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Five under-the-radar crypto assets are in a hot streak, up by 144% or more over a period of one week as the digital asset market continues to rally. 

One of the best-performing altcoins this week is Function X (FX), which currently holds a market cap of $314 million. The project aims to mirror traditional financial products on its protocol while building decentralized financial products and a decentralized trading system. 

Data from CoinGecko shows that the Ethereum-based crypto asset soared 402% from a 7-day low of $0.44 to a high of $2.12. The altcoin has retraced since and is now trading at $0.78. 

Next up is Vectorspace AI (VXV) a blockchain platform focused on powering advanced approaches to machine learning (ML) and artificial intelligence (AI). The crypto project climbed from a seven-day low of $3.47 to its all-time high of $10.94, representing a price jump of over 215%.

The third cryptocurrency seeing a major rally this week is Bitcoin Cash ABC (BCHA), which holds a market cap of $5.84 billion. BCHA, designed as a means of payment, rose from a low of $114.51 to a high of $345.96 in just seven days, marking a 202% increase.

Although the value of BCHA grew 3x in a span of one week, it is still down nearly 20% from its all-time high of $378.12.

Another red-hot altcoin as of late is Fantom (FTM), a network of custom blockchains that aims to power smart cities. From a low of $0.47, the token rallied to $1.16, surging by 144% within seven days.

At time of writing, FTM is trading at $1.04.

The fifth crypto making a major stride this week is aelf (ELF), which is a decentralized cloud computing network and business-oriented blockchain platform. In seven days, ELF ascended from a low of $0.36 to a high of $0.88 to mark an increase of 144%. 

The coin has given up some of its gains and is trading at $0.68 at time of writing.

Featured Image: Shutterstock/ mona redshinestudio/Charming Decor Art

The cryptocurrency market posted staggering losses Tuesday as a wave of selling pummeled the prices of nearly every single coin—unraveling the gains priced in by a retail trading mania ahead of El Salvador's first day accepting bitcoin as legal tender.

Key Facts

The steep sell-off came less than one day after JPMorgan analysts warned in a note to clients that recently rallying altcoins—or cryptocurrency alternatives to bitcoin and ether—reflected "froth and retail investor mania," as opposed to sustainable gains for the market. "The August rally in non-fungible tokens and the pickup in decentralized finance activity have helped not only ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as Solana, Binance Coin and Cardano," JPMorgan Managing Director Nikolaos Panigirtzoglou said Monday. "The previous phase of retail investors’ mania into cryptocurrency markets was between the beginning of January and mid-May... and retail investors are making cryptocurrency markets look frothy again." After the bouts of retail-investing mania in January and May, crypto markets crashed about 13% and 50%, respectively.

El Salvador made history Tuesday by becoming the first sovereign government to use bitcoin as legal tender—clearing the way for residents to pay taxes and other debt with the cryptocurrency, and allowing hundreds of thousands of businesses nationwide to accept it as payment. In addition to its bitcoin buying spree, the Central American country has already marked the occasion with the rollout of hundreds of bitcoin ATMs and the debut of a new cryptocurrency wallet, Chivo, powered in part by California-based digital wallet firm BitGo. Ahead of the buzzy event, billionaire bitcoin bull Michael Saylor, the CEO of business analytics firm MicroStrategy, rallied around retail investors on Twitter and encouraged them to buy $30 worth of bitcoin to show support for El Salvador’s historic feat.

“Bitcoin is lower on a ‘buy leading up to the big event, sell the fact’ reaction to El Salvador’s historic moment embracing cryptocurrency," Ed Moya, a senior market analyst at Oanda, said in a Tuesday email, adding: "Bitcoin’s fundamentals remain intact, as prices iron out a new trading range between the $46,000 and $53,000 levels."

El Salvador Goes On A $21 Million Crypto Buying Spree As Bitcoin Becomes Legal Tender (Forbes)

Solana Leads Massive Altcoin And Bitcoin Rally As JPMorgan Warns Crypto Markets Are Looking Bubbly Again (Forbes)

…

ICOs? He held the first one. Stablecoins? He dreamed of them by accident. Vitalik Buterin tried to get him on board to help launch Ethereum, but he was too busy. He is J. R. Willett, one of the most fascinating men in the industry.

Back in 2012, Willett, now 41, felt he could improve Bitcoin by making it possible for anyone to create interoperable tokens backed by the protocol. He released a white paper that described the new model and invented a way to fund the project with a token sale. He procrastinated for the next 18 months, hoping someone else would take the bait. Eventually, he gave in and announced the Mastercoin initial coin offering, which went on to inspire Ethereum and every subsequent ICO.

“It felt like I was just putting into words what was obviously going to happen — people were already talking about it, and I thought, ‘Why hasn’t someone formalized this at least a little bit?’ I just got tired of waiting for someone else.”

In the early days, he was worried that cryptocurrency would bring about a dystopia where either the late adopters became penniless or a one-world government would form to regulate everyone’s transactions. He’s still worried, but things are going better than he’d feared.

In the sea of exceptional and charismatic people who rise to the top of the cryptocurrency world, Willett stands out. Not in his absolutist conviction to a set of principles, not in his journey from rags to riches, not in his “maniac drive“ to stick with a project, not in his outsized charitable pursuits, and not even in his artistic endeavors or grand visions for the future. No. Willett stands out because despite the incredible things he has set in motion, he remains a humble family man who never forgot what was most important.

The first ICO

When the world rang in the year 2012, Bitcoin was pretty much the only game in town. Bitcoin, blockchain and cryptocurrency were one and the same, save for the newly birthed Litecoin fork that was not yet three months old (LTC was created via mining, just like Bitcoin). It’s here that Willett arrived to stir the pot, publishing what he called “The Second Bitcoin Whitepaper.”

— nic carter (@nic__carter) December 8, 2020

“We claim that the existing Bitcoin network can be used as a protocol layer, on top of which new currency layers with new rules can be built without changing the foundation,” he wrote. The idea was to make it possible to create new, functional tokens on top of Bitcoin in such a way that smart contracts could regulate their interactions. “Mastercoin supports creating property tokens to be used for titles, deeds, user- backed currencies and even shares in a company,” the white paper explained.

This sounds much like Ethereum today, complete with interoperable ERC-20 tokens and smart contracts. That is no coincidence, considering that Ethereum was partly inspired by Willett’s ideas.

“Vitalik came to us initially with his ideas, and we told him, ‘We’ve got some other things we want to do first.’ He didn’t want to wait, and it’s good for him that he didn’t. Ethereum was the result of that.”

Willett even brought up the idea of stablecoins, writing that “If you think Bitcoin has a reputation problem for money laundering now, just wait until you can store ‘USDCoins’ in the block chain!” This was a new idea — he invented the concept.

Mastercoin’s launch — and token sale — was announced in July 2013. It was the first-ever ICO, and coins could be purchased at an exchange rate of 100 MSC per 1 BTC. These first coins were received from the “Exodus Address,” which served as Mastercoin’s equivalent to the genesis block — while Bitcoin was the beginning, Mastercoin was imagined as the next era.

When Willett announced Mastercoin on the Bitcointalk forum, he thought of it as a one-time shortcut to get around the “proper way” of raising money. “It didn’t feel like an innovation at the time,” he says.

“I thought I had found a bit of a shortcut — I just didn’t have time to go flying to California, putting together a pitch deck and talking to venture capitalists, most of whom hadn’t heard of Bitcoin.”

Eventually, Mastercoin evolved into the Mastercoin Foundation, itself evolving into the Omni Foundation, which Willett founded and where he still serves as chief architect. Willett says that transparency was very important to him while creating the nonprofit, and explains how he used a public spreadsheet to record all expenses.

“The problem with that was that as we started running out of money, everybody knew we were running out of money, and that took some of the wind from our sails,” he recalls with a laugh. Today, Omni Layer is an “open source, fully decentralized asset platform” that allows for “creating and trading custom digital assets and currencies.”

When asked if he harbors any regrets in not becoming a billionaire CEO, he lets out a hearty guffaw. “I’m sure there would have been things that were fun about it,” he says giddily, but goes on to explain that he is a minimalist who barely owns anything that his kids do not need. “What do you get from being super-wealthy, if you kind of have a minimalist state of mind? You just get a bunch of problems,” he contemplates. Is there perhaps a tinge of regret there?

“Maybe the regret there is that I could have done a lot of good — but hopefully, those people that do become billionaires will do a lot of good.”

The inventor

Willett led what he calls an idyllic childhood with a father who “always had a knack for money and investments” and began teaching him coding on the family’s Apple II-GS computer when Willett was only 10 years old.

While still in high school in Oregon, Willett spent summers working as a shop assistant doing unglamorous work like sweeping and cleaning toilets. One time, he wrote a mock virus and made his employers believe that they had been hacked. “They had an old IBM computer — I think I wrote it at home and then brought it in on a floppy disk,” he recounts with laughter.

When Willett later learned that he could make a living doing “this thing I’d been doing for fun,” a degree in computer science at Seattle Pacific University was a “no-brainer.” He graduated in 2002.

After two years as a software developer at “dot-com startup” Alerio in Oregon, he joined Dynon Avionics, where he was promoted to a senior role. Over his 11-year career there, he created flight planning software and calibrated instruments that went on to be used in applications as exotic as the SpaceShipOne spaceplane, which completed the first crewed private spaceflight in 2004.

In 2012, he joined his present employer, Cozi, as software developer lead, where he designs mobile calendar apps that help families stay organized. It seems a good fit. He says, “I’ve always considered myself a family man — even before I had kids.”

That’s right — Willett, the inventor of both the ICO and algorithmic stablecoin, still works a day job. “You can’t have all of your money tied up in cryptocurrencies,” he said, referring to the responsibilities of parenthood.

Concerning crypto

It was around 2010 while working at Dynon Avionics that Willett “kind of fell in that [cryptocurrency] hole and never got out.” He watched the Bitcoin price rise up to $0.25, and remembers setting up a beige computer tower, which successfully mined a block of 50 BTC on its own over a few weeks with only a central processing unit, or CPU.

