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Price analysis 9/4: BTC, ETH, XRP, LINK, BCH, DOT, LTC, CRO, BNB, BSV

A dead cat bounce from Bitcoin and altcoins’ critical support levels may attract further selling that could result in lower levels over the next few days.

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The Nasdaq, S&P500 and Dow all corrected sharply on Sep. 3 and opened today with additional downside, suggesting that traders are rushing to the exit. Bitcoin (BTC) and several other major altcoins have also witnessed a strong bout of profit booking that has pulled down the total crypto market capitalization from $394 billion on Sep. 2 to about $339 billion today.

Even gold, which is a traditional safe haven asset, has not been spared and lost ground in the past two days. This shows that traders are booking profits in every asset class that has run-up in the past few weeks.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Retail traders may view the current fall as a buying opportunity because over the last few months the fundamentals of Bitcoin and cryptocurrencies have improved remarkably. Even market data suggests that several large investors could be waiting to accumulate at lower levels.

However, in a falling market, the prudent strategy should be to wait for the price to stabilize and confirm a bottom before attempting to buy.  Before buying, it’s crucial to determine where the critical support levels are that might attract bottom fishing from the aggressive bulls. 

Let’s find out!

BTC/USD

Bitcoin plunged below the $11,000 and $10,400 support on Sep. 3 and hit an intraday low of $9,958. This fall completed a bearish head and shoulders pattern, which has a minimum target objective of $9,540. 

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

Currently, the bulls are attempting to defend the $10,000 support but the weak bounce suggests that buyers do not think a bottom has been found yet. 

The 20-day exponential moving average ($11,331) has turned down and the relative strength index has dipped into the negative territory, which suggests that the bears have an upper hand.

If the bears sustain the price below $10,000, the next support is at the breakout level of the large symmetrical triangle, which is close to $9,500 but if this support also cracks, the decline could extend to $9,000 and then to $8,000.

This bearish view will be invalidated if the BTC/USD pair rebounds off the current levels and rises above $11,000.

ETH/USD

Although the bulls defended the $415.634 support on Sep. 2, they could not build upon it and push the price higher. The aggressive selling on Sep. 3 broke below the 20-day EMA ($405) and pulled Ether (ETH) down to the next support at $366.

ETH/USD daily chart

ETH/USD daily chart. Source: TradingView

The bulls are currently attempting to defend the 50-day simple moving average ($368), which is just above the critical support at $366.

Any relief rally from the current level will face stiff resistance at the 20-day EMA. If the ETH/USD pair turns down from this resistance and breaks below $366, a deeper correction to $288 is possible.

However, if the bulls can push the price above the 20-day EMA, the pair could remain range-bound for a few days. 

XRP/USD

XRP broke below the 50-day SMA ($0.265) on Sep. 3 and plummeted to the $0.235688 support. The price has dipped below both moving averages and the 20-day EMA ($0.275) is sloping down, which suggests that the bears are in command.

XRP/USD daily chart

XRP/USD daily chart. Source: TradingView

Currently, the bulls are attempting to defend the $0.235688 support but any relief rally is likely to face stiff resistance at the 20-day EMA. If the XRP/USD pair turns down from this level and breaks below $0.235688, a deeper correction to $0.19 is possible.

This bearish view will be invalidated if the pair rebounds off the current levels and rises above both moving averages. Such a move will suggest that the bulls accumulated at lower levels instead of panicking.

LINK/USD

Chainlink (LINK) plummeted below the $12.89 support on Sep. 3 and formed a lower low, which broke the uptrend. Currently, the altcoin is trading inside a descending channel and the bulls are attempting to defend the $11 level.

LINK/USD daily chart

LINK/USD daily chart. Source: TradingView

The 20-day EMA ($14.49) has started to turn down and the RSI has dipped into the negative territory, which suggests that the advantage has tilted in favor of the bears. The relief rally is likely to face resistance at $12.89 and again at the 20-day EMA.

If the LINK/USD pair turns down from either resistance, the bears will try to resume the correction by breaking below the descending channel. If they succeed, a drop to $8.908 is possible.

The first sign of strength would be a break above the 20-day EMA and a rally above the descending channel will suggest that the bulls are back in the game. 

BCH/USD

Bitcoin Cash (BCH) nosedived on Sep. 3 and hit an intraday low of $201.51, which is a huge negative. The 20-day EMA ($270) is turning down and the RSI has slipped into the negative zone, which suggests that the bears are in command.

