Cosmos Looks Primed for a Steep Correction

Cosmos’ ATOM token looks like it could experience a correction as technicals turn bearish.

Key Takeaways

• Cosmos has risen by more than 60% over the last week.
• The recent uptrend appears to be approaching exhaustion.
• A spike in selling pressure could push ATOM to $28.

Cosmos looks like it’s on the cusp of losing a crucial support level that could lead to significant losses. The pessimistic outlook for ATOM is further validated by a technical indicator and a bearish pattern developing on the token’s 12-hour chart.  

Cosmos Faces Possible Retrace

Cosmos looks primed to incur losses over the weekend as multiple bearish signals have appeared.

The interoperability network’s ATOM token has enjoyed a significant rally over the last week. The 20th-largest cryptocurrency by market cap has surged by more than 60% since Feb. 24. Now, it looks like Cosmos is bound for a spike in profit-taking that could trigger a steep decline.

The recent upward price action appears to have led to the formation of a rising wedge on ATOM’s 12-hour chart. As Cosmos moves closer to the pattern’s apex, it could be preparing to break through support. A decisive close below the wedge’s lower trendline could result in a 14.4% correction toward $28. 

The Tom DeMark (TD) Sequential indicator adds credence to the pessimistic outlook. It’s currently presenting a green nine candlestick on ATOM’s 12-hour chart, which is considered a sell signal. An increase in selling pressure could validate the bearish formation, resulting in a one to four 12-hour candlesticks retracement. 

Source: TradingView

It is worth noting that while the odds appear to favor the bears, ATOM could have a chance to invalidate the optimistic thesis. 

The Fibonacci retracement indicator, measured from ATOM’s low at $21.50 on Feb. 24 to its high at $34.70 on Mar. 4, suggests that a decisive 12-hour candlestick close above the recent high of $34.70 could give ATOM the strength to advance higher. In this eventuality, the asset could rise toward $38 or even $40. 

Cosmos’ ATOM token is trading at $32.73 at press time, which puts its market cap at about $9.5 billion.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

What is Rarible: A DAO for NFTs

What was once dismissed as a silly and expensive sector, NFTs give creators access to global markets in a way that’s never been possible before, and it’s all thanks to blockchain.Those familiar...

Cosmos Developer Tendermint Rebrands to Ignite

News Feb. 23, 2022

Tendermint, the company behind the blockchain interoperability protocol Cosmos, has rebranded to Ignite. Ignite to Continue Building Cosmos Tendermint, the core contributor to Cosmos, is now called Ignite. According to...

Cosmos, Harmony, DeFi 2.0 Tokens Defy Market Slump

Cosmos, Harmony, and several so-called DeFi 2.0 projects have put in double-digit gains over the past 24 hours despite a decline across the wider market. Cosmos and Harmony Rally Cosmos...

Cosmos and Osmosis Surge While Rest of Market Flounders

The tokens for both Cosmos and its most prominent decentralized exchange, Osmosis, are up today while much of the rest of the cryptocurrency market is either flat or down.  Positive...

Read More https://bitcofun.com/cosmos-looks-primed-for-a-steep-correction/?feed_id=24851&_unique_id=62b00a6406e06

Fantom Looks Oversold While Buy Signals Appear

Fantom has actually gotten in oversold area, while numerous technical indications expect that a rate rebound is underway.

Key Takeaways

• Fantom has actually backtracked by more than 27% given that May 5.
• FTM has actually now reached an important assistance level.
• A spike in purchasing pressure might press the possession to $0.80 and even $1.

Fantom is hovering around an important need zone that has actually traditionally acted as a rebound zone. Comparable rate action might see the Layer 1 possession rise towards $0.80 or greater.

Fantom Prepares to Rebound

Fantom appears to have actually reached an essential location of assistance that might assist rates rebound if it continues to hold.

