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Cardano and Tezos Face Stiff Resistance Ahead of Their Ascent

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Cardano and Tezos Face Stiff Resistance Ahead of Their Ascent | Crypto Briefing

















Two of the supposed “Ethereum killers,” Cardano and Tezos, have made impressive upwards price movement. Though, to continue this performance they’ll need to break through several tough supply walls.


Key Takeaways

  • Investors are growing overwhelmingly bullish about Cardano as the much anticipated Shelley upgrade approaches
  • Sentiment around Tezos is also turning positive given the 43% upswing it experienced over the past week
  • Even though these cryptocurrencies seem to have more room to go up, everything will depend on their ability to break above their overhead resistance

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Cardano and Tezos posted impressive gains over the last few weeks, but stiff resistance could pose problems for their ascent.

Cardano Might Hit a Wall

One of the so-called “Ethereum killers,” Cardano, has been on a tear over the last couple of weeks. Intense buying pressure was fueled by speculation around its upcoming Shelley upgrade, which will begin to roll out at the end of July.

Investors are accumulating Ada in anticipation of staking rewards on Cardano for when they transition to proof-of-stake. Data from IntoTheBlock reveals that the number of addresses with a balance in ADA continues to rise steadily.

Since the beginning of the month, the total number of addresses holding this cryptocurrency rose by 3.4% to reach a new all-time high of 418,400 addresses. This uptrend is a clear sign of confidence and user adoption, according to Lucas Outumuro, a senior analyst at IntoTheBlock.

“Overall, Cardano appears to have hit an inflection point with its Shelley upgrade. Whether ADA’s price drops with a case of ‘buy the rumor, sell the news’ following the hard fork on July 29 is still unknown, but on-chain indicators point to holder optimism and network growth as the date approaches,” said Outumuro.

Total Number of Cardano Addresses With a Balance by IntoTheBlock
Total Number of Cardano Addresses With a Balance by IntoTheBlock

The optimism surrounding Cardano is observable based on social media data. LunarCRUSH reported that roughly 74% of the 73.5 million social engagements recorded over the past week were bullish about this altcoin. Still, there is a tough resistance barrier ahead of the cryptocurrency that could prevent it from reaching higher highs.

SIMETRI Profits of 919%

The area between $0.123 and $0.154 represents a significant hurdle for Cardano’s uptrend based on historical data. Around these price levels, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that approximately 4,200 addresses hold nearly 160 million ADA.

This supply barrier could reject any upwards price movement because holders within this range would likely try to break even in the event of an upswing. If this were to happen, an increase in sell pressure could ignite a correction.

On its way down, the IOMAP cohorts show the area between $0.12 and 0.13 will serve as a strong support barrier. Here, roughly 24 million addresses bought over 3.73 billion ADA.

Cardano In/Out of the Money Around Price by IntoTheBlock
In/Out of the Money Around Price by IntoTheBlock

It is worth noting that turning the $0.154 resistance level into support could be the catalyst that sends Cardano towards the next major barriers that sit around $0.20 and $0.30.

Tezos Sits at a Make-or-Break Point

The bulls have taken control of Tezos’s price action over the past week. Over that period, its price has appreciated by over 40%. Regardless, the smart contract token remains contained within a narrow trading range that began to develop in late April.

Since then, XTZ has mostly traded between the $2.3 support and the $3 resistance level with no clear indication of where it will go next.

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Recent price action signals that Tezos is preparing to resume its historic uptrend as it tests the strength of overhead resistance. However, only a clear daily candlestick close above this critical hurdle will determine the trend’s direction.

Tezos US dollar price chart
XTZ/USD on TradingView

Given the possibility of a bullish breakout, Santiment’s Social Sentiment index reveals that the Twitter chatter around Tezos is starting to get bullish. Since the beginning of the month, the behavior analytics firm saw that sentiment volume for XTZ surged from -0.46 to -0.14.

If the trend continues, this fundamental metric will finally turn positive, which could be followed by a further price increase. Data reveals that each time Tezos’s social sentiment moves above 0, its price tends to surge.

