Tezos Ties-Up with Wolfram Blockchain Labs to Simplify Smart Contract Deployment

Wolfram Blockchain Labs (WBL) and Tezos are forging a full integration of Tezos into Wolfram Language and Wolframalpha. The integration gives easy access to developers that want to interact with the Tezos blockchain and their smart contracts. WBL-Designed Oracle Expands Tezos Developers’ Computational and Analytical Capabilities Amid the accelerating race to simplify smart contract deployment, […]
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Wolfram Blockchain Labs Adds Support For Tezos On Its Platform Following Cardano

Wolfram Blockchain Labs Adds Support For Tezos On Its Platform Following Cardano

It has been announced that Wolfram Blockchain Labs (WBL) will be teaming up with Tezos. This is only a few months after a similar partnership was struck with Cardano. Thanks to this new partnership, Wolfram users and developers will be able to make use of the Tezos network, boosting blockchain interoperability. The Wolfram Blockchain offers […]

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Fifth Protocol Upgrade For Tezos Goes Live

Fifth Protocol Upgrade For Tezos Goes Live

Tezos’ fifth upgrade, known as Edo, has just gone live. The latest upgrade will add privacy of transactions as well as DeFi contracts to the Tezos blockchain. The new upgrade announced by Nomadic Labs, Marigold, DaiLambda, and Metastate uses Sapling, a protocol first adopted by Zcash, to bring selective transaction disclosure on Tezos.  Tezos is […]

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Top 5 cryptocurrencies to watch this week: BTC, BCH, EOS, XMR, XTZ

Bitcoin is facing minor resistance near $50,000 but if this psychological barrier is crossed, a major breakout could occur in select altcoins.

Demand and supply metrics determine the price of an asset and data from Glassnode, an on-chain data firm, shows that Bitcoin’s (BTC) liquid supply has been decreasing since June 2020. This signals that traders owning Bitcoin are not selling their holdings.

While the supply is shrinking, demand has been going up in the past few months as an increasing number of institutional investors have been buying Bitcoin.

Bloomberg recently reported that Morgan Stanley Investment Management’s subsidiary Cointerpoint Global “is exploring whether the cryptocurrency would be a suitable option for its investors.”

According to Morgan Stanley’s website, Counterpoint Global chooses to invest in assets “whose market value can increase significantly for underlying fundamental reasons.” This suggests that the bank believes Bitcoin may be undervalued compared to its fundamentals.

Crypto market data daily view. Source: Coin360

 JPMorgan Chase also hinted that it might eventually introduce Bitcoin services. JPMorgan’s co-president Daniel Pinto believes that if investors and asset managers start using Bitcoin, the bank “will have to be involved.” Pinto however said that the current demand was not strong enough, but conceded it may grow in the future.

Even though Bitcoin has risen sharply in the past few months, its dominance has fallen from about 69.71% on Jan. 4 to 60.9% currently. This shows that altcoins have outperformed Bitcoin in the past few weeks. With an eye on altcoins, let’s study the charts of the top-5 cryptocurrencies that may trend in the next few days.

BTC/USD

Bitcoin broke above the $41,959.63 resistance on Feb. 8 with a strong up-move, but since then, the momentum has weakened. Although the price has been nudging higher, the leading cryptocurrency is facing profit-booking at intermittent levels.

BTC/USDT daily chart. Source: TradingView

If the price turns down from the current levels and slips below $46,000, the correction could deepen to the strong support at $41,959.63. If the BTC/USD pair rebounds off this support, it will suggest the bulls continue to accumulate on dips, which is a sign that the uptrend is intact.

The bulls will then try to drive the price above the psychological barrier at $50,000 and resume the uptrend with the next target objective at $60,974.43. On the other hand, if the bears sink the price below the 20-day exponential moving average ($41,349), the pair may drop to the 50-day simple moving average ($36,070).

This is an important support to watch out for because the price has not dipped below the 50-day SMA since Oct. 9. Hence, a break below it will indicate a possible change in trend. The next support on the downside is much lower at $28,850.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair has formed a rising wedge pattern that will complete on a breakdown and close below the support line. If that happens, the pair may drop to $43,720.85 and then to $41,959.63.

Contrary to this assumption, if the price turns up from the current levels or the 20-EMA and rises above the wedge, it will invalidate the bearish setup. A breakout above $50,000 could attract short-covering from the aggressive bears and may result in a quick up-move to $55,000.

BCH/USD

Bitcoin Cash (BCH) broke above the $539 resistance on Feb. 12 and this attracted buying from the bulls. The altcoin picked up momentum and soared above the $631.71 resistance on Feb. 13

BCH/USD daily chart. Source: TradingView

The long wick on today’s candlestick suggests short-term traders may be booking profits after the recent runup. The BCH/USD pair may now correct to $631.71 and if the bulls can flip this level into support, it will indicate buying on every minor dip.

If the bulls can push the price above $730.02, the uptrend could reach $900. Both moving averages are sloping up and the relative strength index (RSI) is in the overbought zone, suggesting an advantage to the bulls.

Contrary to this assumption, if the price dips and sustains below $631.71, the correction could deepen to $539.

