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Monday Markets Wrap-up: New U.S. SEC head and Its Global Crypto Implications

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Please share and grow the BitPinas community.

Good morning. Today, apart from last week’s most important news, we bring you some information about the incoming chairman of the U.S. Securities and Exchange Commission. Why does it matter? Read on.

Welcome to Monday Markets Wrap-up, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. We highlight three to four important news of the past week and list down the rest. 

Market Price as of January 18, 2021:

Bitcoin $35,745.06 -1.41%
Ethereum $1,229.38 -0.43%
Tether $0.98 -1.01%
Polkadot $16.94 -7.33%
XRP $0.277046 -1.13%
SLP $0.012 -0.0%

Bitcoin closed January 17, 2021, at $35,745.06 per BTC. We’re down 6.8% in the last 7 days and up 23% since the year began. This is 14% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $664,348,651,666 which is 65.27% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,021,718,245,214 (-0.2%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

U.S. SEC

A blockchain expert might be the new U.S SEC head

A new U.S. administration, a new U.S. SEC chairman. A report from Reuters says MIT professor Gary Gensler will chair the powerful commission left vacated by Jay Clayton (who by the way left with a parting gift — a charge against Ripple).

Wall Street, according to Reuters, would be concerned by Gensler’s appointment. As the former chair of the Commodity Futures Trading Commission (CFTC), he had the reputation of advocating tougher regulation.

The Defiant looked at the Professor Gensler’s faculty profile at MIT, and it is certain that he’s someone very knowledgeable about blockchain and digital currencies. His research and teachings center on blockchain technology, digital currencies, financial technology, and public policy. He even teaches an online course on cryptocurrency. 

Bloomberg noted that previous talks and editorials of Gensler suggests he’s an advocate for a more nationwide way to register and monitor cryptocurrency exchanges, instead of leaving this oversight to the states. In a 2018 interview, Gensler said cryptocurrencies like Bitcoin needs to be “protected” if we really think it’s going to be part of our future. “That means we need to guard against illicit activity. And yes, we need to protect investors. The crypto exchanges, big exchanges like Coinbase, need to come within the SEC or the CFTC,” he said.

Whether Gensler’s appointment is good for the industry or not is anyone’s guess for now.

You might say that this is just a U.S. thing. But we should remember that our local securities laws are heavily patterned afterU.S. securities laws. So any re-interpretation over there could have some effects here. 

About Face

Goldman Sachs to enter crypto market ‘soon’ via custody play: source

A source inside Goldman Sachs has told Ian Allison of Coindesk that it will soon explore digital asset custody and that this plan would be “evident soon.”

The source said this is part of Goldman’s underlying strategy citing the recent missives from the U.S. Office of the Comptroller of the Currency (more of this below). Goldman, apparently, is talking to JPMorgan, Goldman, and Citi regarding crypto custody.

Why not crypto prime brokerage? The Goldman source said it’s because Anchorage, BitGo, and Coinbase already have big plans in that space so they are not looking to duplicate those.

This is significant, considering that in May 2020, just after the Bitcoin halving, Goldman’s analysts said cryptocurrencies are not an asset class, saying “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”

At that time, Bitcoin was around $10,000. The dominant cryptocurrency almost reached $42,000 last week.

Opinions change.

Cities and Bitcoin

Miami mayor wants to put some of the city’s treasury reserves into bitcoin

“If I would have done it last year, I would have made 200% plus return. So I would have looked like a genius,” Miami mayor Francis Suarez told Fox Business.

Mayor Suarez said Miami is creating a regulatory framework to make it the easiest place in the U.S. to do crypto business.

The mayor also thinks bitcoin’s price is only going into one direction. “It’s only going up,” he said, while acknowledging that it is volatile.

