Harmony, the blockchain platform based on the Ethereum chain, announced the launch of its Bored Ape Yacht Club Passport and support for cross-chain activities, including interoperability between Harmony, Ethereum, BNB chain, and three other blockchains.
Harmony said that the launch of the passport this time is proof that the holders “have ownership of assets across multiple blockchains, and will not transfer property for this purpose, ensuring authenticity”.
The passport enables users to import proof of ownership of Bored Ape Yacht Club’s NFTs into a game called DeFi Kingdoms on the Harmony blockchain.
The game currently has 120,000 monthly active users. When Ape owners connect their MetaMask wallet to DeFi Kingdoms, the passport can verify and display their assets in-game on multiple blockchains.
Team member Leo Chen from Harmony explained that:
“We wanted to give all NFT holders more utility and options to display their NFTs and participate in the Metaverse. Bored Ape Yacht Club holders are the first choices. The cross-chain identity creates a secure and easy way to do so without putting their assets at risk.”
Following in the footsteps of Twitter, Reddit is eyeing to permit users to have NFT-based profile pictures through a feature that is being tested on January 27. On January 20, Twitter announced that it was presenting an official verification mechanism for NFT avatars, allowing some users to set the NFTs they own as their profile picture.
Closely followed crypto strategist and trader Michaël van de Poppe is looking at what’s ahead for Ethereum (ETH) competitor Avalanche (AVAX) and four additional altcoins.
Van de Poppe tells his 567,500 Twitter followers that he’s looking at a key resistance area for Avalanche that could trigger a rally for the smart contract platform if surpassed.
“This one needs to break through the resistance at $80. If that breaks, a new run seems likely. Until then -> time to accumulate.”
Source: Van de Poppe/Twitter
Next up is Harmony (ONE), a blockchain focused on powering a decentralized economy. Looking at Harmony against Bitcoin (ONE/BTC), Van de Poppe predicts the pair is poised for a bounce after hitting support at 0.00000469 BTC or $0.18.
“This one should be having some sort of bounce from this area. My personal point of interest lies around the 350 sats [0.0000035 BTC or $0.13] region.”
Source: Van de Poppe/Twitter
Another coin on the trader’s list is payments infrastructure platform COTI (COTI). Van de Poppe says he expects COTI to print a bullish higher low setup against Bitcoin (COTI/BTC) before launching a 35% rally to his target at 0.00001 BTC ($0.38).
“This one is currently acting into resistance. Flipping that = probable trade to make. Otherwise, looking at a test around 740 sats [0.000074 BTC or $0.28] for a potential long entry.”
Source: Van de Poppe/Twitter
Van de Poppe is also keeping a close watch on the native asset of Hathor (HTR), a scalable cryptocurrency alternative that combines direct acrylic graph technology with decentralized blockchain technology. According to Van de Poppe, HTR is primed to hit a key support area against Bitcoin (HTR/BTC) at 0.0000148 BTC or $0.57.
“The range to buyHTRis coming up.”
Source: Van de Poppe/Twitter
The last coin on the trader’s radar is peer-to-peer payments network Litecoin (LTC). Van de Poppe says that while Litecoin is still in a downtrend against Bitcoin (LTC/BTC), he’s looking at a potential scenario where the pair could rally by 17%.
“Looking for a flip of the 3050-3100 sats [0.00305 BTC-0.0031 BTC or $117.01-$118.93] level for a potential long trigger. Until then -> no interest.”
Source: Van de Poppe/Twitter
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/is.a.bella/Vladimir Sazonov
Bitcoin’s (BTC) relief rally rose above $38,500 on Jan. 29, but the bulls are struggling to sustain the higher levels. For the past few days, Bitcoin’s sentiment has closely followed the U.S. equity markets. Hence, analysts warned traders to be careful and not to read much into any possible weekend rallies when traditional markets are closed because it could be a trap.
However, analysts at trading suite Decentrader said in a recent report that a “near-term relief bounce” is possible. The report also highlighted that “meaningful buyers” were stepping in and that could result in “a potential change in the higher time frame trend from bearish to bullish.”
Crypto market data daily view. Source:Coin360
The recent downturn in Bitcoin seems to have turned the JPMorgan analysts bearish as they believe the increased volatility could “hinder further institutional adoption.” In a note, the strategists have reduced their long-term theoretical Bitcoin price target from $150,000 to $38,000.
