Yearn.finance’s YFI governance token has been caught within a consolidation phase as Bitcoin, and the rest of the crypto market, also…
Yearn.finance’s YFI governance token has been caught within a consolidation phase as Bitcoin, and the rest of the crypto market, also see some short-term sideways trading.
This lack of momentum has come about due to the DeFi sector’s stagnating growth, with investors largely sitting on the sidelines while they wait for capital to rotate out of lower-risk assets like Bitcoin and into the high beta DeFi markets.
Until traders and investors alike grow confident that upside is imminent for the aggregated crypto market, there’s a strong possibility that higher risk fractions of the market will continue struggling.
This could prove to be bearish for Yearn.finance’s YFI, as it has seen stagnating growth as of late due to a combination of a disengaged and embattled community, low yields on their various vaults, as well as a weak technical situation.
The confluence of these factors could continue hampering its technical prospects in the days and weeks ahead.
That being said, one analyst is noting that there’s one level that could soon be broken above that may allow YFI to “stretch its wings” and rally higher.
Yearn.finance’s YFI Struggles to Match Gains Seen by Bitcoin and Ethereum
At the time of writing, Yearn.finance’s token is trading down over 6% at its current price of $13,440.
This is around the price at which it has been consolidating for the past couple of weeks, with bulls facing massive inflows of selling pressure each time they try to push it higher.
It is now trading just a hair above its strong base of support at $13,000 established throughout the past few weeks.
If this level continues to be defended in the days and weeks ahead, it could act as a strong base for YFI to grow upon in the weeks ahead.
Analyst: YFI Could Rally Higher If It Breaks One Crucial Level
While speaking about the cryptocurrency’s technical outlook, one analyst observed yesterday that $15,300 is the crucial level that must be broken and held above for Yearn.finance’s YFI to see greater momentum.
This level was broken for a short while over the weekend, but it faced a serious rejection here that sent it reeling to its current price.
“Break through the top of this immediate resistance and we could easily see it stretch it’s wings again.”
Where it trends in the near-term will likely depend on the aggregated DeFi sector, which means it is vital for Yearn.finance (YFI) that Bitcoin and Ethereum maintain their strength.
Featured image from Unsplash.
Charts from TradingView.
Crypto Technical analysis is the study of statistical patterns, obtained from historical price and volume data, to identify opportunities for trade. Technical analysts analyse trends of price fluctuations, trading signal and other analytical methods to determine the strength and weakness of an asset.
Technical Analysis may apply historical trading data such as cryptocurrencies, forex, commodities, and stocks to any protection.
you can find below these top 5 crypto technical analysis report.
Ethereum (ETC)
Bitcoin (BTC)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)
With BuyUcoin you will get knowledge of Cryptocurrency Trading
Bitcoin (BTC) Crypto Technical Analysis by BuyUcoin Expert
BTC did managed to push a little extra to the 13,000$ territory, which is going to trick many individuals for the long opportunity from here.
BTC will going to see a major meltdown to the downside regions of 9000$ and even wick fish to the 8000$ region one last time before blasting to the 16000$ region
Ethereum Price Analysis 26th to 31st OCT
Ethereum (ETH) Crypto Technical Analysis by BuyUcoin Expert
ETH slowly made a higher low on the weekly time frame and did reach to our first profit taking region of 420$ and rejected that region very well.
Aligning with the BTC analysis, ETH will also see the major meltdown to the 200$ in the coming months.
Litecoin Price Analysis 26th to 31st OCT
Litecoin (LTC) Crypto Technical Analysis by BuyUcoin Expert
LTC, long awaited blast to the upside regions of the 58-60$ region commenced successfully last week and did manage to close within those boundaries.
I believe LTC will see the dropdown to around 30$ from here before going to the 70-80$ region.
Ripple Price Analysis 26th to 31st OCT
Ripple (XRP) Crypto Technical Analysis by BuyUcoin Expert
XRP is still acting as an undervalued crypto currency among the other currencies as it is still moving under the 27 cents region.