Andre’s Rant

Yearn Finance founder continued his rant about why building in DeFi sucks. According to him:

  • “Your value is only as good as your token, token go up? You built an amazing protocol, it’s the future of finance, blah blah. Token goes down? You are a scammer, fake project, bad coder, blah blah,”
  • “Your success belongs to your “community”, but your failure is 100% your own. Token goes up in value? No one is going to be giving profits to you or thanking you for their profits. Some exploit occurs? You are 100% to blame and need to refund or figure out ways to make them whole again. You have 0% of the reward, 100% of the risk.”
  • “When I decided to distribute YFI 100% it was because I believed it would allow me to exit to the community. However, I am still blamed if the price goes down, I am still constantly plagued by “when next release”, “when update”, etc messages. I still have all the responsibility and expectation, except I have 0 of the reward or upside. Don’t do this, I was an idiot.”

Check Andre’s post here.

Owen Fernau from The Defiant wrote about other DeFi founders sympathizing with Andre and or offering possible solutions or alternatives.

  • Kain Warwick, Synthetix: “You are always going to have pressure from stakeholders. It’s important to filter it though. And one of the best ways is establishing good community norms early.”
  • Stani Kulechov, Aave on funding alternatives: “DeFi community should look more into DAICOs, a model that Vitalik Buterin proposed where the governance goes directly to the community without unfair advantage where whales are receiving free tokens.”

By the way, there’s a proposal to mint 1000 more YFI tokens. The current max supply of YFI is 30,000 tokens. This new proposal and the ensuing community discussion appears to be the motivation for the “rant”

DeFi

OCC Chief on DeFi: Get ready for self-driving banks

In an op-ed for The Financial Times, Brian Brooks, the acting (and outgoing) chief of the U.S. Office of the Comptroller of the Currency (OCC), the country’s currency regulator, has warm words about how DeFi could change how banks work in the future, attributing to its greater efficiency.

Comparing it to self-driving cars, Brooks said DeFi is paving the way for self driving banks (Banks without bankers). Still, he doesn’t think there are regulations currently in place that can be interpreted to work for DeFi. After all, bank regulation is more about regulating bankers actually. 

Here are some of his thoughts:

  • Federal regulators could ensure fair treatment of customers by self-driving banks. 
  • Regulators could properly examine a bank that exists only as software. (“It may be easier than supervising banks today,” he said.)
  • Regulators could ensure self-driving banks properly serve their communities. (“Their greater efficiency would free significant amounts of capital that is lost to operating costs today or slowed by decisions dependent on human grey matter.”)

But can self-driving banks — banks without officers and directors — become banks under current regulations? Brook’s said not yet. Bank charters, for now, can only be issued to human beings. “But those antiquated rules should be revisited just as regulations that still mandate the use of fax machines should be,” he concluded. 

Bitcoin Core

New improvements and changes to the Bitcoin Core

Not headlines grabbing, but Colin Harper of Coindesk detailed out some of the improvements to the Bitcoin Network in his latest article. 

First, Taproot, which will allow for more complex smart contracts, is now fully live on Bitcoin’s signet, a sandbox for testing before they get pushed to the mainnet.

Users can also now set manual fees denominated in satoshis. “Before, Bitcoin Core relied on a fee estimator for transactions, and these fees were set by specifying a bitcoin amount (say, 0.00001 BTC) instead of satoshis (1000 sats),” Harper explained.

Other changes or improvements include:

  • Support for privacy browser Tor’s V3 address
  • New block-filtering system for “light clients” — wallets that do not keep a full history of Bitcoin’s transaction ledger, only those that are needed.
  • Signet – the new testing network

Read more here.

#CryptoPH

Colin Goltra’s Year in Review

“Overall, I think I am just more excited about the home grown PH crypto scene really coming into its own this cycle and having a much more collaborative tone than in prior bull market years.  It’s a great community and I think it can do a great job spreading the word about crypto throughout the Philippines.” 

Check out Colin’s Year in Review here.

Spotlight on KooKoo

KooKoo, who provided his expertise in our “How to Trade SLP/AXS to PHP” article, is one of the most popular Axie YouTubers and one of the leaders in Yield Guild Games  who has helped onboard many new players to Axie Infinity and to the “Play to Earn” ecosystem. KooKoo’s interview, now live on Axie Infinity’s “The Lunacian” talks about his life story, why education is important and the true benefit of play-to-earn. 

“It’s time for players to get rewarded by playing blockchain games that they can have ownership and enjoy the benefits of blockchain technology. Turning gamers into investors.” 

