Ethereum Classic Price Technical Analysis – ETC/USD Eyeing $20 149

Key Highlights

  • Ethereum classic price is moving higher and it recently broke the $17.00 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $17.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to move higher and there are chances of it retesting the $20.00 handle.

Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD is now above $17.00 and eyeing a test of the $20.00 resistance.

Ethereum Classic Price Support

This past week, we saw a solid rise in ETC price above $21.00 against the US Dollar. Later, the price corrected lower and traded below the $15.00 level. A low was formed at $14.37 from where it started moving higher. Buyers succeeded in pushing the price above the 38.2% Fib retracement level of the last decline from the $21.40 high to $14.37 low. The best part was a close above the $17.00 support and the 100 hourly simple moving average.

There is a decent uptrend forming with a major bullish trend line forming with support at $17.00 on the hourly chart of the ETC/USD pair. The pair recently tested the 61.8% Fib retracement level of the last decline from the $21.40 high to $14.37 low. It faced sellers and moved down to test the $17.00 support and the 100 hourly SMA. The highlighted trend line is holding losses below $17.00 and might continue to act as a strong support.

On the upside, there is a connecting trend line forming with resistance at $19.00. A close above the mentioned $19.00 would call for a test of the $20.00 handle. However, the most important resistance is near the last swing high at $21.50.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.

Hourly RSI – The RSI for ETC/USD is recovering from the oversold levels, but still below the 50 level.

Major Support Level – $17.00

Major Resistance Level – $19.00

 

Charts courtesy – Trading View, Kraken

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RWA in Focus: MAS Regulated Digital Asset Custodian, Propine Introduces Support for Fathom Dollar $FXD Stablecoin on XDC Network 8792

MAS-regulated custodian Propine is announcing its support for Fathom Dollar’s FXD, a stablecoin pegged to the US dollar and designed to bridge the $5 trillion trade finance gap. This development positions FXD at the forefront of real-world assets (RWA), leveraging the power of blockchain to enhance global trade finance operations. Propine, licensed by the Monetary Authority of Singapore, is a prominent digital asset custodian serving large institutional clients.

FXD is a stable-price cryptocurrency over-collateralised by the XDC network token and RWA, including trade finance assets. It has emerged as a use case-driven solution amidst growing concerns over the trade finance gap. It has been a significant barrier to global trade, particularly affecting small and medium-sized enterprises (SMEs).

By offering a stable and reliable transaction medium and store of value, FXD aims to facilitate essential functions in a $30 trillion global trade finance market. This includes cross-border transactions, borrowing against receivables, and generally turning trade finance into an alternative investment class for non-banks.

Tuhina, Propine’s Founder and CEO, said, “Propine is dedicated to facilitating swift and secure adoption of digital assets and cryptocurrencies by institutional investors and regulated businesses. To this end, we have adopted compliance and security standards that serve as industry benchmarks. As the industry continues to expand, we see significant potential to further serve as a trusted partner for organizations seeking to enter the space seamlessly and securely.”

Manuel Rensink from Fathom: “Propine offers world-class services, and their battle-tested custody has been our choice. Despite all the shockwaves that enveloped the industry, Propine has been resilient because of its governance and internal controls & systems. They have consistently led innovation in the digital asset custody space and raised the bar. Propine’s support for FXD is a game-changer, providing a seamless ramp on/off service between digital assets and fiat currencies. This service is crucial for enhancing the liquidity and accessibility of FXD, making it an attractive option for businesses and financial institutions engaged in international trade.”

Rensink added, “The integration of Propine’s custody solutions with FXD ensures that users can enjoy the highest security and compliance standards, essential in the highly regulated financial sector. As FXD gains traction, Propine’s role in its custody and management will undoubtedly be a key factor in its success, marking a new era in integrating real-world assets with digital finance solutions.”

About Propine

Propine is a licensed, audited, and insured digital asset custodian headquartered in Singapore. The company is engaged in transforming how digital assets are stored and traded by providing reliable, secure, and scalable solutions to institutional clients. Propine also enables investors to tokenize previously illiquid asset classes such as corporate bonds, real estate, private equity, funds, art, natural resources, and derivatives. The company is geared to support clients in unlocking their potential within a regulatorily compliant and legally robust framework.

