SushiSwap Kicks Off Climb, Why This 40% Rally Is Just Getting Heated

Up 57% in two weeks and 40% in 30 days, SushiSwap (SUSHI) moves at its own beat. The decentralized finance (DeFi) token trends to the upside on the back of a potential integration with Stargate, the LayerZero implementation.

Related Reading | Why SushiSwap’s 15% Gain Could Be The Beginning Of An Uptrend

At the time of writing, SUSHI trades at $4.80 with a 14% profit in 24 hours.

SUSHI with small gains on the 4-hour chart. Source: SUSHIUSDT Tradingview

LayerZero is a communication protocol that enables direct interaction between different blockchains. Stargate is a bridge solutions running on top of it.

By integrating with SushiSwap, the decentralized exchange (DEC) could unify the liquidity spread across its 16 different versions. In that way, users would access cheaper cross-chain transactions, more security, new products and investment strategies.

If the integration is approved, for example, liquidity providers on this DEX could expand their rewards. In step of receiving a portion of the transaction fees for 1 liquidity pool running on Ethereum, they could collect rewards from all the pools across the SushiSwap ecosystem.

The voting process that will accept or denied this potential integration has begun. Data provided by the DEX’s governance; this voting will end on April 4, 2022.

Currently, a majority of SUSHI holders have voted yes on the proposal with 6.4 million of the token at the time of the snapshot. This represents 99.99% of the votes so far which suggest overwhelming support for this proposal.

The proposal was presented by Tangle and OxMaki and promises to provide a better user experience for cross chain swaps, maximize trading volumes on Sushi pools, and more benefits to the DEX’s treasury. The proponents wrote:

We propose to have Sushi integrate Stargate to facilitate Omnichain native asset swaps and transfers between networks. This will help unlock the power of Sushi by allowing users to move freely between assets and networks.

SushiSwap Signals More Gains

The DEX and its native token seem to be reacting to this announcement. A pseudonym analyst caught the move to SUSHI’s current levels based on an On-balance volume (OBV), a metric used to measure momentum, downtrend break for the daily chart.

As seen below, the analyst believes SUSHI could reach as much as $6 if the token is able to sustain its current momentum. With the apparent imminent approval of the Stargate integration proposal, a continuation of the upward trends seems likely.

$SUSHI – Nice looking setup with a downtrend break on OBV with confluence with a double bullish supertrend. pic.twitter.com/GqyKDeaUO4

— IncomeSharks (@IncomeSharks) March 30, 2022

Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How

Additional data provided by Material Indicators (MI) suggest investor with bids orders between $100,000 are dominating the current price action. While this investor class remains optimistic, smaller investors have been selling into this SUSHI rally.

Large investors (purple) buy as retail (yellow) and smaller investors (green and red) sell this SUSHI rally. Source: Material Indicators.

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Composable Finance Raises $32 Million in Series A

Composable Finance is pleased to announce that it has raised $32 million in Series A funding. The round included notable investors in the space. GSR, Tendermint Ventures, Fundamental Labs, Coinbase Ventures, LongHash Ventures, Figment VC, New Form Capital, Blockchain Capital, Yunt Capital, Jump Capital, Polytope Capital, NGC Ventures, SOSV, and Spartan Group were among those who participated.

This latest round of funding marks another step in Composable’s journey to build and launch what it believes to be the final missing “LEGO” building block in the Web3 and DeFi technical stack: cross-chain composability. Composable argues that despite composability being a defining characteristic of DeFi and Web3, it is, with disappointment, limited to isolated chains and layers in its current form. To that end, Composable Finance is among the first to develop a development and execution environment that aims to deploy orchestration logic that allows for ecosystem – agnostic, cross-blockchain communication in a truly decentralized fashion.

The fundraise comes after the successful procurement of two parachains, both on Polkadot (Composable Parachain) and Kusama (Picasso Parachain). Composable has also built out its offering with Mosaic, its transfer-availability layer, Centauri, the IBC Substrate bridge to the Cosmos ecosystem, and Pablo, our next generation decentralized exchange on Picasso. The new capital will be used to expand the team and build products that push the blockchain and Web3 industry further along the continuum of interoperability. Futuristic capabilities like cross-chain computing, with smart contracts that span multiple ecosystems, and developers that spin up protocols that securely handle institutional throughput, are a reality through Composable’s cross-chain virtual machine (XCVM) and Routing Layer.

Both sit on our new Composable Parachain, which benefits from Polkadot’s shared security and scale. Composable believes it can achieve a point of absolute blockchain agnosticism, standardizing access for DeFi applications, wherein developers and users enjoy ultimate user accessibility and optimized function across multiple ecosystems.

Investors at Figment commented, saying: “We are excited to partner with the team at Composable Finance. Throughout this process, we have seen the team build incredible projects at a particularly amazing rate. We believe the launch of their parachains on Polkadot and Kusama as well as their building a suite of cross-chain DeFi applications, will ultimately lead to greater user adoption of these ecosystems.”

Rob Zhuang, Head of Operations, connects product, design, and development to optimize the team’s performance. He believes the new round will enable Composable to deepen its world-class team: “Effectively harnessing the talent, we have to build a world-class team that can execute and solve DeFi’s pressing challenges has been core to what we do at Composable. I am excited for what lies ahead as we empower our team to define the future of DeFi.”

Zain Awan, Composable’s Chief Marketing Officer (CMO), acknowledges the significance of this event in scaling their processes and easing adoption barriers: “One of our core strategies has been to lower the barrier of entry into DeFi through effective communication, education, and much-needed thought-leadership in the space. We recognize the nascency of DeFi, and our recent raise will help us scale our processes to fill knowledge gaps and ease adoption barriers. Ultimately, this should help us solidify Composable as the face of DeFi’s future.”

Karel Kubat, Composable’s Chief Technical Officer (CTO), brings to light the importance of attracting the best technical talent in order to develop cutting-edge solutions in the DeFi space: “The blockchain and broader Web3 space remain at a point of inception. It has been a little over a decade since the first blockchain. Yet, we are witnessing impressive innovation and user adoption despite the steep learning curves required to navigate the technology. Our Series A reflects the industry’s need to solve the problem of interoperability and its related challenges. Composable will attract the best technical talent most interested in tackling challenges at the forefront of DeFi and help build the future we all want through our technology stack.”

0xbrainjar, Composable’s Founder and Head of Product, spearheads the development of Composable’s novel innovations. He holds deep expertise in the blockchain space and a critical understanding of the challenges plaguing the DeFi sector. He commented: “Our vision of absolute ecosystem agnosticism necessitates a radical approach. We believe functionalities must be integrated across different ecosystems in the most scalable manner possible so that they are not siloed into individual locations. In less than a year, we have already built interoperable solutions that abstract the difficulties of this domain to enable any developer looking to contribute to this sector to build with confidence. I am grateful to our partners and investors who have supported us every step of the way. If you’re interested in building a cross-chain future that DeFi needs to scale, we are happy to have you join our ever-growing team.”

The team at Composable Finance is excited to leverage its latest round of investment to grow its team and continue engineering novel interoperability solutions in industry.

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Cardano Turns Bullish In The Short-Term, But Is That All?

Cardano (ADA) has seen the bulls finally reclaim control after a long stretch in the bear territory. This is a welcome change for the digital asset which remains one of the largest cryptocurrencies and widely used networks. However, after properly cementing its position in this bullish level for the short term, the question still remains on how the digital asset is looking towards the long term.

ADA Bullish For The Short Term

The price of Cardano (ADA) successfully broke above $1.2, which puts it on a bullish path for the short term. The indicators for this include the fact that the digital asset is now trading above the 30 and 50-day moving averages. A very important point for the asset if it is to maintain its current bullish path. This, in turn, has seen investor sentiment start to turn positive for the first time in months.

Related Reading | Broader Market Celebrates Bitcoin Breakout, But What About Perp Traders?

For the first time since the downtrend began, sell pressure has eased off significantly for Cardano investors. Although the majority of indicators still point towards sell, the gap has become much smaller. This means that buyers are beginning to challenge the sellers in terms of volume. If this trend continues in the vein, then ADA’s recovery is expected to continue as more investors turn towards selling.

ADA price reaches $1.2 | Source: ADAUSD on TradingView.com

This is however only evident in the short term for the digital asset. It is understable though given that the recovery remains in its early stages. With less than a week marked on the current trend, the digital asset looks the strongest on a two-week scale.

But What About The Long-Term?

In the long term, Cardano (ADA) is not faring as well. This can be attributed to the fact that the rally is still in its early stages as mentioned above but given that the digital asset has remained in a downtrend for the longest time. It is evident in how the cryptocurrency is faring on the 100 and 200-day moving averages.

Related Reading | Shiba Inu Kicks Off Metaverse Project; SHIB Rallies 14% In The Last 7 Days

Despite the recent surge, ADA has not been able to trade above these points. It will have to successfully break above $1.5 for it to turn bullish in the long-term and the indicators are not looking good in this regard.

Presently, ADA is trading at $1.22. It has been on a steady uptrend in the early hours of Thursday. This puts the next significant resistance point at $1.273. A long way from $1.5 but an attainable goal if the momentum continues to push up.

