Kategorie: Crypto Analysis

• Litecoin, Bitcoin Cash, and Wrapped Bitcoin are associated with Bitcoin

• The cryptocurrencies move alongside Bitcoin

• LTC, BCH, and WBTC can become bullish in 2023 or when the bull market returns

Bitcoin (BTC/USD) is the largest cryptocurrency and the most popular. As a result, any cryptocurrency associated with this network is likely to gain attraction. But do you know which cryptocurrencies will likely become very bullish next year or when the bull market returns? Below are our top picks:

Litecoin (LTC)

Yes, Litecoin is tied to Bitcoin. It was created from the original Bitcoin code. That is different from other coins forked from the Bitcoin chain. Launched in 2011, Litecoin retains the Proof of Work consensus mechanism as the Bitcoin blockchain. However, the blockchain uses the Scrypt hashing algorithm, unlike the SHA-256 hashing function for Bitcoin. Litecoin is also a faster blockchain than Bitcoin.

Litecoin token (LTC) is a potential bull candidate in 2023 owing to its upcoming halving event. The event will happen around July 2023 and has already been linked to the recent surges in the price of LTC. LTC will have a double chance to surge high and return big if the market sentiment improves.

Where to buy LTC

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 LTC with OKX today Disclaimer

Bitcoin Cash (BCH)

If you are looking for a cryptocurrency that trades similarly to Bitcoin but is relatively cheaper, Bitcoin Cash (BCH/USD) is the perfect option. The blockchain was forked from Bitcoin in 2017. The fork happened after developers failed to agree on the route to address emerging issues on Bitcoin. The goal of creating Bitcoin Cash was to increase the number of transactions per block and reduce fees, an objective that was achieved.

A return to the bull market will surely be underscored by the price movement of Bitcoin. Since BCH trades in a similar manner, you could want a piece of the cryptocurrency, which currently continues to defend the $100-$110 level.

Where to buy BCH

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 BCH with eToro today Disclaimer

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 BCH with OKX today Disclaimer

Wrapped Bitcoin (WBTC)

WBTC is an ERC20 token – these represent tokens that reside on Ethereum. If you are wondering why it’s called Wrapped Bitcoin, it’s because it is associated with the Bitcoin blockchain. 

Wrapped Bitcoin was created to allow Bitcoin holders to participate in the Ethereum blockchain. The cryptocurrency can be swapped on a ratio of 1:1 with BTC. It means for each WBTC, you get one BTC. Besides being integrated with Ethereum’s smart contracts, WBTC can also be transferred faster than Bitcoin itself.

Where to buy WBTC

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 WBTC with OKX 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 WBTC with Binance today

The post Bitcoin-linked cryptocurrencies that have a chance of becoming very bullish in 2023 appeared first on CoinJournal.

• AVAX price has dropped to an all-time low.

• DeFi volume declined to $1.7 billion from a record high of $20 billion.

Avalanche price has been in a strong sell-off in the past few months as demand for the AVAX token weakened. The token plunged to a low of $11.81, which was its all-time low. It has plunged by more than 91% from its highest level on record, giving it a market cap of more than $3.6 billion.

AVAX moves to record low

Avalanche is a leading blockchain that seeks to become the best alternative to Ethereum. It is a proof-of-stake network that is well-known for its blazingly fast speeds and low transaction costs. It also has more throughput features.

Avalanche has been adopted widely in key industries like decentralized finance (DeFi), gaming, the metaverse, and non-fungible tokens. Some of its top apps in its ecosystem are Benqi, Aave, and Trader Joe.

AVAX price has dropped recently as interest in tokens plummet following the spectacular collapse of leading platforms like Terra and FTX. As I wrote in this report, crypto investors have pulled more than $11 billion from Binance, the biggest exchange in the world.

Avalanche has also seen activity in its network crash. For example, the total value locked (TVL) in its DeFi apps has crashed from over $20 billion to just $1.7 billion. Most dApps in its ecosystem like Wonderland, Trader Joe, Stargate, and Platypus Finance have seen withdrawals.

Monetary policy also has had a role in the collapse of Avalanche prices. While America’s inflation dropped in November, it remained above the Fed’s target of 2.0%. As a result, the Federal Reserve decided to hike interest rates by 0.50% and signaled that it will continue hiking in the coming months.

This explains why cryptocurrencies and stocks have plunged after the Fed meeting while bond yields have risen sharply.