If Bitcoin extends its recovery, select altcoins could attract buying from the aggressive bulls. Let’s study the charts of the top-5 cryptocurrencies that could extend the recovery in the short term.
BTC/USDT
Bitcoin’s relief rally has reached the stiff resistance zone between $37,332.70 and $39,600. The 20-day exponential moving average ($39,475) is also present in this zone making this important for the bears to defend.
BTC/USDT daily chart. Source: TradingView
The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate advantage to bears.
If the sellers pull the price back below $37,332.70, the BTC/USDT pair could gradually drop to $35,507.01 and later retest the Jan. 24 intraday low at $32,917.17. A break and close below this support could clear the path for a possible drop to $30,000.
Alternatively, if the price turns up from the current level and breaks above $39,600, it will suggest a possible change in the short-term trend. The pair could then rally to $43,505 and later retest the 200-day simple moving average ($48,833).
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the 20-EMA has started to turn up gradually and the RSI has risen into the positive zone. This indicates that bulls are trying to make a comeback. If buyers drive the price above $39,600, the pair could reach the 200-SMA, which may act as a resistance.
On the other hand, if the price turns down from the current level and slips below $37,312.70, it will indicate that bears have not yet given up. The sellers will then try to pull the price to $35,507.01, which is an important support for the bulls to defend.
If the price rebounds off this level, it will suggest that traders are buying on dips. That may increase the possibility of a break above $39,600.
LINK/USDT
Chainlink (LINK) has been range-bound between $15 and $36 for the past several months. Several attempts to escape the range have failed, indicating that bulls are buying at the support and bears are selling at the resistance.
LINK/USDT daily chart. Source: TradingView
The bears pulled the price below $15 on several occasions in the past few days but they could not sustain the lower levels. This may have attracted buying from aggressive traders who are attempting to push the price above the 20-day EMA ($18.91).
If they succeed, the LINK/USDT pair could rise to the 200-day SMA ($24.75). Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will again try to pull the pair below $15 and start a new downtrend.
LINK/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that bulls have pushed the price above the $16.88 overhead resistance. The 20-EMA is turning up and the RSI is in the positive territory, indicating that bulls have a slight edge.
If buyers sustain the price above $16.88, the pair could start an up-move to $20 and then to $23. Conversely, if the price turns down and plummets below $16.88, it will indicate that bears continue to sell on rallies. The pair could then drop to $14.
HNT/USDT
Helium (HNT) plunged below the 200-day SMA ($26.67) on Jan. 21, but the bears could not sustain the lower levels. The bulls aggressively purchased the dip to $20 and pushed the price back above the 200-day SMA on Jan. 26.
HNT/USDT daily chart. Source: TradingView
The recovery hit a wall at the 20-day EMA ($28.84) and turned down but the bulls did not allow the price to dip below the 200-day SMA. The price has been trading between the moving averages for the past three days.
This tight-range trading is unlikely to continue for long. If bulls drive and sustain the price above the 20-day EMA, the HNT/USDT pair could rally to $36 and then to the downtrend line.
This positive view will invalidate if the price turns down and plummets below the 200-day SMA. That may pull the pair down to $20.
HNT/USDT 4-hour chart. Source: TradingView
The price broke out of the downtrend line, indicating that the bears may be losing their grip. The bears tried to sink the price back below the 20-EMA but the bulls are attempting to defend the support.
The up-move may pick up momentum after bulls drive the price above $31 as that could signal a 1-2-3 bottom. There is a minor resistance at the 200-SMA but once that is cleared, the pair could start its march toward $40. Conversely, if the price turns down and plummets below $26, the pair could drop to $24.
Related:Bitcoin miners believe global hash rate to grow ‘aggressively’
FLOW/USDT
Flow (FLOW) has been in a strong downtrend for the past few months. The bears pulled the price below the strong support at $6 on Jan. 22 but have not been able to build upon their advantage. This indicates accumulation at lower levels.
FLOW/USDT daily chart. Source: TradingView
The bulls have pushed the price back above the breakdown level and the 20-day EMA ($6.41) today. If they sustain the price above the resistance level, it will signal a possible change in trend.
