Kategorie: Crypto Analysis

• Avalanche has underperformed the crypto market in the past few weeks.

• Avalanche is now targeting the $30 trillion tokenization industry.

Avalanche price remained under pressure as cryptocurrencies retreated. The AVAX coin retreated to a low of $12.84, the lowest level since July 13th. It has dropped by more than 16% from the highest point this month.

Avalanche focuses on tokenization

Avalanche crypto price has been under intense pressure in the past few months as activity in its ecosystem continues. A closer look at its DeFi platform shows that the total value locked (TVL) in its ecosystem stands at over $1.76 billion. 

At its peak, Avalanche had a TVL of over $21 billion. Some of the most popular dApps in its ecosystem are Wonderland, Aave, Benqi, GMX, and Trader Joe among others. These dApps have seen their activity retreat. For example, the trading volume of GMX in Arbitrum is much bigger than that in Avalanche.

Avalanche is now focusing on tokenization. In a statement, the Avalanche Foundation said that it willl purchase tokenized assets minted in its ecosystem worth over $50 million. This program has been christened as Avalanche Vista.

Most analysts believe that tokenization is the future of the crypto industry. For example, Franklin Templeton, one of the biggest companies in finance, announced that its OnChain US Government Money Market Fund (FOBXX) was now in Polygon. In a report, Boston Consulting Group has estimated that tokenized assets could jump to over $30 trillion.

Avalanche is now entering an industry that is highly competitive. Some of the top players in the industry are Ethereum, Zilliqa, Solana, and Polygon. In a note, the CEO of Intain said:

“Moving parts of the asset administration process on-chain allows issuers to have one workflow and one system of record, enabling a better, more seamless user experience for service providers and investors.”

Avalanche price prediction

The daily chart shows that the AVAX price has been under pressure in the past few days. It has moved below the 25-day and 50-day exponential moving averages (EMA). The token has moved slightly above the lower side of the ascending channel shown in black. Further, the MACD is nearing the neutral point.

Therefore, the AVAX token will likely continue falling as sellers target the key support at $11.10, the lowest level on June 18th. 

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The post Avalanche price prediction as it targets a $30 trillion industry appeared first on CoinJournal.

Key takeaways

• DOGE is outperforming the other major cryptocurrencies, up by 4% in the last 24 hours.

• The positive performance comes as speculations return that DOGE could become a payment option on X (Twitter).

DOGE outperforms the broader market

DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap today. The coin has added 4% to its value in the last 24 hours, outperforming Bitcoin and other major cryptocurrencies.

At press time, the price of Dogecoin stands at $0.0771. The positive performance comes as speculations returned that DOGE could be used for payments on Twitter, which was rebranded to X by Elon Musk earlier this week.

Market analysts believe that DOGE’s price could soar higher thanks to this speculation. Kryptomon Chief Marketing Officer Tomer Nuni told CoinDesk that;

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We saw the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Dogecoin is currently the seventh-largest cryptocurrency by market cap, behind Circle’s USDC stablecoin.

Twitter is reportedly designing a system that would allow users to make payments via the social media platform. However, Elon Musk wants fiat currencies to be supported before Twitter will include cryptocurrencies as payment options. 

Bitcoin drops to the $29k level

While Dogecoin was rallying, Bitcoin was tanking. Bitcoin is down by more than 2% in the last 24 hours, briefly dropping below the $29k level late on Monday.

At press time, the price of Bitcoin stands at $29,255. The poor performance came following the Wall Street Journal’s report on Monday, alleging possible wash trading activities by the world’s largest cryptocurrency exchange. 

The post Dogecoin up 4% as X payments speculations return appeared first on CoinJournal.

• AI-led token by Altman, Worldcoin, is said to go live on Monday

• Worldcoin’s launch comes when AI interest is growing with AltSignals, a recent entrant

• AltSignals value is expected to skyrocket when the token lists amid high demand

AI is becoming the application technology in finance and beyond. As such, AI-related projects are becoming sensations, with WorldCoin and AltSignals as two of those projects. Take the case of AltSignals, for example, which is launching an AI trading signal service. Since a presale of AltSignals started, investors have heavily bought the token, with the first phase completed. In the second stage, investors bought more than 53% of the tokens.

