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Ethereum Classic, Tezos, and Dogecoin Price Analysis

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Ethereum Classic, Tezos, and Dogecoin

Bitcoin could be trading in a stable range, but that is not true for most altcoins. With the king coin providing no push-and-pull impact to the rest of the current market, most altcoins are breaking apart, rather than in bullish spirits, however with nominal woes. A testament to this defiance are Tezos, Ethereum Classic, and Dogecoin.

Ethereum Classic

Source: ETCUSD via Trading View

Ethereum Classic has moved from its up-channel persisting because of the March 12 breakout. The channel pushed the alt’s cost from $4 to as large as $7.5, prior to a sudden drop took it from the trading channel.

Not only did the fall craft an exit from the channel but also pushed it under support at $6.38, and now, the present price of $6.24 is hovering above another support at $6.1. Bollinger Band for Ethereum Classic is slowly opening up, using the ordinary line above the coin’s cost.

Late last month, Ethereum Classic finished its Phoenix hard fork in Block 10,500,839. Stevan Lohja, a tech coordinator at ETC Core stated through a blogpost,

“Phoenix was inclusive of the ETH Istanbul features bringing Eth Classic and Eth use cases, tools, and collaboration opportunities to absolute technical compatibility while retaining their respective differences.”

Tezos

Source: XTZUSD via Trading View

Tezos, currently taking the 12th place on the coin market is has also gone the way of ETC and moved from its up channel. It should be noted that XTZ’s channel was more than ETC, pushing the former’s cost from $1.25 to as $2.96

Related: Tezos Is the Standout in New 2020 ‘Alt Season’ Gaining 54% in 7 Days

XTZ was trading at $2.6 and was threatening a consolidation. The exit from its station arrived when the cost had been fighting opposition at $2.94, which it temporarily passed, but then fell below. MACD index for its altcoin has moved under 0, with all the MACD line moving below the signal line.

Earlier this year Tezos Foundation settled a class-action lawsuit on the grounds of”securities breach” pertaining to its 2017 ICO. On June 1, a press release authorized by the US district court, norther district of California supported the ICO participant could be”eligible to share in the $25 million settlement.”

Dogecoin

Source: DOGEUSD via Trading View

The 33rd rated cryptocurrency on the marketplace has followed exactly the exact same motto as the above alts, but to a lesser level. Dogecoin has transferred from its persisting graph routine, although not in rigorous bearish impact, but also in a more concurrent pattern.

Read more: Top 5 Cryptos-XTZ-BNB-BSV-ETH-LINK

Doge’s upward station that took the coin until $0.0028 has since early May been trading comparatively steady, similar to Bitcoin. The meme-crypto’s cost has dropped by 14% since, but it must be mentioned that since March, its cost has ballooned by over 71 percent, in comparison to its media time cost. The RSI for its altcoin has moved down from the high of 70 in late-April to as low as 44.08 currently.

As per a recent set of international popularity maps released by Blockchain Centre, Dogecoin despite being down in terms of market capitalisation is a lot more popular than higher-ranked coins. While Bitcoin dominates global interest, especially in Africa, DOGE is ninth on the list, ahead of the likes of Cardano, EOS, and, Binance Coin.

Read also: Research Firm Messari Shows Mining Meme Coin DOGE is More Profitable than Bitcoin Cash and Others

Ethereum Classic, Tezos, and Dogecoin Price Analysis
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Spanish Giant FC Barcelona’s Sold out $1.3M Fan Token (BAR)

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Spanish Giant FC Barcelona's Sold out $1.3M Fan Token (BAR)

Spanish giant FC Barcelona football club of Spain sold out its first FC Barcelona Fan Tokens (BAR). The token was sold via sport-focused token platforms Chiliz.net and Socios.com.

The fan token (BAR) was sold out in less than two hours. while in two minutes tokens worth of 777,000 was sold. The news was announced on June 22 via twitter by Chiliz and Socios CEO Alexandre Dreyfus.

