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Price analysis 3/29: BTC, ETH, BNB, ADA, DOT, XRP, UNI, THETA, LTC, LINK

Republished by Plato

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On Monday Visa announced that it had launched a pilot program with Crypto.com to enable its partners to settle fiat transactions by sending USD Coin (USDC) stablecoin to Visa’s Ethereum address at Anchorage digital bank. This step by Visa shows that legacy finance companies are increasing their adoption of cryptocurrencies.

According to a PwC report reviewed by Bloomberg, crypto mergers and acquisitions soared to $1.1 billion in 2020 compared to $481 million in 2019. The increase in these deals is likely to surpass the 2020 numbers on every single metric with the arrival of large investors and institutional players according to PwC global crypto leader Henri Arslanian.

Daily cryptocurrency market performance. Source: Coin360

Several investors who had previously been critical of cryptocurrencies are gradually taking the plunge. The latest to join is the Norwegian billionaire investor Øystein Stray Spetalen, who went from a Bitcoin (BTC) basher to a crypto adopter within one month. Spetalen recently announced that he has joined the board of Norway’s top domestic crypto exchange MiraiEx and also purchased an undisclosed amount of Bitcoin.

The arrival of new investors has increased the demand whereas the HODLers sitting tight with their holdings has reduced the supply. Could this result in the resumption of the uptrend? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has broken out of the resistance line of the descending channel. If the bulls can sustain the price above the channel, it enhances the prospects of a retest of the all-time high at $61,825.84.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($55,090) has started to turn up and the relative strength index (RSI) has risen above 59, indicating the bulls have the upper hand. A breakout and close above $61,825.84 could open the doors for a rally to $69,279 and then $79,566.

However, the bears are unlikely to give up easily. They are likely to pose a stiff challenge at $61,825.84. If the BTC/USD pair turns down from this level but stays above the 20-day EMA, it will suggest the sentiment remains bullish as traders are buying the dips.

A break below the 50-day simple moving average ($52,376) will be the first sign that bears are making a comeback.

ETH/USDT

Ether (ETH) continues to trade inside the symmetrical triangle, which usually acts as a continuation pattern. The bulls have pushed the price above the moving averages today, indicating strong buying at lower levels.

ETH/USDT daily chart. Source: TradingView

The buyers will now try to push the price above the downtrend line of the triangle. If they manage to do that, the ETH/USD pair could move up to $2,040.77 and then to the pattern target at $2,618.14.

On the contrary, if the price turns down from the downtrend line, the pair could extend its stay inside the triangle for a few more days.

The indicators are giving a mixed signal. While the flat moving averages suggest a few more days of range-bound action inside the triangle, the RSI above 57 suggests the momentum is picking up in favor of the bulls.

BNB/USDT

The bulls pushed Binance Coin (BNB) above the downtrend line on March 27. The 20-day EMA ($256) has started to turn up and the RSI is in the positive territory, suggesting the bulls are trying to gain the upper hand.

BNB/USDT daily chart. Source: TradingView

There is a minor resistance at $280 but the bulls are likely to push the price above it. If they do that, the BNB/USD pair could rise to $309.50 where the bears may mount a stiff resistance. If the price turns down from this resistance, the pair may spend a few more days in consolidation.

Conversely, if the bulls can thrust the price above $309.50, a retest of the all-time high at $348.69 is possible. A breakout of this resistance will suggest the resumption of the uptrend, which has a target objective at $430.

ADA/USDT

Cardano (ADA) continues to consolidate in the $1.03 to $1.48 range. The bulls have been sustaining the price above the 20-day EMA ($1.15) for the past three days, which is a positive sign.

ADA/USDT daily chart. Source: TradingView

The 20-day EMA is rising gradually and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the bulls can propel the price above $1.30, the ADA/USD pair could rally to $1.48. A breakout of this resistance could start the next leg of the uptrend that may reach $2.

This positive view will be negated if the price turns down and breaks below the $1.03 support. Such a move could open the doors for a decline to $0.80.

DOT/USDT

Polkadot’s (DOT) rebound off the $26.50 support has risen above the 20-day EMA ($34) today. This suggests the bulls have overpowered the bears and will now try to push the price to the downtrend line.

DOT/USDT daily chart. Source: TradingView

If the bulls can drive the price above the downtrend line, the DOT/USD pair may retest the all-time high at $42.28. A breakout of this resistance could open the doors for a rally to $53.50.

On the other hand, if the price turns down from the downtrend line, the pair could remain stuck inside the $26.50 to $40 range for a few more days. A break and close below $26.50 could start a deeper correction.

XRP/USDT

XRP formed an inside day candlestick pattern on March 27 and a Doji candlestick formation on March 28, both indicating indecision among the bulls and the bears. Today, the bulls are trying to resolve the uncertainty in their favor.

