EOS secures regulatory approval in Japan, will trade against yen

August 30, 2023 Coin Telegraph

The EOS Network Foundation announced that the EOS token will start trading on the Japanese exchange BitTrade in September.

The EOS token has been granted whitelist approval by Japan’s crypto regulator, paving the way for the token to be traded against the Japanese yen on regulated exchanges in the country.

In an announcement sent to Cointelegraph, the EOS Network Foundation (ENF), which currently supports the development of EOS, announced that the token has received whitelist approval from the Japanese Virtual and Crypto Asset Exchange Association.

Here live at @WebX_Asia and @JPN_PMO Fumio Kishida just stated that Web3 is "the new form of capitalism".

While the West continues to antagonize blockchain companies, Asia is welcoming us in with their arms wide open.

In Asia, the future is bright for crypto! pic.twitter.com/eZ9puYdzoR
— Yves La Rose (@BigBeardSamurai) July 25, 2023

This means the token can trade against the yen on regulated exchanges. The ENF also highlighted that trading for the token will be enabled in September at an exchange called BitTrade.

ENF CEO Yves La Rose told Cointelegraph in a statement that tapping into the Asian market is very important to EOS. According to La Rose, the region has always been an “important pillar” to EOS as it has a vast amount of tokenholders. He added:

“We strongly believe that the next wave of Web3 innovation will come in the form of blockchain-based gaming and GameFi. Asia is clearly a leader in that space.”

The ENF CEO also said that Japan is a growing market with an established regulatory framework and a supportive government. La Rose believes there’s an “incredible opportunity” for countries like Japan to absorb market share, as it offers clarity and oversight. The ENF CEO also noted that many gaming intellectual properties in Japan are “ripe for tokenization.”

Meanwhile, Japanese Prime Minister Fumio Kishida has recently reaffirmed the country’s stance regarding Web3. In a keynote address on July 25, Kishida highlighted Web3’s potential to kindle social change and transform the internet. The prime minister also described Web3 as part of the “new form of capitalism.“

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Whatever happened to EOS? Community shoots for unlikely comeback

EOS Foundation urges creditors to reject $22M Block.one settlement

August 9, 2023 Coin Telegraph

EOS Foundation urges creditors to reject M Block.one settlement

Coin Telegraph

The EOS Network Foundation has called on plaintiffs to drop the $22-million settlement with Block.one weeks after initiating a new class action.

Amid the approaching deadline for opting out of the current $22-million settlement with Block.one (B1), the EOS Network Foundation (ENF) has called on plaintiffs to drop the lawsuit.

The ENF took to X (formerly Twitter) on Aug. 8 to encourage plaintiffs to reject the $22-million settlement from Block.one, the firm that was the original seller of EOS (EOS) in a $4-billion initial coin offering (ICO) in 2018.

The ENF argued that the existing settlement “does not adequately compensate” community members for losses caused by Block.one’s “misrepresentations and bad acts.” The ENF emphasized that the settlement amount is a tiny fraction of the amount raised by Block.one as well as $1 billion that it falsely promised to invest in the EOS network and community.

“$22 million is too small a price for Block.one to pay to avoid having to be held to account for their bad acts in the future,” the announcement reads.

Additionally, the settlement bars class action participants’ rights to file new complaints against Block.one and its founders in the future, the ENF stressed, adding:

“The ENF urges community members to opt out of the settlement which will send a strong message to Block.one and to the court that the settlement is entirely inadequate and does not adequately compensate community members.”

According to the foundation, the deadline to opt out of the class action is Aug. 29. “If you fail to opt out by this date you may automatically be included in the class and your future rights to bring a claim against Block.one will be impaired,” the ENF noted.

The latest statements by the ENF came soon after it officially announced that it was preparing to start legal action against B1 in late July.

ENF founder and CEO Yves La Rose told Cointelegraph that the new action by the ENF could potentially help plaintiffs get higher compensation. “There are no guarantees, which is why this is a personal choice they need to make,” La Rose stated, reiterating that the ENF recommends any person consult their own legal counsel to determine which decision would be best for them.

Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books

Block.one ICO damages ‘far beyond’ $22M, ENF founder says

July 27, 2023 Coin Telegraph

Block.one ICO damages ‘far beyond’ M, ENF founder says

Coin Telegraph

Block.one owes much more to EOS investors than just $22 million after the $4-billion ICO, EOS Network Foundation CEO Yves La Rose believes.

The latest legal action against Block.one (B1), the creator and original seller of EOS (EOS), could potentially help plaintiffs get higher compensation, according to EOS Network Foundation (ENF) founder and CEO Yves La Rose.

On July 25, La Rose officially announced that ENF is preparing a lawsuit against Block.one for its failure to follow through on its $1-billion following its $4.1-billion raise in 2018.

The CEO argued that Block.one’s broken promises to invest $1 billion caused major issues for the EOS community and promised to hold the firm accountable.

As many investors have already been part of another class action against Block.one, a number of those might need to opt out of their current lawsuits, La Rose said.

