EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/06/20

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/06/20

EOS rose by 0.88% on Thursday. Following on from a by 0.67% gain on Wednesday, EOS ended the day at $2.7223.

A bullish start to the day saw EOS rise to an early morning intraday high $2.7476 before hitting reverse.

EOS broke through the first major resistance level at $2.7223 before sliding to a late morning intraday low $2.6651.

Steering clear of the first major support level at $2.6480, EOS broke back through the first major resistance level.

A visit to an afternoon high $2.7463 was brief, however, with EOS falling back to sub-$2.70 levels.

Late support delivered the upside on the day, however. EOS broke back through the first major resistance level before wrapping up the day at $2.7223.

At the time of writing, EOS was down by 0.17% to $2.7177. A bearish start to the day saw EOS fall from an early morning high $2.7238 to a low $2.7159.

EOS left the major support and resistance levels untested early on.

EOS would need to avoid sub-$2.71 levels to take a run at the first major resistance level at $2.7582 into play.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.7476.

Barring another extended crypto rally, the first major resistance level at $2.7582 would likely cap any upside.

Failure to avoid sub-$2.71 levels could see EOS fall deeper into the red.

A fall through the $2.71 pivot would bring the first major support level at $2.6757 into play.

Barring another crypto meltdown, however, EOS should steer clear of sub-$2.65 support levels. The second major support level sits at $2.6292.

Major Support Level: $2.6757

Major Resistance Level: $2.7582

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum fell by 0.58% on Thursday. Partially reversing a 2.90% gain from Wednesday, Ethereum ended the day at $243.18.

A bullish start to the day saw Ethereum rise to an early morning intraday high $246.73 before hitting reverse.

Falling short of the first major resistance level at $248.90, Ethereum fell to a late morning intraday low $236.17.

The reversal saw Ethereum fall through the first major support level at $236.79 before revisiting $246 levels.

Ethereum once more fell back to sub-$240 levels before finding late support to wrap up the day at $243 levels.

At the time of writing, Ethereum was down by 0.39% to $242.23. A mixed start to the day saw Ethereum rise to an early morning high $243.45 before falling to a low $241.72.

Ethereum left the major support and resistance levels untested early on.

Ethereum would need to avoid sub-$242 levels to support a run at the first major resistance level at $247.88.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $246.73.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high should cap any upside.

Failure to avoid sub-$242 levels could see Ethereum see another day in the red.

A fall back through the morning low $241.72 would bring the first major support level at $237.32 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.

The second major support level at $231.47 should limit any downside on the day.

Major Support Level: $237.32

Major Resistance Level: $247.88

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP ended the day flat on Thursday. Following a 0.59% gain on Wednesday, Ripple’s XRP ended the day at $0.2042.

It was a mixed start to the day. Ripple’s XRP rallied to an early morning intraday high $0.20736 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2058 before sliding to a late morning intraday low $0.19938.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2016 to sub-$0.20 before finding support.

An early afternoon rally saw Ripple’s XRP break back through the first major resistance level before easing back into the red.

Finding late support, however, Ripple’s XRP moved back through to $0.2050 levels before ending the day flat. The second major resistance level at $0.2074 had capped the upside in the early part of the day.

At the time of writing, Ripple’s XRP was down by 0.14% to $0.20392. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.2045 before falling to a low $0.20349.

Ripple’s XRP left the major support and resistance levels untested early on.

Ripple’s XRP will need to move back through to $0.2040 levels to support a run at the first major resistance level at $0.2079.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.20736.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high would likely cap any upside on the day.

Failure to move through to $0.2040 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.20349 would bring the first major support level at $0.1999 into play.

Barring another crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1957.

Major Support Level: $0.1999

Major Resistance Level: $0.2079

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.

Thanks, Bob

This article was originally posted on FX Empire

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Source: finance.yahoo.com

Author: Bob Mason


Ethereum (ETH/USD) forecast and analysis on June 6, 2020

Ethereum (ETH/USD) forecast and analysis on June 6, 2 020

Cryptocurrency Ethereum (ETH/USD) is trading at 242. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

As part of the Ethereum forecast, a test of level 233 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 268. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at the level of 232.

Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​225. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on June 6, 2020 implies a test level of 233. Further, growth is expected to continue to the area above level 268. The conservative buying area is located near area 232. The breakdown of the cryptocurrency growth option will be the breakdown of the level 225 level. In this case, we should expect continued decline.

News Source

Source: elevenews.com

Author: Published 8 hours ago


Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish

Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish

Another week, another round of Crypto Tidbits.

The past seven days have been volatile days for Bitcoin and other cryptocurrencies. The cryptocurrency on June 1st rallied past $10,000 for the first time in many weeks, reaching as high as $10,400.

