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Technical Analysis of Bitcoin and Ethereum: BTC Maintains High for Close to 2 Months After Strong US Retail Sales

Bitcoin held near a two-month high on Tuesday as markets digested the latest US retail sales figures. Sales, which represent two-thirds of the US economy, rose 0.7% in September, 0.4% more than expected. Ethereum briefly rose above $1,600.

Bitcoin

Bitcoin continued to trade above $28,000 on Tuesday following a better-than-expected increase in US retail sales.

Despite falling from a high of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.

Although gains have slowed, they are still considerably above yesterday’s low at the $27,855.21 level.

Overall, the recent uptrend means that Bitcoin is trading at its highest rate since August 18, which comes after the Relative Strength Index (RSI) broke through a key resistance level.

The index surpassed the 63.00 ceiling in yesterday’s session, reaching a peak above the 65.00 mark.

Since then, price strength has receded, although it is still slightly above the aforementioned resistance point.

Ethereum

Ethereum (ETH) fell in today’s session after briefly trading above the $1,600 mark for the first time in nearly ten days.

ETH/USD hit a high of $1,628.16 earlier in the week following a tweet from Cointelegraph suggesting that Blackrock’s spot bitcoin ETF was approved.

After these claims were proven incorrect, the cryptocurrency crashed, falling to a low of $1,570.89 today.

As a result of Tuesday’s decline, bears went on a four-day winning streak and could now reach a low of $1,540.

It is clear from the chart that the failure to surpass the 49.00 ceiling on the RSI indicator also contributed to today’s decline.

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Top Coins To Buy As We Enter The Second Half Of 2022

2022 seems to have passed very quickly for most cryptocurrency investors. The market did not perform as expected, but we did not see any big drops. As we enter the second half of the year, there are some opportunities to make some serious money. This is why:

Most of the coins haven't really made it to the top and are still heavily discounted.



The second half of the year could bring a change in fortunes as more investors enter the market.



The general outlook for many coins remains good, even with the drop during the first half of 2022.

So, we decided to create a list of two coins that we think could explode in the latter half of 2022. Here they are:

Polygon (MATIC)

In early 2022, a coin destined for great things was the Polygon (MATIC). Analysts around the world felt that the altcoin would challenge big projects like Ethereum and Solana. This was after MATIC delivered incredible profits to investors a year earlier.

But fast-forward six months to 2022, MATIC has shrunk dramatically. At the moment, it is very difficult to see how the altcoin will live up to the high expectations set earlier in the year. But we think that Polygon and its fundamentals will be good enough to attract more buyers. As such, MATIC can offer growth of up to 4x the current price.

cosmos (atom)

One thing we love about Cosmos (ATOM) is his incredible resilience. Yes, the coin has suffered losses this year. But compared to the rest of the market, it actually managed to avoid big sales.

We also believe that the coin is significantly undervalued, especially when you look at its roadmap and vision for the future. For this reason, ATOM is highly recommended for the rest of the year.

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Tron DAO Reserve buys $38 million of TRX to protect USDD stablecoin

On May 5, Tron’s USDD algorithmic stablecoin was launched, and so far, the fiat token has been listed on various decentralized finance (defi) protocols. Two days later, Tron DAO Reserve announced that it has purchased 504.6 million tron ​​(TRX) to support the algorithmic stablecoin as the project aims to leverage a decentralized currency reserve similar to Earth’s UST reserves.

Tron DAO Reserve and Justin Sun reveal $38 million TRX purchase

Terra’s UST reserve system is becoming a popular scheme, and Tron’s USDD stablecoin project is following suit. Bitcoin.com News reported on the algorithmic stablecoin project Tron on April 21, and the fiat crypto asset has been officially launched since then. The project has several partners now and USDD is listed on Pancakeswap, Kyberswap, Sunswap, Sun.io, Curve Finance, Uniswap and Ellipsis.