“They would do that if they aren’t satisfied with the current settlement offer and believe their interests are better suited by opting out, which is a common practice,” the ENF founder told Cointelegraph.

La Rose added that opting out of an old class lawsuit could result in “obtaining a higher payout,” but it could also result in receiving nothing.

“There are no guarantees, which is why this is a personal choice they need to make,” the ENF founder noted, reiterating that the firm recommends any person consult their own legal counsel to determine which path is best for them.

La Rose also emphasized that the amount of settlement in the current class action might not be enough for those who were affected. He stated:

“Not everyone is covered in the current class, and so this new contemplated action also widens the pool of potential participants. Also, the measly $22 million that Block.one offered is pathetic. The damages caused on a $4-billion raise are far beyond what is being offered in reparations.”

Block.one’s EOS initial coin offering (ICO) became one of the largest crowdfunding raises in history, raising as much as $4.1 billion by June 2018 and outstripping Telegram’s $1.7 billion ICO.

By the end of its year-long crowdsale, EOS was trading at around $12, or around 44% down from its peak price recorded in April 2018. The cryptocurrency then experienced a couple of ups and downs, eventually plummeting all the way down below $1. At the time of writing, EOS is trading at $0.74, down roughly 30% over the past year.

Despite a massive decline, EOS is still one of the biggest cryptocurrencies by market capitalization, which amounts to $827 million at the time of writing. That makes the EOS cryptocurrency the 54th largest coin by market value, according to CoinGecko.

*EOS all-time price chart. Source: CoinGecko*

In 2019, Block.one agreed to pay a $24-million civil fine to settle with the United States Securities and Exchange Commission over charges that it held an unregistered ICO. A few months later, disgruntled investors started a class-action lawsuit against Block.one, arguing that the firm deceived tokenholders about its financial history, operations and budget, as well as executive compensation, material trends, risk factors and others.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift

EOS Foundation to sue Block.one on failure to honor $1B commitment

July 26, 2023 Coin Telegraph

EOS Foundation to sue Block.one on failure to honor B commitment

Coin Telegraph

Potential plaintiffs in the new lawsuit by ENF may need to opt out of other suits against Block.one to be eligible to participate.

The EOS Network Foundation (ENF) is the latest entity to initiate legal action against major investor Block.one (B1) over failure to honor $1 billion investment commitments.

On July 25, ESN founder and CEO Yves La Rose took to Twitter to announce that the ESN is preparing a lawsuit against B1 for “failure to follow through on its $1B commitment.”

The CEO mentioned that Block.one is already working to settle another class action lawsuit for $22 million, after rejection of a proposed $27.5 million settlement with lead plaintiff Crypto Assets Opportunity.

“You may need to opt out to be eligible to participate in the ENF’s lawsuit,” he noted.

According to La Rose, the United States’ class action lawsuit is still in the process of settling after being initiated back in 2017. The CEO also mentioned that plaintiffs who want to opt out of the lawsuit can contact counsel James Koutoulas.

The current deadline to make a claim or opt out of the U.S. class action is August 23, 2023, La Rose added, stressing:

“If you opt out of the U.S. class action, there is no guarantee that you will be able to make any other claim against Block.one, or that such a claim will be successful.”

The EOS community has faced major issues due to the failure of Block.one, as the creator and original seller of the EOS token, to live up to its commitment to invest in the EOS Network and community, La Rose wrote. He noted that ENF has been actively working with stakeholders to ensure that Block.one is held to account for its promises.

The latest announcement by ESN CEO comes about two months after he first called for a class action against Block.one in May 2023. La Rose specifically accused Block.one of breaking its promises to invest $1 billion from EOS’ initial coin offering (ICO) process to EOSIO developers.

“It was broadly understood at the time that B1 was making these commitments that these investments would be made in the EOS Network [...] and yet B1 has provided minimal real support to EOS Network efforts to develop the network,” La Rose wrote then. “B1’s promises during the ICO and after have not been fulfilled,” he added.

The #EOS Network remains the most compelling utility token network in the space. Taking steps to hold @B1 to its promises of investment in EOS Network will only improve EOS Network’s position and the long term value that it can bring to its participants.https://t.co/84ZmVmgv8q
— Yves La Rose (@BigBeardSamurai) May 20, 2023

As previously reported, Block.one, the company behind EOS, raised $4.1 billion over 12 months in an ICO back in 2018. The ICO became one of the largest crowdfunding rounds at the time.

Block.one didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M

Bitcoin price gathers strength as SOL, AVAX, FIL and EOS prep for a breakout

July 9, 2023 Coin Telegraph

Avalanche

SOL, AVAX, FIL and EOS price are beginning to look attractive, especially if Bitcoin opens the week with a renewed attack on the $31,000 level.

Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago.

The report did not alter expectations of a 25 basis point rate hike by the United States Federal Reserve in the next meeting, according to the FedWatch Tool. That kept the U.S. equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was lower by 0.92%.

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

Another minor negative for the crypto markets was a report by JPMorgan managing director Nikolaos Panigirtzoglou, which said that a spot Bitcoin (BTC) exchange-traded fund (ETF) may not prove to be a game changer for the crypto space. Panigirtzoglou cites lackluster interest in the spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the U.S.

