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Risk-loving MATIC traders can scour for a buying opportunity, here’s why

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

The higher timeframe structure was bearish, but there was a possibility of a bounce
The $1 mark could be crucial for bulls and bears in the coming days

MATIC saw growth in the DeFi space as its Total Value Locked (TVL) outdid that of Avalanche’s. It also received praise from Vitalik Buterin regarding its newly launched zk-EVM.

Read Polygon’s [MATIC] Price Prediction 2023-2024

But this slew of positive news did nothing to stop the nasty price action on the charts. On 8 and 9 November, MATIC shed nearly 40%, only to bounce by 45% on 10 November. For higher timeframe traders, an opportunity to buy the asset can arise soon, but caution would be key.
A bounce from a gap on the charts can occur, but the sentiment can quickly sway bearish
Source: MATIC/USDT on TradingViewThe past week saw a significant volume breakout past the range (yellow) MATIC has traded within since July. In this process, the $1 psychological mark was convincingly broken. Near the $1.3 level, substantial resistance was seen. With Bitcoin’s shift to a lower timeframe bearish bias on 7 November, MATIC began to retrace.
It dropped as low as $0.77 before recovering spectacularly to reach $1.14 on 10 November. For higher timeframe traders, this kind of volatility can be daunting. On the other hand, lower timeframe traders might have a field day trading the volatility.
The positives for MATIC were that Relative Strength Index (RSI) could climb above neutral 50 while the On-Balance Volume (OBV) defended a support level from mid-September. Yet, in the face of the price action in recent days, these factors might not count for much.
A glance at a lower timeframe chart (four-hour) showed that the rally on 10 November left a fair value gap (inefficiency) in the $0.96-$1.02 region. Hence, it was likely MATIC would drop to this area in the coming days. Traders with a larger risk appetite can assess buying opportunities in this zone on the lower timeframes.
A bounce from this zone can seek out the local highs near $1.3. Invalidation of this bullish idea would be a session close below $0.9, as $0.92-$0.96 has been a support zone in recent days.
Supply on exchanges drops while sentiment is weakly positive
Source: SantimentThe supply on exchanges metric began to trend upward on 21 October and continued to do so till 6 November. During this time, MATIC saw a steep rally and an even quicker sell-off. Since then, this metric witnessed a dip. The inference was that selling pressure could have waned, based on the evidence this metric provided.
In a similar fashion, the weighted sentiment behind MATIC was hugely positive during the rally to $1.3 but petered out after that. It was certainly fair to say that investor confidence has taken a hit in the past few days. Active deposits of MATIC have also been high in the past week, which resulted in huge surges in short-term selling pressure.

Cosmos’ latest development could have this in store for eager ATOM investors

Cosmos reaches new milestone in terms of IBC transfers
Comsos TVL witnesses an uptick. However, fees generated by Cosmos declines

 Cosmos, which was in the news recently for launching an update around its DeFi network, registered a new milestone in terms of IBC transfers.

Read Atom’s Price Prediction 2022-2023

According to a tweet posted by IOBscan on 10 November, the total value of transfers from Cosmos rounded out to $8.7 million. This spike in the number of transfers could indicate a positive future for the network.

Do you know the total value of all #IBC transfers from @cosmoshub in the latest 500k records?
At the moment it’s counted as $8,739,128,066 😱
Find out at!
— IOBScan (@iobscan_ibc) November 10, 2022

