Monat: Oktober 2022

Filecoin FIL/USD has surged by more than 6% in the past week. The gains come amid positive sentiment for cryptocurrencies. But there is a notable development for Filecoin.

On October 27, Filecoin developers launched a content delivery network dubbed Saturn. The network will help Filecoin reach content bandwidth for dApps and lower the cost of running nodes.

The development is significant for the Filecoin network. In the current setup, participants are required to become Storage Providers for others. That forced SPs to have huge storage capacities, which barred many individuals and was expensive. 

With the new Saturn CDN node, participants will only need 1 terabyte of storage, down from the previous 10 TB. Filecoin expects the move to let more individuals contribute to its bandwidth and earn FIL. For this reason, the developers expect Saturn to unlock the next-gen growth of the protocol.

Despite the latest development, Filecoin’s native token is yet to post gains. As of press time, the cryptocurrency had lost by an intraday of 2.36%. A quick technical outlook shows that the price is under pressure. 

FIL trades near the June lows amid weak momentum

Source – TradingView

Technically, momentum is weak for Filecoin. Despite the gains in the week, the cryptocurrency maintains a clear downtrend. FIL price is also near the June lows, meaning that the cryptocurrency has lost its July gains. 

At the current price, FIL is getting rejected by the 50-day MA. Although the RSI shows some upside, the reading remains below the midpoint. It means that FIL still has more sellers despite buyers entering the market at around $5.

Should you buy FIL?

The latest development is positive for FIL price in the long run. However, FIL remains in a bear market. Buyers would be better waiting for a bullish confirmation.

Where to buy FIL 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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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.

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The post How bullish is Filecoin after this key development? appeared first on CoinJournal.

Elon Musk has finally acquired Twitter in a $44 billion deal. No one is as excited by the news as Dogecoin (DOGE/USD) investors. As of press time, DOGE had surged by 7%, taking the total gains to more than 41%. Buyer interest was so strong that the weekly gains were nearly in a parabolic pattern. Will the token continue to go higher?

The biggest indication is that DOGE would continue to rise after overcoming a key resistance level. Of course, DOGE investors are unlikely to retreat as long as the enthusiasm around Musk’s acquisition of Twitter remains. On Twitter and popular social trading platform Stocktwits, excited retail investors were hailing DOGE to $1. 

DOGE users grew even more optimistic after Twitter said it was testing “NFT Tweet Tiles” on Thursday. The move will see digital collectibles starting to get displayed on the social platform in the Musk era. Investors have speculated that the announcement will pave the way for the use of DOGE as means of payment. 

DOGE attempting to break above the 200-day MA?

Source – TradingView

Technically, bulls have a real test for DOGE at $0.08. This is the level that the price coincides with the 200-day MA. DOGE has not closed above the 200-day MA since November 2021.

If the buyers surpass the crucial zone, it could be a real welcome of a bullish market for DOGE. That depends on various factors, including the developments around the Twitter acquisition. Crypto sentiment is also a factor. 

Looking at the RSI, DOGE is strongly overbought. A possible correction could take the token back to a resistance-turned-support of $0.07. 

Will DOGE go higher?

Although DOGE is overbought at the intersection of price with the 200-day MA, buyers are still relentless. The price has slightly breached the 200-day MA. It is still not sufficient to be termed a breakout until the daily candlestick closes. 

Attention will shift to whether bulls will break about the 200-day MA, with or without a price correction. A possible breakout and positive development could be a welcome note for a lasting bull surge. 

Where to buy DOGE 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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The post What holds for Dogecoin after overcoming a key resistance after Twitter acquisition? appeared first on CoinJournal.

Once again, a few cryptocurrencies are sending market waves. Despite remaining largely bearish this year, most tokens are turning up, showing what a bull run will look like. Probably, we are in a bull market. But, with macro shivers continuing to wreak havoc, we would be cautious about making a bull call now.

c is one such token that has surprised the market. Some may have written off the cryptocurrency after it slipped below a crucial $1 price. With a 65% increase in value in the last week, OP is easily one of the top-gaining cryptocurrencies. Improved sentiment has been boosting the token. However, the fact that OP has more gains underlines its strong fundamentals lately.

As CoinJournal reported, several developments have been boosting the Optimism token. One among them is the “OP Stack” launched earlier this month. Without getting into the details, Optimism has been selling itself as an efficient and low-cost blockchain of choice.

We also know that Ethereum has been robust in the past week. As a result, the positive sentiment could be flowing to its L2 scaling solution Optimism. In fact, Optimism considers itself an extension of the Ethereum software. Quoting, “If it works on Ethereum, it works on Optimism at a fraction of the cost” – Optimism team.

OP recaptures $1 resistance in a bullish market

Source – TradingView

The daily chart shows OP correcting after breaking past the $1 resistance level. The breakout suggests that OP has started a bullish momentum that could last for a while. 

The cryptocurrency is surging above the 20-day and 50-day MA. The MACD indicator has shifted above the midpoint and indicates a building momentum.

Should you buy OP now?

OP is a buy after the bullish breakout at the resistance. However, investors should wait for the price to settle at or around $1. A buy trade will be confirmed by a bullish signal at the mentioned level. The next target for the cryptocurrency is around $1.474 or $1.8, depending on the prevailing sentiment.

Where to buy OP

The post Readying to buy Optimism token after a key breakout is confirmed appeared first on CoinJournal.