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XRP, Tron, Zcash Price Analysis: 07 January

XRP appeared to have reversed its month-long downtrend, but since many exchanges are set on delisting the cryptocurrency over the next few weeks, some selling pressure may be incoming. Tron registered

The post XRP, Tron, Zcash Price Analysis: 07 January appeared first on AMBCrypto.

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XRP appeared to have reversed its month-long downtrend, but since many exchanges are set on delisting the cryptocurrency over the next few weeks, some selling pressure may be incoming. Tron registered a sharp move to the upside and tested the resistance at $0.03, while Zcash noted consistent selling and was unlikely to rise past $71.

XRP

XRP, Tron, Zcash Price Analysis: 07 January

Source: XRP/USD on TradingView

The past seven days have seen XRP rally from the lows of $0.17 to trade at $0.286, at the time of writing. The duration of this northbound move indicated that the prior downtrend from early December had ended.

The RSI also rose above the neutral line to denote bullish momentum and strayed into the overbought territory on the 4-hour chart. The $0.3-level rejected XRP over the past few hours, but XRP can be expected to hold on to the $0.275-mark.

If this defense is successful, another attempt at $0.3 can be expected over the next few days, possibly flipping it to support. Closing a session below $0.275 will suggest that XRP is heading towards the support further south at $0.255.

Brad Garlinghouse threatened to move out of the U.S over regulatory concerns back in October and may be forced to make good on it. The Asian markets still retain confidence in the token, however, with Japan’s SBI Holdings publicly stated that XRP is not a security.

Tron [TRX]

XRP, Tron, Zcash Price Analysis: 07 January

Source: TRX/USDT on TradingView

Using Gann fan lines from the swing low at $0.0237, some potential levels of resistance and support were plotted alongside the horizontal levels of importance.

These fan lines were observed to have been respected at press time, and the price faced resistance from the 1:1 line after ascending past $0.03 in the hours before press time.

The MACD showed that strong bullish momentum was behind TRX and though it faced some selling over the past few hours to push the price back below $0.032, its outlook remained bullish.

Zcash [ZEC]

XRP, Tron, Zcash Price Analysis: 07 January

Source: ZEC/USDT on TradingView

The longer-term trend for ZEC has been downwards. The impressive rally in November was followed by steady selling volume, as shown by the OBV.

ZEC saw some bounces on its downtrend, and the present bounce has been longer than the previous ones, suggesting that a possible trend reversal like with XRP may be likely.

However, the OBV has been consistently trending south. Unless this changes, the $71-level can be a formidable resistance since it already rejected a previously strong move with momentum about 10 days ago. It might do so again.

Source: https://ambcrypto.com/xrp-tron-zcash-price-analysis-07-january

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Aave hits record $288 high as demand for flash loans and staking increases

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Aave (AAVE) price has been on an absolute tear for weeks and today the DeFi-token rallied to a new all-time high at $288.90. 

The decentralized finance protocol is one of the most popular in the market and the recent rally in the DeFi sector is one of the driving forces behind AAVE’s rally.

AAVE/USDT 4-hour chart. Source: TradingView

At the start of 2021, AAVE price was trading at $83 and the recent rally appears to have bolstered the protocol’s surging total value locked, increasing buy volume on spot and derivatives exchanges and the continued development of Aave’s lending platform and flash loan issuance.

TVL soars to a new high

Data from DeFi Pulse shows that Aave’s TVL rose from $2.03 billion on Jan. 1 and as (BTC) and Ether (ETH) price went parabolic Aave’s TVL also surged.

Total value locked on AAVE. Source: DeFi Pulse

Currently, Aave’s TVL sits at a new all-time high of $3.75 billion, making the platform the second-largest DeFi platform by TVL behind Maker (MKR).

The steady addition of new tokens to the lending and borrowing protocol increases the likelihood that its TVL will continue to rise and help AAVE retain its standing as one of the top DeFi projects in the cryptocurrency space.

