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Summer shorts: NANO price spike gives traders a chance to bet against the rally

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When Elon Musk’s ‘Bitcoin is bad for the environment’ tweet caused a flash crash of BTC and the majority of altcoins’ prices earlier this week, a handful of digital assets headed in the opposite direction, making huge gains amid the sea of red. 

Those were the tokens that market themselves as environmentally friendly capitalizing on investors’ immediate instinct that Tesla might be switching to some alternative, eco-friendly cryptocurrency soon.

NANO’s moment of unsustainability

Among the biggest winners of the day was NANO, a decentralized cryptocurrency that relies on a consensus algorithm similar to proof of stake and that emphasizes its status as a highly sustainable form of money. Boosted by the news of Musk’s quest for greener pastures, the coin almost doubled its price, soaring from $8.44 to $16.32 in a matter of just 12 hours.

But how sustainable was this run? Price action triggered by Musk’s escapades can be dramatic, but it is almost always short-lived. For traders who bought the news and rushed to open a position in NANO in the aftermath of Elon’s tweet, these were a long 12 hours. How high can NANO go? Is this the moon yet? When do I take profits? Is it going to drop soon?

The VORTECS™ Score, an algorithmic analytical tool exclusively available to the members of Cointelegraph Markets Pro, would not be able to answer any of these questions definitively. What it could do, however, is sift through years’ worth of historical data and identify whether the combination of market and social conditions around the coin resembled those that preceded sharp upward or downward price action in the past.

In NANO’s case this week, the VORTECS™ score line had been neutral ahead of the May 13 pump. Naturally, the fundamental market and social conditions did not look historically ripe for a rally that would soon be triggered by an ex-machina kind of event.

Then, in the middle of a tweet-induced price hike, VORTECS™ score began turning red, suggesting that the model sensed a bearish pattern of market activity (first red circle and box in the graph). 

Despite a dip, there was a second spike in price (second red box) which coincided with an even more negative score from VORTECS™ (second red circle). As the yellow star indicates, this second spike was followed by a major drop in price.

The low score of 18 was registered when NANO’s price was still on the way to its second peak of $15.82, shortly before it reversed its course and fell to below $11. While history does not repeat, in this case, it rhymed.

Short positions 101

There are several ways in which crypto traders could put NANO’s recent rally to work. One is byquickly reacting to the news and opening a long position in hopes of taking profits before the trigger’s impact recedes. Another is shorting the asset when it is still flying high — in other words, betting that the coin’s price will drop.

Short positions are often opened using borrowed funds: In a classic scenario, an investor would borrow the asset whose price they expect to go down, immediately trade it at the current market price, then purchase again for cheaper, pocketing the difference. Today, many cryptocurrency exchanges offer derivative contracts that allow users to short crypto assets without actually touching them.

You can revisit this Cointelegraph guide into long and short positions to recap the essentials.

While the VORTECS™ score will not tell investors when to go long or short, it can provide a useful indication of historically bullish or bearish conditions for a particular coin — insights that can potentially be profitably incorporated into a trading strategy.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.

Important Disclaimer

Opinions are those of the author. Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

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Source: https://cointelegraph.com/news/summer-shorts-nano-price-spike-gives-traders-a-chance-to-bet-against-the-rally

Blockchain

Crypto Price Analysis & Overview June 25th: Bitcoin, Ethereum, Ripple, Cardano, and Polkadot

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This week was a complete rollercoaster in the cryptocurrency market. Unfortunately, things failed to turn out for the better and the majority is trading in the red.

friday_cryptopost

Bitcoin

Bitcoin is down a steep 11.7% this week as it currently trades beneath $34,000. The cryptocurrency started the week by dropping into support at $31,185 (downside 1.618 Fib Extension) on Monday.

On Tuesday, it took a brief dive beneath $30K for the first time since January 2021. It dropped as low as $28,800 before the buyers regrouped and quickly pushed BTC back higher. In total, BTC did not spend more than 3 hours beneath the $30k level.

