A widely followed cryptocurrency trader and analyst is expressing bullish sentiment on a top-50 altcoin that’s currently under the radar. The trader pseudonymously known as Bluntz tells his 228,900 followers on the X social media platform that the native asset of the liquid staking solution Lido DAO (LDO) is “going to turbo send” and revisit […]
The post Top Trader Says Ethereum-Based Altcoin Primed To Surge by Over 230%, Updates Outlook on Solana and Dogecoin appeared first on The Daily Hodl.
A widely followed crypto trader who accurately predicted the bottom for Bitcoin (BTC) in 2018 believes that one altcoin is on the verge of a massive move to the upside. Pseudonymous analyst Bluntz tells his 228,700 followers on the social media platform X that liquid-staking service provider Lido DAO (LDO) is ready to soar after […]
The post Top Trader Who Nailed 2018 Bitcoin Bottom Says One Catalyst Could Send Ethereum-Based Altcoin Rallying ‘Hard’ appeared first on The Daily Hodl.
A crypto trader who accurately called Bitcoin’s (BTC) 2018 bear market price floor is predicting Solana (SOL) will easily soar beyond $100. Pseudonymous analyst Bluntz tells his 226,000 followers on the social media platform X that the Ethereum (ETH) competitor Solana will likely increase by more than 218% from its current value after a long […]
The post Top Trader Says No Resistance for Solana Until Well Above $100, Unveils Forecast for One Ethereum-Based Altcoin appeared first on The Daily Hodl.
Bitcoin is holding above $26,500 and the price stability could lead traders to take a second look at SOL, LDO, ICP and VET.
The S&P 500 Index nudged higher by 0.45% to record its second positive week. While the United States equities markets were a slow mover, gold witnessed a massive run-up of more than 5% this week. Its rally of 3.11% on Oct. 13 was its best one-day performance since Dec. 1 of last year. However, the Bitcoin (BTC) bulls did not have any such luck as Bitcoin is on track to end the week down more than 3%.
Bitcoin’s weakness and the regulatory overhang have kept crypto investors away from altcoins. That has kept Bitcoin’s market dominance hovering near the 50% mark for the past few days.
Market observers are likely to keep their focus on Bitcoin for the next few days. The longer the bulls sustain the price above $25,000, the greater the possibility that the next move is likely to be higher. A bullish move in Bitcoin is likely to spur buying in select altcoins as crypto investors will then sense a bull market.
Select cryptocurrencies are showing signs of forming a base. If they breakout to the upside, a new up-move may start. Let’s study the charts of the top-5 cryptocurrencies that could outperform in the near term.
Bitcoin has been trading between the moving averages for the past few days, indicating indecision between the bulls and the bears about the next directional move.
Usually, a tight consolidation is followed by a range expansion. In this case, if buyers kick the price above the 20-day exponential moving average ($27,110), the BTC/USDT pair could rise to $28,143. The bears are expected to mount a strong defense at this level.
Alternatively, if the price turns down and dives below the 50-day simple moving average ($26,671), it will signal that bears have asserted their supremacy. The pair may first drop to $25,990 and thereafter to the pivotal support at $24,800. This level is likely to attract aggressive buying by the bulls.
The pair’s recovery is facing selling at the 20-EMA on the 4-hour chart but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not rushing to the exit and are keeping up the pressure.
If the 20-EMA is taken out, the pair could first rise to the 50-SMA. This level may act as a minor barrier but if overcome, the pair could climb to $27,750 and then to $28,143.
On the contrary, if the bulls fail to pierce the 20-EMA, the sellers will sense an opportunity to pull the price lower. A dump below $26,500 could sink the pair to $26,000 and then to $24,800.
Solana (SOL) has been witnessing a tough battle between the bulls and the bears near the 20-day EMA ($21.77). This suggests that the bulls are trying to flip this level into support.
There is a minor resistance at $22.50 but if this level is crossed, the SOL/USDT pair could rise to the neckline of the inverse head and shoulders pattern. A break and close above this resistance will complete the bullish setup. Buyers may face a stiff resistance at $27.12 but if this hurdle is cleared, the pair could surge to the target objective at $32.81.
This positive view will be negated in the near term if the price turns down and plunges below the 50-day SMA ($20.50). That could start a descent toward $18.58 and then to $15.33.
After trading between the moving averages for some time, the price resolved to the downside with a break below the 20-EMA. This indicates that the bears may remain in control. The pair could first fall to $20.93 and if this level also cracks, the pair may collapse to $20.
