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Crypto analyst Aaron Arnold is naming nine crytpo assets that he believes are quiet powerhouses with the potential to take off once bullish momentum returns to the markets.

In a new video, the Altcoin Daily host highlights the Theta Network (THETA), which recently launched its mainnet 3.0. Theta is a content delivery network that seeks to provide higher-quality streaming experiences by decentralizing the process.

Arnold notes that the network is backed by big players who are running Theta nodes to help improve streaming quality.

Next up is what Arnold calls one of the top decentralized finance (DeFi) blue chips in the space, Uniswap (UNI). Uniswap V3 has already captured 41% of the decentralized exchange market, says Arnold.

In the same vein, the analyst is also bullish on Uniswap competitor SushiSwap (SUSHI) which will soon debut its non-fungible token (NFT) platform.

“I think SUSHI is going to do big things going into the end of the year.”

The fourth coin on Arnold’s list is Ethereum competitor Cardano (ADA). Cardano is leading the pack in terms of average daily developments on GitHub over the past 30 days, which indicates that the development team is working hard to improve its network, notes Arnold.

Sandbox (SAND) is the fifth asset Arnold mentions, noting that it may be a worthy competitor to virtual decentralized marketplace Decentraland (MANA).

The Ethereum-based metaverse recently partnered with the TV franchise The Walking Dead as well as other popular brands. according to Arnold.

Next up are the two top crypto assets Bitcoin and Ethereum, which Arnold says have both attracted investments from Senator Pat Toomey (R-PA), the first senator on record to buy crypto.

Additionally, says Arnold, Ethereum has added five million unique addresses to its network in the past 30 days.

“Numbers like this, charts like this, cannot be ignored, my friend. The proof is in the data. And finally on ETH, Ethereum gas prices dropped to the lowest rates since March 2020. You can attribute this since the price dropped. However, Coinmetrics says Ethereum gas prices actually began declining before the price of ETH did because ETH has been doing some scaling this year.”

Number eight is the smart contracts platform Avalanche (AVAX), which has attracted a new yield-farming platform to its blockchain, notes Arnold.

“They say they have compelling reasons to launch on Avalanche. Basically, it’s the speed and low fees, high throughput – that’s why they’re choosing it.”

Arnold says that as demand for Ethereum grows, projects will spill over onto smaller blockchains and start building there.

Finally, Arnold highlights that NFTs are here to stay, and NBA legend Allen Iverson is working with Binance to produce his own NFTs this summer. As such, Binance Coin (BNB) rounds out the analyst’s list.

Featured Image: Shutterstock/Tithi Luadthong

Altcoin Daily host Aaron Arnold is listing five assets that he believes are primed to take off this August.

First on the trader’s list is the flagship crypto Bitcoin (BTC). Arnold says that Bitcoin is experiencing an extreme supply crunch, which over time will send BTC’s price in one direction.

“You love to see the supply getting low. Well, the price has nowhere to go but up given enough time. To go even further, there is still so much capital on the sidelines sitting in stablecoins because of the BTC/stablecoin supply ratio… This capital is just starting to flow back into the market.

On-chain things are looking bullish. This current wave of Bitcoin supply shock has a lot of momentum behind it.”

Arnold is also bullish on Ethereum (ETH), which he says is experiencing its own supply crunch.

The trader adds that ETH supply on exchanges has dropped by 10 million in the past year and that $14 billion worth of Ethereum is staked on Ethereum 2.0, where it must lie dormant.

Finally, Arnold notes that Coca-Cola Company recently used Ethereum’s network to mint non-fungible tokens (NFTs) as a promotional tactic.

“This is Ethereum’s bull run to lose, in my opinion.”

Arnold also analyzes decentralized exchange Uniswap (UNI). He shares metrics that suggest Uniswap is responsible for bringing in roughly 80% of the 3 million users in the decentralized finance (DeFi) sector. Arnold says that Uniswap’s volume is comparable to the volume of centralized exchanges Kraken and FTX.

The analyst also says that Elrond (EGLD) will have a strong August performance as the scalable blockchain network prepares to launch its Maiar decentralized exchange.

The last asset that Arnold predicts will explode this August is oracle network Chainlink (LINK). According to Arnold, Chainlink is rapidly expanding its integrations and could hit 1,000 integrations by the end of this year.