Cosmos’ DeFi angle
 Cosmos’ total value locked (TVL) depreciated after 7 November, as can be seen from the image below. However, after 10 November, there was a slight uptick. This improvement in Cosmos’ DeFi space could be attributed to the launch of a DEX called Duality, which would launch with Interchain Security.
After this announcement, Comos’ TVL had appreciated by 18.60%, while its TVL was at $489,966 at the time of writing.
Source: DefiLlama
Along with the uptick in terms of TVL, ATOM also observed a surge in its volume. Over the past seven days, ATOM’s volume grew from 270 million to 320 million. 
However, its development activity continued to decline during this period. This indicated that the number of contributions made by ATOM’s team to its GitHub had gone down.
Source: Santiment
Furthermore, along with declining development activity, the fees generated by Cosmos dropped as well. According to data provided by Token Terminal, the fees generated by Cosmos depreciated by 10.5% in the last 30 days. Its circulating marketcap fell by 8.9% during the same period.
Source: token terminal
Along with its market cap, ATOM’s price depreciated as well. After testing the $15.610 support on 5 November, ATOM’s price decreased by 38.85%. The token ultimately tested the $9.49 support level on 10 November. However, since then, its price appreciated by 25%, and was trading at $12.01 as of 11 November.
ATOM’s Relative Strength Index (RSI) stood at 45.75, indicating that the coin’s momentum was slightly bearish at the time of writing. However, the Chaikin Money Flow (CMF) registered an uptick over the course of the last few days, implying a positive outlook for ATOM.
Source: Trading View

LBank Labs establishes crypto investment fund to support Web3 development in Africa

Blockchain Crypto Investment Group, LBank Labs, announces the establishment of their new crypto investment fund targeted towards web3 development in Africa. LBank Labs plans to establish a series of regional development funds, including regions such as Korea, South East Asia, and more. This is the first of the sequence of new investment funds from LBank Labs. 
Africa is one of the areas with a lot of untapped potential for blockchain expansion. With new member Czhang on board LBank Labs, the investment institution is looking globally. Czhang is currently visiting many countries in North Africa and followed by other regions in the continent. Throughout November, Czhang, as a representative of LBank Labs, will be talking with potential African collaborators. “I think the future is in Africa,” said Czhang, “in terms of blockchain adoption, LBank Labs hopes to provide support for local communities and give local projects the push that they need to start up. ”
LBank has been pushing educational efforts in the MENA region for some time, having community managers in Nigeria, Ghana, Tunisia, and more. “Africa is a diverse place. We believe the key to blockchain development in Africa, and anywhere really, is education. Giving people the tools to understand blockchain technology will help them to see why it is such a world-changing thing. We really hope to have a strong bond with locals. ” a representative said. LBank has also expanded to other areas, recruiting community managers in Cameroon, Kenya, and so on. 
About LBank Labs
LBank Labs is an independent blockchain investment institution under the top global crypto exchange LBank. LBank Labs currently has a total fund size of 50 million USDT. Registered in Asia’s crypto hub Singapore, LBank Labs includes Venture Capital, Hedge Funds, and also Fund of Funds. Since its inception, LBank Labs invested in many quality early-stage public-chain projects such as VEN and NEO. Starting in 2020, LBank Labs invested in nearly 100 ecological projects such as Polkadot, NFT, and Solana. 
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers its users specialized financial derivatives, expert asset management services, and safe crypto trading. The platform holds over 7 million users from more than 210 regions worldwide. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start trading now:
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Disclaimer: This is a paid post and should not be treated as news/advice.  

As Litecoin finds support at $50 and rallies, this is where bulls can look for profits

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Litecoin fell beneath $64 and could retest it as resistance
The $50 area has been held as support for now, but violent moves meant traders must remain cautious

A significant level of fear gripped the market. The momentary depeg of USDT from USD caused panic as users questioned whether Tether was exposed to FTX. Binance backed out of the offer to acquire the exchange, as was their right. The market sentiment alternated between panic at this event, and hope after FTX resumed withdrawals.