The Layer 1 blockchain's FTM token has actually withstood a high correction over the previous couple of days after suffering a rejection at the $0.87 resistance level. Fantom has actually seen its rate visit more than 27% considering that May 5, just recently striking a low of $0.63 Now, the sag seems reaching fatigue, which might lead to a bullish impulse.

Fantom has actually started checking the lower trendline of a parallel channel that has actually established on its 12- hour chart. The crucial assistance level has actually avoided additional losses because early January, resulting in a growth to the pattern's upper limit each time it has actually been checked. Comparable cost action might see FTM rebound to $0.80 or perhaps $1.

The Tom DeMark (TD) Sequential sign includes credence to the positive outlook as it is preparing to provide a buy signal on the 12- hour chart. The bullish development looks set to establish as a red 9 candlestick, which is a sign of a one to 4 candlesticks rebound. Fantom appears to be developing a bullish divergence versus the RSI within the exact same timeframe.

Source: TradingView

Although the chances prefer the bulls, unpredictability throughout the crypto and worldwide monetary markets might trigger a downswing. Due to the rocky environment, lots of crypto possessions have actually been bleeding over the previous week, with Bitcoin striking a 10- month low previously this afternoon.

If Fantom sees a spike in offering pressure and breaks listed below $0.62, the short-term positive outlook might be revoked. Under such distinct scenarios, Fantom might extend its losses towards the $0.50 assistance level.

Disclosure: At the time of composing, the author of this piece owned BTC and ETH.

For more essential market patterns, sign up for our YouTube channel and get weekly updates from our lead bitcoin expert Nathan Batchelor.

The details on or accessed through this site is gotten from independent sources our company believe to be precise and trusted, however Decentral Media, Inc. makes no representation or service warranty regarding the timeliness, efficiency, or precision of any details on or accessed through this site. Decentral Media, Inc. is not a financial investment consultant. We do not offer individualized financial investment suggestions or other monetary recommendations. The info on this site undergoes alter without notification. Some or all of the details on this site might end up being out-of-date, or it might be or end up being insufficient or incorrect. We may, however are not obliged to, upgrade any out-of-date, insufficient, or unreliable info.

You ought to never ever make a financial investment choice on an ICO, IEO, or other financial investment based upon the details on this site, and you need to never ever analyze or otherwise count on any of the details on this site as financial investment suggestions. We highly suggest that you seek advice from a certified financial investment consultant or other competent monetary expert if you are looking for financial investment recommendations on an ICO, IEO, or other financial investment. We do decline settlement in any type for examining or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or products.

See complete terms

Fantom Foundation Announces 335 M FTM Incentive Program

News Mar. 31, 2022

In an article today, the Fantom Foundation revealed a brand-new 335 million FTM reward program in cooperation with Gitcoin Grants. Grants for Fantom is getting an increase ...

Aave V3 Heads to Ethereum Layer 2, Fantom, Avalanche

Aave has actually introduced its V3 upgrade. The upgrade will at first be released on Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony with Ethereum to follow in the future. Aave Unveils V3 ...

Fantom Responds to Fake News Piece, Andre Cronje Departure

News Mar. 11, 2022

The Fantom Foundation has actually reacted to false information spread by an exposed rekt post and clarified information surrounding Andre Cronje's departure. The Fantom Foundation Speaks Out The Fantom Foundation is looking ...

Read More https://bitcofun.com/fantom-looks-oversold-while-buy-signals-appear/?feed_id=23651&_unique_id=62a4f8489b3da

Bitcoin Looks Set to Stage a Relief Rally

Key Takeaways

• Bitcoin has actually restored 1,500 points in market price over the past 16 hours.
• The network is broadening, which recommends there is more upside prospective.
• Bitcoin need to hold above $38,500 to have a possibility at rising to $41,570

Bitcoin has actually rebounded from an essential assistance level after going into the month-to-month trading session in weak type. On-chain and technical metrics recommend that more gains might be on the horizon.

