VeChain Wants Developers to Migrate NFT Projects to VeChainThor

Non-fungible tokens (NFTs) are vying for a bigger slice of the crypto pie. In recognition of this, the VeChain Foundation promotes…

Non-fungible tokens (NFTs) are vying for a bigger slice of the crypto pie. In recognition of this, the VeChain Foundation promotes its platform as the best place for developers to build their NFT projects.

They claim VeChain was one of the original pioneers of NFTs. What’s more, purpose-built NFT toolsets and grants are available for those interested in porting over.

“Our blockchain offers a secure, high-speed, and stable protocol coupled with features to remove the complexities of blockchain and comprehensive support to applications with real value. Foundation Grants are also available for the migration of NFT Projects to our platform.”

NFTs can be thought of as digital collectibles. They are similar to cryptocurrency, in that they exist on a blockchain and have a monetary value.

But what differentiates them is a layer of characteristics that make them unique. For example, in the associated metadata, visually, serial numbers, and so on. All of this impacts the value of the NFT with what collectors deem valuable/wanted.

“NFTs therefore create exciting monetization opportunities for brands and collectors, as they are provably authentic, safe to trade, and can include all different types of artwork and branding opportunities.”

Non-Fungible Tokens Are Still a Niche Offering

Recently, there has been much talk of NFTs being the next big thing in blockchain.

However, some would argue they are too niche to make any sort of meaningful impact. Also, the investment potential of NFTs continues to divide opinion.

Data from nonfungible.com shows a marked uptick in total USD sales of NFTs lately. On September 27, 2020, NFTs to the value of $541k were sold. This is a year-to-date high, beating the previous high of $512k set on March 31, 2020.

Source: nonfungible.com

Considering Bitcoin’s 24-hour volume was $52 billion, NFTs, even on a good day, represent a fraction of the cryptocurrency market.

But, are things about to change?

How Can VeChain Help?

VeChain CEO Sunny Liu certainly thinks so. What’s more, Liu is pushing hard to attract more NFT projects to his platform.

“We are about to witness a plethora of new NFTs assets being minted and flooding into this marketplace. VeChain’s pioneering technology is currently the most advanced technology and provides the best features for business-oriented scenarios.”

With that, the VeChain Foundation boasts of having a dedicated NFT standard (VIP180). They claim that it significantly enhances the user experience and offers developers a secure and audited code to work with.

John Dempsey, Co-Founder, and CEO of VIMworld, who ported over to the VeChainThor blockchain, spoke of the massive cost savings made.

“Currently, we have more than 12,000 Smart NFTs distributed to our users with much more planned. If we were to run our business on Ethereum, we would have to pay more than $400,000 in gas fees alone for these transfers, and up to millions more for other operations.”

And with grants of up to $30k on offer, VTHO subsidies, as well as bug bounty programs, it’s clear that VeChain is pushing hard on NFTs.

VET daily chart YTD with volume. (Source: tradingview.com)

ATOM Enters “Trouble Area” as Price Rallies Another 9%; Pain Ahead?

ATOM was among the biggest gainers on cryptocurrency boards this Wednesday as traders assessed its integration into the US-regulated crypto exchange…

ATOM was among the biggest gainers on cryptocurrency boards this Wednesday as traders assessed its integration into the US-regulated crypto exchange Coinbase.

The Cosmos’ native token rallied 9 percent on a 24-hour adjusted timeframe, touching an intraday high level near $5.56, hours after Coinbase added support for staking ATOM rewards. Its gains appeared even as other top crypto assets showed signs of a downside correction.

“Starting today, eligible customers can easily start earning 5% APY on their Cosmos (ATOM) held on Coinbase,” the exchange announced. “Customers can securely keep their assets on Coinbase and instantly trade or withdraw their holdings and rewards when they want.”

An Ethereum-rival, Cosmos is a proof-of-stake blockchain that allows users to stake ATOM tokens to secure the network. In return, the stakers receive the so-called block rewards – again, derived in ATOM, by as much as 20 percent per annum.

Since its launch, the Cosmos core economic model has helped ATOM log a year-on-year gain of 150 percent.

Trouble Area

The latest ATOM rally came as a part of an extended pullback that followed a 57.26 percent price crash. Technically, the ATOMUSD exchange rate bounced off a medium-term ascending trendline that served as its support, forming higher highs on a three-day timeframe.

