Affyn (FYN), a Singapore-based blockchain company, recently released its first collection of Generation Zero Buddies (Gen 0) NFTs – and they sold out at breakneck speed.
According to the press release shared with CoinCheckup, the Generation Zero Buddies totally sold out within 100 seconds of launching, making it one of the quickest sell-outs in the ecosystem. The first set of non-fungible tokens (NFTs) showcased 400 different Gen 0 NFT Buddies, which were extremely scarce by design and categorized under “Mythical” traits.
The event was extremely popular, and the first set of NFTs sold for 2,995 FYN each, worth around $150 per NFT. The Gen 0 NFTs rose to the second top-ranked position for Polygon NFTs on OpenSea.
Lucas Lee, the founder and CEO of Affyn, had the following to say on the matter:
“The user participation we experienced during the Gen 0 sale has just been nothing short of overwhelming and encouraging. I sincerely thank the community for their passionate support and trust in us. We cannot wait to unveil what the months ahead will bring.”
The Affyn Buddies were extremely popular due to the fact that they are interoperable across different metaverses and blockchain games. The Gen 0 NFTs will be the first set to join the Affyn NEXUS World Metaverse. This is a play-to-earn (P2E) metaverse where the virtual and real-world converge.
Affyn is an experienced Singapore-based company using blockchain technology to develop mobile games. The games are well-made, with geolocation and augmented reality integrated.
The NEXUS World Metaverse showcases a sustainable game economy and real-world token utility. Users can get access to the metaverse by buying one of the NFTs, such as the Gen 0 collection. The NFTs will serve as a digital representation within the NEXUS world.
Players can buy land and build structures to host events and games in the metaverse.
After selling out in under 100 seconds, the entire NEXUS world and the Affyn ecosystem is certainly something to watch over the coming weeks.
KuCoin is known as the “People’s Exchange” for a solid reason – all KCS holders earn from the platform usage.
Launched in September 2017, KuCoin Exchange is already the biggest altcoin exchange, with over 700 assets and 1,200+ trading pairs. In addition, it is a top 5 crypto exchange overall within the entire industry. In the short time running, KuCoin has already managed to attract well over 18 million users in 207 different countries.
KuCoin Token (KCS) is the native token behind the cryptocurrency exchange. It is a utility token that has several use cases in the entire KuCoin ecosystem. For example, it can be used for paying trading fees on the KuCoin Exchange and also provides a 20% discount on those trading fees.
In addition to this, any user that holds at least 6 KCS tokens gets a daily bonus reward from the KCS Bonus incentive mechanism. The reward comes from the 50% share of KuCoin’s daily trading fee revenue, which is distributed proportionally across all holders.
Other use cases include taking part in IEOs on KuCoin Spotlight and collateralizing KCS to take out loans from the platform in USD and VND.
KuCoin recently closed Series-B funding round, which took their evaluation past $10 billion. As a result, their upcoming expansion plans will certainly help the exchange and the token grow.
This article will briefly cover some potential fundamental driving forces for the KCS token and outline where it could trend in the coming years.
KCS Potential Fundamental Drivers
One of the main driving forces behind KCS is the quarterly burn that occurs. From January 2021, KCS decided to change the quarterly burn to a monthly burn. In total, 200 million KCS were created at launch and the burn is intended to continue until 50% of the total supply has been removed.
In the new monthly burn, 10% of the net profit will be applied to the buy-back of KCS;
Image source: KuCoin
In March 2022, the KuCoin team released the KCS whitepaper to announce the new KCC ecosystem. KCC will be its own native chain and will bring KuCoin into the DeFi world. It will be a high-performance platform that can boast higher throughput and lower transaction fees than Ethereum.
As the KCC chain grows, all fees on the chain will be paid in KCS, helping provide further use-case for the growth of KCS.
The last strong fundamental driving force that might help KCS run higher is that they recently announced a $150 million pre-Series B Funding round – taking its valuation all the way up to $10 billion. The funding round was led by Jump Crypto and saw the participation of some big industry players such as Circle Ventures, IDG Captial, and Matrix Partners.
The new influx of capital will allow KuCoin to truly expand beyond the realms of “just” a cryptocurrency exchange. Instead, with the new funding, KuCoin can expand its presence in Web 3.0, GameFi, Defi, and NFT platforms.
Johnny Lyu, CEO of KuCoin, stated the following on the matter;
“The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into crypto space.”
KuCoin Price History
Like the majority of the crypto market, the growth of KuCoin was truly exponential in 2021. The coin started the year beneath $0.8 as it started to surge as high as $20 in the first few months of the year. From there, KCS fell lower in April but managed to hold the support level at around $5.
