DeFi tokens book double-digit gains after Bitcoin rallies above $39,000

July 26, 2021 Coin Telegraph

DeFi tokens book double-digit gains after Bitcoin rallies above ,000

AMP, XVS and RSR price saw strong breakouts after a short squeeze sent Bitcoin price within a hair of the $40,000 level.

A renewed sense of optimism has returned to the cryptocurrency ecosystem on July 26 as Bitcoin’s (BTC) recovery above $38,900 has sparked a market-wide rally in the altcoins.

Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours are Amp (AMP), Venus (XVS) and Reserve Rights (RSR).

*Top 7 coins with the highest 24-hour price change. Source:* *Cointelegraph Markets Pro*

Five out of the top seven gainers fall into the decentralized finance (DeFi) sector, a possible sign that DeFi may be heating up for another major run in 2021.

AMP/USD

The top performer over the past 24-hours has been Amp (AMP), a digital collateral token protocol that offers instant, verifiable assurances for any kind of value transfer.

Data from TradingView shows that after hitting a low of $0.048 on July 25, the price of AMP rallied 96% to reach an intraday high at $0.094 on July 26 as its 24-hour trading volume jumped more than 800% from an average of $20 million to $280 million.

XVS/USDT

Venus (XVS), a Binance Smart Chain-based algorithmic money market and synthetic stablecoin protocol also saw a strong breakout today.

As seen in the chart above, the price of XVS has spiked 63% from a low of $17.13 on July 25 to an intraday high at $27.95 on July 26 as its 24-hour trading volume surged by more than 600% to $180 million.

According to the latest data provided by Venus, the protocol currently has more than $3 billion in total value locked on the platform and over $1.8 billion in available liquidity.

RSR/USD

The third-biggest gainer on Monday was Reserve Rights (RSR), a dual-token stablecoin platform comprised of the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts and the RSR token which helps to keep the price of RSV stable through a system of arbitrage opportunities.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RSR on July 24, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. RSR price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for RSR turned green on July 24 and climbed to a high of 76, around 28 hours before its price increased by 45% over the next day.

The jump in price follows the July 24 upgrade to the protocol which now allows app users to “deposit and withdraw money on Saturdays and Sundays from 6:00 am to 6:00 pm.”

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.

Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration

July 23, 2021 Coin Telegraph

Altcoin Watch

C98 rallied 1,200% from its ICO price shortly after listing on Binance and AMPL shot higher after the project integrated with AAVE.

Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors.

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 Binance Launchpad subscription has been completed.

Please wait for @binance to send C98 and BNB to your spot wallet.

How many C98 tokens did you receive?#Coin98 #C98 $C98 pic.twitter.com/W4QVYMy8ga
— Coin98 Insights (@Coin98Insights) July 23, 2021

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin's (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours.

AXS's month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

According to Ampleforth's Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

...and FINALLY! AMPL will be first rebase asset listed on @AaveAave lending/borrowing platform.

Amazing milestone for @AmpleforthOrg team, @evankuo @brandoniles @aalavandhan1984 @ForkingBlocks @ahnaguib

And congratulations to AAVE + Ampleforth community for making history pic.twitter.com/9MkF66QSTI
— Richy Qiao (@richy_qiao) July 23, 2021

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

*VORTECS™ Score (green) vs. AMPL price. Source:* *Cointelegraph Markets Pro*

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

$31.5K Bitcoin price on track for lowest weekly close of 2021

July 18, 2021 Coin Telegraph

Amp

Performance remains grimly sideways on the day of the largest GBTC unlocking event.

Bitcoin (BTC) was on track to lose nearly $3,000 this week as a weekend of mixed price behavior came to an end.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Trader hopes for last-minute BTC price volatility

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at just above $31,500 late Sunday — a potential -$2,800 weekly candle.

*BTC/USD 1-week candle chart (Bitstamp). Source: TradingView*

The weekend had produced little by way of surprises, with Bitcoin moving within a predictable range after seeing an initial brief spurt over $32,000 Friday.

