Monat: Dezember 2022

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Shiba Inu surges 6% amid positive developments, metaverse prospects. What next?

  • Shiba Inu token rose 6% on Monday amid listings on exchanges

  • The Shiba Inu team is expected to speak on the Metaverse project on December 5

  • The cryptocurrency faces rejection at the 50-day moving average

Shiba Inu (SHIB/USD) rose more than 6% on Monday before sliding slightly. That comes even as Shiba Inu continues to get listed on major exchanges. The latest is the listing by Bitcastle Exchange. SHINB will join other altcoins Dogecoin, Solana, and XRP on Bitcastle.

The cryptocurrency news followed another one at the end of November. That New York based Uphold will support Bone ShibaSwap. BONE is particularly important to the Shiba Inu ecosystem. It enables members to vote on new project proposals. Earlier, Indian-based platform SunCrypto also announced support for the Shiba Inu’s governance token. The support saw increased trading volume, with the token already growing in popularity.

If you are wondering why there is increased social interest in BONE, here is the answer. The Shiba community continues to wait for the Shibarium update. That would see the shift from Ethereum’s ERC-20 token to an independent network. The end of Shiba Inu’s dependence on Ethereum is expected to boost the price of native tokens. Thus, investors are adding BONE in anticipation of a boom when the upgrade occurs.

Shiba Inu metaverse is another much-anticipated development. On December 5, Shiba Inu is expected to present its Metaverse project at the Immerse Global Summit. The summit features top organisations such as Meta, Microsoft, and Walmart. The Shiba Inu community will want a peek at what the conference holds regarding the metaverse dream. But how bullish is SHIB after the latest gains?

SHB shifts above the RSI midpoint

SHIB/USD Chart by TradingView

The RSI shifted above the neutral reading of 50 as buyers pushed the token’s price higher. The meme cryptocurrency has also recovered above the 20-day MA.

However, from the daily chart outlook, bulls find it hard to break above the 50-day MA barrier. The rejection is confirmed by a slight correction in the price of SHIB as it surged.

What next for SHIB?

SHIB price could ride on the bullish momentum, but buyers must break the 50-day MA barrier first. The established resistance for the cryptocurrency lies at $0.000012.

Where to buy SHIB

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 SHIB with eToro today

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 SHIB with OKX today

The post Shiba Inu surges 6% amid positive developments, metaverse prospects. What next? appeared first on CoinJournal.

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Ethereum back to $1,300. Vitalik Buterin advises the community on a key issue

  • Ethereum rose to $1,300 on Monday.

  • Ethereum co-founder Buterin has advised crypto enthusiasts to focus on tech than the price.

  • ETH’s recovery could face a test at the 50-day MA.

Ethereum price (ETH/USD) tapped $1,300 briefly on Monday as bulls looked to win the war at $1,250 support. As of press time, the cryptocurrency had slid a little and was trading at $1,290. The price movement could generate some bullish interest amid a prolonged crypto winter. But just how important is Ethereum price in telling about the novel crypto project? Perhaps not that important, according to Ethereum co-founder Vitalik Buterin.

According to Buterin, investors should look at the tech rather than the price factors for Ethereum. Buterin’s comment comes amid investors’ dissatisfaction with the price of ETH and crypto in general. One popular crypto investor, “CoinMamba,” who attracted Buterin’s comment, hinted that he is “kinda exhausted.’ The investor hinted that he wanted to try out something else.

Any crypto native would understand or sympathise with the “CoinMamba” predicament. Had you bought Ethereum at its all-time high of $4,800, you would be holding 72% less value. Worse also, if you bought the Ethereum dip anticipating a swift recovery, you will still be hopeful.

Apparently, cryptocurrencies were not primarily invented for speculation. That’s the message that Buterin wanted to pass across. You should, too, and see the bigger picture. The good news still is that the bad days won’t last forever, and you can return big in ETH when the market rebounds. But is Monday’s price action a precursor of what is to come?

ETH recovers above the 20-day MA, and $1,250 support

ETH/USD Chart by TradingView

ETH has recovered above the $1,250 support and 20-day MA. Gauging from past price action, the token has risen any time it recovered above the 20-day MA. The MACD indicator shows improving momentum, although it is below the neutral zone.

