Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance proposals will be uploaded for users to vote on.
My Crypto Heroes is also happy to announce incentives campaigns in celebration of the launch. Up to December 1st users are able to receive benefits for acquiring the GUM token being used in the MCH ecosystem, and to find Legendary heroes of the highest rarity on sale as well. More information can be found here: https://medium.com/mycryptoheroes/mchcoin-launchcampaign-en-6e02fa83b5c3
About My Crypto Heroes
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
In less than a month since the unrestricted Mainnet has been live, the NEAR community is hard at work to bring best in class applications to the platform. Mooniswap by 1inch.exchange is the latest addition to a vibrant ecosystem of protocols building on NEAR.
NEAR’s focus on both the usability and performance is opening up new opportunities for DeFi in the industry by supporting at-scale real world applications with lower gas fees, low latency, and a flexible account model. 1inch’s decentralized exchange (DEX) aggregator is designed to roll liquidity and pricing from all major DEXes into one platform, making it easy to get the best price for the desired trade. Mooniswap building on NEAR will bring next generation Automated Market Making possibilities to the OpenWeb.
We spoke with Sergej Kunz, CEO and co-founder of 1inch, about the growth of their platform and why Mooniswap is excited to be building on NEAR.
“We see substantial potential in NEAR as it is already offering what Ethereum just promises to offer. By building on NEAR, we’ll be able to experiment with sharding and be prepared for the arrival of Ethereum 2.0.”
NEAR delivering on the promise of sharding ahead of Ethereum 2.0 has caught the attention of decentralized applications that need scale to grow. Mooniswap is just the first of many applications building on NEAR that will leverage the performance, cost efficiency, and portability of the Rainbow Bridge.
Front Running Exploitation in Decentralized Exchanges
Blockchain applications have long sought to solve the issue of fairness and transparency in financial trading ecosystems. However, even today due to the public nature of blockchains one can easily identify the widespread use of nefarious tactics like arbitrage bots which exploit inefficiencies in decentralized exchanges. Similar to high-frequency traders on Wall Street, arbitrage bots are able to anticipate ordinary user’s trades and optimize for network latency in order to maximize profit at the expense of ordinary users. This problem is commonly referred to as “Front Running”, the primary problem that inspired the 1inch team to launch Mooniswap.
Because transactions and gas fees are publicly visible before a block is mined, arbitrage bots are able to predict the direction a market is headed and submit a transaction with a higher gas price forcing their transaction to be mined first. By trading on price swings, arbitrage traders use Front Running to essentially steal from liquidity providers.
The Mooniswap Solution
Mooniswap sought to solve this problem by simply using time to combat arbitrage bots. Virtual balances normalize pricing over a short 5 minute period keeping slippage revenue in a pool to be distributed more equitably.
When a swap occurs, the Mooniswap AMM does not immediately improve price in the opposite direction, but gradually opens it over time. These high-slippage trades are the opportunity arbitrageurs seek to profit on, but in the fairer, more transparent ecosystem on Mooniswap, the actual balance of the exchange does not immediately reflect changes from slippage. Any new trades are still executed at the old price.
Over a five minute period, the price gradually updates to its true value based on the pool balances. This leaves only small windows of arbitrage opportunities, limiting exposure to average users in a more fair ecosystem.
Additionally, during that short window, the exchange takes a much higher percentage of the trader’s profit forcing arbitrageurs to return a higher proportion of the price slippage to the pool.
On Mooniswap, arbitrageurs can only collect a portion of the slippage, and the rest remains in the pool and is shared among liquidity providers. Since prices are not updated immediately, no profit can be obtained by simply being faster than someone else.
Mooniswap’s Preparation for Sharding
NEAR’s launch introduced a scalable model for sharding to the blockchain industry. A first among leading protocols promising to deliver on real world usable blockchain. This presents a unique opportunity for existing dapps to start building and testing their infrastructure on sharding now to experience the benefits of scale that other blockchains promise to deliver in future versions.
