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Reena Shaw

Litecoin, Tron, XRP Technical Analysis on 8th September 2020

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The collective cryptocurrency market cap stood at $329 billion at the time of writing. Bitcoin and its peer altcoins were observed to be in a consolidation phase oscillating within a tight range before a potential breakout on either side.

Litecoin [LTC]

LTC 1 e1599546107464

Litecoin has crashed significant support levels following multiple pullbacks was now priced at $48.40 after a minor surge of 1.48% over the last 24-hours. At the time of writing, it recorded a market cap of $3.165 billion and a 24-hour trading volume of $2.627 billion.

The dotted markers of Parabolic SAR hovering above the LTC price candles resisted an uptrend to its immediate resistance at $58.9. The RSI was in the negative region depicting a sentiment of high sell-pressure in the market. If the bearish trend persists then bulls might have a thought time defending the support level of $40.16.

Tron [TRX]

TRX 1 e1599547899193

Tron [TRX] posted significant gains over the past day soaring by 5.03%. However, its rebound level fizzled out at $0.0321 as it held a market cap of $2.302 billion and a 24-hour trading volume of $2.605 billion.

The red closing bars of Awesome Oscillator was indicative of bearish momentum in the TRX market. Chaikin Money Flow was also below the zero-line depicting the outflow of money from the coin market. A sign of bullishness gaining traction appeared bleak as TRX failed to hit its overhead resistance of $0.0347. The coin firmly held its support at $0.022.

XRP

XRP 2 e1599548281701

After sliding to the fourth position, XRP has been making slow strides to breach overhead resistances. The coin rose by a minor 1.37% pushing its price to $0.2409. It registered a market cap of $10.84 billion and a 24-hour trading volume of $2.41 billion.

After a bearing crossover, the signal line of MACD continued to dominate its fate. However, Klinger Oscillator painted a conflicting picture as it appeared to undergo a bullish crossover.

Despite several attempts, the toke has so far failed to surpass the crucial $0.268 level of resistance. If the trend does not undergo a bullish revival, XRP could retest a crucial support point at $0.22, a level unseen since the last week of July.

Switzerland’s Zug Canton will Accept Bitcoin and Ether for Tax Settlement

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Zug has emerged as one of the most crucial cryptocurrency hubs in the world. Taking the crypto game to a notch higher is Switzerland’s Canton of Zug administration which announced last week that it will start accepting cryptocurrency for tax payments.

According to Bloomberg’s report, the Canton was quoted saying,

“Tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs [$109,670]”

From February 2021, its citizens and companies will be able to pay up to 100,000 CHF [around $109,000] of their taxes in either Bitcoin [BTC] or Ether [ETH]. With this, it becomes the first Swiss canton to offer the option of paying taxes with cryptocurrencies.

Cantonal Finance Director Heinz Taennler reportedly stated,

“We are not taking any risks with the new payment method, as we always receive the amount in Swiss francs, even when paying in Bitcoin or Ether.

For this initiative, Swiss authorities have reportedly collaborated with the Zug-bases crypto finance firm Bitcoin Suisse to convert crypto payments into Swiss francs and then transfer to the tax office. Ahead of the February launch, a trial run for the pilot of the tax scheme will be rolled out in the coming week.

Thanks to flexible regulations and an apt political system, the country has established itself as home to emerging crypto firms and Zug’s crypto valley has accommodated various cryptocurrency businesses. One of the main selling points for foreign businesses looking for opportunities in the region because of the already existing large multinational companies in Zug which open huge possibilities, from easier access to funding as well as a wider network for partnerships and collaboration.

This news comes after Sygnum, a Switzerland-based cryptocurrency bank, received approval from the Swiss Financial Market Supervisory Authority [FINMA] for its digital asset trading facility. Earlier in June this year, another Swiss-based transaction bank, called InCore Bank, became the first bank in the country to offer financial service providers and institutions worldwide after receiving a green light from the watchdog to trade, hold, transfer and generate [tokenized] digital assets.

Besides, FINMA had earlier issued two specific guidelines on initial coin offerings [ICOs], in February 2018, and supplemented in September 2019.

