Crypto Push

2023-02-13 19:30:01 ​Cardano shows bearishness in short-term, but reversal was possible at…

Cardano released the weekly development update on 10 February. It highlighted some notable statistics but did not shore up buyer confidence in the short term. Instead, the price retested $0.37 as resistance before another move downward.

Over the weekend, Bitcoin showed little impetus on the price chart. It oscillated from $21.6k to $22k, a fluctuation of close to 2%. Monday’s high and low could establish a range for the week. A move below $21.6k could herald further losses across the altcoin market, including ADA.

Former support levels flipped to resistance as more downside beckons
The 1-hour bullish order block at $0.38 was broken convincingly on 9 February. The two days of trading prior to that move downward saw weak bounces from this area. A move upward to $0.4 turned out to be a bearish retest before the slump that followed.

In a similar fashion, the $0.37 level of former support was also retested as resistance. This came after ADA tested a zone of support at $0.35 and bounced. The two bullish order blocks (H2) at $0.357 and $0.327 can see some positive reactions from the price in the coming days.

Traders can wait for a move beneath $0.35 and a subsequent retest to short the asset, targeting $0.33. A move back above $0.37 won’t necessarily show bullish promise- a move up to $0.4 can also offer a shorting opportunity.

Both bulls and bears must recognize that the daily timeframe structure was bullish, but the weak push above $0.4 last week signaled exhaustion from buyers.

The RSI on the 2-hour chart showed neutral momentum, while the OBV saw a freefall for a couple of days together. Taken together, they showed some bearish dominance in the near term.

The Open Interest climbed slightly on 10 and 11 February as ADA bounced from $0.356 to reach $0.37. This attempt to break past resistance was quickly snuffed and the bearish sentiment was reinforced.

This was reflected in the dip that the OI saw recently. Falling prices and OI pointed toward bears being in the driving seat.

The predicted funding rate also saw multiple dips into negative territory over the past few days. The bearish retest of $0.37 was one such event, and highlighted the conviction of short sellers in the past few days. Open / Comment

2023-02-10 23:30:00 ​Assessing Synthetix’s Q4 2022 performance and what to expect in 2023

Messari recently published Synthetix’s [SNX] 2022 quarter 4 report, which highlighted its performance on several fronts during the concluding months of 2022.

While a few of the updates were in Synthetix’s favor, some were against the network. For instance, user growth increased during the year, probably as a result of Optimism Quest, while volumes and the debt pool decreased.

This is how Synthetix performed
Synthetix’s volume peaked in Q3 2022, led by atomic swaps. However, following some initial success, the program was scaled back to control toxic flow.

This resulted in a massive drop of 87% in the last quarter of 2022. Synthetix’s inflation rate spiked considerably during the early months of 2022, but in Q4 it reached below 10% on an annualized basis.

In Q2 and Q3 of 2023, respectively, 24 million and 23 million SNX will be released due to the increase in the inflation rate in the middle of the year.

Interestingly, despite the drop in volume, SNX’s stats for daily active users looked quite optimistic for the network. As per the data, the token’s daily active users increased considerably during the fourth quarter of 2022.

Moreover, Synthetix launched Perps V2 on 20 December, beginning with just an ETH perp option. Synthetix Perps V2 is a protocol for trading perpetual futures leveraging the Synthetix protocol’s liquidity.

The introduction has so far been a success, with lower fees and significant adoption of more than 35% of perps volume in January 2023.

Another major update was in 2023, the Synthetix DAO will be primarily focused on the launch of Synthetix V3, which is an updated architecture for the liquidity provisioning protocol.

The transition will involve migrating from sUSD to snxUSD and converting the current V2 protocol into a pool on V3 after the release of V3.

2023 brought better news
As we entered 2023, SNX’s price rallied considerably, thanks to the bullish market condition. Santiment’s chart revealed that its MVRV Ratio also remained relatively high through the first month.

Not only that, but demand for SNX in the derivatives market was consistent, as its Binance funding rate was up. SNX’s development activity increased significantly in the past 30 days, which by and large is a positive signal for a network.

Moreover, SNX’s popularity registered an increase as its social dominance spiked quite a few times. At press time, SNX was trading at $2.39 with a market capitalization of over $602 million. Open / Comment

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Price Forecast 0.035 (28%+) In 10-14 Days

Daily Numbers



Price: 0.02362$

Updated: 7 min. ago
Your gains: +488.27$

History change
24 hours: +5.31%
7 days: +16.79%
30 days: +18.10%

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@UnitedTeleBot Open / Comment

2023-02-07 19:30:00 ​XRP retests support zone: Bulls can look to book profits here

Ripple [XRP] saw some volatility in the price charts in the past two weeks. A breakout past $0.412 was reversed rapidly, but the region of support at $0.39 has been defended thus far. The price consolidated beneath the $0.412 range highs.

