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Opinion: Can Uniswap’s UNI Break Into the Top 10 Cryptocurrency Token Rankings?

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The launch of Uniswap’s governance token UNI caught the cryptocurrency market left, right, and center. Some folks who received the airdrop for being a loyal Uniswap user before September 1, dumped it on the market to avail their free helicopter money. Some held on.

Nonetheless, UNI got listed on Coinbase Pro, Binance and it’s price shot through the roof. It’s now on number 32 as per CoinGecko. But can it break into the top 10?

UNI Token Price Pumps, Dumps Then Again Pumps

As reported by CryptoPotato, the listing of UNI on Coinbase and Binance led to a massive pump in the token’s price. UNI surged 300 percent from $1 to $4 before dropping to the lower $2 levels later in the day.

Then, the token went on a rampage and reached a high of just shy of $9 before retracing to where it’s currently trading at around $6.7. But the explosive price action has generated tremendous enthusiasm amongst traders and DeFi fans who are calling for UNI’s break into the top 10.

So much is the frenzy that users were found to buy ETH to collect their ‘UNI helicopter money’ despite surging gas prices on the Ethereum network.

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Can Uniswap’s Governance Token Break Into Top 10?

Since the launch and a super volatile bout of trading activity, Uniswap’s governance token is already a number 32 cryptocurrency according to data from CoinGecko.

Uniswap is currently the top DeFi project according to DeFi Pulse. And has assets with a total USD value worth $1.8 billion docked up in the DEX. An increment of 90 percent in the last 24 hours.

UNI has a $720 million market cap and is handling a $4.5 billion daily trading volume. Something which is unusual for a digital asset at such lower rankings. But according to hopium laced optimistic predictions on Twitter, the token will actually be a ‘unicorn’ cryptocurrency with its entry in the top 10.

And actually there may be some substance in such a claim as out of a maximum supply of 1 billion, only around 106 million UNI tokens are in circulation. The coin is trading currently for a price of $6.7.

It must be taken into consideration that Coinbase has an equity stake in Uniswap’s parent company Universal Navigation Inc and also holds a sufficient number of UNI tokens, as mentioned in their UNI token listing blog post.

This imparts a certain dose of legitimacy to the decentralized token swapping protocol. As per CoinGecko with current prices, UNI would have a ‘fully diluted valuation’ of more than $6.5 billion. That would be enough to push it comfortably amongst the top 10 cryptocurrencies.

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Source: https://cryptopotato.com/opinion-can-uniswaps-uni-break-into-the-top-10-cryptocurrency-token-rankings/

Blockchain

Will EOS Reach $3 Once More?

The EOS price has broken out from a descending resistance line but failed to move upwards afterward. Nevertheless, the short-term chart shows a bullish pattern, from which a breakout is likely. Breakout or Fakeout? The EOS price has been falling alongside a descending resistance line since Aug 16, when it reached a high of $3.95. […]

The post Will EOS Reach $3 Once More? appeared first on BeInCrypto.

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The EOS price has broken out from a descending resistance line but failed to move upwards afterward. Nevertheless, the short-term chart shows a bullish pattern, from which a breakout is likely.

Breakout or Fakeout?

The EOS price has been falling alongside a descending resistance line since Aug 16, when it reached a high of $3.95.

On Oct. 7, the price purportedly broke out from this resistance line but created a long upper wick and fell below it afterward.

Since then, the movement resembles a weak breakout and a re-test of the line along with the $2.50 area as support. If so, the price should continue moving upwards, towards the closest resistance levels found at $2.95 and $3.50.

Technical indicators are neutral, making both a rally and a decline possible. However, as long as the price is trading above $2.50, the most likely scenario would be a rally towards the resistance level outlined.

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EOS Descending ResistanceEOS Descending Resistance
EOS Chart By TradingView

Short-Term Breakout

The shorter-term 2-hour chart shows that the price is possibly trading inside a descending wedge, which is considered a bullish reversal pattern.

In addition, the RSI has formed bullish divergence during the two most recent touches of the support line, and the MACD has crossed into positive territory.

A breakout from the wedge would likely take the price to $2.72, halfway to the previously mentioned resistance area at $2.95.

On the other hand, a breakdown from the wedge would invalidate this bullish possibility.

EOS WedgeEOS Wedge
EOS Chart By TradingView

EOS/BTC

Cryptocurrency trader @CryptoNTez outlined an EOS/BTC chart that shows that the price has lost 91% of its value since reaching an all-time high in Dec 2017.

EOS ResistanceEOS Resistance
Source: Twitter

Despite the considerable fall, it seems that there is no clear reversal level for EOS. The price has fallen below the 33,000 satoshi support level and validated it as resistance afterward.

