Leading NFT Marketplace Opensea to Add Solana Support in April

March 30, 2022 Bitcoin.com

Klaytn token down 15% in a month, but network’s TVL shows resilience

March 16, 2022 Coin Telegraph

Arbitrum

KLAY's market cap is roughly 70% below its all-time high, but the network's TVL and DApp data hint that the service-oriented blockchain might bounce from its lows.

Klaytn (KLAY) had a promising start in March 2021, reaching an impressive $11 billion market capitalization following its debut. However, investors have exaggerated their expectations as the token's current total value stands at $3 billion, down roughly 70%.

*KLAY/USD on Binance. Source: TradingView*

Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts. Capital locked on smart contracts is known in the industry as total value locked, or TVL.

Real use cases and strong backing

Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group's shares are valued at $36 billion, backed by diverse applications in traditional markets, including games, chat, taxi and rides, financial services, and a venture arm.

Businesses can customize and operate their own service-oriented blockchains built atop Klaytn architecture. These autonomously operated subnetworks are called Service Chains and are fully customizable.

The network is fully functional, offering decentralized applications (dApp) ranging from DEX exchanges, nonfungible token (NFT) marketplaces, social networks, collateralized loans, and games. For instance, KlaySwap, Klaytn's leading dApp, holds $746 million in TVL and 19,840 active addresses over the past week.

According to Klaytn's blog, the network is gearing up its infrastructure to provide services for the gaming and metaverse sectors. Initiatives include launching an open-source tools developer package that incorporates layer-2 solutions and adding direct support to Ethereum Virtual Machine (EVM) applications. Additional services include providing management and financial support for projects with high potential.

Klaytn's roadmap includes higher scalability by leveraging layer-2 service chains, additional interoperability bridges with other blockchains, and integrating an Interplanetary File System (IPFS) gateway for decentralized storage.

Klaytn smart contracts deposits jumped 24%

Despite KLAY's negative 15% performance over the last 30 days, the network's TVL increased by 24% in the same period. As a comparison, Arbitrum scaling solution stalled at $1.7 billion, and Polygon decreased to $3.35 billion from $4.65 billion on Feb. 15.

*Klaytn Total Value Locked, USD. Source: DefiLlama*

In dollar terms, Klaytn's current TVL of $1.2 billion is 13% below its $1.35 billion peak in January 2022. Yet, these figures represent less than 2% of the aggregate TVL (excluding Ethereum), according to DeFi Llama data.

In terms of recent developments, on Feb. 17, Klaytn joined the Blockchain Game Alliance, which encourages the development of standards and sharing of best practices in the decentralizing gaming sector. The initiative also aims to increase the public understanding and awareness of blockchain games.

To confirm whether Klaytn's TVL growth is backed by increased adoption, one should analyze DApp usage metrics. Some DApps, such as games and collectibles, do not require large deposits, so the TVL metric is irrelevant in those cases.

*Klaytn DApps 30-day usage metrics. Source: DappRadar*

As shown by DappRadar, on March 15 the number of Klaytn network addresses interacting with decentralized applications decreased by 5% versus the previous month.

Even though Klaytn's TVL has increased by 24%, the network lacks a more substantial user base growth to support further KLAY token price momentum. Still, KLAYswap, the leading Dapp, presented a decent 39,090 active addresses over the past 30 days.

The above data suggests that Klaytn has found a niche within the decentralized application segment. If the project's proposed features come to fruition, KLAY's token price will likely hold $1.05 as medium-term support and present a decent upside.

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.

KB Bank to launch South Korea’s first crypto investment fund

February 21, 2022 Coin Telegraph

Coin Telegraph

The investment fund will be the first offered by a bank in the country and is expected to include a type of crypto index and ETFs.

Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors.

KB announced on Feb. 21 that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds.

The plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.”

KB Financial Group, the country’s largest by net profit, had about $520 billion in total assets as of September 2021 according to the research platform MacroTrends.

The current plans are to launch a crypto investment index fund and a fund that utilizes an Outsourced Chief Investment Officer (OCIO), also referred to as outsourced investment management, in order to provide guarantees on principal investments. The OCIO fund may also be used in retirement pensions.

Such OCIO that may be considered includes Grayscale and Fidelity Asset Management, each of which offers crypto investment funds. Fidelity Canada launched a spot Bitcoin ETF last December though such a product has yet to be approved in the U.S.

