Solana (SOL), Compound (COMP), and Tomochain (TOMO) managed to increase during the weekend, resuming the ascent that began the previous week.

The crypto market had a bearish performance last week. While a short-term bounce transpired on Friday, it did not continue during the weekend for most cryptocurrencies.

However, these three cryptocurrencies had positive performances, being labeled as the weekends altcoin gainers.

The TOMO price has fallen since reaching a new yearly high of $2.55 on May 28. On June 29, the decrease caused a breakdown from an ascending support line that had been in place for 111 days. Breakdowns from such long-term structures often signify that the preceding upward trend has ended. Thus, they are followed by sharp downward movements.

However, the TOMO price did not decrease considerably since its breakdown. Rather, the price bounced at the 0.5 Fib retracement support level of $1.

On July 10, it again reached the ascending support line and validated it as resistance (red icon). This is a common movement after breakdowns and is usually followed by another downward movement.

If the TOMO price falls and breaks down below the 0.5 Fib retracement support level at $1, it can drop to the next crucial support at $0.80. However, if the TOMO price reclaims the ascending support line, it can move to the next resistance at $1.73.

The COMP price broke out from a descending resistance line on June 29. The price resumed its ascent and reached a new yearly high of $70.94 on July 4.

While the price fell afterward, it still holds above the $57 horizontal support area. This is crucial since it had previously acted as resistance, creating several long upper wicks, considered signs of selling pressure.

Whether the COMP price bounces at the $57 area or closes below it can determine the future trend. A bounce will likely lead to a new yearly high and an increase to $80. On the other hand, a close below the $57 area can catalyze a sharp fall to the previous descending resistance line at $46.

The SOL price has increased since creating a very long lower wick on June 10 (green icon). The wick and daily movement had seemingly caused a breakdown from the $17 horizontal support area.

However, the SOL price immediately reversed the trend and reclaimed the $17 area on June 29.

After several failed attempts, the SOL price broke out from a descending resistance line on July 7. Before the breakout, the line had been in place for 81 days. SOL reached a high of $22.50 the next day before falling slightly.

If the decrease continues, SOL can find support at the descending resistance line, currently at $19. On the other hand, if the upward movement continues, the next resistance will be at $26.

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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Altcoin Weekend Gainers - Downturn Doesn't Phase These Coins - BeInCrypto

A widely followed crypto analyst is issuing a warning about one altcoin project that more than quadrupled its value this year.

Pseudonymous trader Altcoin Sherpa tells his 196,100 Twitter followers that the image-synthesizing ecosystem Render (RNDR) may collapse if Bitcoin (BTC) dips.

Altcoin Sherpa also says that if Bitcoin holds the $30,000 level as support, RNDR will likely just trade sideways for a while.

RNDR: I think this is a good coin, but I think that we see mostly chop and that it underperforms BTC and ETH for the next bit. I think that we see a strong move down if BTC legs down (same with every other alt).

Looking at his chart, Altcoin Sherpa appears to predict that Render will drop down to near $1 if Bitcoin declines. Otherwise, he says Render will likely trade in a range with an upper bound of $2.50 and a lower bound of $1.90 at least through October.

Render is trading for $1.96 at time of writing, up 367% since it closed 2022 at $0.418.

Looking at the crypto king, Altcoin Sherpa is predicting that Bitcoin will soon cross the $32,000 level.

However, the analyst highlights how Bitcoin is trading in the equilibrium (EQ) of the trading range between $29,585 and $31,298 with little indication at the moment of a breakout in either direction.

BTC trading right at the EQ of this range. Still dont really see there being much direction personally. I still think $32,000 in the midterm.

Bitcoin is worth $30,283 at time of writing, up0.8% during the last 24 hours.

Also on the traders radar is the memecoin Pepe (PEPE), and he says the token is likely to make moves to the upside based onindicators like the high volume node (HVN) and the exponential moving averages (EMA).

PEPE: Still not certain on this in the short term but mid-term, I still am of the opinion the .50 Fib level is going to get tagged at a minimum. EMAs on the lower time frames still bullish and we are near a HVN area on volume profile. Still bullish and I still have PEPE.

The trader predicts Pepe will ultimately hit the .50 Fibonacci level at $0.00000235.

At time of writing, Pepe is trading for $0.00000158, up 1.9% during the last 24 hours.

The trader also updates his outlook on the Bitcoin hard fork Bitcoin Cash (BCH) and says he still believes the token will dip below $250.

BCH: never got filled; I observed that 250 level but thought I could get a better entry. Its ok, Im going to remain patient overall and just wait. Orders still set.

Bitcoin Cash is trading for $282 at time of writing, up 0.5% in the last 24 hours.

