$5000 $ETH.

It is programmed.

— Koroush AK (@KoroushAK) October 29, 2021

A portion of these bullish calls are based on ETH 2.0 staking and the reduced inflation resulting from EIP-1559.

At this time in 2017, $BTC was around $2k

Just 7 months later it was almost $20k

What do you think happens when the world wakes up to the APR and deflationary aspect of $ETH that is coming in less than 2 months?

$20,000 is programmed IMO

This should be your largest position

— Don’t Follow Shardi B If You Hate Money $ (@ShardiB2) May 16, 2021

The $20,000 estimate is equivalent to a $2.36 trillion market capitalization, and even if it is feasible, it still seems excessively optimistic for now.

Ether has entered an ascending channel on Sep. 20, which points to $5,000 becoming a support level by late Nov.

Backing the recent strength is the net value locked growth, or adjusted TVL, on Ethereum network smart contracts. TVL measures the assets deposited on decentralized applications and is usually led by lending protocols and DEX exchanges.

Ether’s TVL breached the previous $71 billion all-time high on Oct. 16, accumulating a 50% gain in three months until Oct. 31.

Adverse regulatory winds coming from the United States lawmakers could be driving investors away from cryptocurrencies. Many U.S. states, including Kentucky, Texas, Alabama, Vermont, New Jersey and most recently, New York, have been cracking down on crypto lending.

Furthermore, in October, New York-based decentralized prediction market Polymarket came under investigation from the United States Commodity Futures Trading Commission (CFTC). According to a Bloomberg report on Oct. 23, the agency is evaluating whether the decentralized finance (DeFi) application allows its customers to trade binary options and swaps without the necessary regulator approval.

On the other hand, some investors expect a positive movement from traditional markets to further boost the rally. Data shows that November has been the best performing month for the S&P 500 since 1985.

Pro traders believe ETH price will move higher

To confirm investors’ confidence in the $5,000 prophecy coming true, one should monitor the monthly contract’s premium, known as “basis.” Unlike the perpetual contract, these fixed-calendar futures do not have a funding rate, so their price will vastly differ from regular spot exchanges.

By measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market. Whenever there’s excessive buyers optimism, the three-month futures contract will trade at a 15% or higher annualized premium (basis).

Notice how not even the 9.5% correction on ETH price on Oct. 27 from $4,300 to $3,900 was enough to break those traders’ spirits. Currently, the basis rate stands at 17%, which signals moderate bullishness.

Options markets show moderate bullishness

Ether made an all-time high at $4,460 on Oct. 29 and to determine how optimistic traders are we have to look at the 25% delta skew. This indicator provides a reliable “fear and greed” analysis by comparing similar call (buy) and put (sell) options side by side.

The metric will turn positive when the neutral-to-bearish put options premium is higher than similar-risk call options. This situation is usually considered a “fear” scenario. On the other hand, a negative skew translates to a higher cost of upside protection and points toward bullishness.

The above chart shows the indicator at negative 9, flirting with the “greed” momentum. That optimistic stance started on Oct. 18, which wasn’t exactly a positive day for Ether because it tested the $3,700 support multiple times.

Both derivatives indicators sit on the edge of a neutral-to-bullish zone, which should be interpreted as highly positive as it leaves room for buyers’ leverage using derivatives instruments.

According to futures and options metrics, perma-bulls calling for $5,000 are likely to be correct in the short term.

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.

The post Ethereum shillers call for $5K ETH, and this time derivatives data is backing them up appeared first on Cryptology IQ.

Le Bistrot d’Eleonore et Maxence, a restaurant in Paris, France joins the growing list of mainstream businesses to add Shiba Inu (SHIB) as a payment method.

The information came to light from a video shared by a local resident and crypto investor Natheno Davy, which showed that the restaurant’s main entrance sported two new “Shiba Inu accepted here” stickers just above the other traditional payment options.

Shiba accepted in a restaurant in PARIS
Eleanor and Maxence
39 Avenue Duquesne
75007 -Paris
France
Shib will be the biggest regret as the bitcoin laggards were
#ShibArmy
#SHIB #shiba #ShibaSwap
#crypto #ShibaCoin #Robinhood #SHIBARMY pic.twitter.com/7HcMDxX6ZP

— Crypto Master (@NathKamga) October 25, 2021

Speaking to Cointelegraph, Davy said that he approached a staff member of the restaurant to reconfirm the addition of SHIB as a payment method before taking the video:

“Precisely at that moment, a group of four men paid their lunch bill using Shiba Inu. It was magic!”

Davy later revisited the restaurant with his friends and paid for a EUR 250 (approximately $290) buffet with Shiba Inu. As the video went viral on social media platforms, the restaurant confirmed to witness a sudden spike in foot traffic, “thanking me for my work.”

