Kategorie: Crypto Analysis

• 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

How to buy Cardano

eToro

Buy ADA with eToro today Disclaimer

CEX.IO

Buy ADA with CEX.IO today

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. 

How to buy Celo

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 CELO 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 CELO with Binance today

The post Celo price goes parabolic amid rapid ecosystem growth appeared first on CoinJournal.

• 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.

• Chancer raises $421.4k in two weeks

• The token’s P2P model in betting is attracting investors

• Chancer’s value to increase in the subsequent presale phases and upon listing

Blockchain is revolutionising traditional sectors in good ways, with the latest being betting. Chancer has been the key project in this shift, focusing on new ways investors can participate in betting and earn. The primary innovative feature of Chancer is its peer-to-peer betting that allows investors to predict in markets created by themselves. Investors have shown enthusiasm for the project, buying more than $421.4k worth of Chancer tokens in the first phase of a presale that opened two weeks ago. The successful presale underlines the growing uptake of crypto, with Mastercard considering a multi-token network (MTN).

Mastercard to make digital transactions secure and interoperable with MTN.

Payments giant Mastercard wants to enhance digital transactions’ security, interoperability, and scalability with a Multi-Token Network (MTN) product. The company says MTN will enable efficient and cost-effective payments by using digital assets.

MTN is also expected to enhance identity management and permissions through blockchain networks, thus building trusted business interactions. Using digital identities will also help counter fraud common in card-related transactions.

The new product by Mastercard underlines that big players are getting into the sector, building needed trust. For a global payment network like Mastercard, it means the project will increase digital asset visibility and allow new ones to succeed. 

Peer-to-peer betting by Chancer. What is it?

As the name suggests, peer-to-peer (P2P) is a betting model permitting user relations with each other. Chancer is pioneering a P2P betting where users can build their betting markets via a secure decentralised system. Users can determine what instruments, events, or situations they want to bet on and invite others (peers) into that betting market. 

Chancer has the edge over the traditional betting markets in that investors are not restricted to the odds and rules common in betting platforms. They play by their rules and odds betting through Chancer. 

With the ability to create a betting market from almost anything, Chancer brings fun to betting and allows flexibility to investors. It also expands the earning opportunities for investors as they can create limitless betting markets via the P2P model.

What is the value proposition of Chancer?

Chancer carries value in letting investors create betting markets and earn rewards on successful outcomes against peers. Investors can bet on events from football to politics and elections. But of course, Chancer is built with an investment focus rather than betting.

One of the ways to unlock value through Chancer is by creating predictive markets. Investors get rewarded for market-making activities. It means investors are rewarded for their interests and expertise by participating in the Chancer project.

The second way is through staking $CHANCER. Investors can stake the tokens for yields, thus unlocking liquidity and facilitating the platform’s growth. Other ways to earn include token rewards for promoting Chancer to others. 

Is Chancer an ideal investment? 

Chancer could be an ideal investment if you are looking for a project with huge growth potential. Betting markets are fast-growing, and the entry of Chancer offers a leeway for investors to do it differently.

Alongside the ability to earn through P2P betting, investors who feel locked out of the traditional markets can find Chancer ideal. 

The growth of the Chancer platform could fuel an increase in the value of the token and generate enormous returns for investors. For a token of a novel project like betting, price increases for $CHANCER can be up to 1,000%.

Does buying $CHANCER on presale make sense?

Any token that is newly listed is best bought at the presale. The price level is low, and there is a potential to earn big when it is listed on exchanges. 

Chancer’s presale will occur in 12 stages, each with a higher price than the previous one. As such, the price is the lowest in the first phase and the most attractive. 

The post Chancer to usher a new era of betting as Mastercard eyes a multi-token network appeared first on CoinJournal.