Crypto Market Daily Highlights – May 3

Key Insights:

  • Crypto.com native token Cronos (CRO) finds floor after dramatic two-day sell-off.
  • From the crypto top 100, Algorand (ALGO) is up 18% over 24-hours to lead the pack, with Sandbox (SAND) and Helium (HNT) also on the move.
  • Regulatory risk lingers with SEC expanding its Crypto Assets and Cyber Unit while industry leaders respond to lawmaker ire over Bitcoin mining.

CoinMarketCap top 100, Algorand (ALGO), jumps 18% to lead the crypto majors. It has been an eventful 24 hours for the crypto market, with a number of the top 100 cryptos making early moves while others falter.

Regulatory risk has continued to hit the crypto news wires early in the week. Bitcoin (BTC) mining and the Securities and Exchange Commission have been areas of market focus to test investor sentiment. Investors will also be mindful of the Fed as the FOMC kick-off the two-day monetary policy meeting later today.

Algorand Surges by 18% to Lead the Top 100

Over the past 24-hours, CoinMarketCap top 100, Algorand, is up 18% to lead the broader crypto market.

On Monday, FIFA announced Algorand as an official partner ahead of this year’s FIFA World Cup in Qatar.

At the time of writing, ALGO was up 11.52% to $0.6872 for the current session, while up 18% over the last 24-hours.

A bullish morning saw ALGO strike a high of $0.7408 in response to the news before easing back.

Algorand follows in the footsteps of Crypto.com, which became an official FIFA World Cup 2022 sponsor in March.

ALGO 030522 Daily

Other big movers over the last 24-hours include Helium (HNT) and The Sandbox (SAND), which were up 16% and 10%, respectively.

Crypto.com native token Cronos (CRO) is on a breakout this morning. Crypto market reaction to staking reward updates caused a sell-off before finding support this morning.

Over 24-hours, CRO is up 0.21%, while down 26.14% over 7-days.

The Securities and Exchange Commission Expands Crypto Team

This week, FX Empire reported news of the Securities and Exchange Commission (SEC) planning to expand its Crypto Assets and Cyber Unit with 20 new positions.

According to the report,

“The Cyber Unit has managed to take enforcement action against 80 fraudulent and unregistered crypto-asset offerings and platforms, which resulted in monetary relief worth more than $2 billion.”

While the SEC takes aim at the crypto market, industry leaders have responded to a letter from US lawmakers to the Environmental Protection Agency on Bitcoin and crypto mining and the impact on the environment.

According to the FX Empire report,

“Industry leaders and executives have refuted claims by politicians that crypto mining is an environmental disaster.”

In April, US lawmakers called on the EPA to look into crypto mining, a hot topic since the January subcommittee hearing.

While the crypto news wires have influenced investor sentiment, the crypto market will also be mindful of the Fed monetary policy decision.

Bitcoin (BTC) Slips Ahead of Wednesday’s Policy Decision

At the time of writing, BTC was down 0.01% to $38,508. A mixed morning saw BTC rise to a morning high of $38,645 before easing back.

BTCUSD 030522 Daily

Investor angst over the Fed’s monetary policy decision has pegged BTC back. Negative sentiment towards Fed monetary policy has resulted in a stronger correlation between BTC and the NASDAQ 100.

At the time of writing, the NASDAQ 100 mini was up 46.5 points. Earlier today, the NASDAQ was up 120 points before easing back.

Helium (HNT) Eyes a Return to the $30 Level

Helium is moving lower as leading cryptocurrencies decline after the recent attempt to gain upside momentum.

Helium Declines Amid Pressure on Riskier Assets

Helium is a decentralized network for IoT devices. HNT has recently made an attempt to settle above the $40 level but failed to develop sufficient momentum and pulled back close to the $30 level.

Its recent fate is similar to other Web3 coins like FileCoin or Theta which are trading near multi-week lows. It looks that the key reason for this weakness is the increasing connection between traditional financial markets and crypto markets.

When riskier assets find themselves under pressure, cryptocurrencies are often leading the way lower. The opposite is also true – increasing demand for riskier assets provides material support to crypto markets.

HNT Is Testing the Support Level at $31.50

hnt january 14 2022

HNT faced strong resistance near the 20 EMA and the 50 EMA above the $35 level and pulled back towards the support level at $31.50. This support level has already been tested several times and proved its strength.

It should be noted that RSI is in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.

