NEAR protocol has reached its new all-time high (ATH) at $17.60. In a day NEAR Protocol (NEAR) price surged over
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Bitcoin and altcoins had a stellar year, but how might ETH, BNB, AVAX and MATIC perform in 2022?
Bitcoin (BTC) witnessed a roller coaster ride in 2021 and even though BTC has corrected sharply from its all-time high at $69,000, the digital asset is still up by 60% year-to-date. During the same period, gold has dropped more than 5%.
With inflation soaring in the United States and several other parts of the world, Bitcoin’s outperformance over gold shows that investors may be considering it to be a better hedge against inflation when compared to gold.
During the year, the total crypto market capitalization surged to about $3 trillion, but Bitcoin’s dominance fell from about 70% at the start of the year to 40%. This shows that several altcoins have outperformed Bitcoin by a huge margin.
As cryptocurrencies gain wider adoption, multiple altcoins are likely to capture investors’ attention. These could produce strong returns for investors over the next year.
Technical analysis has been used to arrive at the current list of large-cap cryptocurrencies that could remain in focus in 2022 and benefit from a crypto bull run.
Let’s study the charts of the top five cryptocurrencies to calculate their possible target objectives and the support levels to watch out for in 2022.
Bitcoin (BTC) broke and closed above the overhead resistance at $64,854 in early November but the long wick on the candlestick shows profit-booking at higher levels. The selling continued in the following week and the price pulled back below $64,854.
The bulls attempted to defend the 20-week exponential moving average (EMA) ($51,999) but could not sustain the rebound. This intensified the selling and pulled the price below the 50-week simple moving average (SMA) ($47,681).
The bulls purchased the dip but failed to extend the recovery above the 20-week EMA. This indicates a possible change in sentiment from buy on dips to sell on rallies. The bears are once again attempting to pull and sustain the price below the 50-week SMA.
If they succeed, the BTC/USDT pair could drop to the strong support at $39,600. The 20-week EMA has started to turn down and the relative strength index (RSI) has slipped below 50, indicating that bears have the upper hand.
A break and close below $39,600 could result in a deeper correction to $28,805. Such a sharp fall may delay the start of the next leg of the uptrend.
On the other hand, if bulls successfully defend the 100-week SMA, the pair will make one more attempt to rise above the 20-week EMA. If that happens, the pair will attempt a rally to the overhead zone at $64,854 to $69,000.
A break and close above this zone could start the next leg of the uptrend that could push the pair to the psychologically critical level at $100,000.
Ether (ETH) is correcting in a strong uptrend. Both moving averages are sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand.
Although bears have been attempting to pull the price below the 20-week EMA ($3,745), the long tail on the candlesticks of the past few weeks shows that bulls are buying aggressively at lower levels.
The bulls will now make one more attempt to clear the overhead hurdle at the psychologically critical level at $5,000. If they succeed, the ETH/USDT pair could start the next leg of the uptrend with the first target at 100% Fibonacci extension level at $5,719.68.
If the momentum carries the price above this level, the next target to watch out for is the 138.2% Fibonacci extension level at $6,566.19 and then the 161.8% extension level at $7,089.17.
Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-week EMA, it will signal that traders are selling on rallies. That could open the doors for a possible drop to the strong support at $2,652.
This is an important level to watch on the downside because a break below it could pull the pair to $1,700.
Binance Coin (BNB) turned down from $669.30, indicating that bears are aggressively defending the all-time high at $691.80. However, a minor positive is that bulls are buying the dips to the 20-week EMA ($500).
The upsloping moving averages and the RSI is in the positive zone indicate that buyers have the upper hand.
If the price rebounds off the current level, the BNB/USDT pair could rise to the overhead zone at $669.30 to $691.80. The bulls will have to clear this barrier to signal the resumption of the uptrend.
If that happens, the pair could start the next leg of the up-move to $848.30 and thereafter attempt a rally to $1,171.90.
Another possibility is that the price bounces off the 20-week EMA but turns back from the overhead resistance. In such a case, the pair may remain range-bound for a few weeks.
A consolidation near the all-time high is a positive sign as it shows that traders are not rushing to the exit. That increases the prospects of the continuation of the up-move.
Conversely, if bears sink and sustain the price below the 20-week EMA, it will indicate that supply exceeds demand. That could result in a decline to the 50-week SMA ($379). A break and close below this level could invalidate the bullish assumption.
Avalanche’s (AVAX) sharp rally to the all-time high at $147 had pushed the RSI near the 85 level, indicating that the up-move was overextended in the short term. This may have resulted in profit-booking by short-term traders.
The bears pulled the price below $81 for three consecutive weeks but they could not sustain the lower levels as seen from the long tail on the candlesticks. This indicates that bulls have flipped the previous resistance at $81 into support.
