Category: Cryptocurrency News

BAND prices remain stable at the time of writing. However, considering recent development within the Band Protocol ecosystem, there could be more upsides as the project unveils new features and strikes strategic partnerships. Horizen Partnership Recently, Band Protocol, a platform focusing on cross-chain data oracles, partnered with Horizen, a public blockchain offering a scalable ecosystem for decentralized applications (dapps).  The goal is to provide EON, Horizen’s recently launched EVM-compatible intelligent contracting platform, with access to decentralized oracle services. In this way, decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs) within the EON ecosystem will have real-time pricing information and reliable data via Band Protocol’s middleware solutions. Related Reading: Monaco, NFTs, And Formula 1: Reasons Polygon Is Bullish EON uses Band Protocol’s primary Oracle solution to provide real-time token price feeds across several blockchain networks. Integrating these two platforms ensures the integrity of EON’s data, which will be essential in developing the company’s DeFi, gaming, and NFT ecosystem. Band Protocol’s ability to gather and integrate real-world data and APIs to intelligent contracts may help EON become less reliant on centralized oracles, which introduce points of failure. This new link allows programmers to enhance and expand the functionality of EON intelligent contracts. According to Rob Viglione, co-founder, and CEO of Horizon Labs, the relationship with Band Protocol is a broad step forward in the company’s efforts to provide a safe and scalable environment for DApps.  The reliable oracle services provided by Band Protocol allow programmers to design innovative software for DeFi, gaming, and NFTs. Integrating Band Protocol’s oracle solution, Horizen EON can now provide their intelligent contracts with accurate, real-time price data. Due to this collaboration, new possibilities in DeFi, gaming, and NFT applications will emerge, and the whole blockchain ecosystem will become more robust and decentralized. Band Protocol Planning For SubDAOs Moreover, Band Protocol has proposed the implementation of SubDAOs.  According to Shine Sutheeravet, head of operations at Band Protocol, the goal is to address challenges in decentralized autonomous organizations (DAOs).  SubDAOs offer solutions for complexity management, efficient resource allocation, specialized expertise, flexibility, inclusivity, and scalability.  The proposal suggests transforming the Cosmos Group module into councils to establish clear governance structures.  Related Reading: European Commission To Present Regulatory Framework For Digital Euro In June At the moment, Band Protocol is seeking community feedback to refine and optimize this governance framework and drive the growth of the SubDAO ecosystem. Amid this development, BAND prices are stable at around $1.39, and likely to recover after dropping 40% from February 2023 highs. -Featured Image From Canva, Chart From TradingView

Ethereum, the world’s second-largest cryptocurrency by market capitalization, has witnessed a significant surge in its mean block size, reaching a new 1-month high. This milestone was recently announced by Glassnode, a renowned on-chain analysis platform. The increase in block size indicates a notable improvement in Ethereum’s network capacity and transaction throughput, potentially bringing positive implications for the ecosystem. Breaking Down The Block Size Surge The mean block size of Ethereum has skyrocketed, surpassing the previous 1-month high recorded on May 27, 2023. Glassnode’s data reveals that the current mean block size stands at 121.4 million. This surge highlights a substantial increase in the average data volume accommodated within individual blocks of the Ethereum blockchain. Related Reading: Gas Crisis Averted: NFT Marketplaces Witness Dramatic Reduction in Ethereum Fees Larger block size is indicative of Ethereum’s ability to handle more data and transactions per block, effectively enhancing the network’s capacity. With a higher average data volume in recent blocks, ETH showcases its potential for improved scalability and transaction throughput. Ethereum’s surge in block size signifies a positive development for the ETH ecosystem, as it accommodates the growing demands and usage of the network. What This Means For Ethereum The surge in Ethereum’s mean block size holds several implications for ETH and its community. Firstly, it signifies the network’s continued growth and adoption. As more participants engage with the Ethereum blockchain, the increased block size demonstrates the platform’s ability to handle a higher volume of transactions, leading to enhanced efficiency and reduced congestion. Moreover, the surge in block size also contributes to improved transaction throughput. With larger block sizes, more transactions can be included in each block, resulting in faster confirmation times and smoother user experiences. This development is crucial for applications built on the Ethereum network, such as decentralized finance (DeFi) protocols, non-fungible token (NFT) marketplaces, and various other decentralized applications (dApps). It enables them to process a greater number of transactions within a given timeframe, fostering better scalability and usability. Additionally, Ethereum’s increased block size may have a positive impact on gas fees. Gas fees, which are transaction fees on the Ethereum network, can be influenced by block size. A larger block size allows for the inclusion of more transactions, potentially alleviating congestion and reducing gas fees. This could lead to a more cost-effective and accessible environment for users and developers utilizing the Ethereum ecosystem. Related Reading: Crypto Expert Predicts Ethereum (ETH) To Reach $457,000 – Here’s How Meanwhile, Ethereum has shown a possible brewing uptick in the past week. The second crypto asset by market capitalization has surged 2.3% in the past week. Over the past 24 hours, ETH  has seen a 1.1% gain.   At the time of writing, Ethereum currently trades at $1,851. Ethereum’s trading volume has, however, ranged between $3 billion and $5 billion in the past seven days indicating a possible accumulation. Regardless, in the past 24 hours, ETH has had a trading volume of $5.5 billion. -Featured image from Shutterstock, Chart from TradingView

