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  • Celsius moves $59M MATIC, LINK, other altcoins to exchange

    Celsius moves $59M MATIC, LINK, other altcoins to exchange

    • Celsius has moved over $59 million of altcoins to FalconX ahead of possible liquidation.
    • The crypto lender plans to convert the tokens to BTC or ETH.
    • Celsius’s largest altcoin holding is its native CEL token, currently worth over $106 million.

    Celsius Network moved millions of dollars’ worth of altcoins on Monday, among them Polygon (MATIC), Chainlink (LINK) and Aave (AAVE).

    As CoinJournal reported in June, the US bankruptcy court recently allowed Celsius to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. 

    The crypto lender had indicated it would be converting these into Bitcoin (BTC) and Ether (ETH) as part of the preparation towards reimbursing customers impacted by the crypto company’s bankruptcy filing in July 2022.

    Celsius moves Polygon, Chainlink and Aave tokens to FalconX

    According to on-data from crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. Per Arkham data, Celsius transferred $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE to an address controlled by FalconX.

    The Data Nerd shared details of the transfers:

    The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1inch (1INCH) FTX Token (FTT) and Tether Gold (XAUT).

    Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto Binance – suggesting the sale was on.

    After these transfers, Dune Analytics data shows the Celsius portfolio still holds over $106 million worth of its native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE) and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).

    While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.

    Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.

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  • ARB, APT ,LRC soar as altcoins mirror ETH breakout to $2.1k

    ARB, APT ,LRC soar as altcoins mirror ETH breakout to $2.1k

    • Altcoins are soaring, with the prices of Arbitrum, Aptos, Loopring , Optimism and Rocket Pool seeing double digit gains.
    • Ethereum price broke above $2,100 and ARB, RPL and OP prices are among the biggest gainers in the top 100 cryptocurrencies by market cap today.
    • Analysts says altcoins have been buoyed by ETH breakout after Shanghai, even as Bitcoin dominance fell.

    Altcoins are thriving, but have a small window to see some joy amid the latest spike for Ethereum price, a top analyst has said.

    Crypto market intelligence platform Santiment highlighted the move among altcoins as coming amid a pivot of profits from Bitcoin to smaller cap cryptocurrencies. The sentiment flip around alts also happens at a time Ethereum dominates the social discussion volume following its breakout above $2k.

    ARB, RPL and OP prices soar as profits pivot to altcoins amid ETH breakout

    On Friday, as ETH broke above $2,100 for the first time since May 2022, several altcoins followed suit, with Aptos (APT), Arbitrum (ARB), Rocket Pool (RPL), Optimism (OP) and Loopring (LRC) registering mega moves.

    Arbitrum has spiked more than 18% in the past 24 hours to hit highs of $1.57, while Aptos price was also up double digits as bulls pushed for $14. 

    Meanwhile, Loopring traded to highs of $0.45 with +11% and Rocket Pool traded to near $52 with 18% in 24 hours. Optimism price rose to $2.64 with another +10% gain.

    According to on-chain data, the altcoin market is starting thrive after Bitcoin (BTC) dominance over the past few weeks.

    While BTC extended its gains above $30k – hitting highs of $30,800 on Friday – the major move was seen in Ether after the super successful Shanghai upgrade. 

    ETH/USD first broke above $2,000 and then followed that up with a decent punch above $2,100 (buying pressure pushed Ethereum price to highs of $2,130 on crypto exchange Bitstamp.

    Analyst Captain Faibik says the Bitcoin Dominace as measured by the market cap parabolic curve formation is showing a sell point. BTC dominance has shrunk to 44%, while that of Ethereum has risen to 19%. As the price of BTC rises and BTC.D falls, it suggests alts have a massively bullish opportunity and may begin to rally.

    Altcoin rally? Analysts warn traders

    While top crypto analysts are pointing to Ethereum as “a leading indicator for altcoins,”(we highlighted Rekt Capital’s view here), some have said the “window” might not be that big and a pullback is likely. 

    Scott Melker, author of The Wolf Den Newsletter, says altcoin traders should “enjoy it while it lasts.” 

    Michael van de Poppe expects Bitcoin to rally to $40k and Ethereum to $2,800-$3,000 range. Alts should be seeing some momentum too – but the window will likely be small, he noted.

