Kategorie: Altcoin News

Altcoin news about alternative blockchains and its crypto ecosystems.

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ETH is a leading indicator for smaller altcoins, top analyst says

  • ETH price rose to highs of $2,009 on Binance.
  • Ethereum’s Shanghai/Shapella upgrade went live successfully on Wednesday,12 April, 2023.
  • Crypto analyst Rekt Capital says Ether’s price movement is a “leading indicator” for altcoins and that coming weeks could be interesting.

Ethereum price rallied past the $2,000 level on Thursday, rising to highs of $2,009 on crypto exchange Binance.

The uptick for the ETH price above the key hurdle came after the world’s largest proof-of-stake blockchain network underwent a successful software upgrade.

As CoinJournal highlighted earlier Thursday, ETH had looked to break above the psychological level following the Shanghai upgrade. After the upgrade went live and withdrawals of staked ETH enabled, bulls defied negative projections to break above a supply zone that has held since August 2022.

ETH breaks $2,000 as analyst says altcoins could be interesting in coming weeks

According to crypto analyst Rekt Capital, the top altcoin is a “leading indicator for smaller altcoins.” He suggests the breakout for Ethereum could trigger new momentum for some of the leading altcoins, probably highlighting the possibility of an alt season kicking off.

“ETH is a Leading Indicator for smaller Altcoins. This is why the #ETH breakout may very well set the stage for an interesting period for other Altcoins in the coming weeks,” the highly respected crypto trader and analyst said.

Rekt believes the Bitcoin bull market is just starting, but Ethereum’s price movement suggests current prices might be a great entry point for many alts.  

“ETH at $2000. That’s one reason why it might be worth entering Altcoins early on in this #BTC Bull Market,” the analyst tweeted.

Ether is currently trading around $1,998, roughly 4.8% up in the past 24 hours.

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Magic price prediction: MAGIC poised for 25% gains as token goes live on Upbit Global

  • MAGIC price has jumped 35% in the past week and was up 7% on the day.
  • The token is live on Upbit Global, a crypto exchange based in South Korea.
  • Gaming projects on Treasure use MAGIC.

The price of Magic (MAGIC) exploded ahead of the token’s listing on major cryptocurrency exchange Upbit Global on Tuesday.

MAGIC is the native token of Treasure, the decentralised gaming ecosystem that connects games and gamers. Treasure also connects the gaming community via non-fungible tokens (NFTs). Projects use MAGIC, and the latest listing could be a big factor in price movement over coming days.

Magic tokens are available on multiple top crypto exchanges, including Coinbase, Binance, Gate.io and now Upbit makes it even more accessible to one of the largest blockchain gaming markets in the world.

MAGIC price analysis: MAGIC could pump 25% to $2.33

MAGIC was trading in the green on the day as most altcoins struggled amid liquidity rotation into a rolling Bitcoin market that had BTC trending above $28,000 for the third day after breaking its macro downtrend.

As for Magic price, it traded at 0.00006594 BTC at around 8:00 am ET on 21 March, up nearly 1.2% a few hours after the token listed on the South Korea based crypto exchange with the BTC/MAGIC pair.

Against the US dollar, MAGIC was changing hands around $1.87 and was up 7% and 35% in the past 24 hours and 7 days respectively. The gains follow an upside momentum buoyed by the hype around Arbitrum (ARB).

MAGIC price movement on Binance. Source: TradingView

From a technical point of view, MAGIC price has stayed above the 20 day exponential moving average since breaking above its resistance on 14 March. However, bulls have twice failed to break the immediate barrier at $1.96, making the resistance level at $2.00 the main target in the short term.

If bulls successfully breach the supply wall at this level, they could confront the hurdle expected around $2.15 – the point of major rejection on 7 February that saw MAGIC eventually retest lows of $0.99 on 11 March 2023.

An upside continuation, which is supported by the rising Relative Strength Index (RSI) indicator currently above 60, and a positive Awesome Oscillator, Magic could see a 25% upswing to its year-to-date peak at $2.33.  

On the downside, a negative flip from current levels could prices retreat to the immediate horizontal support line near $1.72. The 20-day EMA line at $1.56 could provide the next buffer zone for bulls.

The post Magic price prediction: MAGIC poised for 25% gains as token goes live on Upbit Global appeared first on CoinJournal.

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“Blood in the streets?” On-chain metric suggests it’s time to buy

  • The MVRV metric suggests most altcoins are underbought and present a buying opportunity.
  • A new leg down could however push some of the tokens into a danger zone.
  • Crypto prices have decline alongside weaknesses stocks.

The total cryptocurrency market cap is down 1.7% at the time of writing as the broader crypto market battles yet another bout of heavy losses.

Bitcoin price fell below $21,700 again while Ethereum traded to lows of $1,530 on Thursday, with the leading crypto assets continuing the weakness we highlighted on 8 March. 