Featured image from Medium, chart from TradingView.com

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How Brands Can Leverage Metaverse Land for Maximum Returns

The metaverse is one tech trend showing no signs of waning – in fact, quite the opposite. Experts believe that the metaverse is perhaps the most significant transformational opportunity to hit branding and marketing since the advent of the internet itself. Investment bank Jefferies states that the NFT market, the backbone of decentralized metaverses, will reach over $80 billion by 2025. Morgan Stanley believes there’s a $56 million opportunity on the table in the luxury goods sector alone.

But when we talk of brands entering the metaverse, what does it really mean? Well, setting up shop in a virtual realm isn’t so different from what you’d need to do here in the meat space. First, you need to acquire metaverse land.

Most metaverses have a defined quantity of land available for purchase as NFTs on primary or secondary markets. Buying land will give you the “space” you need in the virtual world to start monetizing. Prices may vary, but the scope of what you can do with your land is almost limitless. Here are four ways you can leverage land in the metaverse to max out your possible returns.

Build a Virtual Commerce Showcase

E-commerce was one of the premier use cases for the internet, giving rise to the global behemoths that are Amazon and Alibaba – both e-commerce firms that have expanded far beyond their retail roots. Now, the savviest brands are setting up their v-commerce outlets in the metaverse, allowing users to browse a range of digital and physical products in a customized, branded environment that isn’t constrained by physical boundaries.

Samsung is one example, having launched “Samsung 837X,” its digital-only retail location designed to emulate the firm’s flagship NYC location in the Decentraland metaverse. Decentraland is also set to host the first-ever Metaverse Fashion Week at the end of March, so if the event is a success, it seems likely we can expect a few high-end brands to set up virtual outlets in the metaverse.

Build a Play-to-Earn Game

The play-to-earn (P2E) craze has taken the gaming world by storm over the last year or so, leading to an influx of VC funding for P2E startups. Some metaverses, such as Bullieverse, allow users to configure their own P2E games on land in the metaverse, creating the opportunity for developer income based on player revenues.

Bullieverse has integrated Unreal Engine as its game development platform, which offers rich, 3D graphics without even needing any coding tools. It allows users to build games using pre-defined templates and assets.

For brands, this option provides an entirely new revenue stream of gaming income while offering a tailored game to engage potential consumers while paying them token rewards. Bullieverse has also just announced a partnership with Admix, allowing anyone to further monetize their game creations with non-intrusive, opt-in ads from any of the firms 300+ partner brands.

Excited to announce our partnership with @Bullieverse

We’re working with @Bullieverse to bring them the most immersive experiences in their metaverse, with custom builds, In-Play billboards, and even branded #NFTs!

Learn more about Bullieverse here: https://t.co/Abo1yiNa3r pic.twitter.com/fYUDCfXO5v

— Admix (@admixplay) March 25, 2022

Branding specialists can let their imaginations run riot with all the creative ways to position their assets and products within the game itself. Rewards could also be branded, providing users with tokens that can be redeemed for in-store credit or merchandise.

Host an NFT Art Event

Along with gaming, NFT art is one of the predominant use cases for the technology right now. Christie’s was the first big-name art auction house to engage with auctions of digital art, while Sotheby’s has joined Samsung by setting up a virtual auction house in Decentraland.

However, some innovators believe that the art buyer UX is currently lacking the metaverse touch. Realm is a metaverse project that wants to do away with the rather sterile, eBay-type listing that NFT art buyers currently experience. Instead, Realm offers artists the opportunity to share and present their NFT creations in a unique and creative way. Think of a customizable AR/VR gallery that could be floating through space, underwater, or an interactive exhibition based on sound and movement.

Anyone using Realm can create as many realms as they like using a suite of builder tools. Users can create their own exhibition spaces, hold a virtual auction, or invite collaborative creation to explore what’s possible in the world of NFT art in the metaverse.

Rent It Out

Still not sure what’s the best use of your metaverse land and want some more time to mull over the options? Why not just rent it out for passive income in the meantime? If you’re on a longer-term time frame, you could rent the land to another brand to develop any of the ideas outlined above.

But even if you’re on a short-term time frame, there could be other options. For instance, brands wanting to advertise their presence in the metaverse may be willing to rent out your land for advertising space – think the virtual equivalent of the Golden Arches or a band advertising for an upcoming concert.

The metaverse is still very much in land-grab mode, so if you’re on the fence, consider that even simply buying and holding could be a worthwhile option if prices continue to appreciate at the rate they have been. Either way, if your brand isn’t currently thinking about a metaverse strategy, you could find yourself arriving very late to this virtual party.

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What a week in the New Earth Metaverse: Next Earth will be Listed on a Centralized Exchange

There’s more, and it’s only Thursday! Exciting a week for the third-largest metaverse: Next Earth today announced that the NXTT token will be listed on a centralized exchange, with plans to be in another top 3 exchange within 2-8 weeks of this first listing. Gabor Retfalvi and David Taylor explained in their Youtube live session, that CEXistings will provide more liquidity and accessibility to the NXTT token, and will help to further grow the booming Next Earth community.

With the first CEX listing agreement complete, all that remains is technical steps for the CEX listing to happen around the middle of April.

Also, Next Earth is pleased to be a sponsor of the upcoming CCTF hacking competition. This great event focuses on educating and growing the hacking community.

The company also announced its investment in Primal Game Studio, a game development studio with experience in developing exciting adventure and RPG games. Both enterprises focus on community-driven experiences, enabling the potential for shared knowledge and viewpoints from different perspectives, which will make this a strong partnership.

Next Earth aims to build an immersive, interactive metaverse, and Primal is at the forefront of video game production: this investment is an opportunity to build virtual reality worlds together. Primal’s current and future video game titles will not be affected by the partnership and are not going to include NFTs or other forms of blockchain technology, but Primal will fully leverage its decades-long expertise in cutting-edge technologies and content production to support Next Earth in its journey to building the world’s premiere metaverse experience.

Primal Game Studio will remain fully independent, pursuing its own vision and business strategy while its partnership with Next Earth will enable the worldbuilding of their immersive Metaverse. This strategic investment aims to equip Primal Game Studio with the assets to grow their business and fulfill the growing demand they’re facing – while also enabling Next Earth to start building its Web3 Metaverse environment with one of the best quality game development companies in the video game industry.

Primal Game Studio is an independent game studio founded in Budapest that adds new twists to classic genres in its mid-core and hardcore titles. Since its foundation in 2012, the studio’s team of industry veterans and passionate game makers have worked on various exciting titles for partner studios, including products in the League of Legends universe for Riot Games, Warhammer: Mark of Chaos, and Might and Magic: Heroes 6. Primal’s currently announced upcoming games, both Epic MegaGrants recipients, are Around, a hand-drawn adventure game, and Mandragora, an epic and dark fantasy action RPG.

Taylor and Retfalvi also spoke about their first launchpad project: The Next Earth launchpad is kicking off with a real estate agency project. This will be a great way for the company to get started in the industry and to provide a valuable service to their community.

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TA: Why Bitcoin Could Start Fresh Increase and Revisit $50K

Bitcoin is consolidating below the $48,000 resistance against the US Dollar. BTC could start a fresh rally if it clears the $48,000 resistance zone.

• Bitcoin is stable above the $47,000 and $46,800 support levels.
• The price is trading above $46,500 and the 100 hourly simple moving average.
• There is a major breakout pattern forming with resistance near $47,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it manages to clear the $48,000 resistance zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price started a minor downside correction after it failed near the $48,200 level. BTC corrected lower and traded below the $47,800 support level.

There was a move below the 23.6% Fib retracement level of the upward move from the $44,469 swing low $48,200 high. The price even moved below the $47,000 level, but the bulls were active near the $46,800 and $46,500 levels.

Bitcoin is now trading above $46,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $47,600 level.

There is also a major breakout pattern forming with resistance near $47,700 on the hourly chart of the BTC/USD pair. The next major resistance could be near the $48,000 zone. A successful break and close above the triangle resistance and then $48,000 could start a strong increase.

Source: BTCUSD on TradingView.com

The next major hurdle on the upside might be near the $49,200 level. Any more gains could send the price towards the key the $50,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $47,700 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,800 level and the 100 hourly simple moving average.

The main support now sits near the $46,400 level. It is near the 50% Fib retracement level of the upward move from the $44,469 swing low $48,200 high. A downside break below the $46,400 support zone could send the price to $45,000 in the near term.

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 just above the 50 level.

Major Support Levels – $46,800, followed by $46,400.

Major Resistance Levels – $47,700, $48,000 and $48,200.

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TA: Terra (LUNA) Surges, Is It Eyeing A Correction Now?

Terra (LUNA) has secured an all-time high at $109 amidst its newest developments. Market sentiments also continue to remain positive in the past 24 hours, with Bitcoin trading close to $48k. LUNA happens to be one of Terra’s native tokens, Terra network helps create customised blockchains and decentralised applications on its network.

Recently, Luna Foundation Group (LFG), a Singapore based non-profit organisation has purchased $3 Billion worth of Bitcoin which would act as an additional layer of security to Terra’s decentralised stablecoin, UST. Over the past week itself, Terra (LUNA) secured a hike of 12%, and over the last 24 hours, the coin broke past its resistance mark of $108.