Dreyfus noted that the token sale saw more than 4000 fans from 106 countries participate. He said that most of the buyers came from France, Japan, Turkey, Spain, Poland, Italy, and the United Kingdom. He added that Chiliz and Socios experienced a five-fold increase in demand during the sale.

Read also: CoinDCX Learning Platform Launch on Blockchain

Dreyfus said the companies originally planned for the flash sale to last 48 hours. Despite some delays in Socios.com, the sale was made quicker than expected. “I guess that’s why Barca is big and also why we are pushing hard with the cryptosphere,” Dreyfus suggested.

FC Barcelona Fan BAR are designed to bring more interaction with Barca fans. FC Barcelona said in a statement. FC Barcelona supporters will be able to acquire the first ‘Barça Fan Tokens’ ($BAR) to take part in surveys and polls connected to the everyday activities of the Club, as well as earn unique prizes and experiences related to the Club.

The poll will give token holders the chance to decide on the design of the locker room which the first team player will see before going into the pitch.

According to FC Barcelona, the flash sale involved 600,000 tokens at a set price of 2 euros each.

Read also: Research Firm Messari Shows Mining Meme Coin DOGE is More Profitable than Bitcoin Cash and Others

The BAR is scheduled for trading launch on Chiliz and Socios on Wednesday, June 24. The tokens will be available only for purchase and for trading against Chiliz’s native token (CHZ) at a market price depending on demand and supply. CoinMarketCap featured Fan token as an “untracked listing”, as at press time.

FC Barcelona’s Bar token is just one among numerous sports tokens handled by Chiliz and Socios platforms. Paris Saint-Germain also partnered with Socios.com to launch a token ecosystem in 2018. Italian club Juventus has its own fan token in 2019.

Spanish Giant FC Barcelona’s Sold out $1.3M Fan Token (BAR)
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Research Firm Messari Shows Mining Meme Coin DOGE is More Profitable than Bitcoin Cash and Others

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Research Firm Messari Shows Mining Meme Coin DOGE is More Profitable than Bitcoin Cash and Others

Bitcoin and Ethereum miners are pocketing over 99 percent of all fees generated from the wider crypto-mining ecosystem, on-chain analytics company Messari stated Friday.

However; large fees don’t signify a positive to get a blockchain network. BTC and ETH may be rewarding for miners, but pricey for end-users that are very likely to select more economical options for trades.

Running into millions of dollars each month; amassing transactional fees power cryptocurrency miners across the globe, be it firms such as Bitmain or an enthusiast running a node in their GPU-optimized laptop.

However, altcoins are not what are giving gains to miners. Messari analyst Ryan Watkins released a study in the respect, concluding Bitcoin and Ethereum charges account for over 99 percent of most miner earnings.

Surprisingly, Dogecoin, the self-styled meme money utilized by Shiba Inu dogs, appears among the very best profitable projects for miners, surpassing powerhouses such as Bitcoin SV as well as Bitcoin Cash.

Dogecoin was launched as a joke in 2013, but rapidly captured over Reddit and 4chan and attained a market cap of $60 million in 2014. Nonetheless, it’s usage remains outstanding, if mining charge data is not anything to go by.

A Chart by Messari on cryptocurrency Prices, shown below, Shows Earnings of less than $100:

Source: Messari Portal

Only Bitcoin and Ethereum create over $100,000 for miners, with cryptocurrencies giving miners less than $500 per day. On the other hand, the latter isn’t necessarily a negative thing.

Coins like Bitcoin Cash and Zcash are almost free-to-use, with prices of less than a cent since early-2019. This could make them more attractive for”nocoiner” users in both developed and emerging markets, who aren’t likely to pay upwards of a dollar on each transaction.

Mining is an expensive company, oft-requiring hundreds of thousands in upfront investment for establishing a rewarding, temperature-controlled mining plantation.

