Kategorie: Crypto Analysis

• Litecoin has corrected 6% after a bullish week

• Crypto analyst Peter Brandt thinks LTC printed a bullish pattern

• The cryptocurrency remains bullish and could embark on an uptrend after the correction.

Litecoin (LTC/USD) has been gaining strength in the last one week. As CoinJournal reported, the recovery could be contributed by the next Litecoin halving event. The gains saw it initiate a breakout that has been pushing prices higher. However, the price of LTC is correcting, with an intraday loss of 6%. Will the downturn continue?

Veteran crypto trader Peter Brandt believes LTC has initiated a classic charting pattern for an upside. According to the analyst, the appearance of a bullish double pattern followed by an uptrend is a major trend change signal. Brandt says LTC completed the same pattern in November before embarking on a rally that returned 65%.

Brandt further explains why the double bottom for LTC is a classic one. He says, often, traders tend to mislabel double bottoms. In his view, double bottoms need months between lows. He says the depth of the pattern should be more than 20% of the price of the market.

LTC corrects slightly after a bullish breakout

LTC/USD Chart by TradingView

A technical outlook shows that LTC buyers are still in control despite the price slowing from the $80 level. The daily chart shows a short-term bullish trendline has developed since the double bottom at $50.

The MACD indicator is bullish. The RSI has slowed slightly since the cryptocurrency hit overbought levels as the price reached $80. The bulls are still in control as the RSI remains above the midpoint.

What next for LTC?

Litecoin price is in a correction phase rather than a bearish movement. $64 will remain the reference support should LTC continue to correct downsides. However, the area around $70 should also form a crucial bullish reversal zone.

LTC price target remains at $95 in the medium term. This is the established resistance zone. Investors can hold or buy LTC to the level as long as the bullish momentum remains.

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

The post Litecoin prediction as price corrects above a breakout zone appeared first on CoinJournal.

Despite the cryptocurrency bear market, there were some flashes of hope for the major coins. Traders had high expectations with the Ethereum Merge and that helped to spur gains in Ethereum Classic (ETC). For Ripple (XRP) it was the potential end to the long-running SEC court case that has affected the price. Meanwhile, investors looking for something new are snapping up Metacade throughout the project’s presale. The MCADE utility token will provide loads of features like play-to-earn (P2E) and metaverse themes to supercharge future growth.

What is Metacade?

Metacade is an up-and-coming community-driven Web3 platform where gamers and developers can meet to collaborate and have fun with blockchain games. The ultimate goal of the project is a community-built arcade with a vibrant ecosystem for P2E rewards. Developers can win Metagrants for the top game ideas and gamers can test and review these games before they are accepted to the project. All of that will be backed by the MCADE utility token, which will be used for governance votes, but also prize drawings, gaming tournaments, as well as staking.

More on Metacade tokenomics

Staking is the name given to the locking up of tokens in a platform to earn a reward for DeFi projects usually for an annual interest rate. For the Metacade community, that reward is a share of project revenues, which would be paid out in another currency to avoid inflating the utility token. Once those revenue streams are created, there will also be a token-burn mechanism to reduce the number of coins in circulation. The total fixed supply at the launch will be 2 billion MCADE tokens, with 1.4 billion tokens allocated to the presale.

What happened with Ethereum Classic?

With the cryptocurrency bear market, Ethereum Classic (ETC) bottomed out in June at around $15. The project then rallied to $42 ahead of the Ethereum Merge. The Ethereum project upgrade meant that the project was moving from the energy-intensive proof-of-work mining technology to proof-of-stake. For crypto miners that owned proof-of-work hardware, which meant that they needed a new home, ETC was the easy destination. However, the coin has since dropped back to $22.

What is the outlook for Ripple (XRP)?

The price of Ripple (XRP) has also seen a recent rally with the Ripple team hopeful of an end to the SEC court case. The U.S. market regulator had accused Ripple of releasing a security in the same way that stocks are offered. That would mean added regulation for Ripple and many other crypto tokens. The price of XRP also rallied from a low of $0.30 to its current price of $0.50 but has since stalled there.

Why should you invest in Metacade?

The jump in ETC was a short-term pump based on a migration of miners but there is no major appetite for the coin and miners will be disappointed to be mining for small returns. In the case of Ripple, the XRP token has the potential to rally if they get a favourable ruling, but that is just the start of an uphill climb as the project has been distracted by the court case and has not made any recent developments.

On the other hand, Metacade is a new project bringing a new theme to the P2E universe with a community-led arcade. With the right mix of games, the project could attract a huge number of followers and heavy demand for the MCADE token. ETC and XRP saw a decent rally and the latter has the better outlook for further gains, but Metacade could eclipse them both.

Conclusion

The rally in Ethereum Classic (ETC) was based on the short-term trend of the Ethereum Merge as miners migrated to another chain for earnings. The price of Ripple (XRP) was also short-term as traders hoped for a positive result in the SEC case. That is still not assured and even if they get a win, the project has not shown any development over the last two years. Metacade has the potential to surpass both projects on investment returns as the project is creating a community-led P2E gaming project with metaverse potential. That sentence alone should have investors rushing to the token presale.

You can participate in the Metacade pre-sale here.

The post Ripple (XRP) and Ethereum Classic (ETC) Shed Gains as Metacade Presale Attracts Investors appeared first on CoinJournal.

• Polygon token has lost 2% in the day and 6% in a week

• Bulls continue to defend $0.77 amid weak momentum

• We need further price action to ascertain the potential direction for MATIC.

