xlm

Feb 22 2021

Price analysis 2/22: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

Every uptrend witnesses periodic bouts of profit-booking as short-term traders tend to unwind positions either on adverse news or at critical technical resistance levels. This occurred with Bitcoin (BTC) today as the price momentarily dropped below $48,000 and traders scrambled to close or top up positions before being liquidated.

Elon Musk’s tweet on Feb. 20 that said Bitcoin prices “seem high” and the U.S. Treasury Secretary Janet Yellen’s warning today on Bitcoin being “extremely inefficient” could have dampened short-term sentiment.

*Daily cryptocurrency market performance. Source:* *Coin360*

Another possible factor that may have exacerbated the fall could have been the unwinding of excessively leveraged long positions. About $1.64 billion worth of Bitcoin futures positions were liquidated during today’s sharp pullback.

However, derivatives data for Bitcoin futures do not show any negative development, as highlighted by Cointelegraph Markets analyst Marcel Pechman.

Let’s analyze the charts of the top-10 cryptocurrencies to spot the critical levels on the upside and the key support levels on the downside.

BTC/USD

Bitcoin broke above the resistance line of the ascending channel on Feb. 19, but could not pick up momentum. This showed that the current uptrend was tiring out. Traders aggressively booked profits today, which pulled the price down to the 20-day exponential moving average ($48,081).

However, the lower levels continue to attract buyers as seen from the long tail on the daily candlestick. If the price sustains above the midpoint of the channel, the bulls will again try to push the pair above the channel.

If they manage to do that, the BTC/USD pair could resume the uptrend. The next target on the upside is $60,974.43 and then $66,000. The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in control.

Contrary to this assumption, if the price sustains below the midpoint of the channel, the bears will again try to break the 20-day EMA support. If they manage to do that, the pair may drop to the 50-day simple moving average ($39,885).

ETH/USD

Ether (ETH) turned down from the resistance line of the ascending channel on Feb. 20, indicating that traders booked profits after the price reached the psychologically important level at $2,000.

The selling continued today and the ETH/USD pair dropped to the support line of the ascending channel. However, the positive sign is that the bulls purchased the dip as seen from the long tail on the day’s candlestick.

If the buyers can push and sustain the price above the 20-day EMA ($1,753), the positive momentum may remain intact.

On the contrary, if the price sustains below the 20-day EMA, the bears will try to sink the pair below the channel and the 50-day SMA ($1,465). If they succeed, the correction could deepen to $1,200 and then to $1,000.

BNB/USD

Binance Coin (BNB) has been witnessing volatile moves in the past few days. After the sharp rally on Feb. 19, traders aggressively booked profits on Feb. 20. The bulls tried to resume the uptrend on Feb. 21, but the higher levels have again attracted profit-booking.

The bulls are currently attempting to defend the zone between the 50% Fibonacci retracement level at $233.3485 and the 61.8% retracement level at $206.1262. If they succeed, the BNB/USD pair may continue the volatile range-bound action for a few more days.

On the contrary, if the bears sink the price below $206.1262, the decline could extend to the 20-day EMA ($168). This is an important support to keep an eye on because a break below it will suggest a trend change and a likely fall to $118.

DOT/USD

Polkadot (DOT) broke above the ascending channel on Feb. 19 and rose to a new all-time high at $42.2848 on Feb. 20. However, the long wick on the day’s candlestick showed profit-booking at higher levels.

After forming an inside day candlestick pattern on Feb. 21, the DOT/USD pair slumped back into the channel today. However, the bulls bought the dips and have pushed the price back above the channel.

The buyers will now try to push the price above $42.2848 and resume the uptrend. On the other hand, the bears will try to sink the pair back into the channel. If they succeed, the pair may drop to the 20-day EMA ($28.89).

ADA/USD

Cardano (ADA) surged above the $0.9817712 overhead resistance on Feb. 20 and reached $1.1980811. However, the long wick on the daily candlestick showed profit-booking at higher levels.

The selling intensified today and that pulled the ADA/USD pair down to the 20-day EMA ($0.834). However, the long tail on today’s candlestick shows aggressive buying at lower levels.