“The restaurant has now become the best in the area. Locals are expecting a wave of restaurants to start accepting cryptocurrencies as a payment method.”

As a seasoned investor, Davy revealed that Shiba Inu has been his best investment across his career. “I love cryptocurrency, especially SHIB. Crypto has the power to change everything.”

The mainstream adoption of Shiba Inu is a direct result of an ongoing bull run that continues to attract support from new investors. At the time of writing, SHIB surpassed Dogecoin (DOGE) to become the ninth biggest token in terms of market capitalization.

Related: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

A small-time crypto investor realized 94,278,239.8% in profit from a $3,400 investment in Shiba Inu.

As Cointelegraph reported, the unknown person bought SHIB 44 times since August 2020 and accumulated 70,200,003,107,594 SHIB in the process, which is now worth $5.63 billion.

At the same time, the SHIB bull run has had a negative impact on the price of Dogecoin.

By CoinGecko’s measurement, $SHIB has definitively flippened $DOGE. An absolutely historic day for memecoins https://t.co/z5GZ0w4X8c pic.twitter.com/ag55OqQMlK

— Joe Weisenthal (@TheStalwart) October 27, 2021

The post Shiba Inu now accepted as payment at a French bistro in Paris appeared first on Cryptology IQ.

Meanwhile, MicroStrategy has continued to add to its already impressive Bitcoin stack. The company’s Q3 report shows that it added 8,957 Bitcoin, taking its haul to 114,042 Bitcoi as of Sept. 30, purchased at an average price of $27,713.

The software firm’s appetite does not seem to have been satisfied yet and CEO Michael Saylor said the company “will continue to evaluate opportunities to raise additional capital to execute” its Bitcoin strategy.

The bullish trend in the crypto sector seems to have increased the demand for employees with experience in crypto or blockchain. A recent report by LinkedIn editor Devin Banerjee cited data from LinkedIn’s Economic Graph team, which showed that postings for jobs that included terms such as “blockchain” or “crypto” surged 615% in August, compared to a year earlier.

Could the sharp rally in Ether be the start of a new altseason? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin dipped below the 20-day exponential moving average ($59,389) on Oct. 27 but the bears could not sustain the lower levels. The price quickly recovered and rose above the 20-day EMA on Oct. 28, suggesting strong buying on dips.

The price action of the past few days has formed a bullish flag pattern that will complete on a break and close above the resistance line. Such a move will indicate the resumption of the uptrend. The first resistance on the upside is the all-time high at $67,000.

If bulls clear this overhead hurdle, the BTC/USDT pair could start its northward march toward the pattern target at $89,476.12.

The rising moving averages and the relative strength index (RSI) in the positive zone indicate advantage to bulls. The bears will have to pull and sustain the price below the flag to invalidate the bullish setup. In that case, the pair could slide to $52,920.

ETH/USDT

Ether sharply rebounded off the 20-day EMA ($3,953) on Oct. 28, indicating that dip buyers used the recent pullback to accumulate. The biggest altcoin rose to a new all-time high today, signaling the resumption of the uptrend.

The upsloping 20-day EMA and the RSI in the positive territory indicate that bulls are in command. If buyers sustain the price above $4,375, the ETH/USDT pair could start its journey toward the pattern target at $4,657 and then rally to $5,000.

Contrary to this assumption, if the price fails to sustain above $4,375, it will suggest that demand dries up at higher levels. The pair could then consolidate between $4,375 and $3,888 for a few days. A break and close below this range will suggest the start of a deeper correction.

BNB/USDT

The bulls successfully defended the neckline of the inverse head and shoulders pattern on Oct. 27, which is a positive sign. This may have prompted buying from traders, propelling Binance Coin (BNB) above the overhead resistance at $518.90.

The 20-day EMA ($470) is sloping up and the RSI is in the positive zone, indicating that buyers are in control. If bulls sustain the price above $518.90, the BNB/USDT pair could resume its uptrend toward the pattern target at $554.

On the contrary, if the price fails to sustain above $518.90, it will suggest that traders are booking profits at higher levels. The pair could then drop to the neckline, which is an important support for the bulls to defend.

ADA/USDT

The bulls defended the strong support at $1.87 on Oct. 27 but the rebound lacks strength. This suggests that traders are hesitant to buy Cardano (ADA) at higher levels.

Both moving averages are sloping down and the RSI is in the negative zone, indicating that the path of least resistance is to the downside.

If the price turns down from the current level or from the 20-day EMA ($2.12), the bears will again try to break and close the ADA/USDT pair below the $1.87 support. Such a move could signal the start of a deeper correction to $1.58.

This negative view will invalidate if bulls push and sustain the price above the moving averages. The pair could then rally to $2.47.

