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Time for a breakout? Bitcoin price pushes at key resistance near $23K

Traders watch closely as BTC price presses at a long-term trendline resistance that has previously capped previous rallies.

On Sept. 12, Bitcoin is doing Bitcoin things as usual. Since Sept. 9 the price has broken out nicely, booking a near 16% gain and rallying into the long-term descending trendline which appears to have resistance at $23,000. 

BTC/USDT 1-day chart. Source: TradingView

Perhaps BTC and the wider market are turning bullish ahead of the Ethereum Merge which is scheduled for Sept. 14, or maybe the elusive bottom is finally in. Weekly chart data from TradingView shows that on June 27 and Aug. 15, Bitcoin’s relative strength index had dropped to lows not seen since 2019.

BTC/USDT 1-day chart. Source: TradingView

Currently, the metric has rebounded from a near oversold 31 to its current 38.5 reading. Some traders might also note a bullish divergence on the metric, where the RSI follows an ascending trendline while Bitcoin’s weekly candlesticks trend downward. Bitcoin’s moving average convergence divergence (MACD) has also crossed over as purchasing volume surged and BTC price attempts to break from its current 90-day range.

As pointed out in previous analysis, since Jan. 21, Bitcoin price has simply been range trading in what have turned out to be successive bear flags that see continuation to new yearly lows. Price has consistently encountered resistance at the overhead descending trendline and the price action witnessed today and in the past 90-days is not a deviation from the trend.

Traders should watch for BTC price to push secure a few daily closes above the trendline resistance and setting a daily higher high above $25,400, or even a breakout to the 200-MA at $30,000 would be an excellent sight of either a trend change or at least a leg up to a new consolidation range. Until that occurs, the standard practice among traders is to not go long at long term resistance and wait to see whether the bullish momentum holds or the prevailing trend remains intact.

Related: The Fed, the Merge and $22K BTC — 5 things to know in Bitcoin this week

Of course, there are a handful of other on-chain and derivatives metrics which could add valuable context to Bitcoin’s current price action, but the purpose of this brief analysis is to simply provide a quick, snapshot interpretation of BTC’s current market action and consider what traders might be thinking in the short-term.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Abra announces plans for US bank supporting digital assets

Abra announced its international venture and U.S. bank would work with officials to ensure regulatory and legal compliance and planned to launch in 2022 and 2023, respectively.

Cryptocurrency trading platform Abra said it was “in the process of” establishing a United States-based state-chartered bank allowing clients to deposit digital assets.

In a Monday announcement, Abra said the bank, named Abra Bank, would be regulated to operate within the U.S. and give customers the ability to use digital assets in seemingly the same way as fiat at traditional banks. The company also planned to launch Abra International, a digital asset-focused business based outside the U.S.

“The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency,” said Abra.

We have some BIG news. Today we’re announcing the formation of Abra Bank and the launch of Abra Boost, Abra’s new staking and yield offering.  

Lots to unpack…  /https://t.co/eQMFS5mKmT

— Bill Barhydt (@billbarhydt) September 12, 2022

The two ventures were expected to launch in 2023 and 2022, respectively. Abra announced both institutions would work with officials to ensure regulatory and legal compliance, providing “on-ramps, off-ramps, and transactional services” for cryptocurrencies. Founder and CEO Bill Barhydt added on Twitter that the U.S.-based bank planned to include services for nonfungible tokens and custody, launching no later than the first quarter of 2023.

Related: Propy partners with Abra to provide crypto-backed real estate loans

In September 2021, Abra raised $55 million in a funding round led by Amex Ventures and others to grow its product offerings in wealth management. The company reported it had more than $1.5 billion in assets under management at the time of publication.

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Law Decoded, Sept. 5–12: The pressure is growing in the US

Last week regulators worried about the “de-integration” of financial sector and global energy consumption — all because of crypto.

While last week brought no troubles from the market side of the crypto industry — no operations frozen, no bankruptcies filed — the United States regulators made some explicitly negative statements

Recently appointed U.S. Federal Reserve Board vice chair for supervision Michael Barr pledged to “ensure that crypto activity inside banks is well regulated, based on the principle of the same risk, same activity, same regulation, regardless of the technology used for the activity.” In Barr’s opinion, people “may come to believe that they understand new products only to learn that they don’t.”

