Monat: August 2022

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Ethereum’s proof-of-stake test Merge is now live on Goerli

The Ethereum ecosystem is increasingly becoming confident that there will be no delays to the Ethereum Merger set for mid-September.

Ethereum developers have executed the third and last test merge on the Goerli test network. This latest development means that the Ethereum network is on track to execute the Ethereum Merger set for mid-September. 

The move is the last step before the mainnet merge that would see Ethereum transition from proof-of-work (PoW) consensus to proof-of-stake (PoS). 

The broader cryptocurrency market has been eagerly anticipating the Ethereum Merge event with the hopes that it will make the Ethereum network significantly more energy efficient and cheaper to use. 

Ethereum developers simulated the merge on Goerli earlier on Thursday, August 11, effectively switching from PoW to PoS consensus.

The developers merged Goerli’s code with its PoS-based fork called Prater, with the task involving node operators from both chains updating their client software in tandem.

Following the activation of the Goerli merge, the success of the event will be determined after a thorough evaluation of the upgraded network.

The Ethereum developers have been preparing for the Merge extensively over the past few months. During that period, the core developers performed the merge on two different testnets, Sepolia and Ropsten. 

The test merge events allowed the developers to check whether client software used to run Ethereum nodes can run normally and without bugs. 

The Goerli test is the third and final one and would be followed by the official mainnet merge in a few weeks. This is according to the official schedule decided by Ethereum’s developer team. This final upgrade is expected to happen in September.

Ether, the native token of the Ethereum blockchain, has performed excellently since the development team announced the date of the Merge. 

At press time, ETH is trading at $1,890, up by more than 12% in the last 24 hours. Several cryptocurrency exchanges, including Binance, have already declared support for the upcoming Ethereum Merge.

The post Ethereum’s proof-of-stake test Merge is now live on Goerli appeared first on CoinJournal.

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Here is why VeChain is up by more than 12% in the last 24 hours

The cryptocurrency market has bounced back excellently after underperforming on Wednesday.

The cryptocurrency market has bounced back from Wednesday’s slump, with virtually all the coins in the top 100 trading in the green zone.

The market has added more than 7% to its value in the last 24 hours, with the total market cap now above $1.1 trillion at press time.

Bitcoin has surpassed the $24k level again after rallying by 7.33% in the last 24 hours. The leading cryptocurrency could be eyeing the $25k psychological level over the next few hours.

Ether briefly touched the $1,900 level a few hours ago before declining to $1,800. At press time, ETH is trading at $1,888 per coin and could be moving towards the $2,000 mark ahead of the Merge.

VET, the native token of the VeChain blockchain, is one of the best performers amongst the top 50 cryptocurrencies by market cap. VET is up by more than 12% in the last 24 hours and currently trades at $0.032 per coin.

VET’s rally comes after the VeChain Foundation announced that it has integrated with US-based logistics software company, OrionOne.

Key levels to watch

The VET/USD 4-hour chart has turned bullish as VeChain has performed excellently over the last 24 hours. The technical indicators show that VET could rally higher soon.

The MACD line is now within the positive zone, thanks to the latest rally. Thus, indicating that bulls are currently in charge of the VET market.

The 14-day relative strength index of 67 shows that VET could move into the overbought region if the rally is sustained.

If the bulls remain in charge, VET could surge past the first major resistance level at $0.0378 before the end of the day. However, it would need the support of the broader market before it can make a move towards the $0.045 resistance level in the short term.

The post Here is why VeChain is up by more than 12% in the last 24 hours appeared first on CoinJournal.

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Top cryptocurrencies likely to rally in the week

The cryptocurrency market started the week with low momentum and continues trending sideways mid-week. However, there are cryptos that have a lot to look forward to, that could make gains towards the end of the week. Of the large cryptocurrencies that could do well in the course of the week, here are among the top ones to keep an eye on today.

Bitcoin (BTC)

Bitcoin (BTC) hasn’t had a good week so far, especially with all the news of high inflation coming from all the major economies. However, news coming from Iran could help propel the top crypto within the week. The news indicates that the country has imported its first batch of goods in crypto. This is a big deal as it is a validation for Bitcoin as a means of payment. This is likely to create FOMO around Bitcoin, especially now that Bitcoin is holding strong above $20k.

Ethereum (ETH)

Ethereum (ETH) is one of the cryptocurrencies that have the potential to make big moves in the course of the week. This has a lot to do with news about a possible fork ahead of the Ethereum merge. If such happens, then there could be a rush by investors to buy Ethereum in anticipation of getting some free coins after the merge. At the same time, there is a lot of expectation that after the merge, the value of Ethereum could go up. That’s because it comes with a lot of expectations about a reduction in Ethereum scaling issues and overall Ethereum gas fees. All this, coupled with Ethereum price resilience in the last few days, could see ETH record gains throughout the week.

