Monat: März 2022

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Ethereum (ETH) is breaking to $4000 – Here is why you should buy now

It feels like an eternity ago when Ethereum (ETH) bottomed close to $2000. But things have started to look up, and ETH has rebounded sharply. The coin is now well above $3000, and it is looking poised to keep up this momentum in the near term. Here is what to keep in mind:

  • ETH has smashed past several key resistance zones in the past week.

  • The coin is likely to test the $4000 in the near term.

  • ETH has rallied by nearly 40% over the last two weeks alone.

Data Source: Tradingview 

Ethereum (ETH) – How soon will it get to $4000?

Hitting $4000 is very likely for ETH. In fact, it’s not a question of if but when. The coin has been bullish over the last 2 weeks. Although we have seen some of that momentum slow, ETH is consolidating well above several crucial price points. 

For example, the coin has smashed past its 50-day simple moving average of $2848 by nearly $500. ETH has also gone on to shutter the 100-day SMA of $3045 by another $300. The next challenge for ETH bulls will be to test the 200-day SMA of $3489. 

At press time, the coin was trading at $3391. It is therefore not far away and we expect ETH to rise above the 200 SMA in the coming days. When this happens, a bullish breakout that takes the coin well above $4000 will be inevitable.

Why should you buy Ethereum (ETH) now?

It’s just a matter of time before the ETH rally starts. In fact, it could hit in a matter of days. Whether you are a short-term trader or long-term investor, the ride towards $4000 gives you the chance to make nearly 25% in returns. It’s unlikely we will see any bearish sentiment right now. Unless something drastic happens, we expect ETH to surge in the near term.

The post Ethereum (ETH) is breaking to $4000 – Here is why you should buy now appeared first on Coin Journal.

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Dogelon Mars (ELON) is expected to maintain a bullish trend – Here’s what to know

Over the past week, Dogelon Mars (ELON) has been one of the main meme coin performers. The toke is up nearly 40% in a week or so and has shown significant bullish momentum. But how long can it sustain gains before a major sell-off? More analysis in the post but here are some important facts first.

  • Dogelon Mars has outperformed the entire market by almost 15% in the past week.

  • The coin has closed higher in the last four days in a row

  • In the last two days alone, ELON has surged by over 25%.

Data Source: Tradingview 

Dogelon Mars (ELON) – Can bulls maintain the uptrend?

Despite this recent surge, it seems like the price action has been bouncing off two crucial support and resistance zones. In fact, ELON has tried to surge past the overhead resistance zone of $0.0000012, but bulls have not managed to get enough demand. The coin is however getting closer and closer and could break through in the coming days. 

If this happens, then we should have a sustained upward breakout that could deliver minimal gains of about 30%. Also, the sentiment in the crypto market is showing good signs. This means that investor appetite towards meme coins, which are largely speculative assets, is returning. For this reason, it is likely that in the near term, ELON will report more and more gains.

Is Dogelon Mars a good buy now?

The key for short-term traders is to watch the $0.0000012 price. If the meme coin can rise above this, then it is likely that more gains will come. We are looking at an upswing of around 30% before any pullback. 

So, with that in mind, Dogelon is a good buy. But from a long-term point of view, it would be best to wait until sentiment in the crypto market has fully stabilised before jumping in.

The post Dogelon Mars (ELON) is expected to maintain a bullish trend – Here’s what to know appeared first on Coin Journal.

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Why has Compound (COMP) price jumped by more than 10% today?

Compound (COMP) price has surged 10% today at a time when the majority of cryptocurrencies are bullish with the likes of Bitcoin reaching three months high.

At the time of writing, Compound was trading at $143.91 up 10.19% after a slight pullback from a daily high of $148.10.

But why is the coin price skyrocketing? This article focuses on the factors behind the current Compound rally.

What is Compound (COMP)?

In a nutshell, Compound (COMP), is the native token of Compound, a DeFi lending protocol where users can get crypto loans or earn interest by offering their crypto assets to the platform for it to lend them out to others.

Why is Compound price rising?

The two main factors being attributed to the current surge in the price of Compound coin are the recent protocol upgrade announcement and the community’s response to the announcement.

  • Announcement on protocol upgrade

After realizing that its reward distribution program has a negative effect on the COMP price, the platform has come up with a protocol upgrade that will help in the growth of the protocol instead of selling off the rewards without necessarily benefitting the existing token holders and users.

The new program kicked off by reducing the existing rewards by half and it will also probably end COMP farming though depending on how the community votes.

