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UMA and Bancor (BNT) Technical Analysis: What to Expect?

UMA and Bancor (BNT) Technical Analysis: What to Expect?

Rate this post UMA is under pressure with support at $11. If bulls flow back, UMA/USDT could recover towards $20. On the reverse side, Bancor prices are within a $2 range zone as bulls target $9. Bancor (BNT) The Bancor protocol is the first to facilitate trustless swapping of tokens. Their core objective is to improve liquidity for altcoins while rewarding liquidity providers. BNT is the dApps governance token. Past Performance of BNT Year-to-date, BNT gains are parabolic. After such a stretch, prices are cooling off as market forces aim to strike an equilibrium. As of writing, the token is up 29 percent against the USD on the last trading week. However, participation has tapered. The average trading volumes for BNT are down 25 percent to around $68 million on the last trading day. Day-Ahead and What to Expect BNT/USDT technical analysis paint of a token in consolidation and under pressure. BNT prices are in range mode within a $2 range zone with identifiable caps at $4 and $6, respectively. Since BNT prices are also within May 19 bear range, sellers have the upper hand. Still, the medium-term trajectory is determined by reaction at immediate resistance and support levels. BNT/USDT Technical Analysis Sellers are in charge as long as BNT prices are within May 19 bear trade range. Still, gains above $6 may trigger demand with first bull targets at $9. On the reverse side, losses below $4 could see BNT fall towards $2.5—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range in bear trend continuation. UMA The Ethereum-based protocol enables the creation of synthetics of various financial instruments. Its native token is UMA. Past Performance of UMA UMA prices are under pressure, and sellers are in control. For now, UMA/USDT prices are in range inside a broader sell setup. On the last day, prices are generally stable against the USD, dropping two percent. At the same time, trading volumes are down 24 percent to $24 million. Day-Ahead and What to Expect UMA/USDT prices are below the middle BB in a bear breakout pattern. Even though prices are steady, the technical analysis points to sellers and possible bear trend continuation in the daily chart. UMA/USDT prices are within May 19 trade range while subsequent bull bars are with lighter trading volumes, suggesting weakness from an Effort-versus-Results perspective. UMA/USDT Technical Analysis The token support lies at $11 and below the middle BB. If bulls maintain prices above $11, every low above $16 may build demand, thrusting UMA/USDT towards $20—the main resistance level. However, weakness below $11–in reflection of the May 19 dump–might spark a sell-off, driving UMA/USDT towards Q1 2021 lows of $7.

The post UMA and Bancor (BNT) Technical Analysis: What to Expect? appeared first on Cryptoknowmics-Crypto News and Media Platform.

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UMA is under pressure with support at $11. If bulls flow back, UMA/USDT could recover towards $20. On the reverse side, Bancor prices are within a $2 range zone as bulls target $9.

Bancor (BNT)

The Bancor protocol is the first to facilitate trustless swapping of tokens. Their core objective is to improve liquidity for altcoins while rewarding liquidity providers. BNT is the dApps governance token.

Past Performance of BNT

Year-to-date, BNT gains are parabolic. After such a stretch, prices are cooling off as market forces aim to strike an equilibrium.

As of writing, the token is up 29 percent against the USD on the last trading week.

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However, participation has tapered. The average trading volumes for BNT are down 25 percent to around $68 million on the last trading day.

Day-Ahead and What to Expect

BNT/USDT technical analysis paint of a token in consolidation and under pressure. BNT prices are in range mode within a $2 range zone with identifiable caps at $4 and $6, respectively.

Since BNT prices are also within May 19 bear range, sellers have the upper hand. Still, the medium-term trajectory is determined by reaction at immediate resistance and support levels.

BNT/USDT Technical Analysis

Bancor Daily Price Chart for May 31

Sellers are in charge as long as BNT prices are within May 19 bear trade range.

Still, gains above $6 may trigger demand with first bull targets at $9.

On the reverse side, losses below $4 could see BNT fall towards $2.5—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range in bear trend continuation.

