Connect with us

Blockchain

Litecoin (LTC) Price Analysis: Bulls Eye Crucial Upside Break

Republished by Plato

Published

on

  • Litecoin price started a fresh increase after testing the $110 zone against the US Dollar.
  • LTC price is back above $140, but it is still below the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher once it clears the $150 resistance zone in the near term.

Litecoin price is showing positive signs above $140 and $142 against the US Dollar, similar to bitcoin. LTC price must stay above $140 to clear $150 and $155.

Litecoin Price Analysis

This week, there were additional losses in bitcoin, Ethereum, ripple, and litecoin before a decent recovery against the US Dollar. Earlier, LTC price broke the $140 and $125 support levels.

There was also a break below the $120 level and the price settled below the 55 simple moving average (4-hours). It traded as low as $111 before the bulls took a stand. The price started a fresh increase and climbed above the $125 resistance level.

There was a clear break above the 23.6% Fib retracement level of the downward move from the $186 swing low to $111 swing low. Moreover, there was a break above a major contracting triangle with resistance near $140 on the 4-hours chart of the LTC/USD pair.

The price is now trading near the $148-$150 resistance zone. The 50% Fib retracement level of the downward move from the $186 swing low to $111 swing low is also acting as a resistance.

If there are more upsides, the price could continue to rise towards the $158 resistance and the 55 simple moving average (4-hours). A close above the $158 and $160 levels will most likely call for a push towards the $180 and $185 resistance levels.

Conversely, the price could start a fresh downside correction below the $145 level. The first major support on the downside is near the $140 level. A break below the $140 level might put a lot of pressure on the bulls.

Litecoin Price

Litecoin Price

Looking at the chart, litecoin price is clearly trading in a positive zone above the $140 support zone. Overall, the price is likely to continue higher once it clears the $150 resistance zone in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.

Key Support Levels – $150 and $158.

Key Resistance Levels – $140 and $125.

Tags: litecoin, LTC Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-bulls-eye-crucial-upside-break/

Blockchain

Chainlink, Synthetix, Verge Price Analysis: 05 March

Republished by Plato

Published

on

The altcoin market showed that market bears were in the ascendancy over the past week, with the same likely to continue over the next few days. Chainlink approached an area of demand at $25, while Synthetix faced rejection at the $27-level. Finally, Verge flipped the $0.019-level to support, although this development could be short-lived.

Chainlink [LINK]

Chainlink, Synthetix, Verge Price Analysis: 05 March

Source: LINK/USD on TradingView

On the 4-hour chart, LINK registered rising bearish momentum as the RSI dropped below 50. It was noting a value of 40, at the time of writing, and faced an area of demand in the $24.8-$25.8 zone. This could see LINK bounce to retest the $27-level as resistance.

The imminent levels of interest seemed to be $27, as likely resistance, and $24.8, as support. A drop below $24.8 would see the bears push further and climb to touch the $23.24-level of support.

The $23.24-level has been tested as support multiple times since early February, and certain on-chain metrics did point to a fall in the number of LINK users, which, in turn, could see less demand and lead to further losses.

Synthetix [SNX]

Chainlink, Synthetix, Verge Price Analysis: 05 March

Source: SNX/USDT on TradingView

SNX was trading within a descending channel for the better part of February, and a few days ago, broke out of the pattern with a technical target of $27.

SNX tested the $24-mark as resistance but its attempts to climb any further were met with rejection. SNX has since steadily posted losses and lost the $21-level to the bears. The MACD formed a bearish crossover and began falling to show downward momentum.

Over the next few days, the $19.7 and the $18.5-$19 zone can be expected to serve as support.

Verge [XVG]

Chainlink, Synthetix, Verge Price Analysis: 05 March

Source: XVG/USDT on TradingView

The ascending trendline had some confluence with the retracement level at $0.019, and the market bulls were able to defend that level. Closing a trading session under the $0.0189-level would likely see XVG drop back towards $0.0165, while a breakout past $0.021 would be a bullish development. A move lower was the more likely scenario, given the general market conditions.