XRP/USDT daily chart. Source: TradingView

If the bulls can propel the price above $0.58, the XRP/USD pair could rally to $0.65. There is a minor resistance at $0.60 but that is likely to be crossed. The upsloping moving averages and the RSI above 61 suggest the bulls have the advantage.

The pair is likely to pick up momentum after breaking above the $0.65 resistance. Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, a drop to $0.42 is possible.

UNI/USDT

The bulls faced a stiff resistance at the 20-day EMA ($29.31) on March 27 and 28 but the positive thing was that they did not allow the price to dip below the 50-day SMA ($26.91). Today, the bulls are again trying to push Uniswap (UNI) above the 20-day EMA.

UNI/USDT daily chart. Source: TradingView

If the buyers can sustain the price above the 20-day EMA, it will suggest the recent break below $27.97 on March 24 was a bear trap. The UNI/USD pair could then gradually move up to the overhead resistance at $35.20.

A breakout of the $35.20 to $36.80 overhead resistance zone could start the next leg of the uptrend. Alternatively, a break below $25.52 may indicate the start of a deeper correction. Until then, volatile range-bound trading is likely to continue.

THETA/USDT

THETA is consolidating between $14.96 and 10.35. In an uptrend, when the correction stalls at the 38.2% Fibonacci retracement level, it shows that traders are not rushing to the exit but are buying on dips.

THETA/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the overbought zone suggest the path of least resistance is to the upside. If the bulls can drive the price above $14.96, the THETA/USD pair may start its journey toward $19.

On the contrary, if the price turns down from $14.96, the pair may extend its stay inside the range. The bears will have to sink the price below the 20-day EMA ($9.81) to gain the upper hand.

LTC/USDT

Litecoin (LTC) broke below the symmetrical triangle on March 24 but the bears could not capitalize on this advantage. The bulls pushed the price back into the triangle on March 26 and this could have trapped several aggressive bears.

LTC/USDT daily chart. Source: TradingView

After defending the trendline of the triangle on March 27 and 28, the bulls have pushed the price above the 20-day EMA ($190.68) today. The price could now move up to the resistance line of the triangle where the bulls are likely to face stiff resistance from the bears.

If the price turns down from the resistance line, the LTC/USD pair could extend its stay inside the triangle for a few more days.

However, if the bulls drive the price above the triangle, the pair may rally to $246.96 and then to the pattern target at $309. This bullish view will invalidate if the price turns down and plummets below $168.

LINK/USDT

Chainlink (LINK) remains stuck in a range between $24 and $32. The rebound off the support of the range has reached the 50-day SMA ($29) where the bears may offer some resistance.

LINK/USDT daily chart. Source: TradingView

The flat moving averages and the RSI just above the midpoint do not project a clear advantage either to the bulls or the bears. The indicators suggest the continuation of the range-bound action for a few more days.

If the LINK/USD pair turns down from the 50-day SMA, the bears will make another attempt to sink the price below $24. If they succeed, the pair may drop to $20.11 and then to $18.

On the other hand, if the bulls can drive the price above the moving averages, the pair may rally to $32. A break above this level will increase the possibility of the resumption of the uptrend.

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.

Market data is provided by HitBTC exchange.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/price-analysis-3-29-btc-eth-bnb-ada-dot-xrp-uni-theta-ltc-link

Blockchain

$420M in leveraged long traders liquidated after XRP rallies to $1.96

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XRP holders couldn’t have asked for a better year as the cryptocurrency rallied almost 800% and flirted with a $2 level in the early hours of April 14. 

In addition to achieving its highest level since January 2018, this robust price increase signals that investors are not worried about the ongoing SEC “unregistered securities offering” dispute.

However, just 6 hours after rallying to $1.96, XRP price crashed by more than 20%. During an interview, DCG Group CEO Barry Silbert said it would be risky for exchanges and companies in the United States to relist XRP ahead of receiving the SEC’s blessing. These remarks may have contributed to the unprecedented $420 million long liquidations on derivatives exchanges today.

XRP price in USDT at Binance. Source: TradingView

Over the past couple of weeks, the primary catalysts for XRP’s rally have been victories in Ripple’s legal battles. Lawyers representing Ripple were granted access to internal SEC discussions regarding cryptocurrencies, and more recently, a court denied the disclosure of two Ripple executives’ financial records, including CEO Brad Garlinghouse.

Considering the recent rally, pinpointing a single reason for the price correction will likely be inaccurate. Nevertheless, the impressive $420 million long liquidations past 24-hours exceed those of Feb. 1 when XRP price crashed by 46% in two hours.

XRP futures aggregate liquidations. Source: Bybt

The only logical reason behind this staggering liquidation is excessive leverage used by buyers. To confirm such a thesis, one must analyze the perpetual contracts funding rate. To balance their risks, exchanges will charge either longs or shorts depending on how much leverage each side is demanding.

