Der große Risikokapitalgeber bewertet seine Investition in die FTX inzwischen mit 0 US-Dollar, was einen klaren Fingerzeig dafür liefert, wie es um die Kryptobörse bestellt ist.
Bitcoin’s new lower price target set by analysts. Here is what could drive it
What next after Bitcoin (BTC/USD) broke below its long-term psychological level at $19,000? According to a crypto analyst who predicted the 2021 crash, Bitcoin is headed to $13,000. The pseudonymous analyst tells his 618,400 Twitter followers to expect one “last nuke” that could see altcoins also tank by 30-40%.
It’s not only the popular analyst expecting Bitcoin to plunge. JPMorgan analysts say Bitcoin will reach $13,000 in the wake of Alameda and FTX troubles. The strategists opine that the number of entities with robust balance sheets to cushion those under liquidity crisis is shrinking. The comments come as Binance abandons the projected acquisition of FTX.
Bitcoin has particularly been under pressure as investors’ concerns about speculative assets grow. Previously, the collapse of crypto lenders like Voyager and Celsius sparked similar market selloffs. Coupled with macroeconomic woes and high inflation, investors could consider risky assets a bad bet.
JPMorgan says that a confidence crisis is settling in the market. The analysts say since FTX had previously obtained a green light for the quality of its balance sheet, the fresh troubles hit investors differently.
BTC on a relief rally after crashing below $19,000
From the daily chart, BTC is enjoying a relief rally after touching a low of below $16,000. The relief gains come after the US annual inflation rose by 7.7% in October. The rate was below the 7.9% estimates. The below-estimated price gain rekindles discussions that the Federal Reserve may slow down the rate hikes in the future. Will BTC sustain the rally and defy the projected $13,000 price?
Source – TradingView
Despite the relief rally, a decline below $19,000 makes a bear case strong for Bitcoin. The current rally may be contained at the resistance if the bear sentiment remains.
A likely price action could involve a further price appreciation followed by a sharp sell-off at the $19,000 level. That would open BTC to declines to the $16,000 potential support and the $13,000 analyst estimates.
When to buy Bitcoin?
Bitcoin is bearish despite the relief rally. Investors should buy the cryptocurrency after the price settles at suitable support. A breakout above $19,000 could also attract buyers.
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.
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.
The post Bitcoin’s new lower price target set by analysts. Here is what could drive it appeared first on CoinJournal.
Chainlink price prediction as the date of expected LINK staking is announced
Chainlink (LINK/USD) is back in the consolidation zone – between $6 and $8. The token had last week broken past $8 to $9.45, igniting a potential bull run. Following a crypto crash, LINK is back in the consolidation zone. But how do the latest developments help?
LINK staking has been touted as a game changer under Chainlink Economics 2.0. Chainlink 2.0 promises, among other things, a new era of cryptoeconomic security, value, and sustainable growth. The development is key to boosting the adoption of DeFi services and the Web3 ecosystem. LINK staking is core to Chainlink Economics 2.0.
As we already know, the Chainlink community has been gearing up for LINK staking. On November 9, Chainlink developers issued an update that the staking service is on track for launch in December. Stakers can now check their eligibility from Monday.
The insights around LINK staking could, at least, support the token as the market remains in the red. Below is the technical outlook:
Chainlink retests the bottom of the consolidation channel at $6
Source – TradingView
Chainlink retested the $6 support as the price crashed. The token is recovering, but we cannot issue a bull call. The resistance at $8 remains crucial as the token has been resisted severally at that level. The RSI shows some upside, despite bears remaining in control.
Should you buy Chainlink now?
There are positive fundamentals around the Chainlink token. However, the token is submerged in the wider bear market.
Although bulls have defended the $6 support well, the price recovery could be contained below $8. That could allow LINK to consolidate further before enough buyers enter the market to force a breakout above the resistance. We recommend patience before buying LINK until it finds a directional movement.
Where to buy LINK
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.
