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4. Januar 2023

Cardano gives early signals of a rally. Is this a good opportunity?

Cardano recovered by 4% on Wednesday after hitting a two-year bottom
Whale activity has been reported to be on the rise
The cryptocurrency remains on a downtrend with no confirmed bullish momentum

Cardano (ADA/USD) is taking a stride higher after hitting a two-year low of $0.24. Trading at $0.265 as of press time, ADA had returned 4% in the day. The gains in the day come amid increased whale activity.

According to WhaleStats data, ADA was among the top 10 most bought tokens above the biggest BSC whales on December 04. The BNB whales now hold a combined 19.9 million Cardano tokens. The portfolio, worth $5.19 million, however, represents less than 1% of the total. Nonetheless, in the last 30 days, large investors have cut their ADA positions. That potentially explains the huge decline in ADA price in December to the multi-year low.

There are no clear indications for the recent surge in ADA. As CoinJournal previously reported, sentiment data showed that ADA was undervalued as of the end of 2022. Investors could, therefore, be throwing weight on recovery as the price hits depressed levels. But we remain cautious as ADA remains on a downtrend.

ADA recovers at the bottom of the descending channel

ADA/USD Chart by TradingView

From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel. The 2-year low saw the RSI hit oversold levels meaning that investors had dumped ADA in huge proportions. The daily chart technical outlook still supports a bearish view of the cryptocurrency.

Will ADA recovery continue?

Cardano’s recovery remains tied to the broader crypto sentiment. Many cryptocurrencies posted relief recoveries on Wednesday but were still trading at depressed levels. There is no confirmation that the recoveries will be sustained since we remain in a bear market.

If ADA maintains the recovery, we need to watch how bulls play out at the upper end of the descending channel. Conversely, ADA remains vulnerable to the $0.24 bottom or lower.

Where to buy ADA

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The post Cardano gives early signals of a rally. Is this a good opportunity? appeared first on CoinJournal.

4. Januar 2023

Over $8 trillion was transferred via the Bitcoin blockchain in 2022

CoinMetrics data shows the Bitcoin blockchain registered over $8 trillion worth of transfers in 2022.
According to the data, the total amount transferred via the blockchain fell off in the second half of the year.
Bitcoin also saw an increase in blockchain size and hashrate, with 16% and 56% annual growth rates respectively.

Bitcoin continues to fluctuate below $17,000 as the cryptocurrency market enters 2023 on the back of continuing uncertainty after a brutal 2022.

But while prices fell massively throughout the year to see Bitcoin trade nearly 60% down over the past year, data shows the flagship cryptocurrency still saw decent on-chain value transfer.

Over $8 trillion transferred via Bitcoin blockchain

According to data recently shared by crypto and blockchain analytics platform CoinMetrics, 2022 saw over $8.2 trillion worth of value transferred via the Bitcoin blockchain. The transactions amounted to value worth $260,000 per second transferred on the network.

James Lopp, the co-founder and CTO of crypto custody startup Casa, shared the statistic on Twitter.

.@coinmetrics estimates (by removing likely change outputs) that $8.2T was transferred via the Bitcoin blockchain in 2022, averaging $260,000 per second. pic.twitter.com/LaQgAsu82k

— Jameson Lopp (@lopp) January 1, 2023

Per the data, the most value was transferred in the first half of the year, with the largest chunk of these seen in March to early May. The bear market and the contagion that followed the demise of Terra Luna and several crypto-focused companies marked the beginning of a downturn that persisted throughout the year.

Blockchain grew 16%, hashrate 56%

Meanwhile, the Bitcoin blockchain size increased from 383.3 GB to 446 GB, showing an annual growth rate of roughly 16.4%.

The network hashrate also increased despite the bear market crash that pushed multiple miners into bankruptcy. Data on total network hashrate growth for 2022 showed a 56% jump, from 175 exahashes per second (EH/s) to 274 EH/s.