Since rebounding above $30K, BTC created the first three consecutive bullish candles since the mid-May price capitulation. It did reach as high as $35,500 today. However, it was unable to close above resistance at $34,760 (downside 1.414 Fib Extension) and has since dropped.

Looking ahead, the first support lies at $33,520. This is followed by $32,465, $31,185 (downside 1.618 Fib Extension), and $30,000. Added support lies at $28,800, $27,750 (January 2021 lows), and $36,840 (downside 1.414 Fib Extension).

On the other side, if the buyers can climb above resistance at $34,760, the first resistance lies at $36,000 (20-day MA). This is followed by $38,000, $39,490 (early-June highs), $40,000 (50-day MA), and $42,000 (January 2021 highs).

btcusd-jun25
BTC/USD Daily Chart. Source: TradingView.

Ethereum

Ethereum fell by a very steep 201 over the week as it trades at $1888 – support provided by the 200-day MA and a .886 Fib. The cryptocurrency fell beneath $2200 on Monday and crashed into the $1888 support.

On the Tuesday spike lower, ETH dropped to $1710 but quickly rebounded to close the daily candle above the 200-day MA. Since then, ETH has been unable to reclaim the $2000 level and has returned to the 200-day MA.

Looking ahead, if the sellers break beneath the 200-day MA, the first support lies at $1710 (mid-March support). This is followed by $1625 (downside 1.272 Fib Extension), $1500, and $1425 (January 2021 highs).

On the other side, the first resistance lies at $2000. This is followed by $2160 (bearish .382 Fib), $2300 (bearish .5 Fib & 20-day MA), $2500 (100-day MA), and $2600.

ethusd-jun25
ETH/USD Daily Chart. Source: TradingView.

ETH is also in trouble against BTC after dropping from 0.063 BTC on Monday and heading beneath 0.06 BTC on Tuesday. It continued to run lower as it broke below support at 0.0569 BTC today.

It is currently trading at 0.056 BTC, but the bearish momentum is still likely to drag it lower in the coming days.

If the sellers push beneath 0.056 BTC, the first support lies at 0.0541 BTC (April 2018 lows & 100-day MA). This is followed by 0.0513 (downside 1.272 Fib Extension), 0.05 BTC, and 0.0473 BTC.

On the other side, the first strong resistance lies at 0.06 BTC. This is followed by 0.0628 BTC, 0.0648 BTC (20-day MA), and 0.068 BTC (50-day MA).

ethbtc-jun25
ETH/BTC Daily Chart. Source: TradingView.

Ripple

XRP fell by an even steeper 25% over the week. The cryptocurrency dropped from $0.781 resistance on Monday to reach $0.6.

It continued on Tuesday to hit the support at $0.55 provided by the 2019 highs and a long-term ascending trend line. It has since attempted to rebound but is struggling to make ground back above $0.7 as it now trades at $0.62.

Moving forward, the first strong support lies at $0.6. This is followed by $0.55 (2019 highs), $0.5, $0.478 (this week’s low), and $0.4.

On the other side, the first resistance lies between $0.7 and $0.72 (200-day MA). Above this, resistance is found at $0.781 (bearish .236 Fib), $0.8282 (2020 highs), $0.9, and $1.00.

xrpusd-jun25
XRP/USD Daily Chart. Source: TradingView.

Against bitcoin, XRP set a fresh three-month low this week as it broke beneath the 2200 SAT (100-day MA) support and plummeted beneath the July 2020 lows at 1900 SAT to reach 1760 SAT.

There, the support provided by the 200-day MA and a downside 1.618 Fib Extension allowed XRP to rebound. However, it is still struggling to sustain itself above 1900 SAT.

Looking ahead, the first strong resistance lies at 2000 SAT. This is followed by 2122 SAT (bearish .236 Fib), 2200 SAT (100-day & 20-day MA), and 2425 SAT (bearish .382 Fib).

On the other side, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA), 1550 SAT (November 2020 low), and 1365 SAT (.786 Fib).

xrpbtc-jun25
XRP/BTC Daily Chart. Source: TradingView.