In launching a new investment fund for its customers, KB is responding to a market that has become increasingly receptive to crypto and nonfungible token (NFT) investments. Close competitor, Shinhan Bank, has dedicated an entire section of its mobile banking app to help customers manage their NFT collections on Klaytn, the country’s leading blockchain.

KB is now following Singaporean megabank DBS by announcing new retail crypto investment products. DBS Bank CEO Piyush Gupta stated on Feb. 14 that the bank would work to scale its crypto operations in 2022.

Top 5 cryptocurrencies to watch this week: BTC, LEO, MANA, KLAY, XTZ

February 20, 2022 Coin Telegraph

Bitcoin

BTC continues to lose ground, but if the $40,000 level is reclaimed, LEO, MANA, KLAY and XTZ could be the first to recover.

Russia’s massive build-up of soldiers, warplanes, equipment and extended military drills near Ukraine’s borders increased fears of a possible invasion within the next few days. That could have renewed selling in Bitcoin (BTC), which plummeted below the strong support at $39,600.

Among the gloom and doom, there is a ray of hope for crypto investors because data from Glassnode shows that more than 60% of Bitcoin supply has not been used in any transaction for more than a year. This suggests that long-term hodlers are not dumping their positions in the downtrend.

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

Mike McGlone, chief commodity strategist at Bloomberg Intelligence, warned that Bitcoin could be in for a “rough week ahead" and cautioned that "inflation is unlikely to drop unless risk assets do.” However, McGlone expects Bitcoin to emerge stronger this year.

Could Bitcoin and altcoins stage a recovery and trap the aggressive bears? Let’s study the charts of the top-5 cryptocurrencies that may participate in a relief rally.

BTC/USDT

The failure of the buyers to defend the strong support at $39,600 indicates that Bitcoin continues to face strong selling by the bears. The 20-day exponential moving average ($41,193) has started to turn down and the relative strength index (RSI) has slipped into the negative territory, suggesting that bears have the upper hand.

If the price sustains below $39,600, the selling could pick up momentum and the BTC/USDT pair could drop to the immediate support zone between $36,250 and $35,507.01.

The bulls are expected to defend this zone aggressively because a break below it could clear the path for a retest of the Jan. 24 intraday low at $32,917.17. The longer the price sustains below $39,600, the greater the possibility of the downward move.

Contrary to this assumption, if the price rebounds off the current level and quickly rises above $39,600, it will suggest strong accumulation at lower levels. The bulls will then try to push the price above the 20-day EMA.

The bulls will have to clear the overhead hurdle at $45,821 to indicate the start of a new up-move.

BTC/USDT 4-hour chart. Source: TradingView

The failure of the bulls to achieve a strong rebound off the $39,600 support indicates a lack of demand at higher levels. This may have emboldened the bears who pulled the price below $39,600.

The RSI has dipped deep into the oversold territory, indicating that the selling may have been overdone in the short term. This suggests a minor relief rally or consolidation in the near term.

If bears successfully defend the retest of the breakdown level during the next bounce, the selling may intensify and the pair could plummet to $36,000. This negative view will invalidate in the short term if bulls drive the pair above $41,000.

LEO/USD

UNUS SED LEO (LEO) has been correcting since making a new all-time high at $8.14 on Feb. 8. The bears pulled the price below the 50% Fibonacci retracement level at $5.74 but the bulls are aggressively defending the 20-day EMA ($5.45).

The rising 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge. If buyers drive the price above $6.24, the LEO/USD pair could attempt to resume the up-move. The pair could then rise to $7.

Conversely, if bulls fail to sustain the current rebound, the bears will sense an opportunity and try to pull the pair below the 20-day EMA. If they manage to do that, the sentiment could turn bearish and the pair may slide to the 61.8% retracement level at $5.18.

*LEO/USD 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair is range-bound between $5.52 and $6.24. The 20-EMA and 50-simple moving average have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.

This balance will shift in favor of the bears if they pull and sustain the price below $5.52. The pair could then drop toward the 200-SMA.

Conversely, if buyers push and sustain the price above the 50-SMA, the pair could rally to $6.24. The bulls will have to clear this hurdle to signal that they are back in the driver’s seat.

MANA/USDT

Decentraland (MANA) turned down from the downtrend line on Feb. 16, indicating that the sentiment remains bearish and traders are selling on rallies to stiff resistance levels.

The bears have pulled the price below the 50-day SMA ($2.83), which opens the door for a possible downside to the strong support zone between $2.44 and the 200-day SMA ($2.20).

If the price rebounds off this zone, the bulls will again attempt to push the MANA/USDT pair to the downtrend line. The bulls will have to clear this hurdle to indicate the start of a new up-move.

