Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

August 18, 2023 Coin Telegraph

Mantle pauses token migration to stop FTX from converting M in BIT tokens to MNT

BitDAO

A community member has argued that FTX's BIT tokens should not be automatically converted because of disqualifying factors.

A community member started a discussion among participants in the Mantle decentralized autonomous organization (DAO), proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens worth $43 million to Mantle (MNT) amid the ongoing token migration process.

*Community discussion on preventing FTX from converting its BIT tokens. Source: Mantle*

On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in exchange for over 3.3 million FTX tokens (FTT). The trade came with a public commitment to hold each other's tokens for a span of three years, which is until Nov. 2, 2024. However, amid the FTX fallout in 2022, BitDAO suspected Alameda of dumping the tokens and causing BIT to plummet. At the time, former Alameda CEO Caroline Ellison denied their involvement in the dump.

Fast forward a few months and the BitDAO community proposed the unification of the BitDAO ecosystem which had BitDAO as its governance arm and Mantle as its product. On May 12, community member Cateatpeanut initiated a governance vote to unify both under the Mantle banner, which would also mean that BIT holders would have their tokens converted into MNT. On May 19, the proposal to unify Mantle and BitDAO passed with overwhelming support from its community.

On Aug 17, the matter of the BIT tokens held by Alameda became a subject of discussion for Mantle community members. Cateatpeanut argued that FTX Group's BIT should not be automatically converted to MNT because of "various disqualifying factors." According to the community member, there is no "guaranteed right of migration" for the tokens, and he then initiated the proposal.

Within the proposal, the community member asked to implement a new MNT migration smart contract that is able to restrict the automatic migration of FTX-owned tokens. The community member also highlighted that the on-chain migration contract has been paused until the conclusion of the discussion and the vote.

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Anchorage Digital opens up DeFi voting for custody clients

May 17, 2023 Coin Telegraph

Anchorage Digital Bank

Anchorage joins AAVE, Lido and BitDAO in adopting the off-chain voting platform Snapshot.

Institutional clients of crypto custody firm Anchorage Digital can now voice their concerns on proposals for tokens they hold without paying hefty gas fees.

According to a May 16 statement, Anchorage will integrate off-chain, gasless multi-governance client Snapshot to allow its “token-holding community users” to vote on governance proposals with their tokens, without incurring any gas fees.

Anchorage Digital is pleased to announce that clients can now participate in Snapshot voting using their Anchorage Digital address. Our WalletConnect integration enables:

+ Voting from within qualified custody with no movement of funds
+ Secure off-chain governance for… pic.twitter.com/VYZ5pIwyl1
— Anchorage Digital (@Anchorage) May 16, 2023

It said all voting will take place within Anchorage’s custody with no movement of funds.

Snapshot is used by decentralizeprotocols like AAVE (AAVE), Lido (LDO), and BitDAO. It records the voting off-chain — meaning transactions are not publicly recorded on the blockchain.

The advantage of this approach is “convenience,” according to Anchorage:

“The tradeoff for such convenience comes in the form of on-chain guarantees; Snapshot voting is free because votes are counted off-chain and thus do not require gas payments. The responsibility to enforce the decision is typically entrusted to a multisig that the protocol team operates.”

Anchorage said it currently supports “over 60 ERC-20 tokens,” with plans to enable support for all applicable future ERC-20 tokens.

It was announced in October 2022 that Anchorage had extended its operations to Asia with five new institutional partners including Bitkub, DreamTrade and FBG Capital. It stated Asia’s consumers “have adopted crypto with enthusiasm.”

Snapshot has recently been employed to collect votes from AAVE and LDO token holders regarding each of the protocol’s latest upgrade or governance proposals.

[Aave Snapshot] [ARFC] Aave V2 Interest Rate Curve Changes (2023-04-21) https://t.co/MQwcd5NVBt @indexcoop @SnapshotLabs pic.twitter.com/GrS1OkkHNs
— mel. (@emjicy) May 2, 2023

The voting system also proved beneficial for AAVE users who mistakenly sent their tokens to the wrong address.

