Monat: September 2022

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Near Protocol gains 9% as bulls try to outwit bears at $4.2. What next?

  • Near Protocol token surges 9% and reclaims $4.2

  • Crypto recoveries and expected Ethereum Merge potential reasons for the surge

  • Momentum remains weak, but NEAR could start a bullish surge if it sustains $4.2

Near Protocol token NEAR/USD buyers are keeping hopes alive as the token reclaims $4.2. The level is the established support for the token of the Layer-1 network. In a single day, the token surged by more than 9%, erasing some previous losses. The gains took NEAR slightly above $4.2, but the momentum remained weak. Trading volume was also up 6.0% in 24 hours, highlighting increased buying pressure. So why is NEAR gaining?

A combination of factors could explain the recent recoveries in NEAR. A spot check indicates that the overall crypto sentiment is improving. Near Protocol is recovering in line with the crypto sentiment. Nonetheless, NEAR gains were above most cryptos. The Ethereum Merge, expected later this month, could be boosting Layer-1 blockchains.

Clearly, there is no specific event boosting Near Protocol token. However, to a technical reader, the current price is one to watch for the next few days. 

Near Protocol token price action on the daily chart

Source – TradingView

NEAR trades at $4.6 after capturing the $4.2 level. The minor breakout could have caused the increased buying pressure at the support. A MACD crossover above the moving average is another bullish indicator for the cryptocurrency. The 20-day moving average has joined support. The price is yet to break above the 50-day MA. 

Final thoughts

NEAR is a potential buy at the current levels as bullish signs emerge. We need to wait for a bullish confirmation after the close of the daily candlestick. If the candlestick crosses below, that could invalidate the bull call. It is nonetheless important to monitor NEAR at the $4.2 level.

The post Near Protocol gains 9% as bulls try to outwit bears at $4.2. What next? appeared first on CoinJournal.

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SEC has authority to crackdown on crypto securities, Gensler says

The SEC chair wants to see cryptocurrency exchanges and brokers register with the agency.

Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC) has once again reaffirmed the agency’s desire to see more crypto companies – exchanges, brokers and so forth – embrace regulation as a step towards consumer protection.

SEC has authority to regulate crypto securities

In a Thursday commentary that Bloomberg reported on, the SEC boss noted that even as they pursue greater involvement and hence accountability from those within the crypto industry, the securities watchdog is already in a position to regulate the space.

According to the regulator, most cryptocurrencies fall under the agency’s regulatory purview by dint of a security’s legal definition. As such, it calls for crypto exchanges, brokers and other providers to embrace compliance.

He said the public within the crypto space deserve to have and enjoy the same protections from crypto issuers as do consumers investing in traditional securities. The comments are not new, with Gensler outlining this same sentiment following the Terra collapse and Three Arrows Capital demise.

He reiterated this perspective in comments that highlighted Bitcoin as a commodity. He repeated the message today as noted by MicroStrategy’s Michael Saylor in a comment shared on Twitter.

The SEC chair also commented on non-compliance and what looks like a reluctance by many to pursue the regulatory goal.

“Not liking the message isn’t the same thing as not receiving it,” the SEC chair said in remarks delivered at a regulatory event in Washington.

The post SEC has authority to crackdown on crypto securities, Gensler says appeared first on CoinJournal.

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Is Ethereum getting to $2,000 as Chainalysis predicts explosive post-merge growth?

  • Chainalysis has projected a strong price rally of Ethereum post-merge

  • The soft date for the Merge is on September 19

  • Ethereum is gaining and looks set back to $2,000 

Ethereum ETH/USD will lead other cryptocurrencies in price after the Merge, according to Chainalysis data. The on-chain analysis firm says the yields that will come after the Merge will attract institutional investors. Chainalysis says increased institutional entry could see Ethereum challenge Bitcoin for the top spot.

Amid the Chainalysis report, the Ethereum ecosystem has been growing thanks to the expected Merge. Institutional stakers have grown from just 200 in January 2021 to top 1,000 at the end of last month. The increased institutional flow indicates growing trust in the blockchain post-merge. 

Ahead of the Merge, which is expected around September 19, Ethereum is recovering. At press time, the cryptocurrency was trading up 8.12% in 24 hours and clinging to $1,630. Ethereum developers finalized the first of the two-step process in the Merge on September 6. That could be giving the bullish boosts being witnessed currently.

Ethereum initiates recovery ahead of the Merge

Source: TradingView

Technically, Ethereum lacks a directional movement after a 50% retracement from the $2,000 level. Still, the price can be considered bullish in a wide bearish market. The 20-day moving average has joined the support. The token is still below the 50-day MA. The RSI shows that ETH is neither overbought nor oversold. 

Summary

While Ethereum is gaining momentum ahead of the expected Merge, it lacks a directional movement. We cannot tell with certainty that the price will rise to $2,000 in the next few days. Nonetheless, with the benefits of the expected Merge, Ethereum remains a cryptocurrency to hold. Investors should monitor the price movements to buy potential retracements.

The post Is Ethereum getting to $2,000 as Chainalysis predicts explosive post-merge growth? appeared first on CoinJournal.