Kategorie: Altcoin News

• Shiba broke past a key resistance over the weekend

• Several developments are helping Shiba Inu 

• SHIB is gearing to go higher, but before then, a correction could occur

Shiba Inu SHIB/USD was a top trending cryptocurrency on Monday. Momentum has been building for the cryptocurrency signaling increased buyer interest. The Monday jump takes SHIB above a key resistance as more investors circle. 

Several developments could explain the breakout in SHIB. One is the expected Shibarium TestNet. Previously, developers said that the anticipated Shibarum Public Beta testNet was set for launch in Q3 2022. The quarter ends in September. However, the community remained optimistic that the Testnet upgrade was set to launch between August 15 and 21. 

Another development that sparked interest in SHIB is the upcoming online game. Also known as Shiba Eternity, the game promises to help Shiba Inu shed its meme tag. To some other extent, Shiba Inu is also believed to be fueled by gains in Ethereum. Shiba Inu is Ethereum-based, and the anticipated shift to Proof-of-Stake may boost the token. The move is expected sometime in September. SHIB investors could be reading between the lines ahead of the upgrade.

SHIB breaks out and rises above an ascending triangle 

Source – TradingView

From the daily chart, Shiba Inu token broke above the resistance at $0.000012. The resistance and the trendline formed an ascending triangle. The token is currently retreating from an overbought region.

The breakout sets SHIB up to the next resistance at $0.00002. However, SHIB could slide to retest the support at $0.000012. Investors should take advantage of the retracement.

Summary

Shiba Inu broke from an ascending triangle as investors bought the token. A range of positive developments boosted the meme token. SHIB is retracing, but the upside remains in place. The next resistance is $0.00002.

The post Shiba Inu breaks out from an ascending triangle as price pumps appeared first on CoinJournal.

• Shiba Inu momentum remains weak amid crypto recoveries

• The lack of fundamentals is the reason for the weak momentum

• SHIB has maintained an ascending triangle

Most cryptocurrencies surged as the US inflation data showed cooling prices. However, Shiba Inu SHIB/USD defied the sentiment and maintained the same level. The token has been trading within narrow margins at $0.00001224. The level coincides with the upper bound of the consolidation zone.

Shiba Inu’s latest indecision underlines its status as a meme token. The token has rarely gone with the momentum of the market. Instead, it has relied on influencer mentions and crypto’s own fundamentals. With few developments occurring for the cryptocurrency, that could explain the negligible movement.

Nonetheless, it is important to note that Shiba Inu’s price has increased by more than 22% in a month. The price increase coincided with increased whale activity in anticipation of recovery. Shiba Inu lovers could be looking for the next trigger to take the token higher. But in the meantime, we may have to put up with a sluggish price recovery.

Shiba Inu trades in an ascending triangle amid a weak momentum.

Source – TradingView

From the technical outlook, SHIB is in a bullish trend. The uptrend and resistance form an ascending triangle. However, the momentum is dying, as confirmed by the MACD indicators and the price action at the resistance.

Two outcomes are likely for SHIB. The first is a breakout of the ascending triangle, confirming a bullish bias. For the price to move higher, there must be some fundamentals to drive SHIB. If a breakout fails, SHIB could slide back to the consolidation zone.

Summary

SHIB has maintained the uptrend, but the momentum remains weak. Watch for a potential breakout and an acceleration of bullish momentum.

The post Shiba Inu’s upside remains muted – What could happen next? appeared first on CoinJournal.

The market is currently trading sideways after more than 6-months in the red. Bearish sentiment remains strong, too, as macro-economic factors paint a picture of a global economy that could be headed for a recession. However, some factors paint a bullish picture for cryptocurrencies and point to a market headed for a major recovery.

One of them is data showing that 40% of U.S investors are buying crypto now. The data shows that the investors are driven by a need to preserve wealth amidst the ongoing uncertainties in the market. 

Not only is this a huge validation for cryptocurrencies, but it could also trigger a rally that could see cryptocurrencies return to their most recent all-time highs. That’s because American investors have the money, a factor that could see them push the market up in August. This possibility is reinforced by the fact that Bitcoin is holding strong above the $20k support despite the market turbulence.

Going by this market potential, here are some top cryptocurrencies to keep an eye on in August. 

Binance coin (BNB)

Binance Coin (BNB) has started August with a lot of momentum. When writing this article, BNB was up by 6.8%, outperforming most top cryptocurrencies. This follows a series of good news in the last 24 hours. 

One of the most important ones is that Binance has entered the Argentine cryptocurrency prepaid market. With more people in South America using crypto payment cards, the uptake is likely to be huge. Since BNB is the native cryptocurrency for payments in the Binance ecosystem, this move translates to a potential increase in demand. 

This potential is reflected in its price, and BNB could remain strong throughout the month. This momentum is enhanced by Binance Coin’s push through the $300 resistance. This could see more buyers gain confidence in BNB in the short term. 

