TronWeekly

Crypto World News

You are here: Home / Archives for News / Altcoin News

Altcoin News

Dogecoin [DOGE] slides down the crypto ladder all the way to the 9th rank

by

Both the bears and the bulls were residing in the crypto market. Dogecoin [DOGE] and Polakdot [DOT] were harboring the bears while all the other coins had the bulls grazing in their market.

After yesterday’s bearish wave, most of the coins were running towards the bull. Bitcoin [BTC] was trying to get back into its form by aiming for $50K. At press time, BTC was trading for $48,613. Additionally, the coin’s market cap witnessed a surge and finally moved beyond $910 billion. Solana [SOL] was back in the game as the asset was rising by a whopping 17.44% which further pushed the price of the coin to $163.

Dogecoin [DOGE] had a confusing year. With major fluctuations in its price, DOGE was left gasping for air. While most of the assets were surging, DOGE noted a 5.57% daily drop. The altcoin was trading for $0.24, during the time of writing. The asset barely made gains throughout the week.

Crypto rankings were significantly impacted. An array of new coins joined the top ten and prominent currencies lost their spot on this list. With assets like Solana [SOL] making a debut in the top ten, Dogecoin plummeted with regard to ranking. The altcoin was ranked at the 9th position with a market cap of $31.9 billion.

Dogecoin [DOGE] one-hour price chart on Binance

Dogecoin

The one-hour price chart of DOGE on the crypto exchange Binance noted the emergence of the bear. The Chaikin Money Flow [CMF] indicator remained over the zero median in the bullish area. However, the CMF marker was quite close to the bearish zone. The Klinger Oscillator indicator was still in a bullish crossover, but a bearish crossover wasn’t far away. Both the lines were extremely close to each other. This could mean that the bears could soon take DOGE down.

The Relative Strength Index [RSI] indicator noted no major buying or selling activity. The RSI marker stayed still at the 50 median.

Bybit decides to shut shop in South Korea

by

Similar to every other regulator across the globe, South Korean regulators decided to mandate the need for a license. Bybit, a prominent crypto exchange decided to steer away from the region just while the final date to apply for a license was looming.

The cryptocurrency industry witnessed massive growth over the last couple of years. The drastic change from its nascent to its current stage had left the whole world in awe. Financial regulators, however, feared that cryptocurrencies could hamper the existing dynamics of the monetary world. This further pushed regulators into heavily scrutinizing the crypto market and exchanges seemed to be highly impacted by this.

The regulatory environment in South Korea has been hazardous for the last couple of days. With new regulations in place, over 60 crypto platforms were urged to alert their customers of either a full or partial suspension on trading. Exchanges operating in South Korea were obligated to register with the Financial Intelligence Unit by 24 September.

With this deadline just days away, Bybit decided to discontinue a few of its services in the region. These services were deemed important for the exchange to survive in the country.

Bybit to halt two major services in South Korea

In a recent announcement, Bybit stated that it would discontinue two services including its support for the Korean language on all its platforms and the official Korean community on social media. Both these features would be shown suspended from 20 September 2021.

Almost every exchange believes that regulations are needed in the crypto-verse. Bybit went on to address the same and asserted the reason behind its latest decision. The exchange stated,

“Bybit believes that regulations are necessary for the democratization of cryptocurrency. Bybit accepts its responsibility as an exchange and an industry leader in actively cooperating with regulations implemented by various jurisdictions to promote financial inclusion and develop the overall crypto industry.”

Additionally, the exchange noted that all other services would function as usual. However, Bybit also affirmed that it supported no Korean won markets as the exchange had no trading pairs that entailed the Korean won.

With Korea’s big crypto takedown underway, only a few exchanges like Upbit, Coinone, Bithumb, and Korbit have reportedly been allowed to function as they have fully complied with the local regulations.

Cardano [ADA] sees red as market braces for bear impact

by

The past couple of weeks have been tumultuous, to say the least for the cryptocurrency market. With Bitcoin stuck in a constant battle to break the $50k mark, the action has been more centered around altcoins. After entering the podium positions, Cardano [ADA] entered the lock-in phase with the bear.

Being the third-largest cryptocurrency comes with its own perks as new users kept up their momentum in entering the market. At press time, Cardano was going through a 4.6 percent and 6.1 percent dip in the hourly and daily timeframes respectively. The bear trap caused ADA’s price to drop to $2.36 while the daily trading volume clocked in at $2.92 billion.

