Monat: November 2022

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Bitcoin prediction as the token continues to stall. Is a lower price possible?

Bitcoin (BTC/USD) may have settled above $15,000, but the pressure is mounting. As of press time, the cryptocurrency was trading at $16,623, losing 1.32% on the day. BTC is also largely consolidating rather than making a directional move. A technical outlook shows a potential decline to the next low.

Bitcoin’s price action comes when data shows that BTC holders are withdrawing their holdings from crypto exchanges. According to Glassnode, there is over $1.75 billion per month of mass exodus of Bitcoin from exchanges. The withdrawals come after the collapse of the crypto exchange FTX.

Further, Glassnode data shows investors are flooding exchanges with dollar-pegged digital assets. More than $1.04 billion worth of stablecoins flowed into exchanges after the FTX fiasco. The rising suggests that investors are gearing up to buy the dip as most cryptocurrencies tanked.

An increase in stablecoins flowing to the exchanges preempts investors’ expectations. However, it does not indicate that we have hit the market bottom. From the BTC perspective, this is illustrated by increasing bear pressure for the cryptocurrency. 

BTC analysis as price stalls below key level

BTC/USD Chart by TradingView

On the weekly chart outlook, BTC has a confirmed break below the $19,500 level. The MACD indicator shows the cryptocurrency is bearish. The momentum is also weakening further. 

Will Bitcoin proceed lower?

The current BTC price level could fail to hold due to weak momentum. The price also trades at a non-support zone, meaning the cryptocurrency is yet to settle.

Based on the technical indicators, a lower price is possible for BTC. The next established support for BTC lies lower at $11,000. However, the level around $14,000 has shown price action before and could provide support for BTC. 

Where to buy BTC

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 BTC with eToro today

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 prediction as the token continues to stall. Is a lower price possible? appeared first on CoinJournal.

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Decentraland’s MANA may take longer to see a recovery. Here is the price outlook

Have you been looking to buy Decentraland’s (MANA/USD) this month? Unfortunately, a technical outlook shows the metaverse token is not ready yet. The token has claimed a new low in the year and looks increasingly bearish. At least, we expect a potential new low, and you would not want to chase the clouds for now. What is happening?

A prolonged crypto winter has dealt a blow to the once-booming metaverse sector. Consequently, MANA has lost 92% of its value since November 2021. The token now trades at the lowest value since June 2021, losing its post-boom surge in the process. 

Perhaps it has become lonely there in the metaverse as crypto winter ravages. According to data released by DappRadar last month, metaverse platforms, including Decentraland, are struggling to retain users. The low development activity has been responsible for the price weakness. Investors may have to wait longer before we see another recovery for the token.

MANA technical outlook shows weakening momentum

MANA/USD Chart by TradingView

On the daily chart, MANA is on a clear downtrend. The key level at $0.8 was tested, allowing the cryptocurrency to proceed lower.

Technical indicators are also bearish. Since August, the 20-day MA has never recovered above the 50-day MA. The MACD indicator remains in the bear zone. The momentum is weak, and the bear pressure is rising further.

What next for MANA?

MANA is heading to a bottomless pit after hitting the June 2021 lows. Although the bulls can arrest a further decline below the level, there is no such indication yet. 

We hold a bearish view until suitable support is found and MANA shows sufficient upside. A recovery above the $8 resistance would be ideal to consider a bullish view.

Where to buy MANA

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 MANA with eToro today

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 MANA with Skilling today

The post Decentraland’s MANA may take longer to see a recovery. Here is the price outlook appeared first on CoinJournal.

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Trust Wallet Token – a cryptocurrency with 100% gains, but are higher prices possible?

Trust Wallet Token (TWT/USD) has been the darling of investors this week. The token’s value has gained by triple digits in the past week, even as others soured over the weak crypto sentiment. If you have been wondering, the same reason that caused the decline of cryptocurrencies boosted TWT.

The collapse of the FTX crypto exchange sent panic waves across crypto markets. With accelerated selloffs, over $1 billion was wiped out from the market. That’s because the collapse of a “sound” crypto exchange of the stature of FTX was least expected. At least not after the exchange positioned itself to help other struggling crypto firms to remain above the ground. But it happened, anyway, but TWT buyers had something to smile about.

TWT hit an intraday high of $274 on November 14. The level was hit in a parabolic price move, as TWT overcame a low price of $1.0 as of November 10. The gains happened as whale accumulation intensified following the collapse of FTX. Investors were withdrawing funds from centralised exchanges in favour of self-custody wallets. The Trust Wallet gained in the process, with Changpeng Zhao also endorsing its post-FTX collapse.

TWT price outlook and analysis

Turning to the technical side, TWT has already been making slight but positive gains even before the FTX collapse. The latest cryptocurrency news just gave the token the catalyst to break above the $1.31 resistance level. 

TWT/USD Chart by TradingView

The moving averages are bullish for TWT. Turning to the RSI, TWT is deep in the overbought region. An imminent correction is likely, and a bubble burst could occur. The token is already initiating a correction and trades at $2.0.

Time to exit TWT?

Overbought conditions and a bubble burst could force a correction for TWT as investors adjust to the FTX scenario. 

However, the price movement is positive for TWT as it has been making a slow bullish push before. The token should be on the investor’s watch list if bulls defend the key levels. The area around $1.36 and $1.31 should be watched.

Where to buy TWT

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 TWT with Capital.com today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy TWT with Binance today

 

The post Trust Wallet Token – a cryptocurrency with 100% gains, but are higher prices possible? appeared first on CoinJournal.

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Should you buy Algorand ahead of the World Cup amid a sponsorship deal?

It is just 5 days to the start of the largest sporting event – the World Cup. Even as the world stares at their favourite football players, big corporations will try to attract their visibility. Algorand is one such organisation.

In May, Algorand was selected to become the first blockchain partner for the FIFA World Cup. The platform will provide a blockchain-supported wallet for the event. There are plans to onboard Algorand to develop FIFA’s digital strategy. But as the World Cup kicks off on November 20, Algorand will feature strongly in the media and promotional materials.

While Algorand (ALGO/USD) responded positively to the news of sponsorship of this year’s event, it is trapped by a bear crypto market. However, recent price action signals a potential price recovery ahead of the November 20 kickoff. 

ALGO attempts to break above the $0.28 resistance

ALGO/USD Chart by TradingView

From the technical outlook, ALGO trades at the $0.28 resistance, with a strong bullish push. The token has 13% gains in the day, signalling a potential bull rally. 

Going by the technical indicators would be a little disappointing for the cryptocurrency. The moving averages provide resistance against ALGO. The RSI shows an improvement in momentum, although the reading remains below the midpoint. The cryptocurrency remains in the hands of bears.

Should you buy ALGO now?

The closing of the daily candlestick will tell if a breakout is successful or not for ALGO. Of course, the World Cup is a big event and will have a huge influence on the price of the token.

A successful breakout will be confirmed if the daily candlestick closes above $0.28. You could buy ALGO if that happens, coupled with strong momentum.

On the flip side, the candlestick could close below the resistance. Buyers should stay away from the bear case.

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.

Buy ALGO 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 ALGO with Capital.com today

The post Should you buy Algorand ahead of the World Cup amid a sponsorship deal? appeared first on CoinJournal.