Tezos has been working hard to establish itself in the DeFi market. And, particularly in the NFT market.

Recently, in line with the same goal, the crypto chains Israel arm introduced a unique approach to minting and authenticating NFT collections by sending them from an origin wallet.

But, unfortunately, even these developments have had no impact on the token whatsoever. In fact, XTZ, at press time, was struggling to rise above a 2-month-long resistance.

Trading at $1.83, XTZs recovery has been slow but consistent. Usually, investors expect non-volatile price movements from the token without much resistance.

But in the case of XTZ, the resistance has kept the rally from advancing beyond the $2 mark for about two weeks now.

Although it was inching closer to breaching the resistance, the 4.85% drop over the last few days has resulted in the altcoin losing the opportunity once again.

And, the chances of it being successful over the next few days seem rather bleak.

Right after the red candle formed 48 hours ago, the MACD which was in a consistent bullish state for almost three weeks, executed a bearish crossover.

The signal line (red) crossing above the indicator line (blue) also resulted in the appearance of red bars on the price indicator.

This, basically, means that unless broader market bullish cues make an appearance, XTZ will stick to this trend.

Bullish cues are yet to be noted in the market- most of the altcoins are closing in red over the last three days.

This has resulted in a loss of $30 billion from the market.

Besides, XTZ also has the support of the 50-day Simple Moving Average (SMA) (blue line) and the 100-day SMA (red line) which it gained after closing above the 10-month long downtrend line.

Tezos is also capable of luring new investors onto the chain with these developments.

Not to forget, the risk-adjusted returns on the asset (Sharpe Ratio) are excellent at the moment.

But the lack of volatility will be an issue going forward.

Usually, high volatility is not good for a cryptocurrency but in order to trigger a rally, some volatility is needed.

Otherwise, XTZ will be denied to move beyond $2.

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Are you going long on Tezos [XTZ] in August? Read this first - AMBCrypto News

Altcoin enthusiasts have experienced a lot of suffering in 2022. Not only has the BTC price fallen drastically over the past 10 months, but the valuation of most altcoins against Bitcoin has also collapsed sharply.

Everyone is asking the question: When is the altcoin season 2022? In todays analysis, BeInCrypto addresses this issue by looking at the chart of altcoin market capitalization, altcoin season indicators, and the valuation of ETH against BTC. As a result, it appears that perhaps the worst period for altcoins is over, and the market stands on the verge of a massive altcoin season in 2022.

If we look at the chart of the altcoin market capitalization (TOTAL2), we see that it has been generating only green candles for the past 6 weeks. This probably means that we are currently in the first wave of an upward impulse, which began with a bottom at $427.5 billion on June 18, 2022. So far, altcoin market capitalization has increased by almost 60%, reaching a peak of $693 billion.

However, prior to that, altcoins, like the BTC market, experienced a sharp decline from the all-time high (ATH) of $1.7 trillion on November 10, 2021. Since then, the altcoin index has fallen along a descending resistance line (blue) and has been repeatedly rejected by it (red circles).

Then, in March, TOTAL2 broke out of this line (green arrow), suggesting that the altcoin season 2022 had begun. The rise did not last long, however, as just three weeks later the index reached a local peak at $1.27 trillion and began an accelerated decline.

It led to reaching the aforementioned June low. This time the blue resistance line turned into support (R/S flip) and had already been validated twice. However, before that, there was a significant breakdown from the long-term support line, which had been in place since February 2021 (orange line and arrow).

Currently, the line is expected to act as resistance and is currently located at around $1.05 trillion. In addition, it is near the 0.5 Fib retracement level, measured for the entire drop from the ATH.

Cryptocurrency market analyst @StockmoneyL tweeted a 5-day chart of TOTAL2. He compares the fractals of the current altcoin market and the 2018-2021 period with each other. The analyst points out the analogous structure, which in the coming weeks could lead to large increases and a booming altcoin season in 2022. Interestingly, if the fractal were to repeat again, the nearest resistance would be around $1 trillion.

The analysis of the altcoin market capitalization chart and the similarities with the previous cycle are not the only reasons behind the continuation of altcoin price increases. According to data from BlockchainCenter, the altcoin season 2022 has just begun.

Their daily updated altcoin season chart indicates that the index entered altcoin dominance territory in early August. As we read on their website:

If 75% of the Top 50 coins performed better than Bitcoin over the last season (90 days) it is Altcoin Season.

On August 10, the altcoin season index they created recorded a near-maximum value of 98. These levels have not been seen since the April-June 2021 period. Thus, if the index remains above the value of 75 for the next few weeks, we may experience a strong altcoin season 2022 in the near future.

In addition, the site posts an overview of the TOP 50 cryptocurrencies for the last 90 days and compares them with the change in Bitcoins price. It turns out that BTC lost -20.2% in the ongoing season, while most altcoins recorded increases or lost less.

Among the leaders are CEL (342%), ETC (109%), UNI (71%) and LINK (20%). Also, some of the largest projects were ahead of Bitcoin, even though they experienced declines, such as ADA (-3.1%), ETH (-5.5%) and XRP (-12.6%).

Another indicator of a potential altcoin season in 2022 is the performance of Ethereum (ETH), which is the largest altcoin, against BTC. The technical analysis of Ethereum against the USD indicates that there has been a dynamic rise in the ETH price in recent weeks. In addition, it is possible that the RSI has made a breakout from the long-term resistance line and may continue to rise all the way to the $2100 level.

If we now look at the relation to BTC, the weekly chart provides an even more bullish perspective. ETH/BTC has been rising since the bottom at 0.05 BTC, which previously served as resistance. Validation of this area was a bullish signal that initiated the ongoing rise.

