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TA: Bitcoin Sets New Monthly Low, What Could Trigger A Comeback

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Bitcoin price extended its decline below the $40,000 level against the US Dollar. BTC is now recovering and it could climb higher if it clears the $42,500 resistance.

  • Bitcoin settled below the $44,000 and $43,000 support levels.
  • The price is still trading below $43,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if it settles above $42,500 and $43,000.

Bitcoin Price Attempts Fresh Recovery

Bitcoin price failed to recover above the $43,500 and $43,650 resistance levels. As a result, there was a fresh decline in BTC below the $42,000 support zone.

The price extended its decline below the $40,200 and $40,000 support levels. A was formed near $39,579 before the price started an upside correction. It is back above the $40,000 and $41,000 levels. However, the price is still trading below $43,000 and the 100 hourly simple moving average.

Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low. It is now consolidating below the $42,500 resistance.

There is also a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low.

Source: BTCUSD on TradingView.com

To start a strong recovery, the price must clear the $42,500 resistance. The next major resistance is near the $43,000 zone, above which the price could rise towards the $45,000 resistance.

More Losses In BTC?

If bitcoin fails to clear the $43,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $41,600 level.

The next major support is near the $41,000 zone. A downside break below the $41,000 zone could trigger a fresh decline towards the $40,000 level or even $39,500. Any more losses may possibly lead the price towards the $38,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level.

Major Support Levels – $41,000, followed by $40,000.

Major Resistance Levels – $42,500, $43,000 and $45,000.

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Terra (LUNA) Price to Hit the $100 Milestone

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  •   Crypto proponent hints at a proposal to burn 90 million LUNA
  •    Press time is trading at ~$45.08 with positive gains of 7.2% for the past 24-hours.
  •   Possibly result in LUNA staking returns to 5X.

The post-Terra (LUNA) Prices to Hit the $100 Milestone! LUNA has become one of the marathon runners recently. The altcoin is grabbing the attention and appreciation of traders and investors in the crypto world. The digital coin has declutched itself from the oppressive bearish rule. And is currently going toward the ATH at a reasonable pace.

Crypto supporter hints at a suggestion to burn 90 M LUNA. In the public pool, to mint $UST for Ozone. The burn is scheduled to be started by Terra Finance next week, which will cut the total coin availability by 90 M and boost the $UST supply by around 3-4 billion.

The proponent also notes that the procedure will result in lots of trade fees. Which will potentially result in LUNA stake returns to 5X.

The cryptocurrency market saw lower highs since the 12th of October, together with consistent lows below $35. They were resulting in the construction of a declining triangle configuration on the charts. The LUNA Price, on the other hand, just broke through its waning momentum and began to rise.

At the time of publication, the digitized coin was trading at $45.08, representing a rise of 7.2 percent over the previous 24 hours. The market capitalization of LUNA is approximately $17,861,282,047. With a total trading activity of around $1,470,521,689. The trading activity over the last 24 hours was approximately $1,470,521,689. The total number of coins in circulation is 970,935,407. The bulls must maintain their momentum to assist the currency in hitting its all-time high of $49.70.

On the contrary, we may anticipate a decrease in pricing toward the nearest support level of roughly $43.8 per share, immediately before critical zones, which is conceivable if the bull runs out of energy. At the moment, the selling pressure has the dominant position over making decisions in the market.   According to the community, with the initiation of coin burn, LUNA is expected to continue its march towards the $100 mark. It is estimated that the TVL of Terra is $10.25 billion, which is a significant amount.

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ASSEMBLE Protocol Rallies 200% Following Coinbase.com Listing

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ASSEMBLE Protocol made its debut on the Coinbase Pro exchange on Wednesday 20th October 2021 according to the official disclosure made by Coinbase. ASSEMBLE Protocol’s token ASM was listed following massive demand from the community on the largest NASDAQ-listed U.S cryptocurrency exchange – Coinbase. The ASM token powers the Assemble Platform, which is purported at managing and spending integrated reward and loyalty points.

Anticipation had been on the rise among holders ahead of the listing. With a user base of around 750,000, the project was primed for a big listing. ASM has also listed on Gate.io and Bithumb Korea, both highly reputable exchanges in the crypto industry. Listing on the Coinbase Pro proves how much faith the market has in the token and has sparked massive adoption since its inception. It should also be noted that Coinbase.com has listed the ASM token on its major platform the day after the ASM-USD and ASM-USDT pairs were enabled on Coinbase Pro.

Coinbase Pro Listing Effect

The announcement came on Wednesday and confirmed that users can now transfer ASM tokens into their accounts for trading on Coinbase Pro. Coinbase will provide support for ASM in supported jurisdictions, the post read. ASM tokens can be traded on the exchange using the ASM-USD and the ASM-USDT trading pairs. Given the influx of trading volume following the listing, ASM’s price surged.

The first 24 hours following the listing saw the price of the digital asset gain over 200%. This sent the price of the asset towards five-month highs. Listing on Coinbase Pro put an end to the long-suffering months that had followed its high in April.