Could bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the march higher. Let’s analyze the charts of top-5 cryptocurrencies that are showing signs of moving up.

Bitcoin price analysis

Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty among the bulls and the bears about the next directional move.

*BTC/USDT daily chart. Source: TradingView*

The BTC/USDT pair bounced off the 20-day EMA on July 7, indicating that the bulls continue to defend the level aggressively. Buyers will again attempt to overcome the resistance at $31,500. If they succeed, the pair may start the next leg of the uptrend. The pair could first advance to $32,400 and thereafter sprint toward $40,000.

The bears are likely to have other plans. They will try to protect the overhead resistance and tug the price below the $29,500 support. If this level gives way, stops of several short-term bulls may be hit. That could sink the pair to the 50-day simple moving average ($28,101).

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

The 4-hour chart shows that the pair is trading between $29,500 and $31,500. Generally, a tight range trading is followed by a range expansion but it is difficult to predict the direction of the breakout with certainty. Hence, it is better to wait for the price to escape the range before waging large bets.

If the price breaks above the 50-SMA, the bulls will try to drive the pair above $31,500. If they manage to do that, the pair may start a new up-move. Conversely, a tumble below $29,500 could start a correction toward $27,500.

Solana price analysis

Solana (SOL) has been trading in a large range between $15.28 and $27.12 for the past several months. The failure to sustain the price below the support of the range started an up-move that has risen above the downtrend line. This suggests that the bulls are attempting a comeback.

*SOL/USDT daily chart. Source: TradingView*

The moving averages have completed a bullish crossover and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside. There is a minor resistance at $22 but if this level is crossed, the SOL/USDT pair may rally to $24 and ultimately to the stiff overhead resistance of $27.12.

On the downside, $18.70 is the important support to keep an eye on. A break and close below this level may open the doors for a possible drop to the strong support zone between $16.18 and $15.28.

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

Both moving averages are sloping up and the RSI is in the positive territory on the 4-hour chart. This suggests that the bulls are in command. However, the bears have not yet given up and have pulled the price to the 20-EMA.

If the price rebounds off the 20-EMA with strength, the bulls will make one more attempt to overcome the obstacle at $22. If they can pull it off, the pair may jump toward $24.

The first sign of weakness will be a drop below the 20-EMA. That will indicate profit-booking by the short-term bulls. The pair may then slide to the 50-SMA.

Avalanche price analysis

After struggling near the 50-day SMA ($12.99) for several days, Avalanche (AVAX) successfully scaled the level on July 8.

*AVAX/USDT daily chart. Source: TradingView*

The moving averages are close to completing a bullish crossover and the RSI has jumped into the positive territory. This suggests that bulls have an edge. The AVAX/USDT pair could rise to $16 where the bears may again mount a strong defense.

If subsequent corrections find support at the 20-day EMA ($13), it will suggest the start of an up-move toward $18. The important support to watch on the downside is $12. A break below this level may drag the price to the vital support at $10.52.

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

The 4-hour chart shows the price has risen above the symmetrical triangle pattern, indicating that bulls are trying to take charge. The up-move may face selling near the stiff overhead resistance of $15 but bulls are expected to buy the dips to the 20-EMA. If this support holds, the likelihood of a rally above $15 increases.

If bears want to prevent the upside, they will have to quickly yank the price below the moving averages. That may trap the aggressive bulls, resulting in long liquidation. The pair may then slide to the support line of the triangle.

Filecoin price analysis

Filecoin (FIL) is trying to form an inverse head and shoulders pattern which will complete on a break and close above the neckline near $5.

*FIL/USDT daily chart. Source: TradingView*

The moving averages are about to complete a bullish crossover and the RSI is in the positive territory. This indicates that bulls have a slight edge. The bulls will try to drive the price to the neckline of the reversal pattern. If bulls overcome this barrier, the FIL/USDT pair may start a new up-move. The pattern target of this bullish setup is $7.30.

This positive view could invalidate in the short term if the price breaks and sustains below the moving averages. That could sink the pair to $3.5 and later to $3.

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

The 4-hour chart shows that the pair is in a corrective phase but the buyers are trying to push the price above the moving averages. If they manage to do that, it will suggest that the correction may be over. The pair may then gradually climb toward the overhead resistance near $5.

Instead, if the price turns down from the moving averages and plummets below $4.20, it will suggest that the short-term sentiment remains negative and traders are selling on rallies. That may pull the price to $4 and subsequently to $3.60.

EOS price analysis

EOS (EOS) has been forming a higher high and higher low pattern, suggesting a potential trend change in the near term.

*EOS/USDT daily chart. Source: TradingView*

The 20-day EMA ($0.73) has flattened out and the RSI is near the midpoint, indicating that the selling pressure is reducing. Buyers will have to propel the price above the overhead resistance at $0.79 to indicate that the downtrend may be ending. The EOS/USDT pair could then surge toward $0.93.

