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XRP Must Breach This Key Level To Avert The Downturn

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Xrp Must Breach This Key Level To Avert The Downturn

Despite the recent sluggishness of XRP, the token is performing significantly better compared to other coins. The bulls successfully defended the $0.3 support and tried to reverse the trend by breaching above the crucial resistance.

As the price has not fallen following a false breakout, this indicates that the bulls may be stronger than the bears. Thus, the volume has increased, which is a positive indicator.

As of this writing, XRP is trading at $0.364, up 12% in the last seven days, data by Coingecko show, Monday.

Suggested Reading | CEL Token Seen Making A Recovery Despite Celsius Going Bankrupt

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XRP Straight Green Candles

Ripple has registered three consecutive green daily candles, and purchasers were able to increase the price by 15 percent till Friday evening. The primary concern, though, is whether this rally is sufficient enough to halt the intermediate-term bearish trend.

On a daily scale, buyers drove the price towards the short-term horizontal resistance at $0.4, attempting for a third time to breach the key breakthrough.

The 14-day RSI indicator entered positive territory and surged past the baseline at this time. This means that the bulls are now more dominant than they were previously.

Ripple has not been able to achieve a higher daily high for a quite a long time. Since May this year, sellers have kept the bulls from surpassing the previous peak (in yellow).

1658150944 657 Xrp Must Breach This Key Level To Avert The Downturn

Imge - TradingView.com

In order to begin a trend reversal, XRP must first establish a higher high above $0.4. In this instance, bearish momentum could eventually begin to diminish.

The bulls should then barrel past the horizontal barrier between $0.50 and $0.55 (in blue) before retesting the falling trendline (in red).

Overcoming the red static barrier that has been shading the price for a considerable amount of time might be a very bullish indicator for the token.

Global Crypto Market Cap Up 1.35%

According to data from CoinMarketCap at the time of writing, the worldwide market capitalization of cryptocurrencies increased by 1.35 percent during the previous 24 hours, reaching approximately $980 billion.

Xrp Must Breach This Key Level To Avert The Downturn

XRP total market cap at $17.6 billion on the daily chart | Source: TradingView.com

The 24-hour volume of the worldwide cryptocurrency market declined 1.7% to $61 billion, while the 24-hour volume of DeFi was $5.55 billion, representing 9.0% of the global crypto market.

The volume of all stablecoins was $55.63 billion, or 90.72 percent of the 24-hour volume of the whole crypto market.

Currently, XRP is seeing resistance at the 50-day moving average. If there is a breakthrough, it will mark the first time since March 9 this year. Prior to a potential reversal, however, the price must first consolidate above the key resistance between $0.48 and $0.52.

Suggested Reading | ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

Featured image from The Merkle News, chart from TradingView.com
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Polygon Maintains Solid Footing As MATIC Balloons By 300% Since June

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Polygon

Polygon (MATIC) price prediction relies heavily on the CPI numbers for July.

  • Polygon price soared by 125% since July 1; Analysts spotted a rally of 68% catapulting to an 85% boost in terms of profit.
  • MATIC price has overlapped targets found in the $1.25 mark; retracement is still a possibility at $0.64.
  • A break below the $0.54 mark hints at an invalidation of MATIC’s uptrend movement.

Evidently, the crypto market has been extremely volatile seen early this week. On the other hand, investors are still on pause waiting for the CPI print.  Apparently, MATIC has dropped by 0.06% since yesterday.

Polygon Price Jump By 5.04%

According to CoinMarketCap, Polygon trades at $0.9361 or registering a price jump of 5.04% as of this writing. Early this week, MATIC’s price didn’t make it to $1 again but it still has shown an impressive recovery since it slumped at a low of $0.31 as seen in June. MATIC price has since then soared by as much as 300%. 

In most parts, Polygon was barred somewhat from escalating further by the tremendous volatility experienced by Bitcoin. As of press time, Polygon’s TVL is at $1.69 billion but it has experienced a gradual decline in terms of TVL seen in the early months of 2022.

In the same way, Ethereum has also shaved off as much as $3.5 billion in TVL seen in the past seven months which has negatively impacted MATIC price which is currently trading at 69.5% which is way below its ATH.

Polygon Gunning For $1

According to the MATIC technical analysis, the bulls still have some power left as the coin is still pumping the price up on a constant uptrend.

With that being said, a retest at $1 is a possibility but it will all depend on the result of the July CPI print. So, if the inflation numbers spike, the MATIC price might possibly retest the 200-day EMA right at $0.81.

On the other hand, if the inflation plummets, then the market could improve rapidly which could improve the prediction for MATIC price peaking at $1.05.

The recent price pump of Polygon was first spotted on July 27. There is seen to be a mild pullback which gives the bears a green light to close orders and jump in with the bulls.

