Monat: September 2022

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Is Uniswap on a bullish reversal ahead of Ethereum Merge?

Uniswap Crypto Coin

  • Uniswap is the largest DEX with a $5.52 billion TVL.

  • Uniswap token has been recovering in the last seven days.

  • UNI has further potential after keeping key support and is a hold or buy on a retracement.

Uniswap UNI/USD is the leading decentralized exchange, with a total value locked of $5.52 billion. Out of the TVL, $5.3 billion is locked on Ethereum. Thus, it is expected that the Ethereum Merge will impact protocols such as Uniswap.

Uniswap has been gaining in the last one week ahead of the projected soft date of September 15 for the Merge. It is still too early to speculate that the gains are attributed to the Merge. Across the sector, most cryptocurrencies have been gaining. The gains in UNI reflect the broader crypto sentiment rather than the Merge itself.

UNI recovers from the $5.6 support as the price shows bullish signs

Source – TradingView

Looking at the daily chart, UNI is initiating a bullish reversal after buyers resisted bears at $5.6. The price retested the support before bouncing back and recently crossed above the 20-day MA. Multiple inside bars formed at the support before the price broke to the upside. The breakout confirms a bullish momentum.

The MACD technical indicators also show a building momentum, with a bullish crossover. However, the MACD indicator remains below 0, suggesting that UNI’s bear market is yet to end.

Concluding thoughts

While technical indicators are mixed for UNI, the token shows renewed strengths. The price resisted bearish pressure at $5.6 two times. It broke above multiple pin bars, and the 20-day MA joined support. The price action reinforces a bullish bias in the short term. A potential retracement is an opportunity to buy while the price maintains $5.6 support.

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The post Is Uniswap on a bullish reversal ahead of Ethereum Merge? appeared first on CoinJournal.

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How bullish is Sandbox token after welcoming banking giant DBS

  • Sandbox announced a partnership to take DBS to the metaverse.

  • Metaverse is estimated to go up to $13 trillion in value in the current decade.

  • Sandbox is yet to post strong gains amid the partnership.

Metaverse – an integrated network that promises virtual worlds and a 3D version of the internet. The network will be a $13 trillion opportunity by 2030, according to Citi analysts. The craze to enter the 3D virtual reality world grew exponentially in 2021. It has since cooled down, taking with it the tokens of Metaverse platforms such as Sandbox SAND/USD. 

There is still hope as companies again show interest in the yet-to-be-exploited space. On September 9, banking giant DBS said it was entering the metaverse through the Sandbox. DBS is set to purchase a 3*3 piece of real estate on The Sandbox. The partnership will give birth to DBS BetterWorld, an interactive experience in the virtual space. 

Revisiting SAND after the DBS partnership

While the DBS partnership rekindles the memories of the metaverse, SAND is yet to react strongly. The token is up only 1.55% in the last one week.

Source – TradingView

From the technical outlook, SAND is recovering. A bullish MACD crossover confirms a bullish building momentum. However, the current price level remains vulnerable. 

The established resistance for SAND is $1.00. The cryptocurrency currently trades at $0.966. The price is already facing resistance at or slightly below $1.00. Although the price has slightly crossed above the 20-day MA, the momentum is weak. The possible price move is bearish unless SAND reclaims $1.00.

Concluding thoughts

Sandbox recently welcomed DBS to the metaverse. The native token is yet to post significant gains. The slow gains may indicate that crypto’s macro-issues are far from over. SAND faces resistance at $1 while the momentum looks weak.

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Can TRX hit new levels after strategic partnership with Wintermute?

  • Tron’s has entered a strategic partnership with crypto market maker Wintermute.

  • TRX is showing recovery at a 2% gain in the past week.

  • The token, however, lacks the momentum to continue with the uptrend.

Tron TRX/USD has jumped 0.33% in the past day and 2.09% in the past week. The positive sentiment is partly due to Tron’s strategic partnership with Wintermute. The latter is a global crypto market maker. In the partnership, Wintermute seeks to provide liquidity for TRX pairs across crypto exchanges.

The crypto market maker has stirred optimism in the Tron network since joining Tron DAO reserve. As part of the DAO, Wintermute facilitates the minting and redeeming of Tron’s decentralized stablecoin USDD.

Much as Tron has been around for a while, its fundamentals position the network right. The blockchain was created to give content creators exclusive ownership rights over their work. It is now a go-to network where users can create dApps, share content, and benefit from TRX incentives.

Recently, Tron was lauded as the most eco-friendly blockchain with a low carbon footprint. A report by the Crypto Carbon Ratings Institute has attributed this to the platform’s Delegated proof-of-stake consensus model. Unlike PoW, DPoS allows users to stake native TRX tokens to nodes for a chance to validate transactions. However, TRX is showing mixed signals in the daily chart. 

