News
News

Asia’s Largest Web3 Event TOKEN2049 Exclusively Unveils NFT Assets Valued Over US$100 Million
September 25, 2022 11:00 am

PRESS RELEASE. SINGAPORE — 25th September 2022 — TOKEN2049, Asia’s premier crypto conference, announced that it will be showcasing a first-of-its-kind, immersive NFT experience, entitled the OP3N WHALE NFT Exhibition, at its upcoming Singapore edition from 28 to 29 September. The exhibition will be presenting NFT assets with a market value exceeding US$100 million — the first time such a collection owned by a single entity has ever been on display to the public.

The exhibition was developed by OP3N, a launchpad for IP and communities in Web3, and WHALE, the omni-versal membership club with a treasury that includes the world’s largest collection of rare, high-value NFTs spanning gaming, art, and virtual real estate.

Raphael Strauch, Founder of TOKEN2049 said: “Today’s Web3 ecosystem reflects the exciting creativity and innovation being brought by a myriad of industries by way of their growing interest in NFTs — and so much of this is taking place in Asia. We have an exciting programme for our attendees — and this exhibition is just one part.”

Showcasing creatives, brands, and curators from the region that exemplify the global dynamic of East Meets West, the exhibition will make its exclusive debut at Asia’s largest Web3 event and TOKEN2049’s largest-ever conference in its history. An estimated 7,000 visitors are expected to attend.

The exhibition includes artworks by renowned digital artist Pak, famed for spearheading Sotheby’s first-ever NFT sale; leading glitch artist XCOPY; Milanese artist duo Hackatao; and award-winning Asian-American photographer Michael Yamashita.

TOKEN2049 Singapore will also feature a rotating display of generative art masterpieces from New York City’s Museum of Modern Art (MoMA)’s permanent collection artist Brendan Dawes and Instagram photography sensation Ryosuke Kosuge. These works will be displayed at WHALE’s solo booth at the conference.

Renowned NFT collector and WHALE founder WhaleShark, said: “Non Fungible technology has ignited a global digital renaissance of art and culture, and the ability to partner with TOKEN2049 and OP3N to showcase some of the earliest and most renowned pioneers of this sector is truly an honor. The exhibition puts the spotlight on this inevitable revolution of the arts with a focus on a time-tested creative industry rather than the flavor of the month.”

In addition, attendees will be able to see OP3N’s latest NFT drop “A3”, developed by YOON and VERBAL who are behind the iconic Tokyo-based fashion brand AMBUSH®. The iconic phygital “A3” NFT will be uniquely presented in a glass display case on the exhibition floor.

“Art, culture and technology are intersecting in exciting and completely new ways, with many industry firsts taking place around the globe,” said Jaeson Ma, Co-Chief Executive Officer and Founder of OP3N, the world’s preeminent contemporary NFT experience brand. “From digital creators and traditional artists to fashion brands such as AMBUSH who’s been expanding their presence in the NFT space, we’re bringing together an incredible pool of talent to celebrate and honor their work.”

Jaeson will also be speaking on a panel on ‘The Future of IP & Communities in Web3’ on 29 September at 2:45 PM along with VERBAL who will speak more about “A3” in detail.

TOKEN2049 Singapore’s agenda will be featuring a series of discussions touching on the latest developments in the Web3 ecosystem — from the global macro narrative for crypto, the rise of Web3 gaming, the emerging social and creator economy, the future of AI and generative art, present and future Web3 infrastructure, and many more.

As part of Asia Crypto Week, TOKEN2049 attendees can expect to attend a full line-up of side events, conferences, networking events, workshops, and parties taking place throughout the week.

For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/.

TOKEN2049 Founder Raphael Strauch, OP3N Co-Chief Executive Officer Jaeson Ma, WHALE Founder WhaleShark, and AMBUSH Co-Founder Verbal are all available for interview.

About TOKEN2049

TOKEN2049 is a premier Web3 event, organized annually in Singapore and London, where decision-makers in the global crypto ecosystem connect to exchange ideas, network and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, and those with a strong interest in the crypto and blockchain industry.

