Kategorie: Crypto Analysis

• The July NFP report was more bearish than bullish for the US dollar
• Ethereum keeps failing at  $2,000, but the series of higher lows remains intact
• Only a break below $1,300 would invalidate the bullish setup 

Market participants view the July NFP report released last Friday as neutral. On expectations of 205k new jobs in July, the US economy delivered 187k – an impressive number, close to the estimate. 

Moreover, the unemployment rate declined to 3.5% from 3.6%, indicating that the labor market remains resilient. 

However, details in the report do not offer such an optimistic perspective. For example, most jobs were created in three sectors alone (government, health, and education). Also, the AHE (Average  Hourly Earnings) increased MoM, suggesting that the Fed’s fight against inflation is far from over. 

Furthermore, the previous NFP number was revised down – again. This was the sixth consecutive month when the jobs number was revised down. 

Therefore,  the July NFP report was more bearish than bullish for the US dollar. Yet, the markets did not react on Friday but might do so in the week ahead. 

Ethereum chart by TradingView

Unless ETH/USD breaks below $1,300 the bullish bias continues

The technical picture looks bullish despite Ethereum being in a consolidation area for the last twelve months. More precisely, it looks like the market builds energy to break higher. 

Therefore, the path of least resistance is to break above $2,000. 

However, the market needs to keep the series of higher lows intact to remain bullish. In other words, the bullish bias would quickly turn bearish if the ETH/USD price drops below $1,300. Until then, expect bulls to keep bidding for a break above the $2,000 resistance level. 

The post ETH/USD unable to break $2000 despite a bearish July NFP report appeared first on CoinJournal.

• Cryptocurrencies remained in a consolidation phase this week.

• Trader Joe, GMX, and Casper Network were among the top movers on Friday.

Cryptocurrencies reacted mildly to the latest US jobs numbers published on Friday. Bitcoin is still loitering at the $20,000 level while the volume traded in exchanges has dropped. This article will look at some of the top cryptocurrencies that made some strong moves on Friday, including GMX, Trader Joe, and Casper.

Trader Joe price prediction

Trader Joe is a leading decentralized exchange that was started operations in Avalanche, one of the top chains in the world. The token rose slightly on Friday after the network launched on Ethereum, the biggest player in the industry. This means that the platform is also in Arbitrum and BNB Chain. 

Trader Joe’s JOE token has been in a strong bearish trend in the past few weeks. In this period, it has dropped by more than 29% from the highest point in June. The token has remained below the 25-period and 50-period moving averages (MA). It has formed a falling wedge pattern, which is usually a bullish sign.

JOE price will likely remain in this range during the weekend since the integration of Ethereum will not have an impact on the network. As such, it will remain between the support and resistance levels at $0.30 and $0.32.

GMX price prediction

GMX is a leading decentralized exchange (DEX) that provides perpetual futures products. It is the biggest DEX in Arbitrum, the biggest layer-2 network in the world. The GMX token rose after the developers launched its V2 on Thursday. This new version will introduce more coins like Dogecoin at lower fees.

GMX token has made a strong bullish comeback in the past few days. This recovery started after the token settled at $49.03, the lowest level since June 19th. It has moved above the 25-day moving average.

At the same time, it has formed an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the token will likely resume the bearish trend and retest the support at $49.03.

How to buy GMX token

Casper price prediction

Casper price has made a strong comeback in the past few days. On the four-hour chart, the pair has risen in the past four straight hours. It has moved above the important resistance level at $0.040, the highest level on July 28th.  It then moved to the key resistance point at June 22nd.

Casper token has jumped above the 50-day and 25-day moving averages. The outlook for Casper’s CSPR is bullish, with the next level to watch being at $0.043. This view will be confirmed if the token jumps above the key resistance at $0.041

How to buy Casper

The post Crypto Price Predictions: GMX, Trader Joe (JOE), Casper (CSPR) appeared first on CoinJournal.

• The July NFP report is due today, and the US dollar’s volatility is set to increase
• Bitcoin holds close to its yearly highs
• The bias for Bitcoin remains bullish while the market holds above the rising trendline 

The Non-Farm Payrolls (NFP) report is released on the first Friday of each month. It shows the change in the number of workers in the US economy – the largest economy in the world. 

Because of that, the economic report directly impacts financial markets. The dollar fluctuates widely on the NFP report’s release, and even the cryptocurrency market participants are interested in trading the report. 

Bitcoin’s correlation with the dollar’s strength or weakness increased since more institutional investors included Bitcoin in their portfolios. This year, the dollar declined, as reflected by the EUR/USD exchange rate that reached a new high for the year less than two weeks ago. 

