Hello Indodax members! Last weekend failed to spark bullish momentum from crypto investors and Bitcoin (BTC) and Ether (ETH) on October 31st. In early November the price will try to hold on to the resistance area of 860 million and the price will try to rise to the level of 900 million. BTC has also just marked the 13th anniversary of its Whitepaper which was released on October 31, 2008. Come on, check out Market Signal today to learn about bitcoin and other crypto assets!
5 Bullish Crypto Assets
Bitcoin has formed a bullish flag pattern but the price has not been able to breakout the previous resistance at the 880 million level. Failure to break the resistance prompted short-term selling, BTC price was corrected this morning to 855 million.
If it drops deeper, the BTC/IDR pair could drop to the support line at the 836 million level. This is an important support, if sellers dominate the market, BTC will drop to the next support to the 800 million range.
If the price manages to rebound from 836 million, BTC will continue its rally to the price of 867 million (MA50). Then the next target on the old ATH is at the level of 928 million.
The 4-hour chart shows BTC is still moving in the middle bands range between 854 million – 872 million. Judging from the 1D timeframe, the price is still in the uptrend channel, price support is at MA 25 level of 850 million.
Holo is a peer-to-peer distributed platform for hosting decentralized applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. Holo’s goal is to bridge between the wider internet and applications built using Holochain, offering an ecosystem and marketplace where DApps are easily accessible, as they are hosted on the internet by Holo network participants.
According to its Twitter account, the Holo team is in the early stages of the process towards a public release of Elemental Chat starting this week with interoperability testing with the chat app running as an app hosted on Holo and also running as an independent node using the Holochain Launcher.
Fantom (FTM) broke into its new ATH on October 28 to the level of 48K, but buyers were unable to hold on to the price. The price was corrected to 37 thousand.
In an uptrend, Buyers started to do average buying at the level of 31K – 37K. If the price rebounds from the current level, it will indicate that the sentiment remains bullish and the price will continue its rally to the previous ATH at the level of 44K – 47K.
Contrary to this assumption, if sellers dominate the market and continue to take profit taking, the price may drop to support at the 200 EMA in the 32500s price range. A negative indicator on the RSI indicates that the bullish momentum may weaken.
Binance Coin (BNB) broke the resistance at 7.6 million on October 31 yesterday, but did not last long the price corrected to the level of 7.3 million. This indicates a lack of demand at higher levels.
Judging from the 1 hour chart, If the BNB/IDR pair holds below this level, the next stop could be the 200 EMA support at 7M. This is an important support to hold then the price bounced back up again continuing its bullish rally.
That would indicate that sentiment remains positive and traders buy on the downside.
On the other hand, if the price slips below the 200 EMA, the correction could deepen the price could drop to 6.8 million.
Lastly, there is the QTUM crypto asset. Qtum is a decentralized Blockchain platform specializing in DeFi, Dapps and NFT. The consensus is Proof-of-Stake. Just like HOLO, his team is also preparing many updates that you can follow from their Twitter account.
A new brand will emerge for Qtum this year. They have assigned a design firm to guide us through the rebranding process. While we plan a new development roadmap, our marketing team will unveil a fresher “Quantum”.
5 Bearish Crypto Assets
Celsius (CEL) is an all-in-one banking and financial services platform for cryptocurrency users. Launched in June 2018, it offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments.
Platform users receive regular payments and interest on their holdings. Celsius’ native token, CEL, performs various internal functions, including increasing user payments when used as a payment currency.
Its current CoinMarketCap rating is #99, with an immediate market cap of $1,060,197,655 USD and has an outstanding supply of 238,863,520 CEL and max. supply 695,658,160 CEL.
Revain is an online platform for Ethereum blockchain-based token reviews, designed to allow developers to receive constructive feedback about their projects. This protocol also encourages authors to provide quality reviews.
Revain is the first platform to combine the features of a traditional review site and blockchain technology. Revain’s main goal is to create a legitimate and genuine feedback structure for all global products and services that leverage new technologies, such as machine learning and blockchain.
After several weeks of being absent from the Bearish crypto asset list, this week VidyX has again shown a declining performance. VIDYX is the launch of a new supertoken on the TRON blockchain that will revolutionize how data ownership is sensibly mediated, refined and executed on the web. It is a token that will by far unleash the world’s largest cryptocurrency reward economy, and will deliver the first “tradable data contracts” called TDCs that securely schematize and package user data into compact smart units that can be exchanged on-chain. . The VIDYX framework is a sustainable token economy that dually supports online publisher and consumer ecommerce video inventories.
Fourth, UMA. UMA, or Universal Market Access, is a protocol for the creation of synthetic assets based on the Ethereum (ETH) blockchain. UMA was launched in December 2018.
Synthetic assets are asset classes that represent different underlying assets and have the same value. UMA specifically allows its users to design and create self-executed and self-enforced financial contracts secured by economic incentives and execute them on the Ethereum blockchain.
In essence, UMA enables counterparties to digitize and automate real-world financial derivatives, such as futures contracts, contracts for difference (CFDs) or total return swaps. It also allows the creation of self-fulfilling derivative contracts based on digital assets, such as other cryptocurrencies.
Saffron is a protocol for tokenizing on-chain assets, including contracts that otherwise undermine access to the capital used. Token ownership of on-chain assets gives liquidity providers greater flexibility and uninterrupted access to their underlying collateral while enabling leveraged betting and bespoke risk management.
However, if you look at its development, it seems that there are not many updates made by the team, making the market saturated and not showing much demand.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish),
in each table above shows if, the value of EMA 5 is higher than WMA 75.85 and EMA 200 then the market tends to go up (bullish). If the RSI and MACD values ??show the same condition, it means the market is showing the same trend, overbought (overbought) or oversold (oversold) conditions are an indicator that the market is already at the point of changing the direction of the trend.
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