During this consolidation, the price formed another lower timeframe range. Meanwhile, Bitcoin [BTC] has a bullish bias so long as it trades above the $22.3k area. What can be expected from XRP on the charts this week?

A 12-hour bullish order block was retested: Can buyers expect a strong reaction
The price has made equal highs and equal lows in the past week. XRP ranged from $0.39 to $0.416 since 30 January. In this period, the OBV slipped downward to show sellers were dominant. The RSI attempted to climb above the 60 mark, but was beaten back. At press time, it stood at 40 to show bearish momentum.

In the daily timeframe, the market structure was bullish. This bias would flip to bearish if a daily trading session closed below the $0.386 mark. To add further confluence to this bullish bias, the area marked in cyan is a 12-hour bullish order block.

Near-term bulls can look to buy XRP just above the $0.39 level and book a profit on the retest of the resistance at $0.41. Breakout traders can wait for a move above $0.42 and a subsequent bullish retest to buy. Similarly, sellers can wait for a descent below $0.38 and a bearish retest to enter short positions targeting the mid-range mark at $0.373.

Open Interest sees a small dip as prices flattened
The Open Interest chart showed OI has fallen since January 24. In this period, XRP faced rejection at $0.426 and could not break above $0.416 in the past few days. The inference is that bullish sentiment was weakening. A breakout past $0.42 alongside a surge in OI will probably show strong bullish momentum.

The funding rate data showed positive rates across major exchanges. This meant that long positions paid the short sellers, hinting at a bullish outlook. Open / Comment

2023-02-04 18:00:15 ​Algorand (ALGO) Price Prediction 2025-2030: ALGO witnesses new high, could rally 25%

The price of Algorand (ALGO) was largely stagnant over the last week, trading at $0.2688 at press time. ALGO rallied by 6% to a two-month high. The scalable blockchain token could further rally to an additional 25% if they meet certain market conditions.

Although Algorand (ALGO) is intended to be a very effective proof-of-stake (PoS) blockchain, other networks like Ethereum (ETH), BNB Chain, and Solana [SOL] have been at the forefront of significant DeFi activity. The narrative surrounding the blockchain appears to be changing for the better based on the increase in Algorand’s DeFi TVL during the past week.

Algorand has created a mark in traditional institutional circles, in addition to numerous initiatives for retail clients. Algorand oddly distinguishes between “blockchain” and “crypto.”

The temporary CEO Sean Ford Sean says,

“Those are two very distinct things. The focus is on developing blockchain applications that have the potential to influence society and change the world as a whole.”

Compared to Ethereum, both systems employ proof-of-stake, smart contracts, and infrastructure to support the creation of other blockchain-based applications.

The two, however, use various staking and rewarding strategies. Many of the projects supported by the Algorand blockchain are centered on decentralized finance, such as decentralized lending and trade. The Algorand blockchain also supports stablecoins and other cryptocurrencies.

The Algorand Foundation is committed to ensuring that the open-source ecosystem, decentralized governance, and sound monetary supply economics of the Algorand blockchain contribute to realizing the worldwide potential of this technology.

The anticipation of the forthcoming FIFA World Cup, which starts on November 20 and lasts through December 18, has been a major factor in the coin’s recent strong performance. Due to the fact that Algorand will be one of the event’s main sponsors, the excitement surrounding the World Cup has helped ALGO’s pricing. Apart from that, the cause of its winning run could be linked to its network’s most recent upgrade, which among other things greatly enhanced speed.

However, the increases in coin values appear to be waning as the adverse market sentiment overpowered all of the positive development and anticipation for the next FIFA World Cup.

Algorand (ALGO) is officially on the Cardano network, according to an announcement made by Cardano founder Charles Hoskinson in response to the Mikomedia A1 Rollup going live on Algorand.

Algorand is a non-EVM chain with numerous more distinctive features, making it the ideal choice for one of the first rollups outside the Ethereum (ETH) ecosystem, according to the statement. The Layer-2 A1 rollup’s launch is significant for Cardano and Algorand since it will enable network connectivity between the two projects. Due to the distinct topologies of the two blockchain networks, this would not have been possible without the rollup.

According to AlgoExplorer, there were 17.3 million accounts on Algorand as of the end of the previous year. The total number of accounts on the network climbed to 23.5 million by 10 March 2022. These figures have only risen over the last few months, and Algorand seems to be becoming more well-liked. Now, many people are wondering whether it is worthwhile to invest in ALGO.

