Top Analyst Says One Altcoin Massively Undervalued, Goes Long on Bitcoin, Ethereum and 3 Crypto Assets

Top Analyst Says One Altcoin Massively Undervalued, Goes Long on Bitcoin, Ethereum and 3 Crypto Assets

A prominent crypto analyst and trader is calling out a new altcoin that he believes is massively undervalued.

The pseudonymous analyst The Crypto Dog tells his 224,000 Twitter followers that the DeFi asset CREAM has a remarkably small market cap given its potential.

“Built a CREAM position recently, I think this one is massively undervalued sitting at a $100 million market cap and >$300 million total value locked right now and people are about to start noticing.”

CREAM is a peer-to-peer DeFi ecosystem that allows users to borrow supported crypto assets, stake tokens to earn rewards and exchange cryptocurrencies. It’s also designed to help provide liquidity to assets that are not usually listed in major exchanges in an effort to boost financial inclusion.

The crypto strategist is also bullish on Bitcoin (BTC) and thinks bears are done doing damage.

“The hard part is over. After spending the last few days getting into positions, now all we have to do is hold our longs and watch the profits roll in. Comfy.”

Looking at Ethereum (ETH), the analyst believes that it’s only a matter of time before the second-largest cryptocurrency trades above $400.

I think $ETH will be $400+ relatively soon and that this dip will be a blip on the radar.

It’s standard practice in a crypto macro bull market. This is our first big dip but,

– a lot of people don’t remember back to 2017
– not everyone thinks we’re macro bull

Me? I’m long

In addition, the trader says he’s long on three other DeFi assets: yearn.finance (YFI), Synthetix Network Token (SNX), and Aave (LEND). He’s particularly bullish on YFI which is currently trading at $39,320 according to CoinMarketCap.

“It will soon be prohibitively expensive to own one ‘whole’ YFI.” ADVERTISEMENT

The trader is also keeping a close eye on Aave which he says is following the footsteps of yearn.finance en route to printing a new all-time high soon.

While he’s bullish on the three DeFi coins, he says he won’t hesitate to let go of his holdings should Ethereum fail to stay above a key level.

“Still long most positions from last week – ETH, YFI, SNX, LEND. Bullish at this support, though I would cut everything if ETH can’t hold $360.”

News Source

Source: elevenews.com

Author: Published 9 seconds ago


Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance – news.kuaidiantou.vip

Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance – news.kuaidiantou.vip

Ethereum has firmly surmounted its $400 for the first time in a few weeks, with buyers now attempting flip this level into support.

The crypto’s latest upswing has allowed it to outperform both Bitcoin and most other major altcoins significantly

Analysts are widely noting that the cryptocurrency is reaching a decision point, with its near-term trend likely being determined by how it reacts to the resistance that sits at $405.

That being said, a support-resistance flip of $380 could be enough to send it flying significantly higher, with one analyst noting that this could lead to an influx of buying pressure.

At the time of writing, Ethereum is trading up roughly 2% at its current price of $403. This is around the upper boundary of the trading range that the crypto has been caught within in recent weeks.

It is important to note that while the cryptocurrency has struggled to gain a foothold above $400 on multiple occasions in recent weeks, the strong reaction to its $380 support level seems to have reinvigorated ETH’s bulls.

One analyst is now noting that he is closely watching for $400 to be confirmed as support, as a flip of this level from resistance to support could be all that it needs to see significantly further upwards momentum.

“ETH / USD: Seems as though our support level at $380 was once again supported and buyers continue to step in heavily, even though we did bounce back above $400 for a brief minute, $400 still is acting as resistance for now… Expecting pullback to $390 then S/R flip at $400,” he noted.

Ethereum

Image Courtesy of Cactus. Chart via TradingView.

Another analyst explained that $405 is a significant near-term resistance level for Ethereum.

He believes that a failure for it to surmount this level could cause it to see some significant near-term downside, potentially guiding it as low as $320.

“Good movement on ETH right up into $405. Somewhere around here is the major decision point for me. Narrative based but I don’t particularly like that this move has been pulled at the weekend, fits into my bias,” he explained.

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

Because of the critical nature of this level, how Ethereum trades in the coming few hours are vital for understanding its mid-term outlook.

