Aragon develops versatile and robust solutions that empower individuals to initiate and oversee Decentralized Autonomous Organizations (DAOs). In 2016, Aragon constructed the inaugural DAO framework, which has subsequently been the driving force behind the establishment of more than 5,000 DAOs.
ANT token is ranked #128 with a market capitalization of nearly $205 million. The current market price of the token is $5.15 USDT.
The ANT/USDT chart has just broken out of its resistance levels after testing it for a couple of days on the daily time frame. The RSI indicates a very strong momentum which could continue into the coming days. An immediate support is expected at 5.74 USDT and next resistance is expected at 4.8 USDT.
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The sentiment towards the cryptocurrency market continues to remain in GREED. Compared to last week, the Fear & Greed Index has changed from “61” to “56”.
SOPR
Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.
aSOPR for this week stands at 1 which means the coins were sold at their purchase price
Is This The End of the Bear Market?
CVDD-TERMINAL PRICE CHART INDICATOR
CVDD – tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data. The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy.
Currently the Bitcoin CVDD stands at $17,247 which acts as the long term support levels, Bitcoin Price bounced back from here as expected
MVRV Z-Score
The MVRV Z-score has historically been very effective in identifying periods where market value is moving unusually high above realized value. These periods are highlighted by the z-score (red line) entering the pink box and indicating the top of market cycles. It has been able to pick the market high of each cycle within two weeks.
It also shows when market value is far below realized value, highlighted by z-score entering the green box. Buying Bitcoin during these periods has historically produced outsized returns.
Historically bottom formation was seen when Z-Score entered the green zone.
Overall Market Performance
Dow Jones
The Dow Jones Industrial Average corrected by -0.25% in the last week. The next resistance is expected at 34,500 and immediate support is expected at 33,000 levels.
Gold
Gold Futures showed sharp correction of -2.74% as doji candles were formed on a weekly timeframe. Gold is expected to to bounce back, The next resistance is expected at $2,000 and immediate support is expected at $1,875
BTC/DXY
BTC/DXY has reached resistance and is expected to slow down. Bitcoin price support is expected at $21,350 and resistance is expected at $24,300
ETH/BTC
ETH/BTC is trading within the range. An immediate support is expected at 0.066 and the next resistance is expected at $0.077 levels.
Pick of the Week – $RNDR
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The sentiment towards the cryptocurrency market turns NEUTRAL. Compared to last week, the Fear & Greed Index has changed from “45” to “50”.
SOPR
Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.
aSOPR for this week stands at 1 which means the coins were sold at their purchase price
Is This The End of the Bear Market?
CVDD-TERMINAL PRICE CHART INDICATOR
TERMINAL PRICE – This is an on-chain indicator. That means it uses data from the Bitcoin blockchain to identify actual user behavior and activity.Before Terminal price is calculated, it is first necessary to calculate Transferred Price. Transferred price takes the sum of Coin Days Destroyed and divides it by the existing supply of bitcoin and the time it has been in circulation. The value of Transferred Price is then multiplied by 21.This Terminal Price has historically been very effective at forecasting the tops of Bitcoin price cycles. Currently the TERMINAL PRICE stands at $112,535
CVDD – tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data. The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy.
Currently the Bitcoin CVDD stands at $17,210 which acts as the long term support levels, Bitcoin Price bounced back from here as expected
RESERVE RISK
Reserve Risk is a bitcoin chart that allows us to visualize the confidence amongst long term bitcoin holders relative to the price of Bitcoin at a given moment in time.
When confidence is high and price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.
Historically bottom formation was seen when reserve risk entered the green zone.
Overall Market Performance
Dow Jones
The Dow Jones Industrial Average corrected by 2.74% in the last week. The next resistance is expected at 35,400 and immediate support is expected at 32,650 levels.
Gold
Gold Futures broke out of Inverted head and shoulder pattern, upside movement is expected. The next resistance is expected at $2,000 and immediate support is expected at $1,880
Bitcoin
Bitcoin has broken out of the downtrend, upside movement is expected. The next resistance is expected at $30,000 and support at $18,600
ETHEREUM
ETH has reached the 1 year downtrend resistance. An immediate support is expected at $1150 and the next resistance is expected at $1680 levels.
Pick of the Week – $THETA
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Fetch.AI is an artificial intelligence (AI) lab that specializes in building a decentralized network composed of various autonomous agents which can represent themselves, other individuals, or devices and services. Fetch.ai democratizes access to AI technology by providing a permissionless network through which anyone can connect and access secure datasets by utilizing autonomous AI to execute tasks that leverage its global data network.
How is it Unique?
Fetch.ai(FET) is unique in several ways:-
FET was created to locate, construct, deploy, and train digital twins and is an important component of the platform’s smart contracts and oracles.
The Fetch.ai technology stack has four distinct elements, which are:
The Digital Twin Framework — provides modular components that help teams build marketplaces, skills, and intelligence for digital twins to connect with.
The Open Economic Framework — provides search and discovery functions to digital twins.
The Digital Twin Metropolis — a collection of smart contracts that run on a WebAssembly (WASM) virtual machine to maintain an immutable record of agreements between digital twins.
The Fetch.ai Blockchain — combines multi-party cryptography and game theory in order to provide secure, censorship-resistant consensus as well as rapid chain-syncing to support digital twin applications.
Tokenomics:
The native token of the Fetch.ai is the FET token, which will be used in order to fund some of the network functions and to encourage good behavior of the Agents. The total supply of FET is just over 1.15 Billion and the circulating supply is almost 819 Million.