Despite retaining $31,000 support and so far not retesting $30,000, Bitcoin was nonetheless on track to seal its lowest weekly close since December 2020.

#bitcoin still ranging sideways…. Surprise surprise
— Lark Davis (@TheCryptoLark) July 18, 2021

While some traders and analysts expressed their lack of satisfaction with spot price action after two months of hovering in the same range, others were still mindful of potential disruption.

"Wouldn’t surprise me if we get a random move in the final 2-3 hours of this weekly candle on Bitcoin," Michaël van de Poppe told Twitter followers.

Sunday marked the date of the largest in a series of unlockings at the Grayscale Bitcoin Trust ($GBTC). An event anticipated with nervousness by many, any obvious impact on price behavior had yet to be seen at the time of writing.

Altcoins set to lock in losses

Altcoins looked similarly lackluster on Sunday, with many of the top fifty cryptocurrencies by market cap lining up weekly losses akin to Bitcoin's -8%.

Ether (ETH) hovered at $1,900, still clear of a support zone around $100 lower, while Amp (AMP) managed daily gains of 12%.

*ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView*

The overall cryptocurrency market cap stood at $1.294 trillion, with Bitcoin's share at 45.9%, a touch lower versus Friday.

Double-digit crypto gains and trading volume — what’s the connection?

July 1, 2021 Coin Telegraph

Altcoin

Unusually high trading volume can be an indication that a crypto asset's price is on the rise.

While the crypto markets are clearly led by the swings of Bitcoin and Ethereum, outliers are frequent — and identifying them is often what separates the average traders from the great ones.

Compared to the gains-fest of the first few months of 2021, June has been a rather bleak time for crypto investors. Digital asset prices were mostly stagnant and massive rallies were rare, leaving traders to do the hard guesswork: Which asset will do better than most others that are either going down or moving sideways?

Of many market and social metrics tracked by Cointelegraph Markets Pro platform, one proved to be especially useful this month: Average daily trading volume.

Five of the assets that recorded the greatest increase in daily volume compared with the previous month were among the biggest winners, securing double-digit dominance over both Bitcoin and the dollar.

And the correlation may not be an outlier — we saw the same pattern last month.

Trading volume is one of the components of the VORTECS™ score, Markets Pro’s algorithmic tool that relies on years of historical data to assess how healthy each coin’s current market outlook is.

As well as the score, raw numbers on unusually high and unusually low volume (relative to last month’s average) are available on Markets Pro dashboard. The Unusual Trading Volume Indicator is one tool that traders may find useful in identifying potential profit opportunities.

*Unusual Trading Volume 7.1.21 at 10:30am ET / Cointelegraph Markets Pro*

Here are the five coins that have seen the largest increases in average daily trading volume this month... and their monthly price dynamics.

AMP (AMP): +2,255%

30-day price change: +61.02% vs. USD, +59.32% vs. BTC

AMP embarked on a massive price hike that saw it shoot from $0.059 to $0.108 on June 14, and the trading volume followed the price closely.

Halfway through the rally, the coin popped up on the Unusual Trading Volume section of Markets Pro dashboard, alerting users that the ongoing price pump had been supported by a corresponding boost in liquidity.

The jaw-dropping increase in trading volume of more than two thousand percent was registered around the same time when the price peaked at almost 11 cents (red circle in the graph).

KEEP NETWORK (KEEP): 737.46%

30-day price change: +13.35% vs. USD, +11.28% vs. BTC

Keep Network (KEEP) hugely benefited from a series of high-profile listings this month: First came Coinbase, then Binance. The market absorbed the news before KEEP pairs began trading on these platforms, leading to the price peaking before trading volume. The highest volume of $215 million (red circle in the graph) came some 18 hours after the price touched $0.71 on June 17.

In the case of KEEP, a spike in trading volume was not a harbinger of a price increase, but at least partially a result of it.