Featured Image: Shutterstock/Maxger

Prominent crypto strategist and trader Michaël van de Poppe is keeping a close watch on four altcoins this month that he says are on the verge of huge breakouts.

In a new video, Van de Poppe tells his 107,000 YouTube subscribers that number one on his list is decentralized finance (DeFi) yield aggregator DFI.money (YFII).

According to the crypto trader, YFII is likely to ignite a breakout in its Bitcoin pair (YFII/BTC) as it threatens to take out its immediate resistance.

“[The] crucial breaker that we are facing is the resistance zone over here (0.063). This one has been tested several times and couldn’t break yet. But given the amount of tests that we have been seeing here which is going to be the fourth one right now, it is very likely that we’re going to break through it in one go. And then, a new impulse wave can start.”

Van de Poppe highlights that a break above 0.063 may take YFII/BTC to as high as 0.099, marking a potential surge of 62% from its current price of 0.061.

Next up is smart contract platform TomoChain against Bitcoin (TOMO/BTC), which the crypto analyst says could see significant gains after a breakout.

“If it holds this block (0.000043) or starts to hold the 100-day [and] 200-day MA (moving averages), a flip and continuation is likely. Given the fact that TOMO has been testing those resistance levels (0.000051) many times now, the next test is granting us a breakout in general. Therefore, the next target zone is the area around 7,500 satoshis (0.000075).”

Another coin on the trader’s radar is decentralized cross-chain money market Kava.io (KAVA). According to Van de Poppe, KAVA/BTC is gearing up for a strong breakout as it approaches a key resistance area.

“I think we’re continuing towards the resistance zone (0.000144), flip the level around 0.000122 and then the next rally towards 23,000 satoshis (0.00023) and a new impulse wave is most likely going to happen.”

The last altcoin on the crypto strategist’s list is Algorand, a cryptocurrency for payments and a blockchain for decentralized finance applications. Van de Poppe says ALGO/BTC must hold its immediate support for a shot at launching a 69% rally.

“If Algorand sustains support above 2,300 satoshis (0.000023) and breaks through the resistance at 3,000 satoshis (0.00003), I think we can continue the momentum in general on this one, and we can start targeting the resistance zone at 3,900 satoshis (0.000039).”

Featured Image: Shutterstock/GrandeDuc

Crypto analyst and trader Michaël van de Poppe says one under-the-radar altcoin is poised for a massive surge.

The closely followed analyst tells his 356,000 followers that he’s convinced layer-2 scaling platform Celer Network (CELR) is ready for exponential gains in its Bitcoin pair (CELR/BTC).

“I’m still convinced that CELR is ready for a big new move of 300-700%.

Weekly charts on altcoins are looking quite good for a new impulse wave, with CELR and FET as great examples.”

The crypto strategist predicts CELR/BTC can surge to as high as 0.00000462 BTC ($0.18) from its current value of 0.00000077 BTC, worth about $0.02.

The next crypto that Van de Poppe is watching is the leading smart contract platform and second-largest digital asset by market cap Ethereum (ETH). Once Ethereum breaks the critical level of $2,300, says Van de Poppe, $3,000 will then be in play, setting up ETH for a 30% rally.

“Support held for Ethereum once again, so it’s approaching the other side of the range and crucial breaker, before a continuation to $3,000 could happen.”

At time of writing, Ethereum is trading at $2,995, according to CoinMarketCap.

Van de Poppe also has his eye on cross-chain decentralized finance (DeFi) lending platform Kava.io (KAVA). According to the analyst, KAVA/BTC could be primed for an 86% run from 0.000125 BTC ($4.78) to 0.00024 BTC ($9.17) as it gears up to take out its immediate resistance.

“KAVA looks ready for continuation to 24,000 sats (0.00024).”

As for Bitcoin, Van de Poppe says he expects BTC to test crucial resistance at $40,000.

“Bitcoin facing the next level of resistance (after this it’s $36,000).

Reminder that we’re dealing with a weekend pump. Wouldn’t be surprised to see a retest happening in green to close the CME gap this coming week.

