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Reserve Rights (RSR) and Band Protocol (BAND) Technical Analysis: What’s Next?

Reserve Rights (RSR) and Band Protocol (BAND) Technical Analysis

Rate this post BAND and Reserve Rights were top performers on the last trading day. While BAND/USDT bulls target $11, RSR/USDT buyers are capped at $0.04. Band Protocol (BAND) The Band Protocol cross-chain oracle service provider is one of the most popular, using BAND as its utility currency. Past Performance of BAND The token is under pressure but steadying on the last few trading days, as BAND/USDT technical analysis reveals. BAND prices are up roughly 23 percent against the USD on the last trading, posting minor gains versus ETH. Meanwhile, the token’s trading volumes are up 6.7X to $190 million, pointing to demand. Day-Ahead and What to Expect The path of the least resistance from a Top-Down approach is northwards. BAND prices fell by over 80 percent after peaking but are now stable within a $6 zone. Caps are at $11 and $5, respectively. However, BAND prices are below the middle BB and within the May 19 bear bar. BAND/USDT Technical Analysis Overly, the DeFi market is recovering. The immediate support—and bear target stands at $5. On the upside, the primary resistance level and buy trigger are at $11. Sharp gains, building on May 31 bulls may see BAND/USDT lift-off to $11. A close above this mark could trigger another wave of demand, driving prices to $20. However, if BAND prices slide, unwinding progress of last week, bears may quash demand as BAND craters to $5 in a sell trend continuation of May 19. Reserve Rights (RSR) The dual-stablecoin platform is live on Ethereum and xDAI. RSR governance token serves to stabilize RSV stablecoins. Past Performance of RSR From the daily chart, RSR is bottoming up, soaking sell pressure, and stemming the hemorrhage of the past few days. In all, RSR is up 20 percent on the last day and 17 percent week-to-date versus the greenback on the back of rising trading volumes. Day-Ahead and What to Expect RSR technical analysis indicates strength. Despite bullish attempts, RSR prices are under pressure from a top-down analysis. For instance, gains of the last five months were unwound as RSR bears forced liquidation. Besides, RSR prices are still trending inside May 19 bear bar with relatively low trading volumes. RSR/USDT Technical Analysis There are attempts of higher high. However, bears are in control. If RSR/USDT breaks above $0.04, confirming bulls of May 31, RSR prices may expand to $0.06. On the flip side, an unexpected contraction below $0.02 may force a sell-off towards $0.015 in confirmation of H2 May 2021 liquidation.

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BAND and Reserve Rights were top performers on the last trading day. While BAND/USDT bulls target $11, RSR/USDT buyers are capped at $0.04.

Band Protocol (BAND)

The Band Protocol cross-chain oracle service provider is one of the most popular, using BAND as its utility currency.

Past Performance of BAND

The token is under pressure but steadying on the last few trading days, as BAND/USDT technical analysis reveals.

BAND prices are up roughly 23 percent against the USD on the last trading, posting minor gains versus ETH.

Meanwhile, the token’s trading volumes are up 6.7X to $190 million, pointing to demand.

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Day-Ahead and What to Expect

The path of the least resistance from a Top-Down approach is northwards.

BAND prices fell by over 80 percent after peaking but are now stable within a $6 zone. Caps are at $11 and $5, respectively.

However, BAND prices are below the middle BB and within the May 19 bear bar.

BAND/USDT Technical Analysis

Band Protocol Daily Price Chart for June 1

Overly, the DeFi market is recovering.

The immediate support—and bear target stands at $5.

On the upside, the primary resistance level and buy trigger are at $11. Sharp gains, building on May 31 bulls may see BAND/USDT lift-off to $11.

A close above this mark could trigger another wave of demand, driving prices to $20.

However, if BAND prices slide, unwinding progress of last week, bears may quash demand as BAND craters to $5 in a sell trend continuation of May 19.

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Reserve Rights (RSR)

The dual-stablecoin platform is live on Ethereum and xDAI. RSR governance token serves to stabilize RSV stablecoins.

Past Performance of RSR

From the daily chart, RSR is bottoming up, soaking sell pressure, and stemming the hemorrhage of the past few days. In all, RSR is up 20 percent on the last day and 17 percent week-to-date versus the greenback on the back of rising trading volumes.

