Kategorie: Crypto Analysis

After remaining in a bullish momentum since June, PancakeSwap (CAKE/USD) buyers seem to have hit speed bumps. CAKE faced resistance at $5.0 in late September, a level more than double the price it traded during the June lows. The token now trades at $4.45, and bear pressure is mounting.

There is no clear reason for the continued decline in CAKE. It could be due to profit-taking since the token was on a bullish gear as other cryptocurrencies plunged. The bear market happens amid positive news after the hyped launch of Aptos more than a week ago. 

Accordingly, PancakeSwap is positioning itself to become the largest DEX on Aptos. Through a community vote on October 20, a proposal was passed to deploy the DEX mainnet on Aptos. The latter is an entrant Layer-1 blockchain offering low transaction costs and faster speeds.

In the proposed plan, developers will deploy swaps, pools, farms, and initial farm offerings on Aptos in the fourth quarter. CAKE will also be available on the Aptos blockchain. PancakeSwap has attributed the move to Aptos’s low transaction costs, high speeds, and transaction throughput.

Of course, Aptos has been making headlines since its launch. PancakeSwap sees an opportunity ahead of others. However, CAKE is yet to show any positive change, with the price down 3% in the past week. 

A bearish MA crossover is imminent as CAKE trades lower

Source – TradingView

A technical outlook shows CAKE is trading on a descending triangle. Although yet to break out, momentum is weak, and a further decline is likely. 

Our attention is also drawn to the 20-day and 50-day moving averages. The 20-day MA is, for the first time since July, attempting to break below the 50-day MA. A crossover of the short-term below the longer-term MA should be interpreted as a bear sign for the cryptocurrency.

The relative strength index is below the midpoint but shows CAKE is far away from the oversold level. The reading of 47 suggests there are more sellers for the cryptocurrency.

What next for CAKE?

A bear momentum will be confirmed when CAKE breaks below from the descending triangle. A 20-day MA crossover below the 50-day MA will reinforce a bearish bias. The next level to watch will be $4.1.

Where to buy CAKE

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 CAKE with Skilling today Disclaimer

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 CAKE with Capital.com today Disclaimer

The post PancakeSwap maintains a descending triangle setup. Here is what could happen next appeared first on CoinJournal.

How long can Ethereum (ETH/USD) stay in the bear market? Not easy to answer, especially since it remains to be seen how the Federal Reserve will act to tame sky-high inflation. However, one thing we are sure of is that the accelerated selloff witnessed earlier this year is weakening. For Ethereum, the cryptocurrency has set $1,250 as the key reference zone. Is it a bull sign?

A popular crypto analyst who called the market bottom in 2018 is telling his 211,400 Twitter followers to buy ETH now. According to the pseudonymous analyst, a bullish reversal is imminent for ETH. He says the cryptocurrency is repeatedly moving along the 200-day week MA, a bullish sign. He expects ETH to rally 80% from the current level, aiming for the $2,400 mark.

Ethereum defends $1,250 as price finds stability in a bear market

Source – TradingView

Turning to the technical side, we can see that Ethereum has been defending $1,250 for the past month. 

The price is also clear of the 200-day MA on the weekly chart, giving hopes that a rebound is possible. Note that the 200-day MA is considered a crucial trend indicator. It is used to analyse and spot potential long-term trends. With ETH remaining supported by the moving average, we should remain keen on the price action. 

Further, a small bullish pin bar formed at the $1,250 support on the weekly chart. That was after an inside bar formed at the same level. Both are signals of a potential break to the upside.

Should you buy ETH?

While the triggers for a bear market remain, ETH is attractive at the current price. Bulls have repeatedly rejected a price decline below $1,250, a sign that a reversal could occur there. This does not suggest that we may see a lasting bullish surge in the short-term or near term. It however indicates a potential bottom price.

For bulls, ETH targets lie at $1,450 and next at $2,000. However, should the bull market be confirmed, ETH could make a strong rally to $2,400 and previous highs.

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.

Buy ETH with Skilling today Disclaimer

The post Ethereum recovers above 200-day MA. Here is the next price target appeared first on CoinJournal.

Stellar Lumen (XLM) is up by more than 2% in the last 24 hours as the broader cryptocurrency market continues its positive start to the week.

XLM, the native coin of the Stellar Lumen blockchain, is up by more than 2% so far today. The coin is currently trading at $0.1124 at press time.

XLM’s performance aligns with that of the broader cryptocurrency market, which is also up by more than 2% in the last 24 hours. However, it has failed to surge past the $0.120 resistance level in recent weeks and could remain there as we head into the last few days of the month. 

What is driving Stellar Lumen’s price higher today?

XLM has been performing well over the last 24 hours, aligning with that of the broader cryptocurrency market. It is up by more than 2% in the last 24 hours and is underperforming against Bitcoin and Ether, the two leading cryptocurrencies by market cap.

Bitcoin is up by more than 4% today and is trading above $20k, while Ether has added more than 10% to its value and currently stands at $1,453. 

Today, SDF announced a $5 million Enterprise Fund investment in @sendwaveapp, a fast-growing mobile money app introducing simpler, cheaper solutions for users to transact and send money affordably. https://t.co/KTdq2ilcd2

— Stellar | #Meridian2022 | Rome, Italy | Oct 11-13 (@StellarOrg) October 24, 2022

XLM is not rallying despite the Stellar Development Foundation (SDF) announcing a $5 million Enterprise Fund investment in Wave, an African mobile money app that endeavors to make Africa the first cashless continent.

What’s the outlook for the Stellar Lumen price?

XLM could rally higher over the coming hours despite underperforming against Bitcoin and Ether. 