THETA FUEL (TFUEL): 661.56%

30-day price change: +51.27% vs. USD, +48.51% vs. BTC

Theta Fuel’s strong showing this month in terms of both price and liquidity was powered by users’ anticipation of the upcoming Mainnet 3.0 launch.

Trading volume has definitely been one of the factors driving price action, as the two were moving hand-in-hand. In fact, between June 7 and 9, the growth of volume outpaced price movement, culminating minutes before the price hit the local high at $0.66 (red circle in the graph).

By that time, the Markets Pro Unusual Trading Volume indicator had been flashing for TFUEL for several hours.

PERLIN (PERL): 454.2%

30-day price change: +24.32% vs. USD, +21.92% vs. BTC

Perlin’s superior trading volume dynamics powered more than just the price movement this month. Combined with other metrics, it contributed to a series of strong VORTECS™ scores that preceded two price peaks on June 17 and 19.

The highest trading volume (red circle in the chart) came on June 17 as the asset’s value was at $0.112, bound for the high of $0.119 some two days later.

QUANT (QNT): 281.22%

30-day price change: +92.03% vs. USD, +88.56% vs. BTC

Quant (QNT) followed a price/trading volume pattern similar to that of KEEP. The coin’s price received a major boost from the news of an upcoming Coinbase listing before the actual spike in volume came along.

As visible in the graph, the high watermark of QNT’s liquidity came after the price hit the ceiling on June 16.

Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.

Important Disclaimer

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. Full terms and conditions.

Top 5 cryptocurrencies to watch this week: BTC, ADA, THETA, XMR, AMP

June 20, 2021 Coin Telegraph

Amp

If Bitcoin price remains in the current range, ADA, THETA, XMR and AMP could bounce higher over the coming days.

The U.S. Federal Reserve’s plans to advance its timeline for rate hikes to 2023 has led to profit-booking in the U.S. stock market, gold, and Bitcoin (BTC). The markets received a second jolt on June 18 after James Bullard, the president of the United States Federal Reserve Bank of St. Louis, warned th the first rate hike could come as soon as 2022.

Now crypto analysts are divided on the next move from Bitcoin. Josh Rager believes Bitcoin may have hit its cycle top at $64,500 and Robert Kiyosaki, author of "Rich Dad Poor Dad," believes Bitcoin can plummet to $24,000.

*Crypto market data daily view. Source:* *Coin360*

However, PlanB, the creator of the stock-to-flow Bitcoin price forecasting model, has retained his bullish view on Bitcoin. His best-case scenario for Bitcoin is a massive rally to $450,000 while his “worst-case scenario” also paints a bullish target at $135,000 by the end of 2021.

Citing recent on-chain data, other analysts have pointed out that long-term holders have been buying Bitcoin in the past few days.

Can buying by the long-term investors offset selling from the speculators? What do the technicals project, a short-term recovery or a further fall? Let’s study the charts of the top-5 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been range-bound between $31,000 and $42,451.67 for the past few days. The price turned down from $41,330 on June 15 and the bears pulled the price below the 20-day exponential moving average ($37,439) on June 18.

The sellers will now try to sink the price to the support of the range at $31,000. The 20-day EMA has started to turn down and the relative strength index (RSI) below 41 suggests that bears have the upper hand.

However, the BTC/USDT pair rebounded off $31,000 on two previous occasions on May 23 and June 8, hence the bulls will again try to defend this level. If they succeed, the pair could extend its stay inside the range for a few more days.

Conversely, if bears sink the price below $31,000, the pair could drop to $28,000 and then to $20,000. Such a move will be a huge negative and it could delay the start of the next leg of the uptrend.

*BTC/USDT 4-hour chart. Source:* *TradingView*

The bears have pulled the price below the $34,600 support on the 4-hour chart. If they manage to sustain the price below this level, the pair is likely to drop to the $31,000 support. The downsloping 20-EMA and the RSI near the oversold zone indicate advantage to the bears.

On the other hand, if the price turns up from the current level and rises above $36,457, it will suggest that traders accumulated at lower levels. The pair may then rise to the 50-simple moving average and later to the $41,330 to $42,451.67 resistance zone. A breakout of this zone will suggest that the correction is over.