The post Over $8 trillion was transferred via the Bitcoin blockchain in 2022 appeared first on CoinJournal.

4. Januar 2023

Solana interest grows as price eyes a bullish push after weekly 40% gains

Solana token has gained by almost 40% in a week as network activity surge
The weekly gains have been inspired by the Bonk token airdrop
SOL faces resistance at $14

Solana (SOL/USD) is making a strong return after a difficult spell in 2022. Frequent hacks, FTX collapse, and a prolonged crypto winter are some of the ails of Solana in 2022. In particular, the FTX crash saw SOL fall below $10. But a return of nearly 40% in a week is sending a statement that investors are not done with the proclaimed Ethereum killer.

According to Solana Foundation head of strategy and communications Austin Federa, SOL is defying the FTX contagion. The network has seen increasing on-chain activity for users and developers. He says no projects are migrating from the blockchain, underlining Solana’s strengths and performance.

The latest gains in SOL come amid increased investor interest. That comes after the launch of the Shiba-Inu-themed Bonk (BONK) token. According to the latest cryptocurrency news, BONK will be airdropped for up to 50% of its supply. About 20% of the airdrop will go to Solana NFT collections. The development has seen several projects on Solana integrate bonk tokens for use in transactions on listed NFTs.

SOL price outlook and analysis approaching resistance

SOL/USD Chart by TradingView

From the technical outlook, SOL is slightly bullish but largely bearish. The indicator is approaching the neutral zone, although it shows SOL is bearish. Resistance lies at $14, slightly below the SOL price.

What next for the SOL price?

The gains in SOL price are positive after a prolonged bear market. However, $14 will be a test for bulls. A bullish scenario will be reinforced if the cryptocurrency breaks above the resistance level. That could see SOL maintain the uptrend to $18 and beyond.

On the flip side, SOL will face bears at $14. Buyers may also exit at the overhead resistance to force a correction. That could see the token retest the $11 or $10 bottom.

Where to buy SOL

eToro

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OKX

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The post Solana interest grows as price eyes a bullish push after weekly 40% gains appeared first on CoinJournal.

4. Januar 2023

Litecoin remains bullish, but it must overcome a key level

Litecoin has gained 13% in the past week
The network ended 2022 with record transactions
Investors speculate further gains, although $80 is a crucial level to watch

Litecoin (LTC/USD) began 2023 on a strong footing. The cryptocurrency is among the top gainers, with a gain of nearly 13% in the week. That comes even as trading volumes rise, with an intraday 22% surge. Does this send a bullish note?

2022 may be a difficult year for all cryptocurrencies, including Litecoin. However, Litecoin saw increasing growth, with 52 million new addresses. According to Litecoin’s update on the last day of 2022, the network processed over 39 million transactions last year. This is a new record, which investors could look at to predict a bullish push in 2023.

DeFi firm Abra CEO Bill Barhydt thinks Litecoin is “important.” Barhydt says Litecoin is the only p2p decentralised payment ecosystem that has outlived 10 years of uptime. He says Litecoin is also superior to Bitcoin in terms of testing new technologies.

Digging deeper into 2023, analysts expect it to be a busy year for Litecoin. Galaxy Trading expects the token to return up to 100% heading into LTC’s halving event. The price has already been reacting to these important developments.

LTC price outlook as token retests resistance

LTC/USD Chart by TradingView

On the daily chart, LTC is testing a resistance zone around $77-$80. The price has maintained along a short-term trendline after bouncing off from the $64 support. The MACD indicator has turned bullish and shifted above the neutral zone.

Is LTC attractive?

The gain by LTC is an opportunity for buyers to ride the bullish push in 2023. However, sustained gains in the cryptocurrency will depend on whether bulls will overcome resistance at $80. The cryptocurrency is retesting the resistance with an opportunity for a breakout. Investors can buy LTC on the breakout.

On the flip side, investors could watch how LTC behaves at the short-term trendline. A drop below the trendline could see the cryptocurrency retest the support at $64.