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TA: Bitcoin Close Below $56K Could Spark A Larger Decline

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Bitcoin is struggling to surpass the $57,200 resistance against the US Dollar. BTC is declining and it might accelerate lower if there is a close below the $56,000 support.

  • Bitcoin is struggling to move above the $57,000 and $57,500 levels.
  • The price is now trading below $57,000 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with support near $56,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a clear break below the $56,000 support zone.

Bitcoin Price is Facing Hurdles

Bitcoin price failed to start a decent increase above the $58,000 resistance zone. BTC started a slow decline, and it broke the $57,200 support level to enter a bearish zone.

There was also a close below $57,000 and the 100 hourly simple moving average. However, the bulls are defending the $56,000 support level. The recent low was formed near $55,848 and bitcoin is now consolidating losses above the $56,000 level.

An immediate resistance on the upside is near the $56,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,090 swing high to $55,848 low.

The first major resistance is near the $57,000 level. There is also a key contracting triangle forming with support near $56,100 on the hourly chart of the BTC/USD pair. The next major resistance is near $57,500. It is close to the 50% Fib retracement level of the recent decline from the $59,090 swing high to $55,848 low.

A clear break above the $57,500 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $60,000 level.

More Losses In BTC?

If bitcoin fails to clear the $57,500 resistance zone, it could extend losses. An immediate support on the downside is near the $56,100 level.

The first major support is now forming near the $56,000 level. A downside break below the $56,000 support may perhaps start a sharp decline. The next stop for the bears might be $53,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $56,000, followed by $55,000.

Major Resistance Levels – $57,000, $58,500 and $58,500.

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DeFi Data Network Unmarshal Doubles Down on Solana, Signs Key Advisor

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DeFi Data Network Unmarshal Doubles Down on Solana, Signs Key Advisor

Bangalore, India, 17th January, 2022, Chainwire

since its launch in 2021, Unmarshal” rel=”nofollow noopener” target=”_blank”>Unmarshal has continued to look for ways to improve its ecosystem to provide the best services to existing blockchains. Now in 2022, the DeFi network has added a key advisor, Brian D. Evans” rel=”nofollow noopener” target=”_blank”>Brian D. Evans, to the team to strengthen the protocol. 

Brian D. Evans is an Inc. 500 Entrepreneur, Forbes top digital marketer, investor, and blockchain/crypto industry veteran. With his wealth of experience and connections, Evans, who is also a Founder of ReBlock Ventures” rel=”nofollow noopener” target=”_blank”>ReBlock Ventures alongside Kenn.eth” rel=”nofollow noopener” target=”_blank”>Kenn.eth boasts almost 1 million followers on his Twitter” rel=”nofollow noopener” target=”_blank”>his Twitter. Evans and ReBlock will help Unmarshal become industry dominant by suggesting key initiatives, and connecting high level players. 

Speaking on the appointment, Evans said “They’ve managed to recruit top development talent, I can see this platform doing very well. I’m excited to open up my Rolodex and help them achieve large scale industry adoption.”

Unmarshal Boosts Its Query Mechanism for Apps on Solana

Aside from signing Evans, the multi-chain DeFi data network is strengthening its querying support for decentralized applications built using Solana’s API. The added support will provide safe real-time data to DApps.

The Solana Network” rel=”nofollow noopener” target=”_blank”>Solana Network was one of the most deployed chains in 2021 due to its incredible throughput, ultra-low gas fees, and scalability. The chain can process over 50,000 transactions in a second, making it faster than all the blockchains in the industry. All these are made possible due to the network’s Proof of History and Proof of Stake consensus mechanisms. 

The chain hosts over 1000 decentralized apps, including decentralized exchanges, GameFi projects, and NFT marketplaces. The trilemma – speed, scalability, and security led to the growth of the blockchain and its native cryptocurrency SOL. 

With the chain agnostic solution improving its API for Solana, DApps can collect data effectively without creating codes. DeFi projects on Solana can work with our experts to form the correct data response and structure. The network’s data can also be queried. 

API Can Perform a Wide Range of Applications

Aside from enabling a rapid querying support system for DApps on Solana, Unmarshal will add Solana onto the platform’s block explorer Xscan.io. The API will cater to a variety of use cases, such as NFTs, marketplaces, P2E gaming, and any other application on the Solana Network.

This API integration will allow the wallets to provide a clearer picture of token balances and the transfer history of the given asset and the entire wallet on the Solana chain. In addition, customers can get updated with instant alerts on any transactions that occur in their wallets. 

The integration with Solana will also allow wallets to fetch data about transaction hash, status, timestamp, and get details on assets listed on Solana, including their prices. Finally, the API integration will collect data of wallet NFT balances on the chain.

About Unmarshal

Unmarshal” rel=”nofollow noopener” target=”_blank”>Unmarshal is an agnostic chain solution launched in February, 2021. It’s a DeFi network that provides real-time data to dApps deployed on Solana, Binance Smart Chain, Polkadot, Ethereum, and so on. They are making moves to empower DApps on several Layer2 networks to have access to reliable on-chain data. The DeFi protocol offers convenient methods to query network data from supported chains and comprises powerful tools to support DeFi apps on any blockchain.

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Chingari’s $GARI Token To Make Historic Debut On 6 Top Crypto Exchanges

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Chingari’s $GARI Token To Make Historic Debut On 6 Top Crypto Exchanges

Mumbai, India, 17th January, 2022,

Chingari, the leading video sharing app in India, has achieved another first with the historic parallel listing of its native $GARI token on six of the world’s leading centralized cryptocurrency exchanges. 

