Kategorie: Crypto Analysis

Polkadot price has been in a strong sell-off in the past few months amid a prolonged cryptocurrency sell-off. DOT plunged to a low of $6.1, which is slightly above this week’s low of $5.69. It has surged by more than 88% from its highest level in 2021. As a result, the total market cap has dropped to about $6.9 billion.

What drove the Polkadot price lower?

Polkadot is a unique blockchain project that was created by Gavin Wood, a computer programmer who was a co-founder of Ethereum. 

It is a unique one compared to other projects like Solana, Ethereum, and Cardano. It focuses on parachains, which are sovereign applications that are supposed to work with each other.

The core of the Polkadot network is known as the Relay Chain. It is described as the nucleus of the network and is responsible for securing, governing, and connecting the parachains. According to how it is developed, the Relay Chain can support between 100 and 250 parachains.

Recently, however, a closer look at the parachains show that they have been having a challenging period. The most troubled one was Acala, one of the biggest challenges in the world. 

Earlier this year, Acala USD (aUSD), which powers the network lost its peg. It is now trading at $0.7, which is much lower than where it should be at $1. As a result, Acala Network’s total value locked (TVL) has crashed to $47 million from its all-time high of $113 million.

Other parachains like MoonBeam, MoonRiver, and Karura have all stumbled. For example, Karura’s TVL has crashed to $14.6 million while MoonRiver has dropped to $110 million.

However, there are some emerging Polkadot platforms. For example, Phala Network coin has jumped by more than 200% in the past 7 days. Others like Energy Web Token (EWT), and Ankr have done well recently.

Polkadot technical analysis prediction

The daily chart shows that the DOT price has been in a strong bearish trend in the past few months. It dropped below the important support level at $10.33, which was the lowest level on July 2021. The coin has moved below all moving averages while the Relative Strength Index (RSI) has moved below the neutral level of 50.

DOT is sitting at the lowest level this year. Therefore, the outlook for the coin is neutral. A drop below the support at $5.70 will signal that bears have prevailed and will see it continue falling. A move above the resistance level at $7 will signal that bulls have returned, which will see it rise to $8.

How to buy Polkadot?

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.

Buy DOT with Capital.com today Disclaimer

The post Polkadot price prediction: should you buy the DOT dip? appeared first on CoinJournal.

MATIC is down by less than 1% despite Polygon’s recent partnership with Nubank. However, the coin could rally higher over the coming hours and days.

MATIC, the native coin of the Polygon network, is down by less than 1% in the last 24 hours. At press time, MATIC is trading at $0.8432 per coin.

The poor performance comes despite Polygon announcing a strategic partnership with Nubank, the leading fintech platform in Latin America. 

#Polygon is taking @Nubank from #Web2 ➡️ #Web3!

In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon 🤝

This move will open the gateway for 70 mn+ Nubank users to the #Web3 space 🤯 pic.twitter.com/Fu06Vi7IpV

— Polygon – MATIC 💜 (@0xPolygon) October 19, 2022

According to the terms of the deal, Nubank will launch its own chain using Polygon Supernets. Nubank will also launch its digital token Nucoin on the Polygon network. 

MATIC’s performance comes as the broader cryptocurrency market is underperforming. The total cryptocurrency market cap stands at $923 billion, down by less than 1% in the last 24 hours.

Bitcoin is up by less than 1% and continues to maintain its price above the $19,000 support level. Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% and is currently trading at $1,300 per coin.

Key levels to watch

The MATIC/USD 4-hour chart is bullish thanks to Polygon adding more than 14% to its value over the past seven days. 

MATIC/USD Chart By TradingView

The MACD line is currently in the positive zone, indicating that MATIC is performing excellently at the moment. The 14-day relative strength index of 53 shows that MATIC is not close to the oversold region at press time.

The bulls are gaining control of the market and could push MATIC higher before the end of the day. MATIC could soar past the first major resistance level at $0.9055 over the next few hours.

However, MATIC would need the support of the broader market to rally toward the $0.9402 resistance level for the first time since August. 

If the bears take full control of the market, MATIC could slip below the $0.8033 support level before the end of the day. 

Where to buy MATIC 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 MATIC 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 MATIC with Skilling today Disclaimer

The post Will polygon price soar higher after announcing a partnership with Nubank? appeared first on CoinJournal.

Nearly a month after the Cardano hard fork, the native cryptocurrency (ADA) remains underwater. Largely, the bearish price action is due to a weak market sentiment. However, data by CoinMarketCap shows ADA making bigger slumps compared to its closest rivals.

As of press time, ADA price was trading at $0.357, shedding 8.65% in the past week. The decline is the largest among the cryptocurrencies in the top ten bracket by market cap. Amid the bear momentum, Cardano is witnessing increased activity.

Data shows Cardano network transactions rose 75% month-over-month to 97,959 on October 19. The NFT volume on the network reached 3.0 million on October 17. On October 15, Coin98 Analytics ranked Cardano second in terms of active developer counts. The developments are positive and indicate that Cardano could continue to grow.

Amid the developments on Cardano, whales are showing limited interest in taking the price higher. The price action shows no end in sight for ADA after the token lost an important $0.42 support.

ADA’s bear momentum accelerates after losing the $4.2 support

Source – TradingView

ADA’s price action on the weekly chart shows the token crashing below $4.2. The decline suggests a bottomless next price for ADA with no support in the vicinity. An RSI reading of 32 highlights that bears has been aggressively selling the token after it lost the support. The token is near oversold, but this doesn’t signal an imminent bullish reversal. 

Is ADA a buy now?

There is no clear buy zone for ADA below $4.2. Conversely, we cannot confidently tell the next likely support for the cryptocurrency. As long as ADA trades below $4.2, we discourage buying the token. 