At press time, XLM is trading at $0.1124. However, if the broader cryptocurrency market continues its positive start to the week, XLM could rally toward the $0.120 resistance level before the end of the week. 

Stellar Lumen technical analysis

The XLM/USD 4-hour chart is still bearish despite Stellar Lumen performing well over the last 24 hours. The technical indicators show that XLM’s price action is improving.

XLM/USD Chart By TradingView

The MACD line remains below the neutral zone but is slowing moving higher, indicating that the bulls are slowly taking control. 

The 14-day relative strength index of 56 also shows that XLM is no longer in the oversold regions and could soar higher soon.

If the bulls remain in charge, XLM could surge past the first major resistance level at $0.1169 before the end of the day. 

However, XLM would need the support of the broader crypto market to cross the second major resistance level at $0.120 for the first time in three weeks. 

How to buy Stellar Lumen?

Follow these simple steps to buy Stellar Lumen:

Step 1: Open an eToro account: 

Visit the official eToro website and open an account within a few minutes. 

Step 2: Fund your account:

Fund the newly-opened eToro account with your local fiat currency. You can deposit as much as you desire. 

Step 3: Start trading Stellar Lumen:

You can immediately start trading Stellar Lumen against a host of other cryptocurrencies like Bitcoin or against fiat currencies like GBP or USD.

Where to buy Stellar Lumen now

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 XLM with eToro today Disclaimer

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 XLM with Capital.com today Disclaimer

The post Stellar Lumen price below $0.120: Where next for XLM? appeared first on CoinJournal.

The IOTA price has been in a consolidation phase in the past few days as cryptocurrencies recoiled. It was trading at $0.2468, where it has been in the past few weeks. This price is about 25% below its highest level in September. IOTA has a market cap of more than $691 million, making it the 63rd biggest cryptocurrency in the world. 

Is IOTA a good buy? 

IOTA is a leading platform built on top of technology known as Tangle. Tangle is a distributed ledger technology (DLT) that offers everything that blockchain offers and more. Tangle is an open, feeless, and highly scalable protocol that is designed to support transfer of value. 

A DLT is a network of nodes that replicate, share, and synchronize digital data and value spread across many different locations. There is no central administrator, unlike in centralized databases. 

Some of the top features of IOTA’s tangle network are that it is scalable, frictionless, feeless, highly secure, standardized, flexible, and is open source. 

IOTA came in the spotlight recently when the developers launched Shimmer Network. Shimmer is a smart contract platform that aims to compete with leading blockchains like Ethereum, Solana, and Polkadot. Shimmer’s token is known as SMR and has a market cap of more than $103 million. 

Shimmer has been adopted by some developers in the past few weeks. Some of the top applications in its ecosystem are Amnesia Cash, AuditOne, Camels DAO, Fiesta Family, and HiFi Gaming Society among others. 

IOTA price has retreated recently as investors react to the latest evaluation of the Tangle 2.0. The report showed that the platform was extremely powerful that attackers could not break. 

Our 1st performance evaluation of the #Tangle 2.0 consensus protocol was accepted by @EAI_Social 🥳 . We found that – in a Byzantine environment – even powerful attackers can´t break the protocol nor endanger the liveness of honest transactions.
🔗 https://t.co/tJ7ywgMODI#IOTA

— IOTA (@iota) October 24, 2022

Still, analysts believe that IOTA and Shimmer have a long way to go to compete with the likes of Solana and Ethereum.

IOTA price forecast 

The four-hour chart shows that the IOTA price has been in a strong bearish trend in the past few weeks as the enthusiasm of Shimmer faded. 

As it dropped, the coin formed a descending channel shown in black. The coin has managed to move above the upper side of the falling channel. It has moved slightly below the 50-day and 25-day moving averages. 

The coin has also formed a bullish divergence pattern. Therefore, the coin will likely remain in a bearish trend in the coming days as sellers target the next key support level at $0.2362.

How to buy IOTA

The post IOTA price forecast: Will this fallen angel ever rebound? appeared first on CoinJournal.

Dogecoin DOGE/USD is trading for $0.05979, a 1.28% gain in the past day and 0.75 % in the last week. The uptick could be due to Dogechain, a smart contract platform inspired by the canine-themed token. 

Dogechain DC/USD is up 25% in the past day and 200% in the last week. DC, though distinct from Dogecoin, could also be behind DOGE trading volumes. The volumes increased 37% to $216,705,178 in the period. Elsewhere, although the excitement around Dogecoin seems to have died, Elon Musk’s Twitter deal could revive the blockchain. 

The takeover bid, which has been marred with legal tussles, is expected to rejuvenate DOGE. Earlier in the undertaking, Musk had hinted at the possibility of using DOGE in Twitter transactions.

Lastly, the Dogecoin mining hash rate is up again. It peaked at a seven-month high last week. The metric, which is the computing power for minting crypto, was reported at 815 TH/s, according to Coinwarz. The trajectory is poised to pump the price of the digital asset. Besides the positive sentiment, DOGE is at the lower end of consolidation.

Doge holds onto support amid consolidation

Source: Tradingview

From the daily chart above, DOGE/USD has bounced off the support but remains in a consolidation. The pattern of a high of $0.065 and a low of $0.0.0578 has remained so since September 6. The speed and price change momentum indicator, RSI, is close to the neutral level at 46. Similarly, the MACD shows a weak signal, almost close to neutral.

Concluding thoughts

Despite the meme token holding on to the support, there is a minimal chance of a bullish reversal. The key indicators support the argument – all show a low momentum. The sentiment can, however, change at any price above the resistance. Even so, the momentum indicators should turn bullish to welcome any buy entry.

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.

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The post Dogecoin holds onto support. What is the likelihood of a bullish reversal? appeared first on CoinJournal.