Michael Hsu, an acting comptroller of the currency at the annual conference of the Clearing House and Bank Policy Institute, mentioned stablecoins and the collapse of Terra (LUNA) — now renamed Terra Classic (LUNC) — as an example of crypto’s disruptive potential. He also noted that the relationship between banks and fintech companies is evolving rapidly and causing “de-integration” in the financial sector.

The White House Office of Science and Technology Policy has weighed in on the environmental and energy impact of crypto assets, focusing on their contribution to energy usage and greenhouse gas emissions. Among the broadly written recommendations are assessment and enforcement of energy reliability in light of crypto mining projects, setting energy efficiency standards, and research and monitoring.

Enforcers participated in the collective push as well. Gurbir Grewal, the enforcement director for the Securities and Exchange Commission, promised the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation.” He pushed back against criticism that the Securities and Exchange Commission “somehow unfairly targeted crypto” in its enforcement actions.

Zuckerberg is called to address the ‘breeding ground’ of crypto scams on Facebook

In the United States, a group of Democratic senators has reportedly asked Meta CEO Mark Zuckerberg to provide details on the social media giant’s policies regarding cryptocurrency fraud. Six senators — Elizabeth Warren and Sharrod Brown, among them — called on Zuckerberg to explain actions the company may take to detect crypto scams, coordinate with law enforcement and assist victims of fraud. The senators are concerned that “Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers.”

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‘False and misleading claims’ by Celsius and its CEO 

The ​​Vermont Department of Financial Regulation accused crypto lending platform Celsius Network and CEO Alex Mashinsky of misleading state regulators regarding the firm’s financial health and its compliance with securities laws. According to a filing with the United States Bankruptcy Court in the Southern District of New York, the company and its CEO “made false and misleading claims to investors,” which allegedly downplayed concerns about volatility in the crypto market and encouraged retail investors to leave their funds on the platform or make new investments. 

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Crypto assets are no longer niche, according to IMF

In a new report from the International Monetary Fund (IMF), experts noted that crypto assets have firmly shifted away from being “niche products” to assets used for speculative investments, hedges against weak currencies and payment instruments. Along with the recent failures of crypto issuers, exchanges and hedge funds, it has “added impetus to the push to regulate,” according to the IMF. However, regulators are still “struggling to acquire the talent and learn the skills to keep pace.” 

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Bitcoin and altcoins pop to the upside, but upcoming macro events could cap the rally

The FOMC’s decision on Sept. 21 could cause traders to reduce their risk exposure, limiting the recent gains seen across the crypto market.

The 13% gains in the six days leading to Sept. 12 brought the total crypto market capitalization closer to $1.1 trillion, but this was not enough to break the descending trend. As a result, the overall trend for the past 55 days has been bearish, with the latest support test on Sept. 7 at a $950 billion total market cap.

Total crypto market cap, USD. Source: TradingView

An improvement in traditional markets has accompanied the recent 13% crypto market rally. The tech-heavy Nasdaq Composite Index gained 6.2% since Sept. 6 and WTI oil prices rallied 7.8% since Sept. 7. This data reinforces the high correlation versus traditional assets and places the spotlight on the importance of closely monitoring macroeconomic conditions.

The correlation metric ranges from a negative 1, meaning select markets move in opposite directions, to a positive 1, which reflects a perfectly symmetrical movement. A disparity or a lack of relationship between the two assets would be represented by 0.

Nasdaq futures and Bitcoin/USD 50-day correlation. Source: TradingView

As displayed above, the Nasdaq composite index and Bitcoin 50-day correlation currently stand at 0.74, which has been the norm throughout 2022.

The FED’s Sept. 21 decision will set the mood

Stock market investors are anxiously awaiting the Sept. 21 U.S. Federal Reserve meeting, where the central bank is expected to raise interest rates again. While the market consensus is a third consecutive 0.75 percentage point rate hike, investors are looking for signs that the economic tightening is fading away.

A report on the U.S. Consumer Price Index, a relevant inflation metric, is expected on Sept. 13 and on Sept. 15, investor attention will be glued to the U.S. retail sales and industrial production data.

Currently, the regulatory sentiment remains largely unfavorable, especially after the enforcement director for the United States Securities and Exchange Commission (SEC), Gurbir Grewal, said the financial regulator would continue to investigate and bring enforcement actions against crypto firms.

