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Cardano, UNI, THETA, Qtum Price Analysis: 07 April

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Cardano moved south after touching the upper barrier of $1.34 and was expected to remain within a range. Uniswap might need to defend its $26.2-support once again, before attempting a comeback. THETA tilted slightly in favor of the bulls with respect to its short-term trajectory, while Qtum was in a correctional phase after touching a local high of $17.8.

Cardano [ADA]

Source: ADA/USD, TradingView

While a single candlewick did touch the upper resistance line of $1.34, Cardano was quick to reverse trajectory on the 4-hour timeframe. A breakout was not yet expected and the short-term projection was still rangebound for the world’s sixth-largest cryptocurrency. The OBV has remained subdued since the latter half of March as buying pressure was not there to support a price push.

The RSI touched the overbought area briefly, but moved south and was below 50 at the time of writing. With the 24-hour trading volume still showing a surge in trading activity, a big swing seemed possible over the coming sessions and most likely to the upside. But first, the bulls needed to defend the $1.16-support.

Uniswap [UNI]

Source: UNI/USD, TradingView

Uniswap has seen a positive trend in 2021 so far. Year-to-date gains stood tall at 513%, at press time, as UNI remains the largest DeFi coin with a market cap of nearly $15 Billion, according to CoinMarketCap. However, its short-term trajectory was rather bleak when compared to its long-term movement. The OBV failed to recover post a dip seen during late March. Without the presence of strong buying pressure, UNI would struggle to make the ascent towards record levels.

The RSI was angled at almost 90 degrees as it pointed towards the oversold region. The support level at $26.2 has been defended by the bulls previously, but the same must be done again to avoid an extended breakdown.

THETA [THETA]

Source: THETA/USD, TradingView

The range between $13.8 and $11.2 has largely restricted THETA’s movement since late March, but a price swing is incoming over the coming sessions. This assertion was supported by rising volatility in the market as the Bollinger Bands began to diverge, at press time. Trading volumes were on the move and headed towards the $1 billion mark. Considering THETA’s uptrend over the last few months, a northbound breakout looked likely to push the price north of $15.

However, a breakdown was even possible if the MACD showed a bearish crossover and remained below the equilibrium mark. The next few sessions would provide more clarity to THETA’s short-term movement.

Qtum [QTUM]

Source: QTUM/USD, TradingView

Having made a steady climb since breaching the $4.5-support in late February, Qtum has trended higher and maintained its upwards trajectory heading into the month of April as well. In fact, a breakout from an ascending triangle registered a hike of over 50% from the upper trendline as Qtum rose north of $17.5. However, the market observed a correction and the price had moved south, at the time of writing.

The RSI looked to stabilize after trading on the upper territory, while the Awesome Oscillator registered a single red bar as momentum looked to switch sides. Support can be found between $14.5-$14 but a breakdown below this was also possible.


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Source: https://ambcrypto.com/cardano-uni-theta-qtum-price-analysis-07-april

Blockchain

Coinbase Pro Lists Tether as USDT Supply Approaches 50 Billion

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In an announcement on April 23, Coinbase Pro stated that it had enabled trading for the Tether stablecoin. The move is huge news as previously the leading exchange would only support its own native stablecoin, USDC.

The announcement added that support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State. The only version of USDT available will be the Ethereum ERC-20 standard.

Trading will begin on or after 6 PM Pacific Time Monday, April 26, if liquidity conditions are met, it added. The following pairs will be available: BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, and USDT/USDC.

Tether is not available on the regular Coinbase exchange yet and is limited to the Pro version which is more suited to professional and institutional traders.

Tether Supply Surges

The move comes as Tether’s circulating supply approaches a milestone all-time high of 50 billion. According to the Tether Transparency report, there are currently 49.58 billion USDT in circulation.


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Of that total, almost half of it, or 24.4 billion is based on Ethereum while the majority of the remainder, almost 26 billion is circulating on the Tron network.

Since the beginning of 2021, the total supply of Tether has increased by 137% outlining the surge in demand for stablecoins in DeFi related activities.

Comparatively, there is currently 13.4 billion USDC in circulation according to the company that owns it, Circle. It has had an even greater increase this year with 244% since January 1.

The third-largest stablecoin is Binance USD which currently has a circulation of 7 billion according to Coingecko. The surge in supply for BUSD this year has been even greater at over 600%, largely driven by Binance Smart Chain and DeFi yield farms on PancakeSwap.

Crypto Market Correction Deepens

Cryptocurrency markets are currently correcting hard with a decline in total market capitalization of 20% from its all-time high of $2.3 trillion on April 16. Over the past 24 hours, $280 billion has left the space as Bitcoin and its brethren continue to pull back.

According to Coingecko, BTC prices have slumped 9.4% on the day dropping below $50K for the first time since March 7. It has now formed a lower low since the previous correction which could be a sign of a major trend reversal.

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Source: https://cryptopotato.com/coinbase-pro-launches-tether-as-usdt-supply-approaches-50-billion/

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Blockchain

ORBS Is Now Accessible on Binance Smart Chain Via AnySwap

Republished by Plato

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[PRESS RELEASE – Please Read Disclaimer]

The ORBS token is now accessible via the Binance Smart Chain. Hodlers can swap tokens to and from the Ethereum network. Exploring this additional blockchain allows Orbs to leverage BSC’s potential for speed, low costs, and DeFi purposes.

