Crypto VIP Signal

19 Jun 2024 10:45

As expected, CKB has dropped to the support area and bounced from there. If you have opened a long position at the support area, you should increase your stop loss to breakeven and hold. We may see a bounce from here towards the resistance area.

Crypto VIP Signal

18 Jun 2024 16:16

Educational Post

What Is Chain Abstraction?

Chain abstraction is NEAR’s idea of simplifying how users interact with blockchain technology by separating it from the user experience (UX). The goal is that users should not be aware of the specific blockchain they are interacting with or even realize that they are using a blockchain.

How Does Chain Abstraction Work?

Efficiency

Imagine if you could only send messages from an iPhone to another iPhone but not to Android phones. That would be inefficient and impractical. Similarly, users should be able to interact with decentralized applications (DApps) across different blockchains without unnecessary hurdles.

The goal of chain abstraction is to remove or hide the complexities of blockchain technology, allowing users to focus on the functionality and benefits of the DApps they use. For instance, if Sarah wants to use a new DApp called XYZ, she should not have to worry about which blockchain it is built on. From a user perspective, she just wants it to work well and fulfill its purpose.

Similarly, millions of people use the internet every day, but only a smaller percentage understand the technology behind it and how it works. As long as it works as intended and adds value to users, there is no reason for the average user to fully grasp its technical details.

Transactions

Imagine using a DApp that allows you to easily transact across multiple networks and navigate different services. For instance, imagine that Sarah opens the XYZ app on her phone, orders a coffee, and sees a discount for her favorite clothing store. She buys a pair of shoes, earning rewards that are stored as non-fungible tokens (NFTs) on Ethereum. Later, she notices a special offer tied to her reward and buys tickets to an event, which are also NFTs, but on BNB Smart Chain (BSC).

All these transactions could happen in a single app, removing the need for Sarah to manage multiple wallets, switch networks, or directly handle transaction fees. This level of cross-chain interaction is the ultimate goal of chain abstraction.

Crypto VIP Signal

18 Jun 2024 08:03

Bitcoin has once again dropped to the support area and is currently holding this level. The testing of the support area is positive, and we may anticipate some sideways movement around the support area. This could potentially represent the final dip before the next significant movement.

Crypto VIP Signal

17 Jun 2024 11:48

JUP tested the support area and is now bouncing from there. If you have opened long positions, increase your stop loss below the support area. We may see a move towards the resistance area in the coming days.

Resistance Area: $1.14-$1.23

Crypto VIP Signal

16 Jun 2024 20:36

AGIX analysis:

Price is currently testing the major support area. There might be accumulation at the support area before the next move, so consider opening a long position with a tight stop loss.

Support Area: $0.60-$0.65

Resistance Area: $0.756-$0.80

Crypto VIP Signal

16 Jun 2024 14:52

The number of transactions processed by the Bitcoin network is nearing new all-time highs. The current monthly average transaction count is 617,000 per day, which is 31% above the yearly average, indicating a strong demand for Bitcoin blockspace.

Crypto VIP Signal

15 Jun 2024 17:19

Educational Post

What Is Cold Storage?

Cold storage is when you keep your digital assets offline to make sure they are safe from hackers. In fact, what you keep offline are the private keys, not the assets. Private keys are cryptographic keys that grant access to your cryptocurrency holdings. Unlike hot wallets, which are connected to the internet and susceptible to online vulnerabilities, cold storage methods keep your private keys offline at all times.

How Does Cold Storage Work?

There are different ways to isolate your private keys from online exposure, including hardware wallets, paper wallets, and air-gapped systems.

Hardware wallets

Hardware wallets are physical devices designed to securely store private keys. These devices often resemble USB drives and offer an additional layer of protection through encryption and PIN authentication. By generating and storing keys offline, hardware wallets ensure that access to funds remains restricted from online threats.

Paper wallets

Paper wallets involve printing or writing down private keys on paper. These physical copies can be stored in a secure location, such as a safe or vault. Paper wallets are considered cold storage since the keys are entirely offline, reducing the risk of cyber attacks.

Paper wallets were popular in the early days of Bitcoin but are now discouraged due to risks. Paper is fragile and can be easily damaged. There are also concerns related to using a potentially infected computer or printer.