It took a few more months for KCS to finally break above $20 again. Officially, it happened in the first week of November, which allowed KuCoin to surge through the winter to reach the all-time high price of $28.77 in the final week of November.
More specifically, KCS found resistance at a 1.414 Fib Extension level and started to roll over from there.
In 2022, like the majority of the cryptocurrency market, KCS started to plummet as it dropped back beneath $20 and headed lower through April. In June 2022, KCS fell back beneath $10.
Looking ahead, once the US Interest Rate hikes cease and Bitcoin (BTC) starts its recovery, the first few points of resistance are expected to be around $10, $15, and $20. Beyond $20, the resistance is located at $25.15 (1.272 Fib Extension), $27.90 (1.414 Fib Extension), and $30.
It is unclear if KCS can break $30 through 2023. It entirely depends on overall market conditions as the entire altcoin market is highly correlated to Bitcoin. However, if Bitcoin does recover quickly, the $30 level should not act as overpowering resistance for KCS.
KuCoin Price Forecast Long Term Outlook – 2025
The price potential for KuCoin over the long term takes it well above $50. After the resistance at $30 is breached, local resistance is then expected at $34.10 (1.272 Fib Extension – green), $35, $36.90 (1.414 Fib Extension – green), and $40.
Above $40, resistance is located at $41, $42.50, $46.28, and $50.
Conclusion
Predicting the price forecast so far into the future for any token is extremely difficult. However, once the overall cryptocurrency market recovers and BTC heads back to its all-time highs, there is no reason why KuCoin could not smash past $50 in the coming months and continue further higher.
In addition to this, the fundamental drivers behind KCS will all help the coin break its all-time high during the next market recovery.
Data from a Currency.com report suggests that DOGE/USD is starting to lose momentum as traders turn risk-averse at an increasingly rapid pace.
The number one ranked memecoin lost as much as 57% in trading activity during June 2022.
Furthermore, it seems that BTC Hodlers might be selling while ETH and LTC retain top positions in trading volume.
According to a recent Currency.com report, the trading activity across “meme” tokens appears to be collapsing. The growth of the memecoin sector was largely driven by Dogecoin in the former years but was further expanded by Shiba Inu in 2021.
The growth of these two tokens was truly exponential which allowed DOGE to reach an all-time high market cap value of over $80 billion and SHIB to reach as much as $41 billion.
In a dramatic turn of events, it seems that traders have abruptly stopped trading Dogecoin, the memecoin that is largely considered to be the most popular in the sector, on Currency.com.
According to the data, DOGE/USD used to be one of the top-traded coins in May after BTC, ETH, and LTC. The new data from Currency.com suggests that trading volumes for DOGE/USD dropped by a whopping 50% in June, down enormously from the previous month.
In that same period, the total number of traders exchanging DOGE/USD fell by 57% on the platform.
It seems that traders are seeing a bottom for DOGE and are looking for safer options during the interim. Steve Gregory, CEO at Currency.com, had the following statement on the issue;
“This may suggest that traders are seeing a bottom for DOGE and favoring the safety of larger market cap coins like Bitcoin (BTC) and Ethereum (ETH). As we approach the end of June, $2.5B in open interest of BTC options expired last week bringing volatility across the asset class. All eyes will be on the next meeting of the Federal Reserve and with current indications pointing to a possible increase in the interest rate, it’s likely that risk assets like cryptocurrency could continue to slide. Typically, crypto is the first to sell-off, followed by the wider global equities markets.”
Unfortunately, it seems that the maximum pain might still be incoming for any remaining DOGE holders.
ETH & LTC remain on top but are BTC Hodlers losing faith?
Furthermore, Currency.com also reported that BTC/USD, ETH/USD, and LTC/USD continue to hold on to the top three most traded cryptocurrencies listed on the exchange.
Although BTC and ETH are the top two ranked cryptocurrencies by market cap value, LTC is still sitting in the 20th position, so it’s quite surprising to see it on the list. Additionally, this is the second month running that these three coins have managed to hold the top three positions by trading volume.
Adding further to the drama, it appears that there is an increase in the selling activity from BTC Hodlers. This could suggest that BTC supporters are starting to grow tired of the current bearish market conditions and are starting to lose faith as additional interest rate hikes are still on the table later in the year.
However, it could also be an indicator that traders are starting to gear up for the Ethereum merge on the horizon, favoring holding ETH instead of BTC.