SOL/USDT

Solana (SOL) bounced off the 20-day EMA ($180) on Oct. 27, indicating that the sentiment remains positive and traders are buying on dips. The bulls will now try to thrust the price above the overhead resistance zone at $216 to $218.93.

The rising 20-day EMA and the RSI in the positive zone suggest that bulls have the upper hand. A break and close above $218.93 will suggest the resumption of the uptrend and the SOL/USDT pair could rally to $239.83.

However, the bears are unlikely to throw in the towel easily. If the price turns down from the current level or the overhead resistance, the pair may consolidate between $171.47 and $218.93 for a few days. A break below $171.47 could signal the start of a deeper correction.

XRP/USDT

XRP slipped below the $1 support on Oct. 27 but the bears could not sustain the lower levels. This suggests that bulls are accumulating near the critical support. The buyers will now try to push and sustain the price above the downtrend line.

If they succeed, the XRP/USDT pair could rally to $1.24 where the bears are expected to mount a stiff resistance. If the price turns down from this level, the pair could remain range-bound for a few days.

The flat moving averages and the RSI just below the midpoint suggest a balance between supply and demand. This equilibrium will shift in favor of the bulls if the pair rises above $1.24. Conversely, a break below $1 could sink the pair to the strong support zone at $0.88 to $0.85.

DOT/USDT

Polkadot (DOT) bounced off the breakout level at $38.77 on Oct. 27, suggesting that the sentiment remains bullish and traders are buying on dips.

The bulls will now try to push the price above the overhead hurdle at $46.39 and retest the all-time high at $49.78. If this resistance is breached, the DOT/USDT pair could climb toward the next target objective at $53.90.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance, the bears will try to pull the price below the 20-day EMA ($40.90). A break below this level could retest the critical support at $38.77. If this level cracks, the next stop could be the 50-day simple moving average ($35.68).

Related: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta

DOGE/USDT

Dogecoin (DOGE) broke below the 50-day SMA ($0.23) on Oct. 27 but the long tail on the day’s candlestick suggests aggressive buying at lower levels. The bulls continued their purchase on Oct. 28, which may have caught a few aggressive bears off guard.

A combination of short-covering by the bears and bottom fishing by the bulls pushed the price above the $0.27 resistance on Oct. 28. However, the long wick on the day’s candlestick suggests that traders may have booked profits at higher levels.

The bulls and the bears are likely to witness a tough battle at $0.27. If bulls flip this level into support, the DOGE/USDT pair could again try to rally toward $0.35. A break and close above this level could clear the path for a possible move to $0.45.

Conversely, a break and close below $0.27 could pull the price down to the 20-day EMA ($0.25).

SHIB/USDT

Shiba Inu (SHIB) skyrocketed above the 200% Fibonacci extension level at $0.00007586 on Oct. 27 and hit a new all-time high at $0.00008854 on Oct. 28.

The sharp rally of the past few days pushed the RSI to 91.66 on Oct. 27, resulting in a pullback on Oct. 28. The SHIB/USDT pair has formed an inside-day candlestick pattern today, indicating indecision among the bulls and the bears.

Although the uptrend remains intact, the pair could enter a few days of consolidation or correction to digest the gains of the past few days.

The 50% Fibonacci retracement level at $0.00005778 is a critical level to watch out for because a break below it could intensify selling and pull the pair down to the 61.8% retracement at $0.00005052.

Alternatively, if the price turns up from the current level and breaks above $0.00008854, the pair could rally to the 300% Fibonacci extension level at $0.00010349.

LUNA/USDT

Terra protocol’s LUNA token bounced off the 50-day SMA ($38.69) on Oct. 27, indicating strong buying at lower levels. The price action of the past few days has resulted in the formation of a symmetrical triangle.

The bulls will now try to propel the price above the triangle. If they manage to do that, the LUNA/USDT pair could resume its uptrend. The bears may pose a stiff challenge at the all-time high at $49.54 but if this level is crossed, the pair may reach the pattern target at $62.59.

Contrary to this assumption, if the price turns down from the overhead resistance, it will suggest that bears continue to sell on rallies. The pair may then extend its stay inside the triangle for a few more days.

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.

Market data is provided by HitBTC exchange.

The post Price analysis 10/29: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA appeared first on Cryptology IQ.

Interestingly, OriginTrail (TRAC), a logistics and supply-chain management-focused blockchain protocol, has been gaining traction over the past couple of months and this week the project’s TRAC token hit a new all-time high.

Data from Cointelegraph Markets Pro and TradingView show after hitting a low of $0.278 on Aug. 29, the price of TRAC has vaulted 306% to a new record high at $1.39 on Oct. 28 as its 24-hour trading volume spiked from an average of $4.66 million to $11.55 million.

Let’s take a look at what might be behind TRAC’s current rally to new highs.