Terra Price Analysis: Four Hour Chart Terra (LUNA) is priced at $108. Image Source: LUNA/USD on TradingView

Terra (LUNA) was exchanging hands at $108.47 after securing an all-time high at $109 just 24 hours back. Immediate resistance for the coin stood at $110 and then at $112, respectively. In case of a pullback, the prices could fall to trade near $103, $100 and then at $95, respectively.

Over the past month, the altcoin has given an 18% ROI. The trading volume of Terra (LUNA) was seen growing over the past trading sessions, its previous session was seen closing in green which signified bullish momentum in the market. It also signals that buyers exceeded sellers at the time of writing.

Related Reading | Time To Be Fearful? Bitcoin Index Reaches Greediest Point Since Peak

Technical Analysis Terra (LUNA) has seen considerable buying strength. Image Source: LUNA/USD on TradingView

LUNA has witnessed exponential growth over the past month and technicals continue to point towards bullishness in the market. It is not safe to say if, over the immediate trading sessions, LUNA would witness a correction. As the coin reached an all-time high, it displayed overbought tendencies as seen on the Relative Strength Index.

At the time of writing, RSI came back from the 75-mark but was still hovering near the overvalued and overbought territory. This signalled a slight fall in buying pressure over the last few trading sessions, if the coin continues to witness the same kind of buying strength, it could again attempt to trade near the $109 and then $110 price mark.

Chaikin Money Flow was also in accordance with the Relative Strength Index as capital inflows were quite high. An excess amount of capital inflows reflected bullishness in the charts.

Terra (LUNA) indicated bullish momentum on its four-hour chart. Image Source: LUNA/USD on TradingView

LUNA had been on a rise over the past week and a half and the price momentum continued to side with the bulls. On the MACD, which signifies the current price momentum LUNA underwent a bullish crossover in the last trading sessions. MACD also resonated with the other major indicators and continued to flash bullishness.

After the bullish divergence, MACD had continued to display green histograms, however, at press time these green histograms were seen declining. It is however too early to say if LUNA would display a fall in prices going by MACD’s reading.

Related Reading | Why VeChain May Run Out Of Fuel After 90% Rally

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Broader Market Celebrates Bitcoin Breakout, But What About Perp Traders?

Bitcoin perpetual traders seem to be the only ones unmoved by the digital asset’s recent breakout. BTC which has had a tremendous rally during the first half of the week had been able to break out of the slump of the low $40,000s and moved on an upward trajectory above $47,500. However, perp traders have not reacted much to it given the state of the funding rates.

Funding Rates Remain Flat

The bitcoin perpetual traders are not reacting to the recent upside as expected. This is evidenced in the fact that the perp basis is still sitting at or even below neutral funding rates, marking the 115th consecutive day that this has remained the case. This speaks volumes to how perp traders are viewing the market. Regardless of the bitcoin price increase, they have not increased their activity in any significant way.

BTC funding rates remain neutral amid price growth | Source: Arcane Research

It could easily mean that perp traders are not convinced by the recent price movement. As with the previous uptrends recorded this year, it could mean that perp traders are expecting the digital asset to go the same way. However, this uptrend has differed from its predecessors given the fact that it has broken above the $45,000 resistance point and possesses the potential to climb towards $50K.

Related Reading | Here Are The Projects Pushing Cardano’s Price To The Upside

Funding rates have refused to be moved, however. Even going as far as falling below the neutral funding rate. This follows the trend for the year so far, given that there have been no positive funding rates recorded in 2022. The decline in funding rates can be attributed to long traders closing their positions, which have caused perpetual prices to either align or continue to trail behind spot prices.

Bitcoin Open Interest Declines

Funding rates are not the only metric that shows perp traders remain uninterested in the uptrend. Open interest in perpetual has also declined recently. In the space of less than a week, it had fallen from 256K BTC to 245K BTC. One explanation for this could be the short liquidations that have rocked the market since bitcoin began this recovery.

BTC maintaining momentum above $47,000 | Source: BTCUSD on TradingView.com

The USDT collateralized BTC perp on Binance is known to be the largest perp instrumental. This instrument had recorded a new all-time high recently as open interest had gone up. It was swiftly followed by both neural/low funding rates and even long-short ratios below 1. All of this is to say that there is the possibility of crowding on the short side.

Related Reading | Ethereum “Diamond Hands” Filled Their Bigs Through The Dip

An implication of this, notes Arcane Research, would be a suggestion that leverage in the crypto market remains “relatively lofty.” However, this comes with some negative sentiments. Together, this “could be a potent setup for a short squeeze if the strong momentum holds” the report reads.

Featured image from CoinDesk, charts from Arcane Research and TradingView.com

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Time To Be Fearful? Bitcoin Index Reaches Greediest Point Since Peak

Data shows the Bitcoin fear and greed index has now reached the highest level since the peak in November as the price of the crypto rallies up.

Bitcoin Fear And Greed Index Now Points At “Greed”

As per the latest weekly report from Arcane Research, the BTC fear and greed index has surged to values of greed sentiment this week.

The “fear and greed index” is an indicator that tells us about the current general market sentiment among Bitcoin investors.

The metric uses a numeric scale that travels from one to hundred for representing this sentiment. All values above fifty signify that investors are greedy at the moment. While those below the cutoff suggest a fearful market.

Values above 75 and below 25, that is, the values toward the ends of the range, represent extreme greed and extreme fear, respectively.

Now, here is a chart that shows the trend in the Bitcoin fear and greed index over the past year:

Looks like the value of the indicator has surged up recently | Source: Arcane Research's The Weekly Update - Week 12, 2022

As you can see in the above graph, the Bitcoin fear and greed index has sharply risen over the past week. The indicator now has a value of 56, which shows the market is getting greedy.

This value of the metric is now more than in any other period in the year 2022 so far, and is the highest since the peak in early November of last year.

Related Reading | Glassnode’s RHODL Ratio May Suggest Bitcoin Market Is Near Capitulation

Historically, Bitcoin peaks have tended to happen while the sentiment is that of extreme greed, and bottoms have formed during periods of extreme fear.

There is a popular trading technique called “contrarian investing” that makes use of this fact. Traders following this methodology think that the best time to buy is during extreme fear, while extreme greed is when one should sell.

Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022: What Data Says

This famous quote by Warren Buffet sums up this philosophy: “Be fearful when others are greedy, and greedy when others are fearful.”

So, following the line of thinking of contrarian investors, the current market sentiment turning greedy may be a sign that you should now start getting fearful instead.

BTC Price

At the time of writing, Bitcoin’s price floats around $47.3k, up 12% in the last seven days. Over the past month, the crypto has gained 26% in value.

The below chart shows the trend in the price of the coin over the last five days.

The price of Bitcoin seems to have surged up over the past few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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Why VeChain May Run Out Of Fuel After 90% Rally

VeChain has been able to preserve its current levels as the crypto market loses steam. The sector has seen a recent bullish price action which has led the price of VET and other digital assets to a yearly high.

Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally

At the time of writing, VeChain (VET) trades at $0.083 with a 13% and 80% profit in the last day and 30-days, respectively, according to data from CoinGecko.

VET with bullish momentum on the 4-hour chart. Source: VETUSDT Tradingview

Two weeks ago, NewsBTC reported a potential 40% rally for VeChain. Based on an analysis from Justin Bennett, the cryptocurrency was on the brick of breaking above a trend line which signaled potential appreciation.

This trend line marked the beginning of a multi-month downtrend, and its reversal could take VeChain into the $0.10 price point. Therefore, Bennett called this move “significant in terms of the overall context of the market”.

VeChain is yet to complete its full bullish trajectory into the $0.10 levels and beyond. However, it did manage to score a 90% rally, according to Bennett, destroying the market expectations of further downside:

VET is the same project everyone on CT said was dead for months. +97% in 16 days is quite the move for a “dead” coin. Let that be a lesson for anyone who jumped on the CT bandwagon. Peak pessimism amongst the masses usually means a buying opportunity isn’t far away.

The $0.080 point will be critical to determine if VeChain can sustain its current momentum. If these levels hold, VET’s price could appreciate further and return to its pre-crash levels from $0.10 to $0.14.

VET’s price breaking above a downside trendline. This suggests more appreciation. Source: Justin Bennett via Twitter

Data from Material Indicators (MI) suggest potential resistance at VET’s price current levels. There are over $2 million in asks orders above the $0.080 mark which could operate as resistance.

As seen below the most important level to break is $0.90 which holds the majority of asks orders. Above this price, there is little resistance.

VET’s price with resistance (yellow and red above price) at current levels. Source: Material Indicators Will VeChain Continue To Appreciate?

Additional data provided by Material Indicators (MI) suggest retail investors (orange in the chart below) have been buying into VET’s price recent price action. In the meantime, investors with larger orders (in green and red in the chart, with selling orders between $1,000 to $10,000) began selling.

VeChain has sustained its momentum because investors with bids orders of around $100,000 (purple in the chart) have been continuously supporting its price. If this investor class continues to support VET, the price can stay at its current levels or trend to either side.

Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine

Retail investors buy, but purple seems to dominate and dictate momentum.

Investors with $100k bid orders sustain current momentum as other investor classes (red and green) sell. Source: Material Indicators

 

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Here’s The Biggest Hindrance To Bitcoin Touching Above $50,000

Bitcoin had successfully flipped the $47,000 level this week. A welcome change after the digital asset had spent a long stretch of time plagued by low momentum. It officially signaled a break out of the consolidation of the past two-and-a-half months. Now the real work begins as bears have begun mounting significant resistance to keep the cryptocurrency from breaking above $50,000.

The Point To Beat

Although Bitcoin continues to hold above $47,000, there is still a lot of opposition to the digital asset in this region. $47,500 remains a technical level that has shown itself throughout various rallies in history. This time around, bears are camping at this technical level, making it a significant resistance to point to beat. Otherwise, the goal of $50,000 will remain unrealized.

Related Reading | Small Cap Altcoins Beat Bitcoin And Other Crypto Assets 10 To 1, But Why?

If the digital asset is able to successfully beat this point and form support above it, then there will be not much opposition in the race to $50,000 as the next important point will lie above this level. A push past $50,000 would set the cryptocurrency on another path towards $53,000. This time around, solidifying BTC’s campaign towards a new all-time high.

$47,500 is now the point to beat | Source: Arcane Research

Nevertheless, Bitcoin has been unable to break through as its single attempt to do so has been met with resistance that has beaten it back down towards the low $47,000s. BTC continues to hold strong at this point though.

Bitcoin Holding Up Well

Even though bitcoin had taken a beat-down after testing the $47,500 resistance point, it has quickly found its footing. One important thing to note is where the digital asset looks to have formed an important support level.

BTC fails to beat $47,500 resistance level | Source: BTCUSD on TradingView.com

Arcane Research notes that BTC looks to have flipped $45,000, which was the resistance to beat in the early innings of the rally, into a support level. This means a slide below $47,000 may see the digital asset fall below $46,000 but will most likely find significant support at this $45K level. Although a fall below this will quickly send BTC back to the low $42,000s given it is more akin to a sliding scale.

Related Reading | TA: Ethereum Losing Pace, What Could Trigger Another Increase

Bitcoin is now comfortably trading above the 50-day and 200-day moving average, cementing both a short and long-term bullish outlook for the asset. It continues to hold firm as it is trading at $47,300 at the time of this writing.

Featured image from Coingape, charts from Arcane Research and TradingView.com

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TA: Bitcoin Corrects, Why Dips Could Be Limited Below $46K

Bitcoin struggled to gain pace above the $48,000 resistance against the US Dollar. BTC is correcting gains, but dips might be limited below $46,000.

• Bitcoin gained pace above $47,500 and traded as high as $48,200.
• The price is trading above $46,500 and the 100 hourly simple moving average.
• There is a key breakout pattern forming with support near $46,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $46,000 support zone.

Bitcoin Price Remains Supported

Bitcoin price extended increase above the $47,500 resistance zone. BTC even broke the $48,000 resistance zone and traded as high as $48,200.

Recently, there was a downside correction from the $48,200 high. The price declined below the 23.6% Fib retracement level of the upward move from the $44,468 swing low $48,200 high. However, it is still trading above the 100 hourly simple moving average.

There is also a key breakout pattern forming with support near $46,300 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $47,600 level.

Source: BTCUSD on TradingView.com

The next major resistance could be near the $47,800 zone and the triangle trend line. A successful break and close above the triangle resistance might push the price towards $48,200. The next major hurdle on the upside might be near the $49,000 level. Any more gains could send the price towards the key the $50,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $47,800 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,800 level. The key support is now forming near the $46,400 level and the triangle trend line. It is near the 50% Fib retracement level of the upward move from the $44,468 swing low $48,200 high.

A downside break below the $46,300 support zone could send the price to $46,000 and the 100 hourly SMA. Any more losses might put a lot of pressure on the bulls in the near term.

Technical indicators:

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

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

Major Support Levels – $46,800, followed by $46,300.

Major Resistance Levels – $47,800, $48,000 and $48,200.

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Small Cap Altcoins Beat Bitcoin And Other Crypto Assets 10 To 1, But Why?

The Small Cap altcoins index has been outperforming the larger coins’.  As NewsBTC has been reporting, smaller caps have been looking like the best investment in the past months. Now that the larger Caps found relief recording gains once more during March, the Smaller Cap is still crushing the numbers.

Total crypto market cap at $2,1 trillion in the daily chart | Source: TradingView.com Small Caps Outperforming

According to data from the latest Weekly Report from Arcane Research, the whole crypto market has seen relief during March. However, even with recent gains, the Small Cap Index still has completely outperformed the other indexes.

As seen in the chart below, Bitcoin, the Large Cap, and Mid Cap indexes have all seen relevant gains during March in the 8-11% increase range. But compared to the Small Cap Index, the larger indexes are lagging behind its massive 40% gains.

Source: Arcane Research

The massive gains have a few lead characters. Primarily, the Waves token is outshining all top 50 coins by market cap. It has seen surprising growth in the past month with a 300% increase in price.

Source: Arcane Research Why Is The Waves Token Outperforming?

Waves is a global open-source platform for decentralized applications. Their native token just rallied 50% in 24 hours, which might have been a result of the Wave Labs launch, a U.S. venture that intends to headquarters in Miami. As the data points out, the token came out of the past week as the best performer of all top 50 coins by market cap.

Source: Arcane Research

As per Wave Labs press release, the venture aims to integrate Waves with leading blockchain protocols, form an Ecosystem fund, support projects building on Waves, and other strategic international plans aimed to become the “growth engine for the Waves ecosystem” so it can reach mass adoption.

“With the founding of Waves Labs, the ecosystem fund, and the extremely talented team in place, I do not doubt that Waves will reach mass adoption in 2022 and beyond,” says Sasha Ivanov, Founder of Waves.

The Waves 2.0, the new version of Waves Consensus based on Practical Proof-of-Stake Sharding (PPOSS), has been gaining new attention as it promises a “highly scalable and EVM-compatible network” set to start this spring.

Still unknown in the U.S. compared to other Small Cap altcoins, Waves has a lot of room to grow into. This incentivizes investors as they might see a potential for the digital asset to deliver larger returns.

Even though smaller coins and projects are riskier and more likely to fail, their higher volatility and size can also mean that they can grow exponentially and show greater returns than much larger coins like Bitcoin and Ethereum over the same period of time. Plus, the communities that are formed around Small Cap altcoins projects are often committed to its trajectory and seeing a boost in the price.

However, even though they can turn into greater returns, smaller altcoins can also crash the hardest.

Related Reading | Small Cap Altcoins Continue To March Ahead Of Bitcoin And Ether Gains

More on the Waves token, the pair WAVESBTC just hit a new high, breaking through previous peaks. Traders have been long expecting an ‘alt season’ to happen soon and Waves’ movements could be seen as a bullish sign.

WAVESBTC broke a new high | Source: TradingView.com Is Altcoins Season Around The Corner?

Many investors have been expecting an altcoin season to happen this year. This dominance of altcoins over Bitcoin could happen after a BTC bull run as other digital tokens make breakthroughs and gain dominance over the market.

Bitcoin seems to be making big moves this week as it broke its 3-month consolidation. A bullish ascending triangle pattern is on the lookout along with a possible around-$51k target. In the crypto market, coins usually follow other coins’ moves. This means that Ethereum can follow Bitcoin’s price movements, and then other altcoins as well.

It can be similar for the smaller coins. If some altcoins are greatly outperforming, others can follow. The movement in question seems to be whether BTC can truly go above its $48k latest high. And as the report noted “the bitcoin dominance has been sitting at its highest levels since November,” and the time for altcoins might be around the corner if optimistic market sentiment continues.

Related Reading | Bitcoin Dominates Altcoins During War-Torn Month Of February

 

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Ethereum “Diamond Hands” Filled Their Bigs Through The Dip

Ethereum holders have been filling up their bags while the broader market had panicked through the dip it seems. The digital asset which had suffered from crashes and dips that had hit the market had seen its value fall as low as $2,500. However, these ‘diamond hands’ holders had remained unfazed given that data showed that they continued to accumulate ETH tokens all through the market dip.

Ethereum Holders Load Up

Ethereum holders, especially those who have held for longer, are more likely to add coins to their holdings while the market is in a downtrend. This was the case during the last downtrend given that these holders had continuously added to their bags this time around. In the more than three months that Ethereum saw its value continue to decline, these investors just continued to purchase ETH.

Related Reading | Research Explains Bitcoin Mining Could Be Helpful For US Energy Independence

Data from IntoTheBlock showed that long-term holders of the digital asset had purchased more than 4 million ETH during this time. The whole lot came out to a total of about $12 billion that these holders had picked up.

In the report, it is noted that these were holders that had previously held their ETH tokens for more than a year. With each dip, these investors had accumulated more tokens, successfully pushing their collective holdings to a new yearly high. Although the amount held by these wallets has dropped in the past few days, they still hold the majority of the supply. A total of 59% of all ETH supply are held by wallets that have had their tokens for more than a year.

What Is Driving This?