Should you buy ETH?

The latest recoveries are positive for Ethereum. However, the cryptocurrency trades below the 50-day MA. If further upsides are to be confirmed, ETH has to break the barrier. Consider buying ETH on recovery above the crucial moving average. The next level would be around $1,450.

Where to buy ETH

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 ETH with eToro today

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 ETH with OKX today

The post Ethereum back to $1,300. Vitalik Buterin advises the community on a key issue appeared first on CoinJournal.

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Avalanche becomes bullish. Here is the reason and next target

  • Avalanche rose by 4% on Monday.

  • Avalanche onboarded Alibaba Cloud and will use the latter’s suite of products.

  • The cryptocurrency remains largely bearish.

Avalanche price (AVAX/USD) gained more than 4% on Monday amid positive cryptocurrency news. A bear momentum has subdued the token of the Avalanche protocol for quite a while. Monday’s rally could offer hopes that AVAX will overcome a projected drop to below $10. The cryptocurrency traded at $14.07 as of press time.

Investors may have rekindled hopes for the DeFi protocol days after getting the nod from Alibaba Cloud. The subset of e-commerce giant Alibaba expanded its developer tools and cloud technology to the Avalanche blockchain. Avalanche users will be able to build products, launch validator nodes, keep custody, and share resources via Alibaba Cloud in Asia. The developers can also use the suite of products offered by Alibaba Cloud to enhance their products and meet demand.

The latest announcement comes amid a slow DeFi activity that has cost platforms such as Avalanche. According to data aggregator DefiLlama, the total value locked on DeFi protocols stands at $42.83 billion. The volume is a decline from $54.11 billion in the last 30 days. It also compares to $170.01 billion TVL at the start of the year. With the low activity, tokens of associated platforms have crashed sharply this year. AVAX has subsequently lost 90% of its value from the all-time high.

AVAX stays bearish despite an improved momentum

AVAX/USD Chart by TradingView

From the technical outlook, AVAX price is rising along the 20-day moving averages. The MACD indicator shows improving momentum for the cryptocurrency, although it is still bearish. 

The longer-term market bias is bearish for AVAX. The 50-day MA is the next level to watch. A recovery above the MA could take AVAX to $19 and $21 next.

Should you buy AVAX now?

Despite the latest gains, buying AVAX now could be premature. The bear market remains in place, despite the latest recoveries. Should buyers fail to capitalise on the current gains, $10 remains in sight for a potential price bottom.

Where to buy AVAX

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 AVAX with eToro today

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 AVAX with OKX today

The post Avalanche becomes bullish. Here is the reason and next target appeared first on CoinJournal.

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Why is Axie Infinity (AXS) price rising today?

Axie Infinity (AXS) is leading the metaverse and NFT tokens amid a wider crypto market recovery.

KEY TAKEAWAYS

  • At press time, AXS was trading at $8.71 up 21.37% in the past 24 hours.
  • According to CoinMarketCap, AXS is the biggest gainer today.
  • The global crypto market cap has increased by 0.43% today to reach $857.46B.

Metaverse and NFT tokens including Axie Infinity (AXS) and the likes of Sandbox (SAND), and Decentraland (MANA) have made significant gains today. While it can be attributed to the recovery of the broader crypto market, The AXS price rise is so distinct and there is surely something behind the movement.

Here’s what is making AXS price rise

Axie Infinity’s native token has had a rocky 2022 and it seems it is up for a recovery in December. Although the token is still way far from its all-time high (ATH) of $164.90 recorded in November 2021, today’s price surge could be the beginning of a splendid rally towards the ATH.

But why is the AXS price rising? Well, according to data from NFT data platform CryptoSla, the Axie Infinity trading volume has reached a high of $48K over the past few weeks meaning there is an increased activity within the Axie Infinity ecosystem.

The increased activity is largely the one behind the current price surge.

Approx. $2.28M AXS short positions liquidated

According to data from Coinglass, about $2.28M worth of AXS short positions have been liquidated over the past 24 hours following the current price surge.

The post Why is Axie Infinity (AXS) price rising today? appeared first on CoinJournal.