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.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source link

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.

Source link

XRP price recovered most losses and rallied over 25%. The price is back above $2.65 and now faces hurdles near the $2.820 level.

• XRP price started a strong upward move above the $2.50 level.
• The price is now trading below $2.80 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $2.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a fresh increase if it clears the $2.820 resistance zone.

XRP Price Recovers Over 25%

XRP price started a fresh decline below the $2.850 zone, like Bitcoin and Ethereum. The price declined heavily below the $2.50 and $2.350 support levels. The bears even pushed it below $2.00.

There was a sharp drop of over 25% and the price tested the $1.75 zone. A low was formed at $1.75 and the price recently started a sharp recovery wave. The bulls pumped the price above the $2.20 and $2.50 levels. There was a move above the 61.8% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2.420 on the hourly chart of the XRP/USD pair. The price is now trading below $2.80 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.80 level. The first major resistance is near the $2.820 level and the 76.4% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low. The next resistance is $2.940.

A clear move above the $2.940 resistance might send the price toward the $3.00 resistance. Any more gains might send the price toward the $3.050 resistance or even $3.120 in the near term. The next major hurdle for the bulls might be $3.20.

Another Decline?

If XRP fails to clear the $2.820 resistance zone, it could start another decline. Initial support on the downside is near the $2.620 level. The next major support is near the $2.50 level.

If there is a downside break and a close below the $2.50 level, the price might continue to decline toward the $2.450 support. The next major support sits near the $2.350 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.620 and $2.450.

Major Resistance Levels – $2.80 and $2.820.

Source link