Veröffentlicht am

Bitcoin eyes the $21k resistance level after surpassing $20k again

The cryptocurrency market has performed excellently over the past 24 hours, erasing some of the losses recorded over the weekend. 

The cryptocurrency market has been performing well since the start of the week. The market has added nearly 6% to its value in the last 24 hours, with the total market cap now standing above the $900 billion mark. 

The performance comes after a poor end to last week, where the total market cap dropped to around $800 billion.

Bitcoin, the world’s largest cryptocurrency by market cap, is outperforming the broader market at the moment. Bitcoin has added nearly 6% to its value in the last 24 hours and now trades above $20k per coin.

Breaking the $20k psychological level is an important step for BTC as the cryptocurrency has been struggling in recent days. Last week, Bitcoin dropped below $18k for the second time in a month.

However, BTC has recovered well and could target the $21k resistance level if the rally is sustained.

Key levels to watch

The BTC/USD 4-hour chart is positive as Bitcoin has been performing well since the start of the week. The technical indicators show that BTC could rally higher if the bulls remain in control.

The MACD line is around the neutral zone and could move into the positive region if the rally continues. The 14-day relative strength index of 63 shows that Bitcoin could soon enter the overbought region if the market conditions improve. 

At press time, BTC trades above $20,200. If the rally continues, BTC could surge past the $21k resistance level before the end of the day. However, it would need the support of the broader market to move above the $22,199 resistance level in the near term.

We are still in a bear market, and Bitcoin could lose its $20k support if it doesn’t break past the $21k resistance level soon. Unless there is an extended bearish run, BTC should stay above the $18,564 support level in the short term.

The post Bitcoin eyes the $21k resistance level after surpassing $20k again appeared first on CoinJournal.

Veröffentlicht am

MATIC is up by more than 15% today: here is why

The cryptocurrency market has continued its excellent start to the new week, with most coins up by more than 4% in the last 24 hours.

The new week is shaping out to be a positive one for the broader cryptocurrency market. The market has added nearly 6% to its value in the last 24 hours, and the total market cap now stands above $915 billion. 

Bitcoin finally crossed the $20k psychological level after adding more than 6% to its value. Ether is closing in on the $1,200 resistance level and is up by more than 10% in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC has added more than 15% to its value in the last 24 hours and currently trades above $0.530 per coin.

The rally can be attributed to the talks on Web3 adoption by Polygon co-founder Mihailo Bjelic on Monday. According to Bjelic, mass adoption of Web3 will happen on mobile, and Polygon is preparing to play a crucial role in this development.

The tweet was accompanied by a link to the announcement that HTC had launched a metaverse phone with Polygon and Ethereum support.

Key levels to watch

The MATIC/USD 4-hour chart is bullish as MATIC has been performing well over the past 48 hours.

The MACD line crossed into the positive zone a few hours ago, indicating bullish momentum. The 14-day RSI of 64 shows that MATIC could soon enter the overbought region if the rally continues.

MATIC could surge past the first major resistance level at $0.629 before the end of the day. In the event of extended bullish performance, MATIC could target the $0.70 level for the first time this month. 

The post MATIC is up by more than 15% today: here is why appeared first on CoinJournal.

Veröffentlicht am

Should you buy DOGE at the current $0.06 retracement?

  • DOGE faces resistance at the $0.07, retraces to $0.06

  • Coinbase commerce adds DOGE payments 

  • Elon Musk faces $258 billion lawsuits for an alleged DOGE pyramid scheme

Dogecoin (DOGE/USD) has remained subdued since its promoter Elon Musk was sued for $258 billion by an investor. The plaintiff accused the billionaire and his companies of manipulating the value of the meme coin for selfish gains.

DOGE is currently trading at $0.06812 after a 5.01% decline in the past week, according to data from CoinMarketCap. The bearish market sentiment has aggravated the self-off. However, the growing adoption of the token for payments seems to be giving it a boost.

Coinbase Commerce adds support for DOGE payments

DOGE showed some recovery after Coinbase Commerce included it as supported payments in its services. The addition is part of the exchange’s move to provide instant and free payments to the managed merchants. The announcement has kept the meme token afloat amid a bearish pressure that has seen it register a significant retracement.

The monthly outlook shows a price decline of 16% since trading at $0.081. Equally, DOGE is one of the tokens hard hit by the crypto sell-off, having shed off 64% year-to-date. Will DOGE record a trend reversal, or will it face more bearish pressure?

DOGE finds resistance at $0.07

Source: Tradingview

From the daily price outlook, DOGE found resistance at $0.07 on June 27 before retracing to $0.06. The technical indicators show that the token is still bullish, with the 20-day moving average (black line) joining the support.

Some consolidation is expected to be seen at the 50-day moving average (green line) before any bullish momentum can set in. The RSI reading is 48 shows that the token has not reached an oversold zone and could decline further. DOGE remains bearish below the $0.07 support, turned resistance level. A buy entry will only be recommended above the resistance.

Summary

DOGE remains mainly bearish, with the RSI showing a possibility of potential lower levels. A buy can only be recommended once the token surge clearly above the $0.07 resistance level, with the confirmation of a bullish price signal.

The post Should you buy DOGE at the current $0.06 retracement? appeared first on CoinJournal.

Veröffentlicht am

What are all about JasmyCoin as trading volume surges and price pumps?

  • JasmyCoin gained more than 9% on Monday,

  • The protocol announced it is launching Metaverse 2.0 this month.

  • JASMY met resistance at $0.01.

JasmyCoin JASMY/USD is a utility token of the Ethereum blockchain. The coin is native to the Jasmy platform. The blockchain network allows individuals to control their personal data in a “data locker.” They can then share it with entities willing to pay for it.

JasmyCoin was the talk of retail traders on Monday. The token had surged by nearly 10% in 24 hours. The trading volume had jumped by more than 220% in the same period. At the time of writing, JASMY was trading at $0.01. The price is, nevertheless, significantly below $1.25 when it started trading on February 10, 2021.

JASMY’s gains are connected to an announcement that was made on June 29. The protocol said that it was launching Metaverse 2.0 on July 15. The network said the launch includes two important updates. The first is Block Identities for People, and the second is a Browse Jasmy Metaverse. Jasmy said that the metaverse would support DeFi and NFTs. It also includes GameFi, SocialFi, IoT, innovative eco-systems, and new collaborative models.

JASMY trapped by $0.01 resistance amid 24-hour gains 

Source – TradingView

Technically, JASMY has met resistance at $0.01 after the gains in the last 24 hours. The price is in the overbought region as the trading volume surged. However, moving averages joined the support, in line with the bullish move. JASMY could go lower after meeting resistance. We encourage investors to buy in the short term once the price retraces to the moving average. JasmyCoin must clear $0.01 to rise to the next resistance at $0.012.

Summary

Jasmy announced it is launching Metaverse 2.0 on July 15. The token surged 9% on Monday. The price has met resistance and could slide back.

The post What are all about JasmyCoin as trading volume surges and price pumps? appeared first on CoinJournal.