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Cardano (ADA) and NEM(XEM) Price Analysis – March 10,2021

Despite the crypto market being generally bullish at the moment, altcoins have differed in their performances. Cardano (ADA) and NEM (XEM) for example, have had completely different trajectories.

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As Bitcoin has soared in the past week and has touched the psychological barrier of $55K today, most virtual currencies have risen as well. Despite the crypto market being generally bullish at the moment, altcoins have differed in their performances. Cardano (ADA) and NEM (XEM) for example, have had completely different trajectories.

Cardano, with a market cap of more than $37,494,584,458, is currently ranked fourth. The altcoin has fallen by 5.45% in the past 7 days. As for NEM, it has become the virtual currency with the largest decline, as high as 22.72% within 7days.

Cardano(ADA) Price Analysis

Source: ADA/USD Daily via TradingView

From the daily candlestick chart of Cardano(ADA), it can be observed that ADA has been on a downtrend since its rise to a new all-time high (ATH) of $1.485 on February 27. At the time of writing, ADA is trading at $1.1621.

Although ADA’s chart indicates a pattern of candlesticks that have all closed above the 20-day Moving Average line for the past four days, a shrinking trading volume can be observed. This means that the bulls have failed to prompt a strong rebound for ADA.

It can be seen from the MACD chart that the blue MACD line has already crossed the signal orange line, forming a death cross. Since there is currently a lack of active buying, the price of ADA will continue to undergo a downward trend in the short-term.

From a technical perspective, according to the Fibonacci Retracement levels that indicate where support and resistance are likely to occur, the bears may now manage to push ADA’s price to the 20-day moving average support level of around $1.10. If ADA fails to sustain itself at the $1.10 level, the altcoin may move downwards to $1.08. If ADA breaks down from $1.08, it may fall to a 61.8% level Fibonacci Retracement level of $0.8365, a clear bearish signal.

However, if ADA manages to rebound higher from $1.10, it may retest its previous high of $1.48.

NEM(XEM) Price Analysis

Source: XEM/USD Daily via TradingView

It can be seen from the daily candlestick chart of NEM(XEM) that since the highest point of $0.93406 was created on March 3, the broader market correction has hurt the price of NEM, which has dropped by 23.54% in the past 7 days and by 10.55% in 24 hours. At the time of writing, NEM is trading at $0.6414.

Although XEM is showing a downward trend, the rebound of the cryptocurrency from its various support levels such as the exponential moving average ribbon on the chart shows that XEM is still in a healthy upward trend within the ascending channel we draw in the figure.

Currently, the bears are retesting the 20-day Exponential Moving Average around $0.625 level of support and are doing their best to push the price out of the rising channel. Therefore, whether it can close above the lower support line of the rising channel today will be crucial.

From a technical perspective, RSI points downward from the 60 mark. In the short term, it should still be in a short-lived bearish market. The first support level is the 20-day Exponential Moving Average. If XEM can stand over $0.625, then the bulls will still control the whole market and the price will not correct sharply.

If the bulls fail to maintain this level, then the bears will suppress NEM’s price, forcing it to test the next support level 50-day of $0.48821, which is the 50-day Exponential Moving Average.

Image source: Shutterstock

Source: https://blockchain.news/analysis/cardano-ada-nem-xem-price-analysis-march-10-2021

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Crypto Market Roundup: Top Earners and Losers for Today

Cardano and The Graph are the top gainers today, while the performance of Shiba Inu and IoTex hit the worst to become the biggest losers today.

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The selling pressure in the global crypto market was stumped on Friday as several coins began paring off their losses from the previous day.

Bitcoin’s market strides were visible as the largest cryptocurrency surged 1.72% to $46,146.24 at the time of writing. Ethereum (ETH) is also favoured by the bulls, inching a 3.04% gain to $3,237.66, according to CoinMarketCap.

Amidst the broader rise in price, here are the top gainers and losers for today, August 13.

Top Gainers

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Meanwhile, Cardano (ADA) has also shifted its price to its highest price gains of all time, surging above the $2 psychological level for the first time in 3 months. With several test nets deployed, the coin has enjoyed increased sentiment from buyers as the broader digital currency ecosystem prepares for the arrival of the Alonzo upgrade that will aid the emergence of smart contracts and DApps on the Cardano blockchain. The token has been tagged as undervalued. However, we may begin to see the coin’s true worth come to life with the new upgrade.

