Monat: April 2022

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MinePlex price is up by more than 49% today: why is the price of PLEX rising?

MinePlex price has been rising since April 6 and its bullish trend seems to be gaining momentum every day.

At the time of writing, PLEX was trading at $1.91; up 49.95% in the last 24 hours. It has hit a daily high of $2.0 and a daily low of $1.18.

Currently, its trading volume is $15.6 million which is slightly higher than the one it had on April 6 trading volume of $15.09 million.

In this article, we will focus on the factors causing the price of PLEX to rally.

Why is MinePlex price rising?

Before we delve into the reasons behind the price hike, let’s first explain what MinePlex is for the sake of those coming across the term for the first time.

In a nutshell, MinePlex is a mobile crypto bank that enables users to use fiat or cryptocurrencies for transfers, payments, and banking operations. It has two native tokens namely PLEX and MINE.

The PLEX token acts as a payment instrument and as an asset within the ecosystem and it has a mathematical algorithm that allows it to have a predictable price increase. The MINE token, on the other hand, is a non-volatile token with a fixed and it gives value access to the system’s services.   

MinePlex has four main components in its ecosystem: an online store MinePlex.Marketplace, a payment system Mineplex.Money, a new digital banking app Mineplex.Finance, and a business development platform MinePlex.Payment.

Now, onto the reason behind the bullish trend of the PLEX price.

New digital banking app, MinePlex.Finance, launch

One of the main factors that have resulted in the current price hike is the recent launch of a new digital banking app, MinePlex which set the coin price skyrocketing.

According to a press release, the new app will bridge main fiat currencies with PLEX tokens:

“MinePlex.Finance is independent from the MinePlex platform, although it requires the use of the project’s own PLEX tokens in order to utilize it. It comes as an advanced solution that can be used as a digital account, a payment app, or a mobile wallet for PLEX tokens and the main fiat.”

The post MinePlex price is up by more than 49% today: why is the price of PLEX rising? appeared first on Coin Journal.

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Dogecoin (DOGE) breaks 100-day SMA – Is a bull run on the way?

Dogecoin (DOGE) may have seen a major boost after Elon Musk floated the idea of bringing it into the Twitter payments ecosystem. The meme coin even surged by around 8% after the news, but it has since fallen sharply from that pump. But what does the future hold? Here are some developments of note:

  • After the initial Elon pump, DOGE fell by almost 16% in 24 hours

  • The coin did however manage to remain above its 100-day SMA

  • Musk’s statements are unlikely to have any material effect on the price action

Data Source: Tradingview 

Dogecoin (DOGE) -Why Musk’s pump won’t save it?

Elon Musk is one of the most influential voices in crypto and tech. When he floated the idea that Dogecoin could be included as part of the Twitter payments ecosystem, the price surged. Musk is after all the largest shareholder of Twitter. But it turns out this pump was short-lived as investors confronted the technical indicators. 

As a result, DOGE fell by almost 16%. But crucially, the coin has managed to stay well above its 100-day SMA of $0.13. This level has proved to be strong support, and it is unlikely DOGE will breach it. 

Once the coin consolidates around this price, we expect bulls to push further towards the 200-day SMA. While we don’t think it’s possible to breach the 200 Day SMA in the near term, a short bull run could still be a great win for bulls.

Does DOGE have a future in payments?

DOGE was the most successful meme coin before Shiba Inu. Over the years, the coin has tried to add more utility to its ecosystem and in fact, many have explored it as a possible payment option. 

If indeed Twitter is able to adopt it within its payment ecosystem, then DOGE will easily become a mainstream coin with vast implications for the digital economy.

The post Dogecoin (DOGE) breaks 100-day SMA – Is a bull run on the way? appeared first on Coin Journal.

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Solana (SOL) struggles at a crucial resistance – Here is why it could drop further

Solana (SOL) has struggled to report any gains after trading in losses over the last three sessions in a row. The coin now looks very weak, and unless something drastic happens, it’s headed for further decline. Here are some highlights:

  • SOL has fallen sharply in the last 24 hours, dropping by almost 10%.

