Thailand Securities and Exchange Commission (SEC) has allayed concerns regarding some of the requirements in its crypto proposal draft plan. This was in response to the uproar from crypto stakeholders about certain aspects of the proposed crypto framework.
Thai SEC Responds to Crypto Regulatory Controversy
The crypto proposal draft released in February had suggested that new crypto investors must possess a minimum of 1 million baht annual income, a minimum age limit, and proven trading experience. The proposal had drawn criticism due to the excessively high standards for crypto trading, limiting low and middle-income earners from investing in cryptocurrencies.
However, according to areportfrom the local news outlet, the Bangkok Post, the Thai SEC is backing its draft plan. According to the regulator, the draft was designed to test public sentiments from industry stakeholders.
This was revealed by the SEC’s secretary-general, Ruenvadee Suwanmongkol, who stated that it was a standard protocol from the regulator.
“I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented,” she said.
The Facebook live hearing scheduled for March 24 has been brought forward to March 3 as the regulatory body looks to address stakeholders’ growing concerns.
Thailand Seeking to Regulate Cryptocurrencies
Thailand is regarded as one of the crypto-friendly nations, becoming one of the first to acknowledge cryptocurrencies with its Digital Assets Decree in 2018. The rise in bitcoin since the end of 2020 has led to increased awareness of cryptocurrencies in the Asian nation. This has led to a foray of retail investors into the market, causing concerns for regulators.
The volatile nature of cryptocurrencies means that inexperienced investors can quickly lose their money within a short period. This is one of the SEC’s main focuses, which says that most of the new investors in crypto are not well informed and may not be ready to invest in high-risk crypto-assets.
Ruenvadee Suwanmongkol echoed this point when addressing concerns on the proposals.”If the SEC just stands by and does nothing, it would be totally our responsibility if investors lose on cryptocurrency. She added.
The SEC is expected to conclude its three-week-long consultation with industry stakeholders in March as it looks to roll out new regulations for crypto service providers.
Non-fungible tokens (NFTs) have rapidly become the new hot topic in the cryptocurrency sector, as evidenced by Litecoin creator Charlie Lee comparing the current spike in NFT interest to the ICO mania of 2017.
The recent pullback in the cryptocurrency market hit decentralized finance tokens (DeFi) pretty hard but as Bitcoin price recovered the $50,000, DeFi and NFT tokens bounced back rapidly.
One project that has successfully capitalized on the DeFi and NFT boom is Aavegotchi (GHST). The project benefits from its association with AAVE, while also focusing on the creation of value-infused NFTs that are limited in thminting.
Data from Cointelegraph Markets and TradingView shows that GHST rose 35% from $1.36 on March 1 to a new all-time high of $1.86 on March 2 as the community conducted its first NFT sale.
GHST/USDT 4-hour chart. Source:TradingView
Three reasons for the GHST breakout to a new all-time high include its recent migration to the Polygon network, the successful completion of its first NFT sale, and excitement about the upcoming mainnet launch.
Users bridge to Polygon for lower fees
Transaction fees on the Ethereum (ETH) network have been increasing since the beginning of 2021 and they show no signs of decreasing anytime soon.
In response to this, the team at Aavegotchi announced that the project would bridge to the Polygon network, an Ethereum layer-2 solution, on Jan. 26. Following the migration, users are able to conduct transactions, buy items in the store, and stake their GHST tokens for the cost of .0001 MATIC, a significant price reduction from the current costs of transacting on Ethereum.
GHST price rose from a price of $0.61 on Jan. 27, when the Polygon bridge was first released, to $1.25 on Feb. 14 as users began to be more active in the community due to lower transaction costs.
Optimism grows as the mainnet launch approaches
One of the biggest drivers of GHST was its official mainnet launch on March 2.
