NEAR Protocol, a blockchain network striving for growth and innovation, has recently unveiled its latest update, showcasing the milestones achieved in Q2 as part of its roadmap. This comprehensive report offers a valuable insight into the network’s performance and aspirations.

Enhancements and Advancements: Q2 Milestones

Within this update, several key areas stand out as notable achievements. Among these, NEAR Protocol proudly announced significant improvements in the cost efficiency of contract deployment, a move aimed at increasing its allure to potential projects. Additionally, the network reported enhancements in smart contract runtime, a development that bodes well for both speed and efficiency.

An essential focus on security was evident, as the network implemented measures to address vulnerabilities in smart contracts. Notably, inefficiencies tied to mainnet state syncing were successfully resolved, indicating NEAR’s commitment to a more seamless experience for its users.

Roadmap Alignment and Development Efforts

A particularly encouraging aspect of the update was its alignment with the broader roadmap. NEAR Protocol confirmed that it remains on track with its strategic plan, further bolstering its credibility as a reliable and forward-thinking blockchain network. The report underscores the network’s ongoing efforts to attract developers, ultimately enhancing its ecosystem’s vitality.

With a clear intent to establish a competitive edge within the blockchain sector, NEAR’s recent efforts and achievements position it well for future growth. Development activity within the network demonstrated notable progress over the past four weeks, although it was somewhat influenced by prevailing market conditions.

Navigating the Market Terrain

Considering the broader cryptocurrency landscape, the market concluded one of its most bearish weeks in 2023. Within this context, NEAR cryptocurrency faced its own challenges, descending to levels reminiscent of December 2020. A low point of $1.14 was reached, following a slight recovery from an even lower price of $1.11 during the peak of the market crash on August 17.

In response to the volatile market conditions, NEAR made a recovery attempt after briefly entering oversold territory. However, the question arises: Should investors seize the opportunity at the current levels? The prevailing uncertainty in the market, amplified by recent events that led to the crash, has put investors on high alert.

Balancing Risks and Opportunities

Investors must consider a dual perspective: On one hand, the uncertainty raises caution, prompting guarded investment approaches. On the other hand, the current prices offer a unique chance to purchase assets at significant discounts. The efforts outlined in NEAR Protocol’s recent update, underscoring advancements and roadmap alignment, could instill a measure of confidence in the network’s future trajectory.

NEAR Protocol’s Q2 update reflects a network dedicated to growth, improvement, and innovation. While market conditions remain uncertain, the strategic strides made by NEAR present a compelling case for its long-term potential. Investors must weigh the risks against the opportunities, considering the dynamic interplay between market volatility and the promise of blockchain advancements.

 

The post NEAR Protocol Update Unveils Network’s Current State appeared first on BitcoinWorld.

Litecoin retested March low, but a solid reversal wasn’t clear yet as BTC weakened further.

The crypto market slumped on 17 August, liquidating over $1 billion in positions.

LTC was brought down below $60 and reclaimed by the time of writing.

The core reason for Bitcoin’s [BTC] recent freak price slump isn’t quite clear. However, the drop to $25k triggered a massive sell-off across the market, including Litecoin [LTC]. LTC dropped below $60 before partially recovering to $65 at the time of writing. 

Is your portfolio green? Check out the LTC Profit Calculator

BTC reclaimed $26k at the time of writing but had breached key trendline support, reinforcing further weakening for the king coin. According to Coinglass, the crypto slump led to over $1 billion worth of liquidations of positions over the last 24 hours before press time.

LTC recovers partially at March low

Source: LTC/USDT on TradingView

A Fibonacci retracement tool (yellow) was plotted between July high and the recent low. The lower long wick shows that sellers gained ground, but buyers came in to prevent a further drop. At the time of writing, LTC traded at $65, equivalent to March lows. 

The On Balance Volume (OBV) edged lower, capturing the decline in demand for the asset. Similarly, the Relative Strength Index (RSI) was stuck in the oversold territory and showed no signs of imminent reversal. 

So, LTC could consolidate the losses between $56 and $70 in the next couple of hours/days if BTC doesn’t record more losses. 

Although a foray above $70 could show bullish intent, bulls could only gain an edge above $75. The $70 and $78.5 are key resistance levels, while $50.5 and $42 are key support levels.   