Axie Infinity (AXS)

Axie Infinity (AXS) completes the list of the top cryptocurrencies that could do well in the course of the week. That’s because AXS is currently trading at a low of 90% from its most recent highs. However, the price is improving, and most investors have seen an improvement in the price recently. Data shows that only 22% of all AXS investors are currently in a loss. As more investors turn profitable, AXS could see FOMO and turn profitable in the week.

The post Top cryptocurrencies likely to rally in the week appeared first on CoinJournal.

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Avalanche forms an ascending channel – Which levels should you watch?

  • Avalanche trades in an uptrend channel in strong bullish momentum

  • Growth in NFTs and DeFi is behind the positive sentiment

  • Watch for a potential buy entry on retracement

Avalanche’s AVAX/USD is leading gains among the top 20 largest cryptocurrencies. The token, which powers the layer-1 blockchain, is up 2.47% and 17.44% in daily and weekly data. AVAX is currently changing hands for around $29. The network expansion in NFTs and DeFi is behind the bullish momentum.

According to TVL aggregator DefiLlama, Avalanche’s top lending protocols are looking up. Among them is Benqi, which has gained 15% value in the past week. Avalanche, a proof-of-stake smart contract platform, is also making strides in NFTs.

Its NFT sales volumes in the past day are up 2.32% at $30,598, according to CryptoSlam. Native digital assets like Avapepes NFT and Pizza Game Chef Tools registered significant gains in the past week.

While the enthusiasm around NFTs has shown a cool-off, Avalanche is benefiting more in the space. The technical outlook in the 4-hour chart below complements AVAX’s strong bullish momentum.

AVAX/USD forms an ascending channel in 4-hour chart 

Source: TradingView 

From the 4-hour technical chart above, AVAX is trading on a clear trend of higher highs and higher lows. The token is trading near the top of the uptrend channel amid a strong bullish momentum. The 20-day and 50-day moving averages are both holding as support.

Nonetheless, AVAX could be preparing for a near-term retracement. With an RSI reading of 69, the token is approaching the overbought zone. In the case of retracement, $27 becomes the immediate fallback. The token can also retrace to $25 or $22 before any pullback.

Concluding thoughts

Avalanche has positioned itself as a strong smart contracts platform. It is attracting NFT, and DeFi projects with huge potential as a result. The on-chain activity is giving AVAX token a strong bullish momentum. The token is poised to continue moving on the uptrend. Investors should watch $27, $25, and $22 as possible entry points.

The post Avalanche forms an ascending channel – Which levels should you watch? appeared first on CoinJournal.

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Buy Chainlink on a retracement as momentum remains strong after breakout

Chain Link Image on a cell phone

  • Chainlink token is boosted by strong fundamentals 

  • LINK eyes the next resistance at $10.7 but could correct on its way up

  • Investors should take advantage of a potential correction

Chainlink’s LINK/USD is gearing for the next bullish move. After a breakout above $7.4, the cryptocurrency has set $10.7 as the next potential level. LINK trades at $9.04 in a strong bullish momentum.

Chainlink gains come amid strong fundamentals. In June, the blockchain said its live price feed would be expanded to the Solana network. The blockchain plans to expand the live price feed to other coins. Chainlink currently supports live price feeds for USDC, BTC, and ETH. Next month, Bybit is expected to integrate Chainlink’s live price feeds for 35 coins. The move is expected to strengthen the price accuracy for spot trading.

Earlier in the year, Chainlink announced plans for Chainlink 2.0. The move will enhance the smart contract functionality of the blockchain and introduce staking. The developments are some of the triggers of LINK price, which traded at the bottom of $6 in mid-July.

Another bullish trigger for LINK is the inflation data on Wednesday. The data showed cooling consumer prices. That increased speculation of a less aggressive Fed, which boosted cryptocurrencies. LINK now eyes $10.7 and beyond next.

Chainlink token surges as inflation data show cooling prices

Source – TradingView

The technical outlook shows Chainlink pushing higher above $7.4. The MACD indicator shows a strong and increasing bullish momentum. The cryptocurrency faces an immediate minor retracement at $9.0. The established resistance is at $10.7.

LINK’s price could remain bullish in the next few days after the improved crypto sentiment. Investors should take advantage of a potential retracement to buy the token lower.

Summary

Chainlink’s price is very bullish due to strong fundamentals and improved crypto sentiment. The token could face a minor correction at $9. Investors should take advantage of a retracement to buy lower as momentum remains strong.

The post Buy Chainlink on a retracement as momentum remains strong after breakout appeared first on CoinJournal.