Source: news.staging.app.kuaidiantou.vip


Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance – news.kuaidiantou.vip

Ethereum Flag Pattern Risks Plunge Towards $177; Here’s Why

Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern.

The technical setup appears after an asset forms a consolidation channel upward following a strong bearish move. The downward movement is called flagpole, while the consolidation is referred to as the “flag” itself. Ethereum is forming the same pattern, as shown in the chart below.

ethereum, ethusd, ethbtc, ethusdt, cryptocurrency, crypto

ETH/USD is consolidating in an upward channel. Source: TradingView.com

The second-largest cryptocurrency is forming a flag pattern followed by a large slope downwards – a flagpole whose maximum height is near $178. Thereby, if ETH/USD breaks below the upward channel support, then it is at the risk of declining by as much as $178 from the point of breakdown.

That is, at least, according to the technical description of a Bearish Flag pattern. If ETH/USD breaks to the downside today, then its primary downside target sits at $177. Nevertheless, breaking down from a higher level will naturally lift the Flag target as well.

What future awaits cryptocurrencies?
GOODBAD

A Bearish Flag, meanwhile, is never 100 percent accurate. For instance, if the upward channel retracement extends beyond 50 percent, then there is a less likelihood of bearish continuation and more of an extended uptrend. Ideally, the bounce back to confirm a Bearish Flag should be no more than 38 percent.

The graph below shows an accurate description of the Ethereum’s retracement following its move from $488-high to $323-low.

ethereum, ethusd, ethbtc, ethusdt, cryptocurrency, crypto

Ethereum price targets in a Bear Flag pattern. Source: TradingView.com

The price has reversed once from the 38.2% level of the graph at circa $386. Meanwhile, it has spotted good support near the 23.6% level at near $362. ETH/USD is currently attempting to retest $386 as its interim long target while eyeing a continuation towards the 50% level at circa $406.

Such a move may end up invalidating the Bearish Flag altogether, putting ETH/USD en route to a breakout move towards $425, $453, and so on.

A looming Bearish Flag crisis also eyes negation with supportive on-chain metrics. It is the data on the Ethereum blockchain that observers study to guess investors’ sentiment for the cryptocurrency.

Konstantin Anissimov, Executive Director at CEX.IO, mentioned one of such metrics in his weekly note to clients. The analyst noted that Ethereum’s 36 percent price correction brought ample opportunities for whales to buy the token for cheap.

“Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction,” he noted.

Meanwhile, a pseudonymous trader expected Ethereum to drop further if it closes the week below $360. The comment came on Sunday whereby ETH/USD plunged to as low as $355 but closed near $365. That showed a short-term bias conflict in the market.

If the pair plunges back below $360, then it would continue to play out the Bearish Flag narrative.

Source: www.newsbtc.com

Author: Yashu Gola


Ethereum Price Prediction: ETH braces for a challenging ride to $400, what to expect?

Ethereum Price Prediction: ETH braces for a challenging ride to $400, what to expect?

  • Ethereum’s short term technical outlook is bullish with the price recovery from $353.
  • ETH/USD is heading into a cluster of resistance, as highlighted by on-chain metrics.
  • Ethereum whales start to offload their holdings, hinting a possible breakdown to $330.

Ethereum is still trading within an ascending channel despite the recent rejection at $390. The losses extended below $360 tentative support to $353 last week, but recovery ensued with ETH/USD recovery the some of the lost ground above $360. However, the upside is still limited under $370.

The RSI shows the smart contract token falling into consolidation, especially with the Relative Strength Index (RSI) in the 6-hour timeframe at the midline. The ascending channel support must be supported at all costs because a slide under it could see Ether quickly refresh the support levels at $340.

ETH/USD 6-hour chart

According to on-chain data analyzed by Santiment, a leading blockchain data analytics platform, Ethereum Github activities have continued to spike, even hitting a 7-month high. Perhaps this is as a result of the developments within the Decentralized Finance (DeFi) ecosystem. Moreover, Ethereum is still the go-to platform for smart contracts development, launch, and execution. Besides, the activities could also be fueled by the ERC-20 and other token standards within the network.

After recovery above $360, Ethereum bulls are not ready to give up on the mission to trade above $400. The 4-hour chart shows the price trading above the 50 Simple Moving Average (SMA) while the Relative Strength Index (RSI) recovers. Price action past the short term resistance at $370 would help shift the bulls’ focus to the next critical seller congestion zone at $380. The 100 SMA at $387 is also a formidable resistance that must come down for gains beyond $390 to materialize in line with the grand plan of breaking over $400.

