Polygon makes new sidechain developer stack opensource, supporting ZK-powered Layer 2s on Ethereum

September 1, 2023 Coin Telegraph

Polygon’s Chain Development Kit allows developers to freely build, customize and deploy layer 2 chains connected to the wider Ethereum ecosystem.

The Ethereum (ETH) ecosystem could welcome a variety of new layer 2 (L2) protocols built on Polygon’s newly open sourced codebase Chain Development Kit, which harnesses zero-knowledge proof (ZK-proof) technology to ensure security and fast finality.

Jordi Baylina, technical lead of Polygon Hermez zkEVM, spoke to Cointelegraph exclusively about the new tool set which is publicly available on a Github repository:

“The motivating idea is simple: it should be easy and seamless for developers to launch a ZK-powered Layer 2 on Ethereum, tailored to the requirements of their project.”

Baylina added that a key aspect is that Polygon CDK enables automatic access to liquidity across all of Polygon’s chains as well as the wider Ethereum ecosystem, providing “on-demand scale, without fragmenting liquidity".

The Ethereum developer pointed to a number of different projects building CDK-powered chains across a variety of use cases, including from payment-specific L2s, DeFi, gaming, social-specific platforms, and creator or NFT platforms.

Baylina also highlighted the customizability of CDK for different appchains, featuring customizations for rollup or validium mode, zkEVM or another ZK-powered execution environment, various data availability solutions, native token and gas token customization, centralized or decentralized sequencer mode as well as permissioned networks with granular allowlists.

The importance of ZK-proof technology is another factor that Baylina stressed, highlighting Polygon Labs’ belief that zero-knowledge is the future of scaling Ethereum. As the Hermez zkEVM lead explains, chains launched with Polygon CDK are automatically connected to a shared ZK bridge and plugged into an “interop layer,” which is a cross-chain communication protocol.

“Suppose there are 1000s of chains in the Polygon ecosystem. It’s inefficient for each of these to submit their proofs directly to Ethereum. Instead, the interop layer will receive proofs from chains and submit a single ZK proof that proves the state of all Polygon chains.”

Baylina said the technology unlocks sub-minute cross-chain transactions and creates the perception of a single chain environment.

Cointelegraph also queried the key differences between CDK and other Ethereum ecosystem programming languages like Zk-proof pioneers StarkWare’s Cairo codebase.

Baylina explains that the architecture unlocked by Polygon CDK is different in that it enables automatic access to shared liquidity through a ZK bridge and interop layer of an L2 ecosystem secured by working ZK-proofs.

He finished by reaffirming the belief in ZK-proofs as the future of Ethereum scalability given its fast finality and withdrawal times, when compared to week-long delay by fraud proofs that feature in Optimistic rollup L2 solutions.

“ZK makes better bridges, but also secures chains by rigorous math, without a need for social-economic components required by fraud proofs.”

Cointelegraph previously explored the Ethereum layer 2 ecosystem, unpacking the basics of Ethereum rollups and the different approaches to scaling the smart contract blockchain.

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Price analysis 8/30: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

August 30, 2023 Coin Telegraph

Binance Coin

Bitcoin and altcoins are struggling to hold the gains accrued earlier this week, a potential sign that the price breakout was just a response to Grayscale’s victory over the SEC.

Bitcoin led the cryptocurrency markets higher on Aug. 29 following Grayscale’s victory in the lawsuit against the United States Securities and Exchange Commission. However, the rally could not be sustained, as analysts cautioned that the victory did not guarantee the approval of a spot Bitcoin (BTC) exchange-traded fund.

Still, the victory may prove to be bullish for Grayscale. Glassnode analysts said in an X (formerly Twitter) post on Aug. 30 that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year. It is important to note that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years.

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

In the short term, even though the S&P 500 Index is on a path of recovery and the U.S. Dollar Index has turned down in the near term, the crypto markets are not able to sustain the higher levels. This shows that traders have maintained their focus on crypto-specific news.

Could bulls defend the support levels in Bitcoin and altcoins? Will that lead to a stronger recovery soon? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s range resolved to the upside with a sharp breakout on Aug. 29. This move indicates that the price is likely to oscillate inside the large range between $24,800 and $31,000 for a few days.

*BTC/USDT daily chart. Source:* *TradingView*

The 20-day exponential moving average (EMA) of $27,168 is flattening out and the relative strength index (RSI) is just below the midpoint, indicating that the selling pressure is reducing.

Buyers will try to defend the breakout level of $26,833. If they succeed, it will signal that the bulls have flipped the level into support. The BTC/USDT pair may first rise to the 50-day simple moving average (SMA) of $28,689 and thereafter attempt a rally to $31,000.

If bears want to trap the aggressive bulls, they will have to pull the price below $26,833. If they do that, it will indicate that the bears are selling on every recovery attempt. The pair could then retest the strong support at $24,800.

Ether price analysis

Ether (ETH) once again rebounded off the crucial support at $1,626 on Aug. 28, indicating that the bulls are buying the dips.