In July 2022, LidoDAO, the governance body that controls Lido Finance, a liquid staking solution for proof-of-stake cryptocurrencies, conducted a Snapshot vote on sending 1% of LDO’s token supply to DragonFly Capital for $14.5 million which was rejected by token holders.

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MATIC, HBAR, LDO and BIT gather strength as Bitcoin price rebounds

February 12, 2023 Coin Telegraph

Bitcoin

BTC price could remain range-bound in the near term, but MATIC, HBAR, LDO and BIT could continue higher.

Bitcoin (BTC) price is trying to recover over the weekend but the current bounce lacks conviction. This suggests that dip buyers are nervous to load up before the release of January’s consumer price index data on Feb. 14 as that could boost short-term volatility.

Although the near term is uncertain, analysts at Delphi Digital expect the United States Federal Reserve to pivot to an accommodative policy later in the year and that could be favorable for risk assets.

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

Another bullish projection came from Pantera Capital CEO Dan Morehead who said that Bitcoin’s “seventh bull cycle” may have begun. Morehead highlighted that the decline from November 2021 to November 2022 lasted 376 days and that BTC price witnessed a 77% drawdown, in line with the median downdraft of 307 days and a median drawdown of 73% seen during earlier bear markets.

The analysts seem to be turning positive on Bitcoin for the long term but the near term remains uncertain.

Let’s study the charts of Bitcoin and select altcoins to spot the critical levels to watch out for.

BTC/USDT

Bitcoin nosedived to the strong support at $21,480 on Feb. 10. The zone between the 50-day simple moving average ($20,347) and $21,480 is likely to attract aggressive buying by the bulls.

The first hurdle on the upside is the 20-day exponential moving average ($22,347). This needs to be crossed to suggest that bulls are back in the driver’s seat. There is a minor hurdle at $22,800 but if that is scaled, the BTC/USDT pair could retest $24,255.

The bears are expected to defend the $24,255 to $25,211 zone with all their might because if this obstacle is surpassed, the pair could signal a potential trend change.

Conversely, if the price slumps below the 50-day SMA, it will suggest that bears are back in the game. The pair could then revisit the vital support zone between $18,000 and $16,000.

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

The 4-hour chart shows that the bulls are trying to start a rebound off $21,480 but are facing selling near the 20-EMA. If the price turns down from the current level and breaks below $21,480, the bears may attack the $20,000 psychological level with vigor.

The 20-EMA is flattening out and the relative strength index (RSI) is gradually rising toward the midpoint. This indicates that the short-term selling pressure may be easing.

If buyers drive the price above the 20-EMA, the pair could rise to $22,800 where the bears may mount a strong defense.

MATIC/USDT

Polygon (MATIC) only witnessed a shallow pullback in the past few days, signaling that traders are not exiting their positions in a hurry and are buying on minor dips.

The upsloping moving averages indicate that bulls are in control. The negative divergence on the RSI is a matter of concern but a positive sign is that the bears have not been able to yank the price below the 20-day EMA ($1.17).

That enhances the prospects of a break above the overhead zone between $1.30 and $1.35. If bulls succeed in their endeavor, the MATIC/USDT pair could start an up-move to $1.50 and thereafter to $1.70.

The first sign of weakness will be a break and close below the 20-day EMA. That clears the path for a potential drop to $1.05.

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

The 4-hour chart shows that bears are offering formidable resistance in the $1.30 to $1.35 range but a positive sign is that buyers have not ceded much ground to the bears. This suggests that the bulls anticipate a move higher. If they thrust the price above $1.35, the pair could start the next leg of the uptrend.

If bears want to seize control in the near term, they will have to sink the price below $1.20. That could increase the possibility of a drop to $1.05. There is a minor support near $1.15 but that may not hold.

