Crypto News

Algorand (ALGO) Undermines Crypto Bloodbath, Adds Over 27% In A Week

This week has been eventful in the crypto market. Many cryptocurrencies have recorded massive losses since Monday, September 19. The Merge on September 15 kickstarted another downtrend for crypto prices. Afterward, CPI data made the feds hike the interest rate by 75 basis points, sending assets price downwards.  Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance But as these macroeconomic factors push many digital assets down, others resist the pressure and move forward instead.  Algorand ALGO is one of these assets, recording price gains in its 24 hours movements. But BTC and ETH haven’t fared well. For instance, on September 20 and 21, Bitcoin lost its grip on $19K, falling to $18K.  On September 22, BTC climbed again to $19K, an intraday high, and did not hold on to that level till press time. Currently, the BTC price is again bounced to $18,914, representing a 1.91% loss in 24 hours.  Algorand’s ALGO Not Affected By Macros While many cryptocurrencies bleed, ALGO is recording positive price movements. Currently, the ALGO price is $0.3761 on TradingView, and CoinMarketCap shows a 2.48% growth in 24 hours while 27.98% in the last week. So far, ALGO price movements are all green, as seen in the chart above. The coin started an upward climb since the close of the market on September 17. It jumped from $0.2973 to $0.3109 the same day.  On September 18, ALGO lost some of its gains to close the market at $0.2925. But a few hours later, the coin jumped again and closed the market at $0.3172 on September 19. Since then, to press time, ALGO has continued its upward movement.  It climbed to $0.698 on September 22 and is today trading at $0.3767. So far, the ALGO price movement shows a continuous price gain for three consecutive days.  Analysts have also pointed out that ALGO’s moving average convergence divergence is positive. Also, the coin’s RSI (Relative Strength Index) is at 58.18, showing that ALGO is closing to the overbought region.  Why Is ALGO Surging  Even though the crypto market is negative, a lot is happening in the ALGO ecosystem. Currently, the total volume locked on the ecosystem has grown considerably. The DeFi blockchain is recording massive interest, evidenced by the $244 million worth of TVL.  This figure was its data as of September 22 after adding 4.09% growth in its TVL. Data also reveals that $100 million out of this liquidity came from AlgoFi.  Apart from growing TVL, Algorand has made partnerships. The prominent one recently is the FIFA& Algorand partnership enabling the crypto network to FIFA+ Collect. This platform is where users will buy NFT items of many types.  Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why According to the details of FIFA+ Connect, the platform will operate like NBA Top Shot. Its users can purchase artwork, highlights, images, etc., from prestigious soccer competitions. The platform will launch before the World Cup, slated for November.  Featured image from Pixabay and chart from TradingView.com

Crypto News

Compound Prepares For A Major Rally To $80, Here Is Why

The price of COMP remains above the daily 50 EMA as it approaches $80. Price remains bullish, holding above key support areas COMP price ranges in an asymmetric triangle with high buy orders. The Compound (COMP) token price has recently been volatile as price ranges in an asymmetric triangle prepare for a breakout to a region of $80 against tether (USDT). Despite the fact that the crypto market is in a state of flux, the Compound (COMP) price has shown tremendous strength as it attempts to break out of its trading range. (Data from Binance) Related Reading: PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20% Compound (COMP) Price Analysis On The Weekly Chart  Despite a drop in price from $850 to $30, a drop of more than 70% from its all-time high. COMP’s price showed great strength as it rallied from its weekly low of $30 to a high of $60 before failing to break above that region to higher heights. The price of COMP has remained in a range as it is unable to break above a weekly resistance of $66 in order to trend higher to a region of $80. To have a better chance of trading higher, the COMP price must break and close above $66. The price of COMP has formed an uptrend line that is acting as support; flipping this area of resistance into support will signal a more relief bounce for the price of COMP. If the price of COMP fails to break through this key resistance region, we may see the price of COMP range within this channel or retest the $40 and lower support and demand zone for more buy orders. Weekly resistance for the price of COMP – $66 Weekly support for the price of COMP – $40. Price Analysis Of COMP On The Daily (1D) Chart The daily timeframe for COMP prices is still strong, with prices ranging in an asymmetric triangle with high volume. Despite being rejected from a high of $65, the price has remained in a range forming an asymmetric triangle, with volume increasing in anticipation of a major breakout. On the daily timeframe, the price of COMP is currently trading at $61, above the 50 Exponential Moving Average (EMA), which acts as a support for the price of COMP, and below the 200 EMA, which acts as resistance for the price of COMP. The price of $54 corresponds to the 50 EMA support, while the price at $80-$86 corresponds to the resistance. The price of COMP needs to break above this resistance to rally high. The Relative Strength Index (RSI) for COMP is above 60 on the daily chart, indicating more buy order volume.  Daily resistance for the COMP price – $66. Daily support for the COMP price – $54-$45. Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Featured Image From zipmex, Charts From Tradingview 

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Crypto Downtrend Led Investors To Liquidate Over $432 Million