Another risk is the misconception that funds can be sent multiple times from the same address. When sending funds from a paper wallet, you must send the entire balance to avoid losses.

Crypto VIP Signal

14 Jun 2024 07:32

Nothing has changed in the market, and Bitcoin is once again moving sideways. We still expect a test of the $64,500-$65,000 support area before the next move. Have some spare USDT to buy the dip.

Crypto VIP Signal

13 Jun 2024 17:15

Bitcoin miner balances have been steadily declining since late 2023, hitting multi-year lows as sell-offs increased after the April 2024 halving.

According to Glassnode data, balances dropped from 1.84 million BTC in early 2023 to 1.8 million $BTC by May 2024. This trend highlights miners' need to cover operational expenses following reduced block rewards.

Crypto VIP Signal

12 Jun 2024 20:46

NEAR analysis:

Price has rebounded from the support area, indicating a potential upward movement. Consider opening a long position near the support area with a tight stop loss.

Support Area: $5.80-$6.15

Resistance Area: $8.00-$8.50

Crypto VIP Signal

11 Jun 2024 06:52

Bitcoin was unable to break above the $70,000 level and was strongly rejected from there. The price is now dropping, and if BTC is unable to hold the $67,000 support area, we may see a decline towards the $64,500-$65,500 support area. Keep an eye on the market.

Crypto VIP Signal

10 Jun 2024 08:06

Bitcoin continues the sideways movement and nothing has changed yet. A break above $70,000 is bullish and let's see if the price can break above it. We see some action today when the US market opens.

Crypto VIP Signal

08 Jun 2024 20:21

GALA analysis:

Price is currently trading in a narrow range and approaching the support area. Consider opening a long position at the support zone. Expect some sideways movement before the next significant move.

Support area: $0.0337-$0.0364

Resistance Area: $0.050-$0.0525

Crypto VIP Signal

08 Jun 2024 07:02

Bitcoin encountered strong resistance and faced a price drop due to the US Dollar Index's significant strength yesterday. Gold and Silver also experienced substantial declines. Currently, BTC is holding steady at the $69,000 level. We need to monitor if the price maintains its position above this level. A break below $69,000 would be considered bearish and could push the price towards the $64,000-$65,000 range.

Crypto VIP Signal

07 Jun 2024 15:02

Educational Post

What Is a Sybil Attack?

A Sybil attack is a type of cyber attack where a malicious entity creates and controls multiple fake identities or nodes on a peer-to-peer network to gain a disproportionate influence over the network. Typically, the attacker creates numerous pseudonymous identities that appear to be distinct entities, aiming to outnumber and overpower the legitimate nodes.

How Sybil Attacks Work

In a Sybil attack, the attacker creates a large number of fake accounts, nodes, or identities on a network. These fake identities are then used to manipulate the network's operations, voting outcomes, or consensus mechanisms by overwhelming the legitimate nodes.

The attacker often exploits the open and pseudonymous nature of peer-to-peer networks, where identities are cheap to create and difficult to validate. By controlling a majority of nodes, the attacker can potentially censor transactions, reverse transactions (double-spending), or disrupt the network's operations.

Crypto VIP Signal

19 Jun 2024 08:06

Bitcoin has just dropped below a crucial support level, triggering the liquidation of over-leveraged positions. However, the price is rebounding from this support area. Bitcoin's stability relies on it maintaining this support level. If it falls below $64,500, it could decline towards the $59,000-$60,000 range.

Crypto VIP Signal

18 Jun 2024 12:21

The altcoin market cap (TOTAL2) has broken below the support trendline, and we may see a test of the major support area before the next move. You can continue accumulating your favourite altcoins during this dip. We may also see some sideways movement before the next significant move.

Crypto VIP Signal

17 Jun 2024 15:39

CKB is unable to break above the resistance area, and the price is now heading towards the support area. This is a no-trade zone, and waiting for a test of the support area for new entries is better.

Crypto VIP Signal

17 Jun 2024 08:48

Bitcoin is moving sideways as expected. Some action may occur when global markets open. The first resistance is $67,000; a break above this will open the gates to the $69,000-$70,000 level.