Even though the DMI showed the bullish trend gaining some strength in recent days, the trading volume was in disagreement with the rally. The Awesome Oscillator was moving above zero, but did not show bullish strength.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://ambcrypto.com/chainlink-synthetix-verge-price-analysis-05-march

Continue Reading

Blockchain

The Flash Mint is here: WETH10 turbocharges the flash loan concept

Republished by Plato

Published

on

A team has released WETH10, the latest iteration of the Wrapped Ether token that allows using Ether (ETH) in a DeFi setting. WETH10 carries a host of useful features, the most notable of which is the flash mint, an evolution of the flash loan concept.

Flash loans allow users to borrow the entire liquidity pool of a protocol to use as they see fit, without posting collateral. The only limitation is that the loan must be returned in full within the same transaction, otherwise the loan will never exist in the first place.

In the DeFi community, flash loans are primarily a tool for arbitrage, as they offer an unlimited source of funds for anyone transacting entirely within the DeFi ecosystem. This includes liquidation bots, with one lucky liquidator making $4 million from scratch in November by using flash loans. Another class of flash loan users are hackers and protocol exploiters, who often use them as a source of funds for their attacks.

The flash loan’s prevalence in hacks has made the concept somewhat controversial, with some arguing that they are net negative for the ecosystem and should be removed. For others, they represent one of few meaningful DeFi innovations, which democratizes access to arbitrage.

One limitation of flash loans is that the total sum available for a transaction is limited by the liquidity locked in a particular protocol. This is where the concept of a flash mint comes into play — instead of taking funds from a liquidity pool, the mechanism mints tokens out of thin air and destroys them once no longer necessary.

The amount that can be obtained from a WETH10 mint is not really infinite, Alberto Cuesta Cañada, technical lead for Yield Protocol and developer of WETH10, told Cointelegraph:

“The only limitation to flash mints of WETH10 is that the flash minted amount can never exceed 2^112-1 at any given time.”

In decimal terms, the number quoted by Cuesta Cañada has 33 zeros, which should be enough to cover any liquidity needs in DeFi. In practice, if the user needs to unwrap the WETH for a particular use, there may be limitations due to how much ETH is stored on the WETH contract.

Most DeFi protocols actually use WETH in the backend, though they hide this from users by automatically wrapping and unwrapping it at each interaction. If they were to switch to WETH10, the flash mint could grow to its full potential.

Will projects adopt the new standard?

“The new standard will be adopted slowly, it it gets adopted,” said Cuesta Cañada. “It is not users, but applications, that might adopt WETH10, and nothing might be seen for at least a couple of months.”

Adopting WETH10 only for the risk of amplifying potential losses from coding mistakes may be a tough proposition, but the new token carries a host of other advantages. WETH10 includes the ability to make transactions free for the end user, and it skips the “approve token” mechanic to save on gas costs and avoid security threats. An additional benefit of WETH10 is that its flash mint is completely free, unlike flash loan protocols levying their own fees.

Cuesta Cañada believes that newer projects will have an easier time integrating the standard, with existing names possibly doing so in their next releases. It is yet unclear if DeFi projects believe the risks of flash mints outweigh the benefits from the new WETH standard. “No one has committed to use it yet, but we haven’t gone looking for it either,” said Cuesta Cañada. He concluded:

“If the selling proposition of WETH10 is good enough, it will be adopted. If it is not, such is life, we all learnt a lot and had a great time coding it.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cointelegraph.com/news/the-flash-mint-is-here-weth10-turbocharges-the-flash-loan-concept

Continue Reading

Blockchain

Why there’s more to Chainlink’s growth than what meets the eye

Republished by Plato

Published

on

After a collective collapse a week ago, the digital asset industry recovered somewhat, before falling once again. However, it would seem that Chainlink missed the memo in the first place. In fact, AMBCrypto had recently reported about LINK’s inability to pull-forward without the assistance of strong on-chain fundamentals.