The 20-day EMA is flattening out and the RSI has recovered into the positive territory, indicating that bulls are on a comeback.
This positive view will invalidate if the price turns down from the current level and plummets below the $6 support. Such a move will indicate that bears continue to sell aggressively at higher levels.
FLOW/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the price is facing resistance at the 200-SMA. This is a critical level to watch out for because the previous recovery had faltered at this resistance. If the price turns down from the current level, the FLOW/USDT pair could drop to the 20-EMA.
If the price rebounds off this level with strength, it will indicate that bulls are buying on dips. The buyers will then make one more attempt to push the pair above the 200-SMA. If they manage to do that, the pair could rally to the overhead resistance zone at $9.27 to $9.70.
ONE/USDT
Harmony (ONE) is trading inside a large range between $0.16 and $0.36. The bears recently tried to sink the price below the range but the bulls firmly held their ground.
ONE/USDT daily chart. Source: TradingView
The price has rebounded off the support and the bulls will now try to push the ONE/USDT pair above the 200-day SMA ($0.19). If they succeed, the pair could rise to the 20-day EMA ($0.23) where the bears may again mount a stiff resistance.
A break and close above the 20-day EMA could clear the path for a possible rally to $0.28. Conversely, if the price turns down from the current level, the bears will attempt to pull the pair below $0.16. If they can pull it off, it will signal the possible start of a new downtrend.
ONE/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the formation of a symmetrical triangle pattern. The 20-EMA has flattened out and the RSI is just below the midpoint indicating a balance between supply and demand.
This indecision could tilt in favor of the bulls if the price rises and sustains above the triangle. That could suggest a possible trend reversal and the pair may rise to $0.22 and later to $0.26.
This positive view will invalidate if the price turns down and plummets below the support line. Such a move will indicate that the triangle acted as a continuation pattern.
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.
Popular crypto strategist Michaël van de Poppe is mapping out what he thinks is in store for Ethereum competitors Cardano (ADA), Fantom (FTM) and Harmony (ONE).
The crypto analyst and trader tells his 564,600 Twitter followers that smart contract platform Cardano must reclaim a key level to ignite a 25% rally.
“This one made a fake breakout above $1.50. Dumped back towards the range. If it wants to retest the $1.50 area, then I’d be looking at a flip and reclaim of $1.20 first.”
Source: Van de Poppe/Twitter
At time of writing, Cardano is exchanging hands at $1.04.
Next up is Fantom, a highly scalable blockchain platform for decentralized finance (DeFi), decentralized applications (DApps) and enterprise applications. Trading against Bitcoin (BTC), Van de Poppe says the FTM/BTC pair managed to hold support at 0.00005 BTC ($1.81) and must now take out resistance at 0.000068 BTC ($2.48) to launch a breakout rally.
“Crucial area to hold to avoid a nuke was the 6800 sats zone. Didn’t hold, nuke towards support and a strong bounce from that region already. Support between 5100-5400 sats (0.00005 BTC – 0.000054 BTC), resistance at 6800 (0.000068 BTC) sats. If that breaks -> new impulse wave.”
Source: Van de Poppe/Twitter
At time of writing, the FTM/BTC pair is trading at 0.00006 BTC or $2.17.
The last coin on the trader’s radar is Harmony, a blockchain focused on powering a decentralized economy. According to Van de Poppe, Harmony may be positioning for a bounce against Bitcoin (ONE/BTC) after respecting support at 0.000005 BTC or $0.18.
“If you’d want to enterONE,this is probably the region you’ve been looking for.”
Source: Van de Poppe/Twitter
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Valentyna Chukhlyebova
Closely-followed crypto analyst Michaël van de Poppe says Ethereum rival Harmony (ONE) looks very bullish as he predicts a new market cycle for Cardano (ADA).
Van de Poppe tells his 560,800 Twitter followers that he sees Harmony, a blockchain focused on powering a decentralized economy, taking out its final resistance area and rallying by as much as 71% from its current price of $0.32.
“Heavily bullish here. Great [resistance to support] flips.
Looking for continuation towards $0.50-$0.55.”
Source: Van de Poppe/Twitter
Next up is smart contract Cardano, which Van de Poppe posits may have launched a new market cycle against Bitcoin (ADA/BTC) after losing over 50% of its value in about four months.
“New cycle has started? Looking quite good.”
