Monat: November 2022

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Best DEX tokens to buy as CEX coins plunge

The cryptocurrency industry is having its Lehman moment as one of its biggest players collapses. On Tuesday, FTX, the third-biggest crypto exchanges in the world, announced that it will be acquired by Binance. As a result, Sam Bankman Fried has seen his net worth crash from over $16 billion to almost nothing. 

Analysts now believe that decentralized exchanges (DEX) will do well in the coming years. Besides, DEXes have done well during this crypto winter even as CEX companies like Voyager Digital, Celsius, and Vauld have collapsed. So, here are the best DEX tokens to buy as CEX tokens plunge.

Uniswap (UNI)

Uniswap is one of the oldest and is the biggest decentralized exchanges in the world. It exists in Ethereum, Polygon, Arbitrum, Optimism, and Celo. In a given day, Uniswap handles cryptocurrencies worth over $500 million. 

Uniswap has a total value locked (TVL) of more than $3.8 billion, making it the 7th biggest DeFi protocol in the world. UNI, its token, has a market cap of more than $4.3 billion. It is a good investment because of its strong market share in the DEX industry. 

Further, Uniswap is expanding its market share in the industry. Its ecosystem is also growing, with some of the top applications being InstaDapp, PoolTogether, TokenPocket, and Parsec Finance among clothes.

How to buy Uniswap

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 UNI 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 UNI with Capital.com today

Curve Finance (CRV)

Curve Finance is one of the biggest DeFi platforms in the industry. It exists in Ethereum, Polygon, Arbitru, and Optimism among others. According to DeFi Llama, Curve has a total value locked (TVL) of more than $5 billion. According to its website, Curve has over $4 billion in total deposits in its Ethereum chain. It handles over $1 billion in daily transactions per day.

Curve Finance also owns StableSwap, which is an automated liquidity provider for stablecoins. It offers a Uniswap-like automated exchange with extremely low slippage. Curve Finance will likely continue doing well in the future.

How to buy Curve DAO

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 CRV 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 CRV with Capital.com today

dYdX (DYDX)

dYdX is an Ethereum DEX that is one of the biggest players in the industry. It handles billions of dollars worth of cryptocurrencies in a month. The platform makes it possible for people to buy and sell cryptocurrencies. It also has a feature that enables people to trade perpetual contracts with no fees for a certain amount.

dYdX is a good investment because of its resiliency during the crypto sell-off. Also, the upcoming upgrade from Ethereum to Cosmos will likely be a good catalyst.

How to buy dYdX

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 DYDX with eToro today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy DYDX with KuCoin today

The post Best DEX tokens to buy as CEX coins plunge appeared first on CoinJournal.

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ETH price forecast: How low can Ethereum drop?

ETH price has not been left behind in the ongoing cryptocurrency meltdown. Ethereum crashed to a low of $1,136, which was the lowest level since July last year. The coin has crashed by more than 27% from the highest level this year, bringing the year-to-date losses to over 60%.

FTX crash could benefit Ethereum

Ethereum price has been in a strong bearish trend in the past few months as cryptocurrencies crash. This week’s sell-off was triggered by the crash of FTX, the third-biggest crypto exchange in the world.

Most cryptocurrencies have plunged as investors predict that this could be the industry’s Lehman moment. As a result, many investors have exited their crypto positions.

Still, a closer look at the situation shows that Ethereum could actually benefit from this crash. For one, in the past few months, we have seen the collapse of several centralized exchanges (CEX), including Voyager Digital, Celsius, Vauld, and BlockFi.

In the same period, most DeFi exchanges like Uniswap, PancakeSwap, and SushiSwap have continued doing well. This is notable since Ethereum hosts some of the biggest DEXes in the world like Uniswap, Curve, SushiSwap, and dYdX among others.

Analysts believe that DEXes are better than CEXes for several reasons. First, they are open-source in nature, meaning that anyone can manipulate the code. Second, DEXes are transparent, meaning that anyone can track the flow of coins in their ecosystems.

Third, they are decentralized in nature, meaning that insiders don’t have more significant powers than other DAO members. 

Therefore, there is a likelihood that DEXes will continue thriving in the long term. And if this happens, Ethereum will benefit since it is the biggest player in the industry.

Nonetheless, for now, Ethereum and other crypto prices will likely continue falling as concerns about the industry remain.