Cardano was the only cryptocurrency in the top 5 that took a significant hit in its overall weekly gains. Technical indicators showed that the cryptocurrency had the potential to maintain its ranking. Cardano was still $7 billion stronger than its nearest competitor, XRP.

Cardano 1 hour:

ada 1 hr 1

The IOHK founded cryptocurrency held immediate support of $2.4 with users hoping for another surge to recover earlier price points.

RSI: Cardano’s short-term RSI fell towards the oversold zone on Friday. As the week comes to a close, more and more users were selling their ADA tokens.

CMF: The CMF also sided with the bear with the graph crashing below the zero line. This was a sign of massive amounts of capital leaving the Cardano market.

Parabolic SAR: All the markers since the 15th have stayed above the candles as selling momentum increased.

Cardano 1 day:

ada 1 day

Long term support remained at $1.05, a marker formed back in May. One thing to be noted was that Cardano was one of the few cryptocurrencies that sustained its bull run longer than other alts.

Even in the long run, the indicators remained bearish as consecutive red candles took hold.

CMF: The graph mimicked the hourly pattern as capital outflow overtook the amount coming in. The dip was in stark contrast to the highs it had hit in the middle of August.

PSAR: As the price stagnated, the markers switched positions from the top of the candles. Only an increased buying pressure would boost the Parabolic SAR to the top.

Relative Strength Index: The RSI here leaned towards the oversold zone as the long-term HODLers were shaken by the price crash.

Solana [SOL] continues to endure massive loss; Bears’ permanence could push the asset below $140

by

The crypto-verse is so full of twists and turns. Today, it was the bears’ turn to shine and Solana [SOL] was the victim of this bear take over. With the whole market tainted in red, several cryptocurrencies were seen enduring mild losses.

Bitcoin [BTC] was still stuck below $50K as its efforts to move beyond were constantly haggard by the bear. Ethereum [ETH], Cardano [ADA], and Binance Coin [BNB] were seen encountering the same fate. All these assets were experiencing a daily loss of 4-5%. Despite this, the market cap of these assets did not see any major changes. However, the overall market cap of the crypto-verse remained at a high of $2.12 trillion.

Solana [SOL] had finally bid adieu to its hot streak. The asset garnered immense gains and moved up the price as well as the market cap ladder. Just as the altcoin was making its way onto the moon, the bears decided to barge in. SOL witnessed a massive drop and was seen trading at $139, at the time of writing. The altcoin endured a daily drop of nearly 11%.

Recently, Solana [SOL] had overpowered XRP and took over its position as the sixth-largest cryptocurrency. This was, however, overturned as SOL’s market cap was stuck at $41 billion, while XRP’s raced towards $49 billion.

Solana [SOL] one-hour price chart on Binance

Solana

The bears were getting well settled in the short-term price chart of SOL. The Parabolic SAR indicator formed dotted lines above the candlesticks and announced the presence of the bear. The dotted lines were mounted over the candlesticks since yesterday and the trend had persisted. The MACD line remained below the signal line forming a bearish crossover. This could imply that SOL could slip below $140.

The Relative Strength Index [RSI] indicator dropped down the oversold zone. The RSI marker plummeted below the 50 median and was particularly at 30 median.

PayPal finally opens its crypto doors to all UK customers

by

Prominent payments firm, PayPal entered the crypto-verse and changed the market forever. The emergence of the crypto industry was identified by this major platform and it made a timely move with its entrance into the market. With an intention of further sprucing up its crypto game, it decided to expand its digital asset services all across the globe.

Back in August, PayPal had announced its interest in venturing into the UK. While the payments firm already has a well-established base all around the world, it was just starting to incorporate crypto into its system. Today, the firm finally revealed that it had opened the doors to its crypto services to all eligible customers of the UK.

With this announcement, the payments giant noted that UK customers would be able to buy, sell as well as hold an array of cryptocurrencies. This service was originally expected to go live back in the last week of August itself.

PayPal takes its crypto business to the UK

UK users would be able to choose from a wide range of crypto assets that include, Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH]. While the platform currently offers only four crypto assets, the community was seen urging it to add a few more prominent ones like XRP.

In its initial announcement PayPal’s Vice President and General Manager, Blockchain, Crypto and Digital Currencies, Fernandez da Ponte, stated that the firm intends to closely work with regulators in the UK. He also added that the payments giant wanted to “meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

The payments facilitator took to Twitter to announce the commencement of this service. The tweet,

“We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.”