Gregory had the following to say on the situation;
“With the Ethereum ‘merge’ just a few months away, and a major daily supply drop in ETH issuance, we see these as possible catalysts that pulls the asset class out of its downward trend,”
Tbitex is a cryptocurrency exchange founded by a former HSBC executive in 2021 and is registered in the United States. They have team members in the US, Hong Kong, and Singapore. The exchange specializes in derivatives trading but offers spot and margin trading.
Location: International (offices in the United States).
CEO: Steven Li
This Tbitex review will cover the most important features of the exchange to help you decide if it is the right platform for you to be trading on.
Pros of trading on Tbitex:
Derivatives up to 100x leverage
US Regulated exchange
Unique “Separate Position” Modes
Copy Trading
Crypto Earn
Cons of trading on Tbitex:
No native fiat deposit or withdrawal options
Tbitex Features Review
In the short time that Tbitex has been active, the exchange has already attracted over 500,000 registered users across 20 different countries. With the competition for user growth being extremely competitive amongst exchanges, it is no surprise that Tbitex has gone above & beyond to make its exchange stand out amongst the crowd.
Derivatives with up to 100x
The core feature of the exchange is its derivatives platform which offers up to 100x leverage for traders. Currently, they offer up to 18 different perpetual futures contracts on their derivatives platform, allowing traders access to trade popular cryptocurrencies such as BTC, ETH, BCH, LTC, XRP, ADA, EOS, TRON, UNI, FIL, and DOT.
As you would expect, the futures exchange offers the standard order types, which include;
Limit orders
Market orders
Stop-limit orders
OCO (one-cancels-the-other) orders
They also allow users different position modes to manage their risk accordingly. The two modes available are cross margin, where all open positions share the same margin balance, and isolated margin, which allocates a specific margin to individual positions.
The exchange uses its own proprietary matching engine with extremely high liquidity, allowing for different types of flexible trading strategies.
Furthermore, Tbitex is the first exchange in the industry to offer “Separate Position” modes. This feature allows users to separate orders that are hedged in the same direction. Using the feature, traders can open up to 10 independent positions on one asset and add limit orders to close each of those individual orders. This allows traders to be flexible and adjust their strategies according to the current market conditions.
Crypto with Fiat
Another solid feature for Tbitex is their crypto on-ramp, allowing users to buy USDT and USDC with fiat easily. The feature will enable users to select to pay with various fiat currencies and provide a range of service providers to facilitate the transaction.
Security Features
To be considered a top-tier exchange, it must implement several safety features. Thankfully, Tbitex has a plethora of different mechanisms in place to ensure the safety of its customers.
Firstly, customers’ funds are stored in cold storage wallets. The transfer from cold storage requires two manual review offline signatures, making it harder for hackers to steal the funds.
Additionally, Tbitex provides a secured trading service through their compensation for unusual losses. Suppose you experience common problems associated with exchanges, such as slippage greater than 0.3%, forced closing of positions, network downtime, or abnormal pinning. In that case, you are entitled to apply for compensation through their “Unusual Loss Allowance” form.
The team will review the application and, once they have verified the loss, will send the compensation directly to your account.
Copy Trading
Another feature coming to Tbitex is its “Copy Trading” platform. Similar to the feature provided by eToro, Copy Trading will allow users on Tbitex to copy all of the trades from the best traders on the platform. Any time a trader you are copying executes an order, the exchange will copy the order in your own account.
This allows users to earn from more experienced traders and discover different types of trading strategies.
Tbitex Earn, Referrals, and Trading Benefits
The exchange will soon also feature an earning section, allowing users to earn an annual percentage yield (APY) for locking assets into the platform.
Additionally, Tbitex provides benefits to their traders for placing trades. The scheme allows you to earn 2% on profits from futures trades exceeding $200 USDT. Additionally, any losses that exceed 200 USDT will give 2$ of the margin for the order as a subsidy.
Traders can receive up to 20 USDT trading benefits per day, and they are distributed every 24 hours.
Another earning feature on Tbitex is their rewards program. Users can earn up to $110 for completing certain tasks such as completing KYC, placing first futures trades, and hitting certain volume thresholds.
Lastly, Tbitex also offers up to $120 for any referrals brought to the platform.
Team
The team behind Tbitex is highly experienced. The exchange was founded by Steven Li, a former executive for HSBC. After graduating from the University of Waterloo with a Master’s in Computer Science, Li went straight to work as a Senior Trader at HSBC. He continued to become the Investment Director at Tron DAO before founding Tbitex.
As you would expect, Li developed many skills from his previous roles. Specifically, he became an expert in constructing high throughput trading platforms that delivered a low-latency trading experience. This expertise helped him to create the trading platform for Tbitex.
Mobile Review
Tbitex also offers a solid mobile experience with an app for both iOS and Android. The mobile application provides traders with all the tools they need to manage their positions when they are on the move.
