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More than half of the total supply of Bitcoin is currently inactive, as per #Glassnode data. This trend shows the accumulation of BTC for the long run.
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#BTC broke the small triangle after a fakeout. Price rejected from the resistance line. We might see a move toward the resistance zone.
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Here's the analysis of #LUNA :
#LUNA rejected very strong the major resistance zone from Daily TF around $1.473 - $1.493. Price retraced Deeply and reached/ tapped the 4H Strong support zone (Grey Box) at $1.30 area. Well, still bearish Continuation is expected and a break-below of the zone too. Take risk accordingly here.
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#BTC still moving in a range and in hourly TF, price created a new range inside it. There's a symmetrical triangle pattern forming above zone, which can tend to breakdown. We already having an intermediate support around $27,600, were can hodl on.
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Less than 24h remaining until the biggest pump signal of all time!
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QUICK MARKET UPDATE :
Overall, market is in very difficult phrase with extremely Low Volume. #Bitcoin is been just Consolidating over a big range within past few weeks, and barely giving any movement. #Altcoins also following up with that, only few of them driving with any fundamental news of the Coin/ Token.
On the other hand, On-Chain Data's releasing, depicts Bullishness of the Market and a strong pullback to some extent. Be on your watch mode and Keep an eye on the Market for Breakout.
#Bitcoin keep on consolidation, no change over the week now and currently building up a bull flag pattern between the ranges. If this pattern continues we can see a small leg down till support area around $27,000. A breakout of this pattern will be considered as Bullish.
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#DXY didn't played out as anticipated but moved lower continuously, which might due to bank Crisis and Recession stuffs. Index reached out the major support level around 101% again. Daily Candle already given a close below looks like a fakeout but weekly candle breaking below, will lead in another aggresive move in the market.
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Here's the Analysis of #ZIL :
#ZIL is been floating above the strong Support level of $0.292 - $0.0296 and price forming a triangle formation over it. Most probably the zone gonna break it and a supporting trendline is below the level, where price is expected to reach. Wait for the proper setup to form for entries.
#ETH breakout of the consolidation range, and easily hit out the expected next move around $1,850. Currently, Price is on a pull-back phrase, and might take the top range as support area. Price above major support will be considered as bullish.
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#Bitcoin now moving in a huge consolidation range and formed the strong support at $26,790 - $26,920 and Strong Resistance at $28,650 - $28,780. There's a structure support around $27,590 - $27,670, which will act as flip level. A bounce from there will continue the range and break below will lead in drop to strong support area
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#AUCTION in #BTC pair, also performed the same and achieved the 2nd target staight. Price made a high of 2788 Satoshi's which is 36.9% in profits. I hope you're enjoying our free signal
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What is PoW (Proof of Work) ?
#Proof of Work (#PoW) is a consensus #mechanism used by many #blockchain networks to validate transactions and add new blocks to the #chain. In a PoW system, nodes on the #network compete to solve complex mathematical problems, with the first node to #solve the problem being rewarded with a block of #transactions that is added to the blockchain.
The process of solving the #mathematical problem requires significant #computational power, which is provided by the #nodes on the network. Nodes that participate in the PoW process are called #miners, and they use specialized hardware and software to perform the calculations necessary to #solve the problem.
Once a miner successfully solves the problem, they #broadcast the solution to the network, along with a list of valid transactions. Other nodes on the network then validate the solution and the transactions, and if everything is correct, the new #block is added to the blockchain.
PoW systems are designed to be #secure and resistant to attacks. However, PoW can be resource-intensive and require a significant amount of #energy to operate.
Some well-known #cryptocurrencies that use PoW include #Bitcoin, #Ethereum, and #Litecoin. These networks rely on PoW to maintain the integrity of the blockchain and ensure that transactions are processed in a secure and #decentralized manner.
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#ETH pulled down towards the top of the consolidation range and taking support over there. Well, not a rejection yet, waiting for the Daily candle to do it. In case price breaks below the zone, then a clean move down is expected till major support area ($1770) or bottom of the range around $1700.