Currently, ETH is at 0.081 BTC, rising 66% from the aforementioned low. Moreover, this weeks large green candle led to a breakout above the resistance area at 0.075 BTC (red line), which had previously repeatedly rejected the price (blue arrows).

Technical indicators confirm the initiation of a bullish trend. The RSI has broken out both above the falling resistance line (blue) and the 50 level. Meanwhile, the MACD has recently made a bullish cross and is generating increasingly higher bars of upward momentum. All these developments are strong signals for continued upward momentum.

Cryptocurrency analyst @el_crypto_prof has drawn a monthly chart of ETH/BTC, in which he suggests that we are on the verge of a huge increase in Ethereums valuation against Bitcoin. He pointed out parallels in the fractals of historical upward waves, stating that todays price action corresponds to the period of early 2017 (orange ellipses).

According to his prediction, ETH could see a 379% rise from the bottom in the coming months and reach 0.25 BTC. If this is indeed to be the case, Ethereums rise would be a powerful catalyst for altcoin season 2022.

For Be[In]Cryptos latest Bitcoin (BTC) analysis, click here.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Altcoin Season 2022: Is This the Beginning of Big Gains for Alts? - BeInCrypto

Flecoin and other altcoins were in the red on Tuesday as the dog days of summer continuted. - Photo: Shutterstock

Altcoin prices were in the red Tuesday as cryptocurrency investors appeared to take a mid-week holiday.

But there was only one notable, and predictable, crypto loss as the sector continued to endure the dog days of summer. Meanwhile, crypto exchange operator Coinbase (COIN) also saw its stock price take a hit after the companys earnings report missed analyst expectations.

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The beleaguered Celsius Network coin (CEL) was the hardest hit, falling 21% during typical North American trading hours. (All price figures based on CoinMarketCap data.)

But CELs decline was not a huge surprise. The coin has faced extreme volatility at times since its value imploded in wake of the Celsius Networks financial collapse and subsequent move into bankruptcy protection.

The financial troubles of Celsius, Voyager and Three Arrows, also known as 3AC, contributed largely to a cryptocurrency price meltdown in June and July. Voyager and Three Arrows have also filed for bankruptcy.

All three companies were hammered by the collapses of related coins LUNA and TerraUSD.

Coinbases stock closed down approximately 10.6% on the NASDAQ Global Select Market. But the loss receded in after-hours trading.

Coinbase reported Tuesday that the number of monthly transacting users (MTUs), a key metric, declined XX% quarter-over-quarter to nine million from 9.2 million.

MTUs are expected to decline further over the rest of the year, average seven million to nine billion for 2022.

Coinbases decline came a day after Ark Investment Management CEO Cathie Wood, a closely watched investor, revealed that the company had sold roughly 1.3million worth of the exchanges operators shares valued at $75m on 26 July.

Wood told Bloomberg TV that Ark made the move due to regulatory uncertainty in the crypto sector. The sell-off came after the US Securities and Exchange Commission (SEC) deemed some tokens traded on Coinbase to be securities.

SEC chief Gary Gensler has taken a hard stance against cryptocurrencies, making it clear that he regards them as securities. The regulator and Ripple, backer of the XRP coin, are locked in a bitter court case that could determine how digital assets are governed.

Bitcoin (BTC) stayed in the red all day Tuesday, shedding about 3.5%. But the worlds most valuable crypto asset remained above $23,000.

On Monday, Michael Novogratz, the billionaire founder of Galaxy Digital, told Bloomberg TV that he expects bitcoin to stay within its recent price range.

Will Bitcoin get through $30,000 on this move up? We will see Im doubtful, he said. I think were going to probably be in this range now. I quite frankly would be happy if were in a $20,000, $22,000 or $30,000 range for a while.

Novogratz noted that the crypto market has not received significant inflows of institutional investment capital. Were not seeing huge institutional flows, to be fair, but were not seeing anyone back away.

Ether (ETH), the main coin of the Ethereum blockchain, fared slightly worse than bitcoin, falling 4%

Relative unknown filecoin (FIL) dropped 10% and Stellar (XLM) was down 9% after gaining by that amount on Monday. But such declines are typical of virtually any given day.

On the whole, the crypto market was down about 3%, according to crypto investment and trading firm Structure. The crypto sector outperformed stocks, which were down about 4%.

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Crypto market wrap: Altcoin prices in the red as market dips - Capital.com

An Ethereum (ETH) competitor thats working to accelerate Web 3.0 adoption is soaring after top US crypto exchange Coinbase put it on the path to joining its trading roster.

The Coinbase listing roadmap is made up of crypto projects currently under consideration to be included among the exchanges growing list of supported assets.

In a new announcement, Coinbase says it has updated the roadmap with the addition of decentralized application (DApp) platform Near Protocol (NEAR).

Near Protocols proof-of-stake (PoS) blockchain aims not only to resolve industry-wide scaling issues but is also designed to be user-friendly for both developers and non-tech savvy.

Native governance token NEAR can be used for online storage, paying transaction fees as well as earning staking rewards by validating network transactions.

According to the project website,

Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences.

Business, creativity, and community are being reimagined for a more sustainable and inclusive future.

We envision a world where people control their money, their data, and the tools to build new ideas.

The project says its been carbon-neutral since February of 2021, while also boasting low transaction fees and the ability to communicate across different blockchains.

Near Protocol has been surging up the charts lately, up 71.2% over the past month and 29.2% since last Wednesday.

NEAR is up over 13% on the day and trading for $5.92.

Coinbases listing roadmap was originally created to increase transparency by providing as much information symmetry as possible and to communicate with the market before deciding to list an asset.

Featured Image: Shutterstock/Everyonephoto Studio/Andy Chipus

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Ethereum (ETH) Competitor Soars As Coinbase Adds Red-Hot Altcoin to Listing Roadmap - The Daily Hodl