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Price Analysis 8/21: BTC, ETH, XRP, BCH, LINK, LTC, BSV, ADA, BNB, CRO

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Rich Dad Poor Dad author Robert Kiyosaki believes that Warren Buffet’s recent closure of his bank stock positions is a warning sign that the world might be starting a “major banking crisis.” Therefore, Kiyosaki suggests traders buy safe haven assets such as gold, silver and Bitcoin (BTC) to protect themselves from the downward spiraling value of the fiat currencies.

Popular Bitcoin derivatives trader Tone Vays believes that Bitcoin could breakout to new all-time highs in 2021. He pointed out that historically, Bitcoin has tended to double in price after breaking out of its all-time high, especially if it took years to do that. Hence, if Bitcoin breaks above $20,000, Vays expects a rally to at least “$45,000 to $50,000.”

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

A report by Grayscale Investments suggests that the current market conditions are similar to the one seen in 2016 before Bitcoin began its stellar bull run. Grayscale highlights the growing dependence of the U.S. economy on expansionary monetary policy and believes that it will be very difficult to reverse it. This could stoke inflation, which will be bullish for Bitcoin.

While these are long-term projections, in the short-term, the total crypto market capitalization has slid from $380 billion on Aug. 17 to about $360 billion, which shows profit booking by short-term traders.

Investors will now want to know if the current correction will deepen or if the prices rebound in the coming days. Let’s study the charts to find out!

BTC/USD

Given that Bitcoin has been in a strong uptrend, traders have consistently purchased dips to the 20-day exponential moving average ($11,570) because they believe that the rally will resume and the price would not dip to these levels again.

BTC/USD daily chart. Source: TradingView

BTC/USD daily chart. Source: TradingView

However, Bitcoin’s weak rebound off the 20-day EMA on Aug. 20 suggests that the bulls are not confident that the uptrend will resume, hence, they are not buying aggressively at this support.

The negative divergence on the relative strength index suggests that the momentum has weakened. If the price breaks and sustains below the 20-day EMA, the traders are likely to wait for the BTC/USD pair to find support at lower levels, before buying.

On a drop below the 20-day EMA, the decline can extend to the $11,100–10,900 support zone.

Contrary to this assumption, if the pair rebounds off the 20-day EMA, the bulls will make another attempt to push the price above the $12,113.50–$12,460 resistance zone. If they succeed, the uptrend is likely to resume.

ETH/USD

The rebound off the 20-day EMA ($395) on Aug. 20 fizzled out close to $415.634, which suggests that the bears are aggressively defending this resistance. They will now try to sink Ether (ETH) price below the 20-day EMA.

ETH/USD daily chart. Source: TradingView​​​​​​​

ETH/USD daily chart. Source: TradingView

If they succeed, a drop to $366 is possible. The bulls are likely to defend this support aggressively. A bounce off this support could keep the ETH/USD pair range-bound between $366–$415.634 for a few days.

The negative divergence on the RSI shows that the momentum has weakened. If bears sink the pair below $366, a drop to the 50-day simple moving average ($321) is possible.

Conversely, if the pair rebounds off the 20-day EMA, the bulls will make one more attempt to propel the price above $415.634–$446.479 resistance zone.

XRP/USD

The weak rebound off the 20-day EMA ($0.285) on Aug. 20 suggests a lack of buyers at higher levels. If the bears can now sink XRP below the 20-day EMA, a drop to $0.268478 is possible.

XRP/USD daily chart. Source: TradingView​​​​​​​

XRP/USD daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI has dropped close to the midpoint, which suggests a range-bound action in the short-term. A strong bounce off the $0.268478 support will signal strength and the bulls will try to push the price back to $0.326113.

Contrary to this assumption, if the bears sink the XRP/USD pair below $0.268478, a deeper correction to the 50-day SMA ($0.243) is likely.