Conversely, if the price fails to sustain below the 20-EMA, it will suggest solid buying at lower levels. The first sign of strength will be a break and close above the 50-SMA. That could open the doors for a rally to $23.50 and then to the neckline of the inverse H&S pattern.
Lido DAO (LDO) has been trading near the moving averages for the past few days, indicating that the bears may be losing their grip.
The moving averages have flattened out and the RSI has jumped into the positive territory, indicating that the bulls are attempting a comeback. The immediate resistance on the upside is $1.73. If this level is scaled, the LDO/USDT pair could climb to the downtrend line. This level is again likely to witness a tough battle between the bulls and the bears.
Contrarily, if the price turns down and skids below the moving averages, it will suggest that the bears are in command and are selling on every minor rally. The pair may then retest the vital support at $1.38.
The 20-EMA has started to turn up on the 4-hour chart and the RSI is in the positive area, indicating that bulls have the upper hand. There is a minor resistance at $1.63 but it is likely to be crossed. The pair could then rise to $1.73.
If bears want to weaken the bullish momentum, they will have to quickly drag the price back below the moving averages. The pair could then slump to the $1.45 to $1.50 support zone.
Related: Bitcoin traders eye weekly close volatility with $27K BTC price on radar
Internet Computer (ICP) has been consolidating in a tight range between $2.86 and $3.35 for the past several days.
The RSI has formed a positive divergence, indicating that the selling pressure is reducing. The ICP/USDT pair could next reach the overhead resistance at $3.35. A break and close above this level will signal a potential trend change. The first target on the upside is $4 and then $4.50.
Contrary to this assumption, if the price turns down from $3.35, it will suggest that the pair may extend its stay inside the range for some more time. A slide below $2.86 will indicate the resumption of the downtrend.
The moving averages have completed a bullish crossover and the RSI is in the overbought zone on the 4-hour chart. This indicates that the buyers have the upper hand. The pair is likely to reach the overhead resistance at $3.35 where the bears may to pose a strong challenge.
If the price turns down from $3.35, the consolidation may continue for a while longer. On the other hand, if buyers kick the price above $3.35, it will indicate that the bulls are in charge. The pair may then soar to $3.74 and later to the pattern target of $3.84.
VeChain (VET) has been trading inside a descending triangle for the past few days. Although this is a negative pattern, the price has been clinging to the downtrend line for the past few days, which is a positive sign.
The moving averages have flattened out and the RSI is near the midpoint, indicating that the bearish pressure may be reducing. Buyers will try to propel the price above the downtrend line. If they succeed, it will invalidate the negative setup. That could start a new up-move toward $0.021.
Instead, if the price turns down from the current level, it will suggest that bears continue to defend the downtrend line with vigor. The bears will then again try to pull the price to the critical support at $0.014.
The 4-hour chart shows that the price has been trading inside the falling wedge pattern. Buyers are trying to push and sustain the price above the 50-SMA. If they do that, the VET/USDT pair could reach the downtrend line of the wedge. A break and close above the wedge could start a new up-move.
The bears are unlikely to give up easily. They will aggressively defend the zone between the 50-SMA and the downtrend line. If the price turns down sharply and slides below the 20-EMA, it will indicate that the pair may remain inside the wedge for some more time.
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.
According to an analysis from investment manager firm VanEck, exchange volume across DeFi protocols declined to $52.8 billion in August, 15.5% lower than in July.
The decentralized finance (DeFi) ecosystem has suffered more setbacks in August as on-chain economic activity dwindled. According to an analysis from investment manager firm VanEck, exchange volume declined to $52.8 billion in August, 15.5% lower than in July.
The findings are based on VanEck's MarketVector Decentralized Finance Leaders Index (MVDFLE), which tracks the performance of the largest and most liquid tokens on DeFi protocols, including Unisawp (UNI), Lido DAO (LDO), Maker (MKR), Aave (AAVE), THORchain (RUNE), and Curve DAO (CRV).
The DeFi Index underperformed Bitcoin (BTC) and Ether (ETH) in August, falling 21% in the month, notes the report. The results were exacerbated by UNI token negative performance of 33.5%, as investors sold off tokens to capture gains from July.
Another key metric for the ecosystem, the total value locked (TVL) declined 8% in August, from $40.8 billion to $37.5 billion, slightly outperforming Ethereum’s 10% slump in the month.