Read Litecoin’s Price Prediction 2023-2024

In light of all these events, Bitcoin has seen heavy volatility. Overall, though, it retained a bearish outlook on the higher timeframes. Similarly, Litecoin too took on a bearish bias after it crashed as far south as $50.
Swift recovery from the $50 liquidity pocket, $64 remains the level to watch for bulls
Source: LTC/USDT on TradingView
On 4 November, Litecoin broke out of the range (yellow) that it had been trading within since late March. This breakout occurred on high trading volume and affirmed it as a legitimate move driven by high demand.
Events of the past week meant that the bullish euphoria was short-lived. Litecoin saw a sharp reversal on 7 November and retraced as far south as the $50 mark.
This level was both a significant psychological level as well as a zone of support from late August. The huge selling pressure met a brick wall in this zone and saw a quick resurgence back to the range highs at $64.
However, the Accumulation/Distribution (A/D) indicator had not recovered. In fact, it broke beneath the lows it posted in July and August. The inference was that recent days saw huge amounts of selling, and a quick rally might be ripe for fading. The Chaikin Money Flow (CMF) was in neutral territory at the time of writing, while the Relative Strength Index (RSI) showed some bullish momentum still existed.
Longer-term investors of Litecoin can wait for a retest of the $50 area to look to buy. Meanwhile, lower timeframe traders can seek opportunities to short the retest of the $64 resistance.
Dormant circulation marks a local top as transaction volume soars
Source: Santiment
Santiment data showed 7 November saw enormous amounts of Litecoin transacted. A three-hour stretch on that day saw 23.44 million coins transacted. In the past, such sharp upticks in volume have tended to mark the local high or the low, and LTC reached $70 on that day.
Once again the LTC transacted metric rose on 11 November – could this mark yet another local top? In a similar fashion, the 90-day dormant circulation of LTC saw a spike on 6 November. Such upticks, once more, tend to mark local tops as heavy selling pressure follows a gain in dormant circulation. In the past couple of days, a spike in this metric was not seen.
Bitcoin witnessed strong resistance at the $18.2k-$18.6k belt and already tested this region bearishly in recent hours. Another leg beneath $17k could see BTC sink to $15.8k once more and drag Litecoin down with it. $50 and $40-$43 were places where a buying opportunity might arise.

FTX’s $380 million trail: An exploit to uncover or a final inside job

About $380 million flowed out of the FTX exchange due to a exploit or likely insider hack
Exchange counsel said company is investigating proceedings

FTX customers’ hope of getting their funds out might have finally hit a brick wall as emerging development showed that the exchange faced an exploit of $380 million. Without any clarification, FTX US general counsel, Ryan Miller, tweeted that they were investigating “abnormalities” going on in the exchange. 

Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges – unclear facts as other movements not clear. Will share more info as soon as we have it. @FTX_Official
— Ryne Miller (@_Ryne_Miller) November 12, 2022

This came after FTX filed for Chapter 11 bankruptcy on 11 November and included the initially “safe” FTX US as part of the subsidiaries affected.
Can’t catch a breath
With this development, the whole saga of the exchange collapse seemed to be going from bad to worse. Before Ryan put the word out, Oxfoobar, a DeFi auditor, had notified the Twitter crypto communities of strange outflows from the exchange.
Oxfoobar also noted that it was doubtful for regular users to be in control of such outflows at that time. According to him, these exits were not routine. There was also word on the street that liquidators acted on their rights. During this period, the outflows were at $26 million. Despite the confusion, comments flew around that it was a probable inside job.

Hundreds of millions of dollars are now flowing out of FTX wallets, some speculate liquidators but it’s late on a friday night, not typical times for such rapid heavy movements. Some withdrawals are being swapped from Tether to DAI. Hack or insider actions? $26 million here
— foobar (@0xfoobar) November 12, 2022

Things continued to get ugly as Bankless released an update per the happenings. The hack had surged up to $380 million in a breaking on-chain revelation from the sovereign-finance firm. Bankless also pointed out the possibility of an inside job considering the circumstances.

