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Monero price analysis: New challenges await the bulls as XMR touches $230

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TL;DR Breakdown

  • The Monero price analysis shows downtrend is going strong today.
  • Price has decreased up to $230.
  • Support is still at the $225 level.

The Monero price analysis is giving an edge to the bears, as the price faced significant loss today. Monero’s price value is now at $230, after undergoing a massive decline in the past four hours.

The short-term trending line is now fully supporting the bears, as they have been maintaining their upper position quite impressively. The price is at a short distance from the current support level i.e. $230 and is expected to cross it down soon.

XMR/USD 1-day price chart: Monero on the low again after recent drop

The following one-day Monero price analysis report is showing signs of bearish activity, as the price has lowered to $230.34 today. The past few weeks underwent decent recovery, as there are more green candlesticks covering that area.

Today, the buyers had to observe disappointing results because of the decline in price. As the past few weeks have been supportive of Monero’s price as well, the moving average (MA) is secured at the $260.08 position.

Monero price analysis: New challenges await the bulls as XMR touches $230 1
XMR/USD 1-day price chart. Source: TradingView

The volatility has decreased slightly, as the upper Bollinger band is now at $322.1 and the lower one is present at $234.42. Meanwhile, The Relative Strength Index (RSI) score is following a downward movement as well as it has decreased to 43.51.

Monero price analysis: Bears to stimulate price movement below $230

The bears have secured their win in the 4-hours price chart as well, because of the immense market pressure, as the price has moved down to $230 in the past few hours.

The moving average is far above the current price i.e. at $265.04 because the past few weeks have observed signs of bullish recovery as well. Nonetheless, the cryptocurrency has witnessed a sharp drop in price today as there has been a crossover between the SMA 20 and SMA curve earlier as well.

Monero price analysis: New challenges await the bulls as XMR touches $230 2
XMR/USD 4-hours price chart. Source: TradingView

The volatility is decreasing, and the Bollinger band indicator is displaying the following figures; the upper value is present at $274 and the lower value is present at $230. As the bears are winning at present, the RSI score has also decreased to 44 which comes in the average range, but if RSI moved below the undersold limit the bearish plunge will be more sever.

Monero price analysis: New challenges await the bulls as XMR touches $230 3
XMR/USD technical indicators chart. Source: TradingView

There has been overwhelming pressure exerted from the sellers today which is why there is a strong bearish signal on display. There are 13 indicators sitting at the selling position, with only three at the buying position and 10 indicators at the neutral one.

The moving averages indicators seem to be indicating the same, as it is giving out a strong bearish signal at the time of writing. The figures are as follows; 12 indicators are under the selling level, with two indicators left at the buying and one at neutral spots.

As the past weeks have provided fair chances of improvement for the bulls as well, the Oscillators are mostly neutral. There are nine oscillators fixed at the neutral position, while one indicator each is sitting at the selling and buying levels, respectively.

Monero price analysis conclusion

As per the following one-day and four hours Monero price analysis, the situation is getting more and more out of hand for the bulls. The bears are determined to take prices below $230 in the near future. The price is soon to go below the support level at $230, as the bears are rushing to the market to curtail their losses. This might come as a huge blow for the buyers who purchased XMR on 16th September.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13ASfhW8Ps-c7VT72x6uxjiK

Blockchain

DraftKings Doubles Down, Partners With Polygon

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Yes, it was just a few short months ago that DraftKings launched the ‘DraftKings Marketplace‘ in partnership with Autograph.io. In that short time, we’ve seen the sports gambling powerhouse churn out some successful NFT releases with the likes of Tiger Woods, Simone Biles, Tom Brady, and more.

Now, DraftKings is doubling down on crypto, this time pairing up with Polygon for some versatility and support in secondary-market transactions.

DraftKings & Polygon: A Prime Pair

Scalability and sustainability are two traits that Paul Liberman, co-founder and president of global product and technology at DraftKings, cited as “critical challenges of blockchain technology” that Polygon was able to address to meet DraftKings’ needs. According to the press release, the company will also have an option to potentially contribute to Polygon’s governance protocol and keep the network secure as a validator node with its own stake pool.

Polygon will hone in on custom NFT drops and secondary-market transactions.

The marketplace is available for millions of DraftKings’ users, and the platform is currently working towards transferability of NFTs to decentralized wallets via Ethereum mainnet. Meanwhile, Polygon has continued to show investment in NFTs, gaming, and corresponding areas. Existing partners for Polygon include the likes of Atari, ZED RUN, Decentraland, The Sandbox, and more.

“Although DraftKings Marketplace is still in it’s nascency, we are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0 alongside Polygon and the new innovations ahead for digital collectibles,” added Liberman. A refreshing take from brand executives that shows the immense potential ahead for crypto in online gaming and gambling.

