Monat: August 2022

It has been a rollercoaster ride for cryptocurrencies this week. After a rally earlier in the week, the market has nosedived, and many top cryptocurrencies have shed off most of the gains they had made earlier. However, some cryptocurrencies have good odds of doing well in the coming days. These have big news coming up.

Bitcoin, too, is holding strong above the $23k mark despite the market correction and could help give the broader market momentum in the coming days. If you want to trade the market today, here are some of the top cryptocurrencies that are likely to do well soon.

Cronos (CRO)

Cronos (CRO) is one of the top cryptocurrencies likely to do well this week. This has a lot to do with the news that crypto.com is powering a system allowing users to pay for fuel in crypto at gas stations across Australia. 

While the payments will be made in Bitcoin, the impact will also be felt in the price of Cronos. That’s because it is the cryptocurrency that powers the Crypto.com ecosystem. As news of the Australian gas station deals filters into the market, Cronos (CRO) will likely record some positive price action.

Cronos also recently got FCA approval, a factor that could add to its adoption levels in the U.K. This is likely to add to the favourable price momentum, especially if the broader market turns bullish again.

Flow (FLOW)

Flow (FLOW) was one of the best cryptocurrency performers recently. It is still one of the top cryptocurrencies in the green. Its recent rally has much to do with confusion with Marc Andreesen’s backed real estate venture, Flow. 

That said, a lot is going on with the FLOW cryptocurrency that could play well into its price action. One is the rising number of NFTs launching on the flow blockchain. These are adding to the demand for FLOW. If the wave changes and the broader market turns bullish again, FLOW will likely outperform most top cryptocurrencies by a considerable margin. 

Ethereum (ETH)

Ethereum (ETH) has recently been a top cryptocurrency performer, topping a high of $2000 on the 14th of August. In the short term, Ethereum will likely outperform the broader market. That’s because investors are still counting on an even bigger price rally as the merger draws closer. 

Many analysts are already optimistic that the merger will positively influence the price of Ethereum. For instance, Arthur Hayes, the co-founder of Bitmex, believes that the cost of Ethereum could rise due to a mix of investor expectations and the now deflationary nature of Ethereum. He added that the price would continue increasing for years until every human has an Ethereum wallet. 

With such potential and the fact that Ethereum has been in a correction recently, this cryptocurrency could see FOMO buying if the broader market turns green again in the coming days.

The post Three potentially profitable crypto trades as we head into the weekend appeared first on CoinJournal.

• Chainlink’s LINK is correcting after facing a resistance 

• The weakness heightened after the Federal Reserve earmarked further rate increases

• LINK’s weakness could continue until the token finds support, potentially at $7.4

Chainlink’s LINK/USD was rejected at $9.5 on August 12. That is the same level that rejected the token during the June surge. The decline could be due to profit-taking activity as there was no immediate trigger for the selloff. Following the latest rejection, LINK has registered a losing streak over the past one week. The token now trades at $8.09. 

While most cryptos have been recovering lately, a major thorn now is how the Fed reacts to inflation. In a Wednesday’s statement, officials expressed the sentiment that inflation remains an issue. They called for further rate hikes. Crypto markets reacted by turning bearish, with LINK crashing by more than 3%. The depressed sentiment elicits more bear flags for LINK since the correction is yet to hit suitable support.

Chainlink’s technical outlook points to further correction

Source – TradingView

From the daily chart, LINK could find support at $7.4. The cryptocurrency is bearish after losing for the past five days. The momentum indicator crossing below the moving average points to a bearish view. LINK has also broken below the crucial 21-day MA, reinforcing short-term price depreciation.

If LINK breaks below $7.4, bears will take control and push the token back to $6. The token will have breached the 50-day MA and would welcome an accelerated selloff. We consider this scenario less likely unless the crypto sector experiences a prolonged downturn.

Concluding thoughts

Chainlink token could continue to fall further on a broader wave of crypto correction. The most likely zone for bullish reversal is $7.4. Investors should monitor price action as further decline could see it touch $6.0.

The post Is Chainlink’s losing streak now over, or will bears remain in control? appeared first on CoinJournal.

• CRO has dipped 5% in the past day

• Other tokens native to crypto exchanges are looking bearish

• CRO is contained below $0.15 and above $1 

Cronos CRO/USD has plunged 5.03% in the past day. The decline is reflected across tokens native to crypto exchanges. BNB is down 1.75%, while FTT has dropped 1.37% in the same period. The bear market is attributed to a slowdown in trading volumes.

The total crypto trading volumes in the past day is at $66.46 billion. It reflects a 4.14% decline compared to that of the previous day. The decline has affected the demand for exchange-native tokens, with Crypto.com’s CRO leading in losses.

Crypto.com is a Singapore-based cryptocurrency exchange founded in 2016. The exchange features a mobile trading app, digital payments, crypto credit cards, and lending services. It is touted as the fastest growing cryptocurrency exchange with upwards of 50 million users.

Recently, Crypto.com won a license to operate in the United Kingdom. The step is part of a wider global expansion that has seen the exchange enter Canada, Italy, and the UAE. The announcement is yet to reflect on the CRO price. The technical outlook shows consolidation and a weak momentum.

CRO consolidates in a horizontal channel 

Source: TradingView

According to the daily chart, CRO has consolidated in a horizontal channel. The price is contained between a range of $0.15 and $0.1. The pattern has been maintained since June 11. Within the channel, CRO has retested the nearest support at $0.14.

The trend following indicator, MACD, shows weakening momentum. The histograms are short, and MACD and Signal line overlap near the neutral point. The RSI is at the medium value of 50.

As CRO remains in consolidation, a bullish or bearish breakout could be imminent. A bullish breakout will only happen if enough buyers will enter the trade. However, if the token loses the current support, it could trade lower.

Summary

Cryptocurrencies native to exchanges are looking bearish amid a decline in trading volumes. CRO is trading in a consolidation with a weakening momentum. Investors should wait for a breakout before making a buy or sell decision.

The post CRO consolidates under $0.15 – Could we see a breakout? appeared first on CoinJournal.