Lastly, Altcoin Sherpa warns that the privacy-focused altcoin Zcash (ZEC) has yet to find the bottom with a pattern of lower highs and lower lows since last November.

Zcash is worth $29.74 at time of writing, down 2.9% during the last 24 hours.

Generated Image: Midjourney

Original post:
Trader Issues Warning on Altcoin Thats Up Over 360% Year-to-Date, Updates Outlook on Bitcoin and Pepe - The Daily Hodl

PancakeSwap (CAKE), a decentralized trading platform partnership With Google Cloud to ensure the availability and reliability of your infrastructure.

As the demand for decentralized finance (DeFi) grows, PancakeSwap aims to provide a user-friendly platform for users to trade their assets without intermediaries.

In addition, PancakeSwap leverages the Google Kubernetes engine to quickly and accurately predict traffic spikes to its nodes with the help of Disnixs PredictCube solution.

Disnixs PredictCube solution helped PancakeSwap to accurately predict traffic spikes and automate the up-down scaling of blockchain nodes ahead of time to manage anticipated traffic growth. This approach ensured that PancakeSwaps infrastructure could handle a fluctuating number of requests with high scalability while maintaining an uptime of 99.99%.

Disnix says that their PredictCube solution accurately predicts traffic spikes on PancakeSwap more than 90% of the time. By automating the top-down scaling of nodes, PancakeSwap managed the anticipated traffic growth and reduced its infrastructure costs by more than 30%.

One of the key challenges for any trading platform is ensuring the security of smart contracts. PancakeSwap works with various audit firms to identify potential flaws and leverages Cloud Armor to filter out sensitive data.

With its smart contracts secured, PancakeSwap aims to expand its services by adding more on-chain and exploring non-fungible tokens (NFTs).

Furthermore, to improve the trading experience for users, PancakeSwap plans to leverage BigQuery to manage and analyze historical blockchain data. By simplifying complex data, PancakeSwap aims to make blockchain trading accessible to everyone.

With Google Clouds fully managed services, PancakeSwaps engineers can focus on developing new features and improving the user experience instead of dealing with infrastructure issues. Chef Jojo, Technical Lead at PancakeSwap, said:

At one point, we had over a billion requests on the BNB chain, but this is changing all the time due to changes in the BNB network, among other variables. With Google Kubernetes Engine, we can scale up quickly when there are many requests.

Pancakeswaps native token, CAKE, has seen a 3.9% increase in value within the past 24 hours following the announcement of a partnership with Google Cloud.

Currently, CAKE is trading at $1.517 after having ranged between $1.454 and $1.481 for the past four days. The partnership with Google Cloud has given CAKE the much-needed momentum to break out of this cap and continue its upward trend.

An uptrend for CAKE on the 4-hour chart. Source: CAKEUSDT on Tradingview.com

However, CAKE is now facing an important resistance level at $1.525, which has not been crossed since July 6th.

Pancakeswap, on the other hand, currently has a market cap (circulating) of $327.94M, showing a decrease of 1.10% in the last 24-hours. Meanwhile, its fully diluted market capitalization stood at $1.13 billion, showing a decline of 5.73%.

According to statistics From Token Terminal, PancakeSwaps revenue in the last 30 days is $1.41 million, representing a decrease of 31.55% from the previous period. Similarly, its annual revenue is $17.11 million, showing a decrease of 39.79%.

Furthermore, Token Terminal highlights that PancakeSwaps Total Value Locked (TVL) currently stands at $1.22 billion, representing a decline of 4.73% over the past 24 hours. On the other hand, the trading volume (annualised) of the platform stood at $48.50 billion, showing a decrease of 25.66% from the previous period.

The data also shows that PancakeSwaps P/S ratio (fully diluted) stands at 64.25x, representing growth of 38.0%. Meanwhile, its P/F ratio (fully diluted) is 21.71x, representing growth of 38.8%.

Featured Image from Unsplash, Chart from Tradingview.com

source: http://www.newsbtc.com

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PancakeSwap and Google Cloud Unite: Altcoin Price Rises - CryptoSaurus

An altcoin in the Shiba Inu(SHIB) ecosystem is skyrocketing after its lead developer presented the first truly decentralized exchange ahead of the launch of Shibarium, the projects highly anticipated upcoming layer-2 scaling solution.

In a new blog post, pseudonymous SHIB developer Shytoshi Kusama unveils Shibapendence Day, a celebration for the SHIB community to declare its freedom from centralization.

The projects decentralized exchange (DEX), ShibaSwap, is gearing up to launch its second iteration, though no specific date has been given.