Source: Van de Poppe/Twitter
At time of writing, ADA is trading at 0.000038 BTC ($1.62), up over 46% from its 2022 low of 0.000026 BTC ($1.10).
Another coin on Van de Poppe’s radar is virtual reality platform Decentraland (MANA). According to the crypto strategist, MANA must stay above support at $2.50 to have a shot at sustaining its bullish momentum.
“Crucial area seems to be holding -> bullish continuation?”
Source: Van de Poppe/Twitter
Currently, MANA is exchanging hands at $2.91.
The last coin on the list is The Graph (GRT), a platform that indexes and organizes blockchain data. Van de Poppe says GRT must take out its immediate resistance to generate bullish momentum.
“This one needs to break through a crucial level. If that happens, the trend is likely going to reverse.
Crucial area: between $0.625-$0.65.”
Source: Van de Poppe/Twitter
At time of writing, GRT is trading at $0.55.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Alberto Andrei Rosu/Mingirov Yuriy
A popular crypto analyst and trader is giving a bullish prediction for the native tokens of two smart contract-enabled blockchains.
The crypto analyst pseudonymously known as Smart Contracter tells his 201,800 Twitter followers that the native tokens of blockchain platforms Harmony (ONE) and Fantom (FTM) are aiming to reach new record highs.
Smart Contracter also says that the native tokens of layer-1 blockchains are in a bullish phase. Layer-1 blockchains are standalone blockchain protocols such as Bitcoin (BTC), Ethereum (ETH), Harmony and Fantom.
“Looks like ONE and FTM both gunning for an all-time high, what dip.
The layer-1 season is alive and well.”
Source: SmartContracter/Twitter
The popular crypto analyst and trader adds that in Fantom’s decentralized finance (DeFi) ecosystem, the total value locked could be hours away from surpassing the total value locked on the Solana (SOL) DeFi ecosystem.
“FTM total value locked probably only 24hrs away from flipping SOL total value locked at this point.”
Source: SmartContracter/Twitter
According to Smart Contracter, the top crypto assets in the Fantom ecosystem such as Spookyswap (BOO) have corrected and are now sitting at attractive entry points.
“Some decent pullbacks on FTM ecosystem top coins. If you were waiting for pullbacks, time to shoot your shot in my opinion.
GEIST, TAROT, SPIRIT, BOO, SCREAM.”
The popular crypto analyst also says that nearly all the native tokens of layer-1 blockchains have recorded better returns than SOL since November 17th of 2021.
“Almost every single layer-1 outperformed SOL from this day [November 17th, 2021].”
On November 17th of 2021, Smart Contracter tweeted that he had sold SOL and predicted that Terra (LUNA), FTM and Avalanche (AVAX) possessed more upside potential.
“I’m letting my baby SOL go now.
I rode this baby from obscurity into the top 5.
Still think there’s plenty of upside left. But in terms of percentage gains, there are simply better layer-1 horses to back here like LUNA, FTM, AVAX et al.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Bitcoin (BTC) and most major altcoins remain under pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 on Jan. 8, one of its lowest readings ever. In comparison, 2021 had started on a bullish note with the reading hitting levels of 93/100, indicating “extreme greed.”
This weak opening in the new year has not unnerved Bloomberg Intelligence analyst Mike McGlone who remains bullish. He said in a recent analysis that Bitcoin may rally to $100,000 and Ether (ETH) to $5,000 this year.
Crypto market data daily view. Source:Coin360
However, some analysts argue that Bitcoin may struggle to maintain its bullish trend in an environment where interest rates are rising. Holger Zschaepitz questioned whether Bitcoin could hold up without “rock-bottom rates and trillions of dollars in central bank money and government stimmy.”
Could Bitcoin bounce off the strong support, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.
BTC/USDT
Bitcoin’s downtrend has reached the strong support at $39,600. The price formed a Doji candlestick pattern on Jan. 8, indicating indecision among the bulls and the bears.
BTC/USDT daily chart. Source: TradingView
Both moving averages are sloping down and the relative strength index (RSI) is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and the BTC/USDT pair could start its journey to the next strong support at $28,805.
On the other hand, if the price rises from the current level, the pair could rise to the 20-day exponential moving average ($45,876). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a break below $39,600 I .