Cardano

ADA dropped by a smaller 9% this week as it trades above $1.30. It had fallen from resistance at the 100-day MA around $1.42 on Monday and dropped as low as $1.00 on Tuesday.

There, it found support at the 200-day MA and quickly recovered back above $1.15 to close the daily candle. Since then, ADA pushed higher but was unable to break the 100-day MA yesterday. It is currently testing a descending trend line that dates back to the May peaks.

Looking ahead, the first resistance lies at $1.42 – provided by the falling trend line, the 20-day MA, and the 100-day MA. This is followed by $1.52 (bearish .382 Fib), $1.60 (50-day MA), and $1.71 (bearish .5 Fib).

On the other side, the first support lies at $1.120. This is followed by $1.15, $1.10, and $1.00 (200-day MA).

adausd-jun25
ADA/USD Daily Chart. Source: TradingView.

ADA is pretty neutral against BTC this week. It did drop beneath support at 3820 SAT (.382 Fib) on Monday and fell as low as 3440 SAT (.5 Fib) on Tuesday. However, the bulls regrouped and allowed the daily candle to close above 3540 SAT (downside 1.272 Fib Extension).

From there, it has pushed back above the 3820 SAT support but is struggling to make ground beyond 4000 SAT.

Looking ahead, the first resistance lies at 4000 SAT (20-day & 50-day MA). This is followed by 4200 SAT, 4400 SAT, 4570 SAT (1.414 Fib Extension), and 4900 SAT (1.618 Fib Extension & June highs).

On the other side, the first support lies at 3820 SAT (.382 Fib). This is followed by 3540 SAT (downside 1.414 Fib Extension), 3440 SAT (.5 Fib), 3200 SAT (100-day MA), and 3060 SAT (.618 Fib).

adabtc-jun25
ADA/BTC Daily Chart. Source: TradingView.

Polkadot

DOT is down by 32% this week as it trades around $15. The coin fell from above $20 on Monday to reach $13 on Tuesday. The buyers did manage to defend support around $14, provided by a .786 Fib Retracement.

Unfortunately, the bulls have been unable to push much past $17 since rebounding, and the market is looking like it will head lower again.

If the sellers push lower, the first support lies at $14 (.786 Fib). This is followed by $13, $10 (.886 Fib), and $6.90 (Sep 2020 highs).

On the other side, the first resistance lies at $17. This is followed by $20 (20-day MA), $22.5, and $25 (200-day MA).

dotusd-jun25
DOT/USD Daily Chart. Source: TradingView.

Dot is also struggling against BTC this week as it dropped beneath the 200-day MA around 54,500 SAT and continued lower to meet support at 45,000 SAT on Tuesday.

Since then, the market has moved sideways, unable to really push higher again.

Looking ahead, the first support beneath 45,000 SAT lies at 44,000 SAT (May lows). This is followed by 40,600 SAT, 40,000 SAT, and 35,770 SAT (.786 Fib).

On the other side, the first strong resistance lies at 50,000 SAT. This is followed by 52,700 SAT, 55,000 SAT (200-day & 20-day MA), and 60,000 SAT.

dotbtc-jun25
DOT/BTC Daily Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-price-analysis-overview-june-25th-bitcoin-ethereum-ripple-cardano-and-polkadot/

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Blockchain

MEHH Token Offering Scalable Digital Payment Solution to Merchants

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[PRESS RELEASE – Please Read Disclaimer]

Scalable solution, a blockchain company enabling cryptocurrency payments for merchants to receive or send instant payments.

Cryptocurrency is becoming a next-generation payment choice among merchants and customers. Every day, more and more people are using connected devices to make payments. The adoption of digital currency is not limited to laptops but also reaches across the industry like tablets, phones, IoT devices, and smartwatches.

The demand for digital tokens is rapidly increasing. Amalgamate of innovative and secure digital payment mode will help merchants to stay ahead in the game.