Avalanche price prediction

AVAX chart by TradingView

The daily chart shows that the AVAX price has been in a strong bearish trend in the past few months. As it dropped, the coin managed to move below the important support level at $13.65, which was the lowest level on June 19. 

Avalanche also dropped below all moving averages while oscillators like the MACD and the Relative Strength Index (RSI) continued falling. Therefore, AVAX price will likely continue falling as the crypto bubble continues bursting. If this happens, the next key level to watch will be at $10. A recovery above $14 will invalidate the bearish view.

How to buy Avalanche

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 AVAX with OKX today Disclaimer

The post Avalanche Price Plunged to All-Time Low: Where to Next? appeared first on CoinJournal.

• ApeCoin has lost the battle at the resistance of $4.2

• The cryptocurrency has been hit by the general weak crypto sentiment

• APE could drop to $3 if the bear pressure mounts

ApeCoin (APE/USD) traded at $3.5 as the cryptocurrency came under bear pressure from the $4.2 resistance. Buyers have been defending the $4.2 resistance for some time, giving hopes of a potential breakout and the start of a bull market. Apes seem to have now been defeated as the cryptocurrency looks at a possible decline to $3.

Recent strengths in ApeCoin coincided with the launch of the staking feature earlier this month. Despite witnessing a lot of success, the users of the staking service have been warned of numerous phishing attacks. Horizen Lab, the developer of the staking feature, has told users to only use the official link, ApeStake.io, for the service.

Nonetheless, from the price outlook, APE seems to be getting hit by the overall crypto sentiment. The decline comes despite Ape-coin-linked NFTs continuing to record leading sales volumes. A technical outlook shows APE still trapped in a descending channel.

APE slides from $4.2 resistance as weakness develop

APE/USD Chart by TradingView

APE initiated a bearish MACD crossover on the daily chart. The indicator has shifted to the negative territory after the latest price decline. 

The cryptocurrency now trades below $4.2 resistance after bears took control. APE price has now crashed back to the descending channel. The price is gaining stability at $3.5, but the established support lies at $3.0.

Concluding thoughts 

If bulls do not take control of APE at $3.5, the next decline could take the cryptocurrency to $3.0. APE price must overcome resistance at $4.2 and the descending channel to become bullish.

Where to buy APE 

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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Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

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The post Apes give up as ApeCoin now stares at a possible drop below $3 appeared first on CoinJournal.

• DOGE has lost by double digits in the past week.

• The cryptocurrency has been weighed by limited fundamentals around its use on Twitter.

• DOGE faces further lows if it crashes below the 200-day MA.

Dogecoin (DOGE/USD) is again fighting off the onslaught of bears. With a weekly loss of 17%, the meme cryptocurrency is the biggest loser among its peers. Perhaps to underline DOGE’s status as a meme coin, the cryptocurrency has been labelled a “giant con” by CNBC’s Jim Cramer. It is easy to see why the decline has been immense for DOGE. Positive fundamentals have been hard to come by, and investors’ enthusiasm around DOGE’s use on Twitter has subsided.

DOGE fans could be a little disappointed as Elon Musk sends mixed signals around Twitter. The billionaire investor asked his followers if to step down as Twitter CEO. An overwhelming majority of 58% voted “Yes” supporting the proposal.

As you already know, DOGE has been earning support from Musk’s comments and views. His latest tweet does not augur well with DOGE since he relinquishes an important position in the social media giant. Will Musk be able to influence the use of DOGE in Twitter payment from a different role other than the CEO? That would be the question that DOGE fans would ponder. The negative sentiment around it could influence the price of Dogecoin. But investors will, at least, hope that DOGE does not crash below 200-day MA.

DOGE faces pressure as the selling continues below $0.09 support

DOGE/USD Chart by TradingView

Investors have been selling DOGE aggressively since tapping $0.11. That is indicated by the RSI reading shifting from above the midpoint to a near-oversold reading. 

From the daily chart outlook, the price has lost crucial support at $0.09, welcoming a bear market. DOGE has also crashed below the 50-day MA. The cryptocurrency now trades at the 200-day MA, an important level that could spell doom for bulls. 

Will DOGE trade lower or higher?

The next direction for DOGE price will depend on whether the 200-day MA will hold. If bulls resist bears, DOGE could roar back to $0.09. On the flip side, DOGE will head to $0.058 support.

Where to buy DOGE

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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The post Fingers crossed as Dogecoin retreats to the 200-day MA appeared first on CoinJournal.