Monat: Juli 2022

• FTT holds steady at a $24 support level.

• FTX exchange to acquire BlockFi for $240 million.

• The Crypto sector faces bearish pressure amid macro-economic factors.

As the cryptocurrency sector faces bearish pressure, FTT and other tokens native to crypto exchanges have remained resilient. FTT has only lost 9.6% in the past month since trading at $27, as per data from CoinMarketCap. 

Comparatively, bitcoin has plunged 36% in the bearish market, which is attributed to macroeconomic factors. The hike of interest rates by the US Federal Reserve and the political turmoil in Europe has shifted attention to the less risky assets.

FTT token is currently trading at $24.4 after a 0.65% gain in the past day but remains down 8.98% in the last week. Overall, the token is trading at 69% below its all-time high of $76.4.

FTX gets option to acquire BlockFi for $240 million

FTX has signed a deal with the option to acquire the embattled crypto lender BlockFi for $240 million in a move to benefit from the bearish crypto space. The deal also includes extending the lender a $400 million revolving credit facility. Although the announcement is yet to impact the value of the FTT token, investors are expecting to benefit from the long-term gains from the expansion.

FTX has also been keen on its geographical expansion. The exchange was licensed in the first quarter to operate a virtual asset exchange and clearing house services in the UAE. Aside, The firm’s European subsidiary was awarded a license to offer services to institutional investors.

FTT holds steady at $24 support

Source: Tradingview 

From the daily technical outlook above, FTT is consolidating at the $24 support level after dropping below $35. The token has been on a steady decline since reaching a high of $51 towards the end of March. The RSI is at 42, affirming that the token has not entered the oversold zone, and further downward momentum could be seen. With the token at a key support level, a drop below it will open further weakness, and the FTT can trade lower.

Summary

As macro-economic factors continue to hold down the various crypto assets, FTT will remain largely bearish before a trend reversal. If the token goes below the current support level of $24, it could open further downward pressure. A buy entry is only recommended if the price clears above the current level with the confirmation of a bullish price signal.

The post FTX token price outlook after BlockFi acquisition deal appeared first on CoinJournal.

• Monero’s is set for a hardfork on August 13

• The network promises anonymity in crypto transactions

• Monero’s native token XRM/USD is consolidating with a promising bullish recovery

Monero XMR/USD is set to undergo a hardfork on August 13th 2022. The hard fork was initially set to be conducted on July 16. The hardfork promises several things, including improved security on the network. It also includes multisig fixes. The hardfork introduces upgraded Bulletproofs algorithms, which will be dubbed “Bulletproofs+.” In short, just like other hardforks, Monero’s upgrade will be beneficial to the community. 

Founded in 2014, Monero promises privacy to its users. Monero is organized to be an opaque blockchain. The blockchain keeps the identity and details of users anonymous, maintaining privacy. The future growth of Monero is two-fold. Crypto users seeking anonymity will adopt the network more. On the flip side, regulatory action could delay Monero. Regulators could be concerned about identity-blocking blockchains.

Monero consolidates ahead of hardfork

Source – TradingView

Technically, Monero’s XRM/USD is consolidating. However, the price has been making slow gains. XRM/USD currently trades at $117, above a low of $98 in June 2022. The 14-day and 21-day moving averages have joined the support for Monero’s token. The MACD line also crossed above the moving average, signaling building bullish momentum. We project some short-term gains on the token, but the price faces potential resistance at $125. Investors buying ahead of the hardfork must be aware of the potential resistance. The token has support at $110.

Concluding thoughts

Monero blockchain undergoes a hardfork on August 13. Despite the recent price recovery, Monero’s token remains subdued. Bullish signs are emerging, but the $125 resistance could limit the short-term surge. Investors should watch the price behavior as long as the crypto token remains above the $110 support. 

The post Monero’s price movement and prediction as hardfork edges closer appeared first on CoinJournal.

• Cosmos is regarded as the internet of blockchains

• Cosmos’s token ATOM has gained by double digits in 24 hours

• The token is recovering but trades below a key resistance

Cosmos native token ATOM/USD is staging recoveries after recent dive. At the current price of $8.13, the token has added more than 11% in one day. The token is also up from a bottom of $5.5 reached on June 18.

Cosmos refers to itself as the internet of blockchains. It achieves the role by enabling an interconnected ecosystem of apps and services. The goal of Cosmos is to build an optimized ecosystem of decentralized blockchains. The independent blockchains, called “zones,” are connected to a main chain, the Cosmos Hub. Developers can add more chains to the hub, creating a network that communicates with each other. 

Cosmos’ native token ATOM/USD recent gains happen amid the bear crypto market. The gains also defy turmoil surrounding Ignite, the company that originally founded Cosmos. Ignite’s CEO said, on Friday, that he was leaving the company. This week, Ignite also announced it was cutting more than half of its employees.

ATOM/USD technical analysis

Source – TradingView

Long-term prediction of any crypto in the current bear market is a challenge. However, we expect Cosmos token to face resistance at $8.7. The level resisted the recent price surge, and bulls are losing power at $8.0. However, the moving averages and MACD indicators suggest a bullish move at the current price. Investors should watch price action, with a price break above $8.7 opening further surges.

Summary

Cosmos token is bullish but faces an immediate resistance at 8.7. Moving averages offer support, while the MACD line also suggests bullish momentum. We recommend watching price behavior at the current level or at the resistance. The price could fall back to $7.0 if it fails to break past $8.7.

The post Cosmos token ATOM forecast as price turns bullish appeared first on CoinJournal.