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Here are Cryptocurrencies that could rally toward the end of August
Bitcoin technical indicators on the weekly charts show a potentially significant price drop in the coming weeks or months. The moving averages have formed a bearish crossover and could draw a lot of short sellers in the coming days.
However, if past price action is anything to go by, the odds are that Bitcoin could pull a surprise and trap bears. It is safe to assume that Bitcoin is either at the bottom or very close. This means a pump could follow in the foreseeable future.
This also means it’s a good time to start shopping for high-potential altcoins that could do well in the case of a Bitcoin surprise pump. If you are currently in the altcoins market, here are some of the best that is likely to pump if Bitcoin rallies in the remaining days of August.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was a top performer recently and is still one of the high-potential cryptocurrencies to keep an eye on going forward. The recent move to introduce a burning feature whenever one pays for something in SHIB means this cryptocurrency is now highly deflationary.
Besides, Shiba Inu, one of the low-cost cryptocurrencies in the market today, is highly attractive to small-time investors who may not have the money to invest in big cryptos like Bitcoin and Ethereum. If Bitcoin rallies toward the end of the month, SHIB is one of the top cryptocurrencies that could benefit the most.
Ethereum (ETH)
Ethereum (ETH) will remain on investors’ radar for the remainder of August and most of early September. That’s because of the upcoming Ethereum merge. There is a lot of expectation that the merge will trigger an Ethereum rally. As such, if Bitcoin rallies toward the end of the month, Ethereum could easily outperform it. The odds of Ethereum ending the month above the $2000 mark are pretty high.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has been a sleeper for many years, but in recent weeks, it has started to show a lot of momentum. This is all thanks to the idea that it could benefit from an inflow of Ethereum miners, who are about to be rendered redundant by the merge. The anticipation of miners shifting to ETC after the merge is likely to drive a surge of investors towards ETC before and after the merge.
Polygon (MATIC)
Polygon (MATIC) is one of the cryptocurrencies that are closely linked to Ethereum and stands to benefit from the Ethereum merge. That’s because the Ethereum merge will make Ethereum heavily reliant on layer-2 solutions like Polygon. If the merge is a success, investors looking to benefit from the flow of transactions to other chains could start buying into Polygon.
Already Polygon buying volumes are on the rise, indicating that investors could be jumping into MATIC at the moment. If the trend continues, MATIC is without a doubt a top cryptocurrency to watch as we approach the end of the month.
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MakerDAO announces $100M DAI loan participation with US-based Huntingdon Valley Bank
- The $100 million DAI loan is the first collaboration between MakerDAO and a US regulated bank.
MakerDAO has announced its “first commercial loan collaboration” with a US-regulated bank, opening up the realm of possibility between real-world finance and decentralised finance (DeFi).
The loan programme, set to debut at $100 million DAI, will help Huntingdon Valley Bank support its businesses, MakerDAO said on Tuesday.
“Maker is connecting to the legacy economy through the largest real-world asset vault to date and its first relationship with a US-based bank,” the DAI stablecoin issuer noted.DAI is pegged 1:1 to the US dollar.
Today is a defining moment to envision the potential of connecting decentralized finance and real-world finance.
Huntingdon Valley Bank and Maker pioneer the first commercial loan participation between a U.S. Regulated Financial Institution and a decentralized digital currency. pic.twitter.com/wajJYVJwwz
— Maker (@MakerDAO) August 23, 2022
The facility will work via a recently established Trust dubbed the RWA Master Participation Trust, which will maintain access to DAI liquidity. Meanwhile, the bank will handle loan origination, submitting eligible ones to the Trust for participation.
Loan eligibility will be processed by Ankura Trust, who is the calculation agent.
“On a monthly basis, HVBank will remit to the Trust the pro-rata portion of all amounts received by HVBank in respect of the loan Participations. Upon receipt of such amounts, the Trustee will make payments in accordance with the cash waterfall defined in the Trust Agreement,” MakerDAO wrote.