*ETH/USDT daily chart. Source:* *TradingView*

The momentum picked up on Aug. 29, and the bulls propelled the price above the 20-day EMA ($1,716). This suggests that the ETH/USDT pair could swing between $1,626 and $1,816 for some more time.

The price turned back below the 20-day EMA on Aug. 30, signaling that bears have not yet given up. If the price maintains below the 20-day EMA, the pair could tumble to $1,626. Contrarily, if the price turns up and climbs back above the 20-day EMA, the pair may reach the overhead resistance at $1,816.

BNB price analysis

After tight range trading near $220 for a few days, BNB (BNB) surged higher on Aug. 29. The relief rally is facing resistance at the 50-day SMA ($235) as seen from the long wick on the day’s candlestick.

*BNB/USDT daily chart. Source:* *TradingView*

The 20-day EMA ($224) is flattening out and the RSI is just below the midpoint, indicating that the downward selling pressure is reducing. If the price turns up from the current level, the BNB/USDT pair could rally to the resistance line. This level may again attract aggressive selling by the bears.

On the downside, if the price slides below $220, it will indicate that the bears remain in control. The pair could then slump to the Aug. 22 intraday low of $203.

XRP price analysis

XRP (XRP) has been trading between $0.50 and $0.56 for the past few days. This suggests that the bulls are buying near the support and the bears are selling close to the resistance.

*XRP/USDT daily chart. Source:* *TradingView*

The downsloping 20-day EMA ($0.55) and the RSI in the negative territory indicate that the bears have the upper hand. Sellers will try to sink the price below the strong support at $0.50. If they manage to do that, the XRP/USDT pair may plummet to $0.41.

Alternatively, if the price rebounds off $0.50, the pair may extend its stay inside the tight range for some more time. Buyers will have to shove and sustain the price above $0.56 to signal the start of a sustained recovery. The pair may then rise to the 50-day SMA ($0.64).

Cardano price analysis

The bulls pushed Cardano (ADA) above $0.28 on Aug. 29, but they could not sustain the higher levels. That kept the price below the resistance at $0.28.

*ADA/USDT daily chart. Source:* *TradingView*

This shows that the price remains stuck inside the range between $0.24 and $0.28. The next support is at the uptrend line. If the price rebounds off this level with strength, it will suggest that every minor dip is being purchased. That will enhance the prospects of a rally above $0.28. Above this level, the ADA/USDT pair could soar to $0.32.

Instead, if the price dives below the uptrend line, it will signal that the bears are trying to make a comeback. The pair could then skid to the vital support at $0.24.

Dogecoin price analysis

Dogecoin (DOGE) reached the 20-day EMA ($0.07) on Aug. 29, but the bulls are struggling to sustain the price above it.

*DOGE/USDT daily chart. Source:* *TradingView*

If the price turns down sharply from the current level, it will suggest that bears are selling on rallies. The DOGE/USDT pair may then consolidate between the 20-day EMA and the support at $0.06.

Alternatively, if the pair does not give up much ground from the current level, it will suggest that the bulls are maintaining their buying pressure. That could open the gates for a potential rally to $0.08.

Solana price analysis

Solana’s (SOL) recovery hit a roadblock at the 20-day EMA ($21.77) on Aug. 29, indicating that the sentiment remains negative and traders are selling on rallies.

*SOL/USDT daily chart. Source:* *TradingView*

The bears will once again try to tug the price to $19.35. If this level cracks, the SOL/USDT pair could start a downward move to $18 and then to $16.

The bulls are likely to have other plans. They will try to build upon the recovery by pushing the price above the overhead resistance at $22.30. If they can pull it off, the pair may rise to the 50-day SMA ($23.59). If the price turns down from this level, the pair may remain range-bound between the 50-day SMA and $19.35 for some time.

Toncoin price analysis

Toncoin (TON) soared above the neckline of the inverse head-and-shoulders pattern at $1.53 on Aug. 29. This signals a potential trend change.

*TON/USDT daily chart. Source:* *TradingView*

Typically, after a breakout, the price turns down and retests the breakout level. If the price bounces off $1.53, it will suggest that the bulls have flipped the level into support. That could start an up move toward the pattern target of $1.91. If this resistance is scaled, the TON/USDT pair could reach $2.07.

If the bears want to prevent the rally, they will have to quickly sink the price back below $1.53. Such a move could trap the aggressive bulls, resulting in a long liquidation. The pair may then slump to $1.25.

Polkadot price analysis

Polkadot (DOT) broke and closed above the 20-day EMA ($4.64) on Aug. 29, but the long wick on the candlestick shows selling at higher levels.

*DOT/USDT daily chart. Source:* *TradingView*

The bears pulled the price back below the 20-day EMA on Aug. 30. This indicates that the bears have not given up and are viewing the recoveries as a selling opportunity. The flattening 20-day EMA and the RSI in the negative territory signal possible range-bound action in the near term.