About OP3N

Founded in 2021 as a subsidiary of EST Media Holdings, OP3N imagines a world where Communities can come together to create, own, and bring their ideas to the world. OP3N’s mission is to be a Launchpad for Ideas and Communities to create meaningful experiences together. By consolidating the tools needed to mint, share and engage with NFTs and digital tokens into one vertical stack, OP3N leverages its cross-industry expertise from the entertainment, gaming and tech ecosystems, to lay the foundations for a new era of community-driven, inclusive entertainment while bringing everyone together on a journey into Web3. For more information, please visit: https://op3n.world/

About WHALE

WHALE is the omni-versal membership club for the natively digital, focused on immersing WHALE Members in the renaissance of digital art and culture. Powered by the club’s native social token, $WHALE, and the club treasury, the WHALE Vault, WHALE delivers physical and metaversal content, information, and experiences for a new generation of digital enthusiasts. Established in 2020 by the pseudonymous WhaleShark, WHALE boasts over 25,000 members worldwide, all focused on the longer-term discussion and immersion of Web 3 and the revolution of true digital asset scarcity, ownership, and management.

About AMBUSH®

AMBUSH® began as an experimental jewelry line – innovative pop art-inspired designs capturing a distinct Tokyo aesthetic. With apparel created as a canvas to complete the story, AMBUSH® evolved into designing unisex collections. The brand made its Paris debut in 2015 with YOON & VERBAL being listed as two of Business of Fashion’s Top 500 people influencing the global fashion industry for 5 consecutive years from 2015, and HYPEBEAST 100 list for 8 consecutive years. In 2017 AMBUSH® was selected as one of the top 8 finalists for the LVMH PRIZE. In 2018, AMBUSH® debuted at Amazon Fashion Week Tokyo. In the same year, Kim Jones named YOON as jewelry designer for Dior Men. In 2022, AMBUSH® presented the brand’s first runway at Milan Fashion Week and launched its proprietary metaverse SILVER FCTRY. Its first POW!® NFT collection sold out in minutes, ranking it among the top 10 projects on Opensea, and the second most transacted NFT from Japan at the time of its debut.

Media Contact

Melissa Esguerra

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

ETH Merge Forks, Quantum Computing, Biden Draining Oil Reserves, DOJ Targets Criminal Crypto Use — Week in Review
September 25, 2022 10:30 am

With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S., President Joe Biden notes that gas prices have fallen, but doesn’t mention the 190 million barrels that have been tapped from the U.S. Strategic Petroleum Reserve to address the issue. Though U.S. inflation is high, the greenback is gaining great power against other world currencies, and Chinese state-backed media says this “might be the beginning of another nightmare” for “many countries in the world.” All this and more in this week’s Bitcoin.com News Week in Review.

Ethereum’s Merge Gave Birth to 2 Forks — Newly Launched Ethereumfair Gathers USD Value and Hashpower

Following Ethereum’s Merge, a number of cryptocurrency community members have been discussing the proof-of-work (PoW) fork called ETHW as it has dropped significantly in value recently. However, a lot of people are unaware that there’s another Ethereum-based PoW fork called ethereumfair (ETF), and ETF has gathered a small amount of hashrate and fiat value since the token’s mainnet launch.

Read More

Bitcoin vs. Quantum Computers: US Government Says Post-Quantum World Is Getting Closer, CISA Warns Contemporary Encryption Could Break

Bitcoin vs. Quantum Computers: US Government Says Post-Quantum World Is Getting Closer, CISA Warns Contemporary Encryption Could Break

According to the U.S. Cybersecurity and Infrastructure Security Agency (CISA), while quantum computers are incapable of breaking public key encryption algorithms, public and private entities need to prepare for future threats against cryptography that is not quantum resistant.

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As Biden Drains the SPR Down to 1984 Levels, Chinese State Media Claims US Dollar 'Is Once Again the World's Problem'

As Biden Drains the SPR Down to 1984 Levels, Chinese State Media Claims US Dollar ‘Is Once Again the World’s Problem’

U.S. president Joe Biden was recently criticized for claiming inflation in America hasn’t increased during the past few months, while the U.S. Dollar Index (DXY) crept up to the 110.776 region. Meanwhile, a recent report published by CCP-backed Global Times is pressing for de-dollarization as the U.S. dollar’s rise “might be the beginning of another nightmare” for “many countries in the world.”

