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Altcoins Are On A Steady Rise, Forcing A Range-Bound Move

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Altcoins Are On A Steady Rise, Forcing A Range-Bound Move

Dec 24, 2022 at 09:46 // Price

Cryptocurrencies have been on a steady decline this week. XDC, TON, and PAXG are currently trading in uptrend zones.


However, their upside moves are being slowed down by respective overhead resistance. Altcoins that are in uptrend zones could go higher. HNT and LEO, on the other hand, are likely to fall further. Let us take a closer look at each of these cryptocurrencies that have performed the best.


Helium


The price of Helium (HNT) is falling, hitting a low of $1.57 on December 20. The cryptocurrency value has fallen significantly since it returned to its historical price level in January 2021. The altcoin is trading near the bottom of the chart and in an oversold market. Today, HNT rallied after breaking the 21-day line SMA. The upward momentum failed to break the 50-day simple moving average (SMA). As a result, HNT will be forced to trade in a range between the moving average lines for a few days. Helium is in a downtrend and is trading below the daily Stochastic level of 80. HNT, the best performing cryptocurrency this week, has the following characteristics.


HNTUSD(Daily Chart) -December 22.22.jpg


Current price: $2.13


Market capitalization: $475,308,449


Trading volume: $25,829,294 


7-day gain/loss: 9.95%


XDC Network 


XDC Network (XDC) price is rising after crossing the moving average lines. The uptrend was short-lived as the cryptocurrency returned to an overbought region of the market. The cryptocurrency reached a high of $0.028 before being pushed back. Sellers have emerged and are driving prices lower. If the price goes back above the moving average lines, the uptrend could resume.


 For the period 14, XDC is at a Relative Strength Index of 63. After the retracement, the altcoin is back in the uptrend zone. There is a possibility that it will continue to rise. It shows that the altcoin has the following characteristics and has the second best performance among cryptocurrencies:


XDCUSD( Daily Chart) - December 22.22.jpg


Current Price: $0.02698


Market capitalization: $1,016,528,327


Trading volume: $3,079,310 


7-day gain/loss: 9.06%


Toncoin


Toncoin (TON) was in an uptrend, rising to a high of $2.91 before falling back below $2.60. Since December 14, the uptrend has been contained below the $2.60 resistance level. The cryptocurrency is trading above the moving average lines but below the $2.60 resistance level. Once the resistance is broken, the uptrend will resume. A bearish candlestick tested the 50% Fibonacci retracement level of the uptrend from December 14. According to the retracement, TON will rise to the 2.0 Fibonacci extension level or $3.03. For the period 14, the altcoin is at a Relative Strength Index of 63. It has the potential to rise even further. Toncoin is the third best performing cryptocurrency and has the following characteristics: 


TONUSD(Daily Chart) -December 22.22.jpg


Current Price: $2.50 


Marktkapitalisierung: $12.481.128.765 


Trading volume: $47,286,489 


7-day gain/loss: 6.64%


PAX Gold


PAX Gold (PAXG) has risen in value, reaching a high of $1,818. The current uptrend of the market has reached the overbought zone. PAXG’s recent high could be rejected. At the November 11 uptrend, a candlestick tested the 50% Fibonacci retracement level. According to the retracement, PAX GOLD will rise to the Fibonacci extension level of 2.0 or $1,870.43. Meanwhile, the cryptocurrency is trading above the daily stochastic level of 80. The altcoin has reached the overbought zone of the market. The current uptrend will most likely end when sellers appear in the oversold region. It is the fourth best performing cryptocurrency this week. It has the following characteristics: 


PAXGUSD(Daily Chart) - December 22.22.jpg


Current price: $1,818.57


Market capitalization: $493,125,800


Trading volume: $8,138,819 


7-day gain/loss: 1.96%


UNUS SED LEO


The price of UNUS SED LEO (LEO) fell after being rejected at the upper resistance of $6.00. LEO has been declining since June 27 after buyers failed to keep the price above the moving average lines. On the weekly chart, a declining candlestick tested the 78.6% Fibonacci retracement level on October 10. The retracement suggests that LEO will fall, only to reverse at the 1.272 Fibonacci extension level, or $3.57. The market has reached a low of $3.74 based on the price action. LEO is at level 38 of the Relative Strength Index for period 14. The altcoin is approaching the oversold zone of the market. LEO is the fifth best performing cryptocurrency. It has the following characteristics: 


LEOUSD(Weekly Chart) - December 22.22.jpg


Current Price: $3.74 


Market Capitalization: $3,680,951,630 


Trading Volume: $2,234,883


7–day Gain/Loss: 1.16% 


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing. 


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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.

To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.

INTRODUCING CRYPTEGRITY DAO

Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security. 

Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.

25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.

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In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.  

About $ESCROW Token

The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.

ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.

The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.

ABOUT HOTBIT

Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.

Start Trading Now: Hotbit.io

Telegram: https://t.me/Hotbit_English 

Twitter: https://twitter.com/Hotbit_news


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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.

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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.


“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”


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Australian Government Flagged FTX Concerns Eight Months Before Downfall

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Australian Government Flagged FTX Concerns Eight Months Before Downfall

A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.

An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.

In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.

Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months

In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.

The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.

The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.

FTX Licensing Strategy

It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.

Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.


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