Cardano, MANA, VeChain Price Analysis: 23 December

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While the market definitely showed some recovery signs over the last three days, Cardano and VeChain snapped off their long-term trendline resistance and reversed their trends. However, Cardano needed more volumes to confirm a stronger trend.

Decentraland found a traversing range after flashing a slight bearish preference.

Cardano (ADA)

Just when most investors lost hope, ADA bulls did not dwindle, and upheld the 21-week support at the $1.2-mark.

The price action bounced back from this level and invalidated the bearish tendencies of a descending triangle formed throughout this month. This incline also breached the longer timeframe trendline resistance (White, since 9 November).

In terms of the strength of its trend, the OBV did not depict a remarkable surge yet. Moreover, the Volume oscillator saw lower lows, indicating a less likelihood of a sweeping trend alternation.

At press time, ADA traded at $1.35. Now, the price action found immediate testing support at the $1.31-mark. The RSI skewed in favor of bulls after poking its six-week high on 22 December. Also, the DMI resonated with the RSI but displayed a weak directional trend.

Decentraland (MANA)

MANA halted its downturn at the $3.02-mark (one-month support) as the alt saw a persistent decline after striking its ATH on 25 November. The bearish pennant breakout transposed into a down-channel after the alt noted a 25.83% decline from 7 to 15 December.

Now, the metaverse token has found an oscillating range between the $3.43 and $3.02-mark. Even so, the price action swayed below all the EMA ribbons, indicating a marginal bearish preference.

At press time, MANA traded 44.3% below its ATH at $3.2391. The RSI was at the 47-mark and showed neutral signs. While the DMI depicted a marginal selling preference, the ADX displayed an extremely weak directional trend.

VeChain (VET)

VET’s downturned after an expected bearish pennant breakout on 9 December that transposed into a down-channel.

Since 9 November, the altcoin saw a staggering 51.2% 30-day decline and disapproval of its long-term bullish trendline. This fall led the bears to breach the four-month-long bull resistance at the $0.084-mark.

However, the alt saw a 14.16% three-day jump as it broke above the $0.084-level. Like ADA, VET also breached its long-term trend resistance (white). At press time, the alt traded at $0.08735. The RSI was in an uptrend and chose the buying power.

The Supertrend flashed buy signals while the OBV corresponded with the increased price action. Also, the DMI lines confirmed the bullish outlook while the ADX displayed a weak directional trend.

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Cryptocurrencies Price Prediction: Bitcoin, VeChain & Solana – European Wrap 22 December [Video]

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Former US First Lady Melania Trump has announced the launch of her NFT platform on the Solana blockchain. The Solana ecosystem has witnessed massive growth over the past year, and analysts remain bullish on the altcoin’s price.

VeChain price is at an inflection point in its journey up as it approaches a crucial hurdle. A successful flip of this resistance level into support will kick off a continuation of the uptrend . A failure, on the other hand, could result in a retracement that will likely undo recent gains.

Bitcoin price is hovering around a crucial level after collecting liquidity above it. This development over the past 48 hours indicates that BTC will consolidate here before continuing its ascent. Ethereum and Ripple follow the pioneer crypto closely and show promise of gains soon.

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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Mid-Cap Ethereum Competitor and Three Altcoins Entering Areas of Interest, Says Crypto Analyst Michael van de Poppe

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Cryptocurrency analyst and trader Michael van de Poppe is examining the potential entry points for one mid-cap Ethereum challenger and two additional altcoins.

In a new video, Van de Poppe tells his 156,000 YouTube subscribers that he’s keeping a close watch on Algorand (ALGO), a cryptocurrency for payments and a blockchain for decentralized finance applications.

According to the crypto strategist, Algorand’s bearish performance against Bitcoin (ALGO/BTC) in the last few months has driven the pair to a key level of interest.

“We’ve got a few important support levels that we have to look at. The first one is the level that we’re currently seeing here [0.00002635 BTC or $1.35] which makes the entire block beneath that level an important zone to look at for potential entry points.”

Van de Poppe says that as long as ALGO/BTC trades above the support level, it has a shot to ignite a nearly 40% surge to resistance at 0.00003620 BTC or $1.85.

Algorand is trading at $1.37 at the time of writing while Bitcoin is exchanging hands at $51,122.

Next up is the native token of Elrond (EGLD), a scalable smart contract blockchain platform designed for enterprises.

