During the bull run, there are many who blindly shill coins because they can… they just rise in value. During the crypto bear markets, things quiet down and bitcoin gears up for a new ATH (historically). Note: all of these crypto bear markets have been during a general global bull market. Now that we’re entering…
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Cardano fell to a fresh all-time low on Saturday, as prices plunged by over 10% to start the weekend. The move saw the token drop for a third straight session, as a red wave swept through cryptocurrency markets. Binance coin also moved lower, dropping for a seventh consecutive day. Cardano (ADA) Cardano (ADA) moved to […]
It reached my attention when i got an email from a website named haveibeenpwned that tracks data breaches. It quoted: In late 2022, data allegedly taken from the Gemini crypto exchange was posted to a public hacking forum. The data consisted of email addresses and partial phone numbers, which Gemini later attributed to an incident…
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The Litecoin price has tanked further over the last 24 hours. On their respective charts, the prices of major altcoins reflect the price action of Bitcoin. As BTC slipped close to 3%, LTC also tanked nearly 8% on the daily chart. Recovery for Litecoin seems far-fetched from what the technical outlook suggests. A rise in Bitcoin’s price may help LTC for a while, but the altcoin’s demand must rise in order for the price to reverse. The short-term price thesis for LTC points towards continued lower price action. Since the coin has moved to a short-term low on its daily chart, the chance of a reversal cannot be fully negated either. For the past few weeks, the altcoin has been moving in a parallel channel, between $79 and $68 respectively. Investors had expected that LTC would break on the upside as BTC was attempting to register daily gains on its chart. Despite Litecoin moving above the $70 price mark, demand was not on the side of the bulls. This could mean that demand was lower at higher levels for Litecoin. On the other hand, market capitalization noted a slight uptick, which could also hint at the coin attempting to turn its price around. Related Reading: Double-Digit Losses Brings Doge Below Critical Level, More Pain To Follow? Litecoin Price Analysis: One-Day Chart LTC was trading at $68 at press time. The altcoin got to this price level after falling through the lower line of the parallel channel. Its current resistance mark would be at $70, breaching which the coin might face another setback at $74. As LTC continues to fall, the local support line for the altcoin was $66, falling through which LTC could halt at $56. This would cause the coin to lose another 15% of its value. The amount of Litecoin traded in the last session shot up, and that signified selling pressure intensifying on the chart. Technical Analysis As LTC broke below the lower band of the parallel channel, the buying strength could not sustain itself. The Relative Strength Index pierced through the half-line and stood near 40. This indicated that sellers were countering buyers at press time. In accordance with the same, the price of the altcoin was below the 20-Simple Moving Average line. Moving below the 20-SMA meant that sellers were driving the price momentum in the market. The altcoin depicted that sellers were strong in the market. The Moving Average Convergence Divergence reads the price momentum and trend, painted red histograms. These red histograms were sell signals for the altcoin. The Aroon Indicator indicates a trend; as the blue line (Aroon down) crossed over the yellow line (Aroon down), it signals a downtrend for the Litecoin price. Related Reading: Polygon Profitability Tanks As MATIC Nosedives 5.6%
Solana was scrutinized extensively after speculations appeared connecting it to the bankrupt FTX. The network’s perception of FTX was drastically altered by the occurrence, and the resulting fear, uncertainty, and doubt (FUD) proved challenging to dispel. Almost 9% of the token’s value was wiped out today, perhaps because of the fallout from the exchange’s downfall, indicating a deepening bear market. In addition, the CryptoSlam data reveals that the NFT market in the ecosystem has been experiencing severe declines in trading volume and new buyers. DeFiLlama also reported that SOL’s TVL had dropped by another 10%. When compared to the all-time high in TVL in November of $1.02 billion, the current value of $265.43 million represents a staggering drop of 73.46%. Data from Messari, however, indicates that Solana is very much alive. Related Reading: Bitcoin Backpedals To $16,000 Level As Crypto Market Sheds $50 Billion Image: The Independent Getting Rid Of Security Bugs Messari’s latest coin report notes various activities, even if the ecosystem does not have a clearly articulated roadmap. For example, JumpCrypto is working on a C++ client for the token’s validator called Firedancer. Because of this, the impact of bugs on the Solana blockchain would be mitigated. However, such endeavors necessitate time to germinate and grow. At the moment, there are some security holes in Solana that should be fixed. The Solana DeFi protocol Raydium was compromised on December 16. This resulted in investors and traders losing approximately $2 million. This is expected to diminish confidence in the token further. Contrary to these neutral and negative changes, Santiment data indicates that on-chain development activity is still quite robust. Related Reading: Uniswap Stuck In The Ground As UNI Copes With Falling Network Activity SOL total market cap at $4.4 billion | Chart: TradingView.com Solana Token Needs More Kick It appears that the Solana Ecosystem is highly resilient due to the significant development activity and activities to enhance on-chain performance. In contrast, Solana’s native coin SOL stands in stark contrast to the ecosystem. As of the time of writing, the token has support at $11.83 and resistance at $14.98. The increased link between SOL and BTC could become problematic if Bitcoin’s market performance continues to deteriorate. As the US Federal Reserve prepares for a further hike in interest rates, macroeconomic considerations will also play a role. The future of Solana is looking bleak at the moment. But, hopefully, as the situation improves, FUD surrounding the ecosystem may diminish. However, if the existing status quo is not altered, SOL might fall to $10. The next few hours or days will be key for SOL’s price consolidation or capitulation to lower lows, therefore investors and traders should actively monitor the situation.
