Tether Expands in the Middle East with UAE Dirham Stablecoin

In a major move for the cryptocurrency industry in the Middle East, Tether, the world’s largest stablecoin provider, has announced plans to launch a new stablecoin pegged to the United Arab Emirates dirham (AED). This development comes as the UAE continues to position itself as a growing hub for digital assets and blockchain technology.

Tether’s new dirham-backed stablecoin aims to improve international trade and remittances in the region. The company is partnering with two UAE-based firms, Phoenix Group and Green Acorn Investments, to bring this project to life. This collaboration highlights the increasing interest in digital currencies from both global crypto players and local businesses in the UAE.

The new stablecoin will be fully backed by liquid reserves based in the UAE, ensuring its stability and value. This means that for every dirham-pegged token issued, there will be an equivalent amount of real dirhams held in reserve. This backing system is designed to provide users with confidence in the stablecoin’s value and stability.

Tether CEO Makes Comments on the Move

Paolo Ardoino, CEO of Tether, expressed enthusiasm about adding the dirham-pegged stablecoin to their lineup. He emphasized the UAE’s growing importance as a global economic center and believes the new stablecoin will be a valuable tool for users in the region.

The introduction of this dirham-backed stablecoin is expected to offer several benefits, including:

  • Lower transaction fees for international trades and money transfers
  • Protection against currency fluctuations
  • Easier access to the benefits of the UAE dirham in digital form

This move by Tether aligns with the UAE’s broader push to embrace cryptocurrencies and blockchain technology. The country has seen a significant increase in crypto adoption since 2022, driven by the establishment of the Virtual Asset Regulatory Authority (VARA) in Dubai.

FSRA Approves Framework for Fiat-Referenced Tokens

In a related development, Abu Dhabi’s financial regulator, the Financial Services Regulatory Authority (FSRA), has proposed a new framework for regulating fiat-referenced tokens (FRTs), which are similar to stablecoins. This proposal shows the UAE’s commitment to creating a safe and regulated environment for digital assets.

These regulatory efforts, combined with Tether’s new dirham stablecoin, could significantly boost the UAE’s position in the global crypto market. They may attract more blockchain businesses and investors to the region, potentially making the UAE a leading destination for crypto innovation.

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$SPONGE (SPONGE/USD) Bulls Encounter Persistent Resistance at $0.00004

The $SPONGE market remains in a state of equilibrium as bullish and bearish forces continue to vie for dominance. The $0.00004 price level has proven to be a significant barrier, with bearish pressures consistently driving the price below this critical threshold. Despite these challenges, bulls have demonstrated considerable resilience, repeatedly pushing the price back toward resistance. This ongoing tug-of-war underscores the market’s current consolidation phase and suggests the potential for a significant breakout should bullish momentum prevail.

Key Market Dynamics:

  • Resistance Levels: $0.0010, $0.0011, $0.0012
  • Support Levels: $0.000026, $0.000025, $0.000024

SPONGE (SPONGE/USD) Bulls Encounter Persistent Resistance at $0.00004

$SPONGE (SPONGE/USD) Technical Outlook

Currently trading near $0.000038, bulls are making a determined effort to overcome the $0.00004 resistance. A successful breakout at this level could mark a shift in market sentiment, potentially leading to a sustained upward trend. However, bearish activity remains strong, and failure to breach this resistance could trigger a pullback. The resistance level has adjusted slightly, moving from around $0.000039 to the current $0.000037. This shift in the crypto signal does not yet confirm a downward breakout, as bullish forces below $0.000038 remain robust, evidenced by consistent rallies from this level.