If the price breaks below $4.50, the DOT/USDT pair may swing between the 20-day EMA and $4.22 for some time. On the other hand, a break and close above the 20-day EMA could propel the pair to the overhead resistance at $5.

Polygon price analysis

Polygon (MATIC) is facing stiff resistance in the zone between $0.60 and $0.65 as seen from the long wick on the Aug. 29 candlestick.

*MATIC/USDT daily chart. Source:* *TradingView*

The price turned down on Aug. 30, suggesting that the MATIC/USDT pair could consolidate in a large range between $0.51 and $0.65 for a while. The price action inside the range is likely to remain random and volatile.

If bears want to seize control, they will have to drag the price below $0.51. That could resume the downtrend with the next support at $0.45. On the upside, a break and close above the 50-day SMA ($0.67) could signal that the bulls are in the driver’s seat.

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.

MATIC Getting Massive Technical Upgrade With POL, Says Polygon Founder

August 30, 2023 The Daily Hodl

Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment

August 28, 2023 The Daily Hodl

Num Finance launches Colombian peso stablecoin on Polygon

August 24, 2023 Coin Telegraph

Argentina

Num Finance received $1.5 million in a pre-seed funding round in May and is now issuing stablecoins in the local currencies of Argentina, Peru and Colombia.

Argentina-based Num Finance has announced it has gone live with a n stablecoin pegged to the Colombian peso, the company announced Aug. 24 in an X post.

The stablecoin — called nCOP — is an overcollateralized, Polygon-based stablecoin and is aimed at the remittance market.

Colombia receives over $6.5 billion a year in remittances, Num stated in a blog post. Remittances are one of the key use cases for stablecoin.

The nCOP incorporates the “Num yield feature,” which allows user rewards to be paid in nCOP. Num Finance CEO Agustín Liserra said:

“In Colombia, there exists a unique opportunity to ‘tokenize’ remittances and offer them a yield in nCOP, based on regulated financial products. Currently, Colombia is one of the main recipients of remittances in Latin America.”

This is the third stablecoin the company has produced — after the nARS pegged to the Argentinian peso and the nPEN pegged to the Peruvian sol.

Num received $1.5 million in pre-seed funding led by Reserve protocol in May. It said at the time that over $2.5 million worth of nARS and nPEN were in circulation, and was looking at launching stablecoins pegged to the Brazilian real, Colombian peso and Mexican peso.

The Colombian central bank is considering issuing a central bank digital currency (CBDC) — another potential vehicle for remittances — and has determined that it should place holding and transaction limits on a future CBDC to safeguard the local financial system.

Introducing nCOP, the new Num Stablecoin and the leading stablecoin for Colombia! pic.twitter.com/u16SOFqTl8
— Num Finance (@Num_Finance) August 24, 2023

Also on Aug. 24, it was disclosed that Mastercard will stop supporting Binance crypto debit cards in Latin American countries, including Colombia.

Magazine: The Invisible Man of the Visible World: How Blockchain Could Offer New Hope to Stateless Rohingya

Price analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

August 23, 2023 Coin Telegraph

Binance Coin

Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce?

When the markets are trending, traders should be active if they want to earn money. On the other hand, in a ranging market, it is better to wait on the sidelines with patience, or else traders may lose money due to choppy random moves in either direction.

Bitcoin’s (BTC) sideways price action since the sharp fall on Aug. 17 shows that the bulls and the bears are unsure about the next directional move. Therefore, it is better to wait for the breakout to happen before waging large bets.

In the short term, institutional traders also seem to be taking a cautious approach. A CoinShares report showed an outflow of $55 million from digital asset investment products for the week of Sept. 13.

What are the important support and resistance levels that need to be crossed for a trending move to start in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The long tail on Bitcoin’s Aug. 22 candlestick is a positive sign, as it shows that the bulls are fiercely trying to protect the support at $24,800.

However, the bulls will remain under pressure until they clear the overheard hurdle at $26,833 and then the 20-day exponential moving average (EMA) at $27,777. If both these resistances are overcome, it will indicate that the BTC/USDT pair may extend its stay inside the $24,800 to $31,000 range for a while longer.

Although the downsloping 20-day EMA indicates an advantage to bears, the oversold levels on the relative strength index (RSI) point to a possible recovery in the near term.

The bears will have to sink and sustain the price below $24,800 to further strengthen their hold. That could open the doors for a potential drop to $20,000.

Ether price analysis

Ether (ETH) once again dipped below the strong support at $1,626, but the long tail on the candlestick shows solid buying at lower levels.

The onus is on the bulls to drive the price above the overhead resistance of $1,700. If they do that, the ETH/USDT pair could reach the 20-day EMA ($1,756). This remains the key level to watch out for in the near term.

If the price turns down from this level, the bears will again try to yank the pair below the $1,626 to $1,550 support zone. If they succeed, the index could start a downward move toward $1,368.

Contrarily, a break above the 20-day EMA will enhance the prospects of the pair remaining inside the $2,000 to $1,626 range for a few more days.