Polygon’s (MATIC/USD) is one of those cryptocurrencies that has endured the bear turbulence quite well. The cryptocurrency looked prime for a sustained recovery after hitting $1.30 in early November. However, a contagion of risks in the crypto sector pushed MATIC to the $0.77 support. As of press time, the token traded at $0.83, with an intraday loss of 2%.

Polygon has been exceptional in terms of onboarding projects into its ecosystem. The latest cryptocurrency news involved Nike launching an NFT marketplace on Polygon. The around-a-week-old development was welcome among the Polygon enthusiasts. Unique addresses on the network hit a record 190.95 million as of November 14. Nike’s partnership underlines big brands courting Polygon for their web3 plans. Meta is another entity that has announced plans to use Polygon for its NFT project. 

The positive developments have allowed MATIC token to stay bullish, although a weekly loss of 6% should not go unnoticed.

MATIC trades with weak momentum, but bulls defend $0.77

MATIC/USD Chart by TradingView

On the daily chart, momentum is weak for MATIC, with the MACD indicator dipping further into the bearish territory.

A recovery above the $0.77 support was curtailed by the 50-day moving average, which has since forced a correction. The cryptocurrency trades below the 20-day and 50-day MA.

What next for MATIC?

The price of MATIC is mixed. The technical indicators show that the cryptocurrency is bearish. However, the bulls have successfully defended a crucial $0.77 support. It means any potential bullish reversal should begin from the level. Further price action is needed to make a bullish or bearish call.

Where to buy MATIC

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 MATIC 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 MATIC with OKX today Disclaimer

The post Has Polygon’s MATIC lost its mojo, or should you buy it now? appeared first on CoinJournal.

• LINK rose by 4% on Friday amid a five-day winning streak

• The cryptocurrency faces some resistance at the 50-day MA

• Investors should buy on potential correction and target $8

An intraday gain of 4% on Friday was enough to take the price of Chainlink (LINK/USD) to $6.9. The token is clearly bullish since overcoming resistance at $6. The cryptocurrency has printed green candlesticks for the past five days. There are no clear fundamentals for the surge, but expectations around Chainlink 2.0 Economics could be fueling the demand for LINK. What lies ahead?

Chainlink Staking (v0.1), one of the key changes introduced under Chainlink Economics 2.0, is very close. The developers announced that the staking feature would go live on the Ethereum mainnet on December 06. Qualifying addresses can stake up to 7,000 tokens in a capped v0.1 staking pool. The staking pool will then be granted General Access on December 08, 12 PM ET. From there, anyone can stake to the initial cap of 7,000 LINK tokens per address. The staking pool is initially capped at 25 million LINK tokens or 5% of the circulating supply.

The start of staking will allow users to participate in the growth of the Chainlink ecosystem. Users will commit their tokens to smart contracts for rewards. As with most changes, native tokens tend to overperform ahead of the key developments. Potentially, this is the reason LINK is witnessing a bullish surge.

LINK attempting recovery above the moving averages

LINK/USD Chart by TradingView

A technical outlook of the Chainlink token shows it is on a short-term rally. The token’s price has moved above the 20-day moving average. 

A bullish MACD crossover also occurred, with the indicator showing improving momentum. 

Will LINK stay bullish?

The recovery above $6 gives Chainlink a chance to remain bullish in the medium term. However, the 50-day moving average offers resistance. It would be interesting to watch whether bears will force a correction at the 50-day MA. 

A correction would attract buyers as long as the LINK price remains above $6. In the medium term, LINK could rise to find the resistance at $8.

Where to buy LINK

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 LINK 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 LINK with OKX today Disclaimer

The post Here is the next price target for Chainlink as the token becomes bullish appeared first on CoinJournal.

• Dogecoin has been in consolidation mode

• The cryptocurrency trades near a key resistance

• The meme token is a buy on potential breakout

If you have been looking to buy Dogecoin (DOGE/USD), get ready! The selling post-FTX collapse could be overdone as buyers have defended a drop at a key level for more than two weeks. However, it is not an outright buy, as further confirmations are needed.

The general crypto mood has been responsible for DOGE’s weakness. However, the meme token has also been hit by the lack of positive developments around the acquisition of Twitter by Elon Musk. Since the acquisition occurred, there have been little to no hints from the DOGE father on the use of the token as payment.

David Gokhshtein of Gokhshtein Media has shared thoughts that could interest the Doge community. Gokhshtein says he expects the Ethereum founder to team with Musk to work on a crucial upgrade of Dogecoin. The views come when Vitalik Buterin, Ethereum founder, has been commenting about the original Dogecoin. Buterin has suggested that the blockchain should shift to the Proof-of-Stake consensus. The Ethereum code will be used in the transition if it occurs.

On his part, Musk, in May, made attempts to improve the transaction system of DOGE. With the acquisition of Twitter, it could rekindle discussions around the upgrade if DOGE is to be accepted as payment.

DOGE trades near the resistance of $0.09

DOGE/USD Chart by TradingView

The daily chart shows DOGE pushing for a breakout at the $0.09 resistance. The cryptocurrency has made an intraday gain of 10%, indicating that buyers are active at the crucial level. A breakout is on the horizon.

The MACD indicator is bearish, but the weakness has abated. The RSI has moved above the neutral zone, indicating the entry of buyers.

What next for DOGE?

A breakout beckons for Dogecoin price at $0.09 if the daily candlestick closes above the level. A breakout would welcome a bullish momentum, with the next level at $0.14. Investors should watch how the price action plays out and buy on a breakout.

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.

Buy DOGE with eToro today Disclaimer

The post Dogecoin prediction as price defends key zone appeared first on CoinJournal.