Day-Ahead and What to Expect

RSR technical analysis indicates strength.

Despite bullish attempts, RSR prices are under pressure from a top-down analysis. For instance, gains of the last five months were unwound as RSR bears forced liquidation.

Besides, RSR prices are still trending inside May 19 bear bar with relatively low trading volumes.

RSR/USDT Technical Analysis

Reserve Rights Daily Price Chart for June 1

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There are attempts of higher high.

However, bears are in control. If RSR/USDT breaks above $0.04, confirming bulls of May 31, RSR prices may expand to $0.06.

On the flip side, an unexpected contraction below $0.02 may force a sell-off towards $0.015 in confirmation of H2 May 2021 liquidation.

#BAND #Band Protocol #BAND/USDT #DeFi #Reserve Rights #RSR #RSR/USDT

Source: https://www.cryptoknowmics.com/news/reserve-rights-rsr-and-band-protocol-band-technical-analysis-whats-next/

Blockchain

Shiba Inu’s days in the sun may be over; here’s why

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In a market full of investment-worthy coins, there are a few meme-coins such as Shiba Inu that do not offer much value, be it in terms of use-case or a strong network. Thanks to its strong community though, SHIB managed to surprise the entire crypto space.

However, it seems the community is not what it used to be anymore.

Shiba Inu sees a dump

On September 16, SHIB got listed on Coinbase pro, and people went into a frenzy. The meme-coin witnessed a 28.87% growth in 1 day.

This is the highest single-day growth since May and even then, SHIB could not breach its long-established resistance level of 0.00001010. SHIB has been stuck under it since May.

Shiba Inu’s price rose by 28.8% 48 hours ago | Source: TradingView – AMBCrypto

But that did not stop the SHIB supporters from reacting strongly. Within 48 hours, over 6.04 trillion SHIB was bought out of the market, figures that were last seen on July 26. This further led to the supply on exchanges falling to a 4-month low.

Shiba Inu’s supply on exchanges at a 4-month low | Source: Santiment – AMBCrypto

Why you should stay away from SHIB?

This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed yesterday are similar to what we saw at the beginning of the July rally.

Its own community does not take it seriously and only appears during a price rise to cash out as much as possible. Active addresses and transaction volumes remain dormant and pretty low, regularly, and rise only when there is a price rise.

Shiba Inu’s transactions volumes | Source: Santiment – AMBCrypto

In fact, long-term holders cash out at the first sign of profits, too. Yesterday over 3.3 quadrillion coin days were destroyed, levels similar to which were earlier noticed, in July, showing the movement of old coins. If they had kept their holdings instead, the price would have remained stable.

Shiba Inu’s coin days destroyed | Source: Santiment – AMBCrypto

Adding to the pump and dump narrative, is the fact that in less than 24 hours, MVRV fell. Down from the strength of 2.0 into the negative zone at press time.

Shiba Inu’s MVRV in the negative zone | Source: Santiment – AMBCrypto

Simply put, there is no real value coming into the coin from the very loyal SHIB community as of now. However, due to its fanbase and hyped DOGE, it will keep blipping on the crypto radar every now and then.

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Source: https://ambcrypto.com/shiba-inus-days-in-the-sun-may-be-over-heres-why

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Making sense of Solana’s ‘extremely rapid’ growth

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When Solana experienced a crash right after hitting a new all time high on 9 September, traders and experts tried to make sense of the event. On “The Best Business Show,” investment expert Anthony Pompliano interviewed Kyle Samani, co-founder and managing partner at Multicoin Capital, to discuss the rising star-turned-meteor, that Solana has turned out to be.

From 4 cents to over $200

Pompliano began by discussing Multicoin Capital’s investment in Solana. He calculated that the initial investment had gone up roughly 3750 times since the initial round, when one SOL had been at $0.04.

For his part, Samani said,

“Solana today is growing at an extremely rapid pace. Users being on-boarded, assets being issued, stablecoins going into it – all of these things. Look at the last nine days: it’s just a vertical line from, call it a billion in assets to like 10 billion.”

While listing out possible factors for Solana’s success, Samani cited Solana’s speed and network, its NFT platform Metaplex, the rise in SOL’s price, and the stablecoins issued.