Polygon continues to solidify partners to build further investment in gaming and NFTs. | Source: $MATIC on TradingView.com

Related Reading | Crypto Scammers Take Over Dating Apps Users’ iPhones

Gaming, Gambling & Crypto

The emergence of young industries stateside, such as sports gambling and cannabis, are prime contenders for crypto integration – and this move for DraftKings is a prime example. They are also industries that are on the rise throughout the US in particular.

Reports emerged this week that New Jersey was the first state to hit a $1B month of bets last month. The first online sports betting entrant in the state was none other than DraftKings, who partnered with Resorts Digital; that partnership yielded nearly $42M last month, leading the online-only handle in the state.

All that to say that DraftKings is one of the largest players in the game, publicly traded with a valuation north of $20B.

Many platforms are targeting the crossover of gambling, gaming and crypto. Polymarket, for example, describes itself as an “information markets platform” that runs on Ethereum, where users can place bets on sports and current events.

Related Reading | Who Funds Bitcoin Core Developers? Here Are The Facts

Featured image from Pexels, Charts from TradingView.com

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Source: https://bitcoinist.com/draftkings-doubles-down-partners-with-polygon/?utm_source=rss&utm_medium=rss&utm_campaign=draftkings-doubles-down-partners-with-polygon

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Blockchain

Anthony Scaramucci Sees Bright Future as First US Bitcoin Futures ETF Makes NYSE Debut Following Positive Nod from S.E.C.

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In Tuesday morning trading, the ProShares Bitcoin Strategy ETF (NYSE: BITO) made its debut, marking a monumental occasion in the developing story of cryptocurrency regulation. The fund, which tracks CME bitcoin futures, or contracts speculating on the future prices of bitcoin, rose by roughly 3% early in the session and continues to hold those gains at time of publishing.

The crypto sector as a whole has pursued a bitcoin-focused ETF for years now, with asset managers submitting proposals for spot bitcoin ETFs as early as 2017. To date, however, the U.S. Securities and Exchange Commission had consistently rejected these proposals, maintaining the stance that none of the applications were able to prove market resistance to manipulation.

While the ProShares Bitcoin Strategy ETF falls short of the spot bitcoin ETF that many in the industry hope is on the horizon, experts agree that Tuesday’s opening stands as a turning point in the regulatory approach of the SEC.

“Remember, there’s a difference between the cash ETF, obviously, and the ETF that everybody’s talking about right now. I have a preference for the cash ETF, but I love the fact that the SEC is allowing for the futures ETF,” Anthony Scaramucci, founder and managing partner of SkyBridge Capital, told CryptoCurrencyWire in an exclusive. “It’s just a sign that they’ve decided that they know the blockchain is going to be a very big component of the future of the financial services industry. I take this as a monumental decision…to allow the United States to stay the leader in financial services globally. I think it’s a very positive sign.”

To stay up to date on the latest cryptocurrency news, signup for the CryptoCurrencyWire newsletter at www.CryptoCurrencyWire.com and for more on SkyBridge Capital & First Trust Skybridge Bitcoin Fund L.P. visit www.SkyBridgeBitcoin.com.

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Blockchain

Traders Start Longing Cardano ($ADA) Over Other Altcoins, Here’s Why

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Cardano ($ADA), the fourth-largest cryptocurrency by market cap seems to have lost market momentum post its Alonzo upgrade in September. The smart contract integration was seen as a key catalyst to its price as $ADA rose to a new all-time high of $3.10 in the run-up to the upgrade. Even though the upgrade made Cardano a Defi and NFT hub, its price hasn’t made much progress since then.

$ADA is currently trading at $2.13 with a 1% loss over the last 24-hours, the altcoin price has fluctuated in the range of $2.10-$2.70 since September. At present Bitcoin is leading the market rally with eyes set of new ATH, while altcoins seem to be in a consolidation phase.  Historically, the real altcoin bull run begins when the $BTC market tops as seen in April-May when the majority of the altcoins hit new ATH.

Cardano
Source: TradingView

The market sentiment towards altcoins looks stable at present, but recent data from Santiment indicate an unusual rise in interest of traders for $ADA, something that was seen during the Alonzo hardfork.

Can Cardano Make a Turn-Around?

Cardano’s social media mentions went through the roof during the Alonzo upgrade, but the hype died down with the successful completion of the upgrade. Many critics believe the September high was the top for the altcoin, however, new data shows traders on Binance is longing $ADA more than other altcoins showing a bullish sentiment in the making.

Cardano
Source: Santiment

The sharp rise in long position is often followed by a bullish price rally for the altcoin and if the trader’s interest continues to mount, it could build a bullish momentum strong enough to help it record new ATHs.

The altcoin had quite a phenomenal year until now having broken into top-3 crypto rankings and currently sitting at third. $ADA with its new decentralized ecosystem is expected to become the go-to option for Defi and NFTs due to the scalability and security that Cardano offers.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/traders-start-longing-cardano-ada-over-other-altcoins-heres-why/

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