Alternatively, if the price turns down from the overhead resistance, it will suggest that bears remain active at higher levels. That could keep the pair range-bound between $0.60 and $0.79 for some more time.

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

The 4-hour chart shows that the pair has been gradually moving up. If buyers kick the price above the 50-SMA, the pair may retest the overhead resistance at $0.79. If bulls overcome this barrier, the pair could soar to $0.83 and eventually to $0.90.

Contrary to this assumption, if the price turns down and breaks below the uptrend line, it will suggest that the bears are back in the driver’s seat. The pair may then slump to $0.67 and later to $0.64.

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.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin reclaims $28K, and charts suggest ARB, XRP, EOS and AAVE could follow

May 28, 2023 Coin Telegraph

Aave

BTC and stocks look to rally after US lawmakers potentially reach a deal on the debt ceiling.

The United States looks to avoid a catastrophic debt default after the White House and the House Republicans agreed upon a tentative deal on May 27. The U.S. equities markets rallied in anticipation of the deal on May 26 and the positive sentiment has rubbed off onto the cryptocurrency sector, which is attempting a recovery.

Buying is not limited to Bitcoin (BTC) alone as select altcoins are also showing signs of a short-term up-move. However, sustaining the rally at higher levels may prove to be difficult for the bulls.

After the debt ceiling deal, traders are likely to focus their attention on the Federal Reserve’s rate hikes. The hot Personal Consumption Expenditures data on May 26 increased the likelihood of a rate hike at the Fed’s June meeting. The probability of a 25 basis point rate hike has risen from 17% a week back to 64% on May 28, according to the CME FedWatch Tool.

Along with Bitcoin, what altcoins that are looking ripe for a short-term up-move? Let’s study the charts of these top five cryptocurrencies to spot the important levels to watch out for.

Bitcoin price analysis

Bitcoin has reached the overhead resistance zone between the 20-day exponential moving average ($27,146) and the support line of the symmetrical triangle. This zone is likely to witness a solid tussle between the bulls and the bears.

If the price turns down from the overhead zone, the bears will make another attempt to yank the price to the pivotal support at $25,250. The bulls are expected to defend the zone between $25,250 and $24,000 with all their might because a break below it could intensify selling. The BTC/USDT pair could then tumble to $20,000.

On the contrary, if buyers overcome the overhead obstacle and push the price back into the triangle, it will suggest strong buying on dips. That increases the possibility of a break above the resistance line of the triangle. The pair may then soar to $31,000.

The 4-hour chart shows that the pair is trading inside a descending channel pattern and the bears are trying to defend the resistance line. If the price turns down from the current level but rebounds off the 20-EMA, it will indicate that dips are being bought.

The bulls will then again try to thrust the price above the channel. If they succeed, the pair may start an up-move to $28,400.

Contrarily, a break below the moving averages will suggest that the pair may extend its stay inside the channel for some more time.

XRP price analysis

XRP (XRP) has formed an inverse head and shoulders pattern, which will complete on a break and close above the neckline.

*XRP/USDT daily chart. Source: TradingView*

The 20-day EMA ($0.45) is sloping up gradually and the RSI has jumped into positive territory, indicating that the path of least resistance is to the upside. If bulls drive and sustain the price above the neckline, the XRP/USDT pair could start a rally to the overhead resistance zone between $0.54 and $0.58. The pattern target of the bullish setup is $0.55.

This positive view will be negated in the near term if the price turns down from the neckline and plummets below the 20-day EMA. The pair could then descend to the important support near $0.40.

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

The 4-hour chart shows that the pair is witnessing a tough battle between the bulls and the bears near the neckline. The rising 20-EMA and the RSI in the positive zone indicate a minor advantage to the buyers.

If the price rebounds off the 20-EMA, it will increase the likelihood of a break above $0.48. If that happens, the pair is likely to start its up-move. Alternatively, if the price turns down and breaks below the moving averages, it will tilt the short-term advantage in favor of the bears. The pair may then drop to $0.44.

Arbitrum price analysis

The bulls pushed Arbitrum (ARB) back above the 20-day EMA ($1.17) on May 28, indicating the start of a potential recovery.

*ARB/USDT daily chart. Source: TradingView*

The bears are likely to pose a strong challenge at $1.20 but if bulls pierce this level, the ARB/USDT pair could pick up momentum. There is a minor resistance at the 50-day simple moving average ($1.29) but it is likely to be crossed. The pair may then climb to $1.36 and later to $1.50.

If bulls want to prevent the rally, they will have to quickly pull the price back below the 20-day EMA. If they manage to do that, the pair may slip to $1.06 and then to $1.01. This is an important zone for the bulls to defend because if it cracks, the pair may witness a sharp fall to $0.73.

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

The 4-hour chart shows that the bulls have pushed the price above the resistance line of the symmetrical triangle pattern. The bears are trying to stall the up-move at $1.20 but if the bulls do not allow the price to re-enter the triangle, it will enhance the prospects of an upside breakout. The pattern target of the setup is $1.43.