One of the most obvious reasons that have sparked renewed interest in Ethereum ownership has been the “Merge”. This important upgrade is expected to take place sometime this year and will completely change the way the Ethereum network currently operates.

Moving from proof of work to proof of stake, the network will not only become safer and more scalable, but it will significantly cut down the amount of energy that is required to carry out mining activities on the network. This will drastically reduce the carbon footprint of the network.

ETH price breaks above $3,400 | Source: ETHUSD on TradingView.com

As the Merge draws near, more investors are filling up their bags in wait for what is expected to be an inevitable uptick in the value of the digital asset.

Related Reading | Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000

Ethereum has now been on an uptrend since this week, meaning the investors who purchased tokens during the downtrend are now in profit. Investor sentiment towards the upcoming merge has grown increasingly positive.

Featured image from EU Reporter, chart from TradingView.com

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Here Are The Projects Pushing Cardano’s Price To The Upside

Cardano was pushed down in the crypto top 10 by market cap as LUNA and XRP took over its former place. However, ADA’s price has been surging in the last month and could reclaim previous highs as the general sentiment turns bullish.

Related Reading | Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts

At the time of writing, Cardano (ADA) trades at $1.20 with a 30% rally over this period. This makes ADA the best-performing cryptocurrency by market cap.

ADA with bullish momemtum on the 4-hour chart. Source: ADAUSDT Tradingview

ADA’s price has been recovering from a multi-month downside that saw its price drop from an all-time high at around $3 to under $1 in 2022. There are several factors contributing to the current rally.

This includes the full implementation of smart contract capabilities, the increase in developer activity recorded by the network, the improvement of Cardano to make it more decentralized and scalable, according to its main developer IOG.

Most importantly, the above factors have translated into an ecosystem explosion. There are hundreds of projects building on Cardano which could be re-fueling the Ethereum Killer narrative.

IOG recently highlighted some of these projects. Via their official Twitter handle, the company said:

The Cardano ecosystem is growing by leaps and bounds, with new players entering the ecosystem every day. Let’s start this week with a recap of the latest news & announcements from projects Building On Cardano and contributing to its growth.

Among these projects is Milkomeda. Created as a scalability solution for Cardano, this project is set to integrate the network with Ethereum Virtual Machines (EVM) capabilities.

The project was launched on March 28 on Cardano. In the future, this network will be able to integrate with other blockchains, such as Avalanche, and Algorand.

IOG also mentioned Ergo, a decentralized exchange that will be deployed in the Cardano testnet on April 4. In addition, this network will see more use cases with the future launch of a converter bridge solution, created by Singularity, and real asset tokenization with the Indigo Protocol.

Announcement for Indigo x Cornucopias!

We've officially partnered with @CornucopiasGame to bring Indigo 3D Assets to the Metaverse.

It is exciting to work alongside leading #Metaverse projects to offer a unique user experience for the future!

Follow @Indigo_protocol pic.twitter.com/yKkGa6TWGM

— Indigo | Synthetic Assets on Cardano (@Indigo_protocol) March 18, 2022

Cardano Growth Beyond Expectations, Institutions Want More ADA

The inventor of Cardano, Charles Hoskinson, celebrated the growth of the project. In 2021, Hoskinson predicted a boom in the number of projects building on this network, and the number of assets launched on Cardano. Via Twitter, he posted that there are “millions” of both surpassing his expectations.

In the coming months, this number seems poised to climb as the network prepares for another Hard Fork Combinator (HFC) event. Dubbed “Vasil”, Hoskinson believes it will trigger another surge in network activity, and potential total value locked (TVL).

What most also don't understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain't seen nothing yet on TVL https://t.co/mMHxwRrF96

— Charles Hoskinson (@IOHK_Charles) March 12, 2022

Related Reading | Despite Rocky Beginnings with Hoskinson, Cardano Is Shaping Up to Have an Interesting Year

Thus, ADA’s price could have fuel for the mid to long term to sustain its rally. Data from IntoTheBlock suggest institutional investors might have caught on to this future trend as the number of addresses moving large sum in ADA trend upwards.

@Cardano is experiencing increasing institutional demand

The volume of on-chain transactions >$100k has increased by 50x just in 2022

Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV

— IntoTheBlock (@intotheblock) March 29, 2022

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Glassnode’s RHODL Ratio May Suggest Bitcoin Market Is Near Capitulation

Glassnode data shows the RHODL Ratio’s current trend suggests that the Bitcoin market could be near capitulation.

Data Shows Bitcoin RHODL Ratio Has Observed Decline Recently

As per the latest weekly report from Glassnode, the supply of coins older than one year has significantly risen recently.

To understand the RHODL ratio, you first need to have a look at the “realized cap HODL waves.” This indicator measures the USD-dominated amount of Bitcoin held by investors hodling since different periods of time.

For example, the wave band for coin age more than 1+ year shows the total amount of coins all investors hodling since at least a year currently own.

The “realized HODL” (or RHODL in short) ratio is a metric that tells us the ratio between the wave bands of 1-week old and 1-year old Bitcoin supplies.

When the value of this indicator reaches a high, it means new holders hold a majority of the supply at the moment. Such values usually occur during price tops.

Related Reading | Research Explains Bitcoin Mining Could Be Helpful For US Energy Independence

On the other hand, low values of the metric suggest 1+ year old age bands currently own a larger part of the total Bitcoin supply. These values of the indicator have historically been observed near market bottoms.

Now, here is a chart that shows the trend in the BTC RHODL Ratio over the history of the crypto:

Looks like the value of the indicator has seen decline recently | Source: Glassnode's The Week Onchain - Week 13, 2022

As you can see in the above graph, the Bitcoin RHODL Ratio has observed some sharp downtrend in recent months.

This trend means that the supply of 1+ year old holders is going up, while that of one-week old coins is declining.

Related Reading | Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target?

Also, as the chart shows, such a trend with the Bitcoin RHODL ratio heading down after a bull run has historically signaled that the market is near capitulation.

Back in 2012, however, it was rather a sign of the early bull market rather than an approach to the late stages of the bear market.

So, the current trend can go both ways, but the near capitulation phase is when these values of the indicator were observed the last two times.

BTC Price

At the time of writing, Bitcoin’s price floats around $47.8k, up 11% in the last seven days. Over the past month, the crypto has gained 27% in value.

The below chart shows the trend in the price of the coin over the last five days.

BTC's price seems to have surged up over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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Here Are The Crypto Leading The Market Recovery With 50% Gains

The crypto market has managed to sustain its bullish momentum and reclaimed the $2 trillion market cap. Bitcoin and Ethereum seem to have pushed the market from the mid $30,000, and to its current levels.

Related Reading | Only In Crypto: A Croissant Explains Ethereum Hottest Trends Post Merge

The first and second crypto by market cap has seen a surge of new bullish narratives. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.

Both ETH and BTC recorded around 17% profits in the last week, as the crypto market moves upwards. However, Delphi Digital recorded layer-1 cryptocurrencies with gains surpassing 50% in a 30-day period.

Near (NEAR) stood among the latter and led the current market recovery, followed by Polkadot (DOT), and Terra (LUNA). As seen below, Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos Hub (ATOM), and others were in the best performer group.

Source: Delphi Digital via Twitter

Delphi Digital noted the following on NEAR’s current bullish momentum:

NEAR led the L1 recovery by growing by ~50% over the past month, a significant lead against the rest. The outperformance over the past week was catalyzed by the Bastion Lockdrop, which attracted $293M in capital. NEAR, WBTC, ETH, USDT, USDC were available to be locked for 1-12 months.

Avalanche (AVAX) records a 10% profit in the last week with a 37% profit in two weeks. In addition, Avalanche records an explosion in daily active users in a 6-month period.

This metric has been hovering around 100,000 since Q4, 2021. This suggests a growing interest for Avalanche as the price push to the upside. Delphi Digital noted:

When looking at the delta in this data, the strong relationship between AVAX price and active addresses immediately becomes recognizable. It is not often that price increases sustainably without metrics such as TVL and daily active addresses also increasing.

Source: Delphi Digital via Twitter What Could Add More Fuel For This Crypto Rally

In the short term, the crypto market could see a brief pullback. Indicators point to overbought levels across the board, but bulls have been able to preserve their strength.

According to Delphi Digital, the long to mid-term could stay in the green for Avalanche (AVAX). In addition to its fundamentals, the crypto platform recently launched a $290 million multiverse incentive program, and it will be integrated with Terra.

The moon is coming to #avalanche in force, and next week we will show you just how much @avalancheavax @terra_money

— Do Kwon (@stablekwon) March 18, 2022

The research firm believes the biggest AVAX catalyzer is the implementation of its subnet functionality. This should increase Avalanche’s use case and scalability and potentially inject more conviction into a double-digit rally. Delphi Digital noted:

Important to keep in mind is that each subnet validator must also be a validator in Avalanche’s primary network. This means each subnet validator generates additional demand for staking AVAX, which should improve value accrual for AVAX as subnet adoption grows.

Related Reading | Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives

At the time of writing, AVAX trades at $94 with sideways movement on the last day.

