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Biggest Movers: UNI, BCH Surge By Over 20%, Hitting Multi-Month Highs

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Biggest Movers: UNI, BCH Surge By Over 20%, Hitting Multi-Month Highs

Uniswap was trading over 20% higher in Thursday’s session as the token rose to its highest point since April. This comes as crypto markets surged on Tuesday, in the aftermath of the Fed rate decision. Bitcoin cash moved to a six week high on the news. The global crypto market cap is 6.51% higher as of writing.

Uniswap (UNI)

Uniswap (UNI) was one of Thursday’s notable movers, as the token rose by nearly 30% in today’s session.

Following a low of $6.77 during yesterday’s session, UNI/USD rose to an intraday peak of $8.72 earlier today.

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The move saw the token hit its highest level since April 26, when prices were trading around the $9 mark.

UNI/USD – Daily Chart

Today’s price surge comes as UNI rallied above its recent resistance level of $.7.75, which had been previously held for the last three months.

This rise in price comes as the 14-day relative strength index collided with a resistance level of its own at 69.

Uniswap bulls will likely look to maintain their current momentum, and push prices towards $10, however, this may only occur once the ceiling on the relative strength index (RSI) is broken.

Bitcoin cash (BCH)

In addition to UNI, bitcoin cash (BCH) was also in the green during today’s session, with prices climbing by over 20%.

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BCH/USD surged to an intraday peak of $147.57 earlier in the day, which comes less than 24-hours after prices were trading at a low of $117.86.

As of writing, prices were trading over 24% higher than yesterday’s bottom, with BCH at its highest point since June 13.

BCH/USD – Daily Chart

Similar to uniswap, today’s climb comes as the token broke free of its resistance point, which is at the $132 mark for BCH.

The RSI for bitcoin cash is currently tracking at 67.70, which is its highest reading since April 4, and comes after price strength rose above a resistance level of its own.

Should this momentum continue, the next target for BCH bulls will likely be beyond the $150 point.

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Could bitcoin cash climb to as high as $160 this 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

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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.

Analysis

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

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Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of writing, the global cryptocurrency market cap is currently trading 2.85% lower. Ethereum also dropped lower on Monday, with prices moving away from a recent high above $2,000.

Bitcoin

After a brief stint above $25,000 over the weekend, bitcoin (BTC) was trading in the red to start the new week.

On Sunday, BTC/USD hit an intraday high of $25,135.59, however the world’s largest token slipped to a bottom of $23,960.03 today.

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Sunday’s high was the most bitcoin has traded at since June 14, when prices of the token were over $26,700.

BTC/USD – Daily Chart

Looking at the chart, today’s decline in price comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.

In addition to this, the 14-day relative strength index (RSI) is tracking at 56.44, which comes after failing to break out of a ceiling of 61.80.

This continues to be the main obstacle in the way of BTC rising back above $25,000 for a longer period of time.

Ethereum

In addition to BTC falling below $25,000, ethereum (ETH) also slipped to start the week, as the token dropped below $2,000.

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Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.

However, on Monday, ETH/USD dropped to a low of $1,887.82, which was less than a day after trading at a high of $2,007.21.

ETH/USD – Daily Chart

This bearish turn in ethereum also comes as a result of the RSI being overbought, as it climbed above 71, which was its highest point since April 4.

As of writing, the index is tracking at 62, which comes as bearish sentiment swept through markets to start the week.

Prices will now be tested, with the index now close to a floor of 61, and should momentum move below this point, then we could see further declines.

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Can ethereum climb back above $2,000 this week? 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

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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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ada price prediction

Cardano [ADA]: A breach and something more in the works perhaps?

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Cardano [ADA]: A breach and something more in the works perhaps?

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Over the past six weeks, the ascending channel (white) setup has accelerated Cardano [ADA]’s efforts to break the $0.55-resistance. Also, the consistent sway above the basis line (green) of the Bollinger bands (BB) reflected a near-term buying advantage.

With the breach of the $0.55-level, buyers could strive for more before giving in to the reversal tendencies of the pattern. At press time, ADA was trading at $0.5763, up by approx. 2.85% in the last 24 hours.

ADA Daily Chart

Source: TradingView, ADA/USDT

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The previous pattern’s breakout made way for a swift up-channel recovery on the daily chart. The price action now broke the squeeze phase while the basis line of the BB kept looking north. The alt would likely witness a high volatility phase in the coming days.

A compelling close above the midline (yellow, dashed) of the up-channel could aid the alt in retesting the upper trendline of the pattern. In this case, potential targets would rest in the $0.63-$0.65 range. Any close above this level would push the alt into price discovery.

Also, the latest price jump saw a corresponding hike in trading volumes by over 36% in the last 24 hours. A likely selling resurgence from the immediate resistance range could pose near-term recovery barriers. An eventual close below the pattern would give a selling signal.

Rationale

Source: TradingView, ADA/USDT

The Relative Strength Index (RSI) took a visibly bullish position while breaching the 59-mark resistance (now support). This trajectory could play out in favor of the buyers until a plausible reversal from the overbought region.

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Also, the OBV corroborated with the broader bullish narrative by replicating the price action’s higher peaks and troughs. The DMI further reiterated the previous readings, but the ADX displayed a slightly weak directional trend.

Conclusion

With buyers finding a break above the $0.55-level, ADA buyers could aim to extend its uptrend in the current up-channel. The targets would remain the same as above.

