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Top Ethereum DeFi Coins Dive 25% or More Amid Crypto Correction

It’s been a bad past few days for the crypto market, with Bitcoin, Ethereum, and other coins crashing in sync. Bitcoin has dropped around 20% from its local highs while Ethereum has shed more than 35%. Altcoins, though, have suffered even worse, especially those that have performed well over recent months. Most Ethereum-based decentralized finance (DeFi) coins have crashed over 20% in the past 24 hours and even more over the past few days. Analysts […]

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  • It’s been a bad past few days for the crypto market, with Bitcoin, Ethereum, and other coins crashing in sync.
  • Bitcoin has dropped around 20% from its local highs while Ethereum has shed more than 35%.
  • Altcoins, though, have suffered even worse, especially those that have performed well over recent months.
  • Most Ethereum-based decentralized finance (DeFi) coins have crashed over 20% in the past 24 hours and even more over the past few days.
  • Analysts think that this may be a byproduct of simple market cycles, along with other market factors that are pushing DeFi lower.

Ethereum Coins Drop Amid Crypto Market Correction

Ethereum-based decentralized finance coins are being hit especially hard by the ongoing crypto market correction.

According to CoinGecko, a swath of the top cryptocurrencies related to the sector are down by a lot over the past 24 hours: UMA has dropped 38.9%, BAND has dropped 34.5%, LEND has dropped 24.9%, Nexus Mutual has dropped 23%, Compound has dropped 21%, and much more.

Ari Paul, founder of Blocktower Capital, recently argued that the DeFi space is currently undergoing a parabolic collapse:

“A basic trading rule is that when parabolic (true parabolic) advances break, you don’t look to buy until most of the parabolic move is reversed. In BTC tops, that’s meant waiting for 75%+ dips. In alts, 85%+. BTC had a clear parabola in 2017. A less clear one in 2019. Defi just had one burst.”

Crypto trader Qiao Wang has also noted that the SushiSwap exit will likely cause a “DeFi mini-winter” as capital exits the space.

Room to Grow

The DeFi space arguably has room to grow, which suggests that this pullback may just be a temporary move before an eventual return to a bull trend.

Andrew Kang, a crypto analyst and investor, noted in July that the way in which DeFi was positioned indicates the sector has lots of room to grow in the future:

“**DeFi development**. It’s hitting an inflection point. Those that have follow the space know how hard it is to keep up with the new projects even when researching on a full time basis.”

What threatens the Ethereum ecosystem’s growth in the longer term, though, is a high transaction fee environment.

Jacob Franek, a co-founder of crypto data and analytics company Coin Metrics, recently noted that the extremely high transaction fees Ethereum users have been incurring could result in a natural hard cap to the bull run:

“Gas prices will put a hard cap on this DeFi bull run. To be expected and probably a good thing… High gas likely new normal.”

This may not be a longer-term concern if there are solutions like those proposed by Ethereum’s developers. But for the time being, it is a concern, especially as the blockchain’s developers target more retail-centric users with new applications.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc,
Charts from TradingView.com
Top Ethereum DeFi Coins Dive 25% Or More Amid Crypto Correction

Source: https://bitcoinist.com/top-ethereum-defi-coins-dive-25-or-more-amid-crypto-correction/?utm_source=rss&utm_medium=rss&utm_campaign=top-ethereum-defi-coins-dive-25-or-more-amid-crypto-correction

Blockchain

XDC Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level of $0.058

XDC Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level of $0.058

Rate this post XinFin Network is an enterprise-level hybrid blockchain network that aims to provide further impetus to global trade and finance. It is powered by smart contracts and has characteristics of both public and private blockchains. It is a decentralized, interoperable, and PoS-based network. XDC is the in-house token of this ecosystem. Let us look at the technical analysis of XDC. Past Performance On Jun 15, 2021, XDC opened at $0.05. On Jun 21, 2021, XDC closed at $0.06. Thus, in the past week, the XDC price has decreased by roughly 20%. In the last 24 hours, XDC has traded between $0.058 – $0.072. https://platoblockchain.net/wp-content/uploads/2021/06/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0-058.png Day-Ahead and Tomorrow Currently, XDC is trading at $0.061. The price hasn’t changed much from the day’s opening price of $0.06. Thus, the market seems neutral. The MACD and signal lines are positive.  Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback. Currently, the RSI indicator is at 63%. It faced rejection at 58% and rose to the current level. Hence, buying pressures are high. High buying activity will push the price upwards. Besides, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. In other words, the OBV indicator is giving further credence to the positive momentum indicated by the RSI oscillator. In short, when we look at all three oscillators together, we can say that the overall market momentum is currently bullish. However, an intermittent price pullback amidst a bearish trend is expected. In other words, the market seems to be in a correction phase. XDC Technical Analysis Currently, the price is below the Fibonacci pivot point of $0.063. It may soon fall below the first Fibonacci pivot support level of $0.058. Thereafter, we have to wait and watch if the price continues to decline or starts rising again. The price has tested and fallen below the 76.4% FIB retracement level of $0.061. The price may soon fall below the 24-hour low of $0.058 as well. If the price retests and breaks out of these levels by day end, then probably the price uptrend is strong enough to sustain till tomorrow.

The post XDC Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level of $0.058 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Table of Contents

Rate this post

XinFin Network is an enterprise-level hybrid blockchain network that aims to provide further impetus to global trade and finance. It is powered by smart contracts and has characteristics of both public and private blockchains. It is a decentralized, interoperable, and PoS-based network. XDC is the in-house token of this ecosystem. Let us look at the technical analysis of XDC.