BCH/USD 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are defending the $720 resistance and the bulls are buying on dips to $650. If the buyers can propel the price above $730.02, the uptrend could resume.

On the other hand, if the price again turns down from $720, the bears will try to pull the price down to $631.71. If this support cracks, the decline could extend to the 20-EMA and then to the 50-SMA.

EOS/USD

EOS broke out of the long basing formation and started a new uptrend when it soared above the $3.95 overhead resistance on Feb. 9. The altcoin picked up momentum and the bulls pushed the price above the $5.4861 resistance on Feb. 13.

EOS/USD daily chart. Source: TradingView

However, the failure to sustain the price above $5.4861 may have attracted profit-booking from the short-term traders. This has started a correction that could extend to the 38.2% Fibonacci retracement level at $4.5014.

If the price rebounds off this level, the bulls will again try to push and sustain the price above the $5.4861 to $5.6118 overhead resistance. Contrary to this assumption, if the bears sink the price below $4.5014, the EOS/USD pair could drop to $3.95.

Such a deep correction will suggest that the momentum has weakened and the pair could then consolidate in a wide range between $3.95 and $5.6118 for a few days.

EOS/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls have purchased the dip to the 20-EMA. If the pair sustains the rebound, the bulls will again try to push the price above $5.6118. If they succeed, the uptrend could resume.

The next target objective on the upside is $6 and if that level is also scaled, the uptrend could reach $7.50. On the other hand, a break below the 20-EMA could extend the correction to the 50-SMA.

XMR/USD

Monero (XMR) broke above the $190 resistance on Feb. 12 and resumed the uptrend. The 20-day EMA ($174) has turned up and the RSI has moved into overbought territory, which suggests the bulls are in command.

XMR/USDT daily chart. Source: TradingView

The bears are currently defending the psychological level at $250. The first support on the downside is the 38.2% Fibonacci retracement at 213.6152. If the price rebounds off this level, it will suggest that traders are viewing the dips as a buying opportunity.

A break above $254.45 will open the doors for a rally to $300 where the bears may again mount a stiff resistance.

Contrary to this assumption, if the bears sink the price below $213.6152, the correction may deepen to $190. Such a deep fall may delay the start of the next leg of the uptrend.

XMR/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are defending the $240 to $254.45 resistance zone but the positive sign is that the bulls have not given up much ground. If the price rises from the current level or rebounds off the 20-EMA, it will signal strength.

If the bulls can push the price above the overhead resistance, a rally to $268 and then to $300 is likely. This bullish view will invalidate if the XMR/USD pair dips and closes below the 20-EMA.

XTZ/USD

Tezos (XTZ) broke above the previous all-time high at $4.4936 on Feb. 12 and has made a new high at $5.6471 today. Whenever an asset hits a new high, it indicates that bulls are in control.

XTZ/USDT daily chart. Source: TradingView

Another thing that usually happens when a major resistance is broken is that the price turns down and retests the breakout level. In this case, the price could dip to the breakout level at $4.4936.

If the price rebounds off this level, it will suggest that traders are buying on dips and have flipped the previous resistance to support. The bulls will then attempt to resume the uptrend by pushing the price above $5.6471.

If they succeed, the XTZ/USD pair could rally to $7.1407. This bullish view will invalidate if the pair breaks and sustains below $4.4936.

XTZ/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls could not sustain the price above $5.40, which may have attracted profit-booking from short-term traders. The bulls are currently attempting to defend the 20-EMA.

If the price rebounds off this support, it will signal strength. A break above $5.6471 may resume the up-move. On the other hand, if the price dips below the 20-EMA and the $4.4936 support, the correction could deepen to the 50-SMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Tezos (XTZ), Synthetix (SNX) and Yearn.finance (YFI) lead the DeFi revival

Tezos, Synthetix and Yearn finance are the most recent top performers in what appears to be a DeFi sector revival.

The strength of Bitcoin’s (BTC) uptrend appears to be growing as the top-ranked digital asset soared above $40,000 earlier today. It’s probably safe to say that many investors are completely astounded by the fact that BTC has doubled its value only a month after breaking through the $20,000 mark.

This suggests that the buying has continued unabated, signaling strong demand at every higher level. This bullish sentiment has pulled several altcoins higher with the total crypto market capitalization extending above $1 trillion.

Crypto market data daily view. Source: Coin360

As most altcoins have only recently started participating in the rally, they may run up vertically in the short-term. The melt-up phase is one of the best opportunities to make quick returns, but it is also risky because a vertical rally tends to turn down quickly.

The tokens chosen today are in the early stages of their rally and may have room to run on the upside. Let’s look at their fundamental developments and chart structure to determine the trend and possible target upside targets.

XTZ/USD

Tezos (XTZ) has gradually been taking steps in the past few weeks to boost growth. The first was to reduce smart contract gas fees with its Delphi upgrade in November. This was done to attract developers to build applications in the decentralized finance space, collectibles, and gaming.

In early December, StableTech launched wrapped Ethereum on the Tezos blockchain and this could have attracted greater participation from users as the recent sharp increase in gas fees on the Ethereum network complicates matters for traders and DeFi sector participants.

