News
ByAuthor J.D. SmithPosted on
1
0

Only a Matter of Time Before This Ethereum Token Blasts Off, According to Top Analyst

BY
img-ads

A closely-followed crypto analyst and trader by the name of Smart Contracter is predicting that an Ethereum token is ready to erupt.

Smart Contracter reveals in a series of tweets decentralized finance (DeFi) protocol Ren just completed its corrective wave and it is now poised to restart its uptrend.

“Beautiful flush out/ stop run on REN. High timeframes and low timeframes are all telling me this is bottoming and wants to push to all-time highs. [I] have a sizeable bag again. Bullish invalidation $0.80.”

Source: Smart Contracter/Twitter

Ren is an open protocol that allows for transferring cryptocurrencies between blockchains. The project aims to make it easy for users to adopt and invest in decentralized finance. Users can move, swap, lend or borrow crypto assets without having to trust a third party.

Looking at the low timeframe, the Elliott Wave analyst believes Ren is gearing up for a breakout.

“Only a matter of time before Ren sends. This re-accumulation on 4-hour is looking real juicy.”

Source: Smart Contracter/Twitter

Elliott Wave theory is a method of technical analysis that attempts to predict future price action by identifying crowd psychology that manifests in waves.

The pseudonymous trader also tells his followers to buy more Ethereum (ETH) as he forecasts that the second-largest crypto will continue to rise in the coming months.

As of the late last month, ETH is already outperforming Bitcoin, contributing to the reduction of the king coin’s crypto market dominance from a high of 63% in March to below 56%.

Some analysts like Lark Davis say that Ethereum’s outperformance of BTC is a screaming indicator that a new altcoin rally has arrived.

“If Bitcoin dominance falls that far, then Ethereum is going to $3,000 and most of the large-cap cryptocurrencies will do 2-5x gains and most of the mid-cap cryptocurrencies will do 10-20x gains and all the small caps [will do] 50,100x gains.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Pavel Chagochkin

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin Opinion
ByAuthor J.D. SmithPosted on
10
0

5 key reasons why Bitcoin will likely see new all-time highs soon

BY

The price of Bitcoin (BTC) has been under severe selling pressure by whales for the past two months, on-chain data reveals.

However, five key indicators suggest that major sellers are about to turn into hodlers or even accumulators of Bitcoin again, while institutional demand remains high. This is an explosive setup that may send Bitcoin to new all-time highs in the near term.

Whales stopped selling

The number of whales, which are Bitcoin addresses with a balance equal to or more than 1,000 Bitcoin, have declined by more than 10% since Feb. 8, suggesting a large sell-off of Bitcoin.

While the price of Bitcoin managed to see two all-time highs during the two-month dumping period, the overall price rise has significantly slowed down, with BTC finding strong resistance at around $60,000. Since March 31, however, large holders of Bitcoin have stopped selling.

Number of addresses with a balance equal to or…

View More Article
Bitcoin Blockchain Investment Latest Opinion Tech
ByAuthor J.D. SmithPosted on
10
0

Crypto at risk after Facebook leak: Here’s how hackers can exploit data

BY

Facebook is no stranger to data hacks and leaks, with the company having been on the receiving end of many high-profile security breaches in recent years. For example, back in 2018, the social media giant revealed that it had inadvertently exposed the personal information of more than 50 million users due to a small error in its platform coding, thus allowing miscreants to gain access to its users’ accounts.

Similarly, in 2020, the Mark Zuckerberg-led firm was embroiled in another major controversy when it came to light that thousands of developers had been able to access data from inactive platform users, again drawing the ire of many folks across the globe.

Now in 2021, the tech juggernaut has once again been hit with a fresh wave of data leaks, however, this time around, the number of users whose records were exposed was…

View More Article
Bitcoin Tech
ByAuthor J.D. SmithPosted on
8
0

Upbit investor stock price surges three-fold amid bullish crypto trading in South Korea

BY

The effects of South Korea’s crypto frenzy seem to be spreading beyond the cryptocurrency market to affect stock prices in the country’s stock exchange.

