Ethereum Classic Price Technical Analysis – ETC/USD Tanks Below 116

Key Highlights

  • Ethereum classic price nosedived and traded below the $10.00 support against the US Dollar.
  • There are two bearish trend lines with resistance at $11.00 and $12.50 forming on the hourly chart of ETC/USD (Data feed via Kraken) is intact.
  • The pair might correct a few points higher, but it is likely to face sellers near $11.00-11.70.

Ethereum classic price breaks down against the US Dollar and Bitcoin. ETC/USD is now below $11 and eyes a close of $10.

Ethereum Classic Price Nosedives

There were continuous bearish pressures on ETC and the price declined below the $12.50 level against the US Dollar. The decline was such that the price failed to hold the $11.00 support level as well. There was a tiny correction, but the upside was capped by the $11.70 level. The pair is now trading well below the $11.00 level and struggling to hold any support as of now.

It is currently trading just above the $10.00 support and buyers finding it hard to protect it. It seems like the price would soon break the stated $10.00 level and trade towards $10.00. The overall trend is very bearish and any upsides remain capped by $11.00. There are also two bearish trend lines with resistance at $11.00 and $12.50 forming on the hourly chart of ETC/USD. Moreover, the 23.6% Fib retracement level of the last drop from the $14.50 high to $9.96 low.

However, the price might not correct towards $11.00. If sellers remain in action, there can be a close below $10.00 for a move towards $9.00. The next major support sits at $8.00. Overall, selling rallies near $11.00 can be considered in the short term with a stop above $11.70.

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI – The RSI is well into the oversold levels.

Major Support Level – $8.00

Major Resistance Level – $11.00

 

Charts courtesy – Trading View, Kraken

Previous ArticleNext Article

Leave a Reply

Web3 Messenger Tribes Raises $3.3 Million and Launches Social Wallets, Allowing People to Co-Own and Manage Digital Assets 3877

Tribes, the Web3-native messaging app from DMs to DAOs, today announced it has raised $3.3 million in pre-seed funding led by Kindred Ventures, South Park Commons and Script Capital. Tribes also announced the launch of its social wallets — the first combined messaging and wallet offering that is foundational to unlocking the power of co-ownership and collective action. The group wallet enables people to co-own and manage digital assets, as well as communicating directly with other co-owners.

In today’s Web3 environment, the communications tools (e.g. Discord, Telegram) available are too separate from the decision making process around digital assets, which often makes it too hard for others to track what’s happening, thoughtfully participate, or even get involved in the first place.

Web3-native identity and infrastructure enables group chats (and token-gated groups) to go beyond talk — getting actual things done! However this only works when there is great communication. Tribes believes that co-ownership and collective action, made practical through Web3 technology, will change the economy and world for the better. This will happen in a variety of ways, including:

  • Friends and family co-funding and sharing big purchases like cars and homes
  • Groups co-investing in digital wares and financial products
  • Collectors and communities with a stake in creators’ successes
  • Fully-operational DAOs with shareholders and operators
  • Government and civic engagement

In order for ubiquitous co-ownership to come to life, communication (social) and ownership (wallets) must be deeply integrated. Tribes’ app gives all group chats access to a shared wallet — any participant can activate it with one touch. This shared wallet can send, receive and hold digital assets like NFTs, memberships, currencies, and more. Sending or “spending” group assets requires approval from the group — a threshold that groups determine themselves, like 3 of 5 members, for example. Group members can thumbs-up (or -down) directly in the groupchat to approve or reject transactions.

“Web3 primitives for co-ownership and collective action are transformative but few people can make sense of the existing products and processes required,” said Hish Bouabdallah, founder and CEO of Tribes. “In order to realize the full promise of Web3, nailing collective action is absolutely essential. Our approach to embed it directly into group chat makes these powerful and newly-possible Web3 actions understandable and accessible to the masses.”

Today’s social wallet enables “simple” experiences like:

  • Buy things you like together (i.e. buy an NFT as a group chat)
  • Save money as a group (casual investment club)
  • Manage a small organization (i.e. a soccer team or interest group) with collective decision-making and transparent treasury

And looking forward, each of these “simple” use cases is a building block towards on-the-horizon needs for DAOs, distributed app user groups, NFT communities, pop-up crowdfunds and other groups.