BCH/USD daily chart

BCH/USD daily chart. Source: TradingView

Currently, the bulls are attempting to defend the critical $200 support but they are likely to face stiff resistance at $245 and again at the 20-day EMA.

If the price turns down from either level, the bears will again try to sink the BCH/USD pair below $200. If they succeed, a deeper correction to $150 is possible.

However, if the bulls defend the $200 support, the pair could remain range-bound for a few days.

DOT/USD

Polkadot (DOT) has catapulted into the top ten cryptocurrencies by market capitalization, due to its stellar rally of the past few days. The altcoin rallied from $2 on Aug. 18 to a high of $6.8619 on Sep. 1 where traders started booking profits.

DOT/USD daily chart

DOT/USD daily chart. Source: TradingView

The current correction had pulled down the DOT/USD pair to $4.50, which is just above the 50% Fibonacci retracement level of $4.431. If the pair sustains the current rebound, then a rally to $5.7 and above it to $6.8619 is possible. 

Conversely, if the relief rally fails to find buyers at higher levels, then the next support on the downside is the 61.8% Fibonacci retracement level of $3.8572. 

LTC/USD

Litecoin (LTC) broke below the 50-day SMA ($55) and the $51 support on Sep. 3 and fell to an intraday low of $45.40, which is a huge negative.

LTC/USD daily chart

LTC/USD daily chart. Source: TradingView

The moving averages are on the verge of a bearish crossover and the RSI has dipped into the negative zone, which suggests that the bears have the upper hand. 

Any recovery is likely to face stiff resistance at $51 and above it at the 20-day EMA. If the price turns down from either level, a drop to $39 is likely.

This bearish view will be invalidated if the bulls can push the LTC/USD pair above $51 and sustain the level for three days.

CRO/USD

Traders rushed to book profits in Crypto.com Coin (CRO) on Sep. 3, which resulted in a break below both the moving averages for the first time since April, which suggests that the upward momentum has broken.

CRO/USD daily chart

CRO/USD daily chart. Source: TradingView

The next support on the downside is $0.14 and if that cracks, the correction can extend to $0.127459, which is the 38.2% Fibonacci retracement level of the entire up-move that started way back in mid-March.

If the CRO/USD pair rises from either level, it will suggest that the sentiment remains positive as the bulls are buying on dips to strong support levels.

However, if the bears sink the price below $0.127459, the next support is the 50% Fibonacci retracement level of $0.107801. 

BNB/USD

Binance Coin (BNB) had closed (UTC time) above the overhead resistance of $24.4588 on Sep. 2, which showed that the sentiment was bullish.

BNB/USD daily chart

BNB/USD daily chart. Source: TradingView

However, it did not take long for the sentiment to change and the BNB/USD pair turned around and plunged below the critical support of $20.5710 on Sep. 3. 

This is a good example of how sentiment can turn around in a jiffy, hence, traders should always be very alert.

When the price dips below both moving averages, it signals weakness. The bears will now try to sink the pair to $18.23 and if that support also cracks, the decline could extend to $16.40.

This bearish view will be invalidated if the bulls can push the price above $20.571 levels and sustain it for three days. Such a move will indicate that the current fall was a bear trap.

BSV/USD

The failure of the bulls to sustain Bitcoin SV (BSV) above $200 on Sep. 2 attracted selling, which intensified on Sep. 3 and pulled the altcoin to the critical support at $146.20.

BSV/USD daily chart

BSV/USD daily chart. Source: TradingView

The weak attempt to rebound from the current levels suggests a lack of confidence among the bulls that this support will hold. If the bears sink the BSV/USD pair below the $146.20–$135 support zone, a drop to $77 is possible.

Conversely, if the bulls defend the $146.2 levels aggressively, the pair could attempt to rise to $200 and remain range-bound between these two levels for a few days.

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.

Source: https://cointelegraph.com/news/price-analysis-9-4-btc-eth-xrp-link-bch-dot-ltc-cro-bnb-bsv

Blockchain

Ripple’s Brad Garlinghouse, Chris Larsen File Motions To Dismiss SEC Lawsuit

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Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen have recently appealed to Judge Analisa Torres, filing two separate motions to dismiss the US SEC’s amended complaint against Ripple and its executives.

