Eighty-eight years ago today, the United States Federal government issued Executive Order 6102, making citizen’s private ownership of gold illegal. This egregious overstep of government-mandated monetary policy is, coincidentally, the chosen date of Satoshi Nakamoto’s birthday, according to the verified profile for the pseudonymous creator of Bitcoin on the P2P Foundation Forums. It isn’t by accident that the profile reflects this date; Satoshi also chose the year as 1975, the year in which Executive Order 6102 was cancelled.
The choice is representative of Satoshi’s understanding of the government’s historical treatment of monetary policy and the citizens it impacts. One could even extrapolate that by choosing the birth year as 1975, Satoshi wanted their own pseudonymous identity to symbolize the ending of government control of money. As Satoshi has disappeared, last heard from in 2010, they are unable to explain or detail why they chose this date specifically.
Still, we can collectively learn from the experience of Satoshi’s appearance and disappearance. To celebrate the pseudonymous creator’s chosen birthday, we have gathered some of Bitcoin Magazine’s best Satoshi Nakamoto-focused content; we hope you enjoy it. Happy birthday, Satoshi Nakamoto.
Crypto trader and analyst Tyler Swope is breaking down his fundamental analysis on three crypto projects that the market may be selling short.
In his latest livestream event, Swope tells his 220,000 subscribers that decentralized finance (DeFi) project Compound (COMP) is likely on the verge of breaking out amid news that it will be migrating over to the Polkadot (DOT) substrate ecosystem and that it is releasing its new product, Gateway.
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Says the Compound team on the new product,
“Gateway is a Substrate blockchain, governed by COMP token-holders on Ethereum. From the get-go, Gateway is fully upgradeable; governance is able to directly upgrade the blockchain by voting on code upgrades, without forks or downtime.”
Swope also notes that Compound CEO and founder Robert Leshner recently spoke with the Federal Reserve about DeFi and specifically the Compound mission.
“Compound CEO and founder… said this just last week, ‘Today I had the opportunity to present Compound and DeFi to the Federal Reserve staff.’ Compound is bullish.”
The next undervalued token on the influencer’s list is one that he’s spoken about before, Energy Web Token (EWT).
According to Swope, EWT is drastically undervalued, in part because the team is more focused on building their product than the price of their token. The analyst says he is a fan of this strategy, but also notes that the team’s mid-term roadmap indicates that they are about to implement some bullish upgrades that could positively affect the price of the EWT asset.
“I love Energy Web. I know what is going to happen with it. It is changing the energy game… many many pilot programs going on. Unfortunately, the team is focused on building not necessarily the token price, which is a good thing in my opinion… but it just gives you time to accumulate in my opinion.
But why I think it’s a pick that [should be] on the way up is [that the team is] starting to focus on tokenomics and things like that… I’m always bullish on EWT.”
Swope adds that its blockchain has an array of validator nodes run by high-profile firms like Acciona and the PTT Group.
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Perpetual Protocol (PERP) is third on Swope’s list. The decentralized perpetual contract product is one of many in the trader’s bucket of investments, but he notes that it has the strongest fundamentals of the bunch.
“They do have a product out and it’s pushing out fundamentally great volumes… I go with fundamentals every time… Perpetual is a decentralized perpetual contract for different assets…They’re looking to move into gold assets, synthetic assets, but they are only in the crypto asset stage right now.”
Swope notes that of the cryptocurrency derivative exchanges, Perpetual has the highest volume of any decentralized derivatives exchange, pushing out $80 million worth of volume in 24 hours at its peak. Ranked at 213 on the top assets by market cap, Swope says Perpetual has a lot of room to grow.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mykola Holyutyak/Dario Lo Presti
CryptoPunks will be featured on billboards around Miami as part of an art exhibition.
The popular NFTs will be on show for a month.
It’s the brainchild of artist Justin Aversano, who wanted to bring digital art to the public.
Non-fungible tokens (NFTs) might be selling foroutrageous sums, but don’t worry: you’ll soon be able to see them in all their glory—for free—plastered around Miami, Florida.
