Dogecoin Rallies After Elon Musk Commits “Literal Moon” to DOGE Bulls

Dogecoin rallied on Thursday after Elon Musk committed that he would send the meme cryptocurrency to the moon — literally.

The billionaire entrepreneur tweeted that SpaceX, a space technology company he owns, would take a “literal Dogecoin to the literal moon.” The cryptic message ignored to dwell into the hows and whys, but it was strong enough to send a bullish signal across the Dogecoin market. As a result, the DOGE/USD price exploded.

As of 0800 UTC, the pair was trading at $0.071, up 33.94 percent from its intraday opening rate. It looked obvious that traders played a prank of themselves by blowing Mr. Musk’s tweet out of proportion, given it arrived on April Fools’ day.

Dogecoin price rallies on April Fool’s Day. Source: DOGEUSD on TradingView.com

Dogecoin is notorious for undergoing massive upside rallies over good-for-nothing factors. Last year, in July, a viral TikTok video urged daytraders to pump DOGE/USD bids to $1. The shenanigans were able to take the pair as far as 0.005 after pumping it by up to 155 percent in just three days of trading. It crashed by more than 50 percent after the social media-led buying frenzy.

A similar viral campaign surfaced in late January 2021. Dogecoin bulls pushed the prices by a whopping 1,299 percent in just two days of trading in a copycat rally, inspired by Redditors-led GameStop stock-buying mania.

The intraday upside rally originated from the same prankster bulls — on the day that celebrates pranks.

SpaceX is going to put a literal Dogecoin on the literal moon

— Elon Musk (@elonmusk) April 1, 2021

Dogecoin Pump or Dump Ahead?

The April Fool’s Dogecoin rally carries massive risks for traders who want to enter the cryptocurrency market at its sessional highs. A clear lack of concrete upside catalyst, coupled with a potential liquidity crisis, hints at a heavy profit-taking scenario ahead. In short, only traders with braver risk appetites could tread Dogecoin’s waters.

Dogecoin starts crashing. Source: DOGEUSD on TradingView.com

As of this press time, DOGE/USD was crashing down from its intraday high. It slipped by up to 15.52 percent ahead of the US session, breaking below a flipped support level of $0.06 to turn it back into support. The next downside target appeared at the mid-March resistance level near $0.05.

Photo by Maciej Ruminkiewicz on Unsplash 

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FUN Token Set for Potential Upside As Binance Launches $250,000 Trading Competition

What a year it has been for FUN Token.

From being acquired by a Bitcoin casino with 41 million users to making a brief but powerful foray into the Top 100, FUN Token has done it all in 2021.

And it’s only April.

Seeing the rising demand for the token, Binance has announced the FUN Token Trading Competition. Is FUN Token worth investing in? Let’s take a look.

FUN Token Surges by 700% in 3 Months

The FUN Token is an ERC20 token created in 2017 by FunFair Technologies with a view of promoting decentralized gaming in the online gambling industry. Seeing its potential, FreeBitco.in adopted it as a Premium Membership Token for its massive user base.

FreeBitco.in is the seventh-largest online casino in the world with over 41 million users; this exposure prompted FunFair Technologies to hand over the reins of the token to FreeBitco.in.

The difference is evident as FUN Token has appreciated by 700% since the turn of the year. In the last 3 months, FUN Token’s market cap has jumped from a meager $35 million to a massive $410 million.

At the time of writing, FUN is trading at $0.038.

Technical Analysis: Binance Trading Competition to Push FUN Higher?

On the 4-hour chart, we can see a clear breakout as the price easily took out the 20MA and the 50MA in the last few days.

We could see the FUN Token price touching $0.04 again, and as the Binance trading competition gets into gear, we could see the price retest and push well above the $0.042 mark.

On the daily chart, we can see a flag breakout pattern. The trading competition could help FUN breakthrough and even cross the $0.05 level.

Verdict: The Breakout Signals a Buying Opportunity

With the FUN Token price naturally moving towards a breakout on the daily chart and trading competitions historically being a good proposition for value appreciation, FUN Token looks like a decent buy.

If trading is your thing, you can join the Binance contest too.

About the Binance – FUN Token Trading Competition

The FUN Token trading competition is open to both new and existing Binance users. If you’d like to participate, here’s how you do it:

1.The contest prize pool is $250,000. It is divided into two promotions:

A. Promotion A: New users can register using a gift link during the contest period to win a guaranteed share of $30,000 in FUN Tokens. They can further trade more than 15,000 FUN at Binance to earn a possible $100 bonus.

B. Promotion B: Existing users that trade more than 50,000 FUN during the contest period at Binance are eligible for a share of the bigger $200,000 prize pool.

2.Click here to learn more and get your gift link.

