|

Cryptocurrencies Price Prediction: Ethereum Classic, Shiba Inu, Uniswap — Asian Wrap 13 May

Ethereum Classic Price Prediction: ETC gains threatened as market goes into tailspin

Ethereum Classic price shows a quick run-up after a nasty crash on Wednesday’s trading session. ETC needs to climb past the demand levels and create a higher high to signal the start of a new uptrend.

Ethereum Classic gains in jeopardy

Ethereum Classic price dropped a whopping 30%, undoing most of its gains as it created lower highs and lower lows, a classic sign of a downtrend. During this crash, ETC sliced through the immediate demand zone that extends from $86.27 to $99.50 and found a stable base as it pierced the next support area, ranging from $72.31 to $81.67.

ETC/USDT 4-hour chart

SHIB price plunges after Vitalik Buterin dumps dog-themed tokens

Vitalik Buterin, co-creator of Ethereum, recently became one of the world’s richest people with a net worth topping $21 billion. Although the recent price hike of Ethereum boosted Buterin’s total assets, only $1.3 billion resulted from his ETH holdings. The rest of his fortune was made up of dog-themed tokens that he was gifted. 

Vitalik Buterin regifts his dog coins

The Shiba Inu cryptocurrency creators announced in April that they had transferred half of all SHIB in circulation to Buterin. Under this process, the founders believe that they could legitimize the token and protect the circulation. 

Uniswap price sharply reverses while Buterin proposes UNI as an oracle token

Uniswap price has steadily climbed since the February sell-off, but the price gains have been muted relative to the performance of other altcoins, particularly since the March low. UNI is currently trading just above the mid-line of an ascending channel, offering few clues about price direction.

Uniswap benefits from a more robust stablecoin ecosystem 

On Uniswap’s governance forum, Ethereum creator Vitalik Buterin advocated that UNI should be an oracle token for successful decentralized finance (DeFi) ecosystem and fiat currencies. Oracles are used for broadcasting and sharing price data, determining liquidation prices and thwarting 51% attacks. Simply put, price oracles are essentially data feeds that connect Ethereum to off-chain, real-time information so smart contracts can utilize them.

UNI/USD daily chart

 

 

 

Author

More from FXStreet Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.