The overall financial market is discouraging this week. Stocks and cryptos are plummeting as anticipation of the upcoming rate hike grows. The latest CPI for August was a force that pushed the market towards the edge.  The figure was higher than expected, increasing fear in the industry. As the Feds prepares to hit the market with the biggest rate hike, exchanges have started liquidating leveraged positions. This strategy is geared at cutting down losses as events unfold. Related Reading: WATCH: Bitcoin Bloody Monday Leads To Reversal Hammer | BTCUSD September 19, 2022 Traders’ Positions Liquidated As The Market Panics  Coinglass has disclosed the data of liquidations currently taking place across diverse exchanges. According to the data app, 130,087 traders have seen their positions liquidated. The total amount has reached $431.51 million at the time of writing. Many crypto traders of Bitcoin and Ethereum were hit more in the ongoing frenzy. Bitcoin traders lost $44.5 million of their leveraged positions, while Ethereum traders lost $8.39 million in liquidations.  Going by the positions, the longs took the lead while the short position holders followed suit. According to Coinglass, the amount between the two is 10X, and the highest liquidation so far occurred on Okex.  Data shows that Okex liquidations amounted to $190.41, comprising $181.30million in long positions and $9.11 million in short positions.  The following exchange with high liquidations after Okex is Binance. The exchange liquidated $77.49 million in long positions and $12.99 million in short positions, amounting to $90.48 million.  Other top riders in a frenzy include FTX with $57.59 million in long and short positions and Bitmex with $28.78 million. There is also ByBit and Huobi, with $27.86 million and $18.91 million in total liquidations.  Macro Factors Responsible For Market Downtrend The price movement of assets this week has increased the uncertainty in the crypto market. Many cryptocurrencies are trading in red, with a double-digit downfall in the last 24 hours. The price crash has pushed the overall market capitalization below $1 trillion.  Analysts are attributing the ongoing downtrend to many macroeconomic factors. The most prominent one is the CPI data that shocked everyone on September 13. The data was higher than the market expected, showing inflation still rages.  The effect of the data was seen immediately after its release. The number one crypto, Bitcoin, lost $1000 within minutes. From then onwards, other crypto assets started shedding prices to the detriment of investors.  Another factor seemingly pushing the4 market down is Ethereum Merge. After the upgrade, the crypto price plunged to $1300, leading to many people believing the predictions that it was overhyped.  Related Reading: Ethereum Could Gain 10% Before ETH Resumes Its Reversal Due to the high CPI data, the Fed’s meeting on September 21 is causing panic in the market. The market is waiting for the next interest rate hike, and pundits are already predicting a figure that hasn’t been seen in 40 years. The Feds might move to a 100-point after the meeting.  Currently, both stocks and crypto are strongly bearish. After September 21, the market move might be more terrifying than what it is today, September 19. Featured image from Pixabay and chart from TradingView.com

Crypto News

Solana Shows Bullish Signs Ahead Of 1D Breakout, Can Price Go To $45?

Solana (SOL) develops bullish sentiments against tether (USDT), as the price of Solana (SOL) seeks to rise with an impending breakout above the current resistance. Bitcoin (BTC) gained significant strength after closing the weekly candle on a high note, with the price remaining above $21,700 for the first time in weeks. Most crypto assets, including Solana (SOL), have benefited from this, with the price aiming to break out. (Data from Binance) Related Reading: SEBA Bank To Include Ethereum Staking In Services Solana (SOL) Price Analysis On The Weekly Chart  The price of SOL has struggled to maintain its bullish momentum in recent months, as it was rejected from the $45 area, which was acting as a supply zone for most sellers. Despite growing sentiment that the price of SOL will rise, SOL has struggled to regain its bullish momentum. The weekly chart of SOL looks good, as the week ended bullish with more bullish sentiments. As the price of SOL cannot trend higher, it faces resistance to breaking above $38. SOL must break above this level in order for its price to rise to $40 and possibly $45. For a better chance of trading higher, the price of SOL must break and hold above this resistance. If the price of SOL breaks out with significant volume, the price may rise. If the price of SOL fails, we could see a retest of $31, which would act as a good demand zone for a price sell-off. The price of SOL appears to be rising as the market prepares for a relief rally. Weekly resistance for the price of SOL – $38-$45. Weekly support for the price of SOL – $31. Price Analysis Of SOL On The Daily (1D) Chart The daily timeframe for SOL prices appears bullish, with prices aiming to end the day on a high following a strong weekly candle close. SOL has recovered from a daily low and is attempting to break above the 50 Exponential Moving Average. With good volume, the price of SOL would break above this region of $38, acting as resistance for the price of SOL to trend higher. If the price of SOL fails to break above $38, it may retest the lower region of $31 in order to gather more volume for a possible rally above that price region. On the daily timeframe, the price of SOL is currently trading at $37, holding above the 50 Exponential Moving Average (EMA). The price of $36 corresponds to the 50 EMA, which is a resistance to the price of SOL. If the price of SOL flips the 50 EMA, a strong bullish price movement is assumed. If the price of SOL flips the 23.6% Fibonacci (Fib) retracement value, a higher price movement is assumed. On the daily chart, the Relative Strength Index (RSI) for SOL is above 50, indicating high buy order volume. Daily resistance for the SOL price – $45. Daily support for the SOL price – $31. Related Reading: Ethereum Classic (ETC) Leads Weekly Gains Amidst Crypto Market Reversal Featured Image From NewsBTC, Charts From

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Publicly-Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU Mineable Coins Ahead of Merge

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While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, Hive Blockchain Technologies, revealed in the company’s August 2022 production update that it plans to re-distribute its hashpower dedicated to Ethereum toward “other GPU mineable coins.” Hive’s Technical Team Researches Other GPU Mineable Coins On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) published the company’s More

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