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Waves-backed stablecoin USDN drops further after regulator warning and exchange delisting

WAVES price and its USDN stablecoin lose value after the Digital Asset eXchange Association issues a caution notice and Upbit exchange delists the token.

Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions. 

The UST implosion created a domino effect that caused another stablecoin, Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoins, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that the concept has improved since the crises seen earlier in the year.

Let’s look at the latest de-peg event in the cryptocurrency space.

Warning issued for WAVES and its USDN stablecoin

On Dec. 8, the Digital Asset eXchange Association (DAXA), which consists of the five major crypto exchanges in Korea issued a warning for Waves and its (WAVES) token.

The warning comes after the stablecoin, USDN which is backed by WAVES, de-pegged and has thus far failed to re-establish the $1 peg in more than 180 days. This means that the USDN protocol may liquidate WAVES through the automatic arbitrage process in an attempt to regain the peg. On Dec. 8, USDN was 16% below the peg.

USDN/USD 180-day chart. Source: Coingecko

The move by DAXA to issue the warning has led Upbit to delist both WAVES and USDN. The delisting, combined with the DAXA warning appears to be playing some role in the price decline currently seen in WAVES and USDN.

Algorithmic stablecoins are not alone in depegging. Constant concerns about Tether’s (USDT) backing and its general solvency continue to raise de-peg fears among all levels of investors.

Over the years, USDT has lost its peg but never to the extent seen with UST and USDN.

As the community continues to reel from algorithmic stablecoins, regulators are taking notice and placing priority on regulating the space.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Litecoin eyes $100 after ‘rare’ LTC price breakout

MoneyGram's decision to integrate Litecoin into its crypto services and the coin's upcoming halving event has served as catalysts behind LTC's price rally.

Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.

LTC's not-so-bearish symmetrical triangle

LTC's price broke out of what earlier appeared to be a bearish symmetrical triangle.

Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend. 

Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline.

But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of Technical Analysis of Stock Trend, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.

LTC/USD three-day price chart. Source: TradingView

Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.

This upside target is measured after calculating the distance between the triangle's upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin's case).

Why is Litecoin price up?

Litecoin's symmetrical triangle breakout move started in late October. It coincided with MoneyGram's announcement that it would enable users to purchase, store, and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.

LTC/USD three-day price chart. Source: TradingView

The LTC breakout lost momentum due to the FTX collapse in the first week of November and its negative impact on the broader crypto market. But, Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.

Related: Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?

"Litecoin tends to rally in the months leading up to the halving," noted market analyst, The Digital Trend, in his SeekingAlpha op-ed, adding:

"Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish/distribution phase like Bitcoin."
LTC/USD price performance before and after halving. Source: TradingView/The Digital Trend

Litecoin's price could reach $180 by July 2023 if the halving fractal plays out as intended, as Cointelegraph covered here.

The bearish take

Conversely, Litecoin can see a short-term correction as its three-day relative strength index (RSI) is turning "overbought." The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.

LTC/USD three-day price chart. Source: TradingView

LTC's price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

ApeCoin risks 30% crash after APE staking debut in December

ApeCoin price has rallied 50% in the last three weeks but a sell-the-news event risks wiping out those gains.

The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors.

Fundamental — ApeCoin Staking launch 

In the past two weeks, APE's price is up over 50% after bottoming at around $2.60.

The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But, it outperformed top assets, including Bitcoin (BTC) and Ether (ETH), as traders pinned their hopes on ApeCoin's staking debut.

The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer Horizon Labs. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically.

The feature announcement has resulted in a rise in the APE holders' count, according to data tracked by Dune Analytics. Notably, it reached 103,591 on Dec. 2 compared to 94,775 a month ago, which, combined with rising prices, shows an increase in APE's spot demand.

ApeCoin holders over time. Source: Dune Analytics

But analysts fear that the ApeCoin Staking may become a sell-the-news event. For instance, Altcoin Sherpa says that one shouldn't buy APE in anticipation of a continuous bull-run toward $5 after the staking launch.

Altcoin Sherpa:

"You can probably long until staking starts, and then you can just short it [...] I wouldn't buy here personally but would wait for a break/retest."

Technical — 30% APE price correction ahead?

Technicals meanwhile suggest that ApeCoin's price can decline by at least 30% by the end of December. 

