Qtum, Status (SNT) and Iota (MIOTA) rally after breaking multi-year downtrend


Shortly after Tesla announced that it will allow customers to buy products with Bitcoin (BTC), a curious job posting from Amazon suggests that the company could also be working on a platform that will allow customers in Mexico to use digital currencies for making payments.

If Amazon jumps on the crypto bandwagon, it will immensely strengthen the possibility of cryptocurrencies going mainstream across the world.

Crypto market data daily view. Source: Coin360

Today Bitcoin price is showing a new spark of optimism after the Bank of New York Mellon announced that it would hold, transfer and issue Bitcoin on part of its clients.  The bank is also said to be developing a platform that will process and custody digital currencies alongside traditional assets like treasuries and stocks.

Bitcoin’s future of becoming a widely accepted medium of exchange and investment vehicle appears to be becoming etched in stone. Meanwhile, several altcoins have been rising, buoyed by strong use cases and protocol upgrades.

Let’s analyze a few of the top performing tokens of this week.


Airdrops are an easy way to make some extra money, hence they remain extremely popular with investors. Qtum (QTUM) holders will receive an airdrop of Qi, the native cryptocurrency of the decentralized exchange QiSwap which is built on the Qtum blockchain. With crypto volumes rising and the demand for DEX’s picking up, the proposed airdrop scheduled from Feb. 14 may have attracted fresh buying from several investors.

The protocol has identified decentralized finance as a focus area and is taking steps to attract new DeFi projects. Qtum is planning a hard fork that will reduce its block spacing from 128 to 32 seconds in order to support the faster transaction speeds needed in DeFi.

Qtum is also developing Neutron, an agnostic interface that allows virtual machines to run on Qtum and other blockchains. The aim is to build a low-cost entry platform that is also easy to use. With an eye on DeFi, the Qtum protocol seems to be taking the necessary steps to attract projects and investors alike.

QTUM surged from an intraday low at $3.18 on Feb. 1 to an intraday high at $8.82 today, a 177% rally within two weeks. The breakout of $5.90 has completed a long-term bottoming formation, indicating the start of a new uptrend.

A long base readies a strong launchpad for the start of the next trending move. The longer the base, the stronger is the breakout from it.

QTUM/USDT daily chart. Source: TradingView

However, after the breakout from a long basing formation, the price retests the breakout level. The long wick on today’s candlestick suggests profit-booking at higher levels and the deeply overbought level on the relative strength index (RSI) also points to a possible correction.

The price may now dip back to $5.90. If the bulls can flip this previous resistance to support and the price rebounds off it sharply, it will increase the prospects of the resumption of the uptrend. The first target on the upside is $10.30 and then $14.7.

Contrary to this assumption, if the price drops and sustains below $5.90, it will suggest the current rally was a bull trap. The QTUM/USD pair could then dip to the 20-day moving average ($4.46).


The recently proposed changes in the WhatsApp privacy policy triggered outrage among users and resulted in millions of users switching to other messaging platforms. While a few users shifted to other centralized apps, others who wanted to keep their privacy in their hands opted for Status App.

This app has witnessed a sharp increase in the number of downloads on Android, which crossed above 600,000 recently. The latest update in Status allows users to bookmark their favorite DApps, enabling one-tap access to some of the popular DeFi projects.

Along with its features on mobile, Status Network (SNT) also rolled out Beta versions of its Desktop app that allow users to stay connected even from their laptops.

The Nimbus team also rolled out a new release that aims to increase sync speed by 50% while reducing CPU utilization by half and providing protection against accidental slashings. Nimbus will eventually be integrated into the Status-desktop and Status mobile app in order to improve the user experience.

SNT rose from $0.0465 on Feb. 1 to an intraday high at $0.1260 today, a 170% rally within two weeks. However, the long wick on the day’s candlestick suggests traders are booking profits at higher levels.

SNT/USD daily chart. Source: TradingView

The SNT/USD pair may now drop to the 38.2% Fibonacci retracement level at $0.0935 and then to the 50% retracement level at $0.0835. If the price rebounds off either level, it will suggest that traders are buying on dips. They will then try to resume the uptrend.

If the bulls can propel the price above $0.1260, the uptrend could reach $0.1786 and then $0.20.

This bullish view will invalidate if the bears pull the price below $0.0835. Such a move will suggest that supply exceeds demand and that may result in a drop to the 20-day EMA ($0.066). A deep fall is likely to be followed by a range-bound action before the next trending move starts.


Iota recently launched its oracles to bring off-chain data to smart contracts on its network. An oracle is only as valuable as the quality of data it streams and in order to reduce the possibility of data manipulation, Iota will use First Party Oracles, which only reflect the data submitted by the data issuer. This will reduce the possibility of data tampering.

Modern technology relies on various data sources for taking automated decisions, hence the data should be trustworthy. To ensure this, Iota and Dell Technologies partnered on a demo project called Alvarium. The platform ensures that the data’s journey from initiation to its final destination is given a trust rating to increase the confidence in the data in a measurable way. This can have real-world use cases in industries that need a high degree of compliance and security.

Expanding its offering, Iota partnered with the South Korean Observer foundation and Tanglehub to apply for smart city projects in Asia and Europe in 2021.

Along with these new offerings, the protocol is also getting ready to launch the second part of its Chrysalis upgrade, which according to Iota is the most extensive in its history. With the launch of the new update, the community can build scalable Automated Market Makers, fee-free decentralized finance platforms, and smart contracts to leverage the protocol.

Chrysalis will also introduce steps needed for the removal of the coordinator and bring in a greater amount of decentralization.