Onchain data shows that $380m of funds from FTX are on the move.
Are the insiders rugging?
— Bankmanless (@BanklessHQ) November 12, 2022

The speculations about it being an action from an insider started to gain ground when the wallets names that receive the funds reached public domain. In a release by Autism Capital, a blockchain investigative firm, the hackers took a dig at embattled founder Sam Bankman-Fried (SBF) with their naming.
Source: Autism Capital via Twitter
Abandon the ship! It’s sinking!
After the pillar-to-post discussion about what was happening, purportedly actual events finally came to light. This was because the FTX telegram administration sent a message hacker had compromised the platform. In the statement circulated around Twitter, the admin advised users not to visit the official website or click any links. 
Source: Telegram
While the admin noted that the exchange had recovered some funds, there was no proof. In fact, the situation was not any better at press time. This was due to disclosure from some users that their funds now showed balances of $0.
However, the recent missing funds were not the first to be found on the exchange. Reuters reported that about $1 billion of customer funds were missing. The international news platform also disclosed that SBF denied that the exchange moved the funds secretly. 

LBank announces publishing of an auditable Merkle tree and Proof of Reserves (POF)

Global crypto exchange, LBank, has recently announced that it will share its Merkle-tree proof-of-reserves, in view of recent concerns about the opaque nature of certain industry issues. LBank gave a public statement on November 9th stating that the exchange hopes to facilitate industry transparency and built a strong foundation of trust between exchanges and investors. 
LBank stated in an announcement and Twitter post to their users that “We believe that it is crucial for tier-one cryptocurrency exchanges to publicly share their auditable Merkle tree proof of reserves or POF……This is an important step in building fundamental trust in the industry, and at the same time, it is also an important means to ensure the transparency of user assets.”  LBank believes that taking this step will be crucial in helping investors regain trust in the market and hopes that more exchanges will take similar steps to help with this effort.
Merkle trees are used to help users easily verify specific transactions. It can reassure investors that the crypto holding is using public blockchain information. Crypto exchanges can provide accurate proof of held balances and strengthen the trust of users. Since recent events, many have taken to this path to avoid unnecessary speculation.
LBank believes that these measures will give users the transparency they need to get through recent turbulent times. “We can’t simply ask people to take our word for things, this change is a great thing that will give investors what they need and deserve. LBank values our relationship with our users more than anything. We hope this will tie us closer to our users and communities” an LBank representative stated.  
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start Trading Now: 
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LBank Exchange
Disclaimer: This is a paid post and should not be treated as news/advice.

Does Dogecoin’s [DOGE] recent dip really present a buying opportunity?

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After finding a bearish volatile break, Dogecoin defended the $0.07 support.
DOGE’s MVRV ratio corroborated with the increased bearishness.

Dogecoin’s [DOGE] reversal from the $0.14 resistance invalidated its recent bullish pattern amidst the broader uncertainties in the crypto market. As a result, the meme coin plunged toward its daily moving averages after witnessing a slight surge in the selling pressure.

Read Dogecoin’s [DOGE] Price Prediction 2023-24

Meanwhile, the $0.07 support level inflicted a rebound above the 200 EMA (green). At press time, DOGE was trading at $0.0887, up by 6.51% in the last 24 hours.
Sellers retraced gains of the previous bull run
Source: TradingView, DOGE/USD
The recent bull run aided the buyers in clawing back above the $0.11-mark after registering triple-digit gains. But the $0.14 ceiling convincingly plateaued the streak of green candlesticks.
The resulting consolidation hinted at a bullish pennant structure in the daily timeframe. But the market-wide uncertainties caused a breakdown well below the $0.11-mark.
A sustained sway above the 200 EMA can support DOGE buyers’ efforts to prevent further losses. The latest bullish engulfing candlestick can further reaffirm the chances of buyers protecting the $0.08 support in the coming times.
However, over the last few days, DOGE marked a declining trend in its volume. The daily gains could not stimulate enough buying pressure to reinforce a bullish stance yet.
The Relative Strength Index (RSI) stood near the equilibrium while depicting a slight edge for the sellers. The buyers should wait for an immediate or potential reversal above the 50-mark before entering a long position.
DOGE’s MVRV turned negative
Source: Santiment
DOGE’s 30-day MVRV turned negative over the last few days to depict an increased advantage for the bears. However, in the past 24 hours, the ratio marked a spike.
The price action was yet to follow. In any case, the buyers should watch for a potential close toward the positive side to truly gauge the chances of a solid upturn on the charts.
Finally, the dog-themed coin shared a 54% 30-day correlation with the king coin. Thus, keeping an eye on Bitcoin’s movement would complement these technical factors.