The hourly timeframe chart emphasizes Ether’s developing bullish case within an ascending channel. Without a doubt, recovery will not come easy, especially with the price trading under the moving averages (the 100 SMA holding the ground at $370 and 50 SMA at $373.37). The RSI has improved to the midline from a dip into the oversold on September 13. There is a possibility of a leveling motion at 50 (midline), which would signal consolidation taking over

After recovery above $360, Ethereum bulls are not ready to give up on the mission to trade above $400. The 4-hour chart shows the price trading above the 50 Simple Moving Average (SMA) while the Relative Strength Index (RSI) recovers. Price action past the short term resistance at $370 would help shift the bulls’ focus to the next critical seller congestion zone at $380. The 100 SMA at $387 is also a formidable resistance that must come down for gains beyond $390 to materialize in line with the grand plan of breaking over $400.

The hourly timeframe chart emphasizes Ether’s developing bullish case within an ascending channel. Without a doubt, recovery will not come easy, especially with the price trading under the moving averages (the 100 SMA holding the ground at $370 and 50 SMA at $373.37). The RSI has improved to the midline from a dip into the oversold on September 13. There is a possibility of a leveling motion at 50 (midline), which would signal consolidation taking over.

Data by IntoTheBlock highlights the tough resistance Ethereum will face going towards $400. If the initial hurdle between $368 and $378 is broken, the run-to $400 not be simple considering the 1.14 million addresses that previously bought 2.6 million ETH between $378 and $389. Also, another 920,600 addresses bought 1.51 million ETH in the range between $389 and $400. It means that buyers must work extremely hard to outdo the selling pressure towards $400.

On the downside, initial support between $355 and $366 may not be strong enough to keep the sellers in check mainly because the 408,990 addresses profiting from the 3.05 million ETH purchased in the range. The primary support lies between $334 and $345, where 605,710 addresses stocked up 1.33 million ETH.

According to Santiment’s ETH holder distribution, whales are currently selling the token. For instance, addresses with ETH between 1,000 and 10,000 coins have reduced their coins from 6,597 on September 5 to 6,505 on September 11. Those addresses holding coins between 10,000 and 100,000 also sold within the same period from 982 to 966 ETH.

From the above data, Ethereum could abandon the bullish case to $400 in favor of a drop to $334 support. However, it is essential to realize that buyers are not ready to give up without a fight, hence keeping ETH within the initial support $355- $366 until a clear path to $400 is established. The bearish outlook is also confirmed by the move made by the whales to offload their coins. In other words, the largest holders of Ethereum expect the price to go lower in the near term.

News source

Source: elevenews.com

Author: Published 20 hours ago


EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 14th, 2020

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 14th, 2020

EOS fell by 2.69% on Sunday. Reversing a 0.60% gain from Saturday, EOS ended the week down by 6.09% to $2.7263.

It was a mixed start to the day. EOS recovered from an early morning low $2.7808 to strike an early morning intraday high $2.8334 before hitting reverse.

Falling short of the first major resistance level at $2.8435, EOS slid to a late afternoon intraday low $2.6716.

EOS fell through the first major support level at $2.7551 and the second major support level at $2.7040.

Finding late support, however, EOS broke back through the second major support level to wrap up the day at $2.72 levels.

At the time of writing, EOS was down by 0.68% to $2.7079. A mixed start to the day saw EOS rise to an early morning high $2.7305 before falling to a low $2.6814.

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

View photos

EOS would need to move through the $2.7438 pivot level to support a run at the first major resistance level at $2.8159.

Support from the broader market would be needed, however, for EOS to break back through to $2.80 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the pivot level at $2.7438 would bring the first major support level at $2.6541 into play.

Barring another extended sell-off, however, EOS should continue to steer clear of sub-$2.60 levels. The second major support level sits at $2.5820 should limit the downside.

First Major Support Level: $2.6541

Pivot Level: $2.7438

First Major resistance Level: $2.8159

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum slid by 5.48% on Sunday. Reversing a 3.71% gain from Saturday, Ethereum ended the week up by 3.89% to $366.58.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $390.41 before hitting reverse.

