Market
ETHFI, TAO Prices Spike on Roadmap Update
Coinbase, the largest US-based crypto exchange, indicated the addition of Ether.fi (ETHFI) and Bittensor (TAO) to its listing roadmap.
ETHFI is a decentralized protocol token offering liquid staking and restaking solutions for Ethereum. Meanwhile, Bittensor’s TAO has multiple purposes within the ecosystem, acting as a utility token and a reward mechanism.
Traders React to Coinbase Listing Announcement
Coinbase only supports two types of assets: native assets on their network and tokens that adhere to a supported token standard. Based on this standard, the exchange has added ETHFI and TAO to its listing roadmap.
The exchange posted the update on X (Twitter), suggesting that ETHFI and TAO meet its listing threshold. The US-based exchange also shared the contract addresses for the two tokens.
“Assets added to the roadmap today: Ether.fi (ETHFI), and Bittensor (TAO),” the post read.
Coinbase’s decision to add ETHFI and TAO to its listing roadmap follows what the exchange describes as a “thorough processes and standards evaluation for legal, compliance and technical security.” The criteria do not consider a project’s market cap or popularity.
After the Coinbase listing announcement, ETHFI and TAO token prices reacted, soaring by over 30% each before profit booking kicked in.
The surge was expected, coming off as a typical reaction of tokens following listing announcements on popular crypto exchanges. For instance, the Base token TOSHI recently skyrocketed by 70% when Coinbase added it to its listing roadmap. The same reaction happens following Binance exchange’s listing announcements.
Such reactions come amid the “buy-the-rumor, sell-the-event” situation and the expectation of increased liquidity. It is worth noting that Binance is the largest crypto exchange in terms of trading volume metrics. Meanwhile, Coinbase is the largest US-based crypto exchange. Given their high trading volumes and liquidity, it becomes easier for traders to buy and sell the tokens on these platforms.
Higher liquidity often leads to price appreciation, reducing price volatility and making it easier for traders to enter and exit positions. Other factors at play include increased accessibility, increasing demand, credibility, and trust.
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Bitcoin price started a fresh upward move above the $98,000 zone. BTC is trimming losses but might struggle to settle above the $103,000 zone.
- Bitcoin started a fresh upward move above the $100,000 level.
- The price is trading above $99,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $100,000 zone.
Bitcoin Price Reclaims $100,000
Bitcoin price started another decline below the $95,000 zone. BTC gained bearish momentum for a move below the $93,500 and $92,000 levels. It even dived below $91,000.
A low was formed at $90,944 and the price recently started a decent recovery wave. There was a move above the $95,500 level. The price cleared the 50% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low.
Moreover, there was a break above a key bearish trend line with resistance at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level or the 76.4% Fib retracement level of the downward move from the $106,000 swing high to the $90,945 low. The next key resistance could be $103,200.
A close above the $103,200 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $107,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $103,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $98,000 zone. Any more losses might send the price toward the $96,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $100,500, followed by $100,000.
Major Resistance Levels – $102,000 and $103,200.
- Cryptos fell further early Tuesday after China announced retaliatory tariffs on select US imports.
- Meanwhile, US Bitcoin spot ETFs recorded $234.40Mn outflows yesterday.
Cryptocurrency prices have taken another hit as retaliatory tariffs, announced by China, further dampen sentiments.
Bitcoin’s price, which showed some resilience in Monday’s trading session, opened the week at $98,465 at the CME and fell to a daily low of $91,455 during the Asian trading session.
Liquidations worth roughly $2.2 billion rocked the market as major alts logged double-digit losses.
Bitcoin’s price began to recover over the London and NY sessions, breaking above $100,000 to a daily high of $102,880. Major alts like Ethereum also parred losses as it rose to $2,910 from a daily low of $2,262.
However, during the early hours of Tuesday, Beijing announced a 15% tariff on coal and other energy imports from the US and a 10% tariff on oil and agricultural equipment, further dousing sentiments.
Bitcoin is down 3.65% at $99,125 while Ethereum is 5.86% lower at $2,730 as of publishing.
Cardano price started a fresh decline below the $0.9250 zone. ADA is now correcting losses and struggling to clear the $0.80 resistance.
- ADA price started a fresh decline from the $0.9250 zone.
- The price is trading below $0.850 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.8050 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could start another decline if it trades below the $0.7650 support zone.
Cardano Price Faces Resistance
After struggling to stay above the $0.950 level, Cardano started a fresh decline like Bitcoin and Ethereum. ADA declined below the $0.90 and $0.850 support levels.
There was a clear move below the $0.60 support zone. A low was formed at $0.5105 and the price recently started a decent upward move. The price cleared the $0.60 and $0.70 resistance levels. The bulls pumped the price above the 50% Fib retracement level of the downward move from the $0.9828 swing high to the $0.5105 low.
However, the bears are now active near the $0.80 zone. There is also a key bearish trend line forming with resistance at $0.8050 on the hourly chart of the ADA/USD pair.
Cardano price is now trading below $0.80 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.80 zone and the 61.8% Fib retracement level of the downward move from the $0.9828 swing high to the $0.5105 low.
The first resistance is near $0.820. The next key resistance might be $0.850. If there is a close above the $0.850 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.9250 region. Any more gains might call for a move toward $1.00 in the near term.
Another Decline in ADA?
If Cardano’s price fails to climb above the $0.80 resistance level, it could start another decline. Immediate support on the downside is near the $0.7650 level.
The next major support is near the $0.7230 level. A downside break below the $0.7230 level could open the doors for a test of $0.6880. The next major support is near the $0.6250 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.7650 and $0.7230.
Major Resistance Levels – $0.8000 and $0.8200.
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