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  • ETH crosses $2,000 as analyst points to smaller altcoins

    ETH crosses $2,000 as analyst points to smaller altcoins

    • ETH price rose to highs of $2,009 on Binance.
    • Ethereum’s Shanghai/Shapella upgrade went live successfully on Wednesday,12 April, 2023.
    • Crypto analyst Rekt Capital says Ether’s price movement is a “leading indicator” for altcoins and that coming weeks could be interesting.

    Ethereum price rallied past the $2,000 level on Thursday, rising to highs of $2,009 on crypto exchange Binance.

    The uptick for the ETH price above the key hurdle came after the world’s largest proof-of-stake blockchain network underwent a successful software upgrade.

    As CoinJournal highlighted earlier Thursday, ETH had looked to break above the psychological level following the Shanghai upgrade. After the upgrade went live and withdrawals of staked ETH enabled, bulls defied negative projections to break above a supply zone that has held since August 2022.

    ETH breaks $2,000 as analyst says altcoins could be interesting in coming weeks

    According to crypto analyst Rekt Capital, the top altcoin is a “leading indicator for smaller altcoins.” He suggests the breakout for Ethereum could trigger new momentum for some of the leading altcoins, probably highlighting the possibility of an alt season kicking off.

    “ETH is a Leading Indicator for smaller Altcoins. This is why the #ETH breakout may very well set the stage for an interesting period for other Altcoins in the coming weeks,” the highly respected crypto trader and analyst said.

    Rekt believes the Bitcoin bull market is just starting, but Ethereum’s price movement suggests current prices might be a great entry point for many alts.  

    “ETH at $2000. That’s one reason why it might be worth entering Altcoins early on in this #BTC Bull Market,” the analyst tweeted.

    Ether is currently trading around $1,998, roughly 4.8% up in the past 24 hours.

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  • Shiba Inu | SHIB HAS SURGED BY 10% ON THE WEEKLY CHART

    Shiba Inu | SHIB HAS SURGED BY 10% ON THE WEEKLY CHART

    The live Shiba Inu price today is $0.000011 USD with a 24-hour trading volume of $645,503,991 USD.Get detailed Shiba Inu cryptocurrency price news, analysis and more on BitcoinLFG.

    SHIB is the main token of Shiba Ecosystem, bringing the power of a decentralized, community-led currency to millions across the globe.

    SHIB HAS SURGED BY 10% ON THE WEEKLY CHART

    The price of Shiba Inu has surged by 12% in the last 7 days. This price increase has been provoked by the recent surge of Dogecoin, the biggest meme cryptocurrency in terms of market capitalization. Yesterday, Twitter owner Elon Musk suddenly changed the Twitter logo from the famous blue bird to Dogecoin avatar.

    Moreover over the past 24 hours, the total amount of meme coins removed from the circulating supply totals 15,139,646 SHIB in only four transactions. Over the past week, nearly 280 million meme coins have been sent to dead-end wallets to be locked there without any chance of withdrawal or spending.

    Shibarium’s beta release marks a significant development for the Shiba Inu community and the broader crypto market. With quicker and cheaper transactions, staking rewards, and a DEX supporting SHIB and other ERC-20 tokens, Shibarium has the potential to transform the Layer 2 solutions landscape.

    The Shibarium potential is enormous as it is expected to revolutionize the Shiba Inu ecosystem and the crypto space.The Shibarium project will help Shiba Inu evolve into more than a memecoin.Users can access Shibarium’s test tokens through private test network portals.

    RELATED READING : Shiba Inu | Huge Amount Of SHIB Moved Between Wallets

    The SHIB army expects the release of Shibarium to push the price of SHIB up as tons of Shiba Inu tokens will be burned for every transaction.One of the goals of the hotly anticipated Shibarium Layer 2 solution is to burn trillions of tokens.As more users transfer, pay or utilize Shiba Inu in any way, more tokens are sent to the burn address.

    What is Shiba Inu?

    Shiba Inu is a cryptocurrency that was created in 2020 by a mysterious person who calls themselves Ryoshi. The name ‘Shiba Inu’ was stolen from the fluffy dog that was the subject of many memes at the time.The coin started as a joke it was meant as a kind of parody of Dogecoin, which was rising fast in both price and popularity despite having little use in the real world. In fact, Shiba Inu called itself a “Dogecoin killer.”