Improving its offering further, Tezos announced the launch of its first NFT platform dubbed Kalamint that is expected to go live sometime this month. This will allow users to create and list NFTs on the marketplace priced in XTZ.

Recently, Nisbah Capital, the blockchain subsidiary of Saudi Arabia-based Taibah Valley, collaborated with the Tezos ecosystem as a corporate banker. This could eventually boost institutional adoption in the Middle East and North Africa region. While the recent developments do look positive, it’s important to determine whether the market is equally enthused with these developments.

XTZ moved up from $1.9505 on Jan. 3 to an intraday high at $2.80 today, a 43.55% rally within five days. This up-move has pushed the price to the top of the $1.80 to $2.85 range the token has been stuck in for the past few months.

Usually, if such a basing pattern breaks out to the upside, it indicates accumulation by the bulls. The longer the time spent in consolidation, the stronger the rally is likely to be.

XTZ/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($2.21) has started to turn up gradually and the relative strength index (RSI) is in the positive territory, suggesting that bulls have a slight advantage.

If the buyers can drive the price above $2.85 and sustain the level for a day, it will suggest the start of a new uptrend, which has a target objective of $3.90. If this level is scaled, the XTZ/USD pair could retest the all-time high at $4.4936.

However, the pair has turned down from the overhead resistance today, suggesting selling by the bears near $2.85. If the price breaks below $2.40, it could keep the pair range-bound for a few more days.

SNX/USD

The Coinbase listing on Dec. 16 triggered a rise in Synthetix (SNX) and the decentralized finance derivatives protocol has built on its strength by extending the up-move in the past few days.

The protocol completed a major upgrade dubbed Shaula on Dec. 24, which added Bitcoin as a form of collateral, increasing the potential to boost the Synth supply. Another feature in the upgrade allows users to deposit sUSD as collateral and short synthetic assets.

During a bull phase, professional traders outperform the markets by executed well-timed entries and exits. While it is difficult for novice traders to do the same, Synthetix is offering users the opportunity to trade alongside experienced portfolio managers on dHEDGE pool. This may have attracted several traders to join the community.

These new features and the strong bullish macro trend in the overall crypto market could be reasons why the total value locked in SNX is near the $2 billion mark.

SNX jumped from an intraday low at $7.154 on Jan. 1 to an intraday high at $13.38 on Jan. 5, an 87% rally within five days. The token is currently consolidating in a strong uptrend, which is a sign of strength.

SNX/USDT daily chart. Source: TradingView

The bears are currently attempting to stall the uptrend at $13.38 as seen from the long wicks on the candlesticks of the past three days. However, the bulls have not given up much ground and have bought the dips, which shows demand at lower levels.

If the SNX/USD pair does not break below the 38.2% Fibonacci retracement level at $11.002, it will suggest aggressive buying by the bulls. If the buyers can thrust the price above $13.38, the next leg of the uptrend could begin that can reach $16 and then $19.30.

However, the rally of the past few days has pushed the RSI deep into the overbought territory, which may result in a consolidation for a few more days before the start of the next trending move.

A break and close below $11.002 could signal the possibility of a deeper correction to the 20-day EMA ($8.80).

YFI/USD

Over the past few months, Yearn Finance (YFI) teamed up with several notable DeFi projects and now the team offers high yields investments that charge low fees and reduce risk to customer capital. While partnership announcements generate an enthusiastic short-term response from traders, they usually fizzle out because launching new products takes time.

One of the uncertainties that could have been bothering the community was the progress on the second iteration. This was recently addressed by a developer at Yearn who released an update on the development status.

Yearn Finance Founder Andre Cronje released details of a new protocol called “tokenized yield credit”. However, just after the launch, a developer warned of an exploit on the protocol. Such delays and warnings could have kept the risk-averse investors at bay and this partially explains why YFI price had been relatively stagnant for some time.

However, on Jan. 7 Binance announced that it would launch staking for YFI and this move could be the reason for the sharp bump in the DeFi token’s price.

YFI rallied from an intraday low at $20,381.88 on Jan. 3 to an intraday high at $37,185 today, an 82% rally in five days. With the sharp up-move today, the token has broken out of the neckline of an inverted head and shoulders pattern.

YFI/USDT daily chart. Source: TradingView

This bullish setup has a target objective at $55,000 but it is unlikely to be a straight dash to the upside. The long wick on today’s candlestick suggests aggressive selling above $34,204.24.

The bears may now try to pull the YFI/USD pair to the neckline of the reversal pattern. If the price rebounds off this level, the bulls will once again try to resume the uptrend.

If the pair rises above $37,500, the uptrend could retest the all-time high at $43,966.31. If the bulls can propel the price above this resistance, the momentum may pick up and that may carry the pair to $50,000 and then to $55,000.

This bullish view will be invalidated if the bears sink and sustain the price below the neckline. Such a move could invalidate the bullish pattern and pull the price down to the 20-day EMA ($24,424). The trend may turn in favor of the bears if the $18,000 support cracks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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