As of next week,CryptoPunks, one of the most popular (andexpensive) NFTs, will be billboarded all over the Magic City in a month-long exhibition,Pixelated.
In partnership withSaveArtSpace, a nonprofit that launches art exhibitions in the place of advertisements, 96 of the Ethereum-based digital characters will be on show.
But what’s an NFT? And why is everyone going nuts for them?
NFTs are unique digital tokens, mostly on the Ethereum network, that can represent just about anything online, such as artwork, audio or video content. Aboom in interestin them has led big spenders to splash tens of millions of dollars on the digital goods.
The visual art side of NFTs is probably the most lucrative. Proof of how seemingly out-of-control the craze is? One digital artist, Mike Winkelmann (better known as Beeple), last monthsoldan image file for$69 million.
CryptoPunks also go for a lot. One of the first NFTs to be created back in 2018, the 10,000 unique collectible characters have proof of ownership stored on the Ethereum blockchain. And people love them: one computer-generated avatar of a pipe-smoking alien oncesoldfor $7.5 million. All in all, CryptoPunks generated$96 million in sales last month.
One of the organizers ofPixelated,Gmoney, a pseudonymousinvestorwith an interest in Ethereum and NFTs, toldDecrypt: “By displaying punks in the real world, we want to show the world subset of people in society who have found value in punks.
“People either love NFTs or hate them. This is a way to showcase that they are art and that they’re a new medium for creators to showcase their work.”
The idea came about thanks to artist and SaveArtSpace Co-founder Justin Aversano who wanted to introduce the public to the world of Ethereum-based digital art. He got in touch with Gmoney to curate it.
Punks Miami Takeover April 12
— gmoney.eth (@gmoneyNFT) April 5, 2021
“I thought, fuck a museum—why not put CryptoPunks on billboards,” Aversano toldDecrypt. “The idea is to marry the digital and physical worlds by displaying public art.”
The two art and crypto lovers raised the cash for the exhibition via donations from CryptoPunk buyers. Over $96,000 was raised to allow for the show to go ahead.
The art will be shown on billboards and bus shelters around Miami from April 12 for at least one month.
A pop-up exhibition will also take place on April 15 at 69 East 41st St. Miami, Fl.
Bitcoin and cryptocurrency prices are soaring, pushing the value of the entire cryptocurrency market over $2 trillion for the first time (though some think the bull run could be just getting started).
With the bitcoin price hovering around $60,000 per bitcoin, the psychological $2 trillion barrier was broken by sharp increases in the price of smaller cryptocurrencies ethereum, binance coin, Ripple’s XRP and litecoin, according to data from crypto price website CoinGecko.
MORE FROM FORBESNew Wall Street Bitcoin Report Reveals Radical $100,000 Bitcoin Price Model ‘Worth Understanding’By Billy Bambrough
INDIA – 2020/04/30: In this photo illustration a Bitcoin cryptocurrency logo seen displayed on a … [+]smartphone. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
The bitcoin and cryptocurrency market has more than doubled in value so far this year, rising from around $750 billion at the beginning of the year. Bitcoin, by far the biggest cryptocurrency by value, makes up more than half of the cryptocurrency market capitalization and has traditionally led the market.
However, the latest rally is being driven by ethereum and binance coin, both cryptocurrencies that have surged over the last year due to a burst of interest in so-called decentralized finance (DeFi). Ethereum, the second-largest cryptocurrency after bitcoin with a total value of around $250 billion, has hit a fresh all-time high price over the last week—adding a further 2% today.
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Binance coin and bitcoin-rival litecoin, both top ten cryptocurrencies, have each added around 10% during the last 24 hours.
XRP, the cryptocurrency developed by the company Ripple, has leaped by 35% over the same period following upbeat comments from Ripple chief executive Brad Garlinghouse on the company’s legal battle with U.S. regulators that have claimed XRP is a security and was illegally sold to investors. Ripple is braced for a key discovering session with the Securities and Exchange Commission (SEC) on Tuesday.
Meanwhile, bitcoin and cryptocurrency traders are feeling positive after breaking the $2 trillion barrier and it’s thought this so-called altcoin rally could be set to continue for some time yet.
