Kategorie: Crypto Analysis

Ethereum (ETH/USD) set its yearly low of around $900 in June 2022. Technical indicators show that the cryptocurrency is proceeding to test this low level. As of press time, ETH price was $1,085 with increasing bear momentum. Should the bearish trend continue, ETH could claim a new low in the year.

Despite ETH price weakness, Santiment data indicates that whales are still active on the cryptocurrency. On November 21, Ethereum whales scooped 947,940 more ETH tokens, valued at around $1.03 billion. The amount is the fifth largest on a single day this year. The increased whale activity indicates the belief that large investors have in the likely turnaround of the token. With a price of $1,000, the investors see a massive discount.

But ETH could fall further, and taking advantage of it at a lower level could be more attractive. The view is additionally supported by market sentiment, which shows bets on lower prices have intensified recently. Accordingly, around 75% of inflows into Ethereum and Bitcoin have been short products. The question is, where is the likely new price?

ETH price outlook as momentum weakness at support

ETH/USD Chart by TradingView

On the weekly chart, ETH trades at or near the support zone. While there is a chance for bulls to arrest the decline below this level, momentum is weak. The MACD indicator lies in the bear zone. The weekly candlestick just broke below an inside-bar pattern, implying that bears are in control.

What next for ETH? 

With weak crypto sentiment and momentum, ETH price will likely proceed lower to find support around $800. The level will be its lowest so far since January 2021. It means that the crypto winter will have wiped out the 2021 boom gains

Alternatively, ETH bulls may try to defend $900, the cryptocurrency’s June low. It will still be a toll order as the general sentiment remains weak and ETH is under intense pressure. The $900 level would be an area to watch for the next few days.

Where to buy ETH    

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 ETH with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Ethereum eyes a break below a yearly low. A price of below $1,000 beckons appeared first on CoinJournal.

Chainlink (LINK/USD) is now in imminent danger of plunging to a new low in the year. That was after the cryptocurrency lost the support of $6, a crucial level it has held since May. The cryptocurrency exchanges hands at $5.75. This is not the lowest price in the year, giving hopes that it could still defend the support. However, going by the price action, a breakout has already occurred, and a bear market is likely to continue.

Chainlink Labs did its part to counter the risks brought by the collapse of FTX. On November 10, the team launched a proof-of-reserve product to address future trust issues. The PoR product will help verify the asset reserves of the centralised exchange, its cross-chain collateral, and off-chain bank account balances. It also helps to check the exchange’s real-world asset reserves. As a transparency measure, Chainlink seems to heed the increased calls for reserve disclosure. Binance CEO Changpeng Zhao has previously backed the disclosure following the collapse of FTX.

Despite the move meant to reassure investors, LINK has succumbed to the bear market. The monthly high of nearly $9.5 has since been followed by a nearly halving of the cryptocurrency price.

LINK price outlook as weakness mounts below $6

LINK/USD Chart by TradingView

A clear breakout zone at $6 support occurred on the daily chart, confirming a bear market for LINK. The RSI is yet to hit oversold levels, implying that LINK has room to fall further. Should bulls fail to arrest the decline and take LINK back to $6, the next level to watch would be $4.5.

When to buy LINK?

The market is very bearish for Chainlink token. A breakout to the downside at the support and a weak crypto sentiment reinforces a bearish bias. 

It is not yet time to buy Chainlink until it settles at suitable support. A potential recovery to or above $6 could attract buyers. Otherwise, investors should consider buying LINK at $4.5 based on prevailing price action and sentiment.

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.

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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 LINK with OKX today Disclaimer

The post Chainlink has now lost key support. Does that ring a bear bell? appeared first on CoinJournal.

Avalanche price collapsed to the lowest level on record as challenges in the crypto industry continued. AVAX dropped to a low of $11.78, which was about 42% below the highest level this month. Its market cap has dropped to about $3.5 billion.

Is AVAX a good buy?

Avalanche is a leading blockchain project that makes it possible for developers to build decentralized applications (dApps).

It is known for its blazingly fast speeds and low transaction costs. It can handle a transaction finality of less than 2 seconds and it uses a proof-of-stake (PoS) technology.

Avalanche has been used to build some of the best-known apps in the industry like Aave, Aleph, Trader Joe, Wonderland, and Benqi among others.

Like other cryptocurrencies, AVAX price has come under intense pressure in the past few days because of the collapse of FTX. Investors are simply fearful about contagion risks in the crypto industry.

FTX collapsed after a bank run happened in its exchange. The bank run happened after a report showed the close relationship between Alameda and FTX. According to its balance sheet, Alameda held FTT tokens worth billions of dollars.

Avalanche price also declined because Trader Joe, a DEX in its ecosystem, was a recipient of FTX’s cash. FTX took part in a fundraising by Joepegs, an NFT platform built by TradeJoe. The funding by FTX was completed in June.

