Kategorie: Crypto Analysis

• Uniswap price has been in a recovery mode in the past few weeks.

• Analysts expect that decentralized exchanges will thrive in the long term.

• It has formed a bearish divergence pattern.

Uniswap price has made a slow recovery in the past few weeks as demand for its ecosystem rose. UNI rose to a high of $6.15, which was about 30% above the lowest level this year. Its market cap has risen to about $4.6 billion, making it the 17th biggest cryptocurrency in the world.

Uniswap ecosystem growth

Uniswap is changing the blockchain industry. It first decentralized the exchange sector by making it easy for people to swap tokens easily in a decentralized manner. Today, it is the biggest DEX by volume. According to CoinMarketCap, the third version of Uniswap handled tokens worth over $536 million.

Analysts expect that decentralized exchanges will do well in the future because they are relatively safer than centralized platforms. As we have written in these articles, several centralized platforms like FTX, Voyager Digital, Celsius, and BlockFi have collapsed this year. Most decentralized platforms have done relatively well.

Uniswap price has also moved to the non-fungible token (NFT) industry. It has created a platform where people can buy and sell NFTs in a decentralized manner. The most popular NFT collections in its ecosystem are CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Art Blocks among others. 

While Uniswap’s NFT platform is relatively new, its volume has continued growing since it was launched. The benefit of its platform is that it aggregates NFTs from across multiple chains, meaning that it has more listings than the average platform. 

Another benefit is that it is decentralized and there are signs that such platforms are better and safer. Still, the challenge is that there are concerns about the future of NFTs as interest rates remain significantly high. 

Uniswap price prediction

Uniswap chart by TradingView

The four-hour chart shows that the Uniswap price has been in a slow bullish trend in the past few weeks. In this period, the token managed to move from the year-to-date low of $4.7 to a high of $6.55. It is now hovering at the highest level since November 15.

UNI has rallied above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has formed a bearish divergence pattern. In price action analysis, this pattern is usually a sign that the bullish trend is fading. 

It has also formed a small double-top pattern. Therefore, Uniswap will likely continue falling as sellers attempt to retest the support at $6. A move above the resistance at $6.48 will signal that there are more buyers in the market.

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 UNI 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 UNI with OKX today Disclaimer

The post Uniswap price prediction as a bearish divergence forms appeared first on CoinJournal.

Key Takeaways

• Exchanges balances are lower by nearly 200,000 bitcoins compared to pre-FTX, as customers have lost all trust in exchanges
• This trumps the Celsius insolvency of June, where 128,000 bitcoins were pulled from exchanges in the month following Celsius’ demise
• Terra collapsed in May, but seeing as it was a DeFi protocol, trust in centralised entities had not yet broken at that point
• Only time will tell how bad the contagion from the FTX bankruptcy is

Trust in cryptocurrency exchanges is at an all-time low. It is not difficult to figure out why, as the collapse of FTX has sent shockwaves through the industry. As of less than a month ago, FTX was considered among the safest exchanges out there. 

Customers pull bitcoins from FTX

The numbers back this up. We at CoinJournal.net looked on-chain, where we have seen Bitcoin flow out of exchanges at unprecedented speed in the aftermath of the FTX bankruptcy. 

In the 27 days since the FTX story started to break, a net figure of nearly 200,000 bitcoins has been pulled from exchanges. It appears thousands of Bitcoin holders are running for the hills with their Bitcoin, pulling to the safety of cold storage. 

“FTX was tier-1 royalty when it came to exchanges. Its collapse has spooked investors, as it should. The transparency of exchanges is incredibly low, and the reality is that it is almost impossible to know what is going on behind the scenes. The movement of Bitcoin off these exchanges shows that customers are realising this”, said Max Coupland, director of CoinJournal. 

Unfortunately, the FTX scandal is far from the only one that has rocked crypto this year. So, how does the reaction of customers differ this time round?

Celsius brought similar panic

When Celsius sent an email out to customers on Sunday, 12th June, 2022 that it was suspending withdrawals on its platform, it was a dagger to the heart of any investors who held assets on the platform. 

While those assets were obviously inaccessible, customers soon panicked that funds held on other lending platforms could soon come under threat, as contagion continued to ripple through the industry. 

