by Ferry Bayu | Aug 1, 2024 | Business
Venom Foundation, developer of the Venom Blockchain, together with global company Miquido, will work on digitization efforts championed by the government. Experts estimate that digitalizing the economy could lead to an annual GDP growth of one to two percent, which means billions of dollars in additional revenue that could boost the economy, help improve the quality of life of Filipinos, and develop infrastructure.
The National Printing Office (NPO), which is working on its own digitalization roadmap, is expected to benefit from the digitization efforts, as in the country, at least 6.5 billion receipts are being printed annually. Most of the receipts are issued in accordance with the requirements of the Bureau of Internal Revenue, which regulates the issuance of official receipts and commercial invoices through the Electronic Invoicing System that has been introduced to reduce VAT fraud and improve tax collection and administration.
President Ferdinand “Bongbong” Marcos Jr. has pressed for full digitalization under his administration to provide better services for Filipinos and eradicate corruption. According to President Marcos, digitizing government records and services would help support its science-based planning and decision making, as well as improve business transactions.
The NPO, headed by Director Renato Acosta, is moving towards digitizing accountable forms. Approximately more than 10 billion accountable forms are printed annually.
Looking into and using the Venom Blockchain and the Miquido technology stack, the NPO can transition to the issuance of electronic forms to not only reduce printing and processing costs but also increase transparency and security of financial transactions. Venom Blockchain proved it is superior to other blockchain platforms like Hyperledger, Ethereum, and R3 Corda.
Implementing blockchain technologies specifically in government processes helps to increase transparency, reduce corruption, and improve data management. This will not only strengthen the economy but also increase the people’s trust in government institutions.
Transitioning to electronic receipts based on Venom Blockchain technology will not only reduce printing and processing costs but will also increase the transparency and security of financial transactions.
Venom Blockchain technology is known for its security, scalability, and efficiency. Venom focuses on distributed ledgers, CBDCs (central bank-backed digital currencies), and asset tokenization. Several countries have already chosen the Venom Blockchain for the digitalization of their economies, including the creation of digital currencies, data management, and the development of private blockchains for government and corporate needs.
Venom Foundation aims to bring transparency and innovation to the industry as a leading global blockchain company. It endeavors to provide infrastructure to governments and web3 projects while empowering emerging economies in the Middle East and North Africa with its unique technology.
On the other hand, Miquido’s rich technology stack enables a smooth and reliable digital transformation by providing comprehensive services that embed technology into business. Its expertise in Android, iOS, cross-platform, front-end, back-end, and even artificial intelligence development suits the requirements of governments and the private sector.
Miquido is a Google-certified software development company based in Europe. It is a one-stop software development company that aims to solve business challenges with cutting-edge technology and data-driven research. Among its notable clients include BNP Paribas, a top-tier European and international banking establishment, and Skyscanner, a global leader in travel services.
by Ferry Bayu | Aug 24, 2023 | Business
Price analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce?
When the markets are trending, traders should be active if they want to earn money. On the other hand, in a ranging market, it is better to wait on the sidelines with patience, or else traders may lose money due to choppy random moves in either direction.
Bitcoin’s
BTC $26,496
sideways price action since the sharp fall on Aug. 17 shows that the bulls and the bears are unsure about the next directional move. Therefore, it is better to wait for the breakout to happen before waging large bets.
In the short term, institutional traders also seem to be taking a cautious approach. A CoinShares report showed an outflow of $55 million from digital asset investment products for the week of Sept. 13.
What are the important support and resistance levels that need to be crossed for a trending move to start in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The long tail on Bitcoin’s Aug. 22 candlestick is a positive sign, as it shows that the bulls are fiercely trying to protect the support at $24,800.
However, the bulls will remain under pressure until they clear the overheard hurdle at $26,833 and then the 20-day exponential moving average (EMA) at $27,777. If both these resistances are overcome, it will indicate that the BTC/USDT pair may extend its stay inside the $24,800 to $31,000 range for a while longer.
Although the downsloping 20-day EMA indicates an advantage to bears, the oversold levels on the relative strength index (RSI) point to a possible recovery in the near term.
The bears will have to sink and sustain the price below $24,800 to further strengthen their hold. That could open the doors for a potential drop to $20,000.
Ether price analysis
Ether
ETH $1,674
once again dipped below the strong support at $1,626, but the long tail on the candlestick shows solid buying at lower levels.
The onus is on the bulls to drive the price above the overhead resistance of $1,700. If they do that, the ETH/USDT pair could reach the 20-day EMA ($1,756). This remains the key level to watch out for in the near term.
If the price turns down from this level, the bears will again try to yank the pair below the $1,626 to $1,550 support zone. If they succeed, the index could start a downward move toward $1,368.
Contrarily, a break above the 20-day EMA will enhance the prospects of the pair remaining inside the $2,000 to $1,626 range for a few more days.
BNB price analysis
BNB
BNB $220
bounced off the psychological support at $200 on Aug. 17, indicating that the bulls are trying to arrest the decline at this level.