Conversely, if bears sink and sustain the price below the 200-day SMA, the selling could intensify and the pair could slide further to $1.70.

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

The bears have pulled the price below the 200-SMA. If the price sustains below this level, the pair could drop to the support line of the descending channel. A break and close below the channel could sink the pair to $2.44.

If the price turns up from the current level, the bulls will try to push the pair above the 200-SMA. Such a move will be the first sign that bulls are attempting a comeback. A break and close above the 20-EMA will increase the possibility of a rally to the resistance line of the channel.

KLAY/USDT

Klaytn's native cryptocurrency KLAY turned down from the downtrend line on Feb. 16, indicating that bears continue to sell on rallies.

However, a minor positive is that bulls have not allowed the price to break below the 20-day EMA ($1.23). This indicates that traders are buying on dips to this support.

If the price rises and sustains above the 50-day SMA ($1.27), the bulls will again try to clear the overhead hurdle at the downtrend line. If they manage to do that, it will indicate a possible change in trend. The KLAY/USDT pair could then rally to $1.50.

Alternatively, a break and close below the 20-day EMA will indicate that bears have overpowered the buyers. That could pull the price down to $1.10.

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

The 4-hour chart shows that the bears are aggressively defending the overhead resistance at $1.36. The pair turned down from this resistance but the bulls have not allowed the price to break and sustain below the 50-SMA.

If the price turns up from the current level, the buyers will attempt to clear the immediate resistance at $1.31 and challenge the hurdle at $1.36. A break and close above this level could open the doors for a possible rally to $1.50.

This positive view will be negated on a break and close below the 200-SMA. That could pull the pair down to $1.15.

XTZ/USDT

Tezos (XTZ) turned down from the downtrend line on Feb. 10, indicating that bears continue to sell on rallies. The bears will now attempt to pull the price to the uptrend line.

The uptrend line has been acting as a strong support since March 2020. Hence, the bulls are likely to defend the uptrend line aggressively. If the price rebounds off this support, the buyers will try to push the XTZ/USDT pair above the downtrend line.

If they succeed, the pair could signal a possible change in trend. This positive view could invalidate if the price breaks and sustains below the uptrend line. Such a move could open the doors for further downside.

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

The 4-hour chart shows the pair is in a firm bear grip. The price has dropped to the 61.8% Fibonacci retracement level at $3.32, which is an important level for the bulls to defend. A break and close below this support will increase the possibility of a drop to the 78.6% Fibonacci retracement level at $2.98 and later to the uptrend line.

The first sign of strength will be a break and close above the 20-EMA. Such a move will indicate that the selling pressure could be reducing. A possible short-term trend change will be signaled on a break and close above the 50-SMA.

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.

Animal Concerts partners with Korea’s Klaytn: K-pop in the Metaverse?

January 12, 2022 Coin Telegraph

Animal Concerts

The US-based Metaverse concert organizer Animal Concerts has partnered with South Korea’s Klaytn blockchain network to bring leading global music entertainment stars to the Metaverse.

Metaverse concert organizer Animal Concerts has partnered with South Korean unicorn Kakao’s Klaytn network to increase its exposure to the Korean entertainment industry and facilitate Klaytn’s global expansion plans.

The Jan. 10 announcement from Klaytn explains that the partnership between Klaytn and Animal Concerts is expected to help Klaytn increase the number of NFTs that are traded on the platform. Klaytn is one of just three blockchains with native support on OpenSea, the largest NFT marketplace, but has the lowest trading volume. Klaytn’s parent company Kakao is also planning an NFT and Metaverse platform called Kakao Games.

Animal Concerts will organize and promote concerts in the Metaverse and plans on issuing a cryptocurrency, nonfungible tokens (NFT), and merchandise for top recording artists. The US-based brand has already entered into a relationship with Alicia Keys to promote her album KEYS.

CEO of Animal Concerts Colin Fitzpatrick believes that NFTs could be a way for the music industry to boost revenues that have been lost since the beginning of the Covid-19 pandemic. Artists experiencing show and tour cancellations lose out on revenue and the ability to connect with fans in a live setting. Holding concerts in the pandemic free Metaverse could drastically change the way concerts are experienced and prevent the disappointment of a cancelled show, while cutting down on touring cos.

Fitzpatrick told Cointelegraph that working with Klaytn is a natural fit since “Klaytn’s major goals are NFTs and Metaverse.”

He also hopes to gain greater access to the $6 billion South Korean music entertainment market:

“Korean entertainment will be a huge thing for Animal Concerts.”