    Shiba Inu runs on the Ethereum blockchain, and while each token or coin is worth just a fraction of a cent, the price went wild in 2021 turning a few early investors into millionaires.While prices have gone back down from whence they came, it still remains one of the most popular cryptos.The Shiba Inu development team is currently busy working on two major projects: SHIB Metaverse and the much-awaited Layer 2 protocol, Shibarium.

    BitcoinLFG | MemeCoin Platform

    BitcoinLFG is the biggest platform with 100,000+ app users and 110k+ followers on Twitter with millions of viewership.Learn about MemeCoins, find new coins and much more.Check your favorite Memecoins on bitcoinLFG.

    Cryptocurrency is fun here.

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  • Dogecoin | Two Anonymous Wallets Transferred Millions Of DOGE

    Dogecoin | Two Anonymous Wallets Transferred Millions Of DOGE

    The live Dogecoin price today is $0.073897 USD with a 24-hour trading volume of $735,242,840 USD.Get detailed Dogecoin price news, analysis and more on BitcoinLFG.

    Dogecoin is an open source peer-to-peer cryptocurrency that utilises blockchain technology, a highly secure decentralised system of storing information as a public ledger that is maintained by a network of computers.

    Two Anonymous Wallets Transferred Millions Of DOGE

    Data shared by popular crypto tracker Whale Alert shows that roughly 10 hours ago, two anonymous wallets transferred a total of 930 million Dogecoin.This amount of Dogecoin is the equivalent of $71,940,654.Dogecoin has remained a popular tipping coin. With its status as the first meme coin and the support of influential figures, it currently ranks among the top 10 largest cryptocurrencies by market capitalisation.

    Dogecoin (DOGE) continues to hold a large presence in the crypto market.Dogecoin (DOGE) has formed a strong online community since its introduction, and captured the world’s attention when Tesla founder, Elon Musk, showed public support for it.Data from coin ranking site CoinMarketCap reveals that Dogecoin’s value currently stands at $10 billion.The current market cap of Dogecoin is $9,830,728,528.A high market capitalization implies that the asset is highly valued by the market.

    According to market followers, Dogecoin’s market capitalization is currently worth US$12.71 billion, indicating its high value in the market.Dogecoin (DOGE) is ready to continue making strides in the cryptocurrency market.Dogecoin (DOGE) has stocks listed on top crypto platforms within the industry, including Binance, Coinbase, and Huobi Global. Dogecoin is a cryptocurrency that has a fast block time, unlimited supply, and a strong and friendly community.

    Dogecoin has a number of unique features compared to other cryptocurrencies.Dogecoin has no limit on the number of coins that can be mined. Dogecoin (DOGE) transaction speeds and cheap transaction fees are two of its advantages, making Dogecoin (DOGE) a preferred alternative for micropayments and minor transactions.Dogecoin is also known for its friendly and welcoming community.

    RELATED READING : Dogecoin-Only Memecoin That Stands In Top10 Cryptocurrencies

    The Dogecoin community is active on social media and Reddit, and they are known for their charitable acts, such as raising funds for various causes, such as sending the Jamaican bobsled team to the Winter Olympics and building wells in developing countries.Each time Elon Musk mentions cryptocurrency adoption on Twitter, there is a significant surge in transactions and purchases of DOGE.

    What is Dogecoin?

    Dogecoin began as something of a joke, or a meme coin, poking fun at the perceived absurdity of cryptocurrency. Launched in 2014 by Jackson Palmer and Billy Markus, no one expected Dogecoin to become a legitimate cryptocurrency at the time of its creation.

    Dogecoin is named such because of the viral “doge” meme that was incredibly popular online when Dogecoin was founded. The coin’s logo is the infamous doge image itself. A funny crypto based on a funny meme.

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  • Crypto bleeding has most altcoins in buying zone: Santiment

    Crypto bleeding has most altcoins in buying zone: Santiment

    • The MVRV metric suggests most altcoins are underbought and present a buying opportunity.
    • A new leg down could however push some of the tokens into a danger zone.
    • Crypto prices have decline alongside weaknesses stocks.

