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One Analyst Believes Litecoin Is “One Of The Better Bearish Plays”

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One analyst believes that Litecoin is among the better bearish plays on the market as LTC had a multi-year bear market but it began moving higher over the past few days. the asset gained more than 20% since the lows of the previous week at $55 as we reported in the Litecoin news.

While there are many that believe LTC has a momentum, one analyst believes that Litecoin is one of the “better bearish plays” on the market right now. The same analyst has also expressed a bearish opinion about Bitcoin saying that that the asset could retrace to $8000 in the upcoming months.  According to the full-time crypto trader, Litecoin could be entering a precarious position because it is running up against a pivotal resistance. He shared a chart showing that the coin is entering a large key resistance zone which was a rejection point previously:

“$LTC / #Litecoin – Seems like one of the better bearish plays on the market right now. The $BTC pair is doing a weekly bearish retest while the $USD pair is entering a (unfortunately large) key resistance zone.”

ltc chart
Chart of LTC’s price action against the U.S. dollar on a macro frame with an analysis by trader Calmly

While he didn’t mention a price target, the charts show the next pivotal support level at $41. The charts seem to be suggesting that there’s a confluence of intermediate support levels at $48 and $57 along with other scattered prices below these levels. The sentiment is actually against most of the analysts who say that the coin is on the verge of a huge bull run. One market commentator noted that the one-month Average Convergence Divergence indicator is about to go green for the first time since the middle of 2019 as it is designed to reveal changes in direction, momentum, strength, and duration of the trend stock price.

ltc chart
Chart of LTC’s price action against the U.S. dollar on a macro frame with an analysis by trader Rekt Capital

There’s also another group of analysts that noted how Litecoin’s Bitcoin pair looks strong and one even cited that the recent breakout that was predicted on the influx of buying volume and the move above the pivotal technical resistance, it could be possible that LTC will become able to outperform BTC next after XRP and ETH do so.

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Over the past few days, Litecoin’s price started an increase above $55 resistance against the US dollar and the price even settled above the $65 resistance level as well as the 100 simple moving average. The monthly high is formed close to $68.92 and the price is now correcting gains.

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Source: https://www.dcforecasts.com/litecoin-news/one-analyst-believes-litecoin-is-one-of-the-better-bearish-plays/

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XRP Price Surges to 2-Year High as Airdrop Frenzy Builds

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XRP has chalked up an impressive rally to two-year highs in the last few days, and an imminent airdrop may be driving the gains.

Trading around $0.70 at the time of writing, the world’s third-largest cryptocurrency by market value is up 130% from lows near $0.30 seen on Saturday. Prices reached a high of $0.79 earlier on Tuesday, the highest level since May 10, 2018, according to the CoinDesk 20.

On-chain activity has picked up the pace alongside the price rally, with the new account activations on the XRP Ledger rising more than 200% to a record high of 5,562 in the past five days, according to data source XRPScan.

Analysts are associating the surge in XRP’s price and other metrics with the smart contract platform Flare Network’s airdrop of “spark” tokens to XRP holders.

The free distribution of 45 billion spark tokens, scheduled to occur on Dec. 12, is supported by Ripple’s investment arm RippleX (formerly Xpring).

“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy,” according to Jehan Chu, a managing partner at Hong Kong-based blockchain investment firm Kenetic Capital. “With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralized finance and decentralized applications.”

Flare integrates with Ethereum’s Virtual Machine allowing existing Ethereum decentralized applications (dapps) to be ported over to Flare to serve the XRP ecosystem.

Exchange inflows of XRP have soared alongside the price rally, suggesting increased selling pressure in the market.

Nearly 2.3 billion XRP, worth nearly $1 billion, have been transferred to cryptocurrency exchanges since Saturday. That’s more than three times the average daily inflow seen in 2019, according to blockchain intelligence firm Chainalysis.

Investors typically transfer coins to exchange when they want to liquidate their holdings, boosting supply in the market and take direct custody of coins when prices are expected to rally.

According to Chainalysis economist Philip Gradwell, the inflow rise doesn’t necessarily imply an imminent sell-off.

“Demand has been strong so far, with median trade intensity twice the average,” Gradwell tweeted. Median trade intensity, which measures the number of times an inflowing coin is traded, stood at 14 on Monday – significantly higher than its 365-day average of 5.8.

Source: https://www.coindesk.com/xrp-price-surges-to-2-year-high-as-airdrop-frenzy-builds

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YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

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Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

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Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

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Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

Featured Image Courtesy of SideShow

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Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

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