YGG x NFT

To commemorate reaching 1000 members on the Yield Guild Games Discord server, did a free NFT giveaway. The YGG Founders’ Coin is a limited edition NFT meant to reward the earliest backers of our guild.

What else is happening

Bitcoin

  • The planets can predict the price of Bitcoin according to this astrologer
  • Bitcoin miners saw 33% revenue increase in December
  • Famed value investor Bill Miller says bitcoin becomes less risky the higher the price goes
  • ‘Bitcoin is Amazon’ in early 2000s, says former Trump advisor
  • Hold your horses! $9K Bitcoin price drop not a trend change, data says
  • Top 100 Bitcoin addresses accumulated $11B more BTC in the past 30 days

Ethereum

  • Exchanges are running out of ETH
  • Institutions are coming to Ether – but for real this time
  • Ethereum feels cheap during a bull run – Tyler Winklevoss
  • Beyond the Beacon Chain: what’s next for Eth2?

DeFi

  • Maker’s daily transfers hit all-time high as price surges by 50%
  • Sushiswap reveals ambitious 2021 roadmap
  • $300M Whale spotted in DeFi’s turbulent seas

Corporate

  • Eye-popping projection for $3T crypto market underpins Bakkt deal
  • MicroStrategy plans to get more corporations buying Bitcoin
  • Mark Cuban is more into crypto than he’s previously let on
  • Coinbase implied IPO valuation is now $75 billion
  • EToro warns users it’s running out of crypto to trade due to ‘unprecedented demand’
  • 8 public companies with the biggest Bitcoin portfolios
  • Ledger owners report chilling threats after 20K more records leaked

Institutions

  • Profit taking? Institutional crypto fund inflows drop 97% in three weeks
  • Grayscale to dissolve XRP Trust due to U.S. SEC’s Ripple lawsuit
  • Institutions buy while Bitcoin dipped this weekend

Regulation

  • Bitcoin must be regulated globally, says European Central Bank President
  • Japan’s top securities regulator says XRP is not a security 
  • OCC to unveil bank charter for crypto financial services
  • (U.S.) Anchorage becomes the first federally-chartered Bitcoin bank

This article is published on BitPinas: Monday Markets Wrap-up: New U.S. SEC head and Its Global Crypto Implications

Please share and grow the BitPinas community.

Source: https://bitpinas.com/price-analysis/monday-markets-wrap-up-new-u-s-sec-head-and-its-global-crypto-implications/

Blockchain

How to Earn on Crypto you’re Hodling in 2021

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How to Earn on Crypto you’re Hodling in 2021

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Everyone in the world likes money and even better if you can earn with the money you already have. There has been a sharp rise in crypto price points in recent months so if you’re one of the many die-hard holders out there you are probably wondering how you can get a return from the holdings you already have. Thankfully as the industry has evolved so has the ability for investors to earn on their holdings of crypto assets. This article will talk about some of the ways you can try to make a return on investment for everything you currently have in your portfolio. Some of the earning ways are conventional and others require a little bit of work or substantial knowledge. Nevertheless here are some ways you can earn on your crypto portfolio. 

Staking is the process of actively holding a small to substantial amount of funds in a designated blockchain wallet in order to support a proof of stake (PoS) blockchain protocol. Essentially the investor locks funds into a particular wallet to support the staking process of the blockchain which they are staking on. As with anything in life an individual only does something if they feel they will gain benefit from it so when it comes to staking a stakeholder in the proof of stake blockchain will only lock in their stake if they are going to receive a reward. Many blockchain platforms out there offer proof of stake rewards to those staking crypto in locked wallets and you can earn a staking reward from doing so. When staking you often do not only earn an income from locking in funds but the staking also offers the holder the ability to vote on the blockchains protocol updates. Think of it similar to having voting rights from holding stock in a public company, you will have the right to a proportional vote to your stake on the future of the blockchain protocol. It’s relatively easy to find a company that allows you to stake your crypto and even the big guys like Coinbase offer staking features on their platform.