Bitcoin Prepares to Rebound

Bitcoin appears like it's acquiring momentum for a relief rally. If it is successful, it might ultimately move past the important $40,00 0 mental level.

The leading cryptocurrency has actually completely recuperated from the 4% dip it took at the start of the month. Bitcoin has actually gained back over 1,500 points in market price over the past 16 hours, briefly crossing the $39,00 0 mark. As network development has actually turned favorable, more gains might lie ahead.

The variety of brand-new addresses developed on the Bitcoin network has actually been trending upwards for the previous 2 weeks. While Bitcoin dropped from a high of $43,00 0 on Apr. 21 to a low of $37,350 on May 1, the variety of brand-new addresses produced on the network increased from a seven-day average of 401,300 addresses to 421,800 addresses.

Such on-chain activity shows a continual boost in user adoption gradually, which might favorably affect Bitcoin's cost.

Source: Glassnode

Moreover, while the network is broadening, Bitcoin appears to have actually broken out of a falling wedge that established on its four-hour chart. The height of the pattern's Y-axis recommends that a spike in upward pressure might press Bitcoin by more than 8% towards a target of $41,570

Source: TradingView

However, Bitcoin should continue to trade above $38,500 to verify the positive outlook.

If it stops working to hold above the important location of assistance, traders might be motivated to leave their positions in anticipation of a downswing. The prospective boost in offering pressure upon a break of the $38,500 assistance level might send out Bitcoin to retest the current low at $37,350 or lead to a lower low at $35,950

The leading crypto possession has actually had a rocky couple of months in the middle of macroeconomic unpredictability and fatigue in the cryptocurrency market. In spite of the positive outlook, it's still trading over 40% below its $69,00 0 peak taped in November2021 At existing costs, Bitcoin's market cap has to do with $741 billion.

Disclosure: At the time of composing, the author of this piece owned BTC and ETH.

The details on or accessed through this site is gotten from independent sources our company believe to be precise and trusted, however Decentral Media, Inc. makes no representation or guarantee regarding the timeliness, efficiency, or precision of any info on or accessed through this site. Decentral Media, Inc. is not a financial investment consultant. We do not offer tailored financial investment suggestions or other monetary recommendations. The info on this site goes through alter without notification. Some or all of the info on this site might end up being out-of-date, or it might be or end up being insufficient or incorrect. We may, however are not obliged to, upgrade any out-of-date, insufficient, or unreliable info.

You need to never ever make a financial investment choice on an ICO, IEO, or other financial investment based upon the details on this site, and you need to never ever analyze or otherwise count on any of the info on this site as financial investment suggestions. We highly advise that you seek advice from a certified financial investment consultant or other certified monetary expert if you are looking for financial investment suggestions on an ICO, IEO, or other financial investment. We do decline settlement in any kind for examining or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or products.

See complete terms

Dorsey, Saylor Defend Bitcoin Mining in Letter to EPA

News May. 2, 2022

An accomplice of Bitcoin market executives has actually refuted claims made by House Democrats contacting the Environmental Protection Agency to examine the ecological results of crypto mining. Bitcoin Industry Challenges ...

Central African Republic Introduces Bitcoin as Legal Tender

News Apr. 27, 2022

The Central African Republic is the 2nd nation to present Bitcoin as legal tender behind El Salvador. The Central African Republic Adopts Bitcoin The Central African Republic has actually passed legislation ...

Dual Bitcoin-Gold ETP to Start Trading in Europe

News Apr. 27, 2022

ByteTree Asset Management has actually revealed a brand-new exchange-traded item that integrates gold and Bitcoin in a single fund. The World's First Gold-Bitcoin ETP A brand-new exchange-traded item is banking on ...

Read More https://bitcofun.com/bitcoin-looks-set-to-stage-a-relief-rally/?feed_id=20963&_unique_id=628c2deb9f2fb

Grayscale Looks to Europe for Expansion

Grayscale CEO Michael Sonnenshein kept in mind the requirement for the company to take a thoughtful, systematic method to its European growth.