Growing crypto-fees are the subject for many-a conversations since mining captured on. Critics say enormous fee rewards aren’t a measure of achievement for any blockchain system and need to, on the contrary, remain low.

Messari’s Watkins wrote in the regard:

“Ask one person and they’ll tell you high fees are desirable because they signal strong demand for block space. Ask another person and they’ll tell you low fees are desirable because they provide users with greater access to block space.”

Meanwhile, trade fees on Bitcoin dropped below $1 last week. The metric has been last observed in January 2020, and also for the first time because Bitcoin’s May 12 halving occasion.

Prices totaled between $0.70 — $0.75 last week, but have since increased to $1.50 at the time of writing. On the flip side, Ethereum’s system is propping up before its much-awaited ETH 2.0 upgrade.

2.0 sees Ethereum transfer to a proof-of-stake algorithm, together with data indicating over 120,000 wallets hold the minimal 32 ETH necessary to run a validator node — presumably in expectation of ridding rewards.

Meanwhile, the Ethereum’s GAS network is reaching all-time highs. As previously analyzed, raising stablecoin and DeFi action may attribute to rising GAS usage. Last week, Tether transfers on the Ethereum blockchain (USDT is issued on five other protocols) were growing appreciably.

Read also CoinDCX Learning Platform Launch on Blockchain and Follow us on Twitter and Facebook

Research Firm Messari  Shows Mining Meme Coin DOGE is More Profitable than Bitcoin Cash and Others
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Why Are Tezos, Lisk, Binance Coin Beating Bitcoin so far in 2020?

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Why Are Tezos, Lisk, Binance Coin Beating Bitcoin so far in 2020?

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Over the weekend Bitcoin (BTC) bulls showed impressive strength as the price punched through $10,000 for the first time in 2020. Interestingly, not only Bitcoin forks have been performing well recently, in fact, many altcoins are actually outperforming Bitcoin. The most recent notable performers are Tezos (XTZ), Lisk (LSK) and Binance Coin (BNB).

Since the start of 2020 Tezos has surged 118% and Binance Coin 120%. Meanwhile, Lisk has kicked its rally into high gear, surging 450% this year. These movements call for analysis.

Crypto market daily performance

Crypto market daily performance. Source: Coin360

XTZ/BTC fights against heavy resistance

Tezos has shown tremendous strength through the first weeks of 2020 and is likely to continue over the coming weeks.

Read also: Tezos Is the Standout in New 2020 ‘Alt Season’ Gaining 54% in 7 Days

XTZ BTC 1-week chart

XTZ BTC 1-week chart. Source: Cointrader.pro

The XTZ/BTC weekly chart shows a clear double bottom structure at 0.000084 satoshis, which led to the first movements to 0.0001850 satoshis. After that, a confirmation of the breakout led to the support/resistance flip at 0.0001488 satoshis.

This support/resistance flip made the basis for the recent surge, which is currently hovering around a significant resistance at 0.0002600-0.0002700 satoshis.

A significant indicator of strength is the volume indicator, meaning, when trading volume starts to rise along with the price action, this indicates strength and buying pressure. More examples can be found recently with movements on Dash (DASH), Icon (ICX), and Lisk.

The current test for Tezos is whether it can flip the 0.00257 satoshis level for support. If that’s possible, continuation towards 0.00035 satoshis and even 0.0005-0.00051 satoshis is on the table.

XTZ/USD pair leads with a massive break above $1.75

XTZ USD 1-week chart

XTZ USD 1-week chart. Source: Cointrader.pro 

The XTZ/USD chart currently shows a clear breakout above the $1.75 resistance after $1.20 flipped as support.

A retest of the $1.75 level would provide what might be a great opportunity to buy the altcoin but it’s highly debatable whether the price would make such a deep retracement. If Tezos is likely to hold the $2.50 level for support, a move towards $4.00 is warranted.