Overall, very good behavior and still expecting $40,000 overall.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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[co-author: Tannaz Noormohammadi]

Social Media has gone from frontier to “settled land of influencers” when it comes to brand promotion. In 2020, social media ad revenues reached $41.5 billion, making up nearly 30 percent of all internet and ad revenue. The latest influencer trend has been marketing “altcoins,” which are cryptocurrencies other than Bitcoin. From YouTuber-turned-boxer Jake Paul promoting the digital coin Safemoon to the social-media veteran Kim Kardashian marketing “Ethereum Max,” cryptocurrency promotion permeates social media. On the flip side, there’s also been a boom in consumers seeking financial advice from social media platforms like Reddit’s r/WallStreetBets. However, as with all advertising, cryptocurrency promotion has raised many concerns. Among them? Are the cryptocurrencies marketed by influencers are simply pump-and-dump scams? One approach influencers try to limit liability is by including the disclaimer “this is not financial advice” in their posts and videos, but is including or hashtagging a disclaimer enough to limit liability?

Investing in longstanding cryptocurrencies like Bitcoin is risky, simply because of how volatile its value can be. It would seem that the cryptocurrencies that influencers advertise—altcoins—are even riskier. Often based on some sort of online joke, altcoins are sometimes referred to as “meme-coins,” but more simply defined, they are any cryptocurrency that is not bitcoin. Take Dogecoin, for example, which started out in 2013 as a joke between two engineers combining two of 2013’s most popular trends: bitcoin and the “doge” meme (which is a picture of a Shibu Inu dog accompanied with multicolored text in the foreground, representing a kind of internal monologue). Since Dogecoin’s popularity, there have been many Dogecoin copycats that have flooded the market such as: Shibu Inu, Kishu Inu and UnderDog.

But the real danger comes from influencers marketing altcoin pump-and-dump schemes. Pump-and-dump schemes typically involve influencers who receive financial incentives for telling people to buy a certain crypto to raise its value. As soon as the value goes up, the scammers and influencers sell their crypto and pocket the profits, while everyone else sees their investments lose value. And although pump-and-dump schemes are illegal in the stock market, there’s very little regulation of these schemes in the cryptocurrency space.

To limit their liability, influencers almost always disclaim “this is not financial advice,” or as one influencer tweeted “not financial advice lol.” Is that enough to limit liability, though? Traditional financial advisors are regulated and must be licensed. It’s clear that most influencers lack the proper credentials.

Although there have not been crypto pump-and-dump lawsuits yet, using disclaimers to limit liability isn’t a novel move. For example, the Federal Trade Commission (FTC) released Endorsement Guides that place the burden on influencers to make it “simple and clear” when they have a relationship with a brand. Appropriate disclosures include hashtagging “ad” or “paid promotion” in captions for posts endorsing goods or specific grands. The FTC’s crackdown on social media advertising came from a response of an FTC statement accusing a company of selling over 58,000 fake Twitter followers to people to artificially inflate their influence.

Ultimately, as long as the regulation of the cryptocurrency space remains a gray area, it is up to the consumer to adequately inform themselves concerning any digital coin investments, and to be careful of any financial predatory behaviors.

So, can influencers hashtag liability away? For now, maybe, but that doesn’t mean they should.

[View source.]

Cardano founder Charles Hoskinson has updated the community on the upcoming updates on the Cardano (ADA) blockchain

Charles Hoskinson recently discussed updates coming to Cardano. The founder was speaking on his live stream on YouTube. Hoskinson stated that “we are on schedule, things are moving along, chugging away” when talking about the upcoming Alonzo hard fork.

Hoskinson was speaking about the requirements needed for the updated fork, admitting that a lot of work is required. “There are kind of two parallel tracks going on at the same time for the launch of Alonzo, track number one is the hard fork combinator event, strictly about getting Alonzo capabilities to the node the other track is about building the infrastructure around that node that allows you to run both off-chain and on-chain code and build full dApps.”

Hoskinson believes most of the development infrastructure will be built between August and September. The founder stated that users will be able to run smart contracts from the moment the hard fork comes on Cardano infrastructure. The update will offer a “better environment for Cardano apps to be developed and deployed on,” Hoskinson said. 

Hoskinson expects Cardano to expand its global adoption effort with the upcoming fork. Hoskinson expects that once smart contracts arrive, “The dApp ecosystem for those will grow considerably, so from day one people will be running things on the Cardano on blockchain and the sophistication of those things and the interfaces of those things will only get better over time.”

Cardano has been slowly pushing its network to grow and expand into a global blockchain ecosystem. The network recently hit a milestone of over 660,000 staking addresses. With over $29 billion in funds being staked in total, more than 70% of the total supply. 