Breaking new ground yet again, $GARI has become the world’s first cryptocurrency to launch simultaneously on six trading platforms – Huobi Global, FTX, KuCoin, Gate io, OKEx and MEXC Global.

$GARI is the native cryptocurrency token of Chingari, a short-video sharing platform that now ranks as the number one social media application in India on the Google Play store. The $GARI token was launched in October 2021 amid great fanfare by the company’s Bollywood superstar brand ambassador Salman Khan, and followed up with a record-breaking IDO via its Initial DEX offering on the SolRazr launchpad last month.

The $GARI token is built on Solana, an Indian-developed alternative to the Ethereum blockchain that offers the advantage of much faster transaction speeds and lower associated costs. $GARI is a social token that will empower creators on the Chingari platform to set up their own ecommerce spaces, where they can sell physical merchandise, create non-fungible tokens (NFTs) and enable fans to fund their favorite artists.

The aim is to drive a digital economy, in which users will also be able to obtain $GARI tokens for creating or watching content on the platform.

Chingari is the most popular social media app to experiment with cryptocurrency so far. The app has been downloaded more than 100 million times and counts over 32 million active monthly users, meaning $GARI has the key advantage of being able to tap into Chingari’s enormous existing audience. To date, few other cryptocurrency tokens have had such a large potential user base at launch.

$GARI’s listing on some of the world’s leading centralized crypto exchanges will generate yet more buzz around Chingari’s innovative project. Huobi Global, FTX, KuCoin and Gate are all ranked among the world’s top ten exchanges in terms of volume traded, traffic and liquidity, while OKEx ranked in the top 20 and MEXC Global sits in 26th place.

“Chingari is bringing the web3 revolution to the creator economy with its $GARI token,” Chingari CEO Sumit Ghosh said in a statement. “$GARI will enable 30 million monthly active users of the Chingari Short video app to get on-chain. For the first time in the history of blockchain, an app will onboard millions of users on-chain from the day of its launch. The Chingari and $GARI teams and the entire community are super excited about its launch and listing!”

Traders will be able to buy and sell $GARI tokens on Huobi Global, FTX, KuCoin, Gate , OKex and MEXC Global from 13:00 UTC on January 18, 2022.

About Chingari

Chingari is a short video sharing app built to cater to Indian audiences that allows users to create and share videos with incredible filters and games, shop for merchandise, send messages and more. With more than 85 million downloads and 32 million active users, Chingari is one of India’s fastest-growing social media platforms and the most popular app of its kind.

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Cloudname Launches Innovative Platform for Domain Tokenization and Trading

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Cloudname Launches Innovative Platform for Domain Tokenization and Trading

Zürich, Switzerland, 17th January, 2022, Chainwire

Cloudname, a pioneer NFT-based domain investing service, has announced the launch of its new innovative platform for the tokenization and trading of domain names to bring improved liquidity to the market and give the crypto world access to an asset class that is ripe for democratization.

Domain name investing is one of the internet’s oldest money-making machines, with web addresses being resold for thousands of dollars. Consulting firm BCG estimated that dot-com (.com) domain names, on average, sell for around $2,000 in the secondary market. That presents investors with attractive upside potential from the typical retail price of $10 to $16. Still, some high-end web addresses have been resold for millions of dollars. Electric carmaker Tesla Inc. famously bought the tesla.com domain name for roughly $11 million.

Despite the high potential returns, domain investing is popular only among a certain group of internet entrepreneurs because of challenges including liquidity, valuation and high price tags for premium domains. Low liquidity is a result of the reality that it takes domain investors months or years to find suitable buyers. Lack of liquidity generally discourages new entrants because many of them cannot afford to have their money locked in assets that cannot be readily converted to cash.

Democratizing Domain Investing With NFT

“Domains are the real estate of the virtual world and their value grows along with the wider digital economy. Current data suggests that the digital economy is growing rapidly, thanks to the acceleration of digitalization in different industries” Cloudname co-founder and CEO Davide Vicini said. “We are now using NFTs to democratize access market so that anyone can invest in both existing and new domain names, including blockchain domains like ENS and Handshake.”

1642427309 133 Cloudname Launches Innovative Platform for Domain Tokenization and Trading

The Cloudname Domain Trading Platform solves the problem of liquidity and high price tags for premium domains by allowing anybody to invest in a fraction, or the entirety, of a domain portfolio, using NFT. The platform also supports the trading of domains in real-time

Price Discovery for Domain Names

There are currently no standardized ways to determine the value of domains in real-time. The Cloudname Domain Trading Platform solves this problem by providing a suite of price discovery tools. The platform integrates with more than 20 third-party APIs to provide access to all the pricing factors of a domain name, including earlier similar transactions, third-party appraisal, social mentioning and semantic analytics & prediction tools

The Cloudname Domain Trading Platform also features revolutionary analytics and prediction tools for spotting trends that could help generate ideas for potentially high-value domains. The platform uses artificial intelligence to analyze data from different social media channels to find market trends before they become a buzz. 

Domain Investing Across Multiple Blockchains

Cloudname is coming to the market with the goal of democratizing domain investing for everyone. Therefore, the Cloudname Domain Trading Platform was built to run across multiple blockchain networks including Ethereum, Binance Smart Chain (BSC), Polygon and Solana.

About Cloudname

Cloudname is a Web 3.0 marketplace for tokenizing, fractionalizing, investing and trading both traditional and blockchain domain names as NFTs. Cloudname provides simple, yet powerful tools for discovering new domain investment opportunities as well as meaningful data to help domainers make smart decisions.

Website | Telegram | Discord | Twitter 

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