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TA- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout

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Ta- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout
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The price of Cosmos (ATOM) could be set for a wild rally with a potential breakout against Tether (USDT) ahead of summer relief for altcoins. 

Ethereum price saw a relief bounce from $1,600 to $1,800 ahead of merge sentiments leading to other altcoins like Cosmos breaking out in price. (Data feeds from Binance)

Price Analysis Of ATOM On The Weekly Chart

Weekly Price Chart Analysis For ATOM | Source: ATOMUSDT On

From the chart, the price of ATOM saw a weekly low of around $6.5, which bounced from that range and rallied to $11.3.

The price has built more momentum as it faces resistance at $17.

If the price of ATOM on the weekly chart continues with this bullish structure, it could quickly hit the $17 mark.

The volume shows decent buy bids, pushing the price of ATOM higher.

Weekly resistance for the price of ATOM – $17.

Weekly support for the price of ATOM – $6.5.

Price Analysis Of ATOM On The Daily (1D) Chart

1659997155 410 Ta Cosmos Could Be Set For A Wild Rally Ahead
Daily Price Chart Analysis For ATOM | Source: ATOMUSDT On

The price of ATOM found strong support at around $6.2, with what seems to be an area of interest on the daily chart.

ATOM bounced from its support, forming a bullish trendline that acts as a support and has continued to maintain this structure. 

At the point of writing, the price of ATOM is at $12, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $10. 

If the 50 EMA region fails to hold the price, $9 would be a good support to hold sell-offs and for a possible price bounce.

With more buy bids, we could see the price of ATOM retesting at $16 -$17, which has been resistance on the daily chart.

The RSI for ATOM price on the daily chart is 65, indicating healthy buy bids for ATOM.

The volume for ATOM looks good, indicating positive signs for ATOM prices to trend higher.


Daily (1D) resistance for ATOM price – $17.

Daily (1D) support for ATOM price – $10, $9.

Price Analysis Of ATOM On The Four-Hourly (4H) Chart

1659997155 896 Ta Cosmos Could Be Set For A Wild Rally Ahead
Four-Hourly Chart Analysis For ATOM | Source: ATOMUSDT On

The price of ATOM has shown a bullish breakout from a symmetric triangle on the 4H chart, with the price closing above it.

ATOM has struggled in this region, forming a range in a triangle with price rejecting from $11.5.

ATOM price is $12, trading above the 50 & 200 EMA with prices of $10.7 and $10 on the 4H chart. These prices would act as support areas for ATOM on the 4H chart.


Four Hourly (4H) resistance for ATOM price – $16.

Four hourly (4h) support for ATOM price – $10.7, $10.


A break below these support zones could send the price of ATOM to a region of $9, acting as a good support area.

Featured image from NewsBTC, Charts from 
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Former Ripple Executive to Head Australian CBDC Trial

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Former Ripple Executive To Head Australian Cbdc Trial
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  • A white paper titled “Australian CBDC Pilot for Digital Finance Innovation” was published.
  • On December 31st, at least 12 use cases will be chosen for further investigation.

On Monday, the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre (DFCRC) unveiled the pilot project’s (eAUD) white paper for the central bank digital currency. Coincidentally, Dilip Rao, a former executive of Ripple, is now in charge of the CBDC trial.

Just as the summary judgement in SEC v. Ripple draws closer, the XRP price saw a tremendous spike. Within a week, the price surged by more than 40 percent, fueled by a daily trading volume increase of more than $6 billion.

A white paper titled “Australian CBDC Pilot for Digital Finance Innovation” was published on September 26 by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC).

XRPL Use Cases Likely

The RBA and DFCRC will test the eAUD CBDC in order to learn more about its potential uses and the technical, legal, and regulatory framework that surrounds it. Participants may also ask to put their use case to the test in the pilot project and show its usefulness.

On December 31st, at least 12 use cases will be chosen for further investigation as per the DFCRC. It is expected that all participants in the use cases would be properly licensed and registered. In addition, use case pilots will start on January 1 with a final report due on June 30 of next year. It’s important to note that participants are responsible for paying their own way during the pilot.

Interestingly, Dilip Rao, a former executive of Ripple, is now the programme director of the CBDC initiative and is overseeing the pilot research. From 2014 to 2019, Rao helped pave the way for the financial sector to embrace Ripple’s XRPL. The eAUD will be built on a permissioned, private Ethereum network, although XRPL use cases are more likely.

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TRON Showing Hints Of A Major Rebound After A Week Of Rout

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Tron (TRX) holders have been on rough terrain since August with the bears dominating the market. The tables might be turning though in favor of the bulls as shown on the charts. 