BNB price analysis

BNB (BNB) bounced off the psychological support at $200 on Aug. 17, indicating that the bulls are trying to arrest the decline at this level.

The recovery could reach the 20-day EMA ($227), which is again likely to act as a formidable hurdle. If the price turns down sharply from the 20-day EMA, the bears will make another attempt to sink the BNB/USDT pair below $200. If they manage to do that, the pair could slide to $183.

Instead, if the price rises above the 20-day EMA, it will suggest that the bears are losing their grip. The pair may then rise to the resistance line, which is an important level for the bears to defend.

XRP price analysis

XRP (XRP) turned down from the overhead resistance at $0.56, but a minor positive is that the bulls have not allowed the price to skid below $0.50.

The XRP/USDT pair may consolidate between $0.50 and $0.56 for some time. The downsloping 20-day EMA ($0.58) and the RSI near the oversold territory indicate an advantage to bears.

If the price breaks below $0.50, the pair could start its descent toward the next major support at $0.41. That could indicate arange-bound action between $0.41 and $0.50.

Alternatively, if buyers thrust the price above the 20-day EMA, it will suggest that bulls are on a comeback. The pair may then rise to the 50-day simple moving average (SMA) of $0.63.

Cardano price analysis

The long tail on Cardano’s (ADA) Aug. 22 candlestick shows strong demand at lower levels. The price is currently stuck inside the range between $0.24 and $0.28.

If the price plummets below $0.24, the ADA/USDT pair could start the next leg of the downtrend. The pair could first slump to $0.22 and thereafter to the psychological support at $0.20. The downsloping 20-day EMA ($0.28) and the RSI in the negative territory indicate that bears have a slight edge.

This negative view could be invalidated in the near term if buyers propel the price above $0.28. If they do that, the pair may start a relief rally to the 50-day SMA ($0.29) and thereafter to $0.32.

Solana price analysis

Solana (SOL) plunged below the immediate support at $20 on Aug. 22, but the bulls purchased the dip, indicating demand at lower levels.

Buyers will have to push the price above the 20-day EMA ($22.64) if they want to salvage the situation. Above this level, the SOL/USDT pair is likely to pick up momentum and attempt a rally to $26. The 50-day SMA ($23.60) could act as a barrier, but it is likely to be crossed.

Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will signal that the bears have not given up. That will increase the likelihood of a break below $19.35. If that happens, the pair may drop to $18 and eventually to $16.

Dogecoin price analysis

Dogecoin (DOGE) rebounded off the support at $0.06 on Aug. 21 and 22, indicating that the bulls are buying the dips to this level.

The bulls are attempting to start a relief rally that could reach the 20-day EMA ($0.07). Sellers are likely to protect this level with vigor. If the price turns down from the overhead resistance, it will suggest that the DOGE/USDT pair may remain stuck between the 20-day EMA and $0.06 for some time.

Buyers will have to kick the price above the moving averages to start a rally to the next major resistance above $0.08. On the downside, a break and close below $0.06 could signal the start of a downward move to $0.05.

Polkadot price analysis

The bears tried to tug Polkadot (DOT) below the vital support at $4.22, but the bulls held their ground as seen from the long tail on the Aug. 22 candlestick.

The 20-day EMA ($4.73) is turning down and the RSI is in the negative zone, indicating that bears hold the edge. If buyers want to signal a comeback, they will have to propel the price above the overhead zone between $4.56 and the 20-day EMA.

Meanwhile, the bears are likely to have other plans. They will try to sell on minor rallies and pull the price below $4.22. If they succeed, the DOT/USDT pair could start the next leg of the downtrend. The next support is at $4.

Polygon price analysis

Polygon (MATIC) snapped back from $0.53 on Aug. 22, indicating that the bulls are trying to keep the price above the crucial support at $0.51.

The bulls have their task cut out because they are likely to face strong selling at $0.60. If the price turns down from this resistance, it will suggest that bears are active at higher levels. That may keep the MATIC/USDT pair stuck inside the $0.51 to $0.60 range for a few days.

A break and close below $0.50 will signal the resumption of the downtrend. The pair could then tumble to $0.45 and later to $0.42. On the contrary, a rally above $0.60 could set up a rally to $0.65 and then to $0.69.

Shiba Inu price analysis

Shiba Inu (SHIB) fell below the 50-day SMA ($0.0000084) on Aug. 20, but the bulls did not allow the price to retest the important support at $0.0000072.

*SHIB/USDT daily chart. Source:* *TradingView*

The solid bounce on Aug. 22 shows strong buying at lower levels. The bulls will next attempt a rally above the moving averages. If they can pull it off, the SHIB/USDT pair may pick up momentum and soar toward $0.000011.

Conversely, if the price turns down from the moving averages, it will suggest that the bears remain in control. The pair could then collapse to the strong support at $0.0000072 and subsequently to $0.0000064.

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.

Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

August 16, 2023 Coin Telegraph

Binance Coin

Markets continue to slump, giving advantage to the bears and hinting at a trend change to the downside.