Binance Unveils Third Venture into DeFi Space with Launchpad and Bella Protocol

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One of the world’s largest cryptocurrency exchange, Binance announced the release of Launchpad. The new product is aimed to provide a secure way to farm new assets. The users will also be able to acquire new token rewards in return for staking BNB, BUSD, and other tokens.

Following the announcement, Binance CEO and Founder, CZ stated,

“The potential of DeFi is accelerating at an outstanding rate, along with its adoption among the crypto ecosystem. We’re excited to host Bella Protocolas Launchpool’s first DeFi offering on the Binance platform, and are delighted to offer #Binance users the opportunity to securely farm new assets.”

With this, Binance also announced that the first-ever project to be hosted on Launchpool is Bella Protocol [Bell]. The official blog post revealed that starting from 9th September, the users will be able to stake their BNB, BUSD, or ARPA tokens into three separate pools to farm BEL tokens over 30 days. Following this, Binance will then list BELL token on its platform on 16th September and initiate trading for pairs – BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT.

Bella Protocol, which is an ecosystem project incubated by ARPA, essentially provides a full-suite of DeFi products, which includes an automated yield farming tool, lending protocol, a 1-click savings account, customized robo-advisor, among others. In August 2020, the Beijing-based DeFi aggregator secured $4.50 million in a funding round led by Arrington XRP Capital.

The DeFi space is a battlefield now and the crypto giant, Binance appeared to be delving deeper into the decentralized world. The news of Launchpad comes just two days after the platform unveiled its new trading platform called ‘Binance Liquid Swap’ to further capitalize on the ongoing DeFi boom. The automated market maker [AMM] pool product which aimed at hosting different pools of liquidity that allow its users to exchange crypto assets was reportedly the first of its kind in a centralized exchange.

The first venture of the company into the DeFi space was the launch of Binance Smart Chain on 1st September.

Binance Coin, Bitcoin SV, Cardano Technical Analysis on 7th September 2020

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The cryptocurrency market posted a significant recovery shortly after the weekend bloodshed catapulting the collective market cap to $328 billion. During this time, as several altcoins bounced off close to crucial resistance levels, Bitcoin‘s dominance dropped by 57.6%.

Binance Coin [BNB]

binance coin technical analysis

After posting gains of 17.76% over the last 24-hours, Binance Coin [BNB] was priced at $22.40. At the time of writing, BNB registered a market cap of $3.235 billion and a 24-hour trading volume of $743.20 million.

BNB appeared to be heading for an uptrend targeting the overhead resistance of $24.73 while its value found critical support at $19.48. The red candles of Awesome Oscillator depicted the presence of bearishness in the market. The Chaikin Money Flow value above the zero-line, however, indicated resuming strength in the market.

Bitcoin SV [BSV]

bitcoin sv technical analysis

Bitcoin SV [BSV] underwent a positive price change of 4.44% over the past day, driving its price to $168.32 as it held a market cap of $3.115 billion and a 24-hour trading volume of $1.38 billion.

While the Klinger Oscillator appeared to be heading for a bullish crossover following the latest uptick, however, MACD hinted in no such signs of a comeback. This essentially signaled that the bears have been aggressively defending the resistance area of $202.54.

If the bulls fail to push the price above, BSV could retrace its steps back to the support level of $147.4.

Cardano [ADA]

cardano technical analysis

Cardano [ADA] has breached important support after the subsequent pullbacks and recovery attempts to regain strength appeared to have stalled.

The dotted markers of Parabolic SAR have been resisting a potential upward breach for almost a week. The RSI on the extreme negative end depicted a sentiment of intense sell-off in the ADA market. In case of a trend reversal, a bullish target of the recent breached level of $0.107. If bears continue to have an upper hand, ADA could potentially drop close to its support of $0.0773.

Tron Network to Embrace the New Sesameseed DeFi Protocol on Mainnet

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Decentralized Finance [DeFi] is a new hot-space in the cryptocurrency industry. The launch of the UniFi protocol-powered, uTrade platform on September 7th on the Tron mainnet is another addition to the emerging craze.

Developed by the Tron Foundation Super Representative candidate and multi-chain asset staking community, Sesameseed, the UniFi protocol essentially combines multi-chain DeFi space through the SEED Bridge, allowing the protocol to be a multi-chain, non-custodial, decentralized swap as well as a complete DeFi protocol.

