Monat: November 2022

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Avalanche price prediction after crossing key support

Avalanche price collapsed to the lowest level on record as challenges in the crypto industry continued. AVAX dropped to a low of $11.78, which was about 42% below the highest level this month. Its market cap has dropped to about $3.5 billion.

Is AVAX a good buy?

Avalanche is a leading blockchain project that makes it possible for developers to build decentralized applications (dApps).

It is known for its blazingly fast speeds and low transaction costs. It can handle a transaction finality of less than 2 seconds and it uses a proof-of-stake (PoS) technology.

Avalanche has been used to build some of the best-known apps in the industry like Aave, Aleph, Trader Joe, Wonderland, and Benqi among others.

Like other cryptocurrencies, AVAX price has come under intense pressure in the past few days because of the collapse of FTX. Investors are simply fearful about contagion risks in the crypto industry.

FTX collapsed after a bank run happened in its exchange. The bank run happened after a report showed the close relationship between Alameda and FTX. According to its balance sheet, Alameda held FTT tokens worth billions of dollars.

Avalanche price also declined because Trader Joe, a DEX in its ecosystem, was a recipient of FTX’s cash. FTX took part in a fundraising by Joepegs, an NFT platform built by TradeJoe. The funding by FTX was completed in June.

Joepegs has then grown to become the biggest NFT platform in Avalanche with over 12,000 users and $3.4 million in secondary sales. Therefore, there are concerns about Avalanche’s more entanglements with FTX.

Trader Joe has seen its total value locked crash by over 30% in the past 30 days. In total, Avalanche’s TVL has dropped from over $22 billion in 2021 to about $1.9 billion.

Avalanche price prediction

                                                                    Avalanche chart by TradingView

The four-hour chart shows that the AVAX price has been in a strong bearish trend in the past few days. It managed to move below the important support level at $12, which was the lowest level on November 14 and November 9.

The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved below the oversold level. Therefore, by moving below the support at $12, there is a likelihood that the coin will continue falling as sellers target the next key support at $10.

How to buy Avalanche

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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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Avalanche price prediction after crossing key support appeared first on CoinJournal.

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XRP continues to struggle amid SEC case developments. What you need to watch next

Ripple (XRP/USD) trades at $0.35. a decline of 7% in the day. For another time, the cryptocurrency was rejected at the $0.4 resistance. However, it should be remembered that positive developments of the Ripple case with SEC were a significant bull trigger. XRP traded at a high of $0.55 in late September, in line with the case direction. However, as cryptocurrencies soil after the FTX collapse, XRP has not been an exception.

Aside from the general crypto mood, XRP is poised for growth if Ripple triumphs against the regulator. Recently, Ripple made a small win after a court allowed amicus briefs in the case. As of the November 18 deadline, 14 had filed their briefs for Ripple and 1 for SEC. The final arguments in the longstanding case will be presented to the presiding judge towards the end of this month. After that, it would take another 2-6 months to conclude the case. Still, a long way to go before the bulls get a chance to ride on a post-determination rally should Ripple win. 

So, what’s at stake now is whether XRP could wither the bear market as investors wait for the outcome. From a technical point of view, XRP has done exemplary well, although it is struggling to make significant gains.

XRP maintains a short-term trendline amid weak momentum

XRP/USD Chart by TradingView

A technical outlook shows XRP trading along the short-term trendline since initiating a recovery slightly above the $30 support. However, the trading pattern should be viewed as largely a consolidation rather than a bullish one.

The RSI remains below the midpoint but shows no oversold conditions for XRP.

Should you buy XRP?

Buyers and sellers of XRP are muscling up between the $0.30 and $0.40 levels. A $0.4 remains a key resistance to watch for a confirmation of bullish momentum.

Alternatively, a break below the short-term trendline could take XRP price back to $0.30. With XRP bulls defending $0.30 since June, it remains the level to watch. A break below $0.30 would confirm a bear market.

Where to buy XRP    

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.

Buy XRP with Capital.com today

The post XRP continues to struggle amid SEC case developments. What you need to watch next appeared first on CoinJournal.

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Solana nears a single-digit price. Here is the price action and what you need to know

Anyone would have thought Solana SOL/USD would trade at a double-digit price, let alone a single-digit one? Unfortunately, that is the reality for the lovers of the once promising cryptocurrency labelled the Ethereum killer. Having hit a high of over $265 in November 2021, the SOL was touted as the next token to reach $1,000. It now trades at a mere $11, exactly one year since its all-time high. The cryptocurrency is yet to find a bottom, with technical indicators pointing to a price below $10.

While a bear sentiment is to blame for the significant SOL decline, recent woes reflect exposure to collapsed FTX. As CoinJournal reported, Alameda Research has significant holdings of SOL tokens. The exposure has seen Coin Bureau host “Guy” warning his 2.17 million subscribers on YouTube about SOL price.

