Kategorie: Altcoin News

After several days in the green, the cryptocurrency market has turned bearish again. This follows news that the Federal Reserve could be about to raise interest rates. However, if recent rate hikes are anything to go by, it is clear that the markets are increasingly pricing interest rates pretty fast. 

The more important news on crypto is that Bitcoin is becoming illiquid. Data shows that 76% of all Bitcoin in supply is currently illiquid. This means just a few big orders on exchanges can trigger a massive price spike. 

This is a double-edged sword because Bitcoin can easily test extreme price lows, as low as $10k, or easily test prices above $40k or more. Since Bitcoin already has massive support at $20k, there is a good chance that a spike could be to the upside.

With such potential for a spike, it could be time to start shopping for altcoins that could follow the Bitcoin lead. Below are three of those that hold the most potential.

Ethereum (ETH)

The number two altcoin stands out as one of the top altcoins with the potential to do well if Bitcoin rallies. That’s because Ethereum (ETH) is amid big news besides its status as the largest altcoin. 

Recently, the Ethereum merge was done on a testnet, which turned out to be a big success. During the recent EthCC, it was announced that the merge would be done by September and push Ethereum to the next step in the goal of becoming the most secure and scalable platform blockchain ever created. 

If Bitcoin happens to spike amid this news, the odds are that Ethereum could outperform many other altcoins. 

Shiba Inu (SHIB)

Meme coins have shown to do pretty well in times of market rallies. Shiba Inu (SHIB), being one of the most famous and best-performing altcoins, stands tall among them. As such, if Bitcoin happens to pull off another rally, Shiba Inu could do well. However, it is not just about speculation about its past performance. A lot is going on within the Shiba Inu ecosystem at the moment.

For instance, the Shiba Inu team recently announced a SHIB-burning Visa Card. With this card, users will be burning SHIB when making payments. It means SHIB is on course to an accelerated drop in total supply, driven by real-world usages. That’s a pretty strong reason to believe in SHIB. 

ApeCoin (APE)

Despite the weak market performance for crypto in 2022, the appetite for NFTs remains strong. If Bitcoin spikes and FOMO kicks in, NFT cryptocurrencies could get a boost. ApeCoin (APE), one of the better-known NFT cryptocurrencies, could see a massive increase in value in such a scenario. 

Besides, with many large corporations taking an interest in the Metaverse, APE could get a boost if the Otherside Metaverse gains in adoption by a large corporation. Overall, the odds are in favor of ApeCoin doing well.

The post Bitcoin is illiquid and likely to spike – 3 Cryptos to watch in case of a sudden rally appeared first on CoinJournal.

Players in the finance industry are increasingly warming up to the idea that cryptocurrencies are here to stay. In most jurisdictions, favorable cryptocurrency regulations are coming up. However, the most significant pointer to the growing acceptance of cryptocurrencies as a legit means of payment is coming from the U.K. 

Recent data shows that the U.K finance industry believes cryptocurrencies can exist side to side with conventional payment systems. Per research done by the International Association of Money Transfer Networks (IAMTN), most finance industry leaders believe that blockchain technology and cryptocurrencies’ potential lies in their ability to get rid of the middleman and facilitate instant payments. 

The research also found that most business leaders believe that cryptocurrencies are an opportunity for endless opportunities, especially in cross-border payments. 

Such positive crypto findings point to the best payment cryptocurrencies potentially gaining ground in the market. Those most efficient at facilitating such payments stand to record the most gains going into the future. 

In the top 100 largest cryptocurrencies by market cap, several cryptocurrencies meet this criterion and hold growth potential going into the future.

Let’s look at some of those with the most growth potential.

Litecoin (LTC)

Litecoin (LTC) has been around for a while now. While it underperformed the market in the 2021 bull run, Litecoin’s potential as a payment cryptocurrency remains one of the best. Litecoin runs on a similar consensus mechanism to Bitcoin, making it one of the most secure and decentralized cryptocurrencies. This is a plus, given that one thing that makes cryptocurrencies attractive for cross-border payment is that crypto payments cannot be censored.

Besides the fact that Litecoin cannot be censored, LTC transactions are pretty cheap relative to those of Bitcoin. This makes it an attractive option for anyone looking to make cross-border payments. For this reason, Litecoin makes it to the list of cryptocurrencies that could do well now that the finance industry and regulators seem to be accepting the reality of crypto as an equal player in the cross-border payments market. 

Stellar (XLM)

Stellar (XLM) is another cryptocurrency that stands out in the cryptocurrency payments market. Stellar was designed for the cross-border payments market, similar to XRP. Over the years, Stellar has gained adoption for its low fees and fast speeds. 

Besides, Stellar payments can incorporate KYC. Not only does this reduce regulatory risks, but it also gives Stellar credibility as a legitimate tool for cross-border payments that is also conscious of modern-day problems such as terrorism financing and money laundering. This factor is likely to drive XLM adoption and could positively affect its value.

Bitcoin Cash (BCH)

Similar to Litecoin, Bitcoin Cash (BCH) has a similar consensus mechanism to Bitcoin. This gives it an element of security and decentralization unmatched by most cryptocurrencies. Bitcoin Cash transactions are also faster and less costly than those of Bitcoin. That’s why BCH adoption has gained traction over the last few years. As adoption grows due to crypto payment acceptance, BCH’s future looks bright.

