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Bitcoin Dominance Comes to Life After Prolonged Decrease

While the Bitcoin Dominance Rate seems to be bouncing in the short-term, it is expected to eventually fall and gradually decrease towards support levels.   Long-Term Bitcoin Dominance Levels The weekly chart shows that the Bitcoin Dominance Rate has been moving downwards since reaching the 71.5% resistance area in January 2021. The BTCD has not … Continued

The post Bitcoin Dominance Comes to Life After Prolonged Decrease appeared first on BeInCrypto.

Republished by Plato

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The Bitcoin Dominance Rate (BTCD) has been decreasing since the beginning of the year and is approaching a crucial support level at 58%.

While the Bitcoin Dominance Rate seems to be bouncing in the short-term, it is expected to eventually fall and gradually decrease towards support levels.

 

Long-Term Bitcoin Dominance Levels

The weekly chart shows that the Bitcoin Dominance Rate has been moving downwards since reaching the 71.5% resistance area in January 2021. The BTCD has not traded above this level since 2017.

The closest support area is found at 58%, and the next below that is between 52%-54%.

Technical indicators are bearish. The MACD, Stochastic oscillator, and RSI are decreasing — the latter crossing below the 50-line.

A MACD cross into negative territory and a bearish cross in the Stochastic oscillator would confirm that the trend is bearish.

BTCD Weekly Movement
BTCD Chart By TradingView

Cryptocurrency trader @TheEuroSniper outlined a BTCD chart, stating that dominance could decrease all the way down to 54%. However, he believes a short-term upward movement will occur prior to the breakdown.

BTCD Movement
Source: Twitter

While the long-term trend looks bearish, supporting the possibility that the BTCD will decrease towards 52-54%, we need to take a look at the daily time-frame in order to determine if it will bounce prior to breaking down.

Current Movement

The daily chart provides a more bullish outlook.

Despite the ongoing decrease, technical indicators are bullish. The Stochastic oscillator has made a bullish cross (green arrow) and the RSI has generated a considerable bearish divergence. However, it seems likely that the RSI will eventually generate a hidden bearish divergence, invalidating the previous bullish one.

Furthermore, the RSI is still below the 50-line and the MACD has not crossed into positive territory.

Therefore, the most likely scenario has BTCD bouncing towards the 65% resistance area (0.382 Fib retracement level) and resume its downward movement after.

BTCD Daily Movement
BTCD Chart By TradingView

The two-hour chart supports this possibility.

Both the MACD and RSI are bullish, but the latter has just reached overbought levels. The three previous times it did this, a significant decrease ensued.

Furthermore, the BTCD is potentially following a descending resistance line, though it has yet to be validated.

If BTCD gets rejected by this resistance, it would be expected to fall towards 58% and potentially lower.

If not, it could resume its upward movement towards 65% before eventually breaking down.

BTCD Two-Hour
BTCD Chart By TradingView

Relationship to BTC

Throughout February, the BTCD and Bitcoin (BTC) price have had a positive correlation. This means that an increase in the price of BTC causes an increase in BTCD.

While the correlation has not been perfect, since the coefficient (black line) has been below 1 the majority of the time, it remains strong.

Nevertheless, as long as this relationship holds, a BTC price decrease would be required for the BTCD to fall.

BTCD/BTC relationship
BTCD Chart By TradingView

Conclusion

The Bitcoin Dominance Rate is expected to bounce towards 65% before eventually resuming its downward movement towards the support at 54%.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Source: https://beincrypto.com/bitcoin-dominance-comes-life-prolonged-decrease/

Blockchain

Bitcoin Dominance Comes to Life After Prolonged Decrease

While the Bitcoin Dominance Rate seems to be bouncing in the short-term, it is expected to eventually fall and gradually decrease towards support levels.   Long-Term Bitcoin Dominance Levels The weekly chart shows that the Bitcoin Dominance Rate has been moving downwards since reaching the 71.5% resistance area in January 2021. The BTCD has not … Continued

The post Bitcoin Dominance Comes to Life After Prolonged Decrease appeared first on BeInCrypto.

Republished by Plato

Published

on

The Bitcoin Dominance Rate (BTCD) has been decreasing since the beginning of the year and is approaching a crucial support level at 58%.

While the Bitcoin Dominance Rate seems to be bouncing in the short-term, it is expected to eventually fall and gradually decrease towards support levels.

 

Long-Term Bitcoin Dominance Levels

The weekly chart shows that the Bitcoin Dominance Rate has been moving downwards since reaching the 71.5% resistance area in January 2021. The BTCD has not traded above this level since 2017.

The closest support area is found at 58%, and the next below that is between 52%-54%.