To learn more, users can visit Propine.com

About Fathom Protocol

Fathom is a liquidity protocol where users can deposit XDC tokens or RWA collateral and borrow the FXD. This opens up programmatic financing solutions for individuals and businesses that were previously not available. Furthermore, investors and savers can (re)invest their FXD for competitive yields. The Fathom DAO is governed by FTHM token holders who can vote on onboarding new collateral types, interest rates, and more. Fathom is built on the XDC network to be at the center of its Institutional DeFi ecosystem. https://fathom.fi/

About XDC Network

XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain that has been operationally successful since 2019. The network obtains consensus via a specially delegated proof-of-stake (XDPoS) technique that allows for 2-second transaction times, near-zero gas expenses ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. The XDC Network powers a wide range of novel blockchain use cases, including trade finance, payment, and RWA tokenization, that are secure, scalable, and highly efficient. Website: xinfin.org | xdc.org

Arena Games Hits Top 3 on CryptoRank’s Most Popular Apps List! 8741

This April, Arena Games has proudly secured a spot among the top three apps on CryptoRank. This achievement showcases the platform’s growing popularity, with more than one million user transactions last month.

Since its launch in July 2023 on Polygon, one of the leading blockchains for games, in Q1 2024 Arena Games already expanded its reach by integrating three additional blockchains: Manta, Skale, and Linea, improving accessibility and user experience for a global audience. The platform continues to innovate, offering an engaging environment for gamers and developers alike.

A dedicated team drives Arena Games’ success committed to delivering a seamless and enjoyable Web3 gaming experience. As the platform grows, the team is excited to introduce new platform features and new games, making Arena Games even more user-friendly and flexible in the web3 space.

Keep an eye out for exciting news and updates from Arena Games in the coming days. For an in-depth look at our recent achievements check CryptoRank Post.

Here’s what Arena Games brings to the table for both developers and players:

For Game Creators

  • Reduced development and operational costs: Arena Games’ toolkit decreases the expenses associated with game development and maintenance, allowing developers to allocate resources more efficiently towards enhancing game features or exploring new project ideas.
  • Access to a wider range of advanced blockchain functionalities: Each integrated blockchain brings unique tools, with Manta focusing on privacy, Skale on fast and free transactions, and Linea on seamless Ethereum integration. This combination provides developers with a comprehensive toolkit for creating premium Web3 games.
  • Security and Privacy Upgrades: Arena Games offers powerful options for protecting player data and digital assets, crucial for building trust within the gaming community.

For Players

  • Diverse Game Library: The Multichain integration expands the selection of games on Arena Games, promising new and varied gaming experiences due to lower costs and a broader toolkit for developers.
  • Lower costs to play and transact within games: Skale’s elimination of transaction fees and overall reduced costs mean less spending to play, making premium game content and in-game purchases more accessible.
  • Improved game performance and reliability: The technological advancements from each blockchain ensure smoother and more reliable game performance. The efficiency and privacy provided by Manta and Linea, along with Skale’s speed, contribute to an enhanced gaming experience.

What’s Next

  • Introduction of new games on Skale and Manta.
  • Launch of the Airdrop Campaign.
  • $AGP Ecosystem Token Launch scheduled for Q2.

Looking Ahead

The recent achievements of Arena Games signal a promising direction for the future. It’s about providing developers with the tools necessary to push the boundaries of Web3 gaming and offering players a richer, more accessible gaming experience. This shift represents more than just minor adjustments; it signifies an expansion of what Web3 gaming can achieve.

Three Protocol Launches $THREE Token: The Foundation of Decentralised Marketplaces 8415

Three Protocol, the first project incubated by Tectum, announces the highly anticipated launch of its native token, $THREE. The protocol’s vision is to deliver a series of decentralised marketplaces to open digital commerce to the world, including the unbanked, debanked, and privacy enthusiasts. $THREE is at the heart of these marketplaces.