Taking its crypto business into the UK would be considered PayPal’s first international expansion after the United States. The fervor around crypto could certainly surge in the UK as a fully established brand like PayPal had entered the game.

Polygon [MATIC] ready for a big move to the upside, but critical resistances may block rally

by

Polygon [MATIC] has emerged as quite the performer in the crypto market lately. In fact, MATIC was one of the few assets that managed to reverse its losses from the weekend sell-off. Over the past seven days, the crypto was up by more than 5%.

After piercing through a crucial resistance level, MATIC appeared to have entered a period of consolidation. Despite an uptick in volatility, the technicals depict that troubles aren’t over yet.

Over the past day, Polygon [MATIC] rose by 7.50% which pushed its price to $1.45. The crypto asset registered a market cap of $9.73 billion and a 24-hour trading volume of $1.44 billion, at the time of writing.

Polygon [MATIC] Daily Price Chart:

MATIC1

After intense profit-taking on the 7th and 8th of September, the MATIC price candles dodged the attempts of the upsloping 50 DMA [Pink] to surge past. On the other hand, the gauge between the 100 DMA [Blue] and the 200 DMA [Yellow] appeared to be on a decline which could pose a threat to the mild uptrend initiated by the bulls.

The volume was low, hence the upward move could be hampered by the multiple resistances that stand in the way of the bullish target.

MATIC 1

Despite the rise, the dotted markers of the Parabolic SAR were aligned above the candlestick arrangement resisting and current positive price movement. The MACD, however, geared up for a potential bullish crossover in the near term depicting a rise in demand for MATIC. A similar sentiment was demonstrated by the Relative Strength Index [RSI] which moved over the 50-median line after a week indicating a shift in dominance from the sellers to the buyers.

To reclaim the previous highs, Polygon needs to breach the immediate resistance of $1.52 following which the level of $1.74 will come into play. The support level, on the other hand, stood untested at $1.23, and $1.01 respectively.

Ethereum [ETH] once again lost on its way to $4K

by

Despite being painted in green, several crypto assets barely bagged any gains. Ethereum [ETH] was the only coin that was seen making a comparatively higher rate of profit. The bulls were certainly in the crypto market, but it seemed like they were packing up to leave.

Nevertheless, Bitcoin [BTC] on one hand, stood untethered at $47K. Even though the king coin expanded by 0.68% over the last 24-hours, $48K was still at a distance. XRP and Cardano [ADA] were trying to surge but they could achieve dainty gains up to 1.39% and 2.23% respectively.

Ethereum [ETH] on the other hand was under the crypto limelight. ETH. during the time of writing was trading for $3,617 with a price rise of 5.59% over the last 24-hours. The altcoin has been yearning to hit $4K for a while now. However, the bears continued to dement the asset’s efforts. If bulls decide to retain in the ETH market, the chances of $4K could be underway.

With regards to market cap, Ethereum remains untouched. The altcoin has been standing still as the second-largest cryptocurrency for the longest time now. At press time, ETH’s market cap was at $426 billion. The market cap of the third-largest asset [Cardano] was at $79 billion. This disparity was proof enough that ETH could continue taking over its current ranking for quite some time.

Ethereum [ETH] one-hour price chart on Binance

Ethereum

The short-term price chart of ETH on Binance noted a tiff between the bull and the bear. The Parabolic SAR indicator formed a line below the candlesticks to protect ETH from enduring any sudden downfalls. This affirmed that the bulls were in the ETH market. However, the Awesome Oscillator indicator announced the presence of the bear by rolling out red closing bars.

Furthermore, the Relative Strength Index [RSI] marker was seen traversing onto the overbought zone. But currently, it was situated over 50 median in the buyers’ arena.

After Bitcoin, movie theater chain AMC to add ETH, LTC, and BCH

by

Bitcoin [BTC] and other cryptocurrencies have been gaining the attention of the globe. The demand for these assets grew at a significant rate which further urged major platforms to accommodate crypto assets. Prominent financial firms, educational institutions, even governments have started to incorporate crypto into its system. With celebrities accepting payments in crypto, it was about time that crypto went to the cinema.

Back in August, the world’s largest movie theater chain, AMC Entertainment went on to reveal that it would soon start accepting Bitcoin [BTC] for payments. Now, further elevating its presence in the crypto-verse the American cinema operator announced the integration of a few other prominent assets like Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH].

Payments in crypto have become quite popular these days. With digitalization taking over the world, almost every platform has been incorporating crypto particularly BTC as a method of payment.

