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XRP, VeChain, Enjin Price Analysis: 09 April

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As has been the case for most of April, the market’s altcoins haven’t exactly corresponded to the movements of Bitcoin, the world’s largest cryptocurrency. While the latter has struggled to impose itself above $60k, the likes of XRP, VeChain, and Enjin have breached several resistance levels between them over the past few days.

XRP

Source: XRP/USD on TradingView

When the SEC filed a lawsuit against Ripple back in December, quite a few skeptics expected the altcoin’s value to crash on the charts. However, while it did in the near term, the crypto soon recovered, with the same evidenced by XRP’s recent price action. What’s more, the latest uptick in the alt’s performance came on the back of the alt trading within a tight range towards the end of March.

In fact, even after corrections set in a few days ago, the altcoin was quick to regain its losses via a 16% hike in a matter of 36 hours.

It’s worth noting, however, that at the time of writing, some bearishness still persisted on the charts, with the same supported by the findings of its indicators. While the dotted markers of the Parabolic SAR were just marginally under the price candles, the Signal line was above the MACD line, despite the two nearing a bullish crossover.

Despite the aforementioned bearishness, however, it can be projected that XRP is likely to see more upside over the next few weeks.

VeChain [VET]

Source: VET/USD on TradingView

VeChain, the altcoin ranked 20th on CoinMarketCap’s charts, has noted significant gains since the turn of the year, with the same accelerated by the crypto’s price action in the month of April. In fact, in the last 48 hours alone, VET has hiked by over 15%, with the altcoin touching its ATH of $0.123 a while back.

With the rest of the altcoin market still fairly bullish, it is difficult to ascertain how much upside there still is for VET on the charts. That being said, VET’s trade volumes have fallen dramatically over the last few trading sessions.

What’s more, the alt’s indicators seemed to be leveling off as while the Bollinger Bands converged slightly on the charts, the Chaikin Money Flow noted a small uptick on the back of a brief fall.

According to a community poll, VeChain might just be one of the most undervalued projects in the crypto-ecosystem, despite its recent ATHs.

Enjin Coin [ENJ]

Source: ENJ/USD on TradingView

Enjin has been one of the market’s strongest price performers over the last few days, with ENJ surging by over 60% in less than 48 hours. What’s interesting here, however, is that the said hike came on the back of a sustained downtrend, one that was very contrary to the bullish momentum the rest of the market was seeing.

The effect of the aforementioned surge, understandably, was sizeable on the alt’s indicators as while the Relative Strength Index was skirting the overbought zone at press time, the Awesome Oscillator’s histogram pictured significant momentum behind the crypto’s price action.

Enjin was in the news a week ago after the project raised $19 million to build a Polkadot-based blockchain for NFTs.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/xrp-vechain-enjin-price-analysis-09-april

Blockchain

DOGE is Young People’s Middle Finger to the System, Says Mike Novogratz

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Mike Novogratz, in a research report, stated that Dogecoin is “the most honest shitcoin”, calling it a “store of value” for young people wishing to express a “little bit of a middle finger to the system”.

Dogecoin’s Recent Price Action

DOGE has entered a steep and stunning climb during the past few months, going from mere pennies to over $0.65. Young people betting on the speculative and volatile crypto asset have made staggering amounts of money thanks to the recent insane rate of return.

Many theorize that this rise has been fueled by Tesla founder and business mogul Elon Musk, who often refers to Dogecoin on his infamous Twitter profile, tweeting in a (usually) positive manner. Oftentimes when an “Elon tweet” comes out regarding Dogecoin, it gives a nice little boost to the price.

Most recently, Elon Musk revealed that he would be hosting SNL, dropping a single hint: Dogefather. This enigmatic message has spurred thousands of young people worldwide to invest in DOGE, which, although extremely risky, has been facing undeniably bullish price action as of late. Will Elon Musk’s SNL special provide the fuel needed for DOGE to power through to over a dollar, or will it be a ‘sell the news’ event?

Novogratz Draws Parallels to GME

Novogratz, in his interview, urged people to “listen to what Dogecoin is saying”, as he sees it as very comparable to the GameStop fiasco (where a group of young retail traders pushed GME to new heights, partially in an attempt to liquidate hedge funds that were shorting the stock).


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“There is nihilism and excitement to it,” Novogratz stated, adding, “there’s something really pure about it.”