Network > Price

Inevitably, Pompliano brought up Solana’s crash – though he admitted calling it so was “hilarious,” in the context of the alt coin’s growth. However, Samani’s answer was a surprising one. He claimed that he tried to ignore prices and didn’t refer to Coin Gecko or Coin Market Cap. Rather, he preferred to focus on Solana’s network and its growth. He further explained,

“Our time horizon is measured in years, not weeks or months. So the question we will always ask ourselves, is you know, is this network compounding at a sufficiently fast rate? And if you really go dig into developer activity, user on-boarding, dollar flow in the system. . .all of those things right now are compounding at an astounding rate and I don’t think that’s going to slow down.”

Furthermore, the following infographic presents data on Solana transfers.

Could Solana kill Ethereum?

Samani spoke about Metaplex and how the NFT platform came during the NFT Boom of summer 2021. He noted Ethereum’s high gas fees and how many users saw Solana as a faster alternative. Even so, Samani admitted that he thought it was “improbable” for Solana to displace Ethereum. Instead he suggested the two would likely co-exist.

Samani also addressed a common criticism aimed at Solana, regarding the its centralized nature, due to the number of validators and the expensive hardware required to run it.

Samani called the criticism “valid” but “irrelevant,” pointing out that the trade-off meant better performance for users, reiterating the network’s rapid growth.

At press time, there were between 974 and 1000 validators on the Solana mainnet. Samani’s assessment of the alt coin was simple but memorable. He said,

“I don’t think there’s going to be another Solana.”

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Source: https://ambcrypto.com/making-sense-of-solanas-extremely-rapid-growth

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Will Bitcoin make a pitstop at $85,000, before racing to $100,000

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Even though Bitcoin has been making no major moves of late, the market’s bullishness on the coin continued making headlines, and all for the right reasons. After all, the king coin surprised the market before, with massive its moves that rendered skeptics silent. 

Bitcoin to $100K, by the end of the year is a much-anticipated move by the market. As we enter the last quarter of this year, Bitcoin is expected to push towards that major psychological barrier. However, even though Bitcoin presented a solid recovery from the May crash, at the time of writing, the effects of the September 7 flash crash hadn’t completely worn out. 

Nonetheless, as BTC presented around 3% daily gains and traded at the $48.5 level at press time, the market once again eyed BTC for some major moves. But before Bitcoin actually makes a move towards the $100K, its last stop would be the $85K mark which will confirm an upward move to $100K. 

The above observation was part of a market report by trading platform Decentrader ,which presented bullish signals in the near term, for BTC. It presented how we it could be setting up for a major run that first reaches $85,000 before breaking through the psychological barrier of $100,000, thereby making for an explosive Q4 2021. 

BTC looking hyper bullish 

In spite of BTC trading below $50K throughout the week, on-chain metrics have led analysts to stay bullish on Bitcoin price action. A report stated that the constantly decreasing supply of BTC on exchanges put upwards pressure on price in the medium term. With demand increasing as supply reduces, the price would go up. 

Further, another factor that contributed to Bitcoin’s bullish mid-term trajectory was its SOPR which presented a similar trend to the months that followed the March covid crash. After the summer crash where SOPR was heavily printing green candles, some minor selling at a loss was observed on this pullback from $50,000 too. Thus, SOPR flashed a sort of buy-the-dip opportunity as final sellers get flushed out before it moves higher, as was observed in Q4 2020. 

Additionally, Active Address Sentiment Indicator had reset with price change lower than active address change. With a pullback in prices alongside constant network growth, the market will look to catch up with network growth by noting price gains. 

Thus, the report presented a hyper-bullish possibility of Bitcoin reaching $85K by the end of Q4. However, Bitcoin’s options market didn’t look too big on gains at the moment with funding rate flashing negative signs. Further BTC’s global open interest by expiry indicated year-end expectations of around $65K which is almost $20K less than the target of $85K. 

So, is $100K too far?

Well, not really. The reason being that, from the July local low of around $30K Bitcoin registered almost 75% gain to reach the multi-month price high of over $52K. Notably from the current consolidating prices, another 75% price gain would land Bitcoin to $85K. So a rally like that over the next three months won’t be a big surprise. 

Thus, while BTC was consolidating, a squeeze upward should characterize the remainder of this year, similar to events from 2020. 

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Source: https://ambcrypto.com/will-bitcoin-make-a-pitstop-at-85000-before-racing-to-100000

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