Kategorie: Crypto Analysis

• BNB price has soared by more than 26% from the lowest point in December.

• Binance has seen over $7.5 billion in outflows in the past 30 days.

• Inflows have risen by over $1.2 billion in the past 7 days.

BNB price has started the year well as inflows to Binance and its DeFi ecosystem rise. Binance Coin rose to $280 on Wednesday, which was the highest point since December 13. The coin has surged by more than 26% from the lowest level in December last year. 

Binance inflows rise

The BNB coin came under intense pressure in the fourth quarter of 2022. Following the collapse of FTX that we covered here, investors started worrying that Binance could be next. Besides, Binance is an opaque company that has no headquarters and is not regulated. 

The situation worsened when Binance’s auditor, Mazars, said that it will end its work on crypto companies. Binance’s proof-of-reserves numbers were also criticized for not being in-depth enough. The company is being investigated in the US. And earlier this week, it was reported that regulators were questioning hedge funds with exposure to Binance.

As a result, Bitcoin FUD trended on Twitter, pushing people to withdraw their funds from the exchange. Data published by DeFi Llama shows that investors have withdrawn over $7.35 billion from the exchange in the past 30 days.

Recently, however, with cryptocurrency prices rising, inflows have started to rise. Investors have added over $1.2 billion in Binance. They deposited $352 million in the past 24 hours. This increase has coincided with a period when coins are doing well, with Bitcoin sitting comfortably above $17,500.

The BNB price has also risen as inflows also moved to Binance’s DeFi protocol. Inflows to the ecosystem have risen by over 8% in the past 7 days to over $4.4 billion. These gains have been led by PancakeSwap, whose TVL rose by 9%. Wombat Exchange has also seen its TVL rise.

Still, there are questions whether these inflows will continue when cryptocurrency prices retreat. Besides, some analysts worry that this rebound is a dead cat bounce.

BNB price prediction

BNB chart by TradingView

The four-hour chart shows that the BNB coin price has been in a strong bullish trend in the past few days. It managed to move above the important resistance level at $265, the highest level on December 16. It moved above the 25-day and 50-day moving averages. 

The Relative Strength Index (RSI) rose above the overbought level. Therefore, I suspect that Binance Coin will retreat and retest the key support level at $265. On the other hand, a move above the important resistance point at $285 will invalidate the bearish view.

How to buy Binance Coin

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 price prediction as Binance Inflows Rebound appeared first on CoinJournal.

• WOO is up by 10% in the last 24 hours, the best performer amongst the top 100 cryptocurrencies by market cap so far today.

• The Woo Network announced that it had burned more than 700 million WOO tokens so far.

• The total crypto market cap is now close to the $860 billion mark.

Woo Network burns 705 million WOO tokens

The Woo Network announced a few hours ago that it had burned 705 million WOO tokens, accounting for over 24% of the total supply. Over the first half of 2023, WOO Network said it would roll out a series of improvements to WOO tokenomics. The first part will focus on addressing existing issues while making the WOO token distribution more transparent.

A new era for the $WOO token

As a first step in a series of improvements, WOO Network has burned 705M $WOO tokens – over 24% of the total supply.

Here’s a breakdown of how we are propelling $WOO into a position of strength in the market (1/4)

👉https://t.co/TNHJ6fia49 pic.twitter.com/H7CcditgfO

— WOO Network (@WOOnetwork) January 10, 2023

This latest cryptocurrency news has seen WOO rally over the last few hours. WOO is the best-performing cryptocurrency amongst the top 100 coins and tokens by market cap today.

At press time, the price of Woo Network stands at $0.1664. The rally comes as the broader continues its positive performance. The total cryptocurrency market cap now stands at $857 billion.

Key levels to watch

The WOO/USDT 4-hour chart is bullish, as WOO has been performing excellently over the last few days. The technical indicators show that WOO is outperforming the broader crypto market.

The MACD line is deep within the positive zone, indicating a strong bullish nature for WOO. The 14-day relative strength index of 64 also shows that WOO could enter the overbought region if the rally continues.

If the bullish trend is maintained, WOO could rally past the $0.1788 resistance level before the end of the day. However, it would find it hard to overcome the second major resistance level at $0.1953.

The bears might regain control of the market, and this could see WOO trade below the $0.1527 support level in the near term. 

Where to buy Woo Network now

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

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Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

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The post WOO rallies by 10% as the Woo Network burns 700 million of its total token supply appeared first on CoinJournal.

• Polkadot had the second-highest development activity in 2022

• DOT price has heavily disappointed since the 2021 ATH but has recovered lately

• DOT faces resistance at $5 and may correct downwards

Polkadot (DOT/USD) buyers are struggling to break above $5. A technical outlook shows the cryptocurrency has been rejected at the building resistance for the second day. However, Polkadot fans should be at least excited by a relief rally that has seen the price recover from the $4.2 bottom.

If time is a true judge, then the Polkadot price has disappointed heavily. The cryptocurrency touched a high of nearly $56 in November 2021 and has since come crumbling. With a single-digit price now, DOT is a shell of its former self. 

Although 2022 may have ended on a low note for DOT buyers, enthusiasts should be happy with the blockchain’s activity. Santiment data indicates that the blockchain had the highest development activity in the year after Cardano. Polkadot was followed by Cosmos blockchain, Ethereum, and Internet Computer in the top 5. That shows that the decline in the price of the native token wasn’t in any way signalling a falling popularity of the protocol. Rather, it was due to a sustained bearish market that has hit every cryptocurrency. 

If you are considering buying DOT, you may have to wait until the throat clears. For short-term investors, a break above $5 is the needed confirmation.

DOT price facing resistance at $5 and 50-day MA

DOT/USD Chart by TradingView

Based on the price action, DOT’s long-term momentum is still bearish. The short-term is bullish, with the RSI now in the bullish zone. However, DOT is facing resistance at the 50-day MA. The moving average coincides with the $5 resistance level.

What happens next for DOT?

A potential correction is looming for the DOT price at the current level if bulls do not recover above $5. If a breakout occurs, DOT could set the next target above $7, with minor corrections at $5.6 and $6.

Where to buy DOT

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 DOT with OKX today Disclaimer

The post Polkadot prediction as price embarks on a relief rally from the $4.2 bottom appeared first on CoinJournal.

• Binance coin has recaptured crucial support at $266 after the latest crash

• The cryptocurrency was previously weighed by adverse publicity

• A recovery above $266 sets BNB to the next resistance at $295

Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.

Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.

BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.

BNB recovers above $266 support as price turns mildly bullish

BNB/USD Chart by TradingView

A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.

Is investing in BNB now a good idea?

A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.

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 Binance coin back to safety as buyers now aim for $295 appeared first on CoinJournal.