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Ethereum Price Prediction: ETH/USD Struggles On Approach To $400 Level

ETH Price Prediction – September 6 According to the daily chart, Ethereum (ETH) is gaining ground after the sharp sell-off to $316. ETH/USD Market Key […]

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ETH Price Prediction – September 6

According to the daily chart, Ethereum (ETH) is gaining ground after the sharp sell-off to $316.

ETH/USD Market

Key Levels:

Resistance levels: $415, $535, $555

Support levels: $265, $245, $225

ETHUSD – Daily Chart

Today, ETH/USD hit the recent low of $316.43 and recovered above the local resistance of $360 but at the time of writing, the second-largest digital asset is trading at $352.33 level with a gain of 5.09% both on a day-to-day basis, moving within the short-term bullish trend with low volatility below the 9-day and 21-day moving averages.

What to Expect from Ethereum (ETH)

On the intraday chart, ETH/USD is trading near the lower boundary of the channel at $352. If the bulls break above the $380 mark, the recovery may be extended towards the psychological barrier of $400. However, the moving averages at 9-day and 21-day may slow down the momentum and discourage the bulls from approaching the critical levels at $415, $435, and $455. On the other hand, a failure to break this barrier may result in a new bearish wave and bring the recent low of $310 back into focus.

Nevertheless, the coin needs to recover above the moving averages which are currently at $400 to elevate the immediate bearish pressure and improve the technical picture. More so, since the beginning of August, this area has been serving as strong support for the coin, which means the bulls may have a hard time taking it out. The support levels are located at $265, $245, and $225 as the stochastic RSI remains within the oversold region.

When compares with Bitcoin, the Ethereum price has been experiencing a slight difficulty since a few days ago. The coin recently breaks below the 9-day and 21-day moving averages, hitting the solid support at 3500 SAT. The critical support level is located at 3000 SAT and below.

ETHBTC – Daily Chart

However, if the bulls continue to power the market as it is now, traders may soon find the resistance level at 3700 SAT and above. At the moment, the stochastic RSI is facing downward, moving towards the oversold region.

Source: https://insidebitcoins.com/news/ethereum-price-prediction-eth-usd-struggles-on-approach-to-400-level

Blockchain

DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

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Interoperability between blockchains is rapidly becoming one of the buzz phrases being thrown around when discussing decentralized finance and the coins most likely to rally during an altcoin bull run. 

The rapid growth of DeFi, its ever expanding total value locked and soaring ETH gas fees further highlight the sector’s need for a layer 2 option that also supports the ability to transact value across different networks.

REN’s open protocol is designed specifically to fill this need by providing interoperability and liquidity between the top blockchains including Bitcoin, Ethereum and Zcash.

Over the past three weeks the price of REN has increased by more than 200%, going from $0.251 on Dec. 27 to a new all-time high of $0.778 on Jan. 20 driven by a record $369 million in 24-hour volume.

REN/USDT 4-hour chart. Source: TradingView

Three reasons for the recent price surge in the price of REN include the announcement of a collaboration with Google, the continued increase in total value locked on the platform and the ability to earn passive income in multiple cryptocurrencies through the operation of a darknode.

Google software pivot boosts sentiment, addresses RENvm scaling issues

On Jan.19 the REN team tweeted:

Ren has been researching & building on @Asylodev, an open and flexible framework by @Google. @GCPCloud confidential computing relaxes RenVM’s economic constraints, allowing for an unbounded scaling solution. #RenVM.”

Not long after the tweet, REN price began to rally to a new all-time high. As mentioned in the tweet, Asylo is an open and flexible framework from Google designed to help build portable applications that run on Secure Enclave hardware.

The secure enclave hardware allows users to run general-purpose applications in a secure environment where both the data, and the application itself, cannot be compromised by anyone, including the user. This makes for a more secure experience for all parties involved and helps protect against malicious code and backdoor attacks.

Asylo also makes it possible to port an application from one type of hardware to the next, meaning that developers can support multiple implementations with relative ease, including Intel implementations, AMD implementations, and any others that appear in the future. The diversity of choice this allows is an important feature to ensure decentralization on the network.

Total value locked soars to a new high

Community engagement and added value are key factors when it comes to the long-term success of a blockchain project.

Since the release of the Ren virtual machine mainnet (RenVM) in May 2020, engagement on the platform has steadily increased as Bitcoin holders now had another way to bring their BTC to Ethereum and the growing DeFi space.

As seen in the chart below, the total value locked on the Ren platform reached a new all-time high of $653.6 million on Jan. 20 and a total of 14,670 BTC are locked on the platform to create renBTC.