$THREE will be used across the entire Three Protocol ecosystem. It will be used for payments and purchases, facilitating access to services and products without central oversight or geographical barriers. All aspects of Three Protocol are built on blockchain technology, including their decentralised identification (powered by zk-SNARK), neural network AI, and tri-sig DAO capabilities.

As $THREE launches, Three Protocol takes another step closer to delivering their series of ambitious decentralised marketplaces and financial inclusivity for huge segments of the global society. The tokenomics model is designed with the community in mind. It aims to encourage participation and has significant market liquidity thanks to the fair and equitable distribution.

Key features of the $THREE token include:

  • Market Liquidity: 75% of the supply is earmarked for market liquidity. The team is building for the community, and this liquidity will encourage trading activity while maintaining price stability.
  • Team Allocation: 15% allocated to the team with an 18-month vesting period.
  • Staking Opportunities: 10% dedicated to staking, allowing long-term token holders opportunity for revenue generation.

Starting with Jobs3, the $THREE token will be used across the various exchanges. Jobs3 is the flagship marketplace brought by the Three Protocol team, with a further 4 marketplaces featuring on the roadmap. That includes a decentralised version of eBay, Uber, Autotrader, and food delivery.

Alongside the marketplaces, Three Protocol has unveiled a comprehensive roadmap outlining key milestones and development initiatives:

  • May: Launch of the $THREE token on Uniswap with the $THREE/wETH trading pair.
  • June: Introduction of $THREE token staking, enabling token holders to earn rewards while contributing to network security.
  • July: Technological enhancements to the Jobs3 platform, including the Neural Network AI integration for improved job-matching algorithms and prompt-based search capabilities.

The Three Protocol team has been working on this project for the last 3 years and remains committed to both transparency and accountability, not least through their fully doxxed team and KYC. The smart contract and token passed with a perfect score when audited by Cyberscope. With the support of the Tectum team and the infrastructure they provide, Three Protocol will quickly reach the broader community and deliver their vision of decentralised marketplaces for all.

To participate in the $THREE token launch and learn more about Three Protocol, visit https://www.threeprotocol.ai/.

About Three Protocol:

Three Protocol is delivering a shift towards inclusivity and privacy in digital commerce. They are providing the opportunity for users to freely earn and spend without central oversight from CBDCs and fiat systems. Three Protocol is building for the unbanked, the debanked, the privacy-conscious, and blockchain enthusiasts. With $THREE at its heart, Three Protocol is poised to deliver freedom-giving, privacy-conscious decentralized marketplaces.

MetaComp Announces Strategic Partnership with Harvest Global Investments to Explore Bringing HK-Listed ETFs to Investors in Singapore and Beyond 8654

MetaComp Pte Ltd, a leading Monetary Authority of Singapore (MAS) licensed Singapore fintech company that specializes in blockchain technology and digital assets, and its affiliates (collectively referred as MetaComp), is proud to announce a strategic partnership with Harvest Global Investments Limited (HGI), a leading asset management company licensed with the Securities and Futures Commission of Hong Kong. HGI is among the pioneering Chinese asset management firms to establish subsidiaries abroad. The Memorandum of Understanding executed between MetaComp and HGI marks a significant step towards potentially broadening the accessibility of innovative financial products globally with special emphasis on the recently announced cryptocurrency spot ETFs which will be expected to start trading on the Hong Kong Stock Exchange from 30 April 2024 onwards. This follows the announcement by HGI that they have received authorization from Hong Kong’s Securities and Futures Commission to launch the highly anticipated cryptocurrency ETFs.

The core of the partnership revolves around MetaComp and its affiliates’ commitment to make HGI’s cryptocurrency spot ETFs available, through MetaComp’s proprietary Client Assets Management Platform, also known as CAMP by MetaComp, utilizing its technological and market expertise to introduce these products under the appropriate regulatory framework to Singapore investors and beyond. This initiative not only aims to expand the global footprint of HGI’s ETFs but also allows MetaComp and its affiliate to enrich its wealth solution portfolio with highly sought-after financial products.