If the price sustains above $1, the bulls will try to resume the up-move. A breakout of $1.1980811 could open the doors for a rally to $1.25 and then $1.50.

Conversely, if the price slips below $0.9817712, the pair may again drop to the 20-day EMA. This is an important support to watch out for because if it cracks, the correction may deepen to $0.6879684.

XRP/USD

XRP continues to trade inside the $0.50 to $0.65 range. The altcoin bucked the trend today and rallied while most other major cryptocurrencies were witnessing sharp selling.

The price had rallied to $0.65155 today but the bulls could not sustain the higher levels. This shows the bears have not yet thrown in the towel.

However, the upsloping 20-day EMA ($0.50) and the RSI in the positive territory suggest the path of least resistance is to the upside. If the bulls can propel and sustain the price above $0.65, the rally may extend to $0.78608.

This positive view will invalidate if the price turns down from the current levels and breaks below the $0.50 support. If that happens, the XRP/USD pair may drop to $0.3855.

LTC/USD

The bulls could not sustain Litecoin (LTC) above the $240 overhead resistance from Feb. 17 to Feb. 21. This failure to resume the uptrend could have attracted profit-booking from short-term traders, which resulted in a sharp fall today.

The LTC/USD pair broke below the 20-day EMA ($198) and the $185.5821 support today, but the long tail on the day’s candlestick shows the bulls purchased this dip. The flattening 20-day EMA and the RSI just above the midpoint, suggest a balance between supply and demand.

If the price sustains above the 20-day EMA, the bulls will again try to resume the uptrend. On the contrary, if the price again slips below the 20-day EMA, the pair may drop to the 50-day SMA ($165). A break below this support could pull the pair down to $120.

LINK/USD

Chainlink (LINK) turned down from the resistance line of the ascending channel on Feb. 20 and formed a Doji candlestick pattern on Feb. 21. The uncertainty of the Doji candlestick was resolved to the downside today.

The LINK/USD pair plunged below the 20-day EMA ($30) and the support line of the channel today. However, the long tail on the candlestick shows aggressive buying by the bulls at lower levels.

If the bulls can sustain the price inside the channel, it will suggest that the uptrend remains intact. On the contrary, if the price again breaks below the channel, it will indicate a possible trend change.

The next critical support on the downside is the 50-day SMA ($23.82) and if this support also cracks, the decline may extend to $20.1111.

BCH/USD

The range-bound action in Bitcoin Cash (BCH) resolved to the downside today when the price dipped below the $670 support. This breakdown showed that the equilibrium had tilted in favor of the bears.

The BCH/USD pair broke below the 20-day EMA ($610) and fell to an intraday low at $533.33 today. However, the bulls aggressively purchased the dip below the $539 support, resulting in a sharp rebound.

If the price sustains above the 20-day EMA, the bulls will again try to push the price back into the $670 to $745.39 range. If they succeed, it will suggest that the current correction could be over.

On the contrary, if the price sustains below the 20-day EMA, the pair may again drop to $539 and then to the 50-day SMA ($510).

XLM/USD

Stellar Lumens (XLM) failed to resume its uptrend in the past few days, which showed a lack of demand at higher levels. This could have attracted profit-booking from short-term traders who may have dumped their positions today.

The XLM/USD pair broke below the 20-day EMA ($0.44) and the $0.409 support today, but the bulls purchased at lower levels. The flattish 20-day EMA and the RSI below 58 suggest the bullish momentum may be weakening.

If the bulls fail to sustain the price above the 20-day EMA, the bears will again try to sink the price below $0.409. If they manage to do that, the pair could slide to the $0.35 support.

On the other hand, if the price sustains above the 20-day EMA, the bulls will again try to resume the uptrend. A break above $0.535 will suggest an advantage to the bulls and may result in a retest of $0.600681.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 2/22: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

Source

Jan 20 2021

Price analysis 1/20: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB

When an asset is in an overbought condition and traders are sitting on large profits, even minor negative news and events could trigger profit-booking. This seems to have happened following Janet Yellen’s adverse comments on cryptocurrencies during a virtual hearing with the U.S. Senate Finance Committee.

