A popular crypto analyst says the best altcoins to accumulate right now include Solana (SOL), Polygon (MATIC) and five Ethereum (ETH) rivals. In a new strategy video, the host of InvestAnswers says five layer-1 altcoins, TRON (TRX), Tezos (XTZ), Harmony (ONE), Flow (FLOW), and Fantom (FTM), are currently a solid value based on the price per […]
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Tezos (XTZ) creator Arthur Breitman says that crypto projects rewarding people tokens for basic activities like walking, playing or learning are unsustainable. In a new interview with crypto strategist Scott Melker, Breitman says the “to earn model” is flawed and will ultimately fade away. “I think that if you want to earn something, you have […]
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The Tezos NFT ecosystem gained a lot of traction over the past year due to its low cost of minting and energy efficiency.
The Tezos blockchain partnered with Web3 automation platform Taco to allow Shopify users to access Tezos nonfungible tokens (NFTs) via Taco’s NFT loyalty program. The e-commerce giant has established itself as a growing destination for brands looking for Web3 engagements.
TheTaco app allows brands to integrate Web3 solutions such as NFTs to increase engagement with customers and e-commerce platforms such as Shopify use Taco app plugins to offer these services to their merchants.
The NFT loyalty programs aid brands in strengthening their bonds with consumers, boosting customer engagement and retention. The latest integration of Tezos NFTs would help the blockchain utilize its NFTs to reward devoted customers with special offers, discounts and experiences.
With the latest integration of Tezos into the Taco app, Shopify merchants everywhere now have a new method to interact with customers and connect to the expanding Tezos NFT community.
Earlier in June, Shopify announced a new reward system called Tokengate under its connect-to-consumer initiative. Token gate allowed select merchant partners to roll out exclusive goods for NFT stakeholders. The e-commerce giant was among the first to integrate Bitcoin and Lightning payments on its platform.
Related: Man United onboards Tezos as its official Web3 and training kit partner
Tezos' energy-efficient architecture, added to its affordable NFT minting and low transaction fees, has drawn a diverse NFT community of artists, collectors and builders from all around the world. The high energy efficiency of Tezos has made it the go-to platform for NFT integration, for example, gaming giant Ubisoft integrated Tezos NFTs for its gaming rewards toward the end of 2021.
Tezos, a proof-of-stake blockchain registered a significant bump in on-chain activity and smart contract transactions thanks to a rising NFT market. The platform registered 50,000 transactions per day in the first quarter of 2022 from less than 10,000 per day in January 2021.
Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. The news further follows Tether being ordered by […]
The Federal Reserve is set to raise interest rates this week. Here’s why traders expect a 0.75% hike to trigger a crypto market rally.
The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States.
Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs strategist Sharon Bell cautioned that aggressive rate hikes could trigger a 26% fall in the S&P 500.
The majority expect the Fed to hike rates by 75 basis points in the next meeting on Sept. 20 to Sept. 21 but the FedWatch Tool shows an 18% probability of a 100 basis point rate hike. This uncertainty could keep traders on the edge, resulting in heightened short-term volatility.
If the Fed’s rate hike is in line with market expectations, select cryptocurrencies could attract buyers. Let’s study the charts of five cryptocurrencies that are positive in the near term.
Bitcoin recovered from $19,320 on Sept. 16 and rallied above $20,000 on Sept. 17 but the bulls are struggling to sustain the higher levels. This suggests that bears are active at higher levels.
The 20-day exponential moving average ($20,432) has turned down gradually and the relative strength index (RSI) is in the negative zone, suggesting that the sentiment remains negative and traders are selling near overhead resistance levels.
If the price continues lower and breaks below $19,320, the BTC/USDT pair could decline to $18,510. Buyers are expected to defend this level with vigor.
On the upside, the 50-day simple moving average ($21,605) is the key level to keep an eye on. If bulls push the price above it, the pair could rally to $25,211. A break and close above this resistance could indicate the start of a new uptrend.
The 4-hour chart shows that the sellers are trying to stall the recovery at the 20-EMA. This indicates that the bears are in no mood to surrender their advantage. If the weakness persists and the price breaks below $19,320, the pair could slide to $18,510.
Conversely, if the price turns up from the current level and breaks above the 20-EMA, the recovery could extend to the 50-SMA. This level may again act as a resistance but if this obstacle is cleared, the next stop could be the 61.8% Fibonacci retracement level of $21,470.
