Uniswap was denied a breakout above 50% Fibonacci level ($29) yet again. Polkadot lacked volatility for a major price swing. Finally, Bitcoin could see a retracement towards $31,000 if it fails to break above $37,500.
Uniswap met with some selling pressure as 50% Fibonacci level ($29) denied a breakout once again. However, maintaining losses above 38.2% Fibonacci level ($25.5) could allow for a breakout over the short-mid term. Buying pressure has been on the rise over the past week according to Awesome Oscillator. A rise above half-line on strong volumes would signal an incoming price swing for UNI.
A steady recovery in OBV highlighted that buying volumes have outpaced selling volume- another healthy sign with regard to UNI’s short-mid term path. However, bearish broader market cues would likely trump such signals.
Polkadot maintained a tight channel of $24.7 and $18.3 over the past few days. This was hardly a surprise considering low volatility in the market – something highlighted by the constrained Bollinger Bands. Selling pressure seemed to have also settled as OBV showed flat-like movement over the past week.
However, consolidation was likely to continue over the coming sessions before volatility picks up once again. When a breakout does occur, sellers might return between $30 and $33- an area bolstered by 50-SMA (yellow) and 200-SMA (green). While DOT’s short-term movement may be under the pump, it has constantly been working on its ecosystem– something that could benefit its long-term trajectory.
An important few days lay ahead for the king coin. A breakout above $37,500 has been denied by the sellers over the past few days and this came after BTC’s failed breakout attempt above $42,000. The supply zone seems to keep extending for BTC- a warning sign for its short-mid trajectory.
If BTC fails to clear $37,500 over the coming days, its next pullback might take place all the way to $30,000-31,000. However, the presence of a demand zone within this region could counteract an extended sell-off. Conversely, if BTC manages to retake $37,500 and sustain higher levels, a breakout above $42,000 can be expected moving forward.
Weak momentum was present across the BTC market according to Squeeze Momentum Indicator. This also highlighted that BTC was in a sensitive position and a move in either direction was possible. On the plus side, the flow of capital remained healthy according to Chaikin Money Flow.
Ethereum, MATIC, Solana Price Analysis: 22 June
With a depreciation of 8.1% in 24 hours, the global crypto-market cap fell to 1.31 trillion at press time. Following Bitcoin’s footsteps, most altcoins in the market have been struggling within the bearish zone throughout the weekend. Ethereum and Solana, for instance, fell below their respective support levels. MATIC, on the contrary, while it moved south too, stayed above its support.
Ethereum failed to stay afloat above the $2,250 support level, with the alt trading at $1902 at press time. In case the coin doesn’t fall further, it could see resistance near $2055. The second-largest coin by market capitalization noted a decline of 27.2% over the past week.
ETH’s charts pictured a bearish crossover on 15 June and despite the price recovering slightly on 20 June, the MACD’s histogram underlined bearish momentum. The Bollinger Bands diverged in the early hours of 21 June, meaning that there could be a hike in price volatility.
The Chaikin Money Flow neared the equilibrium mark – A finding that predicted an even amount of capital outflows and inflows. Alas, at press time, capital outflows slightly exceeded inflows.
MATIC showed promising recovery from 12 June to 15 June post the crypto market crash. However, it failed to hold on to the same momentum and prices dipped soon after. Worth noting though that the alt had not breached its crucial support level of $1.04, unlike other altcoins, at the time of writing when MATIC was priced at $1.06.
A slight dip in prices would mean that MATIC too would break past the $1.04 support level. The Bollinger Bands were observed to be diverging, a sign of steep price volatility in the near term.
Finally, the MACD’s histogram gave bearish signals for the whole week while the Awesome Oscillator suggested that bearish momentum was building up. That being said, it did read a few scattered bullish trading sessions in between.
SOL breached its $31 support level in the last 24 hours and then broke past its $24 support level too. It was priced at $23.66, at the time of writing. The alt somehow had managed to recover briefly in the last 48 hours, however, it did see a decline of 24.1% soon after.
The market has been seeing intense selling pressure over the last few days. At press time, the coin had fallen below the 30-mark on the Relative Strength Index, a development which meant that the alt had hit the oversold and undervalued zone.
The Awesome Oscillator suggested that bearish momentum was continuing to build up on the charts. Finally, the widening of the Bollinger Bands projected a hike in price volatility.
With Groundbreaking Cardano Smart Contracts Now In Motion – Here’s A Look At What’s Coming For ADA
Cardano developers and its worldwide community are preparing for the highly-anticipated launch of smart contracts, which will be enabled by Cardano’s native smart contract language Plutus and the latest planned upgrade, Alonzo.
The smart contract implementation project is expected to raise the value of ADA even further than its all-time high price of $2.46 achieved on May 16, 2021.
According to Cardano developers, the upcoming Alonzo hard fork will finally allow Dapp developers to deploy different kinds of smart contracts on its platform.
“The Alonzo hardfork will bring exciting and highly-anticipated new capabilities to Cardano through the integration of Plutus scripts onto the blockchain.”
Cardano’s parent company IOHK explains Plutus contracts as consisting of “parts that run on the blockchain (on-chain code) and parts that run on a user’s machine (off-chain or client code).”
After the successful launch of its Mainnet, the Shelley Network in July 2020, Hoskinson promised that Cardano would have thousands of dApps running in a year’s time.
Cardano’s Track Record Speaks For Itself
Cardano’s founder, Charles Hoskinson considers Cardano to be a third-generation blockchain-based technology that uses the Proof-of-Stake consensus algorithm and therefore the best and truly decentralized blockchain platform.