CPU mining soon became impossible, as GPUs (graphic processing units) and later ASIC miners (specialized software chips for mining) connected to mining pools came to dominate the landscape. “Even then, it was unusual to get a block from a CPU, but it wasn’t unheard of,” Willett recalls.

Unlike some others from his time, Willett did not come to view cryptocurrencies as a universal savior or liberator of humanity. Instead, he foresaw a dystopian future, which worried him deeply. He never wanted to metaphorically burn the banks or upend the system, because that sort of thing is bound to hurt many, many people who rely on the existing structures.

“It looked to me like something that could, if it got big enough, damage the entire world’s financial systems. I thought, this is the sort of thing you better own just defensively, as an insurance policy.”

Willett admits that the idea of Bitcoin damaging the global financial infrastructure “sounded pretty crazy back in 2010–2011, when very few people had heard of Bitcoin, but I have always taken the opinion that the government-issued monies are much more fragile than they appear.” He adds that a bank run could happen if people lose confidence in fiat, and now, there is a valid alternative for it.

For Willett, money is a “shared hallucination” that works well if everyone plays along, but can fall apart quickly if people choose to “opt out.”

This is not necessarily what Willett desires, as such a situation would leave those without cryptocurrency in a desperate situation. Not everyone knows about cryptocurrency, and not everyone has the money to invest or the confidence to risk their capital. It would be a tragedy for them to be left behind. But, “Thinking about that potential possible outcome, it would be foolish not to own at least some cryptocurrency,” he reasons.

“If there comes a tipping point where everyone tries to get out of government money and into cryptocurrencies… it’d be on the scale of global war in the amount of human suffering.”

Willett admits that back in 2012, he “vastly overestimated” the speed at which cryptocurrency adoption would happen. Some of his writings from the time came with a particularly dystopian bent, such as predicting governments “attempting to destroy all decentralized computer networks (including the internet)” in order to bring about a “strong, centralized, [blockchain powered] one-world government which gets its revenues by tightly reigning in freedom of commerce in order to collect taxes.”

“When I wrote that, I expected it could be a year or two away,” he thinks back. He does not come across as much of a doomsayer anymore. “The longer it takes to get there, the less disruptive it’ll be,” he says referring to the view that a larger base of cryptocurrency owners will result in a less turbulent transition toward cryptocurrency.

Willett is confident that there will only be more crypto billionaires, as he expects the bull market to continue for some time. “Usually, there’s a roughly hundredfold run-up, followed by a roughly tenfold drop. It happens over the course of months or even years, and then it happens again.” He considers Ether the best bet today, and recently predicted an ETH top of around $9,500 for this cycle.

“I’m optimistic that our crypto billionaires, whoever they are, will eventually become crypto philanthropists, especially if this world that we’re building ends up causing a lot of pain and suffering for people that are late adopters.”

SAN SALVADOR, Sept 7 (Reuters) - El Salvador's historic adoption of bitcoin as legal tender on Tuesday was beset by teething problems, as an angry protest by mistrustful citizens, technological glitches and a dip in the cryptocurrency clouded the rollout.

The bold experiment got off to a bumpy start when shortly after midnight, Salvadoran President Nayib Bukele complained the government-backed bitcoin app was not available on various internet platforms including Apple and Huawei.

Bukele used his Twitter account to press online stores to stock the app, or digital wallet, known as Chivo, and Huawei later began making it available. But when the app proved unable to cope with user registrations, the government unplugged it in order to connect to more servers and increase capacity.

Still, as the app began appearing on more platforms, Bukele was by afternoon retweeting videos posted on social media with people making payments using bitcoin at retailers in El Salvador including McDonald's Corp (MCD.N) and Starbucks Corp (SBUX.O).

"El Salvador is taking a great step forward today," said Carlos Garcia, who went to a booth at a San Salvador shopping mall giving out advice on how the new currency would work.

Starbucks' El Salvador unit said it was accepting bitcoin for purchases at its restaurants, drive-through facilities or to go.

Promising $30 of bitcoin for each user, Bukele has pushed for its adoption, saying it will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to people with no bank account.

"We must break the paradigms of the past," Bukele tweeted. "El Salvador has the right to advance towards the first world."

Bukele, 40, is one of the most popular presidents in the Americas, but has been accused of eroding democracy. Opinion polls showed Salvadorans are skeptical about using bitcoin, fearing its volatility and unsure of how it will work.

More than 1,000 people held a protest in San Salvador on Tuesday against the adoption of bitcoin, burning a tire and setting off fireworks in front of the Supreme Court.

As the currency's price wobbled, the government purchased an additional 150 bitcoins on Tuesday, worth around $7 million.

Still, the poorest may struggle to access the technology needed to make bitcoin work in El Salvador, where nearly half the population has no internet access and many more only have spotty connectivity.

"I'm going to continue suffering with or without bitcoin," said sweets seller Jose Herrera, who said he had trouble accessing a mobile phone.

Some say the adoption of bitcoin may fuel illicit transactions and financial instability. It has already muddied the outlook for more than $1 billion in financing that El Salvador is seeking from the International Monetary Fund (IMF).

U.S. TENSIONS

Ahead of the launch, El Salvador bought 400 bitcoins worth around $20 million, Bukele said, helping drive its price above $52,000 for the first time since May. Hours later, bitcoin had weakened and last traded down 0.51% at $46,561.74.

Ethereum, another crypto currency, fell 0.32% to $3,404.05, while crypto exchange Coinbase Global (COIN.O) slid 4.18% after reporting delays in some transactions on its platform.

The change means businesses should accept payment in bitcoin alongside the U.S. dollar, which has been El Salvador's official currency since 2001 and will remain legal tender.

It remains unclear whether businesses will be penalized if they do not accept bitcoin.

In the run-up to the launch, the government installed ATMs that allow bitcoin to be converted into dollars and withdrawn without commission from the digital wallet Chivo.

Bukele blamed Apple Inc (AAPL.O), Alphabet Inc's (GOOGL.O) Google and Huawei's app download platforms for the initial Chivo delay.

"Release him! @Apple @Google and @Huawei," Bukele wrote in a tweet, which was accompanied by a red-faced "angry" emoji.

The wallet was later available from Huawei and Apple.

A spokesman for Huawei said the company's platform showed less than a thousand installations by late afternoon on Tuesday.

"Like all innovations, El Salvador's bitcoin process has a learning curve," Bukele said in a tweet. "Not everything will be achieved in a day, or in a month."

In barely two years in office, Bukele has taken control of almost all levers of power. But although he has promised to clean up graft, the U.S. recently put some of his close allies on a corruption blacklist.

Last week, top judges appointed by Bukele's lawmakers ruled that he could serve a second term, breaking away from a constitutional rule that forbade consecutive terms.

Analysts fear the adoption of bitcoin, whose transaction records are distributed across the internet, beyond the reach of national jurisdictions, could encourage money laundering.

After the bitcoin law was approved, the ratings agency Moody's downgraded El Salvador's creditworthiness, while its dollar-denominated bonds have also come under pressure.

The World Bank reiterated on Tuesday it could not help El Salvador in adopting bitcoin "given environmental and transparency shortcomings," a bank spokesperson said.

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SafeTitan (STTN) cryptocoin announced recently that they’re pushing back their ICO until Saturday, August 14, 2021. Originally scheduled for July, the much anticipated coin cited security protocol upgrades on their official blog. According to the statement published on the blog the delay is in the long-term interest of the token and their buyers. Notably, they also mention hiring two senior developers to aid in the preparation for the coin’s official pre-launch.

SafeTitan aims to offer simplicity and security in crypto trading, while reducing the environmental toll of larger organized mining.

Designed according to BEP20 smart-technology, SafeTitan ($STTN) is paired with the BNB token by Binance. This opens up buying opportunities to a market of over 13.5 million active Binance users (in 2021) who will have access after the coin’s public launch.

Users will need to register to purchase STTN tokens before August 9.  The sale will happen via their official website (SafeTitan.net/ico), which has an on-line app utility. This application will take users through a verified registration process before ICO launch. Options for buying will be made available August 14th.

Once the coin is listed publicly, Binance users will need PancakeSwap which is the largest DeFi exchange (DEX) for Binance Smart-Chain network. First the coin is traded to BEP20 on PancakeSwap, from which it is sent to Binance to trade for other coins. There are more than 1 million crypto wallets registered with the exchange with over $9 billion (USD) in volume. PancakeSwap is the largest DEX in the Binance Smart Chain network.

‘The China Coin’ lifts off

One of the greatest strengths of the company is its marketing team which will be useful for attracting buyers and building a following. Efforts will include distributing 500,000 STTN to users who complete ‘micro tasks’ such as social media follows. The company is also giving away the NFT of their company, not to be reproduced ever, to one lucky user.

There is also talk of a SafeTitan 100, a mysterious group of 100 powerful influencers who will market the coin. Apparently,  the selected influencers have wide networks of followers and will promote STTN on various platforms. Social Medias chosen include Reddit, Facebook, and WeChat & several Chinese platforms, increasing possibilities of the coin going viral.

The ICO also appeals to an international market because of its relatively low token fees on the DeFi exchange. With an initial coin offer price of $0.005 users will have to make a minimum purchase of $10 worth of tokens. The maximum is set at $1,000 (USD) to protect against crypto whales and users hogging all the tokens. There is 980,000,000 total supply available for purchase on the date of the ICO.

Through Twitter SafeTitan announced that recent registration and traffic activity indicate more than 67,000 potential registrants for the ICO. However, there will only be 10,000 spots for fully registered and verified users to make a purchase on the August 14 date. The suspense for the long awaited coin may help catapult the China Coin.

IDO vs ICO: What’s the difference?