Top Losers

The majority of the tokens are paring off their losses. However, meme token Shiba Inu (SHIB) is the biggest loser amongst the altcoins topping the chart after inking a 0.50% slip in price to $0.00000795. IoTex (IOTX) was down 3.36% to $0.1102 during the intraday.

The momentum in the market may drive in such buying volatility that will stir these coins off the red zones. The global crypto market is currently on track to re-register a $2 trillion market cap to cover the weekend.

Image source: Shutterstock

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Source: https://blockchain.news/analysis/crypto-market-roundup-top-earners-and-losers-today

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Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

Market analyst Lark Davis believes that Ethereum 2.0 upgrade will prompt a 90% daily emission reduction from 12,800 to 1,280.

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Ethereum (ETH) was up by 9.72% in the past week to breach the psychological price of $2K during intraday trading. ETH’s price stood at $2,056 as the second-largest cryptocurrency continues to gain momentum.

Market analyst Lark Davis believes that the upgrade of Ethereum 2.0 will prompt a 90% daily emission reduction from 12,800 to 1,280. He explained:

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Ethereum 2.0, also known as the Beacon Chain, was launched in December 2020 and was regarded as a game-changer that seeks to transit the current proof-of-work (POW) consensus mechanism to a proof-of-stake (POS) framework.

Davis also noted that Ethereum would experience “Triple Halving” as part of the ETH 2.0 upgrade, a highly significant economic event for the asset’s price in the coming years.

Ethereum whales cumulatively hold 60.52 million ETH

According to on-chain metrics provider Santiment:

“Ethereum whales that hold between 10k and 1 million ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since in 5 weeks, and represents a 1.65million ETH accumulation in the past 6 days.”

Image

Therefore, ETH whales continue investing in this asset, which indicates high confidence levels.

Ethereum has been making headlines based on its notable strides. For instance, ETH has had an impressive return on investment (ROI) of 171% this year compared to tech stocks like Microsoft, Facebook, and Apple. Furthermore, Davis had previously noted that Ethereum was settling three times more value on-chain than Bitcoin daily.

Image source: Shutterstock

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Source: https://blockchain.news/analysis/ethereum-is-expected-undergo-a-90-percent-daily-emission-reduction-following-eth-2.0-upgrade

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South Korea Authorities Seizes $47M in Crypto from Tax Evaders

South Korean authorities have made the largest crypto seizures in the country’s history. $47 million in digital currencies have been confiscated.

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Authorities in the South Korean province of Gyeonggi have conducted the largest tax seizures ever, seizing $47 million in Bitcoin (BTC) and Ethereum (ETH).


According to the coverage reported by the Financial Times, the seizure involved about 12,000 tax evaders. The authority has called the action the largest “cryptocurrency seizure for back taxes in Korean history.”

Those “tax dodgers” committed the crime by connecting their trading or investment activities on trading platforms operating in the country with their phone numbers. The process, though rigorous, had to be done manually as crypto exchanges were unable to fully provide the Know-Your-Customer (KYC) details of the defaulting taxpayers. In addition, the FT report was unclear which digital currency trading platform was involved in the investigation.

South Korea has a robust cryptocurrency trading engagement amongst its citizens, and the country has been making moves to implement accomodating regulations. One of these is the law passed by the Korean National Assembly in March 2020. This law mandates cryptocurrency exchanges to take down customer’s details through KYC and obtain licenses to operate from banks.

While big exchanges such as UpBit have been able to comply, other smaller trading platforms have had their struggles in complying, a situation that was compounded by financial institutions dissociating from crypto exchanges. Besides these, South Korea has long been mulling enforcing a 20% capital gains tax on cryptocurrencies, all of which will be made easier with compliant crypto exchanges.

South Korea is one of the more receptive countries to blockchain and cryptocurrency-related innovations. While crypto has thrived in the country in the past decade, the government is taking bold steps to develop its own Central Bank Digital Currency, the Digital Won. Despite its soft stance, however, the nation has zero-tolerance for fraud amongst crypto entities, as showcased in the ongoing raid of Bithumb exchange amidst a broad fraud investigation.

Image source: Shutterstock

Source: https://blockchain.news/news/south-korea-authorities-seizes-47m-in-crypto-from-tax-evaders

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