Crypto Market Daily Highlights – Solana (SOL) Led the Top Ten South

Key Insights:

  • It was a bearish Saturday for the crypto top ten, with solana (SOL) leading the way down.
  • There were no external market forces to influence, leaving Friday’s US inflation figures and the NASDAQ’s worst losing streak since 2008 to resonate.
  • The bearish session left the crypto market cap down $7.1 billion to $898.5 billion.

It was a bearish Saturday session for the crypto top ten. DOGE and SOL led the way down. However, despite the bearish session, BTC avoided sub-$19,000 for just the second time in twelve sessions.

On Friday, US economic indicators supported the Fed’s aggressive policy goals to curb inflation and return inflation to target. The Core PCE Price Index increased by 4.9% in August, up from 4.7% in July.

Hawkish Fed chatter and the Friday numbers from the US remained crypto market negatives on Saturday. The influence from the US also supported the ongoing crypto correlation with the NASDAQ 100.

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss. More importantly, the NASDAQ 100 extended its quarterly losing streak to three, its worst run since 2008.

NASDAQ correlation
Total Market Cap 021022 Daily Chart

Crypto Market Starts the Fourth Quarter on a Bearish Footing

On Saturday, the crypto market rose to an early high of $909.6 billion before an extended decline to a late low of $891.5 billion. Despite the bearish session, the loss was modest by more recent standards.

The crypto market cap fell by $7.1 billion to $898.5 billion.

With the US markets closed through the weekend, the crypto market may take its cues from the NASDAQ 100 Mini in the final hour (UTC). A bearish start to the Monday session would test crypto investor resilience.

Crypto market has bearish first session of the quarter.
Total Market Cap 021022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Saturday session for the crypto top ten.

DOGE and SOL led the way down, with losses of 2.42% and 1.75%, respectively, with ADA (-1.15%), ETH (-1.29%), and XRP (-1.03%) also struggling.

BNB (-0.67%) and BTC (-0.59%) saw relatively modest losses on the day.

From the CoinMarketCap top 100, it was a mixed session.

Reserve Rights (RSR) and Terra Classic (LUNC) led the way, rallying by X% and U%, respectively, with stellar’s lumen (XLM) gaining X%.

However, Pancake Swap (CAKE), Helium (HNT), and Lido DAO (LDO) led the way down. CAKE and HNT slid by X% and Y%, respectively, with LDO falling by X%.

24-Hour Crypto Liquidations Slide in Range-Bound Session

Over 24 hours, total liquidations fell below normal levels, with the crypto market moving within a tight range at the start of the quarter. At the time of writing, 24-hour liquidations stood at $29.26 million, down from $92.79 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 14,570 versus 28,614 on Saturday morning. Liquidations were down over four and twelve hours while up for the final hour of the day (UTC).

According to Coinglass, 12-hour liquidations stood at $23.11 million, down from $66.05 million on Saturday morning, with four-hour liquidations down from $14.90 million to $4.25 million. However, one-hour liquidations were up from $0.563 million to $1.83 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish final hour.
Total Market Cap 021022 Hourly Chart

Crypto Market Daily Highlights – XRP Leads on SEC v Ripple Ruling

Key Insights:

  • It was a mixed Thursday for the crypto top ten, with XRP leading the way.
  • The crypto market decoupled from the NASDAQ 100, which tumbled by 2.84%, as demand for cryptos picked up amidst the increased volatility across the FX and Equity markets.
  • Another bullish session for the broader crypto market reduced the market cap deficit for September to $47 billion.

It was a mixed Thursday session for the crypto top ten. XRP enjoyed a breakout session, while ETH saw red. Despite a bullish session, BTC fell short of $20,000 for the tenth time in eleven sessions.

Updates from the SEC v Ripple case delivered an XRP price breakout and supported the broader crypto market.

Following last week’s decoupling from the NASDAQ 100, the crypto market decoupled again on Thursday. Heightened uncertainty over the economic outlook, fueled by the central bank and government policy, has also delivered crypto support.

On Thursday, the NASDAQ 100 slid by 2.84%, with the Dow and the S&P500 seeing losses of 1.54% and 2.11%, respectively. While the crypto market decoupled from the US markets on Thursday, US inflation numbers could test investor resilience later today.

NADSAQ correlation.
Total Market Cap – NASDAQ – 300922 5 Minute Chart

Crypto Market Bounces Back in Risk-On US Session

On Thursday, the crypto market cap rose to an early high of $917.8 billion before falling to an early afternoon low of $878.7 billion. However, finding support through the afternoon, the crypto market bounced back to end the day at $911.4 billion, up $7.4 billion for the session.

The bullish Thursday session reduced the September deficit to $47 billion.

Crypto market cap on the rise.
Total Market Cap 300922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Thursday session for the crypto top ten.

XRP rallied by 8.49% to lead the way, with SOL rising by 2.11%.

ADA (+0.46%), BNB (+0.96%), BTC (+0.88%), and DOGE (+0.64%) also avoided the red, while ETH bucked the trend, falling by 0.07%.

From the CoinMarketCap top 100, it was a mixed session.

XRP and Stellar’s Lumen (XLM) led the way, with gains of 8.49% and 6.81%, respectively. EOS (EOS) was also among the front runners, rising by 5.07%.

At the other end of the table, Helium (HNT) led the way down with a 3.71% loss, with STEPN (GMT) and Reserve Rights (RSR) seeing losses of 3.26% and 2.69%, respectively.

24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides

Over 24 hours, total liquidations fell back during the Thursday session, supported by the decoupling from the NASDAQ 100. At the time of writing, 24-hour liquidations stood at $91.62 million, down from $124.53 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 28,061 versus 44,964 on Thursday morning. Liquidations were down over four hours and the final hour of the day (UTC) while up over 12 hours.

Crypto liquidations fall back on bullish session.
Total Crypto Liquidations 300922

According to Coinglass, 12-hour liquidations stood at $70.50 million, up from $56.39 million on Thursday morning. However, four-hour liquidations were down from $14.28 million to $10.46 million, with one-hour liquidations down from $3.06 million to $1.97 million.

The chart below shows market conditions throughout the session.

Crypto market sees a choppy Thursday session.
Total Market Cap 300922 Hourly Chart

 

Crypto Market Daily Highlights – XRP Bucks a Bearish Top Ten Session

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with XRP bucking the top ten trend.
  • Investor anxiety ahead of the Fed interest rate decision and projections weighed, while XRP heads north.
  • The total crypto market cap is down by $21.5 billion to $885.6 billion.

It is a mixed Tuesday session for the crypto top ten. XRP leads the crypto top ten on investor optimism towards the outcome of the SEC v Ripple case. However, ETH leads the way down, with BTC falling short of $20,000 for a second consecutive session.

Market angst over the upcoming Fed policy decision and FOMC projections continue to weigh. Fears of a hawkish Fed sending the global economy into a recession remain the theme following last week’s warnings.

The NASDAQ 100 failed to deliver support, falling by 0.95%, with Ford (F) joining a growing list of US giants to sound the alarm bells. On Tuesday, Ford reportedly said that inflation-related supplier costs would run about $1 billion higher than expected.

Supply chain disruption also remained an issue, with the company estimating that it will have up to 45,000 vehicles in inventory, lacking parts.

On Wednesday, the Fed will be the driving force and should remove a high degree of uncertainty vis-à-vis monetary policy. The crypto market will need a dovish 75-basis point rate hike to support a bullish end to the Wednesday session. Talk of smaller rate hikes in November and December, and a soft landing, should be crypto-friendly.