BCH/USD

Bitcoin Cash (BCH) is struggling to stay above the 20-day EMA ($293), which suggests a lack of buying interest among the bulls. The altcoin can now drop to the $280 support.

BCH/USD daily chart. Source: TradingView​​​​​​​

BCH/USD daily chart. Source: TradingView

The flat 20-day EMA and the RSI close to the 50 level suggests a balance between supply and demand.

If the bears sink and sustain the BCH/USD pair below $280, it will be a huge negative as it would suggest a lack of buyers at higher levels. The next support on the downside is at the 50-day SMA ($266).

However, if the pair rebounds off $280, the bulls will once again attempt to carry the price to $326.30.

LINK/USD

Chainlink (LINK) formed consecutive inside day candlestick patterns on Aug. 19 and 20, which showed indecision among traders. This was resolved to the downside today when the altcoin broke below the $14.69 support.

LINK/USD daily chart. Source: TradingView​​​​​​​

LINK/USD daily chart. Source: TradingView

The bulls are currently attempting to defend the 20-day EMA ($14.12). If they succeed, the LINK/USD pair could rise to $17.6738. The bears are likely to defend this level aggressively.

The 20-day EMA has flattened out and the RSI is just above the midpoint, which suggests a range-bound action in the short-term.

However, if the bears sink and sustain the pair below the 20-day EMA, a drop to the 50% Fibonacci retracement level of $13.4906 and below it to the 61.8% retracement level of $11.9281 is likely.

LTC/USD

The bulls defended the 20-day EMA ($59) on Aug. 19 but they could not push Litecoin (LTC) to the overhead resistance at $65.1573, which suggests a lack of demand at higher levels. This usually happens when traders believe they will get a better entry opportunity at lower levels if they wait for some time.

LTC/USD daily chart. Source: TradingView​​​​​​​

LTC/USD daily chart. Source: TradingView

If the bears sink the price below the 20-day EMA, a decline to $56 and below it to $51 is possible. Such a move will suggest that the momentum has weakened and could result in a range-bound action for a few days.

The gradually rising 20-day EMA and the RSI in the positive territory suggest that bulls have a slight advantage.

If the LTC/USD pair rebounds off the 20-day EMA, it will suggest that the bulls are defending this support and this could attract buyers who will then try to push the price above the $65.1573–$68.9008 resistance.

BSV/USD

Bitcoin SV (BSV) is not finding buyers even at the $200 support, which is a negative sign as it suggests that the buyers expect lower levels in the short-term.

BSV/USD daily chart. Source: TradingView

BSV/USD daily chart. Source: TradingView

If the BSV/USD pair breaks and closes (UTC time) below $200, it will complete a descending triangle pattern, which has a target objective of $142.

The 20-day EMA ($214) has started to turn down and the RSI has slipped into the negative territory, suggesting advantage to the bears.

Contrary to this assumption, if the pair rebounds off $200, the bulls will try to push it above the $227 resistance. If successful, it will invalidate the bearish setup that can result in a move to $260.86.

ADA/USD

Cardano (ADA) closed (UTC time) below the $0.13 support on Aug. 19, which is a negative sign. The bulls tried to fake this move and push the price back above $0.13 on Aug. 20 but the bears aggressively defended the 20-day EMA ($0.136).

ADA/USD daily chart. Source: TradingView​​​​​​​

ADA/USD daily chart. Source: TradingView

This suggests that the sentiment has changed from buy on dips to sell on rallies. If the ADA/USD pair closes (UTC time) below $0.125, a drop to the next support at $0.11 is possible.

The 20-day EMA has started to turn down and the RSI has dipped into the negative territory, which suggests that the bears are making a comeback.

This bearish view will be invalidated if the pair turns up from the current levels and rises above the 20-day EMA. Such a move will indicate strong buying at lower levels.

BNB/USD

Binance Coin (BNB) is struggling to stay above the 20-day EMA ($22.15), which suggests that the bulls are not buying aggressively at this support.