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DOJ Launches Digital Asset Network With 150 Federal Prosecutors to Combat Criminal Uses of Crypto

DOJ Launches Network of Over 150 Federal Prosecutors to Combat Criminal Uses of Crypto

The U.S. Department of Justice (DOJ) has established the nationwide Digital Asset Coordinator Network of over 150 federal prosecutors. The authority explained that the new network will further its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public.”

Read More

What are your thoughts on this week’s stories? Does the U.S. dollar pose a threat to the global economy? Let us know in the comments section below.

Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil
September 25, 2022 9:45 am

The price trend of Shiba Inu has been following the rest of the cryptocurrency market and remains negative. Notably, SHIB is still seeking to reclaim the high points it reached last year, when the value and popularity of the meme coin surged.

As of this writing, SHIB is trading at $0.00001145, down 4.5% in the last seven days, data from Coingecko show, Sunday.

Despite the crypto market’s sluggish condition, a portion of the dog-themed coin’s investors are optimistic that the asset will recover and are boosting their coin purchases while ignoring the market’s weakness.

According to data from CoinMarketCap, as of September 24, SHIB has 1,226,031 holding addresses, representing an increase of around 35,835 new holdings over the course of three months. The new holders represent a 3% increase from the 1,190,195 who were registered on June 26.

Shiba Inu: Increasing Use Case

In addition to the prospect that new SHIB holders may wager on the coin’s appreciation, investors are likely drawn by SHIB’s rising utility. It is worth mentioning that interest in meme-based cryptocurrencies waned as a result of unfavorable publicity around the coins’ supposed lack of utility.

Since June, Shiba Inu’s value has been on a roller-coaster ride, but the price has mostly remained low. The coin’s three-month high price was $0.000017 on August 15, and as of the time of writing, it had gained about 5% in the last 24 hours.

Previously, the majority of retail investors liquidated around the price and then sought entry points as the memetoken approached $0.00001.

Due to the massive concentration of tokens in the hands of small and medium-sized whales, Shiba Inu faces a significant increase in selling pressure whenever it succeeds to breach past local resistance barriers.

Holding On To The Meme Coin

Meanwhile, around 30% of SHIB investors have held the asset for more than a year, according to statistics from Into The Block. Despite the ongoing bear market, investors have generally abstained from disposing of their coins.

These holders are fostering a bullish mood among investors while aiming to eliminate SHIB as a quick-profit asset.

As of the time of writing, the trading volume of Shiba Inu is still declining, hence the token’s volatility remains high. The decline in trade volume is unfavorable for a coin that heavily depends on speculative appeal.

As the number of SHIB holders increases, it appears that interest in the coin is waning. Google Trends data indicates that global searches for the keyword “Shiba Inu” decreased to their lowest level in the past 12 months, suggesting that SHIB could be losing its most avid fans.

SHIB total market cap at $6.27 billion on the daily chart | Source: TradingView.com Featured image from Daily Pets Care, chart from TradingView.com
Report: Gap Between Ethiopian Currency’s Official and Parallel Market Exchange Rate Grows to New Record
September 25, 2022 9:00 am
Report: Gap Between Ethiopian Currency's Official and Parallel Market Exchange Rate Grows to New Record

The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high.

Resumption of Fighting Between Ethiopian Government Forces and Tigray Rebels Identified as the Cause

The gap between the Ethiopian currency’s official and parallel market exchange rate against the greenback widened to a new record higher after the latter rate plunged 92 birrs for every dollar. Officially, one dollar buys 52.5 units of the local currency.

According to a Bloomberg report that quotes Fikadu Digafe, the vice governor and chief economist at the National Bank of Ethiopia (NBE), the resumption of hostilities in the Tigray region is one of the key factors that caused the Ethiopian currency’s latest plunge. As many media reports have suggested, the fighting between the Ethiopian government and Tigray rebels restarted in late August after five months of a lull in hostilities.

