While the market went through a number of corrections, Polkadot, MATIC and Uniswap were in the news for a variety of reasons. Polkadot’s most recent $ 30 million funding from Master Ventures, Polygon (MATIC), which was included in the Bitwise 10 Large Cap Crypto Index (BITX) this month, and the deployment of Uniswap V3 on the Arbitrum mainnet were the highlights of the week .
Speckle [ DOT ] : –
DOT got off to a strong start this month. The coin climbed 26.39% in 3 days and fell shortly afterwards. There was high buying pressure on June 3rd Relative Strength Index moved into overbought territory and the indicator fell as fast as it peaked. Selling pressures came into effect causing the indicator to drop below the neutral line and hovering at 46.35 at the time of writing.
Chaikin money flow showed that capital outflows dominated inflows. This kept the indicator well below the neutral level.
The coin will stay within its $ 30.2 resistance and $ 18.7 support levels.
Although MATIC was nearing its ATH in May, the coin fell back below the USD 2.01 resistance level. Since then, a sideways movement has been observed up to June 4, which pushed prices further down.
The coin fell below the $ 1.58 support level and established a new one at $ 1.23. On the same day, Relative Strength Index (RSI) fell below its stable neutral position and the purple line has shifted into the oversold area even at press time.
Parabolic SAR showed clear signs of a downtrend as the white dotted lines remained above the candlesticks. This downward trend is indicated by the rising indicator of. supported Average Directional Index (ADX). Its strong directional move past the 25.0 mark indicated an impending downtrend.
In this case, MATIC owners should pay close attention to the price. As long as the coin stays above the support level, the price can rebound. Any stronger negative evidence could lower the support level to $ 0.85.
Uniswap [ UNI ] : –
Uniswap is down 10% in the past 48 hours thanks to the June 4th slump. At $ 25.86, it was still above the established support level of $ 22.17. While UNI had stayed above neutral for most of the past 10 days, MACD Indicator, after the slump, the indicator fell again. At the time of writing, the indicator was showing a continuous bearish crossover with both the blue MACD indicator and red signal line staying below the 0.00 mark.
On Squeeze momentum indicator, The downward pressure increased further with the appearance of the bright red bar at the time of going to press. For the time being, the indicator maintained a pressure, whereby the black dots were still visible.
Simple Moving Averages’ 100 SMA (red) Line was below the price indicator. Although the 50 grammar school (Orange) Line remained above the candlesticks, broader market signals suggest a possible uptrend.
While the likelihood remains slim, should the coin break its $ 29.93 resistance level, the next will be pegged at $ 32.63.
Cardano SPO column: WeQanhet (WEQNT)
This week’s guest at the Cardano SPO column is a purpose-oriented participation pool with several Charity projects in developing countries, including solar lighting and freshwater fountain: WeQanhet (WEQNT).
Last week’s guest was a Stake pool managed by a single operator who creates in-depth Cardano-related educational content.
This initiative is a reference point for everything Cardano and every week or two we invite Stake pool operators (SPO) to answer some questions and to give us an update directly from the Cardano community.
When you consider that many of our readers are new to the crypto space, We’ll have a mix of simple and technical questions.
Hello Denicio, nice to have you here. Tell us a little bit about yourself, where are you from and what is your background?
Hello everyone, my name is Denicio Bernier and I come from the Netherlands. I got to blockchain in late 2017 after accepting a colleague’s challenge to come up with a list of projects that I thought were better than Ethereum and Bitcoin.
It took me a week researching multiple projects, but the only one that really caught my focus was Cardano. The reason Cardano caught my attention was because of the team behind the project and their goal of solving the land registry issue, something that has plagued my family for over 30 years.
Since discovering Cardano, I have devoted my time to learning more about the project and to informing others about it.
What made you decide to become a Cardano Ambassador and Stake Pool Operator?
Before I became an ambassador, I had a podcast that focused on interviewing community members. The idea behind the podcast back then was to show the world that Cardano has a real, lively and active community. The community back then wasn’t as big as it is now, so I wanted to show the world that we actually have a community from all over the world.
With regard to running a stake pool, I believe that every active community member should either operate a stake pool or delegate their stake to a community-based stake pool. As an ambassador, I see it as my duty to lead by example and to help secure the network by operating a single stake pool.
What charity projects are you working on and where?
Stake Pool WEQNT is dedicated to providing free solar lighting to people who live in rural desert areas in Africa. We do this with great love and passion for people and hope that through this we can help improve their quality of life. We are also in the process of raising funds to start drilling water wells for the same communities.
I believe that nobody has to walk kilometers just to get a bucket of water. In addition, the water taken from springs often contains a wide variety of bacteria that are not beneficial to people’s general health. So if we can help solve some of these problems with the help of the community, then that’s what we should do.
Your stake pool has been around since the ITN (Incentivized Testnet). Based on your experience, what advice do you have for new SPOs? How can they grow?
Indeed, I’ve been with the ITN. It was a very special time. We were all just learning how to set up an equity pool, market our business, and develop relationships with our delegates. Really an unforgettable time!
