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NEXO Technical Analysis: Price Likely to Fall Below Support Levels of $1.47, $1.28, and $1.11

NEXO Technical Analysis: Price Likely to Fall Below Support Levels of $1.47, $1.28, and $1.11

Rate this post NEXO is a lending platform, built on blockchain technology. NEXO is capable of lending you money backed by cryptocurrencies. For passing on the loan in the form of fiat currency or stablecoins, they accept tokens such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Let us look at the technical analysis of NEXO. Past Performance On September 14, 2021, NEXO opened at $1.55. On September 20, 2021, NEXO closed at $1.44. Thus, in the past week, the NEXO price has decreased by approximately 7.10%. In the last 24 hours, NEXO has traded between $1.32-$1.55. https://www.tradingview.com/x/zkbqIRA5/ NEXO Technical Analysis This narrow range of the last leg of the bitcoin rally can really decide the future of the coin. A breakout from this range will lead NEXO to break the old resistance levels and make new highs. However, as per the current market dynamics where BTC fell by almost around 7% in the last 24 hours. Altcoins will follow the same trend, therefore, let us see what indicators are suggesting. Currently, NEXO is trading at $1.46. The price has increased from the day’s opening price by almost 3.45%. Thus, the buying pressure in the market seems high. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the Signal line has occurred. But, the overall market momentum is bearish. Hence, the price may rise at a slower pace. Currently, the RSI indicator is at 35.15%. It faced rejection at 33% and is taking the support. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a trend reversal. The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the NEXO price. In short, when we look at all three oscillators, we can say that the price may continue to fall if the price does not break the resistance level of $1.55. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend. Day-Ahead and Tomorrow Currently, the NEXO price is below the second Fibonacci pivot point of $1.50. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $1.47, $1.28, and $1.11, respectively. The price has tested and fallen below the 23.6% FIB retracement level of $1.50. It may soon fall below the support level of $1.28. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

The post NEXO Technical Analysis: Price Likely to Fall Below Support Levels of $1.47, $1.28, and $1.11 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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NEXO is a lending platform, built on blockchain technology. NEXO is capable of lending you money backed by cryptocurrencies. For passing on the loan in the form of fiat currency or stablecoins, they accept tokens such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Let us look at the technical analysis of NEXO.

Past Performance

On September 14, 2021, NEXO opened at $1.55. On September 20, 2021, NEXO closed at $1.44. Thus, in the past week, the NEXO price has decreased by approximately 7.10%. In the last 24 hours, NEXO has traded between $1.32-$1.55.

TradingView Chart

NEXO Technical Analysis

This narrow range of the last leg of the bitcoin rally can really decide the future of the coin. A breakout from this range will lead NEXO to break the old resistance levels and make new highs. However, as per the current market dynamics where BTC fell by almost around 7% in the last 24 hours. Altcoins will follow the same trend, therefore, let us see what indicators are suggesting.

Currently, NEXO is trading at $1.46. The price has increased from the day’s opening price by almost 3.45%. Thus, the buying pressure in the market seems high.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the Signal line has occurred. But, the overall market momentum is bearish. Hence, the price may rise at a slower pace.

Currently, the RSI indicator is at 35.15%. It faced rejection at 33% and is taking the support. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the NEXO price.

In short, when we look at all three oscillators, we can say that the price may continue to fall if the price does not break the resistance level of $1.55. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Day-Ahead and Tomorrow

Currently, the NEXO price is below the second Fibonacci pivot point of $1.50. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $1.47, $1.28, and $1.11, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $1.50. It may soon fall below the support level of $1.28. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

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Source: https://www.cryptoknowmics.com/news/nexo-technical-analysis-price-likely-to-fall-below-support-levels-of-1-47-1-28-and-1-11/

Blockchain

Binance USD (BUSD): A Case Study for Stablecoin Compliance and Security

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Binance USD (BUSD) has become one of the fastest-growing cryptocurrencies in the world, with a variety of use cases and growing demand amid the continued growth of the crypto markets. A key component to BUSD’s success is its unwavering compliance to the world’s most stringent regulatory standards, ensuring safety and security for all of the stablecoin’s users.

Stablecoins have emerged as major players in the crypto market this year, driven by user demand for flexible liquidity in fiat currency terms. These cryptocurrencies, whose market values are pegged to the worth of certain assets like the U.S. dollar, have also been important assets in the growth of decentralized finance (DeFi). There is $120 billion worth of stablecoins in circulation as of September 1, according to CoinMarketCap.