According to the official blog post, UniFi’s smart contracts have been developed from scratch and are not copied from any other existing protocols. Some of the key tokens that make up the protocol’s token economy are UNFI token, UP token, UL token, and SEED.

UTrade, on the other hand, is a trading platform built to leverage the UniFi protocol and operates as a decentralized, unlimited liquidity market maker. On this platform, one token is exchanged for another using liquidity provided by incentivized liquidity providers. These liquidity providers are rewarded with a portion of the revenue generated by the UniFi Protocol as a whole.

It was first made available on the Testnet of Tron. After the mainnet launch, Ontology, Harmony, and Ethereum blockchains will be deployed.

According to the whitepaper, uTrade consists of discrete copies of the UniFi protocol smart-contracts on different blockchains. UTrade is initially set to operate on Ontology, Harmony and TRON.

In addition, Sesameseed achieved its first milestone in the election of the TRON Network’s Community Super Representative in July 2018. In addition, its native SEED was the first token to be created on the Tron network.

The whitepaper further explained the workings of Sesameseed and UniFi protocol and revealed,

“Sesameseed has incorporated the SEED Bridge into the UniFi protocol. The SEED Bridge provides UniFi protocol users access to the cross-chain DeFi building block known as SEED swap. Swapping SEED is processed through Sesameseed’s non-custodial staking wallet Sprout. This established and time-tested multi-chain SEED swap powers the cross-chain and multi-chain SEED Bridge functionality in the UniFi protocol.”

The Tron DeFi hype train shows no signs of stopping

This is also a new milestone for the Tron Network, which saw a significant increase in the value of its native token, TRX, following the launch of PEARL and TAI, which led to interest on the JustSwap Tron-based token exchange platform. The platform witnessed an exponential increase in its trading volume as several well-known Tron DeFi coins were listed on it.

Here’s Why Ethereum Tanked Despite Reaching a 2-Year Price High

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The entire cryptocurrency market slumped following the massive downside correction breaching crucial levels along the way. Ethereum, the second-largest cryptocurrency, was one of the worst-hit among the top altcoins by the latest price action. While it was just recently that ETH’s price climbed to $470, a level was last seen in July 2018, at the time of writing, however, ETH suffered a loss of nearly 20%.

Ethereum’s rally was not backed by strong fundamentals

Ethereum’s on-chain activity was in a steady decline since mid-August despite its price reaching a 2-year high regardless of the worldwide stock market regression. While it did reach a favorable position in terms of its price, a few metrics, on the other hand, noted opposed the positive sentiment.

As noted by the crypto-analytic platform Santiment, ETH’s daily active addresses [DAA], as well as network growth, appeared to low with respect to its price hitting levels above $400.

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While exchange deposits, which is the number of coins held in exchange addresses, declined significantly, the figures for exchange wallets, however, exploded to a 6-month high of 1.09 million ETH signaling the traders were less accumulating and more trading the coin in anticipation of a dip, according to Santiment.

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Additionally, according to ITB’s tab, Ethereum’s on-chain metrics signaled bears having an upper hand with respect to its price.

The DeFi factor

Ethereum has been a haven for DeFi protocols. Space has seen a massive inflow of capital over the past few months which has resulted in explosive figures in terms of TVL. While a few ecosystems have shown consistency, others just came and exited the market. It is important to note that DeFi is still in an experimentative phase.

Hence, falling stocks could have propelled DeFi to experience a similar reversal. And as money flowed out of the DeFi, Ethereum and Bitcoin lost significant value causing the altcoins to crash as well.

https://twitter.com/classicmacro/status/1302015825776439299?s=20

Bitcoin’s bearishness fades

In the midst of a bull market, Ethereum and its peer altcoins bled. But it was Bitcoin which managed to retain its value above the $10,000-level. The coin’s tryst below the said level was short-lived. One of the big reasons for the swift rebound could potentially be due to the retail dump and not derivatives as BTC futures volume figures remained pretty much unfazed.

In addition, the drop to $9,975 triggered liquidations below $40 million on the crypto exchange and derivatives platform, BitMEX. Generally, a huge price movement, such as this, potentially wipes off $100 million worth of futures contracts.

Besides, the whales could have potentially taken profit off Bitcoin’s price at a crucial resistance of $10,500.