Is Tbitex safe to use?
We would consider Tbitex extremely safe to use with the security implementations they have in place. Additionally, the exchange actually obtained an MSB license qualification issued by FinCEN in the United States. This makes Tbitex a regulated exchange in the United States, meaning they would need to be fully compliant like any other financial provider in the US that is holding customers’ funds.
Closing thoughts
Tbitex exchange is certainly designed to rival the heavyweights within the industry. Alongside offering the same suite of tools that most exchanges offer, Tbitex takes things one step further to offer unique tools such as its Separate Position modes, Copy Trading, and compensation for unusual losses.
Additionally, the exchange is headed by a highly experienced CEO, who certainly has the required skills to continue to grow the exchange.
KuCoin Token (KCS) might be down 18% on the month but is still up over 60% from the recent capitulation low.
During the industry-wide selloff, KCS dipped as low as $9.55 but has since rebounded to the current $15.50 level.
A break above $17 could send KCS back toward the March 22’ highs at $22.
KCS price
$15.43
Key KCS resistance levels
$16, $16.82, $17, $18, $19, $20
Key KCS support levels
$15.33, $15, $14.22, $13.33, $12.43, $10.72, $10
*Price at the time of publication
KCS is down 18% from the highs above $21 seen last month, but the cryptocurrency is still performing strongly relative to the entire crypto market. The coin dipped from above $18 at the start of May to plummet as low as 49.55 during the capitulation seen earlier in the month.
Since hitting the low, KCS has rebounded quite aggressively and is now up 60%. Earlier in the week, KCS pushed higher above $16 to meet the resistance at $17 (bearish .618 Fib Retracement). Unfortunately, it was unable to overcome this resistance and has since retraced into the .236 Fib Retracement level at $15.33.
KuCoin, known as the “People’s Exchange,” recently surpassed the 10 million users milestone as it continues to become a leading, top-tier exchange. It is known as the People’s Exchange because KCS holders receive a share of the day-to-day revenues as a bonus.
The excitement continues to grow for KuCoin as investors look ahead to the growth of the entire KCS ecosystem through the KuCoin Community Chain. The team released a KCS Whitepaper toward the end of March to provide details regarding the upcoming KCC, which will be powered by the native currency KCS.
The introduction of KCC would bring the entire KuCoin ecosystem into the DeFi sector, allowing features such as gaming, NFTs, decentralized finance, and liquidity mining to emerging. The entire KCC chain will be EVM compatible, meaning that all Ethereum dApps are easily able to migrate to the new chain;
Furthermore, the whitepaper also detailed an upcoming KCS token burn. According to the whitepaper, 20 million KCS, worth around $400 million, would be directly burned. As a result, a total of over 54.1 million KCS tokens have now been burnt since inception.
Overview of the KCS ecosystem. Image source: KCS Whitepaper
Interestingly, we can see the social sentiment increasing quite rapidly for KuCoin. Recent data from LunarCrush shows that the total social contributors metric hit a 3-month high after reaching a daily record of 4,260 unique contributors;
With the social community around KuCoin buzzing, all eyes are fixed on the $17 for an upside break to continue to relatively remarkable comeback for KCS during a bear period.
KuCoin Token is now ranked in the 53rd position as it currently holds a $1.24 billion market cap.
Looking at the daily chart above, we can clearly see that support around $10.73 (downside 1.272 Fib Extension) helped prevent the market from steep declines following the mid-May market capitulation. It did spike as low as $9.55, but this was short-lived as the buyers quickly regrouped to close the low-day closing candle above $10.73.
Since hitting the low, KCS has posted a remarkable recovery. Over the two-week period where BTC was trapped inside a range, KCS went on to post higher highs as it made its way toward $17. At the start of this week, KCS broke above the 21-day MA at $15, allowing it to continue higher until hitting resistance at $17 (bearish .618 Fib Retracement).
Unfortunately, it has been unable to break $17 so far and has since retraced to the .236 Fib Retracement at around $15.33.
KuCoin Token (KCS) price short term prediction: NEUTRAL
The aggressive rebound has allowed KCS to turn neutral with the break above the 21-day MA. However, to remain neutral, KCS would need to hold above $15.50. A break beneath here would turn the market bearish again.
To turn bullish, KCS would still need to climb higher and break the resistance at $20, provided by the 200-day MA level. A clean break above $22 would confirm a longer termed bull trend has been established.
Where can we go from here?
The previous bullish momentum is starting to show some signs of fading after hitting $17. We will need to see how deep the current retracement plays out before having more of an idea of where KCS will be heading.