Key Takeaways

• Grayscale has strategies to broaden into Europe.
• According to Grayscale CEO Michael Sonnenshein, the company will require to do so attentively and systematically.
• The company has an open application with the SEC for a Bitcoin area ETF.

Grayscale is wanting to broaden its crypto item offerings into Europe, a continent where financiers have actually currently had access to crypto area exchange-traded funds for 5 years.

Grayscale's Intercontinental Plans

The biggest digital possession supervisor is making preparations for additional development at a time when costs of crypto properties have actually stagnated.

According its president Michael Sonnenshein, Grayscale Investments LLC is going to broaden its organization into Europe. In an interview today in London, Sonnenshein kept in mind that the course forward into Europe was still uncertain in regards to which exchanges or nations it would broaden into, in addition to which items to at first provide. He kept in mind that this was being exercised through conversations with regional partners and through the performing of pilot tests.

Sonnenshein stated:

" Although the EU is combined, we do not see the whole European market as in truth one market. Rather we're going to be really thoughtful, really systematic about each of the monetary centers and monetary centers that we eventually launch in, due to the fact that we acknowledge the distinction of financier habits and mindsets, and of regulative routines."

The Grayscale Bitcoin Trust stewards around $30 billion worth of the leading crypto possession. It is a popular method for financiers, particularly organizations, to acquire direct exposure to cryptocurrencies without themselves needing to firmly handle their personal secrets. The GBTC enables for crypto investing without in fact having to utilize a crypto exchange or brokerage, as GBTC is frequently readily available for trade on the stock market.

Grayscale has an open application with the Securities and Exchange Commission to transform its Grayscale Bitcoin Trust into a Bitcoin area ETF that straight tracks Bitcoin as its hidden possession. The company has actually frequently been the SEC's a lot of public critic when it pertains to its duplicated rejection to authorize Bitcoin area ETFs. Just Recently, Sonnenshein stated that the business would think about taking legal action against the SEC if they did not authorize its open Bitcoin area ETF application. The SEC did look for remark from the general public on the matter, and it consequently got numerous letters

Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and numerous other cryptocurrencies.

The details on or accessed through this site is gotten from independent sources our company believe to be precise and trusted, however Decentral Media, Inc. makes no representation or guarantee regarding the timeliness, efficiency, or precision of any details on or accessed through this site. Decentral Media, Inc. is not a financial investment consultant. We do not offer individualized financial investment recommendations or other monetary recommendations. The info on this site goes through alter without notification. Some or all of the details on this site might end up being out-of-date, or it might be or end up being insufficient or unreliable. We may, however are not bound to, upgrade any out-of-date, insufficient, or unreliable info.

You ought to never ever make a financial investment choice on an ICO, IEO, or other financial investment based upon the info on this site, and you must never ever analyze or otherwise depend on any of the details on this site as financial investment suggestions. We highly suggest that you seek advice from a certified financial investment consultant or other competent monetary expert if you are looking for financial investment guidance on an ICO, IEO, or other financial investment. We do decline settlement in any type for examining or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or products.

See complete conditions

Vanguard to End Support for Grayscale Bitcoin and Ethereum Products

News Apr. 18, 2022

Vanguard customers may quickly be not able to buy both the Grayscale Bitcoin Trust and Grayscale Ethereum Trust. This is a repercussion of the business stopping its non-prescription securities services, consisting of ...

Grayscale May Sue the SEC if its ETF Application Is Denied

News Mar. 28, 2022

Grayscale may take legal action against the SEC if it does not authorize its application for a Bitcoin area ETF, according to its CEO. The cryptocurrency financial investment giant has an application with the ...

