Category: Cryptocurrency News

Ethereum Classic (ETC), Filecoin (FIL), and Lido DAO (LIDO) have been dominating the altcoin sector as they outperform Bitcoin and other large cryptocurrencies. The first crypto by market cap has been recording its best month in 2022 but is still far from the monthly average return from these tokens. According to Arcane Research, altcoins have seen an average of 40% performance over the past month as the crypto market experienced a “classic relief rally”. July has been a historical green month for digital assets. During this period, the nascent asset class has seen the expansion of two critical sectors, decentralized finances (DeFi) and non-fungible tokens (NFTs). As seen below, the rally has been particularly positive for mid-cap cryptocurrencies. This market rally has translated into a reduction of Bitcoin and stablecoins market share, suggesting an increase in risk appetite for crypto investors, and more strength for Ethereum. Arcane Research noted: Ether’s lack of strength relative to bitcoin last week has been reversed this week, as ether has increased its market share by 0.43 percentage points, while bitcoin has lost 0.22 percentage points. Notably, bitcoin and stablecoin are losing market share this week (…). Ethereum might be critical for understanding the current price action. The cryptocurrency has a tentative deployment date for “The Merge”, the event that will combine its execution layer (Proof-of-Work) with its consensus layer (Proof-of-Stake). Altcoins, such as Lido Dao and Ethereum Classic, might benefit from the imminent shift in this blockchain. The former cryptocurrency has rallied because more users want to stake their ETH and participate in Ethereum (2.0) consensus model to receive rewards. Ethereum Classic has seen positive performance because it might become a safe haven for ETH miners. This sector faces inevitable destruction as ETH’s new consensus model will validate transactions with a different mechanism. Will The Merge Provide Altcoins With Further Bullish Momentum In that sense, and up to “The Merge” mainnet launch, altcoins might continue to extend their bullish trajectory. Data from a pseudonym user highlights the importance of this event and why it might inject fresh capital into this ecosystem further driving the price of Ethereum and the altcoin sector. The user claims this cryptocurrency will become Environmental, Social, and Governance (ESG) friendly. This will provide new institutions with the confidence to bet on Ethereum’s long-term success. The user said: No matter your personal thoughts on ESG, if you want mainstream cryptoasset adoption controlling the narrative around emissions and sustainability is essential. Bitcoin has decided to ignore the issue; Ethereum unlatching itself from PoW should be a positive for both assets.

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Just in during the earnings season, Robinhood reported a $318M revenue for Q2 2022 which is below estimates of a $321.5M revenue and in addition to that they are even laying out 23% of their staff. It's no secret that they are really struggling right now and even in comparison to the daily-scandals coinbase it's…
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Despite showing great recovery signs from a low of $0.33 with over 80% gains in weeks, Matic price faces strong resistance at $1. July has been good for most crypto projects, with the price of Matic surging to over 80% gains in just one month, although Matic price faces steep resistance at the $1 mark. Matic Weekly Chart Analysis The price of Matic moved from the low of $0.33 to a high of $1 before seeing a rejection to a region of $0.80. Matic saw a relief bounce when it met its all-time high (ATH) of 2021; this became a good support for Matic to build more buy pressure for a good relief bounce. From the strong support built around $0.33, Matic has been able to form weak support on the weekly chart at around $0.589. A pull back on the weekly price of Matic would see us retesting the support region of $0.6 – $0.58. Major resistance on the weekly chart – $1 Major support on the weekly chart – $0.6, $0.35 Daily Analysis Of Matic Price The daily chart for Matic price still looks good after being rejected from $1, which corresponds with the 200 EMA.  Matic is holding up well above the 50 EMA, which is good support on the daily timeframe. With trend reversal in a low timeframe, bulls could push the price high enough to break the 200 EMA resistance that has been tough to break. A successful break of the resistance at $1.02 could see the price of Matic go high as $1.3. The volume on the daily chart suggests buyers are still holding on to their position until a complete trend reversal on a higher timeframe. The relative strength Index (RSI) on the daily chart is at the 60 mark, which is a good sign as there is not much sell pressure on Matic. If Matic cannot hold the 50 EMA as support, should there be a shift in trend to the downside, the region of $0.6 – $0.589 has been a good support area to allow buyers to drive the price upward. Daily resistance – $1.02. Daily support – $0.74, $0.589. Matic Price On The 4H Chart The price of Matic on the 4H chart shows the price is above the 200 EMA but struggling to break past the 50 EMA acting as resistance for Matic. Matic needs to break this resistance for bulls to push towards the $1 mark resistance that has proved difficult to break for Matic on the high timeframe. The volume on the chart shows more buyers stepping in to buy Matic at this level; the bounce across the market for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies could push the price of Matic high above the current price. Matic needs to break and close above $0.88, which corresponds with the 50 EMA, to have a better chance of going higher; if Matic fails to break, then a pull back to the next support is expected. Resistance on the 4H chart – $0.88, $1. Support on the 4H chart – $0.776, $0.59.  

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