The altcoin market has historically been closely linked with the performance of the Bitcoin market, thanks to the high correlation indices these alts share with the king coin. Off late, however, many of these cryptocurrencies seem to be bucking this trend. While Bitcoin continues to stagnate on the charts, the market’s altcoins are rallying. The cases of Tezos, Hedera Hashgraph, and Crypto.com Coin are no different.
Tezos, presently the market’s 13th largest cryptocurrency, seemed to have reversed the downtrend. While the same was triggered by Bitcoin’s brief hike on the 6th, XTZ has continued to gain significantly on the charts. At the time of writing, XTZ was up by 19% over the last 7 days, with the crypto recording YTD gains of 121%.
Its market indicators highlighted the sudden trend reversal in the market. While Parabolic SAR’s dotted markers had flipped bullish on the charts, MACD line was well over the Signal line.
Tezos was in the news recently after Bolt Labs launched a private payment solution, zkChannels, on the Tezos blockchain.
Hedera Hashgraph [HBAR]
Like Tezos before it, Hedera Hashgraph has been able to reverse its bearish market in the month of July. While not as significant, this reversal came at a crucial time for HBAR since for a while now, the crypto has been trading within a tight price band on the charts.
Hedera Hashgraph’s market indicators, however, continued to give contradictory signals. Chaikin Money Flow was climbing on the charts toward 0.20; Awesome Oscillator, despite recent resurgence, continued to note momentum in the negative.
Developments have been hard to come by for the 49th-ranked cryptocurrency in the market cap, with HBAR last in the news after crypto-wallet announced an integration with Hedera Hashgraph a few weeks ago.
Crypto.com Coin [CRO]
Crypto.com Coin, the native token of Crypto.com Chain, alongside the likes of Tezos and Chainlink, has been one of the market’s best-performing cryptocurrencies, with CRO noting YTD gains of 327%. The staggering rate of growth noted by the token is highlighted by CRO’s charts as over the past few months, CRO has been on a sharp and steady incline. Despite the fact that it had relatively stalled on the charts over the past few days, CRO still managed to note gains of over 10% over the last week.
With any crypto on such a steep incline, there is bound to be a degree of volatility in the market. This was underlined by the mouth of Bollinger Bands widening, at the time of writing, while Relative Strength Index was skirting the overbought zone.
The rate at which CRO and its native exchange Crypto.com have grown has taken many by surprise, with some even questioning the legitimacy of it. CEO Kris Marszalek was quick to dispel such notions, however, claiming that token speculation is not the reason behind such progress.
Binance to make changes as ‘trader’ scams liquidity on ETHUSD Futures
A tweet by the VP of Futures at Binance, Aaron Gong, addressed an apparent attack on the liquidity of USDETH Perpetual Futures.
As per the tweet by Gong, Binance believes this to be ‘intentional sabotage’ from a competitor and stated that,
“This happened on ETHUSD Perp futures. It was caused by one trader, both ways. We believe this may be intentional sabotage from a competitor. The trader lost lots of money himself. But also caused other stop orders to trigger. We will make a few changes to reduce in the future.”
Given the state of the order book, many believed it was incredulous to claim that one single trader could scam the entire liquidity.
a whale can manipulate a price on any exchange, what you can do is set your stop loss to mark price not (last price).
— cryptoSha (@Mewz_Ashea) October 29, 2020
Binance stated that they would make several changes to ensure this situation does not arise again in the future.
Binance will change the stop order to default to Mark (index) Price and not Last Price to avoid this problem. They will also turn on Price Protection for all stop orders so that if Last Price and Mark Price differs significantly, stop orders will trigger.
The exchange also stated that they would incentivize more market makers to provide liquidity and order book depth so that this situation will be unlikely to arise once again.
The chart above depicts Exchange 24-hour ETH Futures Volumes, indicating Binance is the exchange with the second-highest volume in this category. However, their claim that a lack of liquidity and order book depth was a potential cause of this issue, suggests otherwise.
CZ, CEO of Binance, also tweeted on the issue stating that the proposed changes in light of this issue would have “a material impact for Futures users”.
DFI.Money (YFII) Reaches Double-Bottom, Struggles to Hold Support
DFI.Money (YFII) has been, for the most part, decreasing since Sept 12. It appeared to have reversed its trend at the beginning of October but has since fallen back to its daily all-time low. Whether or not YFII bounces at the current support level will be a strong indication of new negative price discovery or […]
The post DFI.Money (YFII) Reaches Double-Bottom, Struggles to Hold Support appeared first on BeInCrypto.