On the intraday perspective XRP will likely see a push towards 28-30 cents, and then XRP will drop towards the sub 20 cents region.
Bitcoin Cash Price Analysis 26th to 31st OCT
Bitcoin Cash (BCH) Crypto Technical Analysis by BuyUcoin Expert
BCH is still holding pretty well the zone support floor region from the past few weeks now, and it’s almost time to see a breakdown to the sub 200$ region when BTC hit the 9000$ support floor.
Bitcoin’s price has seen waning momentum over the past couple of days, with the selling pressure in the mid-$13,000 region slowing…
Bitcoin’s price has seen waning momentum over the past couple of days, with the selling pressure in the mid-$13,000 region slowing its ascent as bulls struggle to maintain their recent strength.
Yesterday, the benchmark cryptocurrency surged to its yearly highs at over $13,300, but the selling pressure here was quite significant and stopped it from seeing any tremendous momentum.
It is now consolidating around $13,000, with bulls and bears both being unable to spark any short-term trend.
It is important to keep in mind that each rejection within the mid-$13,000 region hasn’t been too intense, with buyers rapidly absorbing the selling pressure. This is a bullish sign.
One analyst is now pointing to a fundamental metric that indicates serious upside could be imminent. He notes that exchange balances have been rapidly declining since March and that whales have yet to begin offloading their holdings.
Because some of the cryptocurrency’s largest holders are not interested in selling their holdings at these prices, this indicates that further upside could be imminent.
Bitcoin Struggles to Maintain Momentum as Resistance Holds Strong
At the time of writing, Bitcoin is trading down just over 1% at its current price of $13,000.
BTC has been trading at this price level throughout the past few days. Bulls and bears have not taken control of its near-term trend, and the selling pressure it faces at just above where it is currently trading is significant.
The fact that this resistance has not been able to spark any selloffs is promising, however, and could indicate that bulls control its price action.
For this to be confirmed, another impulse higher that breaks the imminent selling pressure it faces is required.
This Fundamental Factor Suggests BTC is Incredibly Bullish
There is one fundamental factor that suggests Bitcoin is highly bullish despite the recent inflows of selling pressure.
One analyst pointed to declining BTC exchange balances, noting that this shows that retail investors and whales alike aren’t interested in selling their BTC at the current price levels.
“Bitcoin’s macro view remains bullish as the Exchange $BTC Balances continue to decline sharply since March (whales are not yet selling. Even at $13,000.) There’s also around 136k BTC currently locked in WBTC/RenBTC.”
Image Courtesy of Squeeze. Chart via CryptoQuant.
The coming few days should shine a light on whether or not bulls will translate this fundamental strength into further upside.
Featured image from Unsplash.
BTCUSD pricing data from TradingView.
The cryptocurrency industry has come a long way since its inception, as the underlying technology undergoes constant evolution. The latest advancement…
The cryptocurrency industry has come a long way since its inception, as the underlying technology undergoes constant evolution. The latest advancement in such development is the concept of Decentralized Finance, popularly known as DeFi. As the DeFi movement rages on, a lot of new, innovative projects have entered the market, offering a great deal of flexible financial products to the community.
One such innovative project is InfinityDefi, a state-of-the-art composite cryptocurrency asset management platform that offers much-needed financial services to the community, helping them put their crypto assets to good use. Created by a team of experts in crypto, finance, technology and legal fields, InfinityDefi has positioned itself as the world’s first multi-collateral lending DeFi platform where users can deposit, lend and borrow cryptocurrencies at some of the industry’s best rates.
The entire InfinityDefi ecosystem comprises a series of derivative products including multi-stablecoin index, DEX, liquidity aggregation platform, safety reserve, options and convertible debt. These products together bridge the gap between unused crypto assets and demand for short term borrowing, thereby enabling everyone involved to make profits.
The InfinityDefi protocol is fuelled by the INFI ecosystem token and the PPT equity token. While INFI enables the token holders to participate in project management, control financial risk, and vote in the decision-making process, PPT act as reward tokens earned against transactions made on the platform. The PPT tokens can be exchanged with INFI.