In the same meeting, Yellen also told Congress to “act big” in order to support the U.S. economy. Another round of stimulus would probably further weaken the U.S. dollar and drive investors into assets that are considered as a store of value. This means Yellen’s comments may have inadvertently boosted the sentiment surrounding gold and Bitcoin (BTC).

As the fundamental factors supporting the current bull run are still intact, the institutional investors who had missed out on the rally at lower levels may use the current dip to build positions.

Glassnode data shows that large investors have been aggressively adding Bitcoin to their portfolios and the number of wallets holding over 1,000 Bitcoin has risen to a new all-time high. Since the start of 2021, 164 new wallets with over 1,000 Bitcoin have been created, indicating that whales are bullish despite the current BTC price correction.

Let’s study the charts of the top-10 cryptocurrencies to spot the critical support levels where buyers may start cherry-picking.

BTC/USD

Bitcoin has broken below the symmetrical triangle pattern but the bulls are currently attempting to defend the 20-day exponential moving average ($34,626). In an uptrend, traders buy the dip to the 20-day EMA as it offers a low-risk entry opportunity and a bounce off it reiterates the strength in the trend.

The 20-day EMA is flattening out and the relative strength index (RSI) has gradually dropped from the deeply overbought territory to the midpoint, which suggests a balance between supply and demand.

If the BTC/USD pair sustains below the 20-day EMA, it could drop to the 38.2% Fibonacci retracement level at $29,688.10. The bulls are likely to defend this support aggressively. If they succeed, this level may act as the support of the range while $40,000 could act as the resistance.

The positive view could be negated if the bears sink the price below the 50-day simple moving average ($27,596). Such a move could open the possibility of a fall to the 61.8% Fibonacci retracement level at $22,106.73.

ETH/USD

Ether (ETH) rallied to a new all-time high on Jan. 19, indicating that the bulls are in command. The upsloping moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.

Usually, after every breakout from a resistance, the price returns to retest the level. The same has happened in the ETH/USD pair where the bulls are trying to flip $1,300 into support. If they succeed, this level will act as a new floor.

The long tail on today’s candlestick suggests traders are buying on dips below $1,300. If they manage to close the price above $1,300, the pair may attempt to resume the uptrend. If the bulls push the price above $1,438.318, the pair could rally to $1,675.

Contrary to this assumption, if the pair sinks and sustains below $1,300, the next drop is likely to be the 20-day EMA ($1,129). A bounce off this support will suggest the sentiment remains bullish, but if the bears sink the pair below the 20-day EMA a short-term top may be in place.

DOT/USD

After the sharp rally of the past few days, Polkadot (DOT) has entered a minor correction. The altcoin had today dipped to the 38.2% Fibonacci retracement level at $14.7259, which is acting as a strong support.

The long tail on today’s candlestick shows that traders are not waiting for a deeper correction to buy as they anticipate higher levels in the future. If the bulls can push the price above $19.40, the uptrend could resume with the next target objective at $24 and then $30.

Contrary to this assumption, if the bears sink the price below $14.7259, the selling may intensify and the pair could drop to the 50% retracement level at $13.2821 and then to the 20-day EMA ($12.32).

If the pair rebounds off the 20-day EMA, it will suggest the uptrend remains intact but if this support cracks, the decline could extend to $11.8383. The deeper the correction, the longer it is likely to take for the uptrend to resume.

XRP/USD

XRP rose above the 20-day EMA ($0.297) on Jan. 19 but the bulls could not sustain the higher levels, indicating traders are offloading their positions on every minor attempt to rally.

The price action of the past few days has formed a descending triangle pattern. If the bears sink the price below the $0.25 support, the XRP/USD pair could drop to the critical support at $0.169. A break below this level could resume the downtrend with the next target objective at $0.10.

On the other hand, if the bulls defend the $0.25 support and push the price above the downtrend line, the pair may rise to $0.385 and stay range-bound between these two levels for a few more days. A new uptrend could begin on a breakout and close above $0.385.

ADA/USD

Cardano (ADA) has pulled back from the stiff overhead resistance at $0.40, which shows short-term traders may be booking profits. The shallow correction and the long tail on the day’s candlestick show the bulls are attempting to flip the previous resistance at $0.34 into support.

