EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/05/20
EOS rose by just 0.01% on Tuesday. Following a 2.48% fall on Monday, EOS ended the day at $2.7694.
A bullish start to the day saw EOS rise to a mid-morning intraday high $2.8283 before hitting reverse.
Falling short of the first major resistance level at $2.8681, EOS slid to a late morning intraday low $2.7049.
Steering clear of the first major support level at $2.6489, EOS moved back through to $2.76 levels to end the day flat.
At the time of writing, EOS was down by 0.85% to $2.7458. A bearish start to the day saw EOS fall from an early morning high $2.7714 to a low $2.7340.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.77 levels to bring the first major resistance level at $2.8302 into play.
Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.8283.
Barring a broad-based crypto rebound, the first major resistance level at $2.8302 would likely limit any upside.
Failure to move through to $2.77 levels would see EOS struggle throughout the day.
A fall through the morning low $2.7340 would bring the first major support level at $2.7068 into play.
Barring an extended crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6441.
Major Support Level: $2.7068
Major Resistance Level: $2.8302
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 0.77% on Tuesday. Following on from a 1.61% decline on Monday, Ethereum ended the day at $205.43.
A mixed start to the day saw Ethereum rise to a mid-morning intraday high $212.17 before hitting reverse.
Falling short of the first major resistance level at $213.49, Ethereum fell to a late morning intraday low $201.33.
Avoiding the first major support level at $197.70, Ethereum moved back through to $205 levels to limit the loss.
At the time of writing, Ethereum was down by 0.71% to $203.97. A bearish start to the day saw Ethereum fall from an early morning high $205.92 to a low $202.12.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $206 levels to bring the first major resistance level at $211.29 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $210 levels.
Barring a broad-based crypto rebound, resistance at $210 would likely leave Ethereum short of the first major resistance level.
Failure to move through to $206 levels could see Ethereum fall deeper into the red.
A fall back through the morning low $202.12 would bring the first major support level at $200.45 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $195.47.
Major Support Level: $200.45
Major Resistance Level: $211.29
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP fell by 0.55% on Tuesday. Following on from a 0.64% decline on Monday, Ripple’s XRP ended the day at $0.21686.
Tracking the broader market, Ripple’s XRP rose to a mid-morning intraday high $0.22234 before taking a hit.
Falling short of the first major resistance level at $0.2234, Ripple’s XRP fell to a late morning intraday low $0.21298.
Steering clear of the first major support level at $0.2098, Ripple’s XRP recovered to $0.2177 levels before easing back.
At the time of writing, Ripple’s XRP was down by 0.09% to $0.21666. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.21722 to a low $0.21469.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through to $0.2175 levels to support a run at the first major resistance level at $0.2218.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.22 levels.
Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.
Failure to move through to $0.2175 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low $0.21469 would bring the first major support level at $0.2124 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2080.
Major Support Level: $0.2124
Major Resistance Level: $0.2218
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
This article was originally posted on FX Empire
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Ethereum: Gas-free transactions and new scaling solution launched
- Biconomy has launched a beta version of free transactions on the Ethereum blockchain.
- Synthetix, the second largest DeFi protocol, has introduced a new scaling solution in cooperation with Optimism, which should make the network significantly faster and more secure.
Biconomy is a ReLayer infrastructure network and transaction platform designed to enable developers to easily create decentralized applications (dApps) on the Ethereum blockchain to drive the adoption of dApps in the Ethereum ecosystem.
In a development update, Biconomy says that the MVP (Minimum Viable Product) launched last year on the Ethereum test networks Ropsen and Matic as well as the Alpha version, which was launched in the fourth quarter, have met with great demand. The blockchain-independent developer solution enables the creation of dApps with a simple login via user name and password.
The design is such that it is not necessary to deal with the technical interaction of smart contracts, gas prices, monitoring of the entire system or complex implementation. This should enable companies and developers with less experience in the technical area to create dApps and blockchain applications for their own processes.