The post U.K Finance Association optimistic on crypto payments – 3 Cryptos likely to benefit most appeared first on CoinJournal.

• Shiba Inu is experiencing declining Google search interest as price slips

• The token remains the most held by Ethereum whales

• SHIB will continue to drop in the bear market, but the price could find support soon

Shiba Inu SHIB/USD price has largely been influenced by retail interest and social media frenzy. That’s why a drop in interest has an adverse impact on price. Accordingly, “Shiba Inu” Google Search queries are at the lowest in more than a year in July. The drop in interest is reflected in the price, although the developing crypto weakness is also a cause. 

As press time, SHIB was down 7.82% in the last 24 hours. The decline takes the total losses in the week to nearly 10%. However, it should be remembered that SHIB has been on an upward momentum since mid-June. 

Whalestat data also indicates that SHIB remains the most held token, after ETH, by Ethereum whales. That signals the expectation of a price jump in the future. Thus, the drop in search interest may not accurately reflect price but can cause a short-term weakness.

Shiba Inu nears support as the price weakens

Source – TradingView

We believe $0.0000104 is the level to watch for SHIB investors. The level is a make-or-break zone as it is the support that marks the bottom of the consolidation zone. The MACD line is crossing below the moving average, indicating a further bear pressure. The moving averages have also joined the resistance. If SHIB breaks below the support, it could fall to $0.0000077. 

Concluding thoughts

Shiba Inu is witnessing a decline in Google search interest, but whale holdings are still strong. The token is trading lower and nearing the $0.0000104 support. SHIB needs to overcome a drop below the support to remain in the consolidation zone.

The post Shiba Inu is vulnerable close to support as interest in token wanes appeared first on CoinJournal.

• SAND loses 8% in 24 hours as weak sentiment prevails

• Fed’s policy statement on Wednesday will determine price movement

• SAND risks further bear pressure as price crashes below moving averages

Sandbox token SAND/USD is back in the consolidation market. The token lost nearly 8% in the last 24 hours. The losses come amid concerns of further economic tightening by the Fed in a meeting on Wednesday.

SAND’s recent price movement has been pegged to the prevailing crypto sentiment. The token recovered from June’s level below $1 on a relief rally that lasted up to last week. The token remains among those expected to rise as Metaverse continues to actualize. However, at the moment, SAND is bearish, and investors should be cautious ahead of the Fed statement.

SAND token bearish as it eyes $1.0 support

Source – TradingView

On the daily chart, SAND is bearish after failing to break above a resistance zone at $1.28. The weakness reflects buyers taking profit ahead of the Fed policy meeting. Following the recent weakness, SAND is trading below the 14-day and 21-day moving averages. That suggests a short-term bearish pressure that could push the price down.

Another bear signal for the token is the MACD crossover. Since June 21, the MACD line has remained above the moving average as the price surged. However, the MACD line is now cutting below the moving average. That welcomes a bearish market.

If SAND fails to reignite a comeback, we expect the price to settle at $1.01 support. That will attract buyers if sentiment improves in crypto markets. 

Concluding thoughts

Sandbox token SAND will remain bearish until the token finds support at $1. The recovery of the token will depend on whether crypto sentiment will improve after the FOMC statement. Currently, technical indicators support a lower price, with the next support at $1.

The post Bearish MACD crossover makes Sandbox token vulnerable to $1.0 appeared first on CoinJournal.

• Fantom token holds above $0.288 breakout support

• The cryptocurrency is strong but is stalling as most tokens endure market corrections.

• Investors should wait to buy FTM after a retracement, potentially towards $0.288

Fantom FTM/USD is one of the cryptocurrencies that has staged recoveries recently. The cryptocurrency breached key resistance at $0.288 following strong gains. The breakout opened a potential for lasting recoveries, which remains intact.

Don’t get it wrong; FTM is not yet a buy as most cryptocurrencies start corrections. Fantom token has held to the robust gains, with up to a 5% surge as of the time of writing. We still believe FTM will correct it, and buyers should be looking for another bullish ride. The key question now is; when?

Fantom token hits a resistance pointing to a potential correction

Source – TradingView

On a lower time frame, FTM has hit resistance at $0.34. The cryptocurrency is holding onto the resistance, but the bullish strength remains weak. The shorter-term 14-day and 21-day moving averages continue to support the price. We believe short-term investors should be defensive at the current level as FTM remains vulnerable.

 The correction could see the price crash back below the moving averages. The token could find support at $0.31 or $0.30, although the established level is at $0.288. If FTM regains strength, the price could reverse at the intersection with the moving averages. The token has already been making higher highs and higher lows. As a result, we can’t rule out a potential break past $0.34. What we insist on now is that FTM keeps the $0.288 intact, which is the reference bottom price.

Concluding thoughts

Although a correction is imminent on the Fantom token, it is still a hold. However, new buyers should consider buying lower. The potential levels to watch are $0.31, $0.30, and $0.288.

The post When to buy Fantom token as price stays clear of the breakout zone appeared first on CoinJournal.