While its long-term credentials remain golden, during the aforementioned phase of corrections, LINK’s active addresses and receiving addresses fell to monthly lows. However, recent data might be suggesting a shift, one that may just confirm once again the narrative drawn by the previous article.

Chainlink’s brief rise above $30 saw significant Address Activity

Over the past 72 hours, LINK has been on a topsy-turvy journey on the charts. While the altcoin did recover briefly to touch $30, it soon fell on the back of the rest of the crypto-market reeling too.

However, what must be noted here is that when LINK was climbing, so was its on-chain activity, an observation that backed the notion that LINK’s hikes are usually always supported by strong on-chain fundamentals.

Source: Twitter

In fact, Santiment data showed that Chainlink registered its highest single-hour level of address activity over the last seven months. Around 26,700 addresses were active during the 1-hour window, a finding indicative of high on-chain activity.

The cohesion between the altcoin’s price and active address conformed with the narrative drawn in the previous article, one that highlighted the importance of network development for LINK’s value.

In the past, certain crypto-assets such as Bitcoin SV, Bitcoin Cash, etc., have depended on their correlation with Bitcoin more than anything else, for price appreciation. On the contrary, Chainlink is re-defining its interest and mostly basing its growth on market engagement.

Citi Group suggests LINK may gain upper hand against Bitcoin

Citi Group’s recent report bestowed major props to Bitcoin, identifying its intrinsic value and interest while suggesting that the asset could become the currency of choice for international trade.

In the same report, however, Citi also drew a comparison between LINK and BTC. The concluding sections of the report highlighted that Chainlink was recently recognized by the World Economic Forum as one of the 100 most promising technologies of 2020.

Chainlink has expanded beyond expectations, gaining adoption on other blockchains such as Polkadot as well. The report added,

“It is thus already possible to envision a commerce-linked or infrastructure-linked coin that may eventually eclipse Bitcoin. Innovation in the chain-based ecosystem is continuing apace and today’s offerings may yet give way to a new invention that garners more attention and assets than Bitcoin.”

Is LINK eyeing another breakout?

Source: Trading View

On the weekly chart, Chainlink seemed to be pointing towards another price hike, especially if bullish momentum is considerable over the next few weeks. As identified by the chart, Chainlink might be on its next rally phase, similar to the one it saw towards the end of July 2020. The same can be confirmed by the higher position of the 21-day Exponential Moving Average over the 20-Moving Average on LINK’s weekly price charts.

Higher accumulation at the current range may kick off the rally, therefore, keeping an eye out for whale movement will be imperative over the next few weeks.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://ambcrypto.com/why-theres-more-to-chainlinks-growth-than-what-meets-the-eye

Continue Reading
Blockchain5 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain4 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain2 days ago

Amplifying Her Voice

Blockchain4 days ago

The Sony PlayStation 5 Game Console Mining Ethereum with almost 100 MH/s is Not True!

Blockchain5 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain2 days ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain2 days ago

Blockchain in Sports Betting

Blockchain2 days ago

Will Netflix soon buy bitcoin?

Blockchain3 days ago

DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

Blockchain3 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain2 days ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain2 days ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain22 hours ago

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Blockchain1 day ago

XRP Price Analysis: 04 March

Blockchain2 days ago

Ethereum’s price prospects: What you need to know

Blockchain1 day ago

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

Blockchain3 days ago

ChiliZ To Expand Operations, Will Invest $50 Million in the US

Blockchain3 days ago

Da Vinci Capital Reportedly Requests $100 Million from Telegram for TON’s Failure

Blockchain3 days ago

Mainnet launch and NFT sale lift Aavegotchi (GHST) to a new all-time high

Blockchain3 days ago

Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

Trending