“I’m expecting continuation upwards in the coming weeks, with bitcoin lagging,” says crypto trader and economist Alex Krüger, speaking via Telegram. “The issue for this market is that leverage heats up too easily whenever bitcoin pushes higher. That’s a headwind.”
MORE FROM FORBESBitcoin Price Prediction: Tesla ‘Reveals’ Potential Future For BitcoinBy Billy Bambrough
The bitcoin price has added almost 800% over the last 12 months, climbing to a total value of over … [+]$1 trillion.
Coinbase
Other crypto market watchers are feeling similarly optimistic.
“It’s a fun milestone to celebrate but as we know, quite meaningless,” says Mati Greenspan, the founder of market analysis firm Quantum Economics, who’s feeling bullish despite the massive gains cryptocurrencies have already racked up this year. “The crypto market will continue to grow and more non-crypto related markets will migrate to digital assets. It’s a very good time for the industry.”
The bitcoin and cryptocurrency bull run was sparked in October by news PayPal PYPL would be opening up its platform to bitcoin and a handful of other cryptocurrencies, kicking off a wave of institutional investment in the crypto space. Meanwhile, Telsa billionaire Elon Musk whipped retail traders into a frenzy with his pro-bitcoin tweets, setting the market alight when it was revealed Tesla had added $1.5 billion worth of bitcoin to its balance sheet.
The bitcoin and cryptocurrency community it now celebrating what it sees as the normalization of blockchain-based technology.
“With the crypto market cap exceeding $2 trillion, it is important to note that momentum and interest has begun to expand beyond bitcoin and ethereum,” Paolo Ardoino, the chief technology officer at the British Virgin Islands-based bitcoin and cryptocurrency exchange Bitfinex, said in emailed comments.
“As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets, dApps and ecosystems as they become more market-ready.”
Hackers made off with 183 Ethereum (ETH), worth roughly $386,000 at the time of writing, following a coordinated attack on DeFi platform ForceDAO Sunday. Following an initial selloff, ForceDAO’s native FORCE token was in recovery mode on Monday, capping off a highly volatile 24 hours for the newly launched project.
ForceDAO detailed the Sunday exploit in a series of tweets, taking ownership of the “engineering oversight” that resulted in the attack, which centered around the platform’s xFORCE contract.
POST-MORTEM
To the Force and DeFi community, we’d like to share a post-mortem on the recent xFORCE exploit.
Thanks to everyone technical and non-technical who helped along the way.
Especially to the White Hat who helped deter FORCE getting drained.https://t.co/MK2GH69yLd
— Force (@force_dao) April 4, 2021
In a follow-up blog post, Alberto Cevallos explained:
“The exploiters were able to deposit FORCE tokens that would fail the transfer [f]rom call and receive xFORCE tokens, as the xFORCE contract expects a revert from the token but instead receives false.”
He continued:
“A user could then withdraw these newly minted xFORCE tokens for the remaining FORCE tokens in the vault, and liquidate them for ETH on exchanges.”
An additional 14.8 million FORCE tokens were compromised in the initial attack, though they’ve since been returned to the pool.
Often described as a quantitative hedge fund, Force is both a protocol and decentralized autonomous organization, or DAO, that’s designed to produce higher-yielding DeFi opportunities for its community.
The FORCE token collapsed more than 99% on Sunday, from $2.21 to a low of just 2 cents, according to CoinGecko. The token has since recovered 173% in the last 24 hours.
Sound Ventures was founded by actor Ashton Kutcher and music exec Guy Oseary.
It’s sponsoring a $1 million NFT pitch competition.
Mark Cuban, the billionaire investor and Dallas Mavericks owner, is about to merge two of his side gigs: judging reality competitions and promoting crypto innovations.
Cuban will be taking part in a reality competition held by Ashton Kutcher’s and Guy Oseary’s Sound Ventures. Only instead of judging new inventions, Cuban will be evaluating potential NFT businesses.