Cosmos is attempting to close above $5.46-resistance. Source: TradingView.com
Cosmos is attempting to close above $5.46-resistance. Source: TradingView.com

In his earlier analysis, stock analyst Michaël van de Poppe called the $5.15-5.40 range a “troubled area.” That reflected the daytrader’s fears of a downside correction once ATOM closes above $5.15. Nevertheless, the token’s minor breakout above the said area raised its possibilities of testing $6.51 as its next upside target.

Noah Seidman, another market analyst, explained the bullish bias with a customized chart as shown below.

Cosmos bullish setup. Source: TradingView.com
Cosmos bullish setup. Source: TradingView.com

“ATOM is sitting comfortably above its long term trend resistance-flipped-support,” he said. “Now above the 200EMA on the daily, clearly the bullish deviation helped pull up the long term average above the green trend line.”

ATOM Pullback Scenario

In a downside setup, ATOM/USD could correct lower based on profit-taking sentiment led by elsewhere losses. Macro-wise, the crypto market is still waiting for Bitcoin to break above its resistance levels above $11,000. But a long-delayed stimulus bill, coupled with US presidential election uncertainty, is keeping the benchmark cryptocurrency cautious.

Should a correction occur in the Bitcoin market, it could lead the altcoins lower as well. The setback would ensure that ATOM attempts to break below the Ascending Trendline. If that happens, then the Cosmos token could fall to as low as $2.57.

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Bitcoin Expects to Hit Yearly Highs on UBS’s Bullish Gold Call; Here’s Why

Bitcoin is looking to resume its uptrend towards $12,500 based on its proximity with traditional rival gold. The analogy pops out…

Bitcoin is looking to resume its uptrend towards $12,500 based on its proximity with traditional rival gold.

The analogy pops out of an erratic positive correlation between the two assets that have caused them to trade in tandem since March 2020. Both gold and Bitcoin receive their cues from the same set of fundamentals: the global central bank policies in response to the coronavirus pandemic.

The correlation between Bitcoin and Gold since March 2020. Source: TradingView.com
The correlation between Bitcoin and Gold since March 2020. Source: TradingView.com

That includes ultralow interest rates, an expanding fiscal deficit, an infinite bond-buying program, and a weakening US dollar. These policies ensure that safe-havens other than gold and Bitcoin return meager yields to their investors. They thereby leave them with no option but to seek better results in riskier assets.

Atop that, gold and Bitcoin are trading erratically also as investors remain worried about the delay in the second COVID-19 stimulus package, as well as growing uncertainty over November’s US presidential election.

Ultra Bullish Gold

On Tuesday, Kelvin Tay of UBS Global Wealth Management mentioned the same catalysts as he predicted a bullish scenario for gold. The chief investment officer told CNBC that the precious metal could easily reclaim $2,000 by the end of this year.

“In [the] event of uncertainty over the U.S. election and the Covid-19 pandemic, gold is a very, very good hedge,” he said. “And its recent weakness represents a great entry point for investors.”

With “weakness,” Mr. Tay was referring to gold’s recent downside correction after failing to hold steady near its all-time high at $2,075.14. The XAUUSD exchange rate fell by up to 10.91 percent from the said top to $1,848 an ounce.

Nevertheless, Mr. Tay pointed the dip as an opportunity for investors to buy gold at a cheaper rate. He specifically pitted the precious metal’s bullish scenario against the Federal Reserve’s vow to keep interest rates near zero until 2023.

‘If they remain low, the opportunity cost of holding gold will go low as well,’ the UBS chief stated.

And That Leaves BTC/USD…

…in a better bullish state. If the cryptocurrency inclines to maintain its positive correlation with gold, then it would tail the precious metal to its upside run. That is particularly visible in its lagging price action in August 2020.

Bitcoin topped for the year near $12,500 on August 16, 2020. That was 10 days after gold established its all-time high, showing that the cryptocurrency is laggingly tailing the metal’s trend. A TradingView.com analyst also spotted the correlation last week, as shown in his chart below.

Bitcoin-Gold lagging correlation, as spotted by Trader_Johnni last week. Source: TradingView.com

On the other hand, skeptics believe that gold and Bitcoin risk downside correction should the US Congress fail to pass the second stimulus package – or uncertainty over the US election results remain. In that case, investors would want to move back to the safety of cash, pushing the US dollar higher.

Ripple (XRP) At Risk of Sharp Decline, As Double Top Pattern Emerges

Ripple spiked higher and retested the key $0.2550 resistance area against the US Dollar. XRP price failed to break $0.2550 and…

Ripple spiked higher and retested the key $0.2550 resistance area against the US Dollar. XRP price failed to break $0.2550 and it is now showing bearish signs below $0.2450.