ICOs or Initial Coin Offerings are a way of selling crypto tokens before the public listing. This gives early investors a chance to buy up to a limited amount of tokens, and only so many tokens are available during the ICO. The prices are usually cheaper and savvy investors buy as much as they are willing to spend on with the hopes of reselling later at a higher price.

IDOs or Initial DEX (Decentralized Exchange) Offerings skip the presale process and are listed right away. Of course, there is still a cap on how much people can buy, but it’s open to everyone. With an IDO there is a third-party platform that’s vetting the transactions, but the actual token sale is decentralized.

The START of a solution for 2021

Next month also starts the launch of the STARTER IDO on August 2nd. Starter proposes a solution to the myriad noise of the cryptocurrency world, with new tokens appearing constantly. Investors face the problem of sifting through all the new offerings and must decide which stand out. Similarly, developers who want to launch a new project face the problem of attracting investor support and liquidity.

To mitigate these problems, Starter provides a community of START token holders who review IDO’s from different projects. Users can stake their tokens as a way of voting for which programs they want launched on the platform. This way, users have a chance to review the various IDO’s and vote on the ones they think are the best. Afterwards they are able to participate in the presale of each project while earning BNB.

Most notably, the platform launched the IDO of MONSTA on their platform which rose to #4 on their IDO Moonsheet. Cryptocurrency investors can currently buy START on QuickSwap or PolygonScan. The goal for this round is $100,000 and ends on August 3rd, 2021.

Bitcoin makes a comeback

Bitcoin prices surged on July 28th climbing more than 8% to $39,937, according to CoinDesk reports. Over the past couple of months the iconic cryptocurrency has been on the rise after speculation that Amazon may join the crypto sphere. Likewise, similar comments from Tesla CEO Elon Musk contributed to the gains.

This is a welcome comeback for Bitcoin investors since the price dip in May after reports of the coin’s environmental impact. Similarly, China has shown an ever increasing stance against cryptocurrency. In May of this year China banned all institutions and companies from providing crypto services. This was followed by arrests of suspected crypto users, and companies were suspended from dealing with crypto.

But according to Coinbase, the effects of this weren’t as bad as previously thought. Data from the 20 largest exchanges worldwide shows a 489% increase in Bitcoin trading volume from laste year. While other coins such as Ether had a much larger gain, this consistency is good for Bitcoin as it continues to grow.

Marion man pleads guilty to distribution of child pornography Saturday, 9:37 pmBig day for Bridy powers #22 VMI to 31-23 win over Wofford Saturday, 6:59 pm

Did you Know?

What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong. It's Tether!

Sharan Nair, Chief Business Officer at CoinSwitch Kuber, said Solana's speed to process transactions and cost-efficiency attract investor interest. "The coin is based on a strong layer-1 blockchain that is way ahead in terms of technological developments. The recent craze over NFTs and smart contract offerings have also brought the coin to a more mainstream market,” he said. Solana is a high-performance blockchain focused on delivering scalability without sacrificing decentralisation or security. Edul Patel, CEO & Co-founder, Mudrex, said such factors have played a significant role in fuelling its phenomenal rally. "Solana is a powerful blockchain ecosystem, which follows a consensus mechanism called the Proof-of-Stake (PoS) compared to Ethereum's less energy-efficient Proof-of-Work (PoW) mechanism," he added. Solana has delivered about 550 per cent return since August 2021. The price of the token has surged a whopping 270 times since its inception in April 2020. "Investors' curiosity to invest in a new crypto coin, combined with the features that the technology behind Solana provides, has pushed its returns to the skies," said Nair. Analysts said the strong inflows from institutional investors as well as the rapid adoption as a non-fungible token platform led to the secular rally. Many experts have said that Solana might soon dethrone Ethereum and find a place in the top-5 cryptos. "The market is often regarded to be efficient enough to recognise the growth potential of an asset, and that gets correctly reflected in the price. Solana has a lot of room to grow. Its high efficiency in terms of speed as well as cost has led several developers to also to build projects on the Solana blockchain," Nair of Coin Switch Kuber added. Unlike many other crypto tokens, the majority of Solana tokens are with developers and large investors, and only a small percentage is owned by retail traders. Patel of Mudrex said: "The number of projects built on the Solana network is rapidly growing. With more adoption, there are more possible legs to this rally."

A closely followed crypto trader and strategist predicts that one explosive altcoin is poised to go parabolic even after doubling its value in just 11 days.

The pseudonymous trader known as Pentoshi tells his 277,000 followers that he’s expecting Cosmos (ATOM) to go on a steep ascent after taking out its previous all-time high at around $32.

“Probably going to do a pretty wild run in the weeks ahead and bears are going to have a tough time on this one. Going to go parabolic by the looks of it.”

CoinGecko shows that the project, which is touted as the “internet of blockchains,” has meteorically risen from $20.44 on September 9th to over $44 on September 20th, marking a 115% move in less than two weeks.

Looking at Cosmos against Bitcoin (ATOM/BTC), Pentoshi says the pair is primed to ignite a 48% surge from its current value of 0.00087, worth about $40 at time of writing.

“Breaking out of a multi-year range on the BTC pair and price discovery starting on the USD pair.”

As for Bitcoin, the crypto trader predicts that the leading cryptocurrency is gearing up for a move to $56,000 as it prints a bullish higher low setup near $46,000.

“Thoughts BTC.

Price likely has made a higher low and put in a higher high at $53,000 on the 1-day trend. If you actually pay attention, institutional interest is accelerating… Markets structure reset and started a new trend.”

Featured Image: Shutterstock/Space creator/Dario Lo Presti

Bitcoin’s (BTC) recovery is facing stiff resistance near $48,500, indicating that bears are active at higher levels. 

By combining the popular stock-to-flow Bitcoin price model and the illiquid supply data, analyst William Clemente projects $39,000 to act as a strong floor on any declines.

On the upside, analysts remain bullish. Bloomberg Intelligence chief analyst Mike McGlone has maintained his target of $100,000 for Bitcoin. McGlone said that a number of different charts underline the bullish potential for Bitcoin.

Along with Bitcoin, Ether (ETH) is also showing signs of accumulation. Crypto analytics provider IntoTheBlock said $1.2 billion worth of Ether was withdrawn within a 24-hour period from centralized exchanges on Sept. 16. After a similar occurrence in April, Ether had rallied about 60% in 30 days.

Could the top two cryptocurrencies live up to their bullish projections or will crypto markets surprise to the downside? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

The bulls are attempting to sustain Bitcoin above the 20-day exponential moving average (EMA) ($47,291) while bears are trying to pull the price below it. The 20-day EMA has flattened out and the relative strength index (RSI) is close to the midpoint, suggesting a range-bound action in the short term.

If bears sink the price below the moving averages, the BTC/USDT pair could drop to the critical support at $42,451.67. A rebound off this level will indicate that bulls are accumulating on dips. That may extend the consolidation between $42,451.67 and $52,920 for a few more days.

On the contrary, if the price rebounds off the current level or the 50-day simple moving average (SMA)  ($46,256), the bulls will try to push the pair to $50,500 and then to $52,920. The bears are likely to defend this resistance zone aggressively.

The next major trending move is likely to begin after bulls drive the price above $52,920 or if bears pull the price below $42,451.67.

ETH/USDT

Ether’s (ETH) recovery is facing stiff resistance at the 61.8% Fibonacci retracement level at $3,637.14, indicating selling at higher levels. The bears are attempting to sink the price back below the support at $3,377.89.

If they succeed, the ETH/USDT could drop to the 50-day SMA ($3,238) and then to the critical support at $3,000. Such a move may result in the formation of a head and shoulder pattern, which will complete on a break and close below $3,000.

This negative view will invalidate if the price rebounds off the support at $3,377.89 or the 50-day SMA and breaks above $3,676.28. The pair could then retest the local high at $4,027.88.

The flattish 20-day EMA and the RSI just above the midpoint do not indicate a clear advantage either to the bulls or the bears.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($2.52) on Sept. 16, suggesting that bears are selling on rallies to this resistance. The bears are currently attempting to pull the price to the 50-day SMA ($2.25).

The downsloping 20-day EMA and the RSI in the negative zone suggest that bears are in command. If the price sustains below the 50-day SMA, the ADA/USDT pair could drop to the next support at $1.94.

Such a deep correction will suggest that a short-term top has been made. If bulls want to salvage the uptrend, they will have to push and sustain the price above the 20-day EMA. If they do that, the pair could once again rally to $2.80 and then to $2.97.

BNB/USDT

The bulls failed to push Binance Coin (BNB) above the 20-day EMA ($432) in the past two days, indicating that buying dries up at higher levels. This may have attracted profit-booking from short-term traders who bought at lower levels, anticipating a resumption of the up-move.

The 20-day EMA is sloping down and the RSI turned down from the midpoint, suggesting advantage to the sellers. If the price sustains below the 50-day SMA, the BNB/USDT pair could drop to the next major support at $340.

This negative view will be invalidated if the bulls push and sustain the price above the 20-day EMA. Such a move will suggest that the bulls have absorbed the supply. The pair could then rise to the overhead resistance at $518.90.

XRP/USDT

Ripple (XRP) turned down from the 20-day EMA ($1.12) on Sept. 16, indicating that bears are defending this level aggressively. The downsloping 20-day EMA and the RSI in the negative zone suggest that the path of least resistance is to the downside.

If bears sustain the price below the 50-day SMA, the XRP/USDT pair could retest the Sept. 7 intraday low at $0.95. A break and close below this support will open the doors for a deeper correction to $0.75.

If the price rebounds off the current level or from $0.95, the bulls will again try to push the price above the 20-day EMA. If they succeed, it will suggest that the correction could be over. The pair may then start its northward march toward $1.35.

SOL/USDT

Solana’s (SOL) bounce off the 20-day EMA ($145) on Sept. 14 fizzled out at $166.50 as bears continued to pounce on relief rallies. The price has slipped below the 20-day EMA today, indicating weakness.