While there is a minor support level near the current price at 21,000 satoshis, it seems possible that the price will decline all the way down to 8000 satoshis, the 2017 lows.

EOS Daily DecreaseEOS Daily Decrease
EOS Chart By TradingView

Similar to the EOS/USD pair, EOS/BTC was also following a descending resistance line. However, the Oct 8 pump failed to initiate a breakout, and the price has been falling considerably since.

Therefore, the outlook for EOS/BTC is significantly more bearish than for EOS/USD.

EOS Descending ResistanceEOS Descending Resistance
EOS Chart By TradingView

For BeInCrypto’s previous Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

Source: https://beincrypto.com/will-eos-reach-3-once-more/

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Blockchain

Circle’s new partnership will bring USDC stablecoin to Solana blockchain

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With several blockchains integrating the USDC stablecoin last week, crypto payments tech firm Circle announced today that it would now make the dollar-backed stablecoin available for the Solana blockchain, after partnering with the firm. According to Circle, Solana, the blockchain behind decentralized exchange Serum, supports up to 50,000 transactions per second (tps). 

This surpasses Ethereum’s transaction rate which is approximately 15 TPS for a fee of about $1.5 in October. Moreover, Circle said in a statement:

USDC for Solana is part of Centre and Circle’s broader mission to bring the USDC standard and protocol to multiple blockchains, and builds on existing support for USDC on Ethereum and Algorand, and upcoming support for USDC on Stellar.

Co-Founder of Solana, Anatoly Yakovenko, believed that stablecoins were critical for sustaining the interests of teams looking to build DeFi products on Solana. Meanwhile, in September, Tether also announced its planned integration Solana, which according to the blockchain would enable building high-speed dApps. Yakovenko had then said that with Tether’s integration Solana which was originally designed to support transactions at Nasdaq speed would amp up its transaction rates. 

So far, three other blockchains such as Ethereum, Algorand, and Stellar also support USDC, while Tether has been launched on eight blockchains like Ethereum, EOS, Liquid Network, Omni, OMG Network, Algorand, and Tron.

According to Circle, USDC has grown nearly fivefold, approaching 3 billion in circulation, as public blockchains become more open and global. However, adoption for both USDC and USDT stablecoins has increased with various blockchains integrating the stablecoins from this year on. 

However, Founder and CEO, FTX, Sam Bankman-Fried, said that having USDC natively on Solana would give the next generation of decentralized applications access to liquid, fast pricing and capital. 

Source: https://eng.ambcrypto.com/circles-new-partnership-will-bring-usdc-stablecoin-to-solana-blockchain

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Blockchain

Binance Coin, Cosmos, Dash Price Analysis: 21 October

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Binance Coin broke beneath its uptrend of the past month, although this could be a temporary haven for the asset than a reversal in trend. Cosmos had bearish momentum while Dash experienced a period of high volatility and registered big gains but was unable to hold on to them all.

Binance Coin [BNB]

Binance Coin, Cosmos, Dash Price Analysis: 21 October

Source: BNB/USDT on TradingView

BNB has been in an uptrend (cyan) since early September and reached a local high of $33.38. Using the Fibonacci Retracement tool for this move, alongside some historic support and resistance levels, we can see the regions of interest for the coin.

BNB retraced just past the 61.8% level, and since then was making consistent higher lows. The asset faced stiff resistance at the $32 region and was pushed down to $28.6 before climbing once more.

Support at $29 and the 23.6% retracement level at $29.77 should be defended by bulls in the coming days, or the price can slide toward $27.5.

In recent days, the momentum has been bearish for the asset. It is possible that BNB retests the 23.6% level and drops in the coming days, or BNB could find refuge in the $29 region for a few days.

Beneath $29, $27.5 is another region of interest for traders.

Cosmos [ATOM]

Binance Coin, Cosmos, Dash Price Analysis: 21 October

Source: ATOM/USD on TradingView

The price surged to $6 in the past couple of weeks but buying volume was not present behind the rise, shown by the OBV.

Subsequently, the price plunged as low as $5 before bouncing.

Buyer activity has been contained within the highlighted region on the OBV. A breakout to either side in the next few days would determine the direction of ATOM’s market.

Dash [DASH]

Binance Coin, Cosmos, Dash Price Analysis: 21 October

Source: DASH/USDT on TradingView

DASH formed a broadening triangle and appeared to breakout upwards. However, it was rejected immediately and the pattern invalidated as the price dipped beneath the previous high of the pattern.

The MACD showed that momentum was still strongly bullish with the asset, and price may test resistance at $77 in the coming days.

Source: https://eng.ambcrypto.com/binance-coin-cosmos-dash-price-analysis-21-october

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