Kategorie: Altcoin News

• Near Protocol token surges 9% and reclaims $4.2

• Crypto recoveries and expected Ethereum Merge potential reasons for the surge

• Momentum remains weak, but NEAR could start a bullish surge if it sustains $4.2

Near Protocol token NEAR/USD buyers are keeping hopes alive as the token reclaims $4.2. The level is the established support for the token of the Layer-1 network. In a single day, the token surged by more than 9%, erasing some previous losses. The gains took NEAR slightly above $4.2, but the momentum remained weak. Trading volume was also up 6.0% in 24 hours, highlighting increased buying pressure. So why is NEAR gaining?

A combination of factors could explain the recent recoveries in NEAR. A spot check indicates that the overall crypto sentiment is improving. Near Protocol is recovering in line with the crypto sentiment. Nonetheless, NEAR gains were above most cryptos. The Ethereum Merge, expected later this month, could be boosting Layer-1 blockchains.

Clearly, there is no specific event boosting Near Protocol token. However, to a technical reader, the current price is one to watch for the next few days. 

Near Protocol token price action on the daily chart

Source – TradingView

NEAR trades at $4.6 after capturing the $4.2 level. The minor breakout could have caused the increased buying pressure at the support. A MACD crossover above the moving average is another bullish indicator for the cryptocurrency. The 20-day moving average has joined support. The price is yet to break above the 50-day MA. 

Final thoughts

NEAR is a potential buy at the current levels as bullish signs emerge. We need to wait for a bullish confirmation after the close of the daily candlestick. If the candlestick crosses below, that could invalidate the bull call. It is nonetheless important to monitor NEAR at the $4.2 level.

The post Near Protocol gains 9% as bulls try to outwit bears at $4.2. What next? appeared first on CoinJournal.

• Decentraland has gained 3% in the past day.

• Native MANA token remains key in the metaverse space.

• The token is experiencing a low buying pressure with the RSI at 38.

Decentraland MANA/USD shows early recovery signs. In the past 24 hours, the token has gained 3.2%, but remains 0.49% down in the past week. MANA is not the only token staging a comeback in the metaverse space. Sandbox has pumped 3.66% during the period. 

Despite the positive gains, Decentraland is a shadow of itself. The token is down by a significant margin since its ATH of $5 last year. At the time of writing, MANA was exchanging for $0.76. Nonetheless, Decentraland remains a significant crypto project. It supports the emerging crypto sectors like DeFi, DEXs, and NFTs.

Decentraland is a protocol for metaverse and crypto games. On the platform, users can interact, play games, purchase items, or attend virtual events. Its native MANA token is based on Ethereum’s ERC-20 standard.

Looking into the future, the buzz around the metaverse could gain momentum. The popular function where individuals can buy LAND tokens is gaining traction among corporations. The virtual assets represent unique pieces of virtual land that are purchased and sold in an open market. Despite the positive prediction, MANA has some hurdles to overcome in the technical outlook. 

MANA trades around key support amid weak momentum

Source: TradingView

According to the daily chart above, MANA is trading around the $0.76 support level. From the chart, the bears still have a bigger control of the metaverse token. At an RSI of 38, the token lacks the buying pressure and can retest lower levels. Moreover, MANA is trading below the 20-day and 50-day moving averages, offering resistance from above. 

Concluding thoughts

The current price surge in MANA shows that the bulls are buying the dips. However, the momentum remains low, and the upside potential is low. The current level does not present a perfect entry point since MANA is unlikely to sustain the uptrend. There could be some consolidation around the moving averages.

The post Can MANA sustain the daily surge amid a weak momentum? appeared first on CoinJournal.

The financial markets tanked towards the end of the week after Fed Chairman Jeremy Powell took a hawkish stance during the annual Jackson Hole event. During this much-awaited event, Powell said that the Federal Reserve would keep raising interest rates until such a time that inflation is completely dealt with.

This means money will likely flee risky assets, at least in the foreseeable future. However, if you want to play the crypto markets now, some cryptos are likely to show some resilience despite the bearish cloud hanging over the market. Here are a few cryptocurrencies likely to hold on well under current market conditions.

Ethereum (ETH)

While the broader crypto market is likely to be affected by the bearish cloud across the financial market, Ethereum (ETH) has a good chance of pulling off a surprise rally in early September and probably for the rest of the year. That’s because the upcoming Ethereum merge is a big deal and changes how Ethereum operates in a very big way. The Merge’s impact on Ethereum’s tokenomics is one of the biggest triggers that could see Ethereum perform well regardless of the Fed’s hawkish stand.

For context on how big of a deal this is, one needs to consider that after the Ethereum upgrade of August 5th, 2021, this cryptocurrency rallied when the rest of the market was still weak. Ethereum kept going up, and by November 2021, it had made highs of $4800. If history is anything to go by, this is a cryptocurrency to watch.