If they succeed, the bulls will make one more attempt to thrust the ADA/USD pair above the $0.40 resistance and resume the uptrend. If they manage to do that, the next stop could be the psychological resistance at $0.50.

The upsloping moving averages suggest the trend remains in favor of the bulls but the negative divergence on the RSI indicates the momentum may be weakening. If the price sustains below $0.34, a drop to the 20-day EMA ($0.30) is likely.

A strong rebound off this support will indicate the uptrend remains intact but a break below it will suggest the possibility of a deeper correction to $0.26.

LTC/USD

The bulls pushed Litecoin (LTC) above the 61.8% Fibonacci retracement level at $157.6904 on Jan. 19 but could not sustain the higher levels due to the bear onslaught, as seen from the long wick on the day’s candlestick.

If the bears can sustain the price below the 20-day EMA ($145), the LTC/USD pair could drop to $130 and then to $120. This is an important support to watch out for because a break below it could signal the bears are back in the game.

The flat 20-day EMA and the RSI close to the midpoint suggests a balance between supply and demand. This could keep the pair range-bound between $130 and $160. On the upside, a breakout and close above $160 may resume the uptrend.

BCH/USD

Bitcoin Cash (BCH) broke above the $539 resistance on Jan. 19, but the long wick on the day’s candlestick suggests the bears had other plans as they sold aggressively, trapping the bulls who may have purchased the breakout.

The BCH/USD pair dipped to the uptrend line but the long tail on today’s candlestick suggests the bulls aggressively defended this support. If the bulls can push the price above $539, a rally to $630 is possible.

On the contrary, if the pair breaks below the uptrend line, it will suggest the bears have overpowered the bulls. This will signal a possible trend change and the pair could then drop to the next critical support at $370.

LINK/USD

Chainlink (LINK) is currently correcting the sharp up-move of the past few days. Aggressive profit-booking by traders had pulled the price below $20.1111, but the long tail on today’s candlestick suggests strong buying at lower levels.

Both upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand. If the LINK/USD pair rebounds off the current levels, the bulls will try to push the price above $23.767 and resume the uptrend. The next level to watch on the upside is $27 and then $30.

Contrary to this assumption, if the bears sustain the price below $20.1111, the pair may drop to $17.7777, which is just above the 20-day EMA ($17.58). If the pair rebounds off this level and rises above $20.1111, the bulls will try to resume the uptrend.

This positive view will invalidate if the selling breaks the 20-day EMA support. Such a move will indicate the bulls are not buying the dips anymore, signaling a change in sentiment.

XLM/USD

Stellar Lumens (XLM) continues to trade inside the $0.26 to $0.325 range. The bulls tried to push the price above the range on Jan. 19 but failed, which shows the bears are active at higher levels.

The sellers will now try to sink the XLM/USD pair below the support of the range, but they are likely to encounter strong buying from the bulls. The upsloping moving averages and the RSI in the positive zone suggest the bulls are unlikely to give up easily.

A strong rebound off the 20-day EMA ($0.263) could extend the consolidation by a few more days. Contrary to this assumption, if the bears sink the price below the $0.26 support, the selling could intensify and that may pull the pair down to the 50-day SMA ($0.201).

BNB/USD

Binance Coin (BNB) tried to resume the uptrend on Jan. 18 and 19 but the bulls could not sustain the higher levels. Aggressive profit-booking on Jan. 19 started a correction that has reached the 20-day EMA ($40.99).

If the bears can sink and sustain the price below the 20-day EMA, the BNB/USD pair may drop to the support line of the ascending broadening wedge pattern. The bulls will attempt to defend this support and if they succeed, the pair may extend its stay inside the pattern.

Conversely, if the bears sink the price below the support line, it will complete the bearish setup, which has a target objective at $26.7273. But the pair is unlikely to plunge to the target level in a hurry because the bulls could offer strong support at $35.69.

Market data is provided by HitBTC exchange.

Price analysis 1/20: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB

Source

Dec 28 2020

Price analysis 12/28: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, XLM

Several central banks have resorted to unprecedented monetary expansion and aggressive rate cuts to support their respective economies badgered by the coronavirus pandemic. Record liquidity has resulted in sharp rallies in the S&P 500, gold, and Bitcoin (BTC), which suggests that investors are plowing money into assets of their choice.