The bulls will have to push and sustain the price above the moving averages to indicate a possible change in trend.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the selling momentum picked up on a break and close below $45,456. The bulls are attempting to arrest the decline at $40,501 but the recovery attempt is likely to face strong selling near the 20-EMA.
If the price turns down from the 20-EMA, the bears will attempt to sink the pair below $39,600 and extend the downtrend.
Alternatively, a break and close above the 20-EMA could push the pair to the 50-simple moving average. If bulls push the price above this resistance, it will suggest that bears may be losing their grip.
LINK/USDT
Chainlink (LINK) has been trading in a large range between $15 and $35.33 for the past few months. The bulls have pushed the price above the moving averages and the RSI has risen close to the overbought zone, indicating that buyers have the upper hand in the short term.
LINK/USDT daily chart. Source: TradingView
The bears posed a strong challenge near $27.61 for the past few days but the bulls did not allow the price to dip below the 20-day EMA ($23.23). This indicates that the sentiment has changed from sell on rallies to buy on dips.
If bulls maintain the price above $27.61, the LINK/USDT pair could rise to 30 and thereafter to the overhead resistance at $35.33. This bullish view will invalidate if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $18.
LINK/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price has broken above the overhead resistance at $27.61. The bears will now attempt to stall the up-move at $30. If the subsequent correction does not break below $27.61, it will increase the possibility of a rally to $35.33.
On the contrary, if the price turns down from the current level, it will suggest that the break above $27.61 may have been a bull trap. The bears will then try to pull the price below the 50-SMA. If they do that, the next stop could be $22.
ICP/USDT
Internet Computer (ICP) broke and closed above the downtrend line on Jan. 4 which was the first indication that the downtrend could be ending. The bears tried to trap the aggressive bulls and pull the price back below the 20-day EMA ($29) but failed.
ICP/USDT daily chart. Source: TradingView
The bulls again pushed and closed the price above the downtrend line on Jan. 8. The moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls are attempting a comeback.
If buyers push and sustain the price above $38.02, the ICP/USDT pair could rally to $45.79. This level may again act as a stiff hurdle but if crossed, the up-move may reach $58.30.
Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will indicate that the breakout above the downtrend line may have been a bull trap.
ICP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that bulls have pushed the price above $33.29 but are struggling to clear the hurdle at $38.02. This suggests that bears continue to sell near the overhead resistance. This has kept the pair sandwiched between the two levels.
If bulls push and sustain the price above $38.02, the pair could extend its up-move. On the contrary, if the price turns down from the overhead resistance, the bears will attempt to pull the pair below $33.29. If they manage to do that, the pair could drop to the 50-SMA.
Related:Even after the pullback, this crypto trading algo’s $100 bag is now worth $20,673
LEO/USD
UNUS SED LEO (LEO) has been trading in a gradual uptrend for the past several weeks where the 50-day SMA ($3.55) has been acting as a strong support.
LEO/USD daily chart. Source: TradingView
The bears attempted to pull the price below the 50-day SMA on Jan. 7 but the bulls did not relent. This resulted in a strong rebound on Jan. 8 which pushed the LEO/USD pair back above the 20-day EMA ($3.69).
The bulls will now attempt to drive the price above the all-time high at $3.92. If they succeed, the pair may resume its uptrend and reach $4.25. This positive view will invalidate if the price turns down and plummets below the 50-day SMA. That could start a correction to $3.40.
LEO/USD 4-hour chart. Source: TradingView
The pair has been trading inside an ascending channel pattern. The bears mounted a strong resistance near $3.85, which may have attracted profit-booking from short-term traders. That pulled the pair down to the support line of the channel where buyers stepped in and arrested the decline.
The bulls are again attempting to push and sustain the price above $3.85. If they manage to do that, the pair could start its journey toward the resistance line of the channel. The bears will have to sink and sustain the price below the channel to invalidate the bullish view.
ONE/USDT
Harmony (ONE) has been trading between the 20-day EMA ($0.27) and $0.33 for the past few days. This suggests that bulls are buying on dips and bears are selling on rallies.
ONE/USDT daily chart. Source: TradingView
The rising 20-day EMA and the RSI in the positive territory suggest advantage to buyers. If bulls drive the price above $0.33, the up-move could resume. The ONE/USDT pair could then attempt to rise to $0.38.
