Connect with us

News

Ethereum, Ripple, Cardano, Solana, and Tron

Published

on


This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Tron.

Ethereum (ETH)

Ethereum has made history this past week when, for the first time ever, its price fell below its old all-time high from January 2018 ($1,420, Bitstamp). After the cryptocurrency broke below the descending triangle discussed in our last update, the price took a massive nosedive, falling by over 40% before recovering slightly.

ETH has lost 37% of its value in the last seven days. This crash is similar to the one in May in terms of volume and price action. With the support at $1,700 and $1,420 lost and turned into resistance, all eyes are now on the $1,000 level. If that falls, then it would seem probable for ETH to fall towards $850.

The fact that Ethereum is now close to a three-digit valuation brings a lot of anxiety and the outlook does not seem very positive. The market appears on the edge and it is still uncertain if the downtrend will continue or not.

ETHUSD_2022-06-16_13-16-35
Chart by TradingView

Ripple (XRP)

Similar to Ethereum, Ripple also suffered from its price falling by 20% in the past seven days. Buyers managed to stop the downtrend on the $0.30 support level and, so far, the cryptocurrency has managed to stay above this key level.

The resistance is found at $0.38 and is represented by the base of the descending triangle from where the price fell. Unfortunately for buyers, the macro picture and indicators on the daily timeframe have turned bearish due to this latest crash. In particular, the MACD has flipped to the negative side and it doesn’t seem probable that we will see a quick reversal at this point.

Looking ahead, XRP has to stay above $0.30. Otherwise, the path opens up for bears to take the price towards 20 cents which would erase almost two years of increase and take us back to 2020 price levels.

XRPUSDT_2022-06-16_13-23-39
Chart by TradingView

Cardano (ADA)

ADA showed a lot of strength this past week. Even as the price fell by 23% in the past seven days, the cryptocurrency has managed something most altcoins failed at. It did not make a lower low during this latest crash.

The price was once more defended at the $0.45 key support level. So long it holds, there are reasons to be optimistic. But the selling pressure is unlikely to stop as the overall market remains bearish and the daily MACD for ADA also turned bearish a few days ago.

The resistance sits at $0.66 and the price is unlikely to approach these levels any time soon since the market is in search of a bottom. If buyers fail to stop the downtrend, then ADA may re-test the key support at $0.45. If that does not hold, then the next support level will be found at $0.38.

ADAUSDT_2022-06-16_13-35-15
Chart by TradingView

Solana (SOL)

Solana’s price action is much more similar to ETH and XRP than ADA. As seen on the chart below, SOL lost its key support at $37 and has fallen by 20% in the past seven days. With the price now below the descending triangle, buyers have to do their best to stop the downtrend and defend the critical levels at $28 and $23.

With SOL approaching a 90% correction from its current all-time high ($260, Binance), the indicators on timeframes above one day are quite oversold and give signs of exhaustion for sellers.

Since the cryptocurrency has not had a relief rally since March, the likelihood of such a rally increases the further the price falls. Therefore, sellers need to keep a close eye on this as Solana can quickly reverse if market sentiment improves in the future. For now, buyers have to do their best to keep Solana above the levels mentioned above.

SOLUSDT_2022-06-16_13-44-45
Chart by TradingView

Tron (TRX)

Tron has lost its glimmer over this past week after it gave up its uptrend and crashed by 27% compared to the last seven days. The price fell all the way down to $0.050 after sitting at $0.080 not too long ago. This change of momentum towards a bearish price action surprised the market and started at the moment the algorithmic stablecoin tied to TRX, USDD, lost its dollar parity.

Since then, the price action turned bearish and it is unlikely we will see Tron return to the uptrend any time soon. The support at $0.050 seems to hold well so far, but any attempts at recovery were quickly rejected by the resistance at $0.064.

Looking ahead, the cryptocurrency will likely continue to be under pressure from bears, especially if the USDD peg is not restored. At the time of this post, the USDD price is $0.975 which represents a 2.5% disparity.

TRXUSDT_2022-06-16_13-53-48
Chart by TradingView
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

News

Solana (SOL) Shows Second Worst Weekly Performance Among Top 100

Published

on

By


Solana’s SOL token ends this not-so-pleasant week for the blockchain at 9.93% cheaper than its initial values. This result puts SOL second from the end in the list of the top 100 cryptocurrencies by weekly performance by CoinMarketCap.

It is likely that such negative price action of SOL was aggravated by the situation with the hacking of wallets on the blockchain. As soon as the news of the hacking of Solana wallets became known, SOL dropped by 9%. At the same time, Solana still ranks ninth in the top cryptocurrencies by market capitalization with an estimated value of all circulating SOL tokens at $13.86 billion.

Solana’s good and bad PR

All week there were various speculations about what and how, when at last the version that the Slope application was to blame was presented. As it turned out, Slope was storing the seed phrases from wallets on centralized servers. The head of Solana Labs, Andrei Yakovenko, commenting on the situation said that any user who at least once imported their seed phrase into Slope could consider it compromised.