SEC Has Received 200 Letters on Grayscale's Bitcoin ETF

News Feb. 18, 2022

The U.S. Securities and Exchange Commission has actually gotten an increase of letters on the possible approval of Grayscale's upcoming Bitcoin area ETF, a choice that is still pending. Financiers Enter ...

Read More https://bitcofun.com/grayscale-looks-to-europe-for-expansion/?feed_id=17267&_unique_id=6269f7ddbb4cb

Cardano Looks Ready for an Upswing to $1

Cardano hasactually seen numerous purchasers around the $0.92 level, which might trigger a bullish impulse.

Key Takeaways

• Cardano has backtracked by more than 26.5% in the past 2 weeks.
• Now, one technical sign recommends that a bullish impulse is underway.
• ADA needto hold above $0.92 to be able to rise to $1. 

Cardano appears to be trading at a essential assistance level that has drewin lotsof purchasers. As long as it continues to hold, ADA has a possibility of rebounding towards $1. 

Cardano Hints at a Rebound

Cardano is holding above a substantial need zone while buy signals are beginning to appear. 

ADA has backtracked by more than 26.5% over the past 2 weeks. The spike in profit-taking tookplace after Cardano hit a high of $1.25 on Apr. 4, which saw rates decrease to $0.92. The Layer 1 platform, which is hoping to contend with the likes of Ethereum and Solana, is now combining around this rate point, signaling that a bullish impulse might be underway. 

The Tom DeMark (TD) Sequential indication hasactually provided a buy signal on ADA’s everyday chart. The bullish development established as a red 9 candlestick, which is asign of a one to 4 everyday candlesticks increase. Rising up pressure around the present rate levels might aid validate the positive outlook and push Cardano towards $1.   

Source: TradingView

Transaction history reveals that Cardano hasactually developed a strong grip at around $0.92. Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) design, more than 44,790 addresses have formerly acquired almost 6.8 billion ADA around this rate level. The substantial need zone might avoid rates from dipping lower, assisting validate the bullish thesis.  

Nonetheless, a bullish impulse around the existing cost levels might satisfy stiff resistance at $1, where 241,000 addresses hold almost 4 billion ADA. A everyday candlestick close above this difficulty might lead to greater highs. 

Source: IntoTheBlock

It is worth keepinginmind that Cardano should prevent printing a everyday close listedbelow $0.92 as this might lead to financiers leaving their long positions. If this assistance level is breached, ADA might experience a sell-off that sendsout it $0.80 or lower. 

Disclosure: At the time of composing, the author of this piece owned ETH and BTC. 

The info on or accessed through this site is gotten from independent sources we think to be precise and reputable, however Decentral Media, Inc. makes no representation or guarantee as to the timeliness, efficiency, or precision of any info on or accessed through this site. Decentral Media, Inc. is not an financialinvestment consultant. We do not provide customized financialinvestment guidance or other monetary suggestions. The info on this site is topic to modification without notification. Some or all of the details on this site might endupbeing out-of-date, or it might be or endedupbeing insufficient or unreliable. We might, however are not obliged to, upgrade any dated, insufficient, or unreliable details.

You must neverever make an financialinvestment choice on an ICO, IEO, or other financialinvestment based on the info on this site, and you must neverever analyze or otherwise rely on any of the info on this site as financialinvestment guidance. We highly advise that you seekadvicefrom a certified financialinvestment consultant or other certified monetary expert if you are lookingfor financialinvestment suggestions on an ICO, IEO, or other financialinvestment. We do not accept settlement in any kind for studying or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or products.

See full terms and conditions.

Cardano Whales on Buying Spree

On-chain information exposes that institutional gamers and whales haveactually been including considerable quantities of ADA to their portfolios.  Cardano Whales Accumulate Heavily Institutional interest in Cardano appears to be choosing...

Cardano Rallies 16%, Breaking Months-Long Downtrend

Cardano has continued its current rally, getting 14.8% today. The ADA token’s addition in a brand-new Grayscale fund and Coinbase makingitpossiblefor Cardano staking have mostlikely contributed to the token’s up...

