SBI works with UAE’s TradeFinex to set up joint crypto venture in Japan

September 29, 2023 Coin Telegraph

Blockchain

SBI Holdings will work with UAE firm TradeFinex on a Japanese joint venture to boost the adoption of its enterprise blockchain platform on the XDC Network.

SBI Holdings and TradeFinex will look to drive trade finance adoption of the Ethereum Virtual Machine-compatible enterprise blockchain XDC Network through a new joint venture in Japan.

United Arab Emirates-based firm TradeFinex operates its own decentralized platform on the XDC Network for trade finance originators to connect to a variety of banks and lending institutions. Aimed at enterprise use cases, TradeFinex primarily provides blockchain-based trade finance products, including invoicing, letters of credit, purchase order finance and supply chain finance.

*A visual representation of TradeFinex’s trade finance stack. Source: TradeFinex.*

The XDC Network is an EVM-compatible layer-1 network with interoperable smart contracts. Its documentation describes the protocol as a “highly optimized, bespoke fork” of Ethereum that uses a delegated proof-of-stake (DPoS) mechanism to achieve fast transaction times, low gas fees and high transaction per second capacity.

XDC operates using its native XDC token, which serves as a reserve cryptocurrency for third-party decentralized applications (DApps) running on the network. The token is intended to be used for a variety of use cases, including DApp payment settlements, micropayments, transaction costs and smart contract deployment and settlement.

TradeFinex has been involved in collaborations with the World Trade Organization, the International Chamber of Commerce and various government agencies to explore blockchain as a means to overhaul the speed, transparency, costs and traceability of trade finance.

A 2020 report from the World Trade Organization highlighted TradeFinex as a network that operates “as both permissioned and permissionless: permissionless for public verification, but permissioned for selective data sharing.”

At the time of the publication, several participants were using TradeFinex, including Validus, Enigio, Ramco and the International Trade and Forfaiting Association, among others.

An announcement shared with Cointelegraph outlined the goal of the joint venture to localize XDC Network information and documentation in Japan, proliferate XDC tokens to local cryptocurrency exchanges and deploy trade finance solutions across the Asia-Pacific region.

The launch of the joint ventures comes after recent reports from Japan that its government intends to permit startups to raise funds through the issuance of cryptocurrency tokens instead of conventional stock listings.

Japan’s Financial Services Agency also announced its plans to amend its tax code related to cryptocurrencies in August 2023 to take a more active role in cryptocurrency regulation. This could include exemptions from paying “unrealized gains” tax on cryptocurrencies.

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Bitcoin’s sideways price action leads traders to focus on SHIB, UNI, MKR and XDC

August 13, 2023 Coin Telegraph

Bitcoin

SHIB, UNI, MKR and XDC show signs of strength even as Bitcoin price remains stuck inside a narrow range.

Bitcoin (BTC) is on track to form two successive Doji candlestick patterns on the weekly charts but a positive sign is that the price is sustaining above the 20-week exponential moving average ($28,072). This suggests that the bulls have not lost their grip.

Popular pseudonymous trader TechDev used the three-week timeframe to show that Bitcoin’s compression above the 20-period moving average was approaching values seen only four times since Bitcoin’s creation. Interestingly, on all three previous occasions, the expansions happened to the upside, suggesting that history favors the bulls.

Crypto market data daily view. Source: Coin360

However, in the near term, the lack of volatility has pulled Bitcoin futures trading volumes to their lowest levels since December 2022. Cointelegraph contributor Marcel Pechman believes this shows that traders may have shifted to other markets or may be avoiding making moves at the current levels.

While several altcoins are looking to Bitcoin for direction, some have outperformed in the near term. Let’s study the charts of the top-five cryptocurrencies that are looking positive over the next few days.

Bitcoin price analysis

Bitcoin has been trading near the 20-day EMA ($29,447) for the past two days, signaling indecision between the bulls and the bears.

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

The flattish moving averages and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears. That could keep the BTC/USDT pair stuck inside the $28,585-to-$30,150 range for a while.

The next trending move is likely to begin after the price escapes this range. If the price dives below $28,585, the selling could pick up momentum and the pair may dump to $26,000.

On the upside, a break and close above $30,150 may attract buyers. The pair could then surge to the $31,804-to-$32,400 resistance zone.

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

The four-hour chart shows that the price is stuck between the moving averages, suggesting uncertainty about the next trending move. If the price closes below the 50-day simple moving average, the short-term advantage will tilt in favor of the bears. That could drag the price toward $29,000 and then to $28,585.

If the price turns up and breaks above the 20-day EMA, it will suggest that the bulls are trying to seize control. The pair may first rise to $29,738, and if this hurdle is cleared, the rally could reach the overhead resistance at $30,350.

Shiba Inu price analysis

Shiba Inu (SHIB) is in a strong recovery, but buyers are facing resistance near the overhead resistance at $0.000012.

