Day: September 22, 2020

Ripple (XRP) Price Turns Red: Indicators Suggest Upsides Likely To Remain Capped

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Ripple is down 5% and it broke the key $0.2380 support zone against the US Dollar. XRP price is currently consolidating losses and upsides are likely to remain capped. Ripple started a major decline below the $0.2440 and $0.2380 support levels against the US dollar. The price is down 5% and it is now trading well below the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $0.2335 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could face…

Joke MEME coin airdrop is now worth $600K

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MEME, a community-driven project inspired by a ConsenSys developer’s satire of the yield farming bubble, has gained nearly 100% in 24-hours to post an all-time high of $1,775 after listing on Poloniex. Since the start of September, MEME has gained more than 900%, despite its supporters promoting the project through the slogan ‘don’t buy MEME.’ MEME is currently the 254th-ranked crypto asset with a $48 million market cap, with more than $17 million worth of MEME changing hands in the past 24 hours. MEME/USD: CoinGecko The project’s unlikely rise began…

Ethereum Tumbles To $330: Here’s A Crucial Support Turned Resistance

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Ethereum is down over 8% and it broke many key supports near $355 against the US Dollar. ETH price is currently consolidating losses and it is likely to face hurdles near $355 or $362. Ethereum started a sharp decline from the $375 resistance and broke the $355 support. The price is finding bids above $330, but it is now well below the 100 hourly simple moving average. There is a short-term breakout pattern forming with resistance near $348 on the hourly chart of ETH/USD (data feed via Kraken). The pair…

Yield farmers make 500% returns but most can’t read smart contracts

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The majority of yield farmers do not understand how to read the potentially risky smart contracts that underpin the decentralized finance (DeFi) ecosystem — but that hasn’t stopped them making huge profits. Crypto market data aggregator CoinGecko has published its findings from a survey of 1,347 of its users about yield farming, finding that 93% of respondents claim to have reaped a financial return of at least 500%. However around half of users are currently farming with less than $1,000, making high gas fees are a significant concern among the…

Leaked Data Outs Bitcoin Investment Company as Scam: Founders Deny the Allegations

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A South African group calling itself “Anonymous ZA” has published fresh information that seemingly supports long-standing allegations that Mirror Trading International (MTI), an ostensible bitcoin investment company, is running a multi-level marketing scam. The new information, which was reportedly obtained after a breach of MTI internal systems, shows that the investment company is “entirely structured around a tree/pyramid scheme.” According to a report, the leaked data suggests that MTI has a practice of distinguishing between “normal members and founder members.” Assessing the data, Anonymous ZA says it would appear that…

Bitcoin Dives To Key Support: Here’s Why BTC Could Extend Losses

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Bitcoin price failed to stay above the $10,750 support and declined sharply against the US Dollar. BTC is holding the $10,200 support, but there is a risk of more downsides. Bitcoin is down 5% and it broke the $10,750 and $10,550 support levels. The price is holding the $10,300 region, but it is well below the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $10,470 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but…

Chainlink (LINK) Just Formed a Pivotal Bullish Reversal Signal After 50% Drop

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Chainlink has undergone a strong rejection over the past few days, following in the footsteps of other cryptocurrencies. The coin trades down 13% in the past 24 hours, slipping below $9 for the first time in many weeks. Since the all-time highs set just weeks ago, LINK is down by over 50%, which is worse than the performances of most other altcoins. Chainlink may soon be primed for a bounce, though, as pivotal reversal signals have formed. It’s important to note that while LINK may have its own technical merits,…

3 reasons for the 46% correction from YFI, UNI, DEX tokens

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After outperforming Bitcoin (BTC) and Ether (ETH) strongly in August, Decentralized Finance (DeFi) tokens are now plummeting as many registered losses of up to 50%.  Cryptocurrency daily market performance snapshot. Source: Coin360 At the moment, the two coins garnering the most attention are Yearn.finance (YFI) and Uniswap (UNI) as both have dropped by 46% and 48% since reaching a monthly peak. YFI/USDT 4-hour chart. Source: TradingView.com Three catalysts appear to be behind the correction: Ether’s pullback, profit taking from BTC’s previous rally and a strong sell off amongst DeFi-tokens. Most…

Beware: Bitcoin Price Action Mimics Market Maker Model

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Bitcoin price just plunged once again from over $11,000 and is currently holding around $10,500. The support level could just be a quick pitstop before the selloff continues, according to the recent price action resembling the “market maker profile sell model.” If the cryptocurrency continues to follow the projected path this particular model predicts, Bitcoin could fall to new local lows, or worse. Bitcoin Market Maker Sell Model: Wyckoff Distribution By Another Name When an asset falls to attractive prices, it is accumulated by smart money investors who take a…

Iran Grants Bitcoin Miners Exclusive Access To Electricity From Three Power Plants

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Iran has granted bitcoin miners exclusive access to electricity generated from three power plants for their mining activities, according to state power utility Thermal Power Plant Holding Company (TPPH). Mohsen Tarztalab, managing director of TPPH, told a local news agency on Monday that the “necessary equipment has been installed in three power plants of Ramin, Neka and Shahid Montazeri.” The government firm, which is responsible for the development and operation of thermal-based electric power plants, will now proceed to issue out tenders for the three projects, whose “documents will be…