Ethereum price prediction

The daily chart shows that ETH price has been in a strong bearish trend in the past few months. The sell-off accelerated this week after the collapse of FTX, As it dropped, it managed to move below the important support level at $1,236, which was the lowest level in October.

It has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the oversold level. Therefore, Ethereum price will likely continue falling as sellers target the key support level at $1,000.

The post ETH price forecast: How low can Ethereum drop? appeared first on CoinJournal.

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This little-known altcoin has jumped by 50% in a week. Does it still have an opportunity?

As digital assets continue to endure a crypto winter, Arweave is crafting a name for itself. The cryptocurrency nearly doubled in value in November. The monthly lows remain at $10, with the highest at $17.8 on November 3. Arweave’s token has fallen back to $10.8, and investors could be looking at it as a potential buy on the dip. Should you? 

Arweave is a Decentralised Storage Network or DSN. It allows people needing extra computer storage solutions to connect with those with extra capacity. Arweave is unique in that it permits permanent storage for a single payment. That makes Arweave different from other blockchain-related storage solutions like Filecoin, which involve multiple payments.

Arweave token (AR/USD) has been of interest to investors this month after impressive cryptocurrency news. Meta had announced that it would use Arweave to store its non-fungible tokens on its social media platform. That emphasises that big corporations see the opportunity offered by the blockchain platform. The question now is, can the token sustain the bullish momentum it started this month?

AR on a retracement after the latest gains

Source – TradingView

Technically, AR met resistance at the $17.8 level. The zone is a long-term resistance that the cryptocurrency has retested severally in the past. The level is the swing high on the Fibonacci retracement, while the swing low is $8.4.

From the daily chart above, the Fibonacci retracement levels are $10.681 (23.6%), $12.052(38.2%), $13.16(50%), and $14.27(61.8%). The token is testing the 23.6% Fib level. The MACD indicator is bullish, but momentum is waning. 

Should you buy AR?

While the latest price action is positive for AR, we remain cautious about sustainability. The $17.8 level remains a stumbling block for further upside. Coinciding with a weak crypto sector outlook, a sustained price recovery may be hard to register for AR.

Should a bullish momentum remain for AR, we expect a retest of the $17.8 resistance. On the flip side, AR could next test the $10 support. Also, watch the Fib levels for potential price corrections.

Where to buy AR

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 AR 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 AR with Binance today

The post This little-known altcoin has jumped by 50% in a week. Does it still have an opportunity? appeared first on CoinJournal.

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Should you buy Optimism as token tests support

Optimism (OP) remains in a bullish market. The token tested a monthly-high resistance of $1.37, although it is not cooling down. Its trading volumes are, however, up 54% at $355 million in the past day. The blockchain has been recording significant trading activities. 

Data from DefiLlama shows a significant gain in Optimism’s TVL over the last three months, peaking at $1.15 billion in August. The growth could be attributed to developers looking for scalability in Ethereum. 

Optimism is a layer-2 blockchain on Ethereum aimed at the scalability of decentralised applications. The platform launched its testnet in September 2020. Its native OP token allows end users to access dApps on Ethereum cheaply. OP is also useful in governance by granting holders voting rights in the Optimism Collective.

The current price dynamics of OP token is not tied to anything specific in the industry. However, the fundamentals around scalability have growth potential. Specifically, Optimism rollups, which wrap up transactions into one, could popularise the layer-2 platform.

OP retraces to $1 support amid a bullish momentum

Source: TradingView

The daily technical chart above shows that OP is retesting the support at or around $1. The token looks to have slightly lost the $1 level, although we need further confirmation. A close of the daily candlestick will confirm if a bearish breakout has occurred. To the upside, the immediate resistance is at $1.4, while $1.9 is the longer-term resistance level.

MACD looks bullish, while the RSI has remained below the overbought zone, meaning it could go higher. 

Concluding thoughts

Based on the fundamental aspects, OP could bring value to its users in the long term. From the technical chart, the token is retesting support with a bullish momentum. Although the token is on a retracement, a bounce off from the support level could occur.

A confirmation of a bullish price action signal would welcome an upside momentum for Optimism. At the current price, it would be prudent to exercise patience until proper buy signals pop up at the immediate support level.

Where to buy OP

The post Should you buy Optimism as token tests support appeared first on CoinJournal.