BNB prediction as price maintains a recovery

  • Binance coin has been bearish since the FTX collapse 

  • The cryptocurrency trades on an upside at $255 

  • BNB faces resistance at $266, a crucial resistance level

While 2022 was largely bearish for almost every cryptocurrency, Binance (BNB/USD) was relatively stable. That’s not to mean that the cryptocurrency was bullish, but at least bears did not run riot as they did for most cryptocurrencies. It helped BNB hold strengths. At one time before the collapse of FTX, BNB neared the $400 price level. Since then, BNB has remained bearish. What happened?

The collapse of FTX ignited fears that no crypto exchange was too big to fail. Investors rushed to decentralised exchanges that benefited from huge outflows from centralised peers. Binance, the world’s largest centralised crypto exchange, was among the culprits of the shift. That sent the native token BNB tumbling to $220 by mid-Dec. 

Further fears were heightened by Binance’s proof of reserves. As CoinJournal reported, an audit report raised questions showing that the exchange was not sufficiently collateralised. BNB has been suffering in the aftermath, although the latest recoveries are promising. 

BNB is facing resistance at $266 after recent recoveries

BNB/USD Chart by TradingView

BNB is mildly bullish on the daily chart. A bullish MACD crossover was initiated, supporting an improved momentum for the cryptocurrency. However, the MACD indicator is bearish. Bulls are yet to close above the neutral zone, which separates the bullish and bearish momentum. 

BNB also trades below the resistance at $266. This is the level bulls defended strongly before the FTX-inspired crash. Therefore, the level is a key test for the bulls. 

BNB price action next

A continuation of the current recovery could see BNB return to its former self and turn $266 into support. For this to happen, bulls must overcome the resistance and break higher. 

On the flip side, bears will try to position themselves as the BNB price reaches $266. Already, there is some resistance developing below the resistance zone. A failed breakout will see bears try to force a correction. That could see BNB continue to consolidate below before buyers have another chance.

Where to buy BNB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

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Near Protocol adds 20% in a week. What price action says about the token

  • Near token has recovered by almost 20% in a week

  • The cryptocurrency saw increased volumes at the $1.25 bottom after a disastrous 2022

  • NEAR face bears at the descending trendline and could correct downwards

Near Protocol (NEAR/USD) ended 2022 on a low note. At just $1.26 on December 31 2022, NEAR is among the worst-performing cryptocurrencies, having started the year above $16. The selloff in the cryptocurrency accelerated in November 2022 post-FTX collapse. Investors earmarked the cryptocurrency after reports showed FTX had invested in Near Protocol tokens for nearly $50 million.

But as 2023 kicked off, investors have been accumulating the Near Protocol tokens. With a surge of nearly 20% in the past week, NEAR is one of the top-gaining cryptocurrencies. That is underlined by a huge buy-side volume spike as the token bottomed at $1.25. The spike saw NEAR hit $1.65.

NEAR price outlook and analysis amid increased bullish pressure

NEAR/USD Chart by TradingView

The daily chart outlook shows NEAR trading at the descending trendline. The cryptocurrency has been trading on a system of lower lowers and lower highs. The token has retraced at the descending trendline, with the volume indicators showing the entry of bears.

Will NEAR sustain the gains?

There are no clear indicators for the recent surge in NEAR price. It could be due to investors spotting an opportunity as the price crashed following the collapse of FTX.

From the price action and technical indicators, NEAR is still bearish and may not sustain gains. Bears are beginning to gain control of price as it hits the descending trendline. With the bear market showing little signs of abating, the recovery could be hard to come for NEAR. Buying the token on a confirmed uptrend is recommended.

Where to buy NEAR

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy NEAR with OKX today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy NEAR with Binance today

The post Near Protocol adds 20% in a week. What price action says about the token appeared first on CoinJournal.

Ethereum recovering above $1,250. Is this a bullish trigger?