In case HNT settles below the support at $31.50, it will move towards the next support level at $30. A move below this level will signal that HNT is ready to continue the pullback from highs that were reached at the beginning of 2022. In this case, HNT will head towards the next support at $28.00. A successful test of this level will push HNT towards the support at $26.80.

On the upside, the nearest resistance level for HNT is located at the $33 level. A move above this level will push HNT towards the resistance at $34.00. In case HNT manages to settle above $34.00, it will head towards the resistance at the 20 EMA at $35.30.

hnt h1 january 14 2022

Taking a look at the H1 chart, we can see that RSI has moved out of the oversold territory, so HNT will have a good chance to gain additional downside momentum in the near term in case it manages to settle below the important support level at $31.50.

Top Five Web3 Coins To Have Under the Radar in 2022

The new era of the internet is here and it is called “Web3”, thanks to the technology that is behind the cryptocurrencies which is blockchain.

In the mid-90s, when the Internet was invented, platforms like “Yahoo!” and “MSN Messenger” were some of the most used ones for search and communication purposes, this was known as “Web1.”

As years passed by, the internet got more adoption and platforms like Spotify and Instagram were launched in this new phase of the internet known as “Web2”.

In 2014, Gavin Wood, known for being co-founder of Ethereum and Polkadot, named and described for the first time ever the word “Web3” in a post called “ ĐApps: What Web 3.0 Looks Like”.

“Web 3.0, or as might be termed the “post-Snowden” web, is a reimagination of the sorts of things that we already use the Web for, but with a fundamentally different model for the interactions between parties.” Gavin Wood

What Is Web3?

Last year, the crypto world gained a lot of attention worldwide, especially in the NFTs (Non-Fungible Tokens) ecosystem. The main NFT marketplace, OpenSea, got 10x of users since the beginning of the year, from approximately 100,000 users to almost 1 million, according to Dune Analytics data.

As NFTs got an explosive growth last year, some users who bought an NFT could also receive benefits, this is one of the main characteristics in the Web3 era, users are also benefited from artists or creators by supporting them.

“Web3 is the internet owned by the builders and users, orchestrated with tokens,” said Chris Dixon, general partner at VC Andreessen Horowitz.

Five Web3 Coins To Watch This Year

Polkadot (DOT)

DOT is the 10th biggest cryptocurrency by market capitalization ($24 billion) with a value of $24.36 per coin, after reaching its all-time high of $53.88 in November 2021, according to CoinMarketCap.

DOT
September 2021-January 2022 DOT/USD chart. Source: FXEMPIRE

The project was founded by Gavin Wood, Robert Habermeier, and Peter Czaban in 2016, supported by the Web3 Foundation, it is a platform for Web3 where users are in control and it is completely decentralized.

Polkadot has its main chain called “Relay Chain”, which is built as its Layer 0, and in order to have better scalability in the network, there are Parallel Chains known as “parachains” built as Layer 1 blockchains that are connected to the main chain and can be connected to other networks via bridges.

Last month the first five parachains were live on the network through different auctions, which is one of the reasons that the price reached its all-time high. As more parachains are launched this year, we can expect that the price could have a positive reaction to them.

FileCoin (FIL)

FIL is the 37th biggest cryptocurrency by market capitalization ($4.2 billion) with a value of $28.21 per coin, after reaching its all-time high of $191.36 in March 2021, according to CoinMarketCap.

FIL FXEMPIRE
September 2021-January 2022 FIL/USD chart. Source: FXEMPIRE

The project was founded by Juan Benet in 2014, it is a decentralized storage network where users pay storage miners FIL tokens to store their information securely and correctly.

In October 2021, they launched FileCoin Plus, so storage providers can connect with verified clients. According to their official Twitter account, Inflow music will be released next month, a social token platform where fans will also benefit by supporting the artists.

Theta Network (THETA)

THETA is the 40th biggest cryptocurrency by market capitalization ($4 billion) with a value of $4.01 per coin, after reaching its all-time high of $14.28 in April 2021, according to CoinMarketCap.

THETA FXEMPIRE
September 2021-January 2022 THETA/USD chart. Source: FXEMPIRE

The project was founded by Mitch Liu and Jieyi Long in 2017, it is a decentralized video streaming platform in order to stream excellent video quality that is run by a network of hundreds of computers across the globe.

According to its official website, Theta Network has big partners like MGM, Lionsgate, and NASA and during 2022 they are delivering airdrops and an NFT based video platform.

