Crypto News

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

The price of Axie Infinity (AXS) has struggled recently with a few bullish signs against Tether (USDT) despite market sentiments around the project. As a result of the “Merge” sentiments, this has led to many altcoins showing relief rallies and newer altcoins making all-time highs; the price of Axie Infinity has struggled to rally despite many expectations on AXS holders. Related Reading: Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k The Merge is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) to increase its network efficiency in transactions. (Data feeds from Binance) Axie Infinity (AXS) Price Analysis On The Weekly Chart From the chart, the price of AXS saw a weekly low of around $14.2, which bounced from that area and rallied to a price of $18. The price has built more momentum as it faces resistance at $19.3. If the price of AXS on the weekly chart continues with this structure, it could quickly revisit $18, acting as a good support area for buy bids. Weekly resistance for the price of AXS – $19.3. Weekly support for the price of AXS – $14. Price Analysis Of AXS On The Daily (1D) Chart The price of AXS found strong support at around $17.5, which seems to be an area of interest on the daily chart. AXS bounced from its support and has rallied as it faces resistance at $19.3. The price of AXS has continued to range in a channel; breaking out of this channel could send the price of AXS to $28. At the point of writing, the price of AXS is $19.27, above the 50 Exponential Moving Average (EMA) with a price of $17.5. If the price of AXS holds the support of $17.5 successfully, we could see the price trending higher with a successful breakout of the channel; if the price of AXS gets rejected, $17.5, which corresponds with 50 EMA, will be good support for buys. The Relative Strength Index (RSI) for the price of AXS on the daily chart is above 55, indicating healthy buy bids for AXS. Daily (1D) resistance for AXS price – $19.3. Daily (1D) support for AXS price – $17.5. Price Analysis OF AXS On The Four-Hourly (4H) Chart The price of AXS has continued to range in a channel having resistance at $19.3.  AXS is trading above the 50 and 200 EMA with prices of $18.4 and $17.3, acting as its support on the 4H chart should the price of AXS gets rejected due to the weekend sell-off. If the price of AXS holds above the support of 18.4 with the good volume, we could see prices trending and breaking out of the range channel. If AXS experiences a sell-off, 50 and 200 EMA prices would support AXS prices. Four-Hourly (4H) resistance for AXS price – $19.3. Four-Hourly (4H) support for AXS price – $18.4, $17.3. Related Reading: Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory Featured image from Coin News, Charts from TradingView.com

Crypto News Ethereum

Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

Data shows a large amount of leverage has been piling up in the Ethereum futures market as the price of the crypto breaks above $2k. Ethereum Open Interest Surges To Highest Value In Last 4 Months As pointed out by an analyst in a CryptoQuant post, the ETH futures market has seen the leverage sharply going up recently. The “open interest” is an indicator that measures the total number of Ethereum futures contracts currently open in all derivatives exchanges. When the value of this metric rises up, it means investors are opening up more positions on the market right now. Since more futures positions imply that leverage is also going up in the market, such a trend can lead to higher volatility in the price of the coin. On the other hand, lowering values of the indicator suggest holders are closing up their positions at the moment. This kind of trend can result in a less volatile value of ETH. Related Reading: Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges Now, here is a chart that shows the trend in the Ethereum open interest over the course of 2022 so far: Looks like the value of the metric has shot up in recent days | Source: CryptoQuant As you can see in the above graph, the Ethereum open interest has observed some sharp uptrend during the past couple of weeks. The indicator has now reached a value of 7.4 billion, the highest it has seen during the last four months. However, there is an interesting comparison here. Related Reading: New Findings Shows Institutional Investors Take More Interest In Ethereum Around 4 months ago, when such values were previously observed, the price of ETH was about $3.3k. But today the price is just $2k, around $1.3k less than it was back then. And yet, the open interest is at the same level, meaning the Ethereum market might be having the same degree of leverage this time as well, while the price is much lower. When especially high leverage accumulates in the futures market, any sharp swing in the price can liquidate a large number of positions at once. These liquidations then further amplify this price move, which liquidates more positions. In this way, liquidations can cascade together, and the event is called a “liquidation squeeze.” This is the reason behind the volatility of an overleveraged market. If a long squeeze does end up taking place this time, then the latest rally in the value of ETH may hit the breaks. ETH Price At the time of writing, Ethereum’s price floats around $1.9k, up 5% in the past week. The value of ETH seems to have gone up during the last few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Altcoins

Founder of Crypto Exchange Giant Huobi in Talks To Sell His Shares for Over $1,000,000,000: Report

The founder of crypto exchange platform Huobi is reportedly looking to sell his shares of the Seychelles-based firm for a over billion dollars. According to a new report by Bloomberg, Huobi founder Leon Li is in talks with investors to sell about 60% of his stake in the company that’s seeking a valuation of $3 […]

The post Founder of Crypto Exchange Giant Huobi in Talks To Sell His Shares for Over $1,000,000,000: Report appeared first on The Daily Hodl.