While most NFT projects are content to utilize Web2 servers or IPFS, Aavegotchi has taken its project to the next level by creating its own blockchain. Doing this enables each GHST token to have its unique personality traits, staked cryptocurrencies, and visual elements stored permanently on the blockchain which may help to strengthen their collectability and long-term value.
This also creates the unique opportunity where DeFi can be combined with NFT’s by locking one of Aave’s wide selection of interest-generating tokens directly into a particular Aavegotchi, making each one a rare, unique form of a digital piggy bank.
NFTs sell out in under a minute
As Aavegotchi launched its mainnet, the project also conducted its first “portal drop,” which allows token holders to buy a portal that is capable of summoning a yield-bearing Aavegotchi NFT.
Each portal was on sale for 100 GHST and the demand was so high that the 10,000 portals sold out in less than a minute.
Through an integration with Aave and its aTokens, NFT’s on the GHST platform create unique interest-bearing representations of funds supplied to the Aave protocol, a first for the NFT space.
Aavegotchis are designed to combine elements from gaming and collecting in an effort to tie digital collectibles to real value. This adds a new level of functionality to NFTs and is likely to help each Aavegotchi increase in value over time. In order to extract the value of aTokens locked within an NFT, the Aavegotchi must be destroyed in the process.
Future portal drops, low transaction fees and an expanding NFT store demonstrate that there is a healthy demand for GHST tokens and this is bound to grow as the platform expands to offer new layers of gamification.
She may have forgotten about the one she auctioned for 40 ETH last year.
Non-fungible tokens, or NFTs, are becoming popular with a new generation of artists and performers. So much so that some forgotten stars of years past have begun creating and selling their own NFTs.
Paris Hilton, the 40-year-old socialite and granddaughter of the Hilton Hotels founder, tweeted today she’s “excited to release [her] first NFT” after tech entrepreneur Kim Dotcom encouraged her to do so.
The only problem? She already released her first NFT last year.
In August 2020, the “House of Wax” starauctioned a drawing of her caton NFT platform Cryptograph. She donated the proceeds of the 40 ETH sale (then worth $17,000) to Meals on Wheels, the LA Food Bank, and a charity that makes “backpack beds” for homeless people.
Hilton can be forgiven for getting confused. For starters, she likely maintains a team of publicists and social media managers to create content for her nearly 17 million Twitter followers.
More to the point, NFTs weren’t yet on a path to becoming a household name until this month. According to a recently publishedreport from Dapp Radar, NFT markets did $340 million in trading volume in February—more than in all of 2020.
The blockchain-based tokens are essentially digital versions of trading cards or unique artwork. Want aone-of-a-kind music videofrom Grimes? The person whospent $388,938 worth of Etherthis week for her “Death of the Old” certainly did. That piece, sold via auction site Nifty Gateway, resides not in anyone’s art gallery but on the internet. Only the owner can sell it, but anyone can go onto the Ethereum blockchain to verify that the owner has the rights to it.
Is basketball more your jam? NBA TopShot offersdigital collectibleslike 3D video highlights repackaged into an attractive format. That platform alone was responsible for two-thirds of February’s NFT trading volume.
Mainstream publications such asWiredandReutersare now covering the trend with equal parts head-scratching curiosity and technological intrigue over three years afterCryptoKitties—funny-looking NFT cats you can “breed” with other cats—effectively ground all other Ethereum transactions to a halt.
A widely-followed trader and crypto analyst believes Bitcoin will ascend to a new high of $100,000 sooner than most investors think.
The pseudonymous trader Kaleo tells his 76,500 Twitter followers that the correction across the crypto markets is likely over.
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“Sale ends today. Buy more now…
Good morning and happy Monday. Bitcoin higher. Alts higher. Stonks higher. Bears trembling.”
With the correction out of the way, Kaleo says BTC is poised to begin a fresh rally that will catapult the leading cryptocurrency to gains of over 100% in the coming months.
“Bitcoin/BTC Send it to $100,000.”