AVAX with bullish momentum on the daily chart. Source: AVAXUSDT Tradingview

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West Ham United Announces Fetch.ai as their Official Artificial Intelligence Partner

Fetch.ai is West Ham United’s exclusive official artificial intelligence partner and the premier league’s giant non-exclusive Official Global Partner. Under the deal, Fetch.ai has also been designated as West Ham United Women’s football club’s non-exclusive official partner. Through this partnership, Fetch.ai and West Ham United will leverage and promote the impact of artificial intelligence in enhancing businesses and daily lives.

Fetch.ai Brand to be Displayed in West Ham United LEDs

Subsequently, West Ham United will promote the Fetch.ai brand and its products in their mega London Stadium on their LED perimeter advertising boards and displays, marketing Fetch.ai’s smart parking concept, upcoming social media platform, and future smart solutions.

West Ham United’s London Stadium at the Queen Elizabeth Olympic Park has a capacity of 67,000 fans. It is larger than Tottenham Hotspur’s £1 billion stadium. In London, the West Ham United’s mega stadium is only second after Wembley and Twickenham stadiums.

Nathan Thompson, the Commercial Director of West Ham United, said he was delighted with the partnership.

“We are delighted to announce our first Official Artificial Intelligence Partner and welcome Fetch.ai to the Club at an exciting time for the business, and the industry. We’re looking forward to working with Fetch.ai on their smart parking concept, social media platform, and upcoming projects that will provide smart solutions for fans.”

Using Artificial Intelligence to Drive Crypto Solutions

The developers of Fetch.ai are firm believers that smart contracts can, as their name implies, be smart. Fetch.ai integrates artificial intelligence and machine learning for the building and deployment of smart code to deliver enhanced service delivery for users, businesses, and organizations.

Through their secure and decentralized blockchain, Fetch.ai can securely launch their Autonomous Economic Agents (AEA)—representing connected devices, users, or organizations—and act on their behalf on the Fetch.ai network. These agents depend on artificial intelligence and are created as digital citizens.

They are tasked with securely and instantaneously connecting to vast data sources and hardware environments, effectively eliminating the need for aggregators. Therefore, by using artificial intelligence solutions in creative ways, the founder of Fetch.ai, Humayun Sheikh, believes it will power the “future of world-class Premier League football” for fans in the U.K. and worldwide.

 

 

 

 

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Liquidations Continue To Rock The Market As Bitcoin Breaks $47,000

Bitcoin liquidations had ramped up on Monday as the price of the digital asset had gone up drastically. These traders had been liquidated very fast with millions of dollars gone in a matter of minutes. However, it did not end there, given that the price of the cryptocurrency has not slowed down since then. And as the price of bitcoin has continued to grow, the liquidations have not slowed down either.

Bitcoin Liquidations On The Rise

Although the current liquidations are not as high as that recorded on Monday, they are still significant nonetheless. These liquidations had touched as high as $140 million for bitcoin, and once again have beat the $100 million mark in 24 hours.

Related Reading | Why Bitcoin Could See A 2020 Like Rally

Most of these are short traders who had bet on the price of bitcoin coming down. As always, the market will do what it does and had gone in the opposite direction. But even after the expected slow down after surging past $46,000. Instead, the digital asset had continued on its recovery trend. After successfully breaking above $47,000, the short liquidations had ramped up once more.

BTC settles above $47,000 | Source: BTCUSD on TradingView.com

In the last 12 hours, BTC alone has seen more than $14 million in liquidations. While the 24-hour time frame paints a grimmer picture. Over $119 million in liquidations have been recorded in the past day. Most of these have been from short traders who have been betting against the recovery trend. As the price of BTC barrels toward $48,000 once more, the short liquidation trend may be far from over.

Ethereum Traders Get Rekt

In the past day, Ethereum traders have gotten the short end of the stick compared to bitcoin traders. These short traders saw the worst of it as more than $25 million was lost in less than an hour. It quickly put ETH ahead of the curve when it comes to liquidations given that most of the liquidations have come from ETH traders.

For the largest single liquidation in the past day, ETH also took the cake. This time around, there was a single trade worth $10.10 million that was liquidated. This took place on the FTX exchange across the ETH-PERP trading pair. It ran up the numbers for Ethereum, with $25.07 million and $50.41 million liquidated in the past one and four hours respectively at the time of writing this article.

ETH liquidations surpass bitcoin | Source: Coinglass

On the 12-hour scale, there have been a total of $55.70 million in liquidations for Ethereum. Additionally, the number for the last 24 hours now sits at $145.47 million, more than $20 million higher than that recorded for bitcoin.

Related Reading | Price Analysis: Dogecoin Appreciates, Where’s It Headed Next?

Total market liquidations have all come out to $441.11 million in the last day. With a total of 84,388 traders liquidated and counting.

Featured image from MARCA, chart from TradingView.com

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With Liquid Proof-Of-Stake, Tezos Hits The Winning Formula For DeFi Growth

Ethereum might still be the number one blockchain for smart contracts, but dozens of competing networks have been gaining ground. Lots of these alternative chains have been quite vocal about their status as an “Ethereum killer”, while others have stayed quiet, keeping their heads down and focusing on growth rather than media attention.

One of the quiet ones to watch may well be Tezos, an open-source and eco-friendly blockchain that first went online four years ago and has, until recently, managed to stay under the radar. But it has been working hard for these last four years, building out and developing its software, quietly attracting partners and expanding its user base with a sharp focus on DeFi, green NFTs, GameFi and the metaverse.

That hard work has paid off. In the last year Tezos has emerged as one of the darlings of the DeFi space. Back in the summer of 2020 Tezos was pretty much invisible, with less than $1 million in total value locked across all of its DeFi projects. Since then, its popularity has exploded, reaching an all-time high of just over $217 million in TVL in October 2021, with more than 100 dApps running on its blockchain.

Tezos can put much of its success down to the unique consensus mechanism it employs, which is not only vastly different to the Proof-of-Work (PoW) algorithm that underpins Bitcoin but also unique compared to most other chains that are based on the alternative Proof-of-Stake mechanism.

Tezos relies on what’s called a Liquid Proof-of-Stake (LPoS) consensus mechanism that not only solves the problem of high energy consumption that afflicts Bitcoin and its PoW algorithm but is also superior to standard PoS systems in many ways.

What is PoS?

The PoS mechanism was first detailed in a paper by the researcher Sunny King back in 2012, when the energy problems of Bitcoin’s PoW first became apparent. Rather than using high-powered computer hardware to solve mathematical problems, PoS incentivizes token holders to stake their cryptocurrency to try and validate blocks using a semi-random process. With PoS, the network essentially votes on which validators will add the next block and receive rewards for doing so.

PoS has some big advantages over PoW. The first and most important is that it’s less computationally intensive, translating to lower energy costs and a cleaner environment. The second is that it’s more decentralized. PoW networks incentivize miners to invest in expensive computing hardware, because the more powerful their operation is, the more Bitcoins they can mint. Of course, that creates a big barrier to entry, leading to mining power being concentrated in just a few hands. On the other hand, PoS doesn’t incentivize validators to pool their resources, meaning there are more of them.

These days a whole bunch of variations of the PoS mechanism have emerged, but the most widespread model is the Delegated Proof-of-Stake (DPoS) that’s employed by Cardano, Lisk, Ark, Tron, Steem and EOS, to name a few examples.

Delegated Proof-of-Stake

In a DPoS architecture, anyone in the network has the Right to Vote on the production of new blocks on the blockchain, but there is a fixed number of delegates. The network users determine which of those delegates will validate the next block using a democratic voting process, where users’ votes are weighted according to the number of tokens staked in crypto wallets. This process of voting for delegates is ongoing, and the network has the power to replace an ineffective or inactive delegate with a new validator if required.

This forces delegates to behave themselves because if they don’t have the backing of network stakeholders they won’t be chosen and won’t earn any rewards. The approved delegates on a network will split the production rights for new blocks among themselves evenly. Stakeholders receive a portion of the delegate’s block production earnings, in return for backing them, in proportion to the amount of tokens they staked.

Proponents of DPoS say this stake-weighted voting process ensures the network remains democratic. In addition, there’s a fairly low threshold to participate in the staking process. Another advantage of DPoS is that it can quickly achieve a consensus, meaning blocks are processed faster and more transactions can be performed per second. Even so, no system is perfect and DPoS has a number of design flaws.

One of the biggest concerns with DPoS is that it’s easy to organize an attack against the network. Because the number of delegates is limited, there is an inherent risk of the network falling victim to a 51% attack, which could occur if delegates team up to form cartels. That not only makes the network less decentralized but also less secure. Another key problem is referred to as “the rich get richer”, and has to do with the fact that voters’ strength is related to how many tokens they hold. The danger is that those who own lots of tokens – so-called “whales” – will have too great an influence over the network.

DPoS can also be at risk of user apathy. Unless a large number of users stay engaged with the network, the system will not work as it was intended.

Liquid Proof of Stake

Recognizing the issues with DPoS, Tezos set about perfecting the system and came up with a newer model, LPoS. The biggest difference between LPoS and DPoS is that delegation is entirely optional for network users. Every token holder can delegate voting rights to validators, who are known as “bakers”, with no token lock-up period. In addition, token holders get to maintain custody of their $XTZ tokens when voting for a baker, providing another incentive for them to do so.

