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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

Blockchain

Polkadot (DOT) Jumps 9% as Altcoins Bleed; What’s Driving This Rally?

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Polkadot’s native cryptocurrency DOT was among the biggest gainers in the last 24 hours even as other top DOT/USD exchange rate rose about 9 percent, hitting $4.93 as its intraday high during the European trading session Tuesday. The rally emerged out of nowhere, with no concrete fundamentals backing it as catalysts, leaving traders focusing on the pair’s technical prospects.

DOT Setups Bullish

One pseudonymous analyst on Twitter called it a breakout above a crucial technical resistance level at $4.50. He stated that he would open fresh Long positions at the flipped support, iterating his short-term bullish outlook on the DOT market.

“I didn’t buy on the initial break out as price action wasn’t exactly clean,” the analyst noted. “Now that the $4.50 resistance has been broken, things are looking much better. [I am] looking for a retest of the level as support to enter.”

DOT, DOTUSD, DOTUSDT, Polkadot, DeFi, cryptocurrency

Polkadot technical trade setup, as shared by PostyXBT. Source: DOTUSD on TradingView.com

Meanwhile, a TradingView contributor saw the latest DOT move as a breakout above a medium-term Descending Trendline resistance. He placed the price action on a Fibonacci retracement graph, churning out a set of ideal supports and resistances as DOT continues its ascent.

DOT, DOTUSD, DOTUSDT, Polkadot, DeFi, cryptocurrency

Polkadot trade outlook by THECRYER. Source: DOTUSD on TradingView.com

“Dot is still performing a good come back as you can see by his multiple bounces on a forming uptrend Line,” the contributor said. “Like always the King is controlling those coins by his dominance so you always have to check BTC before entering a trade and exit fast if a dip happens.”

Market analyst Scott Melker also iterated his DOT price target against BTC about 15 percent higher from where it was trading at the time of this writing. In his outlook published 22 hours ago, the trader said that he is waiting for DOT/BTC to break above its Descending Trendline to target 49,553 sats.

As of now, the pair was trading at 35,871 sats, above the said Trendline resistance.

Fundamental

As a standalone blockchain project, DOT’s parent protocol Polkadot stands among the tallest Ethereum rivals in business. They started earlier in 2017 with a much larger investor base and has since earned a dedicated supporter base.

More recently, a total of five decentralized projects running atop the Polkadot blockchain raised about $18.5 million. While the sum is way lesser than that procured by average Ethereum-based projects, it shows that Polkadot is growing in the right direction, albeit slowly.

“There’s ample opportunity outside of Ethereum, and new Layer-1s can stand out by targeting niche sectors (think Flow and gaming) and bringing radically different designs to the table (the unparalleled flexibility afforded by modular frameworks like Polkadot and Cosmos,” said Messari in its October 2020 report on smart contract platforms.

Source: https://www.newsbtc.com/analysis/dot/polkadot-dot-jumps-9-as-altcoins-bleed-whats-driving-this-rally/

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Ethereum bounces off crucial support area but faces major hurdle

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Ethereum price is -3.3% down but its rebound above $390 is key to bulls

While Ethereum (ETH) and most other altcoins have traded lower in the past 48 hours, technical indicators suggest that the price of ETH is likely to recover above the major resistance area within the coming days.

According to on – chain data provider Glassnode, Ethereum’s realised price recently hit a high last seen in January 2019. As per the data, the metric’s value stands at $246 after jumping 21% since April. Realised Price is a crucial indicator as it gives the average price of every Ether coin at the time it last moved.

ETH/USD

The breakdown to lows of $382 meant bulls lost momentum and a key support area by failing to hold gains around $405. The dip also meant Ethereum risked further losses, a scenario that could prove to be detrimental to bulls’ short term plans if it plays out again.

However, prices have since bounced off the support area and holding the pivotal area bodes well for buyers. The recovery puts prices above the 23.6% Fibonacci retracement level that marks the downswing from a $411 high to $382 low and highlights $395 as the immediate resistance level.

