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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by Ferry Bayu | Aug 24, 2023 | Business
Philippines may still grow by 6% this year, says Remolona
MANILA -Despite a disappointing second quarter output, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. expects the domestic economy to pick up pace and attain a full-year growth rate of 6 percent, the lower end of the government’s target range for 2023.
In a chat with business editors on Tuesday night, Remolona said while 7 percent, the upper end of the target, may no longer be feasible, “we think it (growth) would hit 6 percent.”
One distinct factor that had caused the country’s second quarter gross domestic product (GDP) growth rate to soften to 4.3 percent, Remolona explained, was government underspending, which was now being addressed.
Iluminada Sicat, senior assistant governor of the Monetary Policy Sub-sector, noted that the Department of Budget and Management had committed to push various agencies to “fast-track their expenditures in accordance with the 2023 budget.”
One of the underspending government agencies is the Department of Social Welfare and Development, Sicat noted, but only because it was cleaning up its database of Pantawid Pamilyang Pilipino Program or 4Ps.
Patterned after the conditional cash transfer scheme implemented in other developing countries, the 4Ps program provides cash grants to beneficiaries provided that they comply with the set of conditions.
“Once everything has been validated and verified, then disbursement of ayuda (cash support) to relevant population will be fast-tracked,” Sicat said.
In 2022, the Philippine GDP grew by 7.6 percent, exceeding the government’s target of 6.5 to 7.5 percent. This was the fastest pace seen since 1976 and made the country one of the best-performing economies in Southeast Asia.
Asked about whether he shares the concern of some economists on the widening of the current account deficit, Remolona said the big surplus recorded in previous years had been due to underinvestment.
by Ferry Bayu | Aug 24, 2023 | Business
Shopee partners with League of Provinces to help digitize MSMEs
Shopee on Wednesday inked a partnership with the League of Provinces of the Philippines (LPP) to help digitize micro, small, and medium enterprises (MSME) in the country.
Shopee’s Head of Business Intelligence Martin Yu said their goal is to upskill Filipino sellers through free training programs on how to sell their products online and then onboarding them to the e-commerce platform.
“These are grassroots. These are people who don’t know how to do this yet. A lot of our program is designed to teach. That means having workshops, get them to list online and sell online. On top of us granting them this journey is giving their products that pathway to the customer base that is the Philippines,” said Yu.
The program will be piloted in the province of Quirino, where LPP National Chairman Dax Cua serves as governor, before being implemented in other rural areas.
“Quirino is a very rural province. There’s not yet any brick-and-mortar shopping mall in Quirino. And so when we thought of partnering with Shopee, we really envisioned to leapfrog into the future. Wala man kaming shopping mall sa Quirino, we will have the first provincial virtual shopping mall,” said Cua.
Congresswoman Mindy Cua, who represents the lone district of Quirino, was also present during the launch.
She shared that local entrepreneurs from Quirino are very excited about the prospect of having a bigger market for their processed agricultural products such as ginger tea, banana chips, ube powder, and banana flour.
“They’re very, very excited because they have a lot of products and ideas in mind that they want to produce and sell. But of course, selling it to your neighbor is not really the ideal setup. So if they have a huge customer base, it will be easier for them to sell,” she said.
The MSME digitization program was announced during the campaign kickoff of Shopee’s 9.9 sale.
Yu said they are confident that the 9.9 shopping spree will be successful despite elevated inflation.
“If anything, I think it’s natural that people would come look on the platform. You want to compare prices. Saan makahanap ng good prices and great assortment? Our kababayans, they’re very very good at finding great deals,” he said.
Shopee’s 9.9 Super Shopping Day sale starts from September 1 to 10.
by Ferry Bayu | Aug 24, 2023 | Business
IGNITING CHANGE: VELOX NETWORKS EMPOWERS HEALTHCARE CLINICS TO ADAPT WITH EASE
Singapore healthcare faced the challenge of bringing their services to where they were needed most. Velox Networks, a trailblazing Singapore-licensed telecommunications company, stepped in to help clinics quickly move and set up seamlessly.
