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Daily Analysis -EOS, XLM, and TRX – September 27th, 2021

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Daily Analysis -EOS, XLM, and TRX - September 27th, 2021
  • EOS must avoid the $3.9340 pivot. 
  • On Sunday, Stellar dropped 0.32%.

The entire Cryptocurrency market is on a decline including top coins such as BTC and ETH. 

Even other altcoins had to face the heat, Let’s take a look at the daily analysis of EOS, XLM and TRX. To avoid a second day of losses, crypto would need to return to Sunday’s highs.

EOS (EOS)

On Sunday, EOS dropped 0.92 percent. After a 0.52 percent drop on Saturday, EOS fell 19.13 percent for the week to $3.9739. It dropped through the $3.9120 significant support level and the $3.8134 significant support level. Moreover, EOS surged to an intraday high of $4.1539, avoiding the third key support barrier at $3.6212.

This week, it breached the first significant resistance level at $4.1042 before slipping back into the red. EOS had a rocky start to the day, falling to a low of $3.9279 before recovering to $4.0076. Early on, it avoided testing key support and resistance levels.

EOS/USDT: Source: TradingView

To reach the first significant resistance level at $4.1938, EOS must avoid the $3.9340 pivot. To break clear of Sunday’s high of $4.1539, the market would need to rally. Unless crypto rallies broadly, the first significant barrier around $4.20 will likely limit any gains. According to CoinMarketCap, EOS price today is $3.95 USD with a 24-hour trading volume of $1,369,211,832 USD.

Stellar (XLM)

On Sunday, Stellar dropped 0.32%. Despite a 1.46 percent Saturday drop, it fell 11.86 percent this week to $0.2762.

It dropped through crucial support levels at $0.2701 and $0.2631. Furthermore, XLM rose to a late intraday high of $0.2832, avoiding sub-$0.25 support. However, falling short of the first significant resistance level at $0.2850, it dropped red.

1632777169 516 Daily Analysis EOS XLM and TRX September 27th 2021
XLM/USDT: Source: TradingView

XLM had a rocky start to the day, falling to $0.2730 before rebounding to $0.2778. It failed to test significant support and resistance early on. According to CoinMarketCap, Stellar price today is $0.273814 USD with a 24-hour trading volume of $356,373,202 USD.

TRON (TRX)

On Sunday, TRX fell 3.14 percent. Tron’s TRX fell 14.84 percent last week after losing 1.24 percent on Saturday. It fell to an intraday low of $0.08326 before making a rise. Tron’s TRX dropped through the $0.08871 and $0.8645 key support levels. It recovered late in the day, avoiding the third key support barrier of around $0.08161.

After failing to breach the first significant resistance level at $0.09355, Tron’s TRX dropped below $0.090 into the red. It fell through the first critical support level at $0.08871.

1632777170 44 Daily Analysis EOS XLM and TRX September 27th 2021
TRX/USDT: Source: TradingView

Tron’s TRX fell to a low of $0.08638 before rebounding to a high of $0.08841. It failed to test significant support and resistance early on. According to CoinMarketCap, TRX price today is $0.08862 USD with a 24-hour trading volume of $1,414,047,340 USD.

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Analyst Puts Bitcoin Bottom At $50,000, Here’s Why

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Picture of a bitcoin with a green trend line pointing down

With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market.

This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear markets. One recurring theme of the bear markets has been the diminishing percentages of total value lost. At this rate, it is expected that BTC will see between 75% and 80% loss from its peak this cycle. Market analyst Justin Bennett uses this to predict where BTC will bottom out next.

The Next Bitcoin Bottom

Bennett put the next bitcoin bottom at $50,000 after analyzing the possible price movements of the digital asset. With the current cycle, the analyst sees the price of bitcoin hitting $200,000 before the bull run is over, hence a 75% to 80% pullback in a bear market will see the bottom of the asset land around the $50,000 range.

Related Reading | Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October

This bottom is solely based on the cryptocurrency hitting the price range that Bennett expects the asset to peak at by the end of the rally. If BTC does not hit this price point before the bull rally is over then we might see a BTC bottom land at a much lower price range.

BTC goes into the red ahead of Friday opening | Source: BTCUSD on TradingView.com

Bennett’s pullback analysis has a lot of credit given that markets are historically known to see lower pullbacks as assets mature. So the 75% to 80% mark does resonate with what the market is known to do. However, if the price of BTC falls short of Bennett’s prediction or doesn’t move the needle much from its current price point, then the BTC bottom may land in the $10,000 to $15,000 range using the pullback analysis.

The Peak Before The Fall

Bennett’s analysis did not focus solely on the crash of the digital asset. He put forward his argument for the price of BTC at $200,000 using technical analysis of the market. The analyst points to Fibonacci extensions as indicators of where the price of bitcoin may peak during this cycle.

For the Fibonacci extensions, comparisons between the 2.272 and 2.414 extensions from previous cycles have both given a target area which the asset had hit both times. Going by this, Bennett sees the asset peaking between $207,000 and $270,000 before the current cycle is over.

Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?

Moving forward, the analyst plans to use the monthly RSI to time market exits “Notice how BTC tends to end cycles when the monthly RSI reaches above 90,” Bennett says. “It’s also exhibited a double top pattern each cycle, which leads me to believe it happens again.”

Bennett plans to use a combination of net unrealized profit/loss (NUPL) and the monthly RSI to slowly exit the asset over the next couple of months.

Featured image from YouTube, chart from TradingView.com
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YouTube Channels Are Hacked To Broadcast Cryptocurrency Scams

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YouTube Channels Are Hacked To Broadcast Cryptocurrency Scams
  • Crypto scammers hijack famous YouTube channels
  • Channels are rebranded to Crypto exchange firms
  • Large users has been cheated according to Google’s Threat Analysis report

Investing in cryptocurrency is a very challenging deal and the highest scope of risk for the users is getting scammed. Phishing scams are rising as the crypto industry is becoming more popular among the investors. 

In the crypto market people are digitally connected around the globe with a huge interest to invest on digital currencies. This crypto scam is a fraudulent act involving criminals stealing money from entrants hoping to invest their life savings in digital assets. 

As an example, hijacking criminals are hacking popular YouTube channels and rebranding it as a large tech or crypto exchange firm. More so, the Google threat analysis reports the hackers are breaking the accounts to broadcast crypto scamming contents. 

YouTube Channels and Crypto Scam 

Recently, a Google threat group found that a crew of hackers are hijacking the very famous YouTube channels. These channels consist of millions of subscribers with a huge popularity among the users. So the criminals hack these channels then rebrand the entire content to cryptocurrency exchange firms or large tech companies. 

Moreover the group of hackers who were involved in disinformation campaigns were hired in a Russian-speaking forum. The hackers recruitment process was very professional with a job description offering two types of work. One is light advertising and full stack advertising preferring work roles into social engineering and different malware types.

Besides, after hacking the accounts the scammers will either sell it to the highest bidder or use it to stream cryptocurrency scams. In addition, on the basis of subscribers list, the market offers a range of $3K to $4K per channel. Also, the hackers will release a short attracting video promising for crypto giveaways in exchange for initial funds, adds the Google group. 

Hackers Tactics and Strategies

However, to target and hack a large number of accounts, the hackers very smartly planned and processed some tactics. Cookie Theft or “pass-the-cookie attack” is a hijacking method which provides access to users accounts with the cookies captured in the browser. Through this, hackers used this technique to hack the accounts. 

Followingly, hackers used another way approaching all Social engineering YouTubers with advertisement offers. In this method, hackers prepared and sent business emails representing a popular existing firm requesting a video ads collaboration. 

Once the users accepts the offer a software download URL was sent via email or a PDF on Google Drive with phishing links. Through this, the Google analytics team traced around 15,000 accounts created to support the illegal campaign purposefully. 

Thus with all cunning strategies the hackers were smart enough to disrupt the life saving of many users. But now the entire group is caught red-handed and some precautionary methods are shared to all users from the Google threat analytics team. So all investors and users must be aware of all risks and deals rising in the cryptocurrency world. Besides, it is also mandatory to know all possible ways to avoid and escape from these cryptocurrency scams.

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Solana (SOL) Price Surpasses $200 Mark and Eyes for a New ATH!

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Solana (SOL) Price Surpasses $200 Mark and Eyes for a New ATH!
  • SOL’s monthly time frame has been fairly bullish lately.
  • Synchrony Finance secured $4.2 million in strategic capital.

Bitcoin price hit $64.2K on Wednesday and is now trading at $64.8K on Thursday. Solana, the sixth most valued cryptocurrency, outperforms. SOL drew in all the bulls, gaining 12.4% on the past day.

SOL hit a high of $214.14 just before publication. With few technical resistance levels, the market seems poised to rise. Globally, the bitcoin market is quite bullish, which might lead to further volatility.

SOL’s monthly time frame has been fairly bullish lately, but it has begun to reject and lose momentum. This shows the bulls’ long-held market control is starting to unravel.

Price Has Steadily Increased

After reaching an all-time high of $214.96 in September, the SOL currency has steadily increased since January 2021. SOL may easily surpass $200 and the critical resistance level of $215.

Solana SOL Price Surpasses 200 Mark and Eyes for a
SOL/USDT: Source: TradingView

The bullish triangle’s target is $226. Sellers may swap their Solana between $200 and the all-time high of $216. Upon a break of $195, two areas may provide significant resistance. MonkeyBall, a play-to-earn gaming platform, has closed a recent fundraising round of over $3 million from venture and angel investors.

Synchrony Finance, a Solana-based asset management firm, secured $4.2 million in strategic capital. Andrew Fraser, the co-founder of Synchrony, said that the money was raised in two stages: seed and private. According to CoinMarketCap, the SOL price today is $207.35 and the 24-hour trading volume of $7,149,607,088.

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