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VeChain price prediction as bullish momentum remains on course

  • VeChain blockchain endears to solve complex supply chain problems
  • VeChain token is recovering alongside other cryptocurrencies
  • The token has more upside potential but could face resistance

A snapshot of the crypto market shows that most cryptocurrencies are gaining again. Bitcoin is up by 2.08%, while Ethereum has gained by 5.05% in the last 24 hours. As expected, most altcoins surge whenever the top cryptocurrencies post gains. VeChain VET/USD is one of the cryptos going higher.

VeChain is a blockchain that aims to tackle complex supply chain issues via distributed ledger technology. While the technology remains at an infant stage, the VeChain token saw a lot of interest last year. That pushed the token to a high of $0.28 in April 2021. Since then, the token has lost its mojo and trades at merely $0.029, 10 times less. Investor interest could grow at such attractive valuations, but where are the buyers?

VET has witnessed buyer interest in the past week. With gains of 27%, the token rivals some few cryptocurrencies with similar double-digit gains. That happened after the cryptocurrency remained stable since mid-June. Technical indicators suggest more upside, although long-term recovery will take time.

VeChain token gains as bullish momentum accelerate 

Source – TradingView

On the technical outlook, VeChain is bullish but trades below key resistance at $0.033. That represents an upside potential of around 14%. However, VeChain is already overbought, with the RSI reading pointing to 70. That means we might see short-term retracements before the token hits $0.033. We recommend buying in the short term on a potential retracement at the current level.

While long-term gains are possible, buyers should be aware of the key resistance. A breakout of the level would usher in a more lasting bullish momentum.

Summary

VeChain is likely to maintain the current momentum. Some short retracements are possible, although the token’s resistance is at $0.033. Investors should consider buying on short dips and ride the trend to the resistance level.

The post VeChain price prediction as bullish momentum remains on course appeared first on CoinJournal.

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Optimism adds 98% in a week – Is the rally driven by fundamentals?

  • Optimism token has surged by almost 100% in one week
  • Positive developments in July have been boosting the token
  • Investors should buy on a retracement

Investor interest is back on Ethereum Layer-2 scaling solution Optimism. Over the past one week, the token has gained more than 98%. That, of course, underlines the gains other Ethereum-based tokens have been experiencing. Cryptocurrencies such as Ethereum Classic have also been top gainers. Nonetheless, a further scrutiny of Optimism reveals underlying fundamentals driving the surge.

On July 26, Optimism announced the launch of Drippie. Drippie is a trust-minimized conditional transaction system of Ethereum. It will let users conduct transactions following set conditions. Optimism expects the system to solve automation issues that will increase the performance of the blockchain.

The integration follows another positive development on July 24. Curve Finance had announced a grant proposal that would raise liquidity on Optimism. The move is expected to allow one million Optimism tokens to be distributed on the Curve pool. Liquidity providers will be incentivized with the OP tokens.

OP token has been getting boosts from the July developments. But to an investor, is the token now attractive or a bubble burst is about to happen?

Optimism trades at a high level but faces immediate resistance

Source – TradingView

While the recent developments are positive for OP, the current price could be unsustainable. The RSI points to overbought conditions, and a correction is more probable. We recommend investors buy on a retracement. The token could potentially slide to $1.45 as it already faces resistance at $1.88.

Concluding thoughts

The latest developments increase the utility of the Optimism token. At the current valuation, investors should consider buying lower as corrections are more imminent. The potential support zone is at $1.45.

The post Optimism adds 98% in a week – Is the rally driven by fundamentals? appeared first on CoinJournal.

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ApeCoin shoots 15% above the breakout zone as retail interest grows

  • ApeCoin gained 15% on Wednesday amid growing investor interest
  • The token was accepted as a payment method by Gucci
  • APE remains supported above a breakout zone with an opportunity for further gains

ApeCoin APE/USD was the center of retail interest on Wednesday. The token rose more than 15%, with social media mentions growing. The gains were widespread across the crypto sector, suggesting that sentiment remains intact. 

The gains in ApeCoin come amid good fundamentals supporting the token. Italian high-end fashion house Gucci announced the acceptance of ApeCoin for purchases in the US. The move allows Gucci to become the first major brand in the US to accept payments in APE. Customers will be allowed to make in-store purchases with APE BitPay. 

The latest announcement increases the utility of ApeCoin’s token. The blockchain also has the Otherside metaverse project in the pipeline. Once the project becomes a reality, ApeCoin will hit new levels. For now, we believe APE has more upside potential, and investors should consider buying.

ApeCoin gains above the breakout zone after acceptance of token by Gucci

Source – TradingView

Technically, ApeCoin is initiating a new bullish momentum above the breakout zone of $6.1. The token is almost overbought, with an RSI reading of 67. That suggests that investors are circling the token amid positive developments. The moving averages also continue to support the token.

We believe ApeCoin will continue rising after the recent bullish push. The token will remain supported at $6.1, and any potential retracement will be rejected at the level. The target is at $9, although it could rise higher if the bullish momentum remains. 

