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Monero, OMG Network, DigiByte Price Analysis: 23 January

Republished by Plato

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Monero, DigiByte, and OMG Network told pretty similar stories on the price charts. The bulls did not show they had the strength yet to effect a climb past their imminent levels of resistance.

Monero [XMR]

Monero, OMG Network, DigiByte Price Analysis: 22 January

Source: XMR/USDT on TradingView

The Fibonacci Retracement levels for XMR’s move north from $128 to $190 gave some important levels of support and resistance for the price. At the time of writing, XMR faced resistance from the 78.6% retracement level at $139.5.

The MACD formed a bullish crossover in bear territory- a weak buy signal. The OBV showed that over the two weeks, buying volume has outpaced selling volume. While a series of higher lows were seen, higher highs were not posted on the OBV- buyer interest is present, but not in overwhelming amounts yet.

A new high would need to be registered on the OBV for XMR to recover and rise above $160 once more.

OMG Network [OMG]

Monero, OMG Network, DigiByte Price Analysis: 22 January

Source: OMG/USDT on TradingView

OMG’s price was moving under the EMA ribbons and could face resistance from it in the vicinity of $3.6. The RSI was under 50 and has been over the past few days, denoting bearish pressure.

OMG would need to rise above $3.6 and stay there, and the RSI needs to rise above 50, to signal a move to test the resistance at $4.1. A rejection at the $3.5-$3.6 region would see OMG retreat back toward the $3.1-support level.

Trading volume has been below average on OMG’s bounce, and this would need to pick up to signal a move upwards as it would signify market conviction. Low trading volumes even as OMG approaches $3.6 would likely see sellers step in to drive the price down.

DigiByte [DGB]

Monero, OMG Network, DigiByte Price Analysis: 22 January

Source: DGB/USDT on TradingView

DGB has traded within a range of $0.22 and $0.32 since late December. This is likely to continue as DGB bounced of the range lows to test the resistance at $0.256 over the past two days, but was rejected at this resistance.

The Directional Movement Index showed a strong bearish trend in progress as both the -DI (pink) and the ADX (yellow) were above 20. Further, the Chaikin Money Flow was in neutral territory.

The selling pressure of the past week saw DGB slowly decline from the $0.286-level and this could be set to continue.

Source: https://ambcrypto.com/monero-omg-network-digibyte-price-analysis-23-january

Blockchain

Polkadot Gears Up for Parachains Launch: Unveils ‘Common Good’ Parachains

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Polkadot, the interoperable blockchain protocol spearheaded by Ethereum co-founder Gavin Wood, has announced its forthcoming parachain launch.

Parachains – application-specific blockchains that connect to the main network and benefit from its security and computing capacity – are viewed as the building block of Polkadot’s ecosystem. Initially, the plan was for 100 parachain slots, with an auction process determining who gets to ‘lease’ parachains for defined time periods.

However, according to a blog post published by the team on February 25, some slots will be made available for ‘governance-allocated parachains,’ also known as common good parachains. These common good parachains have been conceived to address the so-called “free rider” problem, wherein parachains can forgo contributing to elements (such as bridges) that may benefit the ecosystem as a whole.

Solving the Free-rider Problem

The free-rider problem is best understood with reference to an analogy. Supposing a levy is imposed on car manufacturers to offset pollution: in turn, vehicles’ cost is increased, and all drivers are forced to pay extra.

Although everyone will subsequently benefit from a less toxic atmosphere, only those who actually buy a car will have contributed: the others (cyclists, for example) are considered free riders.

Polkadot’s governance process will essentially earmark parachain slots for consideration outwith the auction process, with a Council and Technical Committee representing passive stakeholders and supplying technical guidance. Both groups will then decide whether to accept or reject the direct registration of certain parachains.

According to the blog post, both system-level chains and public-utility chains may emerge as blockchain categories that qualify as common good chains.

Any parachain, in other words, that the Polkadot team deem beneficial for the overall ecosystem – bridges, identity projects, and smart contract platforms and governance would all theoretically be under consideration.

Chains that help remove transactions from the Relay Chain and enable more efficient parachain processing seem the likeliest to be considered ‘common good.’

As noted in Polkadot’s blogpost:

“By allocating a subset of parachain slots to common good chains, the entire network can realize the benefit of valuable parachains that would otherwise be underfunded due to the free-rider problem.

Polkadot’s governance system is on the bleeding edge of social coordination and it will be exciting to see how it helps the network evolve to meet the needs of its constituent parachains and stakeholders.”