Ripple (XRP) has been stuck inside a range between $0.30 and $0.39 for many days. The price has reached the resistance of the range and if bulls clear this hurdle, it could signal the start of a new uptrend.
In a range, traders usually buy near the support and sell close to the resistance. If the price turns down sharply from the current level and breaks below the moving averages, it will indicate that the XRP/USDT pair may extend its consolidation for a few more days.
Although the moving averages are criss-crossing each other, the RSI has jumped into positive territory, indicating that bulls have a slight edge. If buyers drive and sustain the price above $0.39, the pair could rally to $0.48.
The pair rallied sharply from $0.32 to $0.39, indicating strong buying by the bulls. The 20-EMA has turned up and the RSI is in the positive zone, suggesting that the path of least resistance is to the upside.
If the price continues higher and breaks above $0.39, the bullish momentum could pick up and the pair could rally to $0.41. This level may act as a resistance but if buyers flip the $0.39 level into support, the up-move could resume.
Chainlink (LINK) has been stuck inside a large range between $5.50 and $9.50 for the past several weeks, indicating that buyers are attempting to form a bottom. The bulls pushed the price above the moving averages and the RSI jumped into positive territory, indicating that the positive momentum could be improving.
There is a minor resistance at $8.30 and if bulls push the price above it, the LINK/USDT pair could rally to the stiff resistance at $9.50. This level is likely to attract aggressive selling by the bears but if bulls pierce through the barrier, it could indicate the start of a new uptrend.
The moving averages are the important support to watch for on the downside because if they give way, the selling pressure may pick up. That could start a decline to $7 and thereafter to $6.20.
Buyers are attempting to defend the moving averages on the 4-hour chart. That could start a recovery toward the overhead resistance at $8.20. If the price rises above this overhead resistance, the pair could rally to $9.
If bulls fail to push the price above $8.20, the bears may fancy their chances and try to sink the pair below the moving averages. That may tilt the advantage in favor of the bears. The pair could first decline to $7.50 and then to $7.
Related: Dogecoin has crashed 75% against Bitcoin since Elon Musk's SNL appearance
The bears pulled EOS below the 50-day SMA ($1.44) on Sept. 15 but they could not break the support at $1.34. This suggests that bulls are buying on dips and are attempting to form a low near $1.34.
A minor negative is that bulls are facing strong resistance at the 20-day EMA ($1.50). This indicates that the bears have not given up and are attempting to wrest control. This tussle between the bulls and the bears is likely to resolve with a strong breakout.
If the price breaks above the 20-day EMA, the bullish momentum could pick up and the EOS/USDT pair could rally to $1.86. Alternatively, if the price turns down and breaks below $1.34, the pair could decline to $1.24. A break below this support could sink the pair to $1.
The recovery faltered near $1.50, indicating that bears continue to sell on rallies. The bears will try to further cement their edge by pulling the price below the strong support of $1.34, but that may not be that easy.
Buyers have defended the $1.34 level on three occasions and will again try to do so. If the price rebounds off $1.34, the bulls may again attempt a rally above the overhead resistance of $1.50. If they manage to do that, a rally to $1.70 and later to $1.86 is possible.
Tezos (XTZ) broke below the 20-day EMA ($1.57) on Sept. 13 but the bears could not pull the price to the support line of the symmetrical triangle. This indicates that buyers are accumulating on dips and not waiting for a deeper correction to make an entry. This increases the likelihood of a recovery in the near term.
If the price breaks above the 20-day EMA, the XTZ/USDT pair could rise to the 50-day SMA ($1.66). This level has acted as a strong resistance on two previous occasions, hence it is an important level to keep an eye on. If bulls overcome this barrier, the pair could attempt a rally to the resistance line of the triangle.
A break above the triangle will signal a potential trend change. The pair could then rise to $2 and later to $2.36.
Meanwhile, the bears are likely to have other plans. They will try to stall the recovery at the moving averages. If the price turns down from the current level and slips below the $1.50 to $1.40 support zone, the June low at $1.20 may be revisited.
The 4-hour chart shows that the bulls defended the support at $1.50 and pushed the price above the downtrend line but they could not sustain the higher levels. If bears sink the price below $1.50, the pair could decline to $1.40.
