Altcoin Watch
REN price at risk of 50% drop after a bearish trading pattern shows up
The prospects of Ren (REN) continuing its ongoing rebound to fresh highs appear slim as a classic bearish reversal pattern begins to emerge. Dubbed head and shoulders, the setup appears when the price forms three peaks, with the middle peak (called the head) longer than the other two peaks described as the left and right shoulders. The bottoms of these peaks are supported by a neckline. An illustration of the head and shoulders pattern. Source: Corporate Finance Institute The pattern comes into play primarily when the price breaks below the neckline in a correction that follows the formation of the right shoulder. That prompts traders to open short entries below the neckline, with their ideal target at a length equal to the distance between the head’s high point and the neckline. Wha...
Yearn.finance risks pullback after YFI price gains 100% in less than 3 weeks
Yearn.finance (YFI) looks poised for a price correction after rising five days in a row to approach $42,000. Notably, an absence of enough buying volume coupled with overbought risks is behind the bearish outlook. The YFI price rally so far YFI’s price surged by a little over 47% in five days to $41,970 as traders rotated capital out of “top-cap” cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) and looked for short-term opportunities in the altcoin market. #DeFi assets are showing some nice signs of growth to kick off 2022. $YFI, $UNI, and $AAVE are all ticking up nicely thus far with the first Monday of the year looking #bullish for several #altcoins. https://t.co/8ujolCvt5z pic.twitter.com/ASpf1dUbtn — Santiment (@santimentfeed) January 3, 2022 Yearn.finance was among the beneficia...
YFI, HXRO and AR post gains even as Bitcoin price dips to $45.5K
Bitcoin (BTC) bulls took another beating on Dec. 17 as a midday onslaught dropped the price to $45,500. The price did manage a quick bounce back to $47,000 but sweeping a new daily low could be a sign that additional downside is in store. Amid the wider market downturn, several altcoins provided weary traders with a source of refuge as token buybacks and increased network activity helped bolster their prices and provide shelter from the storm. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Yearn.finance (YFI), Hxro (HXRO) and Arweave (AR). YFI benefits from token buybacks Yearn.finance is a decentralized finance (DeFi) aggregator service that ...
YFI price gains 46% in just four days after Yearn Finance’s $7.5M buyback
Yearn Finance (YFI) emerged as one of the best performers in the crypto market this week, rallying by over 46% in just four days to reach a two-week high above $29,100. YFI/USD daily price chart featuring its four-day bull run. Source: TradingView The gains surfaced primarily as Yearn Finance revealed that it has been buying back YFI en masse since November in response to a community vote to improve the YFI token’s economics. The decentralized asset management platform purchased 282.40 YFI at an average price of $26,651 per token — a total of over $7.50 million. Furthermore, Yearn Finance noted that it has more than $45 million saved in its Treasury and has “stronger than ever” earnings. As a result, it would — in the future — could deploy its income to buy...
ECOMI, Aragon and Ramp breakout after Bitcoin price pushes above $49K
Cryptocurrency prices and investor sentiment reversed course on Dec. 15 after Federal Reserve chairman Jerome Powell confirmed the bank’s plan to hike interest rates in 2022 and slow down the bond purchasing program that had been in play since the emergence of the coronavirus in March 2020. Following the announcement, Bitcoin (BTC) price tacked on a 1.65% gain, bringing the price above $49,000 and Ether trekked back above the $4,000 mark. Altcoins followed suit with their usual double-digit gains and for the moment, it appears as if bulls have taken back control of the market. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were ECOMI (OM...
FLUX, SFP and Badger DAO surge even as Bitcoin price falls to $47K
The year-long mantra that the crypto market would see a blow-off top in December has proven to be a dud thus far and for the last week, most cryptocurrencies have been under sell pressure and Bitcoin (BTC) is encountering difficulty in trading above $47,000. That said, it’s not all bad news for cryptocurrency holders on Dec. 10 because several altcoins have managed to post double-digit gains due to new exchange listings and protocol upgrades. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Flux (FLUX), SafePal (SFP) and Badger DAO (BADGER). FLUX benefits from the “Binance bump” Flux is a GPU mineable proof-of-work p...