A second big difference with Tezos’ LPoS is that it has a dynamic number of validator nodes, as opposed to the fixed number in DPoS systems. In fact, Tezos can support up to 80,000 validators compared to the 20 to 40 that most other DPoS networks allow.

What this means is that LPoS gives users a lot of flexibility with regard to how they participate in the network. Individuals who hold a large number of tokens can easily become block validators by staking their own tokens with no need for anyone’s approval. Meanwhile, those with a smaller amount of $XTZ can still take part by supporting a larger token holder, or by forming coalitions with others in their position.

Why Tezos Is Winning

Proponents of Tezos argue that its LPoS system creates a more representative democracy, as it’s possible for users to change their vote and support a different validator at any time. In other words, everyone in the Tezos community gets to have their say in how the network operates. If, for example, someone has made a proposal to change the network in some way, each user in favor can choose to back a baker that supports the upgrade, while those not in favor can choose to support a baker that’s voting against the change. In contrast, a voter in a DPoS network would be required to lock up their funds for a minimum of 72 hours.

Tezos has a lower barrier of entry for users too. Because LPoS doesn’t require massive amounts of computer hardware, users can create a new node without any significant investment. To set up a node on Tron, the hardware costs have been estimated at around $40,000. A second option would be to shell out around $4,800 per month to rent the necessary hardware on Amazon Web Services. For Tezos though, all that’s required is a modern laptop and whatever the electricity costs of running that machine are. Because anyone can join in, Tezos has a far more decentralized network than its competitors.

One final benefit of Tezos is its low fees, as opposed to having no fees. While the idea of not paying any fees sounds nice, it’s bad for security. A famous example of this was EOS, which in 2019 fell victim to a distributed denial-of service attack, wherein multiple users were duped into making useless transactions. The attackers did this to sabotage the network, increasing congestion and causing the price of CPU time on the network to increase by more than 100,000% over the four-hour period the attack lasted.

Tezos implements a low fee structure that’s designed to avoid these kinds of incidents. Typical transaction costs on Tezos are around $0.0004 – low enough not to bother users, but also expensive enough to make launching DDoS attacks uneconomical.

Judging by Tezos’ rising adoption over the last couple of years, it’s clear that its unique network architecture has struck a chord with the crypto community. Tezos has gotten the blend just right, fusing a democratic governance model with strong security, easy accessibility and low fees, making it the ideal blockchain for a growing number of decentralized apps that value the same characteristics.

 

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Work till you die or Financial freedom? Let your money work for you with LIBERO’s top APY 158,893.59% plus highest BUSD passive income 226% APR

Do you know what Warren Buffet teaches his children to be rich for generations? “If you don’t find a way to make money while you sleep, you will work until you die.”

We named it “passive income”. Whereas active income comes from your day job, passive income is the cash you receive while you’re doing something else. Eating dinner? You’re making money. Breathing? You’re still making money.  Asleep? You guessed it; you’re making money.

How is that possible? One of the most sustainable and highest-yielding cryptocurrencies to have in your portfolio is Libero Financial ($LIBERO). In fact, if you start out with LIBERO, you can make hundreds in passive income each and every day.

In 1 day, Mr. Fox,  a typical LIBERO investor, earned $617.73 in BUSD and $2461.38 in $LIBERO, totaling $3079.11 USD. Source: https://twitter.com/LiberoFinancial/status/1502755276063064064

Mr. John had his funds grow from 20K to 358K in 20 days, just by holding $LIBERO in his wallet. Source: https://twitter.com/JohnUata/status/1495135493763526656?s=20&t=caWYWdUQVB1XZp2X9dgIcA

LIBERO – Highest Paying Dual Rewards Auto Staking Protocol, which pays you highest stable coin passive income: 226% BUSD APR  from millions of USD daily trading volume, plus 158,893.59% fixed APY in $LIBERO.

Growing very fast in user base, this is the world’s most trusted financial freedom project. Libero is the first and only fixed APY project that passed the Certik Audit – World’s number 1 blockchain security firm, and the crypto industry’s security Gold Standard.

But the key element that makes LIBERO the best and most desirable passive income project is that they pay you the highest annual interest with a stable coin (whose value is tied to the real-word U.S. dollar): 266% APR in real money BUSD, sent directly to your wallet every 30 minutes. You don’t even care about LIBERO price, because your BUSD reward comes from trading volume, which safeguards your investment from any market conditions, be it bearish or bullish.

That’s not all. LIBERO rewards you with the highest fixed interest rate of 2.04% per day, auto compounded every 30 minutes, your actual annual percentage yield (APY) at LIBERO is 158,893.59%. In other words, simply hold $LIBERO in your crypto wallet, then relax and watch your 1,000 USD grow to 1,588,935.90 USD in a year. In the first month after launch, LIBERO has already paid +19.2 million USD rewards to their holders.

The highest dual rewards paid obviously explained why 80,000 holders trusted in LIBERO and in only 20 days they staked around 19 Million USD in LIBERO BANK for an average of 3.5 years to receive the market’s highest BUSD passive income, while still growing their $LIBERO balance with auto rewards.

The unstoppable growth has attracted worldwide interest, making LIBERO TOP 1 trending on Coinmarketcap, the largest coin tracker website in the world, and also Top 1 trending on Dextools in the last 7 days, the ultimate hub and DeFi app for trading.

LIBERO Future Outlook

LIBERO solves core problems that all depositors face: low-risk-low-yield returns or high-risk-high-yield returns. In most cases, a 0.05% annualized rate is what you get on your savings account. With LIBERO, real cash BUSD reward covers the low-risk need and 158,893.59% fixed APY covers the industry highest yield return, not counting further increase in price, which has reached 10 times presale price.

Furthermore, LIBERO is running global aggressive marketing campaigns like Billboard at the center of New York Times Square, right where Doge had their banner advertised, 120+ Big Youtube Influencers, AMA with large investor groups, launching $LIBERO anonymous virtual crypto card which allows you to trade any goods/services in real life, and many more coming.

 

 

In the latest AMA session, Libero’s lead dev introduced wLIBERO, a breakthrough innovation that can bring LIBERO on any CEX like Gate.io, Binance…. where millions of new holders can get their hand on the token, and still keeping the sweet 158k% APY. Such continuous innovations and aggressive marketing are set to bring LIBERO to billions of market cap, so the current 100 Million USD market cap has huge potential to explode.

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A Brief Introduction to the Rapid Expansion of the Gaming Industry

Very few modern industries can claim a year-on-year growth rate of over 30%, especially with the global impacts of the pandemic, which stalled progress within many fields. However, one industry that’s seen incredible growth over the past 20 years and continues to do so is gaming – which currently has a total value of nearly 200 billion USD.

But, when you take a step back and realize that there are 3.2 billion gamers worldwide, 2.2 billion of which actively play through their mobile devices, it’s no surprise that this industry has such high revenues. The gaming industry is an impressive facet of technology, representing an intersection between world-class tech, consumer advertising, and a level of community engagement that is rarely seen in other industries.

But where exactly does the interest in the gaming industry come from? How has it grown, and why is it so successful? In this article, we’ll be delving into the history of the gaming industry, outlining past progress points and pointing towards current and future developments that keep this innovative industry afloat.

Let’s get right into it!

Background to the gaming industry

The original gaming experiences date back to the 60s, when the development of arcade-style games started to become popular. In those days, gaming was not particularly mainstream, with users having to physically travel to an arcade in order to play.

As the 70s arrived and personal computers were released, gaming became slightly more popular as people could access online games from the comfort of their own homes. From that point, gaming has meandered with the times, taking on the latest technologies and developing alongside them.

From increasingly complicated software, better graphics, and advanced online gaming systems, the gaming industry has now developed into something that has touched the majority of the planet. Gaming has evolved far beyond just one system, now being a form of entertainment that can be accessed from absolutely anywhere.

While major consoles like Playstation, Xbox, and Nintendo Switch still dominate, forms of gaming on mobile have also become very popular. In fact, gaming actually accounts for 43% of smartphone use, demonstrating the extent to which gaming has permeated into this medium.

What’s more ignited than this

Organizing esports tournament anywhere in the world for any mobile skill-based game in #ignitetournaments

Create a #play2earn tournament using our app and #igniteyourgames pic.twitter.com/lRSQMLlU9r

— Ignite Tournaments (@igniteyourgames) March 21, 2022

 

If anything has caused a rapid expansion to the gaming industry, it’s the arrival of the internet and the integration of these multiplayer services. Some of the biggest games of every single year revolve around online experience, with over 3 billion people around the globe logging on to battle against others.

To accommodate for this, platforms like Microsoft’s Xbox Live Marketplace have allowed users to completely turn their gaming experiences online. For example, while a user used to have to go out to buy a new game, they can now directly buy it on one of these online marketplaces and then download it to their device.

Gaming has become incredibly accessible, with users from around the globe on a variety of devices turning towards this entertainment medium.

A career in gaming?

While gaming is often viewed as a way of entertaining oneself, modern adaptations and natural competitiveness have also given way to eSports tournaments. In-game tournaments where the best of the best face off against each other has become a billion-dollar market, reaching that impressive figure in 2021.