Indeed, Dogecoin is not a successful ‘company’ in the traditional sense, and there is little to no innovative development work going on behind the scenes, but we’ve seen (in the stock market, for example) that the power of the masses if placed behind a single unifying idea, can work wonders.

It’s a massive game of tug of war — whether or not Dogecoin can sustain this dizzying momentum remains to be seen. One thing is for sure: millions of people will be tuning in to watch SNL this week.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/doge-is-young-peoples-middle-finger-to-the-system-says-mike-novogratz/

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Blockchain

Bitcoin Cash price jumps 68%: Looming hard fork to boost BCH user base?

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Bitcoin Cash (BCH) burst back into the market capitalization top 10 rankings on Thursday after a 36% overnight surge compounded 68% growth for the week. The per coin valuation of BCH climbed from $1,068 to $1,462 in under 24 hours leading into May 6, adding to a notable increase from its weekly low in the $800 range.

The resurgence of what was once a mainstay of the top-10 lineup comes just over a week ahead of Bitcoin Cash’s scheduled bi-annual hard fork on May 15, which will introduce two small, but not insignificant tweaks to the network.

One sees the removal of Bitcoin Cash’s unconfirmed transaction chain limit, allowing for more micro-transactions to be broadcasted without having to wait for a block confirmation.

Blocks are mined every 10 minutes on Bitcoin Cash, and the old unconfirmed chain limit was capped at 50 transactions. This allowed for high-volume applications to make 50 near-instant transactions before requiring confirmation in a block. This cap will be removed entirely in the upcoming hard fork.

The other major change scheduled for May 15 will see the introduction of multiple “OP_RETURN” outputs. Put simply, the Bitcoin Cash blockchain currently allows for the insertion of miscellaneous data into a transaction, such as text, images and other data types. At present, only one “OP_RETURN” output can be included in a transaction, i.e., one image, text, etc. The upcoming network upgrade will allow for multiple pieces of miscellaneous data to be included in a single transaction.

Both changes feasibly open up Bitcoin Cash to higher volume usage, as well as making it more amenable to current and popular applications such as NFTs. Businesses and app developers stated they specifically wanted to see the changes introduced to expand the blockchain’s capabilities with nonfungible tokens in particular, as noted in the upgrade’s documentation.

Bitcoin Cash’s market price has been on the rise since the start of the year along with the rest of the cryptocurrency sphere. So too has its overall usage according to on-chain data from Bitinfocharts.

The number of daily Bitcoin Cash transactions rose from 20,000 in December to over 150,000 at the time of publication — a 650% increase. Between February and April, Bitcoin Cash regularly processed more transactions on a daily basis than Bitcoin (BTC), peaking at 414,000 to Bitcoin’s 229,000 on March 21.

However, the same data source shows less growth in the number of transactions coming from unique addresses, which only increased 25% from 40,000 to 50,000 — a figure one-fifth of that seen on Bitcoin.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-cash-price-jumps-68-looming-hard-fork-to-boost-bch-user-base

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Blockchain

Kazakhstan opens public consultation for central bank digital currency

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Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency.

The National Bank of Kazakhstan, or NBRK, published Wednesday a report on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency, or CBDC.

According to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “further development of the national payment system and reduce reliance on cash settlement using unique technical features.” The bank emphasized that the CBDC is not intended to replace either cash or cashless payments, but would rather be an alternative used in parallel with existing payment solutions.

The NBRK noted that the digital tenge would improve competitiveness in the payment market, strengthen the stability of the financial system, as well as contribute to increasing public trust in state-backed payments. “The technology will meet the highest cybersecurity standards. […] The bank will pay special attention to consumer protection and the privacy of digital tenge users,” the NBRK stated.

The bank will first conduct a comprehensive study of benefits and risks related to a potential CBDC. In collaboration with financial market players and global partners, the NBRK also plans to define the digital tenge’s objectives, issuance and distribution methods, the applied technology, and the potential impact on monetary policy, financial stability and the payment ecosystem.

As previously reported, Kazakhstan authorities initially announced that the government started considering a national digital currency in July 2020 alongside plans to increase investment in cryptocurrency mining. Local officials subsequently pointed out the digital tenge’s potential to become a crucial tool in fighting corruption in Kazakhstan.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/kazakhstan-opens-public-consultation-for-central-bank-digital-currency

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