“As a previous bridge developer of NEAR, I’m quite excited to see the game-changing Mooniswap innovation build on the game-changing innovation that is NEAR protocol,”
“Mooniswap’s move to NEAR highlights the community synergy and virtuous circle that make up the overall blockchain and DeFi space. Moreover, this synergy underscores 1inch’s ultimate mission: to improve DeFi technology as much as possible for as many users as possible.”
To start, Mooniswap will migrate their protocol to NEAR’s virtual machine along with establishing a native liquidity protocol on NEAR. The NEAR EVM and Rainbow bridge create a seamless path to market on NEAR in the short term while they architect long term solutions for even more scale. Eventually, they will rebuild their core protocol native to NEAR, based on a sharded architecture, and become the first sharded decentralized exchange.
Key Milestones for Mooniswap
The team has recently launched 1inch version 2. Its major highlights are Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. Thanks to the improvements, users will get even better rates on swaps, while response time will be cut even further. Many more products and features are in the works to power a more fair and transparent future for scalable decentralized exchanges.
Welcome to the Community
Please join us in welcoming the 1inch team to the NEAR community. We look forward to supporting their goal in creating more fair and transparent scalable decentralized exchanges. Stay tuned as we have a number of great partners joining with applications across the ecosystem.
If you’re just learning about NEAR for the first time and are seeing this post, we invite you to join us on the journey to make blockchain accessible to everyday people with NEAR. If you’re a developer, be sure to sign up for our developer program and join the conversation in our Discord chat. You can also keep up to date on future releases, announcements, and event invitations by subscribing to our newsletter for the latest news on NEAR.
Another interesting week on the crypto markets is ahead of us. In fact, there is so much going on this week that it was next to impossible to pick just 3 coins to watch. Therefore our this week’s selection exclusively includes 4 coins. The additional coin makes the article a bit lengthier, so let’s take a dive right into it.
1. Bitcoin (BTC)
Although we believe Bitcoin does not need much introduction and that all eyes would be on it even if it were not featured on our list, here is a short summary of the history and key characteristics of the first truly decentralized digital currency. The world’s pioneer cryptocurrency was launched by pseudonymous figure named Satoshi Nakamoto in 2009 and has a capped supply of 21 million coins. The decreasing miner block rewards makes the cryptocurrency scarcer with time, ensuring a deflationary nature. Lately, increased interest from institutional investors has been driving the price further up.
BTC is Less than 10% Away from Setting a new ATH Price
After roughly one and a half month of rallying Bitcoin is now less than 9% away from setting its new ATH. An interesting coincidence is that Bitcoin, often referred to as the digital gold, is about as far from its all-time high price as the physical precious metal, which is currently priced at $1840 per ounce and has an ATH of $2047.5 per ounce.
Although the bull market is slowly running out of steam, we believe that a new ATH price is well within reach, especially as the total market capitalization of Bitcoin is already at an ATH due to a higher number of circulating coins than in 2017 – and market capitalization ATH surpasses the price per unit ATH in terms of economic significance.
you can visualize the difference here. the reason is of course, supply was 16.74m at the last ATH, it's 18.53m today pic.twitter.com/QU30ym6mxQ
In addition, several other metrics, including the number of Bitcoin addresses with balance of over $10 and the interest in CME Bitcoin futures are already at their respective all-time highs.
There are also a few key differences between the ongoing Bitcoin rally and the legendary bull run of 2017, which leads us to believe that this time around the high prices could sustained for a longer period. While the 2017 market performance was fuelled by FOMO among individual investors, institutions appear to be the key players this year, as google trends for keyword “Bitcoin” are staying low. Nevertheless, with PayPal’s launch of a crypto buying, selling and holding feature, more individuals will gain an easy way to access crypto too. Furthermore, investors are not so blindsided as in 2017, when almost everyone was endeavoured by the hype and thought Bitcoin would continue to surge. According to Bitcoin funding futures data, many traders have actually been shorting Bitcoin throughout its latest bull run, meaning that the general market sentiment is only slightly bullish.
