Category: Cryptocurrency News

Ethereum price is correcting gains from $1,930 against the US Dollar. ETH could start a fresh increase unless there is an extended decline toward $1,820. Ethereum is currently correcting lower from the $1,930 resistance. The price is trading above $1,850 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise further above the $1,900 and $1,930 resistance levels. Ethereum Price Is Stable Above $1,850 Ethereum’s price rallied above the $1,850 resistance zone. ETH even spiked above $1,900 before the bears appeared. A high is formed near $1,930 and the price is now correcting gains, similar to Bitcoin. There was a move below the $1,900 and $1,880 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,715 swing low to the $1,930 high. Besides, there was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD. Ether is still trading above $1,850 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,900 level. The next major resistance is near the $1,930 level. Source: ETHUSD on TradingView.com If the bulls manage to pump Ethereum above the recent high, the price might even surpass $1,950. The next resistance sits near $2,000, above which the bulls could aim a move toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance. Are Dips Limited in ETH? If Ethereum fails to clear the $1,930 resistance, it could continue to move down. Initial support on the downside is near the $1,865 level. The next major support is near the $1,820 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,715 swing low to the $1,930 high. If there is a break below the $1,820 support, the price could test $1,800. Any more losses may perhaps send the price toward the $1,750 zone or even $1,720 in the coming days. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now near the 50 level. Major Support Level – $1,820 Major Resistance Level – $1,930

Algorand (ALGO), the next-generation blockchain platform, has announced a major protocol upgrade that unleashes key new features for streamlining application development.  The protocol upgrade, now live on Mainnet, reduces block time to roughly 3.3 seconds while maintaining instant transaction finality. This represents a more than 10 percent increase in speed and reinforces Algorand’s position as a leading blockchain platform. Related Reading: Shiba Inu Becomes 14th Largest Cryptocurrency As Bull Rally Heats Up Algorand’s Latest Protocol Upgrade Sets New Standards Algorand’s ability to instantly finalize transactions and other performance enhancements empowers Algorand-based applications to deliver a user experience comparable to traditional Web2 applications while leveraging the security and decentralization inherent in blockchain technology.  The latest technical release incorporates valuable feedback from the developer community to ensure application development is faster, more accessible, and more cost-efficient. Some of the latest products and enhancements available to builders on Algorand include Simulate, a powerful simulator for smart contracts that allows developers to rigorously test, identify, and rectify any issues before deploying to Mainnet.  Simulate also enables highly versatile reading of blockchain data, offering developers a clear and customizable view of the blockchain.  The latest features for developers include group resource sharing for application calls, devmode timestamp control for testing Decentralized Applications (dApps), and new Algod endpoints for transaction group state updates. Conduit is another tool for flexible and lightweight data access. This technology enables developers to run their data solutions, accessing their specific data needs in a simple, flexible, and affordable manner.  With these new capabilities, builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing. In a statement, Paul Riegle, Chief Product Officer at Algorand, claimed: We are hyper-focused on Algorand providing the best tech for developers to engage with and end-users to experience. Through these new capabilities, builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing. Overall, the major protocol upgrade from Algorand represents an important step forward for the blockchain platform, offering faster transaction finality and key new features for streamlined application development.  With these new capabilities, Algorand is well-positioned to continue leading the way in the blockchain space and providing developers with the tools they need to build the next generation of decentralized applications. Algorand Upgrade Sparks Bull Run Hopes For ALGO According to the crypto investor and trader Zach Humphries, Layer 1 blockchains fiercely compete to attract developers and users to their ecosystems. Algorand has emerged as a strong contender with its latest protocol upgrade.  This upgrade has significantly improved the platform’s speed and efficiency, making it an attractive option for developers seeking a blockchain platform that can handle high traffic volumes. Compared to Ethereum, which dominates the market, Algorand’s speed and transaction costs are significantly better. Ethereum has been plagued by network congestion and high transaction fees, making it difficult for users and developers to take full advantage of the platform.  Algorand’s new protocol upgrade addresses these issues by reducing block time and making transactions faster and cheaper, thus providing a better user experience. Related Reading: Expert Analysis: IMF Documents And XC Platform Raise Concerns For XRP The positive news surrounding Algorand’s protocol upgrade has also had a bullish impact on the price of its native token, ALGO. While the token has experienced a significant downturn since reaching its annual high of $0.29858 in February, it has surged by 16% in the last seven days, reaching a current trading price of $0.12670. Despite the recent gains, ALGO still faces a resistance wall at $0.1520, which it needs to breach to continue its upward trend. If the token can overcome this resistance line, it could reach the $0.1751 and $0.20 price levels, which were lost during its downtrend. Featured image from Unsplash, chart from TradingView.com 

