Steady ecosystem growth and GameStop’s announcement that Loopring will underpin its NFT marketplace resulted in a double-digit gain for LRC price.
Filling multiple needs within the cryptocurrency community is one way a project can set itself apart from the competition and new attract users and liquidity to its ecosystem.
Loopring aims to do exactly this by aiming to offer a EVM-based solution with low fees where DeFi and NFT developers and investors can transact. The layer-two (L2) scaling solution utilizes zk-Rollups to provide fast, low-cost transactions and the project has been gaining traction throughout the month of March.
Data from Cointelegraph Markets Pro and TradingView shows that the price of LRC gained 57% between March 21 and March 23 as its price increased from $0.78 to $1.23 amidst a spike in its 24-hour trading volume to $2.75 billion.
LRC/USDT 4-hour chart. Source: TradingView
Three developments that have helped spark the reversal in price for LRC include the beta launch of the GameStop NFT marketplace on the Loopring network, the inflow of new users and a rapidly expanding NFT ecosystem.
GameStop selects Loopring for its upcoming NFT Marketplace
The most significant recent development that helped to drive the increase in demand for LRC was the March 23 announcement that GameStop has integrated the beta version of its NFT marketplace with the Loopring network.
The future of #NFTs are here + they’re powered by #Ethereum‘s second layer
GameStop reports that it chose Loopring to host its NFT marketplace due to the network’s ability to mint NFTs for a fraction of the cost required on Ethereum, with the average fee being less than $1.
Beta users can begin exploring the marketplace now and deposit funds in preparation for the platform’s full lauch which is expected to take place in the near future.
Surging user growth
A second factor putting wind in the sails of LRC has been the surge in new users in the Loopring ecosystem as evidenced by the record-high number of wallets joining the netw.
Total number of Loopring wallets. Source: Dune Analytics
According to data from Dune Analytics, the wallet count of the Loopring network has increased from 6,498 on Oct. 30, 2021 to an all-time high of 27,092 on March 25 as the GameStop announcement helped initiate a new of wave users.
The recent release of the Loopring Smart Wallet, which includes the ability to mint NFTs and retrieve a lost account via social recovery and Guardians, has also helped in the process of onboarding new users and wallets in the ecosystem.
A third factor helping to boost the outlook of LRC is the overall growth of its ecosystem which includes a NFT community that has already seen more than 1 million NFTs minted.
Over 1 Million NFTs have been minted on Loopring L2 since the launch of open #NFT minting less than a month ago
Further evidence of its growth can be found looking at the daily volume traded on Loopring, which experienced a significant spike in activity following the March 23 GameStop announcement.
Loopring volume traded per pair per day. Source: Dune Analytics
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LRC on March 20, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for LRC climbed into the green zone on March 19 and proceeded to hit a high of 88 on March 20, around 40 hours before the price increased 57% over the next two days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
BTC and most major altcoins could witness a minor dip to retest lower support levels, but the overall trajectory appears to now favor bulls.
This week Bitcoin (BTC) and select altcoins broke above their immediate resistance levels and moved higher, which propelled the total crypto market capitalization above $2 trillion on March 24.
One of the triggers that could have driven crypto prices higher was BlackRock CEO Larry Fink’s letter to shareholders where he said that the Russia-Ukraine conflict has opened up avenues for digital currencies to be used as a mode of settlement for international transactions.
Another bit of news that may have aided the up-move in crypto prices was that Goldman Sachs redesigned its website with emphasis on the growth of digital assets and the metaverse, mentioning them as “megatrends.”
Apart from the increasing institutional interest, Minneapolis Federal Reserve President Neel Kashkari’s statement that the central bank could raise interest rates up to seven times in 2022 to curb inflation may also have boosted bullish sentiment in cryptocurrencies.
Can bulls sustain the higher prices and build upon the up-move or will bears sell aggressively and trap the buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC/USDT
Bitcoin closed above the immediate resistance at $42,594 on March 23, indicating that bulls absorbed the supply by the bears. That opened the doors for a move to $45,400 where the bears could again mount a strong defense.
