Kategorie: Crypto Analysis

Aave price has been in a strong bullish trend in the past few weeks as demand for blue-chip DeFi tokens has risen. It surged to a high of $83, which was about 25% above the lowest level this month. As a result, its total market cap has grown to more than $1.15 billion, making it one of the biggest DeFi tokens in the world. So, should you buy Aave?

Is Aave a good buy?

Aave is one of the biggest DeFi protocols in the world. It is a non-custodial platform that makes it possible for people to borrow and provide liquidity. While Aave is primarily an Ethereum platform, it also operates in other chains like Avalanche, Optimism, Polygon, Arbitrum, Fantom, and Harmony. 

According to DeFi Llama, Aave has a total value locked (TVL) of more than $5.13 billion. Including the total borrowed, staking, and pool2, the TVL is over $8.22 billion. This is a substantial amount since Aave was started just a few years ago.

The most recent crypto news was that Justin Sun decided to withdraw about $100 million worth of USDT tokens from the network. This withdrawal was likely connected to a recent ba of Justin Sun for dealing with Tornado Cash. Tornado was sanctioned by the American government because of its privacy features.

Analysts believe that Aave is a good coin to invest for two main reasons. First, the recent crypto crash has stress-tested the network to the core. This means that it has a higher probability of survival compared to other smaller platforms. 

Second, the upcoming yield-generation stablecoin will likely be a positive catalyst for the network. The coin, known as GHO, will be used to improve features provided by the lending platform. In addition, it will be offered to users to allow them to mint the token against supplied collateral.

Aave price prediction

The daily chart shows that the AAVE price has been in a strong bullish trend in the past few weeks. As it rose, it managed to move above the important resistance level at $80.43, which was the highest level since October 6.

Aave has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, Aace will likely continue rising as bulls target the next psychological level at $100. A drop below the support at $80 will invalidate the bullish view. 

How to buy AAVE

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 Is AAVE token a good crypto to buy today? appeared first on CoinJournal.

Immutable X partnered with Nifty Gateway a few hours ago, but that hasn’t been enough to push IMX higher in the short term.

IMX, the native coin of the Immutable X network, is down by more than 6% in the last 24 hours. The poor performance comes despite Immutable X announcing a major partnership.

The Immutable X team announced a few hours ago that it had partnered with Nifty Gateway, an all-in-one platform that empowers users to buy, sell, and store digital art and collectibles.

Welcome @niftygateway to the IMX family!

We are partnering with Nifty Gateway to be the first chain added outside of ETH to offer a premium and frictionless trading experience to the web3 gaming space #onIMX

Here is to onboarding the next billion people 🤝 pic.twitter.com/UMeLmiaoyA

— Immutable 🅧 – $IMX (@Immutable) October 18, 2022

This latest cryptocurrency news means that Nifty Gateway is the first chain added outside of Ethereum that offers a premium and frictionless trading experience to the web3 gaming space on the Immutable X network. 

IMX’s poor performance also comes as the broader cryptocurrency market losses some of the gains it had accumulated earlier this week.

The broader market has lost more than 1% of its value today, with the total crypto market cap now at $925 billion.

Bitcoin is down by more than 2% in the last2 4 hours and is now trading at around $19,200 per coin.

Key levels to watch

The IMX/USD 4-hour chart is bearish, as Immutable X has been underperforming over the last 24 hours.

IMX/USD Chart By TradingView

The MACD line has been below the neutral zone for more than a month now, indicating that the bears have been in control for a while.

The 14-day relative strength index of 30 shows that IMX could soon enter the oversold region.

At press time, IMX is trading at $0.594 per coin. If the bearish trend continues, IMX could drop below the first major support level at $0.5492 before the end of the day.

With the broader market in a bearish state, IMX could record further losses over the coming hours and likely drop below the $0.515 support level for the first time in months. 

Where to buy now

Huobi

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The post Immutable X down by 6% despite Nifty Gateway partnership: will it recover soon? appeared first on CoinJournal.

Ankr (ANKR/USD) surged by 15% on Tuesday, making it one of the top intraday gainers on the day. The gains came on the back of positive cryptocurrency news.

Into the briefs – ANKR is an Ethereum-based token for the Ankr network. The protocol supports Web3 infrastructure and acts as a cross-chain DeFi staking platform. The network aims to make it easy and less expensive for everyone to participate in blockchain through staking, building dapps, and hosting nodes. The ANKR token is used for payments, governance, and insurance for network users.

Tuesday’s gains came after Ankr became one of the first Remote Procedure Call providers for Layer-1 blockchain Aptos. The partnership allows developers to build scalable and safe dApps on top of Aptos. The Monday announcement follows other developments. 

Last month, Ankr partnered with Polygon to expand Web3 building for supernet developers. Earlier on, Ankr joined with ssv.network to create a trusted and secure form of ETH Liquid Staking.

ANKR overcomes oversold bottom after the latest gains

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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Source – TradingView

The technical outlook shows ANKR has overcome an oversold bottom of $0.026. The cryptocurrency met resistance at the descending trendline and is facing some correction. 