Fitzpatrick noted that while “technical limitations prohibit how many people can actually attend a concert in the Metaverse” due to current scalability issues, he hopes to build a network of virtual venues across existing and new Metaverse platforms to host concerts in a fashion similar to tour. “It’s hard to get the first few going but eventually they’ll start coming to us,” he said.

Klatyn is a large corporate-backed blockchain but Fitzpatrick is nonplussed by concerns about decentralization. Klaytn governance council includes 30 mostly corporate entities including Shinhan Bank, LG Electronics, Netmarble, and the crypto-based entities Maker and Binance.

From Fitzpatrick’s point of view, there may be some making criticisms about decentralization, but “there are a lot of blockchains that are not as decentralized as advertised.”

He also feels that there are also advantages to corporate entities being involved in the blockchain space:

“I don’t think people fully appreciate how things will work with a blockchain backed by such a behemoth.”

Despite the Crypto Market Dip, Weekly Gains Show OSMO, ATOM, FTM, and a Slew of Other Assets Shined

January 6, 2022 Bitcoin.com

South Korea’s leading blockchain facing greater competition in NFT market

November 19, 2021 Coin Telegraph

Coin Telegraph

South Korean blockchain platform Klaytn may see its domestic dominance dwindle if it cannot keep pace with competitors such as Polygon.

South Korea’s nonfungible token (NFT) space has rapidly expanded throughout 2021 led by the growth of crypto and NFT services offered by Kakao, but competitors are entering the fray.

The NFT market in South Korea could be on a path for even more expansion following the Nov. 5 government ruling that NFT purchases will not incur taxes.

Klaytn, the blockchain developed by Korean tech startups Kakao and GroundX, is the obvious first choice for Koreans searching for a network to buy and sell NFT’s.

Klaytn’s market dominance in Korea is unrivaled as KakaoTalk, Kakao’s flagship products suite, has over 52 million active users and integrates Klaytn’s Klip crypto wallet directly into its mobile app.

Sangdi, CEO from Spoon, an NFT creator platform based in South Korea, told Cointelegraph that, “If KakaoTalk pushes them, ordinary people who have not encountered cryptos will become familiar with them and [they will] accept NFTs as a culture.”

Additionally, Klaytn is one of only three blockchains supported by the OpenSea NFT marketplace. Kakao’s own Krafterspace NFT minting service has posted over 37,000 NFTs for sale on OpenSea, and almost 7,000 of them have already been purchasedt.

Korean NFT creators are aware that the platform on Klaytn has been tailor-made for Korean collectors, its target market. Sangdi added that “we are aiming for the Korean market first, then the global market. I think currently Klaytn will help us focus on Korea.”

As South Korean NFT collectors become more accustomed to global NFT trends, alternatives such as Ethereum layer two scaling network Polygon present a potential threat to Klaytn’s dominance.

Polygon is the second of three networks supported by OpenSea, making it a relatively familiar platform for Korean NFT collectors. It also supports a robust NFT market which some Korean projects find more suitable for their global business model.

Jisoon Lim, CEO of 3PM, a music-centric NFT curation and publishing platform, deployed the platform on Polygon instead of Klaytn. Despite being based in Korea, Lim explained to Cointelegraph that Polygon was the optimal choice for the project.

Korean NFT enthusiast Karl Hyun also feels that Polygon is better suited for the NFT market than Klaytn. Although his favorite collections are not based in South Korea, he feels that Ethereum-based layer two solutions are best to help increase the global reach of NFTs.

Speaking to Cointelegraph, he said, “Polygon as a layer two operates best by being integrated with Ethereum, but isn’t Klaytn closer to an independent side chain?” before adding, “Since Polygon is based on Ethereum, the best way to increase scalability of NFTs while minimizing centralization is to go to Polygon.”

Kakao’s involvement in the blockchain space also extends into VC investing and it has a long-standing partnership with Dunamu, owner of the Korean Upbit exchange.

Dunamu is preparing to launch an NFT platform with HYBE, the entertainment company behind popular Kpop group BTS. Kakao is also planning an NFT marketplace and metaverse named Kakao Games.

As it stands, Kakao’s foothold could be held back by its slow-paced global scaling efforts. However, Sangdi said that concerns about globalization are a temporary hurdle, adding that the company wants to become a global brand.

Top 5 cryptocurrencies to watch this week: BTC, ETC, LUNA, KLAY, AXS

August 15, 2021 Coin Telegraph

Axie Infinity

Bitcoin bulls are looking for BTC to rebound off a support zone and if confirmed, ETC, LUNA, KLAY and AXS could push higher.

