Monat: September 2022

• Binance announced the Binance Account Bound token on September 8

• BAB will be an identity verification proof on Binance Chain

• Binance coin lost important support after inflation data

A week ago, Binance BNB/USD announced the launch of the Binance Account Bound token or BAB. The crypto exchange described it as a soul-bound token that will only be used as proof of KYC verification. Users can mint the new token on BNB Chain, participate in projects, and generate rewards.

The launch of BAB coincided with a surge in BNB price and trading volumes on the exchange. BNB trading volumes rose past the 1 billion mark highlighting the significance of the latest development. The prior gains seem to have now waned.

From the technical front, the BNB price initiated a bullish breakout from an inside bar. Our latest call indicated that the breakout makes BNB likely to head to $326. However, Tuesday’s inflation data triggered a bearish market for BNB. That has pushed BNB back to $274, below the key support of $278. Does the price indicate that BNB is bearish?

BNB price movement and prediction as price slides below support

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Source – TradingView

On the technical front, BNB has lost the battle at the $278 support, the 20-day and 50-day moving averages. The MACD line has also closed below the moving averages as bearish pressure mounts. However, we cannot confirm a bearish momentum at the moment.

At the current price, BNB is yet to break below the primary bar, which initiated an inside bar breakout. To confirm a bearish movement, the price needs to clear below $261. At the same time, BNB is not attractive at $274. All the technical indicators are bearish. 

Concluding thoughts

We need more price action to confirm a bullish or bearish bias for BNB. For now, the token has not yet invalidated a bullish bias from the inside bar breakout.

The post Is BNB attractive as it battles $274? appeared first on CoinJournal.

• Crypto.com has plunged 4% in the past day

• Tokens native to crypto exchanges are also looking bearish amid volumes

• CRO has retested key support with a low momentum

Crypto.com CRO/USD price is hovering around $0.1051 after dropping 4.92% in the past day. The token’s weekly losses currently stand at 11.04%. The bearish turn is not specific to CRO. Several tokens native to crypto exchanges are also facing a sell-off.

BNB token is down 6%, while Huobi token and FTT have lost 3.04% and 11% in the past week. The trend can be linked to low trading activities amid a prolonged market correction. Currently, the crypto market capitalization has dropped 3.7% to $961 billion.

Cronos, formally called crypto.com token, is used for payments, trading, and financial services. The digital asset is backed by Crypto.com, one of the fastest-growing crypto exchanges. CRO remains bearish despite the exchange recently adding support for native assets of an NFT platform.

In the deal, users can trade native tokens of Minted, a Cronos Labs Startup. The entity allows for the listing and purchase of over 10 million NFTs on CRO and Ethereum blockchains. Other fundamental aspects holding back CRO are related to regulatory aspects. 

The exchange was recently forced to halt UEFA league sponsorship deals worth $500 million. Crypto.com, which has been known for teaming up with sports companies, cited regulatory concerns. The technical outlook is not looking great either. 

CRO retests $0.1054 support amid a bearish momentum

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Source: TradingView

From the daily chart above, CRO has been trading on a trend of lower highs and lower lows. It moved from $0.1557 on August 13 to the current price of $0.1051, signifying a 32% decline. The downward pressure has driven CRO below the 20-day and 50-day moving averages.

At 13, the Stochastic Oscillator is at the oversold zone, showing that the token could be due for a trend reversal. However, a trend reversal remains subject to a change in sentiment. If that is the case, the immediate resistance level will shift to $0.1213.

Concluding thoughts

CRO is facing bearish pressure amid a waning momentum. Although the token has entered the oversold zone, a trend reversal is not visible. The token has retested support and can trade lower if the level does not hold.

The post CRO on the brink of another low as momentum wanes appeared first on CoinJournal.

• Ethereum Classic saw a 280% rise in hash rate after Ethereum Merge

• The cryptocurrency surged after the Ethereum Merge but has since retraced

• ETC lacks a directional bias as price slides

Ethereum finally completed a successful move from a Proof-of-Work blockchain to Proof-of-Stake. Immediately after the shift, tokens of PoW platforms such as Ethereum Classic ETC/USD rose. The cryptocurrency has since retreated with losses of 5.28% in the last 24 hours. Does that indicate a lack of sustainability in post-merge gains?

Ethereum Classic was one of the platforms expected to attract PoW miners after the Merge. On Thursday, immediately after the Merge, the hash rate on the protocol rose to 183 terahashes per second. That suggests a 280% increase in the crypto mining productivity in just 24 hours. It should, however, be noted that Ethereum Classic’s hashrate has increased by 500% in 30 days. Miners had already been positioning themselves for the post-merge situation. Hash rate on other PoW blockchains, such as Ergo blockchain and Ravencoin, has also surged.