Decentralized knowledge graphs

On Oct. 1 OriginTrail rebranded itself as the “world’s first decentralized knowledge graph” designed to “organize humanity’s most important assets, making them discoverable, verifiable and valuable.”

The idea behind the rebrand is to help better convey the network’s ability to take the current ecosystem of siloed information spread out across web2 and integrate it with the evolving web3.

Data capable of being stored and tracked on Origin trail includes information about physical goods as well as digital goods and assets and makes them discoverable and verifiable on its web3 capable decentralized network.

This includes physical goods such as art and farm-to-table food items as well as digital items such as nonfungible tokens (NFTs), certificates, diplomas and DeFi assets.

The project has also benefited from high-profile partnerships, including the use of OriginTrail blockchain to host the SCAN Trusted Factory solution that was developed between the Supplier Compliance Audit Network (SCAN) and BSI UK.

Related: Truly decentralized finance will be beyond siloed blockchains

Supply chain disruptions and the rise of Web3

Another reason for the recent rally is the massive struggle the global supply chain is having with shipping, offloading, tracking and delivering goods to merchants.

Since the beginning of the COVID-19 pandemic stories of item shortages have dominated the news headlines and the global supply chain has been under pressure with gaps in deliveries becoming a common occurrence.

Currently there are multi-month long backlogs at ports around the world and a microchip shortage has stalled the development cars, consumer electronics and other high use electronics.

Along with TRAC, multiple Web3 protocols have seen their native tokens establish new record highs in recent days including NEAR Protocol, Verasity and Harmony.

According to data from Cointelegraph Markets Pro, market conditions for TRAC have been favorable for some time.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS Score for TRAC began to pick up on Oct. 4 and climbed to a high of 77 around 48 hours before the price increased 180% over the next three weeks.

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.

The post Supply chain woes and the growth of Web 3.0 back OriginTrail’s fresh ATH appeared first on Cryptology IQ.

Notably, the DOGE price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB’s losses in the same period. On the other hand, the so-called Dogecoin Killer dropped almost 28% to log an intraday low at around $0.00005700—in the same hour DOGE printed its daily top.

The sudden price rally also pushed Dogecoin’s market cap over $40 billion, a mettle Shiba Inu achieved hours before, with the two cryptocurrencies now neck and neck currently battling for the ninth place by market cap

Traders started flocking into Dogecoin markets hours after Elon Musk, the CEO of Tesla and SpaceX posted a new tweet about the meme cryptocurrency. 

If I send you 2 Doge, will you promise to send me 1 Doge?

— Elon Musk (@elonmusk) October 27, 2021

Musk’s earlier supportive tweets prompted DOGE to climb by more than 1,500% in the first five months of 2021.

Long DOGE, Short SHIB

Shiba Inu rallied exponentially heading into Q4, rising by around 1,200% in October on hopes that it would gain a listing on Robinhood, a U.S.-based zero-fee trading app, and its foray into the emerging decentralized finance (DeFi) and nonfungible token (NFT) sectors with new product launches.

Nonetheless, SHIB’s supersonic bull run also made it overvalued based on some key metrics, notably the Relative Strength Index. So it appears, spot and derivative traders decided to secure/rotate their profits. 

Su Zhu, co-founder, CEO, and CIO at fund management firm Three Arrow Capital noted earlier on Thursday that traders rotated their easy-to-short Shiba Inu perpetual swap profits — as SHIB topped out at $0.00008854 — into the Dogecoin perpetual market.

The former Deutsche Bank trader suggested that DOGE can rally toward $0.88 next should traders rotate profits from SHIB to Dogecoin. 

88e-6 $shib touched

rotatooor to .88 $doge now? pic.twitter.com/AqRd85rCSk

— Zhu Su (@zhusu) October 28, 2021

Around $20.8M DOGE rekt

Dogecoin’s price moves also caught derivatives traders off-guard as they lost about $20.80 million in total liquidations across the previous 24 hours. Around $18.17 million worth of those liquidations emerged out of leveraged long bets after the DOGE price dropped to its weekly low of $0.2179 Wednesday.

In contrast, the ongoing 12-hour timeframe saw bears making more losses than bulls, with $8.9 million worth of bearish Dogecoin bets getting liquidated against $5.22 million worth of bullish bets concerning the same token.

On the whole, however, Dogecoin traders were the majority short in the previous 24 hours, with FTX and OKEx users turning out to be exceptionally bullish with 58% and 77% of their net positions skewed long.

A sudden bearish reversal in the Shiba Inu market also led to SHIB liquidations worth $31.41 million, the third highest among all the cryptocurrencies in the previous 24 hours.

Related: Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion

PostyXBT, an independent market analyst, warned about excessive leverages in both SHIB and DOGE markets. 

“Play spot and not leverage,” he said, adding that “the volatility could quite easily wipe out before a big move in intended direction.”