So, if the technical analysis proves to be accurate, a second breach seen at $0.61 could potentially punch a bullish movement shooting for $1. Either way, this would still mean a price rally for MATIC.

MATIC total market cap at $7.6 billion on the daily chart | Source: TradingView.com

Featured image from The Economic Times, Chart from TradingView.com
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Ankr Secures Significant Strategic Investment by Binance Labs

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Ankr Secures Significant Strategic Investment By Binance Labs

Binance Labs is Binance’s venture capital arm and accelerator, and Ankr, one of the world’s top suppliers of Web3 infrastructure, is excited to announce that it has obtained a significant investment from Binance Labs.

Ankr plans to invest the funds into expanding its Web3 developer suite, which currently consists of a Liquid Staking SDK, Web3 Gaming SDK, and App Chains as a Service, in addition to strengthening its market-leading RPC service. So far, Ankr Protocol has hosted RPCs for 18 blockchains and responded to an average of over 7 billion blockchain requests each day.

Ankr’s major open-source contributions to the BNB Chain, BNB Liquid Staking, and its ongoing support of the ecosystem led to a strategic investment from Binance Labs. The improvements to the network that Ankr implemented will be very useful to all BNB Chain projects and users. The widespread use of Web3 would be hastened by a more rapid and effective BNB Chain.

Ryan Fang, the Chief Operating Officer at Ankr stated:

“We are very excited to count Binance Labs as a strategic investor. BNB Chain is by far the chain with the highest number of daily transactions and active users. We are committed to support BNB Chain further scale, enhance BNB token utility by enabling DeFi composability using BNB Liquid Staking, and expand Binance Application Sidechain (BAS) ecosystem to enable innovative use cases requiring a highly scalable infrastructure, and other innovative infrastructure services opening the gates to permissioned sidechains.”

Ankr developed the foundational elements of the BNB Chain, such as the BNB Application Sidechain (BAS) and the newest upgrades to Erigon and the Archive Node. The Erigon enhancement halved the needed storage space by half and multiplied the speed of RPC requests by ten.

BNB Liquid Staking, which adds DeFi compatibility to staked BNB, was another feature that bolstered the BNB Chain ecosystem. Using Liquid Staking, BNB token holders may profit in DeFi via a variety of techniques, including staking, farming, lending, contributing to vaults, and more.

The use of Dapps, wallets and crypto games is made feasible by Ankr, a service that operates invisibly in the background to establish connections between these applications and the blockchains they need. Ankr is like the city’s utility service that supplies electricity to all the buildings that make up the Web3 ecosystem and the Dapps that run on it.

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Tornado Cash-Linked User Accounts Have Blocked by dYdX Exchange

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Tornado Cash Sanctioned By U.s Agency Over Money Laundering
  • dYdX banned user’s accounts that utilized Tornado Cash.
  • Many users had no awareness they had received money from the crypto mixer.

The cryptocurrency exchange dYdX announced that it has blocked user accounts that even have a token link to Tornado Cash, the cryptocurrency mixing service that the U.S. Treasury sanctioned on Monday.

The US Department of the Treasury has sanctioned Tornado Cash, a cryptocurrency mixer, for money laundering. And the Treasury claims, that the Lazarus Group, a North Korean hacker group it has linked to the $625 million Ronin Network hack of Axie Infinity, used Tornado Cash. The mixer, which was intended to hide the source of cash, has seen the flow of tens of millions of dollars.

Reflection of Treasury Claims

The Treasury’s action increased the number of accounts that were flagged by dYdX’s compliance provider, which is used to indicate accounts that may be linked to malware, child sex abuse content, known criminals, and sanctions lists.

dYdX stated that;

We have made adjustments, within the limits of our compliance policies, that have unbanned certain accounts and we will continue to make efforts to limit flagging and track this issue moving forward.

However, the exchange made it clear that some accounts had been incorrectly blocked and that this had to be corrected. These users may not have been aware of the source of the money transferred to them because they hadn’t interacted directly with Tornado Cash, according to dYdX.

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Mina Protocol (MINA) Price Prediction 2022 – Will MINA $10 Soon?

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Mina Protocol (Mina) Price Prediction 2022 - Will Mina $10 Soon?
  • Bullish MINA price prediction is $1.004 to $5.586.
  • The MINA price will also reach $10 soon.
  • MINA’s bearish market price prediction for 2022 is $0.569.

In Mina Protocol (MINA) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about MINA to analyze the future movement of the cryptocurrency. 

Mina Protocol (MINA) Current Market Status

According to CoinGecko, the price of MINA is $0.971025 with a 24-hour trading volume of $47,878,820 at the time of writing. However, MINA has increased to 0.6% in the last 24 hours. 

Moreover, Mina Protocol (MINA) has a circulating supply of 588,516,938 MINA. Currently, MINA trades in cryptocurrency exchanges such as  Binance, OKX, Bybit, FTX, and MEXC.