New Cardano DEX Hopes to Overcome Chain’s Scaling Woes

News Mar. 2, 2022

AdaSwap, a brand-new community contractor on Cardano, revealed Tuesday that it had raised $2.6 million to construct “the finest, decentralized exchange on Cardano.” AdaSwap Raises $2.6M to Build First Working...

Read More. https://bitcofun.com/cardano-looks-ready-for-an-upswing-to-1/?feed_id=16739&_unique_id=626512803ea9b

Drift Looks Back on “First Day Out” of Jail With $6.8M NFT Drop

Drift sold 10,351 “First Day Out” NFTs in an open edition drop.

Key Takeaways

• Drift sold 10,351 NFTs for his "First Day Out" open edition drop over the weekend.
• He raised about $6.8 million, $1 million of which will go to The Bail Project.
• Open edition drops have become a popular format for NFT sales as they offer greater accessibility for fans.

Over $1 million of the proceeds from Drift’s sale will go to The Bail Project to support incarcerated Americans. 

Drift Looks Back on “First Day Out” 

Drift had a big weekend for his “First Day Out” NFT drop. 

“First Day Out” by Drift (Source: First Day Out)

The urban explorer turned NFT photographer sold 10,351 units for his “First Day Out” NFT in an open edition sale. The NFT was priced at 0.2 Ethereum, which equates to over $6.8 million in takings. As the drop closed, Drift posted a tweet saying that it was “a historic day for the [NFT] space and for photography.” 

10,351 mints. Over 1 million dollars raised to free those incarcerated. We did it on our smart contract and site, we built it from the ground up and took complete ownership.

A historic day for the space and for photography.

To the moon and never back🏁🏁🏁

— Drift (@DrifterShoots) April 10, 2022

Drift is the alias of Isaac Wright, a former U.S. paratrooper who turned to urban exploring to deal with his PTSD. Wright started capturing photos of his adventures and narrowly avoided a lengthy prison stint after facing criminal charges in multiple states across the U.S. “First Day Out” captures Wright’s first day out of jail on Apr. 9, 2021. Of the $6.8 million raised, 15% will go to The Bail Project, an American nonprofit organization that covers bail for prisoners who cannot otherwise afford it. 

Since he avoided prison last year, Wright has become a household name in the NFT space. He’s best known for his Where My Vans Go collection, which captures him wearing a pair of Vans sneakers in dizzying images atop skyscrapers, bridges, and other locations. The cheapest Where My Vans Go NFTs currently go for over $140,000 on the secondary market. 

The open edition “First Day Out” drop opened Saturday and ran for 24 hours. The NFT features a “night mode” image of Wright sitting on a bridge overlooking the Manhattan skyline and can be switched to a “day” mode in which Wright is filmed celebrating his first day out of jail. As the entry price was cheap relative to his other rarer NFTs, it offered previously priced out fans an opportunity to become collectors. Open edition sales are limited by time rather than quantity and the NFTs therefore tend to cost less than rarer pieces. They’ve become an increasingly popular drop format in the NFT space in recent weeks and can be a lucrative source of revenue for high profile artists. XCOPY and FEWOCiOUS, two other big names in the NFT space, have both dropped highly anticipated open editions in the past few weeks, respectively raking in about $23 million and $19 million. 

Disclosure: At the time of writing, the author of this piece owned a Drift “First Day Out” NFT, ETH, and several other cryptocurrencies. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

What is a Crypto Airdrop: Why Projects Airdrop Crypto

Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread...

XCOPY Raises $24M in Minutes From Latest NFT Drop

Crypto art pioneer XCOPY has sold over $24 million worth of NFTs in their latest drop. Most of the funds raised came from mints of the “MAX PAIN” piece sold...