2. Stellar (XLM)
Stellar is a crypto platform that is designed to enable fast, secure, and low-cost multi-currency and cross-border money transfers. The Stellar network, which is aimed at both individuals as well as enterprises, has an average transaction confirmation time of 2-5 seconds. At the same time, the base fee for sending a transaction currently stands at only 0.0001 XLM.
Stellar Validators are Voting on the Protocol 15 Upgrade
The Stellar team has opened the voting concerning the Stellar Protocol 15 public mainnet upgrade on November 23 at 16:00 UTC. The team decided to skip Protocol 14 due to a discovered issue in the protocol, so the Protocol 15 will bring quite a few improvements. Tu summarize, Protocol 15 will incorporate new features such as Claimable Balances and Sponsored Reserves on top of addressing the transaction bug that could cause validators to crash. A full list of Protocol 15 features can be found here. The developers are urging all validators to upgrade their software as soon as possible to either Stellar Core v15.0.0 or Horizon v1.11.0.
3. Horizen (ZEN)
Previously known as ZenCash, Horizen is a privacy-focused coin that enables encrypted messaging and utilizes supernodes and Zk-snarks technology.
Horizen’s First Block Reward Halving to Take place on December 2
Last week the project upgraded its network to ZEN 2.0.21 and now everything is already set for a Mainnet Hard Fork, which will be triggered by Block 835968. In the process ZEN 2.0.22 upgrade will launch as a new chain, while the old one will deprecate. The hard fork, whose purpose is security hardening, general maintenance and preparation for reward halving is estimated to occur on November 24/25. All exchanges, mining pools, node operators, and full node wallet users need to upgrade to ZEN 2.0.22 as soon as possible if they want to remain in sync with the network or access their funds.
The Hard Fork will be followed by Horizen’s first ever a Block Reward Halving. The event will be triggered at Block 840000, which is estimated to be mined around December 2. Block rewards will be cut in half, dropping from current 12.5 ZEN per block to 6.25 ZEN per block. Nevertheless, the reward distribution will 60% of it going to the miners, 20% to the Zen Blockchain Foundation, 10% to secure nodes, and another 10% to the super node operators. For more information regarding the halving, please refer to the official blog post.
4. Ethereum (ETH)
Ethereum is a decentralized blockchain platform, and its native asset ETH is the second-largest cryptocurrency by market capitalization. Ethereum features the Ethereum Virtual Machine (EVM), which is capable of executing Turing-complete scripts. This gives Ethereum immense flexibility, allowing users to deploy a wide variety of smart contracts and decentralized applications that operate in a trustless manner.
Stakers are getting closer to the Beacon Chain launch
Ethereum is currently on its way to Ethereum 2.0, which will entail a transition from Proof-of-Work to Proof-of-Stake. The first step in this transition will be Phase 0, which will commence with the launch of the Beacon Chain. The role of the beacon chain will be to coordinate shards and stakers on Ethereum 2.0.
However, 524,288 ETH needs to be staked in the Ethereum 2.0 deposit contract for the Beacon Chain to launch. With over 375,000 ETH staked at the moment, stakers are about 72% of the way there. Once the 524,288 ETH threshold is reached, the beacon chain will be launched after a 7-day period. You can check the current progress on the official Ethereum Launch Pad website. The launch of the Beacon Chain should help improve sentiment surrounding Ethereum 2.0 and show that the project is making concrete progress.
Many blockchain and digital asset companies find it hard to advertise effectively. Not only have these companies been barred from mainstream advertising networks like Facebook and Google Ads, but they must often work with individual publishers or subpar advertising companies to market their services/products.
In order to solve this issue and to bring a wider diversity of marketing strategies to companies in the cryptosphere, the Paradox Group, a marketing agency focusing on advertising for blockchain companies, has recently launched a new advertising marketplace. A one-stop shop for blockchain advertisers looking to increase their visibility and reach the right target audience, be it crypto enthusiasts, institutional investors, or day traders .