If the retracement is short-lived and KCS rebounds from the current $15.33 support, the first strong resistance lies directly at $17 (bearish .618 Fib Retracement). Above this, resistance is expected at $18 (100-day MA), $19.23 (1.272 Fib Extension level), and $20 (bearish .886 Fib Retracement & 200-day MA).
On the other side, if the sellers push beneath $15, the first level of support lies at $14.50 (21-day MA). This is followed by added support at $14.22 (.382 Fib Retracement), $13.33 (.5 Fib Retracement), $12.43 (.618 Fib Retracement), and $10.73 (downside 1.272 Fib Extension).
What Are The Technical Indicators Showing?
This week’s rally higher toward $17 allowed the RSI to climb higher. It briefly broke above the midline when the market met the resistance. However, since then, the RSI has started to head lower as it crossed back beneath the midline – indicating indecision within the market.
If the RSI starts to head lower again, this will indicate that the bearish momentum is beginning to reappear, and we can expect the retracement to be deeper. On the other hand, if the RSI can climb higher beyond the midline, the bullish momentum will increase, and could carry KCS above $17.
The first-ever Polkadot Pioneers Prize winner was revealed this week. According to the announcement, Manta was awarded 750,000 $DOT to help the advancement of zero-knowledge technology toward building mainstream privacy adoption.
The Polkadot Pioneers Prize was created to address some of the biggest challenges facing the entire Polkadot ecosystem and Web3 as a whole. The funding for the prize comes from the 20 million $DOT that currently sits in the Polkadot on-chain treasury – managed by an on-chain governance system through holders of the $DOT token.
The prize intends to fund two major categories of innovation; zero-knowledge advancements for improved privacy on blockchains and Polkadot infrastructure.
Manta Network is now tasked with a zero-knowledge challenge that is part of the larger ZPrize, another contest aimed to accelerate the advancement of zero-knowledge prover technology to help the acceleration of mainstream adoption.
The funds for ZPrize are sponsored by many big names in the industry, including the likes of Algorand, Celo, and the Ethereum Foundation itself.
The partnership between these two separate prizes was taken in order to allow winners to collaborate with other groups that are also focused on improving ZKP moving forward. The Polkadot Pioneers Prize Curator had the following to say;
“By partnering with Zprize, the Pioneers Prize curators along with Manta are able to collaborate in a consortium of zero-knowledge research experts who are specifically looking to improve privacy and increase ZKP impact within the blockchain ecosystem. We feel Zprize and its challenges are a great first bounty to kick off the ZK category of the Pioneers Prize and will have a positive impact on the larger Polkadot community.”
The first prize winners aim to solve the multiscalar multiplication (MSM) and number-theoretic transform (NTT) operations, two essential building blocks for Zero-Knowledge computations. Manta Network provides end-to-end privacy protection for blockchain users through cryptography tools such as zkSNARK.
Manta Network offers interoperability, high performance, and auditability for users that conduct private transfers and transactions between any parallel chain of assets.
The innovation of improving Zero-Knowledge Proofs (ZKP) is expected to be a game-changing technology this century. The ever-growing concerns for privacy are central in today’s society, and it will be imperative to continue to innovate this technology moving forward.
Specifically, the Polkadot Pioneers Prize winners will focus on maximizing throughput and minimizing the latency of the WebAssembly (WASM) runtime, a client-type device and blockchain-based Virtual Machine (VM). According to Manta Network’s internal benchmark, WASM currently gives users a 10x – 15x performance penalty compared with the native speed.
Shoumo Chu, co-founder and core contributor for Manta Network, had the following statement;
“We are aiming to solve the ‘last mile problem’ for mass ZKP adoption, in order to further massive ZKP and privacy adoption. This will enable a better, faster and more seamless user experience and allow the community to build out more easily integrated use cases.”
As part of the terms of the prize, Manta Network will now have to open-source the solutions they come up with from their challenge to help the entire community in advancing ZKPs.
Today, Bitcoin took a steep plummet as it dropped by around 19% to reach as low as $46,735. The coin has since recovered pretty quickly and is now trading back above $52,000.
It is important to understand that, despite Bitcoin printing consistent gains over the past few months, the cryptocurrency is still very vulnerable to sharp falls in price that we have just seen today. Nevertheless, with the increased optimism in the market, driven by institutional demand, we can be certain that any dips like this are going to be bought up relatively quickly – such as what we saw today.
Today, on Week 8, we will be covering our top picks to watch, which are DOT, CAKE, and BTC:
To find out these projects in a little more detail and why we chose them, take a look at the article here.