XRP perpetual futures 8-hour funding rate. Source: Bybt

The chart above shows that the 8-hour funding rate is surpassing 0.25%, which is equivalent to 5.4% per week. Although this is excessive, buyers will withstand these fees during strong price rallies. For example, the current upward price move lasted for almost three weeks, and prior to that another took place in early February.

Blaming the liquidations exclusively on leverage seems a bit extreme, although it certainly played its part in amplifying today’s correction.

Moreover, the record growth in XRP futures open interest was accompanied by a hike in the volume at spot exchanges. As a result, the eventual impact from more significant liquidations should have been absorbed by the increased liquidity.

Cascading liquidations will always take place in volatile markets. Thus investors should focus on how long it takes until the price recovers from it.

Fundamentally, a 10% or 20% intraday drop should not be interpreted differently. The correction depends on how many bids were previously stacked at exchange orderbooks and is not directly related to investors’ bullish or bearish sentiment.

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.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/420m-in-leveraged-long-traders-liquidated-after-xrp-rallies-to-1-96

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Garry Tan’s 2013 investment of $300K in Coinbase is now worth $2.4B

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Garry Tan, a prominent angel investor and the founder of Initialized Capital, was one of the first investors to provide seed funding to Coinbase eight years ago. 

Less than a decade later, and after today’s highly anticipated Nasdaq listing for Coinbase’s COIN stock, Tan’s 2013 investment of $300,000 into Coinbase is now worth $2.4 billion.

Coinbase debuted on the Nasdaq on April 14 at $381 per share, making it one of the most hyped listings in the U.S. stock market of the year.

How did $300,000 become $2.4 billion?

In 2013, when Tan invested in Coinbase, it was unclear whether Bitcoin would be recognized as a global asset and an established store of value.

At the time, there were not many reputable exchanges, and the few that existed were often hacked. Tan’s investment took place before the monumental Mt. Gox hack that saw billions of dollars worth of BTC stolen.

Even after launch, Coinbase was not always in an uptrend. According to Coinbase co-founder Fred Ehrsam, from 2014 to 2017 the company faced numerous hardships. 

Ehrsam said:

“Over time, crypto grew, and so did the company. A simple #Bitcoin wallet evolved into individual and institutional products to support a blossoming cryptoeconomy. 2 nerds who met on the internet (yes, @brian_armstrong and I met on @reddit ) turned into a company of 1000+. There was serious hardship. In the 3 years between 2014 and 2017, the outside world thought crypto was dead. Over a third of employees left. Yet crypto kept building. @ethereum came on the scene and showed that crypto native applications were possible, opening up a whole new world of possibilities.”

Even if the listing fails to impress, Coinbase has alluring financials

Coinbase is the first publicly listed major cryptocurrency exchange in the U.S. stock market and its availability on Nasdaq now provides mainstream investors with exposure to the crypto sector. Even if the listing fails to impress on day one, the company still has strong financials and user metrics.

Coinbase made $1 billion in the last quarter and has more users than every financial institution in the U.S. apart from JPMorgan, making it a highly compelling trade for investors in the traditional financial market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/garry-tan-s-2013-investment-of-300k-in-coinbase-is-now-worth-2-4b

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German software developer donated $1.2M in ‘undeserved’ Bitcoin to political party

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A German national who reportedly sees his Bitcoin profits as “undeserved wealth” has donated more than $1 million to the country’s green political party.

According to Hamburg-based news outlet Die Zeit, Moritz Schmidt, a software developer from the northeastern town of Greifswald, has sent one million euro — roughly $1.2 million — to Germany’s green party, known as The Greens or Alliance 90. A party spokesperson said Schmidt had made significant gains during the Bitcoin (BTC) bull run but wanted to contribute to causes related to environmental and climate protection rather than HODLing his crypto.

“The donor has made it clear to us that he sees these profits as undeserved wealth that he does not claim for himself, but wants to use socially, for something that corresponds to his convictions,” said the Greens spokesperson. “In the meantime he sees the Bitcoin system critically, among other things against the background that the necessary arithmetic operations consume huge amounts of electricity.”

Records for the Greens show that Schmidt’s donation is the biggest the party has received this year, with the next highest contribution at 500,000 euro, or roughly $600,000. The funds will reportedly be used for the party’s federal election campaign and the state election campaigns in 2021.

The software developer is not alone in seemingly hoping the crypto industry will become greener. Many have criticized Bitcoin mining for its impact on the environment, with some estimates indicating the network consumes more energy than the entire country of Argentina. However, Mike Colyer, CEO of crypto mining firm Foundry Digital, said this week that he believes mining Bitcoin could eventually help the transition to a “world where 100% of our energy is produced from renewables.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/german-software-developer-donated-1-2m-in-undeserved-bitcoin-to-political-party

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