While gold is way below its all-time high set in August, both the S&P 500 and Bitcoin are near their all-time high.

The last five trading days of the year and the first two of the next year have historically been bullish for the S&P 500, dubbed as the “Santa Rally.” It will be interesting to see whether Bitcoin continues its Santa rally into 2021 with the arrival of institutional investors.

Another interesting thing to note is that Bitcoin has rallied from a low at $10,377.10 in October to a high at $28,419.94 in December, a 173.87% rally in three months. Although the sentiment is bullish and the institutional inflows are accelerating, every bull market witnesses strong corrections and Bitcoin is unlikely to be an exception.

Traders should protect their paper profits and not get carried away with greed because corrections after vertical rallies can be ruthless. Let’s study the charts of the top-10 cryptocurrencies to determine the overhead levels that may act as a strong resistance that can trigger a correction.

BTC/USD

Bitcoin formed a Doji candlestick pattern on Dec. 27 with a long wick, which suggests profit booking above the $27,000 level. The bulls are again struggling to sustain the price above $27,000 today.

If the bears sink the price below $25,819.69, the BTC/USD pair could drop to the immediate support at $24,302.50 and then to the 20-day exponential moving average at $22,951.

A strong bounce off this support will suggest that the uptrend remains intact and the bulls are buying on dips. If that happens, the bulls will attempt to resume the uptrend.

However, if the bears sink the price below the 20-day EMA, it will suggest the formation of a short-term top. The correction could then deepen to the 50-day simple moving average at $19,577.

Contrary to this assumption, if the bulls push and sustain the price above $28,419.94, the pair could rally to $30,000, which is likely to act as a stiff resistance.

ETH/USD

Ether (ETH) rebounded off the 50-day SMA ($566) on Dec. 23, which suggests that the bulls are accumulating on dips. The buyers again pushed the price back above $622.807 on Dec. 25, indicating that the correction could be over.

The ETH/USD pair picked up momentum on Dec. 27 and cleared the $676.325 overhead resistance. This suggests that the uptrend has resumed. The next target objective on the upside is $800.

The upsloping moving averages and the relative strength index (RSI) close to the overbought territory suggest that bulls are in command. This positive view will invalidate if the pair turns down and plummets below the $622.807 support.

XRP/USD

XRP is in a downtrend. The altcoin broke below the critical support at $0.435 on Dec. 23 and this intensified the selling, resulting in a sharp fall to $0.2132.

The downsloping 20-day EMA ($0.426) and the RSI in the negative territory suggest that bears have the upper hand.

When the sentiment is bearish, minor rallies are sold into and that is what happened on Dec. 25. The XRP/USD pair turned down from $0.384998, just above the 38.2% Fibonacci retracement level of the most recent leg of the decline.

However, the bulls are currently trying to keep the pair above the $0.25 support. If they succeed, the pair may remain range-bound between $0.25 and $0.38 for a few more days. The first sign of strength will be a break above the 20-day EMA.

LTC/USD

Litecoin (LTC) broke above a flag pattern and the overhead resistance at $124.1278 on Dec. 25, which indicated the resumption of the uptrend. The breakout of this setup has a target objective of $160.

However, the bears are not willing to throw in the towel as they are currently attempting to stall the up-move at the $140 overhead resistance. If they can sink and sustain the price below 124.1278, a drop to the 20-day EMA ($107) may be on the cards.

On the other hand, if the bulls can defend the $124.1278 level, it will suggest that this level has flipped to support. That could enhance the prospects of a break above the $140 to $145 overhead resistance zone.

The rising moving averages and the RSI near the overbought territory suggest that the path of least resistance is to the upside.

BCH/USD

The bulls are currently trying to propel Bitcoin Cash (BCH) above the $370 overhead resistance. If they succeed, it will be a huge positive because during the previous two attempts, the price had quickly reversed direction from this level.

The upsloping moving averages and the RSI above 64 suggest that bulls are in command. If they can drive the price above $$370 and sustain the breakout, the BCH/USD pair could rise to $409 and then to $430.