Through the Paradox Group advertising Marketplace, advertisers will be able to access different types of advertising products to fit their specific needs. From sponsored articles, press releases to news jacking for SEO and brand awareness to all types of display advertising for user acquisition.
To achieve this, the company has spent a long time gathering high tier publishers and resources. As so, Paradox ensures that blockchain companies are met with the right target audiences and demographics. Advertisers can choose between different publishers or pick from multiple pre-made packages that have shown results in the past.
The advertising marketplace lets users choose how autonomous they want to be, allowing them to set up campaigns by themselves if they have a good idea of what they need, but also to receive full support when it comes to pack arrangement and campaign management. Not only are advertisers able to create their desired campaigns with the help of the experts at Paradox Group, they can also outsource the entire work to Paradox Group which has been creating effective campaigns for advertisers in the crypto world for over 2 years now.
The new advertising marketplace is now out and available for use. Advertisers can try out the platform and even earn spending rewards according to their budgets which will give them free advertising items or sponsored posts to use in future campaigns or in addition to the campaign purchased.
Payment is accepted in over 50 currencies, including USD, Bitcoin and many other cryptocurrencies and tokens. Advertisers will have access to a support centre with live chat support and full campaign management.
About Paradox
Founded in 2019 by Milo and Paul, the Paradox Group focuses on creating useful connections with the best blockchain and cryptocurrency-centric publishers and resources on the web. As so, Paradox Group is able to offer advertisers fully customizable campaigns that reach their desired and unique target audiences and demographics. To learn more about the Paradox Group and to try out the advertising marketplace, visit the website.
Bitcoin has been receiving increased attention thanks to its big price rally
Major investors and celebrities alike are now sharing their thoughts on Bitcoin
Mexican billionaire Ricardo Salinas Pliego revealed that he owns BTC, while Game of Thrones actress Maisie Williams asked her followers about BTC.
The Bitcoin market has been in a frenzy lately, and it’s attracting a lot of attention. We’re seeing famous individuals discussing Bitcoin publicly at an increased rate. Wealthy ad famous people are very influential, and when they enter the crypto space, others will think more seriously about this new world. This article refers to some wealthy and famous people who have recently joined the BTC bandwagon.
Mexican billionaire Ricardo Salinas Pliego has 10% of his liquid portfolio in BTC
Ricardo Salinas Pliego is the second richest man in Mexico, and he has recently revealed that BTC represents a part of his liquid investment portfolio. Pliego believes paper money is depreciating, and diversification of his portfolio is necessary. He has allocated 10% of his liquid portfolio to Bitcoin.
Salinas shared a video from a South American country where banks were throwing out paper money into dustbins. It seems that the video is showing lots of Venezuelan banknotes in bags, and banks are throwing them out. It was three hours after this video that Pliego tweeted and disclosed his cryptocurrency investment.
The Crypto community on Twitter reacted joyfully to this news. For instance, in reaction to this news, Dan Held from Kraken talked about the inflow of institutional capital to this space. In response to Held, Pliego also clarified the issue and pointed to gradual institutional adoption since 2016.
Pliego is 65, and he is the chairman of Grupo Salinas, a large Mexico-based conglomerate in Mexico. He is an influential person in the country, and many people imitate his actions.
“Game of Thrones” actress Maisie Williams asked her followers about Bitcoin
Maisie Williams is a British actress that’s most famous for her role in “Game of Thrones”, where she played the role of Arya Stark. On November 16, Williams asked her Twitter followers about investing in Bitcoin. More than half of the respondents suggested her to invest in the crypto space.
Her tweet made a buzz on Twitter, and others joined the discussion. They had different suggestions for Williams, and everyone looked at the issue from their point of view. Peter McCormack advised her to just stick with Bitcoin and keep away from altcoins. Altcoin market caps are smaller than Bitcoin, and indeed, they tend to show bigger plice fluctuations compared BTC. Others like Blockfolio and Barry Silbert also joined the discussion and suggested she should enter the crypto space.
The presence of the rich and famous in the crypto space is rising in 2020, and we know that these figures are blockbusters. Bitcoin mass adoption seems to be on the horizon, and we’re seeing more and more signs of that every day.