BTC/USDT daily chart. Source: TradingView
Both moving averages have turned up gradually and the relative strength index (RSI) is in positive territory, indicating an advantage to buyers. If buyers push the price above $45,400, the BTC/USDT pair could rally to the resistance line of the ascending channel.
If the bulls clear this obstacle, the pair could rise to the stiff overhead zone between the psychological resistance at $50,000 and $52,000.
Any correction from the current level is likely to find support near $42,594 and the moving averages. The bears will have to pull and sustain the price below the moving averages to indicate that the bulls may be losing their grip.
ETH/USDT
The bulls are trying to sustain Ether (ETH) above the resistance line of the symmetrical triangle but the long wick on the candlestick suggests that bears are selling at higher levels aggressively.
ETH/USDT daily chart. Source: TradingView
The moving averages have completed a bullish crossover and the RSI has risen into the positive zone, suggesting that the path of least resistance is to the upside. If the price sustains above the triangle, the ETH/USDT pair could rally to $3,500 and later to the pattern target at $3,907.
Contrary to this assumption, if the price re-enters the triangle, the bears will try to pull the pair to the moving averages. If the price rebounds off the moving averages, it will suggest that the sentiment remains positive and traders are accumulating on dips. That will increase the possibility of a break above the triangle.
The bears will have to pull the price below the moving averages to negate the bullish view. The pair could then extend its stay inside the triangle for a few more days.
BNB/USDT
BNB has been consolidating in a large range between $445 and $350 for the past few days. There is a minor resistance at $425 but if bulls clear this hurdle, a move to $445 is possible.
BNB/USDT daily chart. Source: TradingView
The moving averages have completed a bullish crossover and the RSI is in the positive territory, which suggests a possible change in trend. A break and close above $445 could open the doors for a possible rally to $500.
Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that traders may be booking profits near the resistance. That could keep the BNB/USDT pair stuck inside the range for a few more days.
XRP/USDT
Ripple (XRP) is facing strong resistance at $0.86. A minor positive is that the bulls have not allowed the price to break below the moving averages. This suggests that traders are not rushing to the exit.
XRP/USDT daily chart. Source: TradingView
If the price turns up from the current level or rebounds off the moving averages, the bulls will strive to clear the overhead hurdle at $0.86. If they succeed, the XRP/USDT pair could rally to $0.91 and thereafter rise toward the psychological level at $1.
The rising moving averages and the RSI in the positive territory indicate an advantage to buyers. This positive view will be negated in the short term if the bears sink and sustain the price below the 50-day simple moving average (SMA) ($0.77).
ADA/USDT
Cardano (ADA) is attempting to start a new uptrend. When the bulls pushed the price above the overhead resistance at $1 on March 23, it was the first indication that the bears may be losing their grip.
ADA/USDT daily chart. Source: TradingView
The next level to watch on the upside is $1.26 where the bears will try to stall the relief rally. If the price turns down from the current level or the overhead resistance, the bears will try to pull the ADA/USDT pair to the critical level at $1.
If the price rebounds off $1 with strength, it will suggest that the bulls have flipped the level into support. The buyers will then make one more attempt to clear the obstacle at $1.26. If they succeed, the next stop could be $1.60. This positive view will invalidate if the price breaks below $1.
LUNA/USDT
Terra’s LUNA token once again turned down from the overhead resistance at $96 on March 24 suggesting that bears are not willing to give up easily. The price could now slide to the 20-day exponential moving average (EMA) ($89).
LUNA/USDT daily chart. Source: TradingView
If the price rebounds off the 20-day EMA, it will suggest that bulls are defending this level. The buyers will then make one more attempt to clear the overhead hurdle at $96. If they succeed, the LUNA/USDT pair could rise to the all-time high at $105.
Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that traders may be booking profits due to the failure of the pair to rise above $96. The price could then drop to $82 and next to $75.