In addition to the crypto-ETF distribution, the collaboration will also explore opportunities for the integration of HGI’s various asset management solutions into MetaComp’s service offerings. MetaComp will also provide HGI access to its Digital Payment Token suite of services. Through the strategic collaborative efforts by both companies, they are hoping to forge a symbiotic relationship that will allow both companies to leverage on their strengths.

The alignment with HGI allows MetaComp to tap into the scale and expertise of a leading global financial player, significantly enhancing its service capabilities and market reach. This partnership is designed to serve not just the existing clientele of both entities but also to capture new segments eager for advanced financial solutions across traditional finance and crypto finance.

Dr Bo Bai, Chairman and Co-Founder of MetaComp shared: “This strategic alliance with Harvest Global Investments Limited reaffirms MetaComp’s commitment to being the bridge that links traditional finance with crypto finance. We are confident that our partnership with Harvest Global Investments Limited will prove to be mutually beneficial. With Harvest’s expertise in asset management and MetaComp’s robust capabilities in providing a comprehensive suite of digital payment solutions, we are poised to deliver unparalleled value to our clients and the market.”

For more detailed information on this partnership and to stay updated on future developments, please visit www.mce.sg.

About MetaComp Pte Ltd (www.mce.sg)

MetaComp is a leading Singapore-based digital asset platform that is licensed and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Operating under a P2B2C (platform-to-business, partners-to-clients) model, MetaComp provides an integrated end-to-end suite of services to its clients, empowering them to confidently enter the digital asset market with the much-needed safety, security, and compliance. Together with its parent company, Metaverse Green Exchange Pte. Ltd. (a MAS-licensed CMS holder permitted to carry out, inter alia, brokerage and custody services), MetaComp introduces its suite of services through CAMP by MetaComp, a regulated Client Assets Management Platform, allowing businesses to develop and scale their digital asset offerings through OTC and exchange trading services, fiat payment, digital asset custody and prime brokerage.

Covalent Achieves Rapid Token Buyback Growth, Surpassing $100K in Three Months 9788

Covalent has reported a significant growth in its token buyback program, buying +$100,000 worth of CQT from the open market since the launch in late January 2024. The mechanism utilizes revenue generated from Covalent’s API usage to purchase tokens, significantly enhancing the utility and value of the CQT token while fostering a sustainable ecosystem. Tokens accumulated through Covalent’s revenue mechanism will be awarded to network operators, effectively meeting the evolving demands of Web3 and fostering growth across innovative areas such as AI, DeFi, analytics, and governance.

Bringing Revenue Onchain to Support Long-Term Data Availability

The growth of Covalent’s onchain revenue mechanism plays a crucial role in reinforcing verifiable operations for the Ethereum ecosystem with a network of operators. Operators initially stake CQT and contribute data infrastructure, which ensures secure, historical, and verifiable access to blockchain data. This not only supports the network’s growth—but also underscores Covalent’s commitment to enhancing the infrastructure for the Ethereum Wayback Machine (EWM).

Covalent’s Onchain Revenue Mechanism

Network operators within the Covalent ecosystem play a critical role by performing cryptographic computations to establish a reliable and verifiable repository of historical blockchain data. Their contributions extend beyond data integrity to include testing, governance, and efforts to enhance the network’s reliability and scalability. With the goal of continuously bringing consistent offchain revenue onchain, Covalent is primed to utilize this mechanism to support the ongoing functionality of the CQT token in staking and governance.

During this initial phase, Covalent has witnessed over $100,000 worth of CQT being brought onchain. With steady growth in business revenue expected over the coming months, Covalent is projected to hit $180,000 worth of CQT through the token buyback program by the end of Q2– which will be distributed to operators as a network utility token, circulating back into the ecosystem and sustaining the network.

The introduction of the onchain revenue mechanism through token buybacks has a twofold impact on Covalent’s ecosystem. It strengthens the financial foundation of the network, enhancing its ability to fund operations and expand services without relying solely on external funding sources. Furthermore, this revenue mechanism enhances the intrinsic utility of the CQT token, aligning stakeholders’ interests with the long-term health and success of the network.

