Monat: November 2022

After a series of developments, Polygon (MATIC/USD) is again making airwaves. This time around, the network is entering the metaverse – a new milestone.

On November 12, Polygon announced it was taking the first airport to the metaverse. The blockchain announced that BLR Airport was entering the virtual world. BLR will benefit by showcasing its services to customers in a virtual space. On the other hand, a successful endeavour could see more metaverse projects building on Polygon and raising its token’s utility.

It is still early to speculate how much of a success Polygon’s metaverse endeavours will be. However, we already know that the virtual reality world grew immensely last year, boosting tokens of associated platforms. Thus, the latest cryptocurrency news should be well received by Polygon fans.

Meanwhile, Glassnode data shows that the total number of MATIC addresses has been increasing over the past month. The growth happens amid a largely bear crypto market, indicating that investors hold Polygon highly. Consequently, MATIC has been relatively stable compared to peers in a bear market. 

MATIC price outlook as it hits resistance

Source – TradingView

On the daily chart, momentum is weak for MATIC amid a bearish MACD crossover. However, MATIC is stable, as bulls defended the $0.77 level when the market crashed last week. The cryptocurrency is pushing higher, but the $0.96 resistance is holding it back. 

Is MATIC about to become bullish?

MATIC’s price has recovered slightly, but there is no indication the token could become bullish soon. The cryptocurrency has to clear $0.96 to consider a bullish bias.

The cryptocurrency is open to consolidation at the current level if the price does not get the catalyst to break higher. Investors should wait for a breakout at the key level.

Where to buy MATIC

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 Polygon teases a metaverse game changer. Is MATIC now bullish or about to be? appeared first on CoinJournal.

KuCoin token (KCS/USD) was among a handful of cryptocurrencies that posted double-digit gains on Monday. With a surge of about 20%, the token was only rivalled by the Trust Wallet Token in the top 100 list by market cap. The coin is native to the KuCoin crypto exchange.

KuCoin claims to be the world’s largest social trading platform. The exchange lists over 20 million global investors and more than 1 trillion USD accumulated trading volume. Over 700 coins are available on the platform.

While KCS traded at a high of $28 in November 2021, it has come crashing this year. The token trades at just $7.9. That’s a drop of more than 70%. The decline is still favourable compared to some cryptocurrencies, which have lost at least 90% of their value from their all-time highs.

The gains in KCS happen even though confidence levels on crypto exchanges remain low. In light of the concerns, KuCoin assured users of the safety of their funds. The company said it was working on the Merkle-tree proof-of-reserves as an accountability measure. Should the latest price jump reignite hope for further recoveries of KCS?

KuCoin token slowing down after meeting resistance

Source – TradingView

The latest price jump takes the KuCoin token near a resistance at $8.69. The token has slowed down near the resistance zone. 

The MACD indicator remains deep in the bear zone. Although momentum is weak, the severity has lessened following the intra-day gains. 

Should you buy KCS?

The intraday gains are positive for KCS, given that they come when cryptocurrencies are under pressure. However, the momentum could be unsustainable, given the inherent risks and $8.69 resistance. If you are buying KCS now, you should be ready for potential prolonged consolidation.

Where to buy KCS

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 Is KuCoin token becoming a little hero in a depressing crypto market after 20% gains? appeared first on CoinJournal.

Binance (BNB/USD) sits above a support zone of $266. At the current valuation of $281, BNB has lost 30% since nearly topping $400 a few days ago. A contagion of risks has been responsible for this.

First, the collapse of FTX raised caution about the financial health of crypto exchanges. As a cryptocurrency affiliated with an exchange, BNB was not spared either. Secondly, although the US inflation rate came lower for October, it remains elevated. Further rate tightening is possible despite investors eyeing a softer stance by the Federal Reserve.

With growing risks, Binance is not taking chances. CEO Changpeng Zhao recently announced that the crypto exchange had raised its Secure Asset Fund for Users to $1 billion. The move reassures the market shaken by the collapse of FTX. On November 14, CZ announced the creation of an industry fund. The fund will bail out “strong” crypto firms facing a liquidity crisis.

Amid the growing concerns and developments, BNB bulls are defending $266. The level has become significant since BNB has yet to trade below it since a breakout in July. BNB has a real chance of recovering from this level if the bulls hold ground.

BNB defends $266 amid a weak momentum and bearish MACD crossover

Source – TradingView

Technically, we should consider BNB bearish. The momentum is weak, while the recent MACD crossover supports a bearish view.

However, since BNB settled at $266, the price has regained stability. Multiple inside bars can be seen at the key support, indicating indecision in the market.

Should you buy BNB now?

The outlook is mixed for BNB price at the support zone. Bulls are defending $266, but the technical indicators show a bearish market.

If BNB continues to maintain stability, we should watch for the formation of bullish bars at the key support. That could welcome a bullish momentum. Alternatively, a breakout of the inside bar pattern should also attract buyers to the token.

A bullish confirmation should take BNB back to the resistance at $360. We should, however, monitor the crypto sentiment to consider the level around $400 attainable.

Where to buy BNB

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 Binance coin price analysis amid fresh pains in the crypto market appeared first on CoinJournal.