Past Performance

On Jun 15, 2021, XDC opened at $0.05. On Jun 21, 2021, XDC closed at $0.06. Thus, in the past week, the XDC price has decreased by roughly 20%. In the last 24 hours, XDC has traded between $0.058 – $0.072.

https://platoblockchain.net/wp-content/uploads/2021/06/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0-058.png

https://platoblockchain.net/wp-content/uploads/2021/06/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0-058.png

Day-Ahead and Tomorrow

Currently, XDC is trading at $0.061. The price hasn’t changed much from the day’s opening price of $0.06. Thus, the market seems neutral.

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The MACD and signal lines are positive.  Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback.

Currently, the RSI indicator is at 63%. It faced rejection at 58% and rose to the current level. Hence, buying pressures are high. High buying activity will push the price upwards.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. In other words, the OBV indicator is giving further credence to the positive momentum indicated by the RSI oscillator.

In short, when we look at all three oscillators together, we can say that the overall market momentum is currently bullish. However, an intermittent price pullback amidst a bearish trend is expected. In other words, the market seems to be in a correction phase.

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XDC Technical Analysis

Currently, the price is below the Fibonacci pivot point of $0.063. It may soon fall below the first Fibonacci pivot support level of $0.058. Thereafter, we have to wait and watch if the price continues to decline or starts rising again.

The price has tested and fallen below the 76.4% FIB retracement level of $0.061. The price may soon fall below the 24-hour low of $0.058 as well. If the price retests and breaks out of these levels by day end, then probably the price uptrend is strong enough to sustain till tomorrow.

#XDC #XinFin

Source: https://www.cryptoknowmics.com/news/xdc-technical-analysis-may-soon-fall-below-the-first-fibonacci-pivot-support-level-of-0058/

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Blockchain

Is it really ‘dangerous to give predictions on’ this Ethereum high?

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Ethereum, the second-largest public cryptocurrency based on market capitalization, has shown remarkable growth over the past year. The largest altcoin has witnessed institutional as well retail interest especially considering the buzz around its much-anticipated upgrade. Pete Humiston, the current manager of Kraken Intelligence laid out a significant difference between Bitcoin and Ethereum, stating:

  • The number of ETH whales (wallets > 10K ETH): At an all-time HIGH
  • The number of Bitcoin whales (wallets >1k BTC): Approaching a year-to-date LOW

Source: Pete Humiston| Twitter

In a recent interview with New York Magazine, Bitcoin bull Mike Novogratz shared his optimistic thoughts on the altcoin as well. Founder and CEO of Galaxy Digital, Novogratz predicted a meteoric urge that can surpass ETH’s previous ATH.

In April, ETH recorded an ATH price mark of around $4,362. According to Novogratz, it can cross the previous mark because of the following factors,

“We already had payments and stable coins that really kind of gave Ether the kick last year. But then all of a sudden, you have decentralized finance (DeFi) and NFTs (non-fungible tokens) both on Ethereum at the same time roughly, with wild accelerating growth.”

Further, he added:

“You know, it’s dangerous to give predictions on the highs. But could it get to $5,000? Of course, it could.”

Novogratz currently has invested around 85% of his net worth in the crypto industry. Ethereum, at the press time, was trading just under the $2100 price mark with a correction of 8.2% in the past 24 hours.

Another analyst presented his take on the Ethereum vs Bitcoin debate:

Adoption

Apart from Bitcoin’s institutional adoption, El Salvador became the very first country to make Bitcoin a legal tender. Following this news, other Central and South American countries have started to look at incorporating Bitcoin.

On the other side, Ethereum has had no such luck (at least not yet). However, with the anticipated tech upgrade, one might see ETH’s adoption rates increasing.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/is-it-really-dangerous-to-give-predictions-on-this-ethereum-high

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Blockchain

Tradefeedr Launches FX Data Platform with Dozens of Participants

The company is determined to expand its network further.

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London-based Tradefeedr announced on Tuesday that it has launched an FX data and analytics platform with a wide network of both buy-side and sell-side firms.

The press release shared with Finance Magnates detailed that the fintech has onboarded more than 15 sell-side and more than 20 buy-side market participants. Earlier, the Tradefeedr revealed that some of the participants on its network are Goldman Sachs, UBS, XTX Markets and Insight Asset Management, stressing that all of them are global leading institutions.

Additionally, the company is in talks with 20 other market participants who are willing to join the FX network.

Commenting on the prospect, Tradefeedr Chairman, Seth Johnson said: “We are delighted by the overwhelmingly positive response from major FX participants who have now joined the Tradefeedr community. This demonstrates that there is a real need in foreign exchange to trade using correct and standardized data, allowing faster and more accurate flows.” 

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Growing Demand for Data 

Founded in 2018, the platform enables clients to improve trade execution by analyzing their FX trading data from participating liquidity providers and ECNs via a standardized API. It was founded by Balraj Bassi and Alexei Jiltsov and received a $3 million investment at the end of 2020 from the privately-owned holding company, IPGL.

“Since our inception, Tradefeedr’s vision has been to deliver superior data transfer across the global FX trading community,” Bassi said. “We are excited to now roll out the platform amongst our leading liquidity providers and consumers who will be able to submit and receive their trading data amongst each other and with ECNs & trading venues over a single API.”

Jiltsov added: “FX trading data and analytics are currently siloed between venues and the sell and buy-side. Users rely upon incomplete, inaccurate data, and before Tradefeedr, there has not been any method to work together with trading flows based on a common set of data. The significant adoption we have witnessed is a testament to the support for our vision and business model focused on transforming the FX marketplace for the benefit of all participants.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/tradefeedr-launches-fx-data-platform-with-dozens-of-participants/

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