It was an explosive move that had many expecting more upside. One Wall Street analyst went as far as to say that the breakout past $10,000 was the biggest in BTC’s storied history.

But just as fast as Bitcoin rallied, the asset tanked. Just 24 hours after the asset moved into the five digits, it plunged by $1,600 in three minutes on BitMEX, falling as low as $8,600 as longs were squeezed out of their positions.

Bitcoin price chart from TradingView.com

Due to the two explosive moves — one to the upside and one to the downside — over $200 million worth of derivatives on BitMEX alone were liquidated.

Analysts are currently divided as to what to make of this crypto market price action.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

One prominent technical analyst, John Bollinger, creator of the “Bollinger Bands” indicator, is bearish. He recently wrote that investors in BTC should be cautious at current prices:

“The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.”

Others have been more optimistic. Mike McGlone of Bloomberg’s commodities analysis desk released a report this week on the crypto market.

In it, the strategist said that something will need to go “really wrong” for Bitcoin not to rally. McGlone cited a confluence of fundamental factors, like the money printing by central banks, the adoption of futures, the growth of Grayscale Investments, and the block reward halving.

  • Crypto Use Case Swells as Trump Goes After Twitter: There’s been a controversy brewing between President Trump and social media platforms like Facebook and Twitter over the past week. Twitter flagged an election-related tweet from the American leader as something that needed to be “fact-checked.” According to Su Zhu of Three Arrows Capital, the ongoing battle between the Administration and these social media companies will help crypto’s “web 3.0” use case:
  • “With the recent politicization of facebook, google, and other bigtech social media giants, the web3 thesis for crypto has never been as underrated as it is now.”

  • Grayscale’s Clients Are Accumulating Bitcoin at a Rapid Pace: According to technology data analyst Kevin Rooke, Grayscale Investments has seen an influx of Bitcoin investment activity over the past few weeks. Rooke found that the crypto investment firm, which services mostly institutional clients, has bought 9,503 Bitcoin in the past week alone. During that same time frame, miners produced 6,863 coins.
  • Bitcoin accumulation

    Image of Bitcoin accumulation by Grayscale Investments from cryptocurrency and technology data analyst Kevin Rooke (@kerooke on Twitter).

  • Grayscale Sees Mass Ethereum Investment As Well: Grayscale’s other flagship product, the Ethereum Trust (ETHE), has seen a similar frenzy of investment. A top analyst noted that the price of a share of the Trust recently traded as high as $240, which is notable because each share is only backed by 0.094 ETH. That’s to say, the investors purchasing the Grayscale Ethereum Trust on secondary markets were valuing ETH at $230 billion, higher than Bitcoin’s market capitalization of around $175 billion.
  • Ethereum DeFi Could See Slowing Adoption: According to Multicoin Capital’s Kyle Samani, the adoption of DeFi is likely to slow due to clear “latency” issues with Ethereum:
  • “You just can’t build global scale trading systems for lots of users on POW chains. It just doesn’t work. High latency –> all kinds of negative second order effects. So I think for now we are near a plateau for DeFi – measured in ETH terms (not USD) – until the core latency problems are solved.”

  • Fidelity Investments Expects Growing Institutional Adoption: According to a recent study conducted by Fidelity Investments, a $2 trillion asset manager based in the U.S., digital assets will “continue to gain adoption and interest by a variety of institutional investors.” This confirms a report published by the firm last year, which found that 47% of institutional investors “view digital assets as having a place in their investment portfolios.”
  • Source: www.cryptobitnews.co.uk


    Ethereum’s DeFi Is Back At $1 Billion As Maker Leaders The Way

    Ethereum’s DeFi Is Back At $1 Billion As Maker Leaders The Way

    Binance

    Ethereum’s DeFi is back at $1 billion as the asset prices helped the entire DeFi space return to over $1 billion in locked-in value as per the Ethereum news.

    Ethereum’s DeFi is once again at $1 billion of value locked in MakerDAO which accounts for over half of the amount. Some other notable growth from Set Protocol and Aave continue to bolster the DeFi value as well. As DeFi surges on the improvement crypto market sentiment, the lending protocols and decentralized exchanges are doing well as speculative activity increases.

    Most of the value locked in  Defi comprises of Ether and stablecoins. ETH’s 85% asset prices increase since April 2019 could be the main reason for the surge as more of the traders are coming back to lending protocols to increase their leverage in the spot market positions. Aave is a flash loan platform that saw immersive growth with a total increase in liquidity from $20 million in March to more than $80 million at the time of the press.

