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Stellar Lumens, STEEM, Basic Attention Token, BitTorrent Token Price Analysis: 06 April

Republished by Plato

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Stellar Lumens was projected to rise above the $6-level after stabilizing at $0.46 or even $0.434. STEEM was in danger of losing out to the $0.95-support, while BAT noted an upside at $1.5 in case of an upwards breakout. Finally, BTT could move towards the $0.0069-support before rising to record levels once again. 

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens’ breakout above $0.46 represented a shift from a consolidation phase and tilted the market in favor of the bulls. This was in line with expectations, and a hike towards $0.6 looked very likely with momentum on the buying side. 

The same was evident on the Awesome Oscillator as the green bars maintained their ascent above the equilibrium mark. The 24-hour trading volumes were also on the up and close to $5 billion. However, the RSI could stabilize below the overbought region before XLM makes the next big move. This would highlight support levels at $0.46 and $0.434.

STEEM

Source: STEEM/USD, TradingView

Contrary to the broader market trend, STEEM was trading in the red as the price flipped $1.09 to a line of resistance on the 4-hour timeframe. The 24-hour trading volume showed inactivity and OBV remained fairly muted. The uptrend that carried STEEM towards its local high of above $1.25 might have seen exhaustion and a consolidation phase was likely moving forward.

A bearish divergence was spotted on the RSI prior to the pullback from the $1.24-resistance level. Lower highs were also not an encouraging sign for its short-term trajectory. A move towards the oversold region could see the price drop towards the $0.83-support.

Basic Attention Token [BAT]

Source: BAT/USD, TradingView

Basic Attention Token rose above the $1-mark in Mid-March for the first time since its inception and even snapped record levels at $1.3. What was also impressive is the fact that BAT maintained this level during the latter half of March as well, even though a breakout was countered by the bears.  The support at $0.95 has been a key region during this timeframe and additional dips towards this level could verify its reliability as a buying point for long-term traders.

Meanwhile, BAT has been steadily gathering momentum for a move above its upper ceiling. The OBV, while flat at the time of writing, maintained higher levels. With buying pressure a relevant force in the market, a breakout was almost impossible to counter. The ADX pointed north from 22 and pictured a strengthening trend. The next target for the bulls lay at $1.5 and this could be achieved over the next few days.

BitTorrent Token [BTT]

Source: BTT/USD, TradingView

While gains in the BitTorrent Token market have been quite impressive lately, a correction has been forthcoming for quite some time now. This was evident as the RSI traded in the overbought region for the last seven days, an area that generally indicates a pullback. The trading volumes took a beating and slashed by over 50% in the span of 24 hours. Could this mark the beginning of an end for BTT’s current upcycle? A bearish crossover in the MACD certainly suggested so. 

A recent analysis suggested that BTT’s rise may have been due to File System updates, and it is possible that traders are now just looking to book profits. Previously mentioned support levels at $0.0078 and $0.0069 could be called into action over the coming sessions. A bounce back from the aforementioned levels seemed possible if the bulls could prevent an extended sell-off. 


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/stellar-lumens-steem-basic-attention-token-bittorrent-token-price-analysis-06-april

Blockchain

Grayscale Adds $1 Billion in Bitcoin, Nears $50 Billion in Total AUM

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Investment giant Grayscale recently added another $1 billion worth of Bitcoin in almost 24 hours. Now, the firm nears the $50 billion mark with $46.1 billion in total assets under management (AUM)

AUM Growing

As reported by CryptoPotato recently, the investment firm increased its total AUM by more than $3 billion, shortly after expanding its crypto-trust offerings by adding five new tokens for their eligible accredited investors. 

The Grayscale Bitcoin Trust (GBTC) accounts for $38.1 billion (82.64%) of Grayscale’s total AUM, while the Ethereum Trust (ETHE) accounts for $6.6 billion (14.26%). The remaining trusts, including Bitcoin Cash and Litecoin, account for the rest.

Notably, tokens such as Filecoin, Livepeer, Basic Attention token, MANA, and LINK saw a surge in price after Grayscale announced adding them into the list of offered trusts. The company expanded its total number of trusts to 14 after CEO Michael Sonnenshein explained they see many clients seeking exposure to more crypto assets.


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Grayscale Confirms Its Intentions to Launch a BTC ETF

Grayscale has confirmed its plans to convert its most popular investment product, the GBTC, into a Bitcoin Exchange-traded fund —after posting several ETF-related job positions on its careers page. Although, the firm does not consider that the current regulation weather in the United States is suitable for such a fund.