The declaration of Shibapendence Day sent Bone ShibaSwap (BONE), the governance token of the DEX, surging.

The dog-themed crypto asset went from a low of $0.90 on July 1st to a peak of $1.44 on July 8th, a 60% increase.

According to Kusama, centralized entities have plundered the Earth, offering nothing in return and paving the way for a decentralized future.

For hundreds of years, humanity has been subject to the concept of centralization, a hierarchical system of authority which steals power from the majority and distributes it to the controlling entities of our world.

These centralized forces have managed to erode the fabric of the human spirit and pillage the planet, giving nothing in return to the billions of lives which depend on their benevolence

With the imminent release of ShibaSwap, we are proud to lead the charge towards the dawning of a new era by presenting the first truly decentralized exchange and declaring our Shibapendence!

This is just the first project of many to be championed by the decentralized groups which believe in the Shiba ethos and share our vision of freedom within a decentralized future.

BONE has since retraced and is trading for $1.34 at time of writing.

Featured Image: Featured Image: Shutterstock/Art Furnace

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Shiba Inu Altcoin Rips After Shytoshi Kusama Reveals Shibapendence Day Ahead of Imminent Layer-2 Launch - The Daily Hodl

On July 8th, RT Russia, a very important Russian media channel, said that the BRICS will launch a gold-backed currency in the upcoming months.

In this article, we will explore three significant consequences that can arise from the establishment of a gold-backed currency by BRICS within the crypto industry.

The first consequence of a BRICS gold-backed currency in the crypto industry is the potential for enhanced stability. And a boost in confidence among investors. Gold has long been considered a reliable store of value and a safe haven during times of economic uncertainty. By tethering a cryptocurrency to physical gold reserves, the BRICS countries aim to address one of the main concerns associated with digital currencies. Their inherent volatility.

The gold backing of the BRICS currency can instill confidence in investors. Offering them an alternative to traditional fiat currencies and unbacked cryptocurrencies. This stability is likely to attract risk-averse investors and central banks. Also, financial institutions seek a more secure investment option. The result could be increased adoption and utilization of the BRICS gold-backed currency. Leading to a more robust and stable crypto ecosystem.

The second consequence of a BRICS gold-backed currency is its potential to reshape the global currency landscape and challenge the dominance of the US dollar as the worlds reserve currency. The BRICS countries, collectively representing a significant portion of the worlds population and economic power, have long sought to reduce their reliance on the dollar-dominated financial system.

A gold-backed cryptocurrency issued by BRICS could serve as a means to diversify international reserves and provide an alternative to the US dollar. This move has geopolitical implications, as it would decrease the influence of the United States in global financial matters. Additionally, it could enhance the economic sovereignty of the BRICS nations, reducing their vulnerability to external economic pressures.

The emergence of a gold-backed BRICS cryptocurrency could also prompt other countries and regional blocs to explore similar initiatives. As confidence in the traditional fiat system wanes and cryptocurrencies gain traction, nations may be more inclined to adopt gold-backed digital currencies to protect their economies from currency crises, inflation, and geopolitical uncertainties. This shift could pave the way for a multipolar global currency system, challenging the long-standing dominance of the US dollar.

The third consequence of a BRICS gold-backed currency in the crypto industry is the potential for enhanced financial inclusion and streamlined cross-border transactions. Cryptocurrencies have the capacity to revolutionize financial services, especially in regions with limited access to traditional banking infrastructure.

By issuing a gold-backed cryptocurrency, the BRICS nations can leverage blockchain technology to provide a secure and efficient platform for cross-border transactions. This can significantly reduce transaction costs and eliminate intermediaries, making financial services more accessible and affordable for individuals and businesses across borders. Moreover, the transparency and traceability inherent in blockchain technology can help combat fraud, corruption, and money laundering, further enhancing financial security.

For emerging economies within the BRICS bloc, a gold-backed cryptocurrency can enable greater financial inclusion. By providing an alternative means of saving, investment, and exchange. It can empower individuals who are excluded from the formal banking system, enabling them to participate in the global economy. And potentially drive economic growth in their respective countries.

The BRICS gold-backed currency within the crypto industry holds significant consequences for global finance. The stability and confidence boost it provides, along with its potential to challenge the existing global currency landscape. It can reshape the financial system as we know it.

Furthermore, it offers opportunities for enhanced financial inclusion and streamlined cross-border transactions. Especially in regions with limited access to traditional banking services. As the world watches the BRICS countries embark on this groundbreaking endeavor. Its consequences are sure to reverberate throughout the crypto industry and beyond.

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3 Consequences of the BRICS Gold-Backed Currency in Crypto - Altcoin Buzz