(DCR), the popular altcoin that implements on-chain governance, has been given the go-ahead to trade on the South Korean cryptocurrency exchange, Upbit. The announcement was made during the Asian session of May 4 and the addition of the altcoin to the fourth largest exchange by 24-hour volume will no doubt be beneficial for the future path of Decred’s price and adoption.
Decred is Receiving More Attention in Asia
Won Market New Listing : / KRW
— UPbit Translator (@UPbitExchange)
Upbit’s announcement had a significant effect on the DCR markets. The chart below shows DCR-BTC on the 4-hour timeframe on the Bittrex exchange, which jumped to a high of 0.0165 on May 4 following ’s announcement. The price was previously pushed to a high of 0.012 after a Hong Kong influencer promoted Decred and that ‘this cryptocurrency will set you up for life,’ in a Facebook post from April 26.
As the chart above shows, the resistance at 0.009846 has held strong with the price currently just beneath this level, near 0.0095. A 4-hour close above 0.009846 will provide a bullish signal, whereas support is found near 0.0086 and 0.0076.
Using the , we see that the recent spike hit the first Fibonacci extension level at 0.01471920. If we draw the Fibonacci extension levels for the most recent spike, we obtain a Fibonacci extension level of 0.02138035, which could serve as a good level to take profit on long positions or sell in the future.
Renko Chart Show Breakout is Near
Looking at the daily chart below, we see that the market looks to continue the upward trend. The first green Renko formed in late April and a daily close above 0.00948816 would see another green Renko form.
Notice that 0.00948816 provides a resistance level according to prior peaks in the chart, with a further green Renko indicating a bullish breakout, i.e., a daily close higher than 0.01067418. In case of a bullish breakout, the next resistance lies at 0.01767413.
A bearish long-term outlook is only justified once we observe the formation of the first red Renko candle, which would require a daily close below 0.00593010.
With more volume potentially flowing to Decred, the addition to Upbit should be positive for the price action going forward. ‘Volume precedes price’ is a well-known adage amongst traders. The blockchain project also recently the latest client on April 27, version 1.2.
The altcoin is also due to release an upgrade to offer privacy in the near future, but the details are under wraps. Moreover, as indicated by the project’s , a decentralized exchange (DEX) is in progress that will work using . Decred’s DEX will place principles over profits and ‘will be created as an open effort, which we hope will involve other cryptocurrency projects.’
A primer on Decred can be found .
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Japanese giant SBI Group is reported on April 26, 2018, to be scheduling the summer launch this year of its own cryptocurrency exchange. The exchange is apparently to be named “SBI Virtual Currencies” and will be a full-suite digital exchange.
Japan Going Where Other Asian Nations Are Forbidden
Business Insider Japan that Yoshitaka Kitao, the SBI Holdings president, confirmed the much-vaunted launch of SBI Virtual Currencies. The SBI venture will be the first wholly banked-owned virtual currency exchange in Japan.
As a signal of crypto-enthusiasm in Southeast Asia, Japan as a forward-thinking nation that also enjoys a very dynamic financial services sector. Yoshitaka confirmed the persistent local anticipation when he called a press conference on April 26, 2018. According to him, the company was aiming at a summer launch between June and September in Japan.
From the beginning, the SBI exchange plans to cater for , , , and several other viable cryptocurrencies. The upbeat Yoshitaka was optimistic that SBI could rapidly position itself as the number one exchange within the emerging Japanese ecosystem. He quite categorically stated SBI’s intentions behind the launch: to “be number one” in the competitive local markets.
SBI Group first announced its desires for a cryptocurrency exchange as far back as October 2016. The following month of November 2016, the company SBI Virtual Currencies Co., Ltd. In Tokyo. The project was funded to the tune of some $2.85 million in seed capital.
The executive banker was roughly translated as saying that when SBI finally launches, “it will be number one in the blink of an eye, so quickly.” He also spoke to issues of UX and the need for almost automatic scalability, saying “Even if a tremendous number of customers come, we will have a system that can bear [rapid uptake by users]. We [also] have to pursue safety [and security protocols] thoroughly.”
Finally, SBI Has its Ducks in a Row
After SBI Group initially published its plans to launch its cryptocurrency exchange in 2016, the bank fulfilled registration requirements for digital exchange operators in Japan with the Financial Services Agency (), the Japanese cryptocurrency-financial regulator. Then followed a number of delays, however, partly as a result of business issues and partly due to the novel and demanding requirements of a cryptocurrency exchange.
Earlier in 2018, February saw another postponement on the back of SBI’s concerns that security on the exchange was not where it should be in order to ensure a trouble-free launch. The bank decided that it had to strengthen security measures to ensure the safeguarding of clients’ accounts. Only days before that postponement, the Tokyo exchange had been denuded of $530 million in NEM tokens, quite possibly alarming SBI and returning them to the drawing board on issues of watertight security.
Japan was also the unfortunate host to the exchange collapse. SBI then announced its purchase of a 40 percent shareholding in the Taiwanese cryptocurrency hardware manufacturer CoolBitX in March 2018. makes a cold wallet that can “transact” or interface with other smart mobile devices using Bluetooth.
SBI has been an avid participant in the cryptosphere, also previously investing in , currently the country’s largest cryptocurrency exchange, with the greatest capital reserves. Indeed, SBI had led the initial funding round that raised some $27 million. SBI Holdings has also co-launched another cross-border payment system with the San Francisco-based Ripple, called . The project is a blockchain offer that eases cross-border transactions not only between ASEAN nations but also globally.
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