Cardano was also recently announced as the latest project to be added to Grayscale Investments holdings, as the third-largest holding behind bitcoin and ethereum. ADA managed to hit a new all-time high this year of $2.45 just three months ago. However, the project has seen a steady decrease in price following a market correction. However, the project remains steady at $1.37 at time of writing.

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Closely-followed crypto analyst Michaël van de Poppe says Chainlink (LINK), Aave and three more altcoins are waking up after the big sell-off event in May.

The analyst tells his 350,000 Twitter followers that Chainlink looks ripe for a 25% rally against Bitcoin (LINK/BTC) from its current value of 0.0006.

“Chainlink looking ready for continuation here.

75,000 satoshis (0.00075) is on the horizon.

Still a massive buy.”

Van de Poppe also notes that the entire decentralized finance (DeFi) sector looks strong as he highlights three protocols that he believes are starting to make moves.

“DeFi going great, as AAVE , SNX, COMP are waking up heavily. It’s just a start, but the market starts to look good. I’m expecting more to follow suit with those.”

The analyst also has one other under-the-radar altcoin on his watchlist that he says could be in for some giant rallies soon. According to Van de Poppe, multi-purpose blockchain protocol Icon (ICX) could be finished finding its bottom and might be primed to erupt in its Bitcoin pair (ICX/BTC) in the coming months.

“Is Icon bottomed out? Might be. Heavy support bounce, after which it’s looking like it wants to test the resistances. Flipping those are entry triggers. Potential continuation of 75% possible.”

As for the crypto markets at large, the analyst expects both Bitcoin and the rest of the digital asset space to creep higher, with altcoins likely to outperform BTC in the midterm.

“Most likely expectation is that altcoins will be grinding up way heavier than Bitcoin in the coming period.

They looked great and got destroyed through that final drop of Bitcoin to $30,000.

Therefore, I’m expecting them to continue outperforming Bitcoin in the coming months.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Ethereum Classic price claimed the enduring 2018 high at $47.00 last week with a 15.7% surge from the midline of the descending parallel channel, triggering better outlooks for ETC. However, the altcoin has failed to extend the price strength, finding resistance at the 50-day SMA and support along the 2018 high. Nevertheless, the outlook remains tilted to the upside as long as Ethereum Classic price remains above $47.00 on a daily closing basis.

The Ethereum Classic price rebound from the July low has been eight days, including today. During the first four days, it logged a gain of 25.7%, and over the last four days, ETC is down over -1%, while Bitcoin has continued the rush higher.

Despite the lack of follow-through, Ethereum Classic price has maintained the 2018 high of $47.00, presenting the potential for a substantial advance once a buying surge hits the cryptocurrency. The primary obstacle remains the 50-day SMA at $49.15. It has been pressing down on ETC for the last four days, similar to early July.

If Ethereum Classic price can overcome the resistance presented by the moving average, it will find some credible resistance at the upper line of the descending parallel channel, currently at $58.95. The next real setback for ETC does not emerge until the 38.2% Fibonacci retracement of the May-June correction at $80.75 and then the May 26 high of $84.09, offering an intriguing gain of 71% from the 50-day SMA.

ETC/USD daily chart

A daily close below $47.00 disrupts the bullish outlook and invites a retracement of the rally to the midline of the descending parallel channel at $39.55. If Ethereum Classic price also closes below $39.55, it would imply a continuation of the decline to the 200-day SMA at $35.88 and the 2020 ascending trendline at $34.65. Any further ETC weakness will not attract support until the lower line of the channel at $26.40, representing a -40% decline from the 2018 high.

At this juncture, it is difficult to project a -40% decline when Ethereum Classic price trades in a constructive position in the overall price structure. Specifically, ETC is trading well above the 50-week SMA and the 200-day SMA, two strategically important moving averages. Moreover, ETC is not negatively influenced by a bearish Death Cross pattern or the resistance attributed to the June 22 low.

As long as Ethereum Classic price remains above $47.00, it is primed to surge 70%, despite deviating from the Bitcoin burst higher over the last four trading days. Once the commitment returns for the altcoins, ETC is well-positioned on the charts to claim a position of relative strength in the cryptocurrency complex. 

Here, FXStreet's analysts evaluate where ETC could be heading next as it seems bound for a small pullback before the breakout.

Names like bitcoin (BTC-USD), dogecoin (DOGE-USD), ethereum (ETH-USD), and litecoin (LITE-USD) are entrenching themselves in the financial and cultural lexicon. 