The daily chart shows APE's price entering a correction upon testing its multi-month descending trendline resistance near $4.50. This move is reminiscent of price pullbacks witnessed multiple times since August, as shown below.

APE/USD daily price chart. Source: TradingView

Each correction cycle highlighted in the chart above exhausts when APE reaches the lower end of the Bollinger Band. The $2.80-2.50 range comes into play if this fractal repeats, down up to 30% from current price levels.

Related: ApeCoin geo-blocks US stakers, two Apes sell for $1M each, marketplace launched

Conversely, a breakout above the descending trendline resistance could invalidate the bearish setup — by sending APE price to its primary upside target near the 200-week exponential moving average (the blue wave) near $6.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

MATIC attack: How smart crypto traders “got out” before a 35% price drop

Polygon (MATIC) and Green Satoshi Token (GST) provide the perfect examples of how quant analysis can help cryptocurrency investors shield themselves from volatile markets.

Disparities in information access and data analytics technology are what give institutional players an edge over regular retail investors in the digital asset space.

The core idea behind Markets Pro, Cointelegraph’s crypto-intelligence platform powered by data analytics firm The Tie, is to equalize the information asymmetries present in the cryptocurrency market.

Markets Pro bridges the gap of these asymmetries with its world-class functionality: the quant-style VORTECS™ Score.

The VORTECS™ Score is an algorithmic comparison of several key market metrics for each coin utilizing years of historical data that assesses whether the outlook for an asset is bullish, bearish or neutral at any given moment based on the historical record of price action.

The VORTECS™ Score is designed to notify traders that something has just happened that — in the past — reliably moved asset prices.

That’s why a good Markets Pro chart is one that shows events happening in the right order and at the right time: First comes the indicator, and then price action follows.

In the last couple of days, we have observed a number of exemplary scenarios illustrating classic Markets Pro insights into the market.

MATIC: VORTECS™ provides an exclusive foreshadowing of price drop

November started off promising for those invested in Polygon (MATIC) — but any expectations for lasting gains would be left in ruins. The token, despite seeing a comfortable rise to $1.25 on November 8, 2022, would suffer a steep fall of 35.4% down to $0.807 just two days later.

Following this was a surprising resurgence, with MATIC going back up to $1.13 on November 11. But here’s the kicker: While most traders only saw what was on the surface — MATIC’s potential resurgence in a bear market — Markets Pro members had access to a wider view.

Even if the price trend looked promising, the market conditions remained historically unfavorable for MATIC, suggesting a prime selling opportunity — which came to fruition with another 22.1% dip to $0.883.

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Since August, MATIC’s VORTECS™ Score remained below 74, foreshadowing a price drop that, by all traditional measures, ran contrary to MATIC’s early November bull run up to $1.25.

Throughout the first half of November, its VORTECS™ Score hovered between 54 and 60. This provided fantastic opportunities to cash in on not one, but two, price dips for all investors with access to Markets Pro — regardless of their level of experience.

GST: VORTECS™ predicts 12% dip

Similarly, the Green Satoshi Token (GST) token saw a pump from $0.023 to $0.042 — an 82.6% increase — between November 3–6.

While the average investor may have been spurred on to buy in case the price continued upwards, Markets Pro members were able to deduce that this price action was a red herring.

This is because at the very height of GST’s bull run, its VORTECS™ Score took a nosedive from 48 down to 24.

Members familiar with Markets Pro’s VORTECS™ scoring system would know that 40, much less 24, meant the equivalent of red flags and warning bells — and would have had an opportunity to prevent a major loss to their position in the coin.

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At the time of this writing, GST's VORTECS™ Score is 50 and its token price is back around $0.022.

Cointelegraph Markets Pro is available exclusively to members at $99 per month with a 100% satisfaction guarantee. We are offering you access to the only crypto-intelligence platform in the world that can provide you with the exact same trading alerts as institutions and hedge funds in real time … before this information becomes public knowledge.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

All ROIs quoted are accurate as of 8:00 am UTC on Dec. 1, 2022

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

DEX token GMX rallies 35% after beating Uniswap on trading fees for the first time

GMX’s technical indicator hints at a strong correction in December, which may push its price toward $40.

The price of GMX rallied to its second-highest level in history on Dec. 1 as traders assessed the decentralized exchange’s ability to evolve as a serious competitor to its top rival Uniswap.

