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Quick Market Update :
#BTC is pretty much ranging as of now, direction is no pretty much clear in midterm. On the other hands, majority altcoins showing same movement of either Consolidation or fakeout over it. Its better to wait for a breakout to happen, for further entries 📈📉
#BTC didn't made any change as volume of low. Price started consolidating in a range, in the middle of the zones. Well, we've long enough ranges, price breaks either side. Price on Daily TF, still above 50 EMA, which can be considered as overall structure is bullish.
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What Is Data Tokenization and its importance ?
Data tokenization is the process of converting sensitive data, such as credit card information or #health data, into tokens that can be transferred, stored, and processed without exposing the original data. #Tokenization, on the other hand, is the process of replacing sensitive data with non-sensitive, #unique identifiers called #tokens. It doesn’t rely on a secret key to protect the data. For example, a #credit card number may be replaced with a token that has no relation to the original number but can still be used to process #transactions.
These tokens are usually #unique, unchangeable, and can be verified on the blockchain to enhance data #security, privacy, and compliance. For example, a credit card number can be tokenized into a random string of digits that can be used for payment verification without revealing the actual #card number.
Benefits of Data Tokenization
Enhanced data security —> By replacing sensitive #data with tokens, data tokenization reduces the risk of data breaches, #identity theft, fraud, and other #cyberattacks.
Compliance with regulations —> Many industries are subject to strict data protection #regulations. Tokenization can help #organizations meet these requirements by securing sensitive information and providing a solution that can reduce the chances of non-compliance.
Secure data sharing—> #Tokenization could enable secure data sharing across departments, vendors, and partners by only providing access to the tokens without revealing #sensitive information.
#ICX tapped the area of support, which is our final TP area and rejected it sharply. That was the another buy opportunity, which we missed. If you took it thats great and right now, price is ranging here, so wait for a breakout now.
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Here's the analysis of #ARB :
#ARB moving in a Consolidation range between thr support area around $1.274 - $1.300 and Resistance around $1.46 - $1.48. Price might continue to move through this until #BTC plays either side. You can do range trading or wait for a breakout for potential longs or shorts
#BTC.D (#Bitcoin Dominance) is been rejected hard from the major resistance area of 45.65% - 48.85% and build-up an support at 47%. Currently, index testing the major level again and a break above will start the dump in alts, if #BTC sustains above the $28,000. Rejection will cause the short-term alts rally in the market 📈.
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With prices hitting a strong rejection from $30,000, over $36M was #liquidated within an hour as there was a significant drop in value, which makes it 2nd largest #Liquidation in 2023.
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Here's the analysis of #ATOM :
#ATOM is been bouncing off the support zone around $10.59 - $10.76 and gave a fakeout below it. Price is tending to move to the upside and a resistance area with a resistance line confluence. Its will be a risky buy ls here, so use low risk. Alternatively, wait for a breakout either side.
After a #short period of distributing in #Bitcoin, when the market was at a low point, #Bitcoin holders who intend to hold their coins for the long-term, have gone back to accumulating more #Bitcoin. Presently, they are acquiring more than 15,000 #BTC every month.
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#BTC making some wild moves within this week and breaking - rejecting the areas. Currently, market is bit unstable and price action is not much clear to make its way. Overall, Continuation is expected till at least $30,200 resistance area.
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What is (#NRPL) Net Realized Profit/Loss ?
(#NURL) Net Realized Profit/Loss metric presenting the net magnitude of #profit, or loss realized by all holders spending #coins. Realized Profit/Loss is assessed relative to the price when a #coin last moved. In other words, it is the #difference between the selling price of the #investment and its #original cost basis, including any transaction #costs and taxes that were incurred in the process.
#Positive values (Above 0) indicate #profits are being realized, where price #continues to trend higher and #Negative values (below 0) indicate losses are being realized on-chain. Where price continues to trend #lower.
#OCEAN did gave a breakout but also broke the supporting trendline. Price now started a fresh Consolidation range, where breakout in pending. You can use stops orders to catch those breakout moves.
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#BTC made a aggresive bounce over the broke the consolidation range. Price move in one direction aggresive and potentially reachout the strong resistance level of $28,570 - $28,700. A rejection is expected over there, so keep an eye over there.
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What is Proof of Space ?
Proof of Space (#PoS) is a consensus #algorithm used in some cryptocurrencies to validate transactions and add new blocks to the blockchain. It is a type of proof-of-resource consensus #mechanism, similar to Proof of Work (#PoW) and Proof of Stake (#PoS), or Proof of Capacity (PoC), but it uses hard disk space as the resource instead of computing power or #stake.
In #PoS, participants contribute their unused hard disk space to the network, and the space is used to generate #cryptographic hashes. The more space contributed, the #higher the chance of being selected to validate transactions and earn #block rewards. To participate in the consensus process, participants must first allocate a certain amount of disk #space and generate a proof that they have stored a specific set of data on that space. This proof is then validated by the network, and the participant is added to a #pool of eligible validators.
Once a participant is selected to validate #transactions and add a new block to the blockchain, they must provide a valid #proof of space for the block to be accepted by the #network. The process of generating a valid proof of space typically requires less energy and computational resources compared to PoW, as it relies primarily on the #storage of data on hard drives.