NASDAQ correlation.
Total Market Cap – NASDAQ – 210922 5 Minute Chart

Crypto Market Slides Back to Sub-$900bn on Fed Fear

On Tuesday, the crypto market cap rose to an early high of $914.9 billion before sliding to an early afternoon low of $876.2 billion. A late afternoon partial recovery to $904 billion was brief, with external market forces weighing.

With 120 minutes of the Tuesday session remaining, the total crypto market cap is down $21.5 billion to $885.6 billion.

Crypto market back at sub-$900bn.
Total Market Cap 210922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Tuesday session for the crypto top ten.

XRP leads the way with 120 minutes of the session remaining (UTC), surging 7.17%. The hope of a favorable outcome to the SEC v Ripple case delivered support.

However, it is a bearish session for the rest of the top ten, with ETH (-4.34%) leading the way down.

ADA (-3.09%), BNB (-2.28%), BTC (-3.36%), and SOL (-3.21%) are also in the deep red, while DOGE is down by just 0.68%.

From the CoinMarketCap top 100, it was a mixed session.

Helium (HNT), XRP, and Stellar (XLM) lead the way. HNT is up 8.17%, with XRP and XLM seeing gains of 7.17% and 6.24%, respectively.

However, cosmos (ATOM) and ravencoin (RVN) lead the way down, with losses of 10.67% and 9.55%, respectively. ApeCoin (APE) is also struggling, with a 4.28% fall.

24-HourCrypto Liquidations Slide Back on Bearish Session

Over 24 hours, total liquidations declined amidst rising fear towards the Fed monetary policy decision on Wednesday.

At the time of writing, 24-hour liquidations stood at $121.53 million, down from $292.44 million on Tuesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 37,436 versus 71,318 on Tuesday morning. Liquidations over twelve and four hours were down, while one-hour liquidations increased.

Crypto liquidations slow ahead of the Fed.
Total Crypto Liquidations 210922

According to Coinglass, 12-hour liquidations stood at $82.23 million, down from $98.29 million on Tuesday morning, with four-hour liquidations falling from $24.44 million to $16.13 million. However, one-hour liquidations increased from $4.27 million to $11.61 million, reflecting a late Tuesday pullback. The chart below shows market conditions throughout the session.

Hourly chart aligned with liquidations.
Total Market Cap 210922 Hourly Chart

After Avalanche’s 20% Weekly Spike, Can AVAX Reclaim the $35 Level?

Key Insights:

  • Larger market gains strengthened AVAX’s existing bullish trend.
  • Avalanche recorded an all-time high daily transaction count alongside healthy price action.
  • While AVAX bulls are targeting the $35 level, there are still some speculations about the coin’s trajectory.

Avalanche (AVAX) has been on most crypto traders’ watchlist after the altcoin’s recent 30% price appreciation from the $22 level. At the time of writing, AVAX had reclaimed the 12th rank in the cryptocurrency space by market capitalization, trading at $29.06, noting a 5% rise on the daily chart.

With larger market gains, many in the market expect another round of price appreciation towards the $35 level for AVAX. So, with fundamentals for Avalanche looking decent, what’s in store for the altcoin?

New Milestones For Avalanche

In the late trading hours of the Asian session, on August 9, the Avalanche network reached a new milestone as the coin saw its highest recorded daily transactions. AVAX’s daily transaction count reached an all-time high as the indicator breached the 1.51 million transaction mark.

FXempire, AVAX, Crypto, Avalanche
Source: Coin98 Analytics

While the high transaction indicated increased interest or optimism in the market for the ecosystem, it wasn’t the most impressive thing. One of the most amusing things about AVAX’s high transaction count was that on August 9, the coin noted a higher transaction count than that of Ethereum, Arbitrum, and Optimism combined.

AVAX’s price rally primarily took off around August 6 with a 9% rise in price. Many crypto analysts were of the opinion that the coin’s bullish momentum could be attributed to the growth of Avalanche-based NFTs.

On August 9, the trade volumes of Avalanche-based NFTs saw a 30% rise. Furthermore, NFT sales also presented a close to 10% rise over the same time.

In addition to that, Robinhood announced support for Avalanche and Stellar (XLM), further aiding the bullish momentum flourish.

AVAX Bulls Eye the $35 Level

AVAX’s price saw the lowest price level of $13.75 just last month; however, the coin’s quick recovery has instigated optimism for the token investors.

Notably, AVAX presented signs of a strong recovery from the larger downtrend that the altcoin has seen for over four months. The bullish reversal has pushed the altcoin’s price by over 110% from the lower price levels seen in June 2022.

In the short term, AVAX’s price establishing above the psychological level of $30 could further aid market momentum for bulls.

FXempire, AVAX, Crypto, Avalanche
AVAX Daily Chart | Source: FXEmpire

In the short-term, AVAX’s next resistances that bears could defend would be the $36 and $51 levels.

That said, daily trading volume over the last 24 hours from press time was up by 22%, indicative of a renewed retail momentum for AVAX. Since AVAX’s price jumped above the key $28 resistance, chances of the coin seeing the $35 mark are high unless bears take the lead.

Bitcoin and ETH Could Nosedive, XLM Remains Elevated

Key Insights:

  • Bitcoin remained in a bearish zone below $30,850 and $30,000.
  • Ether (ETH) declined heavily below the $1,840 support.
  • XLM could rally if there is a close above the $0.155 resistance.

Bitcoin

After a close below the $31,250 zone, bitcoin price started a fresh decline. There was a sharp move below the $30,000 support level and the 21 simple moving average (H1).

Recently, there was a recovery wave, but the bears were active near $30,450. The price is again moving lower and it broke a key bullish trend line at $30,400 on the hourly chart. The price is now consolidating losses above the $29,450 support zone.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If there is a close below the $29,450 support, bitcoin price might resume losses. The next major support sits near the $28,550 level.

Ethereum (ETH)

ETH remained in a bearish zone below the $1,915 pivot zone. The bears were in action and the price declined below the $1,845 support zone.

There was a clear move below the $1,785 support level and the 21 simple moving average (H1). Besides, there was a move below a connecting bullish trend line with support near $1,800 on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

The price is now consolidating losses below the $1,800 resistance zone. The next major support sits near the $1,720 level, below which there is a risk of a move towards the $1,640 level.

Setllar (XLM)

XLM started a strong decline after it topped near the $0.24 level. There was a major drop below the $0.20 and $0.18 support levels.

It even moved below the $0.16 level and the 21-day simple moving average. Finally, there was a spike below the $0.12 level and the price tested the $0.10 zone. A base was formed above $0.10 and the price started a steady increase.

Stellar XLM Daily Chart
XLM Daily Chart

There was a break above a major bearish trend line with resistance near $0.130 on the daily chart. The next major resistance sits near the $0.155 zone.

A close above the $0.155 zone might start a strong increase. In the stated case, XLM price might rise towards the $0.166 level and then $0.180. If there is no upside break, the price could start a downside correction and decline towards the $0.130 support.

ADA, BNB, and DOT price

Cardano (ADA) is trading well below the $0.60 support zone. It seems like there is a risk of a move towards the $0.525 support zone.

BNB is back below the $300 level. If the bears remain action, the price might slide further towards the $285 support zone.

Polkadot (DOT) settled below the $10.00 pivot level. It seems like the price is now moving lower and could even test the $9.00 support.

A few trending coins are ICP, WAVES, and HOT. Out of these, WAVE is still eyeing an upside break above the $10.00 resistance.

MoneyGram and Stellar Blockchain News Delivers XLM Support

Key Insights:

  • Stellar’s Lumen (XLM) was on the rise this morning, with XLM holders looking to end an eight-week losing streak.
  • News of MoneyGram supporting USD Coin (USDC) remittances on the Stellar blockchain delivered support.
  • Key technical indicators bullish. XLM sits above the 100-day EMA.