The flattening 20-day EMA and the RSI just above the midpoint suggest that bulls have lost their grip. If bears sustain the price below the 20-day EMA, the SOL/USDT pair could decline to the 61.8% Fibonacci retracement level at $123.42.

This is an important support to watch out for because if it cracks, the pair could plunge to psychological support at $100.

Conversely, if the price turns up from the current level or rebounds off $123.42, the bulls will try to resume the uptrend. The up-move could face stiff resistance near $170 and then at $200.

DOT/USDT

Polkadot (DOT) turned down from the resistance line on Sept. 15 and dropped close to the 20-day EMA ($32.04) on Sept.. This is an important level for the bulls to defend because a break below it could pull the price down to the 50-day SMA ($26.36).

Although the moving averages are sloping up, the negative divergence on the RSI warns that the bullish momentum could be slowing down. A break and close below the 50-day SMA could suggest the start of a deeper correction.

Contrary to this assumption, if the price rebounds off the 20-day EMA, the bulls will again try to propel the DOT/USDT pair above the resistance line. If they manage to do that, the pair could pick up momentum and rally to $41.40 and then retest the all-time high at $49.78.

Related: Next stop $85K for Bitcoin as analysts predict ‘explosive’ Q4 for BTC price action

DOGE/USDT

Although Dogecoin (DOGE) has been trading below the moving averages for the past few days, the bears have not been able to sink the price to the immediate support at $0.21. This suggests a lack of sellers at lower levels.

The bulls attempted to push the price above the moving averages today but the bears are in no mood to relent. The downsloping 20-day EMA ($0.26) and the RSI below 42 indicate that sellers have the upper hand.

If bears sink the price below $0.21, the DOGE/USDT pair could extend the decline to $0.15. Alternatively, if bulls drive the price above the moving averages, the pair could rise to the downtrend line.

A break and close above this resistance will be the first sign that the correction may be over. The pair could then start its journey toward the overhead resistance at $0.45.

UNI/USDT

Uniswap (UNI) surged above the moving averages on Sept. 15 but the bulls could not push the price above the downtrend line, which may have attracted profit-booking by the short-term bulls and shorting by the aggressive bears.

The flat 20-day EMA ($25.72) and the RSI just below 50 indicate a marginal advantage to the bears. If the price sustains below $25, the bears will try to pull the UNI/USDT pair to $23.50 and then to $21. If this support cracks, it will indicate the start of a deeper correction.

On the contrary, if the price rebounds off the current level or $23.50, the bulls will again try to drive the price above the downtrend line. If they succeed, the pair could move up to the overhead resistance at $31.41.

LUNA/USDT

Terra protocol’s LUNA token rose to $39.77 on Sept. 16 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. This suggests that traders may be closing their long positions on rallies.

The bears will now try to seize the opportunity and sink the price below the 20-day exponential moving average ($33.97). If they manage to do that, the LUNA/USDT pair could decline to the 50-day SMA ($26.26).

Alternatively, if the price again rebounds off the 20-day EMA, the pair could rise to $40 and remain range-bound between these two levels for a few more days. A breakout and close above $40 could open the doors for a retest of the all-time high at $45.01.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin (BTC) and most major altcoins have been consolidating in the past few days as investors await a trigger to start the next directional move. Some believe that the rising inflation in the United States could prove to be bullish for Bitcoin.

In a note to clients, Anthony "Pomp" Pompliano said that the only way to protect oneself in the current environment is to invest in “equities, real estate, crypto, etc.”

Bitcoin’s market dominance recovered from about 40.66% on Sept. 12 to 43.75% on Sept. 18, indicating that traders may be booking profits in altcoins and buying Bitcoin. The outcome of the two-day Federal Open Market Committee (FOMC) meeting next week could act as a trigger to determine the next directional move in Bitcoin.

Let’s study the charts of the top five cryptocurrencies that may outperform in the short term.

BTC/USDT

Bitcoin is witnessing a tough tussle between the bulls and the bears near the 20-day exponential moving average (EMA) ($47,362). Although the price rebounded off this support on Sept. 18, the bulls could not sustain the higher levels.

The flat 20-day EMA and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. If bears pull the price below the 50-day simple moving average (SMA) ($46,489), the BTC/USDT pair could slide to $44,000 and then to the breakout level at $42,451.67.

On the other hand, if the price rebounds off the 50-day SMA, the bulls will again try to resume the up-move. A break above $48,843.20 could open the gates for a move to the overhead resistance zone of $50,500 to $52,920.

Crossing this zone may not be easy for the bulls because the bears will mount a stiff resistance. If the price turns down from this zone, the pair could remain range-bound for a few days. However, a break above the zone could clear the path for a possible rally to $60,000.

Although bulls pushed the pair above the overhead resistance at $48,557, the bears quickly pulled the price back below the level. This suggests that bears have not thrown in the towel yet.

The bulls are attempting to defend the 50-day SMA. If they manage to push the price above the overhead resistance zone at $48,557 to $48,843.20, the pair could start its northward march toward $50,500 where the bears may again mount a stiff resistance.

This positive view will invalidate in the short term if the price turns down and breaks below the 50-day SMA.

DOT/USDT

Polkadot (DOT) rebounded off the 20-day EMA ($32.39) on Sept. 18 but the bulls could not build up on the bounce. This suggests that bears are active at higher levels.

The rising moving averages suggest advantage to buyers but the negative divergence on the RSI indicates that the bullish momentum may be weakening. A break and close below the 20-day EMA could intensify the selling and pull the price down to the breakout level at $28.60.

This is an important level for the bulls to defend because the 50-day SMA ($27.07) is also placed just below it. If the price rebounds off this zone, the buyers will again try to resume the uptrend.

Conversely, a break and close below the 50-day SMA will signal a possible change in trend. The DOT/USDT pair could then drop to $22.66.

The four-hour chart shows that the moving averages have completed a bearish crossover and the RSI is just below the midpoint. This suggests that bears have the upper hand. A break and close below $32 could attract further selling and result in a decline to $28.60.

On the other hand, if the price rises off the current level and breaks above the downtrend line, it will suggest that the correction could be over. The pair could then rise to $37 and later to $38.77. A break and close above this resistance will signal the resumption of the uptrend.

LUNA/USDT

Terra protocol’s LUNA token is correcting in an uptrend. The bulls have held the 20-day EMA ($34.08) support for the past few days but they have not been able to achieve a strong rebound off of it. This suggests that demand dries up at higher levels.

If bears pull the price below the 20-day EMA, the LUNA/USDT pair could drop to the 50-day SMA ($27.21). If the price rebounds off the 50-day SMA, the bulls will again try to resume the uptrend but may hit a wall near the 20-day EMA.

A break and close above the 20-day EMA will suggest that buyers are back in the game. The pair could rally to $42 and then retest the all-time high at $45.01.

On the contrary, if the price breaks below the 50-day SMA, the correction could deepen to the critical support at $22.40.

The pair has formed a descending triangle pattern on the four-hour chart. This setup will complete on a break and close below the support at $33.62. The pattern target of this setup is $22.23. The gradually downsloping 20-EMA and the RSI below 44 suggest that bears have the upper hand.

If the price rebounds off the $33.62 support, it will suggest that bulls are accumulating at lower levels. A break and close above the triangle will invalidate the bearish pattern. The bulls will then try to push the price to $40. This level may again act as stiff resistance but if buyers overcome the hurdle, the up-move may resume.

Related: Bitcoin is great, but real crypto innovation has moved elsewhere

ATOM/USDT

Cosmos (ATOM) broke above the stiff overhead resistance at $32.32 on Sept. 12. The bears tried to pull the price below the breakout level for the past few days but the bulls did not relent. This suggests strong demand at $32.32.

Both moving averages are sloping up and the RSI is in the overbought territory, indicating that buyers are in control. The long tail on today’s candlestick suggests that bulls flipped the $38.09 level into support.

The ATOM/USDT pair could now rally to the psychological mark at $50. Alternatively, if the price turns down from the current level and dips below $38.09, it will suggest profit-booking at higher levels. The pair could then drop to $32.32.

The four-hour chart shows that the pair bounced off the 20-EMA, indicating that the sentiment remains positive and traders are buying on every minor dip. Both moving averages are sloping up and the RSI is in the positive zone, indicating advantage to buyers.

The bears are currently attempting to stall the rally at $44.15 but if bulls do not give up much ground, the possibility of the resumption of the uptrend is high. This positive view will invalidate in the short term if the pair slips below the 20-EMA.

FTT/USDT

FTX Token (FTT) is correcting in an uptrend and the bulls are attempting to defend the support zone between $63.13 and $59. Although the price rebounded off this zone on Sept. 18, the bears did not allow the price to sustain above the 20-day EMA ($64.64).

The 20-day EMA has started to turn down and the RSI has dipped into the negative zone, indicating that bears are attempting to make a comeback.

If bears sink the price below the support zone, the FTT/USDT pair could drop to the 50-day SMA ($54.73). A break and close below this support could signal the start of a deeper correction.

Conversely, if the price rises from the current levels or the 50-day SMA, it will suggest that traders are accumulating on dips. The bulls will then attempt to resume the uptrend. A break and close above $68.20 will be the first sign of strength. That will clear the path for a possible rally to $75.

Both moving averages are sloping down and the RSI is in the negative zone, indicating that bears have the upper hand. A break and close below $59 could intensify selling and pull the price down to $54.

This level had acted as a strong resistance previously and the bulls will now try to flip it into support. On the way up, a breakout and close above the downtrend line will be the first indication that sellers may be losing their grip.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The crypto markets and the U.S. equity markets sold off on Sept. 20 on fears that the collapse of Chinese property giant Evergrande could not only hurt China but also have wider implications in other markets.

When the sentiment is bearish, traders dump positions that they perceive as risky in favor of safe-haven trades. This could be one of the reasons for the sharp fall in Bitcoin (BTC) and most major altcoins on Sept. 20.

