Monat: September 2022

OAX price has been in a strong bullish trend in the past few weeks, becoming one of the best-performing cryptocurrencies in the world. It has jumped by more than 1,530% from its lowest level in June, bringing its total market cap to more than $25 million. So, is OAX a good buy or sell?

What is OAX and why is it rising?

OAX is a blockchain project that seeks to improve the digital asset ecosystem by solving some of the biggest challenges in the industry. Its platform helps to increase efficiency, transparency, and promotes high standards of governance. In particular, the platform’s goal is more geared towards the decentralized finance (DeFi) industry.

Still, unlike other blockchain projects, the use case for OAX is not yet known. A quick look at the website shows nothing much about it. There is no white paper and the content in the website does not show much details about what it does. There is also no details about its ecosystem.

So, why is this obscure cryptocurrency soaring? It is not clear why OAX has been in a strong bullish trend in the past few weeks. A quick look at its coverage also shows nothing meaningful. Therefore, a possible reason is that this could be a pump and dump scheme.

This is a scheme where a small group of people push a coin or any other asset, let it soar, and then dump it. As a result, many buyers are left holding the bag. We have seen such pumps and dumps several times recently. For example, on Friday, Hong Kong’s authorities charged a group of 13 people with carrying such a scheme. 

OAX price prediction

The daily chart shows that OAX has been in a strong bullish trend in the past few months. It has surged by more than 1,600% from the lowest point in June. Along the way, it has risen above all moving averages and all important resistance levels. Oscillators have continued rising. 

In my view, I believe that this bull run is not sustainable, especially if its cause is an ongoing pump and dump scheme. Therefore, there is a likelihood that the coin will start falling in October as buyers start taking profits.

How to buy OAX

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy OAX with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy OAX with Swapzone today

The post OAX price: Is this obscure cryptocurrency a good buy? appeared first on CoinJournal.

PancakeSwap price had a strong performance in September as demand for top Decentralized Finance (DeFi) tokens rose. CAKE rose to a high of $5.088, which was the highest level since May 12. It has risen by more than 100% from the lowest level this year, giving it a market cap of more than $676 million.

CAKE had a good September

PancakeSwap is a leading player in the decentralized finance industry and is the biggest DEX in the BNB Smart Chain. It is a platform that makes it possible for people to buy and sell cryptocurrencies in a decentralized manner. According to CoinMarketCap, it handles more than $115 million on a daily basis. 

Unlike Uniswap and dYdX, PancakeSwap the network makes it possible for people to swap tokens and provide liquidity and earn returns. The network has also expanded its ecosystem to include betting and predictions and even NFT trading. 

In total, PancakeSwap has a total value locked (TVL) of more than $2.92 billion. In the past 24 hours, the network raised over $430k in fees leading to revenue of $51k. 

CAKE price has done well in the past few months mostly because of the stability of the DeFi industry. Indeed, other DeFi tokens have done well in the past few weeks. This includes tokens like Lido, Aave, Uniswap, and Maker. 

After the collapse of centralized projects like Celsius, Vauld, and Voyager Token, many analysts believe that users will continue to move to decentralized platforms. For one, they are more secure than centralized ones because of their open-source nature.

PancakeSwap price prediction

The daily chart shows that the CAKE price has been in a strong bullish trend in the past few days. It has risen by more than 100% from the lowest level in June. The coin has risen above the 25-day and 50-day moving averages. It has also moved slightly above the important resistance level at $4.6 while the Relative Strength Index (RSI) has continued rising.

Therefore, there is a likelihood that the coin will continue rising as bulls target the next key resistance level at $7.5, which is about 60% above the current level. This is an important price since it was the lowest point on April 12.

How to buy CAKE

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy CAKE with Skilling today Disclaimer

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy CAKE with Capital.com today Disclaimer

The post CAKE price prediction: Will PancakeSwap rise in September? appeared first on CoinJournal.