Peer to peer lending has become an increasingly popular topic in the modern fintech sector these days and the normal financial channels often translate over into the cryptocurrency world. Like with conventional peer to peer lending the way you earn money from the transaction is through interest on the lending of assets. Unlike conventional peer to peer products, the cryptocurrency world offers substantially higher interest returns than its fiat (government issued currency) counterpart. This is not always the case however, but as a general rule of thumb you are set to earn more with a crypto-based lending house.

One trusted example of a medium for lending is Nexo. Nexo offers credit lines to a borrower that are secured against crypto collateral. This collateralized method does away with the need for traditional credit checks since the crypto acts as the bridge of trust if and when the borrower is unable to pay. So you are always safe as a lender in that regard. Nexo clients who deposit funds in fiat or stablecoins can expect to earn returns of up to 12%, whereas clients who directly deposit crypto can earn interest of up to 10% of their holdings. Lenders who hold a minimum percentage of their portfolio in NEXO tokens, and choose to receive payouts in their token are eligible to receive higher returns than those who do not. 

If you are interested in mining for more crypto, another option is to hold shares in an active cryptocurrency mine. Mining is the backbone of the entire cryptocurrency ecosystem. So by investing into a mine you are not only using your crypto to make more crypto, but you are also supporting the entire blockchain community through mining activities. 

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Miners solve complex mathematical equations using graphics processors. Once the mathematical equation is solved, the block is validated and a reward is sent to the miner. Pylon Finance is said to have the largest active ETH mine in North America with return rates for investors of up to 250% per year. 

The easiest way of all to earn money from your crypto may be to deposit your funds into a platform that offers you an annual percentage yield (APY) on the money you hold on their platform. This is similar to depositing money into a savings account at a bank that gives you an annual percentage return on what you hold in your bank account. You can check out the different DeFi depositing options on DeFi Pulse and start earning on your holdings immediately. 

What is important to consider however is that depositing can only be done with crypto assets and altcoins and not fiat currency so this is only a valuable way to earn returns if you are insisting on earning on just your crypto holdings. 

In a similar fashion to earning from DeFi, many crypto exchanges offer earnings programs. These again are similar to depositing into bank accounts and earning interest with the key difference being that the interest earned is usually substantially higher than one would earn from a conventional bank account. That coupled with compounding interest and the gains in the crypto market in recent months makes this option very attractive. Companies such as Crypto.com offer interest on the major cryptocurrencies up to 8% and pay out interest on a weekly basis. Along with being paid weekly you also have your interest accrued daily so you know whatever you are holding is always earning you money, even if your portfolio fluctuates. 

Although it isn’t conventionally set to make you money, you can look to the slot machines and roulette table for extra returns. If you’re a rainman at blackjack, Fortunejack is the oldest Bitcoin casino in the world – so why not try to make some tasty returns there?


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/how-to-earn-on-crypto-youre-hodling-in-2021/

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Blockchain

XRP, Cosmos, Elrond Price Analysis: 07 March

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XRP floated above its press time support but needed to retake additional resistance levels to overturn its bearish market. ATOM reflected a consolidated market as the price moved within a fixed channel while Elrond traded within an ascending channel after a bounce back from the $100-mark.

Source: CoinStats

Meanwhile, the world’s largest cryptocurrency Bitcoin was trading at $50,870 with a 24-hour trading volume of over $36.3 billion.

XRP

Source: XRP/USD, TradingView

XRP was still at the nascent stage of a recovery as the bulls barely held on to $0.46 level after flipping it to support. Weekly gains of over 10% highlighted the bounce back from $0.40 support as XRP rose steadily on the 4-hour time frame. Nevertheless, several challenges awaited the bulls moving forward. The first was to overcome bearish sentiment in the market set by the 200-SMA (green) crossing above the 50-SMA (blue).

Short-medium term challenges were presented by the overhead resistance levels $0.5 and $0.55. However, the ADX rested around the 15 mark and indicated a weak trend in the XRP market. The MACD line moved alongside the signal line as equilibrium was maintained between each side. Considering the neutrality set by the indicators, the bulls might have to sustain a period of consolidation before a northbound move.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

The Bollinger Bands on Cosmos started to converge as volatility looked to escape the Cosmos market. Short-bodied candlesticks on the 4-hour charts showed that the buyers and sellers were not in major disagreement with regard to the price. The RSI pointed lower from the 50-mark.