Technical indicators are bearish. The MACD, Stochastic oscillator, and RSI are decreasing — the latter crossing below the 50-line.

A MACD cross into negative territory and a bearish cross in the Stochastic oscillator would confirm that the trend is bearish.

BTCD Weekly Movement
BTCD Chart By TradingView

Cryptocurrency trader @TheEuroSniper outlined a BTCD chart, stating that dominance could decrease all the way down to 54%. However, he believes a short-term upward movement will occur prior to the breakdown.

BTCD Movement
Source: Twitter

While the long-term trend looks bearish, supporting the possibility that the BTCD will decrease towards 52-54%, we need to take a look at the daily time-frame in order to determine if it will bounce prior to breaking down.

Current Movement

The daily chart provides a more bullish outlook.

Despite the ongoing decrease, technical indicators are bullish. The Stochastic oscillator has made a bullish cross (green arrow) and the RSI has generated a considerable bearish divergence. However, it seems likely that the RSI will eventually generate a hidden bearish divergence, invalidating the previous bullish one.

Furthermore, the RSI is still below the 50-line and the MACD has not crossed into positive territory.

Therefore, the most likely scenario has BTCD bouncing towards the 65% resistance area (0.382 Fib retracement level) and resume its downward movement after.

BTCD Daily Movement
BTCD Chart By TradingView

The two-hour chart supports this possibility.

Both the MACD and RSI are bullish, but the latter has just reached overbought levels. The three previous times it did this, a significant decrease ensued.

Furthermore, the BTCD is potentially following a descending resistance line, though it has yet to be validated.

If BTCD gets rejected by this resistance, it would be expected to fall towards 58% and potentially lower.

If not, it could resume its upward movement towards 65% before eventually breaking down.

BTCD Two-Hour
BTCD Chart By TradingView

Relationship to BTC

Throughout February, the BTCD and Bitcoin (BTC) price have had a positive correlation. This means that an increase in the price of BTC causes an increase in BTCD.

While the correlation has not been perfect, since the coefficient (black line) has been below 1 the majority of the time, it remains strong.

Nevertheless, as long as this relationship holds, a BTC price decrease would be required for the BTCD to fall.

BTCD/BTC relationship
BTCD Chart By TradingView

Conclusion

The Bitcoin Dominance Rate is expected to bounce towards 65% before eventually resuming its downward movement towards the support at 54%.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Source: https://beincrypto.com/bitcoin-dominance-comes-life-prolonged-decrease/

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Blockchain

Unlike Dogecoin, Catecoin Gives a New Meaning to Meme Coins with Real Use case

Republished by Plato

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In the present-day connected world, memes have become an integral part of our pop culture. While one can’t put a monetary value on the entertainment they provide, its creators can definitely be encouraged and rewarded for their contribution towards a lively internet.

Catecoin, the first decentralized meme-based token is trying to do just by incentivizing content creators as well as consumers. The project is the first of its kind to implement DeFi features in the content space. Fueled by the CATE token, the project offers a platform for user-generated content, quite similar to 9GAG but on a blockchain, along with content farming and staking features.

How does it work?

Using the Catecoin ecosystem is as simple as using any social network platform. Content creators can submit their creations to the Catecoin Meme Platform and once published they will start earning CATE rewards as the community likes or comments on that content. Even platform users who interact with the posts will receive rewards for their comments and likes.

Meanwhile, the posts are evaluated based on the received reactions. Any post with 500 or more likes from the community will become eligible for a transformation into an NFT and get listed on the NFT market. Catecoin refers to this entire process as Content Farming and has set aside 35% of CATE supply for this alone.

Using CATE

CATE is the utility token of the Binance Smart Chain-based Catecoin project. Apart from value exchange, these tokens also control the accessibility of the platform. Users should hold a minimum of 10,000 CATE to interact with any posts on the platform. Similarly, content creators will have to maintain a balance of 100,000 CATE to be able to submit their works to the platform.

While each like or comment will result in both content creators and consumers receiving 0.1 CATE each, the community can also earn additional returns by just holding the tokens. The platform shares one percent of each transaction made on the network with CATE holders, and at the same time burns the same amount to regulate supply.

Once a meme gets converted to NFT and lists on the NFT market, anyone can purchase it and start receiving any rewards the asset may generate in the future.

Get some CATE, it is simple

In just a few simple steps, one can become part of the Catecoin community early on. CATE is listed on PancakeSwap and users can acquire the tokens against BNB payment. Buying CATE will require users to download and set up Trust Wallet and MetaMask accounts and hold some BNB in their wallets. They can then visit PancakeSwap, make payment in BNB to the Catecoin token 0x118f073796821da3e9901061b05c0b36377b877e and receive the tokens in their connected wallet.