Contrarily, if the price turns down and breaks back into the triangle, it will suggest that the recent breakout may have been a bull trap. The bears will then try to sink the price back toward the support line of the triangle.

EOS Token price analysis

Eos (EOS) has been oscillating between $0.78 and $1.34 for the past several months. Generally, in such a large range, traders buy near the support and sell close to the resistance.

The EOS/USDT pair bounced off $0.81 on May 25 and rose above the 20-day EMA ($0.89) on May 28. This is the first indication that the range remains intact. The bulls will try to push the price to the 50-day SMA ($1) where the bears are likely to mount a strong defense.

If the next dip finds support at the 20-day EMA, it will suggest that the bulls are on top. The pair could then rise to $1.11. The bears will have to tug the price below the vital support at $0.78 to indicate the start of a downtrend.

The recovery attempt is facing selling near the overhead resistance at $0.93 but the bulls have not given up much ground. The moving averages have completed a bullish crossover and the RSI is near the overbought zone, indicating that bulls have the upper hand.

If buyers drive the price above $0.93, the pair could pick up momentum and rise toward the psychological level of $1 and subsequently to $1.11. This positive view could invalidate in the near term if the price turns down and breaks below the moving averages.

Aave price analysis

Aave (AAVE) has been falling inside a descending channel pattern, which generally behaves as a bullish setup.

*AAVE/USDT daily chart. Source: TradingView*

After struggling near the 20-day EMA ($65.50) for the past few days, the bulls pushed the price above the resistance on May 27. This suggests the start of a possible relief rally.

The AAVE/USDT pair could first rise to the 50-day SMA ($70) and thereafter attempt a rally to the resistance line. A break and close above this level may start a short-term up-move.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that demand dries up at higher levels. The next support on the downside is at $62.

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

The 4-hour chart shows the formation of an ascending triangle pattern which will complete on a break and close above $67.40. The pair could then start an up-move toward the pattern target of $74.

Instead, if the price turns down from the current level, it will indicate that bears are fiercely protecting the $67.4 level. If the price slips below the moving averages, it will suggest that the pair may remain inside the triangle for some more time. A break below the triangle will invalidate the positive setup, tilting the advantage in favor of the bears.

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.

Bitcoin price turns $28K to support, opening the door for ETH, MATIC, HBAR and EOS to breakout

April 2, 2023 Coin Telegraph

Bitcoin

BTC, ETH, MATIC, HBAR and EOS are likely to pick up momentum if they cross above their respective overhead resistance levels.

The market witnessed a major banking crisis in March as Silicon Valley Bank and Signature Bank failed and Silvergate Bank entered liquidation as the result of dire financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Still, the United States equities markets and the European stock markets closed the month on a positive note.

The cryptocurrency market was also shaken by volatility, but Bitcoin (BTC) gained about 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April and data from Coinglass suggests that the month has largely favored the buyers.

Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders might focus on the movers rather than the laggards.

Let’s study the charts of five cryptocurrencies that look positive in the near term. If they break above their resistance levels, they may offer short-term trading opportunities.

Bitcoin price analysis

Bitcoin is facing stiff resistance at the $29,000 level but the bulls have not allowed the price to lose ground. This suggests that the bulls are being patient as they anticipate a move higher.

The 20-day exponential moving average ($27,012) is trending up and the relative strength index (RSI) is above 61, indicating that the buyers are in control. The bullish momentum is likely to pick up after buyers overcome the obstacle at $29,200. That could start a rally to $30,000 and subsequently to $32,500.

Conversely, if the price turns down sharply from the current level, it will suggest that the short-term traders are selling. The BTC/USDT pair may slump to the 20-day EMA, which is an important level to keep an eye on.

If this support gives way, the pair could slide to the breakout level of $25,250. This is a make-or-break level for the pair because if it collapses, the selling could intensify and the decline could extend to the 200-day simple moving average ($20,424).

Buyers pushed the price above the overhead resistance at $28,868 but could not sustain the higher levels. This suggests that bears are trying to keep the price below $28,868. If bears sustain the price below the 20-EMA, the pair may start its fall toward $27,500 and then to $26,500.

On the upside, a break and close above $28,868 will indicate that the bulls have overpowered the bears. That could signal the start of the next leg of the up-move. The target objective from the break above the $26,500 to $28,868 range is $31,236.

Ether price analysis

Ether (ETH) turned down from the overhead resistance of $1,857 on April 1 but the bulls are not giving up much ground. This suggests that the buyers are not rushing to the exit.

*ETH/USDT daily chart. Source: TradingView*

The upsloping 20-day EMA ($1,748) and the RSI in the positive area suggest that the path of least resistance is to the upside. If bulls drive the price above $1,857, the ETH/USDT pair may make a dash to the psychologically important level of $2,000.

The bears are likely to mount a strong defense at this level but if bulls overcome this barrier, the next stop could be $2,200. This positive view will invalidate in the near term if the price plunges below the 20-day EMA and the horizontal support at $1,680.

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

The 4-hour chart shows that the pair turned down from the overhead resistance of $1,857 and the bears pulled the price below the 20-EMA. This suggests that the short-term bulls may be closing their positions. The pair could next fall to $1,743 and thereafter to $1,680.