Van de Poppe says he expects Elrond to continue correcting against Bitcoin (EGLD/BTC) until it hits a key level of support.

“This entire block [around 0.004220 BTC or $215.72], that is definitely the area that I’ll be looking at for potential trades as then we are also retesting the previous high for support. That would be the ultimate, ultimate entry point for Elrond.”

Elrond is trading at $261.32 at the time of writing.

Next up is VeChain (VET), a blockchain platform built to help companies optimize their supply chains.

According to the crypto trader, VeChain needs to take out two crucial resistance areas against Bitcoin to ignite an uptrend.

“What is the level that I preferably want to see VeChain breakthrough? I’d want to see it break through this entire block around 0.00000190 BTC ($0.09).

And then the second one I want to see it breakthrough is the entire level around 0.00000210 BTC ($0.11). Because if that one breaks, I think we are breaking or we are facing this recent high (0.0000025 BTC or $0.13). creating ourselves a higher low, and then we have a new trend starting upwards.”

VeChain is trading at $0.08 at the time of writing.

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10 key highlights from Nansen’s report on Avalanche

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Blockchain analytics platform Nansen published a comprehensive research report on the emerging EVM compatible layer1 platform Avalanche yesterday.

The Avalanche ecosystem, aimed at solving the scalability issues of Ethereum, uses sub-second finality of transactions, unique consensus protocol upgrade and transactional throughput to deliver cost-effective products. Major Ethereum projects such as Aave and Curve have already migrated to Avalanche with more DeFi and crypto dApps expected to follow.

Here are 10 key highlights of Nansen’s report:

Robust Landscape:

Avalanche’s comprehensive landscape caters to every prominent need of the blockchain ecosystem from DeFi and NFTs to DEX and P2E. Its compatibility with the Ethereum Virtual Machine means that notable dApps from across the blockchain spectrum can migrate without any hassle. Total Value Locked and dApps:

Avalanche records a TVL of US$13.9 billion, more than 25% of which comes from Aave. Avalanche’s native applications Trader Joe and Benqi make up a majority of the rest of the project’s TCL. Other notable native applications include the most successful OHM fork Wonderland and the Play and Earn battle game Cradaba. The Avalanche Bridge:

To support the multichain future of the blockchain world, Avalanche has developed the Avalanche Bridge which allows swift, secure and cost-effective transfer of ERC20 Tokens between Ethereum and Avalanche’s C-Chain. Transfer of a number of ERC20 Tokens including WETH, USDC and WBTC is supported by the Bridge. A transfer between Ethereum and Avalanche typically takes about 15minutes and costs around $3. Activity on the Avalanche Bridge:

The volume of Activity on the Bridge reached USD 370mm in August this year after the Avalanche Foundation announced the ‘Avalanche Rush’, a DeFi incentive project of USD 180mm. Backed by reputable VCs and liquidity mining programs, activity peaked on September 23rd with the bridge hitting a volume of USD 600mm. Transaction Throughput:

Avalanche has displayed a transactional throughput of more than 4,500 tps and a transactional finality of less than 2 sec. In comparison, Bitcoin has a throughput of 7tps and transactional finality of almost 60 minutes. Ethereum also ranks behind Avalanche with a transactional throughput of 14tps and a transactional finality of 6 minutes. Daily Transactions:

A significant uptick in daily transactions was witnessed after the announcement of the Avalanche Rush initiative in August attracted blue-chip DeFi projects to the platform. A similar upward trend was also seen last month as a result of a strategic partnership by Avalanche with Deloitte. The recent partnership with Fireblocks is expected to further improve Avalanche’s numbers in terms of daily transactions in the coming months. Avalanche Vs Ethereum Gas Fees:

The high gas fees on Ethereum, especially since August this year, has been blamed for pricing out retail participants and cannibalising business models. While Ethereum has blamed the increase on the growing popularity of NFTs, Avalanche has continued to stand up to its commitment to cheap and accessible projects. The stark difference was seen on the 26th of November when the daily gas paid was $1,311,682 on AVAX and $51,389,748 on Ethereum Avalanche’s focus on NFTs:

Various NFT projects like sports-based NFT marketplace Topps, metaverse NFT ecosystem Kalao, P2P NFT marketplace Venly Market and play-to-earn NFT game Crabada have leveraged the benefits of the Avalanche network. USD 200mm of the funds recently raised by Avalanche foundation is being dedicated to NFTs. However, the most impactful applications on Avalanche are DeFi dApps. Avalanche Vs Ethereum Transaction Ratio:

The ratio of transactions between the two platforms has increased from 1% at the beginning of August to a peak of 54% on the 26th of November. This has mainly been attributed to the low gas fees on Avalanche. On 26th November, AVAX processed more than half the amount of Ethereum daily transactions at a cost cheaper than 20 times that of Ethereum’s. Smart Money Proportion:

Avalanche has been one of the top performers among alternative L1 chains attracting attention from investment firms like Three Arrows Capital and Polychain Capital. Avalanche is home to 31% of total Smart Money, 46% of total Smart NFT minters, 24% of total Smart NFT Traders. The platform is ranked within the top 5 in smart money engagement.

While the higher performance, faster transaction and cheaper fees position Avalanche as a prime candidate for being the next Ethereum-killer, it is the long-term impact of its liquidity mining incentives that will determine whether Avalanche’s increasing traction over the last 12 months is here to stay.

However, its vibrant ecosystem of native apps and popular Ethereum based protocols and shared security model make it an exciting platform to look out for in the crypto world.

Logistics: The Supply Chain Crisis — Can Blockchain Fix it?

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Logistics are becoming incredibly complicated. Lately, it’s not just increasing complexity affecting the supply chain. Covid-19 is making the supply chain an utter wreck. However, there could be a blockchain solution.

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If the real wines do make it to restaurant tables, the wine bottles can be snatched by the restaurant staff. They are refilled with a substitute, resealed and sold over and over again. Australian wine expert Jeremy Oliver once claimed that by the time that the average bottle of champagne that hits your restaurant table in China, it has been refilled 7 times or more.

The counterfeit problem

The same problem exists going the other way. When goods come out of developing countries and arrive at U.S. and European ports, they are plagued with counterfeits. Take medications, for example. These can be anything from fake diet pills, to fake erectile dysfunction pills. Even narcolepsy medicine has been found to be fake.

So how can buyers be sure they are getting the real deal? It is the logistics question of the moment.

There are other questions about the logistics chain. How can the bottlenecks at certain common points be defeated? How can outdated administration processes be updated? Some admin tasks are still manual and paper-based. These processes can de dogged by delays and human error. Shipments can go missing for a few days because they aren’t tracked electronically. This makes the task of giving delivery times a fortune-telling activity.

Blockchain technology is presenting a compelling solution for logistics challenges. Blockchain technology applied to logistics has seen a lot of hype. So, it is hard to know if uptake is genuine. Are blockchain solutions really just glorified databases?

Logistics and the blockchain

A PwC study shows that interest in a blockchain solution for logistics is growing. But so far, it hasn’t gained much traction. “Some commentators see vast potential for the technology to be applied within logistics functions. However, discussions about blockchain often fall into the trap of excessive hype by suggesting that it could be a solution for everything.”

When several separate companies are all working alongside each other, data from transactions between them is stored separately, and the data doesn’t produce an overall picture. Blockchain works in an opposite way: the network is automated, and all records are shared. This is why collaboration is difficult: trust issues. And yet, using a blockchain means that the ownership of the data is shared by everyone involved. To be a blockchain, every party in the network has all of the data. It is updated in real time for everyone at the same time. This creates a single source of the truth.

Tracing shipments via the blockchain

Robert Galarza is the CEO of TruTrace, a company that combines blockchain technologies with logistics. “In 2018, we really saw evolution in the industry – it went crazy. We are excited about what we’re seeing unfold in blockchain.”

TruTrace is a third-party logistics company that operates independently of the sender and the receiver. They are trying to convince manufacturers to use them to verify every part of the delivery journey. This can include verifying that the product is genuine.

Take medical marijuana, for example. Cannabis is a product which is very variable in nature. Galarza explains, “Our company built our system on the underlying engine of Orion One. Then we started building specific modules on top of it. These were focused on both details at a very granular batch level. We could serialize products down to the end user, and then we were able to really look at bringing blockchain into our infrastructure in terms of where and how would best fit. That’s how we started building traceability solutions.

“After that, we embarked to down the Ethereum route. But, unfortunately it didn’t work for us. The gas fees just didn’t do much for our business case. So, we ended up transitioning in 2018 to hyper ledger – The IBM Blockchain Platform. Recently, we started finding that it wasn’t performing at the level we need it to. Again, cost became an issue. So this year, we’ve really expanded our scope. One of the companies we’re most excited about is VeChain. The company has a really great solution from a blockchain infrastructure system.”