Crypto VIP Signal

16 Jun 2024 16:28

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Crypto VIP Signal

16 Jun 2024 13:36

MATIC broke the triangle in a downward direction, and the price dropped significantly after the breakdown. This is why we advised against opening new positions. Consider accumulating some MATIC if the price drops to the support area.

Support Area: $0.55-$0.58

Crypto VIP Signal

15 Jun 2024 13:56

The rally in Bitcoin is just getting started, and it's looking incredibly promising! According to Glassnode's BTC charts, the current phase (in black) of development since the last halving shows slow upward rally.

Historically, we could be entering the euphoria phase in the next few months.

Crypto VIP Signal

13 Jun 2024 21:26

NEO analysis:

The price has broken below a major support area and is currently trading below it. We might see a retest of this area. If the price cannot break above this level, then we could expect a continuation of the downtrend towards the lower support area. It's advisable to wait for some time before considering new entries.

Support Area: $9.80-$10.40

Resistance Area: $13.80-$14.65

Crypto VIP Signal

13 Jun 2024 15:13

GALA currently trades at the support area, presenting an opportunity to accumulate with a tight stop loss. There might be some accumulation before the next move.

Support Area: $0.0337-$0.0364

Resistance Area: $0.050-$0.0525

Crypto VIP Signal

11 Jun 2024 15:16

There is no liquidity left on the downside, and the majority of long positions have been liquidated. A large cluster of short position liquidations is around $68,800, indicating a bounce is expected soon.

Crypto VIP Signal

10 Jun 2024 20:44

SKL analysis:

Price has now reached a major resistance area. A bounce may occur, so consider opening a small long position with a tight stop loss.

Support Area: $0.063-$0.0662

Resistance Area: $0.0718-$0.0732

Crypto VIP Signal

09 Jun 2024 08:01

Bitcoin is currently trading sideways after a decline. The good news is that the price is holding above the support area. We expect to see more sideways movement over the weekend and some action on Monday when the global markets open.

Crypto VIP Signal

08 Jun 2024 15:39

Educational Post

What Are Recursive Inscriptions?

Recursive inscription involves embedding information within itself, creating a loop of reference or self-reference. It’s a concept present in various fields, from mathematics to computer science and even literature. While the term can be found in different domains, its emergence in the cryptocurrency space, particularly in Bitcoin, has sparked interest and debate.

How Recursive Inscription Works?

Recursive inscription refers to a process where data or information is retrieved from existing inscriptions to generate new ones. This process involves a chain of references, where each inscription builds upon its predecessors, creating a recursive loop of data retrieval and utilization.

Recursive Inscriptions in Crypto

In the context of cryptocurrency, recursive inscriptions enable developers to circumvent certain limitations and explore new possibilities within the blockchain space.

In Bitcoin, recursive inscriptions were inspired by ordinal inscriptions, introducing the concept of data retrieval from existing inscriptions. This mechanism enables developers to create new inscriptions using data from previous ones, effectively bypassing constraints such as block size limits.

Recursive inscriptions utilize a series of calls or references to extract and integrate data from existing inscriptions into new ones. This process can support complex software, including smart contracts and decentralized applications (DApps), directly on the Bitcoin blockchain.

Challenges

Despite its potential benefits, recursive inscriptions may present some challenges. Introducing large volumes of data through recursive inscriptions could potentially strain the Bitcoin network's scalability. The influx of data may lead to increased network congestion and higher transaction fees. It’s also important to ensure the security of data and transactions within recursive inscriptions, as any vulnerability could lead to potential exploits or attacks.

Crypto VIP Signal

07 Jun 2024 20:36

MTL analysis:

The price broke the rising wedge pattern in a downward direction and continued its downward movement. The price dropped significantly today due to the overall market decline, but it is now holding the support area. You can consider opening a small long position here with a tight stop loss, as we may see a bounce from this level.

Support Area: $1.28-$1.35

Crypto VIP Signal

07 Jun 2024 14:08

TON is experiencing a strong upward rally and the price has broken through the downtrend resistance line. The price currently trades above the resistance line, which is a positive sign. We expect the upward movement to continue, leading to a new all-time high. It's recommended to refrain from opening new long positions; instead, hold onto existing positions with a trailing stop loss.