SOL/USDT
Solana (SOL) broke and closed above the 50-day SMA ($93) on March 23. This move also invalidated the bearish descending triangle pattern. Strong buying by the bulls has pushed the price to the immediate resistance at $106.
SOL/USDT daily chart. Source: TradingView
The moving averages are about to complete a bullish crossover and the RSI is in the positive territory, which indicates that bulls have the upper hand. If buyers drive the price above $106, the SOL/USDT pair could rally to $122.
Alternatively, if the price turns down from the current level but bounces off the 20-day EMA ($91), it will suggest that the sentiment remains positive and traders are buying the dips. That will enhance the prospects of a break above the overhead resistance.
A break and close below the 20-day EMA will suggest that the pair may consolidate between $81 and $106 for a few more days.
Avalanche (AVAX) has been trading between the overhead resistance at $92 and the moving averages. This suggests that bears are selling near $92 and bulls are buying on dips to the moving averages.
AVAX/USDT daily chart. Source: TradingView
If the price turns up from the current level or rebounds off the moving averages, the bulls will again attempt to clear the overhead hurdle at $92. If they manage to do that, the AVAX/USDT pair could pick up momentum. The bears may try to stall the rally at the psychological level at $100 but if bulls overcome this barrier, the rally could reach $119.
This positive view will invalidate in the short term if the price breaks below the moving averages. Such a move will suggest that the pair may remain range-bound between $92 and $65 for a few more days.
DOT/USDT
Polkadot (DOT) has continued its upward journey, which could reach the overhead resistance at $23. The bears are expected to mount a strong defense at this level.
DOT/USDT daily chart. Source: TradingView
If the price turns down from $23 but bulls do not cede ground, it will indicate that traders anticipate a move higher. That will increase the likelihood of a break above $23. If that happens, the DOT/USDT pair could rally to $28 and thereafter to $30.
Conversely, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the bears are active at higher levels. That could keep the pair range-bound between $23 and $16 for a few more days.
DOGE/USDT
Dogecoin (DOGE) broke above the 50-day SMA ($0.13) on March 24 but the bulls are struggling to sustain the higher levels. This indicates that the bears are not ready to give up their advantage.
DOGE/USDT daily chart. Source: TradingView
The 20-day EMA ($0.12) has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand. If the price rebounds off the moving averages, the bulls will again try to clear the overhead resistance and push the DOGE/USDT pair toward $0.17.
Alternatively, if the price turns down and breaks below the moving averages, it will suggest that the breakout on March 24 may have been a bear trap. The sellers will then try to pull the pair to the strong support at $0.10.
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.
ETH price made a clear trend change and aims for the $3,800 level after traders’ anticipation of the upcoming Merge lures the bulls back to the market.
The week-long uptrend in the cryptocurrency market has begun to awaken bullish crypto investors and the successful March 15 launch of the Ethereum “merge” on the Kiln testnet has the community excited about the upcoming switch to proof-of-stake (POS).
Data from Cointelegraph Markets Pro and TradingView shows that since the successful launch on Kiln, the price of Ether has climbed 25% from $2,500 to a daily high at $3,193 on March 25 as traders look to lock in their positions ahead of the merge.
ETH/USDT 1-day chart. Source: TradingView
Here’s a look at what analysts in the market are saying could happen with the price of Ether as the merge approaches and how the switch to POS could affect its price long term.
A clear breakout from the downtrend
The turnaround in Ether price over the past couple of weeks was succinctly addressed by crypto analyst and Justin Bennett, who posted the following chart highlighting the trend reversal that has occurred.
ETH/USDT 1-day chart. Source: Twitter
Bennett said,
“Ether first higher high since early Nov. 2021. Probably nothing.”
The merge will be a bullish development
A deeper analysis of the effects the upcoming merge for Ethereum will have on its price was discussed by analysts from the independent global macro and crypto research house MacroHive, who noted that the merge “will have bullish implications for Ether.”