The Tribes social wallet combines best-in-class technologies including (Gnosis) Safe multisignature smart contracts, transaction signing with Coinbase Wallet or secure in-app signatures, and Web3 identity support (ENS, Lens, etc.) for co-owner collaboration.

The Tribes team is composed of people with years of experience building and shipping social and crypto products at scale. Bouabdallah was previously a staff software engineer at Coinbase Wallet where he was instrumental in building the flagship Web3 product. Product designer Andrew Courter previously founded a startup that was acquired by Twitter in 2019.

About Tribes

Tribes is a Web3-native messaging and group wallet app to help the next generation of crypto consumers, creators, communities, and DAOs collaborate and build relationships. For more information, visit tribes.xyz.

Hector Network launches its NFT marketplace ‘Atlantica’ on Fantom 3996

Atlantica, a new NFT marketplace project by Hector Network that aims to be “the marketplace of the future for Web3,” launched on Jan. 19.

At the start of 2022, Atlantica’s entry into the market was confirmed with the announcement of two major initiatives: the confirmed interest in the nonfungible token (NFT) space and the development of the necessary infrastructure to support and further expand the NFT market on all fronts. Atlantica’s plans are backed with all the base components that facilitate the baseline standards of the NFT Space — marketplace, launchpad and Atlantica’s very-own NFT collections.

Through the team efforts, the project has reached a significant milestone: the successful initial public release and fine-tuning schedule of their various sub-projects. These developments position Atlantica as a dependable servicer in the NFT Industry. Hector Network (learn more about Hector Network’s ecosystem and roadmap here: https://hector.network/#) is well-positioned to continue growing and expanding out Atlantica. The protocol is confident in its ability to deliver on its promises and bring the wonders of NFTs to a wider audience. Its innovative approaches and understanding of the NFT market dynamics set it apart from the competition, making it an up-and-coming project to keep an eye on.

Here is a brief snapshot of what Atlantica is:

NFT marketplace

Two components of Atlantica’s marketplace are its cross-chain compatibility and working alongside NFT solutions, making it the one-stop-shop with all the advantages each blockchain provides. Initially, the platform will feature well-established brands from the Fantom network NFT space. It will only be live on the Fantom chain, which is an incredibly efficient network with virtually zero fees, instant finality and a growing community.

The plan is to expand to other chains in Q1 and Q2 2023 to make Atlantica the marketplace of the future.

NFT launchpad

The Atlantica NFT launchpad will be dedicated to onboarding emerging and established creators who meet the highest quality standards our users expect. We offer a range of business-to-creator solutions that empower NFT creators to monetize their work effectively, giving them the tools and support they need to succeed in our platform. We are committed to following through with our creators to ensure their success on Atlantica and in their communities.

Fully-owned NFT collection(s)

Atlantica’s fully-owned NFT collection(s) are utility-focused ecosystem cards offering unique benefits within and outside the crypto world. These collections feature premium perk unlocks that enhance the user’s experience and engagement within our ecosystem. These platform-representing NFTs provide more than just the opportunity to collect digital items; they also offer access to exclusive virtual events, discounts and special deals, opening up a new realm of possibilities. You can learn more about the first collection, Mythos, here: https://twitter.com/Mythos_HEC.

An effective NFT facilitator plays a crucial role in displaying a wide range of options and matching the right products with the appropriate users. The success of these purposes relies heavily on the specific NFTs that the protocol chooses to offer. In the case of Atlantica, its target audiences are those that find value in the variety of collections and projects showcased, which are known for their quality and user confidence in mind. By providing a comprehensive and curated selection of NFTs, Atlantica will enable users to easily find and access digital assets they desire.

Atlantica will host and list collections of any form while keeping a close eye on digital assets with high utility, such as NFTs for play-to-earn games, collectible items/trading cards, NFTs with real-life use cases, music and media, virtual fashion, real-world assets, domain names and digital artworks from the best artists and projects.

Here is a recap shared by the team of the features that are live as of Jan. 19:

Features in the marketplace, Jan. 19, 2023:

  • User profile creation
  • Facilitation of ERC-721 and ERC-1155 NFTs
  • Buy/sell/auction/make offers
  • Publish NFT collection(s) and NFT(s)
  • Favorite/follow system

Atlantica’s launch is a significant milestone for Hector Network and its expanding ecosystem, but this is just a starting point. Many upgrades are due in the next weeks and months, including potentially new utility for the Hector Network (HEC) token and TOR stablecoin — both issued by Hector Network — to make Atlantica the marketplace that everyone, from users to creators, always dreamed of. Follow Atlantica’s Twitter and don’t miss the next important announcements: https://twitter.com/AtlanticaMarket.