  • Ripple failed to clear the $0.2550 resistance level and likely formed a double top against the US dollar.
  • The price is now trading well below the $0.2450 support and the 100 simple moving average (4-hours).
  • There is a key connecting bearish trend line forming with resistance near $0.2465 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to decline sharply if there is a close below $0.2400 and $0.2380.

Ripple Price is Likely Forming a Double Top Pattern

This week, we saw a recovery wave in bitcoin, Ethereum, and ripple. XRP price broke the $0.2450 and $0.2550 resistance levels. The price even spiked above the $0.2520 level and settled above the 100 simple moving average (4-hours).

However, the price failed to the last key barrier at $0.2550. It seems like a double top pattern is forming near the $0.2550 level. Ripple is now trading well below the $0.2450 support and the 100 simple moving average (4-hours).

There was a break below the 23.6% Fib retracement level of the upward move from the $0.2195 low to $0.2550 high. It seems like there is a key connecting bearish trend line forming with resistance near $0.2465 on the 4-hours chart of the XRP/USD pair.

An initial support on the downside is near the $0.2400 level. The first major support is near the $0.2380 level (the recent breakout zone). It is close to the 50% Fib retracement level of the upward move from the $0.2195 low to $0.2550 high.

If there is a clear break below the $0.2380 support, the bears are likely to gain strength. The next key support is near the $0.2300 level, below which the bears are likely to aim a retest of $0.2200.

Fresh Increase in XRP?

If ripple stays above the $0.2400 and $0.2380 support levels, it could attempt a fresh increase. An initial resistance on the upside is near the $0.2450 level and the highlighted bearish trend line.

To move into a positive zone and extend its rise, the price must surpass the $0.2550 resistance level. The next key barrier for the bulls could be near $0.2620.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.

Major Support Levels – $0.2400, $0.2380 and $0.2300.

Major Resistance Levels – $0.2450, $0.2465 and $0.2550.

Cosmos Jumps 38%–Textbook Indicator Points to 70% Price Rally

Cosmos’s native token ATOM has surged more than 38 percent in the last five days, validating a textbook technical indicator that…

Cosmos’s native token ATOM has surged more than 38 percent in the last five days, validating a textbook technical indicator that now predicts additional 70 percent gains for the cryptocurrency.

ATOMUSD breaks out of its Falling Wedge pattern. Source: TradingView.com
ATOMUSD breaks out of its Falling Wedge pattern. Source: TradingView.com

As shown in the chart below, ATOM/USD was trading inside a Falling Wedge pattern, confirmed by its price fluctuating downwards between two converging trendlines. On September 24, the pair rebounded from the pattern’s lower trendline to close above the upper one.

Breakout Outlook

ATOM/USD continued on its uptrend upon breaking the Wedge’s resistance trendline. On Monday, the pair added another 8.5 percent to its rally, bringing its net rebound up by 38 percent. It was trading at $5.12 at the time of this writing.

A Falling Wedge is a bullish indicator. According to its textbook definition, an asset trending inside the said pattern eventually breaks out to the upside. The breakout target, in this case, is as much as the maximum height of the Wedge.

In the case of ATOM, the length of its Falling Wedge shows a 71 percent upside of about $3. Therefore, its breakout target now sits at least 71 percent above the point of escalation. That is near $7.65.

At the same time, ATOMUSD is trading inside another pattern: the Ascending Channel, as flashed in purple above. Incidentally, the Wedge support from where the pair bounced upwards also serves as the lower trendline of the Ascending Channel.

According to the pattern, the Cosmos token anticipates a further push towards the upper range of the Channel – the resistance. That brings the upside target for ATOM/USD near $6.5 – almost a dollar below the Falling Wedge aim.

As ATOMUSD inches upward, their only legitimate price ceiling sits near the 50-day moving average. It is at $5.77.

Cosmos Fundamental

The latest round of buying momentum also appeared due to Cosmos’s longevity as decentralized finance (DeFi) project. The Ethereum competitor continues to offer projects its interoperable blockchain solutions – they facilitate the transfer of data between existing chains.

Data aggregator Messari writes in one of its reports:

“Cosmos-based chains have market capitalizations that have been historically lower than their Ethereum counterparts. Several of them though have started to see some lift in the markets, suggesting DeFi enthusiasm is beginning to bubble over into other networks. This current valuation disparity makes it worthwhile to explore the relative value of the Cosmos ecosystem to that of Ethereum.”

ATOM was sitting at oversold levels by the time its rebound kicked-in. Meanwhile, Cosmos’s long-term prospects allowed traders to push the underbought token higher.