Sound Ventures, an LA-based startup investment firm, is throwing $1 million behind “NFTs: The Pitch,” a behind-closed-doors (virtual) competition that’s currently taking applications for a pitch session to be held April 21. It was founded in 2015 by Kutcher and Oseary, an entertainment industry insider who has managed U2, served as Madonna’s business partner, and helmed Maverick Records as it developed Alanis Morissette into a household name.
Cuban will join Oseary and Kutcher in judging the competition, along with NFT-producing musicians Snoop Dogg and 3LAU, pseudonymous NFT art collectors Whale Shark and Metakovan (who was recentlyrevealed to be Vignesh Sundaresanof Portkeys Technology), and Scalar Capital co-founder Linda Xie.
Sound Venture’sNFT pagesays the competition is open to “anyone around the world who is innovating with NFTs whether it’s just an idea or a product in market.” It’s not looking for one-and-done NFT ideas, however. “Those applying should be interested in building a company over the long-term,” the FAQ reads.
NFTs, or non-fungible tokens, are blockchain-based digital assets that prove ownership of unique or rare items. They’re predominantly used in conjunction with digital art, music files, and collectibles.
And they’re very popular, as Kutcher, Snoop Dogg, and Cuban’s participation would suggest. Cuban, in particular, has been investing a lot of money into cryptocurrency and NFTs of late. He, along with Sound Ventures and others,contributedto a $9 million Series A for NFT art marketplace SuperRare last week. He’s also put his money into NFT-base social media platform Nifty’s as well as DeFi and NFT data platform Esprezzo.
He’s clearly aware of the trend. Three top NFT marketplaces for March—basketball trading card marker NBA Top Shot, pop art site CryptoPunks, and fantasy soccer game Sorare—combined for more than$310 million in saleslast month. That’s without counting figures from NFT art marketplace OpenSea, collectible marketplace Nifty Gateway, or even Christie auction house’s standalone $69 million sale of a Beeple original to Metakovan.
Given those figures, $1 million may not be enough.
Per a report by NBS Television, Uganda is planning to build a futuristic city. The project has received the green light from the local government and is set to be completed by 2036. American singer of Senegalese origin, Akon, has been awarded one square mile of land to carry out the project.
To be named “Akon City” it will use a cryptocurrency based on Stellar Lumen’s blockchain to power the economic sector, AKoin. With a similar project to be executed on his native Senegal, the project cost is estimated to be as high as $6 billion.
According to the blueprints on the Senegal city project, Akon plans to build malls, schools, police departments, waste management services, hospitals, and other buildings for recreation and culture. The singer expects to drive and contribute to the development of these countries and “bring opportunities” to its inhabitants.
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Akon to build Akon city in Uganda by 2036. The government of Uganda has agreed to allocate him land of the size of 1 square mile. The city will operate on AKoin currency, a stellar-based cryptocurrency. @nbstv pic.twitter.com/G4GHuefZFE
— Canary Mugume (@CanaryMugume) April 5, 2021
Stellar Lumens, the perfect place for AKoin
In a previous post, Akon explained why he has chosen Stellar to issue its Akoin. Claiming that blockchain will help emerging markets, like Senegal and Uganda, the singer believes Stellar will help to strengthen the financial infrastructure. Akon claimed:
Bringing the benefits of blockchain to Africa is our core mission at Akoin. We aim to improve Africa’s financial infrastructure and lower costs by removing intermediaries and increasing transparency.
The end goal is to “lower” economic barriers for all Africans, said Akon. Stellar is a platform with “speed and scalability”, therefore, the singer believes it fits with Akoin uses cases and the applications plans for its ecosystem. Akon adds:
Stellar Development Foundation has also established a wide network of charities that accept Stellar Lumens as a form of donation — and philanthropy is at the core of the Akoin ethos and the Akoin Foundation. These factors (…) make Stellar an obvious choice for Akoin.
XLM is rallying on the 24-hour chart with 18.2% profits. Over the past week, XLM has record 27% gains and 23.6% in the monthly chart.
XLM on a 24-hour rally. Source: XLMUSDT Tradingview
Unless you buy bitcoin with your paycheck first, you can always find another purpose for your excess income. I’ve been an advocate of “paying myself first” my entire life, I started investing in my early 20s using auto asset building via no-load mutual funds, and in my 40s, I continue to do the same, although I have altered my asset allocation to predominantly bitcoin.
