Monat: Dezember 2022

• Crypto analyst Benjamin Cowen expects ADA to fall another 60%

• The cryptocurrency has been on a downtrend since August amid growing on-chain activity

• ADA could claim lower levels  

If you have been thinking of buying Cardano (ADA/USD), it could still be too early. According to popular crypto analyst Benjamin Cowen, ADA prices could fall by another 60%. The token traded at $0.31 at press time, meaning that Cardano could touch $0.12 per the prediction. Why does Cowen think so?

In a message to his more than 770,000 subscribers, Cowen says ADA faces a bear market resistance band. The resistance has rejected any price recoveries. The analyst believes ADA is one bear cycle behind Ethereum. The latter witnessed about a 95% decline in its first bear market. According to Cowen, ADA could witness “diminishing losses”  that could take it down 94% or 95% from its all-time high.

The latest comments come even as Cardano continues to witness growing development activity. According to December 1 Santiment data, Cardano saw the highest development activity in the past 30 days. The data indicated that Cardano was 18% ahead in terms of development, ahead of the closest competitor, Polkadot. Interestingly, the activity has not been reflected in the price as ADA remains on a downtrend. Still, investors can be optimistic that the development activity is a precursor for future gains in ADA.

ADA on a descending channel amid a bear momentum

ADA/USD Chart by TradingView

The daily chart shows Cardano is bearish. The cryptocurrency has maintained a descending channel since August. The momentum is still weak, as shown by the price printing, a system of lower highs and lower lows. The RSI remains below the midpoint, indicating that bears are many for the cryptocurrency.

Should you buy ADA now?

Just as Cowen thinks ADA price will trade further lower, the technical outlook supports it. Only that it does not indicate where the likely bottom price for ADA.

To a technical reader, we need the price to settle at support, followed by a bullish price action to consider ADA a valid buy.

Where to buy ADA

eToro

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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.

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The post Cardano predicted a further 60% decline. Does the price action show this? appeared first on CoinJournal.

• Polygon has onboarded Indian retailer Flipkart for Web3 expansion

• The native token has hit a resistance

• A breakout is on the horizon if buyers continue to push the price higher

Polygon (MATIC/USD) bulls have successfully defended $0.77 against the bear insurgence. The token initiated a recovery at the crucial support zone and traded at $0.91 as of press time. MATIC must overcome a minor resistance of $0.96 to see further gains.

Once again, MATIC price is showing resilience amid growing adoption. On December 2, India’s leading e-commerce entity Flipkart announced a collaboration with Polygon. The collaboration will see Polygon help deploy a blockchain-based e-commerce platform for the retailer. The firms will also collaborate on research on other use cases of blockchain, Web3, and the metaverse.

Despite MATIC falling by 2% on the day after hitting resistance, the partnership is a validation of the Layer-2 solution. Already, Polygon is attracting interest from firms seeking entry into Web3, notably Reddit and Starbucks. Should the latest development attract buyers, MATIC could find levels above $1 next.

MATIC hits resistance in a bullish surge

MATIC/USD Chart by TradingView

Technically, MATIC trades slightly below a crucial resistance. A price recovery above the $0.77 support saw the RSI move above the midpoint. It suggests the entry of buyers at the crucial support zone.

Similarly, the MACD indicator shows that momentum is improving for MATIC. A bullish MACD crossover was initiated, although the indicator remains below the neutral zone.

Should you buy MATIC?

Buying MATIC now is premature as the cryptocurrency trades below a resistance level. We need a break above $0.96 to buy the token. Should a breakout occur at the resistance, MATIC could rise to $1.3. The level around $1.05 could offer some minor resistance for the cryptocurrency.

Conversely, if bears win the contest at the resistance, the support at $0.77 will be in sight. The level could also attract buyers based on the prevailing sentiment and price action. Investors should watch either price movement for a chance to buy 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.

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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.

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The post Polygon’s MATIC becomes bullish. When to buy the token? appeared first on CoinJournal.

• Coinbase has earmarked Ethereum Classic as among the tokens to remove from its wallet

• ETC has been on a clear downtrend since August

• The cryptocurrency could proceed to $13 if bulls do not arrest the decline

US crypto exchange Coinbase will end support for Ethereum Classic (ETC/USD) in January next year. The targeted assets also include XRP, XLM, and BCH. Coinbase cites low usage on its self-custody digital asset for the digital assets.

In its decision to remove the digital assets, Coinbase says it does so to roll out better features. The crypto exchange says users of unsupported assets can access them through a recovery phase.

The latest decision by Coinbase comes when digital assets have endured a prolonged crypto winter. However, Ethereum Classic had a strong run in July and August on expectations of miners influx after Ethereum merge. Since topping $45 in mid-August, ETH has endured a bear market. The cryptocurrency was trading at $19.48 at press time, losing 1.55% in the day. A technical outlook shows ETC on a downtrend.

ETC consolidates below moving averages in a bear market

ETC/USD Chart by TradingView

Ethereum Classic remains on a downtrend. The cryptocurrency has been trading on a system of lower highs and lower lows since August. ETC has always been rejected at the 20-day MA or 50-day MA.

From the technical outlook, ETC is consolidating but lacks enough power to the upside. It trades at the 20-day MA, while the 50-day MA lies higher, next to the resistance at $21. The RSI reading of 44 shows that bears are still in control.

What next for ETC?

A consolidation at $19 implies that bulls are trying to counter the bear pressure on ETC. However, the bears remain in control as shown by the limited upside. 

A bullish momentum will be confirmed if ETC price recovers above the moving averages or the $21 resistance. Conversely, a rejection by the moving averages could accelerate selling. 

That could see bears remain in control to the next support at $13.

Where to buy ETC

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 ETC 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 ETC with OKX today Disclaimer

The post Revising Ethereum Classic after Coinbase plans to end support for the cryptocurrency appeared first on CoinJournal.