If the bears take control over the coming sessions, a fall towards $16.45 support could present some buying opportunities for traders at a discounted price. A psychological boost could also stem from a breach above the overhead resistance at $21.45.

Elrond [EGLD]

Source: EGLD/USD, TradingView

Gains over the past week amounted to over 12% as Elrond bounced back strongly from the $100-mark. As the price formed higher highs and higher lows, an ascending channel appeared on the 4-h0ur timeframe. The indicators tilted in the favor of the bulls at press time but a break outside the channel seemed unlikely.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the equilibrium point. The RSI was neutral-bullish as the index moved flat from above the 50-level.  A move above the upper trendline over the long run would present an upside at $208. Conversely, a southbound move from the lower trendline could see EGLD move towards the $100 level once again.


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Source: https://ambcrypto.com/xrp-cosmos-elrond-price-analysis-07-march

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Top 5 cryptocurrencies to watch this week: BTC, UNI, THETA, VET, LUNA

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Bitcoin’s (BTC) fundamentals received a boost as the U.S. Senate passed the $1.9 trillion stimulus bill on March 7. If traders react to this bill in the same way as they had done to the first stimulus package in April 2020, then the crypto markets may witness a strong rally.

The stimulus package also intensifies the focus on the devaluation of the U.S. dollar. These concerns could lead some investors to park their money in hard assets or Bitcoin instead of keeping them in fiat currencies, according to veteran trader Peter Brandt.

Crypto market data daily view. Source: Coin360

In addition to investors, a growing number of listed companies are choosing to protect their fiat reserves by buying Bitcoin. After the high-profile purchases by MicroStrategy, Tesla, and Square, a Chinese listed company called Meitu revealed that it had acquired $40 million worth of Bitcoin and Ether.

If other companies across the world also follow this lead and invest a portion of their treasury reserves in Bitcoin, that could create a massive supply and demand imbalance, sending prices through the roof.

Let’s study the charts of the top-5 cryptocurrencies that may resume their uptrend in the short term.

BTC/USD

Bitcoin dipped below the 20-day exponential moving average ($48,484) on March 5 and March 6 but the long tail on each candlestick shows buyers are ready to jump in at lower levels. The bulls have currently pushed the price toward the $52,040 overhead resistance.

BTC/USDT daily chart. Source: TradingView

While the 20-day EMA is flat, the relative strength index (RSI) has started to turn up and it has risen above 58, indicating that the bulls are attempting to make a comeback.

If the buyers can propel the price above the resistance, the BTC/USD pair may retest the all-time high at $58,341. A breakout of this level could start the next leg of the uptrend, which may reach $72,112.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below $46,313, the pair may drop to the 50-day simple moving average at $42,861. This level is likely to act as a strong support.

If the pair rebounds off this support, the pair may spend a few more days in consolidation. But if the bears sink the price below $41,959.63, traders may rush to the exit, which could signal a possible change in trend.

BTC/USDT 4-hour chart. Source: TradingView

The pair has formed an inverted head and shoulders pattern on the 4-hour chart that will complete on a breakout and close above $52,040. This bullish setup has a pattern target of $61,075.

The 20-EMA has started to turn up and the RSI has jumped above 62, indicating a minor advantage to the bulls.

This bullish view will invalidate if the price turns down from the current levels or the overhead resistance and breaks below $47,000. Such a move could open the doors for a decline to the next major support at $41,959.

UNI/USD

After consolidating near $29 for three days, Uniswap (UNI) has broken out of the overhead resistance today. If the bulls can sustain the price above $29, it will enhance the prospects of the resumption of the uptrend.

UNI/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is in overbought territory, which indicates that bulls are in command. If the UNI/USD pair rises above $33, the next level to watch out for is $38 and then $46.

This bullish view will invalidate if the price turns down from the current levels and breaks below the 20-day EMA ($25.31). If that happens, the pair may drop to $22 and then to the 50-day SMA ($19.78).