Cardano’s price is attempting a recovery wave above $0.375. ADA could gain bullish momentum if it settles above the $0.3850 resistance zone. ADA price is slowly moving higher from the $0.360 zone against the US dollar. The price is trading above $0.370 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $0.369 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair could start a decent increase if it settles above the $0.3850 resistance zone. Cardano’s ADA Price Attempts Recovery This past week, Cardano’s price declined toward the key $0.354 support zone. The bulls managed to stay in action and averted a major downside break below $0.3540. A low was formed near $0.3536 and the price started a recovery wave. There was a move above the $0.365 and $0.375 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $0.369 on the 4-hour chart of the ADA/USD pair. The price is up 3% and showing a few positive signs, similar to Bitcoin and Ethereum. The bears are now protecting more gains above the $0.3850 resistance. A high is formed near $0.3850 and the price is consolidating gains. ADA price is trading above $0.370 and the 100 simple moving average (4 hours). It might soon test the 23.6% Fib retracement level of the recent wave from the $0.3536 swing low to the $0.3850 high. Source: ADAUSD on TradingView.com On the upside, immediate resistance is near the $0.385 zone. The next major resistance is forming near the $0.396 zone. If there is an upside break above the $0.385 and $0.396 resistance levels, the price could start a decent increase. In the stated case, the price could even surpass the $0.420 resistance zone. The next key resistance might be $0.432, above which it could test $0.45. Fresh Decline in ADA? If Cardano’s price fails to climb above the $0.385 and $0.396 resistance levels, it could start another decline. Immediate support on the downside is near the $0.375 level. The next major support is near the $0.368 level or the 50% Fib retracement level of the recent wave from the $0.3536 swing low to the $0.3850 high. A downside break below the $0.368 level could open the doors for a fresh decline toward $0.354. The next major support is near the $0.332 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.375, $0.368, and $0.354. Major Resistance Levels – $0.385, $0.396, and $0.420.

