Kategorie: Altcoin News

• Shiba Inu is among the most purchased cryptocurrencies by Ethereum whales

• The price action is still bearish despite a Shibarium update

• SHIB could maintain the downtrend if new developments do not come up

Meme cryptocurrency Shiba Inu (SHIB/USD) is again on Whale’s radar. According to Whalestats, Shiba Inu is among the most bought cryptocurrencies among Ethereum whales. The whale appetite has grown since the start of the year, and there is a reason. 

A tweet on December 29 by Shiba Inu lead developer Shytoshi Kusama heightened speculations on Shibarium update. Shibarium will be a Layer-2 solution that will expand use cases for the Shiba Inu ecosystem. The update will see new features, including the Shiba Inu metaverse and blockchain games. These are expected to be game changers that will tilt Shiba Inu from its current meme label and make it competitive in Web3. 

According to Kusama’s tweet, Shibarium could be on course to be launched “very soon.” The developer expressed optimism after meeting “the team from Unification UND about Shibarium.” As you already know, delays on the Shibarium update have been a thorn to SHIB. At the same time, frequent updates about Shibarium have failed to bear fruits in recent times. While the latest update is positive, speculators have expressed caution as the SHIB price remains weak. 

Shiba Inu maintains a downtrend amid slight recoveries

SHIB/USD Chart by TradingView

The daily chart outlook shows SHIB is bearish, with SHIB maintaining a downtrend. The cryptocurrency is on a short term recovery, with the RSI shifting above the midpoint. SHIB is retesting a possible short-term resistance at $0.0000085. The price is already facing some rejection at the level, and a correction is imminent.

SHIB concluding thoughts

Shiba Inu is still bearish despite the increased whale accumulation. Potentially, the Shibarium update and whale accumulation are a bull trigger. However, investors would like to see the update happen after delays. As of the moment, investors would be better off watching the developments and buying SHIB on a confirmed bullish reversal.

Where to buy SHIB

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.

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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.

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The post Shiba Inu’s whale buying intensifies but does price action show it? appeared first on CoinJournal.

• Polygon’s MATIC rose more than 3% after its partnership with Mastercard for Web3

• The network had a range of Web3 partnerships in 2022

• MATIC still lacks sufficient upside and is vulnerable at $0.77

Polygon (MATIC/USD), a Layer-2 scaling solution on Ethereum, is showing little signs of stopping in 2023. After the busy year 2022, the network has again inked a partnership with payments giant Mastercard. In the latest cryptocurrency news, Polygon will help Mastercard launch a Web3-focused incubator for artists. Polygon’s native token reacted to the positive development, adding an intraday of 3%.

According to the announcement, Mastercard’s accelerator program will launch in Spring 2023. It is expected to equip emerging artists – musicians, producers, and DJs with the skills and tools in a digital economy. Artists can build their brands through Web3 and virtual worlds through the program. 

The partnership earmarks Polygon as a go-to protocol for major brands, governments, and NGOs entering Web3. Polygon Studios CEO Ryan Wyatt says Web3 has the potential to help artists expand their fan base. This is through new mediums of connection and expression that will be possible through the Matercard accelerator program. Other brands courting Polygon for Web3 include Starbucks, Nike, Meta, and the social platform Reddit. The partnerships helped MATIC remain relatively stable compared to peers as the crypto winter ravaged 2022.

MATIC struggles above the $0.77 support

MATIC/USD Chart by TradingView

A technical outlook shows MATIC struggling to recover at the $0.77 support. The cryptocurrency has been consolidating at this support for three weeks. Although the MACD indicator shows momentum has improved, it is still bearish. 

What is likely next for MATIC?

The price of MATIC is vulnerable as long as bulls remain weak at the $0.77 support. Although buyers have defended the support successfully for a while, the limited upside is a reason to exercise caution.

A potential break below $0.77 could heighten bear pressure. In the meantime, consolidation is more likely unless buyers get excited by the latest development and push MATIC higher. 

Where to buy MATIC

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.

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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 MATIC with OKX today Disclaimer

The post Polygon’s MATIC jumps 3% on Mastercard partnership. Is it now bullish? appeared first on CoinJournal.

• 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 Disclaimer

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

The post BNB prediction as price maintains a recovery appeared first on CoinJournal.

• 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 Disclaimer

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 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 Disclaimer

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 Disclaimer

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