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 LINK with Capital.com today
The post Chainlink price prediction as the date of expected LINK staking is announced appeared first on CoinJournal.
Cryptocurrencies are soiling, but Polygon’s MATIC could defy bears – a technical outlook
Crypto buyers are disillusioned after what looked like a gradual recovery went haywire this week. This time, a renowned crypto exchange FTX went south in a liquidity crunch. Although this scenario is not new, the fact that it touches an exchange that was touted as sound remains a concern. Investors have reacted by liquidating positions, which has resulted in a bloody market week. But Polygon (MATIC/USD) could be one of those still displaying resilience.
While most tokens have lost by double digits in a week, MATIC is down just a single percentage point. It is not a coincidence, as MATIC has been performing well lately, driven by strong fundamentals. The latest ones include collaboration with Meta Platforms and JPMorgan. Polygon is also readying for a tour across India as part of its global growth. The tour will see the company meet the next-gen developers and creators. Seven Guild events will be covered, and 50 college campuses.
Investors searching for a relief token to buy in the bear market should pay attention to MATIC. The technical outlook also shows why MATIC could remain resilient.
MATIC initiates recovery at a support zone
Source – TradingView
Following the FTX-inspired crash, MATIC retreated to test the long-term support zone at $0.77. The level was a breakout zone, meaning any possible recovery could start here.
The token initiated a recovery and tested the resistance at $1.0. The price has retreated slightly. The RSI shows a reading of 49, slightly below the midpoint, although the indicator signals a recovery.
Should you buy MATIC now?
Polygon’s token is showing resilience as other cryptocurrencies proceed lower. The strength underlines MATIC as a good buy cryptocurrency.
Nonetheless, with the bear market still on, we need further confirmation before buying MATIC. Bullish price action signals around $0.77 or a break above $1 could welcome buyers.
If the bear market continues to grip MATIC, breaking below $0.77, the next support will be $0.58. We should watch the prevailing sentiment and price action to find an appropriate buying time for MATIC.
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.
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.
The post Cryptocurrencies are soiling, but Polygon’s MATIC could defy bears – a technical outlook appeared first on CoinJournal.
More pain for Solana SOL after a 50% drop. Here is what is happening
A seven-day loss of more than 50% sees Solana (SOL/USD) trading at half the value the previous week. The loss is the biggest among the cryptocurrencies in the top 100 categories, except for the embattled FTX exchange. SOL now trades at the lowest level since March 2021. Despite the magnitude, the cryptocurrency could fall further from various insights.
It is correct to assert that the decline in SOL reflects the liquidity concerns of the collapsed FTX exchange. The fears have caused widespread losses in the market, although SOL buyers have been hit hard. Data by Solana Compass shows that bear pressure on SOL could increase owing to the tokens that could enter circulation.
Solana Compass says an unprecedented number of SOL tokens are likely to be unstaked. Accordingly, 60,399,401 tokens of estimated $755 million value were shown as “deactivating.” As these tokens get unstaked, the total supply of SOL tokens in the market will rise by 8.8%, forcing further bear pressure.
Concerns about SOL’s increased supply come when Solana’s Epoch 370 ends. “Epoch” refers to the period when staking rewards are earned and then issued. During the period, validators lock their tokens and unlock them when it ends. The unlocking has been responsible for the huge price crash. Technical pointers also indicate a further bearish momentum after bulls lost a key level.
SOL crashes after losing the $28 support
Source – TradingView
On the weekly chart, SOL is oversold (RSI reading of 31) and is on a free fall. The key level at $28 was breached, welcoming a further bear market for the token.
Should you buy the SOL dip?
SOL is currently without breaks after crashing below $28. The only price direction at the moment is down. The token is not a recommended buy.
The likely support of SOL lies at $12, a potential decline of $25%. The established long-term support is at $3. With the bear market remaining in place, we cannot rule out SOL trading at a single-digit price.
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.
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 More pain for Solana SOL after a 50% drop. Here is what is happening appeared first on CoinJournal.