  • TRX bulls hint at a comeback after a long period of takeover by the bears
  • TRX price down by 0.87%
  • RSI divergence hints at increased investor optimism

According to CoinMarketCap, TRX’s price has plunged by 0.87% or trading at $0.0596 as of this writing. Apparently, Tron is trying to bounce back from its weekly low that registered at $0.056.

It seems that the token is still traversing in the same range which validates a strong rebound from that level. 

TRON Market Demand Waning?

Hence, there is evidently poor demand for TRX in the market which is normal whenever crypto tries to switch lanes from bearish to bullish. 

Whale activity looks to be insufficient at this point and not gaining enough traction. Regardless, the supply of TRX has increased for the whales.

There is hope as investor optimism ought to be amplified with the recent developments happening for Tron. 

Tron’s weighted sentiment index has shown no significant changes in the market. TRX is still stuck in its lower monthly range which explains the failed uptrend happening over the weekend.

On the other hand, there are a couple of signals that promise the possibility of the bulls pivoting in the coming days. 

TRX Bulls Waiting For The Next Big Wave

TRX price might prevail and rebound from the support zone as further validated by its RSI. The RSI divergence shows increased optimism that the price may escalate in terms of buying pressure.

On-chain metrics for Tron also feature the increase in demand over the derivatives markets as seen in the past couple of days. 


Observation of the funding rates provides critical data because it validates the change in the derivatives market. These observations are usually tied up to the spot market. 

While there are signals that hint at a bullish uptrend, the market sentiments reveal that the TRX bulls are on the sidelines and just waiting for the right timing to jump in when the crypto market improves. 

On TRX price predictions, although the stablecoin is making progress, it still continues to drop which could go on for the next couple of trading sessions. 

Tron’s price may hover below the $0.054 level before September ends. More so, there is also a possibility that TRX’s price could slide below the $0.045 range.

With the crypto market currently struggling, TRX prices could also move in the same direction. The bearish thesis will only be proven wrong if and when the price shoot above the $0.066 mark. 


TRX total market cap at $5.5 billion on the daily chart | Source:

Featured image from, Chart:

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Grayscale Bitcoin Trust (GBTC) Hits New All-Time Low

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Bitcoin’s Price Again Drops Below, Will Btc Survive?
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  • Grayscale’s website states that GBTC has $11.9 billion in assets under management.
  • GBTC has always traded at a significant premium over spot Bitcoin pricing.

Shares of the Grayscale Bitcoin Trust (GBTC), the biggest Bitcoin fund in the market, reached a record discount of 35.18% last Friday and showed little sign of recovering.

By purchasing GBTC shares, investors may get exposure to the fluctuating value of Bitcoin by trading in shares of trusts that hold pools of Bitcoin. The goal is to reduce the risk for institutional investors by providing exposure to the main cryptocurrency without requiring them to purchase and hold any coin.

GBTC has been around since September of 2013 and has always traded at a significant premium over spot Bitcoin pricing. Despite the high 2% annual management charge, this was a popular choice among investors for a long time.

GBTC Cannot Be Redeemed 

After the introduction of multiple Bitcoin ETFs in Canada at the end of February last year, the trust became negative and started trading at a discount to spot Bitcoin values. The ability to purchase Bitcoin “shares” at a discount to the NAV may seem like a steal to investors. But there’s a catch: GBTC can’t be exchanged for anything at the moment.

This effectively puts an end to the arbitrage transaction in which cheap shares are purchased, redeemed for the actual asset, and then sold for a profit.

Grayscale’s website states that GBTC has $11.9 billion in assets under management at the present time. Grayscale has long argued that the ideal solution is to transform its GBTC product into a Bitcoin ETF—an exchange-traded fund backed by actual Bitcoin.

However, the business is hampered by the fact that the U.S. Securities and Exchange Commission (SEC) has not yet authorized a spot Bitcoin ETF for American investors while having approved a number of Bitcoin futures ETFs.

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Bitcoin Price Relief Rally In This Making? BTC Could Target $26k

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Bitcoin Price Btc Btcusdt
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The Bitcoin price continues to trade in a tight range between the mid area around $18,000 and $19,500. The cryptocurrency has been moving sideways after a rejection from the $20,000 level which has led to a spike in fear and uncertainty across the nascent sector.

At the time of writing, the Bitcoin price trades at $19,100 with a 2% profit in the last 24 hours and a 1% loss over the last week. The bearish sentiment and fear in the crypto market hint at a potential relief rally which might coincide with the macro forces influencing global markets.

BTC’s price moving sideways on the 4-hour. Source: BTCUSDT Tradingview

Bitcoin Price Forms A Bottom… For Now

After last week’s U.S. Federal Reserve (Fed) announcement of a new interest rate hike, the Bitcoin price has been dominated by selling pressure. Bears managed to push the cryptocurrency close to its multi-year low at $18,000.