On Sunday, Stellar’s Lumen (XLM) rallied by 6.77%. Following a 1.91% gain on Saturday, XLM ended the week down by 3.25% to $0.1309.

Sunday’s rally came from broader crypto market support, with the upside coming despite the continued fallout from the collapse of TerraUST (UST) and Terra LUNA.

While an anticipated shift in the crypto regulatory landscape remains a threat, investors could begin to embrace the prospects of a more regimen sector.

Governments and regulators may look to strike a balance between support for innovation and the protection of investors. Some jurisdictions will likely be more pro-innovation than others, however.

MoneyGram and Stellar Blockchain Partner to Enable USDC Remittances

On Sunday, Bloomberg News reported news of MoneyGram International Inc. (MGI) planning to partner with Stellar blockchain to support stablecoin remittances and conversions to fiat money.

MoneyGram CEO Alex Holmes reportedly said,

“The world of crypto and the world of fiat are not really compatible today. We’re trying to be a bridge from the crypto world to the fiat world.”

Holmes when on to say,

“Users with digital wallets on the Stellar blockchain will be able to convert their holdings into Circle Internet Financial’s USDC stablecoin, which can then be cashed out through MoneyGram’s network.”

The latest news comes in the wake of the TerraUSD (UST) collapse and the brief de-pegging of Tether (USDT) from the dollar.

Unlike UST, USD Coin (USDC) is fully backed by cash and short-dated US government obligations, ensuring a 1:1 peg with the US dollar.

XLM Price Action

At the time of writing, XLM was up 5.04% to $0.1375.

A bullish morning saw XLM rally to a morning high of $0.1417 before easing back to sub-$0.14 levels.

XLM broke through the First Major Resistance Level at $0.1341 and the Second Major Resistance Level at $0.1373.

XLM finds support on MoneyGram and Stellar news.
XLMUSD 300522 Daily Chart

Technical Indicators

XLM will need to avoid the Major Resistance Levels and the $0.1279 pivot to target the Third Major Resistance Level at $0.1467. XLM would also need broader crypto market support to break out from the morning high of $0.1417.

A fall through the Major Resistance Levels and the $0.1279 pivot would bring the First Major Support Level at $0.1247 into play.

Barring an extended sell-off throughout the day, XLM should avoid sub-$0.1240 and the Second Major Support Level at $0.1185.

An XLM return to $0.14 would support a run at $0.15.
XLMUSD 300522 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. At the time of writing, XLM sits above the 100-day EMA, currently at $0.1337. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA closed in on the 200-day EMA; XLM positive.

A move through the 200-day EMA at $0.1465 would support a first visit to $0.15 since May 11.

Holding above the 100-day EMA will be key.
XLMUSD 300522 4-Hourly Chart

Bitcoin Is Stable, but Ether’s Performance Reflects the Pressure

Bitcoin Tecnical Analysis and Price Forecast

Bitcoin ignored the positive dynamics of US stock indices on Wednesday, further reducing the amplitude of its fluctuations. The first cryptocurrency has been moving in a $29.5-30.0K range since the start of active trading in New York. We caution that this reduction in volatility risks turning into an explosion in the near term, potentially setting off momentum for a few days or weeks.

A formal break of consolidation would be considered a consolidation beyond the previous local extremes, which are located at $30.2K and $29.3K. Going beyond those limits in a sharp move promises to trigger a wave of liquidation of positions that the bulls and bears have brought closer to the current price due to low volatility and bored speculators in recent days.

Chart Description automatically generated

Market Capitalisation

Outside of Bitcoin, the situation is more worrying. The total capitalisation of the crypto market, according to CoinMarketCap, has fallen 1.6% in the last 24 hours to $1.25 trillion. Bitcoin’s dominance index is 0.4 points to 45.1%.

Ethereum and Correlation with BTC

Ethereum lost 3%, dropping to 1915, the lower end of a steady trading range for the past two weeks. The daily candlestick chart clearly shows a sequence of increasingly lower local highs. This dynamic is a sure sign of a sustained sell-off in crypto, temporarily covered by Bitcoin’s stability.

Bitcoin’s stability against such an external backdrop may be nothing more than a temporary consolidation of capital in the most liquid cryptocurrency and is supported by improved sentiment in stocks.

Chart Description automatically generated

Fear and Greed Index and Crypto News

The cryptocurrency Fear and Greed Index was up 1 point to 12 by Thursday and remains in “extreme fear”.

Ripple lawyer Stuart Alderoty criticised the stance of US Securities and Exchange Commission Chairman Gary Gensler and the SEC’s desire to seize administrative control of the cryptocurrency market.

Stellar will provide its technology to the Central Bank of Brazil to develop the digital currency.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

Algorand Awards Flare 7-Figure Grant To Develop a Bitcoin Bridge

Key Insights:

  • Flare received the grant from the Algorand Foundation SupaGrant.
  • The bridge will offer greater security through consensus and risk mitigation.
  • Flare will also add Bitcoin as a FAsset, which can be leveraged to build dapps on Flare.

As the fear of DeFi hacks and exploits continues to grow, investors and developers alike are finding ways of being wary of protecting their assets and projects.

And building on the same DeFi chain Algorand has tapped just the right network to make that happen.

Algorand Gets a Touch of Flare

In a press release, the interoperability-focused Flare network announced that it had been awarded a 7-figure Algorand Foundation SupaGrant to develop a Bitcoin bridge into the Algorand ecosystem.

The reason behind this bridge is the constant threat that looms over the DeFi chains of being hacked. As it is just this year, two major crypto hacks left the investors with billions of dollars of their money stolen.

Earlier last month, Axie Infinifty’s Ronin bridge lost over $625 million, which became the biggest hack in the history of cryptocurrencies.

Thus, to avoid that, Flare is focusing on making sure that the new bridge is much more secure and that it will enable secure, trustless interoperability between ALGO and BTC, plus other non-smart contract tokens such as DOGE, LTC, XRP, and XLM.

Flare will achieve this by using the network’s Flare Time Series Oracle and the State Connector.

Commenting on this bridge, the Head of DeFi, Algorand Foundation, Daniel Oon, said,

“Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We look forward to our partnership bringing value to our respective communities.”

Not only this, but the Flare network also announced that they would be bringing Bitcoin as a FAsset onto Flare. This way, developers could use this token as a means of developing Dapps by leveraging their FBTC.

Algorand on the Chart

While the bridge might open up new roads for the chain, its primary function as an investment vehicle isn’t doing that well at the moment. After falling consistently throughout the months, ALGO is now trading at $0.66 at a 14-month low.

Algorand’s price is currently at a 14 month low

ALGO might need more than this to recover the losses it has endured throughout 2022

Stellar Development Foundation Forms $30M Fund for Blockchain Startups

Key Insights:

  • SDF launches new Matching Fund for early-stage blockchain projects.
  • The Fund is seeking to invest in pre-seed and Series B projects.
  • XLM price is on the verge of a breakout.

The Stellar Development Foundation (SDF) has established a new $30 million Matching Fund to provide more early-stage firms access to funding.

According to a news release today, SDF is seeking to invest in pre-seed and Series B firms interested in using the Stellar blockchain. It has established this Fund as a means for these businesses to access funding.

Also, it revealed four new projects it funded in the payroll and remittance industries across the world.

The four projects include Trace Finance, Bitwage, Afriex, and FanVestor. The funds also focused on NFTs and cross-border remittance solutions.

