Bitcoin

Cardano Price Analysis: ADA Bulls Loosing Steam, Struggling At $1.3 Resistance

ADA/USD – ADA Trades Inside Ascending Price Channel

Key Support Levels: $1. 23, $1. 18, $1.12.

Key Resistance levels: $ 30 – $1. 32, $1. 40, $1.45.

ADA is up 22% since rebounding from support at $1. 05 nine days ago. From there, the cryptocurrency established an ascending price channel as it broke above the 200-day MA and the 2-day MA.

ADA has been struggling to close above $1. 30 resistance and uses the lower angle of the ascending price channel as support. $1 30 provided strong support at the beginning of July and, therefore, is providing strong resistance right now.

If $1. 30 is penetrated, ADA is likely to drive higher inside the price channel on the way up toward $1.50.

adausd-jul29-min — ADA/USD Daily Chart. TradingView.

ADA-USD Short Term Price Prediction

Looking ahead, the first resistance lies at $1.30. The 50-day MA sits marginally above $1. 30 at $1.32. Resistance is at $1 above this. 40 (upper angle of the price channel), $1. 45 (100-day MA), and $1. 50 (bearish . 382 Fib).

The first support is at $1. 23 (lower angle of price channel 20-day MA). Support is $1 below this. 18 (200-day MA), $1. 12 (. 618 Fib), and $1.05.

The daily RSI sits at the middleline, as market indecision looms. Despite the loss of bearish momentum, bulls are not able to sustain any momentum.

ADA/BTC – ADA Breaks Descending Price Channel.

Key Support Levels: 3200 SAT, 3130 SAT, 3000 SAT.

Key Resistance Levels: 3450 SAT, 3650 SAT, 3800 SAT.

ADA is struggling against BTC as it battles to maintain 3200 SAT support. Although the cryptocurrency was trading within a downward price channel, it broke below the lower angle on Tuesday.

ADA trades at 2.5-month lows against BTC, as bearish momentum continues. A break beneath 3200 SAT is likely to drive ADA back toward the 200-day MA at 2750 SAT.

adabtc-jul29-min — ADA/BTC Daily Chart. TradingView.

ADA-BTC Short Term Price Prediction

Moving forward, the first support lies at 3200 SAT. This is followed by 3130 SAT (downside 1. 414 Fib Extension) and 3000 SAT. Beneath 3000 SAT, strong support lies at 2750 SAT, provided by the 200-day MA.

On the other side, the first resistance lies at 3450 SAT. This is followed by 3650 SAT (20-day MA) and 3800 SAT (50-day MA).

The daily RSI is below the midline, as the bears have complete control over the market momentum. The Stocahstic RSI has a bullish crossover that could lead to some bullish pressure in the market.

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Cryptocurrency charts by TradingView.

Bitcoin

Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
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Bitcoin

The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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Bitcoin

First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.