Data from Bybt shows that Bitcoin held in Binance wallets has surged by 29,717 Bitcoin in the past 30 days. History suggests that an increase in the Bitcoin balance on Binance has resulted in a drop in Bitcoin’s price.

The Bitcoin balance on Binance rose from 99,700 BTC on April 20 to 347,590 BTC on June 26. During this period, Bitcoin’s price plunged from about $57,000 to roughly $30,000.

Now the question is, could the sell-off deepen or will lower levels attract aggressive buying from traders? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s selling exacerbated after bears pulled the price below the moving averages. The price action of the past few days has formed a head and shoulders pattern that will complete on a breakdown and close below the neckline.

The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) has dropped below 41, indicating that bears are in control. If the price sustains below the neckline, the BTC/USDT pair could drop to $37,332.70 and then to the pattern target of $32,423.05.

Contrary to this assumption, if the price rebounds off the neckline, the bulls will again try to push the price toward $50,000. However, the bears are likely to defend the 20-day exponential moving average (EMA) ($47,014) aggressively.

If the price turns down from this resistance, it will indicate that sentiment has turned negative and traders are selling on rallies. The first sign of strength will be a break and close above $48,843.20.

ETH/USDT

Ether (ETH) bounced off the support at $3,377.89 on Sept. 18, but the bulls could not sustain the price above the 20-day EMA ($3,402). This indicates that traders closed positions at higher levels.

If the price breaks and closes below $3,000, the ETH/USDT pair will complete a bearish head and shoulders pattern. The target objective of this setup is $1,972.12.

The 20-day EMA has started to turn down and the RSI is below 42, indicating that the path of least resistance is to the downside.

On the contrary, if bulls defend the $3,000 level aggressively, the pair could again rise toward the overhead resistance at $3,377.89. The bears are likely to defend this level but if bulls overcome this resistance, it will signal that the correction may be over.

ADA/USDT

The bulls defended the 50-day simple moving average (SMA) ($2.31) on Sept. 18 but could not build on the rebound. Sustained selling pulled Cardano (ADA) below the 50-day SMA on Sept. 19.

The selling escalated on Sept. 20 and the ADA/USDT pair plunged to critical support at $1.94. The strong rebound off this level suggests that bulls are accumulating on dips.

If buyers sustain the bounce, the pair could gradually move up toward the overhead resistance at $2.47. The bears are likely to sell on relief rallies to the 20-day EMA ($2.45). If the price turns down from this resistance, the pair could again drop to $1.94.

A break and close above the 20-day EMA will be the first sign that the sellers may be losing their grip.

BNB/USDT

Binance Coin (BNB) broke below the 50-day SMA ($422) on Sept. 17 and subsequent attempts by the bulls to reclaim the level failed. This suggests that bears are selling on every minor rally.

The selling picked up momentum on Sept. 20 and the BNB/USDT pair dropped close to the critical support at $340. This is an important level for the bulls to defend because a break below it could open the doors for a decline to $300 and then $250.

The moving averages have completed a bearish crossover and the RSI is in the negative zone, indicating that bears have the upper hand.

If the price rebounds off $340, the pair could rise to the 20-day EMA. This level is likely to act as a stiff resistance. The bulls will have to push and sustain the price above $422.80 to indicate that the correction may be over.

XRP/USDT

Ripple (XRP) had been trading near the breakout level at $1.07 for the past few days, but the failure of the bulls to push the price above the 20-day EMA ($1.09) showed that bears were selling on rallies.

The selling intensified after the bears pulled and closed the price below the 50-day SMA ($1.08) on Sept. 19. The moving averages are on the verge of a bearish crossover and the RSI has dropped into the negative zone, indicating that bears are in command.

If the price sustains below $0.95, the XRP/USDT pair could drop to $0.75. Any relief rally from the current level is likely to face stiff resistance at the 20-day EMA. A breakout and close above $1.13 will signal that bulls are attempting a comeback.

SOL/USDT

The long tail on the Sept. 17 candlestick shows that bulls aggressively bought the dip below the 20-day EMA ($148). That was followed by a strong bounce of Sept. 18 but the bulls could not sustain Solana (SOL) above the first resistance at $170.

This may have attracted profit-booking from bulls and shorting from aggressive bears. The 20-day EMA has flattened out and the RSI is close to the midpoint, indicating that bulls are losing their grip.

If the price sustains below the 20-day EMA, the SOL/USDT pair could drop to the 61.8% Fibonacci retracement level at $123.42. A break and close below this support will suggest that the uptrend could be over.

The bulls will have to push and sustain the price above $171.47 to signal the end of the corrective phase.

DOT/USDT

Polkadot’s (DOT) rebound off the 20-day EMA ($32.12) on Sept. 18 was followed by an inside-day candlestick pattern on Sept. 19. This showed indecision among the bulls and the bears.

This uncertainty resolved to the downside on Sept. 20 with a break below the 20-day EMA. The selling picked up momentum and dropped to critical support at the 50-day SMA ($27.29). This is an important support for the bulls because they had successfully defended it on Sept. 7.

If the DOT/USDT pair rebounds off the current level, the bears are likely to sell on rallies to the 20-day EMA. If the price turns down from this level, it will suggest that the sentiment has turned negative and that will increase the prospects of a break below the 50-day SMA. This negative view will invalidate if the price turns up and rises above $34.

Related: Ethereum forming a double top? ETH price loses 12.5% amid Evergrande contagion fears

DOGE/USDT

Dogecoin’s (DOGE) tight range trading of the past few days resolved to the downside on Sept. 20 as bears pulled the price to the strong support at $0.21.

The falling 20-day EMA ($0.25) and the RSI near the oversold territory indicate that bears are in control. If they can sink and sustain the price below the $0.21 support, the DOGE/USDT pair could slide to $0.15.

If the price rebounds off the current level, the bulls will again try to push the pair above the 20-day EMA. If they manage to do that, the pair could rise to the downtrend line. Alternatively, if the price turns down from the 20-day EMA, it will increase the prospects of a break below $0.21.

UNI/USDT

The bulls attempted a recovery on Sept. 18 but could not push Uniswap (UNI) above the 20-day EMA ($25.09). This showed that bears are aggressively defending the 20-day EMA.

The UNI/USDT pair continued lower and the bears pulled the price below the critical support at $21 today. If the price sustains below this support, the pair could witness panic selling and decline to the next support at $18.

The downsloping 20-day EMA and the RSI in the negative zone indicate an advantage to bears. This negative view will invalidate if the price turns up from the current level and rises above the downtrend line. Such a move will indicate strong accumulation at lower levels.

AVAX/USDT

The long wick on the Sept. 18 and 19 candlestick showed that traders were booking profits at higher levels. The selling intensified today and Avalanche (AVAX) dropped to the 20-day EMA ($55.16).

The strong rebound off the 20-day EMA suggests that sentiment remains positive and traders are accumulating on dips. If the price sustains above $60.04, the bulls will again attempt to push the AVAX/USDT pair toward the all-time high at $76.27.

On the contrary, if the price turns down from the current level and breaks below the 20-day EMA, the bearish momentum could pick up as traders may rush to the exit. That could pull the price down to $48 and then to the 50-day SMA ($38.56) where buyers may step in to arrest the decline.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Moving average in the field of finance — including cryptocurrencies — is a stock indicator commonly used by investors for technical analysis. Among the most important reasons for the calculation of a moving average is to mitigate the impact of sometimes random or short-term fluctuations in the prices of any stock — and cryptocurrencies are especially prone to extremes. The other reason, of course, is to constantly update the average price of a stock for a selected period of time. It is also referred to as a lagging indicator as it is based on the past prices of a given stock. 

And just like it is used for any other stock, moving average also helps an investor analyse the trend of a cryptocurrency not just in the present but also the future by making use of the past prices. In simple words, it gives investors have a better picture of what they are going to make on their investments should they invest in a particular digital currency. 

How to calculate a moving average for cryptocurrencies? 

The method is fairly simple. It's the application that's more important. For example, if you want to calculate the five-day moving average for Dogecoin, this is how you do it: 

The closing prices of Dogecoin in the last five days, let's say, were 10, 13, 14, 11, and 12, respectively. Now, add the prices for the last five days and divide the total by 5. 

10+13+14+11+12 = 60/5. The answer is 12, which is the moving average of Dogecoin relative to the last five days. 

Dogecoin price in India stood at Rs. 22.7 as of 3:30pm IST on September 3.

Importance of moving average in cryptocurrency investments 

Experts say that when the prices of a stock are below a moving average, it's an indication to traders of a bearish trend, which means both price and sentiments are trending down. On the contrary, if the prices are above the moving average, it's a sign of a bullish trend. However, other indicators, including the relative strength index, should also back the moving averages. 

Among other important functions, a moving average can also help gauge the momentum, which basically measures the rise or fall in the prices of a cryptocurrency. With the help of a moving average, one can attempt to forecast, if not accurately pick and predict, the trajectory of a cryptocurrency in the days to come. This helps an investor better decide if they are making a safe and sound investment. 

As we explained before, the greater the number of days the bigger is the lag. The traders actually use these figures based on the number of days to decide on whether or not they should invest in a digital asset or a cryptocurrency token.  

The other advantage, of course, for traders in terms of calculating a moving average is that they can customise the time period to check the average prices according to their own needs. Moving average for a smaller period is naturally more price-sensitive compared to an average calculated for a longer period of time. 

Remember, the moving average is only an indication of the trend and not a tool that sets the trend. You only get a picture of how a cryptocurrency token has performed relative to the number of days you pick to find the moving average. Cryptocurrency is deemed to be a relatively riskier asset class and the golden rule, as experts say, is to not invest more than you can afford to lose. 

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The Ethereum Classic price has been on a bumpy ride for the past few days. The ETC token has declined nearly 20% since the start of September. It is also moving more than 68% below its highest level this year in May. Ethereum Classic has a total market capitalization of $7.4 billion. The coin ranks as the 27th most valued digital asset in the world, sandwiched between  Vechain and Cosmos.