Transaction volume also grew ahead of the listing. ASSEMBLE Protocol reported that it had seen a 26,000% jump in transaction volume, which is attributed to anticipation of the Coinbase listing.

ASSEMBLE Protocol Launches Web Version

ASSEMBLE Protocol has made another stride in its efforts towards accommodating the growing adoption of its platform. The project launched a desktop version of the South Korean mileage integration protocol.

Previously, users could only access the platform through Android and iOS applications. However, with the completion of the web version, ASSEMBLE Protocol broadens the avenues through which consumers can access its services.

Innovations like these have become important given the rate of adoption of the protocol. The Coinbase Pro and Coinbase.com listing triggered a huge influx of trading volume of both centralized and decentralized exchanges, which peaked at $500 million.

What Is ASSEMBLE Protocol?

ASSEMBLE Protocol is a mileage integration protocol built on the Ethereum blockchain. The project utilizes the power of the blockchain to provide consumers with a platform where they can aggregate, manage, and spend mileage and reward points. The unified wallet is connected to leading firms to convert loyalty points into a unified reward point ASP, which users can then convert to ASM tokens.

The idea behind ASSEMBLE Protocol is not a novel one, other projects have offered the same services. However, a defining factor has been the success rate of ASSEMBLE Protocol. Consumers can spend or convert their loyalty reward points right from inside the platform.

2021 has been especially important for the project with multiple listings on major exchanges and a database of approximately 750,000 users. Massive adoption is expected in the days and weeks following the Coinbase Pro listing.

 

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New Journey Begins: ViaBTC Capital to Be Unveiled

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Five Years of Commitment to Empowering Blockchain Projects

2021 marks another milestone for ViaBTC Group. In August, it established a new brand – ViaBTC Capital, an investment platform integrating capital, resources, and post-investment services. From “developing blockchain products” to “empowering blockchain projects”, ViaBTC Group is constantly exploring new frontiers and taking on new missions.

“Innovation For A Better Future” Brand Launch online, October 23

On October 23, 2021, ViaBTC Group will unveil ViaBTC Capital online on its official Twitter account @ViaBTC Capital. The brand launch event themed with “Innovation For A Better Future” reveals the vision of the new investment platform, which is to empower promising blockchain projects in their infancy and offer more possibilities to excellent developer teams across the world. Through innovation, new areas will be explored for the blockchain industry, and a better future will be created for the sector together.

The brand launch will bring together Haipo Yang, founder of ViaBTC Group, strategic partners including Ray from IOSG, Yida from Shima, Matt from Blofin, Ran from WOO, and Captain from Arkstream, and other crypto influencers. The new brand ViaBTC Capital and its brand philosophy will be presented to a global audience. Mysterious limited NFTs will be distributed online. Master insiders will sit together for a discussion and share their insights into the industry dynamics, allowing more to witness the birth of ViaBTC Capital.

New Look for the New Brand

As a blockchain player since 2016, ViaBTC Group witnessed the ups and downs of the cryptocurrency market. In the past five years, ViaBTC Group has been honing the best blockchain services and products for consumers.

ViaBTC Capital will be added to ViaBTC Group’s business portfolio which includes mining pool, wallet and smart chain. Guided by the vision of “making the world a better place through the blockchain” and the new company’s strategy, ViaBTC Group introduced the investment brand ViaBTC Capital to explore investment opportunities in the blockchain market.

New Mission to Empower Emerging Blockchain Players

Bearing the past fruitful experience, ViaBTC Capital embarks on a promising journey. ViaBTC Capital will take on the new mission of empowering emerging blockchain players. Supported by capital, resources, and post-investment services, the new company will focus on developing and investing in Web 3.0, Layer2, and DApp projects combining DeFi, NFT and DAO. By incubating and fueling the growth of budding projects, ViaBTC Capital will make a big push to the blockchain industry.

New Journey to Build a Top Blockchain Investor

The establishment of ViaBTC Capital marks the start of a new journey for ViaBTC Group. Burdened with the job of “building the infrastructure for the blockchain community”, ViaBTC Group has nurtured a whole blockchain ecosystem. ViaBTC Group has industry insights, blockchain technologies, international community promotion, and a global investment network, which enable it to provide professional and comprehensive post-investment services. By pooling the strength and resources accumulated over the past five years, ViaBTC Capital can rise to be a leading blockchain investor in China. Focusing on Web 3.0, Layer2, and DApp, the new platform will take advance innovation across the industry and work to lead the development of the blockchain economy.

Standing at a new start, ViaBTC sets sail for a grander vision. As the new journey begins, ViaBTC will work for quality, leapfrog, sustainable development by drawing power from strategic governance, talent cultivation, and technological innovation. The goal of ViaBTC is to build an influential and innovative investor well positioned in the blockchain world.

About ViaBTC Capital

Combining services such as funding, resource support, and post-investment assistance, ViaBTC Capital is an ecosystem-based investment platform that focuses on Web 3.0 and Layer 2 projects or DApps for DeFi, NFT, or DAO. We believe that this new subsidiary, relying on the rich industry resources of ViaBTC Group, will speed up the development of the blockchain industry by gathering the relevant technologies, talents, projects, and capital across the globe.

 

 

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