Longs discouraged

Source: Coinglass

Any quick impulse to collect LTC at discounted prices was highly discouraged. As per Coinglass’s liquidation data, over $300k long positions were wrecked in the last four hours before the time of writing. 

Before that, a whopping +$16 million worth of longs suffered liquidations. The short-term bearish sentiment calls for bulls’ caution and tracking of BTC movement. 

*Disclaimer: This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.

#litecoin #LTC $LTC

Scalping is a trading strategy that involves taking small profits on short-term price movements. This can be a very effective way to trade on Binance, as the exchange offers a wide variety of assets with high liquidity and tight spreads.

One popular scalping strategy on Binance is to use the 15-minute timeframe. This timeframe allows you to identify small price movements that you can take advantage of. To use this strategy, you will need to use a technical indicator to identify support and resistance levels. A popular indicator for scalping is the moving average convergence divergence (MACD).

The MACD is a trend-following indicator that can help you identify changes in momentum. When the MACD line crosses above the signal line, it is a signal that the market is trending upwards. You can take a long position when this happens. When the MACD line crosses below the signal line, it is a signal that the market is trending downwards. You can take a short position when this happens.

Once you have identified a support or resistance level, you can place your order on the 15-minute timeframe. Your stop loss should be placed below the support level for a long position, or above the resistance level for a short position. Your target should be a small profit, such as 10-20 pips.

Scalping can be a very profitable trading strategy, but it is important to use proper risk management. You should never risk more than 1% of your account balance on a single trade. You should also use a stop loss to limit your losses.

In the fast-paced world of cryptocurrency, Shiba Inu (SHIB) has recently captured the attention of investors with its remarkable bullish performance. However, as its social prominence rises, so does the likelihood of a market retracement. This article delves into the evolving fate of this digital asset as it heads into the weekend. In the last 24 hours, SHIB has surged to a new three-month high, peaking at $0.0000106 just before the time of writing. This achievement outshines its prior high set on August 5th. While SHIB’s Relative Strength Index (RSI) previously reached overbought levels on the same day, the current RSI stands notably lower, possibly indicating a shift in momentum.

RSI Divergence and Emerging Bearish Signals:

The evolving relationship between SHIB’s price and its RSI suggests a noteworthy price-RSI divergence, which could imply that the strong bullish momentum is beginning to wane. This observation coincides with the RSI once again approaching overbought territory, while the price has successfully crossed above its 200-day moving average. On the social media front, a prominent analyst known as @ali_charts has identified a TD sequential pattern forming on SHIB’s price chart. This pattern is typically indicative of trend exhaustion and potential reversals. The convergence of the TD sequential pattern and the price-RSI divergence underscores the possibility of SHIB entering a bearish pivot

Analyzing On-Chain Data:

To substantiate these observations, an exploration of Shiba Inu’s on-chain metrics is essential. A significant aspect to consider is whale activity, which can shed light on potential market movements. A bearish retracement often manifests through increased sell pressure from large holders. SHIB’s supply distribution analysis indicates heightened selling pressure from addresses possessing between 1 million and 100 million coins, depicted in red and orange. Notably, outflows from these addresses have been recorded over the past four days. Although this suggests that certain whales are capitalizing on profits, it’s important to note that these addresses account for less than 4% of SHIB’s overall circulating supply.

Dominance of Major Holders and Rising Activity:

It’s noteworthy that addresses holding over 1 billion SHIB coins collectively possess a staggering 96.53% of the token’s total supply. Interestingly, these addresses have maintained a stable position, showing no signs of outflows as of yet. On a different note, SHIB’s transaction count has experienced a consistent upswing over the past four days. Additionally, there has been a modest increase in trading volume within the same timeframe. Such heightened activity could potentially be a manifestation of selling pressure, particularly as multiple indicators suggest a weakening bullish stance. This combination of factors suggests a scenario in which SHIB could be poised for its next bearish retracement.

As Shiba Inu’s market dynamics shift, its recent bullish rally faces growing challenges. With a notable price-RSI divergence, the emergence of a TD sequential pattern, and increased selling pressure from a subset of whale addresses, the potential for a bearish pivot gains prominence. While SHIB’s dominant addresses remain stable, heightened transaction counts and trading volume imply a potential shift towards bearish sentiment. As the weekend unfolds, investors and enthusiasts are advised to closely monitor these indicators to gauge the trajectory of SHIB’s market performance.

 

The post SHIB could be headed for a bearish retracement and evidence suggests… appeared first on BitcoinWorld.

