Wednesday, 17 February 2021

Icon, Ravencoin and Lisk are riding the bull wave on possible future developments



Bitcoin (BTC) created another milestone on Tuesday when its price breached the $50,000 barrier. Bitcoin has now risen about 1,230% from a low of $3,803.58 on March 13, 2020 to a new all-time high at $50,622 on Tuesday. This rally has been led by strong institutional demand that is showing no signs of stopping. MicroStrategy, meanwhile, said it plans to again raise $600 million through a sale of convertible notes, and the proceeds will be used to buy Bitcoin.
While institutional investors continue to buy, Glassnode data suggests that long-term Bitcoin investors are using this rally to book profits. Bitcoin... Check out the latest crypto news reports here https://magnewspress.com/category/cryptocurrency-markets/

Icon, Ravencoin and Lisk are riding the bull wave on possible future developments

https://www.scoop.it/topic/cryptocurrency-news-by-mag-news-press

Bitcoin (BTC) created another milestone on Tuesday when its price breached the $50,000 barrier. Bitcoin has now risen about 1,230% from a low of $3,803.58 on March 13, 2020 to a new all-time high at $50,622 on Tuesday. This rally has been led by strong institutional demand that is showing no signs of stopping. MicroStrategy, meanwhile, said it plans to again raise $600 million through a sale of convertible notes, and the proceeds will be used to buy Bitcoin.
While institutional investors continue to buy, Glassnode data suggests that long-term Bitcoin investors are using this rally to book profits. Bitcoin miners who have also been major sellers during the recent bull run have held back in February, which suggests that they are likely expecting even higher levels in the future.
The current crypto rally has been led by Bitcoin, but altcoins are also seeing their own bull run. Let’s study the fundamentals and technicals of three tokens that have made a strong dash to the upside in the past few days.
ICX/USD
The decentralized finance (DeFi) space has been on a tear for the past few months. So, when a project plans to enter the DeFi world, it is bound to evoke traders’ interest. The Icon project is soon expected to take the DeFi plunge with the launch of BalancedDAO. Another project keenly awaited is the Open Money Market, which plans to bridge the gap between legacy banking services and DeFi, enabling crypto investors to borrow fiat-backed assets against their crypto holdings.
When the anticipation of upcoming projects increases demand but there is no adequate supply, the price tends to rise. About 58.5% of the circulating supply of Icon’s ICX token is staked in the network, and with Binance also adding staking support to ICX, the supply could reduce further. While attractive yields are important, the safety of funds is also a major factor in DeFi. Therefore, Icon has applied for K-ISMS certification from the Korea Internet and Security Agency for its ICONFi mobile app to ensure security and the privacy of data. This is likely to increase the confidence of investors in the project.
The upcoming release of Icon 2.0 promises to enhance several core features and redesign some of the current features that are expected to further boost interest and adoption of the protocol. The interoperability feature to support and power cross-chain DeFi solutions will be closely watched by the community. ICX rallied from $0.6863 on Feb. 1 to $1.9331 today, a 181% rally in just over two weeks. Although the bears pulled the price down to the 20-day exponential moving average ($1.16) on Feb. 15, the bulls aggressively purchased the dip, resulting in a sharp rebound. ICX/USDT daily chart. Source: TradingView
However, the bears are not willing to give up without a fight. The ICX/USD pair is again facing stiff resistance just below the $2 level. The first support on the downside is the 38.2% Fibonacci retracement at $1.4568.
If the price rebounds off this support, it will suggest that traders continue to accumulate on minor dips. The bulls will then try to resume the uptrend by pushing the price above $1.9331. If they succeed, the next leg of the up-move to $2.50 is possible.
On the contrary, if the bears sink the price below $1.4568, the pair could fall to the 20-day EMA. This is an important level to keep an eye on because if the price rebounds off this level, it will suggest the uptrend remains intact. But if the level cracks, it will signal a possible change in the trend.
RVN/USD
But it is not only upgrades or partnerships that catch traders’ attention. Certain events can sometimes...

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