Amid the rise in demand for stablecoins, various segments of the crypto industry have brought up questions about the veracity of the 1:1 peg of major stablecoins to their backing assets, like the U.S. dollar and other fiat currencies. After all, if the issuers of stablecoins are not able to show that each unit of their tokens can be exchanged for the equivalent amount of the backing asset, there will be serious doubts about the credibility of these tokens, resulting in adverse market effects.

Therefore, when Binance launched BUSD with Paxos in 2019, utmost importance was put towards making sure that every unit of the stablecoin can be verifiably backed with U.S. dollars, therefore giving its users peace of mind and giving more credibility to a stablecoin industry beset by trust issues.

BUSD: A Case Study of Stablecoin Compliance and Safety

BUSD is a 1:1 U.S. dollar-backed stablecoin regulated by the New York State Department of Financial Services (NYDFS), issued by Paxos, a regulated blockchain infrastructure platform. Since then, BUSD has emerged as the third-biggest stablecoin in the world, with a market cap now above $12 billion and a user base of about 1.1 million people.

As a result of BUSD becoming the stablecoin of choice for millions of cryptocurrency users, we see a number of characteristics that show the merits of having a stablecoin that has prioritized user safety and compliance to regulatory and public standards.

1. Actual, Audited, and 100% Cash and Cash-Equivalent Reserves

As mentioned above, BUSD is one of few stablecoins in the world backed with actual cash. According to a current reserve report from Paxos, 100% of BUSD’s total market capitalization is backed by cash and cash equivalent reserves.

The issuance of Paxos provides a glimpse of the lengths that Binance has gone to ensure that BUSD is an above-board crypto-financial product. BUSD is one of the few stablecoins that provides monthly audited reports of reserves. Everyone can independently verify at specific points in time that the entire supply of BUSD tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos.

Ultimately, the audits and measures that are implemented to verify BUSD’s asset holdings solve one of the main concerns by regulators regarding the existence of actual reserves that back stablecoins.

2. Regulatory Trust and Insurance

With stringent measures such as the aforementioned monthly audits, BUSD adheres to the highest compliance standards, particularly by NYDFS, regarded as one of the most stringent when it comes to compliance requirements.

Why is having a regulator essential to the stablecoin business?

In August 2020, BUSD became “Greenlisted” by the NYDFS, making it pre-approved for custody and trading by any of the NYDFS’ virtual currency licensees.

Unlike most stablecoins that claim to be compliant, the BUSD business and its issuer Paxos are regulated by NYDFS, This means:

-The value of each stablecoin token is tied directly to the value of the US dollar, and the amount of “reserve” dollars equal or exceed the number of stablecoins outstanding.

-Regulators are overseeing the establishment and maintenance of reserves backing the stablecoins.

-Reserves may only be held in the safest forms, such as FDIC-insured bank accounts and in short-term maturity US Treasury instruments.

-Reserves are fully segregated from corporate assets, specifically for the benefit of token holders, and are held bankruptcy remote pursuant to the New York Banking Law.

Regulatory oversight is important because it assures stablecoin users that the dollars underlying their stablecoins are secure and will be immediately available when they want them. The NYDFS ensures the Trust companies, like Paxos, and their individual tokens are following its strict rules at all times.

3. Growing Use Cases

In less than two years since its debut, BUSD has become one of the fastest-growing cryptocurrencies while featuring a variety of utilities, from trading to lending and payments.

Stablecoins like BUSD play a critical role in the world of decentralization and in providing a solid foundation for the continued growth of DeFi (decentralized finance). BUSD is widely used in Binance Smart Chain (BSC) and Ethereum when it comes to trading, lending, and other scenarios. According to the BSC Project, there are currently more than 400 decentralized applications that support BUSD. On April 21, 2021, the single-day transfer amount of BUSD reached a peak of $261 billion, across 737,000 transactions on BSC.

The combination of ample regulatory compliance, trading volumes, and user interest in BUSD presents a case where private-driven financial innovation via blockchain technology can be pursued while staying compliant with user protection mandates stipulated by the world’s top regulators.

Why Strive for Compliance?

