Monat: August 2022

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Wait for a retracement as Near Protocol breaks above key resistance

  • Near Protocol has jumped above the $4.6 resistance level

  • The token is among the top gainers among the top 100 cryptocurrencies

  • RSI reading is at the overbought zone

Near Protocol NEAR/USD has jumped by 16% in the past 24 hours. The bullish sentiment is because of significant interest among investors in the protocol lately. Its trading volumes are up 47% in the past day at $681,243,479.

Near Protocol is a decentralized smart contract network that rivals Ethereum. It differentiates itself with the use of sharding technology to increase transaction throughput. Sharding segments a network infrastructure and lets nodes handle a fraction of it.

Transaction speeds have been a major challenge to the larger blockchain networks. Near Protocol is making a name for itself in space. It is attracting lucrative blockchain projects that are boosting its total value locked. 

One such project is Sweatcoin, a protocol that mints tokens with the steps taken by users. The funds flowing into the project have pushed NEAR Protocol’s TVL to $388 million. A look at the short-term technical outlook affirms a strong bullish momentum in Near Protocol. 

NEAR breaks above key resistance but is currently overbought

Source: TradingView

From the 4-hour technical chart above, NEAR has broken above the $4.6 resistance. The cryptocurrency had failed in the last four attempts to pierce above the level. Further, the 20-day and 50-day moving averages have joined the support.

However, NEAR could be preparing for a short-term retracement. The RSI is at the overbought zone. At 72, the momentum indicator is at the highest level since July 29.

Concluding thoughts

NEAR token is under a strong bullish momentum. The fundamentals around sharding technology and its fast and cheaper transaction speeds boost popularity. Nonetheless, the token could be facing a retracement, with RSI reading currently at the overbought zone. Investors should wait for the retracement before entering a long position.

The post Wait for a retracement as Near Protocol breaks above key resistance appeared first on CoinJournal.

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Fantom token remains on course to above $4 as price overcomes resistance

  • Fantom blockchain is a Layer-1 project with smart contract functionalities

  • The native token FTM broke past key resistance at $0.34

  • FTM could rise to hit $0.43 next as bullish momentum develop

Fantom FTM/USD recent recoveries underline the trust in scalable Layer-1 solutions. Leading blockchains like Bitcoin and Ethereum have been criticized for costly and slow transactions. Layer-1 alternatives were popular last year due to their scalability and low gas fees. Fantom has been widely touted as a Layer-1 smart contract platform ready to rival for top spots.

Ranked at position 53 by market cap, Fantom is already punching below its knees. That was after a decline following cracks in its own ecosystem followed by a bear market. However, Fantom is renewing itself. Gains in the past one week are around 9%. The gains will likely accelerate in the coming week as Fantom broke past key resistance at $0.34. The token currently trades at $0.37 in bullish momentum and will likely reach $0.43 next.

FTM pushes above the resistance-turned support

Source – TradingView

Technically, FTM has set $0.34 as the reference support. That was after the token blasted past the level acting as the resistance. The MACD line has crossed above the moving average, affirming the bullish momentum.

FTM will continue rising, with the next resistance now set at $0.43. If the level is broken, the next resistance to watch is $0.66. That will depend on the prevailing crypto sentiment. 

Concluding thoughts

Although FTM remains a shadow of its 2021 highs, it is recovering. It eyes higher levels after breaking past $0.34. We believe investors can buy the token in the long term. For short-term traders, $0.43 is the next level to take profits.

The post Fantom token remains on course to above $4 as price overcomes resistance appeared first on CoinJournal.

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Tezos prediction as price makes slow but sure gains

  • Tezos’s blockchain-enabled voting system Electis is gaining traction

  • The native token XTZ has surged by 8% in the last one week

  • Tezos remains on a clear uptrend making higher prices attenable

Tezos XTZ/USD is not the top gainer in the last week. However, it is among those that have retained gains, with at least an 8% surge in seven days. Expectations of growth of the utility of the blockchain’s native token are triggering the surge. 

Tezos has had no significant news lately. However, optimism is growing around the blockchain’s e-voting system Electis. The encrypted and fully anonymous blockchain-enabled e-voting system has been adopted widely. Over 20,000 votes have been using the voting system since it was launched. 

Recently, on July 15, Electis announced that three bodies of the United Nations have started using the voting system. The organizations include YOUNGO, DG7 Youth Constituency, and the Women and Gender Constituency. The adoption cements Tezos as a blockchain of the future. While there are numerous use cases to be explored, these positive developments could fuel the gains.

Tezos maintains a clear uptrend above support

Source – TradingView

From the technical outlook, Tezos trades above a support zone at $1.6. The token is pushing higher from the 21-day moving average. The token is also supported by the 50-day moving average. The MACD indicator shows a strong bullish momentum building.

We expect the current bullish momentum in Tezos to be sustained. Short corrections to the support are still possible and offer buying opportunities. The token will face resistance at $2.2. If the level is successfully cleared, the next zone to watch is $2.9.

Concluding thoughts

Tezos token remains on an uptrend after reclaiming the $1.6 support. The token will rise to $2.2, where it faces major resistance. Investors should take advantage of any short-term retracements.

The post Tezos prediction as price makes slow but sure gains appeared first on CoinJournal.