Binance Coin rallies on futures launch

Binance Coin has been showing strength recently as well, allegedly due to the launch of futures on the BNB/USDT pair on the Binance futures platform.

BNB USDT 1-day chart

BNB USDT 1-day chart. Source: TradingView

The BNB/USDT chart shows a strong upward move, which started with the breakout above $18.80. This breakout led to a price level of $25, however, can we see a continuation of the current strong price movements? This is highly debatable as the move seems influenced by the news of the futures launch rather than a fundamental-based change in market structure.

Such a move could be described as a ‘buy the rumor, sell the news’ scenario where investors buying into an event but when the event occurs, investors realize there’s not a significant price impact and begin to sell. A scenario such as this could occur.

So what is needed for continuation in Binance Coin? A clear breakout above $25-25.50 with a daily candle close would be reassuring. If BNB could do that, extension towards $29 is warranted.

However, if a breakout doesn’t happen, possible support levels are found at $21.70 and $22.50.

BNB BTC 1-day chart

BNB BTC 1-day chart. Source: TradingView

The BNB/BTC chart shows a similar move to the upside. However, it confirms the potential resistance. The price of BNB is hovering against the 0.0026 satoshis level and this level is significant as it was the previous high in June 2019.

A breakthrough of this level would give the price space to move toward the 0.00298 satoshis level. However, failure to reach this point would provide investors with a potential opportunity to step in at the 0.00232 and 0.00247 satoshis levels.

Lisk gains more than 450% in a matter of weeks

Why Are Tezos, Lisk, Binance Coin Beating Bitcoin so far in 2020?

LSK USD 1-day chart. Source: TradingView

Lisk is showing a massive surge from $0.50 towards $2.80 in only six weeks which has left investors scratching their heads and wondering exactly is this happening?

Related news: Ethereum Classic, Tezos, and Dogecoin Price Analysis

Such a move starts with the break of a gigantic downtrend. At the moment, many altcoins are breaking their 2-year old downtrends and an upward momentum trend shift is likely to occur once this happens.

A similar move occurred with Lisk after it pushed above its 2-year old downtrend, leading towards an increase in volume and a parabolic movement upward.

Why Are Tezos, Lisk, Binance Coin Beating Bitcoin so far in 2020?

LSK USD 1-day chart. Source: TradingView

This parabolic move led to $2.80 and is currently hovering to close above the massive resistance at $2.30, while the RSI is showing overbought signals as it’s now at 93.

If Lisk is unable to close above $2.30, a retrace is likely to occur, through which targeting the $1.60 level at first seems reasonable as support.

LSK/BTC pair shows big gaps

Why Are Tezos, Lisk, Binance Coin Beating Bitcoin so far in 2020?

LSK BTC 1-day chart. Source: TradingView

Read also: Top 5 Cryptos-XTZ-BNB-BSV-ETH-LINK

Another reason for these massive movements is the amount of ‘gaps’ in the chart. I don’t mean the CME gaps which are created overnight and on weekends when the exchange is closed but cryptocurrencies are still trading. I’m referring to the big gaps between support and resistance levels on many of the altcoins.

Take, for example, the Lisk chart. After 0.0001150 satoshis, the next resistance is found at 0.0001700 satoshis, a gap of 50%. If the 0.0001700 satoshis level breaks to the upside, the next level sits at 0.0002250 satoshis.

This means that altcoins can potentially make big movements upwards, as there are no significant levels in between to classify as resistance or support.

Ultimately, Lisk needs to close above 0.0002270 satoshis for continuation. Otherwise, it’s likely to retest the 0.0001700 satoshis level for support.

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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Why Are Tezos, Lisk, Binance Coin Beating Bitcoin so far in 2020?
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Disclaimer: 9ja Informative's content is meant to be informational and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. 9ja Informative receives compensation with respect to its referrals for out-bound crypto exchanges, crypto wallet websites and affiliate links.

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