Altcoins rallied, but pro traders were resilient to leverage longs

Below are the winners and losers of last week’s total crypto market capitalization 8.3% gain to $1.08 trillion. Bitcoin (BTC) stood out with a 12.5% gain, which led its dominance rate to hit 41.3%, the highest since Aug. 9.

Weekly winners and losers among the top-80 coins. Source: Nomics

Terra (LUNA) jumped 107.7% after Terra approved a proposal on Sept. 9 for an additional airdrop of over 19 million LUNA tokens until Oct. 4.

RavenCoin (RVN) gained 65.8% after the network hash rate reached 5.7 TH per second, the highest level since January 2022.

Cosmos (ATOM) gained 24.6% after Crypto research firm Delphi Digital shifted the focus of its research and development arm to the Cosmos ecosystem on Sept. 8.

Even with these gains, a single week of positive performance is not enough to interpret how professional traders are positioned. Those interested in tracking whales and market markers should analyze derivatives markets. Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) are demanding more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

Accumulated 7-day perpetual futures funding rate on Sept. 12. Source: Coinglass

Perpetual contracts reflected a neutral sentiment as the accumulated funding rate was relatively flat in most cases. The only exceptions have been Ether (ETH) and Ether Classic (ETC), even though a 0.30% weekly cost to maintain a short (bear) position should not be deemed relevant. Moreover, those cases are likely related to the Ethereum Merge, the transition to a proof-of-stake network expected for Sept. 15.

Related: Glimpses of positive momentum in an overall bearish market? Report

The odds of a downtrend are still high

The positive 8.3% weekly performance can’t be deemed a trend change considering the move was likely tied to the recovery in traditional markets. Furthermore, one could assume that investors are likely to price in the risk of additional regulatory impact after Gary Gensler’s remarks.

There is still uncertainty on potential macroeconomic triggers and traders are not likely to add risk ahead of important events like the FOMC interest rate decision. For this reason, bears have reason to believe that the prevailing longer-term descending formation will resume in the upcoming weeks.

Professional traders’ lack of interest in leverage longs is evident in the neutral futures funding rate and this is another sign of negative sentiment from investors. If the crypto total market capitalization tests the bearish pattern support level at $940 million, traders should expect a 12.5% price drop from the current $1.08 billion level.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Cryptocurrency is picking up as an instrument for tyranny

From ubiquitous surveillance to negative interest rates, crypto is giving dictators and global corporate leaders new ways to intimidate, oppress and subjugate humanity.

Proponents paint Bitcoin (BTC) and other cryptocurrencies as antidotes to totalitarian governments and central banks. Simultaneously, international corporations and startups alike have designed blockchain platforms and products that could be used on behalf of totalitarian governments and central banks. 

Microsoft body activity data

One example is Microsoft, which applied for a patent for a cryptocurrency system using body activity data. As part of the cryptocurrency mining process, the cryptocurrency system gives a task to your device, instructing you to complete a “human body activity.”

A sensor in the user’s device registers the body activity, and then the cryptocurrency system rewards the user. “The sensed body activity is associated with the received task and transmits the generated body activity data to a system or network, which verifies the body activity data to award cryptocurrency.”

It’s reminiscent of the Justin Timberlake movie In Time, where a future society uses time from one’s lifespan as its primary currency, with each individual possessing a clock on their arm that counts down how long they have to live. When the clock hits zero, they’re dead.

SmartKey

Olsztyn, Poland leveraged the Ethereum blockchain to run a trial of SmartKey, a bridging technology that connects blockchain technology to the lock to your home, for example.

They say it’s to “aid in police, fire, and ambulance services” (read: for your safety). SmartKey allows emergency crews to enter any building in the city without needing to find the keyholder or wait for permission.

Related: Blockchain Association policy head: US shouldn’t compete with China’s CBDC using surveillance tools

“The need for our rescue services to perform their duties without obstruction is a delicate one. The use of blockchain and SmartKey technology seems to be like the perfect solution, giving reassurance to building owners and inhabitants, but also freedom for our emergency services,” according to Gustaw Marek Brzezin, the marshall of the Warmińsko-Mazurskie Voivodeship in which Olsztyn is located.

As any student of political science knows, the bedrock of any constitution is the freedom for our emergency services!

