998 AUD as a potential target for bulls.
Currently, extensions indicate a reasonable take-profit zone near $3,388 AUD to $3,684 AUD with $3,652 AUD having the most confluence. If bulls can maintain strength, confluent extensions point to $4,225 AUD – $4,300 AUD as a possible next target.
3. PundiX (NPXS)
PundiX is a leading developer of blockchain-powered devices with the aim of transforming retail businesses with its blockchain-based point of sale solution. The solution allows retail merchants and consumers to conduct instantaneous in-store transactions on its blockchain.
NPXS Price Analysis
At the time of writing, NPXS is ranked 88th cryptocurrency globally and the current price is $0.006301 AUD. Let’s take a look at the chart below for price analysis.
Source: TradingViewNote: NPXS recently changed to PUNDIX. This analysis is done on the old NPXS charts since the old chart contains more historical price action. Multiply the NPXS values given here by 100 for the approximate levels on the PUNDIX chart.
March 1st spawned a bullish move in NPXS, reaching over +430%. Chaotic price action near the top of this move resolved into a nearly 50% retracement.
Multiple breaks of swing lows between sweeps of swing highs suggest that the market structure has turned bearish for the immediate future. If the overall market’s conditions remain bullish, this could result in consolidation somewhere below the current price.
Possible support for the start of consolidation rests near $0.005967 AUD. A set of equal lows below this level might be swept into possible support, beginning near $0.005038 AUD.
Another spike upward is possible, but not guaranteed, as the price retraces. The area just under the April monthly open, beginning near $0.009644 AUD, seems a reasonable target. Above this resistance, the last swing high near $0.01254 AUD provides active uptrend.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
State Street, the second oldest bank in the USA, is going to interchange its Forex infrastructure to create a bank-grade platform for digital assets – set to go live in the middle of the year.
State Street Corporation, the parent company of State Street Global Advisors (SSGA) is the world’s fourth-largest investment management corporation, with approximately $3.5 trillion assets under management (AUM), and $38.8 trillion under custody and administration. It’s also the second-largest custodian bank in the world.
According to a press release from Pressat, Pure Digital has made an agreement with State Street to use Currenex, acutting-edge trading technology, as the backbone for their “new and unique wholesale digital currency trading platform”.
We are excited to partner with Currenex, an industry leader in FX, on this initiative; as we work to transpose FX infrastructure to the crypto space via a bank-led consortium.
Lauren Kiley, CEO of Pure Digital
A Platform Specifically For Banks
The Pure Digital trading platform will be the first of its kind, offering a wholesale inter-bank market for Tier 1 investment banks to trade bitcoin and other digital assets. Pure Digital is in discussions with several other Tier 1 investment banks to use the platform.
The platform will be an over-the-counter (OTC) offering with bilateral credit lines and full transparency so that the banks can see exactly who they’re dealing with. When asked whether they would be using the platform for their own crypto trading, Kiley replied:
That is the intention – State Street is one of the many banks that will be using this platform and we are looking at midway through 2021, although no date is set.
Lauren Kiley, CEO of Pure Digital
Big Banks Are Starting to Offer Crypto Services
Now that other big banks like BNY Mellon, Goldman Sachs, and Morgan Stanley have dipped their toes in crypto. The eyes have been on State Street now, as one of the biggest U.S. custody providers and trading operations, to see if it would move into crypto as well.
It (cryptocurrency) needs large balance financial institutions involved in the manufacturing process of price. The primary market doesn’t really exist. There’s a lot of disparate exchanges out there with different rules of engagement and systems. And this manifests itself in very fragmented market data.
Campbell Adams, founder of Pure Digital
The boost that these big institutions give to the cryptocurrency industry through investing in it and making it available for others to invest in is a major help to the ecosystem. On the other hand, banks need to cater to the needs of their customers, and if they fail to do so they may become irrelevant.
Currently no Australian banks offer crypto services, but will we see this happen in 2021?
Ripple XRP is trading in an uptrend like many other altcoins. The Cryptocurrency XRP just went up +72% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +105% in a month.
What is XRP?
Ripple (XRP) is one of the fastest and most scalable digital assets, enabling real-time global payments anywhere in the world. The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.
XRP Price Analysis
At the time of writing, XRP has ranked the 4th cryptocurrency globally and the current price is $1.25 AUD. This is a +72% increase since 1st April 2021 (7 days ago) as shown in the chart below.
For now, XRP/USDT has formed some solid bullish signs, not only on the lower timeframes but also on the 12-hour chart – possibly the origin for the suggested targets to reach within the upcoming schedule. XRP/USDT seems to bounce off the black line cluster: taking off from there might provide a great origin for upside targets to be reached.
The first resistance was on the $0.85 AUD price levels which XRP broke with a strong bullish trend buying volume and is now heading towards the next resistance price at $1.35 AUD. Seeing that many altcoins are holding strong this week, XRP will possibly continue the bullish trend.
General market sentiment seems to suggest many cryptos are in the middle of a bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying XRP for this Altcoins rally. It could also have contributed to some of the recent news regarding Ripple’s Letter regarding Motion to Seal with Proposed Redacted Exhibits.
The first redaction is an email between Ripple CEO Brad Garlinghouse and an anonymous person about Rippleworks, the company’s non-profit VC arm. The second is between anonymous parties discussing the public perception of XRP and Ripple’s control of it.
XRP has the highest liquidity on Binance Exchange so that would help for trading XRP/USDT or XRP/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
File coin is trading in an uptrend here like many other altcoins. The Cryptocurrency Filecoin just went up +52% in a single day by breaking a Rising wedge pattern with strong buying volume and surges over +135.74% in a week.
What is Filecoin?
Filecoin is a system that hosts data in a decentralized manner with the goal of storing “humanity’s most important information.” Unlike cloud-storage companies which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, keeping it easily retrievable and hard to censor.
Filecoin Quick Stats
SYMBOL:
FIL
Global rank:
9
Market cap:
$18,203,679,833 AUD
Current price:
$289.51 AUD
All time high price:
$296.30 AUD
1 day:
+52.38%
7 day:
+135.74%
1 year:
+5405.74%
Filecoin Price Analysis
At the time of writing, Filecoin is ranked 9th cryptocurrency globally and the current price is $289 AUD. This is a +135.74% increase since 26th March 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that Filecoin was trading inside the Rising wedge pattern on the FIL/USDT pair. The first resistance was on the $220 AUD price levels which Filecoin broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding strong this week, Filecoin is likely to continue to increase in the uptrend if the traders keep buying with high volume.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”
What do the Technical indicators say?
The Filecoin TradingView indicators (on the 1 day) mainly indicate FIL as a strong buy, except the Oscillators which indicate FIL as a neutral.
So Why did Filecoin Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying Filecoin for the next Altcoins rally. It could also have contributed to some of the recent news regarding partnership with the new NFT Ecosystem.
Investment giant Grayscale recently launched a Filecoin trust, looking at purchasing FIL tokens and offering institutional investors the FIL-backed shares. Soon after, the trust attracted interest from mainstream investors: ByBt.com data showed that Grayscale Filecoin Trust added 45,550 FIL to its reserves.
We’ve only just begun scratching the surface of what NFTs mean for creators.
Vite has the highest liquidity on Binance exchange so that would help for trading FIL/BTC or FIL/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.