Crypto News Ethereum

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

Ethereum has experienced a mild setback after breaking the important barrier at $2,000 and continues to trade in the green over today’s trading session. The cryptocurrency is leading the current crypto market relief and sees poised for further gains. Related Reading: Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market At the time of writing, Ethereum (ETH) trades at $1,980 with a 6% and 15% profit over the last 24 hours and 7 days, respectively. Only Solana (SOL), and Cardano (ADA) come close to ETH’s price gains with double digits profits over the same period. Trading firm QCP Capital believes the bullish momentum is on track to extend on the back of positive macro-economic factors. The crypto relief rally took off last week when the U.S. published the Consumer Price Index (CPI) July print, a measure of inflation in the dollar. The metric stood at around 8.5% and, as QCP Capital said, “confirms the peak inflation narrative”. Thus, market participants expect a less aggressive Federal Reserve (Fed) as inflation appears to be trending down. The trading desk said: This has led to the market pricing a more dovish Fed, creating bullish momentum that is likely to continue until the next FOMC meeting on 22 September. In the coming weeks, there are other macro-economic events that could negatively impact market participants’ perceptions about the Fed. However, QCP Capital believes the market will “remain supported regardless”. For the price of Ethereum, the bullish narrative is double as there is a tentative date for the mainnet implementation of “The Merge”, the event that will complete ETH transition to a Proof-of-Stake (PoS) consensus. The event is expected to take place between September 15 to 16. This has led to an “unprecedented” shift in the crypto options markets, the total open interest (OI) for ETH contracts has overshadowed Bitcoin (BTC) open interest. The former stands at $8 billion and the latter at $5 billion. What Could Become An Obstacle For Ethereum’s Bullish Momentum The above might suggest market participants are buying call (buy) options for Ethereum heading into “The Merge”, counting on the event to be successful. In the spot market, data from Material Indicators shows that investors with bid orders from $1,000 to $100,000 have been buying into ETH’s price action over the last week. If large investors continue to support Ethereum, the bullish momentum could sustain, as QCP Capital expects. However, Bitcoin should see more upward pressure to support any long-term bullish price action, as NewsBTC previously reported. Related Reading: Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now? Additional data provided by Material Indicators records thin resistance for ETH’s price, on low timeframes, north of $2,050. If bulls can push the price beyond those levels, ETH could reclaim its previous highs and turn critical resistance into support.

Crypto News

TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

The price of Cardano (ADA) has shown bullish signs and could be set for a major run against Tether (USDT) after bouncing from key support. Ethereum price rallied with so much strength from a region of $1,670 to $2,000 ahead of the Ethereum “Merge”. This has brought relief bounces for many altcoins, including the price of Cardano (ADA). Related Reading: Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon “The Merge” is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) so as to increase its network efficiency in transactions. (Data feeds from Binance) Price Of Cardano (ADA) Weekly Chart Analysis From the chart, the price of ADA saw a weekly low of around $0.4, which bounced from that area and rallied to a price of $0.55. The price has built more momentum as it faces resistance at $0.66. If the price of ADA on the weekly chart continues with this bullish structure, it could quickly revisit  $0.66 and trend higher to $0.75. Weekly resistance for the price of ADA – $0.66. Weekly support for the price of ADA – $0.45. Price Analysis Of ADA On The Daily (1D) Chart The price of ADA found strong support at around $0.45, with what seems to be an area of interest on the daily chart. ADA bounced from its support and has rallied as it faces resistance at $0.63. The price of ADA has continued to range in a channel; breaking out of this channel could send the price of ADA to the resistance at $0.63. At the point of writing, the price of ADA is at $0.55, above the 50 Exponential Moving Average (EMA) with a price of $0.5. If the price of ADA holds the support of $0.5 successfully, we could see the price trending higher. If the price of ADA gets rejected, $0.5, which corresponds with 50 EMA, will be good support for buys. The Relative Strength Index (RSI) for the price of ADA on the daily chart is above 65, indicating healthy buy bids for ADA. The volume for ADA indicates buy bids, this shows bulls would want to push the price higher. Daily (1D) resistance for ADA price – $0.66. Daily (1D) support for ADA price – $0.5. Price Analysis OF ADA On The Four-Hourly (4H) Chart The price of ADA has continued to maintain its bullish structure after a successful break above the ranging channel.  ADA is trading above the 50 and 200 EMA with prices of $0.52 and $0.5 acting as its support on the 4H chart, should the price of ADA gets rejected due to the weekend sell-off. If the price of ADA holds above the support of 0.52 with the good volume, we could see prices trending to $0.66. In case ADA experiences a sell-off, 50 and 200 EMA prices would act as support for ADA prices. Four-Hourly (4H) resistance for ADA price – $0.66. Four-Hourly (4H) support for ADA price – $0.52, $0.50. Related Reading: TA – Harmony (ONE) Price Shows Bullish Signs – Eyes $0.04 Featured image from NewsBTC, Charts from TradingView.com

