Kategorie: Altcoin News

• Solana token has added nearly 50% of value in a week

• The gains come amid the BONK token launch

• SOL has overcome a resistance and eyes higher level if it closes above key zone

For the first time since the crash orchestrated by the FTX, Solana (SOL/USD) has recovered above the 50-day moving average. That comes as the SOL price has risen by nearly 50% in the past week, outperforming other major cryptocurrencies at the top. SOL has also recovered above the $15 resistance, giving buyers hopes of a further upside. The fundamentals are good too.

Crypto analytics Token Termina shows that the daily active users on Solana continued to rise in January. Since the start of 2023, the number of active users has increased by 55.9% or 56,000 to 160,000. That suggests that users have not given up on the proclaimed Ethereum killer, which had a set of challenges last year. There are reasons for this rise in active users.

Bonk Inu, or simply BONK, continues to attract fans. Launched just a week and a half ago, BONK has been a crypto sensation, with the dog-themed cryptocurrency rising by four digits in value. The token is based on the Solana network. On its Twitter page, Bonk regards itself as the “first Solana Dog Coin for the people and by the people.” The hype around this token’s launch has given Solana network airtime and attracted users.

Moving averages joint support for SOL 

SOL/USD Chart by TradingView

Technically, Solana has crossed above a crucial resistance at $15. Bulls have failed to break above this key level since early November 2022. Also, the price has moved above the 20-day and 50-day moving averages for the first time since November. A RSI reading of 72 shows an intensified buying of SOL.

Likely price action for SOL

SOL is clearly overbought, as shown by the RSI reading of 72, and could correct downwards. However, we remain optimistic the upside will be maintained to the $18 level as momentum is strong. For the bullish surge to be maintained, SOL must overcome $18. That could set the cryptocurrency for longer-lasting rallies to the $28 zone.

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.

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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 Solana could maintain bullishness if this happens appeared first on CoinJournal.

• ApeCoin had added 20% in a week

• Yuga Labs NFTs had great success last year

• The cryptocurrency has overcome resistance at $4.2 but faces a correction

As most cryptocurrencies generate relief rallies, investors could turn to ApeCoin (APE) for some quick bucks. Since the onset of Ape staking, bullish investors have been trying to break a crucial barrier at $4.2 unsuccessfully. However, the recent price action looks positive as APE trades at $4.66, breaking past the resistance zone. Should this be viewed as a bullish signal?

According to CoinMarketCap data, ApeCoin has added 20% in a week. The cryptocurrency started the week on a higher note, jumping by an intraday of 12% On Monday. The gains in APE come amid the latest cryptocurrency news showing growing success for ApeCoin’s NFTs. The New Year update showed that Otherdeeds NFTs amassed $49.9 million in loyalties, the best performing in 2022. Other popular NFTs from Yuga Labs, BAYC, and MAYC, generated over $32.3 and $25.6 million in royalties, respectively. 

Considering how popular Yuga Labs NFTs are, the latest news could have excited APE buyers. That partly explains the recent recoveries in APE price.

ApeCoin breaking past the $4.2 resistance

APE/USD Chart by TradingView

From the technical outlook, APE trades slightly above the resistance of $4.2. The cryptocurrency has also overcome a descending channel that kept it bearish. The cryptocurrency has maintained a system of higher highs and higher lows since bottoming around $2.8. The MACD indicator has shifted above the neutral zone, affirming a bullish momentum. However, the reading on the RSI shows that APE is overbought.

What could occur next for APE?

The latest surge and indicators are positive for APE price. We expect the strengths to be sustained in the short and medium term, potentially reaching the next resistance at or above $5.1. 

Nonetheless, with the high RSI reading, APE could be due for a correction before continuing higher. A possible price retreat could see APE back to $4.2, now a support, or short-term ascending trendline. Investors should buy APE on a correction.

Where to buy APE

eToro

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The post ApeCoin makes higher highs and higher lows but will buyers remain relentless appeared first on CoinJournal.

• 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.

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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.

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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.

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