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Bitcoin price rallied toward $30,800 before the bears appeared. BTC is now correcting gains but dips could be attractive near the $28,800 zone. Bitcoin is currently correcting gains from the $30,800 zone. The price is trading above $29,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support near $30,050 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 the $28,800 zone. Bitcoin Price Rally Fades Bitcoin price gained bullish momentum above the $29,500 resistance zone. BTC even broke the $30,000 resistance to move into a positive zone. However, it failed to extend its rally toward the $31,200 resistance. A high is formed near $30,794 and the price is now correcting lower. There was a move below the $30,250 level. The price traded below the 23.6% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high. Besides, there was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading above $29,500 and the 100 hourly Simple moving average. If the price remains stable above the $29,500 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,250 level. The next major resistance is near the $30,480 level. The main resistance is now forming near the $30,800 level. Source: BTCUSD on TradingView.com An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $31,500 level, above which the price could rise toward the $32,000 resistance zone. Are Dips Limited in BTC? If Bitcoin’s price fails to clear the $30,480 resistance, it could continue to move down. Immediate support on the downside is near the $29,500 level. If there is a break below the $29,500 support, the price could see an extended downside correction. The next major support is near the $28,800 level or the 50% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high. Any more losses might send the price toward $28,200 in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level. Major Support Levels – $29,500, followed by $28,800. Major Resistance Levels – $30,250, $30,480, and $30,800.

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The SHIB-themed diner serves hot wings, burgers and cocktails, but despite the branding, still trades mostly in fiat.

Bitcoin has observed a sharp rally above the $30,000 mark over the past day. Here’s how the 30-day price range may have foreshadowed this volatility. Bitcoin Had Earlier Compressed To A Tight 30-Day Price Range According to data from the on-chain analytics firm Glassnode, tight price ranges have historically preceded large moves in the cryptocurrency’s price. In the context of the current discussion, the Bitcoin price range of interest is the 30-day one, simply a measure of the percentage difference between the top price and bottom price that the asset has observed over the last month. When the value of this metric is high, it means that the cryptocurrency has seen a significant degree of fluctuation between the high and low set during the past 30 days. Such a trend implies that the asset has registered high volatility recently. On the other hand, low values suggest the asset has only moved inside a narrow range during the past month. This kind of trend naturally highlights how stale the cryptocurrency’s price action has been lately. Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi Now, here is a chart that shows the trend in the Bitcoin 30-day price high and low, as well as the 30-day price range, over the history of the coin: The value of the metric seems to have seen an uplift in the last few days | Source: Glassnode on Twitter As highlighted in the above graph, the Bitcoin 30-day range had compressed to a very tight range recently as the asset’s price had mostly moved sideways. During this period of consolidation, the 30-day range had fallen below the 11% mark, meaning that within 30 days, the asset’s top and bottom had only seen price action amounting to less than 11%. Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000 In the chart, Glassnode has also marked the historical instances where the asset moved in similarly tight or tighter 30-day price ranges. Following such tight price consolidation periods, BTC has generally always observed a sudden burst of volatility. Most of the time, this volatility has been in the upwards direction, as the tight 30-day ranges have preceded many rallies in the asset. The 2021 bull run, for example, saw a similarly narrow price range in its early buildup. Though most cases may have been like this, the volatility hasn’t always been bullish. During the 2018-19 bear market, the cryptocurrency saw a long stale price action, with the 30-day price range falling to pretty low values. This stagnation finally ended up being broken by the November 2018 crash. Therefore, the recent tight range that Bitcoin had been stuck under wasn’t certain to lead to bullish volatility. But fortunately for the coin, it would appear that the narrow range has decompressed into a rally this time, as the cryptocurrency has been able to enjoy a sharp jump toward the $30,000 mark. BTC Price At the time of writing, Bitcoin is trading around $29,800, up 19% in the last week. BTC has observed a rapid increase recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com

The compromised accounts could give bad actors confidential information about companies and individuals.