Crypto News

TA – Harmony (ONE) Price Shows Bullish Signs – Eyes $0.04

The price of Harmony (ONE) has shown bullish signs and could be set for a major run against Tether (USDT) as it eyes $0.04.  Ethereum price rallied with so much strength from a region of $1,670 to $1,924 ahead of Ethereum merge. This has brought relief bounces for many altcoins including the price of Harmony (ONE). Related Reading: Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone Ethereum merge is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) so as to increase its network efficiency in transactions. (Data feeds from Binance) Harmony (ONE) Price Analysis On The Weekly Chart From the chart, the price of ONE saw a weekly low of around $0.0168, which bounced from that area and rallied to a price of $0.02950. The price has built more momentum as it faces resistance at $0.037. If the price of ONE on the weekly chart continues with this bullish structure, it could quickly revisit  $0.037 and trend higher to $0.04. Weekly resistance for the price of ONE – $0.03. Weekly support for the price of ONE – $0.0168. Price Analysis Of ONE On The Daily (1D) Chart The price of ONE found strong support at around $0.0266, with what seems to be an area of interest on the daily chart. ONE bounced from its support and has rallied as it faces resistance at $0.04. The price of ONE ranged in an asymmetric triangle before breaking out and forming support above it. At the point of writing, the price of ONE is at $0.02960, above the 50 Exponential Moving Average (EMA) with a price of $0.0266. If the price of ONE holds the support of $0.0266 successfully, we could see the price trending higher. If the price of ONE gets rejected, $0.0266, which corresponds with 50 EMA, will be good support for buys. The Relative Strength Index (RSI) for the price of ONE on the daily chart is above 65, indicating healthy buy bids for ONE. The volume for ONE indicates buy bids, this shows bulls would want to push the price higher. Daily (1D) resistance for ONE price – $0.04. Daily (1D) support for ONE price – $0.0266, 0.024. Price Analysis OF ONE On The Four-Hourly (4H) Chart The price of ONE has continued to maintain its bullish structure after a successful break above the asymmetric triangle and retesting to form a support.  ONE is trading above the 50 and 200 EMA with prices of $0.0258 and $0.0242 acting as its support on the 4H chart, should the price of ONE gets rejected due to the weekend sell-off. If the price of ONE holds above the support of 0.02790 with a good volume, we could see the price trending to $0.04. In case ONE experiences a sell-off, 50 and 200 EMA prices would act as support for ETH prices. Four-Hourly (4H) resistance for ONE price – $0.04. Four-Hourly (4H) support for ONE price – $0.0258, $0.0242. Related Reading: Sandbox (SAND) Price Up 76% Since June Courtesy Of Metaverse Hype Featured image from TronWeekly, Charts from TradingView.com 