On the contrary, if the bears again defend the $370 resistance and the price turns down sharply, it could keep the pair range-bound between $370 and $255 for a few more days.

DOT/USD

Polkadot (DOT) had been trading in a range between $3.53 and $5.60 for the past few weeks. The bulls have pushed the price above the $5.60 to $6.0857 overhead resistance zone today.

If the bulls can sustain the price above $6.0857, it will suggest the start of a new uptrend that could retest $6.8619 and then rally to $7.67. The gradually upsloping moving averages and the RSI above 68 suggest bulls have the upper hand.

The bears are likely to defend the $6.8619 level aggressively but if the bulls do not allow the price to dip below $6, it will suggest that the uptrend remains intact. This bullish view will be invalidated if the DOT/USD pair re-enters $5.60.

ADA/USD

Cardano (ADA) rebounded off the $0.13 support on Dec. 24 and the bulls have been sustaining the price above the 20-day EMA ($0.154) since then. This is a positive sign as it prepares a launchpad to thrust the price above the $0.175 to $0.1826315 overhead resistance zone.

The RSI has risen into positive territory and the 20-day EMA has started to turn up gradually. This suggests that bulls are attempting to gain the upper hand.

If the bulls can push the price above the overhead resistance zone, the ADA/USD pair could resume the uptrend and rally to $0.22 and then to $0.235.

Contrary to this assumption, if the pair again turns down from $0.175, it could extend its stay inside the range for a few more days.

BNB/USD

The bulls are currently attempting to propel Binance Coin (BNB) above the $35.69 overhead resistance. If they succeed, the altcoin could resume the uptrend and rally to the all-time high at $39.5941.

The bears are likely to mount a stiff resistance at the all-time high but the upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand.

If the bulls can push the price above $39.5941, the BNB/USD pair could pick up momentum and start its journey towards $50.

This bullish view will be invalidated if the price turns down from the current levels and plummets below the 50-day SMA ($30). Such a move will suggest profit-booking at higher levels.

LINK/USD

Chainlink (LINK) plummeted to $8.05 on Dec. 23 but rebounded strongly from the lower levels as seen from the long tail on the day’s candlestick. The bulls again bought the dips on Dec. 24, indicating strong demand at lower levels.

The failure of the bears to sustain the LINK/USD pair below $11.29 attracted buying from the bulls who pushed the price to $13.2448 on Dec. 27. However, the bears are in no mood to relent as they sold close to $13.28 as seen from the long wick on the candlestick.

Both moving averages have flattened out and the RSI is just below the midpoint, which suggests a balance between supply and demand.

The bulls may gain an upper hand if they push and sustain the price above the downtrend line. Conversely, a break below $10 will suggest advantage to the bears.

XLM/USD

The bulls are currently attempting to sustain Stellar Lumens (XLM) above the $0.14 support. However, any rise from the current levels could face selling at the downsloping 20-day EMA ($0.159) and then at $0.17.

If the price turns down from the overhead resistance, it increases the likelihood of a break below $0.14. The next support on the downside is at $0.11 and then $0.08.

Conversely, if the bulls can push the price above $0.17, the XLM/USD pair may move up to the downtrend line. The sentiment is likely to remain negative as long as the price remains inside the descending triangle pattern.

A break above the downtrend line of the triangle will invalidate the bearish setup and that could result in a rally to $0.231655.

Market data is provided by HitBTC exchange.

Price analysis 12/28: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, XLM

Source

Dec 05 2020

Stellar Wants to Transform the Agric Sector Using Real-live Farming Models

Blockchain technology is gradually taking top priority in several industries, including agriculture. There are now hundreds of startups setting up a proof of concept project. Task, a mobile-first software services provider, recently launched software that uses blockchain to remit payments across borders.

Although it was a trial project, it shows that the Stellar blockchain has the capability of driving sustainability in real-life farming models.

Stellar is an open-source decentralized technology that is utilized to connect banks, payment systems, and people. The platform was designed to facilitate secure, low-cost, and fast cross-border transactions.

Driving sustainability in the Agric sector

It was founded by Joyce Kim and former Ripple co-founder Jed McCaleb in 2014, and supported by the non-profit Stellar Development Foundation.