And in all these, Maker or the Trust and HVBank will not operate on a borrower-lender type of relationship, the protocol emphasised.
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Watch these levels as TRX forms a descending triangle
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TRX is up 1.08% in the past day and 4.6% in the past week
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Tron is the most decentralized network with strong fundamentals
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A breakout could be imminent, but momentum indicators are bearish
Tronix (TRX/USD) is the native token powering the Tron blockchain. The network facilitates content sharing with no intermediaries, away from platforms like YouTube.
With the promise of more pay for content creators, TRX occupies an important space in decentralization. It is considered the most decentralized network in the industry. Tron has an even distribution of governance power based on a distributed proof-of-stake system.
The concept of DPoS in Tron has driven exponential growth over the years. The number of active users is on the rise in the Tron blockchain. As of the start of last month, Tron has more than 20 million wallets. The dApps hosted on the platform have also jumped more than 1,000.
Aside from the rosy fundamentals, TRX faces bearish momentum. Despite jumping 1.08% on the last day, the token is down 4.6% in the past week. At the time of writing, Tronix was exchanging for $0.066 with a market capitalization of $6 billion.
TRX trades in a descending triangle pattern
Source: TradingView
According to the daily chart above, TRX trades in a descending triangle. The price is slightly above the $0.06 support level. TRX has bounced off the top part of the triangle three times, making it a significant price reference. From the outlook, TRX could be on the verge of a bullish or bearish breakout.
In the case of a bullish breakout, the immediate resistance is at $0.07, and the long-term level is $0.08. On the flip side, $0.05 is the nearest support. However, the indicators are looking bearish.
The MACD is looking bearish with red histograms. The MACD line has crossed below the signal line. The Stochastic Oscillator is at 26. The level is above the oversold zone, meaning lower levels could be hit before any possible trend reversal.
Summary
TRX is trading within a descending triangle and may be due to a bullish or bearish breakout. The momentum indicators are looking bearish. In case of a breakout, traders should watch $0.07 and $0.05 as the immediate resistance and support, respectively.
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Coinbase CEO says crypto winter might last another 12-18 months
- Crypto winter has seen crypto prices fall to new cycle lows
- Coinbase CEO Brian Armstrong says its difficult to predict markets, but foresees the crypto market recovery taking a year or more.
- Armstrong hints at Coinbase being prepared for the down cycle after going through four such cycles before.
Coinbase CEO Brian Armstrong believes recovery from the crypto bear market will take 12 to 18 months, but emphasised that the downturn as a whole is not a new phenomenon to the industry.
Armstrong was speaking to CNBC’s Kate Rooney in an interview published on Tuesday.
Crypto winter could last 12-18 months
Recent events, including the collapse of multiple crypto companies, means the industry remains in a bear cycle. For Coinbase, the downturn has impacted its shares and company revenue. But Armstrong is bullish on the sector and for the crypto exchange.
“Obviously we are in a bit of a down cycle here, but it’s nothing unusual for us,” he told Rooney, noting that what’s happening is what Coinbase has gone through before.
According to him, the company has seen four such down cycles in the past 10 years since its launch, with 2022 only different in the sense that the downturn has coincided with “the broader micro environment.”
The past few months have seen crypto markets brutalised, with leading cryptocurrency Bitcoin falling from its perch above $69,000 in November to below the previous bull market cycle high of $20,000.
The broader crypto market, with Ethereum also losing most of the bull cycle gains, saw over $2 trillion in market cap value wiped off.
On how long he sees the down cycle lasting, he says it’s likely to be 12 to 18 months. However, although he foresees a recovery within this period, he warns that the market might have to “plan for it being longer than that.”
“That’s how we think about it, and we don’t try to get too cute predicting the future,” he added.
He also talked about his company’s plans to cut costs, further measures to the layoffs it undertook in June. As for shifting from dependence on trading fees, the company is looking to build its business around more subscription and service-based revenue generation.
The key is to have up to 50% of the revenue come from the above models, he said.
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