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.

The post Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE appeared first on Cryptology IQ.

PlanB, creator of the popular Bitcoin Stock-to-Flow (S2F) model, recently proclaimed in a tweet that the second leg of Bitcoin’s bull market has begun. If Bitcoin’s price action continues to follow the S2F model, the analyst believes a rally to $100,000 to $135,000 may be possible by the end of the year.

Although Bitcoin garners the lion’s share of attention, cryptocurrency exchange Okcoin said in a recent report that institutional investors’ appetite for non-Bitcoin crypto assets has been growing. The report said that 53% of the purchases done in September by institutional investors were in altcoins.

Is the current fall in Bitcoin a buying opportunity or the start of a deeper correction? How are the altcoins expected to react? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin failed to retest the overhead resistance zone at $64,854 to $67,000 on Oct. 25, which may have prompted short-term traders to book profits. That has pulled the price down to the strong support at the 20-day exponential moving average ($58,948).

A break and close below the 20-day EMA will be the first sign that the bullish momentum may be weakening. If bulls fail to reclaim the level quickly, the selling could accelerate and the BTC/USDT pair could slide to $52,920.

The relative strength index (RSI) has dropped to the midpoint and the 20-day EMA is flattening out, suggesting a balance between supply and demand.

This advantage will tilt in favor of the bears if the pair slides and sustains below the 50-day simple moving average ($51,556). On the other hand, a breakout to a new all-time high will indicate that bulls are back in command.

ETH/USDT

The bulls tried to resume the uptrend in Ether (ETH) on Oct. 26 and 27 but could not sustain the price above $4,200. This suggests that bears are active at higher levels.

The sellers have pulled the price to the 20-day EMA ($3,869), which is an important support to keep an eye on. A strong bounce off the 20-day EMA will suggest that the sentiment remains positive and traders are buying the dips. The bulls will then again try to resume the uptrend.

On the contrary, if the 20-day EMA cracks, it will signal that traders may be booking profits and supply exceeds demand. The bears will then try to pull the price to the 50-day SMA ($3,488).

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance and broke below the 20-day EMA ($462) today. This is the first sign that the bullish sentiment could be weakening.

The long tail on today’s candlestick shows that bulls are attempting to defend the neckline of the inverse head and shoulders pattern.

If they succeed, the BNB/USDT pair could again try to rally to the overhead resistance at $518.90. A break and close above this resistance could signal the resumption of the uptrend.

Conversely, a close below the neckline could pull the price to the 50-day SMA ($423). If this support is breached, the next stop could be $392.20. The flattish moving averages and the RSI near the midpoint do not indicate a clear advantage either to bulls or bears.

ADA/USDT

Cardano’s (ADA) tight range trading between the 20-day EMA ($2.15) and the support line of the symmetrical triangle resolved to the downside today. This suggests that bears have asserted their supremacy.

The sellers pulled the price below $1.87 today but the long tail on the candlestick suggests that bulls are attempting to defend the support. The recovery attempt is likely to face strong resistance at the 20-day EMA.

If the price turns down from the 20-day EMA, the bears will again try to break the $1.87 support. If that happens, the ADA/USDT pair could resume the down move toward the pattern target at $1.58.

The bulls will have to push and sustain the price above the resistance line of the triangle to invalidate the negative view.

SOL/USDT

Solana (SOL) broke above the overhead resistance at $216 on Oct. 25 but the bulls could not sustain the breakout. This may have attracted profit-booking by short-term traders, pulling the price to the 20-day EMA ($177).

The long tail on today’s candlestick suggests that sentiment remains positive and bulls are buying on dips to the 20-day EMA. The buyers will now again try to push the price above the overhead resistance.

If they succeed, the SOL/USDT pair could resume the uptrend with the next target objective at $239.83. Contrary to this assumption, if bears pull the price below $171.47, the pair could extend the drop to the trendline. A break below this support will signal a possible trend change.

XRP/USDT

The bulls pushed XRP above the downtrend line on Oct. 26 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. This may have trapped the aggressive bulls, resulting in strong selling today.

A close below the $1 support will complete a descending triangle pattern that could pull the price down to the strong support zone at $0.88 to $0.85. If this zone fails to arrest the decline, the XRP/USDT pair could extend the slide to the pattern target at $0.77.

The 20-day EMA ($1.08) is flat but the RSI has dropped into the negative zone, indicating that the bears are attending a strong comeback. This negative view will invalidate if bulls push and sustain the price above the downtrend line. That could clear the path for a possible rally to $1.24.

DOT/USDT

Polkadot’s (DOT) failure to rise above the overhead resistance at $46.39 on Oct. 26 may have prompted selling by short-term traders. This pulled the price down to the strong support at $38.77 today.