Staking drives demand for AAVE token

AAVE’s trading volume also surged at the beginning of 2021, increasing from $200 million on Jan. 3 to a high of $928 million on Jan. 16.

AAVE price vs. Reported trading volume. Source: TheTIE

As AAVE price reached a new high, it’s 24-hour trading volume notched a record $1.06 billion. This volume surge is partially driven by investors acquiring more tokens for staking, with 26.8% of the total supply of AAVE currently staked on the platform earning an APY of 6.1%

Flash loans attract investors

Another reason for AAVE’s recent surge is the growth of its flash loans.

Flash loans allow cryptocurrency holders to collatoralize their portfolio to fund other purchases or new crypto purchases. The loans also help investors utilize the value in their tokens without the need to sell see them and create a taxable event.

Since launching flash loans less than 12 months ago, more than $1.7 billion have been issued and it’s expected that this figure will increse as the crypto bull market progresses.

Total flash loan issuance to date on AAVE. Source: Messari

As can be seen in the chart above, the most dominant token requested for flash loans is the DAI stablecoin, followed by USDC and ETH. Data from Messari shows that Aave issued $25 million in loans in the first half of 2020, $500 million in Q3, and nearly $1 billion in Q4, including $450 million in December.

The expansion of the flash loan concept will likely attract more users to Aave, especially since they can be used for arbitrage opportunities between DEXs, collateral swaps, self-liquidations and a variety of other applications within the DeFi sector.

Source: https://cointelegraph.com/news/aave-hits-record-288-high-as-demand-for-flash-loans-and-staking-increases

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Ethereum and the broader cryptocurrency market have seen mixed price action over the past few days and weeks. Ethereum Price is Surging Despite the selling pressure it has experienced at $1,200, ETH beat all odds and surged beyond $1,400, recording a new all-time high at $1,423.38.  At press time, the…

Source: https://btcmanager.com/Blockchain-based%20video%20game%20community%20and%20development%20platform,%20Enjin%20(ENJ)%20witnesses%20the%20launch%20of%20the%20highly-anticipated%20dark%20sci-fi%20action-adventure%20game,%20Age%20of%20Rust./

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Cryptocurrency makes World Economic Forum’s Davos Agenda

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The World Economic Forum’s upcoming Davos Agenda will feature two separate sessions on cryptocurrency, offering another compelling sign that digital assets have permeated mainstream consciousness. 

The sessions, titled Resetting Digital Currencies, will be held on Monday and Thursday. The first session will feature five public speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, president and CEO of Western Union.

Thursday’s group features four speakers, including Tharman Shanmugaratnam, a senior minister for the government of Singapore, and Zhu Min, chairman of the Beijing-based National Institute of Financial Research.

“COVID-19 has accelerated the long-term shift from cash,” reads the prospectus for both sessions. “Meanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide.”

It continues:

“What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”

Davos Agenda is a five-day summit featuring some of the world’s leading figures in finance and government. The cryptocurrency series falls under the summit’s “Fairer Economies” theme. Other themes include “Tech for Good,” “How to Save the Planet” and “Healthy Futures.”

The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrency. The Geneva-based organization has even created a cryptocurrency working group, which only last month published its inaugural review focusing on the various use cases for digital assets “beyond price and speculation.”

The Forum’s research has cited blockchain technology as a key driver of “sustainable digital finance.” Blockchain and smart contract capability, the Forum’s researchers argue, can unlock “hidden values of legacy digital systems.”

Central bank digital currencies, or CBDCs, are one area of research the Forum has delved into over the past 18 months. In Jan 2020, the Forum announced it had developed a framework to help banks “evaluate, design and potentially deploy CBDC.” The framework was developed in conjunction with over 40 central banks, financial institutions and academic researchers.

Source: https://cointelegraph.com/news/cryptocurrency-makes-world-economic-forum-s-davos-agenda

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