3.The contest ends on 5th April, 23:59 UTC. Trade FUN to win FUN!

There are several projects in the pipeline for FUN Token as it moves into a new phase of its existence. The signs are looking good already and it’s definitely worth a watch for the future, or maybe even the present.

 

 

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Chainlink Hits $30 as Grayscale Adds 115,570 LINK to Its Reserves

Chainlink prices climbed higher on Thursday, rising by as much as 5.10 percent on the prospects of higher institutional adoption.

The LINK/USD exchange rate reached its previous week’s high of $30 before correcting lower during the early London session. Its uptrend majorly came as a part of a broader bullish trend across the altcoin market. Meanwhile, LINK received an additional upward boost from New York-based Grayscale Investments’s overnight buying spree.

Grayscale Goes Shopping

Data fetched by ByBt.com shows that the crypto investment firm bought 115,570 LINK tokens for its Grayscale Chainlink Trust from March 17 until April 1. That includes a 65,570 LINK purchase on Thursday, which coincided with a price pump in the Chainlink market.

Grayscale LINK holdings shoot up dramatically overnight. Source: ByBt.com

Technical indicators on the LINK/USD four-hour chart showed the pair trading inside an ascending rising wedge. The bids oscillated between two diverging bullish lines, providing traders ample opportunities to generate interim profits on each bounce from the lower trendline and pullback from the upper trendline.

Chainlink hints bearish reversal on ascending broadening wedge formation. Source: LINKUSD on TradingView.com

Nevertheless, Ascending Rising Wedges are bearish reversal patterns. Central Charts notes that the bullish-looking structure leads to a downside breakout in 80 percent cases. Should it happen, the LINK price could fall to as low as $25.

A 37% Chainlink chaiBreakout Theory

An analysis shared by Akash Girimath on FXStreet.com shows Chainlink in an extemely bullish state. The analyst noted that LINK/USD now trades inside a symmetrical triangle structure, which raises the pair’s possibilities of logging a 37 percent bullish breakout move should it break above the pattern’s upper trendline resistance.

“A bullish breakout above $30.3 could push LINK to $41.6, but a breakdown of the lower trend line at $25 might result in a sell-off to $15.7,” noted Mr. Girimath.

Chainlink symmetrical triangle outlook, as presented by Akash Girimath. Source: LINKUSDT on TradingView.com

Other cryptocurrency analysts also presented a bullish outlook for Chainlink, with Michaël van de Poppe, a Netherlands-based stock trader, highlighting LINK’s growing strength against its top rival bitcoin. An asset’s value against the dollar tends to rise faster if it grows against bitcoin, as well.

Chainlink trade outlook against bitcoin, as explained by Michaël van de Poppe. Source: LINKBTC on TradingView.com

“LINK is most likely bottomed out in the BTC pair,” said Mr. Poppe.

More bullish tailwinds from on-chain data fetched by Santiment, a cryptocurrency sentiment tracking service. The platform noted that the number of rich Chainlink wallets hodling anywhere between 100 and 100,000 LINK tokens rose throoughout March, pointing to a higher buying sentiment.

“Chainlink knocked on the door of $30 for the first time in 11 days, climbing to $29.99 on Binance and still within close range. We’re keeping an eye on mid and large holders owning between 100 to 100k LINK, as they’ve accumulated greatly in March.”

Photo by Julian Hochgesang on Unsplash

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Snoop Dogg Will Auction His First NFT Collection, is The Top in?

Snoop Dogg will auction his first NFT collection, titled “A Journey with the Dogg,” via Crypto.com. In recent times, a slew of musicians and celebrities have jumped on board the NFT bandwagon. Should this be taken as an indicator of sustained growth? Or are they looking to cash in while the going’s good?

Snoop’s on Board With The Digital Era

Snoop Dogg was one of the few artists that emerged from the early-90s G-funk era that’s still around today. His whole persona has transformed in that time, but he remains a notable figure in the public eye.

In conjunction with Crypto.com, Snoop Dogg will be holding a sale this Friday, April 2nd, at 16:00 PT for 24 hours only. Up for grabs are eight pieces in limited quantities that bring together Snoop Dogg’s early years memories. An original track is also for sale.

Some of the proceeds will go towards emerging artists in the crypto space, as well as Snoop Dogg’s Youth Football League. Commented on the sale, Snoop Dogg said this represents a way to connect with fans. He praised the innovative aspect of NFTs, saying he’s on board with the tech.

“I’ve seen the game change over the years from analog to digital and I’m always happier when the technology lets the fans get to connect with the artists. NFT’s are an amazing innovation and it is an honor to do my first drop with Crypto.com/NFT.”

Crypto.com is primarily known as a payment and exchange platform. Last week, the firm launched its foray into NFTs delivering unique content from famous artists, musicians, athletes, and sports personalities.

