Monat: August 2022

NEXO is the best-performing cryptocurrency among the top 100 coins and tokens in the last 24 hours.

NEXO, the native token of the Nexo platform, is the best performer amongst the top 100 cryptocurrencies by market cap today. The coin has added more than 18% to its value so far today, outperforming the broader crypto market.

NEXO’s rally comes as the broader market continues to slowly recover from its recent slump. The broader crypto market has added more than 2% to its value over the last 24 hours, with the total crypto market cap still above $1 trillion.

Bitcoin maintains its price above the $21k resistance level and is up by less than 1% so far today. Ether is eyeing the $1,700 resistance point after adding more than 2% to its value in the last 24 hours.

NEXO’s ongoing rally came after the team revealed its plans for the upcoming Ethereum Merge.

The team said it supports Ethereum’s Proof of Stake (PoS) migration. However, in the event of Proof of Work (PoW) forks, Nexo will evaluate the logistics and support for distribution. If the network is healthy and has significant user value, Nexo will send the forked tokens into its users’ accounts.

Key levels to watch

The NEXO/USD 4-hour chart is bullish as Nexo has been performing excellently over the last 24 hours.

The MACD line has been above the neutral zone since August 5th and continues to remain there, indicating strong bullish momentum for NEXO. 

The 14-day relative strength index of 64 shows that NEXO is slowly moving into the overbought territory. At press time, NEXO is trading at $0.99937 per coin.

If the bullish momentum continues, NEXO could rally past the first major resistance level at $1.172 over the next few hours or days.

However, it would need the support of the broader crypto market to reach the $1.40 psychological level for the first time since May.

The post NEXO is up by more than 18% on Wednesday: Here’s why appeared first on CoinJournal.

Bitcoin technical indicators on the weekly charts show a potentially significant price drop in the coming weeks or months. The moving averages have formed a bearish crossover and could draw a lot of short sellers in the coming days.

However, if past price action is anything to go by, the odds are that Bitcoin could pull a surprise and trap bears. It is safe to assume that Bitcoin is either at the bottom or very close. This means a pump could follow in the foreseeable future.

This also means it’s a good time to start shopping for high-potential altcoins that could do well in the case of a Bitcoin surprise pump. If you are currently in the altcoins market, here are some of the best that is likely to pump if Bitcoin rallies in the remaining days of August.

Shiba Inu (SHIB)

Shiba Inu (SHIB) was a top performer recently and is still one of the high-potential cryptocurrencies to keep an eye on going forward. The recent move to introduce a burning feature whenever one pays for something in SHIB means this cryptocurrency is now highly deflationary.

Besides, Shiba Inu, one of the low-cost cryptocurrencies in the market today, is highly attractive to small-time investors who may not have the money to invest in big cryptos like Bitcoin and Ethereum. If Bitcoin rallies toward the end of the month, SHIB is one of the top cryptocurrencies that could benefit the most.

Ethereum (ETH)

Ethereum (ETH) will remain on investors’ radar for the remainder of August and most of early September. That’s because of the upcoming Ethereum merge. There is a lot of expectation that the merge will trigger an Ethereum rally. As such, if Bitcoin rallies toward the end of the month, Ethereum could easily outperform it. The odds of Ethereum ending the month above the $2000 mark are pretty high.

Ethereum Classic (ETC)

Ethereum Classic (ETC) has been a sleeper for many years, but in recent weeks, it has started to show a lot of momentum. This is all thanks to the idea that it could benefit from an inflow of Ethereum miners, who are about to be rendered redundant by the merge. The anticipation of miners shifting to ETC after the merge is likely to drive a surge of investors towards ETC before and after the merge.

Polygon (MATIC)

Polygon (MATIC) is one of the cryptocurrencies that are closely linked to Ethereum and stands to benefit from the Ethereum merge. That’s because the Ethereum merge will make Ethereum heavily reliant on layer-2 solutions like Polygon. If the merge is a success, investors looking to benefit from the flow of transactions to other chains could start buying into Polygon.

Already Polygon buying volumes are on the rise, indicating that investors could be jumping into MATIC at the moment. If the trend continues, MATIC is without a doubt a top cryptocurrency to watch as we approach the end of the month.

The post Here are Cryptocurrencies that could rally toward the end of August appeared first on CoinJournal.

• TRX is up 1.08% in the past day and 4.6% in the past week

• Tron is the most decentralized network with strong fundamentals

• A breakout could be imminent, but momentum indicators are bearish

Tronix (TRX/USD) is the native token powering the Tron blockchain. The network facilitates content sharing with no intermediaries, away from platforms like YouTube.

With the promise of more pay for content creators, TRX occupies an important space in decentralization. It is considered the most decentralized network in the industry. Tron has an even distribution of governance power based on a distributed proof-of-stake system.

The concept of DPoS in Tron has driven exponential growth over the years. The number of active users is on the rise in the Tron blockchain. As of the start of last month, Tron has more than 20 million wallets. The dApps hosted on the platform have also jumped more than 1,000.

Aside from the rosy fundamentals, TRX faces bearish momentum. Despite jumping 1.08% on the last day, the token is down 4.6% in the past week. At the time of writing, Tronix was exchanging for $0.066 with a market capitalization of $6 billion.

TRX trades in a descending triangle pattern

Source: TradingView

According to the daily chart above, TRX trades in a descending triangle. The price is slightly above the $0.06 support level. TRX has bounced off the top part of the triangle three times, making it a significant price reference. From the outlook, TRX could be on the verge of a bullish or bearish breakout.

In the case of a bullish breakout, the immediate resistance is at $0.07, and the long-term level is $0.08. On the flip side, $0.05 is the nearest support. However, the indicators are looking bearish.

The MACD is looking bearish with red histograms. The MACD line has crossed below the signal line. The Stochastic Oscillator is at 26. The level is above the oversold zone, meaning lower levels could be hit before any possible trend reversal.

Summary

TRX is trading within a descending triangle and may be due to a bullish or bearish breakout. The momentum indicators are looking bearish. In case of a breakout, traders should watch $0.07 and $0.05 as the immediate resistance and support, respectively.

The post Watch these levels as TRX forms a descending triangle appeared first on CoinJournal.