Joepegs has then grown to become the biggest NFT platform in Avalanche with over 12,000 users and $3.4 million in secondary sales. Therefore, there are concerns about Avalanche’s more entanglements with FTX.

Trader Joe has seen its total value locked crash by over 30% in the past 30 days. In total, Avalanche’s TVL has dropped from over $22 billion in 2021 to about $1.9 billion.

Avalanche price prediction

                                                                    Avalanche chart by TradingView

The four-hour chart shows that the AVAX price has been in a strong bearish trend in the past few days. It managed to move below the important support level at $12, which was the lowest level on November 14 and November 9.

The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved below the oversold level. Therefore, by moving below the support at $12, there is a likelihood that the coin will continue falling as sellers target the next key support at $10.

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.

Buy AVAX with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy AVAX with Skilling today Disclaimer

The post Avalanche price prediction after crossing key support appeared first on CoinJournal.

Ripple (XRP/USD) trades at $0.35. a decline of 7% in the day. For another time, the cryptocurrency was rejected at the $0.4 resistance. However, it should be remembered that positive developments of the Ripple case with SEC were a significant bull trigger. XRP traded at a high of $0.55 in late September, in line with the case direction. However, as cryptocurrencies soil after the FTX collapse, XRP has not been an exception.

Aside from the general crypto mood, XRP is poised for growth if Ripple triumphs against the regulator. Recently, Ripple made a small win after a court allowed amicus briefs in the case. As of the November 18 deadline, 14 had filed their briefs for Ripple and 1 for SEC. The final arguments in the longstanding case will be presented to the presiding judge towards the end of this month. After that, it would take another 2-6 months to conclude the case. Still, a long way to go before the bulls get a chance to ride on a post-determination rally should Ripple win. 

So, what’s at stake now is whether XRP could wither the bear market as investors wait for the outcome. From a technical point of view, XRP has done exemplary well, although it is struggling to make significant gains.

XRP maintains a short-term trendline amid weak momentum

XRP/USD Chart by TradingView

A technical outlook shows XRP trading along the short-term trendline since initiating a recovery slightly above the $30 support. However, the trading pattern should be viewed as largely a consolidation rather than a bullish one.

The RSI remains below the midpoint but shows no oversold conditions for XRP.

Should you buy XRP?

Buyers and sellers of XRP are muscling up between the $0.30 and $0.40 levels. A $0.4 remains a key resistance to watch for a confirmation of bullish momentum.

Alternatively, a break below the short-term trendline could take XRP price back to $0.30. With XRP bulls defending $0.30 since June, it remains the level to watch. A break below $0.30 would confirm a bear market.

Where to buy XRP    

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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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post XRP continues to struggle amid SEC case developments. What you need to watch next appeared first on CoinJournal.

The Mars Token price has been in a consolidation mode in the past few days as investors assess the future of the coin. MRST was trading at $0.0552, where it has been since Wednesday. This price is about 81% below the highest level this month. 

What is Mars Token?

The metaverse industry is expected to have significant growth in the next few years. Mainstream companies like Facebook and Nvidia have all announced their metaverse strategies. 

Mars Labs is a company that is building metaverse gaming products on Polygon’s network. Polygon is the biggest layer 2 network in the world. It helps to accelerate applications built on Ethereum, which helps to lower their transaction costs and boost speeds.

The game being built by Mars Labs will be based on the theme of the red planet. In it, players will enjoy activities inside the planet, play games, acquire virtual real estate, and communicate with community members. 

MARS token will be the native token for the ecosystem just as SAND is used to power The Sandbox. In the beginning, the coin will have a supply limit of 5 billion coins. The token will go through burning which will help to reduce its supply.

MRST price has retreated even after a series of good news. For example, it was listed by OKX, one of the biggest crypto exchange in the world. OnePlanet also launched a competition that saw users earn thousands of MATIC. KLAYswap also had a giveaway in which it provided 30,000 MRST to participants.

So, will the Mars Token price recover? There are several reasons why it could recover. First, the network has an active community of thousands of fans. Its Twitter account has gained over 96k followers. Second, the price could rebound as it gets listed by more exchanges. Finally, there will likely be momentum toward the launch of the metaverse in 2023.

Mars Token price forecast

                    MRST/USD Chart by TradingView

The hourly chart shows that the MRST price has been in a consolidation phase in the past few days. This could be a sign that it is in a price discovery phase. The coin has formed a symmetrical triangle pattern that is shown in black. It is also consolidating at the 25-day moving average. 

Therefore, there is a likelihood that Mars Token will soon have a breakout or breakdown. In case of a bullish breakout, the coin will rise to the key resistance level at $0.60.

How to buy Mars Token

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.

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The post Mars Token price analysis: MRST could be the next big thing appeared first on CoinJournal.