Day: November 8, 2020

Ethereum Gearing For Another Lift-Off to $465: Rally Isn’t Over Yet

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Ethereum started a strong increase above $400 and traded close to $465 against the US Dollar. ETH price is correcting gains, but it is likely to climb again towards $465. ETH price rallied above the $400 and $420 resistance levels against the US Dollar. The price traded as high as $465 and settled well above the 100 simple moving average (4-hours). There was a break above a crucial bearish trend line with resistance near $400 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to…

Bitcoin Starts Corrective Decrease, Why It Could Rally If It Clears $15.3K

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Bitcoin price traded to a new multi-month high near $15,970 before correcting lower against the US Dollar. BTC is holding the $14,500 support and it could start another rally. Bitcoin started a sharp downside correction after trading close to the $16,000 resistance. The price corrected lower below $15,000, but it is still well above the 100 simple moving average (4-hours). There is a major contracting triangle forming with resistance near $15,250 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could resume its rally once…

Hash Watch: Kraken Announces BCH Fork Plans, Bitcoin ABC Reveals Two-Pronged Effort

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A number of third party infrastructure providers have announced contingency plans for the upcoming Bitcoin Cash upgrade on November 15, 2020. Hitbtc has revealed the exchange’s plans to halt bitcoin cash transactions on that day, and it plans to credit all users with an additional token if a blockchain split happens. Additionally, Kraken has announced plans for the fork as well with airdrop support requirements. The Bitcoin Cash (BCH) network will upgrade on November 15, 2020, and the latest feature that will be added to the network is the ASERT…

DeFi “Blue Chips” Aave and Synthetix Surge 15% as Buying Floods In

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Earlier this week, the decentralized finance (DeFi) market was in a state of capitulation. Top coins pertaining to this space were plunging by dozens of percent over the span of a day or two, including “blue chip” names like Yearn.finance’s YFI, Synthetix Network Token (SNX), and many others. From their highs set in the summer to these lows, the average DeFi coin had dropped by approximately 75%. This drop came after an exponential rally that netted many early DeFi adopters millions, especially those that bought early in coins like SNX…

Funding for Chainlink Rocketed Following Latest Rally; Time for a Pullback?

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Chainlink’s price has been bearing witness to some immense volatility throughout the past few days and weeks, with buyers propelling it towards $14.00 yesterday while the entire DeFi sector saw some explosive momentum. However, the token is now facing some intense selling pressure, with the entire crypto market starting to turn lower as buyers struggle to maintain the momentum seen throughout the past couple of days. This market-wide downturn comes as Bitcoin breaks below $15,000, which has far-reaching implications for the aggregated market. ETH is also trending lower, losing its…

300 ETH sale caps wild week for Axie Infinity

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While a rally in the latter half of the week saw major names across the decentralized finance (DeFi) ecosystem climb upwards of 100%, Axie Infinity — the Pokemon-inspired NFT game — carried the banner for the NFT space, capping off a wild week of progress with a record-breaking 300 ether (roughly $130,000) sale.  The eye-poppingly expensive Axie — the NFT-backed critters used to play and battle in the Axie Infinity game — is named Angel, and is one of 19 “triple mystic” Axies currently in existence. Angel was sold on…