Altcoin
Solana risks 35% price crash with SOL price chart ‘megaphone’ pattern
Solana (SOL) risks crashing 35% in the coming days as it comes closer to painting a so-called “megaphone” pattern. SOL price “megaphone” pattern In detail, megaphone setups consist of a minimum of lower lows and two higher highs and form during a period of high market volatility. But generally, these patterns consist of five consecutive swings, with the final one typically acting as a breakout signal. SOL has been sketching a similar pattern since the beginning of 2022, with the coin undergoing a pullback after testing the megaphone’s upper trendline near $140 as resistance — the fourth wing. As a result of the pattern, the Solana token could extend its decline to test the megaphone’s lower trendline as support near $65, about 35% below today’s pri...
Neutrino Dollar breaks peg, falls to $0.82 amid WAVES price ‘manipulation’ accusations
Neutrino Dollar (USDN), a stablecoin issued through Waves-backed Neutrino protocol, lost its U.S. dollar-peg on April 4 amid speculations that it could become “insolvent” in the future. USDN plunges 15% despite WAVES backing USDN dropped to as low as $0.822 on Monday with its market capitalization also diving to $824.25 million, down 14% from its year-to-date high of $960.25 million. Interestingly, the stablecoin’s plunge occurred despite Neutrino’s claims of backing its $1-peg via what’s called “over collateral,” i.e., when the total value of Waves (WAVES) tokens locked inside its smart contract is higher than the total USDN minted, also called the “backing ratio.” Neutrino Dollar price performance in the last 24 hours. Source: Co...
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana (SOL) jumped past a critical resistance level that had limited its recovery attempts during the November 2021-March 2022 price correction multiple times, thus raising hopes of more upside in April. Solana flips key resistance to support To recap, SOL’s price underwent extreme pullbacks upon testing its multi-month downward sloping trendline in recent history. For instance, the SOL/USD pair dropped by 60% two months after retracing from the said resistance level in December 2021. Similarly, it had fallen by over 40% in a similar retracement move led by a selloff near the trendline in November 2021. SOL/USD daily price chart. Source: TradingView But Solana flipped the resistance trendline as support (S/R flip) after breaking above it on March 30, accompanied by a rise in trading...
Zilliqa’s ‘metaverse’ debut pumps ZIL price 350% in just five days — Selloff ahead?
Zilliqa (ZIL) continues its supersonic bull run this week after reports that it will officially launch a so-called metaverse-as-a-service (MaaS) platform in April. ZIL rallied nearly 25% in one day to $0.22 a token by March 30, its best level since May 13, 2021. Its strong move came as a part of a rebound rally that started March 26 when it was trading for as low as $0.047. As a result, its net gains in the past six days came out to be more than 350%. ZIL/USD daily price chart. Source: TradingView Metaverse FOMO Traders started flocking to the Zilliqa market the day after it announced the launch of Metapolis, a MaaS platform built on Nvidia Omniverse, during a VIP event coming April 2 in Miami. The metaverse concept and the companies trying to build it attracted nearly $3 billio...
What is a cryptocurrency mixer and how does it work?
The rapid expansion of cryptocurrencies and the development of crypto infrastructure and vulnerabilities like crypto mixers or tumblers have been a source of concern for government agencies in charge of financial security. Many people use crypto mixers to keep their cryptocurrency transactions private by mixing potentially identifiable cryptocurrency funds with vast sums of other funds. These services are often used to anonymize fund transfers between services and do not require Know Your Customer (KYC) checks. As a result, the risk of employing crypto mixers to launder money or conceal earnings is pretty considerable. Mixers and online gambling sites have the most severe money laundering issues, as they process the vast majority of dirty currencies. Mixers, for example, have consistently ...
Dogecoin signals bottoming out as DOGE rebounds 30% in two weeks — What’s next?
A brutal correction witnessed in the Dogecoin (DOGE) market between May 2021 and February 2022, which saw the price dropping by almost 85%, appears to have come to a halt this month. DOGE/USD rebounds 30% in two weeks DOGE experienced strong dip-buying when its price crashed to levels around $0.10 two weeks ago, resulting in a 30% rebound move to $0.14 as of March 27. Meanwhile, the coin’s upside retracement originated at a support level that constitutes a “falling wedge” setup, signaling an extended bullish reversal in the weekly sessions ahead. In detail, a falling wedge pattern occurs when the price trends lower while fluctuating between two downward sloping, converging trendlines. In a perfect scenario, the setup results into the price breaking out of the descending r...