This market is only predicted to continue to expand, with reports expecting the market to reach 1.62 billion dollars by 2024. People come together from all over the world to face off within their favorite games. Alongside hefty pools of prize money, some of which can total several $100,000 at once, there is also lots of capital generated from advertising and sponsorships.

Just like sporting events, this industry has also generated enough buzz that people now follow tune-in to watch these tournaments. In 2021, 427 million people watched an eSports event, whether that be a single match or going to a tournament in person to see their favorites. Much like the industry’s total value, the number of viewers each year is equally growing, with games like Dota, League of Legends, Call of Duty, and Fortnite always bringing in huge audiences.

Watching others play has become so popular that entire platforms are now devoted to this, with applications like Twitch allowing users to tune into gamers streaming their gameplay. Twitch has had an incredible few years, moving from being valued at 0.1 billion USD in 2016 to 1.5 billion USD in 2019.

As gaming continues to develop, eSports has made this into a further level of entertainment, with gaming now bleeding into viewing. Just like physical sports, eSports has become a center for community, avid discussion, and world-class entertainment.

Play2Earn

While gaming has continually been updating and changing over time, one of the most significant recent developments has been its combination with blockchain technologies. A genre of gaming has risen out of this, known as Play2Earn gaming, in which users can play their favorite games and earn money while doing so.

Unlike tournament gamers, you don’t have to be the best of the best to earn money through these systems. Instead, simply by completing objectives, quests, finishing games, or unlocking achievements, you’ll be able to generate in-game currency. The connection with the blockchain in the form of in-game cryptocurrency integrations ensures that players can then cash out this in-game money for their own local currency.

This even expands into in-game NFT items that have been integrated into certain games. These NFTs (non-fungible tokens) come in the form of different characters, skill sets, moves, powerups, or weapons that players can use when playing. By obtaining these NFTs in-game, they’re able to use them to get an advantage over their competition. But, alongside this, they are able to sell, trade, loan, or buy these NFTs within the games in order to generate an income.

The link between blockchain and gaming has now progressed even further with the arrival of Play2Earn tournaments. Ignite Tournaments is one of these said eSports tournament providers, allowing games from around the world to access their tournament ecosystem and gain cryptocurrency and NFTs.

Commenting on the rise of P2E tournaments, CEO of Ignite Tournaments, Krystal Yang comments that:

“Historically, the value stream in gaming has always been unidirectional, with gamers creating value that rewarded only the game publisher, who largely extracted value from users without providing any real rewards. P2E is an incredibly disruptive force that will revolutionize gaming as we know it. Now, gamers can be rewarded for ecosystem participation. Value is no longer simply extracted by the publisher. Rather, it is created and shared.”

— Krystal Yang, CEO/Co-Founder

With this most recent connection between the blockchain and gaming industries, we’ve seen just how far gaming can push the limits. With the ability to gain money for playing becoming even more common, this will serve as a motive for even more gamers that turn to this exciting entertainment medium.

Gaming Is For All

Perhaps one of the most impactful reasons for gaming’s success as an industry is due to the sheer scope it provides. Gaming is much more than just one genre of game or one style of playing; it encompasses almost anything you can think of. One only needs to look down the list of the most played games of 2021 to see an incredible variety of genres.

From first-person shooters and building games to story-driven experiences and online multiplayer, there is a demonstrative range of different styles that rise to the top. Going beyond this, every single year, 1000s of indie games are released that bring new art styles, new ideas, and new formats to the gaming industry.

Quite literally, no matter who you are, you’ll be able to find a gaming experience that you currently like. While one person may be attracted to fast spaced shoot-em-up games, another could want to play a story-driven game on their iPhone. The fact is, neither one of these is the right way to game, both counting as an authentic gaming experience.

Whoever you are, you’ll be able to find a game that accommodates what you’re looking for – be it wonder, magic, escapism, or something new. Even taking very generalized depictions of society and splitting it by gender, 45% of gamers identify as women in the USA and 55% as men. The close split between these numbers further demonstrates that gaming – and the appeal of gaming – isn’t tied to any inherent attributes.

This can equally be seen geographically, with gamers being found in every corner of the world, from Asia and Europe to Latin America and Sub-Saharan Africa.

No matter what you’re looking for, the gaming industry and its incredible scope will have something that can accommodate you.

Final Thoughts

Long gone are the days when gaming was a small industry built upon developers working in their garages. Nowadays, this billion-dollar industry has expanded into an exciting behemoth. With new styles of gaming and unlimited possibilities, this industry has grown into something incredibly interesting to follow.

Gaming has grown so rapidly that it has now become a stable career path for those that excel, with online tournaments and accessible gaming ensuring that people can make money from the comfort of their own homes.

With the international scope, diverse audience, and regular developments, gaming is far more than just a pastime – it has become a worldwide sensation.

 

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The World Isn’t Body Positive But the Metaverse Can Be

It is no secret that the world we live in is not very accepting of all body types. The body positivity movement has been one of the most popular in the last decade because of our increased awareness of this phenomenon.

The last decade has also seen a lot of technological advances, specifically the increased use of decentralized technologies like blockchain. Now, the metaverse is the hot tech buzzword as we’re all looking to interact in a virtual world. But with a lack of body positivity running rampant in the physical world, will it not spill into the virtual one as well?

This is exactly what BopoVerse, a metaverse community dedicated to body positivity, is working to solve.

Bringing Positivity to the Metaverse

One of the cornerstones of the metaverse is the virtual avatars that we are supposedly going to interact with, usually in the form of collectible NFTs. One thing you might have noticed is that these NFTs are usually of a specific body type.

This is the first way that body exclusion finds its way into the metaverse and this is the first way that BopoVerse is fighting back. All of its over 10,000 NFTs (made by artist David Nieto) feature curvy beautiful women with different features.

The diverse body types that are being showcased by BopoVerse are inspired by a community called Plus PPL. This is a community of body-positive women who come together digitally to inspire one another. Previously, Plus PPL has launched a social app and as a global brand has reached up to 100 million women so far. By tapping into this community, BopoVerse can bring the message of body positivity to even more people.

As these NFTs interact in the metaverse, users can enjoy diversity and inclusion. There won’t be any atmosphere of any body type being excluded or shamed as BopoVerse emphasizes healthy interactions between all its users.

NFT holders will be able to use their digital assets in a commercial way that will be best for both them and the community.

Considering the fact that BopoVerse has announced a slew of projects including a comics series and an online series that will feature NFT characters, there are several avenues for the NFTs to be used.

The goal of these projects, ultimately, is to not only act as commercial ventures but also to empower its users worldwide.

Some of the proceeds from the ecosystem will also be given to charity and users can vote on which charities receive the money. For those who just want to have fun, BopoVerse will have a gaming arena where users can interact as their avatars to play games or just meet with other BopoVerse users.

To get one of the NFTs, BopoVerse is launching its first minting phase in March 31, 2022. There are different NFTs in terms of rarity and the chances of getting one of the rarer ones depend on several factors.

In the second quarter of 2022, BopoVerse will be launching its Discord channel, continuing development on BopoVerse CLUB and Arena, Reveal BopoVerse NFTs and much more. Those interested can sign up to the BopoVerse whitelist by visiting their website and getting more information from their official Instagram and Twitter handles.

A Body Positive Metaverse

As it is in the material world, body position is something that needs to be consciously worked towards. BopoVerse is doing just this by creating a space where users can enjoy all the benefits of the metaverse without any of the body exclusion that finds its way into the virtual world at times.

As the metaverse becomes a bigger part of our lives, body positivity must not be left behind.

As Idan D. the CEO explains, “We want to make an impact in the world. With the metaverse and web 3.0 we can do it. The NFT can help us create a new tribe with a successful brand and start impacting the world and empower people.”

Hopefully, as more projects are created and are made aware of the importance of body positivity, we can strive for a world that is more inclusive of bodies than before.

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TA: Ethereum Gains Traction, A Strengthening Case For More Gains

Ethereum gained over 5% and broke the $3,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above $3,350.

• Ethereum started a strong increase above the $3,150 resistance.
• The price is now trading above $3,250 and the 100 hourly simple moving average.
• There is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is consolidating near $3,300 and might extend rally in the near term.

Ethereum Price Eyes More Upsides

Ethereum formed a base above the $3,050 support zone. ETH started another increase and cleared the $3,150 resistance.

There was also a clear move above the $3,250 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,340 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the recent wave from the $3,130 swing low to $3,340 high.

Besides, there is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,350 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,400 level. Ether price could start another surge if there is a clear move above the $3,400 resistance. In the stated case, the price may perhaps test the $3,500 level. Any more gains might call for a move towards the $3,620 resistance zone in the coming sessions.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,350 level, it could start a downside correction. An initial support on the downside is near the $3,290 zone. The next major support is near the $3,235 level. It is near the 50% Fib retracement level of the recent wave from the $3,130 swing low to $3,340 high.

The main support is near the $3,200 zone and the trend line. A downside break below the $3,200 support zone might push the price further lower. In the stated case, the price might drop to $3,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now in the overbought zone.

Major Support Level – $3,235

Major Resistance Level – $3,350

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