Monat: August 2022

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Chiliz is up by more than 15% on Tuesday: Here’s why

The cryptocurrency market continues its poor start to the week, but Chiliz has been performing excellently today.

CHZ, the native token of the Chiliz blockchain, is up by more than 15% over the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

The broader crypto market has been underperforming since the start of the week. The market has lost more than 3% of its value in the last 24 hours, with the total market cap still above $1.1 trillion.

Bitcoin has maintained its price above $24k after losing less than 1% of its value today, while Ether has dipped below the $1,900 resistance level as it is down by 1.2% in the last 24 hours.

CHZ’s rally can be attributed to the Chiliz team tweeting about its upcoming Pequin update. Pequin is the fifth phase of its Scoville testnet update and will lead to the launch of the CHZ cross-chain bridge.

After the Pequin update, Scoville has only one more update before the mainnet launch, which is slated to happen in the third or fourth quarter of the year.

Key levels to watch

The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the past 24 hours.

The MACD line is deep within the positive territory, indicating that CHZ is bullish despite the bearish sentiment in the broader cryptocurrency market.

The 14-day relative strength index of 75 shows that CHZ is close to entering the overbought region. CHZ is up by more than 37% in the last seven days.

At press time, CHZ is trading at $0.20 per coin. If the positive momentum is maintained, CHZ could cross the $0.24 resistance level for the first time since April. In the event of an extended bullish performance, CHZ could trade above the $0.310 resistance level over the next few days.

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Crypto exchange Binance obtains preliminary approval to operate in Kazakhstan

Binance, the world’s leading cryptocurrency exchange, has won another battle in its quest for global dominance. 

The cryptocurrency exchange announced via a blog post on Monday, August 15th, that it had s received in-principle approval from the Astana Financial Services Authority (AFSA) to operate a digital asset trading facility and provide custody in the Astana International Financial Center (AIFC). 

This latest development means that Kazakhstan is another country where Binance would be allowed to operate legally. 

In-principle approval from AFSA still requires Binance to complete the full application process. After completing this step, Binance can operate a digital asset trading facility and provide digital asset custody on the AIFC’s platform.

While commenting on this latest development, Changpeng Zhao (CZ), founder and CEO of Binance, said;

“Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation. This further signifies Binance’s commitment to being a compliance-first exchange and providing  products and services in a safe and well-regulated environment across the globe.”  

Gleb Kostarev, Regional Head of Asia at Binance, added that: 

“This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval.”

AFSA is an independent regulator of the Astana International Financial Center, overseeing a wide spectrum of digital asset-related activities in Kazakhstan. The excellent regulatory framework by the AFSAfor fintech products and services has helped the AIFC to establish itself as the leading regional platform for driving the sector’s development, the Binance team added. 

Nurkhat Kushimov, Chief Executive Officer of AFSA, also commented on this latest development, adding that

“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally.”

In recent months, Binance has strengthened its compliance team and gained approvals and provisional approvals from other countries and jurisdictions, including France, Dubai and Spain. The regulatory approvals came after the exchange came under fire in countries such as the U.K. and Japan last year and Uzbekistan and Israel this year.

Binance is the world’s leading blockchain and cryptocurrency infrastructure provider, with a financial product suite that includes the largest digital asset exchange by volume.

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Crypto Kaleo says ‘a bit lower’ before new highs makes sense for Bitcoin

  • Crypto Kaleo does not think there will be a capitulation to beneath $20K or below for Bitcoin.
  • However, he sees BTC retesting support levels below current prices before making new highs.
  • According to the analyst, despite the bears, it’s possible for new momentum to take BTC/USD to above $28,000.

Bitcoin could drop below $24,000 and retest support levels beneath that buffer zone before finding fresh upward momentum that could include bullish retests of highs above $28,000.

However, even as he charts a potential decline to new lows, popular analyst Crypto Kaleo doesn’t think the Bitcoin market will see new capitulation that pushes prices to $20,000 or below in coming weeks.

According to the analyst, who agrees he might have been “overzealous” in his projection for an upward continuation this week – he had suggested that Bitcoin’s price could tick to $25,000 as risk assets pumped after recent US inflation data – remains bullish and sees a dip in the week as what could offer fresh impetus for higher targets.