Bitcoin Cash, Ethereum and Litecoin joins AMC

In a recent tweet, the CEO and Chairman of AMC, Adam Aron noted that along with Bitcoin, customers would be able to use other currencies for payments by the end of the year. The tweet read,

“Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin, and Bitcoin Cash.”

Previously, in August 2021 the CEO, during a conference call put forth his interest in crypto. During the call, Aron noted that the American cinema operator was formulating an infrastructure specifically to accommodate BTC.

The entire world was disrupted by the emergence of the COVID-19 pandemic. While things have slowly started to fall into place, cinemas have started to fill up. The inclusion of crypto into the system could pose beneficial for AMC as well as the crypto industry. Additionally, the world’s largest cinema chain had also hinted that it would soon expand across the United States, Middle East, and Europe as well.

Apart from AMC, the largest cinema chain in Thailand had also added BTC as its payment method.

Chainlink [LINK] enters a pact with the bull following a 13% daily surge

by

The crypto-verse was greener than usual today and Chainlink [LINK] was painted the brightest of them all. Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], Binance Coin [BNB], and a few other top coins like these were seen riding the bullish wave. LINK, however, stole the show with its extensive daily surge.

Coins that were usually bagging a lot of gains were seen taking the sidelines today. Solana [SOL] and Polkadot [DOT] were still being guarded by the bear. After a long time, SOL was seen in red. This abrupt plunge was linked to the recently endured Denial-of-Service attack.

While these assets were taking it slow, Chainlink [LINK] decided to take the high road with the bull. At the time of writing, LINK was trading for $30.90 with a whopping 13.61% surge in the last 24-hours. LINK was considered one of the most promising coins. However, new coins and old coins spruced up their game and overshadowed LINK.

In terms of market cap and ranking, Chainlink witnessed a massive fall. After residing over in the top ten for the longest time, LINK had a steep drop to the 13th rank. Currently, LINK sits as the thirteenth largest cryptocurrency with a market cap of $14 billion, just below Terra [LUNA].

Chainlink [LINK] one-hour price chart on Coinbase

LINKUSD 2021 09 15 18 22 31

The short-term or one-hour price chart of LINK had a major presence of the bull. The Awesome Oscillator indicator laid out green closing bars after a series of red bars and announced the arrival of the bull into the LINK market. The MACD line and the signal line were inseparable. However, the MACD line remained over the signal line, indicating a bullish crossover.

The Relative Strength Index [RSI] indicator suggested that LINK was being immensely bought. The RSI marker remained over the 50 median even close to the oversold zone.

No staggering gains for Cardano [ADA], token cools off below $2.4

by

After market-wide correction last week, Cardano [ADA] sliced through a key support area. Since then the sellers have overhauled price action. The last couple of days have been interesting for the entire ecosystem. The successful hard fork of the highly anticipated Alonzo, often heralded as a critical change that would enable the Cardano network to contest with Ethereum, however, failed to translate into profits. FUDs and criticism made their way shortly thereafter.

The volatility in the market appeared to have picked up even as the crypto-asset was stuck in consolidation. Troubling signs emerged for the Cardano market and some analysts are worried that the correction could deepen.

Cardano [ADA] slipped by 1.73% over the past 24-hours and was trading at $2.38. At the time of writing, the crypto-asset registered a market cap of $76.64 billion and a 24-hour trading volume of $3.55 billion.

Cardano [ADA] Daily Price Chart:

ADA1 4

The daily trading volume has been moderate and has significantly backed the uptrend. After the September 7 sell-off, the ADA price candles successfully bounced back from the 50 DMA [Pink] while the 100 [Blue] and 200 [Yellow] DMAs hovered lower. The upsloping 50 DMA appeared to be relentless and the candlesticks need to stay ahead of it in order to avoid setbacks. As depicted by the long wicks of September 11 and 12, every higher level faced serious profit-booking sessions as downside pressure intensified.

ADA2 1

The red closing bars of Awesome Oscillator [AO] depicted that bearish momentum has engulfed the ADA market. The Klinger Oscillator [KO] also aligned with the bears while the daily Relative Strength Index [RSI] fall below the 50-median line further validated that sellers have an upper hand in ADA’s price structure.

According to the above charts, the technicals for Cardano does not look promising. Meanwhile, the resistance levels for the crypto-asset were at $2.6 and $2.9 while the support levels remained untested at $2.2, $1.9, and $1.7 respectively.