Sam Bankman-Fried, founder of FTX and one of the most prominent figures in the crypto market at the moment, also expressed his support for the project. According to the entrepreneur, because of bad PR Solana is the most undervalued project right now, and the SOL token is the most undervalued digital asset. He also said that any other project would break down the same way if it tried to do what Solana does.

Ads

At the same time, it would be wrong not to notice that Sam Bankman-Fried with his FTX and Alameda are directly affiliated with Solana, and the entrepreneur’s comments should be taken from that perspective.



Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading

News

Solana Technical Analysis Report | 4th-AUG-2022

Published

on

By


SOL, the native token of the Solana network, is a popular asset with a market capitalization of $13.6 bn. The asset dipped under the 20-day EMA ($40) this Tuesday and fell to the 50-day SMA ($37) yesterday. The reason for this dip might be due to the negative publicity it got over the $8 Million […]
The post Solana Technical Analysis Report | 4th-AUG-2022 appeared first on ZebPay.

SOL, the native token of the Solana network, is a popular asset with a market capitalization of $13.6 bn. The asset dipped under the 20-day EMA ($40) this Tuesday and fell to the 50-day SMA ($37) yesterday. The reason for this dip might be due to the negative publicity it got over the $8 Million user fund having been taken out by unknown hackers from the Solana-based hot-wallets which included TrustWallet, Phantom, and Slope. This made the Solana ecosystem the biggest victim of the crypto asset hack. 

Read more: Solana Ecosystem Under Attack

At the time of writing, SOL was trading at $39.7.

Solana (SOL) Chart | 4th August 2022
Solana (SOL) Chart

SOL made a ‘Shooting Star’ (Bearish) candle on 2nd April at $143 and plunged by almost 81% within three months making the low of $25.86. Post this move, the asset made a ‘Tweezer Bottom’ pattern at the low and rallied up to $47.36. Currently, on a daily time frame, SOL is trading in a ‘Symmetrical Triangle’ pattern where the ascending trendline acts as a support and the descending trendline acts as a strong resistance. Breakouts on either side of the pattern with good volumes will further decide the trend for the asset.

Support 2 Support 1 Asset Resistance 1 Resistance 2
$25 $32 SOL $48 $60

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

The post Solana Technical Analysis Report | 4th-AUG-2022 appeared first on ZebPay.





Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading

News

Solana holdings on Phantom, Slope, and Trust wallets compromised

Published

on

By


The Solana ecosystem appears to have suffered a close to $ 6 million hack, wiping off Solana tokens ( SOL) on a few hot wallets on Tuesday evening. The details about the hacker remain unknown as of today. The hack has occurred on Phantom, Slope, and Trust wallets wiping off the assets of close to […]
The post Solana holdings on Phantom, Slope, and Trust wallets compromised appeared first on ZebPay.

The Solana ecosystem appears to have suffered a close to $ 6 million hack, wiping off Solana tokens ( SOL) on a few hot wallets on Tuesday evening. The details about the hacker remain unknown as of today. The hack has occurred on Phantom, Slope, and Trust wallets wiping off the assets of close to 8000 accounts as per Blockchain auditor Otter Sec. While users pointed out that the hack has occurred on Phantom wallets, the company has denied the claim quoting “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue” via a Twitter post. 

Solana Under attack report

Slope said that they are currently working with Solana labs to rectify this issue and get to the exact root cause of the compromise via a Twitter post.

Slope Finance Solana News

The hack could have occurred as a result of exposing private keys to a browser extension leading to a potential compromise as per reports.

Otter Sec has posted images on Twitter showing the hot wallets being compromised. Hot wallets are Crypto wallets connected to the internet at all times, these are different from exchange wallets. The attacker was able to sign and initiate transfers on behalf of users suggesting a private key compromise. 

Solana is currently the 9th largest Crypto asset with a market capitalization of $ 13 billion. At the time of writing, Solana has dropped by roughly 3.85% in the last 24 hours as per Coinmarket Cap. 

How to keep your holdings safe

Wallet Security:

Always ensure that your wallets are secure and never share your private keys with anyone. 

Beware of Scamsters:

ZebPay never asks users to share any information via email, phone, or Social Media. Beware of impersonators who pretend to represent the company. There may be no recourse from loss in such transactions.

Free money scams:

Never give into scams that promise to multiply your wealth. No market assets can promise assured returns, and it’s important to note that there is a risk associated with Cryptos which are subject to market conditions.

While this hack has occurred on hot wallets, holders of Solana on Crypto Exchanges don’t need to worry about this. Your holdings are safe on your Zebpay wallet. At Zebpay customer asset safety is our top priority and we consistently strive to make Crypto trading experiences better for you.

The post Solana holdings on Phantom, Slope, and Trust wallets compromised appeared first on ZebPay.





Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading

Trending

Copyright © 2022 Solanatimes.io