HBAR/USDT

Most major cryptocurrencies are retracing their recent rallies but Hedera Hashgraph (HBAR) has outperformed in the near term and broken out of the overhead resistance at $0.08.

The 20-day EMA ($0.07) is sloping up and the RSI is in the overbought territory, indicating that bulls are in command. However, the long wick on the Feb. 12 candlestick shows selling at higher levels.

The HBAR/USDT pair could witness a tough battle near the breakout level of $0.08. If bulls defend this level and flip it into support, the pair may start a new up-move toward $0.11. If that level is also scaled, the up-move could extend to $0.15.

Conversely, if the price plummets below the breakout level, it will indicate that bears continue to sell on rallies. The pair could then tumble to the 20-day EMA.

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

The 4-hour chart suggests that traders are booking profits near the psychological resistance at $0.10. The pair could pull back toward the 20-EMA, which is close to the breakout level. Buyers are likely to purchase the dip to this level. If they do that, the pair may try to rise above $0.10 and resume the up-move.

Contrarily, if the price dives below $0.08, it may trap several aggressive bulls. That could result in long liquidation and a decline to $0.07. The deep correction may delay the start of the next leg of the up-move.

LDO/USDT

LidoDAO (LDO) has been volatile in the past few days but a positive sign is that the bulls have successfully defended the 20-day EMA ($2.32). This indicates that the sentiment remains positive and traders are buying the dips.

Buyers will next try to propel the price to the solid overhead resistance at $3. This level is likely to attract aggressive selling by the bears because if they allow $3 to be pierced, the LDO/USDT pair may pick up momentum and surge toward $4. The gradually upsloping 20-day EMA and the RSI in the positive territory, indicate that buyers have the edge.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that the pair may oscillate between $3 and $1.72 for a few days.

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

The price broke below the 50-SMA but the bears could not build upon this momentum and sink the pair to the immediate support at $2. Buyers purchased the dip to $2.20 and pushed the price back above the moving averages. The pair could rise to $2.80 and thereafter to $3.

Sellers are likely to have other plans. They will try to pull the price back below the moving averages and retest the support at $2.20. If this level cracks, the pair could drop to $2. Such a move will point to a possible range-bound action in the near term.

BIT/USDT

While several cryptocurrencies have given back a part of their recent gains, BitDAO (BIT) has managed to remain above its immediate support at the 20-day EMA (0.55). This suggests that the bulls are not hurrying to book profits.

The BIT/DAO pair is not out of danger yet because the long wick on the Feb. 11 candlestick shows that bears are selling on rallies near $0.60. The bears will again try to sink and sustain the price below the 20-day EMA. If they can pull it off, the pair could extend its pullback to the 50-day SMA ($0.48).

Conversely, if the price rebounds off the 20-day EMA, the bulls will again take a shot at the $0.60 resistance. A break and close above this level will signal the resumption of the uptrend. The pair may then rise to $0.65 and then to $0.69.

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

The 4-hour chart shows that the pair is stuck between the support at $0.54 and the resistance at $0.60. Both moving averages are flattening out and the RSI is near the midpoint, indicating a balance between supply and demand.

Usually, a consolidation above crucial support is a positive sign and that increases the likelihood of the continuation of the up-move. If bulls push the price above $0.60, the up-move may resume.

The bears will gain the upper hand if the price plummets below $0.54. That could open the doors for a possible drop to $0.50 and then to $0.46.

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

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.

5 altcoins that could breakout if Bitcoin price stays bullish

January 15, 2023 Coin Telegraph

Bitcoin

Bitcoin has turned bullish, but is it a dead cat bounce? If BTC bulls keep pace, LTC, OKB, BIT and FTM could see strong rallies.

The cryptocurrency markets have made a strong comeback in the past few days. That drove the total crypto market capitalization to $995 billion on Jan. 14, according to CoinMarketCap data. Bitcoin (BTC) led the recovery from the front and skyrocketed above $21,000 on Jan. 14.