NADA Joins MOBI to Accelerate Zero Trust Innovations for Information Security and Business Automation 3850

MOBI (Mobility Open Blockchain Initiative) today welcomes the National Automobile Dealers Association (NADA), an innovation and advocacy group representing over 16,000 franchised new-car dealer members, into its global community.

The MOBI community aims to develop and accelerate adoption of zero trust Web3 standards and solutions to enable seamless and secure business processes, while safeguarding sensitive business and consumer data. NADA brings a critical dealer viewpoint to this process. MOBI and NADA agree that the widespread adoption of a shared technology-agnostic framework will be critical to future innovations for members of both consortia. NADA and MOBI also believe that compliance with the Federal Zero Trust Strategy issued by the White House in 2022 will be crucial to maintain their competitive edge.

“We are thrilled to team up with NADA to co-develop solutions to help solve pain points for use cases such as Vehicle Registration, Titling, and Dealer Floorplan Audit,” said MOBI CEO and Founder, Tram Vo. “We look forward to collaborating on additional mobility and geolocation applications that improve security while preserving customer privacy.”

“NADA is excited to work with the experts at MOBI on behalf of dealers to ensure that this important technology improves and modernizes the auto retail experience, generates efficiencies, and brings increased convenience for dealers and consumers alike,” said Mike Stanton, President and CEO of NADA.

MOBI anticipates that NADA’s entry into the community at large will play a critical role in igniting a two-way exchange of expertise between the organizations’ respective communities, enabling greater collaboration on the road to more resilient mobility value chains and accelerating related innovations in research, development, and implementation. MOBI welcomes organizations of all sizes, industries, and locations to share expertise, define industry standards, and improve the sustainability, efficiency, and accessibility of mobility services around the world.

About MOBI

Mobility Open Blockchain Initiative (MOBI) is a global nonprofit smart mobility consortium. MOBI and our members are creating blockchain-based standards to identify vehicles, people, businesses, and MOBI Trusted Trip. We are building the Web3 digital infrastructure for connected ecosystem and IoT commerce. For additional information visit www.dlt.mobi.

Engiven: The Most Trustworthy Crypto Donation Platform 4256

Engiven, Inc., a leading cryptocurrency donation technologies company, announced today that it has achieved SOC 2 Type 2 compliance in accordance with American Institute of Certified Public Accountants (AICPA) standards for SOC for Service Organizations also known as SSAE 18. Achieving this standard with an unqualified opinion serves as third-party industry validation that Engiven, Inc. provides enterprise-level security for customers’ data secured in the Engiven, Inc. system.

Engiven, Inc. provides SaaS-based technologies that equip nonprofit organizations to securely accept and liquidate cryptocurrency donations while eliminating complexity and risk. Engiven’s crypto donation platform is sleek, boasting a highly automated end-to-end solution where the donation is verified on the blockchain, exchanged for USD, and a gift receipt is immediately sent to the donor.

“Engiven was founded on the principle that complex giving solutions should be highly secure, transparent, and simple,” said James Lawrence, Co-Founder and CEO of Engiven. “Financial trust has now become paramount in the crypto services industry and Engiven continues to place trust at the center of our company. By meeting or exceeding industry standards for security protocols, we aim to inspire trust that unlocks crypto generosity for the nonprofits that are changing the world for good.”

SOC 2 Type 1 is a certification that examines a company’s controls at a specific point in time and provides an opinion on whether the controls were designed effectively to meet compliance standards. Engiven first received SOC 2 Type 1 status in June of 2022, becoming the first crypto donation platform to do so.

SOC 2 Type 2, on the other hand, is a certification that examines the effectiveness of a company’s controls over a period of time and includes testing to ensure that they are operating as designed.

An unqualified opinion on a SOC 2 Type 2 audit report demonstrates to Engiven, Inc.’s current and future customers that Engiven manages customer and confidential data with the highest standards of security and compliance.