Bitcoin rejected at $25k, but…

Indeed Bitcoin rallied to prices above $25k on Sunday before paring some of the gains on Monday. At the time of writing, BTC/USD was poised just above $24k, about 1.3% down in the past 24 hours.

He noted in a tweet:

“I got overzealous on Friday expecting continuation to $28K through the weekend into early this week. I admit when I’m wrong, & while I don’t believe we’re going to see a capitulation to new lows & break beneath $20K, a bit lower before a bit higher makes sense.”

Commenting further on the outlook and his opinion of where next the price of Bitcoin could go, Kaleo added that rejection at $25k (level of May 2022 crash) opens up a retest of lower levels. This includes a decline to the top of mid-June to July range.

The chart he shared in the tweet below shows this:

Bitcoin’s rally this past weekend pushed BTC to its highest price level in two months, and continues to see the flagship crypto hover above the massively important line of $20k. 

The area is key for bulls, but Bitcoin skeptic Peter Schiff warns it might not hold, with a possible capitulation to below $10,000 in the offing.

He opined via a tweet on Sunday:

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Compound protocol token maintains uptrend despite sluggish gains

  • Compound protocol plays a role in DeFi through crypto lending.

  • The protocol runs on the Ethereum blockchain.

  • COMP has been gaining slowly after breaking above a key resistance at $55.

Since breaking above the $55 resistance last month, Compound COMP/USD has negligible gains. The cryptocurrency trades at $61.7, slightly above the support. However, the token remains bullish, and investors should be keen at the current valuation.

Compound was founded on the promise of revolutionizing the DeFi sector through crypto loans. Users deposit their crypto into a pool as deposits which are extended as loans for interest. Depositors also receive cTokens, which is tradable and transferable.

Compound token gains largely stem from the broader recoveries in cryptocurrencies. Nonetheless, DeFi tokens are earning boosts from the anticipated Ethereum shift to Proof-of-Stake. With COMP based on the Ethereum blockchain, it is one of the tokens to benefit from the spillover.

COMP maintains above the moving average and breakout zone

Source – TradingView

From the technical outlook, COMP is bullish. The token is retreating after making small gains in the last one week. However, COMP is yet to break below the 50-day moving average since mid-July. 

The MACD line is crossing below the moving average suggesting the bear pressure could continue. COMP could slide back to the $55 level or the 50-day MA. Investors should watch price action for a potential to buy the token. COMP has the next resistance at $75 if the price maintains above $55. The token presents an opportunity to buy and hold in the long term.

Concluding thoughts

Compound token is bullish despite the latest correction. The blockchain is one likely to benefit from the anticipated Ethereum shift to Proof-of-Stake. The $55 support remains the level to watch. The token could also initiate a bullish reversal at the 50-day MA.

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Cardano’s ADA sets $0.655 the next in sight as breakout looks sustainable

  • The journey to the Vasil upgrade remains on course after the launch of the 1.35.3 node version.

  • The Vasil upgrade is expected to improve the scalability of Cardano.

  • Cardano token broke above key resistance at $0.52 as investors waited for the upgrade.

Cardano ADA/USD is a cryptocurrency to watch this week. It could be a matter of when and not if ADA will reach $0.655. The token was trading at $0.56 as of press time. The price was still a drop of about 2% in the last 24 hours.

ADA gains have largely been due to the anticipated Vasil upgrade. The development team issued an update on Friday indicating that the Vasil upgrade was well on course. According to the development team, a new node version 1.35.3 has been released. The team said that as long as no significant issues are experienced, the node version will trigger the upgrade.

Since the announcement, ADA has gone to clear the $0.52 resistance successfully. That comes as investors speculate that the Vasil upgrade could come as soon as this month. The upgrade will improve the scalability and performance of the Cardano blockchain.

Cardano towers above support as the token eyes $0.655

Source – TradingView

From the daily chart, Cardano is now past key resistance at $0.52. All indicators sound bullish for the cryptocurrency. The 21-day moving average moved above the 50-day moving average, a bullish indicator. Both moving averages provide support for the Layer-1 blockchain token. The MACD indicators are also bullish on Cardano.

Concluding thoughts

Cardano remains on course to hit $0.655, the next resistance level. The prediction is based on the recent breakout above $0.52 and the bullish indicators. Investors should buy now or after a slight retracement towards the support or moving averages.

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