  • Community to embrace the new proposal

The community seems to embrace the new proposal with a majority saying that the 50% cut-off will reduce the rampant inflations that have been experienced in the network before.

There was actually a rush by investors to purchase more tokens since the majority believe that the upgrade will lead to a price hike.

The post Why has Compound (COMP) price jumped by more than 10% today? appeared first on Coin Journal.

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SHIB v ApeCoin: Which is a better buy today?

With hype a key price driver during alt-season, ApeCoin could be better.

  • Shiba Inu is a meme coin that took the markets by storm in 2021 after it rallied by millions of percentages.

  • ApeCoin is the new kid on the block in terms of hype, driven by its connection to the bored Ape NFT community.

  • Now that alt-season is starting, ApeCoin makes for a better buy for investors looking to capitalize on the hype. 

Shiba Inu SHIB/USD is a meme coin that came to prominence in 2021. It went on to record gains of over 48,000,000%. Shiba Inu was largely driven by the hype around meme coins that Elon Musk triggered in 2020. Shiba Inu continues to be one of the meme coins that hold a lot of potential going into the future.

That’s because there are lots of investors who are still betting heavily on meme coins. This is driven by expectations of a repeat of the gains of 2021 at some point in the future. Besides, the Shiba Inu team is working hard to improve SHIB’s core metrics. For instance, the team is in the process of building a Metaverse platform. With the massive potential that the Metaverse holds, this is a factor that could see SHIB perform well in the future. 

On its part, ApeCoin APE/USD is the new kid on the block and is attracting all the hype. ApeCoin rallied by over 2000% since launch and continues to draw high volumes relative to most cryptocurrencies in the market. This has a lot to do with its connection to the Bored Ape community, which at the moment, is the most popular NFT community in the market. 

So, which one is a better buy?

Both Shiba Inu and ApeCoin are good investments. However, now that alt-season seems to be kicking off, it is best to move with the flow to maximize gains. Using this approach, ApeCoin is a much better buy than Shiba Inu at the moment. The odds are in its favor since it is currently drawing a lot of hype. 

Summary

Shiba Inu and ApeCoin are both fantastic long-term investments. However, for an investor looking to make the most out of their investment short term, ApeCoin has more potential. There is a lot of hype around it, and it’s now where Shiba Inu was back in January 2021.

The post SHIB v ApeCoin: Which is a better buy today? appeared first on Coin Journal.

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Why Ethereum has the edge over Binance Coin as alt-season starts

While both are strong cryptos, the hype around Eth 2.0 gives ETH an edge

  • Binance Coin powers Binance and has a lot of uses, making it valuable crypto. 

  • Ethereum is the number one smart contracts platform in the market and is not going away soon.

  • Ethereum has a lot of hype due to the transition to Ethereum 2.0.

Binance coin BNB/USD is the cryptocurrency that powers the entire Binance ecosystem. Anyone who uses Binance exchange or any of the other Binance services such as the Binance Smart Chain must have used Binance Coin at one point or the other.

Considering that Binance is highly innovative and is always coming up with new products that require BNB, there is no doubt that the value of BNB will go up over time. However, the coin burn is the most significant factor that guarantees BNB value growth over time. Binance has been burning BNB since it was launched, and this has played well into its value over the years. As the coin burn continues, it will play positively into BNB’s value. 

On its part, Ethereum ETH/USD is the most robust smart contracts platform in the market today. Thanks to its dominance in smart contracts, Ethereum has recorded massive growth as investors adopt it for everything from NFTs to DeFi. In the last two years, Ethereum has also been working towards a move away from Proof-of-Work to Proof-of-Stake. The goal is to deal with the scalability issues that Ethereum has struggled with for years and become more energy-efficient. 

Why Ethereum has an edge short-term

While Ethereum and Binance Coin are great investments long-term, Ethereum has a significant edge over BNB now that bulls are returning to the market. Ethereum has an edge because it is almost done with the much-awaited transition to Eth 2.0. Besides the hype around the change, Eth 2.0 has several intrinsic advantages for Ethereum. 

Through Eth 2.0, Ethereum will be more scalable, incentivizing usage. On top of that, it makes Ethereum deflationary, which is good for its long-term value appreciation. It’s a matter of demand and supply – simple economics.

Summary

Binance Coin and Ethereum both have a lot of potential for long-term growth. They are both among the most fundamentally strong cryptocurrencies in the market. However, in the short term, Ethereum has an edge. There is a lot of hype around the final transition to Eth 2.0, a factor that could draw in lots of buying volumes.

The post Why Ethereum has the edge over Binance Coin as alt-season starts appeared first on Coin Journal.