Monat: Juni 2022

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Synthetix has surged 100% in 24 hours – Here is why

Synthetix (SNX) is now the top-performing cryptocurrency over the past 254 hours. While some of these gains are largely linked to a broader recovery in the market, there is also some outstanding platform news. Synthetix is a major DeFi platform that brings traditional financial assets into the blockchain. Here are some highlights.

  • SNX haD gained over 100% at some point in 24-hour intraday trading.

  • The token did however pull back slightly but was still above 60% in the green.

  • The surge came as news broke of massive growth in Synthetix’s daily trade volume.

Data Source: TradingView 

Synthetix: Why the surge will continue

As noted above, Synthetix reported some exciting on-chain news. Just recently, the platform introduced a new feature called ‘Atomic Swaps’. The feature helps to support derivative liquidity on Synthetix. Today, it was announced that Atomic Swap had seen a surge in trade volume. In fact, the platform is now able to process $200 million per day. 

This is one of the highest in the market. It beats other competitors like 1Inch and Curver by huge margins. It also seems that investors were quite upbeat about the news. SNX saw daily trade volume surge by nearly 1200%, suggesting that people are buying it in huge numbers.

The price also went up massively. At one point, SNX was higher by 100% before it retreated slightly. As the success of Atomic Swap continues, more investors will buy into SNX. The coin could see a bullish rally over the next 7 days, taking the price closer to $5.

Should you buy SNX

Well, the most important thing for any investor out there is the underlying fundamentals of a project. SNX has everything you would look for in a DeFi protocol, and it’s actually growing faster.

This is a good time to buy for a long-term investor. Also, short-term traders can still ride the Atomic Swap success this week and exit at around $5.

The post Synthetix has surged 100% in 24 hours – Here is why appeared first on CoinJournal.

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Avalanche reclaims $14 support after June crash

June has been a devastating month for crypto investors. But despite this, we are seeing some recovery as major coins build modest upward momentum. AVAX is not any different, and the coin has now managed to reclaim an important support zone after crashing in June. So, where will it go next? Is the rally short-lived or permanent? Here are some highlights:

  • AVAX had crashed nearly 65% in June alone.

  • However, the coin has rallied in the past two days with a 15% gain in 24 hours.

  • More importantly, AVAX has reclaimed the $14 support.

Data Source: TradingView 

Where will Avalanche go from here?

Well, there are many scenarios at play here. First, the rally we have seen by AVAX over the past two days corresponds to a broader recovery in the market. This could suggest that perhaps we were seeing a short-term relief after massive sell-offs last week. If that’s the case, then AVAX could lose upward momentum very fast.

The good news though is that the coin is now trading above the $14 mark. For the most part in 2022, this support has held strong even in the face of massive bear pressure. So, even if the coin was to pull back from its current 2-day rally, the bulls will have a better chance of defending the $14 mark than they did a week ago.

However, failure to keep $14 could mark the beginning of a major decline for AVAX. In fact, after $14, the only other real support is at $10.70.

Why AVAX still poses major risks?

Despite rising above the $14 mark, we still see major risks with AVAX. First, the coin has in the past few weeks struggled to keep the momentum going above $20. 

As such, we expect it to begin losing momentum as it strives toward $20. This could lead to a sharp pullback that eventually puts the $14 support under real threat.

The post Avalanche reclaims $14 support after June crash appeared first on CoinJournal.

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Apecoin’s RSI divergence could trigger a 20% rally

Apecoin is currently seeing a relief rally after crashing considerably last week. This came after the coin set a new low of $3.13. APE has also seen a sharp fall from its May and April highs which were, at some point, well above $20. However, there are some signs that a short-term upswing could be on the cards. Here are some points:

  • APE has surged in the past 24 hours with a 15% gain

  • The coin has established a descending trendline with dynamic resistance

  • Consolidations above $3.2 could provide a decisively bullish trend reversal

Data Source: TradingView 

Apecoin price analysis

After dropping nearly 70% over the past month or so, APE finally sees some demand. The coin is coming from a bottom price of $3.13, which is its new 2022 low. However, a descending trendline in the price action has established dynamic resistance at around $3.2. 

So far, APE has managed to hold this and is in fact rallying today. The coin could see an upswing of at least 20% before any pullback. However, there is also reason to believe that the current momentum could in fact push further. The key for APE bulls would be to reclaim the $5.1 support.

Although this won’t be easy, looking at the kind of resilience APE has shown, it is probable. A surge above $5.1 will trigger massive buying pressure and could see APE settle at around $7. This would be almost double the current price. Nonetheless, if the coin falls below $3.2 in the coming days, this analysis becomes invalidated.

How to play this APE setup

The key is the $3.2 support. As long as the price stays above this, then the downside risk remains limited.

Also, there is a case to be made for a surge above $5.1. In case you don’t want to take risks, you can buy once APE hits $5 and exit at around $7.2 in the short term.

The post Apecoin’s RSI divergence could trigger a 20% rally appeared first on CoinJournal.

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Michael Saylor says a ‘parade of horribles’ are hurting Bitcoin

MicroStrategy CEO Michael Saylor says there’s a whole list of aspects and practices that are hurting Bitcoin. Referring to these as a “parade of horribles” 

Bitcoin has plummeted more than 70% since hitting an all-time high of $69k in November 2021. Over the past seven days, the cryptocurrency’s value has dropped more than 30%, with BTC currently near $20,000 per coin. It traded at lows of $17,600 over the weekend. 

Saylor says Bitcoin would experience less volatility were it not for a number of negative factors within the crypto market. He made his remarks during a discussion with Northman Trader’s Sven Henrich.

Saylor’s “parade of horribles”

Saylor, one of Bitcoin’s most high-profile bulls, things contributing to the high volatility in BTC price and thus unattractiveness to most institutional investors include widespread wash trading and too many unregistered exchanges with questionable practices.

 “The crypto exchanges, offshore and onshore, are unregistered, unregulated and offer 20x leverage,” he said, adding that these exchanges do not have “mature Chinese walls” and thus they launch tokens, leak listing information and enable all sorts of practices that affect the market.

Then there is that blot of 19,000 unregistered securities whose trading is “cross collateralized with Bitcoin.

“What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin,”

What about “wildcard” crypto banks that are now collapsing? He says crypto funds are betting billions of customer deposits on suspect projects, with the resultant problems hitting the Bitcoin market. According to him, that’s what happened with some of the crypto projects currently facing liquidity problems and potential collapse.

To the public, Saylor offers a caution:

 “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday.” 

The post Michael Saylor says a ‘parade of horribles’ are hurting Bitcoin appeared first on CoinJournal.