The Matching Fund is a way for SDF to attract investors by assisting with early-stage experimentation for real-world practical use instances that benefit more consumers, according to Andrea Lo, SDF’s Head of Investments. He added,

“In 2022, we’re putting our funding behind more innovators in geographies that need blockchain-powered solutions. The Stellar ecosystem is working to address challenges like inflation, affordable remittances and the high cost of capital, and we’re investing in solutions to these problems through the Matching Fund.”

The Crypto Market and Venture Capitalists

While the number of global venture capital firms investing in the cryptocurrency industry has increased over the last year, some of the world’s leading players in the blockchain industry have launched their venture capital arms to help facilitate the developing market and new platforms.

Cake Defi, a Singapore-based financial technology firm, announced the creation of a $100 million venture capital arm last week to invest in projects focused on Web3, Metaverse, Blockchain, and Fintech spaces.

Stellar Lumens XLM Price Analysis

In recent weeks, XLM has seen a succession of higher lows and lower highs. This type of compressive price action suggested that a breakout was imminent.

Trading at $0.179, a close above $0.188 or below $0.174 would be required to validate the next move’s direction.

xlm/usd chart FXEmpire
Stellar price action

Crypto Community Divided Over Biden’s Digital Asset Executive Order

Key Insights:

  • The Biden Administration has finally recognized the cryptocurrency industry.
  • However, the order did not mention decentralization or Bitcoin.
  • Not everyone is convinced of the need for a central bank digital currency (CBDC).

The United States has been dragging its feet regarding recognizing digital assets and developing a regulatory framework, but the wheels are finally in motion.

This week, the Biden Administration signed a long-awaited executive order that green lights further study of the crypto ecosystem and development of a central bank digital currency.

It has not been the crackdown expected from a government that has recently grown increasingly critical of cryptocurrencies.

Treasury Secretary Janet Yellen commended the initiative this week, adding that the department will work with other state departments to encourage innovation and minimize risks, something regulators have consistently warned about.

Positive Reactions

CEO of USDC stablecoin issuer Circle, Jeremy Allaire, said that the whole-of-government approach to at once harness opportunities while controlling and mitigating inherent risks in responsible innovation is encouraging.

Circle is one of the leading companies in the crypto space, working closely with regulators to get things moving along.

Executive director of the Blockchain Association industry group, Kristin Smith, echoed the sentiment stating,

“I’m really excited that there will be an opportunity to be part of discussions to keep the US a leader in this space.”

Stellar Development Foundation (SDF) CEO Denelle Dixon said that the executive order recognizes the need for clarity so the industry can continue to evolve, grow, and meet the ever-increasing enthusiasm and momentum we see for the sector.

Pro-crypto Republican Senator Tom Emmer observed that the order did not seek direct input from the Securities and Exchange Commission, which is a good thing:

“SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.”

Executive Director of the Washington-based crypto think tank Coin Center, Jerry Brito, also saw the positives. He stated that the message he takes from this EO is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society.

Not All Enthusiasm

Not everybody was as enthusiastic, however. The founder of the ShapeShift crypto platform, Erik Voorhees, said that it was nothing more than a “perfectly political communication.”

“The crypto Executive Order basically says “we’re going to look into this stuff” (as if they haven’t been for years) and then lists a number of platitudes about balancing innovation with protecting the financial system.”

Senator Emmer pointed out that it did not mention decentralization anywhere. In contrast, Human Rights Foundation CSO Alex Gladstein pointed out that it didn’t mention Bitcoin (BTC) but was “heavy on CBDCs.”

Pro-crypto Senator Cynthia Lummis was also unconvinced on the need for a CBDC. Concerns have been raised that a central bank digital currency would give the Fed the same level of authoritarian control over finances that the Chinese government has.

Looking to Ditch Fees When Trading Crypto CFDs? Look No Further Than Libertex!

Last December, Libertex announced that it was completely slashing commission, swap and exchange fees to zero on all crypto CFDs available on its platform as part of a special holiday promotion. But it was simply too good to let go since undoubtedly these are possibly the best trading conditions currently available on the market. The response from clients was so overwhelmingly positive that Libertex has decided to continue these trading conditions indefinitely.

The cryptocurrency sector is one of the most exciting areas of trading today, and Libertex is making it infinitely more exciting by eliminating some of the annoying fees that other brokers still charge. Essentially, this means that, with the Libertex platform, if you have €100 in your account, you can use your entire balance to trade crypto CFDs without wasting a big part of it on fees. That’s it! No catch, no fine print! With three different kinds of fees slashed to zero, Libertex lets traders save money that other brokers would normally charge as fees.

Libertex is possibly the only online broker to eliminate these three fees. Going forward, it plans to continue offering 0% swap, commission and exchange fees on all cryptocurrency CFD trades. These include Bitcoin, Ethereum, Litecoin, Stellar, Solana and any other cryptocurrencies on the Libertex platform. These special conditions are available for both new and existing Libertex retail clients (except UK retail clients, where cryptocurrency CFDs are not available).

So, what does it actually cost someone to trade crypto CFDs on Libertex?

The only thing a trader would pay on a crypto CFD trade with Libertex is the spread (the difference between the Ask and Bid prices). In other words, traders can expect to save a substantial amount of money with Libertex when making multiple trades, overnight trades, high-volume trades and more.

Fewer fees, more freedom in trading crypto CFDs

It is only natural for traders to do their best to minimize or avoid fees, but in the fast-moving crypto market, this can restrict their flexibility in responding to trends or cause unnecessary stress. Feedback from crypto CFD traders on Libertex indicated that they need cryptocurrency trading to be faster, more flexible and more friction-free than classic forex trading. By eliminating three different kinds of fees, Libertex continues its mission to make trading accessible for everyone and provide its clients with high-quality assets such as crypto CFDs and more.

Trade for More with Libertex

With over 24 years of financial market experience and more than 40 international awards, including most recently Best Trading Platform (Forex Report, 2021) and Most Trusted Broker of Europe (Ultimate Fintech, 2021), Libertex has been one of the leading platforms combining classic market expertise with cutting-edge technology, designing user-friendly software that makes the market accessible from any device, anywhere, anytime.

Used by everyone from professional traders to complete beginners (who can start with a practice demo account), Libertex features a full range of tools and information in order for its clients to get the most out of the platform.

It only takes a few seconds to register with Libertex and enjoy the potential advantage of these unique crypto CFD trading conditions as well as a full range of stocks, commodities, and forex CFDs. Say goodbye to crypto CFD commissions for good and sign up to trade with Libertex!

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Cryptocurrency instruments are not available to retail clients in the UK.

Available for retail clients on the Libertex Trading Platform.

About Libertex

Part of the Libertex Group, Libertex is a Broker regulated by the Cyprus Securities and Exchange Commission, offering tradable CFDs with underlying assets being commodities, Forex, ETFs, cryptocurrencies and other. Libertex also offers commission-free investments of real stocks.

Over the years, Libertex has received more than 40 prestigious international awards and recognitions, including “The Most Trusted Broker in Europe” (Ultimate Fintech Awards, 2021). Libertex is the Official Trading Partner of Tottenham Hotspur FC bringing the exciting worlds of football and trading together.

Since founded in 1997 the Libertex Group has grown into a diverse group of companies, brokers, dealers, educational and IT-development centers which allow the group to operate globally, serving millions of clients from over 120 countries.

For more information about Libertex visit http://www.libertex.com/

Can Stellar Lumens’ (XLM) Entry in Smart Contracts Affect XRP’s dominance?

Smart contract platforms like Cardano and Solana truly swept the market off its feet over the last year charting high triple-digit gains thus strengthening the narrative for Smart Contract tokens.

Recently, Stellar Development Foundation made the announcement that smart contracts would make their debut on the XLM network this year.

However, the question remains whether the same could send XLM rallying or not. 