TRX on a sluggish recovery

Source: TradingView

Technically, TRX is looking bullish. The token has moved from $0.059 and $0.064 since September 7, representing an 8% increase. From the chart above, the 20-day moving average has joined support, but the token remains below the 50-day moving average.

TRX currently has an RSI reading of 50, signifying no specific trend. Furthermore, TRX faces an immediate resistance level at $0.066.

Bottom line

Tron is looking up but lacks the momentum to maintain the price movement. The RSI is at a neutral 50, and investors must wait for the market to show a defined trend. From the long-term perspective, TRX has solid fundamentals coming from the partnership with Wintermute.

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State Street: Investors are unfazed by the crypto winter

  • State Street is the fund administrator of the Cosmos Purpose Bitcoin Access ETF launched in May.
  • The bank’s crypto unit has continued to see client interest even amid the crypto downturn.

Institutional investors are not sweating on continuing crypto winter, says global banking giant State Street.

Even as the crypto industry navigates the unforgiving downturn that characterised the 2022 market, the US lender says investors are largely undeterred – indeed pointing to unrelenting interest in cryptocurrency and the underlying blockchain technology.

Institutional clients continue to eye crypto as an asset class

According to Irfan Ahmad, State Street Digital’s crypto lead for Asia Pacific, summer’s events have done very little to investor appetite for digital assets. While the period was generally quiet as the analyst notes, the massive volatility that swung bitcoin to under $20k hasn’t really swiped sentiment.

Ahmad told the Sydney Morning Herald that State Street’s crypto unit continued to see institutional clients make moves, with the June-July madness dotted with increasing bets on crypto. He says undeterred clients kept “placing strategic bets on the asset class itself.”

In his view, there is one “takeaway” from all these moves: “I think there is a belief that the asset class is here to stay,” he noted. Given this scenario, State Street Digital as an asset servicer believes it’s the right thing to offer customers the services that align with their investment ambitions.

Among the moves is on product launches or partnerships that support certain blockchain projects, he noted, adding that State Street is looking to add to its crypto products in the region. Already, the banking giant is linked to the first ever physically backed Bitcoin exchange traded fund (ETF) in Australia.

This is because the bank is the fund administrator of the Cosmos Purpose Bitcoin Access ETF, a product that launched in May 2022 on Cboe Australia.

MicroStrategy to buy more Bitcoin

On Friday last week, it was revealed that MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), was looking to sell its stock and use the funds to buy the cryptocurrency.  

Indeed, the software intelligence company filed with the US Securities and Exchange Commission (SEC) for a possible sale of $500 million worth of its Class A shares.

MicroStrategy’s move is somehow indicative of the sentiment across institutional buyers, most of whom hold a long term bullish view of crypto and blockchain.

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Thailand’s top 2 banks invest in DeFi startup Forward

  • Venture Capital arms of Kasikornbank PCL and Bank of Ayudhya PCL participated in Forward’s funding round.
  • Forward is a digital assets platform focused on supporting innovation in the decentralised finance (DeFi) ecosystem.

Thai-based digital asset platform Forward has announced it successfully closed a $5 million seed round as it looks to promote innovation of the decentralised finance (DeFi) sector.

The startup, which also seeks to develop a decentralised derivatives exchange (DDEX), said on Monday that the financing round had only taken six months despite the economic uncertainty and crypto bear market.  

Thai banks back DeFi platform

According to the Forward team, Global venture capital fund RPVAF-1, under Primestreet Capital, led the round – with participation from two of Thailand’s leading banks: Bank of Ayudhya PCL and Kasikornbank PCL.

The two lenders backed the crypto startup via their respective venture capital arms namely Krungsri Finnovate and Beacon Venture Capital. Meanwhile, GBV Capital, Ratanakorn Technology Group and Varys Capital also joined the investment, Forward noted in the press release.

The involvement of the banks makes Forward the first DeFi project in the world to secure funding from two leading Thai banking institutions and major global funds, Chanon Charatsuttikul, co-founder and CEO of Forward observed in a statement.

He believes the capital injection is down to the confidence of investors in Thailand as a potential centre of innovation. 

“The closing of this seed round, for me, is the beginning of a big challenge for the team to maximise our potential and grow the organisation, and help make Thailand stand out as a country of innovation, just like western countries,” he noted.

As part of the innovation, Forward is working on a new protocol design for DDEX trading, which will use advanced technology dubbed Automated Position Hedge (APH) to match short and long positions. The matching of perpetual futures orders will be instant, with the DDEX acting as the counterparty, removing the need for limit order books and market makers.

Lending and borrowing pool tokens will allow for complete hedging of risk in view of the DDEX acting as a counterparty.

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