Monat: Juli 2022

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Cosmos is taking a breather after 34% gains in a week – How to trade it

  • Cosmos has a cool 34% gain in 7 days

  • The cryptocurrency could correct after the latest gains

  • Investors should look to add positions on a retracement

Many cryptocurrencies have returned by double digits in the past week. As a result, you expect some corrections as buyer exhaustion settles in. An increase in the number of traders taking profits could also lead to corrections. For short-term traders, knowing when to exit is as important as the entry itself. Cosmos token ATOM/USD is one that investors should be keen on.

A return of 34% in the past week is no mean achievement for Cosmos token. It reveals that investors still believe in the self-proclaimed “Internet of blockchains.” There is no doubt that, given the recent gains, more investors will get in. That will fuel an explosive rise in ATOM price. Similarly, ATOM is a crypto to hold if you are looking for longer-term value. 

However, ATOM is set for a correction after the latest gains. Technical indicators show where to buy next.

Cosmos hits a minor resistance as the price corrects slightly

Source – TradingView

Technically, ATOM trades at a minor resistance of $10. The level coincided with almost overbought conditions from the RSI reading of 65. There is no doubt that the cryptocurrency can break the minor resistance due to its recent strengths. However, we urge that it is a level of interest to short-term traders. Exiting positions at the level will allow entry again at the $8.8 support. The cryptocurrency is still a hold in the long term. 

Concluding thoughts

Cosmos token remains strong despite hitting resistance at $10. The resistance could force a correction back to the $8.8 support. Short-term investors can exit and buy lower. ATOM is still a hold for long-term investors.

The post Cosmos is taking a breather after 34% gains in a week – How to trade it appeared first on CoinJournal.

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Dogecoin tests resistance as trading volumes soar and buyer interest rise

  • Dogecoin was a top trending cryptocurrency on Wednesday

  • Binance announced new rewards for users of Dogecoin

  • Its native token DOGE saw trading volumes surge while price spiked

Dogecoin DOGE/USD lighted retail traders’ talks on Wednesday. The token trended on popular social investing platform Stocktwits as retail traders circled. On Twitter, DOGE was one of the most mentioned cryptocurrencies. The interest saw the trading volume in the last 24 hours soar 67% as of press time. The price of DOGE was also up by 9% in the same period.

Crypto tokens like DOGE are known to be fueled by a retail frenzy. The rise in social media mentions is a strong price catalyst. On the same day, Binance announced new rewards for DOGE users. Users will be able to stake the token and earn APYs as high as 10%.

We can’t establish the connection of Binance news with the social media frenzy around DOGE. However, we know that the DOGE community can be excited at the least of news, including a sneeze by Elon Musk. The latest development is positive for DOGE lovers, and investors should keep tabs.

DOGE contained by a resistance amid buyer interest

Source – TradingView

Technically, DOGE looks set for a correction after hitting resistance at $0.07. We can’t confirm if a correction will occur as the crypto’s buyer interest remains high. A potential breakout is also a likely event should investors hang on. MACD lines remain above the moving average, revealing that bullish momentum is underway.

Investors should consider a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE could slide back to $0.06. Investors could still find strengths to break past the resistance, and investors should keep watch.

Summary

DOGE is attracting buyer interest. The price has hit a resistance, with a potential breakout or correction. Look to buy above the $0.07 resistance.

The post Dogecoin tests resistance as trading volumes soar and buyer interest rise appeared first on CoinJournal.

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Near Protocol price prediction as price booms 32% in a week

  • Near Protocol token has added 32% in a week

  • The cryptocurrency is yet to break out from a resistance zone

  • Wait to but on a breakout, although a retracement is possible

Near protocol token NEAR/USD is attracting suitors. The token has added a cool 32% in a week, adding enthusiasm for the smart contract protocol. NEAR could blast to higher levels if it successfully manages to clear key levels.

Near Protocol claims to eliminate some of the barriers that limit Web3 adoption. The smart contract platform boosts low fees and high speeds. Owing to the smart contract functionality, Near Protocol offers a great alternative to Ethereum. It allows communication and asset exchange between Ethereum and other protocols such as Polkadot. NEAR could be getting boosts from the surge in Ethereum price. 

Despite the strong gains recently, NEAR remains near a bottom price of $3.1. The cryptocurrency now trades at $4.3. That should tell you that NEAR remains well supported by the bottom price. However, investors looking to add NEAR should be mindful of immediate resistance.

NEAR faces resistance at $4.3 amid a bullish push

Source – TradingView

The recovery case for NEAR is not in doubt owing to the recent gains. The MACD indicator has also moved to positive territory, owing to the bullish momentum. However, NEAR faces resistance at $4.3. The price has already hit the resistance and is showing some slight retracement. If NEAR retraces, the bottom price of $3.1 would be of interest. That, of course, depends on the prevailing crypto sentiment.

Price could as well turn bullish at the resistance, resulting in a breakout. That would set $6 the next level in sight and could add bulls to ride to higher prices. For now, we watch price action at $4.3.

Summary

NEAR token is bullish but has met resistance at $4.3. Investors should watch how price action unfolds at the resistance. Buy on a breakout.

The post Near Protocol price prediction as price booms 32% in a week appeared first on CoinJournal.

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Bitcoin price: Analyst says early indications suggest ‘not a major relief rally’

Bitcoin (BTC) price rose as much as 8% in 24 hours to top $24,287 on crypto exchange Coinbase, its highest price in over a month.

The upside came as a broader market rally saw most cryptocurrencies post significant gains to erase recent losses, with Ethereum (ETH) seeing the most gains at the top of the charts with over 50% in gains in a little over a week.

BTC/USD daily chart showing Bitcoin’s jump to $24,287 on Coinbase. Source: TradingView

Analyst says rally likely to fade near current levels

BTC has shed some of the gains and currently trades around $23,500. But can it kick on and see a major breakout short term?

Katie Stockton, co-founder Fairlead Strategies founder, told CNBC’s ‘Squawk Box’ in an interview that while the world’s largest cryptocurrency had seen as strong rally over the past few days, this looked more like  sharp bear market rally than one likely to sustain into a major relief rally.

“If you do look at past bear market cycles, we’ve seen some massive relief rallies,” she noted, highlighting the +20% gains seen in some assets. However, she feels that despite the surge, indications are that this isn’t going to evolve into a “major relief rally.”

Stockton said the overall market’s outlook remains vulnerable to a downside, noting the market is “challenged” amid an oversold volatility reading and overbought mega cap (stocks) ahead of earnings reports.

According to the analyst, the current upside is more likely to fade near levels reached so far, with potential signals for a sustained upward move including a breakout above $25k and improvement in momentum gauges.

The post Bitcoin price: Analyst says early indications suggest ‘not a major relief rally’ appeared first on CoinJournal.