Cryptocurrency Sell-off

The overall crypto market has been under intense pressure for the past few days. However, on Wednesday, the crypto market was showing signs of recovery. According to data by CoinMarketCap, the global crypto market capitalization currently stands 2.25% higher at $2.13 trillion, up from $2.09 trillion in the previous day.

Bitcoin has been struggling to bounce back to the $50,000 level. However, its failure to surpass that critical level has dampened the general cryptocurrency market. The world’s leading digital asset has been among the worst-performing cryptocurrencies along with Ethereum. However, earlier today, the coins were hinting at a positive momentum.

The total volume of Ethereum Classic traded in the last 24 hours has slipped more than 22% to $807 million. This is an indication that most buyers are opting out of their trades to join better-performing coins. Therefore, this is certainly weighing on the Ethereum Classic price. Among the high-yielding coins in the market include Polkadot, Terra, Avalanche, Cosmos, Tezos, Elrond, among others.

Ethereum Classic Price Outlook

The four-hour chart indicates that the Ethereum Classic price has been under intense pressure for the past few days. At the time of writing, the ETC coin was trading at $57.33 after hitting an intraday low of $56.28.

The virtual coin is moving below the 50-day and 100-day moving averages, which is usually a bearish indicator. Its Relative Strength Index (RSI) has been moving higher and is steady at 51.

Therefore, the ETC price will likely face a minor retracement before bouncing back. The bulls need to gather enough momentum to push the price past the key resistance level at $60.

Ethereum rallied by 11.31% on Wednesday. Reversing a 7.08% decline from Tuesday, Ethereum ended the day at $3,078.43.

A mixed start to the day saw Ethereum fall to an early morning low $2,738.24 before making a move.

In spite of the early pullback, Ethereum steered clear of the first major support level at $2,576.

Finding support at the 38.2% FIB of $2,740, however, Ethereum rallied to a late intraday high $3,090.83.

Ethereum broke back through the 38.2% FIB and through first major resistance level at $3,030 to end the day at $3,070 levels.

At the time of writing, Ethereum was up by 0.44% to $3,064.90. A mixed start to the day saw Ethereum rise to an early morning high $3,085.23 before falling to a low $3,061.38.

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

For the day ahead

Ethereum would need to avoid the $2,969 pivot to bring the first major resistance level at $3,200 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,150 levels.

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

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,322.

A fall through the $2,969 pivot would bring the first major support level at $2,848 and the 38.2% FIB of $2,740 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,700 levels. The second major support level sits at $2,617.

Looking at the Technical Indicators

First Major Support Level: $2,848

Pivot Level: $2,969

First Major Resistance Level: $3,200

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 8.69% on Wednesday. Reversing a 5.50% fall from Tuesday, Litecoin ended the day at $161.50.

A mixed start to the day saw Litecoin fall to an early morning intraday low $145.31 before making a move.

Steering clear of the first major support level at $141, Litecoin rallied to a late intraday high $161.87.

Litecoin broke through the first major resistance level at $159 to end the day at $161 levels.

At the time of writing, Litecoin was down by 1.15% to $159.65. A bearish start to the day saw Litecoin fall from an early morning high $161.51 to a low $159.06.

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

For the day ahead

Litecoin would need to avoid the $156 pivot to bring the first major resistance level at $167 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.

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

In the event of another breakout, Litecoin could test the second major resistance level at $173.

A fall through the $156 pivot would bring the first major support level at $151 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$150. The second major support level sits at $140.

Looking at the Technical Indicators

First Major Support Level: $151

Pivot Level: $156

First Major Resistance Level: $167

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP surged by 14.84% on Wednesday. Reversing a 5.22% loss from Tuesday, Ripple’s XRP ended the day at $1.00265.

A bearish start to the day saw Ripple’s XRP fall to an early morning low $0.86784 before making a move.

Steering clear of the 23.6% FIB of $0.8533 and the major support levels, Ripple’s XRP rallied to a late intraday high $1.00765.

Ripple’s XRP broke through the first major resistance level at $0.9356 and the second major resistance level at $0.9977 to end the day at $1.0 levels.

At the time of writing, Ripple’s XRP was down by 0.42% to $0.99845. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.00816 before falling to a low $0.99609.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to avoid the $0.9594 pivot to bring the first major resistance level at $0.1.0509 and the 38.2% FIB of $1.0659 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.05 levels.

Barring an extended crypto rally, the first major resistance level and the 38.2% FIB of $1.0659 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.10 levels before any pullback. The second major resistance level sits at $1.0992

A fall through $0.9594 pivot would bring the first major support level at $0.9111 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8196.

The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.9111

Pivot Level: $0.9594

First Major resistance Level: $1.0509

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Ether held a price of $3,095.64 on Friday and was trading green at 0.40 per cent over the last 24 hours. (Image: ShutterStock)

The global crypto market cap stood at $1.99 trillion at the time of this article. This indicated that the market cap surged by 1.62 per cent over the last day.

The price of Bitcoin on Friday was underwhelming and found itself below the $45,000-mark. However, the Cryptocurrency market appeared to be on the upswing and even the top cryptocurrencies such as Bitcoin, Ethereum, Cardano and so on seem to be doing well as data indicated that they were trading green over the past 24 hours. Notably, Bitcoin had a price of $44,369.38 on Friday. The cryptocurrency was trading green at 1.48 per cent over the course of the last 24 hours. However, contrary to this positive trend, the performance of this coin over the duration of the last seven days was anything but. Bitcoin slumped by 7.10 per cent over the last seven days according to data from CoinMarketCap. It should also be noted that Bitcoin maintained a market dominance of 42.14 per cent, which is an indication of a surge of around 0.19 per cent over the day.

Coming to the performance of the overall crypto market, the global crypto market cap stood at $1.99 trillion at the time of this article. This indicated that the market cap surged by 1.62 per cent over the last day. Additionally, the total crypto market volume over the last 24 hours was $100.90 billion, which pointed to a slump of 11.28 per cent.

In terms of the performance of the top altcoins, they were, as mentioned above, trading green over the last 24 hours. The top four altcoins, apart from the number-one-ranking Bitcoin, are Ethereum, Cardano, Tether and Binance Coin in that order. Ether held a price of $3,095.64 on Friday, which pointed to the cryptocurrency trading green at 0.40 per cent over the course of the last day. Similar to the majority of the cryptocurrencies, it was also trading red over the course of the past seven days at 13.01 per cent. Similarly, Cardano had a price of $2.29 and surged 2.05 per cent over the 24-hour period, while also displaying a slump of 5.04 per cent over the course of the week. The cryptocurrency Tether was holding a price of $1.00 at the time of this article and was trading green at 0.01 per cent. It was also the only coin amongst the top 10 currencies to be trading green over the course of the last seven days 0.01 per cent.

Speaking on the matter of Ether and the altcoins, Siddharth Menon, COO of WazirX said, “Ether has formed a classic cup pattern, it is now forming the handle between the price range of 2700 and 4000 levels for 2 weeks. Once it breaks out of the handle towards the upside, we may see buying momentum picking up and the Funds moving to Altcoins.”

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He went on to add, “Total crypto mcap is trading around $2 trillion, all eyes on the dollar index. Weakness in the dollar index would strengthen the Crypto markets. After the recent 15-20% sell-off on the cryptocurrency market, which has affected both the Bitcoin and altcoin markets, most assets have recovered back above key values like $3,000 on Ethereum.”

Here are the top 10 cryptocurrencies and their prices on September 24, 2021 (data from coinmarketcap.com while publishing the article)

Bitcoin $44,369.38 or (+1.48 per cent) change in 24 hours

Ethereum $3,095.64 or (+0.40 per cent) change in 24 hours

Cardano $2.29 or (+2.05 per cent) change in 24 hours

Tether $1.00 or (+0.01 per cent) change in 24 hours

Binance Coin $375.75 or (-0.37 per cent) change in 24 hours

XRP $0.9876 or (-1.11 per cent) change in 24 hours

Solana $145.70 or (-1.44 per cent) change in 24 hours

Polkadot $32.11 or (+2.04 per cent) change in 24 hours

USD Coin $1.00 or (+0.01 per cent) change in last 24 hours

Dogecoin $0.2231 or (-0.42 per cent) change in 24 hours

Read all the Latest News, Breaking News and Coronavirus News here

Tagsbitcoincryptocurrencyfirst published:September 24, 2021, 08:55 ISTMore NewsPhotogallery

The crypto market’s recovery was rocked on Sept. 24 after news that China's government is adopting a new set of measures that includes stronger inter-departmental coordination to “cut off payment channels, dispose of relevant websites and mobile applications” to crack down on illegal cryptocurrency transactions efficiently.

Although the news has caused a selloff, long-term investors are unlikely to be perturbed because, apart from announcing additional measures to enforce the existing ban effectively, there is nothing else that has changed.

China first announced a ban on cryptocurrencies back in September 2017 and that news had also resulted in a sharp correction in Bitcoin (BTC) price. However, that dip proved to be a good buying opportunity because the price recovered within a few weeks and went on to hit a new all-time high close to $20,000 in less than three months.

Is the current correction in Bitcoin and most major altcoins a good buying opportunity or could the crypto markets tumble further? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the 100-day simple moving average ($40,874) and rose above the neckline of the head and shoulders pattern on Sept. 22. That showed strong demand at lower levels but the recovery could not clear the hurdle at the 20-day exponential moving average ($45,596).

The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate that bears have the upper hand. If bears sink and sustain the price below the 100-day SMA, the BTC/USDT pair could decline to $37,332.70.

This level may act as a strong support but if it cracks, the next stop could be at the pattern target at $32,423.05.

Contrary to this assumption, if the price turns up from the current level or the 100-day SMA, the bulls will again try to drive the pair above the moving averages. A close above the 50-day SMA ($46,816) will suggest that the correction may be over.