In early February, for instance, the price of this altcoin took rose over 135% after its weighted social sentiment surged to 1.2. A similar phenomenon occurred in late April, which saw XTZ’s price appreciate by more than 46%.

Tezos' Social Sentiment by Santiment
Tezos’ Social Sentiment by Santiment

If history repeats itself and XTZ-related mentions on social media turn positive, then Tezos might be able to break above its overhead resistance. Moving past this supply barrier could see its price march towards mid-February’s high of nearly $4 or even reach a new yearly high.

The Crypto Market Moves Forward

Over the last quarter, lower-cap cryptocurrencies have managed to post outstanding gains despite Bitcoin’s lackluster price action. Remarkable altcoin momentum seems to indicate a new altseason could be getting started.

While investors remain concerned about what the future holds due to the ongoing global pandemic, the best opportunities tend to emerge when “fear” reigns the market. For this reason, market participants must pay close attention to the different resistance levels mentioned earlier. Breaking above these supply walls could propel Cardano and Tezos to reach higher highs.

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Source: https://cryptobriefing.com/cardano-tezos-stiff-resistance-ahead-ascent/

Blockchain

How to use a Bitcoin ATM in 2020?

Bitcoin ATMs are the new trend in 2020. ATMs allow Bitcoin to fiat withdrawal and more. ATMs also allow Bitcoin buy and sell options. With digital currency on the rise, the need for automated teller machines (ATM) is a mandatory requirement of consumers. Currently concentrated in the North American region, more and more countries are […]

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How to use a Bitcoin ATM in 2020? | Cryptopolitan

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  • Bitcoin ATMs are the new trend in 2020.
  • ATMs allow Bitcoin to fiat withdrawal and more.
  • ATMs also allow Bitcoin buy and sell options.

With digital currency on the rise, the need for automated teller machines (ATM) is a mandatory requirement of consumers. Currently concentrated in the North American region, more and more countries are joining the bandwagon. Very much similar to regular ATMs, Bitcoin versions enable buying, selling, and sometimes exchange into other currencies as well.

Bitcoin ATMs offer a regulated platform ensuring FinCen (Financial Crimes Enforcement Network) required compliance of adhering to KYC (know-your-customer) and AML (anti-money-laundering) laws. It drives away the volatility usually associated with cryptocurrency and provides users with high-end security of confidential data and digital assets with minimum obligations as compared to digital exchanges that make users go through meticulous procedures for simple transactions. There are about 56 manufacturers with working ATMs installed across the globe.

How to use a Bitcoin ATM?

Purchasing Bitcoins through ATM is a fairly easy process of entering one’s registered mobile number following by entering the authentication code received via SMS and finalizing the transaction by scanning the QRcode on the soft wallet in the mobile app.

Bitcoin wallet that includes a confidential key (Bitcoin address) is what one needs to transfer Bitcoins through Bitcoin ATMs. Options of hardware and software wallets are readily available using which bought crypto funds are transferred to preferred recipients.

Trading away Bitcoins is just as simple as buying them. Selecting the sell Bitcoin option on the Bitcoin ATM followed by entering the registered mobile number followed by scanning one’s ID and take it forward by mentioning the amount of BTC you want to sell. 

You are halfway thereby scanning the QR code and receiving a message confirming the receipt of the entered amount by the ATM. Finally, navigate through the redeem ticket option and pickup conventional currency against the digital ones sold.

It’s a bit of a process but that also goes for the regular ATM machines too. Nevertheless it is well suited to new players in the field.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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Analysis: ETH Miners Begin Selling as Twitter Sentiment Turns Bearish

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Recent data revealed that Ethereum miners have disposed of significant ETH holdings following the latest price jump towards $420. Additionally, the Twitter sentiment has turned rather bearish for the second-largest cryptocurrency after the consequent price drop.

ETH Miners Initiate Sell-Offs?

Ethereum miners, the lifeblood of the current proof-of-work consensus algorithm behind the Ethereum blockchain, have perhaps gained the most from the ongoing decentralized finance craze.