Konstantin Anissimov, Executive Director at CEX.IO
BTC/USD
On Thursday, 19th November, the BTC/USD price rate opened at 17,810. In the first hour, the price dipped below 17,600 but quickly rebounded to almost the level of the open. In the next three hours, the price was edging up, several times reaching above 18,000. Starting from 4:00 UTC, BTC/USD began trending down, breaking below the 50-period SMA on the hourly timeframe. At its lowest, the price went to 17,365 between 9:00 and 10:00 UTC. Starting from 10:00 UTC, the price jumped up and was at 18,180, but getting under the pressure of the intraday resistance level at 17,951, slumped from the day’s high to 18,000 at 18:00 UTC.
The day’s dynamics in BTC/USD indicate continued downside pressure on the flagship asset of the cryptocurrency market from the 18,200 resistance level set in January 2018. The traders must be using this opportunity to lock in their profits, which is likely to send the pair down a few percent in the next one – two weeks. The current two most prominent support levels for the pair are at 17,600 and 15,875. A downward correction remains the likeliest course for BTC/USD in the near future.
ETH/USD
The ETH/USD trading pair began the trading session of 19th November with downside price action going forward. The pair opened the day at 480.25 and ran down to 466 between 9:00 and 10:00 UTC in a steadily going succession of bearish candlesticks. From 10:00 until 15:00 UTC, the pair was on a rebound course and reached 478.3 at a local summit. From 15:00 to 18:00 UTC, the pair was going doing in a sluggish fashion, practically steadying between 478 and 475.
Thursday’s ETH/USD price action indicates a local reduction of volatility along with that of trading volumes in the pair. The market might be showing indecision, and some of the high-net-worth individual traders are probably waiting on the sidelines until the market becomes less dubious to make money with a new wave of straightforward price action.
With the ETH/USD price action on 18th – 19th November, we can conclude that the price is locally locked in a corridor between 470 and 480. Depending on which way the price breaks out of this corridor, the price may continue upwards or downwards. Since the breakthrough above 488 on 18th November lasted less than two hours, it will be reasonable to think this level yet unbroken. Therefore, it still remains the closest upside target for the pair. If the price breaks down below 470, the two closest support levels will be waiting at 465 and 460.8.
European Central Bank president Christine Lagarde says her hunch is that Europe will decide to launch a digital euro
Lagarde says the project would take several years to complete
Facebook’s Libra project and China’s digital yuan have accelerated research on central bank digital currencies
Christine Lagarde shares her thoughts on the digital euro
European Central Bank president Christine Lagarde thinks it’s more likely than not that Europe will decide to release a digital euro. When commenting on the digital euro, Lagarde also explained that the ECB isn’t racing to be the first to release a central bank digital currency, but added that she believes the bank will decide about this project shortly.
Lagarde declared that if the digital euro is convenient and suitable for users, the ECB should inspect it. She added that if it is better money for the eurozone, they have to examine it. She also talked about the current difficulties in cross-border payments, and if the digital euro can help regarding this issue, it should be taken seriously.
ECB proclaimed on October 2 that it would try harder to inspect the digital euro, and it will start public testing and negotiations about it. These forms of money are called central bank digital currencies, or CBDCs for short. Many governments are thinking about issuing these types of currencies, and China is the leading government that’s currently experimenting with CBDCs in the real world.
The Digital euro will function as a complement to cash, and will not be a replacement for paper money. The ECB has formed a working group to explore a CBDC, and the group released a detailed report about the topic in October.
Some crucial factors stimulated western countries to take action regarding CBDCs. One of these critical factors was Facebook’s Libra, which accelerated central banks’ CBDC efforts. Another factor was China’s plan to release digital yuan. China is a massive competitor for western countries, and the actions of this country will be reflected.
The ECB’s group on CBDCs was shaped in January 2020, and it is called The Eurosystem High-Level Task Force on CBDCs. This group includes agents from more than 20 European countries.
At Thursday’s event, Legarde explained that if the decision is to go ahead with the launch of the digital euro, the project will take some time to complete. Concerns like money laundering and terrorist financing are of utmost importance, and ECB must implement mechanisms to prevent such activities from being conducted with the digital euro. The ECB will also have to consider issues like the underlying technology and privacy, and that means the project will take time. Legarde estimates this time to be between two to four years.
Powell and Bailey also commented on the issue
U.S. Federal Reserve Chairman Jerome H. Powell spoke at the same event as Lagarde, and he indicated that the US is assessing the pros and cons of central bank digital currencies. He pointed to the dollar’s critical role in today’s world and explained that they want to put this currency in a good position.
Meanwhile, Bank of England governor Andrew brought up stablecoins and added that people expect certainty of value from these coins. Bailey believes some standards are critical in this space, and today’s stablecoins don’t meet those standards. He thinks the CBDCs could be the solution for meeting these standards.
The BTC price increase that we have seen this month has truly been exceptional. The cryptocurrency has managed to surge by a total of 55% over the past 30-days which allowed it to climb above the $18,000 level before dropping off slightly to $17,750;
The cryptocurrency might have dropped around 3.6% from the highs of $18,493 (1.272 Fib Extension) but the market is still looking very strong. There can be no bull run higher without having some inter-rim pullbacks.
Legendary trader, Peter Brandt, put it perfectly when he stated that the 2015 to 2017 bull run had 9 significant price corrections on the way to the previous ATH price. This bull run has only seen two 10% corrections – suggesting that healthy pullbacks will be coming thick and fast for BTC at some point.
During the 2015-2017 bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages:
37% decline from high to low 14 weeks from one ATH to the next ATH
However, at the same time, we need to remind ourselves that this epic bull run has been driven by a different set of investors to what caused the previous bull run to the ATH price. The previous bull run (in 2017) was primarily driven by retail investors. These guys were just trying to make a quick buck and were jumping onto the train at any level due to the FOMO they experienced when BTC started to surge.
On the other hand, this bull run has been primarily driven by financial institutions. This is smart money entering the ecosystem. Smart money that isn’t planning to sell anytime soon. The buyers that we see today are very professional and they have a long term vision with deeper pockets than any retail traders so they can easily sit through any downturns with their coins inside cold storage.
#bitcoin $18K. Big difference with 2017 is that most BTC sold today will never see the daylight again, they disappear into deep cold storage. Buyers today are professionals with long term vision and staying power. pic.twitter.com/Ght9LGlfSV
It seems that these professional investors are becoming extremely optimistic about where Bitocin might be headed over the next 12 months. Recently, a leaked report from Citibank expects Bitcoin to reach as high as $300,000 by the end of next year – even going as far as calling it 21st-century gold!
Just taking a look at the daily chart below, you can’t really blame investors as to why they’re so optimistic;
Since the start of September, Bitcoin has managed to surge by a very strong 80%. The majority of this bullish run higher has come from October onward. Recently, the cryptocurrency penetrated the $18,000 to hit the resistance at $18,493 (1.272 Fib Extension). However, the coin seems to be struggling to close a daily candle above the resistance at $17,833 – provided by a 1..618 FIb Extension (blue).
Considering the epic bullish surge we have seen recently, it is unlikely that Bitcoin will be stalled by this resistance for too long at all.
Let us take a closer look at the markets and see where we might be heading.
Bitcoin Price Analysis
What has been going on?
Looking at the 4HR time frame for Bitcoin above, we can see that the cryptocurrency was trading within an ascending price channel for the majority of November. This price channel was penetrated a couple of days ago when BTC managed to climb above the $17,200 level.
After breaking above, BTC went on and continued to climb higher. It met resistance at the $17,833 level (the resistance we are struggling to break on the daily chart) but quickly spiked higher above here. It went on to push above $18,000 to reach as high as $18,493 which is resistance provided by a 1.272 Fib Extension level.