So, What the Difference between the Proof of Stake and Proof of Space ?
In #PoC, #miners create plots, These plots are stored on the miner's hard drive. When a new #block is to be created, miners use their plots to find the solution to a #mathematical problem, and the miner who finds the solution first gets to create the next #block and receive a #reward in the form of #cryptocurrency BUT in Proof of Stake, It uses #hard disk space as the resource instead of #computing power or #stake.
#ICX break below the support zone and continue to fell lower after a retest of the zone. Trade is running around 21% in profits. Its better to secure some more and final area would be the support area $0.259 - $0.263.
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Here's the analysis of #MATIC :
#MATIC is been kinda ranging in a consolidation area between the major resistance area around $1.025 - $1.029 and strong support zone of $0.943 - $0.951 . Well, nothing pretty much clear, better wait for a breakout of the major areas for buys and in case price rejects it, we can take it as short opportunity.
The #US government currently possesses 205,514 #BTC, valued at $6 billion, which includes assets acquired from the #Bitfinex hack and #Silk Road. As a result, they have become one of the biggest #Bitcoin holders globally.
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#BTC did retraced a bit but not to that extent as volume as pretty much low after these highly volatile moves. On the hourly TF, candles are just making a messy move, so wait for the break of the $29,850 resistance or $28,700 support area.
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What is #Funding Rates ?
#Funding Rates refer to the fees that are paid between #traders on perpetual #futures contracts. Perpetual futures contracts are a type of #derivative contract that allows traders to bet on the future price of an #asset without actually owning it.
Funding Rates are used to maintain the price of a #perpetual futures contract to the price of the underlying asset. These fees are typically paid between #buyers and #sellers of the contract and are used to ensure that the price of the #contract stays close to the actual price of the underlying asset.
The Funding Rate is calculated every fixed period (usually every eight #hours) and is paid by traders who are on the opposite side of the contract. For example, if the Funding Rate is #positive, long positions (buyers) will pay short positions (sellers). Conversely, if the Funding Rate is #negative, short positions (sellers) will pay long positions (buyers).
The Funding Rate is determined by the difference between the current price of the perpetual futures contract and the price of the underlying pair, as well as by the current market #demand for the contract. When there is a high demand for #long positions, the Funding Rate may be positive, and when there is a high demand for #short positions, the Funding Rate may be negative.
Funding Rates are important for traders to consider, as they can have an impact on the #profitability of their trades. A high Funding Rate can eat into profits for traders who #hold their positions for an extended period, while a low Funding Rate may be an #opportunity for traders to profit.
The #Funding Rate has returned to around 0 (0.003%), and the open #interest has also decreased, and there is currently no significant increase. Be careful with any open positions or opening any fresh positions.
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#BTC continues the push as anticipating and getting a bit of rejection from the structural resistance area. Short-term down move is expected till $27,560 - $27,700. Overall, bullish moves is expected by this weekend till $30,300
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What's is #NUPL (Net Unrealized Profit/Loss) ?
NUPL (Net Unrealized Profit/Loss) looks at the difference between Unrealized Profit and Unrealized Loss to determine whether the network as a whole is currently in a state of profit or loss. Net Unrealized Profit and Loss (#NUPL) is the difference between market cap and realized cap divided by market cap.
Assuming that the latest #coin movement is the result of a purchase, #NUPL indicates the total amount of profit/loss in all the coins represented as a ratio.
It could be interpreted as the #ratio of investors who are in profit.
Values over '0' indicate investors are in #profit and an increasing trend in value means more #investors are beginning to be in #profit.
This phase indicates the increasing reason to take #profit which leads to an increase in sell pressure.
#GRT failed to give a daily close below candle and gave a market structure shift. Price took a retest back to zone and bounced, which is the trade opportunity. If you took it thats great else wait for next Support or Resistance ($0.147) to be broken.
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Here's the analysis of #INJ :
#INJ rejects the resistance area and dropped till major support area around $6.31 - $6.50. Price repeated the price with the #BTC aggresive jump and reaching the same level. Structural resistance is at $10 ($9.85), and right now, just wait for the setup to form.
Net Realized Profit and Loss in #BTC is making a move above the value 1, which mean the overall network is now in profits and did some profits bookings too.
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#CAKE continues to drop lower and give a easy break below. If you took the entry after candle close then you're in decent profits. Price already tapped the structural support from Daily for Take profit. Take partial and hodl stops with Breakeven.
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Here's the analysis of #ICX :
#ICX heavily trended down towards the strong support level of $0.132 - $0.135. Price given a close below candle but confirmation is must to taken, with Daily Candle close and potentially shorts after that. For alternative setup, we need see a support being formed or a market structure shift.
This is the Graph of Long Term Hodler #SOPR, which shows Longterm hodlers are recovering and at some extent it also indicates the Bottom of the market over the past years.
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#BTC rejected from the resistance zone of $27,850 as mentioned and strongly dipped down till the support zone of $26,900 - $26,950. Therefore, price strongly rejected that too and kinda Consolidating between the zones. Wait for a breakout tp happen and zones we're already mentioned, for price to reach out after break-in either side.
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