    The total cryptocurrency market cap is down 1.7% at the time of writing as the broader crypto market battles yet another bout of heavy losses.

    Bitcoin price fell below $21,700 again while Ethereum traded to lows of $1,530 on Thursday, with the leading crypto assets continuing the weakness we highlighted on 8 March. 

    Santiment data signals “time to buy altcoins”

    According to analysts at market intelligence firm Santiment, the “heavy bleeding” witnessed across the crypto market this week has many altcoins flashing buy signals. Many of the altcoins suggest an underbought outlook as traders realize losses, the firm noted in a tweet posted early Thursday.

    One indicator pointing to current price levels as opportune buying zones is the Market Value Realized Value (MVRV) ratio. While prices could still fall, Santiment suggests most altcoins are trending in an opportunity zone where prices are likely to rebound higher.

    Notably though, the market could still see a new leg down, pushing some of the coins into the danger zone.

    “If you have been awaiting the time to buy altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most crypto assets have been in opportunity zones since early January” Santiment tweeted.

    As CoinJournal reported earlier this week, the downside followed more negative news around crypto bank Silvergate and this week’s economic commentary from Fed Chair Jerome Powell.

    In particular, the Fed’s hawkish outlook has the market anxious and that was visible as stocks also fell on Wednesday.

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  • What are the most popular altcoins today?

    What are the most popular altcoins today?

    • Cryptpcurrencies, Bitcoin and are altcoins – what’s the difference? 
    • What are the different types of altoins?
    • Ethereum (ETH) and Tether (USDT) – the two most popular altcoins.

    Do you know there are thousands of alternative coins, or altcoins? In the ten years since Bitcoin’s genesis block was created, thousands of alternative cryptocurrencies, or altcoins, have emerged as a result of blockchain innovation.

    Altcoins are any coins or tokens that isn’t Bitcoin. Altcoins and their respective platforms can be created by anyone with an internet connection because blockchain is open-source. The variety of altcoins is growing. 

    Needless to say, altcoins have come a long way since Namecoin, the main altcoin, introduced the idea of colored coins that resembled non-fungible tokens, also known as NFTs. 

    Popular altcoins: What exactly are they?

    Traditionally, altcoins are created to fill a need that arises from perceived market gaps that Bitcoin does not fill. Each digital asset is created with a specific goal in mind, some of which are similar to one another.

    Tokens of use: Within a network, these offer services like purchasing services, paying network fees, and redeeming rewards.

    Tokens of payment: These are exchanged for value in the form of currency.

    Tokens for security: The Securities and Exchange Commission is in charge of these tokenized assets, which are traded on stock exchanges and held by an organization.

    Stablecoins: In order to provide relative price stability, the value of a stablecoin is tied to an external reserve asset, such as precious metals or fiat currencies.

    Memecoins: Memecoins are often created to take advantage of short-term gains and are based on viral internet trends.Heard of Dogecoin?

    Tokens for governance: Users can vote with these utility tokens on a decentralized blockchain.

    Altcoins can be created from scratch or, more frequently, forked from a code that already exists. When a blockchain separates from its parent chain to form a new network that adheres to a different software protocol, a fork takes place. The parent network is typically Bitcoin or Ethereum. Forks typically occur when developers disagree about the direction of a platform. They might change the source code to start a new chain. 

    Why an altcoin?

    There are numerous factors that draw crypto investors to altcoins. They are what Bitcoin calls the “better mousetrap,” which means that they operate on improved versions of their previous blockchain networks. 

    Altcoins are the result of inventive solutions to previously unsolved software flaws, inefficiencies, and vulnerabilities. Due to their adaptability, altcoins have a better chance of long-term survival and more utility. They are better prepared for market developments in the future thanks to their adaptability in the crypto economy, which is unmatched by Bitcoin. 

    Lastly, because tokenomics is still in its infancy and there is room for expansion, altcoins are much more accessible. Altcoins, on the other hand, is regarded as a more risky investment. Altcoins have limited liquidity, a high level of market saturation, a smaller market cap, and a lack of credibility. They are also susceptible to scams, despite their relative price resilience. 

    We are highlighting the 20 market-favored altcoins that have come out on top halfway through 2022, which is another year marked by high volatility and a loss of $2 trillion. Major players ought to take advantage of the view while it lasts because, in crypto, tomorrow is not promised. 