BNB/USD daily chart. Source: TradingView

BNB/USD daily chart. Source: TradingView

If the bears sink the price below the $21.7628 support, a drop to the 50-day SMA ($19.86) is possible. Such a move will suggest that the bullish momentum has weakened.

The 20-day EMA is flattening out and the RSI is just above the midpoint, which suggests a range-bound action in the short-term.

Contrary to this assumption, if the BNB/USD pair rises from the current levels and breaks above $24.4588, a rally to $27.1905 is possible.

CRO/USD

Crypto.com Coin (CRO) has been trading between the 20-day EMA ($0.1638) and the overhead resistance of $0.176596 for the past few days. This shows that the bulls are defending the 20-day EMA, which is a positive sign.

CRO/USD daily chart. Source: TradingView​​​​​​​

CRO/USD daily chart. Source: TradingView

Today, the bulls had pushed the price above $0.176596 but they could not sustain the higher levels, which shows selling by the bears on sharp rallies.

If the CRO/USD pair sustains above the 20-day EMA, the bulls will make another attempt to push the price above $0.176596. If the price closes (UTC time) above this level, a rally to $0.20 is possible.

Conversely, if the bears sink the pair below the 20-day EMA, a drop to $0.154322 is possible. A rebound off this support could keep the pair range-bound between $0.154322–$0.176596 for a few days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-8-21-btc-eth-xrp-bch-link-ltc-bsv-ada-bnb-cro

Blockchain

Coinbase unwilling to participate in Spark’s airdrop

Coinbase has remained silent about participating in Flare’s spark token.  Some users could end up missing on free XRP tokens Coinbase’s camp has been tumultuous over the past few weeks, from the removal of margin trading from its Pro platform, to the CEO’s tweet about a planned regulation on crypto wallets.  However, a new development […]

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  • Coinbase has remained silent about participating in Flare’s spark token. 
  • Some users could end up missing on free XRP tokens

Coinbase’s camp has been tumultuous over the past few weeks, from the removal of margin trading from its Pro platform, to the CEO’s tweet about a planned regulation on crypto wallets. 

However, a new development has gotten XRP traders talking as they have refused to join up in the imminent airdrop from Flare Network. 

Flare network have stated that Coinbase’s participation is highly unlikely. The addresses of all XRP users that would be benefiting from the airdrop will be made on the 12th of December.  By implication, it would be too late for the token’s support  to be enabled on their platform. 

Thus, Coinbase users will end up missing out on the free Ripple’s XRP token.

No airdrops for Coinbase and Kraken users.

XRP has been available on Coinbase since the second month of 2019. From that time, it has accumulated over $1.9 billion worth of token. 

However, its refusal to comment on the Spark airdrop suggests that some of its users might not know about it. Invariably, their users would miss out on the free tokens that Ripple holders are entitled to get at a ratio of 1:1. 

Flare Networks have specified that other users will be getting any token that’s unused. 

Other top Exchanges like Binance and Bitstamp have announced their participation in the distribution of the token already. 

Kraken seems to have followed in Coinbase’s footsteps at its support team posted on Twitter that they were not planning to support Flare Network’s airdrop. They advised their users to withdraw their coins and put them in wallets that they have control of. They also stated that they had no plans and are not obligated to credit anyone with airdrops that have or will occur. 

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Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

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Ethereum appeared to form a strong region of demand around the $500-zone, a bullish development for the crypto’s long-term outlook. In fact, ETH has been climbing steadily over the past few days, something that could be bullish for a part of the altcoin market. And yet, taken individually, some of these coins had a short-term bearish outlook.

Bitcoin SV formed a bear flag, while Maker and Ethereum Classic appeared to exhibit a divergence between its recent gains and trading volume.

Bitcoin SV [BSV]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: BSV/USDT on TradingView

BSV was forming a bear flag, with the ascending channel representing the flag of the pattern and being formed on the back of falling trading volume.