Polygon (MATIC)

If Ethereum is likely to draw investor attention in the coming days, you also need to consider cryptocurrencies that benefit directly from the upcoming Ethereum merge. None stands out in this case than Polygon (MATIC). Polygon is an Ethereum layer-2 cryptocurrency that already has a large ecosystem of cryptocurrencies building on top of it. As such, if the Merge is a success, you can expect to see some level of activity on Polygon, regardless of how the market will be trading at the time.

Loopring (LRC)

One of the big reasons behind the Ethereum shift to Ethereum 2.0 is to reduce costs and increase speeds. After the Merge, there is likely a surge in trading volumes for Ethereum tokens. This means platforms that allow for the trading of Ethereum tokens are likely to experience a rise in demand. One of the most established Ethereum token trading platforms is Loopring (LRC). Since there is already strong demand for tokens on Loopring, and with trading costs set to drop, LRC tokens could go up, too. That’s because Loopring is the token that drives the Loopring ecosystem. The more activity, the higher the potential value growth.

The post Three cryptos likely to do well despite the Fed’s Hawkish stand appeared first on CoinJournal.

• PancakeSwap has narrowed the losses in the past one week to 2.45%

• The decentralized exchange protocol is backed by Binance

• CAKE faces resistance at $4.12 but could break out if the momentum remains strong

PancakeSwap CAKE/USD is a cryptocurrency to watch as prices start to shrug over the latest losses. The cryptocurrency’s losses in the last one week stood at just 2.45% as of Wednesday. The small losses were after the last three days’ recoveries. The token trades at $3.92 after touching a low of $3.6 on August 20. The token is stalling but still pointing higher.

PancakeSwap has been making strides in the DeFi sector despite ranking below its peers. The decentralized exchange is backed by Binance, the largest crypto exchange. Binance Labs has also invested in PancakeSwap, a further indication of the trust it has earned. Its native token has, however, been subdued, and its price has largely been driven by market momentum.

CAKE approaches resistance as price overcomes recent drop

Source – TradingView

On the daily chart, CAKE is bullish below the $4.12 resistance. The token is keeping an uptrend which started in mid-June. The momentum indicator shows that the token’s latest bearish momentum is weakening. 

CAKE will imminently hit the resistance as bull strength remains in place. A potential breakout will occur if the sentiment improves and CAKE continues to attract buyers. Still, at the low valuation, CAKE is attractive to long-term buyers.

 If CAKE breaks above $4.12, the next level to watch is $4.8. We also need to monitor the prevailing crypto sentiment since CAKE has been following the market.

Summary

CAKE is recovering from the recent slump. The token eyes $4.12 resistance as the next level. A breakout of the resistance will depend on the crypto sentiment.

The post PancakeSwap prediction as price overcomes slump and posts gains appeared first on CoinJournal.

• Terra Classic is up 4.97% in the past day

• Sentiment about the project revival is driving positive gains

• RSI is slightly above the neutral point

Terra Classic (LUNC/USD) has jumped 4.97% in the past day, tightening weekly losses to 10.17%. The live price is $0.0001025, and the current market capitalization stands at $672 million. LUNC, the native token of Terra Classic, crashed in May.

Terra Classic, formally known as Terra, occupied an important space in the blockchain space. Its high performance was based on strong price stability and usability. The crash intercepted the progress of the then seemingly promising crypto project.

The collapse happened after UST, a native stablecoin to Terra Classic, lost its peg to the US dollar. Community efforts to revive the project led to a new token, LUNA. The token also referred to as Terra 2.0, is currently trading at $1.75. Its value is much higher compared to that of the rebranded LUNC.

Nonetheless, LUNC is under bullish momentum. Aside from the price swings, attempts by the Terra community to restore the network seem to be bearing fruits. The blockchain has since convinced some dApps to develop on the blockchain.

Terra Classic approaches $0.00011109 amid bullishness

Source: TradingView

According to the daily chart above, LUNC is on an uptrend. The token has established $0.00008708 as the reference support and $0.0.00011109 as the immediate resistance. LUNC is currently trading above the 20-day and 50-day moving averages.

Moreover, the indicators show that LUNC could continue with the trend. The RSI is at the 58 level. Much as the indicator is close to neutral, there are more buyers than sellers. However, LUNC could face resistance at $0.0.00011109.

Concluding thoughts

Despite Terra Classic bringing bitter memories of losses to investors, speculators are cashing in again. The token is approaching a key resistance level. Investors should remain patient until it clears above or close below.

The post Terra Classic hits fresh bull-run but faces hurdle at key resistance appeared first on CoinJournal.