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#ZIL did a break-below of the triangle pattern and retested the zone as resistance. Price rejected from there and expected to reach out the supporting uptrend line. Potential buys would be risky so better wait for the price to reject the level.
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Here's the analysis of #CHZ :
#CHZ bounced off from the strong support zone of $0.125 - $0.127 after being in a small consolidation. Currently, price is been pushing towards the strong resistance area around $0.144 - $0.147. Right now, any setup will be risky, so better wait for the reachout the zone for short.
What is Coin Burn ?
Coin #burn, also known as token burning, is a process in which a certain amount of #cryptocurrency or tokens are permanently removed from circulation by being destroyed or #deleted. The process involves sending the coins or tokens to an #address that has no #private key, effectively rendering them unusable and removing them from the total supply.
What's the Use of Coin Burn ?
Token burning is often used by #blockchain projects as a mechanism for managing the supply of their tokens, and can be implemented in a number of ways. For example, some projects may choose to #burn a percentage of their tokens every time a transaction is processed on their network, while others may burn tokens as part of a #buyback program.
Token burning can also be used as a way to #reward token #hodlers. In some cases, a portion of the tokens that are burned may be redistributed to existing token holders, either as a direct distribution or as a reduction in the circulating #supply.
Overall, coin burn is a common practice in the cryptocurrency industry and can be used for various reasons. While it may not be appropriate for every project or #cryptocurrency, it can be an effective tool for managing #supply, managing #inflation, and rewarding #token holders.
#DOGE is been retracing now and mentioned earlier. We already mentioned, a dump is expected as soon as Dogecoin logo removed from the Twitter. We already have a trade with this and i hope you booked the profits out there. Anticipating, continuation in drop till strong support area around $0.0667
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Here's the Analysis of #TRX :
#TRX is been making very messy moves over the past Weeks and Months. Price is been ranging above the major support level of $0.0642 - $0.0648 and facing resistance from the downtrend resistance line. Well, next move will depend upon the breakout of the resistance line for buys and shorts below major support level.
#LTC did gave a breakout to the upside as anticipating but ended up being a fakeout then. Price smoothly moved lower and low and continue till strong support zone nearby $87.00. Look for the confirmation, at that point of time, as price touch the zones
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#Bitcoin didn't moved alot but jot about to complete its 3rd week of consolidation. More likely a huge Accumulation/ Distribution is taking place for the next massive trend of the market. Still waiting for a breakout of the these mentioned zones 👀
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What exactly is a Fear and Greed Index?
The Crypto Fear and Greed Index analyzes a basket of different trends and market indicators to determine whether the market participants are feeling greedy or fearful. A score of 0 indicates extreme fear, while 100 suggests extreme greed. A score of 50 shows the market is somewhat neutral.
A fearful market could be an indication that cryptocurrencies are undervalued. Too much fear in a market can lead to overselling and excess panic. Fear doesn't necessarily mean that the market has entered into a long-term bearish trend. Instead, you can think of it as a short or mid-term reference to overall market sentiment.
Greed in the market is the opposite situation. If investors and traders are greedy, there's a possibility for overvaluation and a bubble. Imagine a situation where FOMO (fear of missing out) causes investors to pump the markets, overvaluing Bitcoin’s price. In other words, the increased greed may lead to excess demand, artificially inflating the price.
#XRP gave a close below candle of the resistance area and going as predicted. Shorts were pretty high to take, if you took it then position running in good profits. Anticipating, further lower, based on 4H TF Around $0.4790.
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Here's the analysis of #ADA :
#ADA in been tending upward and approaching towards the major resistance area of $0.416 - $0.423. Currently, price trading near the minor resistance around $0.40. Not a good setup now so, a pullback is expected back to around $0.364, for potential buys
#AUCTION continues the push and directly achieved the 2nd target of $7.59. Price made a high of $7.89, which is around 38.91% in profits. I hope you secured your Position with the massive up-move.
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