FEWOCiOUS Raises $19M From Paint NFT Sale

The “Paint Drop” NFTs will unlock rewards in the 19-year-old artist’s forthcoming FewoWorld project.  FEWOCiOUS Closes Paint Sale  FEWOCiOUS has raised $19 million via his latest NFT drop.  The 19-year-old...

Read More https://bitcofun.com/drift-looks-back-on-first-day-out-of-jail-with-6-8m-nft-drop/?feed_id=15947&_unique_id=625dbbb54f9b9

Cardano Looks Primed to Rebound

Cardano's drop might quickly reach fatigue, leading to a rate rebound.

Key Takeaways

• Cardano might be preparing for a bullish impulse. 
• ADA is sitting on vital assistance while buy signals are appearing.
• A spike in purchasing pressure might push ADA to $1. 

Cardano looks to be sitting in very oversold conditions, potentially leading to a bullish impulse. Several technical indications favor the positive outlook, although assistance looks weak.

Cardano Appears Ready to Rebound

Cardano appears to have reached a essential assistance location while it stays stuck in a six-month drop.

The Layer 1 blockchain’s ADA token has lost substantial ground giventhat it reached an all-time high of $3.10 in September2021 While other Layer 1 tokens like Terra’s LUNA have justrecently gainedback momentum, Cardano continues trending downwards as it sits 75% brief of its peak. The down pressure seen over the last coupleof months has brought the property to a make-or-break point.

Cardano’s cost action appears to be included within a comingdown parallel channel that established on its three-day chart in September2021 Every time ADA hasactually increased to this technical development’s upper limit because then, the uptrend has reached fatigue, leading the rate to retrace to the pattern’s middle or lower edge. From this point, ADA tends to rebound, which is constant with the qualities of a parallel channel.

After getting declined from the channel’s middle trendline in late February, Cardano backtracked to the pattern’s lower border, where it’s presently trading. If this assistance level can hold as it hasactually done over the past 6 months, ADA might rebound to the channel’s middle or upper edge. These resistance levels sit at $0.87 and $1.

The Tom DeMark (TD) Sequential sign includes credence to the positive outlook as it is presently providing a buy signal on ADA’s three-day chart. The bullish development established as red 9 candlestick, which is asign of a one to 4 candlestick increase.

Source: TradingView

Although the chances appear to favor the bulls, the $0.75 assistance level is essential. Any indication of weakpoint around this cost point might cause evenmore panic amongst market individuals, leading to a sell-off. A spike in selling pressure around such a important location of assistance might push ADA towards $0.50.

Disclosure: At the time of composing, the author of this piece owned BTC and ETH.

The details on or accessed through this site is gotten from independent sources we think to be precise and trustworthy, however Decentral Media, Inc. makes no representation or servicewarranty as to the timeliness, efficiency, or precision of any info on or accessed through this site. Decentral Media, Inc. is not an financialinvestment consultant. We do not provide customized financialinvestment recommendations or other monetary guidance. The details on this site is topic to modification without notification. Some or all of the details on this site might endupbeing out-of-date, or it might be or endedupbeing insufficient or incorrect. We might, however are not obliged to, upgrade any dated, insufficient, or incorrect details.

You oughtto neverever make an financialinvestment choice on an ICO, IEO, or other financialinvestment based on the info on this site, and you must neverever analyze or otherwise rely on any of the details on this site as financialinvestment recommendations. We highly suggest that you seekadvicefrom a accredited financialinvestment consultant or other certified monetary expert if you are lookingfor financialinvestment recommendations on an ICO, IEO, or other financialinvestment. We do not accept settlement in any kind for studying or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or products.

See full terms and conditions.

NFT Express: Your on-ramp to the world of NFTs

At Tatum, we’ve currently made it very simple to produce your own NFTs on numerous blockchains without having to discover Solidity or produce your own clever agreements. Anyone can release...