Bitcoin continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in its latest market update that Bitcoin (BTC) may remain quiet for a few more weeks before making its move in September.

Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by the fourth quarter of 2024 and a new cycle peak by Q4 2025.

Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term, but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after the halving to price in the effects.

Will Bitcoin and the major altcoins remain range-bound in the near term, or is a breakout on the horizon? What are the important levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rose above the 20-day exponential moving average EMA of $29,383 on Aug. 14, but the long wick on the candlestick shows selling at higher levels.

The BTC/USDT pair remains below the 20-day EMA, and the relative strength index (RSI) is in the negative territory. This suggests a minor advantage to the bears. The pair could slide to the important support at $28,585.

If the price rebounds off this level with strength and rises above the 20-day EMA, it will signal that the pair may continue to oscillate between $28,585 and $30,350 for some more time.

The bears will come out on top if they sink and sustain the price below $28,585. That could start a decline toward $26,000.

Ether price analysis

The failure to propel Ether (ETH) above the 20-day EMA ($1,847) in the past few days may have attracted selling. That has pulled the price to the critical short-term support at $1,816.

The 20-day EMA has started to turn down gradually, and the RSI is in negative territory. This suggests that bears have the upper hand. If the price skids and sustains below $1,816, the selling could intensify further and the ETH/USDT pair may drop to $1,700.

Time is running out for the bulls. If they want to salvage the situation, they will have to quickly drive the price above the 50-day simple moving average (SMA) of $1,875. If they do that, the pair may start its journey toward $1,930 and then $2,000.

BNB price analysis

BNB (BNB) turned down and plunged below the support line of the symmetrical triangle pattern on Aug. 15. This shows that the uncertainty between the bulls and the bears resolved to the downside.

If the price sustains below the triangle, the BNB/USDT pair could drop to the vital support at $220. This level is likely to attract aggressive buying by the bulls. If the price rebounds off this level and rises above the moving averages, it will indicate that the pair may continue to swing between $265 and $220 for a while longer.

Alternatively, if the price continues lower and breaks below the $220 support, it will indicate the resumption of the downtrend. The pair may then slump to the pattern target of $196.

XRP price analysis

XRP (XRP) broke and closed below the 50-day SMA ($0.62) on Aug. 15, signaling that the bears remain in control.

The XRP/USDT pair could descend to the breakout level of $0.56. This remains the key level for the bulls to defend because if this support gives way, the selling could pick up and the pair may dive to $0.45.

Contrarily, if the price rebounds off $0.56, it will suggest that the bulls are trying to flip the level into support. Buyers will have to overcome the barrier at the moving averages to start a stronger recovery to $0.74.

Dogecoin price analysis

The bears yanked Dogecoin (DOGE) below the support line of the ascending channel pattern on Aug. 15, which tilted the advantage in favor of the bears.

The bulls are likely to guard the breakout level of $0.07. If the price rebounds off this level, the DOGE/USDT pair may climb to the 20-day EMA ($0.07) and later to the downtrend line. If the price turns down from this resistance, it will increase the likelihood of a drop below $0.07. If that happens, the pair could nosedive to $0.06.

If bulls want to prevent a collapse, they will have to quickly push the price back above the downtrend line. If they succeed, the pair may rally to $0.08.

Cardano price analysis

Cardano (ADA) continues to fall inside a descending channel pattern. This shows that the bears remain firmly in the driver’s seat.

The ADA/USDT pair has reached the support line of the channel. If this support gives way, the pair could tumble to $0.26 and subsequently to $0.24. The bulls are expected to guard this level with all their might because if this support crumbles, the pair could resume the downtrend.

This negative view will be invalidated in the near term if the price turns up from the current level and rises above the channel. That may open the doors for a relief rally to $0.34.

Solana price analysis

Solana (SOL) turned down and slipped below the 20-day EMA ($23.99) on Aug. 15. The bears are trying to build upon this by sustaining the price below the 50-day SMA ($23.20).

The SOL/USDT pair could skid to the vital support at $22.30. If the price bounces off this level, the pair may face strong selling at the moving averages. If the price turns down from the moving averages, it will enhance the prospects of a fall below $22.30. The pair may then tumble to $18.

Contrarily, if the price turns up and breaks above the 20-day EMA, it will suggest that the $26 to $22.30 range remains intact. The pair could then gradually climb to the overhead resistance at $26. A break and close above this level will suggest that the bulls are on a comeback.

Polygon price analysis

The repeated failure of the bulls to propel Polygon (MATIC) above the 20-day EMA ($0.68) may have intensified selling. That pulled the price below the support near $0.65 on Aug 15. The next support to look for on the downside is $0.60.

The RSI is nearing the oversold levels, indicating that the selling may have been overdone in the near term. Buyers will try to start a rebound that could reach $0.65 and then the 50-day SMA ($0.70).

If the price turns down from the overhead resistance, it will signal that bears have the upper hand. That could increase the likelihood of a drop below $0.60. The pair may then nosedive toward $0.50.