But most people are not ready to take the cryptocurrency plunge, a new poll suggests.

A YouGov survey of 1,715 U.S. adults, conducted exclusively for Yahoo, found that 89% of respondents had heard of bitcoin and a clear majority (57%) of those who were aware would not invest in any cryptocurrency. (The poll, conducted July 13-15, 2021, had a margin of error of ±2.7%.)

Of the respondents who had heard of bitcoin, 13% said they personally owned cryptocurrency and 27% said they would consider investing in cryptocurrency. Another 16% were unsure whether they would ever consider buying in.

Bitcoin, in particular, is seeing a growing number of adopters among companies big and small. Marquee names like Goldman Sachs (GS) and JPMorgan Chase (JPM) are dabbling in bitcoin in various ways, and Amazon (AMZN) is reportedly toying with accepting crypto payments — speculation that sent digital coins on a tear early Monday.

Tesla (TSLA) previously began accepting bitcoin as payment, but CEO Elon Musk sparked a firestorm — and a bitcoin sell-off — when he summarily walked back that support a few weeks later.

The YouGov poll found that 37% of respondents thought that cryptocurrency will disrupt the stock market, with another 20% disagreeing and 45% saying they weren’t sure.

In theory, the rise of digital transactions — and the precipitous drop in the use of cash — should make it easier for consumers to shift toward crypto.

One of the chief arguments in favor of cryptocurrency is that a combination of super-accommodative central bank liquidity and runaway government outlays are feeding surging inflation, thereby hastening the decline of paper money. 

Bitcoin’s most vocal evangelists, including prominent investor Anthony Pompliano, have argued that digital currencies are the only plausible alternative.

“An entire generation is growing up with the awareness that the devaluation of their currency is leading to an inability to get ahead,” Pompliano wrote last week in his daily newsletter. “People feel like they can’t afford the basics.”

He continued: “If we fix the money, we have a chance to fix the world. We can lift billions of people out of poverty. We can return to free markets where everyone has an opportunity to build a life of wealth, happiness, and freedom. That is what most people want — to simply build a better life for themselves and their families.”

The YouGov polling data suggests that retail buyers are still far from sold on bitcoin’s upsides as a currency, meaning that crypto proselytizers have their work cut out for them. 

Most respondents who had heard of bitcoin did not see the digital currency as part of everyday life: 62% said cryptocurrency would not be useful in an everyday setting, while 14% said that it would be and 24% were unsure.

A small number of merchants and providers have begun accepting crypto for services rendered, but digital currencies are still enormously volatile. As a result, cryptocurrency doesn’t quite pass the stable currency test — especially when daily moves can easily hit double-digits in percentage terms.

Most venues where people shop and conduct their business regularly — the grocery store, coffee shops, restaurants, bars, and places of residence — still haven’t adopted bitcoin for payment.

El Salvador, which recently adopted bitcoin as legal tender, provides a test case of what happens when a society fully embraces crypto. Confusion has reportedly ensued in the Central American country since the government made the decision, and the country’s consumers and business owners simply haven’t derived the benefit from transacting in the digital currency.

Javier is an editor for Yahoo Finance. Follow him on Twitter.

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BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?

The five altcoins that increased the most last week were:

QNT has been moving upwards at an accelerated rate since July 20. On Aug 2, it managed to reach a new all-time high price of $187. 

The high was made just above the 2.61 external Fib retracement level when measuring the most recent portion of the drop.

However, the higher prices could not be sustained and QNT created a bearish candlestick with a long upper wick (red icon). 

While there is weakness in time frames of six hours and lower, daily time frame signals are still bullish.

RUNE has been decreasing underneath a descending resistance line since May 27. On July 20, it reached the $3.80 horizontal support area and bounced. 

The bounce caused it to break out from the descending resistance line. Currently, RUNE is approaching the $7.25 horizontal resistance area. 

Technical indicators in the daily time frame are still bullish. The RSI has moved above 50 and the Stochastic oscillator has made a bullish cross (green icon). This indicates that an eventual breakout is likely. However, a short-term rejection could occur prior to this.

The next resistance level is found at $10.30. THis target is the 0.618 Fib retracement resistance level.

SC has been moving upwards since June 22. On July 20, it created a higher low and accelerated its rate of increase. 

This caused a breakout above the $0.014 resistance area and led to a high of $0.02 on Aug 1. 