In this analysis, I would like to cover these four coins to help provide some areas of support and resistance you might expect moving forward.
Polkadot (DOT) Price Analysis
What has been going on?
Despite today’s 8.5% price drop, DOT is still up by a whopping 114% over the past month as it sits in the 5th ranked position with a total market cap value of 32.84 billion. The cryptocurrency had broken out of a symmetrical triangle pattern at the start of February 2021 as it started to push higher.
By mid-February, DOT had met resistance at $29.50 (1.618 Fib Extension) and stalled there for a few days. This resistance was finally broke last week, which allowed DOT to continue higher and set a new ATH price at $42.71 over the weekend. More specifically, DOT could not manage to close a daily candle above the $40 level.
Today the BTC price drop caused DOT to sink back into the previous resistance at $29.50. It has since rebounded and is now trading around $34.11.
DOT price short term prediction: Bullish
DOT still remains bullish in the short term. A drop beneath $20 would be required to turn the market neutral, and it would have to continue beneath $16 (100-day EMA) to be in danger of turning bearish.
Looking ahead, the first level of support lies at $32.18 (.382 Fib Retracement). This is followed by $29.50, $28, $25.85 (.618 Fib Retracement), and $21.34.
Added support lies at $20 and $160 (100-day EMA).
Where is the resistance toward the upside?
On the other side, the first level of strong resistance lies at $38.38. This is followed by $40. Above $40, resistance lies at the ATH price of $42.71, $44, and $46.70 (1.618 Fib extension – purple).
Additional resistance is found at $48, $50, $50.55, $52, and $54.54.
CAKE dropped by a sharp 20% today but is still up by a strong 120% over the past month of trading. It is currently ranked in the 48th position as it holds a $1.80 billion market cap value.
The cryptocurrency had surged higher from $6.00 during mid-Feb, and it continued higher to set a new ATH price at $21.47 on Friday. More specifically, it could not close a daily candle above resistance at $19.15 (1.618 Fib Extension) and rolled over from there.
Over the past two days, CAKE has done well to hold the support at $14.50. Today’s price drop saw the coin falling as low as $12, but it has since recovered to $14.45.
CAKE price short term prediction: Bullish
CAKE still remains bullish in the short term. To turn neutral, it would need to fall beneath the support at $8.43 (.618 Fib Retracement). To turn bearish, it would need to continue beneath $4.00.
If the sellers push lower, the first support lies at $13.38 (.382 Fib Retracement). This is followed by $12, $10.90 (.5 Fib Retracement), $10, and $8.43 (.618 Fib Retracement).
Where is the resistance toward the upside?
On the other side, the first level of resistance lies at $18. This is followed by $19.15, $20, and $21.47 (ATH price). Above the ATH, resistance is located at $24, $26, $27, and $28.
Bitcoin saw a very interesting 24 hour period in which the coin dropped by almost 20% as it sank as low as $46,735. The cryptocurrency has quickly recovered and is currently trading above $52,000 again.
For the period of February 2021, BTC has been trading within an ascending price channel. Over the weekend, the coin reached the upper boundary of this price channel and could not break above it. Today, we can see that the steep price drop caused BTC to fall into the support at $47.100, provided by a .382 Fib Retracement.
It quickly recovered and is now trading above the midline of this ascending price channel again. Bitcoin has not slipped beneath the midline of this price channel since February 8th.
BTC price short term prediction: Bullish
Despite the steep price spike lower, BTC still remains strongly bullish in the short term. To turn neutral, Bitcoin would need to drop beneath $40,000 (.618 Fib Retracement). To turn bearish, Bitcoin would need to continue beneath $30,000.
If the sellers push lower, the first level of support lies at $51,330 (.236 Fib Retracement & midline of the price channel). This is followed by $48,981 (lower boundary of the price channel), $48,000, and $47,100 (.382 Fib Retracement).
Added support lies at $43,660 (.5 Fib Retracement), $40,000 (.618 Fib Retracement), and $36,000.
Where is the resistance toward the upside?
On the other side, the first level of resistance lies at $54,373. This is followed by $56,000, $57,172, and then the upper boundary of the price channel.
Added resistance lies at $60,000, $61,000, $64,000, and $66,030.
Bitcoin saw a substantial 25% price surge this week to set a new ATH at $35,868.
Ethereum saw a 58% price hike this week as it reached $1,140.
Bitcoin continued to set a new ATH price today at $35,868 after the cryptocurrency rallied by another 9.2%. The growth of Bitcoin over the past 3-months has been truly extraordinary after the cryptocurrency managed to rise by a robust 225%.
The market cap for the number one ranked cryptocurrency is now at $645 billion, and many expect it to hit $1 trillion by the end of 2021.