If the bulls want to make a comeback, they will have to kick and sustain the price above the moving averages.

Litecoin price analysis

Litecoin (LTC) tumbled and closed below the strong support at $81.36 on Aug. 15, indicating that the bears are in command.

*LTC/USDT daily chart. Source:* *TradingView*

The RSI is in the oversold territory, indicating that a consolidation or a bounce may be around the corner. The bulls may try to defend the uptrend line. If the price snaps back from this level, it could face selling at $81.36 and then again at the downtrend line.

If the LTC/USDT pair turns down from the overhead obstacle, it will indicate that the sentiment remains negative and traders are selling on rallies. That will increase the possibility of a drop to $70.

The first sign of strength will be a break and close above the downtrend line. That could clear the path for a possible rally to the 50-day SMA ($91.70).

Polkadot price analysis

The failure of the bulls to achieve a strong bounce off the $5 support in Polkadot (DOT) may have attracted selling by the bears. That tugged the price below the support on Aug. 15.

The bulls purchased the dip below the next support at $4.74, but they are struggling to sustain the recovery. This suggests that the bears continue to sell on every minor relief rally. If the price continues lower and dips below $4.60, it will suggest that the DOT/USDT pair is in a firm bear grip. That could result in a decline to $4.22.

Buyers are likely to fiercely defend the zone between $4.22 and $4.37. On the upside, the bulls will have to thrust the price above the 50-day SMA ($5.16) to signal a comeback. The pair could then surge to the downtrend line.

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.

Price analysis 8/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

August 14, 2023 Coin Telegraph

Binance Coin

After weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. Dollar Index may limit the upside recovery.

Bitcoin has been stuck inside a tight range in August. Glassnode lead on-chain analyst Checkmate highlighted that the spread between the upper and lower Bollinger Bands for Bitcoin has shrunk to 2.9%, its third-tightest ever.

Typically, periods of low volatility are followed by a range expansion. The longer the time spent inside a range, the stronger the eventual breakout from it. The only problem is that it is difficult to time the breakout with certainty. Therefore, traders should be watchful. Otherwise, they may miss out on the opportunity to ride the next trending move.

One reason that risk assets may be weighed down is the strength of the U.S. Dollar Index (DXY), which has risen for four consecutive weeks.

In contrast, United States equities markets entered a corrective phase in the past few days. The S&P 500 Index (SPX) and the Nasdaq Composite have both pulled back for the past two weeks, indicating profit-booking by short-term traders.

What are the important support and resistance levels to watch for in Bitcoin (BTC) and altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index dipped below the 20-day exponential moving average (EMA) of 4,497 on Aug. 3, and since then, the bears thwarted several attempts by the bulls to push the price back above this level.

*SPX daily chart. Source:* *TradingView*

The price bounced off the 50-day simple moving average (SMA) of 4,443 on Aug. 14, indicating that the bulls are guarding this level with all their might. Buyers will try to keep up the momentum and shove the price back above the 20-day EMA. If they succeed, the index could start its journey to 4,607 and subsequently to 4,650.

If bears want to seize control, they will have to protect the 20-day EMA and tug the price below the 50-day SMA. That could start a deeper correction to 4,300 and later to 4,200.

U.S. Dollar Index price analysis

The U.S. Dollar Index held support at the 20-day EMA ($102) on Aug. 4 and again on Aug. 10, indicating a change in sentiment from selling on rallies to buying on dips.

*DXY daily chart. Source:* *TradingView*

The index has reached the downtrend line, which is likely to act as a formidable resistance. If the price turns down from the downtrend line but rebounds off the 20-day EMA, it will suggest that the trend remains bullish. That will enhance the prospects of a rally above the downtrend line. The index could then soar toward the overhead resistance at 106.

This positive view will invalidate in the near term if the price tumbles below the 20-day EMA. There is minor support at 101.74, but if this level gives way, the index could drop to 100.82.

Bitcoin price analysis

Bitcoin slipped below the 20-day EMA ($29,458) on Aug. 13, but the bears could not build upon this advantage and sink the price to the critical support at $28,585. This suggests a lack of aggressive selling at lower levels.

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint indicate a balance between buyers and sellers. This suggests that the BTC/USDT pair could continue to consolidate inside the range between $28,585 and $30,350 for a while longer.

The next trending move is likely to begin after the price escapes this range. If the price turns down and plunges below the $28,585 support, it could start a descent to $26,000. Conversely, a rally above $30,350 could enhance the prospects of a rally to the overhead resistance zone between $31,500 and $32,400.

Ether price analysis

Ether (ETH) has been clinging to the 20-day EMA ($1,853) for the past few days, indicating that the bulls have maintained their buying pressure but the bears have held their ground.

The 20-day EMA is flattening out and the RSI is near the midpoint, indicating that the selling pressure could be reducing. If bulls thrust the price above the moving averages, the ETH/USDT pair may rally to $1,930 and then to $2,000.