Central bank digital currency (CBDC)

The European Central Bank (ECB) noted in a white paper that it would be possible to track every single CBDC transaction in a nation. All transactions under such a regime would be known to the central bank and anyone with whom the bank chooses to share information.

With a digital currency, central banks can impose restrictions on the holding of money. The ECB has discussed capping the amount a person can hold, limiting the time a person can hold an amount of money, and imposing negative interest rates on amounts that the bank deems excessive. Similar functionality is present in the Bank of China’s CBDC. Dystopian policies can be implemented more easily with a digital currency — including negative interest rates and more.

Mass surveillance

Ledger founder Pascal Gauthier sees the European Union’s Transfer of Funds Regulation bill as little more than mass surveillance.

“Imagine you have a wallet, your leather wallet, and you’ve got cash in it. Now every time that you’re going to pay in cash somewhere, you’re going to have to flash your ID… and they’re going to note your name,” Gauthier said. “This is not the world I want to live in.”

Related: US agencies warn against the influx of North Koreans in IT and crypto jobs online

He added, “Some groups in the European Parliament have some very specific and dogmatic agenda … [and are] using excuses to ban Bitcoin and cryptocurrencies as much as possible. Rumors they’ve heard. Like, oh, I heard it’s for money launderers…”

World Economic Forum (WEF)

The Davos-based WEF, which is best known perhaps for bringing humanity “The Great Reset,” notes in a blog post on its website that blockchain is capable of bringing about an industrial revolution in which the biological, technological and physical worlds. It’s going to do that by enabling the tracking of almost anything, including food and medical supplies, such as vaccines.

It’s “a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network,” the WEF notes, citing an IBM assessment of blockchain tech. “An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.”

As the WEF and IBM note, blockchain makes a world of ubiquitous surveillance possible.

Justin O’Connel is the founder of Narracomm, GoldSilverBitcoin, Cryptographic Asset and THCist. He has been a Bitcoin-focused entrepreneur since 2012.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Brother of former Coinbase employee pleads guilty to charges related to insider trading: Report

Nikhil Wahi and his brother Ishan were arrested and charged in July, while their associate Sameer Ramani remained at large at the time of publication.

Nikhil Wahi, who was arrested for allegedly working with his brother and an associate on a scheme to commit insider trading using crypto, has reportedly entered a guilty plea for wire fraud conspiracy charges.

According to a Monday report from Reuters, Wahi admitted to authorities during a virtual hearing that he used confidential information obtained from Coinbase to make profits from trading crypto. Wahi’s brother Ishan worked as a product manager at Coinbase, during which time he allegedly shared information regarding the launch dates of tokens to his brother and an associate, Sameer Ramani. The trio allegedly used the insider information to make roughly $1.5 million in gains from trading 25 different cryptocurrencies between 2021 and 2022.

“I knew that it was wrong to receive Coinbase’s confidential information and make trades based on that confidential information,” Wahi reportedly said in court.

Brother of ex-Coinbase manager pleads guilty to insider trading charge https://t.co/c6ak7oRr9K pic.twitter.com/5uBUHxyQar

— Reuters (@Reuters) September 12, 2022

Wahi and his brother were arrested and charged in Seattle in July, while Ramani remained at large at the time of publication but was still facing similar charges. Cointelegraph reported that Ishan pleaded not guilty to wire fraud conspiracy and wire fraud charges in August. Reuters reported Nikhil originally pleaded guilty, but changed his plea as part of an agreement with prosecutors.

In a parallel case against the trio, the U.S. Securities and Exchange Commission filed a complaint alleging the Wahis and Ramani violated antifraud provisions of securities laws. The same filing claimed at least 9 of the 25 tokens involved in the insider trading scheme were “crypto asset securities” subject to the SEC’s purview. Critics of the case have claimed the regulator was taking a “regulation by enforcement” approach rather than waiting for legislation to clarify the SEC’s role.

Related: Prosecutors want to claim NFTs as securities, alleges legal team of former OpenSea employee

On Sept. 8, Coinbase announced support for Tornado Cash users who sued the U.S. Department of Treasury, alleging the department illegally added the crypto mixer’s smart contract addresses to the Office of Foreign Asset Control’s list of Specially Designated Nationals. Coinbase CEO Brian Armstrong said the exchange had a “responsibility to defend the crypto industry against actions that go too far, and treat crypto on an uneven playing field.”