Smart Contracts on Stellar

Stellar’s recent announcement about smart contracts making a debut on the XLM network this year attracted eyeballs not just from XLM investors but fintech experts too.

Stellar’s VP of Ecosystem, Justin Rice, shared the plan to bring smart contracts to Stellar stating that the same could ‘empower the ecosystem with more room to innovate.’

While the network’s goal to remain one of the most accessible networks for developers stays intact the integration of smart contracts would allow the blockchain to ‘adapt and respond to the competitive blockchain landscape.’ 

The blog post further clarified: 

“Bringing smart contracts to Stellar is not a departure from the values or vision of the network. Since the Stellar network was built for the future of payments, it’s critical that smart contracts on Stellar are secure for users and can scale without exorbitant network fees.”

That said, Stellar’s VP of Tech Strategy, Tomer Weller, spoke about Stellar’s DeFi ecosystem underling that DeFi is becoming a major part of that system and that ‘it has been core to the protocol with a built-in DEX from the get-go, and AMM functionality became available in ‘21.’

The latest player to join, Stellar is MoneyGram and the collab would now support crypto-to-cash conversions in around 300,000 international locations. So with international transfers and smart contract integration on Stellar’s 2022 roadmap can the XRP competitor head for greater gains in the coming year?

XLM Price Still lacks Momentum

Stellar Lumens (XLM) the 30th ranked altcoin traded at $0.1959 at press time noting 2.04% daily and 20.68% weekly losses.

XLM, Crypto, Stellar Lumens,
Source: FXEMPIRE

XLM has often been compared with XRP owing to the two assets’ similar use cases and while it doesn’t directly put the two assets in a race it’s enough to drive comparative narratives in the market. That said, Jed McCaleb, the co-founder, and CTO of Stellar who was also the founder and CTO of Ripple until 2014 establishes more common ground between the two projects. 

With XLM’s entry in the smart contract space, the same put the asset in competition with top smart contract platforms like Ethereum, Solana, Cardano, among others. For now, with the larger market looking bleak after BTC fell by 3.45% back to $36,664 at press time XLM’s trajectory too looked relatively weak. 

The recent announcements too couldn’t do much in the coin’s favor and XLM was still oscillating close to the lower $0.187 mark which was last seen in January 2021.

Top Crypto Price Updates: Tron (TRX), Stellar (XLM), Fantom (FTM), Bitgert (BRISE) & Decentraland (MANA)

Otherwise, a plummeting coin means a loss of investment.

There are cryptocurrencies that have been mooning in the last few days of 2022 and could make an ideal investment choice. Here are top crypto price updates and possible reasons for their price surge.

Tron (TRX)

Tron is among the oldest blockchains developed to address the scaling problem in Bitcoin and Ethereum networks. Launched in late 2017, the team has built a blockchain with higher throughput than Ethereum. It is a smart contract-capable blockchain that allows developers to build and deploy dApps just like Ethereum.

The Tron team has built a powerful platform, and this can be seen in its ecosystem. From the wallet, super-partner feature to dApps, they have made the platform very attractive to investors.

From the launch date, Tron is one of the crypto projects that has been on the red side of the price. It has been mooning since the first day and still has a huge potential of a breakout based on the team’s development plans in the 2022 roadmap. Therefore, we are likely to see more TRX surges in 2022.

Stellar (XLM)

Stella is among the first DeFi projects developed to decentralize the financial industry by enabling peer-to-peer money transfers. Launched in 2014, the project was designed to provide a platform where people can easily move fiat to crypto. The project’s objective is to help people move money across the world easily with minimal friction.

Stellar is one of the most successful projects in the crypto market, and since its launch, it has never been on the negative side of the price chart. It has been mooning mainly because of the incredible platform the team has built over the years.

Stellar 2022 road map looks promising as the team pushes harder to keep the payment platform borderless, limitless, and powerful in DeFi space. With more products coming and improvement of the existing ones, $XLM has huge potential to continue mooning in 2022.

Fantom (FTM)

Fantom (FTM) coin’s price has surged over the last few days, and the trend is expected to continue due to the development happening at the Fantom Foundation. Fantom is a layer-1 blockchain that launched in 2018 to address the issue of scalability in blockchain technology.

As a smart contract platform, the platform has been very key in the development of dApps by providing developers with a more scalable and cheaper network. There are many products running on this smart contract platform. Over the years, the team has been improving the network to accommodate more products to run this ecosystem. This can be seen from successful projects like SpookySwap running on this platform.

The 2022 roadmap has also been key in the recent $FTM price surge. The token is projected to do better this year with the upcoming developments.

Bitgert (BRISE)

Bitgert (BRISE) has been bullish over the last few days of 2022. But a look at the charts shows that this is just a continuation of the 2022 coin performance. $BRISE has been surging from the launch day at the end of July 2021.

The increasing token value results from the project’s developments that are making it super attractive. Bitgert team is building a powerful payment project that also includes a cryptocurrency exchange and a powerful blockchain. This is why it is growing popular with the crypto community.

The team has announced the launch of its centralized cryptocurrency exchange (Brise exchange) in Q1 2022 and a zero gas fee blockchain later. The gasless blockchain is already in the development stage, and the launch date is expected to be announced soon.

Another reason for the $BRISE surge is the announcement regarding development team doxxing. The team has also announced the registering of the project as a legal entity in the Cayman Islands, as well as the launch of the iOS wallet. A lot is happening behind this project that is attracting crypto investors. Visit the Bitgert website for more about the project.

Decentraland (MANA)

Decentraland (MANA) is a unique decentralized platform in that it is a virtual world that enables users to trade in a virtual space. The price of $MANA has been surging over the last few days, but this has been the case with this token. Since it was launched in 2017, the cryptocurrency has been doing very well in the market.

Decentraland has been exploring the virtual and has been collaborating with various virtual projects, which has brought a lot of attention to the crypto market. This includes supporting various virtual fashion and many virtual events, including Music and entertainment, CryptoArt galleries, and immersive games;

The platform is increasingly becoming popular with virtual artists, and the coming of the metaverse industry has a positive effect on the platform. The project has been increasing its utility, which is why the token price is surging.

There are many reasons why these cryptocurrencies’ prices are surging, but these are just some of them. Before making an investment, conducting thorough research is highly recommended.

 

 

This Holiday Season, “Trade For More”, With Multiple Fees Slashed to Zero on All Crypto CFDs at Libertex

Libertex is thrilled to announce its latest feature and one of the most unique on the market: zero-commission crypto CFD trading! Plus, the elimination of swap and exchange fees on all cryptocurrency CFD trades! Trade CFDs on Bitcoin, Ethereum, Litecoin, Stellar, Solana or any of the crypto CFDs on the Libertex platform without some of the usual fees getting in the way. This option is now available for both new and existing clients on one of the most user-friendly trading platforms!

Fewer Fees, More Possibilities

Effective immediately, there will be NO exchange fees, NO commissions and NO swaps on any cryptocurrency CFDs for all Libertex platform retail clients (with the exception of UK retail clients, where cryptocurrency CFDs are not available). This means that the only thing you pay on a CFD trade is the spread. For Libertex crypto CFD traders, this can obviously save a substantial amount of money compared to the competition when making multiple trades, overnight trades, high-volume trades and more.

The community asked, the company listened! Ditch those fees and trade crypto CFDs

The elimination of three different kinds of fees not only makes cryptocurrency CFD trading on Libertex more affordable but also gives you the freedom to trade without worrying about incurring extra charges.

Cryptocurrencies have shown significant price movements in the market these last few years, and this has presented traders with interesting new options. You can explore all of them with Libertex, which offers up-to-date market conditions for its traders, all of which are available at its market prices.