ETH/USDT

Ether (ETH) rebounded off the 100-day SMA ($2,734) on Sept. 22 and rose above the breakdown level at $3,000. This shows that bulls bought the dip and tried to trap the aggressive bears.

However, the recovery stalled at $3,174.50 on Sept. 23 and the bears are attempting to establish their supremacy. The downsloping 20-day EMA ($3,255) and the RSI below 41 indicate that bears are in command.

If the index breaks and closes below the 100-day SMA, the ETH/USDT pair could witness aggressive selling. The pair could then drop towards the pattern target at $1,972.12. This negative view will invalidate if bulls drive and sustain the price above the moving averages.

ADA/USDT

Cardano’s (ADA) strong rebound off the $1.94 level hit a roadblock at the 20-day EMA ($2.36). This suggests that sentiment remains negative and traders are selling on rallies to the 20-day EMA.

The bears will now try to sink the price below the critical support zone at $1.94 and the 100-day SMA ($1.83). If they succeed, the ADA/USDT pair could plummet to $1.60 and then to $1.40.

Alternatively, if the price rises from the current level or rebounds off $1.94, the bulls will again attempt to clear the overhead hurdle. A break and close above the 20-day EMA will be the first sign that the correction may be over. The pair could then rally to $2.60 and then $2.80.

BNB/USDT

Binance Coin’s (BNB) rebound off the strong support at $340 turned down from $385.30 today, indicating strong selling by traders at higher levels.

The downsloping 20-day EMA ($402) and the RSI below 37 indicate that bears are in control. If the $340 support cracks, the selling could intensify and the BNB/USDT pair could extend its decline to $300 and then to $250.

Contrary to this assumption, if the price rebounds off the current level, the bulls will make one more attempt to push the price above the moving averages. A break and close above $433 will signal that the correction may have ended.

XRP/USDT

XRP bounced off the 100-day SMA ($0.87) on Sept. 22 but the bulls could not extend the recovery. The altcoin formed a Doji candlestick pattern on Sept. 23, indicating indecision among the bulls and the bears.

The uncertainty resolved to the downside today as bears have pulled the price down to the 100-day SMA. If this support gives way, the selling could pick up momentum and the XRP/USDT pair could slide to $0. 70.

This level may act as a strong support but if bears sink the price below it, the next stop could be $0.50. This negative view will be negated if the price rebounds off the 100-day SMA and rises above the $1.07 to $1.13 resistance zone.

SOL/USDT

Solana (SOL) bounced and rose above the 20-day EMA ($145) on Sept. 22 but the bulls could not push the price above the downtrend line. This suggests that bears are selling on rallies.

The bears have pulled the price back below the 20-day EMA today and the SOL/USDT pair could now drop to the 50-day SMA ($108). This level is likely to act as a strong support.

If the price rebounds off it, the bulls will again try to thrust and sustain the price above the downtrend line. If they can pull it off, the pair could rise to $170 and then to $200.

Conversely, if the 50-day SMA cracks, the pair could witness panic selling and the price could then drop to the 78.6% Fibonacci retracement level at $98.26.

DOT/USDT

Polkadot’s (DOT) rebound off $25.50 stalled at $33.60. This suggests that bears are selling at higher levels. The bears are attempting to pull the price below the breakout level at $28.60. If they manage to do that, a retest of $25.50 is likely.

A break and close below $25.50 will complete a bearish head and shoulders pattern. The DOT/USDT pair could then start its decline to the 100-day SMA ($21.87) and then to the pattern target at $12.23.

Contrary to this assumption, if the price rebounds off the current level or the neckline, the bulls will make one more attempt to resume the up-move. A break and close above $33.60 could open the doors for a retest at $38.77.

Related: Bitcoin hits $45K, TWTR stock price rises 3.8% after BTC tipping comes to Twitter

DOGE/USDT

The bulls pushed Dogecoin (DOGE) above $0.21 on Sept. 22 but the recovery failed to attract buyers at higher levels. After forming an inside-day candlestick pattern on Sept. 23, the price has dropped below $0.21 today.

The downsloping 20-day EMA ($0.23) and the RSI near 36 suggest that sellers have the upper hand. If bears sink the price below the $0.19 support, the DOGE/USDT pair could extend its decline to the critical support at $0.15.

This level has held on three previous occasions, hence the bulls will again try to defend it. On the other hand, if bears sink the price below $0.15, the selling may intensify and the pair could plummet to $0.10.

AVAX/USDT

Avalanche (AVAX) rebounded off the 20-day EMA ($60.15) on Sept. 21 and rose to a new all-time high on Sept. 23. However, the bulls could not thrust the price above the resistance line of the ascending channel, which may have resulted in profit-booking by short-term traders.

The AVAX/USDT pair has turned down today and the first stop could be the support line of the channel. A strong rebound off this support will indicate that the uptrend remains intact and traders are accumulating on dips. The pair could then rise to $94.

On the other hand, a break and close below the channel will be the first sign that the bulls may be losing their grip. If bears pull the price below the 20-day EMA, the pair could plummet to $48 and then to the 50-day SMA ($43.06).

LUNA/USDT

The bulls successfully defended the retest of the breakout level in Terra protocol’s LUNA token on Sept. 21. This suggested that sentiment remained positive and traders viewed the dips as a buying opportunity.

The buyers pushed the price above the 20-day EMA ($33.06) on Sept. 22 and followed that up with another up-move on Sept. 23. Although the 20-day EMA has started to turn up, the RSI is showing a negative divergence, indicating that the bullish momentum may be weakening.

If bears pull and sustain the price below the 20-day EMA, the LUNA/USDT pair could again drop to the critical support at $22.40. This is an important level to watch out for because if it cracks, the selling could intensify and the pair may drop to $18.

On the upside, if bulls drive the price above $40, the pair could retest the all-time high at $45.01. A breakout and close above this level could signal the resumption of the uptrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin, ethereum and other cryptocurrencies are getting rocked on Friday.

© TheStreet How to Trade Ethereum After China's Ban on Crypto Trading

Considered two leaders in the space, these cryptos are down 6% and 8%, respectively.

That's better than where these names were trading earlier in the day. Bitcoin was down 9.4% at its lows, while Ethereum was down more than 13%.

Hitting the group is China's blanket ban on cryptocurrency trading.

Unfortunately for bulls, it has been a rough ride. For ethereum, it was the crypto's second daily loss of more than 10% this week.

If the bulls have any luck, though, ethereum will avoid a double-digit percentage loss on Friday.

I looked at bitcoin earlier this week and it continues to hold its lows. In fact, earlier today I pointed out that both of these cryptos were holding the weekly low, which was a positive sign.

This isn't the first time that a negative headline from China sent a ripple through the cryptocurrency market and it probably won't be the last.

It hits stocks, too, like Coinbase , Robinhood , Square , Microstrategy and others.

Let's look at the charts.

Trading Ethereum© Provided by TheStreet

Like bitcoin, ethereum is doing a good job holding the weekly low.

Tell that to a bull who's already long, though, and that trader may not find much consolation in that.

After all, ethereum has fallen in six of the past nine days. Further, it's down for its third straight week and for the fifth week in the past six. From the recent high to this morning's low, Ethereum is down more than 34%.

In other words, it hasn't been a fun or easy ride, even though it's still up massively — 68.6% — from the July low.

That said, ethereum is in a weird spot. It's below the 10-day, 21-day, 50-day and 10-week moving averages, as well as the key $2,900 to $3,000 zone.

However, it's above some of its longer-term moving averages, like the 21-week and 200-day measures. In other words, its short- and intermediate-term trends are clashing with the longer-term trend.

From here, it's pretty nimble trading — and too choppy for many investors — until ethereum resolves one way or the other.

A move above $3,000 opens the door to the 10-week moving average and this week's high at $3,178. Above that puts the 50-day moving average in play, followed by a potential rally to the $3,500 to $3,675 area.

On the downside, a break of the 21-week moving average leaves this week's low vulnerable. That's down near $2,650.

The only silver lining here would be a break of this week's low and a test of the 200-day moving average, met by a strong bounce afterward.

I know that's not what bulls want to hear, but it's true.

A larger move below the 200-day moving average puts the $2,325 to $2,450 area in play. That could be followed by a test of the $2,000 area and the 50-week moving average, but let's not get ahead of ourselves.

For now, keep an eye on the 21-week moving average, followed by $2,650. On the upside, watch $3,000.

This article was originally published by TheStreet.

Ethereum slid by 7.10% on Friday. Reversing a 2.48% gain from Thursday, Ethereum ended the day at $2,930.61.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,160.48 before hitting reverse.

Falling short of the first major resistance level at $3,213, Ethereum slid to a late morning intraday low $2,735.00.

Ethereum fell through the first major support level at $3,066 and the second major support level at $2,978.

Finding late support, Ethereum briefly broke back through the second major support level before ending the day at $2,930 levels.

At the time of writing, Ethereum was down by $2,926.40. A mixed start to the day saw Ethereum rise to an early morning high $2,942.73 before falling to a low $2,913.44.

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

For the day ahead

Ethereum would need to move through the $2,942 pivot to bring the first major resistance level at $3,149 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,100 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $3,160.48 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,368.

Failure to move through the $2,942 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,724 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,600 levels. The second major support level sits at $2,517.

Looking at the Technical Indicators

First Major Support Level: $2,724

Pivot Level: $2,942

First Major Resistance Level: $3,149

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 7.10% on Friday. Reversing a 1.53% rise from Thursday, Litecoin ended the day at $152.25.

A mixed start to the day saw Litecoin rise to an early morning intraday high $166.65 before hitting reverse.

Coming up against the first major resistance level at $167, Litecoin slid to a late morning intraday low $141.82.

The extended sell-off saw Litecoin fall through the day’s major support levels.

Finding afternoon support, however, Litecoin broke back through the third major support level at $147 to end the day at $152 levels.

At the time of writing, Litecoin was down by 0.12% to $152.06. A mixed start to the day saw Litecoin fall to an early morning low $151.64 before rising to a high $152.91.

