- XTZ/USD looks to drop below the $3 psychological level.
- Cross-chain oracle platform Band Protocol has recently partnered with ICON, a South Korean blockchain project.
- ETC/USD daily confluence detector shows just one healthy support level.
XTZ/USD daily chart
XTZ/USD bears have taken full control of the market and negated all the bulls’ gains over the last two days. The price has gone down from $3.19 to $3.015 and is presently trending in an upward channel formation. The Elliott Oscillator has had five red sessions out of the last six.
XTZ/USD has strong resistance at $3.155 and $3.22. On the downside, healthy support lies at $.29979, $2.85 (SMA 20), $2.75 and $2.71 (SMA 50).
ETC/USD daily confluence detector
ETC/USD has dropped from $6.45 to $6.27 this Friday. The daily confluence detector shows a lack of strong resistance level. On the downside, we have one healthy support level at $6.175, which has the daily Pivot Point one-day support-three. one-week Fibonacci 38.2% retracement level and one-month Fibonacci 38.2% reatraceme level.
Band Procol and ICON team up
Cross-chain data oracle platform Band Protocol recently announced its partnership with ICON, a renowned and well-funded South Korean blockchain project. Band Protocol will be providing secure, cross-chain data to ICON users in real-time while gaining access to millions of dollars in daily transaction volume on the ICON network. This marks another critical step in taking decentralized finance (DeFi) off Ethereum, as the network struggles to keep up with the rising demand.
Through a network of decentralized validators, Band Protocol provides secure data about real-world prices and pricing activity on other chains. Currently, it includes data on Binance Chain, Cosmos and Ethereum. ICON offers the ICONex wallet, which is compatible with multiple cryptocurrencies. It also provides ICONick, a service that allows users to select a unique nickname to send and receive cryptocurrencies more efficiently.
The new partnership will unlock access to the accurate real-world pricing data needed to develop new DeFi applications like token swap protocols such as Kyber Network or Uniswap.
Min Kim, Founder of ICON Network, said:
The strategic partnership and integration with Band Protocol to the ICON Network will bring increased security and scalability to all the decentralized applications built on South Korea’s largest blockchain project. Band Protocol’s oracle will simultaneously strengthen the existing network and allow expansion to new real-world uses.
According to a Decrypt report, Band Protocol CEO Soravis Srinawakoon said that the firm’s integration with ICON will provide verified and secure data to support the growing number of DeFi and decentralized applications in South Korea and the Asia-Pacific region.
BAND/USD daily chart
BAND/USD remained in control for the second straight day as the price fell from $4.4285 to $4.18. In the process, the price has dipped below the upward trending line. The RSI indicator is still hovering around the overbought zone, but it has since taken a dip and looks to return to the neutral zone.
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