These levels have been operating as critical support as BTC’s price trends to the downside from an an-all time high of $69,000. As selling pressure gained momentum, Bitcoin has stayed about these critical levels.

Analyst Justin Bennett believes BTC’s price is re-creating a price action displayed back in early 2022. At that time, the Bitcoin price was recovering from a massive crash and formed a channel between $37,500 and $49,500.

The cryptocurrency traded sideways inside this pattern for several months only to be pushed down by macroeconomic developments. This led to another massive crash in May 2022.

Bennett believes the Bitcoin price might be forming a similar channel since late June with $27,500 potential operating as critical resistance. As seen below, the analyst believes BTC hit the bottom of the pattern and might be prepared to re-test the top at around $26,000 before crashing below $18,000.

The analyst wrote: “Same structure for $BTC as Feb-April, only we’re missing a retest at $26,000”.

Bitcoin Price Btc Btcusdt Chart 2
BTC’s price moving on a channel with a potential top at $27,500. Source: Justin Bennett via Twitter

Macroeconomics Ready To Support A Bitcoin Price Relief Rally

Additional data provided by Senior Analyst for Messari, Tom Dunleavy, suggests the crypto market might benefit from a bounce in traditional markets. As the Fed hikes interest rates, risk-on assets, such as Bitcoin and stocks, have shown a high correlation.

At the time of writing, bearish sentiment in financial markets seems to be reaching levels last seen in 2020, during the start of the COVID-19 pandemic. This is usually an indicator of a market bottom and potential relief as short positions piled up in the market.

According to Dunleavy, the Put/Call Ratio (P, a metric used to measure the number of call (buy) option contracts versus put (sell) option contracts is reaching a level of 1. This can be translated into a high bearish sentiment in global markets.

The last time the Put/Call Ratio was at its current levels, the Bitcoin price and the crypto markets went into a multi-year bull run and entered price discovery toward an all-time high. While the current macroeconomic scenario might cap any bullish price action, the momentum could be strong enough to hit $26,000, as Bennett proposed.

Bitcoin Price Btc Btcusudt Chart 3
Put To Call Ratio at its highest level since 2020. Source: Tom Dunleavy

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Astar Network Sets World Record With Its Nikkei Ad Backed By 329 Japanese Firms

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Astar Network Sets World Record With Its Nikkei Ad Backed By 329 Japanese Firms
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When the leading Japanese companies came together to usher in the era of Web3, the smart contracts platform Astar Network was able to run a national newspaper ad with the most brands in a single ad, setting a new global record. On September 26th, Nikkei published an ad for which 329 blue-chip firms collaborated.

The Japanese Blockchain Association has chosen Astar Network as the most popular blockchain in Japan. Formerly, Japan was a hub for the crypto industry. Astar is leading the charge to make the nation a forerunner in blockchain technology once again. Japan, the world’s third-biggest economy, went through its fair share of growing pains before settling on Astar Network as its preferred blockchain.

The Japanese government now includes Web3 in its overall national policy, and Astar Network CEO Sota Watanabe is guiding the government and many major Japanese corporations ahead in Web3. To prove its dedication, Astar aired this ad with the support of 329 other companies. If implemented properly, Web3 might have a significant impact on the national economy. Large financial institutions and well-known corporations like GMO, DeNA, Accenture, Microsoft, Amazon Web Services, and others support the plan because they want to see Japan succeed.

Sota Watanabe, founder and CEO of Astar Network said:

“Web3 is all about community. And we are proud that we could make this epoch-making ad supported by 329 companies including the biggest banks, reputable Internet companies and branch officers of a foreign companies like Microsoft and Accenture. This ad reflects the strong unity of the Japanese ecosystem. As Japan’s leading blockchain project, we will do our best to accelerate Web3 innovation through Astar.”

As part of the promotional effort, NFTs will be given out for free via QR codes. Those interested in receiving a non-transferable NFT may do so by scanning the QR code located in the ad’s bottom right corner of the Nikkei newspaper. If a user does not have a wallet address, the QR code will create one for them.

Astar Network facilitates the development of decentralized applications (dApps) utilizing EVM and WASM smart contracts with cross-consensus messaging (XCM) and a Build2Earn model that allows programmers to earn money through a dApp staking mechanism for their work. In addition, the network’s Polkadot and Kusama development teams may make use of Astar Space Labs’ Incubation Hub for top TVL dApps.

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China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

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China Reports Gpu Price Fall To All-Time Low Post Ethereum Merge
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The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist.

One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient.

GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade.

Is Ethereum Merge Major Cause Of GPU price Crash?

South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices.

Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months.

According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market.

Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near.

Ethereum price climbs above $1,300 l ETHUSDT on

SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand.

Retailers Lower GPU Prices

Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market.

According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%.

Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks.

Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners.

The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices.

Featured Image From Pixabay, Charts From Tradingview

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