Band Protocol price forecast as it bounces back

Band Protocol price has emerged as a shining light in a difficult time for cryptocurrencies. The BAND coin jumped to a high of $2.84, which was about 115% above the lowest level this week. It has risen by over 30% in the past 24 hours, according to data compiled by Binance.

Why is BAND price rising?

Band Protocol is a blockchain project that provides oracle services to developers. An oracle is a product that makes it possible for developers to pull off-chain data and bring it to the on-chain ecosystem. 

For example, assume that you are building a decentralized sports betting platform. You will need external data on games in your platform. Now, instead of getting the off-chain data yourself, you will turn to an oracle provider and use API to incorporate it easily.

Band mostly provides price feeds on cryptocurrencies. These feeds are then common in DeFi platforms like Injective Protocol and Synthetix. It also provides datasets on foreign exchange and commodities.

Band Protocol operates in a highly competitive industry, where Chainlink dominates. Other leading players in the sector are WINKLink and Maker. Chainlink has the biggest market share in the industry by far.

It is unclear why the BAND price has jumped sharply amid a crypto turmoil. A likely reason is that the developers are working on the upcoming BandChain V2.4 launch. The new upgrade will introduce new features in its ecosystem. 

For example, it will change how gas is calculated in its ecosystem in a bid to make it cheaper for data providers. It will also reduce any risks to modifications of the Wasm code, and increase throughput by at least ten times. In other words, it will be able to reduce the time taken to run the same task from the worst-case scenario of 0.4 seconds to 0.03 seconds. 

Band Protocol price forecast

The four-hour chart shows that the BAND price has made a strong recovery in the past two days. In this period, it has managed to move above the 25-day and 50-day moving averages. The Stochastic Oscillator has moved close to the overbought level. At the same time, the Relative Strength Index (RSI) has moved close to the overbought area.

BAND seems to be forming a bullish flag pattern. Therefore, there is a likelihood that it will continue rising during the weekend as buyers target the key resistance level at $3.3.

How to buy BAND

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.

Buy BAND with Capital.com today

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 BAND with Binance today

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Bitcoin’s new lower price target set by analysts. Here is what could drive it

What next after Bitcoin (BTC/USD) broke below its long-term psychological level at $19,000? According to a crypto analyst who predicted the 2021 crash, Bitcoin is headed to $13,000. The pseudonymous analyst tells his 618,400 Twitter followers to expect one “last nuke” that could see altcoins also tank by 30-40%.

It’s not only the popular analyst expecting Bitcoin to plunge. JPMorgan analysts say Bitcoin will reach $13,000 in the wake of Alameda and FTX troubles. The strategists opine that the number of entities with robust balance sheets to cushion those under liquidity crisis is shrinking. The comments come as Binance abandons the projected acquisition of FTX. 

Bitcoin has particularly been under pressure as investors’ concerns about speculative assets grow. Previously, the collapse of crypto lenders like Voyager and Celsius sparked similar market selloffs. Coupled with macroeconomic woes and high inflation, investors could consider risky assets a bad bet.

JPMorgan says that a confidence crisis is settling in the market. The analysts say since FTX had previously obtained a green light for the quality of its balance sheet, the fresh troubles hit investors differently.

BTC on a relief rally after crashing below $19,000

From the daily chart, BTC is enjoying a relief rally after touching a low of below $16,000. The relief gains come after the US annual inflation rose by 7.7% in October. The rate was below the 7.9% estimates. The below-estimated price gain rekindles discussions that the Federal Reserve may slow down the rate hikes in the future. Will BTC sustain the rally and defy the projected $13,000 price?

Source – TradingView

Despite the relief rally, a decline below $19,000 makes a bear case strong for Bitcoin. The current rally may be contained at the resistance if the bear sentiment remains. 

A likely price action could involve a further price appreciation followed by a sharp sell-off at the $19,000 level. That would open BTC to declines to the $16,000 potential support and the $13,000 analyst estimates.

When to buy Bitcoin?

Bitcoin is bearish despite the relief rally. Investors should buy the cryptocurrency after the price settles at suitable support. A breakout above $19,000 could also attract buyers.

Where to buy BTC

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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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 BTC with Skilling today

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Chainlink price prediction as the date of expected LINK staking is announced

Chainlink (LINK/USD) is back in the consolidation zone – between $6 and $8. The token had last week broken past $8 to $9.45, igniting a potential bull run. Following a crypto crash, LINK is back in the consolidation zone. But how do the latest developments help?

LINK staking has been touted as a game changer under Chainlink Economics 2.0. Chainlink 2.0 promises, among other things, a new era of cryptoeconomic security, value, and sustainable growth. The development is key to boosting the adoption of DeFi services and the Web3 ecosystem. LINK staking is core to Chainlink Economics 2.0.

As we already know, the Chainlink community has been gearing up for LINK staking. On November 9, Chainlink developers issued an update that the staking service is on track for launch in December. Stakers can now check their eligibility from Monday.