New Cardano DEX Hopes to Overcome Chain’s Scaling Woes

News Mar. 2, 2022

AdaSwap, a brand-new community contractor on Cardano, revealed Tuesday that it had raised $2.6 million to develop “the finest, decentralized exchange on Cardano.” AdaSwap Raises $2.6M to Build First Working...

Bashoswap is Building a Cardano-Powered Decentralized Exchange

Bashoswap is a decentralized exchange (DEX) on the Cardano network that intends to helpwith swaps inbetween ADA and other crypto possessions constructed on Cardano. A Blockchain Powered Decentralized Exchange Bashoswap...

Cardano Grows Block Size by 11% to Meet Scaling Challenges

Cardano’s core advancement group, Input Output, will boost the network block size by 11%. The group has likewise prepared a memory increase for its clever agreement platform, Plutus. Cardano Aims...

Read More. https://bitcofun.com/cardano-looks-primed-to-rebound/?feed_id=11511&_unique_id=62357e7f7abf5

Cardano Looks Ready to Crash to $0.50

Cardano continues to trend downwards as it struggles to find a significant support level.

Key Takeaways

• Cardano has breached a crucial support level.
• Any sign of weakness could trigger a sell-off.
• ADA risks plummeting toward $0.50.

Cardano is more than 74% short of its all-time high of $3.16 recorded in early September 2021. Although ADA’s downtrend has been significant enough, on-chain and technical indexes point to further losses on the horizon.  

Cardano Looks Bound for Losses

Cardano appears to have lost a critical support level, which may result in a steep correction. 

The so-called “Ethereum killer” has lost more than 35% of its market value over the last two weeks, retracing from a high of $1.26 on Feb. 8 to hitting a new yearly low of $0.81. Despite the significant losses incurred, ADA could be bound for another downswing.

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals that Cardano has breached a vital demand barrier. Nearly 63,700 addresses have previously purchased over 1.4 billion ADA at an average price of $0.96. Now that prices have dipped below this support zone, signs of weakness could encourage market participants to sell their holdings to avoid seeing their investments go further into the red. 

As the IOMAP indicates that Cardano does not have any significant support barrier underneath it, another spike in downward pressure could cause a dramatic downturn. 

Source: IntoTheBlock

From a technical perspective, the bearish thesis prevails as the seventh-largest cryptocurrency by market cap has lost the 100-week moving average as support. Although the current weekly candlestick is yet to close below this trend following indicator, it already projects a very pessimistic outlook. The 200-week moving average represents the next support level at $0.50. 

Source: TradingView

Given the lack of support, paying close attention to the end of the weekly trading session is imperative to confirm whether the 100-week moving average has been breached. If prices were to move back above this interest area, Cardano could potentially avoid crashing to $0.50. Instead, it might gain the strength it needs to rebound toward the 50-week moving average at $1.60.  

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

OVR – the largest decentralized AR Metaverse

OVR is the decentralized infrastructure for the metaverse, merging physical and virtual world through Augmented Reality, creating a new dimension where everything is possible. It’s composed of 1.6 trillion unique hexagons...

Bashoswap is Building a Cardano-Powered Decentralized Exchange

Bashoswap is a decentralized exchange (DEX) on the Cardano network that aims to facilitate swaps between ADA and other crypto assets built on Cardano. A Blockchain Powered Decentralized Exchange Bashoswap...

Cardano Grows Block Size by 11% to Meet Scaling Challenges

Cardano’s core development team, Input Output, will increase the network block size by 11%. The team has also planned a memory boost for its smart contract platform, Plutus. Cardano Aims...

Charles Hoskinson Shares Cardano Plans for 2022

On Christmas Eve, Cardano founder Charles Hoskinson posted a 30-minute Youtube video where he reviewed some of Cardano’s greatest achievements for 2021 and shared some of its biggest plans for...

Read More https://bitcofun.com/cardano-looks-ready-to-crash-to-0-50/?feed_id=8157&_unique_id=6218b3328eaab