Cryptocurrency vs. Stocks: Key differences explained
Both the crypto and the stock markets are volatile and subject to external influences. However, there are also differences between them. When we’re talking about cryptocurrency vs. stocks, there is a big difference in how they are traded. Cryptocurrency can be bought at a cryptocurrency exchange, whereas you can buy stocks at the stock exchange. Of course, there are differences in the exchanges and opening hours, as previously described. Normally, the crypto market is more volatile than the stock market. However, the stock market is also subject to volatility due to interest rate changes and uncertain situations like war, inflation rate and monetary policy changes. But, what about trading costs in cryptocurrency vs. stocks? Basically, transaction fees do not a...
Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next?
Cardano (ADA) inched higher on March 25, putting itself on course recoup a great portion of losses that it had incurred in the first two months of this year. Cardano: not so bullish yet? ADA’s price jumped by around 7.5% in trading Friday, reaching $1.19 over a month after bottoming out at around $0.75. The Cardano token’s huge rebound move netted around 60% in gains. Nonetheless, it remained at the risk of losing its upside momentum in the coming weeks. At the core of this bearish analogy is a multi-month descending channel pattern, with a reliable track record of causing and limiting ADA’s rebound attempts simultaneously since September 2021. The channel’s upper trendline particularly has served as an ideal selloff zone, now being tested again as resistance, as sh...
Bottomed out? MINA rises 75% nine days after hitting its worst level to date
MINA, a utility token backed by a “lightweight” smart contracts platform of the same name, continued its upside move nine days after rebounding from $1.58, its lowest level to date. The coin rallied by about 75% to reach $2.75 as of March 24 as traders weighed a high-profile funding rounds involving the sale of $92 million worth of MINA tokens to Three Arrows Capital, FTX Ventures, and other venture capitalists. MINA/USD daily price chart featuring its correlation with Bitcoin. Source: TradingView An overall recovery sentiment across the crypto market also assisted in pushing MINA’s price higher, since altcoins typically move in tandem with Bitcoin (BTC). Additionally, Coinbase’s announcement on March 23 to add MINA support to its crypto exchange may have ...
THORChain quietly outperforms crypto market in Q1 — Can RUNE price break $10 next?
THORChain (RUNE) could continue its upward momentum in the coming weeks even as it treads inside a classic bearish reversal structure. RUNE’s price has rebounded strongly by over 165% four weeks after testing its multi-month horizontal level support near $3.15. What’s more, its upside retracement has opened up possibilities about an extended bull run toward $11.50, about 45% above the current price level near $7.89, as shown in the chart below. RUNE/USD weekly price chart featuring descending triangle setup. Source: TradingView The $11.50-level coincides with RUNE’s multi-month falling trendline resistance, forming a descending triangle, a bearish setup, in conjunction with the lower horizontal support. That could have RUNE’s price correct again to $3.15 after reach...
3 reasons why XRP price could drop 25%-30% in March
XRP price risks dropping by more than 25% in the coming weeks due to a multi-month bearish setup and fears surrounding excessive XRP supply. XRP descending triangle XRP has been consolidating inside a descending triangle pattern since topping out at its second-highest level to date — near $1.98 — in April 2021. In doing so, the XRP/USD pair has left behind a sequence of lower highs on its upper trendline while finding a solid support level around $0.55, as shown in the chart below. XRP/USD weekly candle price chart. Source: TradingView In the week ending March 13, XRP’s price again tested the triangle’s upper trendline as resistance, raising alarms that the coin could undergo another pullback move to the pattern’s support trendline near $0.55, amounting to ...
Haven Protocol (XHV) shows strong signs of bottoming out after crashing 90%
Haven Protocol (XHV) showed signs of returning to its bullish form as its price doubled in just five days of trading. What’s pumping Haven Protocol? XHV’s price surged by up to 107% week-to-date to climb above $3.60 on March 11, its highest level in more than three months. Interestingly, the move upside followed a period of aggressive selloffs that saw XHV’s value dropping from nearly $20 in November 2021 to as low as $1.60 in early February 2022 — an approximately 90% decline. XHV/USD weekly price chart. Source: TradingView Traders started returning to the Haven Protocol market against the prospects of two macroeconomic scenarios: U.S. President Joe Biden’s executive order that focuses on cryptocurrencies and hardline western sanctions on Russian oligarchs amid an ...