  • The coin still remains above a crucial $100 support zone

  • But this is unlikely to hold in the coming days

Data Source: Tradingview 

Solana (SOL) – How far can it fall

After surging at the end of March, SOL slowed sharply in April. The coin has fallen from its $140 highs and is now just above the $100 mark. SOL even managed to push below its lowest price in March of $107. This could suggest that we are on the brink of a trend reversal that could see more losses follow. 

In fact, if bulls lose the crucial psychological support zone of $100, then the only way for SOL will be downwards. The $100 and the $93 support zones have proved very strong in the past. While there may be some resilience in the days ahead, the $100 will be lost, and bulls will try to consolidate at $93. 

But if $93 is also lost, SOL will enter an intense downward spiral that could bottom at $77 before any leg up. This will represent a loss of nearly 30% from its current price and almost a 100% decline from its highest price in March.

Is it good to own Solana?

Solana is a big project, and if you don’t have it yet, this would be a nice time to buy it. However, because there is a significant downside risk, you may want to wait for a week or so. 

Based on current indicators on the chart, SOL is likely to bottom. When that happens, you can buy and hold SOL for the future.

The post Solana (SOL) struggles at a crucial resistance – Here is why it could drop further appeared first on Coin Journal.

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Red Monday for Bitcoin as $114 million liquidated, but on-chain data remains stout

Mondays are difficult at the best of times. For Bitcoin investors, however, this is a particularly tough one. The cryptocurrency wicked viciously downward, now testing support of $40,000 after trading at $43,000 less than 24 hours ago.

Personally, living in a GMT -6 timezone, I slept through most of the madness, as the above chart shows. Waking up to see those red candles on your screen is something that, for better or worse, is part of the Bitcoin rollercoaster.

Liquidations

On the bright side, it does appear that this pullback is via overleveraged longs, with cascading liquidations flushing out the overexposed. In fact, in a thirty minute period at around 5-5:30 AM EST this morning, there was circa $30 million in long liquidations of Bitcoin (somehow, there was also half a million short liquidations – that’s almost impressive). The price (yellow line in graph below) cratered from $42,200 to $41,300 in short order, as the liquidations ran rampant shown by the green bar on the below graph.

In 24 hours, there have been $114 million in liquidations across all exchanges on Bitcoin alone. If we expand out to all cryptocurrenices, that figure is at $384 million. ETH liquidations are not far off Bitcoin, at $99 million over the last 24 hours. In third place is Luna, with $13 million, while Solana is at $10 million and Dogecoin at $7.6 million.

What Does it Mean?

I don’t think this is anything to be overly concerned about. When looking on-chain, data is still very bullish, with long-time holders are accumulating. The amount of bitcoins that hasn’t moved in over a year is at its second highest ever at 12 million bitcoins. In fact, the only other time it was this high was in September 2020, just before Bitcoin went parabolic, skyrocketing from $10,000 to $61,000 in six months.

Long-term hodlers accumulating coins at a discount from short term hodlers is not something to panic about, especially when there is no significant movement in net flows to exchanges.

Bitcoin Dominance

The saying “it could always be worse” normally holds true. Unless, that is, you are an alt coin investor when there is blood in the crypto markets. Because as tends to be the case when Bitcoin is in a bad mood, alt coins are significantly worse, as the below 5-day graph for Bitcoin dominance from TradingView shows.

While alts have rebounded somewhat in the last couple of hours, many are still a lot further off than Bitcoin.

Conclusion

To wrap up, on-chain metrics remain bullish, suggesting this is just a flushing out of the leverage that we see every now and then. Hodlers have been collecting some coins at a discount from traders, who have been liquidated en masse. There is no reason to believe right now that critical support has been broken, or the market structure has changed fundamentally.

Keep hodling, zoom out and relax – it’s not going to be one of those really bad days, I don’t think.

The post Red Monday for Bitcoin as $114 million liquidated, but on-chain data remains stout appeared first on Coin Journal.