Source: Kaleo/Twitter
According to the crypto trader, he used Bitcoin’s price action during the 2017 bull market and overlaid it on BTC’s current rally. Based on Kaleo’s chart, the leading cryptocurrency could hit $100,000 in April.
The crypto analyst is also looking at two altcoins that he believes have strong bullish potential.
The top token on Kaleo’s radar is decentralized exchange SushiSwap (SUSHI). Kaleo believes SUSHI is gearing up for a move above $30 as it follows Uniswap’s (UNI) footsteps.
$SUSHI looks like it could make a move similar to the one $UNI made earlier this month. pic.twitter.com/MmI4OYdTXy
— K A L E O (@CryptoKaleo) February 27, 2021
The second coin on Kaleo’s list is blockchain gaming platform Enjin Coin (ENJ), which he says is a buy on dips as he expects it to soar in the coming days.
“Expecting a day or two of accumulation in the 70 to 80 cents range before making the move to $1.00+.”
Source: Kaleo/Twitter
The crypto strategist highlights that his rosy outlook on the ENJ is also rooted in its strong fundamentals.
“Another reason why I’m so bullish onENJis their involvement in the gaming NFT space, which is a market with huge growth potential going forward. Relative to other names in this space, ENJ has been relatively quiet so far.”
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This week for the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Parker Lewis of Unchained Capital to discuss several key topics in Bitcoin. They opened the discussion with Parker’s “Gradually, Then Suddenly” blog series and how impactful it has been in educating institutions and Bitcoiners alike.
They went into depth on what Lewis thinks of when it comes to Bitcoin education and how Bitcoin goes from being counterintuitive to hyper-intuitive. They also discussed how to store bitcoin and how Unchained is making multisig more approachable for bitcoin holders. Please enjoy this wide-ranging conversation with Lewis of Unchained Capital and the “Gradually, Then Suddenly” series.
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Today, Unchained Capital announced a partnership with NYDIG, a key player in institutional services for Bitcoin. This interview was recorded prior to this announcement.
Game publisher Ubisoft has developed One Shot League, a free-to-play crypto game.
It was created in partnership with crypto fantasy soccer platform Sorare and uses its Ethereum-based digital cards.
Ubisoft has made many moves in the crypto scene, and Sorare just announced a $50M Series A funding round.
Ethereum-based fantasy soccer game Sorare finished February by announcing a $50 million Series A funding round, and has now started March with another major move: the launch ofOne Shot League, a free-to-play spinoff created in collaboration with gaming giant Ubisoft.
One Shot League, which is available to play starting today, serves as an on-ramp to the core Sorare experience, which counts more than 100 officially licensed teams and leagues from around the world. Players must use a Sorare account, and can bring in some of their premium digital Sorare cards—which arenon-fungible tokens, or NFTs—from participating leagues to receive a special boost in One Shot League.
Like the core Sorare game, One Shot League is a fantasy soccer experience in which players use digital cards based on professional players. The game is launching initially with only the official Jupiler Pro League license out of Belgium, which has five match weeks left in the current season.
Players who sign up for One Shot League now will receive 25 free Sorare common cards and can use five cards per week, earning points from each pro’s respective real-life performance to scale the online leaderboards. Should players sign up following the next match week, they will receive only 20 cards for the four remaining weeks (or five cards per match week), and so on and so forth until the season ends. At the end of the season, the top players will earn prizes including rare Sorare cards.
Interestingly, One Shot League’s development was led by Ubisoft, the global publisher behind such best-selling game franchises as Assassin’s Creed, Just Dance, and Tom Clancy’s Rainbow Six. According toSorare’s announcement today, “Ubisoft has been working these past few months” to develop the game.
Discover an all-new fantasy football experience with One Shot League!
