Monat: August 2022

Veröffentlicht am

Brazilian E-commerce giant MercadoLibre launches its own cryptocurrency

Despite the cryptocurrency sector facing a bleak future, Brazilian E-commerce giant MercadoLibre has launched its own cryptocurrency. The newly launched digital currency will primarily be used in Brazil.

MercadoLibre made the announcement on August 18 through a Twitter post that said:

“Today we launch Mercado Coin in Brazil, further boosting our loyalty program and taking another step to democratize financial inclusion in Latin America. MercadoLibre to create cryptocurrency as part of loyalty program.”

The MercadoCoin

The newly launched token is called MercadoCoin and is set to be used as part of the E-commerce giant’s loyalty program for its customers in Brazil.

According to the founder and CEO of MercadoLibre, Marcos Galperin, the cryptocurrency is a boost to the company’s loyalty program.

While unveiling the cryptocurrency, MercadoLibre said that any customer in Brazil will be eligible for earning the cryptocurrency whose initial value was $0.10. Customers can earn the coin as cashback, customers will have to use the E-commerce giant’s platform for purchases.

The accumulated coins can then be used for trading on MercadoPago (MercadoLibre’s financial services and digital payments platform for businesses and customers) or making other purchases.

At the moment, MercadoLibre’s cryptocurrency is available to over 500,000 customers in Brazil and is expected to be adopted by the entire base of 80 million clients in the country. There is however no mention of expanding the cryptocurrency to other Latin American countries so far.

The post Brazilian E-commerce giant MercadoLibre launches its own cryptocurrency appeared first on CoinJournal.

Veröffentlicht am

ApeCoin prediction as token retest key support amid bearish pressure

  • ApeCoin has plunged 15% in the past day

  • Fundamentals around NFT and metaverse remain the growth drivers

  • The Stochastic Oscillator shows APE at an oversold zone

ApeCoin APE/USD has plunged 15% in the past day to trade at $5.27. Although the cause of the drop remains unclear, it can be attributed to the ongoing market correction. A price decline in Bitcoin has sent altcoins into the jitters territory.

Currently, the market capitalization of ApeCoin is down to $1.6 billion at #35 in the crypto ranking. The token is trading much lower than its all-time high of $26 in April. Despite the significant price drop, APE remains the token to watch in the NFT and Metaverse categories.

Launched in March 2022, APE is the native cryptocurrency powering the Bored Ape Yacht Club metaverse. BAYC is a collection of 10,000 images of apes. In contrast, APE is a fungible ERC-20 standardized token with a supply of 10 billion. The token derives strong fundamentals around the fast growth of the NFT sector.

The growth is largely driven by institutional adoption. There is an emergence of themed NFTs from large corporations. Designers, musicians, and video game companies are also finding the space useful. For this reason, APE could gain bullish momentum in the long run. However, in the short-term charts, ApeCoin is facing bearish momentum.

APE retest $5.2 support 

Source: TradingView

Technically, ApeCoin is facing bearish pressure as per the daily chart above. The token has retested $5.2 support. Past the current level, the nearest support is set at $4.4. On the flip side, 5.8 is the immediate resistance, and 6.8 is the long-term resistance. However, the signals remain unclear.

First, APE is trading below the 20-day and 50-day moving averages. We could see some consolidations at the averages in the case of a trend reversal.

The Stochastic oscillator is below 20, meaning the market is oversold and could be due for a reversal. The price has remained oversold for the last four days. Nonetheless, a trend reversal can only be confirmed with a bullish price signal.

Concluding thoughts

ApeCoin has plunged significantly in the past 24 hours. The decline is linked to the overall crypto bearish momentum. The stochastic indicator shows the token is at the oversold zone and could be due for a reversal. APE buyers should wait for the bearish pressure to end.

The post ApeCoin prediction as token retest key support amid bearish pressure appeared first on CoinJournal.

Veröffentlicht am

BNB breaches key support but be aware of false breakout as bulls take charge

  • Binance coin has returned more than 77% since the June bottom price.

  • The token hit the resistance target at $326, forcing profit-taking activities.

  • BNB has temporarily broken below key support, although a bearish momentum is not yet confirmed.

By all means, Binance coin BNB/USD has returned massively for investors who targeted $326 resistance. The level, hit during the first week of August, represents an upsurge of 77% since BNB bottomed at $142. To a technical reader, $326 represents a take-profit zone. That reveals why the token lost momentum after hitting the level. BNB now trades at $280.

BNB slowdown is connected to profit-taking activities rather than weak fundamentals. Whereas the price could climb above $326, investors remain cautious as the recession risks remain. As of press time, most cryptocurrencies remained in the red. However, we can’t confirm a bear market as of now. 

BNB trades at a key level as price slides

Source – TradingView

From the daily chart outlook, BNB is under pressure. The momentum line has crossed below the moving average, suggesting a bearish push. The cryptocurrency has also broken above the 21-day MA but remains supported by the 50-day MA. 

