The MINA price has increased by 100% over the past 24 hours, culminating with a new yearly high of $0.86.

The altcoinbroke out from a long- and short-term descending resistance trendline during the increase.

The MINA price has increased rapidly since the beginning of October. On October 22, it broke out from a descending resistance trendline that had been in place for 168 days.

Today, MINA reached a new yearly high of $0.87, an increase of more than 100% in 24 hours.

During the upward movement, MINA showed considerable strength by moving above the $0.50 and $0.70 horizontal resistance levels without experiencing any retracement at all.

It is possible that the increase was aided by Korean Exchange Upbit announcing that it will list MINAs Korean currency fiat trading pair.

The daily Relative Strength Index (RSI) supports the continuing of the increase.

When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The indicator is above 50 and moving upwards, both signs of a bullish trend.

However, it is worth mentioning that the RSI is at an all-time high of 95, showing extremely overbought conditions.

The weekly timeframe shows an interesting development since the price has broken out from a very long-term descending resistance trendline, which has been in place since the all-time high of $9.90.

While MINA has not reached a weekly close above the trendline, it is considerably above it since the latter is at $0.43.

Similarly to the daily timeframe, the RSI is increasing, supporting the continuing increase.

The main resistance area is at $1. If MINA breaks out above it, it can increase to the next resistance at $3.20, 300% above the current price. This would then be the final resistance before the all-time high.

Despite this bullish MINA price prediction, failure to reclaim the $1 area can lead to a 50% drop to the descending resistance trendline at $0.41.

For BeInCryptos latest crypto market analysis,click here.

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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Here's Why This Altcoin Surged 100% in Just 24 Hours - BeInCrypto

Lidos wstETH has been merged with the OFT standard and will go live on BNB Chain tomorrow, according to a statement.

As a result, users will be able to smoothly transfer their wstETH between Ethereum and Avalanche, BNB Chain, and Scroll.

This integration will enable LIDOs native token transfer between networks, eliminating wrapped asset risks. So, this will accelerate growth in the BNB Chain DeFi ecosystem and promote horizontal composability between other networks.

Lido is the top DeFi project on Ethereum with approximately $14 Billion in TVL. wstETH can now begin to permeate these three networks: BNB Chain, Scroll, and Avalanche. This means thatBNB Chain users can now use wstETH in DeFi.

So, BNB Chain protocols will be able to integrate wstETH and tap into one of the largest markets in DeFi.

Lido is a decentralized finance (DeFi) protocol that provides a solution for staking Ethereum (ETH) on the Ethereum 2.0 Beacon Chain while maintaining liquidity for staked assets. When Ethereum 2.0 transitioned to a proof-of-stake (PoS) consensus mechanism, users could now stake their ETH to secure the network and earn rewards.

However, staked ETH is locked and illiquid, meaning it cannot be easily traded or used in other DeFi applications.

Lido solves this problem by allowing users to stake their ETH through the Lido protocol. In return, they receive stETH, a liquid representation of their staked ETH that can be traded and used in DeFi applications.

Lido aims to make it easier for users to participate in Ethereum 2.0 staking while maintaining access to the liquidity of their assets.

LayerZero lets users send messages between blockchains using LayerZeros User Application (UA). With this, any contract that uses LayerZero to transmit and receive messages between blockchains is referred to as a UA.

It is currently compatible with Ethereum, BNB Chain, Avalanche, Aptos, Polygon, Arbitrum, Optimism, and Fantom, among other cryptocurrencies.

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LIDO is Coming to BNB Chain - Altcoin Buzz

An altcoin from the Ethereum (ETH) ecosystem has exploded as one of its biggest holders appears to enter accumulation mode, according to on-chain data.

Blockchain tracking firm Lookonchain says that Loom Network (LOOM) rose over 31% in less than a day just as one large whale, potentially Korean crypto exchange Upbit, accumulated nearly $6 million worth of coins.

Lookonchain also says the entity controls about half of LOOMs total supply.

The price of LOOM skyrocketed by ~30% today.

The wallet suspected of Upbit accumulated 21.42 million LOOM ($5.83 million)

And the wallet currently holds 653 million LOOM ($181 million), 50% of the total supply.

After the whale accumulated its tokens, Lookonchain says that LOOM continued to surge. The entity in question subsequently moved a portion of its coins out of its wallet but still holds over a quarter billion dollars worth of the altcoin.

After the price of LOOM skyrocketed by ~60%, the wallet suspected to be Upbit transferred 36 million LOOM ($17.7 million) out

The wallet currently holds 617 million LOOM ($283 million), 47.5% of the total supply.

At time of writing, LOOM is trading for $0.384, up 140% performance in the last seven days.