High Cost of War Making Monetary Policies Ineffective

Explaining how the fighting impacted Ethiopia’s economy, Digafe identified the imbalance between the supply of foreign exchange and the demand as a problem that afflicts the country. In addition, the vice governor also suggested that the high cost of the war meant the NBE’s monetary policies are now largely ineffective.

Besides the costs associated with the fighting, Ethiopia has grappled with the problem of dwindling foreign exchange reserves. As per the report, the landlocked horn of Africa state’s reserves stood at $3.3 billion by the end of 2021. This was enough to cover Ethiopia’s import costs for just 1.9 months.

Therefore, as part of efforts aimed at boosting the country’s foreign exchange reserves, the NBE effectively devalued the birr by 26% between February and May. Also, as reported by Bitcoin.com News, the central bank has now imposed restrictions and controls on the amount of foreign exchange that Ethiopian residents are allowed to take out of the country.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Russia Starts Developing Mechanism for International Crypto Payments
September 25, 2022 7:30 am
Russia Starts Developing Mechanism for International Crypto Payments

Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments.

Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade

Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia.

“The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering.

The current version of the bill “On Digital Currency,” put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade.

Finance Ministry and Central Bank Agree on Law Allowing Cross-Border Crypto Settlements

This week, Deputy Minister of Finance Alexey Moiseev unveiled that his department and the Bank of Russia have reached an in-principle agreement on new legislation authorizing international payments in cryptocurrency.

Earlier in September, the two institutions concluded that Russia “can’t do without cross-border crypto payments” in the face of mounting sanctions. Quoted by the RIA Novosti news agency and the business daily Kommersant, the government official said:

Now we have a bill already agreed with the central bank. It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be used, in the first place in cross-border settlements.

At the same time, according to a report by RBC Crypto, Moiseev admitted that the issue with “entry and exit to fiat” remains to be resolved. Then, experts will have to determine the minimum infrastructure that Russia needs to create in order to be able to implement such cryptocurrency payments.

The finance ministry and the monetary authority have also agreed on a draft law concerning crypto mining that will legally define the activity. The deputy minister noted that the question of whether miners should credit the minted digital coins to wallets in the Russian Federation or abroad has so far been decided in favor of the second option.

Do you think Russia will legalize and regulate cross-border crypto payments by the end of the year? Tell us in the comments section below.

Kenyan Central Bank Says It’s ‘Craziness’ to Convert Country’s Reserves to Bitcoin
September 25, 2022 6:00 am

The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any problem.

CBK Governor Says Converting Kenya’s Reserves to Bitcoin Deserves a Jail Term

The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has described the idea of putting the country’s reserves into bitcoin as “craziness.” Njoroge, who was addressing recently elected members of Kenya’s legislature, added that if it occurred that he agrees to convert Kenya’s reserves to bitcoin, he should be jailed and the keys to his prison cell must be thrown away.

Under Njoroge’s stewardship, the CBK has issued statements and advisories warning Kenyan residents against trading or investing in cryptocurrencies. For instance, Bitcoin.com News reported in June 2022 that Njoroge, together with the Central Bank of Nigeria (CBN) deputy governor Kingsley Obiora, had cited cryptocurrencies’ volatility as one of the reasons why they cannot become a widely used payment method.

Yet, despite Njoroge and the CBK’s opposition, several studies have suggested that Kenyan residents’ use of, or investment in, cryptocurrencies is growing. For example, the peer-to-peer crypto exchange Paxful recently revealed that its users from the country had digital assets valued at $125 million during the first half of 2022.

Njoroge: No Problems Being Solved by Cryptocurrencies

However, in a video recently uploaded to Youtube, Njoroge still questions the benefits of cryptocurrencies for the Kenyan economy. He said:

In our economy what problem are they resolving? Are they better vehicles for let’s say payments, transactions? And the answer is no. Are they better in terms of …. security more than a bank account? And the answer is no.

