Monat: November 2022

Dogecoin (DOGE/USD) trades at $0.085. Just a week ago, the cryptocurrency had tapped the $0.15 level. The losses underline the meme tag associated with Dogecoin. The cryptocurrency remains under the mercy of bears if the price fails to overcome a key level.

Dogecoin’s recent recovery has largely been pegged to Elon Musk’s acquisition of Twitter. Had you bought DOGE before October 27, when he finalised the acquisition, you would have tripled your investment. That is if you exited your position on August 31. Now, days after sealing the deal, the excitement has subsided, and DOGE may need a fresh price catalyst.

Musk has kept mum over whether DOGE would be accepted as payment for the social media giant. The billionaire had in the past supported DOGE and hinted at its use in Twitter payments. So the probability remains, but the lack of open announcements has been slowing DOGE. Consequently, the token has lost the mojo it had started late last month. Consequently, we could see the price remain subdued even longer if positive developments fail to come by.

DOGE struggles to clear $0.09 after attempting recovery at 78.6% Fib. level

Source – TradingView

Turning to the technical side, Dogecoin has found little bullish footing since sliding to $0.07. The level is slightly below the 78.6% Fibonacci retracement zone. However, recovery has been muted by key resistance at $0.09, and DOGE is taking another dip.

Should you buy DOGE?

Dogecoin is a very surprising cryptocurrency. The smallest of news can make the buyers go crazy. Taking advantage of such moves can generate huge returns, irrespective of what the technical indicators show.

Nonetheless, the current sentiment is not only bad for DOGE but all cryptocurrencies. DOGE also suffers from the lack of positive mentions, such as the speculated use in Twitter payment. With this in mind, a bear market could be inevitable.

A technical outlook shows that $0.09 is a key zone for DOGE to break to go higher. To a technical reader, the meme cryptocurrency is not an attractive buy.

Where to buy DOGE

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 Back to basics as Dogecoin retraces to 78.6% Fib level. Here is the potential price action appeared first on CoinJournal.

If you have been eyeing Bitcoin Cash at $110, you may have to wait a little longer. A contagion of risks brewing in the market forced a sharp selloff, pushing Bitcoin Cash to below $110. The level was crucial support, with the token forming multiple bottoms. BCH tested a lower level at $87 but has since recovered to above $100. Should you be optimistic?

Cryptocurrencies are known for sudden moves in the market. Just as the slip below $110 happened unexpectedly for BCH, a recovery above the level can too. Buyers should be optimistic and be ready to buy once that happens. But that should be taken with a grain of salt.

Crypto winter is far from over, as underlined by this week’s selloff. The macro concerns have been the main highlight recently. So far, investors have developed a thick skin against the possible macro forces, including tighter economies. For that reason, most cryptocurrencies have been consolidating – an example of BCH at $110. However, markets seem to have forgotten a key factor – the liquidity state of crypto firms.

The collapse of FTX has brought a new perspective to crypto markets – the financial health of crypto firms and exchanges. As recession bells continue to ring, how many will survive to see a bull market coming? As it turns out, this fear will linger, and lasting recoveries are bound to stay muted. So, should you snap BCH or not?

BCH regains – heading back to above $110?

Source – TradingView

A sharp sell-off made BCH invalidate bullish reversal signs already forming at $110. The MACD indicator remains in the bearish zone, although the weak momentum has slightly improved. $110 is the level to watch.

Should you buy BCH?

If you are the “buy now, sell tomorrow,” type, you are better off staying away from BCH for now. With weak momentum, the token will hardly generate returns.

However, long-term buyers should consider BCH on their waitlist. BCH’s safety from a potential further slump will be confirmed if the token recovers above $110.

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 Disclaimer

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 Bitcoin Cash invalidates a potential bullish reversal zone. Should buyers be optimistic? appeared first on CoinJournal.

Right after the collapse of the FTX exchange, Tron (TRX/USD) and its associated tokens were gaining. That was after FTX controversially announced that users could withdraw Tron ecosystem tokens. These include the native TRX, SUN, JST, BTT, and HT.

Reports indicated that investors could surrender as much as 80% of their funds to arbitrageurs to enjoy the service. After FTX confirmed it, the tokens went soaring. TRX went up from $0.052 to $0.062 before cooling off, although a better-than-feared inflation rate was also at play.

Nevertheless, the decision to allow TRX withdrawals has been under scrutiny. Many users believe this is a scheme to create huge arbitrage opportunities for market makers on FTX’s order books. It allows the arbitrageurs to acquire TRX tokens cheaply and sell them to FTX customers at exorbitant prices. That comes even as the quant trading company by FTX, Alameda Research, is known for arbitrage strategies.

As it stands, TRX gains are driven by speculations and a sentiment boost from the inflation data. It is, nonetheless, a different scenario if we turn to the technical side of TRX trading.

TRX breaches the asymmetrical triangle

Source – TradingView

On the technical outlook, TRX broke below the ascending trendline of the asymmetrical triangle formed on the daily chart. The break below confirms a bearish market for the token. The latest TRX gains took the price to the breakout zone. The level has been tested, and TRX is proceeding lower.

What next for TRX?

There is a clear bearish market for TRX after the breakout. However, what should give buyers hope is that TRX tested the yearly lows, which could be a bottom price for the cryptocurrency.

Still, we cannot be optimistic about a potential TRX price recovery at the moment. We need patience before the token finds a directional movement.

Where to buy TRX

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 How bullish is TRX after a withdrawal deal with FTX? appeared first on CoinJournal.