Kategorie: Crypto Analysis

• The total cryptocurrency market capitalization grew by more than 50% in the last six months
• Investors are optimistic as Bitcoin’s price holds near the yearly high
• Ethereum, Litecoin, and Ripple have followed Bitcoin higher

The first half of the trading year is behind us, and one of the most notable developments is the increase in the total crypto market capitalization. Following 2022, when many crypto investors got fed up with industry scandals and left, the 2023 rally looks like the start of a new bullish market.

The performance is even more impressive, given that the US dollar is trading with a mixed tone against its fiat rivals. 

Investors’ renewed interest in cryptocurrencies led to the total market capitalization growing by more than 50% in the year’s first half. Only in the last week, the market grew by more than 3%, and investors are optimistic because Bitcoin, the leading cryptocurrency, holds near the yearly high. 

Ethereum, Litecoin, and Ripple have followed Bitcoin higher

Bitcoin is the main reason why investors are optimistic about the cryptocurrency industry despite the ongoing scandals, frauds, and lawsuits. In the end, all that matters for market watchers is that Bitcoin’s price holds close to the yearly high, despite rallying in 2023 by over +85%. 

Therefore, the path of least resistance in the year’s second half seems to be the upside. 

Bitcoin chart by TradingView

Not all currencies performed like Bitcoin, though. For instance, Dogecoin is flat on the year, up by about +0.3% in the first six months of 2023. This is a huge divergence from what Bitcoin and other cryptocurrencies did (e.g., Ethereum, Litecoin, Ripple), and it reflects the crypto investors’ concentration in a few cryptocurrencies. 

Moving forward in the year’s second half, crypto investors might want to watch the developments in the traditional currency market. More precisely, what will the Fed do with the funds rate? 

If the US dollar loses ground against its rival fiat currencies in the next six months, Bitcoin and the other leading cryptocurrencies are well positioned to rally some more. As the Fed paused the rate hikes in June, one should embrace the possibility of the current funds rate being the terminal one for this tightening cycle. 

The post Cryptocurrencies are back in fashion as the total crypto market cap keeps rising appeared first on CoinJournal.

• Cardano price retested the key resistance level at $0.2972 on Tuesday. 

• DeFi TVL in Cardano’s ecosystem jumped to a record high.

Cardano price has moved sideways in the past few weeks even as other coins like Bitcoin, AAVE, and Compound surged. ADA token was trading at $0.2972, where it has been for a while. This price is about 27% above the lowest level in June and 37% below the highest point in May this year.

DeFi TVL hits record

Cardano has become one of the most underperforming large-cap cryptocurrencies in the past few weeks. This performance is mostly because of the recent decision by the Securities and Exchange Commission (SEC) to label it a security.

In the aftermath, Robinhood, one of the biggest companies in the financial services industry, decided to delist the coin. If the SEC’s lawsuit against the two exchanges prevails, it means that Americans will not have access to Cardano.

The daily volume of Cardano traded in centralized exchanges has been falling in the past few weeks. It stood at $171 million on Tuesday, down from a peak of over $1 billion in June.

Despite this performance, Cardano’s ecosystem is doing well. Data shows that the total value locked (TVL) in its DeFi ecosystem soared to over 702 million ADA tokens, a record high. The figure started the year at around 265 million ADA. In dollar terms, Cardano has a TVL of over $202 million. 

The biggest DeFi dApps in Cardano’s ecosystem are Minswap, Indigo, Liquid, and VyFinance among others. TVL is an important metric that measures the value of digital assets locked in a blockchain. 

At the same time, Cardano’s NFT ecosystem is not doing all that well. Total Cardano NFT sales came in at over $8.6 million in June from the previous $8.23 million. While these numbers are good, sales stood at $10 million in March and $23 million in October last year.

Cardano price prediction

The daily chart shows that the ADA price has been in a strong bearish trend for a while. This decline saw it retreat below the important support $0.2972, the lowest level in March this year. It has now retested this level, making a bearish break and retest pattern. Cardano remains below the 25-day and 50-day moving averages.

It has also formed a head and shoulders and a bearish pennant patterns. Therefore, the coin will likely have a bearish breakout in the coming days. If this happens, the next level to watch will be last month’s low of $0.23277

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The post Cardano price retests key resistance as DeFi TVL hits record appeared first on CoinJournal.

• Celo crypto price has gone parabolic in the past few days. 

• The network’s ecosystem growth has continued to accelerate.

• Celo recently integrated Chainlink in its ecosystem.

Celo price has made a spectacular comeback this month, making it one of the best-performing cryptocurrencies in the industry. The token soared to a high of $0.6736 on Monday, the highest level since April 19th. It has jumped by more than 85% from the lowest level in June. 