However, SC failed to break out above the $0.02 resistance area, creating a long upper wick (red) instead. 

Despite the rejection, technical indicators in the daily time frame are still bullish. 

The $0.014 area is now expected to act as support.

ANKR has been trading inside a descending parallel channel since March 18. Such channels often contain corrective movements.

On June 22, ANKR fell to a low of $0.047, touching the support line of the channel for the fifth time. It has been moving upwards since. 

On July 27, it managed to move above the midline of the channel and the $0.078 horizontal resistance area. This area is now expected to act as support.

Technical indicators in the daily time frame are bullish. 

If a breakout from the channel occurs, the next closest resistance area would likely be found at $0.155.

On June 22 and July 20, NEO created a double bottom pattern. The double bottom is often considered a bullish pattern and was also combined with bullish divergences in the MACD and Stochastic oscillator. The latter made a bullish cross shortly after.

After the creation of the pattern, NEO broke out from a descending resistance line and eventually moved above the $38 horizontal resistance area. The same area is now expected to act as support.

So far, NEO has reached a high of $48.45, right at the 0.5 Fib retracement resistance level. A move above this area could trigger a sharp increase toward $62. 

Technical indicators in the daily time-frame are still bullish.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Popular crypto analyst Josh Rager is outlining the key bullish levels for Bitcoin, Chainlink and one low-cap altcoin.

The crypto veteran tells his 179,600 Twitter followers that Chainlink might be flashing signals of a potential rally that breaks the $26.50 level.

“If price gets a pullback soon, would like to buy a potential retest of sub $21 before a move to $26.50+”

Rager also names yield farming protocol Harvest Finance (FARM) as another bullish altcoin that could see big gains in the near future. According to the analyst, FARM’s total value locked (TVL), which is the amount of the coin’s supply that is locked up in staking, could act as a bullish catalyst that takes the nascent crypto to new heights.

“FARM has had a decent uptrend since being listed on Coinbase.

Harvest may get the attention it deserves now after having a relatively high TVL.

Lots of volatility though. Still better to buy on a dex [decentralized exchange] over Coinbase at this time with liquidity.”

As for Bitcoin, Rager says the support at $40,600 is crucial for a potential bull run to new highs. The analyst says that the more a resistance level is tested, the more likely it is to break.

“You can only test a level so many times before breaking it.”

At time of writing, Bitcoin is trading at $42,914 according to CoinGecko, up 1.50% in the last 24 hours.

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Popular crypto trader and analyst Cantering Clark believes two altcoins may be ready to take off while one sector of the markets shows signs of strength. 

While Bitcoin moves mostly sideways, the pseudonymous trader tells his 60,200 followers that he closed a short position on Synthetix (SNX) as the decentralized finance (DeFi) sector is starting to show signs of bullishness.

“Closing this out before it gets run over.

DeFi showing strength right now.”

The trader’s two DeFi altcoins of choice are SushiSwap (SUSHI) and Uniswap (UNI). Both crypto assets are tokens for Ethereum-based decentralized exchanges (DEXs) that use smart contracts to create markets for any given pair of coins.

Long at perps and spot at https://t.co/dFePzclg1L pic.twitter.com/HxEOg8ZZg8

— Ryan 🐎 Cantering Clark (@CanteringClark) July 6, 2021

At time of writing, SUSHI is trading at $9.37, up 3.71% according to CoinMarketCap.

According to Cantering Clark, SUSHI may finally be primed for a turnaround. He says he’s using the Hull moving average, a directional trend indicator, to validate SUSHI’s recent bounce. 

“ SUSHI looks like it wants to run.

With alts down the way they are, I am relying on a Hull on the daily to filter out what is looking like it has legs.”

As for Bitcoin, the crypto analyst remains long-term bullish on the top crypto asset. However, he expects BTC to continue its sideways trading in the coming months.

“I know that I might confuse people as to what I am referring to when I tweet with a bearish or bullish tone. I focus on intraday. Can keep this pinned and updated though.

Near-term: bullish on a dead cat rally.

Mid-term: bearish, no ATH (all-time high), big range.

Long-Term: $100,000+” 

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Featured Image: Shutterstock/Dario Lo Presti/oneinchpunch

Every once in a while, a new indicator pops out that can be used to detect price tops and bottoms in the market. This assertion is even more evident in cryptocurrencies because the data comes from exchanges and on-chain data extracted from the blockchain.

