Bitcoin’s (BTC) range-bound action since its breakdown at the $61,000 level has confused analysts. Some are projecting that a sharper correction could be in development while others remain steadfast in their belief that the uptrend will resume shortly.
According to data from Ecoinometrics, history suggests that Bitcoin price breaks out between 300 and 350 days following a supply halving. Currently, 329 days have passed since the latest halving, and if history repeats itself Bitcoin could soon witness a breakout.
An encouraging sign from this most recent market-wide sell-off is traders are viewing this as an opportunity to buy rather than panicking. This suggests that the sentiment remains bullish. Data from Glassnode shows that $476 million worth of stablecoins were deposited to exchanges, possibly with the intent to buy the dip.
While Bitcoin’s next move hangs in flux, several altcoins have been trending upward. Let’s have a look at three tokens that could outperform the markets in the short term.
The decentralized finance boom has produced a nearly uncountable number of projects and for investors, it can be difficult to check each one before jumping in.
This is where a DEX aggregator like 1inch (1INCH) comes in handy because the platform sources the lowest available swap (transaction costs) for investors. The team claims that the third iteration of its Aggregation Protocol has made it cheaper to use 1inch when compared to using Uniswap or 0x directly.
The protocol’s expansion to Binance Smart Chain on Feb. 25 was another positive as it reduced transaction costs for its users and added the BSC-based DEXes to the aggregation protocol.
In the past few days, 1inch launched liquidity programs with ARCx, Ren, Vesper, and Opium. All these steps seem to have paid out as 1inch reported that it had surpassed $30 billion in total trading volume.
Additionally, Coinbase announced support for 1INCH on April 7 and that has given a further boost to the token.
1INCH has risen from an intraday low at $3.56 on March 25 to an intraday high at $6.56 today, a gain of 84% in 15 days. The bulls pushed the price above the overhead resistance at $6.33 today but have not been able to sustain the breakout, which shows the bears are defending this level aggressively.
However, the 20-day exponential moving average ($4.75) has started to turn up and the relative strength index (RSI) is near the overbought zone, indicating the path of least resistance is to the upside.
If the bulls do not give up much ground from the current levels, it will indicate strength. That will increase the possibility of a break and close above $6.33. If that happens, the 1INCH/USDT pair could resume the uptrend with the next target objective at $8.42.
This positive view will invalidate if the bears pull the price back below $5. Such a move will point to a possible range-bound action for a few more days.
Celsius (CEL) is attempting to disrupt the traditional banking industry. Some of the loans on the protocol charge interest rates as low as 1%, which is much lesser than the banks. Low rates of lending and high interest rates on deposits have boosted its growth to 500,000 users. In a tweet on March 11, the Celsius team said that it handles more than $10 billion worth of digital assets.
In November 2020, Celsius had paid over $80 million to its depositors and that figure surged to more than $250 million in February. The protocol claims this has been possible because it shares 80% of the revenue generated with the community.
Celsius was recently awarded the “best cryptocurrency wallet” at the fifth-annual FinTech Breakthrough Awards. This could further boost the confidence in the protocol. The team has also teased the upcoming soft launch of their Webapp.
CEL price soared from an intraday low at $4.70 on April 2 to an intraday high at $7.71 today, a 64% increase within seven days. The token picked up momentum after the price broke above the resistance line of the symmetrical triangle. This setup has a pattern target at $8.47.
However, the one-way rally has pushed the RSI above 84, indicating the CEL/USD pair could be overbought in the near term. If the price turns down from the current level or the target objective, it could drop to $6.80.
If the bulls can flip this level into support, it may act as a launchpad for the next leg of the uptrend. If that happens, the pair could rally to $10.
Contrary to this assumption, if the price plummets below $6.80, the drop could extend to the 20-day EMA ($5.74). Such a deep fall could delay the start of the next leg of the uptrend.
With most banks and bonds offering negligible returns to the investors, it is no surprise that DeFi has been a major hit among investors who are not afraid of risk. However, skyrocketing gas fees on the Ethereum network can eat a major portion of the gains accrued by the small investors.
Therefore, several investors migrated to projects on competing blockchains that offered low transaction costs. This helped PancakeSwap (CAKE) as it is on the Binance Smart Chain.
A recent report from Delphi Digital found a correlation between higher gas fees on the Ethereum network and the increase in activity on PancakeSwap. Additionally, the protocol could have also benefited from the vast network effect of Binance, which is one of the largest crypto exchanges.
According to DeFi Llama, PancakeSwap’s total value locked has surged to $6.15 billion, just below Uniswap’s TVL of $7.43 billion.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CAKE on March 22, just as the rally was getting started.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. A recent test of the system found that investment returns as high as 1,497% were generated using specific strategies outlined in the report.
As seen in the chart above, the VORTECS™ Score for CAKE flipped green on March 22, when the price was $10.13.
From there, the VORTECS™ Score consistently remained in the green and CAKE rallied to a high at $19 on March 31, resulting in an 87.5% gain within 10 days.
CAKE rallied from an intraday low at $9.68 on March 21 to an intraday high at $21.25 today, a 119% rally in 19 days. The bulls are currently attempting to sustain the breakout above the overhead resistance at $19.
If they manage to do that, it will suggest the start of a new uptrend that has a target objective at $28.50. The upsloping 20-day EMA ($16) and the RSI above 66 suggest the bulls are still in control.
However. If the bulls fail to sustain the breakout, the CAKE/USDT pair could drop to the 20-day EMA. A strong rebound off this support will suggest that investor sentiment has turned bullish and it will increase the chance that the uptrend will continue.