According to MacroHive, “the prospect of being able to make a passive return on staked Ether will attract more investors into the space,” while the transition to proof-of-stake “will reduce Ethereum’s energy consumption by 99.95%.”
This, in turn, wilhelp to attract more institutional money into the Ethereum ecosystem as the Environmental, Social and Governance (ESG) concerns “around the energy consumption of mining/proof-of-work are mitigated.”
The merge will also have a notable impact on the circulating supply of Ether as the net issuance will undergo a significant drop-off once completed as block rewards are replaced with Ether staking yields.
MacroHive said,
“This, coupled with the ongoing Ether burning should make Ether deflationary and this should be bullish overall.”
A final bit of insight into the effects of the upcoming merge was put forth by options trader and pseudonymous Twitter user McKenna, who posted the following tweet likening the effects of the merge to that of Bitcoin halvenings.
The merge is a crowded trade but so is the BTC halvening.
Only difference is ETH becomes a deflationary asset W/ EIP1559.
S-curve adoption as the foundational web3 protocol is going to send ETH to monumentous heights over the next decade.
The overall cryptocurrency market cap now stands at $1.997 trillion and Ether’s dominance rate is 18.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The resurgence across major cryptocurrencies comes even as the Russian stock market opens up for trading after shutting down for a month following a central bank decision after major stock indices slumped in the aftermath of the Ukrainian invasion.
A recent report by U.S. based market research and consulting company, Grand View Research now projects that 2021’s market share of $38.85 billion could surge at a compound annual growth rate (CAGR) of 39.4% bringing the total market size to just over $670 billion from 2022 to 2030. This growth will be fostered by several […]
AXS and RON price are turning bullish as excitement builds for the launch of Axie Infinity: Origin.
Play-to-earn (P2E) gaming was one of the hottest sectors in the cryptocurrency market in 2021 and based off the recent moves of Yuga Labs and Bored Ape Yacht Club, the gaming industry could continue to be a winner in 2022.
Axie Infinity was the first game to really capture widespread attention and highlight the possibilities of what P2E had to offer and it is continuing to lead the way in 2022 as the protocol prepares for its next major launch.
Data from Cointelegraph Markets Pro and TradingView shows that the price of AXS increased 56.5% over the past ten days as an increase in its 24-hour trading volume has lifted AXS to a daily high of $69.82 on March 24.
AXS/USDT 4-hour chart. Source: TradingView
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on March 14, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for AXS climbed into the green on March 14 and hit a high of 78 around 24 hours before the price began to increase 52.32% over the next nine days.
Three reasons for the climbing price of AXS include the upcoming launch of Axie Infinity: Origin, the steady increase of active users and AXS stakers and the rising popularity of the Ronin sidechain which enables Axie Infinity gameplay.
Axie Infinity: Origin
The most significant development underway helping to boost the forward outlook for AXS is the upcoming launch of Axie Infinity: Origin, which is expected to take place in the coming weeks.
To clarify, we’re still aiming to get Origin out by end of the month.
It’s cutting close but our engineers are working non-stop to polish and fix bugs.
Shipping a very complex and quality product is hard. Engineers out there may empathize with this. We’re pushing!
According to a recent report from Delphi Digital, Origin is a “completely reimagined version of the popular Axie Battles game that everyone is familiar with.”
Origin will include new game mechanics designed to improve the overall player experience, such as free starter Axies to help attract new players to the game, a reimagined storyline that adds depth to the player experience and the addition of active cards for eye and ear body parts.
The update will also introduce new in-game items like runes and charms which will act as power-ups for Axies and require players to burn the platform’s native SLP token.
Active users and AXS stakers are on the rise
The rising price of AXS has also been given a boost by the steadily increasing Axie Infinity userbase which is now at an all-time high of 207,209 total users according to data from Dune Analytics.
Axie Infinity total user count. Source: Dune Analytics
While the pace of new users onboarding into the ecosystem has slowed along with activity in the wider cryptocurrency ecosystem, the increase is still significant and indicates ongoing adoption.