Bitcoin (BTC) is facing a stiff challenge from the bears near the $48,000 mark. As Cointelegraph reported earlier, the buy and sell levels show that sellers on Binance have held their ground at $48,000.

PlanB, the creator of the stock-to-flow Bitcoin price model, said if Bitcoin manages to close August above $47,000, the year-end "worst-case scenario" target price of $135,000 may come into play.

Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder, showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41% while India and Indonesia had a 30% adoption rate.

Compared to their Asian counterparts, the respondents in the United Kingdom and the United States reported a low 8% and 9% adoption rate. However, the report warned that “due to the varying Google infrastructure in each territory, not all surveys were nationally representative.”

Will Bitcoin’s hesitation near the $48,000 mark result in profit-booking? Could altcoins attract funds that exit Bitcoin? Let’s study the charts of the top-5 cryptocurrencies that may extend their up-move in the next few days.

BTC/USDT

Bitcoin turned down from the resistance line of the rising wedge pattern on Aug. 14. This suggests that the bears have not given up and are defending the resistance line aggressively.

The BTC/USDT pair could now drop to the support line of the wedge, which could attract buyers. If the price rebounds off this level, the bulls will again try to resume the up-move. A breakout and close above the wedge will invalidate the bearish pattern and open the doors for a rally to $53,000 and then $60,000.

The upsloping moving averages and the relative strength index (RSI) in the positive zone suggest that bulls are in control.

Contrary to this assumption, if bears sink the price below the wedge, the pair could drop to the 20-day exponential moving average ($42,682). If the price rebounds off this level, the bulls will make one more attempt to resume the up-move.

But if the price slips below the 20-day EMA, the pair may drop to the 50-day simple moving average ($37,176).

The bears are posing a stiff challenge in the zone between $46,743.47 and $48,144. They have pulled the price down to the 50-SMA on the 4-hour chart. If the price breaks below this support, the pair could drop to $43,770 and later to $42,451.67.

The flattening 20-EMA and the RSI near the midpoint suggest that the bullish momentum may be weakening.

If the price rebounds off the current level and rises above the overhead resistance zone, it will indicate that bulls are buying on every minor dip. That will suggest the resumption of the up-move.

ETC/USDT

Ethereum Classic (ETC) broke and closed above the overhead resistance at $63.56 on Aug. 13, completing an ascending triangle pattern. This bullish setup has a pattern target at $94.91.

Usually, after breaking out of a pattern, the price turns down and retests the breakout level. In this case, the ETC/USDT pair could retest the $63.56 level in the next few days. If bulls flip this level into support, the pair could start a new uptrend.

The rising 20-day EMA ($57) and the RSI in the overbought zone suggest that bulls have the upper hand. If the price breaks below $63.56, the pair could drop to the 20-day EMA.

A strong rebound off the 20-day EMA will suggest that the bullish sentiment remains intact. The buyers will then make one more attempt to resume the up-move. This positive view will be negated if bears pull the price below the 20-day EMA. That could result in a decline to the 50-day SMA ($51).

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

The 4-hour chart shows that the pair is in an uptrend. The bears are attempting to stall the up-move at $76.16 but the positive sign is that the bulls have not given up much ground. The rising moving averages and the RSI near the overbought territory indicate advantage to the buyers.

If bulls propel the price above $76.16, the next stop could be $84.16. On the contrary, if bears sink the price below $70, the pair could decline to the 20-EMA. A strong bounce off this level will suggest that the sentiment remains positive but a break below it may pull the price down to $63.56.

LUNA/USDT

Terra protocol’s LUNA token has been trading inside an ascending channel for the past few days. The breakout and close above the downtrend line suggest the start of a new uptrend.

The bears have been defending the overhead resistance at $18 for the past four days. If the price rises from the current level or rebounds off the support line, the bulls will make one more attempt to propel the LUNA/USDT pair above $18. If they manage to do that, the next stop could be $19.54 and then $22.

Alternatively, if the price breaks below the channel and the 20-day EMA ($14), it will suggest that the bullish momentum has weakened. The pair could then retest the breakout level at the downtrend line.

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

The bears have twice stalled the up-move at $18, which makes it an important level to watch out for. The 20-EMA has flattened out and the RSI is just above 50, which points to a possible consolidation in the near term.

If the price rebounds off the 50-SMA, the pair could trade between $15.81 and $18 for some time. A breakout and close above $18 could start the next leg of the uptrend that could reach $20.81. Conversely, a break below $15 may signal the start of a deeper correction to $13.

