Connect with us

Blockchain

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

Republished by Plato

Published

on

Bitcoin price is taking its time consolidating around $50,000 but could be preparing for the next major leg up to around $77,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, according to what one trader calls a “cheat sheet” to the current crypto market bull run.

The “cheat sheet” is a fractal from the past that is playing out once again in Bitcoin markets almost perfectly. If the fractal continues, here’s how far it could take the price per BTC before the peak is in.

Bitcoin Trader Cheat Sheet Hints At Next Leg Up To Around $77K Per BTC

Bitcoin is making another attempt at holding above $50,000 and is struggling so far. If and when the cryptocurrency does manage to reclaim the key phycological level, it could give bulls the confidence to push to another range higher.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

If and when it does, the next stop could be $77,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, according to what one pseudonymous trader calls a “cheat sheet” for the crypto market over the last several months.

A chart shared by the trader shows just how accurately the recent bull market has traced alongside the price action in the fractal from previous cycles.

bitcoin cheat sheet close upBitcoin has been tracing along this fractal, albeit with less volatility | Source: BTCUSD on TradingView.com

When the current range is eventually left, a large spike to $77,000 is next, followed by a much steeper correction says the fractal. But what comes after that, if you can avoid being shaken out in the expected volatility, could be the most powerful bullish impulse ever.

Could This Fractal Hold The Code To Predicting The Next Crypto Market Peak?

Not every trader puts much weight in fractals, but the cheat sheet above is too accurate to ignore. While this time could certainly be different, if the same path is followed, the price per Bitcoin will shoot to $100,000, then almost immediately to more than $200,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.

bitcoin cheat sheet zoomed out

The same cheat sheet from past cycles says Bitcoin will explode to $200K fast | Source: BTCUSD on TradingView.com

The enormous impulse from $100,000 to $200,00 takes a matter of weeks, if days, to occur, mimicking the run from $10,000 to $20,000 in 2017 – a month before the top was in and the cryptocurrency began its first real correction in more than a year of uptrend.

Related Reading | Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

What comes next, according to the fractal cheat sheet, is the peak of the current bull market, and another extended bear market for the market to cycle through once again.

Could this cryptocurrency bull market cheat sheet really be this accurate? And if so, could it indicate an explosive move towards the peak from here?

Featured image from Deposit Photos, Charts from TradingView.com

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.newsbtc.com/analysis/btc/bitcoin-cheat-sheet-next-leg-up-77k/

Blockchain

AgeUSD to Launch as First Stablecoin on Cardano Network

Republished by Plato

Published

on

Multinational blockchain technology company Emurgo initially announced the AgeUSD stablecoin in January 2021. The firm has since announced a partnership between the Ergo Foundation, Emurgo, and Charles Hoskinson’s Input-Output Global, the parent company of IOHK.

The AgeUSD stablecoin will be available on Cardano as soon as smart contract capabilities are launched on the blockchain, it revealed.

Do We Need Another Stablecoin?

Emurgo is aiming to prevent events like MakerDAO’s Black Thursday which emerged through vulnerabilities in its Dai collateralization mechanism. A mass liquidation of the vast majority of Maker vaults resulted in around $4 million in Dai being under-collateralized at the time in March 2020.

AgeUSD’s so-called “Staticoin” protocol-inspired design does not rely on collateralized debt positions (CDPs).

“Thanks to its design, the scenario that happened on Black Thursday is not possible for the AgeUSD protocol. Without CDPs, we do not have liquidation events nor the requirement for users to perform transactions to ensure that the liquidations actually work properly,”

The stablecoin runs on the Ergo blockchain aiming to automate as much as possible within the mathematics of the protocol itself. Reserve providers pay Ergo’s native currency (ERG) to mint reserve coins which represent the underlying collateral. Users of the stablecoin can also deposit ERG into the reserves in order to mint AgeUSD, it explained. This is only allowed by the protocol if there are enough reserves above its reserve ratio. Banks use a similar method to loan out funds.


ADVERTISEMENT

The Cardano partnership will also enable its native token, ADA, to be used as collateral to mint reserves. However, the potential downside is that the stablecoin is only backed by these two assets whereas Dai is backed by multiple cryptocurrencies.

AgeUSD will launch on Cardano when it rolls out the Alonzo update that ushers in Plutus powered smart contracts. This is expected in the latter half of this year according to the roadmap.

Cardano ADA Price Update

As the long-awaited update nears, ADA prices have been cranking to new highs, the most recent ATH being $1.55 on April 14. At the time of writing, ADA was trading up 2% on the day at $1.45 according to Coingecko.

It is the sixth largest cryptocurrency by market cap which currently stands at $46 billion and there are 32 billion tokens in circulation. The token was briefly flipped by Dogecoin but has regained its position in the charts, just below Tether.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ageusd-to-launch-as-first-stablecoin-on-cardano-network/

Continue Reading

Blockchain

How sustainable is YFI’s current price run?

Republished by Plato

Published

on

The past week saw a lot of growth across the cryptocurrency market, with Bitcoin and Ethereum seeing their values pushed towards new all-time highs. However, it is safe to say that the digital assets market is no longer just about the top two cryptos in the market, with DeFi coins such as YFI registering significant gains on the charts.

Over the past 6 months, YFI has seen its price hike by over 520 percent. Now, while this looks extremely promising for the alt, the truth seems to be in yet another shade of grey. The price hike from over $11k in November 2020 to its press time valuation of $48,415 has been less than straightforward.

Akin to many other altcoins in the market, YFI  too has endured extended periods of the price going back and forth. However, given the current market scenario, how sustainable is YFI’s current price or is history going to repeat itself in the form of yet another short-term price correction?