Contrary to the assumption, if the price breaks below the 20-day EMA, it will suggest that bears have overpowered the bulls. That could pull the pair down to the 50-day SMA ($0.24) and later to $0.21.
ONE/USDT 4-hour chart. Source: TradingView
The 4-hour chart has been rising inside an ascending channel pattern. Although bulls pushed the price above the channel, they could not sustain the higher levels. This suggests that bears tried to trap the aggressive bulls.
The price dipped back into the channel but a minor positive is that it bounced off the 50-SMA. This indicates that sentiment remains positive and bulls are buying on dips.
If the price rises above the 20-EMA, the pair could again rally to the resistance line of the channel. A break and close above this level could signal a pick up in momentum. Conversely, a break and close below the 50-SMA could pull the pair down to the support line of the channel.
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.
Cosmos has soared 20% in the past 24 hours, currently approaching a new all-time high.
Harmony’s ONE token is also one of the day’s biggest gainers, climbing 15%.
Several DeFi 2.0 tokens involved in the “Curve Wars” have also put in double-digit gains.
Share this article
URL Copied
Cosmos, Harmony, and several so-called DeFi 2.0 projects have put in double-digit gains over the past 24 hours despite a decline across the wider market.
Cosmos and Harmony Rally
Cosmos and Harmony are nearing all-time highs.
Cosmos has climbed over the last month despite weak momentum among market leaders. The Layer 0 blockchain’s ATOM token has jumped 45% in a seven-day period that saw Bitcoin shed 10.4%. Today, ATOM has climbed 20%, and is closing in on its all-time high of $44.42 achieved in September.
ATOM/USD chart. Source: CoinGecko
An increased focus on interoperability is likely driving interest in Cosmos. Several Layer 1 blockchains such as Terra and Binance Smart Chain are built using the Cosmos software developer kit, making it easy to build bridges between them. Cosmos is also pioneering the Inter-Blockchain Communication Protocol, a standard for interoperability that allows independent blockchains to talk to each other and transfer data and assets.
Osmosis Hub, the first decentralized exchange for IBC-connected coins built on the Cosmos SDK, recently broke past its prior all-time highs, soaring 19% over the past 24 hours. The OSMO token is currently trading at $9.23 as it enters price discovery.
Harmony, an Ethereum-compatible Layer 1 chain, has also surged amid market uncertainty. The network’s ONE token has gained 15% on the day, breaking past the psychological barrier of $0.30. ONE is currently trading at $0.316, just $0.06 off its all-time high.
DeFi Kingdoms, a gamified play-to-earn DeFi app built on Harmony, has soared over recent weeks, bringing more attention to the Layer 1. The protocol’s JEWEL token has risen over 175% since the start of December as users flock to Harmony to start playing DeFi Kingdoms (players need JEWEL to access the game).
JEWEL/USD chart. Source: CoinGecko
DeFi 2.0 Shows Strength
Elsewhere, a group of nascent decentralized finance protocols is also taking flight.
Frax Shares and Dopex Rebate Tokens are up double-digits on the day, while OlympusDAO fork Redacted Cartel’s BTRFLY token has soared 25% to over $3,400.
These projects all play a central role in the so-called “Curve Wars,” a development that’s seen DeFi protocols competing to lock up CRV tokens to gain voting power over the stablecoin exchange Curve Finance. Locking up more tokens gives protocols more power to vote on which Curve pools receive the highest yields, which means they can vote for their preferred pools to receive more rewards. In turn, they can offer higher yields to users, creating a flywheel effect to help them acquire and lock up even more CRV tokens.
Other notable players in the Curve Wars include Convex Finance and Yearn.Finance. Although these protocols have not shown as much resilience as Frax or Dopex’s tokens in the last 24 hours, they have outperformed many other assets and appear to be maintaining their upward trends. a
A large portion of these tokens’ value is derived from stablecoin yields, which may explain why the recent drop in the market has had little effect on their price. The increased demand for Curve voting power has also affected the CRV token price. CRV is up 22.6% over the past month and reached a new local high of $6.71 on Jan. 4. Due to the recent market turbulence, it has since cooled off and currently trades at $5.11.
Disclosure: At the time of writing this feature, the author owned ETH, CRV, and several other cryptocurrencies.