What is Mina Protocol (MINA)?

Mina Protocol is a minimal succinct blockchain developed to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. It is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Furthermore, Mina is similar to Bitcoin, apart from how it handles transactions, but also employs the account model used in Ethereum.

Mina Protocol (MINA) Price Prediction 2022

Mina Protocol (MINA) holds the 91st position on CoinGecko right now. MINA price prediction 2022 explained below with a daily time frame.

MINA/USDT Rounding Bottom Pattern (Source: Tradingview)

A rounding bottom, a chart pattern used in technical analysis and identified by a series of price movements that graphically form the shape of a “U”. Rounding bottoms, found at the end of extended downward trends and signify a reversal in long-term price movements. 

More so, a rounding bottom chart can be divided into several main areas. First, the prior trend shows the buildup to the stock’s initial descent toward its low. The rounding bottom breaks out of its low point when the stock price closes above the price immediately prior to the start of the initial decline. 

Currently, Mina Protocol (MINA) is at $0.971025. If the pattern continues, the price of MINA might reach the resistance level of $1.693. 

Mina Protocol (MINA) Support and Resistance Levels

The chart below shows the support and resistance levels of MINA.

Mina Protocol Mina Price Prediction 2022 Will Mina 10
MINA/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels of MINA.

Resistance Level 1 $1.004
Resistance Level 2 $1.620
Resistance Level 3 $3.249
Resistance Level 4 $5.586
Support Level 1 $0.569
MINA Resistance & Support Level

The charts show that MINA has performed a bullish trend over the past month. If this trend continues, MINA might run along with the bulls overtaking its resistance level at $5.586.

Accordingly, if the investors turn against the crypto, the price of the MINA might plummet to almost $0.569, a bearish signal.

Mina Protocol (MINA) Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of Mina Protocol (MINA), shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of MINA lies below the cutoff line, indicating weaker participants trading in the current trend.

Moreover, the Moving Average (MA) of the Mina Protocol (MINA) is shown in the above chart. Currently, MINA is in a bullish state. Notably, the MINA price lies above 50 MA (short-term), so it is completely in an upward trend. There is a possibility of a reversal trend of MINA at any time.

Meanwhile, the relative strength index (RSI) of the MINA is at a level of 67.53. This means that MINA is in a nearly overbought state. However, this gives confidence to the traders to trade without any fear.

Mina Protocol (MINA) Price Prediction 2022 — ADX, RVI

Let us now look Average Directional Index (ADX) of the Mina Protocol (MINA). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of the Mina Protocol (MINA). Currently, MINA lies in the range of 43.497, so it indicates a strong trend. 

From the above chart, the Relative Volatility Index (RVI) of Mina Protocol (MINA). RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of MINA lies above 50, indicating that the direction of volatility is high. In fact, MINA’s RSI is at the 67.53 level thus confirming a potential buy signal.

Comparison of MINA with BTC, ETH

The chart below shows the price comparison between Bitcoin, Ethereum, and Mina Protocol (MINA).

1660227264 83 Mina Protocol Mina Price Prediction 2022 Will Mina 10
BTC Vs ETH Vs MINA Price Comparison (Source: TradingView)

From the above chart, we can interpret ETH, BTC, and MINA  are moving in a similar trend. This indicates that when the price of BTC increases or decreases, the price of ETH and MINA increase or decrease respectively.

Mina Protocol (MINA) Price Prediction 2023

If the declining price action completely slows down in momentum and the trend reverses,  Mina Protocol (MINA) might probably attain $19 by 2023.

Mina Protocol (MINA) Price Prediction 2024

With several upgrades in the network, Mina Protocol (MINA) might enter a bullish trajectory. If the coin grabs the attention of major investors, MINA might rally to hit $24 by 2024. 

Mina Protocol (MINA) Price Prediction 2025

If Mina Protocol (MINA) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, MINA would rally to hit $31.  

Mina Protocol (MINA) Price Prediction 2026

If Mina Protocol (MINA) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, MINA would rally to hit $37. 

Mina Protocol (MINA) Price Prediction 2027

If Mina Protocol (MINA) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, MINA would rally to hit $44. 

Mina Protocol (MINA) Price Prediction 2028

Despite the trends in the highly-volatile crypto market, if Mina Protocol (MINA) holds up a strong stance as a better investment option for the next 6 years, it might drive significant price rallies. Thus, by 2028, MINA would hit $52.

Mina Protocol (MINA) Price Prediction 2029

If investors flock in and continue to place their bets on Mina Protocol (MINA), it would witness major spikes. MINA might hit $58 by 2029.