Helium (HNT)

HNT is the 46th biggest cryptocurrency by market capitalization ($3.3 billion) with a value of $31.45 per coin, after reaching its all-time high of $52.71 in November 2021, according to CoinMarketCap.

HNT FXEmpire
September 2021-January 2022 HNT/USD chart. Source: FXEMPIRE

The project was founded by Shawn Fanning, Amir Haleem, and Sean Carey in 2013, it is a decentralized wireless network where IoT devices are used as Hotspots and earn HNT tokens when data is transferred.

The Helium team attended last week at the Consumer Technology Association in Las Vegas and recently partnered with FreedomFi, a 5G network builder.

BitTorrent (BTT)

BTT is the 54th biggest cryptocurrency by market capitalization ($2.4 billion) with a value of $0.002483 per coin, after reaching its all-time high of $0.01 in April 2021, according to CoinMarketCap.

BTT FXEmpire
September 2021-January 2022 BTT/USD chart. Source: FXEMPIRE

The project originally was founded by Bram Cohen in 2001, but then in 2019, it was acquired by the TRON Foundation, it is the world’s largest decentralized file-sharing protocol that uses its native token BTT which can be earned by seeding files, according to its official website.

Although these five coins are down more than 30% since their all-time highs, the Web3 mania appears just to be starting, these are only five projects but there are many more building it to expand this new era of the internet.

Crypto News Updates: Filecoin (FIL), Theta (THETA), Elrond (EGLD), Bitgert (BRISE) & Helium (HNT)

There are already several cryptocurrencies that are showing huge potential and are worth taking a look at. For the investors in the crypto market, here are crypto projects that are worthy of considering:

Filecoin (FIL)

Filecoin is a cryptocurrency that was launched in 2017 to provide decentralised storage solutions. Considering that humans require safe storage for their most variable data, the team started developing a platform that would allow users full control of their safe storage.

Filecoin provides a platform where users can store their most variable data in a decentralised manner. This simply means there are no third parties that can access the data. The safety and the integrity of the storage are guaranteed, unlike cloud storage. This is what is attracting investors and users to the project.

Over the years, the team has improved the platform with the advancing blockchain technology. There has been the addition of more products on the platform, which increases the project utility. Look at the 2022 roadmap to see why this might be one of the biggest cryptos in 2022.

Theta (THETA)

The demand for video streaming has seen platforms like Youtube grow big within a very short time. But the decentralised of video streaming is what makes Theta one of the biggest cryptocurrencies. The platform is decentralising video streaming by allowing users to share bandwidth and computing resources on a peer-to-peer (P2P) basis.

With video streaming growing big every day, Theta is projected to become one of the biggest cryptocurrencies of 2022. The number of users and content developers that will be joining the platform is predicted to increase significantly in 2022. This will see the demand do the THETA, the native coin, increase.

The team has also revealed an impressive 20222 roadmap that aims to improve the utility and efficiency of the platform. Therefore, this is an ideal investment because of its huge potential to break out in 2022.

Elrond (EGLD)

Founded in 2017, the Elrond project objective was to address the speed problem on the blockchain. With Bitcoin and Ethereum having scaling issues, there was a need to improve speed to accommodate the growing number of crypto users. Elrond team designed a blockchain protocol that increased the number of transactions per second.

Over the years, the team has been working on this platform and has built one of the most powerful blockchain protocols that use sharding technology to address the scaling issues. With growing demand from users, the platform has also added products to the ecosystem to keep the platform intuitive and user friendly.

Elrond is still one of the best blockchain protocols when it comes to transaction speed. The team has also improved the security, gas fee and sustainability making it an ideal investment for 2022.

Bitgert (BRISE)

Bitgert (BRISE) is one of the most talked-about crypto projects in the crypto market today. The token is trending on the major exchanges, including Binance and others. It is currently one of the mooning cryptocurrencies in 2022. But the recent surge in price and the coin market value is development done by the team.

For a project that launched on July 28th 2021, the team has accomplished a lot by launching the staking process. Bitgert is a Defi project that is building a powerful payment system that enables users to transact on a p2p platform.

But the team is developing products that make this project the biggest thing in DeFi. The team is developing a centralised cryptocurrency exchange and a zero gas fee blockchain. These are two products making the project popular.

The Brise exchange is launching in Q1 2022. The gas-free blockchain is in the development stage, and the launch date will be announced soon. In addition to impressive products, the team is doxxing, and the project is registered as a legal entity. Check out more on the Bitgert website.