I keep seeing this stupid Binance FUD on Youtube. People thinking that if Binance goes down, then it is game over for crypto. How the hell did we get to this point, that we let one exchange become so big compared to the rest of the market? Crypto is supposed to be decentralized, and I…
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So basically I got about $1,000 USD of eth and I want to convert it to either USD that I can wire to my bank or preferably into BTC so that I can exchange it within cashapp (as I'm more familiar with that). But I have absolutely no idea what I'm doing. Can anyone explain…
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According to Santiment, the decentralized exchange Uniswap has not experienced any kind of recovery. Santiment recently tweeted that Uniswap is one of the outliers in the active addresses measure, indicating that the DEX’s native token UNI is underperforming relative to other cryptocurrencies. According to the data, the number of functioning IP addresses last increased when Uniswap introduced its NFT market aggregator following the acquisition of Genie, the pioneering NFT market aggregator. Address decline may indicate investors and traders have lost interest in the exchange. Chart: TradingView 📊 Several #altcoins are seeing big upticks in address activity and dormant wallets awakening to move their funds right now. Others are staying stuck in the mud, and are more likely to fall behind. Read our short take on $YFI, $REN, and $UNI. https://t.co/MI1HQaLUpy pic.twitter.com/sRSyiDvqVe — Santiment (@santimentfeed) December 15, 2022 Image: Forkast Negative Market Sentiment To summarize, Uniswap’s network activity has been very unpleasant for investors on its native token. As of writing, UNI is down 2.4% with subsequent drops in the weekly, bi-weekly, and monthly timescales. This negative market sentiment can be seen on-chain. In the time after its release in November, the volume of NFT transactions processed by Uniswap’s marketplace aggregator has dropped significantly, as reported by Dune Analytics. Numbers show that there were only 39 recorded transactions today, down from 446 on November 30. That is a drop of 91.25%. This contradicts what Uniswap Labs COO Mary-Catherin “MC” Lader stated to Fortune in an interview. She stated that the NFTs’ underlying technology is still in its infancy. Other proponents of the technology have utilized this reasoning. Whether or not the NFT business is in its infancy, data indicates that it is barely alive, with few customers and sellers, as seen by large declines in trade volume and sales. Related Reading: Bitcoin Backpedals To $16,000 Level As Crypto Market Sheds $50 Billion UNI total market cap at $4 billion | Chart: TradingView.com Related Reading: ADA Price Sheds 5% In The Last 7 Days Even As Trade Volume Soars Incoming Headwinds In addition to the UNI NFT issue, the market has yet to recover from the FTX collapse. The recent hike in interest rates by the US Federal Reserve adds to the strain. With the big cryptocurrencies also seeing value declines, UNI’s long-term prospects may worsen. In terms of pricing, the token appears to find support in the $5.2 range. What’s interesting is that UNI has a strong correlation with Bitcoin. This means that when Bitcoin appreciates, UNI will as well. The market will rebound as institutional interest in cryptocurrencies and digital assets in general grows. Short-term UNI bulls can benefit at the $6.5 price level. Nonetheless, investors and traders should continue to take prudence, as further rises in interest rates by the central bank could result in market declines.
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