Monat: September 2022

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Avalanche slides to $17 support but is it a buy?

  • Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

  • AVAX trades the $17 support zone

  • Future recoveries depend on market sentiment

Avalanche AVAX/USD trades at $17.34, a level it has held since September 18. The price level has been the lowest since early July. At the bottom level, buyers are showing interest after days of consolidation. At press time, the token was up 2.07% in the last 24 hours. The gains were, however, not enough to erase 7.94% losses in the past week. 

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced entry into Avalanche on September 21. The integration will see Boba help Avalanche meet the scalability demands. Boba lauded Avalanche for its fast and low-cost transactions and eco-friendly solutions. Following the integration, Biba will become Avalanche’s first L2.

Avalanche price and prediction

The integration of the Boba network adds a positive sentiment to AVAX when the sentiment is weak. That helped the token recover slightly amid an interest rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX’s in a downtrend. The price has been moving in a pattern of lower highs and lower lows. A recent MACD bearish crossover speaks of the weakening momentum. The moving averages above offer resistance.

Concluding thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended buy. Buyers may keep optimism of recovery at the $17 support. However, with the weak sentiment, a lower price is possible. 

If AVAX holds the support intact, a wave of consolidation may follow. That will enable the token to gather sufficient momentum to go higher. The cryptocurrency has a minor resistance at $22.

The post Avalanche slides to $17 support but is it a buy? appeared first on CoinJournal.

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Bitcoin attempts recovery after rate hike scare. Should you buy it?

  • Bitcoin recovered 1.58% on Thursday after the rate-hike drop

  • Bitcoin remains vulnerable as long as macro-issues do not abate

  • $19,250 is a level to watch on Bitcoin as it recovers

Bitcoin BTC/USD is one of the highly watched cryptocurrencies during interest rate decisions. That’s because the cryptocurrency has exhibited correlations with equities. Thus, when interest decisions come up, equities and Bitcoin become focal points. 

On Wednesday, the Federal Reserve announced a 75-basis point interest rate hike. The market had anticipated a similar hike in magnitude. Bitcoin fell below $19,000 immediately after the rate decision but recovered quickly. As of press time, the cryptocurrency was trading at $19,166 after adding more than 1.50% in 24 hours. The swift recovery indicates that markets had priced for a 75 basis point hike. Does that suggest Bitcoin will continue rising?

Looking ahead, the US central bank will hike rates further to end the year at around 4.4%. Fed Chair Jerome Powell did not rule out the possibility of a recession. The gloomy macro-outlook makes risky assets, including Bitcoin, unattractive. 

Bitcoin is recovering but faces resistance at $19,250

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Source – TradingView

Applying the MACD indicator, Bitcoin’s momentum weakened after the Fed rate hike. The MACD line entered deeper into the bear zone as the price lost an important $19,250 support. At the current level, BTC trades at or slightly below the support, having hit the lowest since June. The level is also below its average for the past 50 days.

From the technical outlook, BTC has to successfully reclaim the $19,250 level to consider a potential upside. The cryptocurrency is not a recommended buy at the moment, especially in the short term.

Summary

Bitcoin could slip further if it fails to reclaim the $19,250 level. The macro factors and technical outlook sound bearish despite the latest recoveries. A recovery above the $19,250 invalidates a bearish view.

The post Bitcoin attempts recovery after rate hike scare. Should you buy it? appeared first on CoinJournal.

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What is pushing Ripple (XRP) price up?

The price of Ripple’s XRP token is up 26.9% in the past week and 6.9% in the past 24 hours, outperforming most of the top cryptocurrencies like Ethereum and Bitcoin which are struggling to make considerable gains.

At press time Ripple’s XRP was trading at $0.4326.

Factors contributing to XRP’s recent price rise

There are two main factors believed to be behind the recent XRP price surge and they are increased trader optimism and high whale movement.

Trader optimism on XRP has increased considerably despite the ongoing Ripple lawsuit against the US SEC. majority of traders believe that XRP has the most bullish set-up in the crypto market with a potential for a further breakout.

One of the things that have increased traders’ optimism about XRP is the recent visit of Caroline D. Pham, an American attorney who serves as a commissioner of the Commodity Futures Trading Commission (CFTC) to Ripple Labs. The visit raised speculations that the XRP would be classified as a commodity rather than security as the SEC has been insinuating.

There has also been significant whale movement over the past few days with the two most recent whale movements being a transfer of 30 million XRP tokens and another 261 million XRP tokens between wallets.

The post What is pushing Ripple (XRP) price up? appeared first on CoinJournal.