DAILY CRYPTOCURRENCY NEWS

DeFi is Growing Fast

According to DeFi Pulse, the decentralized finance sector is growing rapidly. While the total amount locked in DeFi was $ 852 million in January, this figure has now reached $ 11 billion.

Final Test Network for ETH 2.0 Released
ETH 2.0 developer Danny Ryan stated that the final testnet was released before the update was launched and it's called Spadina, will be tested for risky actions such as depositing money and creating the genesis block. The developer said that if everything goes smoothly, it will move to the ETH 2.0 mainnet by the end of the year.

Acquisition Statement From Ripple CEO
Ripple CEO stated that they have turned the COVID-19 outbreak into an opportunity for Ripple and will evaluate the funds they have recently raised with acquisitions and expansion projects.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 352787.31 TRY

Crypto markets move parallel with traditional financial markets and it presents a complicated outlook. However, the president of USA House of Representatives Nancy Pelosi announced a new stimulus package from democrats regarding the pandemic and it’s estimated to be 2,2 trillion dollars. The new incentives also excited investors. According to Glassnode, the interest in the Bitcoin network is increasing as the number of active addresses rose 9,90% and the number of new addresses rose 17,38%. 

Considering BTC/USD technically, it couldn’t break the resistance at 10,800 levels and the failed breakout turned out as triangle congestion on the chart. Usually, the breakouts from a congestion zone end up with higher volatility. That’s why the failed attempt on 10,800 levels causing investors to trade in a tight zone between 10,600-10,800 levels and to increase the trading frequency in a strained area. Therefore we continue to our horizontal movement strategy where the uptrend is still ongoing. 
 

RESISTANCES 10,780/ 10,835/ 10,980/ 11,140
SUPPORTS 10,600/ 10,550/ 10,400/ 10,210

BITCOIN [BTC] 352787.31 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24341.55 TRY

Etherum seems more horizontal than BTC this morning. In fact, there’s been a positive separation compared to the last week. In addition to the expectations of the Ethereum 2.0 update that will be launched until the end of the year, the final test net called Spadina released. Furthermore, according to DeFi Pulse, the amount locked in DeFi reached 11 billion dollars whereas it was recorded as 9,7 billion dollars on 21th of September. DeFi sector draws attention with its rapid growth since the amount locked in DeFi was just 852 million dollars in January. 

We keep our horizontal strategy at 348-363 areas as we thought ETH was at the bottom with 313 USD levels. The technical Outlook for Ethereum is positive as the uptrend is continuing. 
 

RESISTANCES 357/ 364/ 371/ 378
SUPPORTS 350/ 344/ 336/ 332

ETHEREUM [ETH] 24341.55 TRY +7.00 +0.03 VOL 21 ETH

RIPPLE [XRP] 8.23 TRY

Ripple CEO’s statement about the funds will be used for acquisitions and for the development of the firm made XRP investors glad. It seemed like positive news for XRP but this positivity couldn’t reflect on prices since pressure from the bears is still continuing and it restrained XRP prices. 

The technical outlook for XRP is showing that it’s moving in a horizontal direction. As the 4- hour chart indicates there’s a downward trend which started at the end of august and XRP seems to get away from this trendline with a sell-side pressure and it’s movement squeezed in the horizontal zone. Fort he last 5 days the positive news is coming but they didn’t reflect the XRP prices yet. However, Ripple started the day with a 0,65% loss and it’s traded at 0,2410 USD. 
 

RESISTANCES 0,2485/ 0,2530/ 0,2610/ 0,2650
SUPPORTS 0,2380/ 0,2310/ 0,2240/ 0,2200

RIPPLE [XRP] 8.23 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 969.15 TRY

Hodled or lost coins at Litecoin network was at 3 years high yesterday, today it’s been improved and a new 3 year high was observed. The increasing number of Hodlers is positive news for Litecoin but the pressure from bears restrained LTC prices.

The 4-hour chart shows that LTC is continuing its movement across the triangle congestion and along with that it’s also moving inside a horizontal channel. The pressure from bears and positive news together made LTC stabilize and LTC started to move horizontally. On the other hand, the breakout of triangle congestion and the horizontal channel will be critical for Litecoin in order to determine a new trend. In the meantime, LTC started the day with a 0,97% gain and it’s traded at 45,90 USD. 
 

RESISTANCES 46,70/ 49,25/ 51,10/ 53,90
SUPPORTS 45,30/ 44,00/ 42,90/ 41,75

LITECOIN [LTC] 969.15 TRY +7.00 +0.03 VOL 21 LTC

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We support the Turkish sports and our sportspeople via our sponsorships agreements with 1907 Fenerbahçe Wheelchair Basketball Team, Cem Bölükbaşı, Erden Eruç, and Turkish Automobile Sports Federation! In this very rewarding and helpful journey of ours, we will continue to enrich and strengthen the Turkish sports thanks to the new steps we take in reaching brand new sponsorship agreements.