The recovery could reach the 20-day EMA ($227), which is again likely to act as a formidable hurdle. If the price turns down sharply from the 20-day EMA, the bears will make another attempt to sink the BNB/USDT pair below $200. If they manage to do that, the pair could slide to $183.
Instead, if the price rises above the 20-day EMA, it will suggest that the bears are losing their grip. The pair may then rise to the resistance line, which is an important level for the bears to defend.
XRP price analysis
XRP
XRP $0.53
turned down from the overhead resistance at $0.56, but a minor positive is that the bulls have not allowed the price to skid below $0.50.
The XRP/USDT pair may consolidate between $0.50 and $0.56 for some time. The downsloping 20-day EMA ($0.58) and the RSI near the oversold territory indicate an advantage to bears.
If the price breaks below $0.50, the pair could start its descent toward the next major support at $0.41. That could indicate arange-bound action between $0.41 and $0.50.
Alternatively, if buyers thrust the price above the 20-day EMA, it will suggest that bulls are on a comeback. The pair may then rise to the 50-day simple moving average (SMA) of $0.63.
Cardano price analysis
The long tail on Cardano’s
ADA $0.268
Aug. 22 candlestick shows strong demand at lower levels. The price is currently stuck inside the range between $0.24 and $0.28.
If the price plummets below $0.24, the ADA/USDT pair could start the next leg of the downtrend. The pair could first slump to $0.22 and thereafter to the psychological support at $0.20. The downsloping 20-day EMA ($0.28) and the RSI in the negative territory indicate that bears have a slight edge.
This negative view could be invalidated in the near term if buyers propel the price above $0.28. If they do that, the pair may start a relief rally to the 50-day SMA ($0.29) and thereafter to $0.32.
Solana price analysis
Solana
SOL $22
plunged below the immediate support at $20 on Aug. 22, but the bulls purchased the dip, indicating demand at lower levels.
Buyers will have to push the price above the 20-day EMA ($22.64) if they want to salvage the situation. Above this level, the SOL/USDT pair is likely to pick up momentum and attempt a rally to $26. The 50-day SMA ($23.60) could act as a barrier, but it is likely to be crossed.
Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will signal that the bears have not given up. That will increase the likelihood of a break below $19.35. If that happens, the pair may drop to $18 and eventually to $16.
Dogecoin price analysis
Dogecoin
DOGE $0.06
rebounded off the support at $0.06 on Aug. 21 and 22, indicating that the bulls are buying the dips to this level.
The bulls are attempting to start a relief rally that could reach the 20-day EMA ($0.07). Sellers are likely to protect this level with vigor. If the price turns down from the overhead resistance, it will suggest that the DOGE/USDT pair may remain stuck between the 20-day EMA and $0.06 for some time.
Buyers will have to kick the price above the moving averages to start a rally to the next major resistance above $0.08. On the downside, a break and close below $0.06 could signal the start of a downward move to $0.05.
Related: Here’s what the latest Bitcoin price correction reveals
Polkadot price analysis
The bears tried to tug Polkadot
DOT $4.49
below the vital support at $4.22, but the bulls held their ground as seen from the long tail on the Aug. 22 candlestick.
The 20-day EMA ($4.73) is turning down and the RSI is in the negative zone, indicating that bears hold the edge. If buyers want to signal a comeback, they will have to propel the price above the overhead zone between $4.56 and the 20-day EMA.
Meanwhile, the bears are likely to have other plans. They will try to sell on minor rallies and pull the price below $4.22. If they succeed, the DOT/USDT pair could start the next leg of the downtrend. The next support is at $4.
Polygon price analysis
Polygon
MATIC $0.5577
snapped back from $0.53 on Aug. 22, indicating that the bulls are trying to keep the price above the crucial support at $0.51.
MATIC/USDT daily chart. Source:TradingView
The bulls have their task cut out because they are likely to face strong selling at $0.60. If the price turns down from this resistance, it will suggest that bears are active at higher levels. That may keep the MATIC/USDT pair stuck inside the $0.51 to $0.60 range for a few days.
A break and close below $0.50 will signal the resumption of the downtrend. The pair could then tumble to $0.45 and later to $0.42. On the contrary, a rally above $0.60 could set up a rally to $0.65 and then to $0.69.
Shiba Inu price analysis
Shiba Inu
SHIB $0.000008
fell below the 50-day SMA ($0.0000084) on Aug. 20, but the bulls did not allow the price to retest the important support at $0.0000072.
SHIB/USDT daily chart. Source:TradingView
The solid bounce on Aug. 22 shows strong buying at lower levels. The bulls will next attempt a rally above the moving averages. If they can pull it off, the SHIB/USDT pair may pick up momentum and soar toward $0.000011.
Conversely, if the price turns down from the moving averages, it will suggest that the bears remain in control. The pair could then collapse to the strong support at $0.0000072 and subsequently to $0.0000064.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Venom Foundation, developer of the Venom Blockchain, together with global company Miquido, will work on digitization efforts championed by the government. Experts estimate that digitalizing the economy could lead to an annual GDP growth of one to two percent, which means billions of dollars in additional revenue that could boost the economy, help improve the quality of life of Filipinos, and develop infrastructure.
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