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Five Biggest Altcoin Gainers, May 24—31

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BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?

Unlike the previous week, when only one altcoin actually grew in value, numerous altcoins increased, this week. The five that increased the most are:

  1. Decred (DCR) : 51.81%
  2. Enjin Coin (ENJ) : 46.74%
  3. Uniswap (UNI) : 33.81%
  4. Nexo (NEXO) : 32.56%
  5. Polygon (MATIC): 32.27%

DCR

DCR has been decreasing alongside a descending resistance line since April 16. At the time, it reached an all-time high price of $250.

It created a low high on May 10 and resumed its downward movement until May 23, culminating with a low of $87.57. It has been moving upwards since.

Technical indicators have turned bullish. The RSI has just crossed above 50. The MACD has given a bullish reversal signal. The Stochastic oscillator is very close to making a bullish cross.

Moreover, the movement above the wave A low (red line) at $164.36 invalidates the possibility that this is a bearish impulse, making it a completed A-B-C structure instead.

Therefore, DCR is expected to increase at least to the descending resistance line, which is found at $200.

DCR resistance
Chart By TradingView

ENJ

ENJ has been decreasing since reaching an all-time high price of $4 on April 9. The same day, it created a shooting star candlestick. Throughout the decrease, it has been following a descending resistance line.

On May 23, it reached a low of $0.73. This purportedly caused a breakdown below the $1.15 support area. However, ENJ reclaimed the area shortly afterwards, making the preceding decrease only a deviation (red circle).

Furthermore, technical indicators are bullish. This is especially evident by the imminent bullish cross in the Stochastic oscillator.

Therefore, a breakout from the resistance line is likely. If so, the next closest resistance areas are found at $1.98 and $1.75, respectively.

ENJ resistance
Chart By TradingView

UNI

On May 23, UNI reached a low of $13 and bounced immediately afterwards. It created a bullish engulfing candlestick the next day, and reached a high of $30 on May 27.

However, the 0.5 Fib retracement resistance area at $29 rejected it and it has been decreasing since.

However, it is attempting to create a higher low and continue moving upwards. As long as it is trading above the main support area of $17.50, the trend can be considered bullish.

UNI Bounce
Chart By TradingView

NEXO

NEXO reached a low of $1.03 on May 24, but increased considerably the same day. Shortly afterwards, it managed to reclaim the $1.80 area.

After another decrease, it validated it as support once more on May 30 (green icon), successfully creating a higher low in the process. The main resistance area is found at $2.57.

NEXO Daily movement
Chart By TradingView

MATIC

On May 23, MATIC bounced at the $0.85 support area. It proceeded to increase and reach a high of $2.438 on May 26. This caused a breakout from a descending resistance line.

The ensuing rejection caused MATIC to drop and validate the resistance line as support. This coincides with the $1.58 support area, created by the 0.5 Fib retracement support level.

MATIC is in the process of creating a higher low, which, if successful, could lead to new highs.

MATIC Breakout
Chart By TradingView

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.

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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.

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Source: https://beincrypto.com/five-biggest-altcoin-gainers-may-24-31/

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Mapping out Ethereum’s DeFi ecosystem

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September 22, 2021, 3:32AM EDT

• 46 min read

Quick Take

  • Despite potential regulatory concerns surrounding the Decentralized Finance (DeFi) vertical and subsequent stablecoins that power much of its ecosystem, DeFi has been the most popular deal type amongst investors for the majority of 2021
  • The DeFi vertical has received nearly $1.3 billion investment across 275 funding rounds, with Ethereum-based applications receiving a significant percentage of that capital from January to August
  • In total, Ethereum’s DeFi ecosystem has amassed at least 320 startups and protocols across 14 verticals, which The Block has mapped out below
  • This ecosystem map has been UPDATED from here

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Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.

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Source: https://www.theblockresearch.com/mapping-out-ethereums-defi-ecosystem-2-118188?utm_source=rss&utm_medium=rss

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Commodity strategist predicts Bitcoin ETF could get the nod in US next month

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Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the United States will not want to miss out for much longer.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

Related: Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags

The SEC is currently yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.


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Source: https://cointelegraph.com/news/commodity-strategist-predicts-bitcoin-etf-could-get-the-nod-in-us-next-month

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TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K

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Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

  • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
  • The price is now trading below $3,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

Ethereum Price Remains At Risk

Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

More Losses in ETH?

If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still below the 50 level.

Major Support Level – $2,650

Major Resistance Level – $3,000

Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-below-3k/

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