Monat: Dezember 2022

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Why is Terra Classic price up today?

Terra Classic price has hit a daily high of $0.0001919 and it still has a bullish stance. At press time, LUNC was trading at $0.0001819; up 11.75% in the past 24 hours.

KEY TAKEAWAYS

  • The Terra Classic community aims to burn large amounts of LUNC tokens to reduce its circulating supply and revive its price.
  • The community has burned more than 29 billion LUNC tokens so far.
  • About 150 million LUNC tokens were burned in November.

The LUNC token has been struggling ever since the collapse of the original Terra LUNA project which resulted in the creation of the LUNC token after a hard fork. However, the team behind the Terra Classic project has been burning large quantities of LUNC tokens to reduce its circulating supply in a bid to revive its price and it seems to be working though at a slow rate.

Binance burns 6 billion LUNC tokens in a day

Earlier this year LUNC staking and a 1.2% burn tax were introduced after the implementation of the v22 upgrade with various exchanges including KuCoin and Binance adopting the LUNC burn tax. The burn tax was however reduced to 0.02% after the community passed Proposal 5234, which also included redirecting 10% to finance Terra Classic ecosystem development and contributors.

However, Binance shifted its mechanism of burning LUNC tokens to burning the tokens on a monthly basis. Yesterday (December 1, 2022) the exchange burned a whopping 6 billion tokens yesterday, in what is its burn batch since introducing the monthly burn mechanism.

Yesterday’s burn is largely the main reason why the token price has surged to today’s highs.

In October, Binance burned about 13.72 billion LUNC tokens from trading fees on LUNC margin and spot trading. The main reason behind the decrease in the burned LUNC tokens is the reduction of the burning tax from 1.2% to 0.2%.

The post Why is Terra Classic price up today? appeared first on CoinJournal.

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ApeCoin hits resistance after a weekly surge. What next as the staking feature nears?

  • ApeCoin has returned 18% in a week.

  • The launch of an NFT marketplace and expected staking feature is boosting the token.

  • Further recoveries will depend on whether a breakout will occur at $4.2.

ApeCoin (APE/USD) has risen by double digits in the past few days. As of press time, the cryptocurrency was up 18% in a week. APE has now lost an intraday 0.78% as it hit a crucial resistance. The recent launch of an NFT marketplace has been fueling gains alongside an expected staking interface.

Staking allows users to lock their crypto tokens to a protocol to earn rewards. By staking, users contribute towards the stability of the ecosystem. Beginning December 05, APE staking will go live and pave the way for a pre-deposit. APE holders will start to earn rewards on December 12. The announcement, made on November 23 by Horizen Labs, however, raised criticism over the locking out of users in some territories, including the US. Regulatory concerns were cited as the reason for blocking them.

Nonetheless, investors could be accumulating APE ahead of the crucial December date. Should this turn out to be a bullish trigger, APE would break out and overcome a prolonged downside. It is still too early to speculate, as we have seen cryptocurrencies reacting ahead of major developments. With that in mind, keeping a tab on the technical side of APE trading would help.

APE meets resistance and descending trendline

APE/USD Chart by TradingView

The long-term technical outlook is bearish for APE. The token’s price is testing the resistance at $4.2, and momentum has weakened slightly. The resistance lies in the same zone as the long-term descending trendline.

The MACD indicator has turned bullish and shows momentum is building for APE. The RSI is above the midpoint, indicating that the buyers remain in control. 

Should you buy APE?

A breakout at $4.2 or the descending trendline would be needed before buying APE. A successful breakout would take the token to $5 and potentially above $6.

If the breakout fails at $4.2, APE could witness consolidation below the crucial resistance.

Where to buy APE

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 APE with eToro today

Nexo

Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.

Buy APE with Nexo today

The post ApeCoin hits resistance after a weekly surge. What next as the staking feature nears? appeared first on CoinJournal.

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Here is the key update causing Chainlink to rally. Is a breakout imminent?

  • Chainlink has gained by 14% in the week

  • The Chainlink team issued an update regarding its upcoming staking feature

  • The native token faces resistance at $8

December started positively for the native token of Chainlink (LINK/USD). The cryptocurrency added an intraday of 2.45%, taking the weekly gains to 14%. The gains are fueled by a positive update by Chainlink on December 1.

According to the announcement, Chainlink Staking v0.1 will launch on the Ethereum mainnet on December 6. This is an important development as staking has been touted as a game changer under Chainlink 2.0 Economics. The staking feature was at least expected this December. However, Chainlink made an update regarding the lock-up period. Rather than the 12-24-month lock-up period, the team settled for a lower 9-12 months. Why is it important?

Lock-up is crucial for a staking service. It is the main mechanism for maintaining stable collateral for blockchain networks. However, prolonged lock-up can attract backlash from users unable to withdraw their assets. The latest update is important to Chainlink users looking to earn rewards by staking their tokens on the platform.

Chainlink recovery back to $8 ahead of staking launch

LINK/USD Chart by TradingView

LINK has initiated recovery along a short-term ascending trendline on the daily chart outlook. At $7.6, LINK trades slightly below a crucial resistance at $8.

LINK moved above the 20-day and 50-day MA. The area between $6 and $8 has seen flattening moving averages, indicating it is the zone where buyers and sellers match up. However, buyers are in control in the short term, as indicated by a recovery above the moving average. The RSI has also moved above the neutral zone, in line with the buyer’s strength.

Are further gains possible?

The resistance at $8 will remain crucial for LINK investors. A breakout would usher in further recoveries. The prospects of the upcoming staking feature on Chainlink will be crucial for a potential breakout.

On the flip side, the short-term rally may be cut short if bears take control of LINK price at $8. That would force a correction to the moving averages or $6 support.

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.

Buy LINK 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 LINK with OKX today

The post Here is the key update causing Chainlink to rally. Is a breakout imminent? appeared first on CoinJournal.