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Blockcast.cc: How is everyone doing? Did you manage to catch some of the spikes for your favourite altcoin in April? This is the start of May and in the history of crypto, May is usually a good month. We have Harry Dung from Vietnam this morning.
Hi Harry, can you tell us more about yourself?
Harry: I have been in the Crypto market since 2016, as an investor and a researcher. After years of sticking to the Crypto market and taking positions in projects such as CMO and Strategy Head, we (Jacky and myself) founded Infinity Capital.
Blockcast.cc: Can you tell us more about Infinity Capital?
Harry: Infinity Capital was established with the aim of building a strong crypto community in the Vietnam market. We share knowledge about Blockchain, incubate projects, analyze them and direct the community to the Crypto market in the right way.
Blockcast.cc: What kind of projects do you invest in?
Harry: Infinity Capital is currently focusing on investing and incubating various types of projects such as NFT, AMM, Privacy Dex and projects under Defi.
I can reveal the projects that we are particularly interested in are Lightening Cash, Coin98 Labs’ Defi Ecosystem, My Pet Defi, Mochi Market, N3RDStarter.
Blockcast.cc: This is an interesting batch of projects. How do you evaluate the projects you invest in or involve in?
Harry: Nice question. We evaluate the project based on 3 main factors: Team, Technology and Ideas. The Dev team needs leaders with long experience in the Blockchain field and Team Advisor needs to be people who have successfully built their startup before.
Technology and ideas go hand in hand, both are very important. A great technology combined with new ideas and relevant to the current market will be one of the very important factors to attract the investor community.
Blockcast.cc: Well said Harry. How is the cryptocurrency and blockchain industry in Vietnam? What improvements should be made?
Harry: In Southeast Asia, Vietnam ranks second after the Philippines in the number of investors participating in the Cryptocurrency market. An impressive number, right?
But in Vietnam, there is a pretty big weakness that the investor community has not fully taken advantage of the benefits from Defi. And that is why Infinity Capital was established. We are here to convey the message of Defi to the entire Vietnamese community for Defi to be more applicable in the future.
Blockcast.cc: Name 3 tokens on CMC Top 10 that you support and why?
Harry: Personally, I am holding a lot of BNB, DOT and SOL from Q4 of 2020 until now and will continue to hold it until the end of the year.
Regarding BNB, I simply like their professionalism in their working style and their burning mechanism. About DOT, we can see that their ecosystems are getting stronger and more diverse. Many good projects are built on Polkadot such as Kylin, Acala, …
SOL is out of the top 10 on CMC but I’m still a loyal fan of the Solana ecosystem. They have a professional, hard-working team and we see more good projects emerging on their platform. That is a very good sign.
Blockcast.cc: Any upcoming rising star project that you want to share with us?
Harry: We are in the process of reviewing a Launchpad project with a great team and advisor from major projects. But I cannot reveal the project name here for security reasons. We will announce it on our Twitter channel shortly once the due diligence is complete.
Blockcast.cc: There are many IDO and pre-listed tokens on sale right now in the space. It seems as active as 2017. How do you choose to take part in those?
Harry: IDO and ICO are similar in function, but the current IDO is much safer and more reputable than the previous ICO. Their smart contracts before launch must be audited and I only choose to invest in IDO projects on famous LaunchPads such as BSCPad, KickPad, Duckstarter and Polkastarter.
Blockcast.cc: Our audiences want to know how can they earn from crypto?
Harry: There are many ways to make money in the Crypto market, especially in the current Bullish season. For individual investors, I recommend choosing top-quality altcoins like EOS, BNB, ETH and SOL for analysis and investment. Of course, this is not investment advice.
Blockcast.cc: Lastly, share with us a quote to inspire our audiences.
Harry: Sure thing, Jenny. Delighted to share.
Knowledge, hard work & relationships will be the 3 things that will help you succeed early at any age.
Blockcast.cc: Thanks Harry for the chat this morning again. My name is Jenny Zheng, Cofounder of Blockcast.cc signing off. You can find me on Twitter at https://twitter.com/jennyzheng719 or Asia Blockchain Community on Telegram.
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Polkadot has been one of the few altcoins maintaining its profits in the market. Although the coin witnessed a major drop in its price on 18 April, it was still returning at least 500% to its investors since the beginning of the year.
DOT was trading at $35.22 with a market capitalization of $33.16 billion.
Polkadot daily chart
The above chart of Polkadot showed that the digital asset has been moving between $35 and $46. The token tested the upper resistance once but could not breach it. It had been trading right under this resistance till earlier in the day when a sudden rise in volatility caused the price to drop under the $35 support. DOT made it above the support in time and was now trading at $35.
Since the volatility caused the market to shake up, a change in trend will be difficult to spot this early.
The Bollinger Bands had opened up to high volatility but a dropping price caused the volatility to shrink. This was indicated by the convergence of the bands indicating the restricted movement of DOT. The signal line has moved above price bars which suggested that the market was on a downtrend currently.
The relative strength index indicated that the digital asset had remained more or less close to the overbought zone, but a rise in selling pressure pushed it under its equilibrium zone. DOT was now heading towards the oversold zone which affirmed the rise in selling pressure. Whereas, the MACD line had slipped under the signal line suggesting a rise in bearishness in the DOT market.
If the bearishness continued to rise, DOT may reach the oversold zone causing the price to plummet further.
Take profit: $27.12
Risk to Reward: 1.59
The current DOT market was noting strong selling pressure building in the market. With the sell-off rising, the price may move towards the support at $35. If the price failed to hold onto the support here, it might soon see a large price correction.
