Cryptocurrencies Reviews - Page 4

The bulls failed to protect the 50-day SMA ($0.38), indicating a lack of demand at lower levels. XRP’s next support is at $0.36. The 20-day EMA ($0.39) has started to turn down and the RSI has slipped into the negative territory, indicating that bears have the edge. Even if the price rebounds off $0.36, the bears will try to sell on rallies to the 20-day EMA. If the price turns down from this level, it will increase the likelihood of a break below $0.36. The XRP/USDT pair could then plunge to $0.33. Alternatively, if the price turns up and rises above the 20-day EMA, the pair may remain stuck between $0.36 and $0.43 for a while longer.

Dogecoin is witnessing a tough battle between the bulls and the bears near the moving averages. A minor positive is that the bulls have not allowed the price to sustain below the 50-day SMA ($0.08). If buyers propel the price above the 20-day EMA, the DOGE/USDT pair could rise to the psychological resistance at $0.10. The bears are expected to protect the zone between $0.10 and $0.11 with vigor because if it is scaled, the pair could pick up momentum and skyrocket to $0.15. Conversely, if the price sustains below the 50-day SMA, the bears will attempt to sink the pair to the critical support at $0.07. This level is likely to attract aggressive buying by the bulls.

Buyers pushed BNB’s price above the $335.50 resistance on Feb. 5. But the long wick on the candlestick shows that bears are selling at higher levels. The price pulled back to the breakout level of $318 where the bulls are buying aggressively as seen from the long tail on the Feb. 6 candlestick. The bears will have to sink the price below the 20-day EMA ($312) to clear the path for a decline to the 50-day SMA ($281). Conversely, if the price turns up from the current level and breaks above $338, it will suggest that the bulls have flipped the $318 level into support. The BNB/USDT pair will then likely resume the rally and reach $360. This level should provide solid resistance but if the bulls clear it, the next big hurdle will be $400.

Bitcoin bounced off the $22,800 support on Feb. 1, indicating that bulls are buying the dip to this level. The bulls pushed the price above $24,000 on Feb. 2 but could not sustain the higher levels. The rising moving averages and the relative strength (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If the price rises from the current $22,800, the BTC/USDT pair could surge to $25,000. This level is likely to act as a formidable barrier. The first sign of weakness will be a break and close below the 20-day exponential moving average (EMA) ($22,279). That could trigger the stops of several short-term traders and the pair could fall to $21,480.

Buyers propelled Ether above the overhead resistance of $1,680 on Feb. 2, but they could not sustain the breakout. The price gave up all the gains on the day and closed below $1,680. The upsloping 20-day EMA ($1,571) and the RSI in the positive territory indicate that bulls are in control. They may again attempt to overcome the overhead barrier at $1,680 and start the journey to $2,000. The $1,800 level may provide some resistance, but it is likely to be crossed. Bears will have to sell aggressively and yank the price below the 20-day EMA if they want to gain the upper hand. If they can pull it off, the ETH/USDT pair may decline to $1,500 and if this support cracks, the pullback could eventually reach $1,352.

XRP once again turned down from the $0.42 resistance on Feb. 2, indicating that bears are trying to protect this level. The price is squeezed between the 20-day EMA ($0.40) and $0.42. This suggests a breakout may be around the corner. The gradually upsloping 20-day EMA and the RSI in the positive territory indicate that bulls have the upper hand. This increases the possibility of a break above $0.42. If that happens, the XRP/USDT pair could soar to $0.51. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the decline could extend to the 50-day SMA ($0.37).

Absent shill and bullish newsflow, DOGE and SHIB have struggled to keep up with the wider crypto market rally that occurred in January. The memecoin phenomenon didn’t prove as effective in the last month’s crypto market rally, as the gains of the top cryptocurrencies in this category barely outperformed Bitcoin. The monthly gain of Bitcoin stood at 44.5%, while the top two meme-based coins, Dogecoin and Shiba Inu, gained 27% and 40.7%, respectively.

