Autor: dot-traders

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Near Protocol price prediction as price booms 32% in a week

  • Near Protocol token has added 32% in a week

  • The cryptocurrency is yet to break out from a resistance zone

  • Wait to but on a breakout, although a retracement is possible

Near protocol token NEAR/USD is attracting suitors. The token has added a cool 32% in a week, adding enthusiasm for the smart contract protocol. NEAR could blast to higher levels if it successfully manages to clear key levels.

Near Protocol claims to eliminate some of the barriers that limit Web3 adoption. The smart contract platform boosts low fees and high speeds. Owing to the smart contract functionality, Near Protocol offers a great alternative to Ethereum. It allows communication and asset exchange between Ethereum and other protocols such as Polkadot. NEAR could be getting boosts from the surge in Ethereum price. 

Despite the strong gains recently, NEAR remains near a bottom price of $3.1. The cryptocurrency now trades at $4.3. That should tell you that NEAR remains well supported by the bottom price. However, investors looking to add NEAR should be mindful of immediate resistance.

NEAR faces resistance at $4.3 amid a bullish push

Source – TradingView

The recovery case for NEAR is not in doubt owing to the recent gains. The MACD indicator has also moved to positive territory, owing to the bullish momentum. However, NEAR faces resistance at $4.3. The price has already hit the resistance and is showing some slight retracement. If NEAR retraces, the bottom price of $3.1 would be of interest. That, of course, depends on the prevailing crypto sentiment.

Price could as well turn bullish at the resistance, resulting in a breakout. That would set $6 the next level in sight and could add bulls to ride to higher prices. For now, we watch price action at $4.3.

Summary

NEAR token is bullish but has met resistance at $4.3. Investors should watch how price action unfolds at the resistance. Buy on a breakout.

The post Near Protocol price prediction as price booms 32% in a week appeared first on CoinJournal.

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Bitcoin price: Analyst says early indications suggest ‘not a major relief rally’

Bitcoin (BTC) price rose as much as 8% in 24 hours to top $24,287 on crypto exchange Coinbase, its highest price in over a month.

The upside came as a broader market rally saw most cryptocurrencies post significant gains to erase recent losses, with Ethereum (ETH) seeing the most gains at the top of the charts with over 50% in gains in a little over a week.

BTC/USD daily chart showing Bitcoin’s jump to $24,287 on Coinbase. Source: TradingView

Analyst says rally likely to fade near current levels

BTC has shed some of the gains and currently trades around $23,500. But can it kick on and see a major breakout short term?

Katie Stockton, co-founder Fairlead Strategies founder, told CNBC’s ‘Squawk Box’ in an interview that while the world’s largest cryptocurrency had seen as strong rally over the past few days, this looked more like  sharp bear market rally than one likely to sustain into a major relief rally.

“If you do look at past bear market cycles, we’ve seen some massive relief rallies,” she noted, highlighting the +20% gains seen in some assets. However, she feels that despite the surge, indications are that this isn’t going to evolve into a “major relief rally.”

Stockton said the overall market’s outlook remains vulnerable to a downside, noting the market is “challenged” amid an oversold volatility reading and overbought mega cap (stocks) ahead of earnings reports.

According to the analyst, the current upside is more likely to fade near levels reached so far, with potential signals for a sustained upward move including a breakout above $25k and improvement in momentum gauges.

The post Bitcoin price: Analyst says early indications suggest ‘not a major relief rally’ appeared first on CoinJournal.

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Fantom aims for $0.43 as the price suddenly turns bullish at a key level

  • Fantom token FTM pushes above resistance

  • The blockchain could be borrowing gains from leader Ethereum

  • FTM is a buy at the low prices as the price turns bullish

There is no better time to invest in Fantom FTM/USD tokens than now. That emanates from the fact that FTM has left a trail of $0.28, which is its bottom price. Of course, there is a long way to go as FTM trades a shell of itself from its all-time high.

Fundamentally, Fantom is benefiting from the boosts in the crypto sector. Owing to its depressed prices, investors could be taking advantage. The cryptocurrency trades at a low of only $0.33. That is significantly below the all-time high of above $3.5 last year. Investors could be scooping the dip for a chance to ride higher.

Besides, Fantom investors see opportunities in layer-1 protocols for smart contracts. History has shown that whenever the price of ETH rises, alternative layers such as Fantom gain. Investors view the alternative layer-1 protocols as the best Ethereum alternatives. They offer faster speeds and carry lower transaction costs. Thus, the gains in Ethereum could be spilling over to protocols such as Fantom.

FTM blasts past a resistance level to establish a new support

Source – TradingView

Technically, FTM is very bullish after overcoming the $0.28 resistance. MACD indicators are bullish too. The cryptocurrency now trades at $0.33. The price is yet to reach another major resistance which is at $0.43.

Investors can buy at the current price level or take advantage of a minor retracement. However, we believe FTM is attractively priced, and investors can scoop the token now.

Summary

Investors’ attention is turning to FTM due to its smart contract functionality. The cryptocurrency is attractively priced and is a buy after a key breakout.

The post Fantom aims for $0.43 as the price suddenly turns bullish at a key level appeared first on CoinJournal.

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Should you buy BNB after breakout from an ascending triangle?

  • Binance crypto exchange has remained stable in the market crash

  • Its token BNB has broken past an ascending triangle

  • We recommend buying BNB on a retracement.

Binance coin BNB/USD is strongly bullish as most cryptocurrencies show up. At a price of $262, BNB is past $243, which previously acted as a resistance. We explore more whether BNB is worth buying for the short and long term.

BNB is the native token of the world’s leading crypto exchange Binance. The crypto exchange remains unchallenged at the top spot. Despite a strong bear crypto sector, Binance showed strengths. A few weeks ago, it announced that it sought to fill at least 2,000 positions. That happened despite most crypto exchanges scaling down operations. 

Binance continues to attract regulatory scrutiny owing to its opaque operations. Users have nothing to worry about as Binance continues to be welcomed in major jurisdictions. The crypto-friendly Abu Dhabi is one that granted Binance an in-principle operation license. Due to these fundamentals, the BNB token has a good future and is a good cryptocurrency to invest in. The key question is, should you buy in BNB now?

BNB breakout occurs at the key $243 level

Source – TradingView

$243 was a highly watched level for BNB. This was after rejecting price severally, resulting in the formation of an ascending triangle. Following the recent gains, BNB has breached the resistance and is going higher. The reference bottom is now at $243.

We think you should buy BNB on a retracement. At $263, BNB has met a minor resistance and could correct lower. The retracement would offer a chance to buy and ride up to the next level at $288. After that, BNB could rise to $324.

Summary

BNB has confirmed a bullish momentum after a breakout from an ascending triangle. The cryptocurrency should be bought on a retracement as the price tests a minor resistance.

The post Should you buy BNB after breakout from an ascending triangle? appeared first on CoinJournal.