Author: dfmines

Majority of the DeFi tokens traded in red with several registering double digit losses over the past week.

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We already have all of the good Web2 features, but it also has the unhealthier part. ​ Web 2.0 has also been tremendously disruptive to certain industries to the point of being an existential threat to some of them. These are sectors that have either failed to adapt to the new web-centric business model or…
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The price of Trezor (TRB) in the last few days has continued to look strong against Tether (USDT). Bitcoin (BTC), Ethereum (ETH), and other altcoins have struggled to hold above their key support zones after the market turned bearish. The price of Trezor (TRB)  has continued to maintain its bullish structure. (Data from Binance) Related Reading: Bitcoin Price Short-Term Upswing In Peril As Bulls’ Aggression Dies Down Trezor (TRB) Price Analysis On The Weekly Chart From the chart, the price of TRB saw a weekly low of $10, which bounced from that area and rallied to a price of $40 after showing great recovery signs in recent weeks.  TRB weekly candle closed with a bullish sentiment with the new week’s candle looking bullish with eyes set for the $60 mark.  The price has struggled to build more momentum as it tries to hold key support. If the price of TRB on the weekly chart continues with this structure, it could quickly revisit  $60 acting as a resistance to the price of TRB. Weekly resistance for the price of TRB – $40, $60. Weekly support for the price of TRB – $28. Price Of Trezor On The Daily (1D) Chart The price of TRB found strong support at $28 above a trendline after successfully forming a bullish structure, the support at $28 seems to be an area of interest on the daily chart. TRB bounced from its support and rallied to $40 where it was faced with resistance. The price of TRB has formed an uptrend line acting as a support for the price of TRB.  The price of TRB needs to hold above this trendline, a break below it invalidates the bullish structure. At the point of writing, the price of TRB is at $40, just above the 50 and 200 Exponential Moving Average (EMA) which corresponds to prices at $28 and $24. The Relative Strength Index (RSI) for the price of TRB on the daily chart is below 70, indicating more buy bids. Daily (1D) resistance for TRB price – $40. Daily (1D) support for TRB price – $28, $24. Price Analysis Of TRB On The Four-Hourly (4H) Chart The price of TRB has continued to sustain its bullish structure above the 50 EMA price corresponding to $38 acting as support and area of interest. On the 4H timeframe, the 200 EMA is also acting as key support for the price of TRB. If TRB fails to hold the support region of 50 and 200 EMA which corresponds to $38 and 30$ we could see the price retesting the region of $21 as the next support area to hold the TRB price. Four-Hourly (4H) resistance for TRB price – $40. Four-Hourly (4H) support for TRB price – $38, $30. Related Reading: Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected? Featured Image From ITPRO, Charts from TradingView.com

On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop. USDC Exchange Reserve Observes Sharp Rise In Recent Days As pointed out by an analyst in a CryptoQuant post, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin. The “exchange reserve” is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges. Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market. Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into. An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin. Related Reading: Not-So-Diamond-Hands: Bitcoin Long-Term Holders Have Shed 150k BTC Since LUNA Crash Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months: The value of the metric seems to have jumped up in recent days | Source: CryptoQuant As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months. Following this top, the reserve has started declining, while the value of Bitcoin has either moved sideways or observed a surge. This makes sense as a decreasing reserve of the stablecoin implies investors are now shifting into volatile coins. Most recently, the value of the reserve has seen a very sharp rise. The “inflow” indicator (which measures the total amount of coins moving into exchanges) also shown in the chart registered a big spike at about the same time as this rise. Related Reading: Why are Runfy, Bitcoin and Tron being considered the next cryptos to explode in 2022 This implies that most of the latest increase in the reserve has come from USDC that was sitting off exchanges since a while. All these stablecoins can act as potential dry powder for fueling some upwards momentum for Bitcoin after the coin’s price has plunged below $22k today. However, one thing to note is that only the USDC flowing into spot exchanges can influence the market like this. A large chunk of the latest inflows seem to have gone into derivatives instead, which, while also an indication of higher volatility for the market, doesn’t specifically mean the price will tend to go up. This volatility could make the price swing in either direction. Bitcoin Price At the time of writing, Bitcoin’s price floats around $21.4k, down 10% in the past week. Looks like the value of the crypto has gone down during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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FLOW relishes its winning streaks as the coin trades at its peak Thursday, and shoots upwards after a 7-day losing streak. FLOW registers peak levels, shows renewed vigor after a week Price sets sights on a new key resistance at $3 Token dips by 17.47%, currently trades at $2.28 The uptrend came unexpectedly especially since FLOW’s market cap is trading lower at 1.14%. Other altcoins like SHIB also declined by as much as 10%. Related Reading: Chainlink In Bearish Mood As LINK Price Retreats To $8.63 FLOW, One Of The Strongest Movers On Thursday FLOW was undeniably one of the strongest crypto movers on Thursday as the coin was able to rebound following a slump for seven straight days. The crypto’s recent price drop reaching $2.54 also positioned itself as a support point. But, similar to what happened on August 8, the bulls decided to crash the party which has propelled FLOW to reach $2.80. Chart from TradingView.com Since the coin has bowled over the support point, it appears to be eyeing the $3 resistance level next. But, for FLOW to inch closer to its target zone, the token should be able to surpass the looming obstacle in the RSI. RSI index reads at 60.32 which is way below the ceiling level of 61.19, which historically is the zone that bears favor. FLOW Sets Crosshair At $3 Decentralization is now marking its territory in the blockchain space. With that being said, many projects are now strung together to create a game-changing DeFi culture. The crypto is the newest network to dip into DeFi with its DAO infrastructure spawned as CAST. CAST is pivotal in attracting more projects into the Flow network. This outcome boosts the opportunity for the coin. On July 28, the price of the crypto has peaked at $1.78 following a 9.6% uptrend seen overnight. FLOW price increase was also precipitated by the announcement of CAST which may have triggered an optimistic market sentiment. FLOW total market cap at $2.33 billion on the daily chart | Source: TradingView.com It’s still undetermined whether the FLOW price can continue to bolster or keep up with the uptrend. Amid the uncertainty of its consistency and performance to maintain its bullish streak, the recovery exhibited by the token in the 50-day moving average speaks volumes of the token’s potential. Related Reading: Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend? This indicates that the crypto is enjoying a strong demand close to that exact indicator. Flow started the week on a bearish movement, prompting the bears to push a little below the RSI level at 50% before the rebound. As it is, FLOW is currently down by 17.75% or trading at $2.27, according to CoinMarketCap. Featured image from www.onflow.org, Chart from TradingView.com