Dogecoin is losing its popularity, as its most prominent supporter Elon Musk is reportedly developing an independent Twitter Coin instead of integrating his favorite cryptocurrency with the social media platform. For the greater part of 2022, DOGE/USD performed poorly except for when Elon Musk acquired Twitter. The acquisition raised hopes in the Dogecoin community about increased cryptocurrency usage. However, without any tangible announcements or reports from Twitter hinting at Dogecoin usage, the 100% price surge from October reversed in the following two months. The Google search volume for the token has also subsided since Q1 2022.

Like Dogecoin, the weakening memecoin narrative affected the buying strength of Shiba Inu. The second-largest memecoin has been working on enhancing the brand value of Shiba Inu by forming partnerships with clothing brands like Bugatti Group and English designer John Richmond. The Google Trend score of Shiba Inu shows a similar depressing pattern since early 2022 as Dogecoin, with no spikes in search volume since the crypto bull mania of 2021 subsided in Q1 2022. Like Dogecoin, the Shiba community also has an independent blockchain, Shibarium, which is owned by the Shiba community. However, the blockchain’s gas-paying token is BONE instead of SHIB, which brings no real value to the token holders of SHIB. The total balance of SHIB on crypto exchanges jumped earlier in January, which is a negative sign, exposing the token to more sell-offs. On the contrary, the smart money wallets identified by Nansen increased their holdings slightly on Jan. 25, which may add some strength to the recent rally.

The bears are not allowing Dogecoin to sustain above $0.09 and the bulls are not letting it dip below the 20-day EMA ($0.08). If the price turns up from the current level, the bulls will again try to force the DOGE/USDT pair above $0.09. If they can pull it off, the pair could soar to $0.11, where the bears may again mount a strong defense. Conversely, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA ($0.08). This level could act as a minor support but if bears sink the price below it, the pair could collapse to the critical support near $0.07.

Bitcoin and altcoins started the week in the red, but if this week’s Federal Reserve meeting aligns with investors’ general expectations, the wider crypto market could quickly rebound. Traders tend to lighten up positions before important events because they hate uncertainty. The United States Federal Reserve’s next policy decision is on Feb. 1, when the central bank is expected to hike rates by 25 basis points. Market observers will keenly watch for any hints about how high the rates could go. That could be one of the reasons for the profit-booking in Bitcoin. Bitcoin’s sharp recovery in January could also be signaling the start of a new bull market, according to certain on-chain metrics. The Profit and Loss Index from on-chain analytics platform CryptoQuant has given its first buy signal since 2019. Blockware Solutions head analyst Joe Burnett believes that Bitcoin will not break above its all-time high of $69,000 until the next Bitcoin halving, which is scheduled to occur in March 2024. Burnett anticipates Bitcoin’s next bull market top will be between $150,000 to $350,000, which is a massive increase from the current levels.

Ether once again reached near the overhead resistance at $1,680 but the bulls could not overcome this obstacle. That means the price remains stuck between the 20-day EMA ($1,540) and $1,680. If the price rebounds off the 20-day EMA, it will suggest strong buying on dips. The bulls will then again try to thrust the price above $1,680. If they succeed, the ETH/USDT pair could rally toward $2,000 with a brief stop near $1,800. Contrary to this assumption, if the price turns down and tumbles below the 20-day EMA, it could attract profit-booking by the short-term bulls. The pair could then decline to the 50-day SMA ($1,365), which may act as a strong support.

BNB touched the strong resistance of $318 on Jan. 29 but the bulls could not overcome this barrier. This indicates that bears are fiercely defending the level. The immediate support on the downside is the 20-day EMA ($298). Although the upsloping 20-day EMA suggests advantage to buyers, the negative divergence on the RSI indicates that the positive momentum could be weakening. The selling could accelerate on a break below the 20-day EMA and the BNB/USDT pair could slide to $280. Contrarily, if the price turns up from the 20-day EMA, the bulls will again attempt to drive the pair above $318. If they manage to do that, the pair could soar to $360.

XRP’s price is getting squeezed between the 20-day EMA ($0.40) and the overhead resistance at $0.42. Usually, a tight consolidation near the overhead resistance gives an edge to the buyers but when the bulls fail to surpass the hurdle even after repeated attempts, some traders may book profits. That could start a deeper correction and in this case, a break below the 20-day EMA could open the doors for a drop to the 50-day SMA ($0.37). If bulls want to maintain their dominance, they will have to quickly kick the XRP/USDT pair above the $0.42 to $0.44 resistance zone. That could start a rally to $0.51.