Developed by the Ubisoft Strategic Innovation Lab, build your squad for the Belgian Pro League and win digital collectible @SorareHQ cards ⚽ #NFT
— Ubisoft (@Ubisoft) March 2, 2021
One Shot League comes from Ubisoft’s Strategic Innovation Lab division, which leads the firm’sEntrepreneurs Lab programfor supporting myriad startups, including many in the blockchain space. Sorare is just one of many crypto startups that have participated in the Entrepreneurs Lab initiative, along with other projects such as Splinterlands andNine Chroniclesdeveloper Planetarium.
This isn’t the first crypto game experience that Ubisoft has published, but it is another big step for a company that is by far the most involved traditional game publisher in the crypto space. Last June,Ubisoft published Rabbids Token, a CryptoKitties-inspired collectibles game built to benefit UNICEF. Ubisoft had also previouslyteased a Minecraft-inspired crypto gameprototype called HashCraft, but it was never released.
Ubisoft has its fingers in other crypto initiatives, as well, including supporting games such asAxie Infinityand the aforementioned Nine Chronicles, as well asserving as a validatorfor the EOS blockchain-driven digital gaming store, Ultra. Nicolas Pouard, Ubisoft’s Blockchain Initiative Director,spoke withDecryptlast yearabout the potential he sees in crypto gaming. On the advent of NFTs in gaming, Pouard said at the time that Ubisoft sees it “as a way to allow players to become stakeholders of the games they love, at an unprecedented level.”
Last week, Sorare announced that itraised a $50 million Series A roundled by Benchmark, with participation from Accel as well as heavyweight investors such as Alexis Ohanian and Gary Vaynerchuk. Sorare hadpreviously raised a $4 million seed roundin July 2020. The French firm plans to use the funding to expand its team, bring on additional soccer leagues, and create a native Sorare mobile app.
Crypto experiences such asNBA Top ShotandAxie Infinityhave seen large sums of money change hands recently as NFT frenzy takes hold.
Top Shot, in fact, pulled in a staggering$225 million in sales last month, according to a new report from DappRadar. That’s nearly as much as all NFT sales throughout the entire year in 2020.
Sorare likewise had a good month.According toBloomberg, Sorare saw some $6.5 million worth of card sales in February, and its most valuable cards can command significant sums of money: a Sorare card based on Paris Saint-Germain forward Kylian Mbappésold for approximately $65,000in December.
Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.
ChiliZ To Set Up New York Office
Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :
“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”
On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.
The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.
Aims To Double Up on 2020 Revenue
Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:
“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”
Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.
Big Market For ChiliZ?
For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.
“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”
NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days. Perhaps, ChiliZ is taking a cue from this to target the American sports market.
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Tech giant Amazon just announced the general availability of Ethereum on its managed blockchain.
According to Amazon Web Services, or AWS, users now have the ability to “provision Ethereum nodes” as well as connect to the blockchain’s mainnet as well as the Ropsten and Rinkeby testnets through the Amazon Managed Blockchain. The program claims to offer secure access to the network with “standard open-source Ethereum APIs” and syncs to the Ethereum blockchain.
“Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of customers’ Ethereum infrastructure,” said the firm. “In addition to DeFi applications, customers building analytical products such as smart contract monitoring tools and fraud detection software can also benefit from this scalable, highly available, and fully managed Ethereum service.”
AWS first launched its Amazon Managed Blockchain in April 2019, saying at the time customers would be able to set up blockchain networks within their organizations, and use the Ethereum and Hyperledger open source frameworks. The service claimed it could eliminate the need “to provision hardware, install software, create and manage certificates for access control, and configure network settings.”
The move comes exactly one month following Jeff Bezos announcing he would be stepping down as Amazon CEO in the third quarter of 2021. He will be replaced by Andy Jassy, who is currently the CEO of Amazon Web Services and oversaw the company’s crypto product offerings.
The Monero development team is now crowdfunding to raise $13.5k in XMR for the second audit of the Bulletproofs+code. The review will be executed by JP Aumasson, a proposal published on Mar 2 shows.