Crypto CFD traders in the Libertex community raised some concerns and the company listened: crypto trading should be fast and more affordable. Libertex was founded on the principle of making trading possible for as many traders as possible on terms that work for them. So, Libertex became possibly the first trading platform to eliminate all of these kinds of fees on crypto trading. And this is not an exclusive offer hidden behind some small print and strict conditions; anyone can join Libertex and start trading cryptocurrency CFDs on these exact conditions.

Libertex: the number one platform for crypto trading

With over 24 years of financial market experience and more than 40 international awards, including most recently Best Trading Platform (Forex Report, 2021) and Most Trusted Broker of Europe (Ultimate Fintech, 2021), Libertex has been one of the preferred choices for all traders looking to make the most of modern technologies, whether they are experienced professional traders or beginners who can start with a practice demo account. Thanks to the fast, user-friendly apps for mobile and desktop as well as your Internet browser, you can manage your market activity from any device, anywhere and anytime.

As possibly the only trading platform to provide crypto CFD trading with zero commission, zero swaps and zero exchange fees, Libertex has become one of the most cost-effective places to buy, sell and exchange the most popular cryptocurrencies. By comparison, other trading platforms and crypto exchanges impose maker and taker fees ranging from 0.1% to 2%.

Sign up for free and… “Trade For More”

It only takes a few seconds to register with Libertex and start experiencing one of the most unique crypto trading options. And that’s not all. Faithful to its “Trade For More” motto, Libertex is constantly striving to provide the highest-quality services to its clients. This includes a full range of stock, forex and crypto CFDs and extensive analytical tools.

If you’re ready to level up your trading game in the new year, then ditch those commissions, swaps and exchange fees for good and start trading crypto CFDs with Libertex!

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Cryptocurrency instruments are not available to retail clients in the UK.

About Libertex

Part of the Libertex Group, Libertex is a Broker regulated by the Cyprus Securities and Exchange Commission, offering tradable CFDs with underlying assets being commodities, Forex, ETFs, cryptocurrencies and other. Libertex also offers commission-free investments of real stocks.

Over the years, Libertex has received more than 40 prestigious international awards and recognitions, including “The Most Trusted Broker in Europe” (Ultimate Fintech Awards, 2021). Libertex is the Official Trading Partner of Tottenham Hotspur FC bringing the exciting worlds of football and trading together.

Since founded in 1997 the Libertex Group has grown into a diverse group of companies, brokers, dealers, educational and IT-development centers which allow the group to operate globally, serving millions of clients from over 120 countries.

For more information about Libertex visit www.libertex.com

 

Croatia’s Largest Food Retailer Konzum Now Accepts BTC and ETH

Cryptocurrencies have been gaining adoption in various sectors of the global economy in recent years. In the past two years, numerous retailers have added cryptocurrencies to their payment options as they look to attract more customers to their stores.

Konzum Now Accepts Crypto for its Online Store

Konzum, the largest food retailer in Croatia, has become the latest retailer to accept cryptocurrencies as a means of payment. Following this latest development, Konzum has become the first major retail chain in Croatia to adopt cryptocurrencies as payment options.

The retailer said it would accept Bitcoin, Ether, Bitcoin Cash, Tether (USDT), USDC, EOS, XRP, DAI and Stellar Lumen as payment options on its online store. Konzum partnered with Electrocoin, a domestic fintech company, and its payment processor, PayCek, to enable it to accept cryptocurrency payments on its platform. At the moment, the crypto payment option is only available in the online store.

One of the biggest challenges with cryptocurrencies as means of payment is the price volatility of the coins. However, according to the report, PayCek will ensure customers enjoy a fixed exchange rate, as well as supply enough time for successful execution. This will ensure that volatility is not an issue when customers use cryptocurrencies to pay for products at Konzum.

Konzum is the largest food retailer in Croatia, and adopting cryptocurrencies is a big plus for the industry. More retailers and businesses in Croatia could start accepting cryptocurrencies following Konzum’s footsteps.

More Retailers are Adopting Cryptocurrencies

An increasing number of retailers are adopting cryptocurrencies as a means of payment. Tech-focused California e-retailer, Newegg, announced a few days ago that it would accept Shiba Inu (SHIB) tokens in the coming Christmas holidays. The retailer added Dogecoin (DOGE) and Litecoin (LTC) to the list of coins it will accept.

Nothing, a London-based consumer technology company, also revealed that it would allow cryptocurrency settlements for its newest product. Other major brands that currently accept cryptocurrencies include Overstock, KFC Canada, Subway, Twitch, Pizza Hut Venezuela and a wide range of others.

Crypto Market Today: Bitcoin and Ether Show Positive Signs, SOL Eyes New ATH

Bitcoin

After testing the $56,000 zone, bitcoin price started a fresh upward move. It climbed above the $56,800 and $57,000 levels. However, the bulls are struggling to clear the $57,300 resistance. The main hurdle is still near $58,000. A daily close above $58,000 could start a fresh increase.

If there is another failure, the price could drop below the $56,000 support. The main breakdown support is near $55,500, below which the price could dive towards $52,000.

Bitcoin

Ether (ETH)

Ether is trading in a positive zone above the key $4,480 support zone. Recently, there was a break above a key bearish trend line with resistance near $4,585 level on the hourly chart. The next key barrier is $4,650, above which the price could revisit the main $4,770 resistance.

If not, there could be a downside correction towards the $4,540 level. The next key support is near $4,480.

Ether

Solana (SOL)

SOL started a fresh increase after it formed a base above the $185 level. There was a major move above the $210 and $220 resistance levels. The bulls even pushed the price above a major bearish trend line with resistance near $220 on the daily chart.

SOL climbed above 50% Fib retracement level of the downward move from the $260 swing high to $180 low. The price settled above the $200 level and the 21 simple moving average.

SOL is now facing resistance near the $240 level. It coincides with the 76.4% Fib retracement level of the downward move from the $260 swing high to $180 low. A close above the $240 and $242 levels may perhaps send the price towards the $260 high or even a new all-time high. If there is a downside correction, the price might find bids near the $225 level.

SOL

ADA, BNB, and DOT price

Cardano (ADA) gained pace above the $1.62 and $1.65 levels. It is now facing resistance near the $1.68 level. The next major resistance is $1.70, above which it could rise towards $1.75. If there is a downside correction, the price might find support near the $1.52 level.

Binance Coin (BNB) is consolidating near the $620 level. If BNB stays above $620, it could rise towards the $632 level. A clear break above $632 could send the price towards the $650 level. Conversely, there is a risk of a move towards the $600 level.

Polkadot (DOT) is trading in a positive zone above the $35.00 level. An immediate resistance is near the $36.50 level. The main resistance is now near $38.00, above which the price could rise towards the $40 level. On the downside, the $33.20 level is a decent support.

A few trending coins are LUNA, MATIC, and XLM. Out of these MATIC is up over 18% and it cleared the key $2.30 resistance zone.

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – November 2nd, 2021

EOS

EOS fell by 0.28% on Monday. Following a 3.64% gain on Sunday, EOS ended the day at $4.6320.

A bullish start to the day saw EOS rise to an early morning intraday high $4.7226 before hitting reverse.

Falling short of the first major resistance level at $4.7946, EOS slid to an early morning intraday low $4.4642.

EOS fell through the first major support level at $4.4710 before briefly revisiting $4.70 levels.

A late pullback, however, saw EOS fall back to sub-$4.65 levels and into the red.

At the time of writing, EOS was down by 0.39% to $4.6141. A mixed start to the day saw EOS fall to an early morning low $4.5623 before rising to a high $4.6965.

EOS left the major support and resistance levels untested early on.