Polygon (MATIC)

Polygon (MATIC) is still basking in the glory of last month when it emerged as one of the best-performing cryptocurrencies. This month, upside momentum is likely to remain strong for Polygon. That’s because the Ethereum merge is scheduled for next month, and Polygon, one of the bigger Ethereum layer-2, is likely to benefit from FOMO ahead of the merge. For this reason, Polygon remains undervalued in August, even after its most recent rally. 

Flow (FLOW)

Flow (FLOW) is one of the best-performing cryptocurrencies in August so far. Flow’s rally has much to do with the news that Meta, Facebook’s parent company, is supporting it. Meta will support NFTs and other digital collectables on the Flow blockchain.

Given that, FLOW is still trading at massive lows compared to its all-time highs. FOMO around this news could see this cryptocurrency emerge as one of the best-performing cryptos in August. It would also not be surprising if FLOW ends the year as the first crypto to retest its all-time highs.

The post Top 3 cryptocurrencies for a high ROI in August 2022 appeared first on CoinJournal.

• Fantom blockchain is a Layer-1 project with smart contract functionalities

• The native token FTM broke past key resistance at $0.34

• FTM could rise to hit $0.43 next as bullish momentum develop

Fantom FTM/USD recent recoveries underline the trust in scalable Layer-1 solutions. Leading blockchains like Bitcoin and Ethereum have been criticized for costly and slow transactions. Layer-1 alternatives were popular last year due to their scalability and low gas fees. Fantom has been widely touted as a Layer-1 smart contract platform ready to rival for top spots.

Ranked at position 53 by market cap, Fantom is already punching below its knees. That was after a decline following cracks in its own ecosystem followed by a bear market. However, Fantom is renewing itself. Gains in the past one week are around 9%. The gains will likely accelerate in the coming week as Fantom broke past key resistance at $0.34. The token currently trades at $0.37 in bullish momentum and will likely reach $0.43 next.

FTM pushes above the resistance-turned support

Source – TradingView

Technically, FTM has set $0.34 as the reference support. That was after the token blasted past the level acting as the resistance. The MACD line has crossed above the moving average, affirming the bullish momentum.

FTM will continue rising, with the next resistance now set at $0.43. If the level is broken, the next resistance to watch is $0.66. That will depend on the prevailing crypto sentiment. 

Concluding thoughts

Although FTM remains a shadow of its 2021 highs, it is recovering. It eyes higher levels after breaking past $0.34. We believe investors can buy the token in the long term. For short-term traders, $0.43 is the next level to take profits.

The post Fantom token remains on course to above $4 as price overcomes resistance appeared first on CoinJournal.

The cryptocurrency market is never short of surprises. In 2021, Shiba Inu came out of nowhere and became one of the best-performing cryptocurrencies. Its 48,000,000% rally created lots of millionaires out of small investors. At the moment, the cryptocurrency is seemingly at the end of a multi-month bear market. As such, it can be an excellent time to start scouting for cryptocurrencies that have the potential to rally unexpectedly and give investors a high ROI. From our analysis, here are three cryptocurrencies that could rally unexpectedly in the next cryptocurrency bull run.

Ethereum Classic (ETC)

Ethereum Classic (ETC) has been around for a while now. However, Ethereum Classic has underperformed Ethereum for years. That’s because, after the 2016 fork, the momentum shifted towards Ethereum, relegating ETC to an outlier chain. 

However, changes in the Ethereum blockchain have created the perfect conditions that could give a new lease of life to Ethereum Classic. One of these conditions is the upcoming Ethereum merge. 

After the merge, the Ethereum blockchain will run purely as a Proof-of-Stake network. Miners who own Ethereum ASIC miners are likely to turn to Ethereum Classic. That’s because it is the only other cryptocurrency with which Ethereum mining equipment is compatible. 

Ethereum Classic is one of the best performing cryptocurrencies in July, as Ethereum miners turn to it. As more miners turn to support ETC, the network will become more secure, which could also drive adoption. This factor could make ETC one of the top cryptos with good odds of outperforming the market in the next bull run. 

NEO (NEO)

Neo (NEO) is another old-school cryptocurrency that underperformed in the last cryptocurrency bull run. This is because it has been overtaken by newer cryptocurrencies that investors believe have better prospects. However, there is a good chance that NEO could do well in the future. That’s because the NEO team has reimagined NEO, making it attractive for Web 3.0 projects. Given that Web 3.0 is expected to be the next big thing in the evolution of blockchain technology, NEO could give investors a surprise going into the best.

Besides this, NEO is one of the easiest blockchains for anyone looking to create a smart contract. This factor could draw in many businesses looking to make smart contracts without investing much in coding experts. It is one of the factors that could see NEO pull a surprise, especially now that it is starting to attract attention again.

The post Two old-school cryptocurrencies that could surprise investors in 2022 appeared first on CoinJournal.