Routine dollar-cost averaging (DCA) makes HODLing for the long term easier to accomplish for me. Rather than focusing on the value of what I have (which I’m not going to spend as long as I have fiat cash flow), I focus on adding to my satoshi stack. Time is your greatest asset and if you’ve been routinely stacking for the last few years, you have a receipt and equity in your future.
Bitcoin’s scarcity is its most valuable property. The monetary policy and decentralized enforcement of it by the holders and full node operators is key. No longer do we need to trust individuals, instead, we can rely on human action and incentives to do what’s best for Bitcoin and ourselves.
There are many ways to stack bitcoin; there is no right or wrong way and time and price appreciation will make anyone who does so look like a genius. The point is, just keep adding to your stack; at present, one can acquire 10,000 satoshis for $5, an amazingly large amount for such little fiat. In addition, one can begin an auto-DCA which will continuously add to one’s stack.
If you’ve committed to HODLing, you evidently understand bitcoin’s long-term value proposition, and you should also be stacking no matter how much you already have.
Bitcoin is limited in supply and demand is almost infinite as long as fiat currencies continue to cannibalize themselves via excess production to satisfy the debt-laden economy.
I recently read “When Money Dies” by Adam Ferguson about the hyperinflation that took place in Weimar Germany post-WW1. The parallels with what we are living through today are astonishing. The German people were absolutely powerless; their life’s savings, the storage of all their lifelong hard work, was destroyed by their leaders. The same is happening now; it’s tough for most people to identify, but if you’re paying attention, it’s happening. Fortunately, unlike the Germans of the early 1900s, we have “Fuck You” money, a money that can’t be debased and or altered. Don’t let a day go by that you earned a cent and didn’t stack a sat to show for it.
Garnish your wages, pay yourself first. Listen to me now and believe me later.
Your pal, FF2K.
This is a guest post by FF2K. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine
The CEO of Shopify is considering integrating decentralized finance (DeFi) into the firm’s e-commerce platform.
As the DeFi industry continues to balloon, growing from a $26 billion market cap at the start of 2021 to a $106 billion market cap as of writing, Shopify CEO Tobi Lutke reveals on Twitter that he is interested in understanding how the e-commerce site could best utilize DeFi for its users.
“Hey DeFi Twitter. What are the commerce-related opportunities that you are most excited about? What role do you want Shopify to play?”
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DeFi uses blockchain technology to enable financial transactions such as trading and loans without the traditional central authority or intermediaries like brokers and banks. Much of DeFi is currently built on the Ethereum blockchain, a subject area in which Lutke also appears interested.
This week, the CEO shared an episode of the Tim Ferriss Show with his followers, the subject of which is, “The Future of Bitcoin and Ethereum.”
Some responses to Lutke’s original DeFi inquiry include suggestions for new features such as support for stablecoin payments and Bitcoin (BTC) rewards for purchases.
Some responders levied critiques at Shopify’s centralized nature. However, Lutkesaysthe platform supports decentralization.
“Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity. Over a million businesses use us around the world.”
Shopify currently powers over one million businesses across the globe and is currently valued at a $141 billion market cap.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The total crypto market capitalization reached the important milestone of $2 trillion on April 5. As cryptocurrencies increase in value, they are likely to attract further investments from institutional investors because they can no longer afford to neglect it.
Less than three months ago, the crypto market had reached the $1 trillion in market cap for the first time ever. This rate of growth shows that investors are hugely bullish on the potential of the sector and the ones who delay their investment decisions may have to enter at much higher levels.
Ark Invest founder and CEO Cathie Wood is well known for identifying disruptive technologies and the firm is backing Bitcoin (BTC) to do just that. Yassine Elmandjra, a crypto asset analyst at Ark, said Bitcoin was “100 times better” than gold, hence he believes Bitcoin will rise 10-fold from the current market capitalization of $1 trillion to match gold’s $10-trillion market cap.