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UMA

The Ethereum-based protocol enables the creation of synthetics of various financial instruments. Its native token is UMA.

Past Performance of UMA

UMA prices are under pressure, and sellers are in control. For now, UMA/USDT prices are in range inside a broader sell setup.

On the last day, prices are generally stable against the USD, dropping two percent.

At the same time, trading volumes are down 24 percent to $24 million.

Day-Ahead and What to Expect

UMA/USDT prices are below the middle BB in a bear breakout pattern.

Even though prices are steady, the technical analysis points to sellers and possible bear trend continuation in the daily chart.

UMA/USDT prices are within May 19 trade range while subsequent bull bars are with lighter trading volumes, suggesting weakness from an Effort-versus-Results perspective.

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UMA/USDT Technical Analysis

UMA Daily Price Chart for May 31

The token support lies at $11 and below the middle BB.

If bulls maintain prices above $11, every low above $16 may build demand, thrusting UMA/USDT towards $20—the main resistance level.

However, weakness below $11–in reflection of the May 19 dump–might spark a sell-off, driving UMA/USDT towards Q1 2021 lows of $7.

#Bancor #BNT #BNT/USDT #DeFi #UMA #UMA/USDT

Source: https://www.cryptoknowmics.com/news/uma-and-bancor-bnt-technical-analysis-what-to-expect/

Blockchain

How Many Bitcoin U-Turns? Goldman Sachs Now Says Bitcoin Is Not a Viable Investment

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The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.”

Crypto Is Not a Viable Investment: Goldman

It’s safe to say that Goldman Sachs has displayed a controversial approach to the cryptocurrency space. The latest report coming from the Wall Street giant takes it back a notch by going to its hostile policy from previous years.

Titled “Digital Assets: Beauty Is Not in the Eye of the Beholder,” it touched upon some of the most recent concerns, including high energy consumption required in the process of mining. This topic was raised in May by Tesla’s Elon Musk, who criticized BTC for using too much coal fuel.

Despite numerous reports claiming otherwise, Tesla disabled bitcoin payments citing environmental issues.

The paper also touched upon cryptocurrencies’ usage in ransomware attacks after numerous hacks transpired on US soil in recent months. After each, the perpetrators indeed requested the payments to be sent in bitcoin.


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Furthermore, the document named impending regulations as the “biggest risk to the speculative aspects of this ecosystem.” Keeping in mind all of these concerns, the bank concluded:

“After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are no a viable investment for our clients’ diversified portfolios.”

How Many U-Turns?

The mentioned-above word ‘controversial’ might not be strong enough to describe Goldman’s ever-changing views on the industry.

The institution was among the first regulated entity to launch a crypto trading desk all the way back in 2017. Yet, that came amid the parabolic price increases, and when the year-long bear market followed, Goldman halted the initiative.

In the meantime, Goldman held a conference call in which it said bitcoin is not an asset class. Bank executives repeatedly questioned BTC’s ability to serve as a reliable store of value and blasted its volatility.

Yet again, Goldman restarted the trading desk this year when, once again, prices were skyrocketing to new highs. It also filed for a Bitcoin ETF with the SEC, explored launching custody services, added BTC to its year-to-date returns report, participated in investment rounds in crypto projects, and enabled clients to trade bitcoin derivatives.

With all of that in mind, it’s not such a surprise that Alex Kruger and other crypto community members viewed Goldman’s latest U-turn as nothing out of the ordinary.

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Source: https://cryptopotato.com/how-many-bitcoin-u-turns-goldman-sachs-now-says-bitcoin-is-not-a-viable-investment/

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Are Solana, KAVA, Maker, Polkadot good bets in this timeframe?

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One of the market’s top institutional investors, Grayscale, has updated its list of investments in cryptocurrencies, adding 13 new altcoins to its portfolio. From Solana [SOL] to Polygon [MATIC] and KAVA, Grayscale’s new investments have introduced an inflow to several altcoins that have rallied since the beginning of 2021. Though their addition to Grayscale’s portfolio has turned the market sentiment bullish, there are other factors driving their price rally too.