After the sharp rally, the big question is whether the recovery is a dead cat bounce that is a selling opportunity, or is it the start of a new uptrend. It is difficult to predict with certainty if a macro bottom has been made but the charts suggest that a bottoming process has begun.

Independent market analyst HornHairs highlighted that the 2017 to 2018 bear market lasted for 364 days and from 2021 to the current market low, the duration is again 364 days. Another interesting similarity is that the 2015 to 2017 bull market and the 2018 to 2021 bull phase both lasted for 1,064 days. If history repeats itself, then Bitcoin may make the next top in roughly 1,000 days.

Bitcoin's short term price action has been exciting for bulls but are there altcoins that are showing similar strength in the near term?

Let’s study the charts to find out.

BTC/USDT

Bitcoin shot up to $21,258 on Jan. 13 and that propelled the relative strength index (RSI) above 89, signaling that the rally was overheated in the short term. The bears are expected to mount a strong defense at $21,500.

Sometimes, when a trend change happens, the RSI may remain in the overbought territory for a long time. If the BTC/USDT pair does not give up much ground from the current level, it will suggest that traders are in no hurry to book profits as they anticipate another leg higher.

If buyers kick the price above $21,500, the pair could climb to $22,800. This level may again act as a major roadblock.

On the way down, the bears will have to drag the price below the psychological level of $20,000 to make a dent in the bullish momentum. The pair could then slump to the breakout level of $18,388.

The 4-hour chart shows that the bears are guarding the $21,250 level but a positive sign is that the bulls have not allowed the price to slide back below $20,000. Buyers may again attempt to clear the overhead hurdle at $21,258 and resume the uptrend.

On the contrary, if the price once again turns down from $21,250, it may tempt short-term traders to book profits. That could sink the pair below the 20-EMA. The bears may try to capitalize on this situation and pull the pair to $18,388.

LTC/USDT

Litecoin (LTC) broke above the overhead resistance at $85 on Jan. 12, indicating the start of a new uptrend. There is no major hurdle until the price reaches $107.

On the downside, the bulls will try to fiercely defend the zone between $85 and the 20-day EMA ($79). If the price springs back from this zone, the LTC/USDT pair could continue its uptrend and reach $107.

The upsloping moving averages signal advantage to bulls but the RSI above 77 suggests that a minor pullback or consolidation is likely.

If bears want to gain the upper hand, they will have to pull the price below the breakout level of $75. That could make way for a collapse to $61.

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

The 4-hour chart shows the pair is in an uptrend and the bulls are fiercely protecting the 20-EMA. If buyers drive the price above $92, the pair could pick up momentum and rally toward the psychological level of $100.

Conversely, if the price turns down and dives below the 20-EMA, it will suggest that short-term traders may be booking profits. That could pull the price to the 50-SMA. This is an important level for the bulls to defend because a break below it could heighten the risk of a drop to $80 and then $75.

OKB/USDT

While several cryptocurrencies are attempting to bottom out, OKB (OKB) has started a new uptrend. Usually, it is a good strategy to buy the dips in an uptrend by keeping a suitable stop loss.

The upsloping moving averages and the RSI in the overbought territory indicate that bulls are in command but a short-term consolidation or correction can't be ruled out. The OKB/USDT pair could slip to the 20-day EMA ($27.64), which is likely to act as a strong support.

If the price rebounds off this level, the pair could touch the strong overhead barrier at $34.18. Crossing this level may be a difficult task but if the bulls manage to achieve it, the pair could skyrocket to $42.

If bears want to stall the up-move, they will have to yank the price below the 20-day EMA. If they succeed, the pair could plummet to the 50-day SMA ($24.05).

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

The 4-hour chart shows that the uptrend met with strong selling near $33 and the pair could correct to the 20-EMA. If the price rebounds off this support, it will suggest that bulls are buying on every minor dip. That could drive the price to $34.18.