These indicators are constantly monitored and commented on by analysts and traders. Some of the lesser-known metrics use data from altcoin derivatives volumes and the Bitfinex U.S. dollar lending rate.

The futures contract volume is usually triple that of, or even five times higher than, regular spot markets. This phenomenon is not exclusive to cryptocurrency markets, as these contracts allow leverage trading, but the comparison isn't exactly fair because the contracts are synthetic products, while Bitcoin (BTC) is digitally scarce.

By measuring the market share of Bitcoin, Ether (ETH) and the remaining altcoins, it is possible to analyze exactly what traders are focusing on.

The chart above shows that Bitcoin and Ether represented 65% to 85% of the aggregate volume in March. Still, as altcoins gained relevance, this figure dropped to 45% for the first time ever on April 6. 11 days later (April 17), the total cryptocurrency market capitalization tanked 20%.

This phenomenon repeated itself on May 6 as the Bitcoin and Ether market share in derivatives volumes reached a historical low at 39%. On May 10, the total market capitalization dropped 12%. It seems like too much of a coincidence, and it makes sense to consider whether the market overheats whenever the market share held by altcoin derivatives spikes.

There are multiple reasons to relate a sharp increase in altcoin volume to excessive optimism. For example, changing focus from Bitcoin and Ether indicates that investors no longer see much upside and are seeking options elsewhere.

Margin trading allows an investor to leverage their trading position by borrowing money. For example, borrowing dolla will allow one to buy Bitcoin, thus increasing their exposure. Although there's an interest rate involved with borrowing, the trader expects BTC's price appreciation to compensate for it.

Whenever there's excessive demand for the dollar lending rate, it is usually an indicator that the market is becoming reckless.

The above data shows that such an event happened four times in 2021, and the last one occurred on April 13, one day before the $65,800 all-time high for Bitcoin. For example, reaching a 0.16% daily rate is equivalent to a 5% monthly fee, which is costly even for the most optimistic investors.

Traders should keep in mind that markets can remain irrational longer than any investor can remain solvent. This means that irrationality can prevail for long periods, including altcoin euphoria and the excessive use of leverage by buyers.

Whenever multiple indicators point to an overheating market, traders should always consider reducing their positions. Going forward, the altcoin futures market share and the Bitfinex dollar lending rate should be carefully monitored when searching for market tops.

Ethereum Classic price is fighting for support at the 2018 high as the broader cryptocurrency complex suffers renewed selling pressure. A daily close below $46.98 targets a continuation of the weakness down to the measured move target and potentially much further if the renewed selling gains momentum. However, if ETC holds the 2018 high good outcomes lie ahead for the digital token.

From June 30 until July 6, Ethereum Classic price quietly formed a minor symmetrical triangle pattern around the Anchored VWAP from March 29 at $55.35 but below the falling 50-day SMA. It was a constructive development following the 90% rally off the June 22 low, but the pattern did not resolve to the upside. Instead, on July 7, it fell below the triangle’s lower trend line, triggering the chart formation.

The measured move of the symmetrical triangle pattern is 19%, putting the ETC price target at $44.00. It would represent a 30% correction from the June 30 rally high of $62.45. The decline is not a crime, but it would put Ethereum Classic price below the 2018 high, thus turning superior support into a resistance problem.

If Ethereum Classic price does not discover support around the measured move target, there are no support levels of note until the convergence of the 200-day SMA at $32.81 with the June 22 low at $32.53 and the descending May trend line, currently at $31.81. A decline to the June 22 low would equate to an ETC loss of 31% from the current price.

To contemplate higher prices, Ethereum Classic price needs to hold the 2018 high. A successful test of $46.98 would provoke a renewal in the rally that originated on June 22. The confirmation level is a daily close above the 50-day SMA at $56.58. After that, ETC investors can target the June 30 high of $62.45, and if the market cooperates, the altcoin could probe the 38.2% Fibonacci retracement of the May-June correction at $80.75.

ETC/USD daily chart

An increasingly unsettled cryptocurrency market does not enhance the confidence that Ethereum Classic price will remain firm at $46.98. Still, if the climate changes in the risk-on asset class, ETC can reassert some of the leadership, it first demonstrated coming off the June 22 low. Nonetheless, doubts have grown, counseling there is no urgency to accumulate a sizable position in ETC at this moment.