What Makes CATE Different?

The flood of meme coins into the crypto market started long ago, and Dogecoin is the prime example. Many of these coins have a virtually unlimited supply and no real use cases. On the other hand, CATE has a definite supply of 100 trillion and a deflationary mechanism that reduces the supply by 0.5%-1% per transaction while providing a real-world use case – encouraging meme creators to monetize their content. The model adopted by Catecoin makes it the most sustainable meme project out there.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/unlike-dogecoin-catecoin-gives-a-new-meaning-to-meme-coins-with-real-use-case/

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Blockchain

Developed by Traders for Traders, QoinIQ Platform Opens IEO on ProBit Exchange

Republished by Plato

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Developed by Traders for Traders, QoinIQ Platform Opens IEO on ProBit Exchange

Advertisement &  & 

QIQ, the utility token for the QoinSuit ecosystem, officially launched IEO May 17, 2021, on ProBit exchange. QoinIQ offers an unmatched trading experience with their QoinSuit application, augmenting trading processes and alleviating user risk.

QoinSuit elevates the typical trading experience with a broad overview of markets, extended conditional order functionality, and decentralized order management.

QoinIQ’s unique value proposition lies with its functionalities that address key market demands starting with an attractive, fully customizable trading layout optimized for multi-screen displays. Traders leveraging the newly developed trading display can operate in numerous cryptocurrencies simultaneously, bolstering data visibility in a field where seconds are money. QoinIQ’s “playground” offers an avenue for new users to acclimate to both QoinSuit’s trading interface and cryptocurrency trading as a whole, at no risk to the user.

QoinIQ will roll out new features on an ongoing basis to meet user wants and industry trends. First in the pipe during the 2nd cycle are “function-specific technical support” additions and “opinion crowdsourcing” capabilities. In addition to these upgrades, QoinIQ will launch numerous chart and display evolutions, enhanced chart trading functionality for technical analysis patterns, and a community forum and “follow top traders” list to build a stronger community.

QoinIQ utility tokens (QIQ) enable users to access QoinSuit and its services based on membership levels determined by total token commitment and lockup period length. Users can receive higher fee discounts if they subscribe to extended subscription periods. QoinIQ employs a conservative asset allocation, with less than 3% of total QIQ given to administrators and 39% invested into development and overhead costs.

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Founded by a team with decades of experience in the financial markets, including cryptocurrency trading and arbitrage, QoinIQ is striving to set a precedent. Their frictionless trading experience and their commitment to adapt their platform and services to changing market conditions paint them in a favourable light for future proliferation.

ABOUT PROBIT EXCHANGE

ProBit Exchange is a Top 20 crypto exchange globally. We have completed over 200 rounds of IEO and have been consistently ranked Top 4 in Korea. ProBit Exchange provides unlimited trading access highlighted by over 1,000 trading pairs.

ABOUT QIQ TOKEN

QIQ is the utility token for the QoinIQ ecosystem and currently serves numerous uses in their QoinSuit trading application. 60% of the total token pool will be sold during the token generating event, while QoinIQ will invest the remaining 40% in future developments. CoinIQ may burn 5% of the free float of tokens depending upon the development track of QoinSuit.
https://www.qoiniq.com/

PROBIT EXCHANGE’S GLOBAL BRAND TRUSTED BY MILLIONS OF USERS 

100,000+ community members

1,000,000+ monthly active users

3,000,000 monthly web visitors

50,000,000 users on partnering aggregators and wallets such as CoinMarketCap

User interface of Multilingual website supporting 41 different languages

Marketing and community support in 8 key languages

Why Get PROB this May?

  1. Instant event access to ProBit Exclusive Manic NFT MAYhem!
  2. Join ProBit Cup with 20,000 USDT in prizes!
  3. Move up to at least VIP 2 and get bonus PROB tokens.
  4. Receive free Netflix subscription in USDT just by moving to VIP 3 or above.
  5. Be eligible for Trading Competitions just by staking PROB.
  6. Get higher IEO bonuses with PROB purchases.
  7. Lower trading fees to 0.03% by paying with PROB.
  8. Stake PROB and earn PROB at a rate of 4% per annum.
  9. Earn 10-30% of trading fees by referring friends to ProBit.
  10. PROB Reserves improve the ProBit Exchange ecosystem and provide maximum value for PROB holders.

ProBit Global: www.probit.com

ProBit Korea: www.probit.kr

ProBit Telegram: https://t.me/ProbitEnglish

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/developed-by-traders-for-traders-qoiniq-platform-opens-ieo-on-probit-exchange/

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