Ethereum, Tron, Chainlink Technical Analysis on 6th September 2020

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The cryptocurrency market suffered major losses as the weekend dawned triggering a drop to $320 billion collective market cap. Altcoins were the biggest losers in the latest downside price action while Bitcoin firmly held its dominance at 58.8%.

Ethereum [ETH]

ETH 2 e1599367355833

Ethereum [ETH] took a sharp plunge below its immediate support level of $379. The largest altcoin was down by a staggering 15.49% over the past 24-hours which led to a price drop of $328.17 as it held a market cap of $36.91 billion and a 24-hour trading volume of $32.626 billion.

The technicals appeared bearish as the dotted markers of Parabolic SAR continued to resist an upside break to its overhead resistance which stood untested at $438-level. The RSI also dipped into the negative territory and was currently in the oversold region depicting a sentiment massive sell pressure dominating the market.

If this trend persists, ETH could target a drop close to its next support level at $231.

Tron [TRX]

trx e1599367965149

The 14-largest cryptocurrency, Tron [TRX] suffered a decline of a massive 18.43% over the past day which drove its price to $0.0289. At the time of writing, the coin recorded a market cap of $2.074 billion and a 24-hour trading volume of $3.642 billion.

The red closing bar of Awesome Oscillator depicted a sharp shift towards an increasing bearish momentum. Chaikin Money Flow dropped to the bearish levels depicting an increase in the outflow of capital from the coin market.

The resistance for the coin was untouched at $0.0399 as the technicals remained bearish. Should TRX extend further lows, it could drop to its next support level of $0.0230.

Chainlink [LINK]

link 1 e1599369210848

Chainlink [LINK] formed a lower low after sustaining a drop of 17% over the past 24-hours. At the time of writing, LINK was priced at $10.40 as it held a market cap of $3.641 billion and a 24-hour trading volume of $1.968 billion.

The bulls struggled to defend the $7.43 support level. The technicals also tilted towards the bears as an uptrend towards its resistance $16.26 was heavily resisted by the persistent negative pressure. This was evident by the signal line dominating both Klinger Oscillator as well as the MACD.

If LINK breaks this level, it could witness a dip close to its next support at $7.002.

Uniswap Records More Trading Volume than Coinbase Pro; But Will the Hype Sustain?

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Fueled by the DeFi frenzy, Uniswap, a decentralized exchange [DEX] on Ethereum has hit a fresh ATH of $1.828 billion in terms of the total value locked. The platform, which happens to be the world’s largest DEX in terms of its volume has managed to outpace some of the industry’s crucial centralized rivals such as Coinbase Pro whose 24-hour volume at the time of writing stood at $704.34 million.

DeFi Pulse 1

So how did it achieve such feet? Uniswap, the star in the Ethereum world, first saw a massive rise in July 2020. This was when total capital locked up in Uniswap grew by a staggering 200% in a little over a month. The protocol rose to fame in such a short duration of time primarily because of three key factors decentralization, trust in the platform, and accessibility of all ERC 20 tokens. The fact that many small to mid-cap DeF tokens actively traded on Uniswap, especially those not listed on major platforms further extended its popularity.

Centralization concerns

Uniswap’s launch of V2, which introduced new features, came in as a blessing for the ecosystem as by that time the DeFi craze in the community had already taken off.

However, there was a growing concern among the community members that Uniswap was growing away from its guiding principle of decentralization. The venture capitalists [VC] funding worth $11 million was a major controversy that catalyzed the already existing concerns. However, it was not just the involvement of the VCs that gave rise to skepticism, but also the argument that the liquidity providers [LPs] were not highly rewarded as many of them would have liked.

With the introduction of the whole new yield farming protocols, people expected higher returns on staked funds, and that is where Uniswap struggled.

And then entered Sushi 

Led by a figure under the name of ‘Chef Nomi’, Sushi is essentially a fork of Uniswap. What bootstrapped Sushi’s adoption was its goal to solve the former’s centralization concerns as well as incentives for LPs. The native SUSHI token was aimed at providing the holder with governance rights as well as revenue share.

Its official announcement detailed,

“With SushiSwap, one can also provide some liquidity into a pool and earn rewards in the form of SUSHI tokens. However, unlike Uniswap, those SUSHI tokens will also entitle you to continue to earn a portion of the protocol’s fee, accumulated in SUSHI, even if you decide to no longer participate in the liquidity provision. As an early adopter to help provider liquidity, you become a significant stakeholder of the protocol.”

