Monat: Juli 2022

The Navcoin price has staged a strong recovery in the past few days as cryptocurrency prices rebound. The NAV token rose to a high of $0.1385, which was the highest level since May 17th. It has risen by more than 186% from its lowest level this year. As a result, its total market cap has jumped to over $10 million.

What is NAV and why is it rising?

Navcoin is a relatively small cryptocurrency that was started in 2014. The developers’ goal was to solve some of the challenges that Bitcoin has. Most importantly, they wanted to solve the privacy challenges that the coin had. 

Navcoin solves the challenge of privacy by ensuring that all transactions are highly private and that no one can track them. It uses a secondary sub-chain known as NavTech that enables transaction anonymization and mixing.

For example, when a person sends Navcoins, the funds first move to the sub chain, where they are tweaked before they get to the recipient. Navcoin was also among the first coins to implement a proof-of-stake consensus.

Navcoin’s developers have also created more features. In addition to the native NAV token, they have launched xNAV, which is a private currency created to protect information by hiding the sending and receiving addresses and amount. They also launched xNAV, which is a wrapped representation of NAV.

The Navcoin price has bounced back in line with the overall recovery of other cryptocurrencies. Indeed, Bitcoin has jumped to over $24,000 while Ether has moved to about $1,500. As a result, the total market cap of all coins has risen to over $1 trillion.

Navcoin has also jumped as investors cheer the strong performance of other privacy tokens. For example, Monero has jumped by more than 5% in the past 24 hours. The same is true with other coins like Dash and ZCash. 

Navcoin price prediction

The daily chart shows that the NAV price has been in a strong bullish trend in the past few days. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level. 

Therefore, the coin will likely keep rising as bulls target the key resistance at $0.50. However, a drop below the support level at $0.106 will invalidate the bullish view.

The post Navcoin price has recovered recently. Is it a good coin to buy? appeared first on CoinJournal.

The cryptocurrency market has cooled down after rallying over the past couple of days.

The cryptocurrency market is trading in the red zone for the first time in nearly a week. The market has lost more than 3% of its total value over the past 24 hours, but the total market cap remains above the $1 trillion mark.

Bitcoin climbed above the $23k resistance level on Wednesday but has lost 3.5% of its value since then. At press time, BTC is trading around $22,800 per coin.

Ether, the native coin of the Ethereum ecosystem, is one of the best performers over the past seven days. ETH has added more than 35% to its value over the last seven days, thanks to the announcement about Ethereum Merge. 

However, ETH is down by more than 5% over the last 24 hours and is currently trading below $1,500 per coin.

The market might resume its upward trend in the short term, and if that happens, Ether could rally higher soon.

Key levels to watch

The ETH/USD 4-hour chart is still bullish despite Ether underperforming over the last 24 hours. The technical indicators show that Ether remains on a bullish path and could merely be retracing before surging higher.

The MACD line remains above the neutral zone, indicating bullish momentum. The MACD currently reads 80 and would take a long bearish performance to take it into the negative zone.

The 14-day relative strength index of 56 shows that ETH is no longer in the overbought region. The bulls will need to regain control to push it higher in the short term.

At press time, ETH is trading at $1,483 per coin. If the bearish trend continues, ETH could slip below the $1,382 support level. However, ETH should comfortably defend its position above the $1,300 support level.

If the bulls regain control, ETH could rally past yesterday’s top of $1,599 and trade above $1,600 for the first time in more than two months. 

The post Ether slips by 5% as the broader crypto market retraces appeared first on CoinJournal.