Since the ITN, I’ve always said that WEQNT wants to provide free solar lighting to people who live in rural desert areas in Africa, and yes, I’ve kept that commitment!
I would advise other SPOs who are just starting out or who are having difficulty attracting delegations to create more visibility for their company and to build honest and sincere relationships with their community of (potential) delegates
Thanks for your time. Any final thoughts? Where can people find you?
The pleasure is mine. I really enjoyed that. This is a great example of how someone can contribute to the advancement of the Cardano ecosystem – in your very own way.
If someone would like to support us, they can delegate to the WEQNT deployment pool.
We are a high-performance investment pool with a solid mission and we want to continue to grow and do more good for people in need.
Tezos, Cosmos, Waves Price Analysis: June 12th
With total altcoin market cap down 6% on June 12, altcoins like Tezos, Cosmos and Waves also saw price moves south. These alts were already trading within their narrow ranges before seeing another drop in the charts towards the end of June 11th.
Last week, the Tezos ecosystem highlighted network growth in transactions when Tezos Israel won the Best Social Impact Award at the AIBC Summit. This didn’t help the Alt’s performance, however, as it fell nearly 10% in just one day. In addition, Waves and Cosmos were down 7% and 11%, respectively.
In one recently analysis in a four-hour period, Tezos registered a sideways movement after the price decline on June 7th. However, at press time, the price of XTZ was moving south on the 1-hour chart at the end of June 11, causing the asset to lose 10%. However, there were slight signs of recovery when green candles appeared on the 1-hour chart at press time.
The asset was trading at $ 3.0 at the time of writing after breaking the $ 3.1 support level. Previously, XTZ fluctuated between the USD 3.1 support and the USD 3.5 resistance and the next major support was at USD 2.7.
The Bollinger bands for the Alt diverged sharply on June 12, indicating an increased price range and low volatility. In contrast, the capital inflows remained low, since the as Chaikin money flow traded below the equilibrium mark and headed south.
Furthermore, the MACD and signal lines ran close together, with a recent spike in the former suggesting a bullish crossover could take place.
WAVES was trading at $ 13.7 at press time, with the Alt hovering between the $ 12.9 support and the $ 14.65 resistance level since the June 7 drop. The crypto asset is down 66.63% from its all-time high and had one KING -56.65% against the USD in the last 30 days.
On the 1-hour chart, Waves was up 4.4% as the Parabolic SARThe dotted lines of ‘began to appear under the candles. Accordingly, a bullish trend was in an upward trend, according to the Great oscillator appeared as green bars on the display.
Finally, that Relative Strength Index because the asset, which was briefly in the oversold zone, recorded a strong upward trend on June 12, which pulled it into the neutral zone. The RSI was 43.7 at the time of writing, indicating an increase in buying pressure.
With the voting for Cosmos Hub’s suggestion Over time, the price of the asset fell. The update, which aims to increase the network’s rate of inflation and help protect it from unsuspecting shocks, has its voting deadline on June 16 Parabolic SAR‘s dotted lines under the candles.
Relative Strength Index after being oversold since June 11, the asset made a comeback to the neutral zone with a sharp surge in buying pressure pulling the indicator higher. However, at press time, the indicator was showing a slight downtrend and held a position at 31.39, barely holding the asset in the neutral zone.
Furthermore, the Squeeze momentum indicator highlighted the easing downward pressure. With the latest “squeeze publication”, indicated by white dots and the appearance of the dark red bars, the dynamic could be positive.
Ethereum price is steadily rising in jeopardy as further declines remain below $ 2,000
Ethereum has a complex time based on the support at $ 2,400 for gains above $ 3,000. For the past few days, the confluence resistance created by the 50 Simple Moving Average (SMA) and 100 SMA has prevented the bulls from extending price action higher.
The downward force is evident from day to day with the immediate support at $ 2,400 that is prone to immense losses. At the time of writing, Ether is trading at $ 2,455 amid developing bearish momentum.
According to the Relative Strength Index (RSI) on the 4-hour chart, the bearish trend could gain momentum in the short term. For example, this trend strength indicator forms a lower high pattern that reveals the growing bearish grip. Also, a break below the mid-line is likely to trigger massive sell orders as Ethereum plumbs the gap towards $ 2,000.
ETH / USD four-hour chart
The Moving Average Convergence Divergence (MACD) indicator is undecided. In other words, it seems to be advocating sideways trading. However, it is important to know that the MACD is in negative territory, which means that the bears are more influential.
Traders should keep an eye out for the direction of the MACD line in the upcoming sessions. Note that we expect the price to decline further if the divergence below the signal line is increased. Lower support levels are expected at $ 2,100 and $ 1,750, respectively.
On the other hand, action above the signal line and possibly in positive territory will pull Ethereum towards the confluence resistance. Trading above the confluence resistance can catapult Ethereum to the USD 2,700 hurdle while creating the priority for another upswing towards USD 3,000.
Ethereum intraday level
Spot price: $ 2,460
Trend: Bearishly biased
Resistance: The 100 SMA and the 2000 SMA
Support: $ 2.40, $ 2,100, and $ 1,750
Disclaimer of liability
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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