Further, in his attempts to dissuade lawmakers from entertaining individuals hyping bitcoin and other cryptocurrencies, Njoroge claimed that he too is also being pressured.

“I do know you are under a lot of pressure from some of these people that are pushing these things. Because for them it is good. I can assure you I have a lot of people that are pushing to put our reserves in bitcoin.”

Njoroge however suggested that he would have to be out of his mind before he agrees to this call to convert reserves to bitcoin.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Ethereum Price Broke Out Of Descending Channel, What’s Next?
September 25, 2022 4:00 am

Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation.

As the coin appreciated, it broke outside of the descending channel.

Over the last week, the Ethereum price lost more than 7% of its value. The buyers have entered the market, which has helped Ethereum climb on its chart.

Although buyers are attempting to make a comeback, the sellers continue to drive the price action on the one-day chart.

The $1,400 price mark continues to remain a tough resistance zone for Ethereum price. A break past from the aforementioned support line will help ETH revisit its next price ceiling.

The technical outlook for Ethereum continues to remain bearish at the time of writing. Bitcoin’s price recovery has helped major altcoins pick pace over the last 24 hours.

Ethereum Price Analysis: One Day Chart Ethereum was priced at $1,340 on the one-day chart | Source: ETHUSD on TradingView

ETH was trading at $1,340 at the time of writing. In the past 24 hours, the buyers have helped the coin break outside of the descending trendline.

The immediate and strong resistance remained at $1,400. The altcoin has struggled to break past that level over the last couple of weeks.

Once the $1,400 mark is broken, Ethereum can attempt to trade close to $1,700. On the other hand, a fall from the $1,340 price mark will push ETH down to $1,100 and then to the $1,000 level.

The past trading session for Ethereum was green, signifying an increase in the number of buyers.

Technical Analysis Ethereum depicted a fall in buying strength on the one-day chart | Source: ETHUSD on TradingView

On its chart, ETH was attempting to recover. However, the buyers have remained low at the time of writing. Technical indicators have pointed towards a bearish outlook.

The Relative Strength Index was below the half-line, which also indicated that buyers were fewer in number than sellers.

Ethereum price was below the 20-SMA line, which signified low demand. It also meant that sellers were driving the price momentum in the market.

Ethereum depicted sell signal on the one-day chart | Source: ETHUSD on TradingView

ETH’s other indicators have also shown that the sellers were in control of the market at the time of writing. The demand for the coin has to go up in order for the coin to touch its next resistance mark.

The Moving Average Convergence Divergence indicates the price momentum and overall price action. MACD witnessed a bearish crossover and formed red histograms at the time of writing.

This reading is connected to the sell signal for the coin. The Chaikin Money Flow displays the capital inflows and capital outflows at a given period in time.

The CMF was below the half-line and that points towards low capital inflows, although there was an uptick on the indicator.

Featured image from UnSplash, Chart: TradingView.com
Southeast Asia’s Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand
September 25, 2022 4:00 am
Southeast Asia's Largest Bank DBS Rolls out Self-Directed Crypto Trading via Its Digibank App

The largest bank in Southeast Asia, DBS, has launched self-directed cryptocurrency trading via its app. More customers are now qualified to access the bank’s digital asset exchange and trade cryptocurrencies, including bitcoin and ether.

DBS Launches Self-Directed Crypto Trading

DBS, the largest bank in Southeast Asia, announced Friday that it “has rolled out self-directed crypto trading via DBS digibank.” The announcement details:

Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (Ddex) through DBS digibank at their convenience.

The DBS digital asset exchange currently supports the trading of four cryptocurrencies — bitcoin, bitcoin cash, ether, and XRP. Previously, crypto trading on the exchange was limited to corporate and institutional investors, family offices, and the bank’s private wealth management clients.

With Friday’s launch, DBS explained:

For a start, an estimated 100,000 investors in Singapore meet this criteria, and are eligible to access the services offered by DBS’ digital assets ecosystem.

Sim S. Lim, an executive in the bank’s Consumer Banking and Wealth Management, opined: “Broadening access to Ddex is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”

In August, DBS said that the trading volume on its digital asset exchange soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the bank said. The bank also recently entered the metaverse by partnering with The Sandbox.