Despite having no smart contracts, Cardano’s popularity stems from having multiple successful launches that sequentially introduce new functionalities (upgrades) to ultimately support the launch of different smart contracts.
In early March, Cardano successfully implemented the Mary hardfork to enable users to create new tokens and carry out multi-asset transactions directly on the Cardano blockchain, like its native ADA coin.
Other hard forks include Byron (wallet support), Shelley (staking, decentralization, multi-assets functionality), Goguen (smart contracts support), Basho (scalability, optimization), and Voltaire (smooth governance).
Apart from solving the high energy consumption, scalability, and interoperability limitations associated with Proof of Work platforms, Cardano recently announced an ongoing research project to solve the high transaction costs challenge on Ethereum and Bitcoin networks.
According to a Tweet by one of the top supporters and Cardano Pool operators Cardanians.io, the launch of smart contracts on the platform is going to push it further ahead of its competitors, regardless of the market season.
“Only more 70 days until we see smart contracts on #Cardano. If fundamentals are strong, the project can grow during a bear market.”
As reported by ZyCrypto, one of the earliest projects to be considered for development on the platform is a dApp version of Shopify, to help over 500,000 merchants accept or make payments in ADA.
Cardano as a Top Ethereum-Killer
Cardano’s goal is to be the ultimate blockchain ecosystem that aims to provide the perfect, evolving platform for decentralized applications worldwide but offers stiff competition to other similar platforms like Ethereum and Polkadot.
Its remarkable features include the ERC20 converter, an interoperability function that would enable Ethereum-based tokens to run on Cardano. This would allow Ethereum users to migrate their tokens to Cardano and continue using them on Cardano-based dApps.
Ethereum is the biggest dApps ecosystem, with over 4,000 smart contracts depending on it, which weighs heavily on its POW system, leading to network congestion and out-of-control gas fees.
Cardano has also shown keen interest in expanding its operations in Africa, with two of its biggest partnerships in the continent being with the governments of Ethiopia and Tanzania.
Cardano: Can this cushion the mounting bearish pressure?
Cardano has garnered much attention from the crypto community due to constant network upgrades over the past few months. After the successful Mary hard fork, Cardano now aims at bringing smart contract to its system via the highly anticipated Alonzo upgrade. Its first-ever smart contract written in Plutus went live on the Alonzo Testnet a week ago.
While these developments were certainly immune and separate from a bearish broader market, its native cryptocurrency, ADA, was not.
Weekly losses piled up to over 30% as sellers ramped up pressure in the ADA market. The cryptocurrency suffered a sharper decline once a breakout above $1.61 was rejected during the last week of trade.
Cardano Daily Chart
Since the broader market crash, ADA has been unable to rise above its upper ceiling of $1.88. Bullish momentum fizzled out as ADA failed to breach this resistance and sellers have dictated market movement since. Its latest attempt at a revival came via a breakout attempt above $1.61 but the 20-SMA acted as a resistance mark and denied further upside. With prices nosediving further over the last 24 hours, focus now shifted to its 19 May swing low of $0.95.
ADA was on a tight rope as it approached a defensive mark of $0.95. This region not only formed a support mark ranging all the way to early Feb, but was also bolstered by the presence of the 200 Simple Moving Average line. The Relative Strength Index moved in the oversold region and a reversal was expected over the coming days. Stochastic RSI even showed a bullish crossover and suggested that the trend could shift in favor of buyers.
If a reversal is triggered at $0.95, ADA could witness an ascent back towards $1.15. Visible Range’s point of control lay within this area and an extended rise was unlikely. However, traders must also be wary of breakdown as well. Failing to cut losses at $0.95 could result in a further 30% decline towards $0.673. According to Awesome Oscillator’s red bars, such a move was not within the realms of possibility.
With losses accumulating in the market, ADA now resorted to its defensive line of $0.95. The 200-SMA moved within this zone and strengthened its defensive capabilities. A temporary pickup towards $1.15 can be expected once buyers return to the broader market but the threat of an extended sell-off cannot be discounted as well.
Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools
Coin Cloud Set to Operate 2000 Crypto Kiosks This Year
Paraguayan Official Confirms: In July We Legislate Bitcoin
Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes
This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means
Ethereum On-Chain-Analyse: Interesse trotz Drop groß
U.K’s crypto-users are growing in number, but do they even understand the asset class?
The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May
WAVES Technical Analysis: Price Can Move Either Ways
Tezos, Algorand, Zcash Price Analysis: 19 June
What governments don’t realize is going to happen with Bitcoin
When does Naraka: Bladepoint release?
Top DeepMind AI Products Revolutionizing The World
Sichuan province in China asks crypto miners to shut down operations
Alstef Group launches new software suite
Alinity talks ASMR meta, Amouranth and indiefoxx Twitch bans
Banks Afraid Of the Risks Associated With Crypto Assets Call for Regulation
Call of Duty League Stage 4 Major Standings
Legends: The premium NFT minting platform
Crypto Analyst Predicts Bitcoin Price Will Reach ‘$150,000 by December 15th, 2021’
Blockchain5 days ago
GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction
1 week ago
Valorant Ep. 2 FORMATION Player Card: How to Claim
News1 week ago
The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects
Uncategorized6 days ago
The World Bank wants no part in El Salvador’s Bitcoin revolution
Uncategorized1 week ago
Mark Cuban: DeFi could be the ‘next great growth engine’ for the US
Blockchain6 days ago
Survey: Hedge Funds Intend To Hold $300 Billion In Crypto Within 5 Years
Uncategorized6 days ago
Healthcare: A trillion dollar opportunity for blockchain?
Uncategorized1 week ago
Banks Should be Scared of DeFi Warns Mark Cuban