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Analysis

Biggest Movers: THETA, HNT Rise Over 20%, Despite Crypto Crash

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Biggest Movers: THETA, HNT Rise Over 20%, Despite Crypto Crash

THETA was trading higher on Tuesday, as prices rebounded, moving away from multi-year lows in the process. HNT also rallied, climbing by as much as 20% earlier in today’s session.

Theta Network (THETA)

THETA was one of the most notable movers during today’s session, as prices gained by nearly 20% earlier in the day.

Following a low of $0.9688 to start the week, THETA/USD rose to an intraday peak of $1.22 on Tuesday.

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Today’s surge saw THETA move away from yesterday’s bottom, which is the lowest level prices have been since December 2020.

THETA/USD – Daily Chart

As of writing, prices are now back above $1.00, and are trading slightly above a key support point of $1.14.

Should this floor begin to stabilize, we could see bulls slowly re-enter the market, and gradually look to regain price momentum.

For this to happen, the 14-day RSI must remain above its own support point at the 40 level, and move to break past resistance of 42 thereafter.

Helium (HNT)

HNT was another big mover on Tuesday, as prices rebounded, ending a streak of four straight daily declines.

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Helium hit an intraday high of $10.21 earlier in today’s session, which comes less than a day after trading at a low of $7.45.

Despite these declines, prices rose by as much as 23% today, moving past resistance of $9.80 in the process.

HNT/USD – Daily Chart

However, following the earlier breakout, momentum in HNT has slightly eased, with prices once again trading below $10.

This is likely a result of the Relative Strength Index finding a support point of its own at 50, with previous bulls using this as an ideal exit point.

Overall, the bullish momentum still remains, and should we see a breakout above this ceiling, the traders will likely look to target the $12 level.

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Is HNT going to hit $12 before the end of the week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Lido community debates limiting staked Ethereum as centralization concerns grow

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Lido community debates limiting staked Ethereum as centralization concerns grow

Lido community debates limiting staked Ethereum as centralization concerns grow Oluwapelumi Adejumo · 12 hours ago · 2 min read

The Lido team submitted a governance proposal discussing the pros and cons of limiting its share of Ethereum staking.

2 min read

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Updated: June 24, 2022 at 9:33 pm

Cover art/illustration via CryptoSlate

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Lido community members have begun debating whether the staking service provider should limit its share of staked Ethereum because of the systemic centralization risk this poses to the blockchain network.

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The Lido team submitted a governance proposal discussing the pros and cons of limiting its share of Ethereum staking.

According to the proposal, several major contributors to Ethereum, like Vitalik Buterin, have expressed opinions on the dangers of Lido’s network dominance. Some stakeholders have suggested that the service provider drop its share to between 15% and 33%.

The proposal is also coming at a time when the value of staked Ethereum has de-pegged from that of ETH. This has led to massive liquidation and raised fears that it could complicate Ethereum merge since stETH will be redeemable for ETH after the merge.

Arguments in support of the staking limitations

The proposal recommends that those who agree with certain views can vote in support of a staking limit. These include the fact that one protocol’s majority of the governance power on Ethereum threatens its decentralization.

Furthermore, anyone who believes that other liquid staking solutions will follow Lido’s footsteps and limit their staking share should vote in support.

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Additionally, they should believe in the possibility that other decentralized staking protocols like Rocket Pool will be able to meet the supply shortage caused by Lido limiting its share.

Also, voting in support means agreeing that Ethereum staking isn’t a winner-takes-most market. Therefore, Lido should limit its dominance so that competing solutions can grow with time.

Arguments against staking limit

However, those voting against May do so if they believe there is a risk of centralized exchanges dominating the staking market, which will be a bigger issue for Ethereum decentralization than Lido governance.

There’s also the possibility that other liquid staking solutions will not self-limit themselves or make their operations transparent like Lido. It’s even possible that Rocket Pool does not grow fast enough to meet the supply shortfall.

Furthermore, if the market is a winner-take-most one, the winner should be a decentralized protocol like Lido with fair and transparent practices.