Merchants can now take advantage of MEHH Token to expand their horizons and grow their user base around the world. Just with a single integration, now merchants can add MEHH tokens to their existing application or exchange platform.

Value Proposition for Merchants and Customers

MEHH Token is built on a decentralized Ethereum Blockchain Technology. Its permissionless network allows merchants to accept digital payments. Our token delivers the following value proposition to owners:

Merchants:

  • Revise quick payment in MEHH token
  • Reduce the risk of the data breach
  • Foster customer trust
  • No debt and high liquidity
  • Low free and fast transaction speed

Customers:

  • Easy access to make payments
  • Offers smooth payment experiences
  • Secure transactions
  • Convenient to move, exchange, or withdraw
  • Extremely Low free and fast transaction speed

Our mission is to support the vision of enabling digital payments for merchants and customers. By allowing each partner to receive and send payment across the network, the MEHH token ensures instant transfer and safe transaction. We designed these capabilities to redefine the way merchants send or receive payments and transform the Fintech industry by developing a platform that makes a positive impact.

Find out more at www.mehhcoin.com

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Source: https://cryptopotato.com/mehh-token-offering-scalable-digital-payment-solution-to-merchants/

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Blockchain

Next-gen decentralized NFT NEFTiPEDiA token listed on DsDaq exchange

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NEFTiPEDiA is a next-generation decentralized NFT that enhances the growth of digital artists, creators, investors, and collectors of all marketplaces. It supports the investors by offering  Non-Fungible Tokens (NFTs) in a commission-free platform. Predicting the future with blockchain and digital assets, NEFTiPEDiA created a healthy ecosystem through their products and services. 

Moreover, the emerging hype for NFTs enabled NEFTiPEDiA (NFTi) to be listed on DsDaq  Exchange. The cryptocurrency exchange platform provides an innovative crypto collateral trading system for users. Additionally, users can buy, trade, and withdraw NEFTiPEDiA (NFTi) on DsDaq which starts on these dates:

  • Deposit: June 25th, 2021 at 11:00 AM (UTC+8)
  • Trading: June 25th, 2021 at 05:00 PM (UTC+8)
  • Withdrawal: June 26th, 2021 at 11:00 AM (UTC+8)
  • Trading pair: NFTi/USDT.

Furthermore, the current price of the NEFTiPEDiA token is $0.0215.  Notably, NEFTiPEDiA targets to reach $1 tokens by the end of 2022. The token will soon be listed on top crypto exchanges. The token listing on exchanges will provide solutions for people who wonder how to buy the NEFTiPEDiA tokens. 

NEFTiPEDiA Current ICO Project

NEFTiPEDiA recently launched its ICO to build the platform for the wide-scale NFT marketplace. Through the launch, it is recorded that lots of users are enjoying the ongoing ICO. 

Additionally, the platform blocked a total of 250,000,000 $NFT tokens for the ICO launch. And in which 393,383 token sales have been completed. Moreover, the ICO launch made Crypto investors experience non-fungible tokens as a remarkable choice for long-term investments. 

Thus, ICO is expected to end in 36 days, after which winners of the ICO event will be announced and rewarded. 

NEFTiPEDiA’s Successful Airdrop Event

NEFTiPEDiA organized and conducted an airdrop event of a total of $3 worth of NFT tokens to airdrop participantsUsers were simply guided to complete simple social tasks, and follow all of NEFTiPEDiA’s social media platforms. 

In addition, NEFTiPEDiA announces verified users will earn rewards of $3 worth of NFT tokens within 3 days after the completion of ICO. More so, NEFTiPEDiA successfully ended the airdrop event reaching beyond the target of 30,000 participants. In which, 25K users have already collected their airdrop rewards. 

Therefore, with high technological achievements and innovative ideas, NEFTiPEDiA gains popularity in the marketplace. Besides, there are high chances for NEFTiPEDiA to hit the market and fulfill its project beyond milestones.

For more information visit:

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/next-gen-decentralized-nft-neftipedia-token-listed-on-dsdaq-exchange

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