Contrarily, if the price turns up and rises back above the 20-EMA, it will suggest that the break may have been a bear trap. A strong bounce off the current level could enhance the prospects of a rally above the overhead resistance.

Polygon price analysis

Polygon (MATIC) has been trading near the 20-day EMA ($1.11) for the past few days. Generally, a tight consolidation near an overhead resistance resolves to the upside.

*MATIC/USDT daily chart. Source: TradingView*

If buyers thrust the price above the 20-day EMA, the MATIC/USDT pair will attempt a rally to $1.25 and thereafter to $1.30. The bears are expected to guard this zone vigorously because if they fail, the pair could soar to $1.57.

Alternatively, if the price turns down from the current level and breaks below $1.05, it will suggest that the bears are back in the driver’s seat. The pair may then fall to the 200-day SMA ($0.97), which is an important level to watch out for. If this support cracks, the pair may plummet toward $0.69.

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

The bears are trying to sustain the price below the 20-EMA. If they succeed, the pair could skid to $1.05 and then to $1.02. This is an important zone for the bulls to defend because if it gives way, the pair may continue its downward move to $0.94.

On the other hand, if the price turns up from the current level, it will suggest that every minor dip is being purchased. That will increase the likelihood of a break above the minor resistance at $1.15. The pair may then ascend to $1.25.

Hedera price analysis

Buyers foiled several attempts by the bears to sink and sustain Hedera (HBAR) below the 200-day SMA ($0.06) between March 9 to 28.

*HBAR/USDT daily chart. Source: TradingView*

The 20-day EMA ($0.06) has started to turn up and the RSI is in the positive territory, indicating that buyers have the upper hand. The HBAR/USDT pair is likely to continue its northward march to the $0.10 to $0.11 resistance zone. Sellers are likely to defend this zone with all their might but if buyers bulldoze their way through, the pair may start a new uptrend.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that bears are selling on relief rallies. The pair may then retest the crucial support at the 200-day SMA. A break below this level will open the doors for a possible drop to $0.04.

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

The bulls started a strong recovery from the support near $0.06 but the relief rally is facing strong resistance in the zone between the 50% Fibonacci retracement level of $0.07 and the 61.8% retracement level of $0.08.

On the downside, the bulls are trying to defend the support at the 20-EMA. If the price rebounds off it, the pair may rally to $0.09 and then to $0.10. Conversely, if the price plummets below the 20-EMA, it will suggest that bears are still in the game. The pair could then descend to the support near $0.06.

EOS price analysis

EOS (EOS) is trying to complete a bullish cup and handle formation. Buyers pushed the price above the 20-day EMA ($1.15) on March 29, starting a comeback.

The 20-day EMA has started to turn up gradually and the RSI is in the positive territory, indicating a minor advantage to the bulls. The ETH/USDT pair is likely to rise to the overhead resistance zone between $1.26 and $1.34.

Sellers are likely to defend this zone aggressively but if bulls overpower the bears, the pair may start a new uptrend. The pattern target of the reversal setup is $1.74.

On the contrary, if the price turns down from the overhead zone, it will indicate that bears are selling on rallies. The pair could then slide to the 20-day EMA and later to the 200-day SMA ($1.05). A break below this level will suggest that the bears are back in command.

The 4-hour chart shows that the bears are protecting the $1.22 level with vigor but a minor positive is that the bulls have not allowed the price to dip below the 20-EMA. This shows strong demand at lower levels.

The upsloping 20-EMA and the RSI in the positive territory indicate that bulls have a slight edge. If buyers propel the price above $1.22, the pair could rise to $1.26 and thereafter to $1.34.

Contrarily, if the price slumps below the 20-EMA, it will suggest that short-term traders may be booking profits. The pair could then drop to $1.14 and later to $1.06.

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.

EOS, STX, IMX and MKR show bullish signs as Bitcoin searches for direction

March 5, 2023 Coin Telegraph

Bitcoin

BTC price is attempting to stage a recovery, while EOS, STX, IMX and MKR are beginning to flash bullish signals.

The United States equities markets made a strong recovery this week but Bitcoin (BTC) failed to follow suit. This means that cryptocurrency investors stayed away and could be worried by the ongoing problems at Silvergate bank. These fears could be what is behind the total crypto market capitalization dropping to nearly $1 trillion.

The behavior analytics platform Santiment said in a report on March 5 that there was a “huge spike of bearish sentiment” according to their bullish versus bearish word comparison Social Trends chart. However, the firm added that th “kind of overwhelmingly bearish sentiment can lead to a nice bounce to silence the critics.”

Another short-term positive for the crypto markets is the weakness in the U.S. dollar index (DXY), which fell by 0.70 in the past 7 days. This suggests that crypto markets may attempt a recovery over the next few days. As long as Bitcoin remains above $20,000, select altcoins may outperform the broader markets.

Let’s study the charts of Bitcoin and the four altcoins that are showing promise in the near term.