Instead, traders should wait until ADA recaptures $4.2 to buy it. The sentiment should also work in favour of the cryptocurrency.

Where to buy ADA

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 ADA 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 ADA with Capital.com today Disclaimer

The post After 9% losses in a week, Cardano stares at a bottomless pit appeared first on CoinJournal.

The cryptocurrency market has been underperforming over the past 24 hours, and this might be a good chance for investors to accumulate more coins.

The cryptocurrency market has been underperforming today after an excellent start to the week. This gives investors an opportunity to purchase more of their favourite coins and tokens.

Bitcoin, Ether, XRP, ADA, BNB and MATIC are some of the most popular coins that investors will be looking at. However, there are certain projects still in their infancy, with low market caps, that could prove to be good buys for investors in the long run. 

Here are some of the best low-cap coins investors can buy this week. 

Top five low-cap coins to buy

Battle Infinity (IBAT)

Battle Infinity has a market cap of $10 million and is one of the best low-cap coins to buy this week. 

Battle Infinity is a gaming platform comprising multiple P2E (Play-to-earn) battle games. The games are integrated within a Metaverse world the team calls the IBAT Battle Arena. 

Gamers also get to enjoy and experience the immersive metaverse world in the Battle Infinity ecosystem. IBAT is available on Pancakeswap and Lbank. 

Where to buy IBAT now

Lucky Block (LBLOCK)

LBLOCK is the native coin of Lucky Block, a leading marketplace for online prizes and competitions. Lucky Block takes advantage of blockchain to promote credibility and transparency in the online gaming ecosystem.

The platform also offers users access to various competitions within its ecosystem. It uses the LBLOCK token to grant players easy access to its platform. With a market cap of just $8 million, LBLOCK is currently available on Pancakeswap. 

Where to buy LBLOCK now

As LBLOCK is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LBLOCK using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LBLOCK right now, follow these steps:

1. Buy BNB on a regulated exchange or broker, like Binance ›

We suggest Binance because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your BNB to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your BNB for LBLOCK

Now that you’re connected, you’ll be able to swap for 100s of coins including LBLOCK.

AUDIUS (AUDIO)

Audius is already a popular name in the cryptocurrency space but remains a very good token for investors interested in music streaming. 

Audius is a decentralized music streaming protocol on the Solana blockchain. The primary goal of Audius was to remedy the inefficiencies of the music industry, allowing artists to gain more rewards for their work. 

AUDIO has a market cap of $154 million and can be found on some popular exchanges, including Binance, KuCoin, FTX, Kraken, Huobi Global, and Bitstamp. 

Where to buy AUDIO now

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 AUDIO with Binance today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy AUDIO with Bitstamp today

Defi Coin (DEFC)

In terms of market cap, Defi Coin is the lowest in this list. DEFC has a market cap of just $800,000 and is available only on Pancakeswap.

Defi Coin is an algorithmic crypto trading strategies platform. The broader Defi Coin ecosystem intends to become the go-to platform for global decentralised investment products. 

Where to buy DEFC now

Tamadoge (TAMA)

Tamadoge (TAMA) is the native token of the Tamaverse, a fast-rising meme coin. Tamaverse allows users to mint, breed and battle their own Tamadoge pet in the metaverse.

With TAMA, users have the ability to mint the doges they desire. The token also allows holders to breed, train and battle their Tamadoge NFTs and compete for the leaderboard every month. 

With a market cap of just $27 million, TAMA is already gaining popularity and is on listed on some exchanges, including OKX, MEXC, LBank, and Uniswap. 

Where to buy TAMA now

The post Best low-cap coins to buy this week appeared first on CoinJournal.

A loss of only 2.58% in the past week should throw caution to Chainlink (LINK/USD) buyers. That’s because the slide has seen the cryptocurrency lose a short-term ascending trendline and triangle. The ascending trendline was already giving buyers hope that LINK could finally break to the upside at $8. Are we set for a further slump?

Well, there might be some good news. A popular crypto analyst famous for making accurate altcoin predictions expects big moves for Chainlink and Ethereum. The pseudonymous analyst has 184,900 Twitter followers, and his thoughts should, of course, raise some eyebrows. The analyst says that Chainlink trades within a narrow range and should soon break out with a huge rally. 

As of press time, Chainlink price was at $6.95, slightly below an intersection of price and the ascending trendline. As the analyst mentions, Chainlink has been trading in a tight range of $6-$8 since May. The trading range is indicative that LINK is at a bottom zone. However, the key question is when is the breakout?

Chainlink price shows the token has lost a crucial short-term trendline

$8.0 remains the main resistance zone for LINK. Bulls have tried to break above the level, but the weak sentiment remains the Achilles’ heel. With the sentiment still not improving as much, Chainlink buyers may find it hard to break past $8 in the near term.

Source – TradingView

Technically, LINK trades below a short-term trendline. On the MACD indicator, momentum is weak, suggesting that a further decline is possible.

The latest weakness has also seen LINK fall below the 20-day and 50-day moving averages. The daily chart indicates that the 20-day MA is initiating a crossover below the 50-day MA. The movement could be a welcome note of a bear market for LINK.

What is the possible price for LINK next?

We sure can’t say LINK is bullish based on the above technical pointers. The likely next bottom zone for the cryptocurrency is $6.0. However, we should consider the zone a reference support level as LINK has previously also shown indecision around $6.8.

Bottomline, LINK is attractive at or towards $6.0 and should be our area of interest. At the $6.9 level, we should be mindful that further decline is possible.

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

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 Disclaimer

The post Chainlink shows signs of bearish pressure – Where is the cryptocurrency heading? appeared first on CoinJournal.