On the other hand, Task enables users to create initiatives on the platform and set credits like stablecoins on the project’s wallet. After the initiative, the program manager will now establish the activities that will track.

The tracking includes requiring certain documents or images to show that a particular task has been complete. After the remote ream finishes the assigned task and submits the proof of concept, the tTask portal immediately credits their wallets.

To carry out the trial project, a U.K.-based program manager who has farming communities in Thailand was invited by Task. The trial project was developed on the Stellar blockchain, which allows remittance of the funds at a significantly improved speed of fewer than 5 seconds and very low fees of $0.00002.

While speaking about the choice of the company on Stellar, Task founder and chief executive officer Steve Walker stated that one of the reasons for choosing the Stellar technology was the platform’s focus on low-cost cross-border payments. Generally, Stellar is set up to make fiat money more accessible and useful.

Transformation of the Agric sector using Stellar

And with Task payments done via stablecoins, it can suppress the volatile nature of crypto coins. As it stands, the Task platform offers support for BRLT stablecoins, Circle Internet Financial’s USDC token, as well as AnchorUSD’s USDX token.

During the trial project, Task enabled the administrator to set up an initiative to incentivize Biochar production. The company offered support for local dialects, which enable less-tech savvy farmers to have smooth interaction with the platform.

After producing the Biochar, the farmer can easily upload the document and images as evidence on the Task platform. After the platform has received the evidence, payment is released by the administrator. The system is a simple one that intends to carry all farmers along.

Stellar Wants to Transform the Agric Sector Using Real-live Farming Models

Source

Oct 25 2020

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM

Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an ‘alternative’ currency.”

According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over gold in the long-term.

This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a U-turn on their previous apprehensions.

*Crypto market data daily view. Source: Coin360*

Galaxy Digital CEO Mike Novogratz said that PayPal’s decision on crypto could force other big banks to consider ways to engage with digital assets. “We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country,” Novogratz added in an interview with CNBC.

On similar lines, in a recent interview with Peter McCormack, Gemini crypto exchange founders Tyler and Cameron Winklevoss reiterated their bullish Bitcoin stance, explaining that they expect BTC to eventually reach $500,000.

The twins believe that if big Fortune 100 or 500 companies and central banks start buying Bitcoin for their treasury reserves, Bitcoin’s price could soar.

At the moment investors are wondering if Bitcoin can build upon the current bullish momentum and continue its journey northward.

Let’s study the charts of the top-5 cryptocurrencies to find out if Bitcoin and altcoins will move higher.

BTC/USD

Bitcoin (BTC) is in an uptrend and the price has been sustaining above the breakout level of $12,460 for the past few days. The rising 20-day exponential moving average ($11,938) and the relative strength index in the overbought zone suggest that bulls are in command.

The bulls had pushed the price above $13,214 today but they could not sustain the higher levels. This suggests that the bears have not yet thrown in the towel and are defending the $13,200 level.

However, as the trend is up, the bulls are likely to buy on dips to the breakout level of $12,460. Even if this support cracks, the bulls may again step in and buy at the 20-day EMA.

If the BTC/USD pair rebounds off either level, the bulls will once again try to push and sustain the price above $13,214. If they succeed, a rally to $14,000 could be on the cards.

This positive view will be negated if the bears sink the price below the 20-day EMA. Such a move will suggest that the current breakout was a bear trap.

*BTC/USD 4-hour chart. Source:* *TradingView*

The bears thwarted an attempt by the bulls to extend the uptrend today when they did not allow the bulls to sustain the price above $13,214. The sellers dragged the price down to the

immediate support at the 20-EMA on the 4-hour chart.

The bulls are currently attempting to keep the price above the 20-EMA but the bearish divergence on the RSI suggests that the momentum may be weakening.

A break below the 20-day EMA could result in a retest of $12,460, while a strong rebound off the current levels could resume the uptrend.

ETH/USD

Ether (ETH) broke above the $308–$396 range on Oct. 22, which suggests that the bulls have overpowered the bears. Although bears have stalled the up-move at $420, they have not been able to pull the price back below $396.

This suggests that the bulls are buying on dips to $400. The upsloping 20-day EMA ($383) and the RSI above 59 also indicate that bulls have the upper hand.