SPONGE (SPONGE/USD) Bulls Encounter Persistent Resistance at $0.00004

SPONGE/USD)1-Hour Chart Insights

The 1-hour chart shows a market in a state of indecision, with price action consistently hovering around the $0.000038 level. This flat trading behavior indicates a lack of clear direction. Despite the slight drop in resistance from $0.00004 to $0.000038, the Moving Average Convergence Divergence (MACD) indicator reveals an increase in bullish momentum. This is evident in the ascending height of the histograms, even though the actual price action remains pegged at $0.000038. This trend suggests that bulls may be quietly accumulating $SPONGE in anticipation of a breakout. The outcome of this effort will be crucial in determining whether the bulls can overcome the $0.00004 resistance and shift market dynamics in their favor.

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Polygon (MATIC/USD) Rally Gains Momentum, Surging Above $0.5

Bullish traders in the Polygon market are now buying aggressively following a significant drop in price action that pushed the market to a low of $0.40. Initially, in July, the market was ranging around the $0.50 level. However, as August began, increasing bearish pressure led to a breakdown in the consolidation trend, driving the price down to $0.40, where a demand level emerged. The price remained at this level for some time, but it is now gaining upward momentum. Bullish activity has driven the market back above $0.50.

Polygon Market Data

  • MATIC/USD Price Now: $0.52
  • MATIC/USD Market Cap: $5.2 billion
  • MATIC/USD Circulating Supply: 9.96 billion MATIC
  • MATIC/USD Total Supply: 10 billion MATIC
  • MATIC/USD CoinMarketCap Ranking: #19

Polygon (MATIC/USD) Rally Gains Momentum, Surging Above $0.5

Key Levels

  • Resistance: $0.55, $0.60, and $0.65.
  • Support: $0.45, $0.40, and $0.35.

Price Analysis for Polygon: The Indicators’ Point of View

The bullish momentum likely began when the prior aggressive bear market tested and touched the $0.35 price level. Bullish traders started buying the dip at this level, leading to the formation of higher lows. As the lows reached the $0.40 price level, the market entered a period of consolidation, which could be attributed to investors accumulating the asset in anticipation of a breakout—a breakout that has now materialized.

The market now needs to establish support at the $0.50 threshold. According to the Bollinger Bands indicator, the crypto signal is currently showing an overbought condition of the market. However, the Relative Strength Index (RSI) suggests there may still be room for more bullish momentum, though the market is approaching the 70 level, which indicates the overbought region, with the RSI currently at 65. Additionally, the Volume of Trade indicator shows that the ongoing bullish momentum might still have strength, as evidenced by the ascending histograms.

Polygon (MATIC/USD) Rally Gains Momentum, Surging Above $0.5

MATIC/USD 4-Hour Chart Outlook

As one would have anticipated, all indicators on the smaller timeframe are showing overbought Polygon market conditions. The RSI has climbed significantly into the overbought region, currently measuring at 91. In light of this, traders should expect a correction, and it may not be prudent to invest at this time. It would be wiser to wait for the price action to establish a higher low, with the $0.50 price level being the most likely support. Despite this, the Volume of Trade indicator continues to support the ongoing bullish momentum. However, the lower standard deviation remains divergent, causing the bands to expand—an indication of increasing volatility. Therefore, despite the positive signal from the Volume of Trade indicator, prices can still change rapidly.

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Bitcoin (BTC) Price Prediction: BTC/USDT Struggles to Break Through the $60,000 Barrier

Bitcoin (BTC) Price Prediction: August 21

Bitcoin’s price has consistently fallen back after each attempt to break above the $60,000 mark, suggesting that a significant number of bearish traders are putting pressure on this level.

BTC/USDT Long-term Trend: Bullish (Daily Chart)

Key Price Levels:
Resistance: $60,000, $65,000, $70,000
Support: $55,000, $50,000, $45,000

Bitcoin (BTC) Price Prediction: BTC/USDT Struggles to Break Through the $60,000 Barrier

In the current session, some long orders have helped the price remain above the middle line of the Bollinger Bands (BB) indicator. Although there has been some downward pressure, the latest price candle is still green, indicating resilience. The Stochastic Relative Strength Index (Stochastic RSI) lines are hovering around the 80 mark, moving sideways, which shows a balance between buyers and sellers.