Decentraland: Did Metaverse Music Festival 2022 help MANA recover

Decentraland started its 4-day-long Decentraland Metaverse Music Festival 2022 on 10 November.
Since then, the metaverse-based project has enjoyed a hike in user activity.

Described as the “first-ever virtual world” where users can buy plots of land and wearables as NFTs, Decentraland [MANA] kickstarted its Decentraland Metaverse Music Festival 2022 on 10 November. The 4-day virtual event would feature over 200 artists worldwide performing on over 15 unique virtual stages.

Read Decentraland [MANA] Price Prediction 2022-2023

Since the commencement of this music festival, the metaverse-based project has gained significant traction, data from DappRadar revealed. 
According to DappRadar, unique active wallets on Decentraland grew by 42% in the last 24 hours. This growth brought the count of active wallets on the project to 959.
In addition to this, the count of transactions completed within Decentraland in the last 24 hours totaled 6,780, having grown by over 100% within that window period.
As transactions count grew, sales volume on the metaverse-based project also increased. Per data from DappRadar, sales volume totaled $6,450 in the last 24 hours, with a 100% growth. Moreover, the total value of assets within Decentraland increased by 12%. As of this writing, this stood at $23.18 million.
Source: DappRadar
In addition to a surge in activity on Decentraland since the commencement of the Metaverse Music Festival, there has also been a spike in Decentraland Wearables NFT sales. 
According to the project’s whitepaper, Decentraland Wearables are the various items of clothing, accessories, and body features that can be used to customize the appearance of a Decentraland avatar.
The spike in Wearables sales in the last 24 hours was attributable to the fact that the music festival attendees could win them by participating in the event. According to data from NFTGo, the floor price for Decentraland Wearables NFTs rallied by 200% in the last 24 hours.
In addition to this, sales volume and market capitalization spiked by 106% and 14%, respectively, in the last 24 hours, data from NFTGo revealed. 
Source: NFTGo
MANA has a mind of its own
While the Decentraland’s virtual world and NFTs saw growth in the last 24 hours, its ecosystem token MANA had been trailed by negative sentiments.
Although its price was up by 8% in the last 24 hours, data from CoinMarketCap revealed a 31% decline in the asset’s trading volume within the same period.
This meant holders had no conviction of any significant price rally in the short term. Per data from on-chain analytics platform Santiment, many holders held at a loss at press time according to the MVRV ratio. Also, weighted sentiment was -0.118, meaning investors harbored negative sentiments toward MANA.
Source: Santiment

Binance Coin retests $315 as resistance, is it the right time to go short

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Daily structure strongly bearish following rejection at $360
$280 and $260 are levels to watch out for, but it could be risky for the bulls

Binance Coin crashed as far south as $260 on 9 November. The bounce to $313 turned out to be a bearish retest, and the coming days could see another leg downward for the exchange token.