Bulletproofs+ for better Transaction Efficiency in Monero
According to the proposal, Bulletproofs+ will be a drop-in replacement for Bulletproofs that Dr. Sarang Noether is implementing in the C++ programming language. It shall form the base of future improvements in Monero like Triptych.
This will be the second audit after the first was concluded successfully by ZenGo X in February. The second third-party audit by JP Aumasson is to point out weak–if present, and whether further improvements will be required.
What are Bulletproofs+
Bulletproofs+ is new construction of a zero-knowledge proofing system that makes transactions faster, making it faster for wallets to generate, and even quicker for network participants to verify.
Notably, it is an improvement from the various forms of ring signatures adopted by Monero that made the network bloated, subsequently slowing down node synchronization.
Zero-knowledge proofing is core to Monero, making its transactions confidential and giving it an edge over competing platforms. The code is permissively licensed with developers hoping it will find widespread adoption in other privacy-focusing networks.
Privacy in the Age of Mass Surveillance
Monero is powered by a web of distributed developers and nodes, ensuring transactions are obfuscated, maintaining privacy, a sacrosanct right in the age of massive and intrusive surveillance.
Towards that end, and coming amid determination, especially by U.S. tax authorities, developers are further refining and tempering the steel wall that separates Monero from other public chains like Bitcoin and Ethereum.
The immediate goal is to ensure there are no vulnerabilities in the current Bulletproof+ code. If it works as designed, the subsequent upgrade will ensure Monero transactions are secure, lighter, and faster while being efficient.
Oxygen Orion Improvements
In February, the CLI & GUI v0.17.1.9 “Oxygen Orion” was released to fix bugs and enhance performances. Specifically, the release fixed the possibility of attackers exploiting a memory exhaustion vector to compromise the network.
The Monero GUI 0.17.1.7 “Oxygen Orion” was activated in Dec 2020, less than a month after the network upgraded.
Oxygen Orion upgrade introduced a new ring signature construction CLSAG feature, as BTCManager reported.
The CBOE has filed an application with the United States Securities and Exchange Commission to list the Bitcoin (BTC) exchange-traded fund proposed by asset manager Van Eck. If the Bitcoin ETF receives a green signal from the regulators, it could boost market sentiment and attract several new investors to the crypto space.
Crypto market data daily view. Source:Coin360
A strong bull run usually results in pockets of excesses. During the 2017 crypto bull run, the initial coin offerings had witnessed a bubble. Litecoin (LTC) creator Charlie Lee believes that the current nonfungible token mania has many similarities with the ICO boom. Lee is not alone, several others in the crypto industry have also warned investors about the NFT mania.
Two tokens chosen today belong to the decentralized finance space and one to NFTs. Let’s look at their fundamentals and the charts to spot the critical levels on the upside and the downside.
UNFI/USD
High network fees are a big deterrent in the DeFi space. Therefore, any protocol that offers an opportunity to reduce network fees along with other features is bound to garner attention.
Unifi (UNFI) farms recently went live on all the six Unifi Protocol Blockchains. The unique feature of Unifi farms is that it is supposedly the first to offer a no-stake farming platform in DeFi. It charges less network fees and offers greater security as the liquidity tokens stay in the wallet of the users.
Unifi launched the first stablecoin pairing on Binance Smart Chain and plans to introduce these features to other Unifi blockchains in the future. Unifi also partnered with IoTeX blockchain that will provide cross-chain DeFi opportunities Unifi and IoTeX users.
Investors seem to have taken a liking to the project and the team announced that the community had staked the maximum capacity of 500,000 UNFI tokens and earned about 40% APR on their staking. As a reward for their overwhelming support, Unifi raised the max staking APR to about 45% for a 48-hour period in late February.
UNFI price has surged from an intraday low at $16.50 on Feb. 23 to an intraday high at $44.39 on March 1, a 169% rally within a week. After the sharp rally of the past few days, traders seem to be booking profits at higher levels today.