Based on a recent report by on-chain analyst Delphi Digital, the cryptocurrency researcher indicates a number of similarities between Ethereum's (ETH) DeFi Summer of 2020 and what Solana (SOL) might be up to in 2024.

"Safest bet" in non-EVM chains: Analyst on Solana (SOL)

After a massive rally in 2020 and a painful drawdown, in the next bull market, Solana (SOL) might reemerge from the ashes and repeat the performance of Ethereum (ETH). Analyst and podcaster Sal Qadir shared such conclusions with his Twitter followers yesterday, Aug. 11, 2023.

Quick tl:dr of this great report @Delphi_Digital just put out:

"Ghosts of Cycles Past - The Early Innings of a New Cycle?"

I'll be focusing on what it means for @solana

Let's dive in 🧵
1/10

— Sal.xyz (@sal_coin) August 11, 2023

Based on the four-year-cycles approach, the current performance can be compared to that of Q4, 2019, the analyst admits. At the same time, given the fact of the DeFi activity increase on Solana (SOL), the blockchain might be entering its version of Ethereum's 2020 DeFi Summer right now.

Also, in terms of total value locked in DeFi protocols, Solana (SOL) is an undisputed leader amid all L1 blockchains outside the Ethereum Virtual Machine (EVM) ecosystem.

Solana's (SOL) liquid derivatives staking ecosystem has huge room for growth. Based on the ratio between all SOL staked and the TVL of Solana-based LSTs, Qadir foresees "billions of capital" that can be injected once SOL liquidity providers start seeking additional yield.

As covered by U.Today previously, Solana's (SOL) price might be due for an amazing comeback in 2023, based on a number of technical analysis indicators.

Flashbots, NFTs might contribute to Solana (SOL) success

Besides TA triggers, Solana's (SOL) potential growth might be driven by a couple of technical advancements that either have been deployed to the protocol or might be introduced in the coming months.

For instance, new-gen Solana DeFis by Jito Labs might address the problems of MEV in more advanced ways compared to mainstream Ethereum-centric protocols.

Also, with data compression scaling technology, the minting of non-fungible tokens on Solana (SOL) might be almost 3,000x cheaper than on Polygon (MATIC), Delphi's data says.

$SOL

Binance, the world’s leading cryptocurrency exchange, has decided to delist perpetual contracts for Cardano (ADA) and Polygon (MATIC) amidst regulatory uncertainties. The move comes in the wake of growing concerns over potential regulatory actions linked to classifying these tokens as securities by the Securities and Exchange Commission (SEC).

The exchange’s official statement, released on August 10, disclosed that Binance intends to cease providing USDS-M perpetual contracts for ADABUSD and MATICBUSD. This decision follows an impending automated settlement scheduled today, triggering the delisting process. Moreover, Binance is set to make necessary adjustments to leverage and margin levels, introducing modifications that might significantly impact traders and investors.

Effective August 17 at 9:00 UTC, all positions for ADABUSD and MATICBUSD will be terminated through an automated settlement process. Binance urges its users to make essential adjustments before the cutoff date to avoid any inconvenience.

Amid these changes, an unexpected opportunity arises for traders and investors. Binance has announced that new positions in ADABUSD and MATICBUSD can still be opened until 8:30 UTC on August 17. This limited window offers a final chance for market participants to seize potential opportunities before the perpetual contracts are officially suspended.

The decision by Binance reflects the perpetual struggle between the evolving landscape of cryptocurrency and the ever-present regulatory hurdles. Recent actions by major exchanges, including Binance and Coinbase, have been sparked by the SEC’s stance on the securities classification of Cardano and Polygon tokens. Both projects vehemently deny these allegations, yet the influence of regulatory pressure has prompted Binance’s strategic maneuver.

Market players are left at a crossroads as the crypto space navigates the fine line between innovation and regulation. Binance’s move impacts the individual trajectories of ADA and MATIC tokens and underscores major exchanges’ pivotal role in shaping the broader market landscape.

The market can expect ongoing shifts and challenges where technological advancements meet regulatory scrutiny. The coming weeks will reveal the extent of the ripple effects caused by Binance’s decision, potentially altering trading strategies and risk tolerance levels for many investors.

The post Regulatory uncertainties drive Binance to delist ADA and MATIC perpetual contracts first appeared on Coinfea.