GMX established an intraday high of $54.50 in a recovery that started on Nov. 29 from $40.50. Its rally’s beginning coincided with crypto research firm Delphi Digital’s tweet on the GMX decentralized exchange, as shown below.

GMX/USD 4-hour price chart. Source: TradingView

GMX beats Uniswap in fees for the first time

Notably, GMX earned about $1.15 million in daily trading fees on Nov. 28, which surpassed Uniswap’s $1.06 million in trading fees on the same day.

GMX flipped Uniswap in daily Fees on Nov. 28. Source: Delphi Digital

This seemingly renewed buying sentiment in the GMX market, helping its price rally 35% to $54.50 afterward.

Moreover, GMX also benefited from the growing discontent against centralized exchanges in the wake of the FTX collapse. The decentralized exchange’s revenue rose by 107% to $5 million in November, boosted by a 128% increase in annualized trading volume and a 31% rise in daily active users.

GMX exchange’s financial data. Source: Token Terminal

In comparison, Uniswap’s annualized revenue increased by about 75% and daily active users by 8%. 

Independent market analyst Zen noted that GMX’s outperformance could have stemmed from its tokenholders receiving a good portion of all trading fees — about 30%, according to GMX’s official declaration.

On the other hand, holders of Uniswap’s native token, UNI, do not receive shares from the platform’s trading fees.

“[GMX is] an obvious buy and hold during this bear market,” Zen added, saying that it is “consistently the second highest earning protocol after Uniswap.” An excerpt:

“Leverage trading becomes dominant during bear markets. FTX and Bybit grew a lot last time. Expecting [a] similar story here. No big FDV overhang.”

GMX price technicals tilt bearish

From a technical analysis perspective, GMX’s ongoing bull run risks exhaustion in the coming days. 

Related: FTX’s collapse could change crypto industry governance standards for good

On the daily chart, GMX’s price tests its multi-month ascending trendline resistance for a potential pullback based on its previous corrections after testing the same trendline. In doing so, the token eyes a decline toward the ascending trendline support. 

GMX/USD daily price chart. Source: TradingView

As of Dec. 1, GMX faced an increase in selling pressure near the trendline resistance at around $53. The GMX/USD pair could drop to the current trendline support near $42, which coincides with its 50-day exponential moving average (50-day EMA; the red wave) and its 0.618 Fib line.

In other words, GMX could drop by nearly 20% from its current price levels by the end of 2022.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

FTM price rebounds 50% as Fantom reveals 30 years runway (without having to sell its token)

The Fantom Foundation's attempt to dispel concerns about potential FTX exposure has been a success thus far for FTM price.

Fantom (FTM) continued its upward momentum on Nov. 30 amid reports that the Fantom Foundation generates consistent profits and has 30 years of runway without having to sell any FTM tokens. 

Fantom's FTM holdings up from 3% to 14%

FTM price gained nearly 13.5% to reach $0.24, its highest level in three weeks. The rally came as a part of a broader rebound trend that started when it bottomed out at around $0.17 on Nov. 22. This amounts to a 50% price rebound in the last eight days.

Interestingly, the rally picked up momentum after the Fantom Foundation's "Architect," Andre Cronje, released the firm's financial records on Nov. 28, revealing that it had $340 million worth of digital assets and had been earning over $10 million annually. Notably: 

Nov 2022 — Over 450,000,000 FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets, $50,000,000 in non-crypto assets. Salary burn rate $7,000,000 / year. We have ~30 years left (without having to touch FTM)
FTM/USD daily price chart. Source: TradingView

Certain crypto and blockchain projects have suffered due to their potential exposure to failing companies.

For instance, the collapse of the FTX crypto exchange triggered major price declines in Solana (SOL) and its associated project tokens, such as Serum (SRM). FTX and its sister firm Alameda Research were Solana ecosystem's major supporters.

Solana ecosystem performance in different timeframes. Source: Messari

In February 2021, Alameda also purchased $35 million worth of FTM tokens to become a validator on the Fantom blockchain. This exposure may have been a key factor behind FTM's underperformance in the early days of November, wherein its price declined by as much as 35%.

Cronje downplayed any connection with FTX/Alameda, explaining that being a validator does not make one part of the foundation.