Summary

ApeCoin is bullish after breaking above $6.1. The bullish momentum is supported by the acceptance of the token by Gucci. Crypto sentiment also remains strong. Buy on short retracements or at the current level.

The post ApeCoin shoots 15% above the breakout zone as retail interest grows appeared first on CoinJournal.

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Binance has ‘a lot of dry powder’ for crypto acquisitions: CEO

  • Binance has appointed co-founder Yi He as Head of Binance Labs to spearhead company’s investments, including an aggressive approach towards getting acquisitions over the line.
  • But Binance will only acquire or give money to struggling crypto companies that have good products and are well-managed.
  • To that effect, Binance has ‘more dry powder’ than any of the competitors in the crypto industry.

Binance CEO Changpeng ‘CZ’ Zhao says his crypto company is well capitalised and ready to go on an acquisition spree if it helps the market, confirming to Yahoo Finance Live in a Wednesday interview that Binance has “a lot of dry powder” to that end.

CZ also commented on the broader crypto regulation landscape, Binance.US’ delisting of the Amp (AMP) token and recent hacks – his remarks coming after this week’s exploits on Nomad bridge and Layer blockchain Solana.

Binance is eyeing acquisitions

With several crypto companies coming under distress in the past few months amid the crypto winter, one of the firms to take an aggressive approach towards acquisitions has been FTX – the crypto firm founded by Sam Bankman-Fried.

Bankman-Fried’s FTX and Alameda have put a combined $1 billion+ into deals, including with potential acquisition for crypto lender BlockFi. The crypto billionaire’s empire even has a proposal to take up assets of embattled Voyager Digital.

So, does Changpeng Zhao’s Binance have a similar outlook even as the crypto industry navigates the bear market? 

According to the Binance chief, that’s exactly what they are ready to do. He told Yahoo Finance Live:

“We have a lot of dry powder…we have more dry powder than almost anyone else we know in the space. So we do want to use that to do acquisitions.”

So, Binance has a lot of cash or other such other highly liquid funds sources to put into investments as the market pushes through the ‘winter’.

However, CZ was quick to mention that most of the troubled crypto companies in the industry today “are not well-managed”, noting that this is why Binance is unlikely to seek to acquire them. But if these are “well-managed, with good products, but just short of cash,” then Binance will be ready to acquire them.

To the effect that his firm is working on acquisitions in the industry, Zhao pointed to the appointment of Binance co-founder Yi He at Binance Labs, the company’s venture capital arm currently managing over $7.5 billion in assets.

Yi will help Binance aggressively pursue several investments in the short term, Zhao explained.

The post Binance has ‘a lot of dry powder’ for crypto acquisitions: CEO appeared first on CoinJournal.

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Bitcoin holds above $23K despite crypto hacks – analyst explains why

Bitcoin (BTC/USD) continues to hold above the $23,000 price level despite recent hacks that have seen malicious actors drain millions of dollars from two crypto platforms.

BTC price, which recorded its best monthly performance since October 2021 with over 17% in 30-day returns and hit its highest price level since mid-June, is poised around $23,300 as at the time of writing.

Crypto analyst on BTC strength despite hacks

The outlook suggests bulls are strengthening above a key level that has previously provided the base for fresh momentum. Even then, the resilience comes amid a new wave of crypto hacks.

This week alone has seen two major heists – an attack on crypto swap platform Nomad bridge on Monday saw hackers steal nearly $200 million in user funds, and on Tuesday, Solana (SOL) was exploited to leave over 7,000 wallets compromised. More than $5 million had been stolen by Wednesday.

But according to Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, Bitcoin continues to suggest strength above $23k despite the exploits. He explained why this could be the case, noting:

“Despite these hacks, the illicit activity relative to fiat currencies remains low,” a scenario the analyst says is supported by South African professor Steven Sidley’s recent remarks that illicit transactions involving fiat currencies were 50x that experienced in crypto.

BTC above key level

Sotiriou also notes that Bitcoin is trading above the critical level presented by the 200-week moving average. A look at the charts show that the level is currently around $22,900, and bulls’ ability to hold above it could prove important to a new leg up, the analyst noted.

The chart below shared by Documenting Bitcoin via Twitter shows Bitcoin price return to the 200-week MA.

In a note to clients published on Wednesday, Sotiriou adds that Bitcoin’s show of strength above the 200-Week MA also comes as data indicates short Bitcoin funds recorded higher outflows this past week – the first such outflows for the inverse BTC product in the US over the past five weeks.

Also importantly, inflows into Bitcoin funds jumped in July to $474 million, up from outflows of $481 the previuos month.

“This is the biggest monthly inflow of 2022. As these funds are typically purchased by institutions and high net worth individuals, this is a signal that smart money is very interested in buying crypto at these prices,” Sotiriou said in emailed comments.

The post Bitcoin holds above $23K despite crypto hacks – analyst explains why appeared first on CoinJournal.