Crypto News

How Gold Continues To Prove To Be A Hedge Against Inflation

Across multiple economic downturns and bear markets, gold has proven to be a haven for investors worldwide, with many traders and investors opting to invest in it to protect their capital against value depreciation, which occurs from inflation, causing an increase in general prices. Because gold prices are related to the US dollar value due to gold being dollar-denominated, a stronger USD keeps the price of gold down and more controlled. A weaker USD drives the gold price higher due to increasing demand. Ultimately this means that more gold can be purchased when the dollar is more vulnerable, protecting investors against economic events like currency devaluation and providing a safety net during periods of political instability. Gold gained popularity for its ability to be an inflation hedge when governments attempted to protect their economies, like in 1879 when the US introduced a gold standard that began backing the US dollar with actual gold to combat inflation, and in 1971 when President Nixon decided to end the gold standard to gain better control over gold-to-dollar conversions and improve inflation. While the asset has become a go-to for many investors who wish to hedge against inflation due to its apparent low risk of price crashes, one study from Duke University found that the asset class was most successful at combating inflation when invested for periods of over a century. It found that shorter-term investments had more significant fluctuations that did not guarantee gains for investors. Despite its utility, investors should be aware that many gold mining companies are unsuccessful due to high overhead costs, debt, finance, lack of control over commodity prices and non-compliance. Investors looking to get into gold-backed cryptocurrencies sometimes fail because they cannot create commercial value nor maintain it. One company trying to provide a solution for this problem is Zambesi Gold, a thriving business that aims to lead the transition in mining assets becoming fully backed digital assets. Self-described in its whitepaper as being “backed by real gold, real people, and real mining operations combined with real value,” the company believes that current issues in gold investing exist due to companies having “a lack of a business plan which leads to less interest and productivity.” To solve these problems, an agreement between the Zambesi Token and its investors ensures that no fractional lending will occur. “The number of tokens will be fixed, preventing inflation; therefore, a token’s value will increase irrespective of the demand for the token or of the gold price, and the amount of gold backing for each token will increase each month.” The company believes that each asset should contribute to the profitability of a business and not subsidize other assets to reduce the cost of debt. It does this by allowing token holders to be the beneficiaries of the Gold Custodian Trust. In this vault, physical bullion gets stored. “The Zambesi Gold standard is a monetary system backed by the value of physical gold, with the project’s token, just like gold, being perfectly divisible, with historical and inherent value projected for the future.” By implementing this structure, Zambesi token holders are guaranteed that their investment in gold will always increase in quantity and value. In today’s bear market, investors are constantly looking for ways to hedge their portfolios against inflation. While gold has been proven to be a haven for investors, it is still not without risk, and many investments can take long periods to provide gains. However, newcomers like Zambesi Gold are disrupting this space, allowing investors an even safer and more secure way to invest in gold using cryptocurrency. To learn more about this exciting new project, head to Zambesi Gold’s website today.    

Altcoins Analysis Bitcoin Blockchain

Ultron Foundation’s Diverse Ecosystem Retaining Users With The Help Of Its Native Layer 1 Coin

Ultron Foundation's Diverse Ecosystem Retaining Users With The Help Of Its Native Layer 1 Coin

Ultron Foundation, a blockchain-based project, has created a diverse ecosystem that has been fundamental in retaining a huge user base thanks to its native layer 1 coin. The Ultron Foundation ecosystem provides diversity with multiple services and various dApps. The team behind the project had one mission in mind, to design a complete crypto ecosystem […]

Crypto News

Sandbox (SAND) Price Up 76% Since June Courtesy Of Metaverse Hype

The Sandbox (SAND) has been showing bullish signals and rising steadily, recording a 0.5% spike in the market. Sandbox price on an uptrend; rises by 76% SAND price trades upwards; depicting a long-term bullish trend Sandbox is bullish due to an increased investor and influencer interest  The market has seen aggressive strides in the past couple of weeks which is forecasted to be long-term. According to CoinMarketCap, The Sandbox (SAND) is down by 3.1% or at $1.30 as of this writing. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week SAND Blows Past 75% On Influence Boost SAND was seen to spike by 76% since June 19. The growth is brought about largely by the influence of metaverse platforms like Sandbox which has generated a great deal of interest from popular influencers and personalities online as well as a huge part of blockchain users who continuously support these platforms. For instance, famous socialite Paris Hilton has a Malibu mansion on Sandbox and is organizing events for fans that allow everyone to interact virtually with her. Hilton’s partnership with Sandbox has generated a lot of attention for SAND and also the metaverse events she has in store for her solid fans on Sandbox. Related Reading: Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67? SAND’s price growth is mainly triggered by its wide expansion internationally and in other markets. Additionally, Sandbox is also said to begin partnerships with local businesses for a pop-up atelier. These developments have propelled SAND’s prices way up as investors are now excited with the evolution of the metaverse industry and want to be a part of the metamorphosis. On the recent chart, the market has registered small gains which are said to be a perpetuation of the sideways market that has been lingering for the past couple of weeks. SAND is seen to continue with its current trading direction or the sideways market in the next trading sessions with prices that could potentially trade below $1.49. On the other hand, if the prices hover above the key resistance of $1.49, this will indicate the continuation of a bull run. What Is The Sandbox? The Sandbox (SAND) is an interactive virtual Ethereum-based world that enables players to create, build, explore, socialize, trade, and monetize digital assets and game experiences. The platform is powered by SAND, its native currency, which is utilized for interactions and transactions made in the virtual world. The Sandbox provides players with a safe gaming landscape that keeps players secure from crypto market volatility and crashes. While the Sandbox has been criticized a lot of times as it heavily relies on cryptocurrencies which are highly volatile, the platform remains to be one of the most popular and trusted projects in the GameFi space. SAND total market cap at $1.6 billion on the daily chart | Source: TradingView.com Featured image from Yahoo Finance, Chart from TradingView.com