Falling short of the first major resistance level at $395.75, Ethereum slid to a late afternoon intraday low $353.58.

Ethereum fell through the first major support level at $372.38 and the second major support level at $356.94. More significantly, Ethereum also fell through the 38.2% FIB of $367.

Finding late support, Ethereum moved back through the second major support level to wrap up the day at $366 levels. The 38.2% FIB of $367 pinned Ethereum back late in the day.

At the time of writing, Ethereum was down by 1.34% to $361.65. A bearish start to the day saw Ethereum fall from an early morning high $366.58 to a low $355.66.

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

View photos

Ethereum would need to move through the 38.2% FIB of $367 and the $370.19 pivot to support a run at the first major resistance level at $386.8.

Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the 38.2% FIB and the $370.19 pivot would bring the first major support level at $350.0 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $333.36.

First Major Support Level: $350.0

Pivot Level: $370.19

First Major Resistance Level: $386.80

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP fell by 2.39% on Sunday. Reversing a 1.90% gain from Saturday, Ripple’s XRP ended the week up by 1.02% to $0.24207.

It was a bullish start to the day. Ripple’s XRP rose to an early morning intraday high $0.25336 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2507 before sliding to a late afternoon intraday low $0.23778. The second major resistance level at $0.2540 pinned Ripple’s XRP back early in the day.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2423 before finding support.

Late in the day, Ripple’s XRP moved back through to $0.2420 levels to limit the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.24158. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24207 to a low $0.23903.

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

View photos

Ripple’s XRP will need to move through the $0.2444 pivot to support a run at the first major resistance level at $0.2510.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.25 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the $0.2444 pivot would bring the first major support level at $0.2354 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub $0.23 levels. The second major support level sits at $0.2288.

First Major Support Level: $0.2354

Pivot Level: $0.2444

First Major Resistance Level: $0.2510

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


This Factor Helped to Push Ethereum's Nexus Mutual (NXM) Up 40% Today

This Factor Helped to Push Ethereum’s Nexus Mutual (NXM) Up 40% Today

Meet Walletreum: A Smart Crypto Management Tool With a Focus on DeFi

It appears that crypto bulls are back in full force: Ethereum and Bitcoin have pressed 4-5% over the past hour and altcoins have done even better, bouncing swiftly from the weekend lows.

One coin, in particular, has stood out: Wrapped NXM (WNXM) or NXM, an Ethereum-based coin for the Nexus Mutual protocol that has gained over 40% in the past 24 hours.

According to CoinGecko, the coin has gained 44.6% in the past 24 hours, reaching its highest price in many days at $70.

The Ethereum-based coin is surging due to the launch of Yearn.finance’s Yinsure platform.

Users of Yinsure can stake WNXM within the platform and receive the SAFE governance token as a reward. Investors have reported earning around 2-5% per day on their deposits, meaning it’s a very attractive investment opportunity for those within the DeFi space.

As a result, WNXM is moving higher as investors seek to capture the yield.

The Ethereum-based SAFE alone is up around 700% since it launched just 24 hours ago.

Even if the short-term allure of buying NXM ends due to the SAFE pool becoming overcrowded, top investors within and outside of the crypto space are optimistic about the coin and the underlying project.

Remi Tetot, the co-founder of macro research firm Global Macro Investor, recently commented that he thinks Nexus Mutual is crucial as the value of coins locked in DeFi grows, along with the number of users:

“NXM is unique in its offering but also in the way its price model works. Nexus Mutual also have the advantage of 1st mover in the insurance space in crypto….”

He added that he expects the coin to outperform Ethereum in the short term due to the project’s underlying mutual model:

“NXM price collapsed in the last crypto correction, between Sept 2nd and Sept 6th, from $75 (intraday) to nearly $30. It is now back to $45 and slowly climbing up. While many people, might have got scared by the volatility in price, the collapse was actually a great opportunity for people to purchase at a decent price. As NXM is getting more awareness, we can expect it to outperform Ethereum short term. Especially if their model is confirmed.”

Other bulls include Jason Choi of the Spartan Group.

Nick Chong

Source: www.newsbtc.com

Author: Nick Chong


Top Analyst Says One Altcoin Massively Undervalued, Goes Long on Bitcoin, Ethereum and 3 Crypto Assets


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