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Discussions are ongoing, and voting won’t happen for a few weeks. It remains to be seen which direction the community will face.

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Analysis

Biggest Movers:  XRP Up By Nearly 15%, As AVAX Climbs To 12-Day High On Friday

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Biggest Movers:  XRP Up By Nearly 15%, As AVAX Climbs To 12-Day High On Friday

XRP rose by nearly 15% during today’s session, climbing to its highest point in over a week in the process. This rise in momentum within the crypto market also saw AVAX hit a 12-day high, following a gain of over 11% on Friday.

XRP

Bullish pressure in XRP intensified on Friday, as prices rose to their highest point in over a week during today’s session.

Today’s surge saw XRP/USD rally to an intraday high of $0.3847, which is its highest point since June 11.

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Overall, prices are currently 13.6% higher than Thursday’s low of $0.3244, and this comes after a marginal breakout of a key price ceiling.

XRP/USD – Daily Chart

This resistance point was at the $0.3800 mark, and was broken as short-term momentum continued to move upwards.

Looking at the chart, the moving average of 10 days (red) confirms this shift in direction, with the trend now heading higher.

In addition to this, the 14-day RSI is tracking at its highest point in over three months, after hitting a high of 50.71 earlier today.

However, this point is also a resistance level, which is why earlier gains have somewhat eased, as some bulls likely liquidated positions.

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Avalanche (AVAX)

AVAX was another notable mover to end the week, as prices moved close to a key mark of $20 on Friday.

Following a slow start to the week that saw AVAX/USD hit an all-time low of $13.53, prices rose to a peak of $19.97 earlier today.

This move saw prices rise by as much as 13% in the day, with bulls attempting to break out of the current ceiling.

AVAX/USD – Daily Chart

Despite this rise in bullish pressure, the resistance of $20 has so far held firm in today’s session, with prices now trading at $19.29 as of writing.

One reason for this might be that we have also seen the Relative Strength Index hit a ceiling of its own.

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As a result of this, we may not see enough bulls re-enter the market to help lead a breakout of the $20 level.

Do you expect AVAX to break out of this resistance this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: ETH On The Cusp Of $1,200 Following Breakout Of Key Resistance Level

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Bitcoin, Ethereum Technical Analysis: ETH On The Cusp Of $1,200 Following Breakout Of Key Resistance Level

Bitcoin edged marginally higher on the last Friday of the month, breaking out of its recent resistance of $21,100 in the process. ETH was also in the green during today’s session, climbing by nearly 5% to move past a price ceiling of its own.

Bitcoin

Following a turbulent week of trading, BTC was once again higher on Friday, as prices moved above $21,000 heading into the weekend.

Less than a day after trading at a low of $20,233.56, BTC/USD rallied to an intraday peak of $21,266.39

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Friday’s flurry of trading saw prices move past a key resistance point of $21,100, and this comes as bulls continue to buy the recent bitcoin dip.

BTC/USD – Daily Chart

After overcoming today’s hurdle, it is likely that traders will target this week’s high of $21,700 over the course of the weekend.

Looking at the chart, should this level be achieved, we will likely see many bulls choose to secure gains and exit positions, due to an upcoming ceiling on the 14-day RSI.

This hurdle is the 36.70 point on the Relative Strength Index, which is currently tracking at 35, and is firmly in oversold territory.

Ethereum

Ethereum was fast approaching $1,200 on Friday, as bullish momentum took prices above a key level of resistance.

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After almost falling below $1,000 during Thursday’s session, ETH/USD surged to an intraday high of $1,191.27 as of writing.

This peak saw the world’s second largest crypto token trade nearly 8% higher than yesterday’s floor, breaking the $1,190 ceiling in the process.

ETH/USD – Daily Chart

As discussed yesterday, this level was one of the only hurdles in place preventing prices from re-entering the $1,200 region.

Today’s mounting pressure from ETH bulls comes after the 35.60 ceiling of the 14-day RSI was broken on Thursday.

With a breakout likely later in today’s session, the only question is where bulls will choose to exercise an exit.

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How high do you expect ETH to climb this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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