Ethereum classic was a notable mover in today’s session, as the token rose by nearly 30% on Tuesday. The surge comes as it was confirmed that the Ethereum merge event will take place next week, between September 13-15. Another big mover was avalanche, which rose by over 8% earlier today.
Ethereum classic (ETC) climbed above the $40 mark on Tuesday, as markets reacted to news of The Merge event.
Following a low of $32.20 to start the week, ETC/USD surged to a peak of $41.46 earlier in the day.
Today’s rally saw ethereum classic breakout of a recent ceiling of $40.00, hitting its highest point since August 18 in the process.
As seen on the chart, this breakout comes as the 14-day relative strength index (RSI) also pushed through a resistance of its own.
Currently the index is tracking at a level of 63.72, which is above a ceiling of 61.40, which had been in place since August 17.
The next point of resistance in the indicator looks to be the 66.50 level, and if reached, we could see ETC near $45.00.
Avalanche (AVAX) also resided in the green during today’s session, with the token climbing by nearly 8%.
AVAX/USD raced to a high of $20.43 on Tuesday, taking prices close to a key resistance point of $20.50.
This move, which saw prices climb for a fourth consecutive day, resulted in avalanche hitting its highest point since August 30.
Honing in on the chart, it can be seen that the RSI is also near a resistance of its own at 43.10, and is currently tracking at 41.21.
As of writing, AVAX is trading under $20.00, as bulls retreated following a close collision with the $20.50 ceiling.
Hope still remains that the bullish pressure could intensify leading to a breakout, however several obstacles remain, mainly with the upcoming obstacle on the RSI.
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Do you anticipate that avalanche will break out of its $20.50 resistance point? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Ethereum classic was a notable mover in today’s session, as the token rose by nearly 30% on Tuesday. The surge comes as it was confirmed that the Ethereum merge event will take place next week, between September 13-15. Another big mover was avalanche, which rose by over 8% earlier today.
Ethereum classic (ETC) climbed above the $40 mark on Tuesday, as markets reacted to news of The Merge event.
Following a low of $32.20 to start the week, ETC/USD surged to a peak of $41.46 earlier in the day.
Today’s rally saw ethereum classic breakout of a recent ceiling of $40.00, hitting its highest point since August 18 in the process.
As seen on the chart, this breakout comes as the 14-day relative strength index (RSI) also pushed through a resistance of its own.
Currently the index is tracking at a level of 63.72, which is above a ceiling of 61.40, which had been in place since August 17.
The next point of resistance in the indicator looks to be the 66.50 level, and if reached, we could see ETC near $45.00.
Avalanche (AVAX) also resided in the green during today’s session, with the token climbing by nearly 8%.
AVAX/USD raced to a high of $20.43 on Tuesday, taking prices close to a key resistance point of $20.50.
This move, which saw prices climb for a fourth consecutive day, resulted in avalanche hitting its highest point since August 30.
Honing in on the chart, it can be seen that the RSI is also near a resistance of its own at 43.10, and is currently tracking at 41.21.
As of writing, AVAX is trading under $20.00, as bulls retreated following a close collision with the $20.50 ceiling.
Hope still remains that the bullish pressure could intensify leading to a breakout, however several obstacles remain, mainly with the upcoming obstacle on the RSI.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you anticipate that avalanche will break out of its $20.50 resistance point? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Approximately 14 days ago, the stablecoin neutrino usd (USDN) tapped a high of $0.994 per unit, and ever since then, USDN has not been able to rise above the $0.97 per unit range. The dollar-pegged asset is associated with the Waves blockchain protocol, and recently the Neutrino Protocol decided to add a token called SURF to USDN’s reserve basket in order to “improve the mechanics of recapitalizing USDN reserves.”
Another stablecoin has shown a deviation away from U.S. dollar parity, as USDN tapped a low of $0.94 per unit on September 5, 2022. Coingecko.com statistics indicate neutrino usd dropped even lower the day before, slipping to $0.918 per coin. 30-day metrics show USDN dropped to $0.905 on August 26. It’s not the first time USDN has deviated away from the $1 parity. Prior to the August 26 low, year-to-date, neutrino usd has seen three more significant drops below the $1 price value.
Prior to August 26, on July 14, USDN’s price dropped to $0.938 per token and on May 11, USDN slipped to $0.824 per coin. On April 4, neutrino usd dropped even lower than the losses recorded on May 11, as USDN dropped to $0.787 per coin that day. In more recent times, the Neutrino Protocol added a token called SURF (Smart Utility Recapitalization Feature) to USDN’s basket of reserves. There are now four different tokens leveraged for USDN reserves as SURF joins the USDN stablecoin, NSBT, and WAVES.
Neutrino Protocol calls itself “an algorithmic price-stable assetization protocol acting as an accessible defi toolkit.” The team believes SURF will improve USDN’s backing ratio (BR) by achieving “BR equilibrium and provide additional incentives for the community and investors.” Some crypto proponents have said Waves developers are creating ways to make USDN “undepeggable,” and SURF is a solution toward that effort. Adding SURF to the USDN reserve mix has come under scrutiny and criticism as well.
Some individuals have said Waves is a Ponzi scheme and USDN has been compared to Terra’s UST. However, Waves founder Sasha Ivanov discussed the criticism with Coindesk on August 31 and he dismissed the comparison of USDN to Terra’s UST. “UST was backed by nothing – LUNA [the token] was burned to create UST. It was never intended to be backed up by anything other than the algorithm,” Ivanov told the reporter. “The opposite is true of USDN. WAVES tokens are held in a smart contract to collateralize USDN.”