Finally, traders/investors should keep a close watch on Bitcoin’s movement and its effects on the wider market to make a profitable move.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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Analysis

Op-ed: How leveraging blockchain data can be a revolutionary act

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Op-ed: How leveraging blockchain data can be a revolutionary act

Op-ed: How leveraging blockchain data can be a revolutionary act Tom Tirman · 8 hours ago · 4 min read

Knowing exactly what is needed in data terms is a significant hurdle.

4 min read

Updated: August 14, 2022 at 2:21 pm

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Cover art/illustration via CryptoSlate

The legitimacy of cryptocurrencies is under constant threat from bad actors. Wash trading is a huge issue, for example, and is widespread in NFT sales: one high-profile case was exposed on a popular marketplace where 94% of $2 billion transacted was proved to be wash traded.

How did we find out about it? An NFT analytics site examined blockchain data over a period of eight days. No small undertaking, but a highly valuable service that should become commonplace if the industry is to foster trust.

Analytics and data aggregation firms are thus primed to become mainstays of the space by providing vital information on what is really happening on blockchains. In their absence, critics and regulators have been well justified in expressing doubts over the burgeoning technology. 

Business applications will proliferate, too, as evidenced by major moves coming out of Chainlink (LINK). Last year, the company announced a partnership with news organization Associated Press to make its datasets available to leading blockchains, where data can be used to automate key processes that happen on-chain. 

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Whether informing markets of election race calls, triggering an on-chain trade when a company’s quarterly financials are released or even augmenting the appearance of NFTs based on real-world events, there is significant scope in this one partnership. Applied to the entirety of the business world across multiple industries, there could be a gigantic shift in the use of data.

Good Information

Properly collated and well-analyzed data holds the potential to weed out dodgy companies and individuals and stop them from fulfilling nefarious goals. In theory, blockchain data is available to the public. It follows that anyone can do the work themselves. Practically speaking, this isn’t feasible because your average vigilante or even nascent analytics company lacks the technology to create vast datasets at a pace in a scalable manner.

Knowing exactly what is needed in data terms is a significant hurdle. So a bespoke platform would need to work with industry players—and more specifically, developers—to draw out useful data on a scale not yet seen in the blockchain industry. In its early stages, aggregation and analytics will face steep learning curves.

Applying Data Holistically

For business applications, private blockchains predominate. Customized, structured data can be processed accordingly into a private dataset. This will be useful commercially. When a company has paid good money to draw out data based on highly specific requests, they are likely to want to protect it, especially when one considers how these datasets are ever-expanding due to the nature of blockchain and thus remain highly relevant. Access can moreover be sold to other firms in a licensing agreement.

When it comes to entities looking to siphon data for the public good, there is scope to construct datasets that allow crowdsourced analysis. The crypto industry sorely needs this. There is not enough money in exposing wash trading and other malicious activities: we currently rely on the actions of a dedicated minority. Proper, universal access to clean data can stimulate the emergence of public bodies that help cryptocurrency to become a self-regulated field.

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We’ve barely scratched the surface. Insurance is a behemoth consumer of data as it informs the entirety of the business model because brokers need to know how to charge competitive yet profitable premiums. And Chainlink is leading the charge again here: last year, they penned a deal with insurance startup Arbol, which provides crop insurance for farmers and enterprises to provide decentralized weather data. In this instance, smart contracts can trigger payouts depending on weather conditions data.

Reconciling Data

Traditional businesses face a plethora of issues when selling data to third parties but in crypto, this is less of a concern, because everything is transparent. However, most projects in the web3 space are not completely decentralized, leading to decision-making on whether to take certain data off-chain.

The beauty of an all-encompassing data aggregation protocol is reconciling on-chain data with off-chain data: companies will be able to customize the data links in order to make it work. Only seeing half the data is fine with most projects because all they need is the on-chain movement of data to make whatever decisions they need to.

The core technology for a successful data aggregating and cleaning process must be cross-chain compatible because while Ethereum Virtual Machine (EVM) chains dominate the space, you have chains such as Solana creating cutting-edge solutions as well.

The text itself within the blockchain data has to be structured in a very specific way for chains such as Solana, as the entire technology underpinning it is different. Furthermore, the high transactions per second rate offered on Solana mean that from the genesis block up until real-time, the database is far more vast than most other chains. There are hundreds of thousands of transactions per second on Solana.

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When a database is chock full of data, it might not necessarily be overly useful for other people. For a data cleaning service provider, it becomes very difficult to structure the data to filter out the noise from the clean parts when considering the huge volume of transactions, many of which are meaningless and not at all valuable for analytics.

For centralized chains, data aggregation and subsequent analysis can help build trust in an environment where the entity itself controls validators when they, in turn, can exert political control over the key players in the entire ecosystem. Once trust is lost, you can’t readily get it back, so cutting through the noise and seeing what is happening with on-chain transactions can be invaluable. This is one of the reasons blockchain data is so important and can spark drastic changes in how we interact with cryptocurrencies.

Guest post by Tom Tirman from IQ Protocol

Tom Tirman is the CEO of IQ Protocol, the leading NFT renting solution that allows games and other platforms to wrap digital assets and lend them out to users looking to play and earn. Before crypto, Tim graduated from a top technological university in Eastern Europe for Law and proceeded to continue his studies at the Stockholm School of Economics. He also spearheads PARSIQ, a web3 data aggregator in his free time.

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