KLAY/USDT

Klaytn (KLAY) rose above the $1.81 resistance on Aug. 14 but the bulls could not sustain the higher levels. The long wick on the candlestick of the past two days suggests that bears are aggressively defending the overhead resistance.

The sharp rally of the past few days has pushed the RSI deep into the overbought zone, indicating the possibility of a minor correction or consolidation in the next few days. Any dip is likely to find support at $1.60 and then at $1.40.

If the price rebounds off either support, the bulls will make one more attempt to rise above $1.81. A breakout and close above this level will complete a rounding bottom pattern, which has a target objective at $2.90.

This positive view will invalidate if the price turns down and breaks below the 20-day EMA ($1.32). That could result in a decline to the 50-day SMA ($1.07).

The 4-hour chart shows that bears thwarted two attempts by the bulls to push the price above the $1.81 resistance. If bears sustain their selling pressure and sink the price below the 20-EMA, the decline could extend to the 50-SMA.

Conversely, if the price rebounds off the 20-EMA, the bulls will make one more attempt to clear the hurdle at $1.81. If they succeed, the KLAY/USDT pair could rally to $2.18. The rising moving averages and the RSI is in the positive zone, indicate advantage to the bulls.

AXS/USD

Axie Infinity's native token AXS has been in a strong bull run in the past few weeks, hitting a new all-time high at $77.48 on Aug. 11. The long wick on the day’s candlestick showed that traders booked profits at higher levels.

The AXS/USDT pair has corrected to the immediate support at $63. If bears sink the price below this level, the pair could drop to the 20-day EMA ($51). The previous two corrections reversed direction from the 20-day EMA.

Therefore, the bulls are again likely to buy the dip to the 20-day EMA. A strong rebound off this level will suggest that the sentiment remains positive and traders are buying the dips. The bulls will then again try to resume the uptrend.

A breakout and close above $77.48 could clear the path for a possible run to $91 and then to psychological resistance at $100. Alternatively, a breakdown and close below the 20-day EMA may signal the start of a deeper correction.

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

The 4-hour chart shows the formation of a descending triangle pattern, which will complete on a breakdown and close below the support at $63. This reversal setup has a pattern target at $48.52. The flattening 20-EMA and the RSI near the midpoint indicate that the bullish momentum is weakening.

Contrary to this assumption, if the price rises from the current level and breaks above the downtrend line, it will invalidate the bearish setup. That could increase the possibility of a retest of the all-time high at $77.48.

Top 5 cryptocurrencies to watch this week: BTC, ADA, SOL, MATIC, KLAY

June 27, 2021 Coin Telegraph

Bitcoin

Bitcoin’s consolidation in the current range could create trading opportunities for ADA, SOL, MATIC and KLAY over the coming days.

The U.S. core personal consumption expenditure (PCE) price index increased 0.5% in May, below market estimates of 0.6%. However, when compared year-over-year, the PCE index surged to 3.4% recording its largest gain since 1991.

While the U.S. Federal Reserve expects inflation to be transitory, analysts at BofA differ in their estimation. The bank anticipates U.S. inflation to remain high, in the 2% to 4% range, for the next two to four years and believes the Fed will hike rates in the next six months, barring a financial market crash.

If inflation remains elevated, investors are again likely to focus on Bitcoin (BTC) to hedge their portfolios. A CoinShares report published on June 21 said it was unsure of inflation in the next five years but believed "adding Bitcoin and other real assets as a prudent measure to protect portfolios from the tail-risk of out-of-control inflation."

Although near-term risk remains, select cryptocurrencies could offer short-term trading opportunities to traders. During a bear phase, traders may focus on booking profits at regular intervals instead of waiting for windfall rallies. Let’s study the charts of the top-5 cryptocurrencies that may turn short-term bullish in the next few days.

BTC/USDT

Bitcoin dropped to the $28,000 to $31,000 support zone on June 26 but the positive sign is that the bulls again bought this dip. This suggests that buyers are accumulating at lower levels.

The bulls will now try to push the price above the 20-day exponential moving average ($35,148). If they manage to do that, it will suggest that the selling pressure may be reducing. The positive divergence on the relative strength index (RSI) is also pointing to a possible relief rally.

A break above the 20-day EMA could open the doors for a move to the stiff overhead resistance zone at $40,000 to $42,451.67. The 200-day simple moving average ($43,505) is just above this zone, hence the bulls may find it difficult to climb above it.