If bears want to maintain their control, they will have to defend the moving averages. If the price turns down from the 50-day SMA ($1,877), the pair could skid to the strong support at $1,816. This is an important level for the bulls to watch out for because a break below it may sink the pair to $1,700.

BNB price analysis

BNB (BNB) has been trading below the moving averages for the past three days, but the bears have not been able to sink the price to the support line of the symmetrical triangle.

If the price does not break above or below the triangle within the next few days, then it will invalidate the pattern. The flattish moving averages and the RSI just below the midpoint signal that the dull price action may continue for some more time.

A break and close above the triangle will be the first sign that the uncertainty has resolved in favor of the bulls. The BNB/USDT pair could then rally to the overhead resistance at $265.

On the other hand, a break and close below the triangle could sink the pair to the crucial support at $220.

XRP price analysis

XRP (XRP) has been swinging between the moving averages for the past few days, indicating buying near the 50-day SMA ($0.62) and selling at the 20-day EMA ($0.65).

Although buyers have held the 50-day SMA, the downsloping 20-day EMA and the RSI in the negative territory indicate that bears have the edge. A shallow bounce off the current level will increase the prospects of a drop below the 50-day SMA. If that happens, the XRP/USDT pair may slump to $0.56.

Contrary to this assumption, if the price climbs above the 20-day EMA, it will indicate solid buying at lower levels. The pair may then move up to $0.74.

Cardano price analysis

Cardano (ADA) has been correcting inside a descending channel pattern for the past few days. This suggests a lack of aggressive buying by the bulls.

The first sign of strength will be a break and close above the resistance line of the channel. That could open the doors for a possible rally to $0.34. If this level is scaled, the ADA/USDT pair may retest the July 14 intraday high at $0.38.

The bears are likely to have other plans. They will try to sell the rallies to the resistance line of the channel. If the price turns down from this level, it will signal that the pair may continue to descend inside the channel. The important support to watch on the downside is $0.26.

Dogecoin price analysis

Dogecoin’s (DOGE) recovery was rejected at the downtrend line on Aug. 13, indicating that the bears are fiercely defending this level.

The price has reached the support line of the ascending channel, which is an important level to keep an eye on. If the price plummets below the support line, the DOGE/USDT pair could tumble to $0.07.

Contrarily, if the price turns up from the current level and breaks above the downtrend line, it will signal that the bulls remain buyers at lower levels. The pair could first rise to $0.08 and later to the resistance line of the channel at $0.09.

Solana price analysis

Solana (SOL) is trading inside the range between $22.30 on the downside and $26 on the upside. A minor advantage in favor of the bulls is that the price is trading above the 20-day EMA ($24.09).

If the current bounce sustains, the bulls will try to drive the SOL/USDT pair above the overhead resistance at $26. If they succeed, the pair could pick up momentum and climb to $29.12 and later to $32.13.

Alternatively, if the price turns down from $26, it will suggest that the pair may extend its stay inside the range for a few more days. The bears will have to yank the price below $22.30 to come out on top.

Polygon price analysis

The bulls are finding it difficult to push Polygon (MATIC) above the 20-day EMA ($0.69), but a positive sign is that they have not ceded ground to the bears.

The moving averages are flattening out and the RSI is just below the midpoint, indicating a balance between supply and demand. This balance could tilt in favor of the bulls if they propel the price above the 50-day SMA ($0.70). The MATIC/USDT pair could then attempt a rally to $0.80.

On the contrary, if the price turns down from the 50-day SMA, it will signal that bears are active at higher levels. That may keep the pair stuck inside a range for a few days. The bears will have to sink and sustain the price below the support near $0.65 to gain the upper hand. The pair could then slide to $0.60.

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.

Price analysis 8/11: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

August 11, 2023 Coin Telegraph

Binance Coin

After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend.

Bitcoin continues to frustrate investors with its tight-range consolidation, giving no clue about the possible direction of a breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.

A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in 2023. That indicates a lack of urgency among the bulls to book profits, as they anticipate the uptrend to resume.

Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas highlighted that 15 of the best-performing equity ETFs in 2023 have been crypto-related, with exposure to crypto and blockchain.

Do Bitcoin (BTC) and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls pushed Bitcoin above the 50-day simple moving average (SMA) of $29,960 on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies.

The range in the BTC/USDT pair has shrunk further, with the price swinging between $28,585 and $30,350. Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, suggesting that the consolidation may continue for some more time.

When the price is stuck in a range, it is difficult to predict the direction of the breakout. However, traders should be ready for the start of a trending move soon.

If the price plunges below $28,585, the pair may descend to $26,000 and then to $24,800. Conversely, a break and close above $30,350 could propel the pair to $32,400. This is likely to be the final hurdle before the pair reaches $40,000.

Ether price analysis

Ether (ETH) has been trading between the 50-day SMA ($1,879) and the horizontal support at $1,816 for the past few days. This suggests uncertainty between the bulls and the bears about the next directional move.