"Unlike most of our competitors, the foundation owns a relatively small amount of FTM," he wrote, adding:

"Most comparable L1s own between 50% — 80% of their token supply. At launch, Fantom owned less than 3%. Today, we own more than 14%. We prefer buying our tokens; we don't 'sell' our tokens for 'partnerships.'

Cronje also revealed that Fantom passed on further cooperation with Alameda in January 2022. 

FTM whales and fishes accumulate

Fantom's on-chain data reveals that addresses holding more than 1 million FTM have been distributing the tokens during the FTX-led crypto market decline.

On the other hand, the supply of Fantom tokens held by addresses with a balance between 1 and 1 million FTM increased in November, suggesting strong accumulation among the network's richest (whales) and poorest (fishes) investors.

Fantom supply distribution among addresses with a 1-infinity FTM balance. Source: Santiment 

In other words, these investors anticipate FTM to undergo a strong price recovery in the future.

Related: Learn from FTX and stop investing in speculation

Technicals support the bullish outlook to a certain degree. FTM price now eyes a nearly 20% rally toward $0.30, which coincides with the token's prevailing descending channel's upper trendline and its 50-3D exponential moving average (50-3D EMA; the red wave), as shown below.

FTM/USD three-day price chart. Source: TradingView

Conversely, testing $0.30 as resistance could have FTM eye a strong pullback toward the descending channel's lower trendline near $0.16, which has also served as support in July 2021, or a 30% price decline from today's levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Chainlink eyes 25% rally ahead of LINK staking launch in December

LINK's price could rally on speculations over Chainlink's oracle services growth coupled with a supportive technical pattern.

Chainlink (LINK) looks poised for 25% price rally in the days leading up to its staking protocol launch, based on several fundamental and technical facto.

Chainlink price rallies ahead of staking launch

The staking feature, which will go live as v0.1 in beta mode on Dec. 6, comes as a part of the so-called "Chainlink Economics 2.0" that focuses on boosting LINK holders' reward-earning opportunities for "helping increase the crypto economic security" of Chainlink's oracle services.

Earlier, Chainlink users had to launch their own nodes to receive rewards in LINK tokens. The staking feature effectively opens new avenues for them to earn LINK rewards that could, in theory, boost demand for the token.

Additionally, demand for LINK's parent platform Chainlink, as an oracle service provider, should also increase.

David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, believes it could happen in the wake of the recent FTX collapse.

The analyst highlighted how traders have been seeking more clarity on exchanges' reserves after the FTX fiasco, which can boost demand for oracle services like Chainlink and, in turn, push LINK's price higher.

Chainlink Labs launched its PoR auditing services to exchanges on Nov. 10.

The speculations have helped LINK price rally in recent days. Notably, Chainlink price gained 35.50% eight days after bottoming out locally at around $5.50 — trading for as much as $7.50 on Nov. 29, its highest level in two weeks.

The LINK/USD pair now eyes further upside in the near term, price technicals suggest.

A failed LINK price breakdown

LINK reclaimed its multi-week rising support trendline on Nov. 29, three weeks after losing it in the wake of the FTX-led market selloff.

In doing so, the Chainlink token also invalidated its prevailing ascending triangle breakdown setup toward $4.

It now trades inside the pattern's range, eyeing a rally toward the upper trendline near $9.40, up 25% from the current price levels, by the second week of December, as shown below.

LINK/USD three-day price chart. Source: TradingView

Michaël van de Poppe, market analyst and founder of Eight Global, also anticipates LINK to hit or cross above $9

Moreover, a bullish continuation move above the $9.40 resistance could have LINK eye $16 next, the ascending triangle breakout target.

Related: Binance publishes official Merkle Tree-based proof of reserves

Conversely, slipping below the triangle's lower trendline again risks bringing the breakdown setup toward $4 back in play, down about 45% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Low-Cap Altcoin Jumps After Surprise Announcement From Crypto Exchange Binance

Low-Cap Altcoin Jumps After Surprise Announcement From Crypto Exchange Binance

The price of a little known altcoin is surging after getting support from Binance, the world’s largest crypto exchange platform by volume. The trading platform’s mining pool service, Binance Pool, is adding Ravencoin (RVN) to its catalog of crypto assets as the Ethereum (ETH) merge in September spurred interest in the altcoin due to its […]

The post Low-Cap Altcoin Jumps After Surprise Announcement From Crypto Exchange Binance appeared first on The Daily Hodl.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims

Altcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump ClaimsThe trading price of the altcoin SNM suddenly rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), while the coin’s 24-hour trade volume stood at just over $720 million. The altcoin’s abrupt price surge has fueled speculation that the altcoin is being targeted by a pump-and-dump group. Binance Dominates the Altcoin’s Trade […]

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Spain for the win? Top 3 fan tokens to watch during the FIFA World Cup

Spain, Portugal and Brazil national teams' fan tokens are experiencing a price boom as the World Cup gets underway.