Non-gamers have also been incentivized to hold AXS with a current staking reward of 73% offered through the Axie Infinity platform.
AXS staking statistics. Source: Axie Infinity
As shown in the graphic above, nearly one-third of the circulating supply of AXS is currently staked on the protocol earning a total daily reward of 50,516 AXS.
A third factor bringing added momentum to Axie Infinity is the growth taking place on the Ronin network, an Ethereum (ETH) sidechain that was built for Axie Infinity by Sky Mavis is to become the default NFT scaling solution for crypto gaming.
Axie Infinity is currently the only game running on Ronin but that hasn’t stopped the network from consistently ranking in the top 3 in terms of total value locked compared to other Ehtereum bridges, with nearly $3.4 billion in value currently locked on Ronin.
Total value locked on Ethereum bridges. Source: Dune Analytics
That will soon change, however, as Ronin will soon see the introduction of third party developers which includes “over 1,000 applications from teams wanting to build on Ronin” according to Delphi Digital.
This has the potential to lead to an influx of new users to the Ronin ecosystem which could also benefit Axie Infinity as new users check out the top-performing project on the network.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Recent strength in Ethereum boosted investors’ morale and gave bulls the upper hand in Friday’s $2.4 billion options expiry.
Ether (ETH) bulls have a few good reasons to celebrate the 20% gain between March 14 and March 24. The price increase surprised many and led to the first daily close above $3,000 in 34 days.
Even with this move, Friday’s $2.4 billion Ether options expiry is somewhat uncertain because bears can easily profit by pushing the price below $3,000.
In a letter to shareholders, Larry Fink, the CEO of BlackRock, the world’s largest asset manager, noted that the global socio-political crisis and growing inflation could make way for a global digital payment network.
Moreover, cryptocurrency investors turned bullish after Terra co-founder Do Kwon reconfirmed plans for a giant $10-billion BTC allocation. On March 24, a third tranche of Tether (USDT) left a wallet thought to hold funds earmarked to purchase Bitcoin.
On the macroeconomic side, there have been mixed feelings. For example, retail sales in Canada grew 3.2% over the last month which is above the 2.4% market expectation. On the other hand, the United Kingdom’s Consumer Price Index came at 6.2% year over year, while expectations stood at 5.9%.
Bulls expected a miracle, and it did not happen
Ether’s recent strength might have come as a surprise for many, but some bulls were definitely over-optimistic. Even though the call (buy) option instruments dominate the March 25 options expiry, overconfident bulls placed bets at $5,000 and higher.
Ether options aggregate open interest for March. 25. Source: CoinGlass
A broader view using the call-to-put ratio shows a 178% advantage to Ether bulls as the $1.76 billion call (buy) instruments have a larger open interest versus the $630 million put (sell) options. However, the 2.78 call-to-put indicator is deceptive because most bullish bets will become worthless.
For example, if Ether’s price remains below $3,100 at 8:00 am UTC on March 25, only 10% of the call (buy) options will be available. That effect happens because there is no value in the right to buy Ether at $3,300 if it’s trading below that level.
Bears are better positioned despite having smaller numbers
Below are the three most likely scenarios based on the current price action. The number of options contracts available on March 25 for bulls (call) and bear (put) instruments varies depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:
Between $2,800 and $3,000: 27,500 calls vs. 37,500 puts. The net result is $25 million favoring the put (bear) instruments.
Between $3,000 and $3,200: 64,000 calls vs. 16,500 puts. The net result favors bulls by $140 million.
Between $3,200 and $3,300: 88,000 calls vs. 15,500 puts. The net result favors the call (bull) instruments by $240 million.
This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.
For instance, a trader could have sold a call option, effectively gaining a positive exposure to Ether above a specific price. But unfortunately, there’s no easy way to estimate this effect.
Sub-$3,000 Ether would benefit bears
Ether bears need a small dump below $3,000 to avoid a $140 million loss on Friday. On the other hand, the bulls’ best case scenario requires a 4% price increase from the current $3,100 to score a $240 million profit.