EOSUSD 021121 Hourly Chart

For the day ahead

EOS would need to avoid a fall back through the $4.6063 pivot to bring the first major resistance level at $4.7483 into play.

Support from the broader market would be needed to break out from Monday’s high $4.7226.

Barring a broad-based crypto rally, the first major resistance would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $5.00 levels before any pullback. The second major resistance level sits at $4.8647.

A fall back through the $4.6063 pivot would bring the first major support level at $4.4899 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$4.40 levels. The second major support level sits at $4.3479.

Looking at the Technical Indicators

First Major Support Level: $4.4899

First Major resistance Level: $4.7483

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen fell by 1.82% on Monday. Partially reversing a 4.04% rally from Sunday, Stellar’s Lumen ended the day at $0.3663.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.3759 before hitting reverse.

Falling short of the first major resistance level at $0.3759, Stellar’s Lumen slid to an early morning intraday low $0.3577.

Steering clear of the first major support level at $0.3569, however, Stellar’s Lumen revisited $0.37 levels before falling back into the red.

At the time of writing, Stellar’s Lumen was up by 0.08% to 0.3675. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.3684 before falling to a low $0.3631.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 021121 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.3666 pivot to bring the first major resistance level at $0.3756 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.37 levels.

Barring an extended rally, the first major resistance level and Monday’s high $0.3759 would likely cap the upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.40 levels before any pullback. The second major resistance level sits at $0.3848.

A fall back through the $0.3666 pivot would bring the first major support level at $0.3574 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of the second major support level at $0.3484 and the 23.6% FIB of $0.3402.

Looking at the Technical Indicators

First Major Support Level: $0.3574

First Major Resistance Level: $0.3756

23.6% FIB Retracement Level: $0.3402

38% FIB Retracement Level: $0.4277

62% FIB Retracement Level: $0.5690

Tron’s TRX

Tron’s TRX fell by 1.24% on Monday. Following a 0.30% loss on Sunday, Tron’s TRX ended the day at $0.09995.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.09762 before making a move.

Tron’s TRX fell through the 38.2% FIB of $0.09890 and the first major support level at $0.09802.

Steering clear of sub-$0.097 levels, however, Tron’s TRX rose to a late morning intraday high $0.1020.

Falling short of the first major resistance level at $0.1036, however, Tron’s TRX fell back to end the day at sub-$0.10 levels.

At the time of writing, Tron’s TRX was up by 0.70% to $0.1007. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.1023 before falling to a low $0.09889.

While leaving the major support and resistance levels untested, Tron’s TRX tested support at the 38.2% FIB of $0.09890 early on.

TRXUSD 021121 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.09986 pivot to bring the first major resistance level at $0.1021 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.1020.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.1050 levels before any pullback. The second major resistance level sits at $0.1042.

A fall back through the $0.09986 pivot would bring the 38.2% FIB of $0.09890 and the first major support level at $0.09771 into play.

Barring another extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.09548.

Looking at the Technical Indicators

First Major Support Level: $0.09771

First Major Resistance Level: $0.1021

23.6% FIB Retracement Level: $0.0787

38.2% FIB Retracement Level: $0.0989

62% FIB Retracement Level: $0.1316

Please let us know what you think in the comments below

Thanks, Bob

The Crypto Market is Alive and Well. 10,000% Returns Remain a Reality for Want to be Billionaires

NFTs have certainly grabbed plenty of headlines. Cryptos remain an investor favorite, however, with volatility continuing to lure investors away from more mature asset classes.

Monetary policy uncertainty and choppier FX markets have given investors all the more reason to jump across.

So, with even Bitcoin making an impressive 1,430% return since it’s 2020 low $4,000, a number of other majors have also made a move.

Recently, news hit the wires of a Shiba Inu Coin wallet holder’s asset value surging from an initial investment of $8,000 to more than $5bn in less than 1-year.

When considering crypto adoption and more widespread accessibility, returns of 10,000% and more remain a reality.

This is even more likely when considering how toppy the global equity markets are at present. With central banks making a shift on monetary policy, more seasoned investors will also look beyond the Dow.

The Contenders

With the crypto markets, there are likely to continue to be two camps.

On the one side, we have those looking for adoption. As we have seen with the likes of Bitcoin, Ethereum, Litecoin, and even Ripple’s XRP, it’s a long and slow process, however.

Movements across the majors have been more sentiment driven. Cryptos are not yet close to competing with the likes of Visa and fiat. The reality is, however, that even Visa has embraced blockchain. This all means that there is a future. Those that compared cryptos to tulips would have certainly rued passing up an investment opportunity that has delivered unprecedented wealth.

When looking at the cryptos that may draw investors in, price is a major factor.

Buying 100 Bitcoin to make a sizeable return is out of reach for many investors, with Bitcoin sitting at $60k plus. 100 Bitcoins would set you back more then $6 million.

Buying even a million coins of some of the low-value cryptos, however, is within the reach of many.

For instance, 2m Shiba Inu Coins would set an investor back $150. Now sitting as a top 10 crypto by market cap, it is a small price to pay for a coin that could reach half a cent or even a Dollar.

Other coins worth considering include Ripple’s XRP. Ranked 7th by market cap, the current concern is how the SEC can impact the platform and XRP in terms of value.

Should the case against Ripple go in favor of the remittance platform, a breakout is likely. Alongside that, a surge in adoption would also follow, supporting further upside.

When considering the ground made by some of the majors over 2020 and 2021, Ripple’s XRP is lagging behind.

Since 2020’s low $0.1165, Ripple’s XRP is up by 856%. To put it into perspective, Shiba Inu Coin surged by 831% in October alone.

Crypto.com Coin, Stellar’s Lumen, Tron’s TRX, VeChain, and Waves could also be big movers. They would need support of the larger cryptos by market cap, however.

If we look at the returns since the great rebound that kicked in back in early 2020:

VeChain has certainly impressed, surging by a whopping 7,400% since it’s March 2020 low.

Stellar’s Lumen (1,328%) and Tron’s TRX (1,424%) have also delivered.

Crypto.com Coin (+779%) and Waves (+390%) have trailed, however, as have many other crypto majors.

Arbitrage coupled with favorable market conditions would suggest than any one of the above could make up ground on VeChain.

A 10,000% return on a $1,000 investment is far too enticing to ignore. The only question would be when investors would cash out…

Investing what one is willing to lose on the hope of a windfall is a reasonable strategy. Those betting their shirts, however, may join those who got burnt in the meltdown of 2018.

To put it into perspective, Bitcoin had peaked at a high of just $19,891 before regulators hit the crypto world in 2018.

To become a crypto whale, folding is just not an option and cutting out the noise is a must.

In Conclusion

A Bitcoin move through to $70,000 and talk of $100,000 would fuel another breakout. Herd-like investing would yield the golden egg for those that choose wisely or diversified widely.

Regulatory news will need to remain market friendly, however, to support another breakout.

With governments, central banks, and banks looking to keep control, it will continue to be a bumpy ride.

If there is anything that the crypto market has shown since the 2017 meltdown, however, it is resilience…

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – November 1st, 2021

EOS

EOS rose by 3.64% on Sunday. Reversing a 0.47% decline from Saturday, EOS ended the week down by 2.30% to $4.6448.

A bullish start to the day saw EOS rise to an early morning intraday high $4.7706 before hitting reverse.

EOS broke through the first major resistance level at $4.5528 and the second major resistance level at $4.6241.

The reversal, however, saw EOS slide to an early afternoon intraday low $4.4470.

Steering clear of the first major support level at $4.3809, EOS broke back through the first major resistance level to end the day at $4.6 levels.

At the time of writing, EOS was up by 1.01% to $4.6916. A mixed start to the day saw EOS fall to an early morning low $4.5951 before rising to a high $4.7226.