The FIFA World Cup in Qatar is boosting the value of national soccer team fan tokens despite the cryptocurrency bear market.

World Cup Qatar hype boosts fan token prices

These digital fan tokens are currently rallying despite the cryptocurrency market downturn, securing up to 170% gains from the Nov. 10 lows. At the core of the massive uptrend is the World Cup, which will be held from Nov. 20 to Dec. 18 in Qatar.

Fan tokens are cryptocurrencies that enable fans to engage with and participate in their favorite team's decisions. Moreover, they create new sponsorship opportunities for sports clubs and national squads outside of traditional revenue sources.

Here's a brief overview of the top gainers in the fan token sector, alongside their technical outlook during the course of the World Cup.

Spain National Football Team Fan Token (SNFT)

The Spain National Football Team Fan Token (SNFT) emerged as the top gainer in the sports token section, rising 170% to a high of $0.54 on Nov. 19, nine days after bottoming out at $0.20.

SNFT/USD daily price chart. Source: TradingView

SNFT's outperformance versus other fan crypto tokens may reflect the Spanish football team's higher odds of winning the World Cup in 2022. But in traditional terms, Spain's odds of winning the trophy is +800, meaning betting $100 would yield $800, according to Vegas Insider.

From a technical perspective, SNFT trades inside a neutral zone, as confirmed by its daily relative strength index (RSI) at around 58, below its overbought threshold of 70.

In other words, SNFT shows potential to continue its rally during the World Cup and its price should reflect how the Spain National Football team performs.

For instance, back-to-back wins for Spain may stretch SNFT's valuation above its current resistance level of $0.538 for a potential run-up toward its record high near $0.718, as shown in the four-hour chart below. 

SNFT/USD four-hour price chart. Source: TradingView

Conversely, a pullback from $0.538 could have SNFT eye a correction toward $0.412, down about 18% from today's price.

Spain will next play Costa Rica on Nov. 23 in the Group E category, followed by a standoff against Germany on Nov. 28.

Brazil National Football Team Fan Token (BFT)

The Brazil National Football Team Fan Token (BFT) appears to be the crypto market's second favorite fan token. Its price has rallied 130% in just nine days, from $0.45 on Nov. 10 to over $1 on Nov. 19.

BFT/USD daily price chart. Source: TradingView

Brazil is the favorite to win the World Cup this year with +350 odds in traditional betting circles, meaning a $100 bet would return $350. That could serve as a fundamental factor behind BFT's growth in the coming weeks, given the token still has room to run based on its neutral daily RSI.

As of Nov. 19, BFT eyes a breakout above $1.05, its current resistance level, toward its short-term upside target at around $1.16. An extended rally could occur if Brazil wins the World Cup on Dec. 18, paving the path toward $1.31, up 25% from today's price.

Related: Metaverse community with 3M users adds utility with FIFA World Cup 2022™ collaboration

Conversely, a pullback would risk sending BFT toward $0.82, its October 2022 support level.

Brazil's first match is against Serbia on Nov. 25 in Group G, followed by a standoff against Switzerland on Nov. 28.

Portugal National Team Fan Token (POR)

The Portugal National Team Fan Token (POR) is the third-best performer in the ongoing fan token boom, rising about 100% to $6 on Nov. 19, nine days after hitting lows of $3.10.

POR/USDT daily price chart. Source: TradingView

Traditional bookies measure Portugal's odds of winning the World Cup at +1600, meaning betting $100 would yield about $1,600.

POR now tests $6 as its resistance, with its daily RSI near 64, just six points below its overbought threshold. A decisive pullback from the said price ceiling could have POR eye a correction toward $4.80, its support level from September-October 2022.

Conversely, continued success in the World Cup for Portugal may flip the scenario to bullish, leading POR above its $6-resistance to eye a rally toward or above $7.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move