The analyst expects the price of SOL to come under further pressure and fall a further 40%. He says that the token will suffer when FTX and Alameda dispose of their holdings in Solana to pay off creditors and other users. He further notes that the SOL situation could be worse, with the cryptocurrencies showing they are yet to bottom. The analyst is projecting an $8 SOL price. A technical outlook shows we could see an even lower price level for the cryptocurrency.

SOL crashing below an inside-bar pattern is a bear indicator

SOL/USD Chart by TradingView

A technical outlook shows SOL bulls losing the battle at $12. The MACD indicator has pushed further into the bear zone. The indicator shows an increasing bear momentum.

Besides, SOL is initiating a bearish breakout from an inside bar pattern. Once confirmed, by the close of the daily candlestick, we should be ready to embrace a lower SOL price.

What next for SOL?

With weak momentum and a bearish inside bar breakout, SOL could likely head to a single-digit price. There is a potential 50% drop to the next likely support at $5. The level coincided with the start of bullish momentum in February 2021.

Where to buy SOL    

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 SOL with eToro today

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.

Buy SOL with Capital.com today

The post Solana nears a single-digit price. Here is the price action and what you need to know appeared first on CoinJournal.

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New CEO hired to tidy up the wreckage of collapsed FTX is billing $1,300 per hour

According to court documents filed on Sunday at the US Bankruptcy Court for the District of Delaware ahead of the first hearing on Tuesday, John Ray who is the seasoned expert brought in to tidy up the wreck of the collapsed FTX is billing $1,300 per hour. The first hearing is aimed at shedding more light on the insolvency proceedings.

The documents further show that the restructuring experts are seeking to go ahead with paying the wages of the senior staff at the collapsed exchange despite a freeze on its funds and lack of a clear record of who is owed what by the exchange.

Continued payment of salaries

About 1 million creditors including crypto users may have their funds locked up in FTX after the exchange collapsed leading to a freeze on its funds.

But even then, Edgar Mosley, the managing director of the restructuring consultancy firm, Alvarez & Marsal hired to clean up the mess, has maintained that continued payment of salaries will help preserve resources and value of FTX’s estate.

Edgar Mosley in his filling said:

“Continued payment of salaries is necessary for the preservation of the resources and value of the FTX estate. Without it, I believe that even more employees may seek alternative employment opportunities … likely, diminishing stakeholder confidence in the Debtors’ ability to successfully reorganize.”

Edgar insisted that the payments made to CEO Ray and also the $975 hourly billing of Chief Administration Officer Kathryn Schultea, Chief Information Officer Raj Perubhatla, and Chief Financial Officer Mary Cilia are important in maintaining and administering what remains of the company as it tries to repay its debts.

According to the court filing, non-employee directors hired for proper governance during the insolvency process will earn a fee of $50,000 per month. They shall also be entitled to some other allowances.

Though the fees seem to catch the attention of the general public, the fees are a drop of water into the ocean in the pricey world of corporate restructuring. Ray’s total fees only account for a fraction of the total amount of money that the $3.1 billion that the FTX allegedly owes to its principal creditors.

Lastly, Mosley also recommended that FTX should go ahead and pay an extra $17.5 million to its critical contractors, especially those that will ensure the security of the crypto assets is maintained to avoid hacking and stealing of the assets.

The post New CEO hired to tidy up the wreckage of collapsed FTX is billing $1,300 per hour appeared first on CoinJournal.

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Bitcoin could slip below $16k soon as market losses nearly $40 billion over the weekend

The cryptocurrency market has started the week in a negative manner, with prices of most coins down by more than 4% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last few hours. The price of Bitcoin is down by more than 3% in the last 24 hours and is now trading at around $16,071 per coin.

The poor performance could see Bitcoin drop into the $15k region over the next few hours. There is no major catalyst behind Bitcoin’s poor performance as it coincides with that of the broader crypto market.

The total crypto market cap has dropped below the $800 billion mark for the first time in months, after losing 4% of its value in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, has lost 7% of its value today. The price of Ethereum is now trading at around $1,110 per coin.

Key levels to watch

The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming over the last 24 hours. The technical indicators show that the bears are in control.

BTC/USD Chart By TradingView

 

The MACD line has dropped into the negative zone, due to Bitcoin losing 3% of its value in the last 24 hours. The 14-day relative strength index of 32 also shows that Bitcoin could enter the oversold region soon if the bearish trend continues.

If the bears remain in charge, Bitcoin could fall below the first major support level at $15,813 before the end of the day. In the event of an extended bearish performance, BTC could dip toward the $15,500 support level.

However, the bulls could make a comeback and push Bitcoin toward the $16,535 resistance level over the next few hours. Unless there is a massive bullish run, BTC will find it hard to move past the $17k resistance level in the near term. 

Where to buy Bitcoin now

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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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy BTC with Skilling today

The post Bitcoin could slip below $16k soon as market losses nearly $40 billion over the weekend appeared first on CoinJournal.