On the contrary, if the bears sink the price below the 20-day EMA, the pair could extend its stay inside the current range for a few more days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
More Crypto Gains, Less Carbon Emissions: Platform Plants Trees for Every Trader
By now you’ve probably already heard the scary headlines…
“Bitcoin is killing the polar bears!” – anon
Heads Up: If you aren’t ready to save the world, skip to the end of this article to get yourself access to some awesome trading signals and tools for free.
According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin sucks up around 147 Terawatt Hours per year — 0.68% of global electricity production. In more easy to understand terms that’s around the same power usage as the entire country of Sweden, or Poland.
But is it that simple? No.
The reality is that yes the cryptocurrency industry is eating up a lot of power. But the same can be said for almost anything.
If you don’t enjoy Formula 1 racing, you might be tempted to say that it’s a total waste of time, money and a pointless contributor towards rising sea levels and climate change.
Whether or not Bitcoin is worth the environmental/energy cost is up for debate in much the same way.
Why care? Underwater trading is not fun!
Let’s go ahead and say we agree with scientific consensus that global warming is bringing us towards a period of extreme climate change and rising sea levels. Many island nations and countries with coastline are at risk including the densely populated cities such as London, UK.
If you already lose sleep over trades that are sat underwater for a few hours, it’s probably safe to assume that you aren’t going to have a good time if you need scuba gear to degen long your favourite alts a few years from now!
How you can save the world and make better trades
The ProfitFarmers platform is built from the ground up to be your Crypto Co-Pilot. Including expert level signals, copy-trade technology and advanced trading terminals and tools!
So, Scuba Diver or Astronaut?
It matters not to us, our signal algorithms have been helping our users surf the WAVES…
And take interstellar voyages to VENUS…
Great gains are awesome, but we wanted to help traders all around the world reduce their carbon footprint without needing compromise on their trading performance.
We’ve decided to team up with One Tree Planted in an effort to stem the Earth’s bleeding.
Here’s the bottom line: For every user on our platform, every month we will be planting one Tree!Check out our blog post to find out how you can improve your trading game, make some great gains and start planting some trees now!
Want to get your toes wet for FREE?
If you aren’t ready to save the world just yet (or join us here at ProfitFarmers) then don’t worry. We’ve got something for you that can still help you make more gains from your crypto trading adventure.
We recently created the ‘ProfitFarmers Moon Bag’, free for serious traders. It’s a selection of our advanced tools and scanners as well as market intel and premium signals.
If you have Telegram you can dive straight in by using this link to join the party. Just don’t forget to get access to the tools and education afterwards!
All we ask is that you donate some of your trading gains to environmental causes.
Yep signals just like this for free!
Source :- Plato
Limitless DeFi hosts an event for growing Crypto community in Dubai
Aiming to bring opportunities for start-up projects seeking to raise funds and mentorship to scale up their blockchain and DeFi projects, Limitless DeFi is conducting an event gathering over 200 visitors to learn, invest, and network.
The event will showcase 20 resource speakers and investors who will share their expertise in a conference and dinner in the SLS hotel, doors will open at 18:00, and the event will start at 19:00. Simultaneously, startup companies will be given a chance to present their projects to the invited panel of investors.
Limitless is the leading networking platform that connects individuals from all over the world to share their insights, views, and expertise on emerging technologies such as Blockchain, DeFi, Crypto and NFTs. Limitless events are known for their extensive board of carefully selected investors from Family Offices, Wealth Management, Crypto Funds, and Private Equity Firms among others.
“We are excited to conduct this event, especially having big shots in the industry like Brook Pierce, Ryan Lackey, Nick Spanos, and more. We decided to step away from having a traditional conference and organize something more laid back and fun. The event will take place in the newly opened hotel SLS, at the Carna restaurant that agreed to take Limitless DeFi as their first exclusive event! It’s going to be awesome, come and see for yourself!” said Tina Lyu, Business Development Manager of LWK Group
LWK Group and NFTclassifieds.com are the major sponsors of the event while LunaPR.io, a prominent blockchain-focused marketing agency in Dubai, will lead the roster of media sponsors.
“As their media partner, we are ecstatic to collaborate with Limitless DeFi on this event and help this leading platform extend their reach to people who love blockchain and crypto,” said Nikita Sachdev, CEO of LunaPR.io who will also serve as a conference speaker.
To buy tickets please contact [email protected] or call +971 58 529 4884 (Jalol), +971 58 510 1482 (Tina).
About Limitless DeFi
Limitless is a platform that connects individuals from all over the world and lets them share their insights, views, and experiences on Blockchain, DeFi, Crypto, NFT, Digital, and Innovation Technology. They create a series of events dedicated to the currently booming industry of emerging technologies.
For more information, visit www.http://www.limitlessevents.net/.
Disclaimer: This is a paid post and should not be treated as news/advice.
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Chinese officials warn about risks associated with crypto trading.
Chinese officials warned the public about the risks associated with trading cryptocurrencies. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other cryptocurrencies. Officials from China Securities Journal have called for better regulation and pointed out major risks involving crypto trading.
“Cryptocurrencies lack supervision and legal protection.”
Cryptocurrencies are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions. Another concern that Chinese officials expressed is that the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’ The report also noted that the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.
“There are no legal crypto trading venues in the country and no regulatory protections.”
The Chinese authorities advised that the crypto community must stay alert to prevent these hazards due to these factors. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections.” Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market,” the report noted. However, despite the Chinese government’s stance, the leading cryptocurrency bitcoin is highly popular in China – there’s a high number of miners situated in the large Asian nation.
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