About Engiven

Founded in 2018, Engiven is a leading provider of cryptocurrency donation services to nonprofits and faith-based organizations. The Engiven platform provides a highly automated crypto-giving solution that includes blockchain monitoring, automatic exchanges, gift receipts, bank deposits, IRS tax form creation, custody options, and a full suite of developer APIs. Engiven, Inc. has achieved SOC 2 Type 2 compliance in accordance with American Institute of Certified Public Accountants (AICPA) standards for SOC for Service Organizations also known as SSAE 18. For more information about Engiven, visit https://engiven.com. Follow us on Twitter (@engiveninc) and LinkedIn (Engiven, Inc).

Native launches invisible DEX layer for crypto 4647

Native today announced the launch of its project-owned DEX layer for crypto.

Native created this technology because the crypto ecosystem has become too reliant on exchanges and market makers. Exchanges stand between users and projects, extracting fees and adding friction. Market makers operate in the shadows and few understand how they work. This needs to change. Crypto needs to become user-centric to scale to 1 billion users. That’s why Native exists.

Native’s technology empowers any project to become their own decentralized exchange (DEX). The protocol’s unique architecture pairs the on-chain transparency and security of a decentralized exchange with the efficiency of a centralized exchange. This solves an important problem for cryptocurrency, disintermediating 3rd-party exchanges and giving individual applications full control over their user journey and liquidity. For more information, see Native’s launch announcement on Medium.

Native is committed to building a community of projects and users who together bring crypto to a mainstream audience. Native’s DEX layer makes the swap experience frictionless and user-friendly.

The team has already announced a technology partnership with Ankr, the leading blockchain infrastructure provider, and a long-term campaign partnership with Galxe, the leading Web3 credential data network. Stay tuned for additional collaborative ventures ahead.

About Native:

Native is a blockchain technology company bringing crypto to the next 1 billion users. For more information, visit native.org.

TaxBit Announces Acquisition of Digital Asset Accounting Startup Tactic 4762

TaxBit, the leading tax and accounting provider for the digital asset economy, today announces the acquisition of Tactic, a digital asset financial accounting platform that offers a streamlined accounting subledger to save businesses hundreds of hours on critical digital asset management and reporting. This acquisition will combine two leaders in the digital asset accounting space and establish TaxBit’s New York office presence.

TaxBit co-founder and CEO Austin Woodward commented, “2022 demonstrated that there is a massive problem in the digital asset space with regards to credible accounting. TaxBit historically focused on top-of-market Enterprises, but it became evident that businesses of all sizes accepting, trading, or holding digital assets are in need of automated accounting solutions. As we got to know Tactic, it was clear that their world-class technical team, products, and culture perfectly align with what we are building and how we operate at TaxBit. We are excited to welcome their team onboard, and together continue building a turnkey solution for digital asset accounting.”

Tactic provides accounting automation tools, seamless integration with other financial software products, and increased visibility to reduce crypto accounting processes by as much as 75%. Tactic will augment TaxBit’s existing Corporate Accounting Suite (CAS) offering. The full integration of Tactic’s software and team with TaxBit will take place over the coming months.

The acquisition comes on the heels of major turmoil for digital asset markets. Recent crypto market events have highlighted the mission-critical need for transparency, especially in the form of auditable and verifiable accounting. As regulations evolve and as scrutiny increases, TaxBit can help restore investor trust with innovative and compliant solutions for tracking, processing, and reporting transactions.

Tactic co-founder and CEO Ann Jaskiw added, “As transparency and efficiency become the largest issues for businesses working in or entering the crypto sphere, we aspire to provide the definitive toolset for the industry. Austin and I share similar stories, being founders at the forefront of innovation and first movers in a fast-evolving industry. The team is thrilled to continue Tactic’s journey of product innovation and to establish our collective team as the go-to provider for digital asset accounting.”

The financial terms of the deal were not disclosed.

About TaxBit

TaxBit is designed by CPAs and tax attorneys, TaxBit is the leading tax and accounting solution for the digital asset economy. TaxBit’s platform serves the industry’s top exchanges, institutional investors, governments, and individuals. TaxBit is SOC 1, Type 1, SOC 2, Type 2 attestation and ISO 27001 certified. TaxBit has raised over $235M from the world’s-top investors to enable widespread digital asset adoption by automating the regulatory hurdles of tax and accounting compliance at scale. TaxBit has offices in Salt Lake City, San Francisco, Seattle, New York and Washington D.C.

To learn more visit: www.TaxBit.com