Bitcoin (BTC) Price Prediction: BTC/USDT Might Have Found a Support Level

Bitcoin has been struggling to break past the $60,000 mark, with each attempt being met by strong resistance that pushes the price back below this level.

The price candle for the ongoing session is just above the middle line of the BB indicator, and bullish forces seem to be holding strong, as reflected by the green candle. The Stochastic RSI lines are flat at the 80 mark, and the contracting BB lines could be a sign that the bulls might be preparing for another push.

Bitcoin (BTC) Price Prediction: BTC/USDT Faces Ongoing Downward Pressure Despite Upward Focus (4-Hour Chart)

The current session is still aiming upward, but there is clear resistance affecting price movement. Even so, the latest price candle shows Bitcoin trading above the middle line of the BB indicator.

Bitcoin (BTC) Price Prediction: BTC/USDT Struggles to Break Through the $60,000 Barrier

The Stochastic RSI is trending upward but with a slight deflection, indicating some market tension. If buyers can maintain support at the middle line of the BB, it could signal stronger bullish momentum and possibly push the price toward the $62,000 level.

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$SPONGE (SPONGE/USD) Bulls Continue to Face Stiff Resistance at $0.00004

The SPONGE/USD market has been locked in a tense battle between bullish and bearish forces. The $0.00004 price level has continued to serve as a crucial dividing line, with bears consistently pushing the price back below this threshold. However, bulls have shown remarkable resilience, repeatedly rallying the price back up towards the resistance. This ongoing struggle highlights the market’s consolidation trend, and with the resilience of the bulls, it highlights the potential for a significant breakout.

Key Market Dynamics:

  • Resistance Levels: $0.0010, $0.0011, and $0.0012
  • Support Levels: $0.000026, $0.000025, and $0.000024

SPONGE (SPONGE/USD) Bulls Continue to Face Stiff Resistance at $0.00004

$SPONGE (SPONGE/USD) Technical Outlook

Trading near $0.000038, SPONGE/USD bulls are making a concerted effort to break through the $0.00004 resistance. A successful breakout could signal a shift in market sentiment and potentially lead to a sustained uptrend. However, the bears remain active, and a failure to overcome this resistance could result in a pullback. Once again, we can see that the persistent bearish activity is gradually pushing the market downward. The resistance level has shifted slightly from around $0.000039 to the current $0.000037. However, this crypto signal does not yet signify a breakout to the downside, as bullish forces below the $0.000038 level remain strong, frequently demonstrated by consistent rallies from below this level.

SPONGE (SPONGE/USD) Bulls Continue to Face Stiff Resistance at $0.00004

$SPONGE (SPONGE/USD) 1-Hour Chart Insights

From the perspective of the 1-hour chart, the market presents a flat trading action, consistently ranging around the $0.000038 price level, indicating a lack of clear direction. However, the resistance level has descended from $0.00004 to $0.000038. Despite this development, the Moving Average Convergence and Divergence (MACD) has been showing an increase in bullish momentum. This dynamic suggests that bulls might be quietly accumulating the asset in anticipation of a price breakout. Currently trading near $0.000038, $SPONGE bulls are making a concerted effort to break through the $0.00004 resistance. A successful breakout could signal a shift in market sentiment and potentially lead to a sustained uptrend. However, the bears remain active, and a failure to overcome this resistance could result in a pullback.

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Quant Price Prediction: Quant (QNT) Shows Signs of Recovery Amid Prolonged Downtrend

Quant Price Prediction: August 21, 2024

After months of sustained downward pressure, quant appears to be displaying signs of recovery as it hovers near a crucial support zone.
QNT/USD is currently priced at $63.93, reflecting a modest increase, but challenges remain as the market awaits a decisive breakout moment.

QNT/USD Long-term Trend: Bearish (Daily Chart)

Key Levels:

Resistance Level: $66.86, $67.67, and $68.49

Support Level: $63.47, $63.63, and $63.79

Quant (QNT) Shows Signs of Recovery Amid Prolonged Downtrend; Key Resistance Levels in Focus

The price of Quant has been in a downtrend for a significant period, as indicated by the consistent lower highs and lower lows on the chart.