Even though DeFi tokens had poor performance in August, the ecosystem witnessed positive developments throughout the month, argues the analysis. These developments include Uniswap Labs' dismissal of a class action lawsuit, and Maker and Curve's stablecoin growth.
Recovering from a major exploit in late July, Curve Finance's stablecoin crvUSD saw a significant growth in August, achieving a new all-time high of $114 million borrowed. CrvUSD is pegged to the U.S. dollar and relies on a collateralized-debt-position (CDP) model. Meaning users deposit collateral, such as ETH, to borrow crvUSD.
"The growth of crvUSD has allowed it to become a significant contributor of revenue for the platform, with crvUSD fees exceeding fees collected from all non-mainnet liquidity pools in 3 of the 4 last weeks," reads the report. Curve Finance’s governance token, however, has not shown promising signs of recovery since the exploit, with its price falling 24% in August to $0.45.
VanEck analysis notes about CRV token performance:
"Due to the price decline, investors who bought CRV OTC from Michael Egorov last month are now only 12.5% above the water on their investment, with 5 months left until they can sell. If crvUSD can continue to grow to the point that it offsets the drop in exchange revenue caused by decreasing DeFi volume, CRV price may see some relief. Still, until then, declining DeFi volume remains a solid headwind for CRV appreciation."
Curve Finance's founder Michael Egorov had around $100 million in loans backed by 47% of the circulating supply of the protocol’s native token, CRV. As the CRV price dropped nearly 30% following the hack, fears of Egorov's collateralized loans liquidation sparked concerns of contagious effect across the DeFi ecosystem. To reduce his debt position, Egorov sold 39.25 million CRV tokens to several notable DeFi investors during the crisis.
Additionally, VanEck pointed out that current levels of global interest rates, in particular in the United States, continue to put pressure on stablecoins. The aggregate market capitalization of stablecoins fell 2% in August to $119.5 billion. "This is mainly a result of elevated interest rates in traditional finance, which have incentivized investors to dump their stablecoins and move into money market funds where they can receive ~5% risk-free yield," wrote the firm.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
One decentralized finance (DeFi) altcoin is setting the stage for significant growth, according to venture capitalist Arthur Cheong. Cheong, the founder of DeFiance Capital, tells his 149,600 X followers that crypto staking solution Lido (LDO) is undervalued at the moment and has great growth potential. Cheong says that the liquid staking market is seeing massive amounts […]
The post Here’s One Altcoin From the Ethereum Ecosystem Ready for Huge Growth, According to DeFi Veteran Arthur Cheong appeared first on The Daily Hodl.
If BTC price consolidates in the $25,000 range, ETH, XRP, LDO and RNDR could be the first altcoins to break out with recovery rallies.
Altcoin prices crumbled after the United States Securities and Exchange Commission (SEC) announced lawsuits against Binance and Coinbase at the start of the week. Apart from the action against the two biggest crypto exchanges, investors seem to be nervous because the SEC labeled 23 cryptocurrencies as securities in the two lawsuits. That brings the total number of cryptocurrencies termed as securities by the SEC to 67.
Among the mayhem, a minor positive is that Bitcoin (BTC) and Ether (ETH) have held out relatively well. This suggests that institutional investors are not panicking and dumping their positions. Due to their outperformance, Bitcoin’s dominance has risen to a year-to-date high of 47.6% and Ether’s to 20%.
The uncertainty in the near term is likely to keep several investors on the sidelines. During this period, the cryptocurrencies that have held out generally tend to do well when the market sentiment improves.
Let’s look at the top-5 cryptocurrencies that are trying to sustain above their respective support levels and are attempting to start a rebound. What are the important support and resistance levels to keep an eye on?
Bitcoin once again dipped to the crucial support at $25,250 on June 10, indicating that the bears are keeping up the pressure. The repeated retest of a support level within short intervals tends to weaken it.
The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate that bears are in control. If the support zone between $25,250 and $23,896 crumbles, the BTC/USDT pair may witness panic selling. The pair could then plummet to the psychologically vital level of $20,000. Buyers are expected to protect this level with all their might.
If bulls want to prevent a sharp decline, they will have to quickly push the price above the 20-day exponential moving average ($26,721). Such a move will suggest strong demand at lower levels. The pair may first rise to the 50-day simple moving average ($27,464) and thereafter to the resistance line of the channel. Buyers will have to kick the price above this level to indicate the resumption of the up-move.