If bulls manage to hold off bears around this area, they could mount an attack at the next target marked by resistance at the 50% Fibonacci retracement level of the aforementioned swing.

A bullish scenario is forming on the daily chart with respect to Ethereum holding the $390 area. However, the MACD and the RSI on the hourly chart are suggesting struggle, which means that the bulls need to discover an upside momentum on increased buying pressure to push ETH/USD above the 100 – SMA. Achieving this will provide the encouragement bulls need to attempt breaching the wall at $420.

ETH/USD price chart. Source: TradingView

If bulls maintain the bounce off the trendline, a breakout is likely with ETH/USD blasting out of a long term descending triangle pattern.

On the flip side, a rejection at current price levels opens up Ethereum to an immediate drop to lows of $385. A further drawdown from the $385 support level risks putting bears in charge and opening up an easy route to lows of $368.

Source: https://coinjournal.net/news/ethereum-bounces-off-crucial-support-area-but-faces-major-hurdle/

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Bitcoin holds $13,000 even as hash rate slumps

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Hash rate has slumped from 151 EH/s to 132 EH/s but Bitcoin price remains bullish around $13,000

Bitcoin continues to trade around the $13,000 level even as the network’s hash rate slumped to new weekly lows.

Data from Blockchain.com shows that Bitcoin’s seven – day moving average hash rate fell from 151.09 EH/s on October 24 to around 132.9 EH/s on October 26.

Bitcoin hash rate 7 – day moving average chart: Blockchain.com

The decline in hash rate coincides with the end of Sichuan’s wet season, a region that attracts huge numbers of miners each year. It is estimated that over two – thirds of Chinese miners descend on Sichuan every rainy season, attracted by the availability of cheap hydroelectricity.

Bitcoin holding $13,000

Bitcoin’s steady action over the past few days contrasts with the picture seen across the global stock market.

For the stock markets, the US presidential election, lack of progress on stimulus talks, and reports of surging COVID-19 cases in the US and across Europe provide a bleak outlook.

On Monday, the 26th of October, the Dow Jones dropped 2.29%, the S&P 500 1.86% and Nasdaq 1.64% as financial markets on Wall Street tanked. The same trend registered in Europe, with the German DAX slipping 3.71% and FTSE lost 1.16% to leave investors nervous.

But as most stocks trend bearish on negative sentiment, investors are bullish on Bitcoin. The technical picture suggests that Bitcoin remains in the buy zone, with moving averages signalling a strong buy as oscillators hover around neutral on the daily chart.

As such, chances are BTC/USD pumps above $14,000 near term, with reasonable price targets around $16K medium term. However, technical analyst Cole Garner has suggested the price may fall sharply after another leg up.

“If we leg up — hammer falls right afterwards”, the analyst tweeted and accompanied his suggestion with the chart below that suggests Bitcoin is overvalued.

Chart suggesting Bitcoin price could fall sharply. Source: Cole Garner on Twitter

Other than the fall in total computational power, Bitcoin miners appear to be contributing to the slight sell – off pressure that has capped BTC/USD around $13K. As per data on Bitcoin terminal Byte Tree, miners rolling inventory (MRI) shows that the miners sold just 11% more bitcoin than generated this past week. The average over the past five and twelve weeks is 6%.

The data, however, suggests that MRI has jumped to 111% in the past 24 hours, with “first spend” figures at 1,293 BTC against 613 BTC generated (at the time of writing.)

A screenshot showing miners have sold more Bitcoin in the past day than the average over the past five weeks. Source: Byte Tree

If it tanks, BTC/USD will likely fall to lows of $11,300 — $11,500. The 100 – SMA and 200 – SMA are located at $11,168 and $10,050.

Source: https://coinjournal.net/news/bitcoin-holds-13000-even-as-hash-rate-slumps/

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