In the case of SOL, the rapidly growing ecosystem of projects makes traders bullish in the long term. SOL’s price has risen as high as $38 while trade volume dropped by nearly 40% in 24 hours. A drop in trade volume could be interpreted as an accumulation and the beginning of a price rally.

To get started with DeFi and NFT ecosystems and projects, more traders are signing up for SOL and there has been a consistent increase in the number of active traders. Additionally, several oracle networks like Switchboard are bringing feeds to the Solana Mainnet. This has increased the popularity of Solana, making it mainstream and increasing the demand across exchanges.

Source: CoinMarketCap

Similarly, in the case of KAVA, MKR, and DOT, the social volume seems to be signaling an upcoming price rally. KAVA’s top features make it rewarding for traders to accumulate since the network fees are optional and rewards are relatively high, with the same recently hitting an ATH too.

What’s more, KAVA has emerged as one of the most rewarding DeFi projects since the beginning of 2021, with the same seeing a hike in trade volume and market capitalization. The said hike is also indicative of increasing demand across spot exchanges.

Grayscale is known for exploring new potential products and this may have driven them to consider the trending altcoins of 2021. However, considering these altcoins, in particular, signals the potential for relatively high short-term ROIs. Since the beginning of 2021, the market capitalization of these altcoins has increased consistently.

In the past week itself, the market capitalization has increased by over 20% for altcoins like DOT, MKR, and KAVA. MKR has emerged as a top volume gainer several times over the past two weeks and this makes it further lucrative for altcoin traders to buy MKR for relatively high short-term ROIs. MKR, KAVA, DOT, and SOL are likely to rally based on these metrics.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/are-solana-kava-maker-polkadot-good-bets-in-this-timeframe

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Ethereum: Will this level hold in the face of selling pressure?

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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

The weekend curse seemed to continue as the global cryptocurrency market opened in the red on yet another Saturday. Ethereum was no exception to the trend and found itself burdened by selling pressure. At press time, the world’s largest altcoin was trading at $2,227, down by 4% in the last 24 hours.

Ethereum 1-day chart

Source: ETH/USD, TradingView

Ethereum’s daily chart pictured an ascending triangle breakdown after the price was rejected at the 20-SMA (red) and $2,540 resistance. A southbound trend ensued and losses amounted to over 13% from the bottom trendline of the pattern. The next question was – What level could provide support for ETH’s downfall?

23 April’s swing low of $2,080 was one defensive option. A bounce back from this region triggered a 100% rally in end-April and saw the digital asset hit its ATH above $4,000. While a similar outcome is certainly unlikely in a bear market, the line could offer support nonetheless.

Further down the charts, another support line rested at 23rd May’s swing low of $1,730. This area was further bolstered by the 200-SMA (green). Once ETH finds its resting ground, the focus would switch to certain resistance levels but the bulls would face an uphill task to target a break above $2,900.

Reasoning

The Relative Strength Index has been unable to break above 50 since the 19th May crash. This indicated that bears were still in control of market prices despite several recovery attempts over the last few weeks. The MACD did see some choppy movement since June but the same has failed to rise above equilibrium. Moreover, the On Balance Volume’s downtrend suggested that selling pressure was still dominant in the market.

While more downside was certainly on the cards, ETH’s support zones can be expected to alleviate incoming selling pressure. However, the price would be constrained going forward. The 20-SMA hovered next to $2,540 and gains would likely be contained below this line over the coming days. Even in the unlikely event of a breakout, ETH did not look ready to climb above $2,900 just yet.

Conclusion 

Ethereum can be expected to find support around $2,080-2,000 region moving forward. A sturdier form of defense rested at $1,730, should it be called into action. In case of a bullish resurgence, ETH could struggle to break above $2,540 over the coming days as bears still had the upper hand.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/ethereum-will-this-level-hold-in-the-face-of-selling-pressure

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