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More resilient and user-controlled than the AWS: Colin Evran’s vision for Filecoin

“Filecoin is more than just storage, one can think of it as an Airbnb for cloud services.”

In the beginning of 2021, Filecoin was a relatively unknown decentralized peer-to-peer storage service with a total network capacity barely making a dent in the digital storage space. Less than two years later, the Filecoin team claimsthe blockchain has grown to eclipse 10% of the storage capacity of Amazon Web Service, the most popular vendor in the cloud infrastructure services market. This includes use of the storage — by well known blockchain firms such as OpenSea and Magic Eden — of some 239.03 terabytes of nonfungible tokens (NFTs) worth an estimated $26.6 billion as of early September.

NFT storage on Filecoin | Source: NFT.Storage

How did Filecoin become so successful;? And what motivates its developers to grow the ecosystem? Colin Evran, ecosystem lead at Protocol Labs, the creator of Filecoi says a big factor in his desire to join Filecoin was his disillusionment with how things operate in Web 2.0. 

“It’s still going in the wrong direction,” he said. “A handful of companies are now controlling the world’s data, in my opinion, without checks and balances in many ways. And I just thought such levels of centralization over a period of many decades isn’t going to be the answer for everyday users. 

“I fundamentally believe if you zoom out 40 years from now, the answer is not like AWS storing 100% of the world’s data. I don’t think that’s good for society. I don’t think that’s what users really want,” he said. 

Evran took some lateral steps in his path towards the blockchain sector. Having finished Ivey Business School at Western University in 2006, he first became an analyst for McKinsey before venturing into the field of private equity. Then he returned to the academic world to get his Masters from Stanford Business School and then for his Master’s. 

Colin Evran of Filecoin | Source: Twitter 

After graduation, Evran founded a startup in the construction tech space called “Yard Club.” Four years later the firm was sold to Caterpillar, the world’s largest construction equipment designer. 

As told by Evan, the financial surety from the deal gave him the ability to focus on a project that was much more in-depth. “I really wanted to work on a piece of technology that could conceivably impact every man, woman, child, and every company in the world if it was successful. So a good friend of mine introduced me to Protocol Labs, the creator of Filecoin.”

Filecoin’s Interplanetary File System (IPFS) enables users to store and transfer content in a peer-to-peer manner. It is the heart of Filecoin, containing three components; unique identification via content addressing, content linking through directed acyclic graphs (DAGs), and content discovery via distributed hash tables. 

As its incentive layer, Filecoin serves to verify that all data is stored with the appropriate cryptographic proofs. Storage providers on Filecoin have two primary sources of revenue, block rewards and network fees. Block rewards are allocated proportionally based on submitted cryptographic proofs of the data they store. 

Currently, there are about 25,000 transactions on the Filecoin blockchain per day and in total there is about 127 pebibytes (1PiB = 1,125,900 Gigabytes) worth of data stored on it. In terms of total capacity, Filecoin developers say that the network is currently at around 10% of the AWS’ storage capacity. 

Filecoin network metrics | Source: Starboard Ventures 

At the beginning of the year, storing data on Filecoin was at less than 1% of the cost of comparable services on AWS. But now, Evran explains that some storage costs have fallen into negative territory, while the typical storage costs have also decreased to less than 0.5% of centralized providers.

“With such a magnitude of cost reduction, many small businesses and freelancers worldwide can now afford to store people’s data.” He continues: “It’s similar to how Airbnb unlocked the ability for average homeowners to host guests, which wouldn’t have been possible in a hotel-dominated world.”

For Evran, the novel Filecoin Virtual Machine is an exciting technological development for the ecosystem this year. “Filecoin has been a storage and retrieval market thus far. But what the FVM can unlock is a multibillion-dollar DeFi economy on top of Filecoin,” he said. 

“With complete compatibility with the Ethereum Virtual Machine (EVM), developers can build across the two networks. We could bring up new use cases such as on-chain voting, data-based decentralized autonomous organizations (DAOs), decentralized verifiable computation, etc.”

At the moment, Filecoin storage providers have about one billion dollars in collateral to store deals and grow operations. Via further updates, it is possible to create DeFi instruments that auto-renew deals for token holders, creating essentially a ‘perpetual storage’ network. 