The QNT/USD pair is currently trading below the Guppy Multiple Moving Averages (GMMA), suggesting a bearish trend, but the price is attempting a break above them.

Quant Price Prediction: Possibility for Recovery

Though the overall condition of the market remains bearish, the Stochastic Relative Strength Index (SRSI) shows that QNT/USD has crossed above the oversold level and is currently around the 70 level. This suggests that the price might be gaining some bullish momentum, though it is approaching the overbought region, which might lead to a pullback if the price fails to sustain upward momentum. Patience becomes a virtue here.

Quant Price Prediction: QNT/USD Short-term Trend: Ranging (4H Chart)

The 4-hour chart suggests QNT is currently trading below the clusters of GMMA, which are trending downward. This reflects sustained selling pressure, as the market appears to be struggling to break above the nearest resistance line. This could lead to further downside if the bulls do not regain control soon.

Quant (QNT) Shows Signs of Recovery Amid Prolonged Downtrend; Key Resistance Levels in Focus

The stochastic RSI suggests the market might face a short-term pullback as buying momentum appears to be waning; this indicates that Quant could be due for a reversal or at least a temporary dip.

The indicators in this timeframe suggest that a short-term rally is possible, but the overall bearish condition remains intact unless significant buying interest emerges to break the prevailing downtrend.

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Avalanche (AVAX/USD) Market Commences Short-Term Rally Amid Bearish Trend

Avalanche Price Prediction – August 20

AVAXUSD market commences a short-term rally amid the overall bearish trend. Following the completion of the ranging in the triangle pattern, an upward pullback is probable.
 
Negative momentum is indicated by the MACD (moving average convergence divergence) signal line being below the MACD line. Moreover, the red bars on the histogram indicate continued selling pressure. A tiny convergence of the lines, however, suggests that this negative trend may be about to wane. The negative momentum is being supported by the 9-day moving average, which is now above the price. However, the curve is flattening, which might indicate a reversal or stop in the current trend.

AVAX/USD Market Key Levels

Resistance: $27.210, $33.020, $41.780 
Support: $21.840, $15.570, $11.860

AVAX/USD – Daily Chart

The daily chart for AVAXUSD market shows that a short-term rally has commenced.
 
The price of AVAX/USD has steadily declined, forming lower highs and lower lows since mid-July. The price is approaching the apex of the triangle, revealing an imminent breakout.
 
Support is currently at the $21.840 level, with a stronger support zone at $15.570. On the upside, a strong resistance is clearly the bearish order block in the premium zone.

Avalanche (AVAX/USD) Market Commences Short-Term Rally Amid Bearish Trend

What is the projection for AVAXUSD market?

In the short term, AVAX/USD is expected to experience an upward retracement. The price might break out of the descending triangle and test the $21.840 level. If this level is breached, the price could rally toward the bearish order block before encountering significant selling pressure.
 
Nevertheless, the broader bearish trend remains intact, and if the price fails to sustain the breakout, it could resume its downtrend, potentially testing the $15.570 support level and further down to $11.860 in the coming weeks.

Avalanche (AVAX/USD) Market Commences Short-Term Rally Amid Bearish Trend

AVAX/BTC Price Analysis

Since mid-April, the AVAX/BTC pair has shown a sequence of lower highs and lower lows, indicating that it is now in a downtrend. After recovering from recent lows, the price is now stabilizing close to the 0.0003520 BTC support level.
 
The nearest resistance is located at 0.0003770 BTC, where a declining trendline is in alignment. The price may drop much further toward the next significant support at 0.0003000 BTC if the support at 0.0003520 BTC cracks.
 