The long tail on today’s candlestick shows that bulls are defending the support with vigor. If buyers push the price above $46.39, the DOT/USDT pair could resume its up-move and challenge the all-time high at $49.78.

Alternatively, if bulls fail to clear the overhead hurdle, the pair may consolidate between $46.39 and $38.77 for a few days. A break and close below $38.77 could signal the start of a deeper correction to the 50-day SMA ($35.14).

Related: Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

DOGE/USDT

Dogecoin (DOGE) turned down from $0.28 on Oct. 24, indicating that traders are liquidating positions on rallies. The bulls again tried to push the price above the $0.27 overhead resistance on Oct. 26 but failed.

The selling accelerated today after bears pulled the price below the 20-day EMA ($0.24). This resulted in a decline close to the strong support zone at $0.21 to $0.19. The long tail on the day’s candlestick suggests that traders continue to defend the support zone.

The 20-day EMA has flattened out and the RSI is just below the midpoint, suggesting a possible range-bound action in the near term. The next trending move could start on a break above $0.28 or a close below $0.19.

SHIB/USDT

SHIBA INU (SHIB) is in a strong uptrend. The long wick on the Oct. 24 candlestick shows that bears tried to stall the up-move at $0.00004465 but they could not sustain the selling pressure. Buying resumed on Oct. 25 and the meme coin resumed its northward march.

The strong up-move has pushed the RSI near the 90 level, which suggests that the rally may be overextended in the short term. However, this does not guarantee the start of a correction because the RSI had reached above 93 on Oct. 6 before a pullback happened.

The bulls have pushed the SHIB/USDT pair above the 161.8% Fibonacci extension level at $0.00006531. If the price sustains above this level, the next stop could be the 200% extension level at $0.00007586.

Vertical rallies are rarely sustainable and they usually end with waterfall declines. Therefore, chasing prices higher after the recent rally may be risky.

LUNA/USDT

Terra protocol’s LUNA token broke above the overhead resistance at $45.01 on Oct. 26 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

The bears sensed an opportunity and pulled the price below the $39.75 support today, but a minor positive is that bulls bought the dip to the 50-day SMA ($38.16). If the price sustains above $39.75, the bulls may again try to push the LUNA/USDT pair toward $45.01.

Conversely, if the price breaks below the 50-day SMA, the pair could drop to the strong support zone at $34.86 to $32.50. This is an important zone for the bulls to defend because a break below it could accelerate selling.

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.

Market data is provided by HitBTC exchange.

The post Price analysis 10/27: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA appeared first on Cryptology IQ.

Oftentimes, moves in altcoins center around one specific sector of tokens such as meme coins or decentralized finance protocols, but the current market is seeing rises across all sectors, which is possibly a sign that altseason is in fact heating up.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Secret (SCRT), Curve (CRV) and Shiba Inu (SHIB).

Secret partners with OpenSea to launch anonymous NFTs

The Secret Network is a blockchain protocol with built-in data privacy for smart contracts and decentralized applications that is powered by its native SCRT token.

According to data from Cointelegraph Markets Pro, market conditions for SCRT have been favorable for some time.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS Score for SCRT began to pick up on Oct. 22 and reached a high of 79 on Oct. 24, around six hours before the price increased 65% over the next two days to set a new record high at $9.66.

The rising price and momentum for SCRT comes following the launch of the first anonymous nonfungibe tokens (NFT) on the Secret Network which was made possible by a recent partnership with the largest NFT marketplace OpenSea.

Curve expands its ecosystem

CRV is the native token of the Curve ecosystem which is a decentralized exchange for stablecoins that uses an automated market maker to manage liquidity on the protocol.

VORTECS data from Cointelegraph Markets Pro began to detect a bullish outlook for CRV on Oct. 25, prior to the recent price rise.

As seen in the chart above, the VORTECS Score for CRV began to pick up on Oct. 25 and climbed to a high of 77 around the same time as the price increased 31.66% over the next day.

The rising price of CRV comes as the protocol continues to establish partnerships and integrations across the cryptocurrency ecosystem on multiple layer-one and layer-two networks.

Related: Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion

Shiba Inu creates a social club

Shiba Inu originated as a meme coin in late 2020 and has evolved into an ecosystem that includes the ShibaSwap decentralized exchange and its own line of NFT for members of its community to trade.

VORTECS data from Cointelegraph Markets Pro began to detect a bullish outlook for SHIB on Oct. 24, prior to the recent price rise.

As seen in the chart above, the VORTECS Score for SHIB began to pick up on Oct. 23 and climbed to a high of 89 on Oct. 24, around seven hours before the price increased by 40.7% over the next two days to establish a new all-time high at $0.000049.

The surging price of SHIB comes following the introduction of the Shiboshi Social Club that is exclusively for Shiboshi NFT owners and offers exclusive perks for all members of the community.

