Monat: Oktober 2022

Dogecoin price rallied for the third straight day as investors reflected on the nearing buyout of Twitter by Elon Musk. DOGE soared to a high of $0.081, which was the highest level since August 17. It has jumped by more than 53% from the lowest level this year.

Elon Musk Twitter buyout

Elon Musk is finally buying Twitter. According to the Wall Street Journal, banks have started to send $13 billion in cash backing the buyout. These banks are sending funds to an escrow account after hammering final details of the debt contracts. This means that the deal will close by the end of the week. 

Elon Musk also held a brief meeting with Twitter employees on Wednesday. In it, he said that he will not implement the 75% layoffs that were rumored. Also, it is unclear whether the Biden administration will file to stop the transaction. 

Dogecoin price needs a new catalyst

Musk’s acquisition of Twitter is important for Dogecoin because he is one of the biggest promoters of the coin. It is estimated that he is a big owner of the coin. Most importantly, he has said that he will incorporate the coin in Twitter.

The deal is also important because of how big Twitter is. Official numbers show that Twitter has over 237 million active users internationally. However, a recent report shows that the number of active users in the platform has been slowing recently.

Dogecoin price is therefore rising because of the enthusiasm about what Musk will do. This also explains why other coins like Bitcoin and Ethereum have risen in the past few days.

Another possible reason is that analysts expect that the Fed will start pivoting in the coming months. This could see it start reducing the size of its rate hikes.

Dogecoin technical analysis

So, is it safe to buy Dogecoin? The daily chart shows that the DOGE price has made a strong recovery in the past few days. It rose to a high of $0.081, which was the highest level since August 17. The coin has moved above the 25-day and 50-day moving averages.  

Meanwhile, the Relative Strength Index (RSI) has moved to the overbought level. It also rose above the important resistance level at $0.068. Dogecoin price seems to be forming a shooting star pattern. Therefore, the coin will likely pull back and retest the support at $0.0650. A move above the resistance point at $0.081 will invalidate the bearish view.

How to buy Dogecoin

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 Dogecoin price: what’s the outlook after Musk nears Twitter buyout appeared first on CoinJournal.

Cryptocurrencies staged a comeback after the Canadian central bank raised interest rates lower than expected. Coming amid a period of high inflation and high borrowing rates, speculations now shift to whether other jurisdictions will do the same.

The anticipation has driven the crypto market valuation to $996 billion. Also up among the altcoins is the Ethereum-based NFT crypto, ApeCoin APE/USD. The Yuga Labs token climbed 10% in the last week and 1.65% in the past day. The current price per APE is $4.81.

Since launching in March, the ApeCoin ecosystem has expanded significantly in gaming and NFTs. The latest is a plan to launch a new game in Otherside Metaverse – a virtual platform for multiplayer games. According to Yuga Labs co-founder Greg Solana, the game, dubbed Persistent World, will be released in 2023.

While the multiplayer game could strengthen Apecoin’s gaming aspect, its NFT side is also doing well. Blockchain data platform, DappRadar, shows that Apecoin’s Otherdeed NFT (also referred to as dynamic NFT) sold as high as $500k during the week.

Can APE topple the $5 resistance? 

Source: TradingView

On the technical side, APE is bullish after moving from $4.1 to $5 in just seven days. The momentum has placed it above the 20-day moving average but below the 50-day moving average. However, the focus is on whether the NFT token can go past the $5 resistance. As it stands, the RSI momentum indicator is at the neutral 50, meaning the strength to the upside is weak.

Concluding thoughts

At the current resistance level, APE leg up past the $5 resistance depends on if the token will get enough buyers. The overall market sentiment is also something to consider. Considering the technical and fundamental factors, investors should exercise patience until a clear trend is notable.

Where to buy APE

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 What holds for ApeCoin after meeting resistance at $5? appeared first on CoinJournal.

The FIFA World Cup is fast approaching. The Algorand token (ALGO/USD) will likely be in the limelight as the platform is the official blockchain partner of the global event. Aside from increased publicity, Algorand will supply FIFA with blockchain-enabled wallet solutions. Long-term, Algorand could power FIFA’s digital assets, including NFTs and its official cryptocurrency.

Ahead of the important global event next month, Algorand is witnessing increased on-chain activities. Over the past three weeks, the total value locked on the platform has almost doubled. At just $175 million on October 7, the TVL is now at $303.2 million. Besides, as CoinJournal previously reported, Algorand is a crypto to watch in the next bull cycle.

With increases in on-chain activity, ALGO price has been pushing higher too. The gains over the past seven days are 6.45%, despite falling slightly by an intraday 1.50%. However, the cryptocurrency’s price action shows it is yet to overcome a key hurdle.

Algorand price outlook and prediction

Source – TradingView

The recent bullish surges have pushed ALGO above the moving averages. The MACD indicator shows that the momentum is building. However, the indicator is yet to close above the midpoint to consider a bullish market.

ALGO’s key resistance level lies at $0.36. With the cryptocurrency trading at $0.33, further gains are expected in the next few days. 

Should you buy Algorand now?

The price action shows that ALGO could take further leaps to the resistance at $0.36. That translates to an upside of about 10%. Short-term investors may find the trade unattractive due to the risk and reward ratio. 

For sustained gains, ALGO must break the $0.36 barrier. For now, the cryptocurrency should remain on investors’ watchlist due to the building momentum ahead of the FIFA World Cup.

Where to buy ALGO

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 Algorand records growth in on-chain activity. Here is what it needs to become bullish appeared first on CoinJournal.

Alchemy Pay price went parabolic and then pulled back sharply on Thursday as demand for the coin rose. ACH, the fast-growing coin, rose to a high of $0.015, which was the highest level since October 14. At its peak, Alchemy was up by more than 50% from its lowest level this month.

What is Alchemy Pay and why is it rising?

Alchemy Pay is a small and fast-growing company that seeks to become the best payment platform in the industry. Its goal is to bridge the gap between fiat and cryptocurrencies. It does that by making it possible for people to pay for their favorite products using cryptocurrencies. 

Alchemy Pay is widely used by some of the leading companies globally. Some of the top companies that have embraced Alchemy are Shopify, Arcadier, Checkout, and Nium.

ACH is the native token for the ecosystem. It is an Ethereum coin that is used to pay for transaction fees, rewards for network use, and lowering transaction costs, and it is pledged by business partners during the onboarding process. In addition, ACH has been used to provide rewards for users.

Alchemy Pay price has done well in the past few days as investors focus on the recent partnerships. This week, Alchemy Pay said that it had partnered with Nest Protocol. The partnership will help to bridge crypto and traditional fiat currencies. As a result, its on-ramp widget provides mainstream-friendly access to crypto services via cards and local mobile wallet.

Meanwhile, ACH price has risen after it made it possible for users to buy Aptos’ APT on its ramp project. Ramp is a platform that makes it possible for people to buy and sell cryptocurrencies cheaply.

ACH price forecast

Is ACH a good crypto to buy? The two-hour chart shows that the Alchemy Pay price rose to a high of $0.015. As it dropped, it moved below the important support at $0.012, which was the highest point on October 17. It remains slightly above the 25-period and 50-period moving averages.

Alchemy Pay’s Relative Strength Index (RSI) has moved below the overbought level. It has moved to the neutral level. Therefore, the coin will likely continue falling as sellers target the next key support level at $0.010. On the flip side, a move above the resistance at $0.13 will invalidate the bearish view. 

How to buy Alchemy Pay

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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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

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The post Is Alchemy Pay’s ACH a good crypto to buy? appeared first on CoinJournal.