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

For the day ahead

Litecoin would need to move through the $154 pivot to bring the first major resistance level at $165 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $160 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $166.65 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at the 23.6% FIB of $178 and the second major resistance level at $178.

Failure to move through the $154 pivot would bring the first major support level at $141 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$140. The second major support level sits at $129.

Looking at the Technical Indicators

First Major Support Level: $141

Pivot Level: $154

First Major Resistance Level: $165

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 5.82% on Friday. Following a 0.24% decline on Thursday, Ripple’s XRP ended the day at $0.94359.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.00291 before hitting reverse.

Falling short of the first major resistance level at $1.0224, Ripple’s XRP fell to a late morning intraday low $0.88738.

The extended sell-off saw Ripple’s XRP fall through the day’s major support levels.

Finding afternoon support, however, Ripple’s XRP revisited $0.958 levels before easing back.

Ripple’s XRP broke back through the third major support level at $0.8997 and the second major support level at $0.9475 before ending the day at sub-$0.947 levels.

At the time of writing, Ripple’s XRP was down by 0.47% to $0.93919. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.94508 before falling to a low $0.93821.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to move back through the $0.9446 pivot to bring the first major resistance level at $1.0019 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.00291 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at the 38.2% FIB of $1.0659 before any pullback. The second major resistance level sits at $1.0602.

Failure to move back through $0.9446 pivot would bring the first major support level at $0.8863 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8291.

The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.8863

Pivot Level: $0.9446

First Major resistance Level: $1.0019

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Earlier this summer, Damien Hirst announced his latest project: a showy NFT initiative called “The Currency.” It involved selling 10,000 unique hand-painted dot-covered works on paper, each one corresponding to a nonfungible token. But wait, there’s more.

Each of the hybrid painting-NFTs, available to collectors at the low, low price of $2,000, has a very particular stipulation. Buyers would have one year to decide if they wanted to keep the NFT, in which case the physical artwork would be ceremonially burned. Or they could keep the physical work, and relinquish rights to the blockchain-based artwork.

In essence, “The Currency” pitted Hirst’s foray into the new world of digital art against his old-school practice, asking the art market to decide which was more valuable. (At the height of Hirst’s market heat in 2007, a work on paper by the artist sold for more than $393,065.)

At the time, it sure sounded like Hirst was, ahem, jumping the shark, with a philosophical gimmick. But just about two months into the project’s debut, the artist took to social media to announce that sales generated by “The Currency” have reached $25 million already.

A statement posted today to the Discord server of HENI Analytics, an arm of the company that partnered with Hirst on the project, broke down the sales for the past six, 12, and 24 hours for the NFT works. In the last 24 hours, 14 sales totaling almost $400,000 were recorded, with a maximum price of $43,204 and minimum price of $3,694.

Since the project launched in July, there have been a total of 1,571 sales on secondary market NFT platforms adding up to just a bit more than even the whopping eight-figure Hirst boasted about, at $26,345,475.

The maximum price paid so far sits at $120,614 for a work titled Yes, which is considered one of the rarer of the pieces in the series because it has a single word title. HENI ranks each of the works in “The Currency” for its rarity based on algorithms that analyze density of the spots, colors used, and what kind of words are in each title, which all come from Hirst’s favorite songs.

OpenSea’s public data on the project confirm the basic trends suggested by HENI and Hirst. It shows that the floor price (or lowest available price) for an NFT from “The Currency” sits at 8.8 ETH, or $28,500, more than 10 times its original price. (The OpenSea floor price is updated hourly.)

According to OpenSea snapshot of the project, by far the most active day in the trading history of “The Currency” was August 14, when 249 of the NFTs changed hands. In recent days things have settled down considerably, with anywhere between 10 and 20 sales per day.

One recent sale, for the work A Way of Life, was originally listed 10 days ago on the secondary market by its owner, who goes by @Quality, for 18.88 Ethereum (over $60,800). Finding no takers, it was re-listed a day later for 8.8 Ethereum (or $28,500). At that price it was sold 8 days ago for 8.49 Ethereum ($27,200) to @syzygyfinance, which re-listed A Way of Life just two days later for 14.8 Ethereum (or $47,800).

Today @syzygyfinance adjusted its asking price down to 9.75 Ethereum ($31,300). It sold at that price to @liquiddyor, meaning @syzygyfinance realized about $4,000 in profit on the flip.

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Key Support Levels: $2770, $2720, $2600. Key Resistance Levels: $3000, $3200, $3290.

Ethereum is now down a steep 15% on the week as it plummeted beneath $3000. The coin started the week off by falling beneath a rising trend line and the 50-day MA. The trend line also formed the neck of a head and shoulders pattern that could send it as low as $2400.

Since breaking the 50-day MA, ETH continued to decrease until it hit yesterday’s low at $2656. From there, the bulls regrouped to close the candle at $2770, which is support provided by a .786 Fib. It bounced from there today as it battles to stay above $2900.

ETH-USD Short Term Price Prediction

Looking ahead, the first strong support lies at $2770 (.786 Fib). This is followed by $2720 (100-day MA), $2600 (200-day MA), and $2420 (downside 1.618 Fib Extension).

On the other side, the first resistance lies at $3000. This is followed by $3200, $3290 (50-day MA), $3350, and $3400 (20-day MA).

The RSI is beneath the midline, indicating the bears are in control of the market momentum.

ETH/BTC – ETH Falls Into July Highs

Key Support Levels: 0.068 BTC, 0.0667 BTC, 0.066 BTC. Key Resistance Levels: 0.07 BTC, 0.071 BTC, 0.0733 BTC.

ETH also continues to decrease against BTC. On Sunday, the coin fell beneath support at 0.0711 BTC (.382 Fib) to meet 0.07 BTC (50-day MA). It continued below the 50-day MA on Monday to hit 0.0691 BTC.

Yesterday, ETH plummeted beneath 0.069 BTC to reach as low as 0.067 BTC. By the end of the day, the bulls managed to close the daily candle at 0.068 BTC. Today, ETH rebounded and is now above 0.069 BTC.

ETH-BTC Short Term Price Prediction

Moving forward, the first strong resistance lies at 0.07 BTC. This is followed by 0.071 BTC (50-day MA), 0.0733 BTC (August highs), and 0.0765 BTC (bearish .786 Fib).

On the other side, the first support lies at 0.068 BTC (rising trend line). This is followed by 0.0667 BTC (downside 1.272 Fib Extension), 0.066 BTC (.618 Fib), and 0.064 BTC.

The RSI is also beneath the midline here, indicating bearish momentum is control.

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Many of the top cryptocurrencies have been trading red over the last 24 hours.

Bitcoin was trading at $45,093.11 which was 6.50 per cent down over the last 24 hours and 1.45 per cent up over the course of the week.

More cryptocurrencies have been on the rise lately. The global crypto market cap at the time of this article stood at $1.99 trillion which points to a 7.60 per cent decline over the course of the last day, according to information on CoinMarketCap. However, contrary to this, the total crypto market volume over the last 24 hours has aggregated to a total of $101.78 billion at the time of writing this article. This indicated a 20.13 per cent increase for the same. With that said, there are a few cryptocurrencies, other than the usual Bitcoin, who are which are worth mentioning as they have seen significant gains over the last 24 hours as per information on CoinMarketCap.

Keeping this in mind, here are the top five gainers that the cryptocurrency market has witnessed over the course of the last day.

Top 5 Cryptocurrency Gainers (According to data from CoinMarketCap)

1) Aqua Pig - $ 0.000000000014 – 689.25 per cent change over the last 24 hours

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2) Gravitoken - $0.02383 – 263.75 per cent change over the last 24 hours

3) CONTRACOIN - $0.2553 – 237.84 per cent change over the last 24 hour

4) SafeBull - $0.00000001228 – 225.76 per cent change over the last 24 hours

5) InfinityCake - $0.0000007175 – 192.92 per cent change over the last 24 hours

On the other end of the cryptocurrency spectrum, we have the top ghost coins dominating the market. These include the likes of Bitcoin, Ethereum, Cardano and so on. It should be noted that a majority of the top coins, including Bitcoin, have displayed a tendency to trade red, especially at the time of this article. Bitcoin, Ethereum, Cardano, Binance Coin, all top coins in the market, have been trading red over the past 24 hours. In most of the cases, they have also been trading red over the course of the past 7 days as per information on CoinMarketCap.

As per the data that was analysed, Bitcoin was trading at $45,093.11 which was 6.50 per cent down over the last 24 hours and 1.45 per cent up over the course of the week. The second most popular cryptocurrency, Ether was trading at $3,164.36 or an 8.09 per cent decline over the course of the last day. The coin was trading 1.58 per cent lower over the course of the last seven days. Cardano, Tether and Binance Coin took third, fourth and fifth place respectively.

Speaking on the performance of the top cryptocurrency, ZebPay Trade Desk said, “Bitcoin (BTC) has been fairly range-bound over the last couple of days, trading between $45,000 - $48,000. This seems to be a consolidating phase that the asset is operating in, and the bears are preventing the asset from crossing the $48,000 mark convincingly, making this a strong psychological resistance level for BTC."

Apart from these, Dogecoin and SHIBA INU, the so-called ‘meme coins’, have garnered a lot of interest and attention over the past couple of months thanks to Tesla CEO and billionaire, Elon Musk. This all started when Musk took to Twitter to announce the arrival of his new Shiba Inu puppy that he named Floki. Soon after that both the Dogecoin and the SHIBA coin saw a dramatic jump in prices as the infamous ‘Musk’ effect took hold of the cryptocurrency market once again. This saw Dogecoin reach all the way to 9th place amongst the top crypto coins in the market. As of today it once again slipped down one space though and stood at a price of $0.2159 and was trading at 9.69 per cent down over the course of the past 24 hours.

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Tagsbitcoincryptocurrencyfirst published:September 20, 2021, 15:08 ISTMore NewsPhotogallery