    How to know DAO?

    Decentralized autonomous organization, also known as an entity structure in which token holders, as opposed to a centralized authority, participate in the management and decision-making DApps for decentralized finance: software that can run entirely on a blockchain, also known as decentralized applications 

    NFTs: non-fungible tokens, also known as digital assets.

    ERC-20: a token standard that is part of Ethereum and lets dApps use smart contracts to make their own coins or tokenized assets. 

    PoW lines: A consensus mechanism known as proof of work (PoS) only verifies a transaction after a certain amount of computational effort has been put into it. 

    Popular altcoins

    The Ethereum cryptocurrency logo is a proof-of-stake consensus mechanism that avoids the computational power required in a PoW model by designating a class of its users to validate transactions.

    Ethereum (ETH)

    Ethereum (ETH) is the preferred blockchain for developers. Ethereum is a global decentralized software platform that uses blockchain technology and introduced smart contract functionality to DeFi. 

    In essence, Ethereum makes it possible for computer programs to automate transactions between two parties, eliminating the requirement for a middleman and reducing transaction costs while simultaneously increasing reliability. 

    It serves as a layer 1 or base network that can be built upon by anyone in the public. It currently supports 2,970 dApps and has more than 48,000 daily users. Many people consider Ethereum to be a pillar of the cryptocurrency space rather than an altcoin because of its centrality to the infrastructure of DeFi as we know it. 

    Tether (USDT) 

    Stablecoin vanguard, Tether is a first-generation centralized coin that guarantees a one-to-one fiat currency match and is fixed to the value of the US dollar. 

    The stablecoin, formerly known as Realcoin, was created in 2014 by developers Brock Pierce, Reeve Collins, and Craig Sellars to give investors a way to enter the cryptocurrency market without having to deal with its notoriously high volatility. Tether supports a variety of international currencies in addition to Ethereum and Bitcoin, as well as other well-known blockchains like the British pound and the Mexican peso. 

    The USDT, its native coin, consistently surpasses Bitcoin’s trading volume record for any cryptocurrency. 

    In an $18.5 million settlement in February 2021, a New York attorney general found Tether to have “recklessly and unlawfully covered up massive financial losses to keep their scheme going,” despite the company’s assertion that all transactions are fully backed by its reserves. Since then, Tether has changed its focus to U.S. Treasury holdings rather than commercial paper holdings and increased transparency across its website. Treasury Bills, while 28% are made up of commercial paper. 

    According to an official statement released in June, Tether intends to eventually reduce that number to zero. When the algorithmic stablecoin Terra crashed for $40 billion, it sparked a Tether run, prompting a large number of investors to withdraw their coins out of fear of insolvency. This provided an opportunity to disprove rumors and allegations. 

    By redeeming $16.3 billion, the company reduced the USDT supply by 20%. 

    Conclusion 

    We hope now you are familiar with alcoins. Either centralized or decentralized, all cryptocurrency-selling platforms fall into one of the above-mentioned altcoins. Similar to an issuing bank, a centralized authority is responsible for approving transactions and maintaining the blockchain ledger in centralized cryptocurrency exchanges (CEX), like Tether and Bitcoin. 

    A trustless, encrypted ledger that is validated by consensus and distributed to everyone in the chain is used in decentralized exchanges or trading platforms like thequantum-ai.com. Ownership is yet another important consideration. In contrast to centralized systems, token holders in a decentralized system retain full ownership of their digital assets.

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  • Oversold RSI Could push Decentraland (MANA) up significantly in the near term

    Oversold RSI Could push Decentraland (MANA) up significantly in the near term

    The last 7 days have been bitter-sweet for Decentraland (MANA). After initially falling, the coin has started to gain some upward momentum albeit it hasn’t been that much. But an RSI reading suggests that a potential bull run is possible. Here are the main facts:

    • RSI readings show MANA is now oversold, suggesting the risk of a major sell-off is low.

    • With limited downside risk, MANA could bounce back steadily in the near term.

    • The coin could surge by 50% in this bullish setup.

    Data Source: Tradingview 

    How can MANA smash $3?

    The recent uptick in bullish momentum has not been that huge. But it has been enough to bring MANA above a crucial support zone of around $2. Bulls have done quite well to keep the price action above this. As the price consolidates, we expect it to push further towards the overhead resistance of $2.3. 