Worldcoin to launch on Monday – Reports

The controversial biometrics and AI token by ChatGPT CEO Sam Altman will reportedly go live on July 24. The token has generated a lot of interest as OpenAI has become popular since the launch of ChatGPT. 

Worldcoin seeks to build the world’s largest identity using AI. The project uses a device dubbed “The Orb” to scan an individual’s iris. So, each person can have a single identifiable Worldcoin ID. 

Nonetheless, Worldcoin has attracted criticism concerning how it handles biometric data. Still, investors are undisturbed, with the coin attracting thousands of daily signups since launch. The reported Monday launch of the cryptocurrency could be a litmus test of how much potential the coin has.

Meanwhile, investors are excited that AltSignals, a prosperous trading signal service, is going the AI route. The AI trading signal platform will be dubbed ActualizeAI and powered by a crypto token, $ASI.

Since its founding in 2017, AltSignals has benefited investors through its quality signals. The accuracy rates of the signals have averaged 64%. Launching an AI platform could be a game-changer in adding more value to existing and new traders.

AltSignals could be a potential high-earning project

AltSignals has grown popular for trading signals in forex, stock, and crypto markets. This has seen its membership grow to over 52,000 on Telegram. The platform has a strong rating of 4.9/5 on TrustPilot. 

The fact that AltSignals has been a successful project means its new focus on AI could pay big for investors. AI is used in the trading world for quality signal generation using the power of machine learning. AI also helps overcome human emotions, one of the greatest contributors to failures in trading systems.

As AI grows and AltSignals expands the range of financial assets covered in trading, that could unlock $ASI value.

Is $ASI a good investment?

$ASI could be a good investment from the perspective of speculating on a token of a highly demanded service. Investors will also enjoy quality trading signals to increase their incomes.

But besides the above, $ASI carries value from various benefits that members of ActualizeAI will enjoy. Investors will enjoy exclusive future presale opportunities and can earn tokens by contributing ideas on the platform. 

Investors can also earn $ASI by participating and winning in trading competitions. This is a good way to increase trading skills and competencies by learning from the AltSignals team and peers.

AltSignals also envisions a situation where the investors are in charge. Members of ActualizeAI can vote on governance issues and determine the direction of the platform. Investors will use their $ASI holdings to vote on key decisions.

What it means to invest in AltSignals in presale

The value of $ASI is rising at each stage of the presale. The token was valued at $0.015 in the first stage but now goes for $0.01875. However, the actual value of the token will be unlocked when the token lists on Uniswap in Q3, 2023.

Investing in AltSignals while on presale means buying the token at the best possible low price. The token is lower priced at the initial stages of the presale than in later phases.

The post Worldcoin to reportedly go live on Monday as AI gold rush fuels interest in AltSignals appeared first on CoinJournal.

• Solana made a new high for the year
• A double bottom might be in place
• All eyes are on the Federal Reserve’s interest rate decision

Investors in the cryptocurrency market have had a mixed year so far. Those betting on the rise of Bitcoin or Ripple have enjoyed impressive returns. 

For example, Ripple has delivered a triple-digit return so far in the year, as the cryptocurrency reacted to a positive ruling by a federal judge saying that when sold to institutional investors, Ripple is a security. 

Bitcoin is up around 80% on the year, on a mix of short-squeezing and dollar weakness. 

But not all cryptocurrencies have rallied like that. Take Solana, for instance. It rallied at the start of the year together with Bitcoin, but then, unlike Bitcoin, it gave up most of its gains. 

Nevertheless, during July, a short squeeze sent the market back to the horizontal resistance given by the $30 level. While the market failed to hold above, it did make a new high for the year, triggering optimism among investors. 

Solana chart by TradingView

Is a double bottom in place?

The $30 level offered resistance for the entire year. The fact that the market pierced it is a bullish sign, and one should not be surprised to see another attempt higher. 

However, there is one condition that must hold. That is, Solana should not make a new low. 

If it does not, one can talk about a possible double bottom area, even though the second bottom is a bit higher than the first one. Given the fact that this week the Federal Reserve of the United States is about to announce its interest rate decision, volatility will increase in the cryptocurrency market too. As such, another attempt at the resistance area, which provided support back in the past, should not be discarded, especially if the Fed signals that the terminal rate for the current tightening cycle is reached with this final hike. 

The post Solana finds stiff resistance at $30 in July, but bulls keep trying appeared first on CoinJournal.