Regulatory Overreach

In a letter dated March 3, 2021, the Attorneys representing Garlinghouse stated that the lawsuit filed by the SEC against Ripple was simply a “regulatory overreach.”

They argued that the SEC’s allegations of Garlinghouse aiding and abetting the sale of XRP, which they also alleged of being a security under the Securities Act, failed based on several reasons.

The letter reads:

“The SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract under SEC v. W.J. Howey Co.”

The Howey Test is often used by the SEC to determine whether an asset possesses the qualities of a security, and the regulatory body had argued that XRP had all the characteristics of a security. 

However, Ripple and its executives have maintained that XRP is a virtual currency, as confirmed by the Justice Department and FinCEN.

The filing also remarked on the recent amended complaint filed by the SEC before the pretrial hearing on February 22, which alleged that Garlinghouse violated securities laws by selling his XRP holdings through Ripple.

Baseless Claims

Garlinghouse had reportedly sold more than 60% of his XRP holdings worth around $159 million at that time, a move that had been frowned upon by several members of the crypto community.

However, the attorneys representing him have asserted that the SEC’s complaints against him are baseless since there are no tangible proofs to show that those transactions had indeed occurred within the US.

They said that “the truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws.”

Meanwhile, Chris Larsen’s lawyers said in their letter that the regulator has failed “to state a claim against Mr. Larsen,”  even in its amended complaint. Hence, the lawsuit against their client should be dismissed.

An Attack On Cryptocurrencies

The conclusion of this SEC lawsuit against Ripple will greatly affect the way cryptocurrencies are viewed and regulated. 

The CEO had earlier stated that this case is an “assault on crypto at large” and that Ripple “will not let SEC bully the entire industry.”

It is still uncertain who would be declared right or wrong, we just have to wait and watch with fingers crossed.

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Source: https://cryptopotato.com/ripples-brad-garlinghouse-chris-larsen-file-motions-to-dismiss-sec-lawsuit/

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XRP Price Analysis: 04 March

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

XRP’s price action has seen it move in both directions rapidly over the past two months. In fact, the first half of February alone saw the coin make significant strides north before it corrected to account for losses on the price charts. However, such price movement was mostly confined between its resistance and support levels. In the coming weeks, the cryptocurrency may continue to trade range-bound provided its immediate support doesn’t give in to the market’s bears.

At the time of writing, XRP was trading at $0.455 with a market capitalization of over $20 billion. Over the course of the week, the cryptocurrency registered losses of over 6 percent. However, a slight uptick in price was noted over the last 24 hours, with XRP able to hike by close to 4 percent.

XRP 1-day chart

Source: XRP/USD, TradingView

Since the start of February, XRP has traded within a confined range. Its price action has been limited to trade between its resistance at $0.62 and support at $0.39. This support level is very crucial to XRP’s price in the long-term and if the bears flip this to resistance in the coming days, XRP will see its price head towards the $0.24 range – a trading price that was last seen in January 2021.

At the time of writing, there was a bit of bullish momentum that seemed to be benefitting the crypto’s price. If a trend reversal takes place over the coming days, then traders can benefit from a short position.

Rationale

The altcoin’s technical indicators highlighted how the coin is still not entirely out of the woods yet. There was significant bearish pressure for XRP on the daily chart. The MACD indicator underwent a bearish crossover and while a reversal seemed possible, it hadn’t occurred at the time of writing. Additionally, the Stochastic indicator was still in the oversold zone, despite moving towards the neutral zone.

Important levels to watch out for 

Resistance: $0.62

Support: $0.39, $0.24

Entry: $0.42

Take Profit: $0.26

Stop Loss: $0.58

Risk/Reward:0.91

Conclusion 

XRP’s price can be expected to be range-bound in the near-term. That being said, the altcoin may lose a lot of its value if the immediate support is breached in the next 24-48 hours. On the contrary, if the press time bullish momentum sustains itself, then a move towards its immediate resistance at $0.62 cannot be discounted.


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Source: https://ambcrypto.com/xrp-price-analysis-04-march

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A dark horse in the Ethereum scaling wars? Chainlink’s oracles find fertile ground on xDai

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Chainlink (LINK) oracles have made their way to xDai, an Ethereum sidechain that has seen growing adoption among DApp developers who cannot afford to stay on the Ethereum mainnet.