ADA/USDT

Cardano (ADA) has been trading between $1.33 and $1.94 for the past few days. The rebound off the support on June 12 fizzled out at the 20-day EMA ($1.52) on June 15, indicating the sentiment has turned negative and traders are selling on rallies.

The bears will now try to sink the price below the $1.33 to $1.24 support zone. If they manage to do that, the ADA/USDT pair could slump to the critical support at $1. The downsloping 20-day EMA and the RSI below 42 suggest that bears are in control.

On the contrary, if the bulls again defend the support zone, it will suggest demand at lower levels. That could keep the pair range-bound for a few more days. A breakout and close above $1.94 will indicate that bulls are back in command.

*ADA/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bears pulled the price below the $1.33 support today but the failure to sustain the lower levels suggests accumulation on dips. The buyers will now try to propel the price above the downtrend line.

If they succeed, it will invalidate the bearish pattern. Such a move could catch the aggressive bears off guard and result in a short squeeze that may propel the price to $1.74 and then $1.88.

Alternatively, if the price turns down and sustains below $1.33, the pair will complete the descending triangle pattern. This bearish setup has a target objective at $0.78.

THETA/USDT

The bulls pushed THETA above the resistance line of the descending channel on June 17 but they could not cross the hurdle at $10.47. This shows that bears have not thrown in the towel yet and are attempting to fake the breakouts.

The price has dipped below the 20-day EMA ($8.65) today, suggesting that the short-term trend has turned in favor of the bears. However, the bulls are unlikely to give up easily. They will try to stall the decline at $7.33.

If the price rebounds off this support and rises above the moving averages, it will indicate strong demand at lower levels. The buyers will then make one more attempt to clear the hurdle at $10.47.

If they succeed, the THETA/USDT pair could start a rally to $13.20. This positive view will invalidate if the bears sink the price below $7.37. Such a move could result in a decline to $6 and then to $4.57.

*THETA/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the formation of a head and shoulders pattern. This setup has a target objective at $7.02.

However, the bulls are trying to push the price back above the neckline. If they do that, the short-term bears who may have initiated short positions on the break of the neckline may get trapped.

This could result in short covering and the pair may rally to $9.19. A break above this resistance may open the doors for a rally to $10.10 and then $10.47.

XMR/USDT

Monero (XMR) turned down from the downtrend line on June 19 and the bears will now try to sink the price to the support at $225. This is an important support to watch out for because the bulls have repeatedly defended this level in the past few days.

If the price rebounds off $225, buyers will make one more attempt to drive the price above the downtrend line. If they do that, the XMR/USDT pair may challenge the 50-day SMA ($312) and then rise to $347.

Contrary to this assumption, if bears sink the price below the $225 support, the pair will complete a descending triangle pattern. This bearish setup could attract further selling, resulting in a drop to $175 and then $124.69.

*XMR/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows that bulls made several attempts to push and sustain the price above the $283 resistance but failed. This shows that the bears are defending this level aggressively.

The sellers pulled the price below the trendline of the ascending triangle today, but they could not sustain the lower levels. This suggests strong buying on dips. The bulls will now try to push the price above the moving averages and challenge the $283 resistance.

If buyers can thrust the price above this level, the ascending triangle pattern will complete and the pair could rally to $316.23 and then to the pattern target at $341.

This positive view will invalidate if bears sink and sustain the price below the trendline. Such a move could open the doors for a drop to $225.

AMP/USDT

Amp broke above the stiff overhead resistance at $0.076 on June 14 and hit an all-time high at $0.12 on June 16. However, profit-booking on June 17 has started a correction that has dropped to the breakout level at $0.076.

If bulls flip the $0.076 level to support, it will suggest that the sentiment remains positive and traders are accumulating on dips. The buyers will then try to push the price back toward the all-time high at $0.12.

A breakout and close above this resistance will suggest the resumption of the uptrend. The AMP/USDT pair could then rally to $0.185.