Contrarily, if the price plunges below the 20-EMA, the correction could deepen to the 50-SMA. If the price rebounds off this level, the bulls will again try to resume the up-move but may face resistance at $31 and again near $33.

BIT/USDT

BitDAO (BIT) rallied sharply from $0.26 on Dec. 27 to $0.53 on Jan. 14, indicating a strong bullish momentum. In addition, the shallow pullback on Jan. 15 suggests that traders are not exiting their positions in a hurry as they anticipate the up-move to continue.

If bulls thrust the price above the overhead resistance at $0.54, the BIT/USDT pair could resume its up-move. The next resistance on the upside is at $0.68. The bears may pose a strong challenge at this level because a break and close above it could open the doors for a possible rally to $0.80.

On the downside, the first support is at $0.46 and then the 20-day EMA ($0.42). A strong bounce off either support will suggest that traders are buying on declines. That could result in a retest of $0.54. The bears may take control if they sink the price below the 20-day EMA.

The 4-hour chart shows that the pair is facing resistance near $0.54 but the bulls are likely to defend the drop to the 20-EMA. A strong rebound off this level will suggest that bulls are buying on shallow declines. That could improve the prospects of a break above $0.54.

Alternatively, if the price turns down and breaks below the 20-EMA, several short-term traders may book profits. That could pull the pair to the 50-SMA. If this level also cracks, the pair could tumble to $0.41.

FTM/USDT

Fantom (FTM) broke above the downtrend line on Jan. 9, indicating a potential trend change. The breakout was followed by a sharp rally which pushed the RSI into deeply overbought levels.

Vertical rallies are unsustainable, hence a pullback was to be expected. The FTM/USDT pair could dip to the 38.2% Fibonacci retracement level of $0.30 and then to the 50% retracement level of $0.28.

If the price turns up from this zone, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then try to resume the recovery and drive the pair above $0.36. If they do that, the pair could surge to $0.42.

Contrarily, a break and close below $0.28 could pull the pair down to the 61.8% retracement level of $0.26. A deeper fall could break the bullish momentum and increase the possibility of a range formation.

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

Both moving averages are sloping up and the RSI is in the positive territory, indicating an advantage to buyers. The pair could slide to the 20-EMA, which is likely to act as a strong support. If the price rebounds off this level, the bulls will try to resume the up-move.

On the contrary, if the price breaks below the 20-EMA, it will suggest that traders are aggressively booking profits after the recent rally. The pair could then extend its correction to the 50-SMA.

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

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.

These 4 altcoins may attract buyers with Bitcoin stagnating

January 1, 2023 Coin Telegraph

apecoin

Bitcoin remains stuck in a tight range but LTC, APE, ICP, and BIT are showing signs of starting a new up-move.

Bitcoin’s (BTC) volatility remained subdued in the final few days of the last year, indicating that investors were in no hurry to enter the markets.

Bitcoin ended 2022 near $16,500 and the first day of the new year also failed to ignite the markets. This suggests that traders remain cautious and on the lookout for a catalyst to start the next trending move.

Several analysts remain bearish about Bitcoin’s near-term price action. David Marcus, CEO and founder of Bitcoin firm Lightspark, said in a blog post released on Dec. 30 that he does not see the crypto winter ending in 2023 and not even in 2024. He expects that it will take time to rebuild consumer trust but believes the current reset may be good for legitimate firms over the long term.

The bearish calls are an indication that the sentiment remains negative but there is also a silver lining to it. Usually, bear markets end after the last bull has turned bearish. With no more sellers left, the price action stabilizes and new buyers enter the market. That usually causes a reversal and starts a new up-move.

While Bitcoin remains range-bound, select altcoins are showing signs of strength. Let’s look at the charts and spot the important levels to keep an eye on.