Collateral Loans on InfinityDefi
InfinityDefi offers an aggregated product with crypto collateral lending and savings using a flexible pledge and redemption mechanism. On the platform, users can utilize their crypto holdings to earn interest or secure a short-term loan. Unlike other crypto lending DeFi solutions currently in the market, InfinityDefi supports secondary loans and multi-value-added loans, which helps users unlock more value and liquidity from their assets. Collateral financing on the platform can be secured from different creditors while maintaining an ultra-low pledge ratio of up to 10% less than other peers.
Users can use a wide range of cryptocurrencies including DAI, USDT, USDC, TUSD, BUSD, HUSD, ETH, HT, OKB, and more as collateral for lending and borrowing. The utilization of a unique polymerization pool in conjunction with an algorithmic interest rate model that dynamically adjusts interest rates to balance supply and demand. All deposits and disbursements are directly processed from the polymerization pool, which includes servicing of the secondary loan on top of existing loans, against the initial collateral and multi-value-added loans where users can pledge the value-added part of collateral to get additional loans.
By design, InfinityDefi has some of the lowest position coverage for collateral which is set at a maximum of 145% and a minimum of 125%, in case of secondary loans or a fall in the value of collateral. In addition, the platform also has an auto-liquidation feature in place that dissolves the collateral in case the value of collateralized assets falls below minimum position coverage and the borrower fails to deposit additional assets to cover for the shortfall. The liquidation of assets happens at the prevailing market price to recover the principal and outstanding interest, with any excess funds returned to the borrower. During liquidation, if the value of available collateral doesn’t cover the pool’s exposure, InfinityDefi protocol’s safety reserve will step in to cover the losses, thereby ensuring the interests of investors and borrowers are protected at all times.
These features also enable InfinityDefi to provide 5% lower loan rates, 20% higher loan limits and faster capital turnover than other DeFi platforms.
Advantages of InfinityDefi Collateral Loans
The InfinityDefi platform allows all the stakeholders to profit from their crypto assets to earn both active as well as passive income. For those looking for earning a passive income, holding crypto assets, and waiting for their value to appreciate is not the best option, as the volatile nature of markets creates a lot of uncertainties. Instead, they can deposit their assets on INFI DApp to earn interest on their holdings. The interest rate for such deposits are directly related to the Polymerization Pool interest rate, calculated using the formula:
*where ‘j’ is one of the deposited cryptocurrencies which is part of the polymerization pool
The deposited principal and accrued interest can be withdrawn by the user at any time. Based on the demand and supply, the interest earned on deposited assets over time can potentially turn out to be more than what the depositor would have gained by holding, more so, in case of a stablecoin.
Meanwhile, collateralized loans help those either in need of funds to meet their obligations or those looking for additional liquidity for trading. The reduced interest rates, along with options for secondary and multi-value added loans make it easy to secure necessary funds for trading needs, which could help increase the margins on profitable trades. It could also be used for arbitrage, leveraging the interest rate gap on different DeFi lending platforms to generate profits instead of directly using the price difference of underlying assets.
The PPT tokens earned performing each of these actions also adds to the profits. The amount of PPT earned depends on the collateral/loan amount and duration. These PPTs can be exchanged for INFI and traded on exchanges where the token is listed.
Overall, InfinityDefi provides a safe, profitable, transparent, and low-risk way for users to invest and manage their crypto assets.
Bitcoin is currently consolidating within the lower-$13,000 region as bulls move to control its near-term price action. It has been struggling…
Bitcoin is currently consolidating within the lower-$13,000 region as bulls move to control its near-term price action.
It has been struggling to break above $13,200 ever since it was rejected at this price level a few days ago. This currently marks the crypto’s 2020 high, and the selling pressure here is quite significant.
If broken above, this level could spark a serious uptrend that sends it flying higher, with it potentially reaching up towards $14,000 before it faces any further selling pressure.
It did face a slight rejection at these highs earlier today, and they may continue stopping it from seeing any intense upwards momentum in the short-term.
One analyst is noting that Bitcoin’s monthly candle – which will close in exactly one week – is currently incredibly strong.
