A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern. Dubbed as the "ascending broadening wedge," the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator Thomas Bulkowski, these wedges tell less about buying exhaustion and more about sellers' ambition to take control, i.e., buyers tend to lose dominance every time the price touches the upper trendline. XTZ's 250%-plus price rally from its July 2021 low of $2.08 has led to the ascending broadening wedge's formation. On Monday, the cryptocurrency tested the structure's upper trendline …

Bitcoin (BTC) fell further at the start of the new week as a lack of bullish momentum sparked new lows near $44,000. Bitcoin threatens loss of $44,000 “demand zone” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD testing levels that analysts demand should stay as support. After a weekly close below both the key 50-day and 200-day moving averages, the pair looked increasingly less likely to reclaim them on shorter timeframes. For Cointelegraph contributor Michaël van de Poppe, the bullish crossover of the two averages, known as a “golden cross,” was still on the cards. There was, however, “no …

Amid massive growth of the stablecoin market, the United States Treasury Department has reportedly discussed potential regulation for private stablecoins. The Treasury conducted several meetings last week to examine the risks of stablecoins for users, markets or the financial system as well as to learn about their benefits and consider potential regulation, Reuters reported on Sept 10. “The Treasury Department is meeting with a broad range of stakeholders, including consumer advocates, members of Congress and market participants,” Treasury spokesman John Rizzo said. Citing three anonymous sources familiar with the matter, the report notes that one of the Treasury’s meetings took …

The price of Cardano (ADA) fell on Monday in line with the other top cryptocurrencies despite the completion of its hard fork upgrade dubbed “Alonzo,” which introduced smart contract functionality. The ADA/USD exchange rate dropped 10.67% to reach its intraday low of $2.30, partly due to profit-taking sentiment among traders following the pair’s 1,200%-plus price rally this year. Additionally, the intraday sell-off also surfaced in the period of an overall crypto market decline, with top tokens Bitcoin (BTC) and Ether (ETH) falling 4% and 6.97%, respectively. Cardano’s drop appeared when its core foundation rolled out a long-awaited smart contracts feature …

Cardano has announced the completion of its Alonzo hard fork, ushering in its long-awaited smart contract functionality. On Monday, IOHK tweeted that the upgrade had been completed successfully at epoch 290, facilitating the creation and execution of smart contracts on the public blockchain for the first time. Despite celebrating the milestone, Cardano notes that it is still in the “early days for the project,” asserting that now is when “the mission truly begins” in a blog post published on the same day: “This is where the mission truly begins as we – the whole community – start delivering on the …

Protocol and community development initiatives have become the latest trend in the cryptocurrency market after a number of projects have launched multi-million dollar funds aimed at enticing builders and investors to make the cross-chain migration into the layer-two ecosystem. The latest project to capitalize on this trend is Harmony (ONE), a blockchain protocol that boasts a two-second transaction finality and offers cross-chain bridges to a handful of layer-one protocols, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and the Binance Smart Chain (BSC). Data from Cointelegraph Markets Pro and TradingView shows that, since hitting a low of $0.095 on Aug. 31, …

Bitcoin (BTC) is witnessing a tough tussle between the bulls and the bears near the 200-day simple moving average (SMA), which is considered to be an important level by institutional investors attempting to decide whether an asset is bullish or bearish. Along with this, crypto investors are also watching the formation of a golden cross in Bitcoin. If this bullish setup completes, it will signal a trend in favor of the bulls. For the time being, investors continue to focus on select altcoins that have continued their northward journey. On the fundamental front, Bitcoin reached another milestone as miners produced …

Bitcoin (BTC) hit problems at $46,000 on Sept. 12 after a “strong bullish divergence” on lower timeframes met with resistance. Higher lows creep in for BTC/USD Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reject sharply after hitting local highs of $46,280 on Bitstamp. The move continues a ranging weekend, over which the pair failed to recover from Friday’s sell-off. An important level for Bitcoin in the form of its 50-day moving average is $45,500, a level which on Sunday continued to hold as support. As noted by trader and analyst Rekt Capital, lower timeframes showed increasing strength on …

Avalanche’s AVAX token looks poised to hit $80, as per a classic technical pattern, after hitting a new high of over $65 on Sept. 12. Dubbed as a “bull flag,” the structure emerges as a brief sideways/downward trend following a strong price move higher. As a result, bull flags tend to look like downward sloping channels, represented by two parallel trendlines that trap the price action. Additionally, a market’s underlying trade volume dries up as prices move lower, indicating weakness in the downtrend. Therefore, bull flags typically resolve following a break above their upper trendlines, with prices pushing as high …

In the last 24 hours, Terra (LUNA), a blockchain protocol focused on building a global payments system powered by the UST stablecoin, rallied to a new all-time high at $45. Data from Cointelegraph Markets Pro and TradingView shows that, since bottoming at a low of $5.61 on July 20, the price of LUNA has ripped 720% higher to a record high of $45 on Sept. 10. The swift rally also lifted the total value locked (TVL) on the Terra protocol to a new all-time high at $7.83 billion on Sept. 5, making Terra the fourth-ranked blockchain platform by TVL, according …

In the ever-evolving world of cryptocurrencies and blockchain technology, the race to establish a highly scalable, user-friendly network capable of being adopted on a global scale is a never-ending marathon where new competitors regularly join in on the race. Bitcoin is undoubtedly the market leader when it comes to network security, active users and market capitalization value, while Ethereum has thus far established itself as the top smart contracts platform, but the continued difficulty in getting these networks to scale has opened the door for next-generation blockchain protocols to gain a foothold in the market. The tenuous nature of Ethereum’s …

Bitcoin’s recent plunge does not seem to have shaken the investors and data shows that exchange reserves were down to 2.399 million Bitcoin (BTC), which is close to the May all-time low at 2.390 million Bitcoin. Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, said this could result in a “sell-side liquidity crisis on Bitcoin.” Although Bitcoin has outperformed gold by a huge margin in 2021, Omega Advisors chairman and CEO Lee Cooperman remains averse to investing in it because he said that he does not understand Bitcoin. The billionaire investor still considers gold to be a better store …