The FET token is the Fetch network’s medium of exchange, letting AEAs to deal with one another by trading FET tokens for services, data, or other items. This enables for smooth machine-to-machine transfers.
Competition Analysis:-
There are several decentralized machine learning networks that could be considered competitors to Fetch.ai. Some examples include:
Fluence – A decentralized platform designed to enable the freedom of digital innovation via peer-to-peer applications
Helium – The People’s Network represents a paradigm shift for decentralized wireless infrastructure.
Poly AI: Develops a machine learning platform for conversational artificial intelligence.
Team and Community:
The three co-founders and their four additional division leaders lead the Fetch.AI team. As CEO of Fetch.ai, Humayun Sheikh has a long experience with artificial intelligence, having been an early investment in the AI business DeepMind, which was eventually bought by Google. His previous ventures include the artificial intelligence business itzMe and the drone company uVue.
Many members of the team were formerly employed by Deep Mind, which is widely regarded as one of the most innovative Machine Learning and AI research firms in the world. The founders, developers, and consultants of this Cambridge-based startup, formed in 2017, all have excellent credentials.
They have over 13,000 followers on Telegram and nearly 113K on Twitter, but this project enjoys a lot of attention since it is being launched on Binance, and the Binance user base is in a sense the community.
Conclusion:-
FetchAI is an excellent choice for a startup looking to get into the competitive field of AI and Machine Learning. Many members of the team were formerly employed at Deep Mind, an AI business that created cutting-edge technologies in the field of neural networks. Furthermore, the firm was able to attract some extremely excellent advisers with extensive knowledge in the relevant fields: economics, AI, and so on.
The project has gotten more open and transparent, which is a positive thing. Detractors have previously claimed that the initiative was a hoax due to the lack of information made public. That has changed in recent months, and the increased openness has made Fetch a considerably more promising concept.
Pros:-
– The team appears to have the abilities, expertise, and industry experience to build decentralized solutions that can solve various real-world challenges in a range of sectors ranging from supply chain to energy, among others.
Cons:-
– Development is projected to be a lengthy and costly process.
– From an investor’s perspective, the token utility as described is not as compelling; there aren’t enough reasons given in the white paper to have a native token and show potential for the token to rise in value.
Get deeper insights into the crypto market’s weekly trends discussed on ourSpotify podcast.
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The sentiment towards the cryptocurrency market continues to remain in the Fear zone. Compared to last week’s, the Fear & Greed Index has changed from “25” to “45”.
SOPR
Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.
aSOPR for this week stands at 1 which means the coins were sold at their purchase price
Is This The End of the Bear Market?
CVDD-TERMINAL PRICE CHART INDICATOR
TERMINAL PRICE – This is an on-chain indicator. That means it uses data from the Bitcoin blockchain to identify actual user behavior and activity.Before Terminal price is calculated, it is first necessary to calculate Transferred Price. Transferred price takes the sum of Coin Days Destroyed and divides it by the existing supply of bitcoin and the time it has been in circulation. The value of Transferred Price is then multiplied by 21.This Terminal Price has historically been very effective at forecasting the tops of Bitcoin price cycles. Currently the TERMINAL PRICE stands at $112,422
CVDD – tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data.
The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy. Currently the Bitcoin CVDD stands at $17,191 which is the long term support levels, Bitcoin Price bounced back from here as expected
REALIZED PRICE
Realized price is defined as the average cost of acquisition based on every coin moved on-chain. In all the previous bear markets we see that the price trades below the realized price which indicates on average the coins held during this period have higher cost of acquisition than the current market price. Realized prices act as psychological support areas during bear markets.
How Is Realized Price Useful For Bitcoin Investors?
It is a useful metric because it can show when the market is under a period of distress. That is when the current Market Price drops below Realized Price, meaning that on aggregate Bitcoin holders are holding onto paper losses.
Historically, these periods have occurred at major cycle lows. This can be seen on the free Bitcoin live chart above.
The reason why this phenomenon happens is that many participants are not comfortable holding onto a losing position, fearing that their losses may increase. Particularly in a bear market when news and media about Bitcoin are very negative. They end up selling to value investors at the market cycle lows before $BTC Market Price eventually moves back up above Realized Price as it enters a bull market phase. This has historically held true as Bitcoin has continued to move through its adoption cycle.
The current price of Bitcoin is trading above the realized price of Bitcoin of 19,750 USD. The market price of Bitcoin trading above realized price is an indication of upward movement in the price
MVRV Z-SCORE
The MVRV Z-score has historically been very effective in identifying periods where market value is moving unusually high above realized value. These periods are highlighted by the z-score (red line) entering the pink box and indicating the top of market cycles. It has been able to pick the market high of each cycle within two weeks.
It also shows when market value is far below realized value, highlighted by z-score entering the green box. Buying Bitcoin during these periods has historically produced outsized returns.
Overall Market Performance
Dow Jones
The Dow Jones Industrial Average gained 1.91% in the last week. The next resistance is expected at 35,400 and immediate support is expected at 32,650 levels.
Gold
Gold Futures broke out of Inverted head and shoulder pattern, upside movement is expected. The next resistance is expected at $2,000 and immediate support is expected at $1,880
Bitcoin
Bitcoin has broken out of the descending triangle pattern, upside movement is expected. The next resistance is expected at $21,500 and support at $18,000
ETHEREUM
ETH broke out of a 3 month consolidation, upside movement is expected. An immediate support is expected at 1350 and the next resistance is expected at 1700 levels.
Pick of the Week – $MATIC
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