Santiment data signals “time to buy altcoins”

According to analysts at market intelligence firm Santiment, the “heavy bleeding” witnessed across the crypto market this week has many altcoins flashing buy signals. Many of the altcoins suggest an underbought outlook as traders realize losses, the firm noted in a tweet posted early Thursday.

One indicator pointing to current price levels as opportune buying zones is the Market Value Realized Value (MVRV) ratio. While prices could still fall, Santiment suggests most altcoins are trending in an opportunity zone where prices are likely to rebound higher.

Notably though, the market could still see a new leg down, pushing some of the coins into the danger zone.

“If you have been awaiting the time to buy altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most crypto assets have been in opportunity zones since early January” Santiment tweeted.

As CoinJournal reported earlier this week, the downside followed more negative news around crypto bank Silvergate and this week’s economic commentary from Fed Chair Jerome Powell.

In particular, the Fed’s hawkish outlook has the market anxious and that was visible as stocks also fell on Wednesday.

The post “Blood in the streets?” On-chain metric suggests it’s time to buy appeared first on CoinJournal.

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Optimism price: OP surges 30% to hit new all-time high

  • OP has rallied over 30% in the past 24 hours, reaching a new all-time high of $2.97 on Coinbase
  • Optimism is outperforming major coins even as cryptocurrencies rally on Thursday.
  • Gains for Optimism comes amid buying pressure after news of an upgrade proposal planned for activation on 15 March.

Optimism is rallying again as excitement around the Ethereum layer 2 scaling solution increased following a major news announcement.

As shown on the 4-hour chart below, OP reached a new all-time high of $2.97 on Coinbase. As of 11:20 am ET on 2 February, the platform’s native token OP was trading at $2.91, still up by more than 32% in the past 24 hours.

Chart showing Optimism price rally to new all-time high on Coinbase. Source: TradingView.According to data from CoinGecko, the OP token price is up 205% in the past 30 days, outshing major coins. About 75% of the gains have come in the past two weeks as platform’s market capitalization steadily rose to currently stand around $625 million.

Why OP token price is surging

Optimism’s gains in the past few hours have come as buying pressure ramped up ahead of what promises to be groundbreaking network upgrade.

On Wednesday, the Optimism Foundation released a proposal seeking to deploy an upgrade to the protocol’s mainnet. According to the proposal, the upgrade targets improving network performance via the Optimism Collective: Bedrock.

It is the first major upgrade to the Optimism protocol and brings a rollups architecture to the protocol, with  transaction batching one of the main features highlighting the huge impact the upgrade could have for the blockchain’s performance.

“This upgrade offers a new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions, providing unprecedented performance and functionality,” the Optimism Foundation wrote.

Improvements set to be added via the Bedrock release include reduced transaction fees, high throughput and improved sync speeds.

According to the team, the upgrade will not impact most users as the Optimism mainnet is “already EVM-equivalent.” However, some users including those running full and archive nodes have to take action in preparation for the upgrade.

The Bedrock proposal is expected to go through a two-week voting period, with deployment to the mainnet scheduled for 15 March if it passes.

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Syntropy (NOIA) price: Analyst shares outlook after token gains 168%

  • NOIA is the native token of Syntropy, a distributed routing protocol for the Internet.
  • The token’s price surged 168% from its December lows and one analyst says bulls are likely to aim for more.
  • Sentiment is bullish for Syntropy ahead of its public network launch.

Cryptocurrencies are looking to end January on a winning note, with most digital assets rocking huge gains in a month that saw Bitcoin break above $23,000.

On 31 July, the total crypto market capitalization was above $1 trillion, helped by Bitcoin’s market cap rising to $446 billion to account for a market dominance of 40.9%. A similar upside trend has been observed across altcoins, led by Ethereum’s breakout from lows of $1,200 at the beginning of the month.

Analyst says NOIA could do another 2x

Perhaps notable is the bullish sentiment for Syntropy that has been increasing since the team updated the token’s circulating supply schedule and as the platform edges closer to its public launch.

While tokens like Aptos and dYdX continue to outperform, crypto analyst Rekt Capital is pointing to one other coin that could benefit from the recent bull run.

According to the crypto trader, Syntropy (NOIA) is likely to do a 2x if it holds a crucial price level on the monthly close. In a tweet early Tuesday, the highly respected analyst noted that NOIA’s 168% rally from its lows in December has the Syntropy token at a crucial area.

“NOIA enjoyed a +168% rally from December’s lows & is now approaching a crucial area. If NOIA is able to turn the green box top (~$0.068) into support on Monthly Close, Syntropy could be well-positioned for another 2x rally,” he suggested.

Syntropy (NOIA) price prediction chart. Source: Rekt Capital on Twitter.If bulls hold the highlighted price zone ($0.068), Rekt Capital sees a 135% or more rally towards $0.15. That could open up the NOIA price for a potential retest of its all-time high price near $0.20. However, a negative flip could see bears push for $0.030 or even target $0.020.

The Syntropy token was changing hands around $0.065 early afternoon on Tuesday, up 2.3% in the past 24 hours and 32% higher this past week.

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