Helium (HNT)

Helium (HNT) is a unique blockchain protocol built to decentralise the Internet of Things (IoT). The platform launched in 2019 and has been performing very as the adoption of IoT technologies increases. The technology works by the Helium mainnet allowing low-powered wireless devices to communicate with each other as well as send data across the nodes.

The platform is increasingly growing popular as more people invest in IoT devices, and we are likely to see the value of the coin increasing in 2022. The team is blending LoRaWAN and blockchain technologies to provide a platform that caters to even the latest and emerging technologies in IoT.

The Helium team has also released the 2022 road map, which shows how great this project is going to be in 2022. This is why it has been featured on this list.

Do thorough research before investing in any of these cryptocurrencies or any other crypto project. The information herein may not enable the investor to make a solid investment decision. This is why more research is recommended.

Helium (HNT) Looks Ready To Rally

Helium Gains Upside Momentum After Major Pullback

Helium, which is a decentralzed network for IoT devices, has once again attracted market’s attention, and its token is moving higher.

HNT reached all-time highs back in November, at a time when many coins enjoyed an influx of investors’ money. However, it lost momentum and pulled back by more than 50% before finally finding enough support to start a rebound.

HNT has already shown signs of strength yesterday, as the coin began to move higher at a time when leading cryptocurrencies lacked upside momentum. Currently, Helium is ranked 41 in the top-list of biggest coins with a market capitalization of 3.7 billion, and the continuation of the current upside trend may push it to the top-40.

Helium Managed To Settle Above The 50 EMA

hnt december 21 2021

HNT found support near $30.00 and moved above the 50 EMA which is located at $34.00. It has already managed to settle above this level and is testing the next resistance level at $36.50. RSI remains in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

In case HNT settles above the resistance at $36.50, it will gain additional upside momentum and head towards the resistance at $39.00. A move above this level will push HNT towards the resistance at $40.50.

On the support side, the previous resistance level at the 50 EMA will serve as the first support level for HNT. A move below this level will be a disappointing development for HNT bulls as it will show that HNT failed to develop sustainable upside momentum.

If HNT declines below the support at the 50 EMA at $34.00, it will move towards the next support level which is located at the recent lows at $30.00. A successful test of this level will push HNT towards the support at $27.50. If HNT declines below $27.50, it will head towards the next support at $25.50.

hnt h1 chart december 21 2021

Taking a look at H1 chart, we can see that HNT immediately gained upside momentum after it managed to get out of the previous downside channel. The recent attempt to pull back, which was stopped near $30.00, was met with strong buying. While HNT quickly moved from $30.00 to $36.50, RSI has mostly remained in the moderate territory, which is bullish for the near-term outlook for HNT price dynamics.

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Helium (HNT) has Surged by Nearly 150% Since Dish Announcement

Helium has maintained its excellent performance despite the cryptocurrency market currently retracing.

Helium Up by 150% in Two Weeks

Helium (HNT) has been one of the best performing cryptocurrencies over the past two weeks. The coin has added nearly 150% to its value during that period, thanks to the team’s partnership with telecommunication company Dish.

On October 26, Helium partnered with internet service giant Dish in a bid to develop a user-powered wireless network. Per the terms of the partnership, Helium will supply 3.5 million hotspots to DISH, and the internet service company intends to onboard its customers.

Helium is a decentralized internet network that currently has over 250,000 hotspots. Since the announcement, the HNT token has been performing excellently. HNT has been up by nearly 150% since the announcement and could be set for higher gains.

HNT reached a new all-time high of $54.20 roughly two hours ago. At the time of writing, HNT is trading at $51.390, down by less than 4% from the all-time high it achieved a few hours ago.

HNT/USD chart. Source: FXEMPIRE

HNT Could Top $60 Soon

HNT has been one of the top-performing cryptocurrencies since the start of the year. Its technical indicators show that the cryptocurrency is currently bullish and could rally higher over the coming hours and days.

Year-to-date, HNT’s value has gone up by 212,887%, outperforming numerous cryptocurrencies during that period. If the coin continues with its current momentum, then it could set a new all-time high above $60 over the next few hours and days.

The RSI of 65 shows that HNT is close to the overbought region and could rally higher over the coming hours and days. The coin’s MACD line is also deep within the bullish region. HNT could test its all-time high of $54 again over the coming hours and might attempt to move towards the $60 psychological level in the next few hours or so.