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Digital Asset Daily: Uncertainty Abounds

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Blockchain

VET’s Impending Breakout Could Confirm the Upward Trend

VeChain (VET) has been increasing since it reached a low on Sept. 7. A breakout above the current resistance area would indicate that the price has begun a new upward trend. Retracement or Breakout? The VET price has been decreasing since Aug. 9, when it reached a high of $0.022. During the decrease, the price […]

The post VET’s Impending Breakout Could Confirm the Upward Trend appeared first on BeInCrypto.

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VeChain (VET) has been increasing since it reached a low on Sept. 7. A breakout above the current resistance area would indicate that the price has begun a new upward trend.

Retracement or Breakout?

The VET price has been decreasing since Aug. 9, when it reached a high of $0.022. During the decrease, the price has made several lower highs, creating a descending resistance line in the process. However, the price bounced after it reached a low of $0.011 on Sept. 7 and has been increasing since. At the time of writing, it was about to break out from this resistance line.

The line also coincides with the $0.0155 resistance area, so a breakout above it and its validation as resistance would confirm that the trend is bullish. Conversely, the closest support area is found at $0.0095.

VET Long-Term SupportVET Long-Term Support
VET Chart By TradingView

Technical indicators are turning bullish, even though they have yet to confirm the upward trend:

  • The MACD is increasing but has not crossed into positive territory yet.
  • The RSI has crossed above 50 but has not generated any bullish divergence.
  • The Stochastic oscillator is very close to making a bullish cross.

A bullish cross and a positive MACD would confirm that the trend is bullish.

VET Daily BullishVET Daily Bullish
VET Chart By TradingView

Wave Counts

Cryptocurrency trader @Crypto618 has a bearish outlook for VET, in which the price has completed a long-term bullish formation and will now move downwards for the foreseeable future.

VET Wave CountVET Wave Count
Source: Twitter

However, the movement since July 8 is very akin to an A-B-C correction (in orange below), which would suggest that the price reached a bottom on Sept. 4. The fact that the A:C waves have a 1:1.61 ratio makes it very likely that the correction has come to an end.

In addition, the ensuing movement looks impulsive, possibly signaling the beginning of an upward trend. Therefore, unless the $0.11 low is taken out, it seems that VET has begun a new bullish impulse.

VET Wave CountVET Wave Count
VET Chart By TradingView

To conclude, it is likely that VET has begun a new upward trend. A breakout above the $0.015 resistance area would confirm that the price has done so.

Source: https://beincrypto.com/vets-impending-breakout-could-confirm-the-upward-trend/

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Blockchain

ETH Supply in Smart Contracts Leads That on Exchanges With Huge Margin, Thanks to DeFi

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On-chain data analytics provider Galssnode has come up with an interesting observation for ETH supply! With all the craze around decentralized finance (DeFi), the ETH supply in smart contracts has outclassed its supply on centralized exchanges over the last fifteen days.

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As we can see in the above charts, the ETH percentage supply in smart contracts has gone close to 15.5%, exceeding the exchange’s total supply by 4%. Rather there’s another interesting thing to observe here! The gap between the two continues to widen as investors decide to utilize ETH for DeFi profits instead of storing it on the exchange and waiting for trade opportunities.

Ethereum blockchain network remains the hot destination for DeFi apps. Moreover, the latest frenzy around yield-farming tokens has boosted the DeFi market to new highs. Thus, more and more users have been attracted to the Ethereum blockchain. Sharing another stats, Glassnode also mentioned that the number of non-zero addresses on Ethereum has hit a new all-time high.

DeFi Craze Pushes ETH Gas Fee to New Highs

As the crazy demand for ETH driven by the DeFi craze has pushed the gas-fees soaring. Just after the latest launch of the Uniswap’s UNI governance token, ETH miners collected more than $1 million in no time.

Ethereum miners have been making a fortune as the Gas price surged to 700 gwei per transaction earlier this week. The ETH gas price has touched its new all-time high in 2020. This has forced major centralized exchanges like Coinbase Pro to pass their fees to the customers.

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On Thursday, September 17, the San Francisco-based exchange informed customers about the new changes. The exchange tweeted:

Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as “gas fees” on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network. Historically, Coinbase Pro has absorbed these fees on behalf of our customers. However, as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier.

Coinbase has assured that it won’t charge customers though for moving funds between two Coinbase accounts. Looking at this rapidly surging DeFi market, the Ethereum community is eagerly waiting for the launch of Ethereum 2.0 that will offer massive scalability and cater to a large number of DeFi projects.

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Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/eth-supply-smart-contracts-leads-exchanges-huge-margin-thanks-defi/

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Blockchain

Stellar Lumens, NEM, Maker Price Analysis: 19 September

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Stellar Lumens was facing continuous bearish pressure on the charts and looked likely to head further south, at the time of writing. On the contrary, NEM exhibited a strong bullish trend in the near-term while Maker showed signs of bullishness as well.

Stellar Lumens [XLM]

Stellar, NEM, Maker Price Analysis: 19 September

Source: XLM/USD on TradingView

The momentum was strongly bearish with XLM. The RSI stood at 37, while having failed to rise above the neutral zone around 50 over the past week.

The last time the RSI noted an uptrend, however, it turned out to be a bounce, rather than a trend reversal.

Hence, it is likely that XLM is in the midst of a strong downtrend, and any short-term bullish reversal can be considered as a bounce, unless compelling evidence to the contrary can be found. Traders can use such bounces to short the crypto-asset.

XLM could drop past its level at $0.75 to find support at $0.7, and even beneath that level at $0.63, if faced with strong selling pressure over the next few days.

NEM [XEM]

Stellar, NEM, Maker Price Analysis: 19 September

Source: XEM/USD on TradingView

NEM registered bullish momentum in recent trading sessions, but faced resistance at the $0.116-level. Sellers stepped in as the price attempted to climb above the said level. XEM closing above this level would be bullish, while another rejection at the resistance could contribute to a small drop in price.

The Directional Movement Index signaled a strong trend, one that has been present with XEM for a week now. The ADX (yellow) was above 20, with -DMI (pink) above +DMI (blue), until it flipped the other way round a few days ago.

Buyers stepped in at the demand zone of $0.1. Further, Buyer interest appeared to have effected a trend reversal in the short-term too.

The close of the next few trading sessions will give a clearer picture of XEM’s next direction.

In other news, NEM is launching the Symbol public blockchain in December, and with it, the XYM token. For this purpose, the announcement regarding opt-in was made by NEM.

Maker [MKR]

Stellar, NEM, Maker Price Analysis: 19 September

Source: MKR/USDT on TradingView

Maker rose above its resistance at $500, and appeared to do so with conviction. The trading volume when MKR first breached the level was off the charts. This wasn’t all buyers, however, as sellers also forced the price south. MKR still closed that session at $502, with MKR attempting to rise even more, at the time of writing.

The OBV showed rising buyer interest, as exhibited by the higher lows the indicator was forming on the charts. Further, the MACD also formed a bullish crossover recently.

It is likely that MKR will rise above $500, re-tests the level, and continues upward. The next level of resistance for MKR lay around the $571 region.

Source: https://eng.ambcrypto.com/stellar-lumens-nem-maker-price-analysis-19-september

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