According to tronscan.org, there is approximately $211,245,005.49 at the time of writing. Statistics show that as of Saturday, May 7, 2022, Uniswap version three (v3) is the most active exchange for buying and selling USDD. While the $211 million market cap is a small thing for Earth’s UST ($18.7 billion), it has only been around for two days. While terrausd (UST) recorded US$990.3 million in 24-hour transactions, USDD recorded US$2.31 million in the last day. The USDD market valuation is higher than Gemini’s (GUSD) market capitalization of $199.5 million.

On Saturday, Tron DAO and Tron founder Justin Sun announced that the team had purchased 504,600,250 TRX at an average price of 0.07727 per unit. The purchase will be used as a reserve asset to “safeguard the blockchain industry and cryptocurrency market,” reserve account Tron DAO said Saturday afternoon.

“[Tron DAO Reserve] has done its job,” tweeted Tron founder Justin Sun this weekend.

Decentralized, Algorithmic and Centralized: The Quest to Perfect Stablecoin Continues

While decentralized and algorithmic stablecoins sound good in theory, there are concerns and doubts about whether or not they can maintain a stable peg as long as they exist. Of course, some centralized stablecoin projects in the past have failed, and Makerdao’s decentralized stablecoin DAI was tested during the ‘Black Thursday’ event on March 12, 2020. Prior to the March 12 event, Bennett Tomlin’s blog post predicted the Ethereum (ETH) price stress that could affect the DAI USD parity.

In November 2020, the issuer of stablecoin OUSD, Origin Protocol, suffered an instant lending attack and the coin temporarily lost its peg. During the first week of April, the Waves-based neutrino stablecoin usd (USDN) temporarily dropped from the dollar. A year ago in April, the fiat value of the stablecoin fei usd (FEI) dropped below one dollar for a short period of time. So far, several of the projects mentioned above have recovered shortly after the parity loss, and stablecoin projects have maintained a stable parity ever since.

The Tron DAO Reserve purchase of 504,600,250 TRX was worth $38.99 million at the time of liquidation. The TRX purchase also follows the recent acquisition of $1.4 billion worth of bitcoin (BTC) by Luna Foundation Guard (LFG). The non-profit LFG now holds 80,394 BTC and $100 million worth of AVAX to protect UST. In addition, Tron DAO has partnered with three crypto institutions that are now whitelisted Tron DAO Reserve members. Tron DAO Reserve’s institutional partners include Poloniex, Alameda Research and Amber Group, while Tron DAO Reserve acts as the “initial custodian” of USDD.

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Cryptocurrency Exchange Giant Partners With LeBron James on Web3 Education Initiative

NBA star LeBron James is partnering with exchange Crypto.com to advance Web 3.0 development through education.

In a new blog post, Crypto.com says it is partnering with the LeBron James Family Foundation (LJFF) to provide education and access to participants in the nonprofit’s I Promise program.

James says he wants to ensure that people from disadvantaged backgrounds are not left behind as new technologies transform the world at a rapid pace.

“Blockchain technology is revolutionizing our economy, sports and entertainment, the art world and the way we interact. I want to ensure that communities like where I come from are not left behind.

Crypto.com and I agree on the need to educate and support my community with the information and tools necessary for inclusion.”

The I Promise program helps public school students and their families in James’ hometown of Akron, Ohio.

Singapore-based Crypto.com says of the initiative:

“Web3 promises to deliver a fairer and more equitable Internet owned by builders, creators and users. This promise can only be realized through the active participation of diverse participants.

Through this partnership, I Promise students and families will gain a solid foundation in Web3 and the innovations behind decentralized blockchain-based applications that drive the future of many industries, from finance to media and art.”

The partnership with the four-time NBA champion is the latest in a series of major deals that Crypto.com has secured with professional sports franchises around the world in recent months.

In November, the iconic Staples Center, where James plays for the Los Angeles Lakers, was renamed the Crypto.com Arena.

Other popular franchise sponsorships include Formula 1 Racing, the UFC, the NHL’s Montreal Canadiens and two European football teams.

Crypto.com Coin (CRO), the native token of the digital asset market, is currently up 2.4% on the day and is trading at $0.41.