Read Binance Coin’s Price Prediction for 2022-23

The 24 hours preceding press time showed 50.5% of participants to be bearishly positioned. The futures market showed seller dominance as well. Long-term buyers would need to exercise caution, while lower timeframe traders might relish the volatility.
$260 saw a bounce in prices but bears remain in control
Source: BNB/USDT on TradingView
On the daily chart, Binance Coin had a strong performance in October. The term “Uptober” can apply favorably to the latter half of the month as the price rallied from the $256 swing low to reach $360 on 4 November.
However, things have taken a drastic downward turn in the past week. The news surrounding the FTX exchange has shifted market sentiment to a strongly bearish position.
Binance Coin saw heavy volatility in recent days. 8 November saw BNB swing from a high at $398 to a low of $298. Since then, the price has broken beneath the range (yellow) it traded within from August to October.
BNB dropped as low as $260 on 9 November, the day when Bitcoin reached $15.8k. Its prospects did not look positive in the coming weeks.
The higher timeframe market structure was firmly bearish. Moreover, the $300-$315 area was retested as a resistance as well. The OBV saw a sharp dive in the recent wave of selling. The RSI retested neutral 50 as resistance as well, when BNB bears flipped $300 to resistance.
Taken together, the outlook was bearish on higher timeframes. Yet, some volatility was very likely on the lower timeframes as hope and fear appeared to grip the market alternatively on an almost hourly basis.
The $280, $260, and $240 levels were likely to be tested once more. Further south, the $210-$218 area could also see some demand arrive. Hence, buying at any of these levels can come with a lot of risk attached.
Funding rates are negative while Open Interest sees a sharp drop
Source: Coinglass
The funding rate has been extremely negative in the past few days, with figures as high as 0.1%. This showed that the futures market participants were positioned heavily bearishly.
The flip side of this observation was that a sudden surge in prices could cause en masse liquidations and drive a liquidation cascade upward.
Source: Coinglass
The Open Interest chart also showed a decrease in OI in the past week after the local top formed at $360. The bulls who fueled the previous rally had likely been forced out of the market. A rise in OI alongside a fall in prices in the coming days would show bearish strength.
Given the risky conditions for bulls in the market, it could pay for bulls to wait patiently for this storm to blow over. It was unclear how long it could take. With Bitcoin showing weakness below $18k, Binance Coin could quickly drop below substantial support levels once again.

Algorand takes another inch towards protection; how about ALGO?

In its 10 November publication, Algorand [ALGO] announced that it was working towards healthier security for its core protocol. However, the self-titled “most powerful” blockchain noted that it was not alone in the pursuit. According to the release, it was offering to partner with developers and Immunefi, a web3 bug bounty platform. 

Read AMBCrypto’s Price Prediction for Algorand 2023-2024

Interestingly, one would have assumed that the development activity of Algorand would take a better turn. However, on-chain data revealed that was not the plight.
Will ALGO need a liberator?
According to Santiment, Algorand’s development activity was 17 at press time. Before now, the same metric was as high as 32.45 on 7 November.
This decrease implied that the Algorand team might have eased a bit on upgrade commitments. In addition, less testing has been happening due to this obvious development downturn.
Additionally, the social volume was not any better. With its value declining to 27, it meant that Algorand was not part of the top cryptocurrencies that expanded its influence across the crypto community lately.
Source: Santiment
The status of the metric above might have left investors in bewilderment. This was because Algorand was one of the assets with links to the fast-approaching world cup. Hence, it could have been expected that it performed better per social metrics. 
Despite that, ALGO seemed to have made for the fall with its price. Data from price tracking platform, CoinMarketCap showed that ALGO increased 7.59% in the last 24 hours.
While it traded at $0.311, it was not much of a positive impact for its volume. According to Santiment, the Algorand volume had lost 10.09% of its value.
This implied that the amount of ALGO that has passed through confirmed transactions over the last day was minimal when compared to the day before.
Source: Santiment
It’s no space for abundance
On the daily chart, ALGO was not at the top of the market. This was due to the indications revealed by the Relative Strength Index (RSI).
According to the RSI, ALGO recently exited an overbought zone at 77.41 on 5 November. While it seemed to have revived from its selling pressure at 43.50, there was no good grounds to prove that it had gained control of the buying zone.
Hence, ALGO could remain in the $0.31 region it was trading at, as of this writing. 
Furthermore, the Moving Average Convergence Divergence (MACD) supported more of a bearish momentum. At press time, the sellers’ strength (orange) maintained its spot above the buyers (blue).
In addition the 12 to 26 EMA difference, was positioned below the zero-point histogram at -0.0085. In circumstances like this, ALGO could go bearish after its recent rally. However, it could be wise to consider the increasing volatility indicated by the Bollinger Bands before taking a stance.
Source: TradingView