Monat: Dezember 2022

• Toncoin has been bullish lately

• The cryptocurrency is retesting the resistance at $1.97

• Investors should watch for a breakout for a chance to buy the token

Toncoin (TON/USD) trades at $1.97. The level is an important resistance zone; it is the third time the cryptocurrency has tested it since September. TONCOIN was trading with increasing momentum at the crucial level, implying that buyers were looking for a potential breakout. Will it happen?

Toncoin is a decentralised blockchain and a Layer-1 protocol. The project was founded in 2018 by Telegram before being abandoned. The acquisition by the TON Foundation saw its name change from “Telegram Open Network” to “The Open Network” or simply, TON. 

TON is a community-driven protocol. It features a flexible architecture with a focus on the typical customer. The blockchain’s mission is to have a robust ecosystem for decentralised services, storage, instant payment, and a domain name system. It is regarded as one of the fastest blockchains. In September 2021, at the height of the crypto boom, Ton processed a then-world record 55,000 transactions per second in a contest. The TPS has since grown rapidly in line with improving technology.

TONCOIN, the native token, has, however, succumbed to the bear market. The token topped $4.8 in December 2021. It now trades at less than half the value, although the price is still sound compared to most cryptocurrencies. TONCOIN is now giving bulls an alert ahead of its next move.

TONCOIN retests the $1.97 resistance

TONCOIN/USD Chart by TradingView

Technically, TONCOIN is trading with bullish and improving momentum. The MACD indicator is bullish as the cryptocurrency retests the $1.97 resistance. A break above the resistance would allow TONCOIN bulls to push the price to the next possible resistance at $2.8.

What to do next for TONCOIN?

Wait for a confirmation of a breakout at $1.97 before buying TONCOIN. With the cryptocurrency getting rejected at the crucial level three times, investors should also be prepared for a correction. A rejection of the upside will pit TONCOIN back to $1.

Where to buy TONCOIN 

As TONCOIN is such a new asset, it’s yet to be listed on major exchanges. You can still purchase TONCOIN using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy TONCOIN right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for TONCOIN

Now that you’re connected, you’ll be able to swap for 100s of coins including TONCOIN.

The post Toncoin is on the verge of a breakout. Here is the next potential target for bulls appeared first on CoinJournal.

• Solana token has been consolidating for a month

• The FTX crash has been a blow to SOL’s price and recovery

• SOL trades with lower volumes, and a potential drop could occur

Solana (SOL/USD) trades at $13. The cryptocurrency has held to this key level for a month now. The level was reached after a sharp sell-off. That gives buyers the confidence that SOL is consolidating ahead of a potential takeoff. However, it is also true that SOL is just one potential bear leg, and the token will hit levels at or below $10. Fundamentals have not been favourable either.

CoinJournal previously reported that activity on the Solana blockchain was on the decline. That comes even as investors lose trust in the proclaimed Ethereum killer. Earlier in the year, frequent network hacks accelerated SOL’s bear market, amid an ongoing crypto winter. The latest blow now comes from the FTX crash in November, which took SOL to $13. However, even as other major cryptocurrencies make some comeback, SOL continues to struggle. Investors are still not convinced, a month after the FTX exit.

Solana Compass shows that Alameda Research still possesses 48.6 million Solana tokens. The total worth of the tokens is around $700 million, representing nearly 9% of SOL in circulation. Clearly, such reports may spell doom for SOL.

SOL trades with weakening volume at $13

SOL/USD Chart by TradingView

Looking at the daily chart, SOL trades with negligible and falling volumes despite holding at the $13 support. The level coincides with the 20-day MA but is below the 50-day MA. Although the MACD indicator has slightly improved, momentum is weak and bearish.  

From a technical point of view, SOL is consolidating, but the bear pressure could mount as buyers weaken at the developing support.

What next for SOL?

A weak trading volume suggests buyers avoid SOL despite the price holding strongly to $13. Although the consolidation is positive and could give buyers time to push prices higher, the token is under pressure. Investors should remain cautious before buying SOL.

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.

Buy SOL with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today Disclaimer

The post Solana’s price movement should worry buyers, but still, there is a chance appeared first on CoinJournal.

• Axie Infinity token lost 6.60% on Thursday despite previous gains

• Axie Infinity has been recording increasing activity on the platform

• The token faces resistance at the 50-day moving average

After strong gains, Axie Infinity’s (AXS/USD) price is weakening. The token traded down by 6.60% in 24 hours, despite retaining a 16% weekly surge. As CoinJournal reported, Axie Infinity’s bullishness reflected increasing activity on the blockchain.

The increased activity on the play-to-earn gaming platform happens even as decentralisation takes shape. According to a December 05 announcement, “invested” community members have come together to achieve the goal. The announcement stated that more than 600 dedicated members had come together to share Axie Infinity’s future. Besides, Axie Infinity is building an inaugural pilot “season” for its “Governance” section. As a result, it has selected 700 contributors for the trials.

The reaction of the Axie Infinity token to the recent developments may foretell that some positives are to be expected. However, AXS remains subdued by a bear market. 

AXS trades at the 50-day MA but is facing bear pressure

AXS/USD Chart by TradingView

From the technical outlook, AXS faces pressure, although the momentum is slightly bullish. The MACD indicator is bullish and recently crossed above the neutral zone. The cryptocurrency trades at the 50-day MA after initially pushing above it.

Can AXS sustain the upside?

Largely, AXS’s price is bearish. The cryptocurrency has been on a downtrend. If bulls are to capitalise on the relief rally, they must avoid a drop below the 50-day MA. Recovery at the moving average will set AXS for the next potential resistance at $11.

Conversely, a drop below will pit AXS to the 20-day MA or $6 bottom. Investors should watch the price action for further confirmation.

Where to buy AXS 

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 AXS with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy AXS with OKX today Disclaimer

The post Axie Infinity continues to face rejection. Are buyers giving up? appeared first on CoinJournal.