The cryptocurrency space has remained relatively uneventful over the past 24 hours with Bitcoin (BTC) stubbornly anchored in the $9,100 – $9250 range.
Even Ether (ETH), the second-largest crypto by market cap, has remained low-key just above support at $220. The low volatility has expectedly raised some speculation on whether it is consolidating before a bounce towards $250.
Stellar (XLM) is the only top-20 asset that saw some action, relatively speaking. Its price rallied an impressive 5% over the last 24. Apart from that, there are no other signs of major price moves, barring probably two highly volatile altcoins that could soon resume their upward momentum.
Continue reading for more on these and other big stories from the day.
For Bitcoin, a Short-Term Breakout Could Lead to a Sizeable Bounce
The Bitcoin price has been falling alongside a descending resistance line since June 24. During this time, it created a minor support area at $9,050. After bouncing at this area yesterday, the price broke out from the resistance line and reached a high of $9,238, but has been declining ever since.
As long as the price is trading above the aforementioned $9,050 minor support area, BTC should move up towards the range highs.
- The Bitcoin price has broken out from a short-term descending resistance line.
- There is minor support at $9,050.
- The daily bias appears bearish.
TikTok Reverse Engineering Highlights Massive Privacy Problems
TikTok, the Chinese-origin online video sharing platform, is no stranger to controversies relating to privacy. For example, just yesterday, the Indian government banned TikTok, along with 58 other Chinese apps citing privacy and security concerns.
Even before that, back in Feb 2020, Reddit CEO Steve Huffman called TikTok “fundamentally parasitic.” BeInCrypto’s Rick D. delves deep into the major security nightmare that TikTok presents on multiple fronts.
It’s worth a read if you or anyone in your family/friend circle, for that matter, has been using TikTok. The report also sheds light on how decentralization may be a legitimate solution to these reoccurring security breaches.
MATIC and LOOM: Two Volatile Altcoins That Could Soon Move Upwards
Ever since its launch back in May 2019, the MATIC price has been following a long-term rising support line. As of today, the price moved slightly above that line. Technical indicators are signaling bullish price action, however, the price is still facing considerable resistance at 300 satoshis. Vigilant long traders will need to keep that in mind.
As for LOOM, the price is trading slightly above the 50-day MA, which has been a remarkably good predictor of the trend so far. The RSI is at 50, so it’s unclear yet whether the trend is bullish or bearish.
With Questionable Token Valuation, DeFi May Still Not Be Ready for the Masses
Messari researcher, Ryan Watkins [@RyanWatkins_] dives deep into DeFi token valuations. In a lengthy thread, the industry expert explains that DeFi tokens produce income through a value extraction mechanism at the protocol level.
Watkins mentions that traditional valuation methods can be used to frame discussions about the worth of these tokens. The three most common methods are Discounted Cash Flow (DCF), Comparable Company Analysis (Comps), and Precedent Transactions (Precedents).
Twitch, YouTube, and Reddit Enforce Multiple High-Profile Bans
In what looks like a rare instance of a coordinated clampdown, YouTube, Reddit, and Twitch have almost simultaneously banned a number of high-profile accounts, citing content guideline violations.
The banned accounts include the likes of r/thedonald, a leading subreddit for Donald Trump supporters; a similar channel on Amazon-owned Twitch; and the controversial YouTube account of FreeDomainRadio host Stefan Molyneux. All bans took place within an hour.
Will Ethereum Break Out Above $250?
The hourly chart reveals that the Ethereum price has been following a descending resistance line since June 24. A suspected bounce will not take place unless the price breaks out above this line and the 200-hour MA.
The closest resistance area is found between $232 – $236, the 0.5 – 0.618 Fib levels, which previously acted as resistance. Therefore, this should be the reversal level at which Ethereum declines.
ATOM Breaks Above Resistance, IOTA May Soon Follow
- As long as the ATOM price is trading above the support area around 2,600 satoshis, it should continue moving upwards, with a long-term target at the top of the descending resistance line around 6500 satoshis.
- IOTA is expected to break out from its current descending resistance line and move towards 2450 – 2500 satoshis, the 0.5 – 0.618 Fib levels of the decline, as well as the 200-day MA.