Total value locked in RenVM. Source: DeFi Pulse

The list of assets that RenVM supports continues to grow with BTC, Bitcoin Cash (BCH), Zcash (ZEC), Filecoin (FIL), Terra (LUNA), Dogecoin (DOGE) and Digibyte (DGB) currently available to transact on the Ethereum and Binance blockchains.

Development is currently underway to make it possible to interact on the Polkadot (DOT), Solana (SOL) and Cosmos (ATOM) networks as well, which would further enhance the interoperability provided.

Darknodes, passive income and a decreasing supply

The third driving force behind the recent price appreciation of REN relates to the Ren token use case and how it can help users earn passive income. RenVM is a network of virtual computers that make up a virtual machine, which are also referred to as Darknodes.

REN token holders who wish to operate a darknode need to lock up 100,000 REN which wiil enable them to process transactions on the network and earn a fee in the form of the token transacted. Thus, a darknode operator has the opportunity to earn passive income in the form of multiple different cryptocurrencies from one location.

Ren Darknode Statistics. Source: Renproject

As can be seen in the above graphic, 17.13% of REN’s total supply is currently bonded on the platform and supports the operation of darknodes.

During the most recently completed cycle, the network as a whole earned $839,128 in fees in the form of BTC, ZEC, FIL and BCH. The total network fees collected since the launch of the RenVM equals $2.975 million.

The continued addition of new tokens and interoperability with new blockchains will likely see increased usage of the network and an increase in the amount of fees earned. At the current price of $0.6157 it costs $61,570 to operate a darknode.

RenVM total users over time. Source: Dune Analytics

As activity on the network increases, the amount of fees generated will also increase, making it even more lucrative for token holders to operate a darknode. This has the potential to lead to further price appreciation from REN as every new darknode results in a direct decrease in its circulating supply.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/defi-surge-rising-tvl-and-new-partnerships-underpin-ren-s-100-rally

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Blockchain

Denarius Announces Beta of Kronos Wallet and Private Decentralized Chat

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Kronos, a new application beta from the developers of Denarius (D), provides people a way to socialize and transact without a central authority. This new proof of concept takes decentralization, blockchain and privacy to the next level.

“Blockchains like Bitcoin and Ethereum have paved the way of innovation for cryptocurrencies and new applications like Denarius (D): Kronos, to bridge the gap for a faster and cheaper way to transact and utilize cryptocurrency.” — James R. (Cryptocurrency User)

Kronos, a new application beta from the developers of Denarius (D), provides people a way to socialize and transact without a central authority. This new proof of concept takes decentralization, blockchain, and privacy to the next level. “Users” are able to freely join the Kronos Chat platform, as it is redundantly available due to it using peer-to-peer technology. Kronos has no downtime or possible banning of the platform. Examples of this in current history include, Amazon Web Services (AWS) taking down the Parler app’s platform hosting [1]. Google Play Store and Apple App Store removing the Parler application [2]. Signal App going offline [3]. Whatsapp invasion of privacy [4]…the list goes on.

Kronos is a secure cryptocurrency wallet but also chat reinvented. With the Kronos Chat you can chat and send cryptocurrency across the world in seconds. End-to-end encrypted messages and no storage of your chats, anywhere. Kronos Chat is powered by YOU by leveraging the latest peer-to-peer technologies. Censorship is everywhere and increasing daily. Kronos Wallet allows you to be truly free, with “self-moderation” you finally have the power to choose your own censorship while you socialize. Kronos stores only required data securely and locally, not on an unknown centralized server in the cloud. Kronos supports optional Two Factor Authentication (2FA) and One-time Password (OTP) Yubikey authentication and uses BIP39 technology for your cryptocurrency wallet with the most advanced and leading encryption technologies available today.

Bitcoin was the first cryptocurrency to solve the Byzantine Generals Problem, but transactions are slow. Ethereum created a smart contract platform, but transaction fees are expensive. Denarius stayed true to its roots by forking the original Bitcoin Satoshi code and modified the coin to become a faster and cheaper alternative to Bitcoin. Now Denarius with Kronos changes things. BTC, ETH, and D coins can be sent using the Kronos Wallet with more cryptocurrencies and tokens being added soon, possibly USDC, USDT, Namecoin (NMC), Devault (DVT), Primecoin (XPM), etc. Interplanetary File System (IPFS) integration and file uploading directly inside of the Kronos Chat also allows the user to upload files such as documents, images, and media directly inside of Kronos, ready to be shared via the plethora of IPFS public gateways available.

Cryptocurrency Credits
Bitcoin (BTC) created by Satoshi Nakamoto
Ethereum (ETH) created by Vitalik Buterin
Denarius (D) created by Carsen Klock

For more information
Kronos Wallet: https://kronoswallet.com
Denarius (D): https://denarius.io

BlockForums.org: https://blockforums.org
Bitcoin (BTC): https://bitcoin.org
Ethereum (ETH): https://ethereum.org
IPFS: https://ipfs.io

Sources
1.) https://www.theverge.com/2021/1/11/22223335/parler-amazon-terminates-web-hosting-aws-google-apple-capitol
2.) https://techcrunch.com/2021/01/08/parler-removed-from-google-play-store-as-apple-app-store-suspension-reportedly-looms
3.) https://www.cnet.com/news/signal-operational-again-after-daylong-outage/
4.) https://www.poynter.org/tech-tools/2019/whatsapps-breach-is-proof-that-online-privacy-takes-a-little-work/

Press Contact
marketing@denarius.io

Source: https://themerkle.com/denarius-announces-beta-of-kronos-wallet-and-private-decentralized-chat/

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Blockchain

Wen? Now! BadgerDAO’s synthetic rebasing Bitcoin, DIGG, goes live

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After weeks of anticipation and a closely-watched series of preparatory steps, BadgerDAO’s synthetic rebasing Bitcoin, DIGG, is now live and claimable for qualified addresses on Ethereum mainnet. 

The release will be eagerly welcomed by a perhaps-overzealous community, one which has been lighting up Twitter with “wen DIGG” for weeks. For all the memes and excitement, however, there’s some serious technical heft behind both the distribution and the maintenance of the newest Bitcoin asset on Ethereum.

Ultimately, however, now that DIGG is in the wild market forces are what will determine the long-term success of the synthetic Bitcoin asset — success that might not be assured.

Fair, flat launch

According to core BadgerDAO contributor and distribution architect Jon Tompkins, the amount of claimable DIGG for each eligible account was determined using a formula centered on an Ethereum address’ activity in the BadgerDAO app. Factors such as total native platform Badger tokens earned, the Badger earned to Badger staked ratio, and total stake days were taken into consideration. 

In order to prevent an overallocation to deep-pocketed “whales,” however, the DAO approved an application of a 1.75 root to smooth the distribution between addresses. As Tompkins wrote in the original DIGG distribution proposal, this root means that, while in a linear distribution the top 100 addresses would have been eligible to receive over 70% of DIGG, they instead will be able to claim just 33%.

Tompkins said that of the 600 DIGG tokens currently available the top address will receive 8.75 DIGG, while the average of the 8517 eligible addresses will be able to claim .07 of a token.

The goal of this distribution was to allow the project to “reward the little guys that are strong badger supporters but not fully disadvantage the whales,” said Tompkins.

Keeping a peg

Now that the token is live, the rebase games begin. 

Algorithmic stablecoins have been a hot topic in DeFi circles over the past few months as one of the most popular trading vehicles. The assets, which are primarily meant to track the price of the US dollar, have “rebasing” features that dynamically expand or contract the total supply of the asset based on preset parameters such as price or time.

So far, however, they’ve proven to be far more effective at enriching users who know how to play the rebase parameters than they’ve been at creating truly stable assets.

DIGG will be possibly the first-ever synthetic rebasing Bitcoin, and certainly the first to feature this distribution method. Out of the gate users will be able to stake their DIGG in a yield-bearing vault, use it to provide liquidity to DIGG/WBTC Sushiswap and Uniswap pairs, hold the core asset in anticipation of a positive rebase, or sell the tokens on the open market.

While there has been speculation as to how DIGG will perform and what the best strategies might be, it’s ultimately unclear to what degree the asset will be able to hew to its intended peg given BTC’s volatility and DIGG’s unique launch.

In a previous interview with Cointelegraph, BadgerDAO founder Chris Spadafora expressed hope that additional forthcoming stabilization mechanisms will be able to help DIGG better track BTC, however.

“What we want to do with our vault system is really at large-scale be the… let’s call it the ‘buy-and-sell’ dictators. So through automated strategies we’re able to buy when the time is right and sell when the time is right to optimize return for the users,” he said.

Forthcoming vaults designed to programmatically play the rebase games are designed to do just that, but given the uncharted game-theoretical landscape it’s impossible to say if the vaults will be sufficient to stabilize DIGG — or what happens after vault incentives dry up. 

In the end, after weeks of anticipation, instead of “Wen DIGG?” BadgerDAO participants lining up to take a spin at the latest rebase casino now must ask themselves, “What’s next?”

Source: https://cointelegraph.com/news/wen-now-badgerdao-s-synthetic-rebasing-bitcoin-digg-goes-live

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