Going forward, Evran explains that his vision is to see Protocol Labs and Filecoin to become a hub for building decentralized technologies. “We helped seed the foundation of IPFS, which is now used by every single major blockchain from Ethereum and Polkadot. But we also want people to come to our community and develop something transformational that’s aligned with our values for Web 3.0. In spite of the ongoing crypto winter, Filecoin still holds its place among top players with a total market cap of $1.8 billion. 

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Price analysis 9/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin and altcoins are heating up ahead of the long-awaited Ethereum Merge, but do bulls have enough strength to sustain the rally?

The United States equities markets and the cryptocurrency markets have started the new week on a strong footing. This suggests that investors expect the Federal Reserve’s possible 75 basis point rate hike in the Sept. 20 to 21 meeting to be priced in and it also could mean that investors believe inflation has peaked.

Bitcoin’s (BTC) rally above $22,000 cleared the closely watched metric of the realized price, which according to Glassnode is at $21,700. The next major barrier on the upside is the 200-week moving average near $23,330. A break and close above this resistance could indicate that the bear market may be ending.

Daily cryptocurrency market performance. Source: Coin360

The current bear market has not driven away institutional investors who continue to believe in the long-term prospects of the asset class. One such example was given by Irfan Ahmad, the Asia Pacific digital lead for State Street’s crypto unit State Street Digital, who said that their institutional clients continued to place strategic bets in the cryptocurrency space in June and July.

Could Bitcoin and altcoins continue their up-move in the near term? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin is attempting to form a bottom. Buyers pushed the price above the 20-day exponential moving average (EMA) ($20,831) on Sept. 9 and the 50-day simple moving average (SMA) ($21,944) on Sept. 12. This suggests that the bears may be losing momentum.

BTC/USDT daily chart. Source: TradingView

If buyers sustain the price above the 50-day SMA, the BTC/USDT pair could attempt a rally to the overhead resistance at $25,211. The bears are expected to defend this level with vigor. If the price turns down from this level, the pair could spend some time inside a large range between $18,626 and $25,211.

During such periods of consolidation, the weaker hands sell their holdings fearing a further fall while the stronger hands buy expecting that a bottom may be close by. This completes the transfer of assets from the weaker hands to the stronger hands. After the accumulation is complete, the asset usually starts a new bull move.

Another possibility is that the price turns down and breaks below the 20-day EMA. If that happens, it will indicate that traders continue to sell on rallies. The pair could then once again revisit the strong support at $18,626.

ETH/USDT

Ether (ETH) broke above the overhead resistance at $1,700 on Sept. 9 but the bulls are facing stiff resistance at $1,800. This indicates that bears have not given up and they continue to sell at higher levels.

ETH/USDT daily chart. Source: TradingView

The bears will try to pull the price back below the moving averages while the bulls will attempt to defend this support. The 20-day EMA ($1,652) has started to turn up and the RSI is in the positive territory, indicating a minor advantage to buyers.

If the price rebounds off the moving averages and rises above $1,800, the ETH/USDT pair could rally toward the overhead resistance at $2,000. Such a move will suggest that the pair may have bottomed out.

Alternatively, if the price plummets below the moving averages, the advantage could tilt in favor of the bears. The pair could then decline to the neckline.

BNB/USDT

BNB turned up from $258 and climbed back above the neckline of the head and shoulders pattern on Sept. 7. This suggests that the breakdown may have been a bear trap.

BNB/USDT daily chart. Source: TradingView

The bears tried to stall the recovery at the 20-day EMA ($287) on Sept. 8 but the buyers bulldozed their way through and pushed the price above the moving averages on Sept. 9. The bears pulled the price below the 50-day SMA ($294) on Sept. 11 and 12 but bulls purchased the intraday dip.

Both moving averages are sloping up gradually and the RSI is in the positive zone, indicating an advantage to buyers. If the price turns up from the current level, the BNB/USDT pair could rise to $308, which could again act as a resistance.

Conversely, if the price breaks back below the 20-day, it will suggest that bears continue to sell on rallies. The pair could then drop to the neckline at $275.