Contrary to this assumption, if the bears sink the price below $0.076, the pair could drop to the 20-day EMA ($0.07), which may again act as a strong support. However, if this support cracks, the pair could decline to the 50-day SMA ($0.05)

*AMP/USDT 4-hour chart. Source:* *TradingView*

The correction from the all-time high was arrested at the $0.076 support as the bulls defended the level aggressively. However, the buyers are struggling to push the price above the $0.095 resistance, indicating that bears are selling at higher levels.

The bulls are currently attempting to defend the 50-SMA and form a higher low in the short term. If they succeed, the pair may rise to $0.095. A breakout and close above this resistance could open the doors for a rally to the all-time high. This positive view will invalidate if the pair breaks and closes below $0.076.

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

This Crypto Newcomer Has Rallied 361% As Bitcoin Moves Sideways

June 18, 2021 The Daily Hodl

Dip-buyers anticipate further downside after Bitcoin price falls to $38K

June 16, 2021 Coin Telegraph

Dip-buyers anticipate further downside after Bitcoin price falls to K

Amp

Sellers pressed Bitcoin price back below $40,000, while analysts believe BTC will remain rangebound until the $42,000 level is breached.

The cryptocurrency market is in the midst of another lackluster day as Bitcoin (BTC) price dipped below $40,000 ahead of the Federal Open Market Committee (FOMC) meeting where officials intend to discuss whether interest rates should be raised or kept near zero.

While many investors anticipate that BTC will soon resume its bull run and rally above $40,000, technical analysts are sounding the alarm about a looming death-cross that could send Bitcoin price to $30,000 and below.

Data from Cointelegraph Markets Pro and TradingView shows that after losing the $40,000 support level, Bitcoin bulls were overrun by sellers, triggering a drop to today's intraday low at $38,415.

Despite the threat of a death cross and significant headwinds residing in the $40,000 to $42,000 resistance cluster, recent data from Glassnode suggests that the newest crop of Bitcoin hodlers show no signs of selling at the current levels, especially for wallets that have been holding for longer than 3 months.

Bitcoin remains range bound

According to David Lifchitz, managing partner and chief investment officer at ExoAlpha, the price action for Bitcoin has been stuck in a range between $33,000 and $40,000 for more than three weeks as the market attempts to stabilize following the May 19 sell-off.

The market crash managed to “wash out speculators who were the ones who tended to move the price in a ‘fast and furious’ way,” leading to a decline in momentum for BTC which is now “stuck in limbo” with “a fierce battle brewing under the surface between bulls and bears” and has resulted in a “higher average traded volume post-crash.”

Lifchitz indicated that the bulls are comprised of “dip buyers and institutional investors such as Micro Strategy which take advantage of the dip to reinforce their holdings,” while the bears are “probably miners who are looking to unload at the best price they can get now (i.e. circa $40k) in order not to crash the market more and thus shot themselves in the foot."

From a technical perspective, Lifchitz highlighted the $42,000 level as a significant hurdle for the price of Bitcoin which would likely need miners to “exhaust their selling or be convinced that they could unload at a higher price if they let Bitcoin breathe a little bit” in order to overcome."

Lifchitz said:

“A break above $42,000 would be needed for Bitcoin in order to extract itself from its trading range, at which point it could power quickly higher to the $50,000 level which coincides with the local bottoms of April 26 and May 12 before beginning to lose ground on May 15.”

Coinbase provides relief for select altcoins

*Daily cryptocurrency market performance. Source:* *Coin360*

Altcoins also faced pressure as Bitcoin price fell below $40,000 but there were a few tokens that managed to buck the bearish trend.

The best performing token for the day is Amp, which gained 44% to establish a new record high at $0.1211. Shiba Inu (SHIB) and Chiliz (CHZ) also rallied another 18% following yesterday's 20% gain after the news that Coinbase Pro would list both assets.

The overall cryptocurrency market cap now stands at $1.6 trillion and Bitcoin’s dominance rate is 45.3%.

Amp