The overall cryptocurrency market cap now stands at $2.621 trillion and Bitcoin’s dominance rate is 45%.

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.

The post Secret, Curve and Shiba Inu gains suggest that altseason is coming appeared first on Cryptology IQ.

Valour, a Zurich-based exchange-traded products (ETP) issuer, announced the launch of a fully-backed investment product to increase exposure to Uniswap decentralized exchange’s native token, UNI.

The UNI token serves as the underlying asset within the Valour Uniswap ETP offering available as a fully-backed passive investment product. The Uniswap ETP was launched on a European stock exchange named Boerse Frankfurt Zertifikate AG, the Frankfurt Stock Exchange co-owner.

Valour CEO Diana Biggs highlighted the inaccessibility of blockchain-based investment products on traditional markets and stock exchanges. Speaking about Valour Uniswap ETP’s position in making DeFi investments available via mainstream investment channels, he said:

“Uniswap ETP will provide investors with the opportunity to gain exposure to areas of innovation, in particular to decentralized finance (DeFi).”

As of Oct. 25, Valour’s assets under management (AUM) offerings grew over 3033% in 2021, surpassing $290 million from trading on traditional stock exchanges. The Uniswap protocol passed $500 billion in total trading volume since Nov. 2018.

Related: Arbitrum extends lead over Optimism as Uniswap posts record volume on L2

A Cointelegraph report from Oct. 19 credits Uniswap’s layer-two volumes surge to high transaction fees on the Ethereum (ETH) blockchain.

Hayden Adams, the founder of Uniswap, estimated that Uniswap v3 processed daily volumes worth $115 million across the Arbitrum and Optimism smart-contract networks.

Uniswap v3 on layer 2 (arb + OE) doing an all time-time high of $115m volume!!

2⃣ L2 season is here 🙂

— hayden.eth (@haydenzadams) October 18, 2021

According to a crypto market data provider, Nomics, Uniswap v3 drove $80 million in volume on Arbitrum and roughly $14 million on Optimism during that timeframe.

The post Valour Uniswap exchange-traded product to increase UNI exposure appeared first on Cryptology IQ.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were PARSIQ (PRQ), Handshake (HNS) and NEAR Protocol (NEAR).

PARSIQ advocates for interoperability between networks

PARSIQ is a blockchain-based analytics platform that specializes in connecting blockchain activity to real-world applications.

According to data from Cointelegraph Markets Pro, market conditions for PRQ have been favorable for some time.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS Score for PRQ began to pick up on Oct. 22 and climbed to a high of 72 on Oct. 24, just one hour before the price increased 41% over the next day.

The boost in price of PRQ comes as the team behind the protocol has been focused on promoting the interoperability capabilities of PARSIQ, which currently offers support for multiple blockchain networks including Ethereum (ETH), Solana (SOL), Binance Smart Chain (BSC), Polkadot (DOT), and Algorand (ALGO).

Handshake Web 3.0 domains gain traction

Handshake is a decentralized, permissionless naming protocol that aims to be an alternative to the existing Certificate Authorities and naming systems.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.213 on Oct. 24, the price of HNS spiked 74% to an intraday high at $0.371 as its 24-hour trading volume surged by 491% to $3.9 million.

The rising price of HNS comes as the protocol’s domain naming service (DNS) begins to gain traction and users start buying up Handshake domains as it is one of the few DNS providers that supports Web 3.0.

Related: Bitcoin price action in 2021 so far mirrors 2017 — Will it continue?

NEAR Protocol announces an $800 million development grant

NEAR Protocol is a low-cost layer-one protocol designed to make decentralized applications usable on the internet and the project aims to provide interoperability between separate networks.

According to data from Cointelegraph Markets Pro, market conditions for NEAR have been favorable for some time.

As seen in the chart above, the VORTECS Score for NEAR began to pick up on Oct. 22 and reached a high of 82 around 41 hours before the price increased 33% over the next day.

The rally in NEAR price comes as the protocol hosts its Nearcon event and also announced an $800 million ecosystem development grant intended to provoke growth in the NEAR ecosystem.

The overall cryptocurrency market cap now stands at $2.634 trillion and Bitcoin’s dominance rate is 45.5%.

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.

The post Web 3.0-focused altcoins soar as the need for truly decentralized crypto grows appeared first on Cryptology IQ.

In a calendar year, the total crypto market capitalization more than quadrupled from $361 billion to more than $1 trillion in January — reaching an all-time high of around $2.6 trillion in May. Just weeks later, more than $800 million was wiped off of the total crypto market cap, representing a decrease of over 33%.

Volatility of this magnitude in the crypto markets is nothing new, especially for those battle-tested by market cycles of years past. However, research indicates that the global number of blockchain wallet users increased by more than 25 million since March 2020, meaning this is just the first roller coaster ride for 25 million new entrants.