The strong rebound off the 20-EMA ($73) indicates that sentiment remains bullish and traders are buying on dips. The bulls will now attempt to push the price to the all-time high at $147.
A break and close above this resistance could start the next leg of the uptrend. The AVAX/USDT pair could then rise to $213.17 and if the momentum sustains, the rally could even extend to $260.
This bullish view will invalidate if the price turns down from the current level or the overhead resistance and breaks below $75.50. Such a move will indicate that the sentiment has turned negative and traders are selling on rallies.
The pair could then drop to the strong support at $50. Such a deep fall is likely to delay the start of the next leg of the up-move.
Polygon’s MATIC has been in an uptrend. The bulls attempted to push the price above the all-time high at $2.70 but failed. This suggests that bears are defending the overhead resistance aggressively.
However, a positive sign is that bulls are buying the dips to the 20-week EMA ($1.62). This indicates that sentiment remains bullish and traders are accumulating on dips.
The rising moving averages and the RSI near the overbought zone indicate that the path of least resistance is to the upside. The bulls will make one more attempt to push the MATIC/USDT pair above $2.70.
If they manage to do that, the pair could start the next leg of the uptrend which could reach $3.28. A break and close above this level could extend the rally to $4 and eventually to $4.77.
Contrary to this assumption, if the price turns down from the current level or the overhead resistance and plummets below the 20-week EMA, it will suggest that supply exceeds demand.
If the price sustains below the 20-week EMA, the selling could pick up momentum and the pair could plummet to the 50-week SMA ($1.04).
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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Vitalik Buterin gave a guesstimate on the completion of Ethereum 2.
The post Vitalik Buterin gives an estimate on Ethereum 2.0’s completion status appeared first on CryptoSlate.
Solana reportedly went offline for four hours on Jan. 4, however Solana.Status shows there have been no issues on the network.
The Solana blockchain has suffered a third incident in just a few months that clogged the network and caused transactions to fail, with users debating whether it was caused by another DDos attack or if it was just network issues.
The scale and nature of the incident is hard to ascertain, with Coinbase, Wu Blockchain and Redditors reporting there had been an incident causing the network to slow and transactions to fail. However Solana Labs co-founder Anatoly Yakovenko denied there had been a DDoS on this occasion.
The latest incident comes less than a month after a previous attack which saw reports the network was clogged with mass botting due to another Initial DEX offering (IDO) on Solana-based decentralized exchange platform Radium.
According to Wu Blockchain, the Solana network went down for around four hours in the early morning of Jan. 4 UTC time as a result of an apparent DDoS attack. Solana.Status shows the network has been fully operational with 100% uptime over that period.
Solana went down again at two o’clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack.
— Wu Blockchain (@WuBlockchain) January 4, 2022
A post on the r/CryptoCurrency group on Reddit yesterday also shared several screenshots of Solana (SOL) users reporting issues with failed SOL transactions around the time of the potential DDoS and network downtime. Coinbase also provided an incident report over the past 24 hours on the Solana network’s “degraded performance” that resulted in failed withdrawals of SOL on the crypto exchange.
“This is why you don’t use a service’s own status page to come to conclusions especially if it masquerades as a decentralized blockchain, but in reality is just a glorified database,” user u/Set1Less wrote.
But other users responding to the r/CryptoCurrency post in the r/Solana community questioned the validity of the claims, with “NiftyMufti” stating that:
“So instead of echoing random people’s opinions, why don’t you show the charts? A DDoS attack and downtime would have shown in the block explorers. I see no such signs. Prove me wrong. Which hours in which timezone was this supposed to have taken place?”
Solana Labs co-founder Yakovenko echoed as such on Twitter earlier today, noting that the network issues weren’t related to a DDoS, and were just the “pain of getting a new runtime commercialized.”
it’s not a ddos, just pain of getting a new runtime commercialized.
$ solana ping
— transaction statistics —
8 transactions submitted, 8 transactions confirmed, 0.0% transaction loss
confirmation min/mean/max/stddev = 2119/3934/9387/2415 ms
— anat◎ly (@aeyakovenko) January 4, 2022
In a separate Twitter thread, Yakovenko also stated that the “cost model for compute is still a [little] wonky, real fix to deal with this is in 1.9, where TXs have to specify all the resources they use upfront.”
In an interview with Cointelegraph on Dec. 22, Austin Federa, head of communications at Solana Labs said that developers are currently working to address the network’s issues, specifically in relation to improving transaction metering.
“Solana’s runtime is a new design. It doesn’t use EVM [Ethereum Virtual Machine] and a ton of innovation was done to ensure that users have the cheapest fees possible, but there’s still work to be done on the runtime,” he said.
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