Overall, the total crypto market cap is already approaching $1 trillion itself as it currently sits at $958 billion – up almost 10% over the past 24 hours. This is mainly due to the strong BTC increase, but some cryptocurrencies are also surging much higher. For example, ADA surged over 41% today, allowing it to claim the 5th ranking position according to market cap value – pushing Ripple into the 6th position.
Additionally, Ethereum also saw a strong 10% price surge today as the cryptocurrency hits $1,136 today. The price growth of ETH has also been pretty extraordinary as it managed to climb by 58% over the past week, with a further 93% price explosion over the past month.
Let us look at the top 2 coins and provide some strong support and resistance areas moving forward.
Bitcoin Price Analysis
What has been going on?
Looking at the daily chart for BTC above, we can see that the coin has come a long way since the $18,000 low seen in December. It surged higher toward the second half of the month, breaking above the $20,000 level on December 16th and setting fresh ATHs pretty much every day since!
By the end of 2021, Bitcoin had reached as high as $29,000. The coin would continue higher and break $30,000 in the first few days of January. Initially, Bitcoin found resistance at $34,800 (1.414 Fib Extension level). With the 9% price hike today, Bitcoin continued higher above this resistance to set a new ATH at $35,868. It has since dropped back beneath the resistance mentioned above at $34,800, but it is highly likely that BTC might hit $36,000 by the end of the day.
BTC price short term prediction: Bullish
Bitcoin is most certainly bullish right now. The cryptocurrency would now need to drop beneath $24,000 to turn neutral in the short term. It would have to continue beneath $18,000 (December lows) to turn bearish in the short term.
If the sellers do start pushing lower, the first level of support for Bitcoin lies at $34,000. This is followed by support at $32,640 (.236 Fib), $32,000, and $30,625 (.382 Fib). If the bears drive beneath $30,000, additional support is found at $29,000 (.5 Fib Retracement), $27,386 (.618 Fib Retracement), and $26,000.
Where is the resistance toward the upside?
On the other side, once the buyers break back above $34,800, the first level of higher resistance lies at the new ATH price at $25,686. This is followed by resistance at $36,000, $37,292 (1.618 Fib Extension), $38,000, and $38,358 (short term 1.414 fib Extension).
Beyond $39,000, added resistance is found at $39,426 (1.272 Fib Extension), $40,000, and $41,862 (1.414 Fib Extension).
Where are the technical indicators showing?
The RSI is extremely overbought, suggesting that the buyers might be a little overextended and in need of a retracement. Additionally, the Stochastic RSI recently produced a bearish crossover signal, which could suggest an imminent pullback.
Likewise, Ethereum has seen explosive growth since the start of 2021. It pushed higher above $750 at the start of the year and continued to surge higher. Along the way up, it met resistance at $975 (1.272 Fib Extension), $1,042 (1.414 Fib Extension), and $1,100 (yesterday closing price) until reaching the $1,166 high today (1.618 Fib Extension).
We can see that it has dropped lower slightly and is trading at the $1,133 resistance – provided by a bearish .786 Fibonacci Retracement level.
ETH price short term prediction: Bullish
Ethereum is strongly bullish right now. The coin would need to drop back beneath $700 to turn neutral and would have to fall further beneath $500 to be in danger of turning bearish in the short term.
If the sellers push lower, the first level of support lies at $1,100. This is followed by support at $1,042 (1.414 Fib Extension), $1,000 (.236 Fib Retracement), and $975 (1.272 Fib Extension). Beneath $975, support lies at $905 (.382 Fib Retracement), $826 (.5 Fib Retracement), $800, and $750 (.618 Fib Retracement).
Where is the resistance toward the upside?
On the other side, if the buyers climb beyond $1,133 (bearish .786 Fib Retracement), the first level of resistance lies at $1,166. Following this, resistance lies at $1,200, $1,266 (bearish .886 Fib Retracement), $1,295 (1.272 Fib Extension), and $1,300.
If the buyers bring Ethereum above $1,300, resistance is located at $1,358 (1.414 Fib Extension), $1,400, $1,450 (1.618 Fib Extension), $1,500, and $1,550 (1.618 Fib Extension – orange).
Where are the technical indicators showing?
Both the RSI and Stochastic RSI are extremely overbought, suggesting that the buyers might be a little overextended and need a retracement.
Ethereum saw a further 10.45% price hike today as the cryptocurrency hits the $730 level.
The coin has now seen a substantial 35% price hike over the past month of trading and created a fresh 2020 high today at $738.