UNFI/USDT daily chart. Source:TradingView
The first support on the downside is $32.50. If the bulls can flip this previous resistance to support, it will signal strength and increase the possibility of a resumption of the uptrend. If the bulls can propel the price above $44.39, a rally to $50 may be on the cards.
Both moving averages are sloping up, which is a positive sign. However, the negative divergence on the relative strength index (RSI) signals that momentum is weakening.
If the bears sink the price below $32.50, the UNFI/USD pair could drop to the 20-day exponential moving average at $28.35.
A strong bounce off the 20-day EMA will suggest the bull trend remains intact, but a break below it will indicate the likelihood of a deeper correction. The critical support to watch on the downside is $20.
FIS/USD
The DeFi space continues to attract new players who try to add unique features to capture investor attention. StaFi (FIS) aims to provide users an opportunity to unlock the liquidity of the staked assets. Investors who stake PoS tokens through StaFi are awarded rtokens that are synthetic derivatives of the staked assets. These rtokens can then be traded or used as collateral in other DeFi protocols.
StaFi launched the rETH product in early February with several incentives such as StakingDrop rewards for early stakers. The protocol also projected the APR for ETH staking to be about 11%.
To expand its services, the protocol launched the rDOT test version by end February. The protocol plans to update the user interface and launch the product in March. This will be followed by rATOM and rKSM by April.
StaFi has tied up with several DeFi platforms such as EasyFi and Stone where users can lend, provide liquidity, and stake their rtokens.
FIS rallied from an intraday low at $1.5001 on Feb. 24 to an intraday high at $3.59 today, rising 139% in about seven days. The bulls had pushed the price to a new all-time high today, but the long wick on the day’s candlestick shows profit-booking at higher levels.
FIS/USDT daily chart. Source:TradingView
The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in control.
If the bulls do not give up much ground from the current levels, the FIS/USD pair will once again try to resume the uptrend. If the price sustains above $3.59, the rally could extend to $4.072 and then $4.2425.
On the contrary, if the bulls can pull the price below $3, the pair could correct to the 20-day EMA ($2.53). If the price rebounds off this support, the bulls will once again try to resume the uptrend.
But if the bears sink the price below the 20-day EMA, the pair may drop to the 50-day simple moving average ($1.75). Such a deep fall could delay the start of the next leg of the up-move.
DEGO/USD
DeFi and NFTs are the two sectors in the crypto space that have shown increasing strength in the past few months. Dego finance aims to offer a one-stop NFT system, build DeFi apps and games and offer cross-chain functionality.
Dego wants to break the notion that NFTs are only good as a collector’s item. The protocol plans to give utility to the NFTs by enabling their mining, auction, and trading.
To do that, the protocol has announced several partnerships in the past few days. Dego and Phala Network have agreed to cooperate in the NFT field by sharing products and resources. Phala will also provide privacy infrastructure support to Dego. In another partnership deal, Dego and MATH have teamed up to start the first NFT mining campaign.
Initially, the project was built on the Ethereum network but later shifted to the Binance Smart Chain and in the future, the team plans to launch on the Polkadot ecosystem.
DEGO has been in a strong uptrend for the past few days. It has rallied from $3 on Feb. 23 to an intraday high at $6.58 today, a 119% rally in eight days.
DEGO/USD daily chart. Source:TradingView
The DEGO/USD pair remains in a strong uptrend and that has pushed the RSI above 85, which suggests the rally may be overheated in the short term.
If the price turns down from the current level, the pair could drop to $5. If the bulls can flip this level to support, the pair may attempt to resume the uptrend and rally to $8.
On the other hand, if the price breaks below $4.50, it could trap several aggressive bulls and that may pull the price to the 20-day EMA ($3.72).
A rebound off this support will be a hint that bulls are continuing to buy on dips. The buyers will then try to drive the price above the $5 overhead resistance.
Contrary to this assumption, if the bears can sink the price below the 20-day EMA, it could signal a possible change in trend.
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.