XRP/USDT

Ripple’s (XRP) tight range trading between $0.32 and $0.34 resolved to the upside on Sept. 9, and the price reached the 50-day SMA ($0.35) The bears are attempting to stall the recovery at this level but they have not been able to pull the price below the 20-day EMA ($0.34). This suggests strong buying at lower levels.

XRP/USDT daily chart. Source: TradingView

The 20-day EMA has started to turn up and the RSI is in the positive territory, suggesting advantage to buyers. If the price breaks and sustains above the 50-day SMA, the XRP/USDT pair could rally to $0.37 and later to $0.39. Buyers will have to clear this hurdle to signal a potential trend change.

Instead, if the price turns down from the current level and breaks below $0.34, it will suggest that bears continue to sell on rallies. The pair could then decline to the strong support at $0.32.

ADA/USDT

Cardano (ADA) climbed back above the 20-day EMA ($0.48) on Sept. 7 and the bulls extended the recovery by pushing the price above the 50-day SMA ($0.49) on Sept. 9.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair has been sustaining above the 50-day SMA for the past two days, indicating that traders are not booking profits as they expect the recovery to continue. If bulls push the price above $0.52, the pair could reach the downtrend line. The bears are likely to defend this level aggressively.

If the price turns down from the downtrend line but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive. That could increase the likelihood of a break above the downtrend line. The pair could then attempt a rally to $0.70. This positive view could invalidate in the near term if the price turns down and slips below $0.45.

SOL/USDT

Solana (SOL) rose above the $32 level on Sept. 7 and buyers built upon this advantage and pushed the price above the 20-day EMA ($34.25) on Sept. 9. The bears tried to pull the price back below the 20-day EMA on Sept. 11 but the bulls successfully defended the level. This indicates that traders are viewing dips as a buying opportunity.

SOL/USDT daily chart. Source: TradingView

The bulls are attempting to extend the recovery by pushing the price above the 50-day SMA ($37.42) on Sept. 12. If they succeed, the SOL/USDT pair could pick up momentum and rally toward the overhead resistance at $48. This level is likely to act as a strong barrier but if bulls overcome it, the pair could signal the start of a new up-move.

Contrary to this assumption, if the price turns down from the 50-day SMA, the pair could decline to the 20-day EMA. A break and close below this support could sink the pair to $30.

DOGE/USDT

Dogecoin (DOGE) bounced off the support zone near $0.06 on Sept. 7, indicating buying at lower levels. The price reached the 20-day EMA ($0.06) on Sept. 9 but the bulls could not extend the relief rally to the 50-day SMA ($0.07). This suggests that bears are active at higher levels.

DOGE/USDT daily chart. Source: TradingView

Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If buyers drive the price above the 50-day SMA, the short-term advantage could tilt in favor of the buyers. The DOGE/USDT pair could then rally to $0.07 and later to the stiff overhead resistance at $0.09.

Conversely, if the price turns down and sustains below the support zone near $0.06, it will suggest that bears are back in command. That could sink the pair to the crucial support at $0.05.

Related: Elon Musk, Cathie Wood sound ‘deflation’ alarm — Is Bitcoin at risk of falling below $14K?

DOT/USDT

Polkadot (DOT) reached the 50-day SMA ($7.88) on Sept. 9 where the bears are mounting a strong resistance. The sellers tried to pull the price back below the 20-day EMA ($7.50) on Sept. 11 but the bulls held their ground.

DOT/USDT daily chart. Source: TradingView

Buyers pushed the price above the 50-day SMA on Sept. 12 but the long wick on the day’s candlestick suggests that bears are not willing to surrender. The price has been stuck between the moving averages for the past few days but this tight range trading is unlikely to continue for long.

If buyers sustain the price above the 50-day SMA, the DOT/USDT pair could pick up momentum and rally to $9.17 and later to the overhead resistance at $10. On the contrary, if the price breaks below the 20-day EMA, the pair could retest the support at $6.75.

MATIC/USDT

Polygon (MATIC) broke and closed above the moving averages on Sept. 9 but the bulls could not build upon this advantage and push the price above the immediate resistance at $0.92.

MATIC/USDT daily chart. Source: TradingView

A minor positive in favor of the bulls is that they are buying the dips to the moving averages. This suggests that buyers expect the recovery to continue and the MATIC/USDT pair to rally to the overhead resistance at $1.05. A break and close above this level could clear the path for a possible rally to $1.35.