BTC/USDT

Bitcoin plummeted below the $22,800 support on March 3. Buyers tried to push the price back above the breakdown level on March 5 but the long wick on the candlestick suggests that bears are trying to flip $22,800 into resistance.

The 20-day exponential moving average ($23,159) has started to turn down and the relative strength index (RSI) is below 44, indicating that bears are trying to solidify their position. Sellers will try to sink the price below the support at $21,480. If they can pull it off, the BTC/USDT pair may retest the vital support at $20,000.

If bulls want to prevent the downside, they will have to quickly thrust the price above the 20-day EMA. Such a move will suggest aggressive buying at lower levels. The pair may then rise to $24,000 and thereafter rally to $25,250. A break above this resistance will indicate a potential trend change.

The moving averages are turning down on the 4-hour chart and the RSI is near 39. This indicates that bears have the upper hand. If the price turns down from the 20-EMA and breaks below $21,971, the pair may retest the support at $21,480.

Instead, if bulls drive the price above the 20-EMA, it will suggest that the bears may be losing their grip. The pair could then climb to the 50-simple moving average. This is an important level for the bears to defend because a break above it may open the gates for a rally to $24,000.

EOS/USDT

EOS (EOS) broke above the vital resistance of $1.26 on March 3 but the bulls could not sustain the higher levels. However, a positive sign is that the price has not dropped below the 20-day EMA ($1.17).

The gradually upsloping moving averages and the RSI in the positive zone indicate advantage to the bulls. The EOS/USDT pair has formed a rounding bottom pattern that will complete on a break and close above the $1.26 to $1.34 resistance zone. This reversal setup has a target objective at $1.74.

The important support to watch on the downside is the 50-day SMA ($1.10). Buyers have not allowed the price to tumble below this support since Jan. 8, hence a break below it may accelerate selling. The next support on the downside is $1 and then $0.93.

The bears pulled the price below the 20-EMA but a minor positive is that bulls have not allowed the pair to slide to the 50-SMA. This suggests that lower levels continue to attract buyers. If the price rises above the 20-EMA, the bulls will again try to clear the hurdle at $1.26. If they do that, the pair may surge to $1.34.

This positive view could invalidate in the near term if the price turns down and breaks below the 50-SMA. That may extend the fall to $1.11.

STX/USDT

Stacks (STX) rallied sharply from $0.30 on Feb. 17 to $1.04 on March 1, a 246% rise within a short time. Typically, vertical rallies are followed by sharp declines and that is what happened.

The STX/USDT pair plunged to the 20-day EMA ($0.69) where it is finding buying support. The 50% Fibonacci retracement level of $0.67 is also close by, hence the bulls will try to protect the level with vigor. On the upside, the bears will try to sell the rallies in the zone between $0.83 and $0.91.

If the price turns down from this overhead zone, the sellers will again try to deepen the correction. If the $0.67 cracks, the next support is at the 61.8% retracement level of $0.58.

Contrary to this assumption, if buyers thrust the price above $0.91, the pair may rise to $1.04. A break above this level will indicate a possible resumption of the uptrend. The pair may then rally to $1.43.

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

The 4-hour chart shows that the 20-EMA is sloping down and the RSI is in the negative territory, indicating that bears have a slight edge. Sellers are likely to defend the moving averages during pullbacks. They will try to maintain their hold and sink the price to $0.65 and then to $0.56. The bulls will try to fiercely defend this support zone.

The first sign of strength will be a break and close above the 50-SMA. The pair may then rise to $0.94 and later to $1.04.

IMX/USDT

ImmutableX (IMX) rebounded off the 50-day SMA ($0.88) on March 3 and closed above the 20-day EMA ($1), indicating solid demand at lower levels.

The IMX/USDT pair could rise to $1.12 where the bears will again try to stall the recovery. If buyers bulldoze their way through, the pair could accelerate toward the stiff overhead resistance at $1.30. This is a crucial level to keep an eye on because a break and close above it may signal the start of a new uptrend. The pair may then soar to $1.85.

Contrarily, if the price turns down from the current level or $1.12, it will suggest that the bears have not yet given up. Sellers will then again try to sink the pair below the 50-day SMA and gain the upper hand. If they succeed, the pair could slump to $0.63.

IMX/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price is oscillating between $0.92 and $1.12. Usually, in a range, traders buy near the support and sell close to the resistance. The price action inside the range could be random and volatile.

If the price rises above the resistance, it suggests that the bulls have overpowered the bears. The pair may then rally toward $1.30. On the contrary, if bears sink the price below $0.92, the pair may turn negative in the near term. The support on the downside is at $0.83 and next at $0.73.

MKR/USDT

After a short-term pullback, Maker (MKR) is trying to resume its up-move. This suggests that the sentiment remains positive and traders are viewing the dips as a buying opportunity.

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers sustain the price above $963, the MKR/USDT pair may start its journey to the $1,150 to $1,170 resistance zone.

If bears want to stall the bullish trend, they will have to pull the price below the 20-day EMA ($807). If they manage to do that, stops of several short-term traders may be hit. The pair may then decline to the 50-day SMA ($731).

