Monat: November 2022

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FTX token: What’s happening with the ‘dead’ FTT?

  • The FTX token has declined more than 76% in the past two weeks and is down 98% from its all-time high.
  • Yet, it’s still higher than its all-time low reached in 2019 and has about $418 in market cap.

FTX was seen as one of the best cryptocurrency exchanges in the world until its collapse stunned the crypto industry. 

Just to sum up what happened, FTX’s bankruptcy filing has shown that pretty much everything that hit the exchange has to do with the failings and crimes by founder Sam Bankman-Fried.

FTX token decline not as spectacular as LUNA

Despite the FTX implosion and the fact that millions of people are likely to have lost all their money, the FTX token hasn’t gone to zero yet. In fact, FTT still trades around the same price levels as when it hit the market following its launch.

The FTX token was launched on 8 May, 2019 and reached an all-time high of $85.02 on 9 September 2021. At current levels, to which the token slumped following last month’s FTX implosion, FTT is more than 98% down on its all-time peak.

So what’s happened? Everything, but the demise of the FTX token that hasn’t happened as spectacularly as what occurred with Terra (LUNA) in May 2022.

As seen on CoinGecko, FTT is trading near $1.28 – about 11% higher than its all-time low of $1.15 hit on 6 September 2019. The FTX token ROI is at nearly 28%,  

And with its market cap still above $410 despite the FTX bankruptcy and all that’s been revealed about the formerly ‘SBF empire’, it’s pretty easy to say that FTX may be ‘dead’- but FTT is not there yet. Over $10 million worth of FTT was traded in the past 24 hours.

Just for context, Terra Classic (LUNC), the Terra token that went to zero in May, still sees action with more than $115 million worth of trades in the past 24 hours.

The post FTX token: What’s happening with the ‘dead’ FTT? appeared first on CoinJournal.

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Bitcoin Cash reclaims $110 support. A reason to be optimistic about further gains?

Wednesday’s relief rally among most cryptocurrencies underlined investors’ confidence was crawling back. Crypto tokens, such as Bitcoin Cash (BCH/USD), had lost key important levels post the collapse of the FTX exchange. However, the latest bullish rally has helped the token of the Bitcoin fork claim an important level at $110. The cryptocurrency traded at a high of $119 before cooling off slightly. At press time, BCH was trading at $115, above the key support level.

The Wednesday gains are believed to be fueled by investors’ expectations about the Federal Reserve’s shift in policy stance. MacroMicro data shows that interest rates may rise slower than previously anticipated. The positive expectations have slightly lifted crypto and stock markets alike, which have shown a positive correlation. Consequently, investors could have slowed their shorts, although this doesn’t tell about the buy side. 

Nonetheless, the latest gains should bring optimism that investors are still betting on digital assets. The recovery of BCH above $110 should, therefore, raise hopes that further gains are likely. But technical pointers tell us that we can’t confirm this yet.

BCH price analysis and outlook as momentum turn bullish

BCH Chart by TradingView

Looking at the MACD indicator, a bullish crossover has occurred, although we are still below the neutral zone. Momentum has slightly improved. 

The RSI indicator has been recovering for a while now and remains above the midpoint. There are no overbought conditions, suggesting a potential further upside.

Should you buy BCH now?

Buying BCH now could be too early. We need to confirm a breakout by observing the close of the daily candlestick. A slight correction is already underway. The close of the daily candlestick below $110 would invalidate a bullish view.

Where to buy BCH

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.

Buy BCH with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BCH with OKX today

The post Bitcoin Cash reclaims $110 support. A reason to be optimistic about further gains? appeared first on CoinJournal.

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Is Shiba Inu now bullish after an 8% surge?

Shiba Inu (SHIB/USD) made an intraday 8% gain on Wednesday to trade at $0.000009. The rise reflected a slightly improved crypto sentiment. Most cryptocurrencies were trading in the green territory, with Bitcoin and Ethereum up 5% and 7%, respectively. However, there are some notable developments for the Shiba Inu network.

On November 22, Shiba Inu lead developer Shytoshi Kusama reported positive cryptocurrency news. In a Twitter post, Kusama said that Shiba Inu had been invited to work with the World Economic Forum on global policy. That potentially means a metaverse-related one, with Shiba Inu already entering the space. The post solicited views from the Shiba community on whether cryptocurrency should work with the global body. An overwhelming 65% of respondents supported the idea. 

Onboarding the WEF is positive for Shiba Inu as it works to build a real utility for its meme-labelled cryptocurrency. The development is, of course, long-term, and it needs waiting to see how it unfolds. Meanwhile, the amount of SHIB held by Ethereum’s largest whales has fallen below $70 million. However, the number of SHIB token holders recently increased by 6,000. But how bullish is the meme token?

SHIB is recovering from near-oversold levels

SHIB/USD Chart by TradingView

The general trend for SHIB is bearish on the daily chart. The MACD indicator shows bear momentum, although the weakness has slightly cooled off.

SHIB is also recovering from a near-oversold RSI reading of 35. Each time SHIB has approached this level, the token has recovered or consolidated since June. Still, the current RSI reading of 41 is below the midpoint, signalling that sellers are still many.

How sustainable is SHIB recovery?

A recovery near the oversold region is positive for SHIB price. However, the trend is still bearish, and SHIB is vulnerable. For sustainable gains, SHIB must overcome a minor resistance at the $0.000009 trading level. A recovery above this level will keep $0.00001 and $0.000012 levels in sight.

If SHIB fails the potential recovery, the level around $0.000007 will be the likely support to the downside. 

Where to buy SHIB

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.

Buy SHIB with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SHIB with OKX today

The post Is Shiba Inu now bullish after an 8% surge? appeared first on CoinJournal.