For Bitcoin to continue its northward journey, the institutions will have to continue pumping money into it. Purpose Bitcoin ETF, Canada’s first licensed Bitcoin exchange-traded fund (ETF) launched two months ago and currently, it holds 16,462 BTC.
If a Bitcoin ETF gets the approval of the regulators in the United States, it could attract huge investments, dwarfing the inflows into the Purpose Bitcoin ETF.
The crypto story has widened beyond Bitcoin. Data from business analytics firm CB Insights showed crypto and blockchain technology-focused startups received $2.6 billion in funding in Q1 2021. This is way above the total funding of $2.3 billion received in 2020, indicating the growing interest in the sector.
So the question on the minds of most investors is whether or not the crypto market will be able to sustain its current momentum. Let’s analyze the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin has bounced off the 20-day exponential moving average ($56,750) today, which suggests that the sentiment remains positive and the bulls are buying on every minor dip.
BTC/USDT daily chart. Source:TradingView
The buyers will now try to push the price above the $60,000 to $61,825.84 overhead resistance zone. If they succeed, it could open the doors for a rally to $69,540 and then $79,566.
However, the bears are unlikely to give up easily. They will once again try to stall the rally in the resistance zone. If that happens, the possibility of a break below the 20-day EMA increases.
That could result in a drop to the critical support at the 50-day simple moving average ($53,978). If the bears sink the price below the 50-day SMA, the pair could drop to the next support at $50,460.02.
ETH/USDT
Ether (ETH) made a new all-time high at $2,144.59 on April 2. However, the bulls could not build upon this move as the bears sold aggressively and pulled the price back below the breakout level at $2,040.77 on April 3.
ETH/USDT daily chart. Source:TradingView
Since then, both the bulls and the bears have been battling it out near $2,040.77. While the bulls are attempting to flip this level into support, the bears are trying to pull the price below it and trap the bulls.
The rising 20-day EMA ($1,872) and the relative strength index (RSI) above 65 suggest the bulls have the upper hand. If the buyers succeed in pushing the price above $2,144.59, the ETH/USDT pair could start the next leg of the uptrend that may reach $2,618.14.
Contrary to this assumption, if the bears pull the price below $1,977, the pair could drop to the 20-day EMA. A break below this level will suggest the bullish momentum has weakened and could result in a decline to the trendline.
BNB/USDT
Binance Coin (BNB) cleared the $348.69 to $356.98 overhead resistance zone today and made a new all-time high. Whenever an asset class hits a new all-time high, it is a sign of strength because it shows that traders are buying at higher levels as they expect the rally to extend further.
BNB/USDT daily chart. Source:TradingView
Both moving averages are sloping up and the RSI has risen into the overbought territory, indicating the path of least resistance is to the upside. The BNB/USDT pair could now rally to its target objective at $400 and then $430.
This positive view will invalidate if the price reverses direction and breaks below the 20-day EMA ($297). Such a move will suggest that traders are aggressively booking profits at higher levels and supply exceeds demand.
That could pull the price down to the 50-day SMA ($258) and a crack below this support may extend the decline to $220.
DOT/USDT
The bears tried to trap the bulls on April 3, as seen from the long wick on the day’s candlestick. However, the bulls were not ready to surrender their advantage and they again pushed Polkadot (DOT) above $42.28 on April 4.
DOT/USDT daily chart. Source:TradingView
There is a tough tussle between the bulls and the bears near the $42.28 level. The buyers are trying to flip this level to support and launch the next leg of the uptrend, which could reach $53.50.
The upsloping 20-day EMA ($37.30) and the RSI near the overbought territory suggest the path of least resistance is to the upside.
This bullish view will invalidate if the bears can pull the price back below $40. If that happens, the ADA/USDT pair could drop to the moving averages and a break below the 50-day SMA ($35.34) could start a deeper correction to $26.50.
ADA/USDT
Cardano (ADA) has been trading near the 20-day EMA ($1.17) for the past few days. Attempts by the bulls to start an up-move on April 2 and 3 did not find buyers at higher levels as seen from the long wick on the candlesticks.
