What is a Cryptocurrency Oracle (Cryptocurrency Warning)

08/16/2023 05:40 • Tech Ticker • 100 views

What is a cryptocurrency oracle? What is a cryptocurrency oracle? It ensures the authenticity of on-chain data, thereby achieving the reliability of prices.

In the world of blockchain, there are many ways to provide external information (such as Google, Amazon, and Facebook), which usually come from a specific data source or a centralized institution. As smart contracts are trustless, there are some problems when certain operations need to be performed because the logic in the code is not transparent and cannot be updated in a timely manner. Therefore, for media outlets that want to obtain market information, this method is very effective. The essence of a cryptocurrency oracle is to ensure that the price of an asset can reflect its existence or changes to a certain extent through a technical means. In other words, anyone can input certain information into their own wallet and send it to themselves using this address. However, if we use this method, we can know who first obtained the token and what impact the token will have on you.

Cryptocurrency Warning

Today is the weekend, and there is a new wave of market trends in the cryptocurrency realm. BTC fell below the 10,000 point support level on Friday night and started to decline; ETH also experienced a similar decline. However, looking at the daily chart, this upward trend has continued for 3 consecutive days without a correction and there are clear signs of a top, indicating that market risk preferences are returning to normal levels. Looking at the 4-hour chart, the market is overall oversold, but it will still maintain a range-bound consolidation trend in the short term. Currently, the resistance zone is between 9,300 and 9,800. Once it falls again to around 9,500, it may trigger the next round of rebound. If Bitcoin breaks through the $10,000 mark, it will continue to rise, reaching a resistance level of around 10,700. If the price can effectively stay above 9,600, it is likely to continue the bullish trend!

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What is a Cryptocurrency Oracle (Cryptocurrency Warning)

Cryptocurrency Warning

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