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healthcare provider in Singapore, explains the difficulty of keeping up with
changing medical needs while dealing with high rent costs. “Our clinics
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But that’s not all. Velox Networks offers more helpful
tools. Lim shares, “Their online system has many features. One of them is
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feature is a game-changer. “Clinic staff get busy, but we can fix issues
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And the support doesn’t stop there. “Velox’s account
management and customer support are great,” Lim praises. “When we
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Velox Networks Pte Ltd is a leading telecommunications provider specializing in delivering cutting-edge solutions to enhance connectivity and communication. With a focus on customer-centricity, Velox Networks aims to simplify and enrich the way individuals and businesses connect in the digital age. For more information, visit www.myvelox.com.
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by Ferry Bayu | Aug 23, 2023 | Business
PH-SKorea eye FTA signing next month
Philippines and South Korea trade ministers have agreed to work for the signing of the bilateral free trade agreement (FTA), preferably during the 24TH ASEAN-Republic of Korea Summit next month in Indonesia.
Trade and Industry Secretary Alfredo E. Pascual relayed the new development after meeting with his South Korean counterpart Minister Dukgeum Ahn at the sidelines of the 55th AEM Meeting in Semarang, Indonesia over the weekend where both ministers discussed greater economic engagements between the two countries.
“Both Ministers welcomed the conclusion of the PH-ROK FTA negotiations and agreed to work for its signing, preferably at the sidelines of the 24th ASEAN-Republic of Korea (ASEAN-ROK) Summit in September 2023,” the DTI said in a statement.
In addition, the ministers agreed to work on a possible supply chain resilience cooperation to ensure stability and predictability of business operations, particularly in the manufacturing sector.
Both parties concluded the FTA negotiations on Oct. 26, 2021, two years after it was launch in June 2019.
The concluded Korea-Philippines FTA negotiations cover Trade in Goods, Trade Remedies, Rules of Origin, Customs Procedures and Trade Facilitation, Economic and Technical Cooperation, Competition, and Legal and Institutional Issues.
Both parties also agreed to further negotiate provisions for the Chapters on Trade in Services and Investment no later than one year after entry into force of the Korea-Philippines FTA. Philippines and Korea also committed to complete all necessary domestic procedures towards the signing of the Korea-Philippines Free Trade Agreement in early 2022.
The FTA would further liberalize trade in goods between the two countries, including gradual elimination of tariffs on Philippine bananas and canned pineapple exports and exports of Korean automobiles and autoparts.
Both parties acknowledged that the FTA will help contribute to the economic recovery efforts of the Philippines and Korea.
Once enforced, the FTA with South Korea will be an important vehicle for enhancing trade flows, and generating more investment and employment opportunities in the process. The bilateral FTA will be the third for the Philippines,
“We are glad that our trade negotiations with South Korea have come to a fruition. We also thank Minister Yeo and the Ministry of Trade, Industry and Energy (MOTIE) for their continued collaboration in facilitating a wider economic cooperation with our Philippine trade department,” Lopez said.
Both trade partners have acknowledged that the FTA can contribute to the swift recovery for the robust and resilient growth of the economies of the two countries.
At the conclusion of the trade talks, both parties called the deal mutually beneficial and paving the way for high level of liberalization on trade in goods.
Following the conclusion of negotiations, both parties were looking at signing the PH-ROK FTA during the 40TH AND 41ST ASEAN Summits and Related Summits in November last year in Phnom Penh, Cambodia.
The signing, however, did not materialize as both parties were still reviewing text and provisions of the trade deal.
Conclusion of the trade deal has been delayed for quite sometime already, largely due to market issues for goods, particularly on the exports of Philippine bananas and pineapples to South Korea. The Philippines fruits are being levied a 30-percent tariff, putting them a disadvantaged against competing exports from Vietnam which tariff rate will eventually reduce to zero.
The PH-ROK FTA Negotiations was launched in June 2019 in Seoul by former Trade and Industry Secretary Ramon Lopez and South Korea’s Minister for Trade Yoo Myung-hee.
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