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

The upsloping 20-day EMA ($0.000009) and the RSI near the overbought zone indicate that bulls are in command. If buyers do not give up much ground from the overhead resistance, it will enhance the prospects of a rally above $0.000012. If that happens, the SHIB/USDT pair could soar to $0.000014 and then to $0.000016.

Contrarily, if the price slumps below $0.000010, the pair may extend its pullback to the 20-day EMA. This remains the key level to watch out for because a break below it may signal that the recovery may be over.

*SHIB/USDT four-hour chart. Source: TradingView*

The four-hour chart shows that the price has corrected to the 20-day EMA. The bulls are expected to protect the level with vigor. If they do that, the pair may again attempt to break and sustain above the overhead resistance at $0.000011.

If the price skids and sustains below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair may then tumble to the next major support at the 50-day SMA. This level may witness aggressive buying by the bulls.

Uniswap price analysis

Uniswap (UNI) rebounded off the 50-day SMA ($5.79) on Aug. 7 and rose above the 20-day EMA ($6.09) on Aug. 8. This shows that buyers are active at lower levels.

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

The UNI/USDT pair is witnessing a tough battle near the 20-day EMA, indicating that the bears have not yet given up. If the price sustains below the 20-day EMA, the selling could intensify and the pair may drop to the 50-day SMA.

Instead, if the price rebounds off the 20-day EMA, it will indicate that the bulls are trying to flip this level into support. If they manage to do that, the pair may rise above the immediate resistance at $6.35 and reach $6.70.

*UNI/USDT four-hour chart. Source: TradingView*

Both moving averages have flattened out on the four-hour chart. This suggests a balance between supply and demand. If the price dips below the 50-day SMA, the advantage will tilt in favor of the bears. The pair may then plunge to $5.80.

Alternatively, if the price rebounds off the 50-day SMA and rises above the 20-day EMA, it will suggest buying on dips. The pair could then rise to $6.35. Buyers will have to surmount this resistance to come out on top. The pair may then soar to $6.70.

Maker price analysis

Maker (MKR) has been trading above the breakout level of $1,200 for the past few days, indicating that the bulls are attempting to flip the level into support.

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

The 20-day EMA ($1,204) is sloping up gradually and the RSI is in the positive territory, suggesting that the bulls have the edge. Buyers will try to propel the price above the immediate resistance of $1,284 and challenge the local high at $1,370. A break and close above this level could signal the start of a new uptrend.

If bears want to prevent the uptrend, they will have to quickly yank the price back below the breakout level of $1,200. That could open the gates for a decline to the 50-day SMA ($1,041).

*MKR/USDT four-hour chart. Source: TradingView*

The 20-day EMA on the four-hour chart has flattened out, and the RSI is just above the midpoint. The price action has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.

If buyers drive the price above the triangle, the MKR/USDT pair may start an up-move toward the pattern target of $1,463. On the other hand, a break below the triangle could signal that bears are back in the game. The pattern target on the downside is $986.

XDC Network price analysis

XDC Network (XDC) has pulled back to the 20-day EMA ($0.062), which is an important support to watch out for.

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

The 20-day EMA is flattening out and the RSI is just above the midpoint, indicating that the bullish momentum may be weakening. If buyers want to gain control, they will have to propel the price above the overhead resistance at $0.073. That could start an up-move to $0.082.

On the contrary, a break and close below the 20-day EMA could sink the pair to the 61.8% Fibonacci retracement level of $0.056. Such a move could delay the start of the next leg of the uptrend.

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

The four-hour chart shows a descending triangle formation, which will complete on a break and close below $0.061. If that happens, the pair could start a downward move to $0.054 and, thereafter, to the pattern target of $0.040.

Contrary to this assumption, if the price continues higher from the current level and breaks above the downtrend line, it will invalidate the bearish setup. The failure of a negative setup is a positive sign. That could open the doors for a potential rally to $0.082.

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.

DOGE, MKR, OP and XDC gather strength as Bitcoin price remains range-bound

July 30, 2023 Coin Telegraph

Bitcoin

Bitcoin’s price consolidation is giving altcoin traders confidence that DOGE, MKR, OP and XDC could break out.

Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high. This suggests that the bulls are not rushing to the exit as they anticipate another leg higher.

Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up.

However, an altcoin recovery is likely to remain in place only till Bitcoin shows strength. If Bitcoin turns down sharply, the possibility of a sell-off in altcoins remains high. While select altcoins provide trading opportunities, cryptocurrency traders should be careful and keep a close watch on Bitcoin’s price action.

What are the important support and resistance levels to watch out for on Bitcoin? Let’s study the charts of top-5 cryptocurrencies that may try to move in the near term.

Bitcoin price analysis

The bulls managed to sustain Bitcoin above the 50-day simple moving average ($29,377) for the past few days but a negative sign is that they haven’t been able to propel the price above the 20-day exponential moving average ($29,670).

The bears will try to strengthen their position by pulling the price below the immediate support at $28,861. If they manage to do that, it will suggest that the BTC/USDT pair could stay range-bound between $31,000 and $24,800 for some time. The gradually downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to bears.