Celo user growth continuing

Celo is a fast-growing blockchain that is gaining traction among developers and users. The platform is used to build quality dApps in all industries, including DeFi and non-fungible tokens (NFTs). It is able to handle about 11.99 blocks per second.

Celo’s ecosystem growth has continued. According to DeFi Llama, the total value locked (TVL) jumped to more than $116 million. The biggest DeFi apps in the ecosystem are Mento, Curve DEX, Uniswap V3, and Moola Market among others.

The main reason why Celo price is soaring is that the number of active users in the ecosystem is growing. For example, data compiled by Dune Analytics shows that the number of transactions in the ecosystem has jumped to over 228 million. 

Celo has handled over 20.15 million blocks over the years while the number of active addresses jumped to over 2.4 million. It has handled over 12.1 million contracts.

Celo seems to be popping off. Impressive user and transaction growth numbers lately.

Anyone know what’s driving this? pic.twitter.com/0yhA0fpjSS

— Haseeb ＞|＜ (@hosseeb) June 30, 2023

The other important Celo news is that the developers recently integrated Chainlink’s data feeds. Chainlink, the biggest oracle network in the world. An oracle is a platform that connects off-chain data to the on-chain. In an announcement, the head of ecosystem growth at Celo said:

“Chainlink Data Feeds will empower Celo developers, providing critical access to oracle data and services and bolster Celo’s dApps to drive real-world impact and solutions.”

Celo price prediction

The 4H chart shows that the CELO crypto price has made a strong bullish trend in the past few weeks. As it jumped, the token rose above the key resistance point at $0.5686, the highest level on June 3rd. It has moved above the 25-day and 50-day moving averages.

A the same time, the Relative Strength Index (RSI) moved to the overbought level. The MACD has jumped to the highest level in months. Therefore, with the coin being overbought, there is a likelihood that Celo will retreat and retest the support at $0.5686. 

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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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• Solana rallied in 2023 but failed to break above the horizontal resistance
• A bullish case remains valid unless the price moves below the 2022 lows
• If it breaks above horizontal resistance, Solana may trade above $40

Cryptocurrency investors must be thrilled with the 2023 price action. After all, Bitcoin bounced from last year’s lows, triggering a similar move in other major cryptocurrencies.

Solana followed suit.

The price more than doubled this year, rising from $10 to over $25 in what appeared to be a clear bullish breakout.

However, after trading above $26 in January, the market failed to build on the bullish trend. Instead, a consolidation started, bringing doubts to bullish traders.

The best way to clear such doubts is to look at the bigger picture. As the chart below shows, it is difficult to build a bullish case while the market holds below horizontal resistance.

However, the 2022 lows remain in place, so one can build a bullish scenario as long as the market does not dip below those lows.

Solana chart by TradingView

A break above horizontal resistance should trigger more gains

Solana’s price remains bearish while below horizontal resistance. However, a break above it implies more strength ahead.

That is especially true if the US dollar’s weakness resumes. So far in 2023, the dollar traded with a mixed tone.

But as the Fed is on pause, renewed weakness will bode well for cryptocurrencies and for Solana.

A daily close above horizontal resistance opens the gates for a move above $40. If the Fed believes that the US inflation data follows the right path, the dollar should weaken in the year’s second half.

The post Solana technical analysis update – can it jump to $40? appeared first on CoinJournal.

• Ripple builds energy to break higher
• A series of higher lows points to more upside
• The bullish case is valid as long as the price holds above $0.3

Ripple is one of the major cryptocurrencies that rallied in 2023. It opened the trading year at $0.3 and rallied all the way to $0.55.

But traders now wonder if the inability to move above $0.55 is a sign of weakness.

It may well be.

However, if Ripple holds above $0.33, a technical trader can build a bullish case for it.

Ripple chart by TradingView

Ripple tries to break above the $0.55 resistance level

Ripple tried to break above the $0.55 resistance level three times in a row. It failed every time.

But each rejection brought nothing but new buyers buying the dip. Moreover, the series of higher lows holds intact, suggesting that the market builds energy to break above horizontal resistance.

Providing the price action holds above $0.3, which proved to be horizontal support part of a possible double bottom pattern, one can build a bullish case for Ripple.

First, the double bottom pattern does suggest that more upside should follow a break above $0.55.

Second, the market built a series of higher lows, a typical structure in bullish markets.

Therefore, bulls may want to wait for Ripple to close above $0.55 until establishing long positions. Ripple should find little or no resistance until the $0.75 level on such a move.

The post A bullish case for Ripple – if current lows hold appeared first on CoinJournal.