Iota had been stuck in a bottoming formation for over two years. It rallied from $0.4367 on Feb. 5 to $1.29 today, a 197% gain within seven days. The altcoin picked up momentum after it broke above the resistance at $0.55.

MIOTA/USD daily chart. Source: TradingView

The sharp rally has pushed the RSI above 91, which suggests the rally is overextended in the short term and may witness a minor correction or consolidation. If the MIOTA/USD pair turns up from the 38.2% Fibonacci retracement level at $0.94, it will suggest strength.

The bulls will then try to resume the uptrend. If the buyers push the price above $1.29, the pair could extend its rally to $2.00 and then to $2.60. As the price has spent a long time in a basing pattern, the rally is likely to surprise to the upside.

Contrary to this assumption, if the price turns down from the current level and breaks below the 50% Fibonacci retracement level at $0.83, the pair may drop to the 61.8% retracement at $0.72. Such a deep fall will suggest the momentum has weakened.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.


You may also like

Bitcoin Business

Swiss crypto ETP issuer passes $1B assets under management

21Shares, a Switzerland-based provider of cryptocurrency exchange-traded products, or ETPs, has recorded a 100% growth in assets under management over the past two weeks.

The company announced Monday that 21Shares has passed the $1 billion mark in AUM across its diversified 12 crypto asset ETPs. 21Shares CEO Hany Rashwan said that the company has seen a meteoric rise in its crypto ETP products recently, doubling AUM in less than two weeks. The company previously announced that 21Shares broke $500 million in AUM on Feb. 8.

According to the announcement, the massive surge in 21Shares’ crypto ETP business is mainly attributed to the rapid adoption of crypto by institutional investors as well as the products’ availability on regulated European exchanges.

Rashwan said that institutional investors are able to invest in 21Shares’ crypto ETPs by using the International Securities Identification Number, or

View More Article
Bitcoin Blockchain Policy & Regulation

Crypto market too big to ignore, says Nigeria SEC

Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country.

According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria.

For Timi Agama, the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market.

Speaking at a virtual conference organized by the Association of Capital Market Academics of Nigeria in the capital, Abuja on Sunday, Agama remarked:

“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of…

View More Article
Bitcoin Investment Policy & Regulation

South Korea fast tracks 20% tax on Bitcoin and crypto profits to 2022

South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. The nation’s Ministry of Economy and Finance announced that profits made from both trading and holding cryptocurrencies will be subject to the tax, reported the Korean Herald on Monday.

The tax will be triggered when profits made from cryptocurrencies exceed 2.5 million won, or roughly $2,300. Gains made up to this point will be tax-exempt.

South Korea previously aimed to levy the tax starting in 2020, but pushback from cryptocurrency enthusiasts and lobbyists saw the government delay the implementation of the tax several times. A 2022 start date was previously floated by the South Korean regime, however, that date was then delayed until 2023, as previously reported by Cointelegraph.

Now, it appears that 2022 is back in the cards once again. Following South Korea’s…

View More Article
Bitcoin Investment Latest Markets

Did $50K ‘trigger’ Peter Schiff to buy BTC? 5 Things to watch in Bitcoin this week

Bitcoin (BTC) hit a new high over the weekend in the latest episode of its spectacular 2021 bull run — what’s next for hodlers?

As the largest cryptocurrency approaches $60,000, Cointelegraph takes a look at the factors to consider when forecasting this week’s price action.

BTC price vs. DXY (orange). Source: Tradingview

Investor eyes stock market “reset”

Equities showed no signs of flipping their endless upside on Monday, as buyers continued to pour in to the market.

Despite warnings that a bubble may already be about to burst, markets built on all-time highs as anticipation of an economic recovery worldwide stoked enthusiasm.

In the United States, it was hope surrounding President Joe Biden’s $1.9 trillion coronavirus stimulus package that was still providing the basis for growth. Last week, Treasury Secretary Janet Yellen suggested that the mechanism for the money, which would include a third round of stimulus checks worth $1,400, would be…

View More Article
Bitcoin Business

Tesla made $1B profit on its Bitcoin buy, says analyst

American electric car giant Tesla has seen some massive gains from its Bitcoin (BTC) investment, reportedly having made up to $1 billion in profit, according to a new report.

An analyst at Wedbush Securities, a private investment firm in the United States, has calculated that Tesla has made “roughly $1 billion” in the aftermath of its $1.5 billion Bitcoin investment. Daniel Ives estimated Tesla’s Bitcoin profits in an investor note on Saturday, CNBC reports.

Amid Bitcoin’s parabolic surge to become a $1 trillion asset, Ives said, “Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its electric vehicle cars in all of 2020.” 

Ives noted that Tesla’s move is likely to affect other public companies. “While the Bitcoin investment is a side show for Tesla, it’s clearly been a good initial investment and a…

View More Article
Investment Opinion

DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs

Uniswap and SushiSwap have emerged as two of the top decentralized exchanges (DEXs) that are leading the current DeFi bull run higher.

Despite a controversial start for SushiSwap, the last few months have seen it catching up to Uniswap in terms of activity on the platform, total value locked, and the price of its SUSHI governance token.

A recent report from Delphi Digital took a closer look at the two projects and broke down the fundamental differences in the way that each has diverged in their development since SushiSwap’s vampire attack on Uniswap.

SUSHI vs. UNI price. Source: TheTIE

SushiSwap originally emerged as a fork of Uniswap v2 with the inclusion of the SUSHI governance token which was distributed to participants of the community.

At the time, Uniswap had yet to launch the UNI token which would subsequently be airdropped to users who had interacted with the…

View More Article
%d bloggers like this: