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Global Market Price Prediction: UMA Makes a Boom

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Global market price forecast – October 13
The downside force has emerged in such a way that producing smaller lower lows has reached the point of exhaustion in the UMA/USD market process as the crypto trades closely climb above the $2 trading line. All-time low and high value points are $1.16 and $43.37 from about two years of operations.

UMA price stats:
UMA price now – $2.24
UMA Market Cap – $152.2
UMA rolling supply – 68.95 million
Total supply of UMA – 108.9 million
Coinmarketcap Ranking – #148

UMA / USD . market
Main levels:
Resistance Levels: $3.50, $3.50, 44
Support Levels: $2, $1.50, $1

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Daily chart UMA / USD
The daily chart of UMA/USD reveals that the market has surged from a close area above the horizontal line drawn at the $2 support level. The 14-day SMA is at $2.35, below the $2.78 value line of the 50-day SMA. A candle has formed to signify a hesitant trading outlook around the smaller SMA trendline. Stochastic Oscillators have deviated to the north from the range of 40 to 40.88 and values ​​of the range of 66.52.

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Is it a good time to invest in the UMA/USD market, or is it just for the trading psychology?

Such as The global market makes a rally against the US currency, It will be a technical concept for investors to increase the size of their portfolios in cryptocurrency trading. It is a sign that the price may make up for some of the lost value to the US economy. Over the course of two sessions, the market continued to hold steady operations closely below the 14-day SMA trend line near the $2 support level. Buyers may have to go to the point of using the 1-hour chart to determine an early ideal time to monitor a buy order at a low trading point.

On the downside from the technical analysis, the UMA/USD trade bears may have to look for a gap that indicates the market may lose energy to rise sustainably above the 14-day SMA trend line, especially at the buy signal point before then. Execution of a sell order. At this point, short position writers should be wary of exiting the market around the $3 resistance level.

UMA / BTC Price Analysis

To break through the trend lines of the SMAs and move towards the Moon, global market Making a Rise Against Bitcoin. The price of the pair cryptocurrency is trying not to fall back beyond the horizontal line drawn below the SMA trend lines over time. The 14 day simple moving average indicator is below the 50 day simple moving average indicator. Stochastic Oscillators should deviate further north at 62.02 and 75.52 range values. This indicates that the underlying cryptocurrency risks the possibility of running out of steam at any time while it is bullish, pushing north against the main trading cryptocurrency.

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In the first major fallout from the FTX collapse, crypto business BlockFi files for bankruptcy

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as a result of Cryptocurrency exchange FTX failedAnother cryptocurrency company that has collapsed: BlockFi announces that it has filed for bankruptcy.

Lender BlockFi was one of a select few companies recently bailed out by FTX, and with the collapse of FTX, its prospects have deteriorated dramatically. The once-dominant cryptocurrency company FTX, which was founded by Sam Bankman-Fried to introduce ordinary people to the mystical world of virtual currencies, filed for bankruptcy just over two weeks ago. Since then, the cryptocurrency sector, Wall Street, and even federal regulators have been watching the next domino fall and debating whether or not the end of cryptocurrencies is near or whether broader financial stability is at risk.

BlockFi stated that the company will file for Chapter 11 reorganization in New Jersey, where it is headquartered, and that FTX’s bankruptcy proceedings will cause delays.

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In a letter to clients, the company told them that it “will continue to endeavor to recover all liabilities owed to BlockFi as soon as practicable.”

BlockFi has stopped processing withdrawal requests and advised users not to make any new deposits. The company said on Monday that activity on the platform remains “paused at this time.”

The bankruptcy case raises concerns, according to Fitch Ratings, one of the country’s three major ratings organizations.

According to Misr Hussein, a senior director at the agency, BlockFi’s restructuring highlights the “grave” risks of contagion within the “cryptocurrency ecosystem” as well as potential shortcomings in how the companies manage risk.

BlockFi is under scrutiny from the authorities and has close ties to FTX

This year, the industry as a whole experienced a “crypto winter” of sorts. The most popular virtual currency, bitcoin, has lost nearly 65% ​​of its value.

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However, BlockFi’s founders, CEO Zac Prince and COO Flori Marquez, stated in a letter to clients two weeks ago that the company has “significant exposure to FTX and associated corporate entities,” which puts it at risk of failure in recent days.

In their statement, they said they were “truly saddened” by the devastation that “is spreading across an industry that we love and believe in, and that has touched so many lives.”

In exchange for the right to buy BlockFi For $240 million over the summer, FTX agreed to give BlockFi a $400 million revolving line of credit to use as a backup.

Ultimately, Prince and Marquis said, “We have found an amazing partner in FTX US, who shares our dedication to customers.”

BlockFi attributed its situation at the time to “volatility in the cryptocurrency market” and a general downturn in the market.

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When Celsius, another cryptocurrency loan company, He declared bankruptcy in June, suffered severe damage. Despite claiming no direct competitor exposure, BlockFi has reported an increase in customer withdrawals. Soon after, BlockFi suffered losses of about $80 million due to the failure of cryptocurrency hedge fund Three Arrows Capital.

BlockFi also revealed in June that it will cut its workforce by about 20%.

However, BlockFi’s problems go beyond general macroeconomics or market conditions.

BlockFi’s mandate to create intermediary loans earlier this month was temporarily suspended for 30 days while an investigation was underway by the California Department of Financial Protection and Innovation. The Securities and Exchange Commission (SEC), Wall Street’s main regulator, had previously reached a $50 million settlement with the company, and in February, the company also agreed to pay an additional $50 million fine to more than 30 government regulators.

The SEC alleged that BlockFi downplayed the risks it was waking up by making a “false and misleading statement for more than two years on its website regarding the level of risk in its portfolio and lending activity” as well as failing to register its cryptocurrency lending product with the commission.

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Blockchain

Game7 is allocating $100 million in open source technology grants to Web 3.0 game companies

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On November 28, the Game7 blockchain game accelerator announce It will allocate $100 million in open source technology grants to upcoming Web 3.0 startups. As told by Game7, the distributions will support individuals and entities in building blockchain games, smart contracts, underlying software infrastructures, and community tools. Scholarships will be paid in US Dollars (USDC).

In addition to seed funding, the team said the developers will also have access to technical support, mentoring, and early Game7 initiatives. The Decentralized Autonomous Organization, or DAO, claims that it is not tied to the chain and will support applications from any blockchain network. While grant amounts were not disclosed, in its frequently asked questions list, Game7 made it clear that “applicants should not view grants as an alternative to project funding.”

In addition, advance payments are only granted “in exceptional cases”, and most payments will only be issued contingent upon completion of some project phase. Developers must also undergo Know Your Customer checks, sign a contract, and apply with their digital wallets. However, developers are not bound by any exclusivity agreements and may also apply for other grants or venture capital funding. Game7 estimates that after filing, the due diligence process will take four to six weeks before a decision is issued.

Game 7 has been created on November 18, 2021, as part of a $500 million blockchain ecosystem accelerator backed by BitDAO. Most of the funding came from the decentralized treasury of the same name. At the same time, Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Off-chain Labs, OP Games, Polygon Studios, Solana Ventures and the now-defunct Alameda Research also participated in the seed round.