Share this article
URL Copied
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Cosmos and Osmosis Surge While Rest of Market Flounders
The tokens for both Cosmos and its most prominent decentralized exchange, Osmosis, are up today while much of the rest of the cryptocurrency market is either flat or down. Positive…
Convex Finance is now the second-largest DeFi protocol with over $21 billion in total value locked. Convex Finance Jumps to Second-Ranked TVL Convex Finance now holds the second-highest amount of…
Terra, Abracadabra Stablecoins “Are Going to Zero”: Maker …
MakerDAO founder Rune Christensen described the UST and MIM stablecoins as “solid ponzis” in a tweet earlier this morning. Abracadabra.Money and Terra founders Daniele Sestagalli and Do Kwon immediately fired…
What Is The Crypto Volatility Index?
The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.
A widely followed crypto analyst says it could be time for two Ethereum rivals to start shining.
In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred takes a look at Cosmos (ATOM).
Cosmos aims to be an ecosystem of blockchains designed to scale and interoperate with each other. According to Cred, layer-1 altcoins are still hot and it may be time for Solana (SOL), Terra (LUNA), and Avalanche (AVAX) to pass the torch to ATOM.
“It’s still Layer-1 season in altcoin land, and the market is already becoming bored of SOL-LUNA-AVAX. The somewhat new shiny thing is Cosmos (ticker: ATOM). We could make a fundamental-oriented argument for Cosmos specifically based on inter-chain staking, the inter-blockchain communication protocol, and a bunch of other stuff that smart people have been writing about. Realistically… it’s an L1 that pumped less than a lot of others…”
The analyst names a couple of key levels to watch in ATOM, both in its USD pair (ATOM/USD) and Bitcoin pair (ATOM/BTC).
As for technicals, BTC and USD pairs are above key resistance levels. Cosmos looks strong as long as 0.00076 [$35.18] in the BTC pair and $28 in the USD pair are intact as support.”
Source: TechnicalRoundup/TradingView
Next on the docket is Harmony (ONE). Harmony is an open-source blockchain that can run Ethereum applications faster and at a lower cost.
Cred says he likes the fact that veteran crypto trader and fellow analyst Hsaka is also bullish on ONE. Because of his respect for Hsaka and some sound technical setups, the analyst says ONE is ready for rallies.
“Same rules as Cosmos are applicable. That is to say, [the] market looks like it’s forming a technical breakout on both pairs (360 sats-529 sats on the BTC pair, and roughly $0.30 on the USD pair). If it sticks, great. If it falls or flounders, the timing is probably off and Hsaka will be buying your liquidation.
As cynical as it may be, the market is always looking for something new and shiny to chase. We’re being honest and arguing that the new Hsaka basket is a likely benefactor, market conditions permitting.”
Source: TechnicalRoundup/TradingView
You can read the full TechnicalRoundup newsletter here.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end.
However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022.
Crypto market data daily view. Source:Coin360
The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021 were more than $9.3 billion. A majority of over two-thirds of the crypto inflows were into Bitcoin.
Could Bitcoin start a new up-move in January pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.
BTC/USDT
Bitcoin has been trading between the 20-day exponential moving average ($48,720) and the strong support at $45,456 for the past few days. This suggests that buying dries up at higher levels.
BTC/USDT daily chart. Source: TradingView
Both moving averages are turning down and the relative strength index (RSI) is in the negative zone, indicating that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will try to sink the price below $45,456. If they manage to do that, the next leg of the downtrend to $42,000 and then to $40,000 could begin.
Contrary to this assumption, if the price breaks above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($52,332). A break and close above this level could signal the start of a new up-move that could reach the 61.8% Fibonacci retracement level at $58,686.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is range-bound between $45,456 and $51,936.33. The price has rebounded off $45,456 and if bulls push the pair above the 50-SMA, it will suggest accumulation at lower levels. That could drive the price toward $51,936.33.
Conversely, if the price turns down from the 50-SMA, the bears will make one more attempt to pull the pair below $45,456. If they succeed, the pair could resume the downtrend with the next target objective at $38,975.67.
LUNA/USDT
Terra’s LUNA token is attempting to resume its uptrend but the bears have other plans, drawing a line near $93.81.