If the bulls can push the price above $421, the ETH/USD pair could start a rally that may challenge the Sep. 1 highs at $488.134.

This bullish view will be invalidated if the bears sink the pair back below $396 and the 20-day EMA at $383. Such a move could keep the pair range-bound for a few more days.

*ETH/USD 4-hour chart. Source:* *TradingView*

The pair has formed a flag pattern following the breakout above $400. The long tail on the retest of the breakout level suggests that bulls are accumulating at lower levels. A breakout above the flag will signal the possible start of a new uptrend.

Contrary to this assumption, if the bears sink the price below the flag, a drop to the $396–$400 zone is likely. If the pair once again rebounds off this support, the bulls will try to resume the uptrend. Conversely, the trend will favor the bears if the $388 support cracks.

XRP/USD

Although XRP has not yet started an uptrend, it has formed a possible inverse head and shoulders pattern that will complete when the price breaks out and closes above the overhead resistance at $0.26.

If that happens, the XRP/USD pair could pick up momentum and rally to $0.30. A sequence of higher highs and higher lows since the Sep. 23 lows indicate a minor advantage to the bulls.

If the pair rebounds off the 20-day EMA ($0.249) or the uptrend line, the bulls will try to drive the price above $0.26.

This positive view will be negated if the bears sink the price below the uptrend line. Such a move could result in a drop to $0.228409.

*XRP/USD 4-hour chart. Source:* *TradingView*

The failure of the pair to sustain above $0.26 could have resulted in the liquidation of long positions that pulled the price below the 20-EMA on the 4-hour chart.

Currently, the flattish 20-EMA and the RSI near the midpoint suggests a balance between supply and demand.

A breakout of $0.2635 could tilt the advantage in favor of the bulls while a break below the uptrend line may signal an upper hand to the bears.

LTC/USD

Litecoin (LTC) completed an inverse head and shoulders pattern when it broke out and closed above the overhead resistance at $51.50 on Oct. 21. This setup has a target objective of $61.50 and if this level is crossed, the up-move may extend to $64.

The rising 20-day EMA ($51.30) and the RSI near the overbought zone suggest that bulls have the upper hand.

Usually, after the breakout of a reversal pattern, the price dips to retest the breakout level. In this case, such a move could drag the price down to $51.50. If the price rebounds off this level, it suggests that the breakout is valid.

However, if the bears sink the LTC/USD pair below the 20-day EMA, it will suggest a lack of demand at higher levels. Therefore, it is a good strategy to wait for a rebound from a strong support before buying rather than enter on the way down.

*LTC/USD 4-hour chart. Source:* *TradingView*

The 20-EMA on the 4-hour chart is sloping up and the bulls have been buying the dip to this support in the past few days. This suggests that the sentiment is positive and the bulls view dips as a buying opportunity.

The RSI has been trading near the overbought zone, which also suggests that bulls are in control. A break below the 20-EMA will be the first sign that the momentum may be weakening. Such a move could result in a drop to $53 and then to $51.50.

XLM/USD

Stellar Lumens (XLM) has repeatedly risen above the overhead resistance at $0.084584 in the past few days but the bulls have not been able to capitalize on the move and start a new uptrend. This suggests that the bears are defending this resistance.

However, the upsloping 20-day EMA ($0.080) and the RSI in the positive territory suggests that bulls have the upper hand.

If the bulls can propel the price above the $0.084584–$0.087753 resistance, the XLM/USD pair will complete a rounding bottom pattern. This reversal setup has a target objective of $0.102327.

Contrary to this assumption, if the pair turns down from the current levels and breaks below the 20-day EMA, it will suggest that the bulls have squandered their advantage.

*XLM/USD 4-hour chart. Source:* *TradingView*

The pair broke below the support line of the triangle but the bears have not been able to capitalize on this move. The bulls are currently attempting to push the price back inside the triangle.

If they succeed, the pair could rally to the resistance line of the triangle. A breakout and close above the triangle might begin a new uptrend.

Contrary to this assumption, if the bears sustain the price below the support line of the triangle, the sentiment could weaken and the pair may drop to $0.079 and lower.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM

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