The key difference here was that exchanges were not under pressure. Nonetheless, customers still panicked, as the graph below shows. Exchanges balances were reduced by 128,000 bitcoins over the next month, with over 100,000 flowing out in a 5-day period soon after Celsius were declared insolvent. 

 

Terra death spiral was different

The third shocking variable to rock crypto markets this year was the Terra death spiral in May. In fact, this was where everything started. Celsius fell to the ensuing contagion (something I was caught up in too) – alongside Three Arrows Capital,Voyager Digital and a whole load of other firms. 

Notably, this was also when trading firm Alameda Research suffered large losses which led to Bankman-Fried allegedly sending customer deposits from FTX to shore up liquidity at the firm. So in one way, it all stemmed from Terra. 

But Terra was different in that this was not a centralised firm and proved insolvent. This was a decentralised finance protocol with a flawed model. The reaction from customers was therefore vastly different. 

We can see this by looking at the flow of Bitcoins to and from exchanges in the below chart. 

Note that the first few days show a massive influx of Bitcoins to exchanges. This was the warchest that the Luna Foundation Guard held, sent to exchanges to be redeemed as Terra desperately floundered to defend the peg.

After that, the activity is quite normal, with no discernible pattern between bitcoins flowing to and from exchanges. 

2022 Summary

Trust in exchanges has not been this low since the Mt Gox collapse of 2014. But in looking through the entire year of exchange activity, it is clear that two incidents cratered this trust more than any other: Celsius and FTX. 

Regarding the future, only time will tell how badly crypto’s reputation has been dented in the long-term. 

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research. 

Research Methodology

Data taken from on-chain. Wallets correspond to known public exchange wallets. 

The post A net flow of 200,000 bitcoins leaves exchanges following FTX collapse, as trust broken appeared first on CoinJournal.

• Dogelon Mars token rose by double digits on Monday

• Fantasy sports platform Rage Fan announced a partnership with Dogelon

• ELON could sustain gains if buyers defend crucial support at $0.0000003

Elon Musk-inspired Dogelon Mars (ELON/USD) is making shockwaves. The cryptocurrency gained by double digits on Monday, with investors showing great interest. Trading volumes on the little-known cryptocurrency had surged by 400% in the day.

The gains in the Dogelon Mars token were boosted by cryptocurrency news over the weekend. Fantasy sports platform Rage Fan announced a partnership with Dogelon. The partnership will see the introduction of blockchain gaming to individuals that hold ELON. Rage Fan said it was introducing a Free Call of Duty Tournament for ELON holders to celebrate the partnership.

Dogelon token is also growing a huge following. It already has a cool 454,000 followers on Twitter. Perhaps its name combination, Dogecoin+Elon, is helping aside from its partnership with Rage Fans. We all know of the growing speculations around the use of Twitter on digital payments by Elon Musk. Investors, therefore, could be looking at ELON as the next big thing in the meme space after Dogecoin. All these are speculations, but one thing is sure. Dogelon Mars is building a fanatic community, which could grow if the project finds more utility in the crypto space. Let’s look at its technical bits.

ELON corrects after an intra-day surge

ELON/USD Chart by TradingView

A daily chart technical outlook shows ELON correcting after breaking to $0.0000004. The 20-day and 50-day moving averages joined a support for the cryptocurrency. The RSI also remains above the midpoint, indicating the buyers’ strength.

Will ELON proceed higher?

A retest of the $0.0000003 support followed by bullish price action could attract bulls. Investors will again aim for the $0.0000004 resistance or higher up at $0.0000005. 

If seeking to buy ELON, you could consider a little bit of patience with bullish reversal signals. Developments around the project, as well as those of Dogecoin, could also be potential bullish triggers.

Where to buy ELON

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 ELON with OKX today Disclaimer

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.

Buy ELON with KuCoin today

The post Dogelon Mars. What’s up with the meme coin now attracting a huge following? appeared first on CoinJournal.

• Avalanche rose by 4% on Monday.

• Avalanche onboarded Alibaba Cloud and will use the latter’s suite of products.

• The cryptocurrency remains largely bearish.