Contrary to this assumption, if the price turns down and breaks below the moving averages, the pair could drop to $0.79 and later to $0.75. The bears will have to sink the price below this level to gain the upper hand.

SHIB/USDT

Shiba Inu (SHIB) broke and closed above the moving averages on Sept. 9 but the long wick on the day’s candlestick shows selling at higher levels. A minor positive is that bulls have not allowed the price to break below the moving averages.

SHIB/USDT daily chart. Source: TradingView

If the price rebounds off the moving averages, buyers will attempt to clear the overhead hurdle at $0.000014. If they succeed, the likelihood of a rally to $0.000018 increases. The bears are expected to defend this level aggressively.

This positive view could invalidate in the near term if the price breaks below the moving averages and the immediate support at $0.000012. If that happens, the SHIB/USDT pair could drop to $0.000010.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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GameFi fundraising jumps 135% in August, but is still down from June: Report

Web3 games and metaverse projects have raised $748 million in funds last month.

The GameFi sector remains a leading force in the blockchain and crypto space despite the ongoing downturn in the crypto market. Recent numbers from DappRadar revealed that web3 games and metaverse projects have raised $748 million in funds last month. This was up 135% from July, but is still a decline of 16% compared with June.

Blockchain gaming collected $3.1 billion in investment last quarter; so far in 2022, it has added $6.9 billion in funds. This year’s forecast seems to indicate that investments could reach $10.2 billion — an increase of 20% over the $4 billion of 2021. The figures suggest that investors remain bullish on GameFi, despite uncertain market conditions.

“Looking at the whole picture, we observed that 38% of the investments goes to infrastructure, 33% to games and metaverse projects, and 27% to investment firms,” the report stated.

More than 50% of the industry’s usage is still in blockchain games, despite an 11% decline from last month, to an average of 847,000 daily Unique Active Wallets (UAW).

On the NFT side, the total trading volume related to games increased by 13.25% in August, and sales jumped by 83.36% to over 1.3 million non fungible tokens traded. A recent ChainPlay Survey found that 75% of GameFi investors joined the crypto space solely for games projects, and 81% are prioritizing positive in-game experiences above profit-making.

Metaverse projects’ sales rose 38.62% month-to-month to 19,354, while trading fell 28.90% to $22 million. Among the protocols, Ethereum’s trading volume fell 14.40% in August, bringing it to $11 million. Meanwhile Solana’s increased 171% to $1.7 million, and Ronin’s increased 27.64% to $8.2 million in total trading volume.

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Stone Ridge board approved plan for ‘liquidation and dissolution’ of its Bitcoin fund

“Effective after the close of business on October 3, 2022, the Fund’s shares will generally no longer be available for purchase,” said a Stone Ridge filing with the SEC.

Stone Ridge Asset Management, whose holding company is behind the New York Digital Investment Group, has filed notice with the United States Securities and Exchange Commission that it will liquidate its Bitcoin Strategy Fund.

In a Monday SEC filing, the asset manager said the Stone Ridge Trust board of trustees approved a Friday plan to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund, first filed with the SEC in July 2021. According to the plan, the asset management firm will continue to operate the fund through Oct. 3, after which time it will “reduce the fund to cash” in preparation for liquidation and distribution to shareholders.

“The liquidation of the Fund is expected to take place on or about October 21, 2022,” said the filing. “Effective after the close of business on October 3, 2022, the Fund’s shares will generally no longer be available for purchase.”

According to its July 2021 prospectus, the Bitcoin (BTC) strategy fund aimed to offer exposure to the cryptocurrency via futures markets, as the SEC has not approved spot investment vehicles linked to BTC. The asset manager said at the time the objective of the fund was “capital appreciation.”

Data from Yahoo Finance showed the fund held roughly $2.8 million in net assets at the time of publication. A Stone Ridge semi-annual report from April 2022 said more than half — 50.5% — of the funds were allocated to foreign government agency bonds and the fund had more than $10.9 million in total net assets.

Related: Simplify files with SEC for Bitcoin Strategy Risk-Managed Income ETF

In October 2020, Stone Ridge purchased 10,000 BTC through the NYDIG as part of a post-pandemic investment strategy, making it one of the largest BTC holders among private companies. At the time of publication, the price of Bitcoin was $22,230, hitting a three-week high on Monday.

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