The level at $172 has acted as strong resistance in recent months, with BSV struggling to flip the level to support since losing it in early September.

The short-term momentum was bullish, with the coin forming a series of higher lows over a lower timeframe. If a trading session closes above $177 in the coming days, the bear flag would be invalidated.

A break to the downside on the back of strong volume would see BSV drop to as low as $150.

Maker [MKR]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: MKR/USDT on TradingView

MKR has ranged between $555 and $500 for the better part of November, with a brief breakout to touch $650 facing immediate resistance from the market’s bears.

The momentum was neutral for MKR, and the RSI stood at 50. The 20 SMA (white) dipped sharply under the 50 SMA (yellow), as can be expected from the volatility of the previous week.

It is possible that MKR can rise as high as $555, but it is more likely that MKR would oscillate between $550 and $500, as it has in recent weeks.

Ethereum Classic [ETC]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: ETC/USDT on TradingView

The Fibonacci Retracement levels showed likely places of support for the price. ETC wicked down to the 61.8% retracement level, and even dipped as far down as the $5.59-support level.

Since then, the price has ground its way north on the back of falling volume. While the volume has been greater in comparison to the accumulation phase before 16 November, the volume paled in comparison to the volumes of the previous week.

Hence, while the MACD formed a bullish crossover under zero, the level of resistance at $6.42 and the 38.2% retracement level at $6.5 can offer stout resistance to ETC’s advances and push it back down towards $5.74 in the coming days.

Source: https://eng.ambcrypto.com/bitcoin-sv-maker-ethereum-classic-price-analysis-29-november

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Curve Finance to Distribute Almost $3 Million in Fees

Following the outcome of a community poll, DEX platform Curve Finance is set to distribute $2,631,601 in fees to its governance token holders. In May 2020, Curve revealed that it would decentralise its platform. Governance was by means of its governance token, CRV. The company would deliver tokens to users based on how much liquidity … Continued

The post Curve Finance to Distribute Almost $3 Million in Fees appeared first on BeInCrypto.

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Following the outcome of a community poll, DEX platform Curve Finance is set to distribute $2,631,601 in fees to its governance token holders.

In May 2020, Curve revealed that it would decentralise its platform. Governance was by means of its governance token, CRV. The company would deliver tokens to users based on how much liquidity they had provided to the protocol since its launch in January 2020.

The distribution announcement, which came on Nov 27, marks a new frontier in the growth of DeFi. It demonstrates the success of a decentralised governance mechanism over a decentralised liquidity farming platform.

Curve’s road To distributed governance

On Aug 24, BeInCrypto reported that Curve’s first governance vote did not go as well as planned. Voters criticized the voting protocol. Effectively as much as 70 percent of total voting power lay with founder Michael Egorov. Curve remained popular in the yield farming space, though, due to its Automated Market Maker (AMM) technology.

Curve launched initially as a decentralised exchange supporting stablecoins and yield farming. It became a highly sought-after DeFi token in August when a community user correctly deployed a CRV token protocol. By popular demand, the protocol was then adopted by the platform.

A week-long voting exercise began on Nov 20. The result of the vote and the subsequent execution of the community decision provide a shot in the arm for the growth of decentralised protocols by demonstrating the practicality of distributed governance.

Voters included 49.75 percent of the total eligible voting pool, with the decision going through unanimously. According to Curve, payment of the fees will occur on Nov 30. Subsequent fees will be remitted weekly to platform governance token holders going forward.

Curve’s burgeoning growth

Despite the aforementioned voting protocol teething issues and a significant dropoff in Total Value Locked (TVL) on the platform toward the end of October, Curve has surged in recent weeks. It currently boasts a TVL above $900 million. Curve is the 6th most popular DeFi protocol in existence.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/curve-finance-to-distribute-almost-3-million-in-fees/

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