Interestingly, data provided by Santiment highlighted that despite the bullish nature of the YFI market, there may be a bit of FUD finally creeping into the market as the price continues to remain close to the $50k-level. In such a scenario, what YFI really needs is a strong level of support for the price if bearishness is to soon hit the market.

Source: Santiment

Taking a look at a few of the key fundamentals can provide more clarity on where the price is likely to head in the coming weeks. According to data provided by Santiment, YFI’s supply on exchanges has been stagnant for a while and hasn’t been increasing. While fewer coins in exchanges are normally a good sign of hodling, in the case of YFI, if one were to take a look at past precedents, the price decline began as soon as the supply hit a stalemate.

Source: Santiment

Additionally, the analytics platform also pointed out that the current price rally began with low on-chain activity for the coin. However, over the past few weeks, a trend reversal has emerged, with on-chain activity noting a surge and the price continuing to be inversely relational to it.

With the price inching closer to its ATH, there is always the question of price discovery. YFI seemed to be lacking in this regard, at press time. The coin’s MVRV, as per Santiment’s data, placed it in the danger zone and prime for a new trend reversal, one that can induce a short-term price correction.

Source: Santiment

In the coming days, if the price correction does set in, YFI’s $44k-price level may end up being a key support level for the coin. However, if this level is flipped to resistance in the coming weeks, a lot of the upward momentum and price surge YFI saw over the past few months might be undone.

This, once again, will result in YFI’s price continuing its current trend by which the coin will be subject to strong ‘push and pulls’ at regular intervals.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/how-sustainable-is-yfis-current-price-run

Continue Reading

Blockchain

EOS, Synthetix, Maker Price Analysis: 16 April

Republished by Plato

Published

on

EOS can be expected to find strong support around the $6.8-zone. If Bitcoin stabilizes above the $60.5k-area, altcoins could have a chance of recovery in the coming days. Otherwise, it would be further selling pressure across the market. Synthetix and Maker posted gains over the past few days, but were likely to retrace a significant portion of their value.

EOS

EOS, Synthetix, Maker Price Analysis: 16 April

Source: EOS/USDT on TradingView

EOS was trading within a rising channel, and the past few hours saw the price test the upper boundary of the channel before falling lower.

The mid-point of the channel was ceded to bearish pressure. A region of demand lay just above the $6.8-mark. The confluence with the channel’s lower boundaries could serve as strong support for EOS.

The RSI was back at neutral 50 and would drop lower to signal a shift in momentum to bearish over the next day or two, especially if EOS closes a session under $6.8. This could see EOS fall further to find support at $5.6.

Synthetix [SNX]

EOS, Synthetix, Maker Price Analysis: 16 April

Source: SNX/USDT on TradingView

Synthetix ascended past the $21. 4-level of resistance, but its retest of the same level on the back of strong selling forced the price to drop to $20.7 and could drop further. On the 4-hour, the Supertrend indicator continued to give a buy signal that would only be flipped to sell on a session close under the $19.5-level.

The 20 EMA and 50 EMA (white and yellow respectively) highlighted the bullish momentum behind SNX in recent days, with the price not sinking under these moving averages yet.

The OBV was on an uptrend and suggested that the recent spate of selling was reactionary fear, rather than sustained selling.

Maker [MKR]

EOS, Synthetix, Maker Price Analysis: 16 April

Source: MKR/USDT on TradingView

Two sets of Fibonacci retracement levels were plotted to highlight some levels of importance for MKR. $2,400 is a level that MKR had been stuck under from late February till the past week. The surge past this level in recent days has been rapid, and the price did not stop at many areas to mark it as support or resistance.

As such, the move back down could be almost as rapid, and some of the Fib levels laid out possible areas of support for MKR.

The MACD was correcting lower after the MACD line rose high above the Signal line to indicate overbought market conditions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/eos-synthetix-maker-price-analysis-16-april

Continue Reading
Blockchain4 days ago

NYSE celebrates historic ‘first trades’ with NFT series

Blockchain4 days ago

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

Blockchain4 days ago

USDT, USDC, and BUSD represent 93% of stablecoin market cap

Blockchain4 days ago

Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet

Blockchain4 days ago

Whole Earth Coin (WEC) Set for IEO to Inject New Life Into Aging Infrastructure

Blockchain4 days ago

German digital stock exchange will list physical Litecoin ETP

Blockchain4 days ago

Tron, Tezos, Synthetix Price Analysis: 12 April

Blockchain4 days ago

NYSE Joins NFT Mania With Special First Trade Collection

Blockchain4 days ago

Binance launches zero-commission tradable stock tokens

Blockchain4 days ago

WAX introduces first Topps baseball cards on the blockchain

Blockchain2 days ago

Crypto has arrived.

Blockchain4 days ago

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

Blockchain4 days ago

Boson Protocol concludes $25.8M public sale, token listed on exchanges

Blockchain4 days ago

Moonstake integrates with Sylo to bring their staking protocol to the Sylo Smart Wallet

Blockchain4 days ago

dHEDGE launches tokenized index tracking its top 10-ranked traders

Blockchain4 days ago

Binance offers Tesla stock token, could Coinbase (COIN) follow?

Blockchain4 days ago

How COPA’s lawsuit against Craig Wright could benefit Bitcoin

Blockchain1 day ago

Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T

Blockchain4 days ago

Kraken Daily Market Report for April 12 2021

Blockchain1 day ago

CoinSmart Appoints Joe Tosti as Chief Compliance Officer

Trending