LUNA/USDT daily chart. Source: TradingView
The upsloping moving averages and the RSI in the positive territory suggest a slight edge to the buyers. If the price once again rebounds off the 20-day EMA ($82), it will indicate that bulls continue to accumulate on dips.
The LUNA/USDT pair will then try to break above $93.81 and challenge the all-time high at $103.60. A break and close above this resistance could start the next leg of the uptrend to $135.26.
Conversely, if the price turns down and breaks below the 20-day EMA, it will signal a change in the short-term trend. The pair could then drop to $65.15.
LUNA/USDT 4-hour chart. Source: TradingView
The bounce off $81.11 is facing selling in the zone between the 50% Fibonacci retracement at $92.35 and the 61.8% retracement level at $95.01. The bears will now try to pull the price below the 20-EMA and the uptrend line.
If they do that, the pair could drop to $84 and then to $81.11. A break and close below this support could signal that bears are back in the game.
On the contrary, if the price rebounds off the current level or the uptrend line, the buyers will try to drive the pair above $95.01 and retest the overhead resistance at $103.60.
FTM/USDT
Fantom (FTM) has turned down from the overhead resistance at $2.67, which suggests that bears are defending this level with vigor.
FTM/USDT daily chart. Source: TradingView
The FTM/USDT pair could drop to the 20-day EMA which could act as a strong support. A sharp rebound off this support will suggest that buyers are accumulating on dips.
The rising 20-day EMA ($2.03) and the RSI above 68 suggest that the path of least resistance is to the upside.
A break and close above $2.67 will suggest that bulls are back in the game. The pair could then start its northward march toward $3.17 and then to $3.48. The bears will have to pull and sustain the price below $2 to invalidate the bullish sentiment.
FTM/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows a rounding bottom formation, which will complete on a break and close above the overhead resistance at $2.67. If the price rebounds off the 20-EMA, the bulls will again try to overcome the barrier at $2.67. If that happens, the up-move could begin.
Conversely, if the price breaks below the 20-EMA, it will suggest that the short-term bullish momentum could be weakening. The pair could then drop to the 50-SMA and later to the strong support at $2.
Related:Three reasons why PlanB’s stock-to-flow model is not reliable
ATOM/USDT
Cosmos (ATOM) broke and closed above the overhead resistance at $34 on Jan. 1. The moving averages have completed a bullish crossover, indicating that bulls have the upper hand.
ATOM/USDT daily chart. Source: TradingView
If the price sustains above $34, the bullish momentum could pick up further and the ATOM/USDT pair could rise to $38 and later to $43.28. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls are in control.
Contrary to this assumption, if the price breaks and closes below $34, it will suggest that bears are attempting to trap the aggressive bulls. The pair could then drop to the 20-day EMA ($28).
If the price rebounds off this level, the bulls will make one more attempt to clear the overhead hurdle but if the pair breaks below the moving averages, the decline could extend to $25.
ATOM/USDT 4-hour chart. Source: TradingView
Both moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the price rebounds off the 20-EMA, it will signal that sentiment remains positive and traders are buying on dips.
The up-move could resume on a break and close above $37. Conversely, if bears pull the price below the 20-EMA, it may lead to profit-booking from short-term traders. That may pull the price down to the 50-SMA.
ONE/USDT
Harmony (ONE) has reached the downtrend line where the bears are likely to mount a stiff resistance. If the price turns down from the current level, the altcoin could dip to the 20-day EMA ($0.24).
ONE/USDT daily chart. Source: TradingView
If the price rebounds off the 20-day EMA, it will suggest that the sentiment remains bullish and traders are accumulating on dips. The bulls will then again attempt to push the price above the downtrend line.
If they succeed, it will suggest the start of a new up-move. The first target on the upside is $0.34 and a break above it could result in a retest at $0.38. This positive view will invalidate if the price turns down and breaks below $0.21.
ONE/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the formation of a cup-and-handle pattern, which will complete on a break and close above $0.29. This reversal setup has a pattern target at $0.38. It is unlikely to be a straight dash to the target objective because bears are likely to mount a strong resistance at $0.34.
Conversely, if the price turns down from the current level, it could drop to the moving averages. If this support cracks, the ONE/USDT pair could decline to $0.21. A bounce off this support could keep the pair range-bound between $0.21 and $0.27 for some time.
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.