For newcomers, volatility can be downright terrifying — but it doesn’t have to be. With well-researched positions and a long-term outlook, volatility can instead serve as an opportunity to gain exposure to assets with high upside potential at a discounted price.

Related: VORTECS Report: How volatility drove one crypto trading strategy to 280x Bitcoin’s gains

Volatility breeds vulnerability

When the market is green across the board, everyone is a genius — lulling most into a false sense of invincibility and Warren Buffet-like investing acumen.

On the flipside, however, bleeding markets not only make us doubt where we stack up in relation to Elon Musk, but they really make us feel vulnerable. Downtrends expose the trader, the level of research and, most importantly, the conviction for the projects invested in. When green candles aren’t there to obscure judgement, projects are stripped down to their component parts and exposed for what they truly are. This initiates a moment of introspection for the trader, demanding a reevaluation of the overall investment thesis. If a project’s strength and competitive edge remains clear following a sell-off, this volatility should be viewed as a buying opportunity.

Conversely, if the first inclination amid a price correction is to panic-sell then, perhaps, conviction was tied more to price action than a project’s strengths and innovations.

Project utility and community

Always ask: Is the project useful, and who supports it? Few things are more telling about a project than its proposed utility and the community behind it.

One interesting example to highlight is everyone’s favorite: Dogecoin (DOGE). A quick stroll down memory lane reminds us that the controversial currency, which now trades at roughly $0.26 cents, was worth $0.002 in September 2019 despite having no perceived value. The critical word here is “perceived.”

Related: Building a better stock market: Tokenized shares bridge trading gap on blockchain

Although “crypto purists” fall into fits of rage defending the honor of “real” cryptocurrencies with “real” utility, Dogecoin did something far more innovative than most give it credit for: It leveraged the community as its utility. You read that right. Those who have invested in the currency did so for three primary reasons:

• To profit out of speculation.
• A shared community experience.
• To share in the joke.

Although the utility of Dogecoin is simple, don’t confuse it for having no utility. With simplicity comes ease of understanding, which has garnered DOGE massive mainstream appeal — a feat that many cryptocurrency projects still struggle to achieve even with strong utility. There’s a low barrier to entry in terms of understanding and price, and it’s easier to invest in a joke when Elon Musk and Mark Cuban are among those that find it funny.

To that end, every crypto project should be able to simply communicate its value proposition, yet most projects cannot. Investing in hype is far more tied to price action than project quality or utility.

DOGE’s utility can be easily understood and simply articulated, and it brings happiness and fun to its community. Regardless of investment strategy, those aforementioned three factors are not to be overlooked or underestimated.

Project longevity

Project longevity is key. Projects don’t need to be sustainable at first but, to survive for the long haul, sustainability is critical. When exploring a project, it is worth evaluating the plan for sustainability, or a revenue mechanism that could be leveraged at some point (e.g., Uniswap).

It is equally important to be aware of which projects demonstrate plans for sustainable revenue models or value capture. All (or most) projects aren’t sustainable early on, which is to be expected. At the time of writing, Uniswap is averaging over $3.5 million in fees per day, with none of this value accruing to token holders. This will (hopefully) change at some point, and if not, Uniswap governance token holders will be forced to reconsider their investment thesis. MakerDAO is one of the most profitable and sustainable projects in the entire space, raking in over $63 million in profits in the first half of 2021. While it’s difficult to find this degree of profitability elsewhere, it is certainly worth considering when evaluating investment opportunities.

Assessing project longevity

When evaluating a project’s long-term potential, it’s critical to ask the question: Does this project really warrant a blockchain solution?

Similarly, can this open-source project be forked easily? Could you have a more efficient marketplace for whatever the project is solving without a token? Blockchain is a consensus mechanism, but it’s also a database. And, contrary to popular belief, it’s one of the most inefficient databases that we use at scale.

To justify leveraging this massively inefficient solution, you better be solving a problem that is really painful. Financial problems, for example, merit this type of inefficient consensus mechanism because of significant problems like double-spends, lost transactions or the government printing fiat currency into perpetuity.

Related: Survivorship bias has led to an imbalance in the crypto ecosystem

In all reality, there are relatively few use cases outside of finance for which blockchain technology is truly required. So, once a pain point is identified that is so egregious that it merits a blockchain solution, make sure that there is a coordination problem embedded within so that the consensus mechanism has a value-add impact.

This is all to say that volatility in the crypto markets is here to stay, and objectively evaluating projects amid such volatility is no easy feat. Despite these challenges, understanding the utility, necessity and long-term viability of projects can help inform more effective investments to confidently hold in the long term.

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.

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.

The post Fear not, investor: Finding stability amid crypto market volatility appeared first on Cryptology IQ.