According to a report by Bloomberg on Wednesday, Hanwha Investment & Securities Co. has seen its stock price almost triple since the start of the year.

Indeed, at the time of writing, Hanwha Investment is trading at 6,550 Korean won per share, which constitutes a 197% stock price gain year-to-date.

This almost-200% share price increase puts Hanwha Investment as the best performing of the companies in the Korea Composite Stock Price Index.

Hanwha Investment’s bullish share price growth is likely tied to the company’s crypto association. The financial investment service provider holds a minority stake in Dunamu — operators of the Upbit cryptocurrency exchange.

Upbit, along with Korbit, Bithumb and Coinone are collectively known as the “big four” crypto exchanges in South…

View More Article
Bitcoin Markets
ByAuthor J.D. SmithPosted on
33
0

Kimchi premium collapses: Short-term top signal or a reset for Bitcoin?

BY

The so-called Kimchi premium, which measures the premium of the Bitcoin (BTC) price in South Korea’s cryptocurrency exchange market, plummeted overnight.

The premium declined from 22% to 15% within a matter of hours on Wednesday, and it is continuing to drop across major South Korean exchanges.

BTC Korea Premium Index. Source CryptoQuant

A big pullback in South Korea’s Bitcoin market

Overnight, as CryptoQuant CEO Ki Young Ju noted, the price of Bitcoin fell particularly hard on South Korean exchanges.

As the price of Bitcoin dropped, the Kimchi premium fell in tandem. But, since BTC’s price fell significantly harder on South Korean exchanges, the premium plunged quickly within a matter of hours.

Bitcoin falls hard on South Korean exchanges. Source: Ki Young Ju

There are two possible reasons why the premium dropped in the manner that it did.

First, traders from outside of South Korea might have found a way to successfully…

View More Article
Blockchain Tech
ByAuthor J.D. SmithPosted on
27
0

$400M African fertilizer deal executed on blockchain eases COVID-19 slowdown

BY

A state-owned Moroccan fertilizer company has executed a $400-million transaction using blockchain technology, in what it says is a first for intra-African commerce.

In a deal facilitated by the Eastern and Southern African Trade and Development Bank, OCP Group sold phosphate fertilizer exports to Ethiopia, using blockchain technology, in a deal worth an initial $270 million. The remaining deals will be executed in the coming months, taking the full transaction value to $400 million, reports Global Trade Review.

Trade finance deals that are typically executed over a matter of weeks can be finalized in hours using blockchain, according to OCP Group. TDB previously used distributed ledger technology to facilitate the export of $22 million worth of sugar from India to Ethiopia. The companies said that the use of blockchain tech simplifies the supply chain process, making it easier to validate documentation and improve transparency.

TDB CEO Admassu Tadesse…

View More Article
Bitcoin Blockchain Business Latest Tech
ByAuthor J.D. SmithPosted on
11
0

Football star Tom Brady to launch his own NFT platform

BY

Six-time Super Bowl champion Tom Brady is backing a new major development in the nonfungible token industry by launching his own NFT platform.

The new NFT platform, dubbed Autograph, will target some of the biggest figures in sports, entertainment, fashion and pop culture, and provide a tool for unique digital collectibles, a Brady representative told CNN on Tuesday. The platform is expected to launch this spring.

Autograph CEO Dillon Rosenblatt said that the platform will bring together “some of the world’s most iconic names and brands with best in class digital artists” in order to create and launch NFT pieces to a community of fans and collectors. Autograph will also have interactive offerings like live auctions and physical product drops, as well as in-person experiences.

According to CNN, Brady and entrepreneur Richard Rosenblatt will serve as co-chairs of Autograph. According to the company’s website, the board of advisors and…

View More Article
%d bloggers like this: