The critical level in Bitcoin is $ 9070: possibilities in Ethereum, Litecoin and Ripple
BTCUSD, which tested the 9500 level with the positive weather in the financial markets last week, started the new week with a slight decline. Bitcoin, which is generally in the negative pricing of COVID-19, continues its withdrawal movement more limited than altcoins, especially with the effect of the upcoming halving. Especially the increase of Bitcoin hashrate shows that too many Bitcoin miners are willing to produce in the recent period.
Bitcoin, which continued its negative pricing as of the beginning of the week, started this morning with approximately 5% premium, but gave some of its earnings again towards the end of the day. We must follow the 9070 resistance level immediately. With this level exceeded, we can see pricing in the 9500-10500 band range again. However, staying below 9070 can trigger retreats again. We anticipate that the withdrawal movement may be possible up to the level of 8100.
Ethereum: ETH / USD
Even though we are entering a week with positive news for Ethereum, we see a sales weight table in all altcoins, primarily Ethereum, due to the fact that investors prefer Bitcoin. As of this morning, ETHUSD, which has been premiums around 5%, regained all this gain and turned into approximately 1% depreciation towards the end of the day. For cryptocurrencies that cannot exceed 215 resistance levels, 191 support is critical. The range 215-191 also corresponds to the lower and upper channels of the rising band. Based on this, we can say that the cryptocurrency will go out of the channel with the breaking of these levels. It is worth noting that for possible withdrawals towards the 191 level, there may be purchases from this level.
Litecoin: LTC / USD
LTCUSD, another cryptocurrency that started the week with decreases, continues the week with more depreciation than other Bitcoins. Testing the channel subband, LTCUSD can move back to the 50 level with purchases from this level. If it breaks the duct subband, it is possible to test 43.90 support. This level of support is critical for the continuation of downward mobility. With daily closures below this level, a retreat to level 39 may occur. In this context, being permanent on the channel subband will be a serious supporter of the upward trend.
Ripple: XRP / USD
Continuing its withdrawal movement after testing 0.23 resistance, which is a very critical level, XRPUSD continues to test the 0.217 support level we have mentioned in our bulletins. With possible purchases from this region, movements towards 0.23 resistance can be seen again. This level needs to be followed immediately. With the downward break of this level, we can see pricing towards the lower band of the bullish channel in the cryptocurrency. With the lower band not breaking and voluminous purchases from this level come, we can see the continuation of the upward trend. However, there may be serious sales with the lower band breaking and the 0.197 support breaking. As a result, 0.173 support can be tested.
Author: Daniel Kucherhttps://somagnews.com
- Biconomy brings gasless transactions to Ethereum
- Ethereum scaling and gas-free transactions arrive before ETH 2.0
- Ethereum Scaling And Gas-Free Transactions Are Here, ETH 2.0 Nears
- Top 3 Coins Price Prediction Bitcoin, Ethereum and Ripple: ETH/USD has clear path till $230, while XRP/USD shows a lack of healthy support levels
Biconomy brings gasless transactions to Ethereum
Gas free transactions are coming to DeFi.
Biconomy launched their beta mainnet on Monday, providing tools for dapp developers to allow users to access and use their applications without interacting with crypto wallets or paying gas fees to perform transactions.
In other words, the service aims to eliminate much of the technical knowledge currently needed to interact with dapps, making it far easier for developers to onboard new users in their products.
Dapps with Biconomy integration will allow users to log in using a familiar username and password interface. Behind the scenes, Biconomy relayers collect transactions, buy necessary tokens, and can spend gas provided by developers on small transactions.
Many dapps, especially within decentralized finance (DeFi), require these types of transactions to enable token trading or to send messages. Biconomy allows developers to cover these costs and treat these small fees as customer acquisition costs, reducing friction and enabling faster user growth.
Developers can integrate Biconomy into their applications with just a few lines of code. They can also access a dashboard for managing gas consumption and user onboarding statistics.
“Much like Web 2’s success was reliant on open, reliable APIs like those of Stripe and Google Maps, Web 3.0 needs bridges that make it easier for developers to build without re-inventing the wheel every time,” Biconomy CEO Ahmed Al-Balaghi told Decrypt. “We are positioning ourselves as the de facto middleware platform that will help developers build on Web 3.0.”
While Biconomy will be most useful for Ethereum developers in the near term, the protocol is blockchain agnostic and can work with other dapp platforms like TRON and EOS. The platform will also include a key recovery protocol, adding another layer of familiarity and security for users not accustomed to the sometimes harsh realities of controlling private keys.
Biconomy’s beta mainnet launches with the support of a variety of launch partners, including social blogging platform Sapien Network and Y Combinator backed neo bank Zefi. The idea is for partners to leverage Biconomy to provide a frictionless onboarding and user experience, with the goal of accelerating the adoption of distributed applications and the broader decentralized Web3 ecosystem.
Author: Decrypt / Alexander Behrens
Ethereum scaling and gas-free transactions arrive before ETH 2.0
The highly-anticipated revamp of the Ethereum network is set to go live in the next few months. However, the network has already introduced new scaling solutions and gas-free transactions. A report unveiled this news on May 6, as the Ethereum continues gaining more popularity. Per the publication, the number of active ETH wallets has more than doubled since January this year to reach half a million.