Based on the descending trendline, ANKR’s recovery could be followed by a sharp correction. However, $0.026 is the base level for the token, as it is yet to break below it since May. If we are to see further gains, bulls must overcome the descending trendline. 

ANKR concluding thoughts

The latest developments give a bullish boost to ANKR. However, as long as the price remains below the descending trendline, we would be hesitant to issue a bull call. Nevertheless, ANKR is signalling a price bottom at $0.026. Thus, it could be a matter of time before we experience a bullish reversal of the cryptocurrency.

The post ANKR price outlook after a key development appeared first on CoinJournal.

Ripple’s (XRP/USD) has been trading in a choppy pattern for almost a month now. Quick short-term price appreciations have been followed by almost an equivalent of declines. The upside has rarely surpassed $0.54, while the downside has held to $0.43. However, the price action shows that XRP bulls are relentless. 

Well, Ripple’s case with the SEC remains a focal point. Of course, both parties submitted their motions for a summary judgement last month. While the SEC has held its ground, Ripple is optimistic about triumphing against the regulator. XRP gained strongly in September on the back of positive expectations of the case resolution. 

The recent sluggishness of XRP occurs due to the lack of sufficient catalyst for further upside. Ripple’s CEO Brad Garlinghouse has expressed disappointment with the SEC. He has pointed out that litigation is not about the law but power.

In a statement during the DC Fintech Week, Garlinghouse said that he expects a resolution in the first half of next year. That suggests that the case’s outcome comes up to the second quarter. The indication could be a little of a disappointment to the XRP enthusiasts. As CoinJournal reported, the investors had earmarked an “end game” as soon as the end of this year or early 2023. Still, the expectation could be met if the resolution occurs early in the first quarter.

Aside from the SEC case proceeding, Ripple has had positive developments lately. The blockchain is seeking to bring Ethereum smart contracts to its ledger. The move would increase liquidity for XRP through the new sidechain. XRP has shown limited movement since the news dropped.

XRP in choppy movement after the latest surge

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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Source – TradingView

The daily chart shows that XRP lacks a directional basis. Nonetheless, the cryptocurrency has maintained the previous gains as bulls are relentless at $0.43. Momentum is weakening as a MACD bearish crossover was initiated about a week ago. However, we can’t reliably say the token is bearish. 

Should you buy XRP?

At the current level, XRP is not attractive. The current choppy pattern could force a price break to the upside or downside depending on the existing sentiment.

The post Ripple’s XRP price maintains a choppy movement. What’s going on? appeared first on CoinJournal.

Phala Network price went vertical on Tuesday after the coin was listed in Gate.io and as the delegation amount continued rising. PHA rose to a high of $0.4858, which was the highest level since January 5 of this year. At its highest point this week, the coin was almost 600% from its lowest level this week.

What is PHA and why did it surge?

Phala Network is a leading blockchain project built on Polkadot, one of the biggest smart contract projects in the world. Its coin has a market cap of over $173 million and is the 173rd biggest cryptocurrency in the world.

Phala Network describes itself as a secure decentralized cloud computing network based on Polkadot. It is a cross-chain interoperable confidential smart contract network. As such, Pha Contract supports compute-intensive tasks, has low latency, and has cross-chain computing features.

PHA price rose sharply after it was integrated by Gate.io, one of the biggest crypto exchanges in the world. This means that users can buy and sell the coin in the ecosystem. Historically, cryptocurrency prices tend to rally after being listed in a major exchange.

Meanwhile, it seems like there is substantial demand for the token, In a tweet, Phala Network said that its stakepool delegation exceeded 180 million PHA, worth about $87 million.

11/ @PhalaNetwork has announced an integration with @gate_io, making the PHA token available on the platform: https://t.co/vJdZuFo3ym

Stakepool delegation, designed to ensure the stability and security of Phala Network, has exceeded 180 million PHA: https://t.co/y7dktDsOFx

— Polkadot @DOTinVietnam (@Polkadot) October 17, 2022

Another major cryptocurrency news at the ongoing DOTinVietnam event was the rebrand of its programming model to Pha Contract. This contract is an innovative programing language that enables off-chain computation. It acts as the Web3 version of Amazon Lambda backed by the decentralized Phala computing cloud. 

PHA price forecast

The daily chart shows that the Phala Network price has been in a consolidation phase in the past few months. It then went parabolic this week as Polkadot hosts a major event in Vietnam, where the Gate.io integration was announced. 

The coin has managed to move above all moving averages while the Relative Strength Index (RSI) moved above the overbought level. Therefore, there is a likelihood that the coin will pull back sharply as the excitement about the new listing wanes. 

Historically, post-listing pumps don’t last for long, As such, the coin will likely resume the bearish trend and move to the support at $0.1447, which is about 45% below the current level.

How to buy Phala 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.

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Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

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The post PHA price prediction as Phala Network defies gravity appeared first on CoinJournal.