The rise in stablecoins has sparked discussions by regulators regarding the challenges they potentially pose to money markets. Making sure that each unit of a stablecoin can be exchanged for an equivalent unit of its backing asset is a matter of public interest, because deficiencies related to that characteristic can lead to general mistrust in the crypto markets. In the long term, the overall cryptocurrency industry suffers if these concerns aren’t addressed.

With BUSD’s emphasis on compliance, we can safeguard the trust of both users and regulators in stablecoins, while opening opportunities for the private and public sectors to cooperate in establishing stablecoins as an important asset class in the global economy. When more stakeholders show acceptance to stablecoins, particularly trusted ones like BUSD, more avenues for growth opportunities open up.

Ultimately, it takes global cooperation to realize crypto mass adoption, and therefore a better global financial framework. At Binance, we believe in facilitating this in a healthy way, through proactively collaborating with local regulators and leading the industry to a common destination: to benefit and protect users. In a recent virtual press conference, Binance CEO Changpeng “CZ” Zhao said, “Our view is that it’s great for the regulators to be coming in… to get to 10%, 20%, 80%, 99% [crypto] adoption.”

Therefore, it is important for us to maintain BUSD’s status as one of the world’s safest and most compliant stablecoins, for the sake of long-term progress in the industry.


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Source: https://news.bitcoin.com/binance-usd-busd-a-case-study-for-stablecoin-compliance-and-security/

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XRP Lawsuit: XRP Holders approach the court regarding the expert discovery extension dispute

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The latest development in the XRP lawsuit saw Attorney Deaton write to Judge Torres on behalf of Movants (XRP Holders) to consider the community’s “meaningful perspective” to aid the Court in “reach[ing] a proper decision” in Expert discovery deadline extension dispute. The letter noted that while the court formerly denied Movants’ Motion to Intervene in lieu of SEC’s argument that it will “hopelessly delay” the final verdict, the plaintiff now itself is appealing for a two-months delay with the extension.

XRP Holders appeal access to their funds

Deaton’s letter also refers to Ripple’s opposition to the commission’s expert discovery deadline extension request. According to the letter, Ripple’s argument regarding the “freezing” of XRP markets within the United States impacts Ripple, however, it also directly impacts the XRP holders. Deaton cited Ripple’s argument that “nearly every digital asset exchange in the United States” has de-listed or suspended trading of XRP, leaving XRP holders helpless.

Furthermore, a large sum of XRP Holders holds XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to touch their funds in any manner, including the inability to withdraw, due to the ongoing lawsuit.

“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”

Ripple opposition letter mentions frozen XRP markets

Following the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, Ripple filed an opposition letter on October 18, requesting the court to deny SEC’s extension appeal to prevent further delay in the final verdict. Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.

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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/xrp-lawsuit-xrp-holders-approach-the-court-regarding-the-expert-discovery-extension-dispute/

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Pakistani high court orders government to regulate crypto in three months

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The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation.

According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban.

The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months.

As part of the proceedings, the SHC also requested that a report on the steps taken to regulate cryptocurrencies be submitted in the same time period.

As previously reported by Cointelegraph, the SECP has been considering crypto regulations since November 2020.

Combating money laundering and terrorism financing is reportedly at the heart of government consultation surrounding cryptocurrencies especially amid pressure from the Financial Action Task Force.

The SHC’s instruction on Wednesday puts Sindh as the latest province to demand some form of recognition for cryptocurrencies in Pakistan.

Back in December 2020, the Khyber Pakhtunkhwa assembly called on the federal government to legalize crypto. At the time, the lawmakers pointed to the broad-based nature of digital currency adoption as an indication that cryptocurrencies were poised to replace fiat in the future.

Related: Pakistan’s central bank is ‘carefully studying’ CBDCs, says governor

In March, Khyber Pakhtunkhwa, another of Pakistan’s four provinces, announced plans to pilot crypto mining farms in the region.

Meanwhile, the State Bank of Pakistan (SBP), like many other central banks across the world, is also studying central bank digital currencies.

In a separate crypto-related case before the Lahore High Court involving stakeholders such as the SECP, the SBP and the federal government, the court asked for participants to present legal points on the matter in subsequent proceedings.

Lahore is the capital of Punjab, another of Pakistan’s four provinces.


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Source: https://cointelegraph.com/news/pakistani-high-court-orders-government-to-regulate-crypto-in-three-months

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