Avalanche (AVAX) Current Statistics
The current price: $20.540
Market Capitalization: $8,890,000,000
Trading Volume: $199,560,000

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Lucky Block (LBLOCK/USD) Market Primes for Bullish Surge as Price Eyes Key Resistance Levels

Lucky Block Price Forecast – August 20

The LBLOCK/USD market primes for a bullish surge as price eyes key resistance levels. Following a complete retracement into the bullish order block, the rally is likely to resume.
  
The pair shows bullish potential based on key indicators. The Stochastic Oscillator is currently at 60.50, nearing overbought territory, which indicates increasing buying pressure. The Simple Moving Average (SMA) with a 9-day period is positioned below the current price level at $0.00001786, reflecting a positive momentum shift in the short term.

LBLOCK/USD Market Key Levels:

Resistance levels: $0.00002440, $0.00003290, $0.00003940
Support levels: $0.00001400, $0.00001160, $0.00000930

LBLOCK/USD – Daily Chart

The daily chart for LBLOCK/USD shows that the market is heading towards key resistance levels.
 
LBLOCK/USDT recently bounced from a strong support zone around $0.00001400 to $0.00001760, showing upward strength. The pair has been consolidating within a range, but recent bullish candlesticks suggest a breakout toward $0.00002440, a key resistance level. The price has also retraced to the 0.618 Fibonacci level of $0.00001770, further confirming the bullish momentum.

Lucky Block (LBLOCK/USD) Market Primes for Bullish Surge as Price Eyes Key Resistance Levels

What is expected of LBLOCK/USD in the coming days?

Looking ahead, the projection for LBLOCK/USDT indicates continued upward movement. If the price can hold above the bullish order block.
 
A successful breakout above this level may drive the price towards $0.00003290 or even $0.00003940 in the longer term. However, if a pullback occurs, the key support to watch is around $0.00001400.

Lucky Block (LBLOCK/USD) Market Primes for Bullish Surge as Price Eyes Key Resistance Levels

LBLOCK/USD – Four-Hour Chart

The LBLOCK/USDT pair is showing bullish momentum on the four-hour chart, as it recently bounced from support at $0.00001400 and is now trading above the 9-period SMA at $0.00001730. The Stochastic RSI is approaching overbought territory, indicating possible short-term consolidation on the four-hour chart.
 
The price action has maintained higher lows, supported by a trendline, suggesting sustained buying interest. Key resistance at $0.00002440 could be tested soon, with a potential breakout leading to $0.00003290.
 
Lucky Block (LBLOCK) Current Statistics
The current price: $0.00001970
Market Capitalization: $1,440,000
Trading Volume: $1,770

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ApeCoin (APEUSD) Exhibits Ranging Behavior

Price Analysis: APEUSD Bearish Sentiments Persist Amidst Oversold Conditions

The ApeCoin trading pair has exhibited a consistent bearish trend, with prices undergoing a period of consolidation from April to June 2024. Following this phase, the market transitioned into a downward trend, evidencing a robust bearish momentum. This price action persisted even as prices breached the critical support level of $0.670.

ApeCoin Key Levels

Demand Levels: $0.670, $0.400
Supply Levels:$0.870, $1.000

ApeCoin (APEUSD) Exhibits Ranging Behavior

Currently, the market is experiencing a minor consolidation as it searches for a new support level, which could either be at the previous trend line resistance or involve a retest of the $0.670 threshold before potentially continuing its descent. The 4-hour chart has revealed a reverse head and shoulders pattern, traditionally considered a bearish signal.

According to the daily Moving Average, the outlook remains bearish with prices positioned below this key indicator. Nevertheless, the Relative Strength Index (RSI) on the daily chart indicates that the pair is hovering in the oversold territory. While this does not alter the overall bearish bias, it suggests that any forthcoming bearish movement might be tempered and of lower momentum.

ApeCoin (APEUSD) Exhibits Ranging Behavior

Market Expectation

The anticipated low momentum may result in a period of ranging price action. It is expected that prices will continue to consolidate, with a future outlook suggesting a potential decline towards the $0.400 price level.

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