This points to a possible consolidation between $28,000 and $42,451.67 for the next few days. The longer the price trades in this range, the stronger will be the next breakout from it. The trend will favor the bears if they can sink and sustain the price below $28,000.

The 4-hour chart shows that the bulls are attempting to form a higher bottom at $30,000. The 20-EMA has flattened out and the RSI is near the midpoint, suggesting that the sellers are losing their grip.

If the bulls sustain the price above the 20-EMA, the BTC/USDT pair could rally to the 200-SMA. A breakout of this resistance could attract further buying that may push the price to $40,527. This bullish view will invalidate if the bears sink the price below $30,000.

ADA/USDT

Cardano (ADA) rebounded off the $1 support on June 22, indicating strong accumulation near this level. However, the bulls could not push the price above the 20-day EMA ($1.39) on June 24 and 25, suggesting that bears are defending the resistance.

The gradually downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand. The ADA/USDT pair may witness a long liquidation if the bears sink and sustain the price below $1. That could pull the price down to $0.68 and then to $0.40.

Conversely, if the bulls can thrust the price above the 20-day EMA, it will suggest that the short-term trend has tilted in favor of the bulls. The pair could then rise to $1.60 and then to the stiff overhead resistance at $1.94.

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

The moving averages on the 4-hour chart have flattened out and the RSI near the midpoint suggest that the selling pressure is reducing. If the bulls push the price above $1.40, it will indicate the possibility of a short-term bottom formation. The pair could then attempt to rally to $1.60 and then to $1.88.

Contrary to this assumption, if the price turns down from the current level or $1.40 and plummets below $1.20, it will suggest a lack of buyers at higher levels. The pair may then drop to the critical support at $1.

SOL/USDT

The long tail on Solana’s (SOL) June 22 candlestick shows that traders are aggressively defending the 200-day SMA ($20). However, the relief rally could not scale above the 20-day EMA ($33), indicating that bears are selling on rallies.

The buyers are currently attempting to form a higher low at $26.65. If they can push and sustain the price above the 20-day EMA, the SOL/USDT pair could pick up momentum and move up to the downtrend line and then to $44.

However, the downsloping 20-day EMA and the RSI in the negative territory suggest that bears will have other plans. They will try to defend the 20-day EMA and sink the price below $26.65. If this support cracks, the pair may drop to $21.10.

A strong rebound off this support will suggest that bulls are accumulating on dips. The pair could then consolidate between $21.10 and $44 for the next few days.

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

The 20-EMA on the 4-hour chart has flattened out and the RSI is near the midpoint, indicating a balance between buyers and sellers. This balance may tilt in favor of the bulls if they push and sustain the price above $33.

Such a move could clear the path for a move to the downtrend line and then to $42. On the other hand, if the price turns down from the current level or $33, The bears will try to break the support at $26.65. If that happens, the advantage may tilt in favor of the bears.

MATIC/USDT

Polygon (MATIC) has been trading below the 20-day EMA ($1.29) for the past few days but the positive sign is that the bulls have not allowed the price to dip to the May 23 low at $0.74. This suggests a lack of sellers at current levels.

If the bulls regroup and push the price above the downtrend line, it will indicate that the correction may be over. The MATIC/USDT pair could then rise to $1.71 and later to the psychological resistance at $2.

However, the bears may have other plans. The downsloping 20-day EMA and the RSI in the negative zone suggest that sellers have the upper hand. If they sink the price below $0.92, the pair may drop to the $0.74 to $0.68 support zone.

The bulls are likely to defend this zone aggressively. A strong bounce will suggest accumulation at lower levels and the bulls may then try to push the price above the downtrend line.

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

The 4-hour chart shows that the bears are aggressively defending the downtrend line. The downsloping 20-EMA and the RSI in the negative zone indicate advantage to the bears. If they sink the price below $1, the pair may drop to $0.92.

Conversely, if the price rebounds off $1, the bulls will make one more attempt to drive the price above the downtrend line. If they succeed, it will suggest that bulls are trying to make a comeback. The pair may pick up momentum on a breakout and close above $1.25.

KLAY/USDT

Klaytn (KLAY) has been trading below the 20-day EMA ($1.02) for the past many days but the RSI is showing a positive divergence. This indicates that the sellers may be losing their grip.

If the bulls push and sustain the price above the 20-day EMA, it will be an indication that a trend change is possible. However, the bears are unlikely to give up easily. They will try to stall the recovery in the $1.24 to $1.29 zone.