Looking Ahead: Sustainable Growth and Network Expansion

As Covalent prepares for the rollout of significant advancements, including the introduction of Olympic Light Client Operators later this year, its sustainable revenue model will be vital in supporting these innovations. With the network currently serving over 280 million wallets, this revenue mechanism is a major part in ensuring that Covalent remains dedicated to its core principles of decentralization and transparency, paving the way for continued utility of the EWM and Covalent’s long-term data availability.

About Covalent

Covalent (CQT) is shipping data infrastructure for the decentralized ecosystem, solving Long-Term Data Availability for Ethereum—infrastructure that can re-execute blobs and shape AI. With CQT staking now back on Ethereum, The New Dawn of network expansion towards the Ethereum Wayback Machine commences. Today, this means AI use cases have unfettered access to onchain data from over +225 blockchains and growing.

Trusted by Fidelity, Rainbow Wallet, Jump Crypto and more.

CeDeFiAi: Revolutionizing CeDeFi with unmatched security and seamless Ilintegration 10057

In the rapidly evolving world of cryptocurrencies and decentralized finance (DeFi), CeDeFiAi emerges as a trailblazer, addressing the industry’s most pressing challenges head-on. By offering a comprehensive suite of non-custodial tools and services, CeDeFiAi is poised to redefine the way users interact with their digital assets, bridging the gap between centralized finance (CeFi) and DeFi like never before.

At the heart of CeDeFiAi’s innovative platform is a commitment to addressing the fragmentation problem that has long plagued the crypto industry. By consolidating a wide array of blockchain networks, decentralized exchanges (DEXs), decentralized applications (dApps), and centralized exchanges (CEXs) under one roof, CeDeFiAi provides a unified, user-friendly experience that simplifies asset management and tracking.

CeDeFiAi’s platform is built upon the foundational principles of decentralization and user privacy. By utilizing cutting-edge Web3 login technology, CeDeFiAi ensures that users retain complete control over their funds at all times, eliminating the need for a third-party custodian. This approach not only enhances security but also empowers users with the freedom to manage their assets as they see fit.

In addition to its non-custodial approach, CeDeFiAi offers a comprehensive suite of CeDeFi tools that cater to both novice and experienced investors. From investment aggregators and pro trading terminals to multi-sig asset management and crypto lending solutions, the platform caters to a wide range of needs, fostering a more competitive ecosystem and driving further adoption of cryptocurrencies.

CeDeFiAi’s commitment to security extends beyond its non-custodial approach, with the platform employing state-of-the-art encryption and security protocols to safeguard users’ data and assets. This robust security framework ensures that users’ assets remain safe and secure, instilling confidence in the broader cryptocurrency ecosystem.

Furthermore, the integration of multiple chain opens up new avenues for seamless asset tracking and management, further cementing CeDeFiAi’s position as a leader in the crypto management space. As the platform continues to evolve and innovate, it stands as a shining example of the potential for DeFi to transform the financial landscape, offering users unprecedented control, security, and flexibility in managing their digital assets.

Investors looking to be a part of this exciting journey can do so by investing in the CeDeFiAi token (CDFI). The CDFI token not only offers a means to access CeDeFiAi’s cutting-edge platform but also represents a unique investment opportunity in the rapidly growing DeFi space. As the platform continues to evolve and innovate, the value of $CDFI is poised to grow, driven by increasing adoption and utility within the ecosystem.

In conclusion, CeDeFiAi represents the perfect marriage of security, user-friendliness, and comprehensive DeFi tools, all under one roof. Its commitment to addressing the fragmentation and security challenges faced by the industry makes it a beacon of hope for both novice and experienced investors. As CeDeFiAi continues to grow and evolve, the $CDFI token stands as a testament to the platform’s potential to redefine the digital asset management landscape. Don’t miss your chance to be a part of this exciting journey – invest in $CDFI and join the future of digital asset management.