As announced by Chainlink on Thursday, its price feeds are live on the xDai mainnet, offering price data for an initial set of trading pairs including LINK/USD, AAVE/USD, DOT/USD and SUSHI/USD. More pairs can be quickly added if there is demand, the company said.

The integration was completed by Protofire, a development workshop and xDai validator. The team received a Chainlink Community Grant to port native Chainlink oracles on xDai, including a token bridge adapter that enables native LINK payments for the oracle’s functionality.

The integration of Chainlink price feeds is the latest in a series of positive adoption news for the xDai project. The chain was already hosting major Ethereum-based DApps like Perpetual Protocol, a derivatives platform, and Omen, a prediction market developed by Gnosis. The inclusion of native Chainlink oracles removes a major barrier for projects relying on them, potentially opening up xDai for more DApps who wish to escape from the congested Ethereum mainnet.

Decentralization is good, but it won’t pay for gas

xDai is a relatively centralized sidechain secured by an independent set of validators. Sidechains are a type of chain where a standalone blockchain uses another’s token as a native currency for paying transaction fees — in xDai’s case, that token is MakerDAO’s Dai. The architecture binds the economies of the two environments, but the sidechain is otherwise a completely independent entity with its own security rules.

In the Ethereum community, xDai is commonly known as a centralized layer two solution. It was launched by PoA Network, a project whose name directly hints to centralization — Proof of Authority is the somewhat euphemistic name of a consensus model where the validators are chosen by the project’s insiders, instead of a community.

The xDai chain has since its launch transitioned to a Proof-of-Stake model very similar to that used by EOS or Binance Smart Chain. The total number of validators can never exceed 19, compared to the tens of thousands of validators in Ethereum’s Beacon Chain. The benefit this architecture provides is faster scalability, with xDai offering an advertised 70 transactions per second for simple token transfers.

In a conversation with Cointelegraph, Friederike Ernst, chief operating officer at Gnosis, agreed that xDai is somewhat centralized:

“It is not as decentralized as mainnet, this goes without saying. Obviously these are for very different use cases: you don’t want to do things on xDai where you need the economic consensus guarantees of layer one. But for many things, you don’t actually need them.”

The allure of xDai comes in part from its almost plug-and-play compatibility with Ethereum. Its OmniBridge allows moving any token to xDai and back, while its blockchain architecture is almost identical to Ethereum. This makes porting DApps or infrastructure elements like oracles very easy.

The centralization concerns seem to be not enough to stop adoption. Chainlink sees itself following developer demand, with Johann Eid, head of integrations at Chainlink Labs, telling Cointelegraph that “smart contract developers should have the option to work with whichever chain is the best fit for their use case.”

For Omen, the decision to set up shop on xDai was a matter of immediate necessity, Ernst explained:

“For most things, the gas costs outweigh the downsides of being on a PoA chain. And the fact of the matter is, while people are betting on a lot of layer two solutions, very few of them are in production.

Array

The growing adoption of xDai or Binance Smart Chain is seemingly at odds with the crypto community’s preference of decentralization. Ethereum fans often believe that the prevalence of DeFi on the blockchain is the result of its more decentralized architecture and community spirit. Indeed, the rise in usage of blockchains like Tron or BSC occurred after it became clear Ethereum could not cope with its load.

At the same time, decentralization appears to be not enough by itself. For example, the most Ethereum-like blockchain in existence is Ethereum Classic, which was formed by a community who believed that Ethereum was not decentralized enough. It has failed to attract almost any interest from DApp developers.

More centralized solutions have a major benefit going for them — they work, right now. Rollup-based layer two solutions are still in development, with Optimistic Rollups being closest to release. Ernst was not particularly enthusiastic about its one week withdrawal waiting period, though. “I’m a huge fan of zkRollups. There you don’t have the withdrawal limitations, but the technology is not developed enough.”

While some developers continue waiting for rollup-based solutions, platforms like xDai can advance unimpeded. “Ultimately, it’s a tradeoff between the higher security guarantees offered by Ethereum and the usability, innovation, speed and cost savings right now on L2 sidechains,” an xDai spokesperson told Cointelegraph. As long as gas fees on Ethereum remain high, DApps may bforced to choose practicality over ideology.

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Source: https://cointelegraph.com/news/a-dark-horse-in-the-ethereum-scaling-wars-chainlink-s-oracles-find-fertile-ground-on-xdai

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