If the price turns down from the overhead zone but does not dip below the 20-day EMA, it will indicate that the bulls are trying to make a comeback. A breakout of the resistance zone could attract buyers who may then challenge the 200-day SMA ($1.51).

A breakout and close above the 200-day SMA will indicate that the downtrend may be over in the short term. This positive view will invalidate if the bears sink the price below $0.72.

The 4-hour chart shows the KLAY/USDT pair is trading inside a descending channel. The bulls had pushed the price above the channel and the 200-SMA but they could not sustain the higher levels.

If the bulls push and sustain the price above the 20-EMA, the pair may again try to rise above the channel and the 200-SMA. If that happens, the pair may start a new uptrend that could reach $1.62.

Contrary to this assumption, if the pair breaks below $0.86, the decline could extend to $0.72.

Klaytn death cross debut coincides with a 57% KLAY price pump

June 24, 2021 Coin Telegraph

Bitcoin

Klaytn bulls ignored a deadly moving average crossover after assessing KLAY's upcoming listing on Binance.

Bids for Klaytn's native cryptocurrency KLAY spiked on Thursday after the South Korea-based public blockchain project confirmed its listing on Binance, one of the world's top cryptocurrency exchanges by volume.

#Binance Will List @klaytn_official $KLAY https://t.co/41yyLvHS0I
— Binance (@binance) June 24, 2021

The KLAY/USDT exchange rate surged 41.25% to an intraday high of $1.243. The pair's massive move uphill accompanied a dramatic intraday spike in trade volumes — 28.68 million so far into Thursday versus 13.05 million in the previous session, validating the bullish sentiment across the Klaytn market.

*Profit-taking sentiment pushed KLAY prices lower after it reached $1.243. Source: TradingView.com*

The gains came on the prospect of Klaytn's global expansion after its addition on Binance. So far, the option to trade spot KLAY was majorly available across heavily-regulated South Korean exchanges — particularly Bithumb — thanks to Klaytn's affiliation with the regional internet giant Kakao.

Binance's listing would introduce KLAY to wider markets, Klaytn recognized in the official announcement, adding that they would introduce a launchpool through which Binance users can stake Binance Coin (BNB) or Binance USD (BUSD) to farm KLAY tokens.

"With the official introduction of KLAY on Binance, Klaytn expects to accelerate its global expansion, inviting global developers and service providers to participate in its ecosystem."

The news of Binance-Klaytn partnership came just as KLAY was bouncing off its six-month low level of $0.72. In turn, the rebound followed a 83.45% price crash from KLAY's mid-April peak of $4.35. As a result, the latest 57% spike from $0.72 to $1.243 did little in taking KLAY out of its prevailing bearish bias.

Atop that, the token painted a death cross on its daily timeframe chart.

*KLAY's 50-day simple moving average is set to cross below its 200-day simple moving average. Source: TradingView.com*

In detail, a death cross occurs when an asset's short-term moving average closes below its long-term moving average. Traders interpret the said crossover as a signal to limit their upside bias in a market and/or increase their bearish bets.

The 50-200 moving average crossover particularly has been proven to be a reliable forecaster of some of the most severe bear markets of the past century: in 1929, 1938, 1974, and 2008, according to Investopedia.

If past is any signal, the Klaytn token could face further downside corrections once the Binance listing hype settles.

The Bitcoin Factor

Meanwhile, KLAY's medium-term bias also depends on how Bitcoin (BTC) performs in the coming daily sessions.

The chart below shows how KLAY has erratically tailed Bitcoin price trends in the recent history. For example, both the assets topped out in mid-April with a slight lag. Meanwhile, they recently bottomed out with just a 24-hour difference, hinting that, in the future, they would keep trending hand-in-hand.

*Bitcoin and KLAY price trends since the beginning of 2021. Source: TradingView.com*

But that is not good news for KLAY.

Oleg Belousov, founder and CEO of cryptocurrency exchange N.Exchange, told Cointelegraph that he expected Bitcoin to fall towards $20,000, citing China's renewed crackdown on the cryptocurrency sector.

"There are concerns that more countries will follow in China's footsteps and join the ban, which will cause a further drop in rates," he said.

Belousov added that Bitcoin still has hopes in countries that are democratic and constitutional, stating that they can't legally ban cryoto.

Meanwhile, technical chartists said that the recent upside reversal in the Bitcoin market is a signal that the cryptocurrency would move higher.

$BTC looks like it's heading to $36k
— Josh Rager (@Rager) June 24, 2021

If the correlation stands, KLAY could head higher, as well.

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.

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