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CRO did not see a price rise despite a positive reaction to its proof-of-reserve report Despite this, the coin’s 24-hour address count and seven-day circulation increased Crypto.com joined other exchanges in following CZ’s suggestion that such companies be open with their assets while following the proof-of-reserves model. The Binance CEO had called for open scrutiny […]
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Cronos (CRO/USD) price pulled back on Friday after the developers launched a new competitor to Ethereum Name Service (ENS). The token dropped to a low of $0.1276, which was slightly below this week’s high of $0.1332. Cronos launches Cronos ID Cronos is a leading blockchain project built on top of Cosmos. The project, formerly known […]
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Historically, the altcoin market has shared a strong correlation with the price performances of Bitcoin. However, the last few days have bucked this tradition, with many alts moving independently on the charts to register hikes of their own. While the strength of the alts’ rally had slowed down somewhat at press time, a trend reversal in BTC’s market might just fuel it again.
Source: CoinStats
At the time of writing Bitcoin was trading at $58,414 with a market capitalization of $1.1 trillion.
Polkadot [DOT]
Source: DOT/USD on TradingView
Polkadot, the cryptocurrency ranked 7th on CoinMarketCap’s charts, has risen exponentially over the year, with 2021 seeing DOT climb from as low as $8.5 to over $40, at press time. However, while the larger market is still fairly bullish, the last few days saw Polkadot’s market face significant corrections. In fact, thanks to the same, DOT was observed to be trading over 10% away from its ATH on the charts.
In fact, the same was projected by a recent analysis that suggested that DOT might break down from the channel it was trading within.
That being said, it seemed unlikely that these developments would constitute a trend reversal of any kind as the Parabolic SAR’s dotted markers were well under the price candles, and the Relative Strength Index was holding steady between the overbought and oversold zones, pointing to a balance between the buyers and sellers.
The project was in the news a few days ago after it was revealed that the popular stablecoin Tether would be launching on Polkadot soon. It’s worth noting, however, that the development didn’t exactly have a huge impact on the altcoin’s price.
Synthetix [SNX]
Source: SNX/USD on TradingView
Compared to Polkadot, the popular DeFi token Synthetix’s price action lately has been very inconsistent. While the alt did hike by over 34% in a 10-day window, it was unable to sustain its uptrend on the charts, giving way to a wave of sharp corrections. In fact, despite the scale of the aforementioned price surge, the value of SNX, at press time, was well away from the highs seen back in February.
Despite the lack of a sustained uptrend, however, the crypto’s technical indicators continued to flash bullish signals. While the mouth of the Bollinger Bands was widening on the charts to suggest some degree of volatility, the Chaikin Money Flow was above the 0.10-mark to underline the strength of capital inflows.
Synthetix recently launched staking on Optimistic Ethereum.
Crypto.com Coin [CRO]
Source: CRO/USD on TradingView
Like the rest of the market, 2021 has seen CRO rise on the charts. However, its scale has been dwarfed by the performances of other alts. While the crypto has consistently been on an uptrend for most of the time since February, the last few days have seen CRO’s price action take a bearish turn. While the beginning of April saw the alt trading within a tight channel, the last few days have seen the crypto fall. In fact, CRO depreciated by over 15% in just two days.
It’s worth noting, however, that CRO’s recent trade volumes have been remarkably higher than the levels seen in the early part of April.
The altcoin’s technical indicators highlighted the scale of the bearish price action. While the Signal line remained above the MACD line, the Awesome Oscillator’s histogram noted a fall in market momentum.
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Visa (NYSE: V) announced Monday it will allow users to settle transactions with the USD Coin (USDC) cryptocurrency on its payment network, underscoring the increasing mainstream acceptance of digital currencies.
Visa has rolled out the pilot program in collaboration with crypto and payment platform Crypro.com and said it plans to offer the option to other partners too later in 2021. The USD Coin (USDC) is a stablecoin whose value is directly linked to the U.S. dollar.
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The move comes after a number of major companies including BNY Mellon, Tesla, and Mastercard, among others, have announced support or invested in cryptocurrencies. Just last week, electric vehicle giant Tesla announced that its customers are now able to buy Tesla cars with Bitcoin.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” said Cuy Sheffield, head of crypto at Visa.
Before, a customer who wanted to buy something using a Crypto.com Visa card was required to convert the digital currency into fiat money. The digital wallet would then deposit fiat money to a bank account, to be wired to Visa.
Visa’s latest move, which utilizes the Ethereum blockchain, does not require digital currencies to be converted into traditional money in order to make the transaction.
Visa news immediately sent the entire cryptocurrency market higher. Bitcoin price gained over 4% to trade above the $58,000 mark as traders buying Bitcoin hope for another trip above $60,000. On the downside, the ascending trend line near $55,500 is providing support.