This integration of ORBS onto Binance Smart Chain is made possible through the cross-chain bridge developed by Multichain.XYZ – a platform co-developed by Anyswap and Andre Cronje. By integrating this functionality, holders can now move ORBS to and from the Ethereum and BSC networks at their own leisure.

Given the potential for BSC in the DeFi space, support on this blockchain can unlock new use cases for Orbs. As BSC is home to near-daily launches of new projects, products, and services, it is one of the more exciting blockchains in the industry today. It has a competitive edge over Ethereum – which remains the main ecosystem for DeFi – by providing faster transactions at a much lower cost.

“While the Ethereum ecosystem is leading the pack in terms of DeFi activity and public interest, in the last couple of months we are seeing more and more DeFi alternatives growing on BSC. Says Orbs co-founder Tal Kol. “We knew we had to be part of the opportunities and innovations happening in the BSC ecosystem” he continued.

As more and more DeFi alternatives launch on BSC, it makes sense for the ORBS token to be interoperable. As Orbs is a prolific decentralized finance project with unique advantages and multiple upcoming projects under development, both ecosystems will benefit from this compatibility. With the help of cross-chain bridges – such as multichain-xyz – the DeFi ecosystem can continue to grow and evolve into more encompassing solutions.

Moreover, Orbs and the Binance exchange strengthened their partnership in January to promote ongoing innovation in the world of decentralized finance. They were the first core sponsors of the DeFi.org accelerator bootstrapping new projects and DeFi protocols.

Other projects being worked on by Orbs include Liquidity NEXUS – to bridge the gap between CeFi and DeFi – and the Orbs DeFi Portal – an aggregation service for information regarding Orbs and decentralized finance. There is also the Orbs DeFi Grant Program which aims to foster ongoing growth among contributors developing the network and ecosystem.

About Orbs

Orbs is a public blockchain infrastructure designed for mass usage applications – offering developers a proper mix of performance, cost, security and ease of use. The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus.

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Source: https://cryptopotato.com/orbs-is-now-accessible-on-binance-smart-chain-via-anyswap/

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Blockchain

Orbs Now Bridged to Binance Smart Chain (BSC) with Anyswap

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Blockchain-Based Firm Quannabu To Modernize the Production of CBD-infused Products
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Blockchain company Orbs said it is now available to trade on Binance Smart Chain (BSC). The move is yet another milestone in Orbs’ efforts to build bridges between complementary blockchains that will eventually bridge ORBS to multiple ecosystems.

With the release of this feature, ORBS holders will be able to leverage their tokens to participate in DeFi applications on the Binance network. At the same time, they tap into Binance’s ever-growing ecosystem that allows for cheap transactions and high scalability.

The BSC integration is also another step in growing token liquidity across multiple chains, while also preparing for the ability of other assets to live on the Orbs network.

ORBS, which has some $272 million in liquidity and around $1 million in 24-hour volume, was formerly only hosted on the Ethereum blockchain, which is currently suffering under increasingly high gas fees.

To kick-start this integration, Orbs is utilizing the cross-chain bridge infrastructure developed by multichain.xyz, which makes applications compatible with new and legacy systems. Effective today, ORBS tokens can be swapped from the Ethereum mainnet to the BSC mainnet and back.

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Once the swap is complete, the ORBS token will be visible in the Binance Wallet connected to the service. From there, users can trade, swap, and interact with the associated token as they would with any supported asset in the Binance Chain.

The rapid rise of the Ethereum-based DeFi ecosystem has fueled the migration of many relevant applications to alternative blockchains. The trend has accelerated after the expensive gas fee on the Ethereum network has limited functionality and made many defi protocols barely usable.

Is BSC the Ethereum killer?

As the Defi ecosystem continues its boom, Ethereum seems to be losing its market to Binance Smart Chain (BSC). Binance’s native blockchain has become the go-to alternative for many traders, onboarding millions of users at an eye-watering pace.

As a result of BSC’s rising popularity, BNB token price has skyrocketed to become the world’s third biggest cryptocurrency, trailing only behind Bitcoin and Ether. Trading volume on Binance’s network has also outpaced that of Ethereum, a clear shift of the market to the new chain.

For Orbs, the main motivating factor for integrating Binance Chain is to give users new ways to use ORBS on various DeFi applications within the nascent ecosystem.

Orbs’ vision is to convert real-life businesses to blockchain at scale by turning the trust-enabling technology into mass-usage applications for many sectors.

The Israeli blockchain garnered attention earlier this year after partnering with Binance to fund a recently launched accelerator for decentralized finance innovation.

Named ‘DeFi.org,’ the incubator reviews submitted applications, even anonymous ones, and the one that fulfills requirements and receives approval gets the accelerator’s assistance.

Successful applicants receive many benefits and incentives including mentorship, funding from scratch and exposure to the DeFi community.

Upon receiving approval, they also get a “special consideration” if they apply to take part in Binance’s seed fund for Bridging DeFi and CeFi. In line with the sponsorship, Orbs also provides startups with a grant under the company’s Grant Program.

Meanwhile, Orbs has recently introduced a new liquidity-as-a-service application that makes access to defi easier for professional investors. Dubbed ‘Liquidity Nexus,’ the application provides a massive source of new liquidity for interested defi projects.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/orbs-now-bridged-to-binance-smart-chain-bsc-with-anyswap/

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