Kategorie: Altcoin News

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.

• Near Protocol traded at $6 in mid-August, the highest since May

• The token trades around the $4.2 support amid the latest declines

• NEAR could turn bullish if it recovers $4.2 successfully

Near Protocol NEAR/USD traded at a monthly high of above $6 in mid-August. The last time the token hit such a high level was in May. However, recent weaknesses forced the token back to $4.0, slightly below or at the support zone of $4.2. As of the time of writing, NEAR was trading at $4.26. Although the price was sluggish, bulls were wrestling the bears. That offers a chance for the token to move higher should the price overcome the slump.

Near Protocol has been deriving momentum from recoveries in Ethereum. In particular, the anticipated Ethereum Merge has been boosting liquidity in Layer-1 protocols. Near Protocol has so far cooled as the Ethereum rally also slowed. However, we know that volatility may creep back as the September 15 date of the expected merge approaches. While we can’t ascertain how much the Merge will boost NEAR, investors would be good watching. A price recovery that keeps $4.2 intact will be a bullish catalyst.

NEAR trades at the support with no directional movement

Source – TradingView

A technical outlook shows NEAR struggling to maintain the $4.2 level. The token is near the oversold level but still has more room to fall. There is currently no directional movement, and we cannot rule out a further slump. 

Nonetheless, if the bulls keep $4.2 intact, the price could jump higher. The token should be keenly watched for the potential outcomes.

Summary

Near Protocol token is wrestling the $4.2 support. Bulls will take over if the price recovers from the support. If the price crashes below $4.2, bears will be in control. The token is one to keep a tab on.

The post Is Near Protocol about to recover the $4.2 level and become bullish again? appeared first on CoinJournal.

• Fantom has dipped 4.71% in the past day and 23.51% in the past week

• The token is currently retracing within a consolidation 

• A dip below the support could open more sell trades

Fantom FTM/USD has been adversely affected by the bearish correction in cryptos. The token is down 4.71% in the past day, with weekly losses at 23.51%. Currently, FTM is trading at $0.2905. Despite the negative trend, Fantom is one of Ethereum’s rivals with strong fundamentals.

Fantom is a highly scalable independent decentralized project. The blockchain is suitable for decentralized applications and cryptocurrencies. With its lower transaction fees and Fantom Opera’s high throughput, it is one of the fast-paced blockchains.

DeFi users, enterprise apps, and Ethereum virtual Machine developers are currently flocking the network. FTM, which powers staking and governance functions, is yet to reap the gains of the network’s growth. The token has remained at the center of crypto volatility. 

FTM has lost a whopping 91% from its highest point year to date. The short-term technical outlook shows consolidation amid a weak momentum.

FTM consolidates sideways in a bearish market

Source: TradingView

According to the daily chart, FTM has been locked in a consolidation pattern. The token has been trading between $0.2 and $0.42 price levels. The pattern has been maintained for about four months.

Currently, FTM is on a retracement amid a bearish momentum. The 20-day and 50-day moving averages offer resistance to the upside. The two averages are possible points of consolidation or resistance in the case of a trend reversal.

The RSI is currently at 36, the lowest level since June. Despite the indicator approaching the oversold zone, FTM should overcome the $0.42 resistance level to become bullish. If the reverse happens, the token could retest lower levels.

Concluding thoughts

FTM faces a strong bearish momentum, with more than 23% weekly losses. The token has remained in consolidation for longer. The token could trade lower if the $0.2 support level fails to hold.

The post Watch $0.2 support as Fantom retraces amid consolidation appeared first on CoinJournal.