Therefore, it is unsurprising that Bitcoin holds close to its yearly highs ahead of the July NFP report. Also, the bias remains bias as Bitcoin holds above the upward trendline that marks the 2023 bullish trend. 

Bitcoin chart by TradingView

The bias remains bullish while Bitcoin holds above the rising trendline

The technical picture favors more upside for Bitcoin for at least three reasons. 

First, since the 2022 lows, Bitcoin formed a series of higher highs and higher lows. Such formation is typical in bullish trends, and while in place, the bias remains bullish. 

Second, one can properly identify the bullish trend by connecting the lower highs. Bulls will keep buying the dips as long as the price action holds above it. 

Third, a possible bullish flag, marked in blue on the chart above, has a target of $35k for Bitcoin, as indicated by its measured move. 

Therefore, today’s NFP report can be the one to make or break the trend. On a better-than-expected report, Bitcoin might test the trendline as the dollar should strengthen. On the other hand, if the US economy added fewer jobs in July than the market expects, Bitcoin might go for the bullish flag’s measured move in the days to come. 

The post Should you buy or sell Bitcoin ahead of the July NFP report? appeared first on CoinJournal.

Key takeaways

• XDC is the best performer amongst the top 100 cryptocurrencies by market cap so far this week.

• AltSignals has now raised more than $1.2 million in its second presale round. 

The cryptocurrency market has been bearish so far this week, with the prices of Bitcoin and other cryptocurrencies trading in the red zone. 

However, XDC is outperforming the market after adding more than 30% to its value since the start of the week. 

Furthermore, AltSignals’ stage two presale has surpassed the 50% point, with more than $1.2 million raised so far. 

XDC outperforms the broader crypto market

XDC, the native coin of the XDC Network, is the best performer amongst the top 100 cryptocurrencies by market cap so far this week. The coin has added more than 30% to its value over the last few days. At press time, the price of XDC stands at $0.08069.

XDC’s positive performance comes despite Bitcoin and the other leading cryptocurrencies underperforming. Bitcoin continues to trade just above $29k after dropping below that level earlier this week. 

The market’s poor performance this week could serve as more buying opportunities for investors. XDC could be heading to the $0.09062 resistance level in the short term. 

AltSignals’ second presale stage surpasses the 50% point

Despite the bearish trend in the market, the XDC presale has been going on smoothly. The second presale stage has now surpassed the 50% mark, with more than $1.2 million raised so far. 

In the first presale round, ASI, the native token of the AltSignals ecosystem, went for 0.015 USDT. The token is now selling for 0.01875 USDT in the second presale round. 

The AltSignals team revealed that funds raised from the various presale rounds would be used to develop products for the users. AltSignals is a unique project that will use AI and blockchain technology to ease crypto trading and, in the process, help onboard more traders to the market. 

Click here to read more about the AltSignals presale.

What is AltSignals?

As a Web3 project, AltSignals is casting its net beyond the cryptocurrency space. This project targets traders in the broader financial markets, including crypto, forex, stocks, commodities, and indices traders. 

AltSignals seeks to make it easier for traders to gain access to trading signals and other trading resources. With such tools, it will become easier for more people to trade cryptocurrencies and other financial assets. 

The primary product of AltSignals will be ActualizeAI. ActualizeAI is an AI solution that will make it easier for people to trade cryptocurrencies and other financial assets. 

As an automated solution, ActualizeAI will work 24/7, generating signals and helping traders to identify various patterns in the market. Thus, eliminating some of the obstacles traders face in the market. 

The AltSignals ecosystem will be powered by its native ASI token. According to the team, AltSignals will use blockchain technology, AI, natural language processing, machine learning, regression, and predictive modelling, to enhance its services. 

Once the presale stages are completed, ASI will be listed on various centralised and decentralised crypto trading platforms. 

AltSignals (ASI) price prediction

It is impossible to predict ASI’s price at the moment since the token is still in its presale stage. 

Following the end of the presale rounds, ASI will be listed on numerous cryptocurrency exchanges. This could boost ASI’s price in the short to medium term. 

In addition to that, AltSignals’ adoption by traders could help push ASI’s price higher in the coming months and years. 

Should I buy AltSignals now?

AltSignals is still in its presale stage, and this could be the best time to invest in the project. Once the presale stages are over, the platform will become fully active, and AltSignals’ adoption could see its ASI price rally higher.

Projects have historically generated thousands of percentages in ROI to presale investors. AltSignals could gain massive adoption in the crypto space and beyond, and this could make it one of the leading Web3 projects in the world. 

The post XDC price prediction as coin rallies by 31% in a week appeared first on CoinJournal.