BTC/USDT

The failure of the bulls to push Bitcoin above the 20-day exponential moving average ($16,778) has strengthened the bears further who are trying to sink the price below the immediate support at $16,256.

The 20-day EMA is gradually sloping down and the relative strength index (RSI) is near 43, indicating a minor advantage to sellers. If bears sink the price below $16,256, the BTC/USDT pair could drop to $16,000 and thereafter to the vital support at $15,476. A break below this support could signal the resumption of the downtrend.

This negative view will be invalidated in the near term if buyers thrust the price above $17,100. Such a move will indicate aggressive buying on dips. The pair could then pick up momentum and make a dash toward $18,388. Sellers are again expected to mount a strong defense at this level.

The pair has been stuck between $16,256 and $17,061 for some time. The bounce off the support is facing selling near the moving averages. This suggests that bears continue to sell on rallies.

However, a minor positive is that the bulls have not given up much ground and the pair remains near the 20-EMA. This increases the likelihood of a break above the moving averages. If that happens, the pair could rise to $16,800 and then $17,061.

On the downside, bears will have to pull the price below the immediate support of $16,429 to set up a retest of $16,256.

LTC/USDT

Several major cryptocurrencies are still searching for a bottom but Litecoin (LTC) is way above its June low. This indicates strong demand at lower levels.

The 20-day EMA ($69) has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand.

The advantage will tilt in favor of the buyers if they push and sustain the price above the moving averages. The LTC/USDT pair could then climb to the overhead resistance at $75. This is an important level to watch out for in the near term because a break above it could open the doors for a rally to $85.

Contrarily, if the price turns down from the current level and breaks below the 20-day EMA, the pair could slide to $65.

The moving averages on the 4-hour chart are moving up slowly and the RSI is in the positive territory, signaling that bulls have the upper hand. There is a minor resistance at $72 but if this level is crossed, the up-move could reach $75.

Sellers are likely to mount a strong defense in the $72 to $75 zone but if bulls bulldoze their way through, the rally could accelerate and reach $80. On the downside, a break below $65 could open the doors for a decline to $61.

APE/USDT

ApeCoin (APE) has been trading inside a large range between $3 and $7.80 for the past several months. The moving averages have flattened out and the RSI is near the midpoint, indicating that the selling pressure could be reducing.

The bears have not allowed the price to rise above the moving averages but an encouraging sign is that the bulls have maintained the buying pressure and not let the price slip. This increases the possibility of a break above the moving averages. If that happens, the APE/USDT pair could ascend to $4.58 and thereafter to $5.25.

Alternatively, if bears do not allow the price to pierce the overhead resistance, the pair could again slump to the vital support at $3. A slide below the $3 to $2.61 support zone could indicate the start of the next leg down.

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

The pair has formed a symmetrical triangle on the 4-hour chart. This indicates indecision between the bulls and the bears. Although the moving averages are flattish, the RSI has risen into the positive zone, indicating that bulls have a slight edge. If buyers clear the minor hurdle at $3.71, the pair could rise to the resistance line of the triangle.

Conversely, if the price turns down and breaks below the uptrend line, it will suggest that bears are back in the game. The pair could then tumble to $3.20 and later to the important support at $3.

ICP/USDT

Internet Computer (ICP) continues to trade below the breakdown level of $4.61 but the RSI is forming a positive divergence, indicating that the selling pressure could be reducing.

Buyers propelled the price above the downtrend line on Dec. 30 but the bulls could not sustain the breakout. The bulls again tried to overcome the barrier on Jan.1 but the long wick on the candlestick shows that bears are selling on intraday rallies.

If the price slips and sustains below the 20-day EMA ($3.91), the bears will try to pull the price to $3.60 and then to $3.40.

On the contrary, if the price rebounds off the moving averages, the bulls will again try to drive the price above $4.21. If they can pull it off, the ICP/USDT pair could soar to $4.61 where the bears may try to stall the recovery.