The insights around LINK staking could, at least, support the token as the market remains in the red. Below is the technical outlook:

 Chainlink retests the bottom of the consolidation channel at $6

Source – TradingView

Chainlink retested the $6 support as the price crashed. The token is recovering, but we cannot issue a bull call. The resistance at $8 remains crucial as the token has been resisted severally at that level. The RSI shows some upside, despite bears remaining in control.

Should you buy Chainlink now?

There are positive fundamentals around the Chainlink token. However, the token is submerged in the wider bear market.

Although bulls have defended the $6 support well, the price recovery could be contained below $8. That could allow LINK to consolidate further before enough buyers enter the market to force a breakout above the resistance. We recommend patience before buying LINK until it finds a directional movement. 

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

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.

Buy LINK with Capital.com today

The post Chainlink price prediction as the date of expected LINK staking is announced appeared first on CoinJournal.

Cryptocurrencies are soiling, but Polygon’s MATIC could defy bears – a technical outlook

Crypto buyers are disillusioned after what looked like a gradual recovery went haywire this week. This time, a renowned crypto exchange FTX went south in a liquidity crunch. Although this scenario is not new, the fact that it touches an exchange that was touted as sound remains a concern. Investors have reacted by liquidating positions, which has resulted in a bloody market week. But Polygon (MATIC/USD) could be one of those still displaying resilience.

While most tokens have lost by double digits in a week, MATIC is down just a single percentage point. It is not a coincidence, as MATIC has been performing well lately, driven by strong fundamentals. The latest ones include collaboration with Meta Platforms and JPMorgan. Polygon is also readying for a tour across India as part of its global growth. The tour will see the company meet the next-gen developers and creators. Seven Guild events will be covered, and 50 college campuses. 

Investors searching for a relief token to buy in the bear market should pay attention to MATIC. The technical outlook also shows why MATIC could remain resilient.

MATIC initiates recovery at a support zone

Source – TradingView

Following the FTX-inspired crash, MATIC retreated to test the long-term support zone at $0.77. The level was a breakout zone, meaning any possible recovery could start here.

The token initiated a recovery and tested the resistance at $1.0. The price has retreated slightly. The RSI shows a reading of 49, slightly below the midpoint, although the indicator signals a recovery.

Should you buy MATIC now?

Polygon’s token is showing resilience as other cryptocurrencies proceed lower. The strength underlines MATIC as a good buy cryptocurrency.

Nonetheless, with the bear market still on, we need further confirmation before buying MATIC. Bullish price action signals around $0.77 or a break above $1 could welcome buyers. 

If the bear market continues to grip MATIC, breaking below $0.77, the next support will be $0.58. We should watch the prevailing sentiment and price action to find an appropriate buying time for MATIC.

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

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 MATIC with Skilling today

The post Cryptocurrencies are soiling, but Polygon’s MATIC could defy bears – a technical outlook appeared first on CoinJournal.

Mask Network price defies gravity. Is it safe to buy?

Mask Network price defied gravity on Thursday even as other cryptocurrencies recoiled. The token was trading at $3, which was about 35% above the lowest level this week. This rebound has brought its total market cap to more than $86 million.

What is Mask Network?

Data has become an important part of the internet today. It has become one of the biggest resources in the world that powers companies like TikTok and Google.

Mask Network is a blockchain platform that seeks to change how people handle their data. It is an encryption platform that works through its browser applications.

Users just need to download and install the app and then run it. For example, with the Mask Network installed, one can easily send encrypted Twitter messages. Other things that can one can do are to save files, verify NFT avatars, and shop privately.

MASK crypto price recovered as investors reacted to its exposure to Alameda and FTX crisis. In a statement, the developers accepted that Alameda Research had invested in the company. The firm invested $50,000 in its Series A round. As such, Alameda holds less than 500 million worth of the MASK token. 

In addition, the developers said that FTX was not a market maker for the coin. It made the announcement in a bid to assure investors that it had no significant exposure to the failed company.

In the past few days, many coins that Alameda held have all crashed hard as investors expect that the company will liquidate them. They include coins like Near Protocol, Solana, and FTX Token. Therefore, this clarification is likely the main reason why Mask is doing well.

Mask Network price forecast

The four-hour chart shows that the MASK price has been in a strong bearish trend during the ongoing crash of FTX and its ecosystem. It is now trading at $3, which is above this week’s low of $2.20. The current price is important since it was its highest point on October 30th.

Mask Network has also fallen below the 25-day and 50-day moving averages while the Stochastic Oscillator has moved close to the neutral point. Therefore, there is a likelihood that the coin will resume the bearish trend amid the rising contagion risk. If this happens, the next key support level to watch will be at $2.15.

How to buy Mask Network

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 MASK with Binance today

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 MASK with KuCoin today

The post Mask Network price defies gravity. Is it safe to buy? appeared first on CoinJournal.