Bubble Warning Over NFT Mania

Snoop Dogg isn’t the only A-list musician selling NFTs. The Weeknd also announced an NFT sale this weekend as well. For sale are visual artworks available for a limited time and a 24-hour auction for a one-of-a-kind piece that also features an unreleased track.

Excited to announce that my first NFT drop is taking place on Saturday at 2:00 pm EST on @niftygateway. The collection will feature new music and limited edition art. I developed the artwork with Strange Loop Studios pic.twitter.com/627BO4JekK

— The Weeknd (@theweeknd) March 31, 2021

Commenting on the event, The Weeknd said the technology is democratizing the music industry. He added that NFTs in music would soon become an integral part of how things are done in the industry.

“Blockchain is democratising an industry that has historically been kept shut by the gatekeepers.

I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”

Despite the positivity coming from both Snoop and The Weeknd, overpriced NFT artwork has caught its fair share of flak recently. Mike Winkelmann, who sold the First 5000 Days for a staggering $69.3mn, warned that crypto artwork is caught in a bubble. Not mixing his words, Winkelmann said the mania is out of control.

“There’s going to be a moment where we realize we got a little crazy and assigned insane value to crap.”

He predicts most pieces will eventually go to zero.

Source: ETHUSD on TradingView.com

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Is it a CLEVER Idea to Invest in CLVA?

Decentralized Finance (DeFi) is one of the hottest sectors now. There are literally hundreds of projects coming up with similar investment and earning models that make it hard for investors to differentiate one from another, making it more challenging to find the right platform that offers better returns.

Among all the DeFi projects, a newcomer CLEVER stands out, mainly due to its unique guaranteed interest model and a high degree of transparency. The project recently concluded the 30-day minting phase of its native CLVA token, and anyone who missed it can now buy into the project by acquiring CLVA from Uniswap or P2PB2B.

What makes CLEVER so different?

A creation of entrepreneur and self-made millionaire Bryan Legend, CLEVER is a DeFi protocol that simplifies yield farming by providing a flexible, assured way to earn returns on investment. Designed keeping transparency and security in mind, the CLEVER platform relies heavily on automation through efficient usage of smart contracts and on-chain transactions.

The platform is fueled by the native ERC20 CLVA token, which was mined from scratch during the recently concluded minting phase. With no pre-mined tokens and the entire CLVA distribution handled by a Decentralized Distribution Mechanism (DDM), anyone could participate in the coin issuance phase from day-1 to purchase tokens. By holding the token, investors in CLVA will become eligible to receive interest payouts at every 14-day interval, a process that is again automated by the Automatic Cycle Schedule.

Apart from smart contracts, DMM and Automatic Cycle Schedule, CLEVER also maintains a CLVA Analytics Dashboard with real-time network insights, including recent transactions, upcoming interest, total market cap, CLVA token price and an Interest + Supply calculator to estimate returns on investment.

Better returns than banks and alts?

Traditional banking institutions are not reliable anymore as interest rates are currently at their lowest, even negative in some parts of the world. Altcoins present another option, but their volatile nature does not guarantee returns as the asset price could sway either way based on market conditions. That makes DeFi platforms the best option to get better returns on investments, provided one picks the right one.

CLEVER DeFi offers the ideal solution by offering investors a way to earn guaranteed returns on CLVA holdings. The platform issues fortnightly compound interest payouts of up to 11% using an automated distribution mechanism, which accrued over a year could be as high as 307% and 806% over a ten-year period.

The platform considers the number of CLVA held in each wallet during a 14-day cycle to calculate the eligible interest paid out to the same wallet at the end of each cycle. By design, investors in CLVA will continue earning interest payouts for 888 cycles, or around 34 years. The total returns generated by CLEVER are much higher than most of the traditional investments currently out there in the market.

CLEVER does not impose any conditions on CLVA token holders to receive interest payouts. They are free to use the token in any way their wish without worrying about staking, lock-in periods or penalties. CLVA can be readily traded on open markets, and those willing to become part of the ecosystem can buy and start receiving interest payouts at the end of each cycle.

A Valuable Asset in the Making

While CLEVER ticks all the right boxes regarding transparency and passive interest-earning capabilities, its listing on leading exchanges and trading platforms has opened the doors for profitable trading opportunities. In the past week, CLVA registered a 125% price surge from its all-time low. Since then, it has continued to gain more ground, with an average daily increase of up to 5%.

With every payout cycle, more CLVA will enter the market, which, combined with increased investor interest, can potentially lead to a huge appreciation in the token value. Valued at around $8 at the present price, it is not too late for investors who missed the minting phase to purchase CLVA. Purchasing CLVA early on will allow them to buy in at a lower price and enable them to participate in more interest payout cycles for better long-term returns.

