Altcoins Analysis Bitcoin Blockchain

Klein Finance: A Decentralized Exchange on KuCoin Community Chain

Klein Finance: A Decentralized Exchange on KuCoin Community Chain

Klein Finance is a decentralized exchange that is used to provide liquidity and trade KCC20 tokens on the KuCoin Community Chain. The exchange is known for enabling fast, efficient, and low-slippage stablecoin swaps, which tends to prove that decentralized token exchanges are not only feasible but also more efficient than traditional foreign exchange transactions. It […]

Crypto News Ethereum

Ethereum Could Tank Further; Here’s What The Charts Say

The bear market has been quite harsh to all major altcoins including Ethereum. Over the past 24 hours ago, the coin dipped by 4%. In the last week however, Ethereum tried to stage a recovery. The bears continued to drag prices down despite that. Buyers of Ethereum have tried to remain calm throughout most of the downswing. The consistent push by the bears have caused the altcoin to experience less to almost no recovery. The technical of the coin  also pointed towards further fall in price before Ethereum starts to rise on the chart again. In the recent developmental front, the altcoin has announced for its possible merge to happen in the month of August this year. It is to be seen if the altcoin’s price reacts positively to this news. A likeliness of a trend reversal cannot be ruled out as the chart below depicts it. Ethereum Price Analysis: One Day Chart Ethereum was exchanging hands at $1900 at the time of writing. Continued fall below the current price level would cause the coin to trade at $1700. If buyers continue to remain scanty the coin could note a further 30% downfall and trade near $1200. On the flipside the coin can trade above the $2000 mark slightly and then attempt to trade above the $2200 mark. The volume of Ethereum traded was still seen in red because bearish pressure had not declined in the market. Technical Analysis A chance of a possible downswing cannot be ruled out because the one day chart depicted at death cross. A death cross occurs when the short term moving average is below the long term moving average. On the SMA, 20-SMA was seen below the 50-SMA indicating weakness of ETH’s price in the market. ETH’s price was below the 20-SMA line because sellers were driving the price momentum in the market. The Relative Strength Index was also weak in accordance with other techincals. RSI was below the zero-line, just above the 20-mark. This reading meant sellers preceded the number of buyers heavily at the time of writing. Moving Average Convergence Divergence depicts the price momentum of the market. MACD flashed red histograms beneath the zero-line which indicated a continued bearish price action for the coin. Awesome Oscillator also demonstrated green histograms below the half-line, in accordance with the MACD. AO flashing histograms below the half-line indicated a sell signal for Ethereum. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Possibility Of A Price Reversal? Ethereum formed a falling wedge pattern on the one day chart. A falling wedge pattern in associated with a change in current price action or a trend reversal. At the moment Ethereum was on a bearish price momentum. As falling wedge pattern was formed chance of the coin rebounding cannot be ignored. In case of a northbound movement, first resistance was at $2093 and then at $2200 respectively. For the bearish stance to be invalidated, Ethereum needs to trade above the $2900 mark. Related Reading | Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support Featured image from UnSplash, Charts from TradingView.com

Crypto News

Investors Continue To Trade LUNA Despite Massive Crash

Investors continue to trade the LUNA token despite its enormous fall, seeing the coin lose 99% of its value from $62 on May 9 down to less than a cent by May 14. However, on May 20, LUNA remains the most trending cryptocurrency searched on CoinMarketCap. With a market cap of $918 million, LUNA is trading at $0.00013 per coin. The coin has gained 1% in the last 24 hours and 75% last week.   Related Reading | Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up It’s worth noting that even though the price of this cryptocurrency had fallen dramatically over the past few days and South Korean officials were looking into penalizing its inventor for $78 million in tax avoidance, we see the coin trending higher than ever before. The South Korean authorities are investigating why the value of Terra’s dollar-pegged stablecoin, UST lost its peg on May 9. The market for this coin quickly melted down within four days. As a result, the stablecoin lost $18 billion. This affected not only the stablecoin UST but also all networks built upon it, such as LUNA, whose price plummetted from $62 per coin down to a fraction of a penny. Tax Authorities Fined LUNA Founder For Avoiding Taxes In order to investigate, both South Korean regulatory bodies, the Financial Supervisory Service and the Financial Services Commission called the local cryptocurrency exchanges to submit the transactions data.  The information requested from the local exchanges includes trade volumes for LUNA and UST as well the number of investors who have suffered losses because their investments declined during this time period. On the data request, a local exchange operator, Yonhap, said; It seems that they collected this information in order to minimize damage to investors in the future. The Korean National Tax Service has found that Terra’s parent firms have avoided paying corporate and income taxes. The company moved LUNA from its software firm, Terraform Labs, to Singapore’s Luna Foundation Guard (LFG) to avoid paying taxes. Do Kwon was fined $78 million by the tax department for acquiring and selling $3 billion in Bitcoin LFG. In addition, the Terra inventor could face further fines from the tax department. The NTS requested that Do Kwon and Daniel Shin pay $100 million in taxes in December. However, the two men declined since their company, Terraform Labs, is domiciled in Singapore. The NTS argues that all of Terraform Lab’s operations are controlled from South Korea, but the two men maintain that their business is conducted primarily in Singapore. Related Reading | Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022 In addition, only a few days before Terra collapsed, Do Kwon attempted to dissolve Terra’s Korean entities. There is speculation among onlookers about how long before the chain crumbled, Do Kwon had been prepared for Terra’s downfall. The founder of Terra is being sued by 200,000 people in Korea who invested in either LUNA or UST. Featured image from Flickr, and chart from Tradingview.com