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Avalanche 'bull trap' risks pushing AVAX price down by 30% in February
Avalanche (AVAX) bulls should brace themselves for impact led by a growing divergence between severalkey indicators on the daily-timeframe chart.
AVAX price chart paints bearish divergence
The daily AVAX chart shows a classic bearish divergence between its price and relative strength index (RSI), a momentum oscillator forming since Jan. 11.
In other words, the price of AVAX has been making higher highs since the said date. But, on the other hand, the coin's daily RSI has been forming lower highs. This divergence suggest a slowdown in the momentum of the AVAX/USD pair, which may lead to a price reversal.
AVAX/USD daily price chart. Source: TradingViewIn addition, the declining volumes during the course of AVAX's ongoing uptrend also hints at the same bearish cues.
The price-RSI and price-volume divergences appear as AVAX price continues its 2023 uptrend . Notably, Avalanche has rallied by more than 100% year-to-date to $22.50 as of Feb. 2, helped by improving risk-on sentiments and news of its partnership with Amazon.
Avalanche ‘bull trap’ risks pushing AVAX price down by 30% in February
Avalanche (AVAX) bulls should brace themselves for impact led by a growing divergence between several key indicators on the daily-timeframe chart.
AVAX price chart paints bearish divergence
The daily AVAX chart shows a classic bearish divergence between its price and relative strength index (RSI), a momentum oscillator forming since Jan. 11.
In other words, the price of AVAX has been making higher highs since the said date. But, on the other hand, the coin’s daily RSI has been forming lower highs. This divergence suggests a slowdown in the momentum of the AVAX/USD pair, which may lead to a price reversal.
AVAX/USD daily price chart. Source: TradingViewIn addition, the declining volumes during the course of AVAX’s ongoing uptrend also hint at the same bearish cues.
The price-RSI and price-volume divergences appear as AVAX price continues its 2023 uptrend. Notably, Avalanche has rallied by more than 100% year-to-date to $22.50 as of Feb. 2, helped by improving risk-on sentiments and news of its partnership with Amazon.
Senate Banking Committee’s priorities for new Congress include crypto: Report
Senator Tim Scott, who became the committee ranking member following the departure of Pat Toomey, reportedly plans to make a crypto regulatory framework a priority in 2023.
Is the Metaverse really turning out like ‘Snow Crash’?
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and […]
Is the Metaverse really turning out like ‘Snow Crash’?
‘Snow Crash’ by Neal Stephenson
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and inequality and run by corporations and gangsters and insane bureaucracy.
In many ways, the book is horribly prescient. (It’s also horribly written in places, more like an info dump than a novel.) The Metaverse was a place where people had digital avatars, where they hung out with friends, went shopping and attended concerts. It was full of ads, the infrastructure was owned by a billionaire, and a virus was wreaking havoc on society. It all sounds familiar.
It wasn’t COVID-19 of course. The Snow Crash virus caused the infected to lose the ability to think for themselves, and they start speaking in tongues.
“Obviously, at the time, we didn’t have social media,” Stephenson told The Washington Post, but added, “I was writing about just a long-standing human trait, which is this tendency for the mind to get hijacked by ideas.”
The metaverse can’t enslave you, yet, but the addictive nature of social media suggests it’s possible you might get hooked on a better virtual world, where your hotter-looking avatar interacts with people from all over the planet and has adventures that are not possible in reality.
Is the Metaverse really turning out like ‘Snow Crash’?
‘Snow Crash’ by Neal Stephenson
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and inequality and run by corporations and gangsters and insane bureaucracy.
In many ways, the book is horribly prescient. (It’s also horribly written in places, more like an info dump than a novel.) The Metaverse was a place where people had digital avatars, where they hung out with friends, went shopping and attended concerts. It was full of ads, the infrastructure was owned by a billionaire, and a virus was wreaking havoc on society. It all sounds familiar.
It wasn’t COVID-19 of course. The Snow Crash virus caused the infected to lose the ability to think for themselves, and they start speaking in tongues.
“Obviously, at the time, we didn’t have social media,” Stephenson told The Washington Post, but added, “I was writing about just a long-standing human trait, which is this tendency for the mind to get hijacked by ideas.”