    DeFi Pulse

    The protocol’s growth is a result of the offering borrowers the chance to take a loan at a variable rate. This mechanism is responsible for fuelling higher lending rates for Aave. Set Protocol is an automated investment protocol on Ethereum that grew from less than $2 million of locked value to more than $15 million in six months. Uniswap and Bancor released upgrades to their protocols in the past few months as well. The decentralized exchanges face stiff competition from Balancer which launched two months ago and has more than $12 million of liquidity. With a few DeFi centric layer 2 scaling solutions launched on the ETH mainnet in the past week, the optimism for Ethereum’s DeFi space grows continuously.

    Dune Analytics

    As per the recent reports, The Ethereum blocks are not enough for the Defi applications according to the data from Covalent. The reports say that the DeFi importance is growing each day and it could even overtake the Ethereum value transactions in the long run. In perfect scalability solutions, all types of transactions can grow but in order for Ethereum to grow, the others have to be destroyed. The growth of the DeFi sector and the increasing block size demand will become quite expensive so there has to be more scalability achieved with Ethereum 2.0.

    Source: cryptomoneyteam.co

    Author: By TeamMMG


    WE ARE NEAR A “PLATEAU” FOR ETHEREUM DEFI DUE TO LATENCY ISSUES: TOP INVESTOR

    WE ARE NEAR A “PLATEAU” FOR ETHEREUM DEFI DUE TO LATENCY ISSUES: TOP INVESTOR

    Decentralized finance has rapidly become Ethereum’s “killer use case,” many analysts have recently said. DeFi, as the sub-sector is now known as, contains nearly $1 billion worth of locked value, along with some of the industry’s most prominent investors and innovators.

    One Coinbase product manager, Jacob Horne, said on DeFi late last year:

    “DeFi, or decentralized finance, is an essential part of an open financial system. DeFi tools are censorship-resistant, unbiased, programmable, and available to anyone with a smartphone. For this hackathon, we’re focusing on bringing DeFi to the world.”

    The trend of DeFi’s adoption has seemingly been increasing speed as of late.

    Just last month, $4 million worth of the DAI stablecoin was minted when an investor used millions of dollars worth of the Wrapped Bitcoin token in the MakerDAO protocol. The transaction was notable as it marked the biggest instance thus far of BTC being used in DeFi.

    “4 million Dai was just minted with WBTC in a single transaction. This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the Ethereum blockchain,” MakerDAO founder Rune Christensen wrote in a recent tweet.

    According to a prominent investor, though, DeFi is likely to “plateau” for the time being due to clear latency issues.

    Multicoin Capital managing partner Kyle Samani released an extensive blog post on June 4th outlining why DeFi is “facing some real challenges,” and thus may stall in the short to medium term.

    The leading cryptocurrency and blockchain fundis no stranger to DeFi: the firm has investments in the space, making their comments relevant and not serving of its own interests per se.

    Samani explained in the post that at current, there are clear “latency” issues in the DeFi space limiting adoption:

    You just can’t build global scale trading systems for lots of users on POW chains. It just doesn’t work. High latency –> all kinds of negative second order effects. So I think for now we are near a plateau for DeFi – measured in ETH terms (not USD) – until the core latency problems are solved.”

    This was made largely in reference to Ethereum’s block time of ~13 to 14 seconds, which means that at the earliest, a trader can transact with a decentralized exchange in that period

    of time.

    You just can’t build global scale trading systems for lots of users on POW chains. It just doesn’t work. High latency –> all kinds of negative second order effects. So I think for now we are near a plateau for DeFi – measured in ETH terms (not USD) – until the core latency problems are solved.”

    This was made largely in reference to Ethereum’s block time of ~13 to 14 seconds, which means that at the earliest, a trader can transact with a decentralized exchange in that period of time.

    0/ I’ve been thinking a lot about DeFi lately

    What’s working, what’s not, where it’s going, and how it can get there

    DeFi is going to eat CeFi, but it is facing some real challenges

    My latest post:https://t.co/dXZD8fKBVL

    Also harming DeFi adoption at the moment and in the short term are relatively high Ethereum transaction fees.

    Adam Cochran — a partner at Metacartel Ventures and an adjunct professor of information science at Conestoga College — explained in April that the DAI stablecoin posed an “existential threat” to DeFi.

    Don’t get Cochran wrong, he is bullish on Ethereum and DeFi, though he observed clear issues with how many of these applications work at the moment.

    The investor explained that because all DeFi protocols use DAI and the asset isn’t entirely centralized due to the centralization of MakerDAO governance that manages the token, it is becoming increasingly risky.

    News source

    Source: elevenews.com

    Author: Published 23 hours ago


    EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/06/20

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