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has witnessed a remarkable surge in network activity as it recently recorded an unprecedented number of new addresses. According to data shared by prominent analyst Ali Charts, 2,538 new SHIB addresses were created on May 26, marking the highest increase in three months. This surge in address creation has propelled the total number of addresses on Shiba Inu’s Shibarium’s Puppynet testnet to a milestone of over 16 million. The significant growth in network engagement reflects the growing adoption and use of Shiba Inu within the community. Shiba Inu Network Adoption And Activity The Puppynet dashboard of Shiba Inu reveals that more than 16 million wallet addresses are actively interacting with the network, indicating a vibrant ecosystem. With over 1 million total blocks on the network and an average block time of just five seconds, Shiba Inu’s blockchain demonstrates its efficiency and scalability. Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red Furthermore, the network has processed a remarkable number of transactions, surpassing 13 million in total. These statistics highlight the increasing popularity and utilization of Shiba Inu within the cryptocurrency space. Meanwhile, Shiba Inu’s surging network activity is closely aligned with its soaring social metrics. According to data from Lunar Crash, a reputable data aggregator, SHIB ranks among the top 10 coins by social mentions over the past week. Notably, SHIB’s social mentions reached 10,240, while its social engagements reached 344.8 million over the past week. Analyzing its weekly performance, SHIB’s social engagement witnessed a significant rise of 20.7%, reaching 2 billion, while its total mentions grew by 6.5% to 168,000. It is worth noting that the token attracted an average of 1,200 unique social contributors per hour, emphasizing its strong community engagement. Latest Update On Shibarium According to an official statement from Lucie, a key figure in the Shiba Inu’s ecosystem, the highly anticipated launch of Shibarium’s mainnet is expected to take place before the year’s end. Lucie revealed that Shibarium developer Shibarium 1 has speculated a launch date in August, while Shiba Inu lead Shytoshi Kusama predicts a slightly earlier launch in July. Related Reading: Shiba Inu Jumps 4% As Lead Dev Answers ‘When Shibarium’ Lucie emphasized the confidence of the Shiba team in the upcoming mainnet launch and highlighted the concerted efforts of multiple teams, including the integration of artificial intelligence (AI). However, the team remains focused on sustainable growth and is not engaging in any promotional tactics. Lucie stated that thorough testing processes and security audits are of utmost importance before the official launch, ensuring the reliability and robustness of the platform. Notably, it is evident that the Shiba Inu ecosystem is diligently working towards a successful mainnet launch, prioritizing security and long-term viability. As the project continues to progress, stakeholders eagerly anticipate the forthcoming release, which is poised to play a pivotal role in shaping the future of SHIB. Meanwhile, the Shiba Inu (SHIB) market has shown a brewing uptick following a significant retracement in the past week. Over the past 24 hours, SHIB has surged 2.2% with a trading price of $0.00000879. -Featured image from Shutterstock, Chart from TradingView

Ethereum price started a recovery wave above the $1,850 level against the US Dollar. ETH must clear $1,920 to continue higher in the near term. Ethereum is currently showing positive signs above the $1,850 resistance zone. The price is trading above $1,880 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,870 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise further if it clears the $1,920 resistance. Ethereum Price Recovers 4% Ethereum’s price remained supported above the $1,750 level. ETH formed a base and recently started a fresh increase above the $1,820 resistance, similar to Bitcoin. The bulls were able to pump the price above the $1,850 resistance. It even spiked above the $1,900 level. However, the bears are still active near the $1,920 resistance. A high is formed near $1,929 and the price is now consolidating gains. Ether is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,870 on the hourly chart of ETH/USD. The price is now trading near the 23.6% Fib retracement level of the recent increase from the $1,837 swing low to the $1,929 high. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level. A close above the $1,930 resistance could send Ether toward $2,000. Source: ETHUSD on TradingView.com The next resistance sits near $2,050, above which Ethereum could rise toward $2,120. Any more gains above the $2,120 resistance zone could push the price toward the $2,250 resistance. Are Dips Supported in ETH? If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level. The next major support is near the $1,880 zone or the trend line or the 61.8% Fib retracement level of the recent increase from the $1,837 swing low to the $1,929 high. If there is a close below the $1,870 support, the price could revisit the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is above the 50 level. Major Support Level – $1,870 Major Resistance Level – $1,920

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Bitcoin price is up 4% and trading above $28,000. BTC must clear the $28,500 resistance zone to continue higher in the near term. Bitcoin is gaining pace above the $27,500 and $27,800 resistance levels. The price is trading above $28,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower but the bulls might be active near $27,700 and $27,500. Bitcoin Price Recovers Over 4% Bitcoin price managed to stay above the $26,000 support zone. BTC formed a base and started a recovery wave above the $27,000 resistance. There was a steady increase once the price cleared the $27,500 resistance zone. It is up over 4% and there was a break above the $28,000 resistance. A high is formed near $28,450 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high. Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $28,320 level. The next major resistance is near the $28,500 level. A close above the $28,500 resistance zone might send the price toward the $29,200 resistance zone. Source: BTCUSD on TradingView.com The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance. Any more gains might send the price toward the $31,200 resistance level. Are Dips Limited in BTC? If Bitcoin’s price fails to clear the $28,500 resistance, it could start a downside correction. Immediate support on the downside is near the $28,000 level. The next major support is near the $27,700 zone or the 50% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high, below which the price might test the $27,500 support. Any more losses might take Bitcoin toward the $27,200 level in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone. Major Support Levels – $28,000, followed by $27,700. Major Resistance Levels – $28,320, $28,500, and $29,200.

While “no misconduct” was determined by Temasek’s internal review, staff involved with the FTX investment will see a dent in their pay package.