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bears are likely to defend the $32 overhead resistance aggressively. However, if the bulls do not allow the price to dip below the 20-EMA, it will signal strength. A breakout and close above the $32 to $33 zone may start the next leg of the up-move.

This bullish view will invalidate if the price turns down and breaks below the 20-EMA. Such a move will suggest that traders are booking profits on rallies. The pair could then drop to the 50-SMA.

THETA/USD

THETA is in a strong uptrend. Although the altcoin turned down on March 7, the long tail on the March 8 candlestick shows buying at lower levels. Corrections in a strong uptrend generally last for one to three days after which the main trend resumes.

THETA/USDT daily chart. Source: TradingView

The rising moving averages and the RSI near the overbought zone suggest the bulls are in control. If buyers can drive the price above $4.72, the THETA/USD pair may resume the uptrend and rally to $5.73.

On the contrary, if the price turns down from the $4.50 to $4.72 overhead resistance zone, the pair may drop to the 20-day EMA ($3.58). A strong rebound off this support will suggest the sentiment remains positive as the bulls are buying the dips.

If the bears sink the price below the 20-day EMA, a deeper correction to the 50-day SMA ($2.82) is possible. Such a move will indicate that the momentum has weakened and may delay the resumption of the up-move.

THETA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the 20-EMA is rising and the RSI is in the positive zone. If the bulls can push and sustain the price above the downtrend line, the pair may retest $4.72. A breakout of this resistance could start the next leg of the uptrend.

On the other hand, if the price continues to correct, it may find support at the 20-EMA. If that happens, the bulls will again try to propel the price above the downtrend line. However, a break below the 20-EMA may pull the price down to $3.85.

VET/USD

VeChain (VET) is currently stuck in a large range between $0.0345 and $0.060774. The price had reached the resistance of the range, but the long wick on today’s candlestick shows profit-booking near $0.060774.

VET/USDT daily chart. Source: TradingView

However, the moving averages are sloping up and the RSI has also inched higher into the positive territory, suggesting that the path of least resistance is to the upside. If the bulls can push and sustain the price above $0.060774, the VET/USD pair may start the next leg of the uptrend.

The first target on the upside is $0.087048 and if this level is also crossed, the pair may rise to $0.10.

Contrary to this assumption, if the price turns down from the current level, the pair may drop to the 20-day EMA ($0.047). A bounce off this support will suggest that the uptrend remains intact, but a break below it may bring the range-bound action into play.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows some profit-booking near $0.060, but the positive sign is that the bulls have not allowed the price to collapse. If the pair rebounds off the 20-EMA, the bulls will make one more attempt to thrust the price above the stiff overhead resistance.

If they can sustain the price above $0.060774, the next leg of the uptrend could begin. However, if the price dips below the 20-EMA, the selling could intensify and the price may drop to the next support at the 50-SMA.

LUNA/USD

Terra (LUNA) is currently consolidating in a large range between $5 and $8.50 for the past few days. Both moving averages are sloping up and the RSI is near the overbought territory, indicating the path of least resistance is to the upside.

LUNA/USDT daily chart. Source: TradingView

The bulls pushed the price above the range on March 5, but could not build up on the breakout as the price turned down and slipped back below $8.50 on March 6. This suggests that demand dried up at higher levels.

However, if the bulls do not give up much ground, it will indicate that traders are waiting to buy the shallow dips. If that happens, the buyers may make one more attempt to start the next leg of the up-move. If they succeed, the LUNA/USD pair could rally to $12.

LUNA/USDT 4-hour chart. Source: TradingView

The long wicks on the candlesticks above $8.50 show profit-booking at higher levels and the bulls are currently attempting to defend the 20-EMA. If the price rebounds off the current levels, the buyers will again try to resume the uptrend by driving the pair above the $8.50 to $9 overhead resistance zone.

On the contrary, if the bears sink and sustain the price below the 20-EMA, the pair could dip to the 50-SMA. If the price bounces off this level, the pair may consolidate in the upper half of the range for some time. A drop below the 50-SMA will be a signal that the price may settle into the $5 to $6 range.

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

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Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-uni-theta-vet-luna

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