Kategorie: Crypto Analysis

Cryptocurrencies had another difficult week even as the US dollar index (DXY) and bond yields rally waned. Bitcoin dropped back to $26,000 while Ethereum slumped to the lowest level in months. There was no major news except the ongoing trial of Sam Bankman-Fried (SBF). This article looks at some of the top coins to watch like THORChain (RUNE), Loom Network (LOOM), and Lido DAO (LDO).

Loom Network price prediction

Loom Network price has defied gravity in the past few months. It surged to a high of $0.300, ~670% above the lowest level this month. It has become the best-performing cryptocurrency in the world. Along the way, the coin has jumped above the 50-day and 100-day moving averages (MA). 

At the same time, oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the extremely overbought level. It has also jumped above the Ichimoku cloud. This surge happened after the coin was listed by the likes of Gate, LBANK, and Binance. 

I believe that the risk/reward ratio is not favourable for now based on the Wyckoff model. In other words, the token has moved to the markup stage, where demand is usually higher than supply. Therefore, it will now enter the distribution phase followed by a markdown. As such, the outlook is now bearish, with the next level to watch being at $0.15.

How to buy $LOOM

THORChain price forecast

The daily chart shows that RUNE price surged to a high of $2.26 on October 1st. It has now pulled back as the recent momentum faded. This is a sign that it has entered the distribution phase of the Wyckoff model. It has also formed an ascending channel and is now at the lower side.

RUNE price has formed a bearish divergence pattern, which is usually a bearish sign. The Stochastic Oscillator has moved to the oversold level. Most importantly, it has formed a small hammer pattern. This pattern signals that the coin will continue rising as buyers target the resistance point at $2.0. This view will be invalid if it moves below the lower side of the hammer at $1.50.

How to buy RUNE

Lido DAO price prediction

LDO price has been in a tight range amid a prolonged slow growth in the liquid staking industry. It has found a strong support at $1.41, which is the lower side of the descending triangle pattern. 

Lido DAO price is consolidating at the 50-day moving average while the Stochastic Oscillator has moved to the oversold point. Therefore, because of the descending triangle pattern, there is a likelihood that it will have a bearish breakout now that the triangle is nearing the confluence zone.

How to buy $LDO

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Marathon Digital (NASDAQ: MARA) stock price continued plunging this week as Bitcoin resumed its sell-off. The shares crashed to a low of $7.85 on Thursday even as American stocks continued retreating. It has dropped by more than 60% from the highest level in September.

The key driver for Marathon stock price is Bitcoin’s price action. The same applies for other Bitcoin mining companies like Riot Platform and BitDigital (BTBT). These stocks jump when BTC is in an uptrend and vice versa. This happens because these companies make money mining and selling Bitcoin in the open market. 

It also happens because these firms hold substantial Bitcoin in their balance sheet. Therefore, MARA stock price has plunged as Bitcoin has remained in a consolidation phase in the past few months. It jumped to above $28,000 earlier this month and then retreated sharply to about $26,000.

The ongoing Bitcoin sell-off should not worry investors since it is in the range it has been in the past few months. Nonetheless, traders should pay a close attention to last month’s low of $24,800. A volume-supported move below that level will signal that there are still more shorts left in the market. 

The next key catalyst for Marathon Digital stock price will be the company’s earnings scheduled for November 14th. It will also keep an eye on Bitcoin prices and earnings by other Bitcoin mining stocks.

Meanwhile, MARA stock has formed a death cross pattern, which forms when the 200-day and 50-day moving averages make a bearish crossover. The pattern happened on September 28th and is a sign that the shares will continue falling in the coming weeks.

The post Marathon Digital (MARA) stock price death cross forms as BTC recoils appeared first on CoinJournal.

• Most individuals believe crypto is a good investment
• People are attracted to new technology
• Lack of trust in authorities turned people to crypto

The cryptocurrency market’s popularity rose exponentially in the last decade or so. The difference is stunning if one looks at the market capitalization of the entire industry today and compares it with, say, ten years ago.

So, knowing what drives people to invest in cryptocurrencies is interesting.

Guess no more.

A study by the Federal Reserve, called Federal Reserve’s 2022 Diary of Consumer Payment Choice, sheds light on this topic. So here are the main three reasons why investors hold crypto:

• Great potential investment
• People are interested in new technologies
• Some do not trust the US government or the US dollar

Most individuals own crypto as an investment

The overwhelming majority of individual investors own cryptocurrencies because they believe it is a good investment. More precisely, 67% of investors are crypto owners only from an investment perspective.

While this is impressive, it also tells much of the industry. It means that most investors are just speculating and hoping for higher prices than the ones they paid.

Coupled with the fact that only 0.3% of the respondents said they use it to buy goods and services in the United States, it tells much about the main reason people invest in cryptocurrencies.

Many own crypto because they are interested in new technologies

Another reason to own crypto is that investors want to have exposure to new technologies. 20.7% of investors are interested in new technologies, which is a good enough reason for them to buy and hold cryptocurrencies.

Lack of trust in the US government or the US dollar

1.6% of investors do not trust the US government or the US dollar. While not a big number, it reflects investors’ belief that the US government’s policies failed to support the local currency, and thus, investors turned to cryptocurrencies.

The rest of the respondents fell into other categories, which sum up to 8.6%.

The post Top 3 reasons why investors own cryptocurrencies appeared first on CoinJournal.

Monero price moved sideways in the past few days as the recent rally faded. The coin retreated to a low of $152.18, a few points below this week’s high of $157.16. It has risen by more than 12% from the lowest point in September. 

Monero, like other cryptocurrencies, are reacting to the ongoing war in Israel, which started on Saturday. The fear is that this war will push energy prices higher, forcing the Federal Reserve to continue hiking rates in the coming months. 

The price of Brent rose to $87.40 while West Texas Intermediate (WTI) soared to $85.60. Natural gas has also risen in the past few days. The next key catalyst for Monero and other cryptocurrencies will be the upcoming FOMC minutes scheduled for Wednesday.

These minutes will provide more information on the last meeting and provide more color on what to expect in the next meeting. The other important data to watch will be the upcoming US consumer price index (CPI) data. 

Economists expect the data to show that the country’s inflation jumped by 3.6% in September. Monero is also reacting to the falling US bond yields, with the 30-year yield falling to 4.8%.

Monero price forecast

The daily chart shows that the XMR crypto price has been in a tight range in the past few weeks. Along the way, the coin has formed a symmetrical triangle pattern, which is nearing its confluence level.

Monero has moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has drifted upwards. It has also risen slightly above the key resistance at $149.6, the highest point on August 22nd and September 15th.

Therefore, the outlook for the coin is neutral for now.  The key support and resistance levels to watch will be at $140 and $163. 

How to buy Monero

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