Ethereum price reacted in a similar manner to advance over 5% as it approached $1,800. A close near the daily highs would be bullish and offer a platform for a further push towards $2,000. Crypto investors looking to buy Ethereum at a cheaper price, will have to wait for a deeper pallack below $1,500.
Finally, the Crypto.com (CRO) price has advanced the most as it trades about 10% higher on the day. The price action is trading within a triangle with a move above the $0.25 handle marking a breakout.
Visa said on Monday that users are now able to settle transactions using the USD Coin (USDC) on its payment network to send the entire cryptocurrency market higher.
Based on price data from coinmarketcap.com nearly all top altcoins and Bitcoin are going through a downward spell. But there are outliers, altcoins like XRP, THETA, FIL, CRO, MIOTA. They are outliers because their weekly ROI is double-digit, positive, and safe from the current bearish outage.
Source: Coinmarketcap.com
Swimming against the tide, and having these altcoins in a portfolio, can mean the difference between net unrealized profit and net unrealized loss in the current scenario. Though historically, outliers emerge in every rally, they emerge in every downward trend as well.
Currently, they include top altcoins, DeFi, NFTs, and other tokens with narratives centered on product updates, launches, and shortage of supply/ liquidity crunch. Among top altcoins, ETH with a 0.86 correlation to BTC is about 48 days from its local peak on Feb 2021.
It is expected that the consolidation and the price rise will come, however, the current drop in trade volume (20% in 24 hours) and the dropping demand from institutional and retail traders may have slowed down the uptrend in ETH.
It may take over a month’s recovery for ETH, based on its historic performance. This break from leading the alt rally is instrumental in increasing ROI of the outliers.
The key to getting maximum returns on trades for retail traders is to identify the right mix of outliers, large-cap alts, and Bitcoin, as these coins take turns rallying, every few times in the Bitcoin bull run. The bull run isn’t over for Bitcoin, and neither is it for ETH or the outliers.
Changes in HODLing pattern and transition like the one taking place on the ETH network are fueling this shift in leading the alt rally.
ETH Exchange whale activity || Source: Santiment
Based on the above chart from Santiment, Ethereum’s top 100 non-exchange addresses now collectively hold the highest volume of ETH, historically, since July of 2016. At the same time, the top 100 exchange addresses are making a move in the opposite direction, selling or transferring ETH to other wallets, since they hold the lowest volume of ETH than they did in over two years.
These changes in HODLing of ETH and whale activity are critical to other alts like THETA since they are being discovered more rapidly on spot exchanges now. Traders who are pulling out of BTC and ETH may invest in the altcoins whose trade volume is up and liquidity is driving the price.
One such outlier is THETA and it became the retail traders’ muse only after crossing $10 and that happened this week. The tokens offering double-digit ROI in the past week, are offering negative 24-hour returns at the moment, but the point being examined here is the consistency of ROI and the opportunity for booking unrealized profits.
This may be the alt rally comeback that most traders have waited for, since Bitcoin became rangebound for yet another time in the current market cycle.
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Crypto.com Coin recorded a massive price gain as the project changed how they approach CRO staking and announced a massive token burn. What should you expect next, and should you buy some CRO now?
Crypto.com Coin has been in the limelight lately as its crypto debit cards have been performing extremely well. With all the added features their cards offer (staking, free access to Netflix, Amazon Prime, Spotify, etc.) and the new approach of how users can obtain these cards, the overall sentiment around Crypto.com Coin has turned even more bullish. On top of that, as the cryptocurrency prepares its mainnet launch in March, Crypto.com Coin announced a 70 billion CRO token burn:
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CRO posted week-over-week gains of 153.64%, outperforming both BTC‘s week-over-week gains of 9.83% and ETH‘s 5.11% loss. Crypto.com Coin is currently the 16th-largest cryptocurrency by market cap, boasting a value of $5.35 billion.
At the time of writing, CRO is trading for $0.217, which represents a price increase of 260.49% when compared to the previous month’s value.
Crypto.com Coin (CRO) has been in an uptrend since early February, with its price topping the $0.15 mark. However, the recent token burn announcement has created an influx of buying power that pushed its price up to an all-time high of $0.273.
CRO is currently in retracement mode, with its price dropping below the 23.6% Fib retracement level. However, the cryptocurrency has strong support levels below it on lower time frames, as well as in the 38.2% Fib retracement level of $0.199.
CRO’s RSI on the daily time-frame has been trading in the overbought territory for some time now, with its current value currently sitting at 73.19.
CRO’s hourly time-frame show’s the massive price spike on the same (elevated) volume. The cryptocurrency is currently retracing as it follows the rest of the market down. However, even though it dropped below the 23.6% Fib retracement level of $0.227, CRO will soon encounter its moving 21-hour EMA support level.
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