MKR/USDT 4-hour chart. Source: TradingView

The pair had been trading between $832 and $963 for some time but the bulls are trying to kick the price above the range. The 20-EMA has turned up and the RSI is in the positive territory, indicating that bulls are in command.

If the price sustains above $963, the pair may attempt a rally to the target objective of $1,094. On the other hand, if the price turns down sharply below $963, it will suggest that the breakout may have been a bull trap. That could extend the consolidation for a while longer.

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.

Total crypto market cap takes a hit amid Silvergate Bank crisis

March 3, 2023 Coin Telegraph

Coin Telegraph

The total crypto market cap slipped below $1.025 trillion as concerns over Silvergate Bank’s solvency triggered a sharp sell-off in BTC, ETH and altcoins.

Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March.

Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upward for the past 48 days. Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level.

*Total crypto market cap in USD, 12-hour. Source: TradingView*

As displayed above, the ascending channel initiated in mid-January saw its $1.025-trillion market cap floor ruptured after Silvergate Bank, a major player in crypto on- and off-ramping, saw its stock plunge by 57.7% at the New York Stock Exchange on March 2. Silvergate announced “additional losses” and suboptimal capitalization, potentially triggering a bank run that could lead to the situation spiraling out of control.

Silvergate provides financial infrastructure services to some of the world’s largest cryptocurrency exchanges, institutional investors and mining companies. Consequently, clients were incentivized to seek alternative solutions or sell their positions to reduce exposure in the crypto sector.

On March 2, the bankrupt cryptocurrency exchange FTX revealed a “massive shortfall” in its digital asset and fiat currency holdings, contrary to the previous estimate that $5 billion could be recovered in cash and liquid crypto positions. On Feb. 28, former FTX engineering director Nishad Singh pleaded guilty to charges of wire fraud along with wire and commodities fraud conspiracy.

With billions worth of customer funds missing from the exchange and its United States-based arm, FTX US, there is less than $700 million in liquid assets. In total, FTX recorded an $8.6 billion deficit across all wallets and accounts, while FTX US recorded a deficit of $116 million.

The 4% weekly decline in total market capitalization since Feb. 24 was driven by the 4.5% loss from Bitcoin (BTC) and Ether’s (ETH) 4.8% price decline. As expected, there were merely six out of the top 80 cryptocurrencies with positive performances in the past seven days.

*Weekly winners and losers among the top 80 coins. Source: Messari*

EOS gained 9% after the EOS Network Foundation announced the final testnet for the Ethereum Virtual Machine launch on March 27.

Immutable X (IMX) traded up 5% as the project became a “Unity Verified Solution,” reportedly allowing seamless integration with the Unity SDK.

DYdX (DYDX) traded down 14.5% as investors await a $17-million token unlock on March 14.

Leverage demand is balanced despite the recent price correction

Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

*Perpetual futures accumulated 7-day funding rate on March 3. Source: Coinglass*

The seven-day funding rate was marginally positive for Bitcoin and Ether, reflecting a balanced demand between leverage longs (buyers) and shorts (sellers) using perpetual futures contracts. The only exception was the slightly higher demand for betting against BNB’s (BNB) price, although it was far from an alarming level at 0.2% per week.

The options put/call ratio reflects traders’ optimism

Traders can gauge the market’s overall sentiment by measuring whether more activity is going through call (buy) options or put (sell) options. Generally speaking, call options are used for bullish strategies, whereas put options are for bearish ones.

A 0.70 put-to-call ratio indicates that put options open interest lags the more bullish calls and is therefore bullish. In contrast, a 1.40 indicator favors put options, which can be deemed bearish.

*BTC options volume put-to-call ratio. Source: Laevitas.ch*

Apart from a brief moment on March 2 when Bitcoin’s price traded down to $22,000, the demand for bullish call options has exceeded the neutral-to-bearish puts since Feb. 25. Moreover, the current 0.71 put-to-call volume ratio shows that the Bitcoin options market is more strongly populated by neutral-to-bullish strategies that favor call (buy) options.

From a derivatives market perspective, the market showed resilience, so Bitcoin traders may not expect additional corrections despite the bearish indicator from the failed ascending channel. The 4% weekly decline in total market capitalization reflects the uncertainty brought by Silvergate Bank, and it is unlikely to have roots deep enough to cause systemic risk.

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.

Crypto Traders Turning Against Cardano, Tron and One Ethereum Rival, Says Santiment – But There’s a Catch

October 7, 2022 The Daily Hodl

EOS

Bitcoin price analysis

Solana price analysis

Avalanche price analysis

Filecoin price analysis

EOS price analysis

Bitcoin price analysis

XRP price analysis

Arbitrum price analysis

EOS Token price analysis

Aave price analysis

Bitcoin price analysis

Ether price analysis

Polygon price analysis

Hedera price analysis

EOS price analysis

BTC/USDT

EOS/USDT

STX/USDT

IMX/USDT

MKR/USDT

Leverage demand is balanced despite the recent price correction

The options put/call ratio reflects traders’ optimism

Share this video