The flattish 20-day exponential moving average (EMA) at $1,855 and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. The sellers will have to tug the price below $1,816 to gain control. That could start a sell-off, which may pull the ETH/USDT pair to $1,700 and then to the vital support at $1,626.

On the contrary, if the price turns up and breaks above the 50-day SMA, it could open the gates for a rally to the psychological resistance at $2,000.

BNB price analysis

The failure to push BNB (BNB) above the resistance line of the triangle may have attracted selling. That has pulled the price below the moving averages.

The BNB/USDT pair could drop to the support line of the triangle. This is an important level to keep an eye on because a slide below it may start the next leg of the downward move to $220. The bulls are likely to buy the dip at this level.

If the price rebounds off the support line, the pair may spend some more time inside the triangle. Buyers will have to shove the price above the resistance line to clear the path for a potential rally to $265.

XRP price analysis

XRP (XRP) turned down from the 20-day EMA ($0.65) on Aug. 9, indicating that the bears are trying to flip the level into resistance.

The important support to watch on the downside is the 50-day SMA ($0.61). If this level cracks, the selling could intensify and the XRP/USDT pair could plummet to the breakout level of $0.56.

Another possibility is that the price bounces off the 50-day SMA. If that happens, the pair may spend some more time oscillating between the moving averages. A break and close above $0.67 will be the first sign of strength. That could open the doors for a possible rally to $0.73.

Dogecoin price analysis

Dogecoin (DOGE) continues to trade inside the ascending channel pattern, but the bulls are finding it difficult to overcome the barrier at the downtrend line.

If the price dips below the 20-day EMA ($0.07), the support line of the channel will come under threat. The repeated retest of a support level within a short interval tends to weaken it. If the bears yank the price below the channel, the DOGE/USDT pair could drop to the breakout level of $0.07.

Another possibility is that the price turns up from the 20-day EMA. If that happens, the likelihood of a rally above the downtrend line increases. That could start an up move to $0.08 and then to the resistance line of the channel.

Cardano price analysis

Cardano’s (ADA) recovery attempt hit a wall at the 20-day EMA ($0.30), which suggests that the bears have not yet given up and are selling on rallies.

The flattish 20-day EMA and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the buyers kick the price above the downtrend line, the ADA/USDT pair could rise to $0.32 and then to $0.34.

Contrarily, if the price turns down and breaks below $0.28, it will suggest that bears have the upper hand. The pair could then slump to $0.26 and eventually to the vital support at $0.24. The bulls are expected to guard this level with vigor.

Solana price analysis

Solana (SOL) has been trading above the 20-day EMA ($23.87) for the past three days, indicating that the price is stuck between $26 and $22.30.

The important level to watch on the upside is $26. If the price turns down from this resistance, it will indicate that the range-bound action remains intact. The bullish momentum may pick up if buyers clear the overhead hurdle at $26. If they do that, the SOL/USDT pair could first rise to $29 and thereafter retest the local high at $32.13 made on July 14.

The level to be wary of on the downside is $22.30. If this support cracks, it will suggest that the bulls may be rushing to the exit. That may start a fall to $18.

Polygon price analysis

The bulls failed to thrust Polygon (MATIC) above the 50-day SMA ($0.70) in the past two days, but a positive sign is that they have not given up much ground.

This suggests that the short-term bulls are holding on to their positions as they anticipate the relief rally to continue. If the 50-day SMA is surmounted, the MATIC/USDT pair could start a rally to $0.80 and then to $0.90.

Contrary to this assumption, if the price turns down sharply from the current level, the pair may retest the strong support at $0.64. If this level gives way, the pair may start a decline to the next support at $0.60.

Litecoin price analysis

Litecoin (LTC) is struggling to start a bounce off the strong support at $81.36, suggesting a lack of demand at higher levels.

The downsloping 20-day EMA ($86.90) and the RSI in the negative territory indicate that bears are in command. If the LTC/USDT pair skids and sustains below $81.36, it will signal the resumption of the downtrend. The next support on the downside is $76 and then $72.

Alternatively, the first important resistance to watch on the upside is the 20-day EMA. If buyers propel the price above $87.37, it will suggest the start of a stronger recovery to $96.46. This level may again attract strong selling by the bears.

Polkadot price analysis

Polkadot (DOT) has been trading near the $5 level for the past few days. Attempts by the bulls to push the price above the 20-day EMA ($5.08) on Aug. 9 were met with stiff opposition from the bears.

The 20-day EMA is sloping down gradually and the RSI has been in the negative territory, indicating that the bears have a slight edge. If the price slips and closes below $4.83, the DOT/USDT pair could start its downward journey toward $4.60.

On the other hand, if the price turns up from the current level and breaks above the moving averages, it will signal a comeback by the bulls. The pair could then move up to $5.33 and eventually to the downtrend line.

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.

Analyst Predicts One Memecoin Will Outperform Dogecoin and Shiba Inu, Updates Outlook on Polygon and Fantom

August 10, 2023 The Daily Hodl

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