ADA/USDT daily chart. Source:TradingView
Usually, every low volatility phase is followed by a sharp increase in volatility but it is difficult to predict the direction of the breakout. Therefore, it is better to wait for the breakout to happen before initiating any trades.
If the bulls can push and sustain the price above $1.30, the ADA/USDT pair may challenge the stiff resistance at $1.48. This will be the third attempt to clear the overhead resistance, hence the possibility of a break above it is high. The next target objective is $2.
On the other hand, if the indecision resolves to the downside, the bears will try to sink the price below $1.03 and start a deeper correction to $0.80 and then $0.70.
XRP/USDT
XRP broke above the stiff overhead resistance at $0.65 today, which completed an inverse head and shoulders pattern. The altcoin picked up momentum and cleared the minor resistance at $0.75 and $0.78.
XRP/USDT daily chart. Source:TradingView
The sharp pace of the rally suggests that several bears may have been caught off guard, resulting in a massive short squeeze. This opens the possibility for a rally to the pattern target at $1.11.
The rising 20-day EMA ($0.57) and the RSI above 80 suggest the bulls are back in command.
However, the XRP/USDT pair may not rally to the target objective in a straight dash as short-term traders may book profits after the sharp rally today. That may pull the price down to the $0.75 to $0.65 support zone.
The strength of the rebound off this support zone will give a better insight into the next leg of the rally.
UNI/USDT
Uniswap (UNI) rose above the 20-day EMA ($29.52) on April 2 but the bears did not allow the price to run away. They sold at higher levels and pulled the price back to the 20-day EMA on April 3.
UNI/USDT daily chart. Source:TradingView
The positive sign is that the bulls have held the 20-day EMA successfully for the past three days. If the bulls can drive the price above $32.50, the UNI/USDT pair could rally to the $35.20 to $36.80 resistance zone.
The flattish 20-day EMA and the RSI below 56 suggests a lack of strong momentum in favor of the bulls. This could keep the pair range-bound for a few more days. The next trending move could start on a break above $36.80 or a break below $25.52.
LTC/USDT
Litecoin (LTC) had broken out of the resistance line of the symmetrical triangle on April 3 but the bulls could not sustain the higher levels. The altcoin quickly reversed direction and dropped back into the triangle.
LTC/USDT daily chart. Source:TradingView
However, the positive sign is that the buyers did not allow the price to break below the moving averages. This shows that the bulls are accumulating on dips. They will again attempt to push and sustain the price above the triangle.
If they succeed, the LTC/USDT pair could rally to $230 and then to $246.96. Above this level, the pair could rise to the pattern target at $307.42.
Conversely, if the price once again turns down from the resistance line, then the possibility of a break below the moving averages increases. If that happens, the pair could drop to the support line of the triangle.
LINK/USDT
Chainlink (LINK) broke above the $32 resistance on April 2 but the bulls could not build upon this breakout and the bears pulled the price back into the range on April 3. This suggests the bears are aggressively defending the overhead resistance at $32.
LINK/USDT daily chart. Source:TradingView
However, the strong rebound off the 20-day EMA ($29) on April 4 shows the bulls are buying the dips. The bulls will now try to thrust the price above the $32 to $33.17 overhead resistance zone.
If they can achieve that, the LINK/USDT pair may retest the all-time high at $36.93. If this level is also conquered, the rally may extend to $40.
On the contrary, if the price again turns down from the overhead resistance zone and plummets below the moving averages, it will suggest that the range-bound action may continue for a few more days.
THETA/USDT
THETA has been stuck inside the $10.35 to $14 range for the past few days. The bears are trying to sink the price to the support of the range but the bulls have not allowed the altcoin to dip below $11.20.
THETA/USDT daily chart. Source:TradingView
The 20-day EMA ($10.81) is gradually flattening out and the RSI has dropped below 61, pointing to a possible range-bound action in the next few days.
Contrary to this assumption, if the bulls can drive the price above $12.58, the THETA/USDT pair could rally to $14. A breakout of this resistance will be the first sign that bulls have the upper hand.
However, if the pair turns down from the current level and slips below $11.20, a drop to $10.35 is possible. A break below this support could intensify selling.
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