EOS left the major support and resistance levels untested early on.

EOSUSD 011121 Hourly Chart

For the day ahead

EOS would need to avoid a fall back through the $4.6208 pivot to bring the first major resistance level at $4.7946 into play.

Support from the broader market would be needed to break out from Sunday’s high $4.7706.

Barring a broad-based crypto rally, the first major resistance would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $5.00 levels before any pullback. The second major resistance level sits at $4.9444.

A fall back through the $4.6208 pivot would bring the first major support level at $4.4710 into play.

Barring another extended sell-off, however, EOS should steer clear of sub-$4.40 levels. The second major support level sits at $4.2972.

Looking at the Technical Indicators

First Major Support Level: $4.4710

First Major resistance Level: $4.7946

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen rose by 4.04% on Sunday. Reversing a 1.02% decline from Saturday, Stellar’s Lumen ended the week up by 0.28% to $0.3732.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3571 before making a move.

Steering clear of the first major support level at $0.3516, Stellar’s Lumen rallied to a mid-morning intraday high $0.3900.

Stellar’s Lumen broke through the day’s major resistance levels before a slide back to sub-$0.365 levels.

Finding support at the first major resistance level at $0.3656, Stellar’s Lumen broke back through the second major resistance level to end the day at $0.373 levels.

At the time of writing, Stellar’s Lumen was up by 0.25% to $0.3741. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.3694 before rising to a high $0.3749.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 011121 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall back through the $0.3734 pivot to bring the first major resistance level at $0.3898 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.38 levels.

Barring an extended rally, the first major resistance level and Sunday’s high $0.3900 would likely cap the upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.40 levels before any pullback. The second major resistance level sits at $0.4063.

A fall back through the $0.3734 pivot would bring the first major support level at $0.3569 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of the second major support level sits at $0.3405 and the 23.6% FIB of $0.3402.

Looking at the Technical Indicators

First Major Support Level: $0.3569

First Major Resistance Level: $0.3898

23.6% FIB Retracement Level: $0.3402

38% FIB Retracement Level: $0.4277

62% FIB Retracement Level: $0.5690

Tron’s TRX

Tron’s TRX fell by 0.30% on Sunday. Partially reversing a 1.86% gain from Saturday, Tron’s TRX ended the week up by 2.03% to $0.1012.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.1029 before hitting reverse.

Falling short of the first major resistance level at $0.1053, Tron’s TRX fell to an early afternoon intraday low $0.09728.

Tron’s TRX fell through the 38.2% FIB of $0.09890 and the first major support level at $0.09754.

Finding mid-afternoon support, Tron’s TRX revisited $0.1021 levels before easing back.

At the time of writing, Tron’s TRX was up by 0.41% to $0.1017. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.1006 before rising to a high $0.1023.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 011121 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid the $0.1005 pivot to bring the first major resistance level at $0.1036 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Sunday’s high $0.1029.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.11 levels before any pullback. The second major resistance level sits at $0.1061.

A fall through the $0.1005 pivot would bring the 38.2% FIB of $0.09890 and the first major support level at $0.09802 into play.

Barring another extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.09484.

Looking at the Technical Indicators

First Major Support Level: $0.09802

First Major Resistance Level: $0.1036

23.6% FIB Retracement Level: $0.0787

38.2% FIB Retracement Level: $0.0989

62% FIB Retracement Level: $0.1316

Please let us know what you think in the comments below

Thanks, Bob

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – October 28th, 2021

EOS

EOS tumbled by 12.00% on Wednesday. Following a 2.01% loss on Tuesday, EOS ended the day at $4.1516.

A bullish start to the day saw EOS rise to an early morning intraday high $4.7788 before hitting reverse.

Falling short of the first major resistance level at $4.8810, EOS tumbled to a late morning intraday low $3.8730.

The extended sell-off saw EOS fall through the day’s major support levels before finding late morning support.

EOS briefly broke back through the third major support level at $4.2160 before ending the day at sub-$4.20 levels.

At the time of writing, EOS was up by 1.17% to $4.2001. A mixed start to the day saw EOS fall to an early morning low $4.1518 before rising to a high $4.2399.

EOS left the major support and resistance levels untested early on.

EOSUSD 281021 Hourly Chart

For the day ahead

EOS would need to move through the $4.2678 pivot to bring the first major resistance level at $4.6626 into play.

Support from the broader market would be needed to break out from $4.50 levels.

Barring a broad-based crypto rally, the first major resistance and Wednesday’s high $4.7788 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $5.00 levels before any pullback. The second major resistance level sits at $5.1736.

Failure to move through the $4.2678 pivot would bring the first major support level at $3.7568 into play.

Barring another extended sell-off, however, EOS should steer clear of sub-$3.70 levels. The second major support level sits at $3.3620.

Looking at the Technical Indicators

First Major Support Level: $3.7568

First Major resistance Level: $4.6626

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen slid by 11.52% on Wednesday. Following a 3.81% fall on Tuesday, Stellar’s Lumen ended the day at $0.3304.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.3755 before hitting reverse.

Falling short of the first major resistance level at $0.3850, Stellar’s Lumen slumped to a late morning intraday low $0.3125.

The sell-off saw Stellar’s Lumen fall through the day’s major support levels and the 23.6% FIB of $0.3402.

Steering clear of sub-$0.30 levels, Stellar’s Lumen briefly broke back through the third major support level at $0.3372 before ending the day at sub-$0.3310 levels.

At the time of writing, Stellar’s Lumen was down by 0.03% to $0.3303. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.3297 before rising to a high $0.3323.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 281021 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move through the $0.3395 pivot and the 23.6% FIB of $0.3402 to bring the first major resistance level at $0.3664 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.36 levels.

Barring an extended rally, the first major resistance level and Wednesday’s high $0.3755 would likely cap the upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.40 levels before any pullback. The second major resistance level sits at $0.4025.

Failure to move through the $0.3395 pivot would bring the first major support level at $0.3034 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.30 levels. The second major support level sits at $0.2765.

Looking at the Technical Indicators

First Major Support Level: $0.3034

First Major Resistance Level: $0.3664

23.6% FIB Retracement Level: $0.3402

38% FIB Retracement Level: $0.4277

62% FIB Retracement Level: $0.5690

Tron’s TRX

Tron’s TRX slid by 10.62% on Wednesday. Reversing a 1.00% gain from Tuesday, Tron’s TRX ended the day at $0.09063.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.1032 before hitting reverse.

Falling short of the first major resistance level at $0.1050, Tron’s TRX slumped to a late morning intraday low $0.08835.

Tron’s TRX fell through the 38.2% FIB of $0.09890 and the day’s major support levels.

Finding late morning support, Tron’s TRX broke back through the third major support level at $0.09008 to end the day at $0.0906 levels.

At the time of writing, Tron’s TRX was up by 1.06% to $0.09160. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.09064 before rising to a high $0.09245.

Tron’s TRX left the major support and resistance levels untested early on.

TRXUSD 281021 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move through the $0.09406 pivot and the 38.2% FIB of $0.09890 to bring the first major resistance level at $0.09977 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.099 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.1032 would likely cap the upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.11 levels before any pullback. The second major resistance level sits at $0.1089.

Failure to move through the $0.09406 pivot would bring the first major support level at $0.08492 into play.

Barring another extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.07921.

Looking at the Technical Indicators

First Major Support Level: $0.08492

First Major Resistance Level: $0.09977

23.6% FIB Retracement Level: $0.0787

38.2% FIB Retracement Level: $0.0989

62% FIB Retracement Level: $0.1316

Please let us know what you think in the comments below

Thanks, Bob