The 4-hour chart shows that the recovery off the $25,250 support is facing selling at the 20-EMA. This indicates that the bears are not giving any opportunity to the bulls to make a comeback. The bears will have to sink the price below $25,250 to further solidify their position.
On the contrary, if the price turns up and breaks above the 20-EMA, the pair could rally to the 50-SMA. If this level gets taken out, the pair is likely to move toward $27,400.
Ether has been in a corrective phase for the past several days. The bears pulled the price below the 50% Fibonacci retracement level of $1,755 on June 10 but the bulls prevented a collapse as they defended the strong support at $1,700.
The bulls will try to start a relief rally that could reach the 20-day EMA ($1,835). This is an important level to watch out for because a break and close above it will suggest that the ETH/USDT pair may stay range-bound between $1,700 and $2,000 for some time.
Contrarily, sellers will try to stall the recovery and tug the price below the $1,700 support. If they can pull it off, the pair may start the next leg of the correction. There is a minor support at $1,600 but if it fails to hold, the pair may collapse to $1,352.
The 4-hour chart shows that the bulls had previously protected the $1,700 level with vigor and they may again try to do that. Buyers will have to cross the obstacles at the moving averages to start a sustained recovery that could take the price to $1,920.
On the contrary, if the price turns down from the current level or the moving averages, the bears will again try to sink the pair below $1,700. If they succeed, the selling may accelerate and the pair could retest $1,352.
XRP (XRP) turned down from the overhead resistance near $0.56 on June 10 and nosedived below the 20-day EMA ($0.50).
However, a positive sign is that the buyers promptly purchased the dip to the 50-day SMA ($0.47) as seen from the long tail on the day’s candlestick. The 20-day EMA is an important level for the bulls because if they sustain the price above it, the XRP/USDT pair may again reach near $0.56.
Instead, if the price turns down and breaks below the 20-day EMA, it will suggest that higher levels are attracting sellers. The pair may then drop to the 50-day SMA. A break and close below this level may start a deeper fall to $0.41.
The 4-hour chart shows that the recovery is facing selling near the 20-EMA. This suggests that the short-term sentiment remains negative and bears are selling on rallies. If the price turns down from the current level, the bears will try to yank the pair below $0.47. If they manage to do that, the pair may slide to $0.44.
On the other hand, if buyers thrust the price above the moving averages, it will clear the path for a possible rally to $0.55.
Related: The US will find the ‘right outcome’ for crypto, eventually — Coinbase CEO
Lido DAO (LDO) has been falling inside a descending channel pattern for the past few days, indicating that the bears are in control.
The LDO/USDT pair plunged sharply on June 10 but the long tail on the day’s candlestick shows that the bulls are aggressively buying the dips to the support at $1.57. Buyers will try to start a recovery that may reach the moving averages.
However, the sellers are likely to have other plans. They would not want to give any leeway to the buyers and will try to sink the price to $1.57. If this level cracks, the pair may start its descent to the support line of the channel near $1.
The deeply oversold levels on the RSI suggest that a relief rally may be around the corner. Buyers tried to start a recovery but the bears did not allow the price to rise above $1.90. Hence, this becomes an important hurdle for the buyers to cross to start a recovery.
The pair could then rise to the 20-EMA where the bulls are likely to encounter strong selling by the bears. Buyers need to overcome this obstacle to start a stronger rally. This positive view will invalidate in the near term if the price plunges below $1.65.
Render Token (RNDR) corrected sharply on June 10 and plunged below the uptrend line but a minor positive is that the bulls are trying to push the price back above the breakdown level.
If the price sustains above the uptrend line, it will suggest that the recent breakdown may have been a bear trap. The RNDR/USDT pair could then climb toward the 20-day EMA ($2.31) where it is likely to face its real test.
Alternatively, if the price fails to sustain above the uptrend line, it will suggest that the bears have flipped the uptrend line into resistance. The pair could then extend its decline and fall to the next support near $1.60.
The 4-hour chart shows that the bulls are trying to push the price back above the breakdown level but the bears have held their ground. The zone between the uptrend line and the 20-EMA remains the key level to keep an eye on. If the price breaks above this zone, the pair may recover to $2.40.
Contrarily, if the price continues lower from the current level and breaks below $1.80, it will signal the resumption of the downtrend. The pair may then drop to $1.60 where the buyers are likely to mount a strong defense.
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.