DFI.Money (YFII) has been, for the most part, decreasing since Sept 12. It appeared to have reversed its trend at the beginning of October but has since fallen back to its daily all-time low.
Whether or not YFII bounces at the current support level will be a strong indication of new negative price discovery or reversal of the trend.
YFII Begins To Bounce
On Oct 7, YFII reached a low of $1,169. It began an upward move shortly afterward, reaching a high of $2,585 after only two days, measuring a total increase of 120% since the lows. However, YFII has been gradually falling back.
At the time of press, YFII was trading below the 0.786 Fib level of $1,470. This Fib level is also very near to the previous resistance area, creating a strong support level between $1,400-$1,470.
Short-term technical indicators are bullish. Both the RSI and MACD have generated considerable bullish divergence, the former being inside its oversold region, a sign that a reversal is likely near.
Therefore, YFII is expected to bounce upwards from the current support level.
In addition, it seems that YFII is trading inside a descending wedge and has been doing so since Oct 10. Since the wedge is considered a bullish reversal pattern, a breakout is expected.
If YFII begins moving upwards and breaks out from the wedge, the closest resistance levels would be found at $2,500 and $3,050.
Cryptocurrency trader @CryptoTony_ outlined a YFII chart, stating that the price will likely decrease once more towards $1,400 before initiating a rapid upward movement towards $3,600.
With the aforementioned Oct 7 low, it seems that YFII successfully completed an A-B-C corrective formation (shown in black below).
The movement afterward (highlighted) looks impulsive, so it is possible that YFII began an upward trend that will take the price to the resistance levels at $2,500 and $3,050.
A closer look reveals a completed five-wave formation and an ensuing A-B-C corrective structure (both shown in red).
Furthermore, waves A:C have a 1:1.61 ratio, which is very common in such corrections. This supports the possibility that YFII has reached a bottom and will now begin to increase.
A decrease below the wave 1 low of $1,169 would invalidate this particular wave count.
To conclude, it is possible that YFII has begun a new upward movement and will increase towards the resistance levels outlined above.
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
Bitcoin to Surpass $20,000 ATH By Early 2021 According to Raul Pal
Former hedge fund manager and CEO of Real Vision, Raoul Pal, believes that the real impact of the COVID-19 pandemic is about to reach the financial markets. By outlining several upcoming cornerstones among traditional financial assets, he highlighted Bitcoin as the “life raft” in this situation.
Raoul Pal: Everything Has Changed
In a recent Twitter thread, the Wall Street veteran outlined the rapidly growing COVID-19 cases worldwide. The total number of infected has neared 45 million, while the death toll is almost 1,2 million.
Pal predicted that these rising numbers in Europe, the US, and Canada are about to “exert economic pressures and extinguish the Hope phase of reflation dreams.” He believes that the upcoming consequences will harm the economy even more than the early 2020 developments. A real economic recovery “will take more than a post-election stimulus in January.”
He continued by looking at several markets that have started to feel the adverse consequences and have fallen to long-term support levels. Those included the oil price, Spain’s benchmark stock market index – the IBEX 35, the EU Banks Index, the euro, the British pound, the US dollar, and more.
As such, he broached a few possible solutions – “you can buy bonds and dollars, or you can take the life raft – Bitcoin.”
“Or, to dampen the volatility of a risk-off event (we can and will see sharp BTC corrections), you can have all three for a near-perfect portfolio for this phase.” – Pal concluded.
Bitcoin Will Eat The World And Price Predictions From Pal
Pal further highlighted his positive views on Bitcoin by saying the cryptocurrency “will eat the world.” He attributed it to its performance, which is so dominant and so “all-encompassing” that it will “suck in every single asset narrative dry and spit it out.”
“Never before in my career have I seen a trade so dominant that holding any other assets makes almost no sense.”
As far as price predictions go, Pal said that $14,000 is the only resistance left in Bitcoin’s way to the all-time high at $20,000. He expects that BTC should overcome the December 2017 high by “early next year at the latest.”
Additionally, CryptoPotato recently reported an even more optimistic and long-term forecast. By using a regression on the logarithmic chart since inception, Pal brought up a model that sees Bitcoin reaching $1 million by 2025.
Featured Image Courtesy of BusinessInsider
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