Against Bitcoin, Ethereum rebounded from the ₿0.024 support yesterday and is now trading at ₿0.0268.
Ethereum price at the time of writing: $733 ETH Resistance Levels: $738, $750, $761, $775, $790 ETH Support levels: $711, $700, $688, $675, $650
Etheruem set a fresh 2020 high today, around $738, after seeing a 35% price hike over the past month of trading. The coin had set the previous 2020 high toward mid-December but failed to break the resistance at $675 (bearish .786 Fib Retracement). From there, ETH dropped back into the $580 support where it rebounded last week. Yesterday, ETH managed to break the $675 resistance to reach as high as $688 by the time the candle closed.
ETH continued further above $700 today to reach as high as $738.
There are many reasons why Ethereum is surging in December. The Bitcoin price boom is one of the primary drivers. However, with Ethereum reversing against Bitcoin, some additional reasons are helping Ethereum.
One of the main reasons is that Etheereum has already started the migration from ETH 1 to ETH 2. The upgrade will shift the consensus mechanism from Proof-of-Work to Proof-of-Stake, increasing scalability, performance, and security. So far, a total of 2.1 million ETH have been deposited into the eth2 staking contract to secure the Eth2 blockchain. This is around $1.53 billion worth of ETH deposited.
The transition to ETH2 will also provide new hope for the next DeFi boom. With DeFi Devs knowing that Ethereum can finally handle the extra load on the blockchain, they are more likely to choose ETH to deploy their dApps.
In addition to ETH2, there is also the incoming EIP-1559, which will establish the market rate for block inclusion for transactions. It will also burn the majority of ETH in the transaction fees, leading to Ethereum becoming deflationary in the future.
Institutional investors have primarily driven the Bitcoin price boom. They are seeking a method to hedge their cash reserves against inflation of the US Dollar. Satisfied with their gains, it is likely that these institutions will look elsewhere to find further gains and look for another coin to invest in. ETH is most likely to be the prime candidate – especially when we consider that the CME will create an ETH Futures market in Feb 2021.
Lastly, BTC has already created fresh ATHs. This is likely to cause retail investors to look away as they might deem it too risky to invest in BTC at these prices. On the other hand, ETH is still down by around 57% from its previous ATH price – providing room for significant growth ahead.
Let us continue to take a look at the markets and see where they might be heading.
Ethereum Price Analysis
What has been going on?
Looking at the daily chart above, ETH rebounded from the support at $580 (.618 Fib) and has finally penetrated above the $700 level today. Previously, it struggled to break the $675 resistance – provided by a bearish .786 Fib Retracement level. Today, the price surge allowed ETH to climb above $700 and create a fresh 2020 high at around $738.
Ethereum price short term prediction: Bullish
Ethereum is most certainly bullish right now. The coin would need to drop beneath the $540 level to turn neutral again, and it would have to continue further beneath $400 to be in danger of turning bearish.
If the sellers push lower, the first level of support lies at $711. This is followed by support at $700, $688, $675, and $640 (.382 Fib). Additional support is then expected at $630 (June 2018 Highs), $610 (.5 Fib), and $580 (.5 Fib).
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance is expected at $738. This is followed by resistance at $750 (bearish .886 Fib Retracement), $761, $775, and $790 (1.272 Fib Extension). Above this, resistance lies at $800, $818 (1.414 Fib Extension), $840, and $857 (1.618 Fib Extension).
What has been going on?
Against Bitcoin, we can see that ETH dropped beneath the November lows this week and continued to plummet until support was found at ₿0.024 yesterday. The buyers managed to rebound from this level of support to reach ₿0.026 by the closing time yesterday.
Today, Ethereum continued higher to reach the current ₿0.0268 resistance – provided by a bearish .382 Fibonacci Retracement level.
Ethereum price short term prediction: Neutral
With the break back above ₿0.025, Ethereum can be considered as neutral again. It would need to fall back beneath ₿0.024 to turn bearish. On the other side, it would have to break beyond ₿0.03 to start to turn bullish again in the short term.
If the sellers do cause ETH to head lower again, the first level of strong support lies at ₿0.026. Beneath this, support is located at ₿0.0253, ₿0.025, and ₿0.0245 (.786 Fib). Added support is found at ₿0.024, ₿0.0235, ₿0.023, and ₿0.0226.
Where Is The Resistance Toward The Upside?
On the other side, if the buyers can break the resistance at ₿0.0269 (bearish .382 Fib), the first level of higher resistance lies at ₿0.0278 (Feb 2020 Highs). Above this, resistance lies at ₿0.0282 (bearish .5 Fib), ₿0.029, and ₿0.0295 (bearish .618 Fib).