Crypto analytics platform Santiment is saying that one Ethereum (ETH)-based altcoin is showing signs of a potential rally based on on-chain data. Santiment’s director of marketing Brian Quinlivan says that the interoperable blockchain game Illuvium (ILV) is flashing a potentially bullish signal amid a sharp rise in on-chain transaction volumes. A $14 million whale transaction, […]
The post Under-the-Radar Ethereum-Based Altcoin Flashing Bullish Signal, Says Crypto Analytics Firm Santiment appeared first on The Daily Hodl.
LDO price is well-positioned to gain another 50% by June based on a classic bullish reversal setup after Lido DAO rebounds 40%.
The price of Lido DAO (LDO) has rebounded to its three-week high of $2.21 as of May 16, up 40% when measured from its local low of $1.57, established four days ago.
This impressive double-digit recovery appeared in tandem with other top-ranking crypto assets, including Bitcoin (BTC) and Ether (ETH). However, LDO has greatly outperformed the broader crypto market (TOTAL) that's up only 4.5% since May 12.
But what are the reasons why Lido DAO is outperforming the rest of the cryptocurrency market right now? Let's take a closer look at the three biggest factors likely driving up LDO price.
The LDO price recovery coincides with the net positive inflows into Ethereum's proof-of-stake (PoS) contract in recent days.
Lido DAO is primarily an Ethereum liquid staking platform. It enables users to pool their funds to become validators on Ethereum, thus bypassing the network's requirement of depositing at least 32 ETH.
In April, Ethereum underwent a network upgrade called Shapella, which supports reward withdrawals from its staking contract. As a result, its PoS contract witnessed days when the amount of ETH withdrawals outnumbered deposits.
For instance, the net ETH staked with its PoS contract were 19.27 million ETH on April 11, a day before the Shapella upgrade. The number fell to 90,704 a week later, followed by a consistent recovery, according to data tracked by Nansen.
As of May 16, the Ethereum PoS contract had over 20 million ETH, underscoring the growing demand for liquid staking service providers like Lido DAO. The price of its governance token LDO likely benefited from the narrative.
For instance, Lido DAO's nearest competitor, RocketPool (RPL), has also soared 15% to around $50 when measured from its May 12 low.
It should be noted that Lido DAO did not support full ETH withdrawals. Instead, it issued staked Ethereum (stETH), theoretically pegged to ETH by 1:1, to users that could be exchanged freely for other crypto assets across exchanges.
But that was until recently.
On May 15, Lido DAO launched the mainnet version of "Lido V2," which enables Ethereum stakers to burn their stETH and exit the protocol at a 1:1 ratio. Since the upgrade, LDO price has climbed 20%, or half of its 40% rebound thus far.
Related: Celsius moves $781M in stETH just as Lido withdrawals open
Lido DAO whales have also supported LDO's upside move in the days leading up to the Lido V2 launch. And, according to data resource Lookonchain. This may suggest that the "buy the rumor" scenario may have contributed to the LDO price rally.
Due to the launch of Lido V2, we noticed 3 whales accumulating $LDO in the past week.
— Lookonchain (@lookonchain) May 16, 2023
- 0x9EA7 withdrew 724,822 $LDO($1.52M) from #Binance at $2.01.
- 0x4E4e withdrew 655,641 $LDO($1.38M) from #Binance at $1.83.
- 0x9eda bought 570,883 $LDO with 974K $USDC at $1.71 on May 12. pic.twitter.com/S0cNUxpLw0
From a technical standpoint, LDO's 40% bounce started near the lower trendline of a prevailing falling wedge setup. Traditional analysts see a falling wedge as a bullish reversal pattern.
The LDO/USD pair has recovered similarly in recent history, with each rebound taking its price to the wedge's upper trendline. Now with the price treading around the upper trendline again, LDO could enter a breakout stage or pull back to retest the lower trendline.
LDO's breakout scenario will have the price rally toward $3.35 by June 2023, up around 50% from current price levels. This target appears after adding the maximum wedge height to the potential breakout point near $2.70.
Conversely, the pullback scenario could bring the LDO price near $1.56 by June 2023, down 30% from current price levels. This level has served as support and resistance in the past.
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.
Hundreds of millions of dollars worth of Ethereum (ETH) has been unstaked in the last 24 hours as the smart contract platform launches its new Shapella upgrade. New data from crypto analytics platform Nansen reveals that over 89,000 ETH tokens, worth over $170,000,000 at time of writing, have been withdrawn from staking protocols during the […]
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