Ether bears seem in a worse position considering Larry Fink’s positive remarks and the positive Bitcoin momentum triggered by Luna’s potential $3 billion BTC acquisition. The most likely outcome is that bulls will continue to display strength by pushing the price to $3,200 or higher as the March 25 options expiry approaches.
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.
BTC pushed through a key price level as investor sentiment soars across the sector, but analysts caution that $44,000 must become support to mark a macro-level trend change.
Morale across the cryptocurrency ecosystem is rising on March 24 as several days of positive moves have helped lift Bitcoin (BTC) back above $44,000 and Ether bulls took control at $3,100.
The climbing price of BTC comes amidst a backdrop of surging inflation and rising interest rates which could see up to seven hikes over the course of 2022 according to Minneapolis Federal Reserve President Neel Kashkari.
BTC/USDT 1-day chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that after trading near $43,000 throughout the morning session on Thursday, a midday spike lifted the price of BTC to an intraday high at $44,186 where it bumped up against a major resistance zone.
Bitcoin needs to flip $44,000 into support
A look at the weekly chart shows that “Bitcoin is breaking out from the weekly ascending triangle” according to market analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart outlining the formation that has been developing over the past few months.
BTC/USD 1-week chart. Source: Twitter
While the quick move up has many proclaiming a return of bull market conditions, Rekt Capital warned that “for BTC to confirm this breakout,” it “needs to flip the ascending triangle top into support (e.g. via a 1-week close).”
Rekt Capital said,
“Upside wicks beyond this Ascending Triangle top have happened before (orange circles)”
The significance of the resistance BTC now faces was also touched upon by crypto trader and pseudonymous Twitter user ‘Sheldon the Sniper’, who posted the following chart highlighting the zone from $44,000 to $46,000.
BTC/USDT 1-hour chart. Source: Twitter
The trader said,
“$44,000-$46,000 is a very important zone for bulls to break. I expect a short-term pullback in this zone but a break of this zone in the next few days. Market definitely showing good strength.”
The overall cryptocurrency market cap now stands at $1.997 trillion and Bitcoin’s dominance rate is 41.8%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
ETH price finally pushed through the $3,000 barrier and while further upside is warranted, analysts believe that retest of lower levels will happen first.
The cryptocurrency market continues to forge ahead on March 23 despite facing headwinds on multiple fronts. At the moment, global conflict, rising inflation and widespread economic uncertainty are taking a toll on financial markets and helping to highlight the need for a diversified investmen portfolio.
Altcoins have managed to gain some ground in recent days, led by Ethereum, the top smart contract platform, which managed to climb back to the major support and resistance zone at $3,000 where bulls are now battling for control.
ETH/USDT 1-day chart. Source: TradingView
Here’s a look at what several analysts in the market are saying about the path forward for Ether and whether or not further upside is expected in the short-term.
Upcoming test of $3,125
A general overview of the recent price action was provided by crypto analyst Michaël van de Poppe, who posted the following chart showing “Ethereum moving upward after holding crucial level.”
ETH/USD 2-hour chart. Source: Twitter
van de Poppe said,
“Seems to me that we’re going to test $3,125 next.”
But not all traders were so quick to look for a higher price target, including pseudonymous Twitter user ‘Chartpunk’, who posted the following chart highlighting the ten-day uptrend for Ethereum and warned against jumping into an overheated market.
ETH/USD 4-hour chart. Source: Twitter
Chartpunk said,
“Do not FOMO into the market. Should you want to join the trend, look for the retest of the entry zone on this chart.”
Based on the area highlighted in the chart, Charpunk is looking for re-entry around $2,975.
Sentiment is neutral until $3,287
A more measured approach to the current price action was offered by crypto trader and pseudonymous Twitter user ‘Mad Max Crypto’, who posted the following chart indicating a “Neutral bias till it flips the $3,287 mark.”