Despite the fact that Sushi can potentially take over an alarming amount of liquidity from Uniswap, however, it will not cause the latter’s demise. As noted by the recent Glassnode blog post, Uniswap’s brand recognition, third-party integrations, the DEX will “live on”. If further noted Uniswap will almost certainly have enough liquidity and volume to compete against SushiSwap.

South Korean Authorities Raid Bithumb for Alleged Fraud Over BXA Token

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Bithumb, one of the largest cryptocurrency exchanges in South Korea, has reportedly been raided by Seoul police in connection with suspected investment fraud related to the issuance of a BXA token.

According to the reports by Seoul Shinmun, Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit officers conducted search and seizure investigations at the exchange’s headquarters in the Gangnam District on 2nd September.

This was linked to a $25 million token sale hosted by Bithumb and to the proposed acquisition of the Singapore Platform, BTHMB. But the deal that was originally expected to be completed in February never materialized. Bithumb   Chairman Lee Jung Hoon is also known to have been in police investigation on charges of fraud and escaping property.

The exchange was accused of pre-selling native BXA tokens, but the failure to list caused substantial losses worth millions to investors who participated in the sale.

This news follows the seizure of the third-largest cryptocurrency exchange in the country, Coinbit, on allegations of fake trading volumes, a major concern that has haunted the industry for quite some time.

The original reports claimed that the platform’s owner Choi Mo and other executives allegedly used ghost accounts to execute fake trades to artificially inflate the trading volume. The local authorities alleged that the wash trading at the platform had produced more than $84 million in faked income.

In a bid to provide a framework for the regulation and legalization of cryptocurrencies as well as crypto-exchanges, South Korea became the world’s first country to pass a comprehensive set of cryptocurrency rules in March this year

While this has been a recent development, the country has been known to be at the forefront of the cryptocurrency and blockchain movement over the past decade. Two years earlier, Seoul’s mayor, Park Won-soon even discussed the capital city’s plans to launch what was dubbed the S-coin for the purpose of a payment method for city-funded welfare programs.

XRP, Bitcoin Cash, Litecoin Technical Analysis on 3rd September 2020

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September started with a sense of optimism but met with a bearish pullback on the second day as the $12,000 price level has eluded Bitcoin as it lost significant ground against the USD. This, in turn, triggered a significant sell-off of major altcoins.

 Ripple [XRP]:

ripple technical analysis

XRP’s attempt to resume uptrend after reaching a crucial resistance point $0.294 was cut short as the bulls encountered extensive selling pressure. The coin slid back to the fourth position after a decline of 9.04% over the last 24-hours pulling its value to $0.272 as it held a market cap of $12.24 billion and a 24-hour trading volume of $1.793 billion.

The shift in the momentum was noted by Awesome Oscillator which depicted the bars turning red after the correction. Chaikin Money Flow was also in the bearish territory which indicated an outflow of capital from the coin market.

Should this level break, XRP’s $0.260 remains critical support.

Bitcoin Cash [BCH]

bitcoin cash technical analysis

Bitcoin Cash [BCH] sustained 9.41% losses over the past day causing a price drop to $262.45 while recording a 24-hour trading volume of a $1.9 billion and a market cap of $4.857 billion.

With the bears aggressively defending the resistance level of $292, an upside break does not seem likely in the near future. This was also depicted by the Klinger Oscillator and MACD which underwent a bearish crossover and signs of trend reversal appeared bleak.

If the BCH/USD pair fails to rebound the current trading levels, it could sink close to its immediate support at $222-price level.

Litecoin [LTC]

litecoin technical analysis

Despite declining by 8.52% over the past 24-hours, Litecoin [LTC] have managed to retain its price above the $53 support level. At the time of writing, the coin was valued at $57.38 with a market cap of $3.75 billion and a 24-hour trading volume of $2.706 billion.

An upsurge to its overhead resistance level of $62 was severely resisted by the dotted markers of Parabolic SAR which continued to remain aligned above the LTC candlesticks. An increasing sentiment of sell-off was evidenced by the RSI which dropped below the 50-median neutral line.