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Mintlayer: A true pro-DeFi network

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Well-entrenched blockchain networks are still susceptible to lingering issues such as increasing fees triggered by clogged networks and high barriers to running a node encountered by users.

These growing concerns are caused by a lack of consideration of sustainability in designing blockchain nowadays – a flaw that endangers the very essence of the technology, decentralization.

The policy of Ethereum (ETH) blockchain, where the Decentralized Finance (DeFi) runs, where nodes are managed solely by special servers, has nothing to offer in the usability of the chain. It only causes an increase in fees and more importantly, a majority of users are left out in governance decision-making.

As overwhelming as they seem, these problems haunting DeFi are the targets of Mintlayer to solve as it aims to cement its status as a long-term, secure solution that assures scaling and acceleration of the future of Decentralized Finance (DeFi).

How the Mintlayer Blockchain works

Each Mintlayer block on the network has reference to a corresponding Bitcoin (BTC) block as the blockchain is anchored on BTC.

Among the users that stake MLT tokens and pass the minimum threshold, the participants in the Mintlayer round are chosen. Those that are selected through an election enforced by an algorithm will collaborate to create the chain’s blocks.

In theory, the higher MLT tokens that are staked by a user, the greater the chances are of being chosen as a participant.

About the Mintlayer blockchain

Shaping its security after that of Bitcoin (BTC), Mintlayer creates the first sustainable framework for Decentralized Finance (DeFi).

As Core Engineer Enrico Rubboli noted that in a free-market economy, every individual should be “free to produce, store, exchange assets, and access financial markets.” Without any limitations, Mintlayer is leveraging every ounce of technology it has to eliminate such limits.

As a blockchain that better directs token connectivity and provides ways for value trading, systems creation, functionalities participation in genuine trustless finance, Mintlayer is truly for DeFi.

 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/mintlayer-a-true-pro-defi-network/

Blockchain

TA: Bitcoin Turns Green, Why Close Above $40K Is Crucial

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Bitcoin price is trading in a positive zone above the $39,000 level against the US Dollar. BTC must settle above $40,000 for a sustained upward move in the near term.

  • Bitcoin is trading positively above the $38,500 and $38,800 support levels.
  • The price is still trading well above $39,000 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher if it settles above $40,200 and $40,500.

Bitcoin Price Could Gain Momentum

Bitcoin price remained well bid above the $38,200 support zone. BTC started a steady increase and it even broke the $39,000 level and the 100 hourly simple moving average.

However, the bulls are struggling to gain strength above the $40,000 zone. The last high was formed near $40,920 before there was a minor downside correction. The price corrected below the $40,000 support level.

There was a break below the 23.6% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. The price even traded below $39,500, but the bulls were active above the $39,000 support. There is also a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair.

The price is also trading nicely above the 50% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. On the upside, an initial resistance is near the $40,200 level. The first key resistance is near the $40,500 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is an upside break above the $40,500 resistance zone, there are chances of more upsides. The next major resistance is near the $41,000 and $41,200 levels. A close above $41,200 could trigger a steady increase towards the $43,500 level.

Dip Supported in BTC?

If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $39,200 level.

The first major support is now near the $39,000 zone and the 100 hourly SMA. A clear downside break below the trend line and $39,000 might call for a move towards the $38,000 level. The next major support is near the $37,800 zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $39,200, followed by $39,000.

Major Resistance Levels – $40,200, $40,500 and $42,000.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-green-40k/

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Blockchain

TA: Bitcoin Turns Green, Why Close Above $40K Is Crucial

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on

Bitcoin price is trading in a positive zone above the $39,000 level against the US Dollar. BTC must settle above $40,000 for a sustained upward move in the near term.

  • Bitcoin is trading positively above the $38,500 and $38,800 support levels.
  • The price is still trading well above $39,000 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher if it settles above $40,200 and $40,500.

Bitcoin Price Could Gain Momentum

Bitcoin price remained well bid above the $38,200 support zone. BTC started a steady increase and it even broke the $39,000 level and the 100 hourly simple moving average.

However, the bulls are struggling to gain strength above the $40,000 zone. The last high was formed near $40,920 before there was a minor downside correction. The price corrected below the $40,000 support level.

There was a break below the 23.6% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. The price even traded below $39,500, but the bulls were active above the $39,000 support. There is also a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair.

The price is also trading nicely above the 50% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. On the upside, an initial resistance is near the $40,200 level. The first key resistance is near the $40,500 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is an upside break above the $40,500 resistance zone, there are chances of more upsides. The next major resistance is near the $41,000 and $41,200 levels. A close above $41,200 could trigger a steady increase towards the $43,500 level.

Dip Supported in BTC?

If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $39,200 level.

The first major support is now near the $39,000 zone and the 100 hourly SMA. A clear downside break below the trend line and $39,000 might call for a move towards the $38,000 level. The next major support is near the $37,800 zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $39,200, followed by $39,000.

Major Resistance Levels – $40,200, $40,500 and $42,000.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-green-40k/

Continue Reading

Blockchain

TA: Bitcoin Turns Green, Why Close Above $40K Is Crucial

Published

on

Bitcoin price is trading in a positive zone above the $39,000 level against the US Dollar. BTC must settle above $40,000 for a sustained upward move in the near term.

  • Bitcoin is trading positively above the $38,500 and $38,800 support levels.
  • The price is still trading well above $39,000 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher if it settles above $40,200 and $40,500.

Bitcoin Price Could Gain Momentum

Bitcoin price remained well bid above the $38,200 support zone. BTC started a steady increase and it even broke the $39,000 level and the 100 hourly simple moving average.

However, the bulls are struggling to gain strength above the $40,000 zone. The last high was formed near $40,920 before there was a minor downside correction. The price corrected below the $40,000 support level.

There was a break below the 23.6% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. The price even traded below $39,500, but the bulls were active above the $39,000 support. There is also a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair.

The price is also trading nicely above the 50% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. On the upside, an initial resistance is near the $40,200 level. The first key resistance is near the $40,500 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is an upside break above the $40,500 resistance zone, there are chances of more upsides. The next major resistance is near the $41,000 and $41,200 levels. A close above $41,200 could trigger a steady increase towards the $43,500 level.

Dip Supported in BTC?

If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $39,200 level.

The first major support is now near the $39,000 zone and the 100 hourly SMA. A clear downside break below the trend line and $39,000 might call for a move towards the $38,000 level. The next major support is near the $37,800 zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $39,200, followed by $39,000.

Major Resistance Levels – $40,200, $40,500 and $42,000.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-green-40k/

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