Polkadot Gears Up for Parachain Launch

The Polkadot team recently published a roadmap noting that all upcoming parachains will be tested on regular parachain testnets, like Rococo and on Kusama Network. The latter being Polkadot’s canary network.

Kusama is a proving ground for parachains, allowing developers to build and deploy them and experiment with Polkadot’s governance, staking, nomination, and validation functionality.

Once parachains are live, community members will have their say on which additional features and network upgrades should be incorporated over time.

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Source: https://cryptopotato.com/polkadot-gears-up-for-parachains-launch-unveils-common-good-parachains/

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Blockchain

Cardano Price Analysis: 28 February

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While a majority of the assets are still trying to recover from the recent price drop, Cardano managed to record a new all-time high over the past week. Clocking in a value of $1.48 yesterday, Cardano is currently one of the top three assets in the world and while the asset has registered a 10% drop over the past few hours, it has maintained its 3rd position with a market cap of $38 billion.

Cardano 6-hour chart

Source: ADA/USD on Trading View

The 6-hour chart of Cardano continued to indicate a rising price but the asset was moving within the trendlines of an ascending channel. With a couple of higher highs witnessed, the asset has dipped over the past 24-hours, and the correction may go even further in the charts. A bearish breakout should allow the asset to recover its position at a previously held range before addressing the higher range again in the future.

At press time, the 50-day Moving Average has continued to act as underlying support but a possible move below $1.12 is likely.

According to the VPVR range, the support range at $0.90-$0.95 could be tested since the trading volume at the price point has been significant over the past few weeks.

Market Indicators

Source: ADA/USD on Trading View

Market Indicators appeared a little on the neutral side at press time but considering the pattern was bearish, the indicators may head in the same direction.

Relative Strength Index or RSI is currently holding a position above 50 but the indicator suggested an increasing selling pressure in the chart. Stochastic RSI is exhibiting a bearish pullback at press time, with the signal line hovering the bullish line.

MACD appeared bullish at press time, but a potential trend reversal is in the charts, with the MACD line converging towards the bearish line.

Important levels to watch out for

Resistance: $1.48
Support: $1.30, $0.92-$0.90
Entry Position for Short: $1.325
Stop-Loss: $1.48
Take Profit: $0.90-$0.92
Risk/Reward Ratio: 2.43x

Conclusion 

Cardano’s price action has been within the ascending channel formation and a bearish breakout in the coming week should not be discounted.


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Source: https://ambcrypto.com/cardano-price-analysis-28-february

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Blockchain

Bitcoin Cash, Uniswap, Zcash Price Analysis: 28 February

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Bitcoin Cash looked uncertain to flip its press time resistance as the indicators gave mixed signals regarding its future trajectory. Uniswap could move southbound from its descending triangle pattern as momentum rose on the selling side. Zcash showed some indecision in its market as the price continued to trade within a range, with a breakout unlikely over the coming sessions.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

With weekly losses of over 33%, Bitcoin Cash slipped to the 12th position on the crypto-rankings with a market cap of $8.6 billion. On the 4-hour timeframe, the price slipped below $464 support but the bulls eyed a comeback on the charts. The RSI avoided the oversold territory but pointed lower from the 35-mark at the time of writing. The MACD was bullish-neutral as the fast-moving line floated just above the Signal line.

It was doubtful whether the aforementioned resistance mark could be flipped over the next few sessions as trading volumes and buying activity remained muted.

Uniswap [UNI]

Source: UNI/USD, TradingView

A descending triangle formed on Uniswap’s 4-hour chart after the price formed lower highs post record levels. Prices usually tend to break downwards from this pattern on low trading volumes. The Awesome Oscillator showed that momentum rested with the selling side as the red bars rose below the half-line. A fall below the lower trendline could see UNI move towards the $15 mark.

The Stochastic RSI disagreed with the AO and suggested that UNI could be up for some gains after a bullish crossover in the oversold zone. However, a move above the upper trendline was unlikely considering the state of the broader market.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Zcash continued to move within a fixed channel on the 4-hour chart as equilibrium was maintained between the buyers and sellers. The Bollinger Bands also reflected the consolidation as volatility remained low in the market. The MACD line was superimposed on the signal line, reflecting the indecision in the market.

However, a sharp move in either direction could see the market tilt strongly in the favor of the side that enforces the breakout. A bullish scenario could see ZEC move towards the next resistance mark at $138.4. Conversely, a fall could see the price move towards $98.1 support.


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Source: https://ambcrypto.com/bitcoin-cash-uniswap-zcash-price-analysis-28-february

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