Already listed on Uniswap and P2PB2B, CLVA awaits listing on other exchanges, including Coinsbit, Hotbit and more.

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5 Things You Must Know Before Day Trading Crypto

Day trading cryptocurrency involves entering and exiting multiple positions during trading hours on the same day. Typically, a day trader would never leave an open position overnight as they intend to profit through intraday price movements.

Although day trading is a common strategy for a traditional financial instrument, it works perfectly well for cryptocurrency.

Still, you must fully understand the fundamentals before diving into the market.

Here are some tips!

1.  Always trade with a reliable crypto exchange

Crypto exchanges allow users to buy, sell, and trade cryptocurrencies like Bitcoin using different fiat currencies or altcoins. While most crypto exchanges offer similar services, but not all are created equally. The last thing you want is a crypto exchange to disappear with your funds.

You should always look up reviews of the crypto exchanges on forums, blogs, or any active communities to provide genuine feedback. Besides, make sure the exchange has good liquidity and has good customer support. For example, Bybit offers 24/7 customer support to all of its users.

2.  Get the technical and fundamental analysis right

Understanding how the market works and reacts gives you the upper hand to make rational trading decisions even if the market goes sideways.

Firstly, fundamental analysis relies on how external factors or specific industry trends, or crypto technology developments influence the market. This analysis is often used to determine the quality of long-term investments. You need to be aware of the difference between an asset’s value and the price at which it is trading.

Technical analysis is used to review actively trading assets for a short-term investment decision. Understanding price action in technical analysis gives traders an overview of the asset’s supply and demand dynamics to determine an ideal asset’s price.

3.  Don’t underestimate the trading fees

Before day trading cryptocurrency, make sure to take a deep dive into the exchange’s trading fees structure.

A crypto exchange may waive the deposit fees, but there are maker, taker fees, and withdrawal fees. These transaction fees are charges implied when you buy an asset. For example, at Bybit, takers pay 0.075% while makers earn a 0.025% rebate.

Ultimately, you should select an exchange with less trading fees that allow you to maximize your net profits.

4.  Never invest more than you could afford to lose

The golden rule is to spend less than you earn. When the same concept applies to day trading, you can mitigate the risks of losing your funds.

Of course, you can make quick cash when trading during the crypto boom, but trading crypto can also come with extreme volatility. You must expect a crypto asset’s price to fluctuate in hours or even minutes. If you intend to take on loans to day trade in crypto, you should think twice.

5.  Never let your emotions sway your decision

A crypto veteran would agree that your fear and greed empower bad decisions. And these are the repercussions of the market noises.

Instead, work towards strong trading psychology to make rational decisions. Focus on a day trading course, join a community with reliable trading news, stay firm on your evaluations, and most importantly, learn from your mistakes.

Closing Thoughts

It is essential to understand how the market works and how you can secure your funds. Work on improving your knowledge and learning from both failures and success to become a profitable crypto day trader today.

 

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Charted: Binance Coin (BNB) Pumps Above $300, Why Bulls Could Aim New ATH

Binance coin price started a fresh rally above the $280 resistance against the USDT. BNB is now trading above $300 and it might continue to rise towards $350 or $400.

• Binance coin price started a fresh rally above the $260 and $280 resistance levels against the USDT.
• The price is now trading well above $280 and the 100 simple moving average (4-hours).
• There is a major bullish trend line forming with support near $290 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
• The pair is likely to resume its upward move above the $315 and $320 resistance levels in the near term.

Binance Coin Price Breaks $300

After forming a base above $220, binance coin started a fresh increase. BNB broke the main $250 resistance and recently surpassed the $275 pivot level.

The bulls were able to lead the price above the $280 barrier and the 100 simple moving average (4-hours). As a result, there was a break above the $300 level. The price traded to a new monthly high at $317 and it is currently correcting gains.

It broke the $305 support level. There was also a break below the 23.6% Fib retracement level of the upward move from the $269 swing low to $317 high.

Source: BNBUSDT on TradingView.com

On the downside, the first major support is near the $290 level. It is close to the 50% Fib retracement level of the upward move from the $269 swing low to $317 high. There is also a major bullish trend line forming with support near $290 on the 4-hours chart of the BNB/USDT pair.

On the upside, the bulls are facing resistance near the $315 and $320 levels. The next major resistance is near the $340 level, above which the price is likely to set a new all-time high in the near term.

Dips Supported in BNB?

If BNB fails to continue higher above $315 and $320, there could be a fresh downside correction. The first major support is near the $295 level.

The next major support is near the $290 level and the trend line. If there is a downside break below the trend line support, there could be a drop towards the $280 support zone.

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well above the 50 level.

Major Support Levels – $295, $290 and $280.

Major Resistance Levels – $315, $320 and $340.

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