In 2021, the entire crypto market exploded, and ALGO suffered a similar fate. However, after a little while, it immediately went back to $1. ALGO saw some early signs of a robust comeback in February, reaching $ 1.67 before dropping once more. From February to April 2021, ALGO’s price fluctuated and occasionally fell, but it consistently stayed above $1 to provide a support level.

ALGO’s price rose up until 2022, when it fell to $0.90 on 14 February. Then, it gradually grew once more, largely because of LimeWire, an NFT marketplace for music and entertainment. The token hit $0.80 on 21 March 2022, before skyrocketing to $0.97 on 2 April. Open / Comment

2023-02-01 12:00:15 ​Bitcoin [BTC]: A tale of how short traders caused a price rally in January

In January 2023, Bitcoin [BTC] markets experienced their strongest monthly performance since October 2021, with a year-to-date (YTD) increase of over 43%. Glassnode, in a new report, found that this unexpected spike in value put BTC’s price at its highest level since August 2022, with a weekly increase of 6.6% from its low of $22,400.

Whodunit: Unpacking the mystery of Bitcoin’s rally
Glassnode reported that an increase in the number of short squeezes in the derivatives market was the main reason behind the recent surge in BTC’s price over the past month. The recent rally was driven by short squeezes in the derivatives market, with over $495 million in short futures contracts liquidated in three waves.

The report noted that the cash and carry basis for perpetual swap and calendar futures were now in positive territory, indicating a return of positive sentiment and speculation in the market.

Although the total Open Interest in BTC, in relation to its market capitalization, has declined since November 2022, and the leverage ratio has dropped from 40% to 25%, Glassnode opined that this represented a decrease in futures leverage and short-term speculative interests.

Further, Glassnode found that as price rallied in the last month, new demand for the king coin slowed. According to the report, the total BTC balance held on exchanges has reached a multi-year low of 11.7% of the circulating supply.

The daily inflow and outflow of coins from exchanges was balanced, with a net flow of $20 million, reflecting a slowdown in new demand. The largest monthly outflow of coins in history occurred from November to December 2022 but has returned to neutral, indicating a cooling down of outflows.

The upward trend of BTC may come to a halt
BTC’s movements on a daily chart suggested that its price might experience a drawback in the new trading month. As of this writing, the leading coin’s moving average convergence/divergence (MACD) indicator revealed that a new bear cycle had commenced. The MACD line had intersected the trend line in a downtrend, and BTC’s price fell to its 21 January level.

Furthermore, the coin’s price and Chaikin Money Flow had moved in opposite directions in the past two weeks, creating a bearish divergence.

This bearish divergence indicated that there might be a potential price fall in February, as the trend in the CMF suggested a decrease in buying pressure while the price continued to move upwards. This is a red flag for investors, as it may indicate that the upward trend in price is not supported by underlying demand.

Lastly, BTC’s Money Flow Index (MFI) was 48.46 and was in a downtrend at press time, having breached the 50-neutral spot. This also showed that buying momentum had declined significantly in the BTC markets. Open / Comment

2023-01-29 23:31:13 ​OpenSea sees a spike in Ethereum-based NFT sales, thanks to these factors

With Blue Chip non-fungible tokens (NFTs) collections at the forefront, the year has so far seen a resurgence of interest in profile-picture (PFP) NFTs.

Ethereum-based NFT sales have soared to a four-month high on leading marketplace OpenSea, according to data from Dune Analytics. The monthly sales volume is expected to close the trading month at its highest level since August 2022.

So far this month, the sales volume of Ethereum-minted NFTs on OpenSea has totaled $409 million. This represented a 21% increase from the $283 million logged as sales volume at the end of 2022.

The recent increase in sales volume can be attributed to a surge in the number of Ethereum-based NFTs sold on the OpenSea marketplace.

In addition to the surge in the sales volume and count of Ethereum-based NFTs on OpenSea, the marketplace itself has seen increased traction since the commencement of the 2023 trading year. Per data from DappRadar, in the last month, the transactions count on OpenSea grew by 9%.

The growth in transactions count of the decentralized application (dApp) resulted in a rally in sales volume. In the last 30 days, sales volume on OpenSea grew by 62%. All of these happened, despite the 1.21% decline in the count of unique active wallets within the period under consideration.

Ethereum is king
In the NFT vertical of the crypto ecosystem, Ethereum-based NFTs have seen the most sales in the last month. According to data from CryptoSlam, NFTs sales from the Ethereum chain in the last 30 days totaled $745 million.

Within this period, 207,719 buyers and 211, 813 sellers participated in 1.91 million sales transactions on the chain.

What is the market saying?
Blue Chip NFTs have grown in value since the year started. These NFTs are a subcategory of the broader NFT market that is of high quality and value. Examples include Bored Ape Yacht Club [BAYC], Mutant Ape Yacht Club [MAYC], Crypto Punks, and Meebits.