We can see that BTC has dropped lower from this peak as it fell back beneath the $18,000 level. Luckily, the market is still being supported at the $17,600 level so far as it struggles to produce a daily candle close above the $17,833 level.
Bitcoin price short-term prediction: BULLISH
Bitcoin remains strongly bullish right now. The coin would have to fall beneath $16,000 to start to turn neutral and break further beneath $11,000 to be in danger of turning bearish. IF the sellers push lower, the first level of strong support is expected at $17,240 (.236 Fib Retracement). Beneath this, support lies at $17,000, $16,800, $16,468 (.382 Fib Retracement), and $16,000.
Beneath $16,000, further support can be expected at $15,800, $15,537, $15,220 (.618 Fib Retracement), and $15,000.
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance to break lies at $17,833. Above this, resistance can be expected at $18,000, $18,200, and $18,493 (1.272 Fib Extension level). If the buyers continue to break the resistance at $18,500, additional resistance can be found at $18,789 (1.414 Fib Extension), $19,000, and $19,215 (1.618 Fib Extension).
If the bulls penetrate the resistance at $19,215, resistance is found at $19,500, $19,647 (ATH Daily close), $19,893 (previous ATH), $20,000, and $20,140.
We are happy to announce that Chainlink has been successfully deployed live on Matic Network as our recommended oracle solution for developers. Matic is the second blockchain, after Ethereum, to actively integrate Chainlink Price Feed oracles! Five price feeds have already been launched on the Matic mainnet: MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD, with many more to come as a means of supporting the growing demand of DeFi on Matic Network.
Several DeFi projects building on Matic have already committed to using Chainlink, including EasyFi’s undercollateralized lending protocol, PlotX’s prediction markets, and several more projects soon to be announced. Through Chainlink, these dApps can execute key DeFi functions such as checking loan collateralization, minting and swapping synthetic assets at fair market prices, settling prediction markets, and more.
In addition to Chainlink Price Feeds for DeFi, Chainlink VRF (Verifiable Random Function) will also be launching in the near future on Matic Network to support a new wave of scalable gaming applications reliant on provably fair randomness. Several projects on Matic Network are already working on implementing Chainlink VRF into their protocol, such as Aavegotochi, FarmTogether, and more to be announced.
Outside of Price Feeds and VRF, Chainlink will also be available as a general-purpose oracle solution for connecting to any off-chain API, empowering development of virtually any externally connected blockchain application. One such project taking advantage of Chainlink’s flexibility and uniquely launching on Matic Network is Digital Bridge, a 2FA oracle built using Chainlink that allows developers to build an extra security layer into their smart contracts.
Chainlink was selected as the preferred oracle solution on Matic Network because it provides Matic developers with access to high quality data, decentralized oracle infrastructure, Sybil resistant oracle nodes, and transparent processes so users and developers can monitor how the oracle networks and the individual nodes function in real-time. The end result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success.
The market leading Chainlink Price Feeds have proven to secure over $4 Billion in USD value on mainnet for startup and established DeFi projects, including AAVE and Synthetix. We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready made oracle solutions that can easily be integrated into their protocols. This both accelerates their go-to market timelines and helps them avoid the many pitfalls of trying to build their own oracle solutions or relying on unproven alternatives.
If you are a DeFi developer on Matic and want to start using Chainlink Price Feeds, check out our documentation or reach out to us in the Chainlink and/or Matic Discord.
Stay tuned for future announcements and documentation for how to use Chainlink on Matic, including the launch of Chainlink VRF on Matic mainnet.
About Chainlink
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link and follow @chainlink on Twitter.
Matic is a developer-first hybrid POS+Plasma sidechain on top of Ethereum, enabling Ethereum developers to scale their DApps for large scale usage.
Matic is rapidly becoming the go-to Layer 2 Solution for developers, thanks to secure, scalable and instant transactions, secured by Ethereum. There are 70+ Dapps building on Matic, ranging from DeFi Protocols to thrilling games and prediction markets.
Deploy your existing Ethereum DApp in less than 15 minutes! Get started with our documentation here.