Lookonchain also spotted an address associated with the 1inch Investment Fund scooping up Ethereum as ETH reached lower prices last week.

The 1inch Team Investment Fund spent 2.5 million USDC to buy 1,609 stETH (staked ether) at $1,551

The Fund also bought a total of 9,164 ETH ($15.07 million) at an average price of $1,645 on Aug 28 and Sept 5.

ETH is trading at $1,589 at time of writing.

Generated Image: Midjourney

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Ethereum-Based Altcoin Surges Over 31% in One Day Amid Massive Crypto Whale Accumulation: Lookonchain - The Daily Hodl

A widely followed crypto analyst is issuing a warning that most altcoins are in the midst of severe downtrends that will ultimately keep them below their all-time highs forever.

In a new video update, crypto trader Benjamin Cowen tells his 787,000 YouTube subscribers that most altcoins currently find themselves in serious declines that are being overlooked due to Bitcoins (BTC) relative resilience.

Cowen also notes that if Bitcoin were to decline, it would crush altcoins even worse.

A lot of altcoins in the top 100 that are in pretty serious declines right now and a lot of people are completely ignoring it The only reason people are ignoring it is because Bitcoins doing okay so its easy to discount [altcoins]

If you want exposure to the cryptoverse in the pre-halving year, Bitcoin can often offer you a decent amount of exposure to the upside while also minimizing your downside risk in the altcoin market. Some people think that that means that Bitcoin cant go down it can.

I mean it went down in the second half of 2019, it even went down in the early phase of the halving year last cycle, so it can go down. Its just that if it does go down its likely going to take the altcoin market with it.

According to Cowen, very few altcoins that exist right now will ever hit new all-time highs again.

I think that as a whole the altcoin market will recover. The issue is not will the altcoin market recover?

In my mind, its will the altcoins that people are [dollar cost averaging], will those recover? And there might be one out of 10 or one out of 50 or one out of 100 that go on to put in new all-time highs but a lot of them can just go away.

Cowen goes on to note that the next bull market could be sparked by a massive capitulation event for BTC that rinses out weak hands before springing to the upside.

Even Bitcoin will probably bend the knee and well have to figure out how low the secondary scare goes before we really get that move into sort of a more sustained bull market.

Theres one interesting thing to look at with Bitcoin in the last two cycles and that [is] what really kickstarted the bull market The real move to all-time highs did not come until [a] massive capitulation wick.

Bitcoin is trading for $27,927 at time of writing.

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Featured Image: Shutterstock/tdhster/Andy Chipus

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Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid Serious Declines - The Daily Hodl

The Frax Share (FXS) price broke out from a 230-day long-term descending resistance trendline, gaining 7% in one day as the market experienced a bearish sell-off.

Besides the long-term breakout, the price also cleared a short-term descending resistance trendline. Is there more in the tank?

The FXS price had fallen under a descending resistance trendline since February. The decrease led to a low of $4.60 on June 15.

After initiating an upward movement, the price was rejected by the trendline again on August 15 (red icon). Nevertheless, it created a higher low in September and then broke out from the resistance trendline.

At the time of the breakout, the trendline had been in place for 230 days.

After breaking out, the FXS price returned to validate the trendline as support (green icon) and seemingly began an upward movement on October 12.

Despite the increase, the altcoin still trades very close to its pre-breakout levels.

It is possible that the launch of sFRAX aided the ongoing increase. sFrax is a staking vault that aims to capitalize on the surge in Treasury Yields. Users can stake FRAX and earn the Treasury Bill Yield on it. This is likely to start at 10%.

According to Frax Shares founder Sam Kazemian, the yield could tappers off to 5% but will not fall below it.

The Frax ecosystem currently issues three stablecoins: FRAX, FPI, and frxETH. The first one is pegged to the USD, the second one to a basket of consumer goods, and the third one is pegged to the Ethereum price.

The technical analysis from the shorter-term six-hour timeframe supports the continuing of the increase. There are two main reasons for this.

Firstly, the altcoin broke out from a shorter-term descending resistance trendline, legitimizing the breakout from the longer-term one.

Secondly, the Relative Strength Index (RSI) broke out from its own trendline (green).

When evaluating market conditions, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold and to decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

Besides the breakout, the RSI is above 50 and increasing, both signs of a bullish trend.

If the upward movement continues, the FXS price can increase by another 11% and reach the $6.10 horizontal resistance area.

Despite this bullish FXS price prediction, failure to sustain the increase can lead to a 6% drop to the closest horizontal area at $5.20. This will also coincide with the previous descending resistance trendline.

For BeInCryptos latest crypto market analysis,click here.

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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This Altcoin Was the biggest Gainer Over the Last 24 Hours - BeInCrypto