Mina Protocol (MINA) Price Prediction 2030

With greater advancements in the Mina Protocol ecosystem, the crypto community might continue to invest in Mina Protocol (MINA) for the next 8 years and drive significant price rallies for the token. Hence, Mina Protocol (MINA) might hit $65 by 2030.

Conclusion

With continuous improvements in the Mina Protocol network, we can say that 2022 is a good year for MINA. For this reason, the bullish price prediction of Mina Protocol (MINA) in 2022 is $5.586. On the other hand,  the bearish Mina Protocol (MINA) price prediction for 2022 is $0.569.

Furthermore, with the advancements and upgrades on the Mina Protocol ecosystem, the performance of Mina Protocol (MINA) would rise to reach above its new all-time high (ATH) of $9.09 very soon. But, it might also reach $10 if the investors believe that MINA is a good investment in 2022.

FAQ

1. What is Mina Protocol (MINA)?

Mina Protocol is a minimal succinct blockchain developed to curtail computational requirements in order to run DApps more efficiently. 

2. Where can you purchase Mina Protocol (MINA)?

Mina Protocol (MINA) has been listed on many crypto exchanges which include  Binance, OKX, Bybit, FTX, and MEXC.

3. Will Mina Protocol (MINA) reach a new ATH soon?

With the ongoing developments and upgrades within the Mina Protocol platform, Mina Protocol (MINA) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Mina Protocol (MINA)?

On June 1, 2021, Mina Protocol (MINA) reached its new all-time high (ATH) of $9.09.

5. Is Mina Protocol (MINA) a good investment in 2022?

Mina Protocol (MINA) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Mina Protocol in the past few months, MINA is considered a good investment in 2022.

6. Can Mina Protocol (MINA) reach $10?

Mina Protocol (MINA) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues, Mina Protocol (MINA) will hit $10 soon.


7. What will be the Mina Protocol (MINA) price by 2023?

Mina Protocol (MINA) price is expected to reach $19 by 2023.

8. What will be the Mina Protocol (MINA) price by 2024?

Mina Protocol (MINA) price is expected to reach $24 by 2024.

9. What will be the Mina Protocol (MINA) price by 2025?

Mina Protocol (MINA) price is expected to reach $31 by 2025.

10. What will be the Mina Protocol (MINA) price by 2026?

Mina Protocol (MINA) price is expected to reach $37 by 2026.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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AVAX Holds Steady And Sets Sights On $50 Barrier Breach

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Avax

Avalanche (AVAX) price may be a point of interest for many analysts especially since the gaming token is exhibiting formidable strength amid a bear market.

  • AVAX price reveals a consistent ramping activity combined with a rise in price.
  • Avalanche RSI reveals a breach on the overbought zone.
  • High probability of breach can occur at the $50 barrier.

AVAX Shows Solid Traction At $29.50

According to CoinMarketCap, AVAX price is currently swinging it at $29.50 and is showing immense bullish traction with an increase of 5.45% as of this writing.

In the right market conditions, traders can anticipate high volatility. The token’s price may be ideal for scalping this month. Technical indicators on AVAX price are showing signs of a bull run. More so, the token’s RSI was able to breach the overbought zone. In addition, Avalanche’s Volume Profile Indicator shows a ramping pattern.

With these technical patterns, it’s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach at $30.50 could be compelling enough to push the coin to new heights. The token’s first target is set at $40 and next will be at $50.

If the technical patterns are truly bullish, then AVAX will not drop and breach liquidity levels that sit right under the swing low of $22. If this bearish trajectory happens, then this can impede the uptrend of AVAX price as the token can dip to $14 or even $10.

AVAX Suggests Rounding Bottom Pattern

Judging by the Avalanche on a daily chart, the rounding bottom pattern is quite prominent. With this pattern, AVAX had no problem breaking the resistance zone of $28.8, and aiming to go higher. But, the trades will have to ignore the supply pressure to provide a candle closing seen hovering above the barrier.

The long-tail rejection spotted on August 8 implies that the sellers fought hard to defend the barrier set at $28.8.  In addition, the daily chart also indicates Avalanche’s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume showed a pump in price of 6.68% or $891.6 million.

The AVAX/USDT pair displayed a remarkable reversal in price movement after it slumped at $14.94 seen in June 2022. With this bullish action, the price also increased by 118% as seen in the past two months peaking at $30.

The immediate price reversal formed a rounding bottom pattern with the neckline spotted at the $37 mark. The engulfing candle is extremely bullish and breached the $28.44 zone showing intensified buying activity.

In spite of the bullish reversal, a candle spotted nearing the $28.75 level will be a pivotal sign that validates the formation of the rounding bottom pattern.

AVAX total market cap at $8.4 billion on the daily chart | Source: TradingView.com

Featured image from Forkast, Chart from TradingView.com
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Upbit Announces Committee Setup to Refund Terra Investors

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Terra Investors In India Unlucky With New Luna