    The Relative Strength Index or RSI appears to suggest that this is actually more likely. You see, in recent days, RSI readings have moved towards the oversold territory. This basically suggests that the risk of any major sell-off as far as MANA goes is very low. 

    As a result, the only way is up. If indeed MANA is able to breach overhead resistance at $2.3, then it is a matter of time before it reaches $3. The biggest challenge however will be to maintain the price action above $3.

    How can investors profit from this bullish setup?

    There are two ways to profit from this MANA bullish setup. First, you can buy above the $2 support. As the token tests $2.3, you can either exit or bet on it, hitting $3. Either way, a run towards $2.3 still makes you 15%.

    Secondly, you can wait for the coin to breach overhead resistance at $2.3. MANA will likely surge to $3 after that, delivering gains of around 25%.

  • Terra (LUNA) aims to smash past $100 in the coming days

    Terra (LUNA) aims to smash past $100 in the coming days

    We have seen some decent positive momentum for Terra (LUNA) over the last three trading sessions. The coin however appears to have stagnated but there is still more upside for growth. Here are some key facts to note:

    • LUNA has fallen sharply from its $119 highs at the beginning of April.

    • The coin is however consolidating and could surge towards $100 in the days ahead.

    • This will represent a 15% upswing from the current price.

    Data Source: Tradingview 

    How soon will LUNA hit $100?

    After recording modest gains over the last two sessions in a row, LUNA appears to have stagnated. The coin is largely trading sideways, but this is actually a good thing. It means we are seeing some price consolidation following the steep correction LUNA reported after hitting $119 on April 5. Once this consolidation is done, LUNA bulls will likely take over.

    This will happen in the next few days, in fact, we expect LUNA to test $100 at the beginning of trading next week Monday. The run will represent a 15% gain from its current price. The key for bulls however will be to see off any sell-off after hitting the $100.

    As we have seen with many coins this year, when a decisive bull run breaks out, investors are locking profits at crucial resistance zones. The $100-mark is one such resistance for LUNA, and if bulls decide to lock profit at this price, a fall; towards $80 will be inevitable. But in the short term, the possibility of a $15 – 20% gain is highly likely.

    How far can the uptrend go?

    We are not sure there will be enough bullish momentum to take LUNA above $100. In fact, this price will be a huge supply zone.

    Unless something drastic happens, the upswing potential for the coin is severely limited for now. But if the token can sustain gains above $100 for a few days, then a surge towards $120 is not out of the question.

  • Harmony (ONE) reports an extensive rebound – Will the uptrend last?

    Harmony (ONE) reports an extensive rebound – Will the uptrend last?

    Harmony (ONE) had suffered a major sell-off at the start of April. The coin in fact hit the lowest level since the tail end of February and was looking bearish. But so far, it seems like the token is rebounding. How long can this uptrend last? Learn more below but first, here are key takeaways from the article:

    • Harmony has managed to maintain strong support at $0.1130 in recent weeks.

    • The coin has surged by 6% in the last 24 hours albeit it remains 10% down for the week.

    • The rally over the last few days seems unlikely to last that long.

    Data Source: Tradingview 

    Harmony (ONE) – Why the recent uptrend will fade?

    There is a very big difference between a rebound and a trend reversal. When coins go through a sustained bearish period, they are likely to rebound slightly but overall, the bearish conditions still remain. This is the exact case with Harmony (ONE). 

    Although the coin has posted some decent gains in the last few days, we don’t expect the medium-term bearish trend to reverse. In fact, ONE still remains well below its 25- and 50-day SMAs. Besides, a look at the chart shows that coin has formed an inverted cup and handle pattern. 

    These two indicators suggest that a bearish trend is still expected. Perhaps the good news for ONE investors is the fact that the coin is still trading above the crucial support zone of $0.113. But if this price is breached, more losses will follow.

    How to play the Harmony (ONE) setup?

    There is a massive downside risk with Harmony right now. The best thing to do as an investor is to watch the price action this week. If bulls manage to maintain the $0.11 support, then you can buy and exit at 20% gains max. 

    The potential upside for ONE remains significantly low. But if the support is breached, give it another week to consolidate before you buy.