Avalanche price (AVAX/USD) gained more than 4% on Monday amid positive cryptocurrency news. A bear momentum has subdued the token of the Avalanche protocol for quite a while. Monday’s rally could offer hopes that AVAX will overcome a projected drop to below $10. The cryptocurrency traded at $14.07 as of press time.

Investors may have rekindled hopes for the DeFi protocol days after getting the nod from Alibaba Cloud. The subset of e-commerce giant Alibaba expanded its developer tools and cloud technology to the Avalanche blockchain. Avalanche users will be able to build products, launch validator nodes, keep custody, and share resources via Alibaba Cloud in Asia. The developers can also use the suite of products offered by Alibaba Cloud to enhance their products and meet demand.

The latest announcement comes amid a slow DeFi activity that has cost platforms such as Avalanche. According to data aggregator DefiLlama, the total value locked on DeFi protocols stands at $42.83 billion. The volume is a decline from $54.11 billion in the last 30 days. It also compares to $170.01 billion TVL at the start of the year. With the low activity, tokens of associated platforms have crashed sharply this year. AVAX has subsequently lost 90% of its value from the all-time high.

AVAX stays bearish despite an improved momentum

AVAX/USD Chart by TradingView

From the technical outlook, AVAX price is rising along the 20-day moving averages. The MACD indicator shows improving momentum for the cryptocurrency, although it is still bearish. 

The longer-term market bias is bearish for AVAX. The 50-day MA is the next level to watch. A recovery above the MA could take AVAX to $19 and $21 next.

Should you buy AVAX now?

Despite the latest gains, buying AVAX now could be premature. The bear market remains in place, despite the latest recoveries. Should buyers fail to capitalise on the current gains, $10 remains in sight for a potential price bottom.

Where to buy AVAX

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 AVAX 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 AVAX with OKX today Disclaimer

The post Avalanche becomes bullish. Here is the reason and next target appeared first on CoinJournal.

• Kadena is a blazingly fast Ethereum rival that handles over 450k transactions per second.
• Its price has rebounded in the past few weeks as cryptocurrencies rebound.

Kadena price has been in a strong bullish trend in the past few days as investors bought the coin’s dip. The coin surged to a high of $1.2472, the highest level since November 15. It has jumped by more than 200% from the lowest level this year. So, is it safe to buy Kadena?

What is Kadena and is it a good buy?

Kadena is a leading proof-of-work (PoW) layer-1 network that makes it easy for developers to build decentralized applications. It is an Ethereum rival that was created by two ex-JP Morgan employees. 

Kadena is known for several key reasons. First, it is a proof-of-work blockchain like Bitcoin and Litecoin. This means that new coins are validated through mining. While PoW is not an environment-friendly process, Kadena’s developers believe that their technology has lower emissions than other networks.

Second, Kadena is known for the speed of its transaction. While Ethereum handles less than 20 transactions per second (TPS), Kadena handles over 450k. This makes it one of the fastest network in the blockchain industry.

Further, Kadena launched Kadena Eco in 2022 to incentivize developers to the network. Kadena Eco is a $100 million grant program that provides funding to developers who are building projects in the network.

Kadena’s ecosystem is relatively small but its developers hope that it will keep growing. According to DeFi Llama, the network has a total value locked (TVL) of over $9.1 million, with Kaddex having dominance of 82%. At its peak, it had a TVL of over $31 million.

Kadena price has rallied because of the upcoming news and milestones in the network In a tweet, the developers said that they will unveil new Kadena Eco grantees announcements and a roadmap upgrade.

Still, the biggest challenge that Kadena faces is that its industry is getting competitive, with projects like BNB and Tron having a substantial market share.

Kadena price forecast

                                                    Kadena chart by TradingView

The four-hour chart shows that the KDA price has been in a strong bullish trend in the past few weeks. In this period, the coin has rallied above the 25-day and 50-day moving averages while the MACD has moved above the neutral level. 

Kadena’s current price is at the highest point since November 27 while the Relative Strength Index (RSI) has been in a bullish trend. Therefore, Kadena price will likely continue rising as buyers target the key resistance level at $1.200. 

The post Is it safe to buy Kadena as the rebound accelerates? appeared first on CoinJournal.