The metaverse can’t enslave you, yet, but the addictive nature of social media suggests it’s possible you might get hooked on a better virtual world, where your hotter-looking avatar interacts with people from all over the planet and has adventures that are not possible in reality.
Is the Metaverse really turning out like ‘Snow Crash’?
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and […]
Community mocks Charlie Munger for his obsession with China’s Bitcoin ban
The online community has expressed bewilderment over how China’s crypto ban aligns with the United States’ proclaimed principles of freedom.
Is the Metaverse really turning out like ‘Snow Crash’?
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and […]
Is the Metaverse really turning out like ‘Snow Crash’?
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and […]
Community mocks Charlie Munger for his obsession with China’s Bitcoin ban
The online community has expressed bewilderment over how China’s crypto ban aligns with the United States’ proclaimed principles of freedom.
Is the Metaverse really turning out like ‘Snow Crash’?
‘Snow Crash’ by Neal Stephenson
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and inequality and run by corporations and gangsters and insane bureaucracy.
In many ways, the book is horribly prescient. (It’s also horribly written in places, more like an info dump than a novel.) The Metaverse was a place where people had digital avatars, where they hung out with friends, went shopping and attended concerts. It was full of ads, the infrastructure was owned by a billionaire, and a virus was wreaking havoc on society. It all sounds familiar.
It wasn’t COVID-19 of course. The Snow Crash virus caused the infected to lose the ability to think for themselves, and they start speaking in tongues.
“Obviously, at the time, we didn’t have social media,” Stephenson told The Washington Post, but added, “I was writing about just a long-standing human trait, which is this tendency for the mind to get hijacked by ideas.”
The metaverse can’t enslave you, yet, but the addictive nature of social media suggests it’s possible you might get hooked on a better virtual world, where your hotter-looking avatar interacts with people from all over the planet and has adventures that are not possible in reality.
What is crypto tax-loss harvesting, and how does it work?
Crypto tax-loss harvesting is a strategy used by investors to offset capital gains in their crypto investments by selling losing positions at a loss.
What crypto hodlers should keep in mind as tax season approaches
Filing crypto taxes can be complex, especially for those exploring the decentralized finance world. Here’s what to keep in mind.
What crypto hodlers should keep in mind as tax season approaches
Filing crypto taxes can be complex, especially for those exploring the decentralized finance world. Here’s what to keep in mind.
Top 7 blockchain courses and certifications for beginners
Blockchain courses and certifications help individuals understand the underlying principles and applications of blockchain technology.
Tether CTO Paolo Ardoino on taking the bull by the horn
Stablecoins may have suffered an identity crisis in 2022, but Tether CTO Paolo Ardoino is bullish about the utility the sector provides.
Tether CTO Paolo Ardoino on taking the bull by the horn
Stablecoins have been under much scrutiny after the implosion of the third-largest stablecoin by market cap, TerraUSD (UST), in May 2022. The UST saga led to a lot of skepticism that caused consumers to question the safety of stablecoins.
In the seventh episode of Hashing It Out, Cointelegraph's Elisha Owusu Akyaw (GhCryptoGuy) interviewed Paolo Ardoino, Tether's chief technology officer, about how stablecoins work alongside a discussion on frequently asked questions about stable tokens.
Fear, uncertainty and doubt (FUD) rocked the boats of stablecoin issuers after the third most popular stablecoin, TerraUSD, depegged in 2022. Tether was one of such issuers at the receiving end of the FUD. Paolo Ardoino claimed that some of the FUD was being spread privately and publicly by competitors. Nevertheless, the Tether CTO said that the FUD only served to improve trust between consumers and the company.
"I like the FUD so much because we can respond to it with facts."
One such fact was the ability of the company to withstand the pressure that came as a result of panic in the market. Ardoino points out that Tether was able to process $7 billion in redemptions in 48 hours, which was 10% of the company's reserves. According to him, it is an achievement that will be recorded in the history books of global finance.
Indian retail chain rolls out support for CBDC payments in stores: Report
Reliance Retail has implemented support for the digital rupee in its gourmet store line Freshpik.