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

The bulls have managed to defend the 50-SMA but they have failed to sustain the price above the 20-EMA. This indicates that bears are active at higher levels. If the price turns down and plummets below $3.90, the pair could drop to $3.76 and then $3.60.

Alternatively, if bulls pierce the overhead resistance zone of $4.10 to $4.21, the momentum could pick up and the pair could surge to $4.46. This level may behave as a minor hindrance but it is likely to be crossed. The pair could then reach $4.61.

BIT/USDT

BitDAO (BIT) has been consolidating between $0.25 and $0.35 for the past few days but the price action is showing signs of a possible breakout.

The moving averages have completed a bullish crossover, indicating a potential trend change. If buyers catapult the price above $0.35, the BIT/USDT pair could start a new uptrend. The pair could then attempt a rally to the target objective at $0.45.

On the other hand, if the price turns down from $0.35, it will suggest that bears are guarding this level with vigor. The price could then dip to the 20-day EMA ($0.30).

If the price rebounds from this level, it will suggest that the sentiment may have shifted from selling on rallies to buying on dips. That could enhance the prospects of a break above $0.35.

The bears will have to yank the price below the moving averages to invalidate the bullish view. The pair could then remain stuck inside the range for a while longer.

The price turned down sharply from the overhead resistance at $0.35 but the bulls are trying to arrest the pullback at the 20-EMA. If the price rebounds off the 20-EMA with strength, it will suggest aggressive buying on dips. The pair could then scale the overhead resistance and start its northward march to $0.40 and then $0.42.

Instead, if the price turns down and breaks below the 20-EMA, several short-term bulls may book profits. That could pull the price to the 50-SMA. Such a move will suggest that the pair may spend some more time inside the range.

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.

Bitdao Reveals Modular Ethereum L2 Called Mantle, Public Testnet to Launch in 2023

December 1, 2022 Bitcoin.com

Game7 Launches $100 Million Grants Program to Push Web3 Gaming Development

November 30, 2022 Bitcoin.com

Game7 allocates $100M in open-source technology grants for Web 3.0 gaming companies

November 28, 2022 Coin Telegraph

Game7 allocates 0M in open-source technology grants for Web 3.0 gaming companies

BitDAO

"We're looking to support teams building innovative open-source infrastructure that can accelerate the blockchain gaming space and foster collaboration," wrote Game7 in its FAQ.

On November 28, blockchain gaming accelerator Game7 announced that it would allocate $100 million in open-source technology grants to upcoming Web 3.0 startups. As told by the Game7, distributions will support individuals and entities building blockchain games, smart contracts, core software infrastructures, and community tooling. The grants will be paid in USD Coin (USDC).

What's first?

Open source technology grants are the first to launch - and we'll be supporting individuals, DAOs, and companies working on:

Game development tooling
Smart contracts and standards
Core infrastructure
Community tooling
— Game7 (@G7_DAO) November 28, 2022

Beyond the initial funding, the team said developers will also gain access to tech support, mentoring, and early Game7 initiatives. The decentralized autonomous organization, or DAO, claims it is chain agnostic and will support applications from any blockchain network. While award amounts have not been disclosed, in a list of frequently asked questions, Game7 explained that "applicants should not view grants as a substitute for venture funding."

In addition, upfront payments are only awarded "in exceptional cases," and most payments will only be issued contingent on the completion of certain project milestones. Developers must also undergo know-your-customer checks, sign a contract, and apply with their digital wallets. However, developers are not bound by any exclusivity agreements and can also apply for other grants or VC funding. Game7 estimates that after submission, its due diligence process will take four to six weeks before a decision is issued.

Game7 was created on November 18, 2021, as part of a $500 million blockchain ecosystem accelerator backed by BitDAO. Most of the funding came from its namesake decentralized treasury. At the same time, Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Off-chain Labs, OP Games, Polygon Studios, Solana Ventures, and now defunct Alameda Research also participated in the seed round.

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