There are possible scenarios to explain the depleted gains in ETC after the Ethereum Merge. First, ETC is trading close to a 5-month high, despite most tokens remaining subdued. Although we can’t discount further post-Merge gains, the price may have already factored in the developments.

A more profound factor preventing ETC’s post-Merge growth is the crypto sentiment. Across the board, cryptocurrencies are in the red following a more than-anticipated inflation. Consequently, ETC’s potential gains should be examined within the broader crypto sector. 

ETC price movements and prediction post-Merge

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Source – TradingView

On the technical front, Ethereum Classic lacks a directional movement. The price has clashed below the moving averages but trades at a $34 support level. ETC must overcome a further drop below the support to consider a bullish bias. 

Summary

Ethereum Classic has witnessed a rise in hash rate after Ethereum Merge. The price is yet to reflect the mining output and lacks a directional bias.

The post How sustainable is Ethereum Classic after Ethereum Merge? appeared first on CoinJournal.

• Cosmos token has maintained an uptrend since June.

• There are speculations for a greater utility of ATOM with Cosmos 2.0.

• ATOM is a buy but expecting a retracement.

Cosmos ATOM/USD has been one of the strongest cryptocurrencies lately. Since mid-June, the cryptocurrency has maintained a system of higher highs and higher lows. ATOM is also yet to break below the 50-day moving average since July. What is the possible reason for the sustained surge?

Speculations around Cosmos 2.0 could be attracting ATOM buyers. Cosmos 2.0 is expected to enhance the interoperability, functionality, and overall Cosmos infrastructure. There is no specific date for it. However, the discussions are expected to rise during the Cosmoverse 2022 event kicking up on September 28. The conference will also see more side events, including the Osmos Dex and Loop Finance.

ATOM price reaction and prediction after Doji signal

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A Doji is an important price signal for a technical reader. It is characterized by a candlestick showing an equal or almost the same opening and closing price. The candlestick conveys indecision between buyers and sellers. 

After retracing from a high of $17, ATOM formed a Doji signal at the minor support of $13. It signified a lack of directional bias. Since then, buyers have managed to outwit the sellers as the price shot up.

Source – TradingView

From the technical outlook, a Doji signal at the minor support took ATOM to $15. The price is experiencing some resistance. The MACD indicator shows a waning momentum in price.

Concluding thoughts

ATOM remains in a strong bullish momentum. A Doji signal at the support followed by a price surge confirmed a bullish momentum. The cryptocurrency is facing resistance, and a potential retracement could occur. Investors should consider buying on a retracement potentially at or close to $13.

The post Cosmos token forms a Doji signal after a retracement. What does it mean? appeared first on CoinJournal.

• Chainlink has recovered the $7.4 support as the price continues to recover.

• Anticipated Chainlink staking could boost the price.

• LINK aims for $9.4 if the current momentum remains in place.

After remaining largely bearish in the past seven days, Chainlink’s LINK/USD is turning bullish. More-than-expected inflation on Tuesday pushed the token down to $7.03. The level was below key support of $7.4, eliciting fears that LINK was heading to its previous lows.

Bulls seem to have now arrested the decline in Chainlink. The token trades at around $7.6, above the key support with momentum building up. As of press time, the price of LINK was up 2.16% in the last 24 hours. The price defies the overall crypto sentiment since most tokens had dipped in the same period.

Chainlink has witnessed limited developments lately. However, Chainlink Staking, expected later in the year, has proved to be a price driver for the native token. There are also plans to grow the oracle network of Chainlink and improve security via a new token-staking ecosystem. 

Chainlink forms a bullish pin bar at support

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Source – TradingView

Technically, LINK has initiated a recovery at the $7.4 support. The level coincides with a short-term ascending trendline and support zone. The token has formed a bullish pin bar at the support, informing an upside bias for the cryptocurrency. 

The MACD indicator remains in the bullish zone. LINK is also pushing above the 50-day moving average. The token is a buy if the $7.4 continues to hold. The next level is $8.2 and, potentially, $9.4.

Summary

Chainlink token has a bullish bias based on technical indicators. The pin bar suggests that bulls rejected a decline below $7.4. If the price sustains the momentum, the next level is $8.4.

The post Chainlink ignites bullish push after the latest slide appeared first on CoinJournal.