According to NFTGo, the Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance. So far this year, the Blue Chip Index has climbed by 6%.

As for the general market, market capitalization and sales volume have gone up by 7% and 21%, respectively, in the past 28 days.


In the last 28 days, 1.03 million Ethereum-minted NFTs have been sold on the leading NFT marketplace. According to data from Dune Analytics, this represented a two-month high in the sales count of Ethereum-based NFTs on OpenSea. Open / Comment

2023-01-26 11:15:00 ​Cardano presents trade opportunity at this price – should you take it

Cardano [ADA] saw a break in structure and its momentum flipped to bearish after the selling seen in the past 24 hours. There was some conflict between lower and higher timeframe charts, and the inference was that another drop southward was likely.

Bitcoin [BTC] held on to the $22.2k-$23k area in the past few days. Although BTC had a bullish outlook at press time, a bearish reversal could not be counted out yet. A move above $22.6k was significant- but have the recent days of trading been a deviation before a reversal?

A drop below $22k could shift the near-term bias of Bitcoin and many altcoins to bearish.

Plotting the path forward as ADA shows some near-term losses that were possible
On the four-hour chart presented above, it was seen that ADA faced some resistance at $0.383. In the past few hours of trading, it was forced to drop sharply below the $0.357 mark. In doing so, the market structure was broken on the four-hour timeframe. However, the daily structure remained bullish.

This meant that aggressive traders can look to short the asset, with their entry within the bearish breaker that extended from $0.357-$0.368. Invalidation of this idea would be a session close above $0.37.

Take-profit targets lie near $0.34, where a support zone was spotted.

It remained likely that the $0.33-$0.346 area will see a strong presence from the bulls. Yet, this also depended on the sentiment behind Bitcoin over the next few days. A daily session close for Cardano below $0.326 will shift the structure to bearish.

The RSI fell below neutral 50 in recent hours to show some downward momentum. Meanwhile, the OBV has not slipped beneath a support level from earlier this month, which meant bulls were still in the fight.

Since Bitcoin was at a critical location, confirmation of a bullish continuation or deviation could take some time to form. Given the bullish structure on the daily timeframe, ADA bulls can wait for a move to $0.34 or $0.325 and a bounce in prices thereafter, before bidding.

The mean coin age metric indicated network-wide accumulation
The funding rate on Binance was positive, and the age consumed metric did not see a dramatic spike since early January 2023. Thus, the sentiment was bullish and large movements of ADA tokens were not witnessed, something that can precede intense selling waves.

The positive MVRV ratio meant holders were in profit. The ratio reached a three-month high two weeks ago, and it remains to be seen if holders will offload their bags. A bearish structure break could encourage them to do so. On the other hand, the rising 90-day mean coin age metric showed an accumulation phase was in progress. Open / Comment

2023-01-23 14:00:15 ​CRV becomes the most traded token among Ethereum whales but…

Curve Finance’s native token CRV just jumped to the top of the list of most traded crypto tokens among ETH whales. This outcome may pave the way for the next major price move for CRV given its current position.

According to WhaleStats, CRV managed to surpass Shiba Inu to become the most traded token by ETH whales. Why is this important? Well, ETH whale activity often underscores strong demand, in which case investors can expect more upside.

There is also a chance that the observed ETH whale activity may also represent incoming sell pressure but is that the case? CRV’s supply distribution reveals that the top addresses have been buying in the last three days.

This suggests that CRV continued to enjoy strong demand during the weekend. In addition, the supply held by top addresses metric confirms that whales have continued to accumulate CRV. This may suggest that the observed surge in ETH whale transactions pertaining to the CRV token may reflect buying pressure.

Are whales shielding CRV from the bears?
CRV’s price action has continued to extend its upside despite being deeply overbought. It managed a 7.40% upside in the last 24 hours at press time, reflecting strong demand. This allowed it to extend its rally above the 200-day moving average.

CRV traded at a 120% premium from its lowest price level at the end of December 2022. This makes it one of the top gainers among the major cryptocurrencies. However, CRV’s deeply overbought nature may encourage some selling pressure.

Both the MVRV ratio and the mean coin age are currently in the upper monthly range. This means CRV holders are deep in profit.

This outcome is contrary to the expectations of a pullback. A potential reason for this is that investors, especially whales, are more focused on long-term gains.

If the recent rally is the start of the next bull run, then the upside seen so far might just be the start of more recovery ahead. This might explain why whales are currently not in a rush to secure short-term profits.

Note that all this is speculative based on what we have seen so far. There are still some risks that may trigger a retracement and perhaps an erosion of the latest gains. Nevertheless, whales continue to demonstrate confidence in the market, and this may continue to favor the upside. Open / Comment