This bearish view will invalidate if the bulls drive the price above the 20-day EMA. The pair could then rise to the overhead resistance zone between $31,000 and $32,400. The bulls will have to overcome this barrier to signal the start of a new uptrend to $40,000.

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

The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The pair is stuck inside a narrow range between $28,861 and $29,690.

A break and close above the overhead resistance will indicate that the advantage has tilted in favor of the bulls. The pair could then rise to $30,500 and later to $31,500.

Alternatively, if the price turns down and breaks below $28,861, it will suggest that bears are in control. The pair could then slump to $27,500.

Dogecoin price analysis

Dogecoin (DOGE) is facing resistance just above the $0.08 level but a positive sign is that the bulls have not given up much ground.

*DOGE/USDT daily chart. Source: TradingView*

The bulls purchased the dip on July 28, indicating that the sentiment remains positive and traders are buying the dips. If bulls propel the price above the intraday high made on July 25, the DOGE/USDT pair could pick up momentum. The pair could then soar to $0.10 and subsequently to $0.11.

Contrarily, if the price turns down from the current level and plummets below the 20-day EMA, it will suggest that bears are selling on rallies. The pair could then slide to the breakout level of $0.07.

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

The 4-hour chart shows that the pair is in an uptrend. The price dipped below the 20-EMA but the bulls bought the dip and again pushed the price above $0.08. If bulls clear the overhead hurdle, the pair may resume its up-move.

The important support to watch on the downside is the 20-EMA and then the 50-SMA. Sellers will have to sink the price below the 50-SMA to gain the upper hand. The pair could then slump to the breakout level at $0.07.

Maker price analysis

Maker (MKR) had been stuck below $1,200 for the past several months. The bulls finally cleared this overhead obstacle on July 29.

Usually, after the price breaks above a stiff overhead resistance, the price turns down and retests the breakout level. In this case, the price may drop to the breakout level of $1,200. If the price turns up sharply from this level, it will suggest that the bulls have flipped $1,200 into support. The MKR/USDT pair may then start a new uptrend toward $1,600 and then $1,900.

Conversely, if bears sink and sustain the price below $1,200, it will suggest that the recent breakout may have been a bull trap. The pair could then skid to the 20-day EMA ($1,079). A break and close below this level will suggest that the bears are back in the game.

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

The upsloping moving averages and the RSI above 66 on the 4-hour chart indicate that the pair is in an uptrend. The price turned down from $1,361 but the bulls are likely to buy the dip to the 20-EMA.

If they do that, the pair will again try to rise above the overhead resistance of $1,361. If that happens, the pair may soar to $1,600. On the contrary, a decline below the moving averages will indicate that bears have seized control. The pair may then dump to $1,000.

Optimism price analysis

After staying in a downtrend for several days, Optimism (OP) is showing first signs of starting a new uptrend.

*OP/USDT daily chart. Source: TradingView*

The 20-day EMA ($1.46) has started to turn up and the RSI is in the positive territory, indicating that the bulls have the upper hand. There is a minor resistance at $1.66 but if this level is crossed, the OP/USDT pair could rise to $1.88 and then to $2.

Contrary to this assumption if the price turns down from $1.66, it will suggest that bears are selling on rallies. The pair could then drop to the 20-day EMA, which is an important level to keep an eye on. If this support cracks, the pair may descend to the 50-day SMA ($1.33).

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

The 4-hour chart shows that the price is stuck between $1.66 and $1.40 for some time. The 20-EMA has started to turn up and the RSI is just below the overbought region, indicating that the bulls have a slight edge.

If bulls thrust the price above $1.66, the pair could resume the up-move. The first target objective on the upside is $1.92.

If the price turns down from $1.66, it will signal that the pair may extend its range-bound action for some more time. The bears will have to sink and sustain the price below $1.40 to come out on top. That could clear the path for a potential fall to $1.15.

XDC Network price analysis

The XDC Network (XDC) surged from $0.03 on July 11 to $0.06 on July 25, indicating a strong uptrend.

The price could first correct to the 38.2% Fibonacci retracement level of $0.05 and then to the 20-day EMA ($0.05). This is an important zone to watch out for because a strong bounce off it will suggest that the sentiment remains bullish.

If the price turns up from this zone, the bulls will attempt to resume the uptrend. A rally above the intraday high of July 27 could open the gates for an up-move to $0.10. This positive view will be negated on a break and close below the 20-day EMA.

The bulls are attempting to arrest the pullback at the 50-SMA on the 4-hour chart. This is a positive sign but the flattening 20-EMA and the RSI near the midpoint suggest that the positive momentum may be weakening.

If the price turns down from the current level or the overhead resistance at $0.06 and breaks below the 50-SMA, it will signal the start of a deeper correction. The XDC/USDT pair may then slide to the 50% Fibonacci retracement level near $0.05.

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.

XDC Network