As CryptoPotato reported recently, they made a total of $166 million in fees in September alone. This was a new monthly all-time high and about six times more than Bitcoin miners.

ETH Miners Behavior. Source: Santiment
ETH Miners Behavior. Source: Santiment

As far as their balances go, they began accumulating larger portions precisely at the start of September, as the graph above illustrates. Apart from a few brief drops in their holdings, the trend continued until a few days ago.

However, as ETH’s price surged to a 7-week high of $420, miners changed their minds. The data analytics company Santiment highlighted the massive drop of ETH miners’ holdings.

Interestingly, those sell-offs coincided with ETH’s price peak. Since then, the second-largest digital asset by market cap has lost some steam and currently trades below $400.

Further Losses To Come?

Despite being one of the best-performing assets since the start of the year, Santiment’s data suggested that Ethereum may be heading even further south. Apart from miners disposing of their ETH coins, the analytics company said that the traders FOMO and the increased on-chain activity visible recently have slowed down.

Additionally, the Twitter sentiment has turned against Ethereum. Somewhat expectedly, the sentiment performs in correspondence with the price most times. For example, when ETH dipped to about $300 in September, the metric remained in negative territory for weeks.

Contrary, when ETH started pumping, so did the sentiment. Now, the trend has reversed after a sharp spike. The analytics company concluded that since the crowd sentiment has flipped back into bearish territory, the ETH token could be in for further short-term price declines.

Ethereum Twitter Sentiment. Source: Santiment
Ethereum Twitter Sentiment. Source: Santiment
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Source: https://cryptopotato.com/analysis-eth-miners-begin-selling-as-twitter-sentiment-turns-bearish/

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META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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[PRESS RELEASE]

Boca Raton, Florida, ChainWire – October 27, 2020 Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights.

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom.

meta1

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty.

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions are dropped or settled. If similar actions were perpetrated by non-governmental entities, there would be a basis for legal claims and damages, however government agencies are shielded by sovereign immunity laws which generally protect them from lawsuits.

Since legal actions by government agencies are sporadic, as they often involve disparate parties and lengthy investigations, the cumulative effect of their efforts is usually not seen by causal observers. META 1 will collaborate with other cryptocurrencies who have been targeted for baseless legal claims by government agencies to develop a class action-level case file that will demonstrate the cumulative actions of government agencies in an easy-to-view, compiled format.

META 1 Coin Trust will form a commission, in partnership with other cryptocurrencies, to formally research and study the results of findings via expert interviews and legal research. Once the findings are documented, legal counsel will be consulted about possible class-action efforts to potentially seek remedies from cumulative damages incurred as part of a clear pattern of targeted abuse and persecution.

Dunlap added, “We hope that government agencies will notice our efforts to highlight their unfair targeting of cryptocurrencies, so they stop these unethical tactics and allow the crypto community to live and conduct business in peace without the threat of constant harassment. We respect governments’ need to ensure law and order and to protect people’s safety. At the same time, we expect governments to also respect the individual liberties and livelihoods of law-abiding people, which is currently the issue we’ll be investigating.”

META 1 encourages any cryptocurrency issuers or coin holders who have been subjected to government agency actions in the past to contact META 1 to be a part of this study, via the company’s website contact page at:

www.meta1.io/META1Contact

About META 1 Coin Trust:

META 1 is an asset-backed cryptocurrency that was founded by crypto visionary Robert P. Dunlap with the intention of promoting the concepts of abundance and equity in the service of humanity. As part of its mission, META 1 actively advances the cause of human rights and leads the fight against excessive government regulation and overreach in the jurisdiction-less ecosystem of global cryptocurrency.

META 1 is also a socially conscious company that envisions a future filled with abundance and prosperity for humanity instead of overreaching lockdowns, taxation and regulations.

For more information about META 1 Coin Trust, visit: www.meta1.io

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Source: https://cryptopotato.com/meta-1-coin-trust-announces-commission-to-study-global-persecution-of-cryptocurrency-projects/

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