Two scenarios are likely as BNB trades at key support of $285. In the bull case scenario, the daily candle stick could close above the support, leaving a bearish pin bar. That will allow bulls to take control and push the token back to $326. The scenario will see BNB remain supported by the 50-day MA.

In the bear scenario, the daily candlestick will close below the support zone. That could be followed by a bear confirmation candlestick. The bear scenario will see BNB move back to $244.

Concluding thoughts

Investors should watch the close of the daily candlestick on BNB. That will reveal whether BNB will enter a bear market or begin a bull reversal.

The post BNB breaches key support but be aware of false breakout as bulls take charge appeared first on CoinJournal.

Veröffentlicht am

Top cryptos that could easily double your money in August

The cryptocurrency market is currently consolidating after more than 7-months of persistent losses. However, if past cycles are anything to go by, this could indicate that another pump is on the way. 

Already the market is showing bullish signals, as seen in last week’s price action when most altcoins rallied by over 30%. It is a perfect time to start looking into cryptocurrencies likely to outperform the rest of the market in the next crypto bull run. In the very short term, these three hold a lot of potentials to beat the rest of the market.

Cardano (ADA)

Cardano (ADA) remains one of the best cryptocurrencies to buy and hold now. Besides trading in a tight range for over a week, Cardano has lots of good news at the moment that could help drive up the price. Among them is that Cardano will now be available to German investors through two of the country’s most important banks. 

The two, Comdirect and Onvista, have millions of users. If their users start buying Cardano, it will likely impact the price positively. Besides, the news alone validates Cardano as an investment and could trigger FOMO around it.

Celebrities are also showing interest in Cardano-related projects. For instance, Snoop Dogg’s son is involved in Cardano NFTs, specifically the Clay Nation NFTs project. Since such people have influence, he, like other celebrities, is likely to draw investor interest in Cardano NFTs.

This is likely to boost ADA in the short term since the token could surge in demand. It is not surprising that positive sentiment around Cardano is on the rise.

XRP (XRP)

Despite the SEC dampening the mood around XRP (XRP), the token remains resilient. It has good news that has the potential to send its price rocketing if the broader market turns bullish in the short term. 

One of them is that a bank in Brazil is now accepting XRP for on-demand liquidity. The bank, Travelex, has stated that the move to adopt XRP is driven by the need for instant and low-cost transactions without having to tie down capital. This is a big deal and points to the growing use case for XRP, which has been growing consistently over the years. It’s a factor that makes XRP a prime candidate for a pump in the short to medium term. 

Shiba Inu (SHIB)

Shiba Inu (SHIB) was one of the top performers last week and is currently still one of the top trending cryptocurrencies. This indicates that despite the price slowing down, there is still a lot of excitement around SHIB. At the moment, Shiba Inu is currently facing stiff resistance at the 200-day MA. With all the excitement around SHIB, if the 200-day MA resistance is broken, investors could see the price rocket to new heights in the short term. It is a cryptocurrency to keep an eye on in the short term.

The post Top cryptos that could easily double your money in August appeared first on CoinJournal.

Veröffentlicht am

Bitcoin breaks below Realized Price as bears push BTC below $21.4K

  • Bitcoin has declined by more than 8% in the past 24 hours to currently trade below $21,400.
  • Glassnode data shows Bitcoin Realized Price is $21,700.
  • BTC price has fallen below the realized price before – December 2018 and March 2020, with June, July and August 2022 also seeing the scenario.

Bitcoin has declined by more than 8% in the past 24 hours to see BTC price break below the Realized Price.

In July, the cryptocurrency dipped below the realized price level – at the time around $21,800 – before breaking higher to hold above it for a consecutive 23 days.

On Friday, with BTC/USD breaking lower to around $21,320, on-chain analytics platform Glassnode shared a chart showing the actual price had once again broken below the realized price.

According to the platform, the current realized price for Bitcoin is at $21,700, which suggests the market is nursing aggregate losses.

What’s the Bitcoin Realized Price?

On-chain analysis looks at Realized Price as the value of all BTC at the time they were last moved (bought), with the metric arrived by taking into consideration Bitcoin’s circulating supply.

A measure of the value of these coins is equivalent to the coin’s ‘average cost basis’, and is not the same as the current price of Bitcoin in the market. For instance, BTC is trading near $21,330 at the time of writing, but realized price is around $21,700.

Bitcoin price has moved below its realized price multiple times over the years, with the last four occasions being in December 2018, March 2020 and in 2022 – June/July and now August.

Historically, a decrease below the BTC realized price has marked cycle lows and have been followed by an upside bounce, on occasion with new all-time highs reached. However, the measure of how long price stays below the metric differs. 

In 2018, it took four months for the actual price to bounce above the metric, but lasted less than two weeks in March 2020.

In June, Bitcoin stayed below the realized price for a month before a brief upside.

The post Bitcoin breaks below Realized Price as bears push BTC below $21.4K appeared first on CoinJournal.