  • Ethereum hovered around the $1,250 resistance on Wednesday

  • Ethereum network surpassed Bitcoin in transaction volumes in 2022

  • Wait for a bullish confirmation before buying ETH

Ethereum (ETH/USD) is trading at its crucial resistance zone of $1,250 after recovering 3% on Wednesday. This level has proved difficult to crack since plunging below it in mid-Dec. The new year recoveries may keep bulls on alert, although it is still too early to judge how far the price can surge.

Although 2022 was a difficult year for Ethereum, fans will be delighted by cryptocurrency news on network activity. Data from Ycharts and Nasdaq show that Ethereum topped Bitcoin in transaction volumes last year. The network witnessed 408.5 million transactions, surpassing Bitcoin’s 93.1 million. The higher volatility in Ethereum was connected to events such as NFT launches. Bitcoin, however, retained the crown as the most searched cryptocurrency.

Data by Bitinfocharts shows that into 2023, transaction volumes are still rising for Ethereum. As of January 2, the count hit 924,614, higher than 229,191 for Bitcoin. 

Ethereum on a short-term appreciation to the $1,250 resistance

ETH/USD Chart by TradingView

A technical outlook shows ETH trading on a short-term trendline initiated from the $1,100 bottom. The cryptocurrency trades with improved buy side volumes, although still not very significant. The MACD indicator is bearish, but momentum has improved slightly. 

What to watch next for ETH

Ethereum is a candidate for a bullish breakout at the $1,250 resistance. The bullish candlestick will be watched by the buyers. 

Conversely, bears could take control of the price at the resistance zone. That could see ETH slide to the short-term ascending trendline. 

If you are considering buying ETH, it is important to watch for the price to clear $1,250 successfully. As long as the price remains below this level, ETH is vulnerable.

Where to buy ETH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today

The post Ethereum recovering above $1,250. Is this a bullish trigger? appeared first on CoinJournal.

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

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today

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

Uniswap versus GMX token? Two DEX contenders, but which one is better?

  • Uniswap and GMX are DEX cryptocurrencies

  • DEX tokens were boosted by the FTX collapse

  • UNI could be preferable in the long term

Decentralised exchanges, or simply DEX, were the talk of the town after the collapse of FTX. As investors’ concerns grew, centralised exchanges such as Binance saw increased fund outflows, benefiting DEX platforms. Uniswap and GMX were among those to benefit from the investor exodus, boosting the native tokens. But which of the two tokens should you scoop?

Uniswap

Uniswap is the largest DEX and is based on the Ethereum network. The blockchain is fully decentralised, implying that no single entity owns or operates it. Being decentralised also means that users have control over their funds. This is opposed to centralised exchanges where users have to share their private keys. Uniswap uses an automated liquidity protocol trading model.

The Uniswap platform is also open source – developers can copy the code to build their own decentralised exchanges. Users can also list tokens on Uniswap for free. The platform is compatible with the ERC20 tokens. 

The price of the Uniswap token is $5.31, compared to an all-time high of $45. Any dip buyer investor would find it attractive. However, UNI is largely bearish despite the recent recoveries.

Where to buy UNI

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy UNI with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy UNI with OKX today

GMX

GMX is another DEX token that has been popular recently after getting listed on Binance. The platform has also been attracting investors exiting from centralised exchanges. So what is GMX?

GMX is a decentralised exchange that supports spot swaps and perpetual futures. The platform first launched via the Arbitrum One network when it went live in September 2021. Users enjoy up to 50 times leverage on the exchange. Unlike the centralised exchanges, users keep custody of their assets through a crypto wallet.

The DEX is known for zero-price impact trades and low swap charges. Analysts have lauded the platform for giving investors unmatched trading fees of up to 30%.

GMX trades at $46 in a market correction after tapping $60 in a bullish market. The latest high was near GMX’s ATH of $66.

Where to buy GMX

Final verdict

Uniswap is a more established network. UNI suits investors looking for a token of a platform that has outlived several crypto seasons. Dip buyers may also consider UNI a more suitable token as the price is deeply low. On the other hand, GMX ranks ahead in investor earnings through trading fees. The token could be a better option for short-term investors but not dip buyers.

The post Uniswap versus GMX token? Two DEX contenders, but which one is better? appeared first on CoinJournal.