Two years ago, the Polygon team estimated that developing zk-Rollups with EVM compatibility would take up to ten years. Given the strides made, the team describes zkEVM as the end game, combining advances with layer-2 scalability and fast finality. This offers a myriad of benefits to users when adding greater throughput and lower fees. Cointelegraph also queried the difference between Polygon zkEVM and fellow Ethereum layer-2 scaling network StarkNet’s proprietary ZK-SNARK and ZK-STARK technology. As previously reported, Zero-Knowledge Scalable Transparent Argument of Knowledge, or zk-SNARKS, primarily increases scalability by batching thousands of transactions with a single proof to confirm validity on-chain. Schwartz said the main difference between the projects is that zkEVM focuses on natively scaling the Ethereum ecosystem instead of other zk-Rollups just scaling transactions and enhancing performance in a different VM format. Polygon’s approach purports to meet the classification of a type 2 zkEVM described by Ethereum co-founder Vitalik Buterin in August 2022. As per Buterin’s summary, type 2 zkEVMs aim to be fully compatible with existing applications, but make minor modifications to Ethereum for easier development and faster proof generation.

Bitcoin shot up to $21,258 on Jan. 13 and that propelled the relative strength index (RSI) above 89, signaling that the rally was overheated in the short term. The bears are expected to mount a strong defense at $21,500. Sometimes, when a trend change happens, the RSI may remain in the overbought territory for a long time. If the BTC/USDT pair does not give up much ground from the current level, it will suggest that traders are in no hurry to book profits as they anticipate another leg higher. If buyers kick the price above $21,500, the pair could climb to $22,800. This level may again act as a major roadblock. On the way down, the bears will have to drag the price below the psychological level of $20,000 to make a dent in the bullish momentum. The pair could then slump to the breakout level of $18,388.

Polygon takes zero-knowledge rollups to the final testnet to gauge the performance of its zkEVM ahead of eventual mainnet integration. MATIC is carrying out performance testing of zero-knowledge rollup (zk-Rollups) technology ahead of full integration with its mainnet. The development of the technology, called Polygon zkEVM (Ethereum Virtual Machine), has been ongoing for over three years by the Polygon Hermez team. The team has already confirmed that zero-knowledge proofs are possible on Ethereum by generating over 12,000 zk-Proofs in a primary version of the zkEVM testnet. David Schwartz, project lead of Polygon zkEVM and PolygonID, unpacked the development of the functionality in correspondence with Cointelegraph. Layer-2 platforms have continued to evolve and improve functionality which has played a key role in driving Ethereum’s scalability.

Litecoin broke above the overhead resistance at $85 on Jan. 12, indicating the start of a new uptrend. There is no major hurdle until the price reaches $107. On the downside, the bulls will try to fiercely defend the zone between $85 and the 20-day EMA ($79). If the price springs back from this zone, the LTC/USDT pair could continue its uptrend and reach $107. The upsloping moving averages signal advantage to bulls but the RSI above 77 suggests that a minor pullback or consolidation is likely. If bears want to gain the upper hand, they will have to pull the price below the breakout level of $75. That could make way for a collapse to $61.

Dogecoin’s rebound off the important support at $0.07 fizzled out at the 20-day EMA of $0.07 on Jan. 5. This suggests that bears are selling on every relief rally. The price has dropped back to the $0.07 support where buyers are mounting a strong defense because if the level breaks down, the DOGE/USDT pair could tumble to $0.06 and thereafter to the vital support near $0.05. The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand. If bulls want to salvage the situation, they will have to propel the price above the resistance zone between the 20-day EMA and $0.08. That could start a sustained recovery toward $0.11.

Ether has been range-bound between $1,150 and $1,352 for the past few days. The price action inside the range could be random and volatile. The moving averages have flattened out but the RSI is in the positive territory, indicating that bulls have a slight edge. If the price turns up and breaks above $1,272, the ETH/USDT pair could rally to the overhead resistance at $1,352. Another possibility is that the price turns down and dives back below the moving averages. In that case, the pair could decline to the immediate support at $1,150. This level could witness a tough battle between the bulls and the bears.