After months of hard work & preparation, we are finally excited to launch our Beta mainnet today.
We will be announcing our 10 Launch Partners that will be integrating Biconomy every hour from this tweet!
There will be cool demos too, so stay tuned for this thread 🧵 pic.twitter.com/WE5gSTwxZx
— Biconomy (@biconomy) May 4, 2020
The release of the beta mainnet brings a whole range of versatile improvements in design and security updates to ensure a smooth and above all secure application and creation of dApps. However, the biggest innovation is the integration of meta-transactions within the platform, which can be processed without transaction fees, the gas.
Meanwhile, Biconomy has already announced ten partners who will use the protocol, confirming the demand described above. Initial customers include the Matic Network, Torus, Daostack, Sapien Network, Dapp Pocket, Zegi, Alethea.ai, Frontier Wallet, Fortmatic and Idle Finance.
Synthetix, the second largest DeFi protocol, in collaboration with the Ethereum research team Optimism, has introduced a scaling solution that is designed to give DeFi platforms a speed comparable to centralized systems. According to the first recent test results, a significant 37.5 times reduction in latency for Oracle applications and a 75 times faster transaction time were achieved while reducing gas charges. The demo implementation of Synthetix Exchange was started on the Optimistic Virtual Machine (OVM), a second layer scaling solution.
The Optimism team had already presented a demo together with Uniswap at the last DevCon V in October 2019, where a customer-specific OVM was used and tested. The new demo shows an alpha version of the OVM, but no longer requires custom code. Optimism plans to officially launch the new scaling solution by the end of the year.
Furthermore, Synthetix will run a competition in the next 2 weeks in which more than 15,000 SNX (tokens of the Synthetix trading platform) can be won and the new scaling solution can be tested in practice. The contest started yesterday and will run until May 19, 2020. Further information can be found here.
Author: Collin Brown
Bitcoin (BTC) Space Program – Blockstream Enters Phase Two
The Canadian company Blockstream has just launched a new version of its satellite network for Bitcoin (BTC) as well as satellite kits for individuals.
The Blockstream Satellite system broadcasts the Bitcoin blockchain to the entire planet all day, every day for free, reducing Bitcoin’s dependency on internet access. By upgrading the Blockstream satellite network which carries the Bitcoin blockchain, the data is now 25x quicker and additional coverage areas, so everyone in the world now has an opportunity to utilize Bitcoin and sync an entire node without having to connect to the internet.
Blockstream Satellite ground stations known as “teleports”, participate in the Bitcoin network and transmit blocks to geosynchronous satellites. Blockstream, has 6 geostationary active satellites that are used to broadcast Bitcoin, with locations in North America, South America, Africa, Europe, Asia/Pacific.
The Geosynchronous satellites, receive the signal from the “teleports” ground units and broadcast it across the globe. Anyone in the coverage area with a USB receiver or small satellite antenna, can receive these blocks & keep their nod always in sync. This way, the whole Blockstream Satellite system shapes a ring around the planet to guarantee that the BTC network has full redundancy.
The report said:
“Instead of requiring users to connect their Bitcoin full node to the internet for the initial sync—as was the case with 1.0—Blockstream Satellite 2.0 now enables full history synchronization! Blockstream Satellite users can hook up a Bitcoin full node and fully download the entirety of the Bitcoin blockchain, from the original 2009 genesis block right up to today’s latest transactions…absolutely no internet required!”
This development follows the launch of the 1.0 network in August 2017, as well as the update that extended network coverage to the Asia-Pacific region (in addition to South America, the Europe and Africa), and the launch of the beta API of the Blockstream satellite (Lightning-powered message API). The 1.0 network will be deactivated on June 1, leaving the hardware still compatible with the 2.0 network, but requiring a software update and the switch to the new 2.0 service.
Author: Adrian S. Mathieu