DBS Bank Group CEO Piyush Gupta said in March that he does not think cryptocurrency will become money but noted that “it can be an alternative to gold and its value.”

What do you think about DBS launching self-directed crypto trading via its app? Let us know in the comments section below.

JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined
September 25, 2022 2:00 am
JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse.

JPMorgan Sees Little Demand for Crypto as a Payment Tool

The global head of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked about client demand for crypto as a payment method in an interview with Bloomberg Television this week. He said:

We saw a lot of demand for our clients, let’s say up until six months ago. We see very little right now.

While noting that the demand for crypto as a payment tool has drastically declined, Georgakopoulos stressed that the bank will still support clients who want to use crypto for this purpose.

He added that cryptocurrencies are also becoming “larger and larger” in the gaming sector — both in traditional gaming and in the metaverse, where he sees many opportunities.

This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism about bitcoin and cryptocurrency. “I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes,” the executive said. However, he emphasized that he is not skeptical about blockchain and decentralized finance (defi), calling them “real” innovations.

A recent survey conducted by Deloitte in collaboration with Paypal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”

A different survey by Bank of America showed “growing interest” in crypto’s use as a payment method. “39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the bank described. Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.

What do you think about JPMorgan saying that there’s little demand for crypto as a payment tool? Let us know in the comments section below.

Cardano Price Surges, Will The Bulls Hold The Recovery?
September 25, 2022 1:00 am

Cardano price has been pushed up on its chart by the bulls at the time of writing. In the past day, Cardano moved up 2%. Over the last week, the price action of the altcoin wasn’t positive as it lost most of the gains in the week.

Continued buyer recovery could push ADA past its next resistance level. At the time of writing, however, ADA was trading sideways.

The altcoin has remained sandwiched between $0.50 and $0.44, respectively, over the past couple of weeks.

Although buying strength tried to recover on its chart, selling strength was still dominating at the time of writing.

The support zone for Cardano price rests between $0.44 and $0.40, respectively. Cardano has been one of the altcoins that have moved against the tide.

Bitcoin, however, showed signs of appreciation over the last 24 hours. ADA bulls can quickly fade out if the coin’s buying strength doesn’t move into the positive zone.

Cardano Price Analysis: One Day Chart Cardano was priced at $0.46 on the one-day chart | Source: ADAUSD on TradingView

ADA was trading at $0.46 at the time of writing. Over the last 24 hours, the coin broke past one of its resistance levels.

The immediate resistance mark for Cardano was $0.49. If the bulls manage to topple over the $0.49 price level, then the bulls can stay put for a longer time.

If buyers don’t come forward, Cardano price will fall to $0.43 and then below the $0.40 mark.

The amount of the altcoin traded in the past session declined, despite a rise in buying strength. This signified the dominance of the sellers in the market.

Technical Analysis Cardano registered an uptick in buying pressure on the one-day chart | Source: ADAUSD on TradingView

The altcoin displayed signs of recovery on the one-day chart. Technical indicators pointed toward the bulls taking over.

At the time of writing, the Relative Strength Index was below the half-line, indicating that buying pressure remained greater than selling pressure.

Cardano price was below the 20-SMA line, and that signified less demand as sellers were driving the price momentum in the market.

With a push from the buyers, ADA could travel above the 20-SMA and 50-SMA lines, invalidating the bearish thesis.

Cardano depicted sell signal on the one-day chart | Source: ADAUSD on TradingView

ADA’s bulls have still not gained momentum on the one-day chart. As long as buyers don’t overpower sellers’ strength, the bulls will not be able to push the price of the altcoin above the $0.49 mark.

The Moving Average Convergence Divergence indicates the price momentum and price action of the altcoin. The MACD underwent a bearish crossover and formed red histograms, which were sell signal for the coin.

The Directional Movement Index measures the overall price direction. DMI was negative as the -DI line was above the +DI line.

The Average Directional Index was moving up towards the 20 mark, which is a sign of the current price action gaining momentum.

Featured image from UnSplash, Chart: TradingView.com