ETH/USDT 1-day chart. Source: Twitter
This outlook was largely echoed by cryptocurrency advisor and pseudonymous Twitter user ‘Altcoin Sherpa’, who posted the following chart highlighting the series of higher lows and higher highs made by Ether.
ETH/USD 1-day chart. Source: Twitter
Altcoin Sherpa said,
“I think that you can make an argument for breaking market structure to the upside on lower time frame charts but I’m personally waiting for the higher levels. Regardless, ETH2.0 fundamentals are going to be strong coming soon.”
A final bit of analysis on the lower price levels to keep an eye on was touched on by crypto trader and pseudonymous Twitter user ‘Follis’, who posted the following chart suggesting the possibility of a pullback to $2,600.
ETH/USDT 8-hour chart. Source: Twitter
Follis said,
“Strong reaction from that sweep into supply, but most hourly time frames are bullish, and I expect more upside as long as we don’t close below $2,800. $2,600 area is interesting if we get a pullback, the 0.79 fib has worked well within this macro range.”
The overall cryptocurrency market cap now stands at $1.919 trillion and Bitcoin’s dominance rate is 41.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
FET price could be eying new highs after fresh exchange listings, the launch of a $150 million development fund and plans to further integrate the protocol with the Cosmos ecosystem.
Development across the cryptocurrency ecosystem continues to move forward despite the day-to-day whipsaw price movements and this progress is furthering the public’s awareness of Web3 and the value of blockchain technology.
One project that has been climbing the charts amid a marketing push to develop better brand recognition is Fetch.ai, a protocol focused on building a token-based decentralized machine learning network capable of supporting the smart infrastructure being built around the digital economy.
Data from Cointelegraph Markets Pro and TradingView shows that the price of FET has climbed 43.13% over the past two days, rallying from a low of $0.322 on March 21 to an intraday high at $0.46 on March 23 as its 24-hour trading volume underwent a five-fold increase.
FET/USDT 4-hour chart. Source: TradingView
Three reasons for the building interest in Fetch.ai are the launch of a $150 million development fund, plans to further integrate the project into the Cosmos ecosystem and the recent launch of a large-scale marketing campaign.
Fetch.ai launches a $150 million development fund
The biggest news to come out of the Fetch ecosystem was the March 22 launch of a $150 million ecosystem development fund, in conjunction with MEXC Global, Huobi and Bybit, that is aimed at attracting developers and established projects to the Fetch.ai ecosystem.
Ecosystem development funds have become a popular theme across the cryptocurrency community as projects have found them to be a useful way of attracting new projects and users to their protocols in a field that is becoming increasingly crowded and difficult in which to gain traction.
Deeper integration with Cosmos
A second major development bridging increased attention to Fetch.ai has been its ongoing integration with the Cosmos ecosystem and Interblockchain Communication Protocol.
A new governance proposal is live!
This proposal seeks to upgrade the @Fetch_ai chain to Cosmos SDK v0.45 & IBC v2.2.0. With this, we can be enabled on Osmosis DEX/allow IBC transfers between us and other chains like @osmosiszone@cosmos
Fetch officially joined the list of projects that were launching within the interoperability-focused Cosmos ecosystem in February and it is currently in the process of upgrading the Fetch.ai chain to allow IBC transfers between supported networks.
Cosmos has been one of the most active and growing ecosystems over the past six months despite the weakness in the wider cryptocurrency market, which has the potential to benefit Fetch by bringing increased token liquidity and access to a greater pool of investors.
The third factor helping to increase the awareness of Fetch has been an increased focus on marketing the project to the wider public, including a partnership with Formula 1 driver Alex Albon.
On top of this Formula 1 sponsorship, marketing for Fetch has also begun to appear in highly visible areas, including digital billboards in Times Square, New York, and subway and bus terminal advertisements.
Fetch.ai has also begun to recruit crypto influencers to help increase awareness and it has benefited from being listed on the Voyager app on March 18.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FET on March 21, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. FET price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for FET hit a high of 80 on March 21, around one hour before the price increased 42.56% over the next two days.
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