He believes that a close above $12,500 could create serious momentum that allows BTC to fly past the $13,000 region’s resistance. A break above this resistance zone would put a move to its all-time highs on the table.
Bitcoin Shows Signs of Strength as Bulls Target 2020 Highs
At the time of writing, Bitcoin is trading up just under 2% at its current price of $13,150. This is just a hair below its 2020 highs of $13,200 set a handful of days ago.
The selling pressure in this region is quite intense and may continue to stop it from seeing any further upside in the near-term.
That being said, the rejection that BTC sees each time it tests this resistance is progressively growing weaker. This indicates that bulls are chipping away at the selling pressure here, which may mean that a break above it is imminent in the near-term.
Analyst: A Monthly Close Above This Key Level Will Rocket BTC Higher
While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that its upcoming monthly candle close – set to take place in one week – will be crucial for understanding its macro outlook.
He hypothesizes that a close above $12,500 will help provide BTC with a strong base to grow upon, potentially putting a move to fresh highs on the table.
“Here are my monthly levels for BTC. Seeing significant resistance from $13,200 – $13,900 but if we can close October above $12,500 then Houston would be ready for another countdown.”
Image Courtesy of Tyler Coates. Chart via TradingView.
Earlier in 2020, Bloomberg Intelligence claimed Bitcoin would soon reach $12,000 and would be a primary beneficiary in the post-pandemic world….
Earlier in 2020, Bloomberg Intelligence claimed Bitcoin would soon reach $12,000 and would be a primary beneficiary in the post-pandemic world. The prediction coming true has the analyst who made the call sharing a new chart that appears to hint that the cryptocurrency is about to explode into another bull run, much like it did in 2017.
Here’s what to expect if yet another forecast from the Bloomberg Senior Commodity Strategist is once again accurate.
Bloomberg Senior Commodity Strategist: “Firmer” Crypto Market To Come In 2021
The year of 2020 will be remembered in the history books for several key reasons. It is the first widespread pandemic the modern technological world has ever seen, the fiat currency is failing, and the tied are turning for Bitcoin.
Early on in 2020, a Bloomberg Intelligence report on Bitcoin gave a general health update on the cryptocurrency, comparing it to the dollar, gold, Nasdaq, and more.
The cryptocurrency’s relative volatility compared to the Nasdaq dropping to pre-bull market levels was an early tell for Bloomberg that something was about to happen in Bitcoin.
The report also claimed that $10,000 would be broken soon enough and that the cryptocurrency would set its sights on $12,000. It did, and then some – tapping well over $13,000 this week.
#Bitcoin breaching $12,000 resistance vs. the #Nasdaq100 backing away may indicate firmer underpinnings for the crypto in 2021. At similar levels since 2017, diminishing supply and the foundation of an 80% correction, along with an extended period of underperformance, favor BTC. pic.twitter.com/erakFU37On
Now Mike McGlone, Senior Commodity Strategist for Bloomberg has shared a new chart comparing Bitcoin against the Nasdaq stock market index and is using it to hint at a potential bull run in the making.
Nasdaq “Underperformance,” “Diminishing Supply,” and 80% Correction Support Bitcoin Bull Run Breakout
With Bitcoin deviating away from the Nasdaq stock index, the underperformance could sooner than later turn into overperformance, much like another point in the cryptocurrency’s recent history.
McGlone points to a previous deviation, that after breaking to the upside took Bitcoin another 235% before a more sizable correction took place.
Another 235% push from current prices, would take Bitcoin to roughly $38,000 per BTC, and almost double the asset’s 2017 all-time high.
The Senior Strategist points to “diminishing” BTC supply, the bear market, and regaining lost ground against Nasdaq as key factors pointing to a bullish breakout.
In addition to Bitcoin’s supply diminishing, it’s also capped at just 21 million BTC. The money supply increase by 20% in 2020 alone and the cryptocurrency could act as a hedge against fiat currency hyperinflation.
Featured Image From Deposit Photos, Charts From TradingView.com, Bloomberg Intelligence