Reportedly, the developers of Synthetix, the second-largest DeFi protocol joined hands with Optimism, the research team behind Ethereum 2.0 to launch a demo of the Synthetix Exchange on the Optimistic Virtual Machine (OVM). Optimism’s OVM is a layer-2 scaling solution created to let DeFi platforms run at speeds comparable to centralized systems.
Commenting on the launch of the Synthetix Exchange demo, Synthetix noted,
“During this demo, Synthetix and Optimism will be running a trading competition on l2.synthetix.exchange, with 50,000 SNX in prizes. This competition will encourage traders to experience the OVM, which enables decentralised financial platforms to operate at speeds usually associated with centralised systems. L2 scaling is critical to Synthetix.Exchange as it continues to launch an unsurpassed trading experience on Ethereum.”
The use of scaling solutions has allegedly introduced significant benefits in performance. For instance, there has been a reduction of 37.5 times in oracle update latency, a drop of 75 times in transaction delay, and contractions in gas prices for oracle and exchange-related transactions.
Kain Warwick, the founder of Optimism predicted that Ethereum would successfully scale its network earlier this year. While the crypto community is anticipating the launch of ETH 2.o, Warwick noted that the current version still has a lot of potential.
In an interview, Warwick said,
“Even if ETH 2.0 was to not happen, there’s still a lot of upside in ETH 1.”
According to him, adding Optimism’s scaling solution to ETH 1 makes a couple of thousand transactions per second achievable. As such, he believes that there is a lot of potential for ETH to scale up significantly without moving to Proof of Stake (Pos).
This news comes after Biconomy rolled out the beta mainnet for its relayer infrastructure. The platform is designed to enable gas-free transactions with dApp protocols. As such, it removes technical barriers to mass adoption, simplifying the process of onboarding and managing users for dApp developers. While this launch is opportune for Ethereum developers now, it is blockchain agnostic.
dApps that incorporate Biconomy will be able to access applications through a familiar username and password interface. In so doing, they will circumvent the need for technical interaction with smart contracts or gas fees.
While announcing this launch, Biconomy also unveiled that it had already partnered with 10 leading crypto developers. These include Matic Network, Torus, Daostack, Sapien Network, Dapp Pocket, Zefi, Alathea, Frontier Wallet, Fortmatic, and Idle Finance.
Do you think gas-free transactions will affect how Ethereum smart contracts work? Share your thoughts in the comments section below.
Ethereum Scaling And Gas-Free Transactions Are Here, ETH 2.0 Nears
If there is one event in the crypto news which is being talked about more than the Bitcoin halving which will occur in more than a week from now, it is the Ethereum 2.0 revamp. This will give birth to new Ethereum scaling and gas-free transactions, and the highly anticipated development is expected to begin rolling out in a matter of months.
However, we can see that the ETH scaling and gas-free transactions already arrived on the market. The network is also growing more popular and the number of active wallets has more than doubled since January, to around half a million.
The developers who are behind the second largest DeFi protocol, Synthetix, have recently partnered with the Ethereum layer-2 research team Optimism in order to launch a demo deployment of Synthetix Exchange on the Optimistic Virtual Machine (OVM).
The OVM from Optimism is a layer-2 scaling solution designed to allow DeFi financial platforms to operate with comparable speeds to centralized systems. The use of scaling technology has reportedly seen significant gains in performance. This includes a reduction in oracle update latency of 37.5 times, a drop in transaction delay of 75 times as well as significant contractions in gas prices for oracle and exchanges related transactions.
The founder of Optimism, Kain Warwick, spoke in the Ethereum news and said that the existing ETH network still had a lot of life left in it. He said:
“Even if ETH 2.0 was to not happen, there’s still a lot of upside in ETH 1. There’s the potential for ETH to scale up significantly without moving to Proof of Stake.”
Two days ago (May 4), Biconomy launched the beta mainnet for their relayer infrastructure. The platform is designed to facilitate gas-free interactions with DApp protocols and remove technical barriers to greater adoption. It will also make it easier for DApp developers to onboard and manage new users.
The Ethereum scaling and gas-free transactions are a new addition which is already seeing big potential. Even 10 top crypto developers partnered with Biconomy and as they said in a blog post, their research points to gas optimization, relayer development and clunky user experiences as the main pain points that are stifling innovation.
Meanwhile, the creation of unique ETH addresses also jumped lately, with the current number of daily new wallets being between 50,000 and 100,000 during the early months of 2020 and being over 100,000 throughout March.
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Author: Published 7 hours agoon May 6, 2020By Stefan
Top 3 Coins Price Prediction Bitcoin, Ethereum and Ripple: ETH/USD has clear path till $230, while XRP/USD shows a lack of healthy support levels
BTC/USD bulls face two strong resistance levels at $9,050 and $9,520. The former has the 15-min SMA 5, one-hour SMA 5, 15-min SMA 10, 15-min Previous High, one-hour Previous High, 15-min Bollinger Band middle curve, one-day Fibonacci 38.2% and one-week Fibonacci 23.6% retracement levels. The $9,520 level has the Previous week and Previous month highs.
On the downside, healthy support lies at $8,775, which has the one-week Fibonacci 38.2% and one-month Fibonacci 23.6% retracement levels.
ETH/USD has no strong resistance levels on the upside, giving the buyers full license to go all the way up to $230. On the downside, healthy support lies at $191, which has the daily Pivot Point one support three, Previous Week low, one-month Fibonacci 38.2% retracement level and one-day SMA 100.