On the other hand, if the price rebounds off the $1.50 support once again, it will suggest that lower levels continue to attract buyers. The bulls will then try to push the price above the moving averages and challenge the resistance at $1.62. If this level gives way, the up-move could reach $1.70.
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.
A popular crypto trader is mapping out what’s in store for a handful of altcoins including XRP and Cosmos (ATOM) as the digital asset markets witness another sell-off event. Michaël van de Poppe tells his 627,100 Twitter followers that the seventh-largest crypto asset is now hovering at a price level that’s favorable for XRP bulls. […]
The post Here’s What’s Ahead for XRP, Cosmos and Two Additional Altcoins, According to Analyst Michaël van de Poppe appeared first on The Daily Hodl.
On Monday, the stablecoin issuer Tether Operations Limited announced that the stablecoin tether is now supported by the Near blockchain network. Following a number of recent implementations, Near will be the 14th blockchain network that hosts the largest stablecoin by market capitalization. Tether Connects With the Near Protocol Tether has revealed that tether (USDT) is […]
The world’s largest crypto exchange by trading volume is restricting a corporate account with over $1 million in virtual assets due to a request by law enforcement. Digital assets exchange giant Binance says that it has locked the account of a Tezos (XTZ) tools contributor that contained $1 million worth of crypto assets. Furthermore, Binance […]
The post Crypto Exchange Giant Binance Restricts $1,000,000 Corporate Account, Cites Law Enforcement Request appeared first on The Daily Hodl.
Eos rose by as much as 20% on Wednesday, as bulls continued to react to the news of its upcoming Yield+ incentive program. Today’s price surge comes despite the global cryptocurrency market cap falling by almost 2% as of writing. Tezos was also higher, hitting a two-month high on hump day. EOS EOS was one […]
Other Manchester United-related assets also rallied after Musk's tweet, as well as Manchester City's fan token.
Manchester United Fan Token (MUFC) is a dead coin and not related to the sports franchise, but one Elon Musk tweet was enough to revive it on Aug. 17.
Also, I’m buying Manchester United ur welcome
— Elon Musk (@elonmusk) August 17, 2022
To clarify, MUFC is not an official Manchester United crypto token. It came to life in August 2021 after a team of programmers, who are said to be hardcore Manchester United fans, falsely claimed that holding MUFC would give buye influence on the football club's decisions.
The team later conducted an "airdrop" round of 10,000,000,000 MUFC in November 2021, promising to provide 10,000 MUFC to users who followed its official social media handles. The prospects of getting free MUFC tokens helped its price rally to as high as $1.
But the project turned out to be vaporware, eventually leading MUFC down by 100% after November. It was deemed extinct until a tweet from billionaire entrepreneur Elon Musk on Aug. 17 revived it from oblivion.
The Tesla CEO tweeted that he would buy the Manchester United football club, which he later admitted was a "long-running joke."
No, this is a long-running joke on Twitter. I’m not buying any sports teams.
— Elon Musk (@elonmusk) August 17, 2022
Nonetheless, the message sent the financial assets related to Manchester United soaring, including its stock MANU, which rose 1.97% in pre-market trading, and Tezos (XTZ), the club's official blockchain and training partner, whose market valuation surged by $138.85 million.
Even Manchester City's official crypto token, CITY, popped higher by nearly 14% to reach $7 per piece after Musk's tweet, despite Manchester City being a different football club.
On the other hand, MUFC surged by over 3,000% hours after Musk's tweet about buying Manchester United, according to data fetched by CoinPaprika.com.
However, the MUFC rally appears to be price manipulation due to extremely poor liquidity and volume.
Notably, in the last 24 hours, MUFC had been trading only against two crypto assets: WBNB and USDT. While the liquidity for the WBNB/MUFC pair was mere $106.84, it was even lower for the USDT/MUFC pair at around $10, according to data from PancakeSwap, a decentralized exchange.
Meanwhile, the net volume that backed MUFC's 3,000% rally was approximately $39,000 in the last 24 hours, suggesting fewer traders behind the major upside move.
Thus, a small number of speculators likely used MUFC's poor liquidity to artificially pump the token. The number of traders who bought the false upside narrative remains unclear, but given thatMUFC has already dropped by 50% from its local top, the prospect that its rate would return to zero is high.
Related: Crypto scams fall 65% after gullible noobs exit the market: Chainalysis
Meanwhile, the incident reasserts Musk's strong influence on the crypto market, especially on memecoins like Dogecoin.
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.