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On the 16th (local time), a bubble warning about Dogecoin, which is soaring to the sky, is continuing, reported by CNBC, an economic media outlet in the United States.
Dogecoin is a cryptocurrency created “for fun” by software developers in 2013, and is a Japanese Shiba Inu mascot. Dogecoin was used on social media such as Reddit and Twitter as a tip payment to acknowledge the creator’s contribution.
◇ Musk’s fire : Dogecoin became famous when Elon Musk, Tesla CEO, mentioned Dogecoin as her favorite cryptocurrency.
He refers to Dogecoin as “the cryptocurrency of all of us” and has been cheering enthusiastically through social media.
◇ 6th largest cryptocurrency in the market cap : Such Dogecoin has risen 485% only during the last 7 trading days, and has jumped more than 4600% this year.
Accordingly, Dogecoin became the 6th largest cryptocurrency in the market cap. As of the 17th, the market cap of Dogecoin is 46 billion dollars (51 trillion won).
◇ Particularly in the deep-sea bubble in Korea, it is more than the KOSPI transaction amount : In particular, the demand for altcoins (cryptocurrencies other than Bitcoin) is rapidly increasing in Korea and a frenzy is blowing. The transaction amount of Dogecoin exceeds that of KOSPI.
According to the cryptocurrency exchange, Dogecoin’s trading value for the last 24 hours in the upbit won market as of 8:51 am on the 17th was about 171.8 trillion won.
This is more than the previous day’s KOSPI trading value (15,5421 billion won) and April’s average daily trading value (14,9372 trillion won). It is difficult to find a precedent that altcoins’ daily transaction amount exceeded the KOSPI market. It is a typical bubble and’abnormal overheating’.
Accordingly, there are warnings that the Dogecoin bubble will soon extinguish.
◇ “Typical speculation, if you don’t get out quickly, you’ll be frustrated” : Nick Carter, founder of Castle Venture, a cryptocurrency company, told CNBC that “Dojicoin is a typical speculation,” saying, “I warned.
David Kimberly, analyst at the UK investment site FreeTrade, said, “Investors are well aware that Dogecoin has no intrinsic value, but they are keen to invest with the idea that they can get money by selling after raising the price. This is a typical speculation. ”He pointed out.
He warned, “If you sell it quickly, you’ll get some profits, but if you’re late, you’ll suffer huge losses.”
EOS can be expected to find strong support around the $6.8-zone. If Bitcoin stabilizes above the $60.5k-area, altcoins could have a chance of recovery in the coming days. Otherwise, it would be further selling pressure across the market. Synthetix and Maker posted gains over the past few days, but were likely to retrace a significant portion of their value.
EOS was trading within a rising channel, and the past few hours saw the price test the upper boundary of the channel before falling lower.
The mid-point of the channel was ceded to bearish pressure. A region of demand lay just above the $6.8-mark. The confluence with the channel’s lower boundaries could serve as strong support for EOS.
The RSI was back at neutral 50 and would drop lower to signal a shift in momentum to bearish over the next day or two, especially if EOS closes a session under $6.8. This could see EOS fall further to find support at $5.6.
Synthetix ascended past the $21. 4-level of resistance, but its retest of the same level on the back of strong selling forced the price to drop to $20.7 and could drop further. On the 4-hour, the Supertrend indicator continued to give a buy signal that would only be flipped to sell on a session close under the $19.5-level.
The 20 EMA and 50 EMA (white and yellow respectively) highlighted the bullish momentum behind SNX in recent days, with the price not sinking under these moving averages yet.
The OBV was on an uptrend and suggested that the recent spate of selling was reactionary fear, rather than sustained selling.
Two sets of Fibonacci retracement levels were plotted to highlight some levels of importance for MKR. $2,400 is a level that MKR had been stuck under from late February till the past week. The surge past this level in recent days has been rapid, and the price did not stop at many areas to mark it as support or resistance.
As such, the move back down could be almost as rapid, and some of the Fib levels laid out possible areas of support for MKR.
The MACD was correcting lower after the MACD line rose high above the Signal line to indicate overbought market conditions.
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Tezos saw its price hike by over 9 percent in the last 24 hours, with the crypto continuing to do so since the last week of March. However, a look at the altcoin’s price charts would reveal that XTZ has also moved sideways lately, forcing one to consider whether XTZ will have to deal with another short-term correction or not.
XTZ’s price, at the time of writing, was $7.12, with the cryptocurrency enjoying a market capitalization of over $5.4 billion.
Tezos 1-day chart
While Tezos’ price action from the end of March has looked promising, the past week has seen a lot of its upward momentum stall thanks to the strong resistance level around $7.7. The coin has made multiple attempts to breach this level over the past few days, despite failing each time.
In the coming 24 hours, if the breach isn’t successful and the resistance isn’t flipped to a support level, then the coin may have to deal with renewed bearish pressure in the market.
The two support levels at $5.6 and $4.6 may be key for the coin in the coming week and it is hard to determine whether a short or a long position would work best given the current market scenario and the consolidation phase the coin had found itself in, at press time.
The technical indicators looked promising in the short term. However, if one were to take into account past precedents, the RSI indicator which was in the overbought zone at press time, may drop to the 60-level and may set off a slight price correction.
The MACD indicator underwent a bullish crossover on 28 March, with a reversal looking very unlikely. In comparison to where the Signal line and the MACD line were at the start of the week, one can see that the Signal line had closed the gap and may attempt a move above the MACD line.
Tezos’s price has performed rather well since the last week of March. However, the past few days have illustrated dwindling bullish momentum, forcing the coin to trade sideways. If the strong resistance level isn’t breached in the coming days, then a price dip may be expected and may push the coin towards the $5.6-price range.
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