Unlike other investment giants that have filed for an ETF using S-1 forms, Grayscale will remain committed to converting GBTC into an ETF as the US’s regulatory environment gets clearer.

Founded in 2013, Grayscale has become the most prominent digital asset manager for accredited investors seeking exposure to bitcoin and other crypto assets. The institutional demand for BTC accelerated at the beginning of this year, according to Sonnenshein, adding that demand is nowhere near decreasing.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/grayscale-adds-1-billion-in-bitcoin-nears-50-billion-in-total-aum/

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Blockchain

Why ADA could run hotter than Bitcoin and make 10x gains

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After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA) seems to be laying low. At the time of writing, ADA trades at $1,24 with 1.7% profits in the daily chart and 6.4% in the weekly chart.

Cardano ADA ADAUSDT
ADA moving sideways in the 24-hour chart. Source: ADAUSDT Tradingview

Cardano’s native token and its platform are moving towards a major milestone. Targeting a Q3 entry into DeFi with Hard Fork Combinator Alonzo.

Bullish investors are betting on ADA’s further appreciation. Analyst Justin Bennett claims this token next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.

A day ago, Bennet said to be building a “sizeable” ADA position and set support at $1.10 to $1.30. Over the next month’s, according to the analyst, ADA could go as high as $10.

On the Cardano’s native token recent price action, the analyst said it moving sideways is an indication of a “fair game”, a sign that ADA’s price is not overvalued. Bennet added:

ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.

By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the coming months.

Cardano ADA ADAUSDT
Source: Justin Bennett

In the 2017 bull run, ADA peaked at $1,18 therefore Bennet claims it could a 10x from its current price. Comparing ADA to Bitcoin, the analyst said the latter has “never done less than” a 10x profit in a bullish cycle. He added:

We know alts run hotter than Bitcoin. Translation: $10 $ADA is conservative, and $20 – $30 wouldn’t surprise me.

Smart contracts capabilities closing in on Cardano

Cardano’s next protocol upgrade is set to make it “the leading smart contract platform”, according to Olga Hryniuk from IOG. Outlining Alonzon’s roadmap and launch, Hryniuk wrote:

Throughout March and April, the IO Global team has been gradually combining the Alonzo rules with the Cardano node and ledger code (…). We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.

In the crypto space, many believe Ethereum’s high fees are pushing users towards cheaper options. Cardano’s platform promises this with higher security for its smart contracts and EVM compatibility.

If Ethereum’s competitors, like Binance » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin (BNB), performance is any indication of where ADA could go, then investors should pay attention to BNB’s rally.

With a 70.6% increase in just one month, BNB seems pegged to smash all resistance and keep scoring all-time highs. It remains to be seen if ADA will follow and take a place amongst DeFi giants.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/why-ada-could-run-hotter-than-bitcoin-and-make-a-10x-gains/

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Blockchain

Litecoin Price Analysis: 11 April

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The Litecoin market has been seeing significant growth in price since the beginning of the year. At the time of writing, LTC was returning 93% year-to-date to its investors.

LTC was being traded at $257.39 with a market capitalization of $17.22 billion. The digital asset just saw a bullish breakout, however, will it be able to maintain this high value going forward in the market?

Litecoin 1-day chart

Source: LTCUSD on TradingView

The Litecoin price was building higher within an ascending channel and witnessed a strong surge as the price broke out of the channel. LTC saw the price surge from $163 to $258 within 16 days and turned the prevalent bearishness into a bullish market.

However, LTC has been closely trading to the resistance at $258 and if it rejects this price level, the value may trade lower.

Reasoning

The surge in the value of the digital asset has resulted in increased volatility in the market. The divergence of Bollinger Bands has been an indicator of the rise in volatility, while, the signal line moved under the candlesticks. The signal line will be acting as a support if the price pushes lower.

Meanwhile, the relative strength index was noting that the digital asset was close to becoming overbought as its value hit 68. The market has been witnessing selling pressure evolve at this stage and if it escalates, the RSI will be pushed towards the equilibrium zone.

While the market switches trends, the momentum has remained high owing to the recent surge. The bullish momentum could help the asset to maintain its high value, but the rise in selling pressure could result in a correction.

Crucial level

Entry-level: $240.99
Take Profit: $191.84
Stop-level: $268.88
Risk to Reward: 1.76

Conclusion

The current Litecoin market has been fairly bullish. However, a rising sell-off could push the price of the digital asset lower under $200. With 50 moving average and the signal line extending support close to $200, the price may not drop beyond this point.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-price-analysis-11-april

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