Shortly after Tesla announced that it would allow customers to purchase products with Bitcoin (BTC), a strange job from Amazon, suggests that the company could also work on a platform that allows customers in Mexico to use digital currencies to make payments.
If Amazon jumped in the cryptocurrency bandwagon, it would greatly boost the potential for cryptocurrencies to spread around the world.
Bitcoin price today is showing a new spark of optimism after New York Mellon Bank announced that it will hold, transfer and issue bitcoins from its customers. The bank is also said to be developing a platform that will process and store digital currencies alongside traditional assets such as treasury bonds and stocks.
Bitcoin’s future in becoming a widely accepted medium of exchange and investment appears to have been carved into stone. Meanwhile, many altcoins rose, buoyed by strong use cases and protocol upgrades.
Let’s analyze some of the best performing tokens for this week.
Quantity / USD
Airdrops are an easy way to make some extra cash and thus are still very popular with investors. Qtum (QTUM) holders will receive an airdrop from Qi, the original decentralized cryptocurrency QiSwap based on the Qtum blockchain. With cryptocurrency volumes and demand for the DEX soaring, the proposed airdrop scheduled for February 14th may have attracted fresh buying from many investors.
The protocol has identified decentralized financing as an area of focus and is taking steps to attract new DeFi projects. Qtum plans a hard fork that reduces block spacing from 128 to 32 seconds in order to support the faster transaction speeds required in DeFi.
Qtum is also developing Neutron, an unspecified interface that enables virtual machines to run on Qtum and other blockchains. The goal is to build a low-cost entry platform that is also easy to use. With the focus on DeFi, the Qtum protocol appears to be taking the necessary steps to attract projects and investors alike.
QTUM rose from an intraday low of $ 3.18 on February 1 to an intraday high of $ 8.82 today, a gain of 177% in two weeks. A break of $ 5.90 has completed the formation of a long-term bottom, indicating the start of a new uptrend.
The taller base prepares a strong launch pad for the start of the next directional movement. The longer the base is, the stronger the breakout will be.
However, after the breakout from the long foundation formation, the price retests the breakout level. The long wick in the candlestick today indicates profit taking at higher levels, and the deep overbought level on the Relative Strength Index (RSI) also indicates a possible correction.
The price may now fall to $ 5.90. If the bulls manage to reverse the previous support resistance and the price rebounds from it sharply, it will increase the odds of resuming the uptrend. First target on the upside is $ 10.30 then $ 14.7.
Contrary to this assumption, if the price falls and continues below $ 5.90, that would indicate that the current rally was a bull trap. QTUM / USD could then drop to the 20-day moving average ($ 4.46).
SNT / dollar
This app has seen a sharp increase in the number of downloads on Android, which has exceeded 600,000 downloads recently. Status’s latest update allows users to bookmark their favorite DApps, giving one-click access to some popular DeFi projects.
Besides its mobile features, Status Network (SNT) has also rolled out Beta versions of its desktop app that allow users to stay connected even from their laptops.
The Nimbus team has also rolled out a new release that aims to increase sync speed by 50% while reducing CPU usage in half and providing protection against accidental outages. Nimbus will eventually be integrated into the Status-desktop and Status mobile app in order to improve the user experience.
SNT rose from $ 0.0465 on Feb 1 to an intraday high of $ 0.1260 today, a 170% gain in two weeks. However, the long wick on the candlestick today indicates that traders are booking profits at higher levels.
The SNT / USD pair may now fall to the 38.2% Fibonacci retracement level at $ 0.0935 and then to the 50% retracement level at $ 0.0835. If the price bounces off either level, this will indicate that traders are buying on the dips. They will then try to resume the uptrend.
If the bulls manage to push the price above $ 0.1260, the uptrend might reach $ 0.1786, then $ 0.20.
This upward trend will be negated if the bears pull the price below $ 0.0835. Such a move would indicate that supply is exceeding demand and this could lead to a drop to the 20-day moving average ($ 0.066). A deep downtrend will likely follow a range bound move before the next trend move begins.
Miyota / dollar
Iota recently launched its Oracle to bring data off-chain to smart contracts on its network. The value of oracle is only inferior to the quality of the data being broadcast and in order to reduce the possibility of data tampering, Iota Oracles will use first-party, which reflects only the data provided by the data issuer. This will reduce the possibility of data tampering.
Modern technology relies on different data sources to make automated decisions, and hence the data must be trustworthy. To ensure this, Iota and Dell Technologies have partnered with a pilot project called Alvarium. The platform ensures that the data journey from the start to its final destination is given a trust rating to increase confidence in the data in a measurable way. This can have realistic use cases in industries that need a high degree of compliance and security.
To expand its offerings, Iota has partnered with the South Korean Observer Foundation and Tanglehub to apply for smart city projects in Asia and Europe in 2021.
Alongside these new offerings, the protocol is also preparing to launch the second part of the Chrysalis upgrade, which according to Iota is considered the most comprehensive in its history. With the launch of the new update, the community can build scalable automated market makers, decentralized financing platforms without fees, and smart contracts to leverage the protocol.
Chrysalis will also introduce the necessary steps to dismiss the Coordinator and achieve greater decentralization.
Iota has been stuck in a bottom formation for over two years. It rose from $ 0.4367 on February 5 to $ 1.29 today, up 197% in seven days. The alt currency gained momentum after it broke through $ 0.55 resistance.
The sharp rally pushed the RSI above 91, indicating that the rally is excessive in the short term and could see a slight correction or consolidation. If the MIOTA / USD rises from the 38.2% Fibonacci retracement level at $ 0.94, it will indicate strength.
The bulls will then try to resume the uptrend. If the buyers push the price above $ 1.29, the pair can extend its rally to $ 2.00 and then to $ 2.60. Since the price has spent a long time in the base pattern, the upside is likely to surprise the price.
Contrary to this assumption, if the price dips below the current level and breaks below the 50% Fibonacci retracement level at $ 0.83, the pair may fall to the 61.8% retracement at $ 0.72. Such a deep dip would indicate weak momentum.
The opinions and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risks, you must do your research when making a decision.