What do you think about USDN remaining below the $0.97 per unit range and its deviations away from the $1 parity? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
Approximately 14 days ago, the stablecoin neutrino usd (USDN) tapped a high of $0.994 per unit, and ever since then, USDN has not been able to rise above the $0.97 per unit range. The dollar-pegged asset is associated with the Waves blockchain protocol, and recently the Neutrino Protocol decided to add a token called SURF to USDN’s reserve basket in order to “improve the mechanics of recapitalizing USDN reserves.”
Another stablecoin has shown a deviation away from U.S. dollar parity, as USDN tapped a low of $0.94 per unit on September 5, 2022. Coingecko.com statistics indicate neutrino usd dropped even lower the day before, slipping to $0.918 per coin. 30-day metrics show USDN dropped to $0.905 on August 26. It’s not the first time USDN has deviated away from the $1 parity. Prior to the August 26 low, year-to-date, neutrino usd has seen three more significant drops below the $1 price value.
Prior to August 26, on July 14, USDN’s price dropped to $0.938 per token and on May 11, USDN slipped to $0.824 per coin. On April 4, neutrino usd dropped even lower than the losses recorded on May 11, as USDN dropped to $0.787 per coin that day. In more recent times, the Neutrino Protocol added a token called SURF (Smart Utility Recapitalization Feature) to USDN’s basket of reserves. There are now four different tokens leveraged for USDN reserves as SURF joins the USDN stablecoin, NSBT, and WAVES.
Neutrino Protocol calls itself “an algorithmic price-stable assetization protocol acting as an accessible defi toolkit.” The team believes SURF will improve USDN’s backing ratio (BR) by achieving “BR equilibrium and provide additional incentives for the community and investors.” Some crypto proponents have said Waves developers are creating ways to make USDN “undepeggable,” and SURF is a solution toward that effort. Adding SURF to the USDN reserve mix has come under scrutiny and criticism as well.
Some individuals have said Waves is a Ponzi scheme and USDN has been compared to Terra’s UST. However, Waves founder Sasha Ivanov discussed the criticism with Coindesk on August 31 and he dismissed the comparison of USDN to Terra’s UST. “UST was backed by nothing – LUNA [the token] was burned to create UST. It was never intended to be backed up by anything other than the algorithm,” Ivanov told the reporter. “The opposite is true of USDN. WAVES tokens are held in a smart contract to collateralize USDN.”
What do you think about USDN remaining below the $0.97 per unit range and its deviations away from the $1 parity? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
PRESS RELEASE. The connected future of sports and blockchain is on the horizon as Rögle announced an NFT-driven partnership with Locker Token earlier today. The partnership, as entailed in an official release, establishes a formal relationship between the two entities while also providing an insight into Rögle’s intention to launch players and in-game moments as NFTs – with the support of Locker blockchain developers.
As part of the partnership, Rögle players will display the Locker logo on the front of team helmets in the upcoming SHL season, while Locker will become the team’s official NFT partner.
“Wen” and Why Locker?
The impending launch of team and sports-driven NFTs within the Locker ecosystem is said to be part of a broader fan and team engagement strategy. Rögle is the first team in the SHL to provide access to their players and team branding, which can be minted by fans to increase bonds and engagement – between both fans and teams alike.
These purchases of moments will give sports enthusiasts their slice of NFT-created history, with goals, hits and even fights between players thrown in the mix to be minted.
The Locker ecosystem ultimately looks to position itself as one of the front runners in sports & crypto solutions by working with the biggest teams in relevant sports and “pooling” their respective fan bases into its marketplace. Then, fans are allowed to buy NFTs in-game, using half-time sales at live sporting events.
“Through this partnership, Rögle leads from the front regarding professional sports teams offering NFTs to their fan bases. We are very excited to be part of Rögle and be able to offer fans unique moments digitally.” – Pat Curcio – Locker Token
What’s In It For Rögle?
Fresh off of a Champions Hockey League win for the 2022 season, Rögle is seemingly looking to capitalize on recent success and expand its reach, allowing teams like Rögle to drive engagement on a fan-by-fan basis, plus monetizing the process with the use of Web3 technology. The mint will also see the Swedish club move begin to attract global audiences.
The exclusive first mint is due mid-September, with NFTs purchasable via the Locker App. The Rögle player and team NFTs will be the first to launch on the Locker NFT Marketplace – available to mint on the mobile app from the outset, with a desktop version soon to follow.
“We are very excited about this partnership. LOCKER token operates in a fascinating industry, and we look forward to being a part of the ever-changing times we live in.” – Kari Litmanen – Rogle Commercial Manager
Taking Sport To Blockchain
Locker Token is looking to bring multiple sports, teams, players, and fans – to the concept of Sports NFTs. The sporting memorabilia market is worth over $26 billion as of 2021, but it has been largely nascent in the movement of capital and goods.
Physical products still reign supreme, with wear and tear and potential damage always bringing potential downsides. However, with NFTs, these issues are somewhat removed – allowing transfers of NFTs to happen seamlessly – without risk of physical damage to the sporting moment. Targeting NFT enthusiasts looks set to be the aim for Locker, and as more teams partner with the platform, the adoption curve of the Sports NFTs market will also be more apparent.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Source From : News