Improve supply chain management

VeChain is a blockchain platform. It has been designed to improve supply chain management and streamline business processes and information flow for complex supply chains. All of this is achieved using distributed ledger technology (DLT).

The Vechain platform uses VeChain Token (VET). This is to transfer value using the network. And the VeChainThor Energy (VTHO) is the energy or “gas” needed to power smart contract transactions.

Says Galarza, “We are looking at areas where a decentralized ledger can make sense in a business case for our clients. Ideally, we can build traceability into marketplace. There are big challenges that we’re dealing with in supply chain. Access to information, consistency and standardization of data and the ability for us to talk to one another. We call it interoperability.

“The logistics industry is incredibly complex. But also, you’re dealing with companies of all different types, sizes and ages, all around the world. And all those companies have their own home-based systems. They’re all running on different software; they manage their inventory in certain ways. They identify their products in certain ways. But what we find is that that disconnect, of real time information. With a barcode, you’re only getting data when it’s scanned in at different points along the supply chain. And there’s new innovative technologies such as IoT that can bring more real-time information into play.

“For example, a company may be shipping something that is sensitive to temperature changes, or humidity changes. We can put a sensor within a container that would speak to our software. It would know when light entered into a container. You could know the exact moment the goods were being accessed. It is here that we can stop the black-market operatives from putting counterfeit products into the supply chain.”

Combating counterfeits

Galarza says there is a massive problem with counterfeiting across the world at the moment, especially in the premium product segment. “When people receive agricultural products from places like Australia or Tasmania, or parts of Europe, like wine or whisky, things get tricky. The moment it hits the coast of China, there’s the danger that the black market will steal the items and replace them with products with a counterfeit label.

“We are also seeing issues around active pharmaceutical ingredients coming out of India and China. It might have the right pharmaceutical ingredient or the nutraceutical ingredient, but it’s at a potency level that is far less than what it should be. We’ve seen a myriad of different things whereby the consumer needs protection.

“Also, there is 15% breakage every year and that includes theft of inventory. That’s one area where we can start to build in a solution that can track and monitor those products in real time. It becomes part of the storyline of those products. You can see in your supply chain where there is a breakdown.”

Glorified database

Is the blockchain technology for logistics just a glorified database? Says Galarza, “That’s 100% accurate. But we are big believers that you don’t put everything on the blockchain. You can put the chain of custody data on there. It’s easily accessible by everybody in the ecosystem. Often, you don’t just trust everybody in the market. But with a system like this, the data can be secured.” Anybody who isn’t doing what they should be doing from an ethics perspective, is seen by the community at large.

“For us, the intriguing part about all this is what blockchain could become. We can build in traceability, then leverage the emerging digital currency space for those kinds of transactions at that level. We can build that into the smart contracting solution. All of a sudden, you’ve got contracts that are performance-based, and not promise-based. The execution of smart contracts is the future. There is a chain of custody handover. A product goes from A to B to B to C, C to D, and D is responsible for payment that will go up chain to A. The moment that that product gets handed over, that chain of custody converts. It could engage a smart contract to say, yes, transaction has gone from A to B, and the compensation associated with that is triggered.”

The digital currency advantage

Galarza says that where the business will really take off is around the use of digital currency. “We will be able to do business globally, with people in other countries. And I don’t have to worry about conversion rates. I don’t have to worry about exchange houses. I can just do it all through a digital medium. Cryptocurrency is still being treated as an asset class – it’s not for purchasing. Right now, it’s more of a commodity than it is anything else. But the future is bright.

“Giving complete and total transparency to your customers through an independent third-party system is what we are trying to do. Consumer trust is at an all-time low. A manufacturer might be doing all the right things – manufacturing a great product, organic, certified and non-GMO, getting it tested and doing certifications. But how can the customer be sure that’s what arrives at their door? So we can serve as that independent third party system where the verification of this product was secured. So that product verification layer is where we live so that it’s not coming from the manufacturer. We want to help good actors.

“The blockchain stuff and IoT is all super exciting. We’re thrilled to be working with these really new innovative technologies.”

This all sounds good in theory. But in practice, can competing logistics companies work together on the blockchain to increase efficiency and security for all involved? Again, we better watch this space!

Do you think that the logistics crisis can be solved using blockchain? Tell us here.

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