Kategorie: Crypto Analysis

MATIC, the native coin of the Polygon network, is up by more than 8% today, thanks to Polygon reaching a new milestone.

MATIC is the best-performing cryptocurrency amongst the top 20 coins by market cap in the last 24 hours. The coin has added more than 8% so far today and could rally higher before the end of the day.

The positive performance comes after Polygon announced that it had achieved a new milestone.

🚀 A MAJOR adoption milestone 🚀

53,000+ decentralized apps have found their home #onPolygon as of the end of September, as per @AlchemyPlatform.

This means… 🤯
8x jump from the start of 2022.
60%+ increase since June.

— Polygon – MATIC 💜 (@0xPolygon) October 17, 2022

The Polygon team revealed that the total number of decentralised applications (dApps) on its platform has now surpassed 53,000. The team revealed that it had experienced an 800% increase since the start of the year and an over 60% increase since June.

The rally comes as the broader cryptocurrency market continues its positive start to the week. The total cryptocurrency market cap is up by nearly 2% today and now stands at $940 billion.

Bitcoin, the world’s leading cryptocurrency by market cap, is closing in on $20k as it is up by more than 1% over the last 24 hours. Ether is also up by 2% so far today and is now trading at $1,335 per coin. 

Key levels to watch

The MATIC/USD 4-hour chart is bullish, as Polygon has been performing well over the last 24 hours. The technical indicators show that MATIC is outperforming the broader crypto market at the moment. 

MATIC/USD Chart By TradingView

The MACD line is above the neutral zone, indicating that MATIC is currently in a bullish mode. The 14-day RSI of 64 shows that MATIC is heading into the overbought region if the rally is sustained.

At press time, MATIC is trading at $0.8758. If the positive momentum is sustained, MATIC could soar past the first major resistance level at $0.9355. 

However, it would need the support of the broader cryptocurrency market to cross the $1 psychological level for the first time since August. 

Where to buy 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.

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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.

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The post MATIC soars by more than 8% so far today: Here is why appeared first on CoinJournal.

Solana (SOL/USD) trades at $30.5 after an intraday gain of 2.22%. However, weekly losses total 6.42%. A brief check of the price action shows that this is a support zone for the cryptocurrency. To a technical reader, the area remains of interest. 

Solana has been touted as an Ethereum killer due to its fast speeds and low transaction costs. Yet, the blockchain shares significant similarities with the Ethereum ecosystem. However, the name tag is quickly getting eroded as a series of hacks have hit the Layer-1 blockchain. Rising capital outflows have been commensurate with the price decline.

As of October 13, data by CoinMarketCap shows that Solana had a total capitalisation of $10.6 billion. That was a 13% or $1.43 billion decline from October 6. The drop coincided with a $100 million exploit of Mango Markets, a Solana DeFi protocol. SOL has been under pressure since then, although the market cap has improved slightly to $10.9 billion

While macro issues, including high inflation, are to blame for SOL’s decline, the hacks send wrong market signals. That partly explains why the cryptocurrency is struggling at the $30 level. In our assessment, a further decline is a more probable outcome than a bullish reversal. 

Solana retests $30 supported-turned resistance

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 above shows that $30 has already become a resistance. Potentially, SOL is retesting it before proceeding lower. A lack of positive sentiment is to blame, with the momentum weakening into bear territory. 

Which way, SOL?

A retest of the $30 resistance could force a further decline, with the next potential zone for SOL at $26. However, buyers could try to overcome a further drop and keep SOL above $30. 

Although the bull scenario looks less likely, we should watch for price action at the potential resistance. Bulls must also overcome the descending trendline to consider a more lasting upside.

The post Is Solana about to slide further, or a bullish reversal is imminent? appeared first on CoinJournal.

Injective Protocol price has been in a bullish trend in the past few weeks as investors wait for the upcoming Project X. It also rose as the market focused on the growing total value locked (TVL) in its ecosystem. INJ rose to a high of $2.22, which was the highest level since August 11. Its market cap has risen to over $153 million.

Project X launch coming up

Injective Protocol is a leading blockchain project that is aimed for the Decentralized Finance (DeFi) industry. Built on top of the Cosmos ecosystem, the company is backed by companies like Binance, Pantera, and Jump Crypto.

Injective Protocol aims to be a better alternative to Ethereum in terms of its optimization to DeFi. Some of its features are its cross-chain interoperability, intuitive developer experience, low fees, and is highly environmentally friendly.

INJ price has risen sharply in the past few days as investors focus on the upcoming Project X launch. Project X is the next-generation DeFi protocol that is made up of two key components. First, it has an automated strategy vault for marketing and passive yield generation. 

As such, it will help users provide passive liquidity and access trading strategies that were inaccessible to everyday users. These vaults will act as an Automated Market Maker (AMM) without any impermanent loss risk.

Second, Project X will introduce a one-click launchpad for fundraising and listings. This launchpad will allow any developer to permissionless fundraise for a project and instantly list it on Injective exchange dApps in just a single click.

INJ price has also risen because of the rising total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL in its ecosystem has risen from $35 million in June to over $103 million.

INJ price prediction

The daily chart shows that the Injective Protocol price has been in a bullish trend in the past few months. In this period, it has moved above the ascending trendline shown in green. It moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen above the neutral point.

Therefore, the INJ price will likely continue rising as bulls target the next key resistance level at $3. A move below the support level at $2 will invalidate the bullish view.

How to buy Injective Protocol

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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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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.

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The post Is Injective Protocol (INJ) cheap ahead of Project X Launch? appeared first on CoinJournal.

Dogecoin price has been in a consolidation phase in the past few days. DOGE was trading at $0.060 where it has been in the past few days. It has fallen by more than 64% this year, making it one of the worst-performing big-cap coins.

Why is DOGE crashing?

Dogecoin has been in a bearish trend as investors worry about multiple things, including high-interest rates and low demand. This decline is in line with that of other cryptocurrencies like Bitcoin and Ethereum. 

The Federal Reserve has embraced an extremely hawkish tone this year. It has hiked interest rates by 300 basis points this year. At the same time, the bank has decided to implement quantitative tightening (QT) policies by reducing its balance sheet.

Historically, risky assets like Bitcoin and Dogecoin tend to underperform in periods of high-interest rates. This also explains why American indices like the Dow Jones and the Nasdaq 100 have plunged as well.

Meanwhile, Dogecoin has crashed because of soaring inflation. Data published last Wednesday showed that the headline consumer price index (CPI) remained at an elevated level in September. This increase was bigger than what analysts were expecting.

As a result, analysts believe that the Federal Reserve will continue hiking interest rates in the coming months. Precisely, they expect that the bank will hike rates by 75 basis points in November and by 50 basis points in December.

DOGE price has also declined because of the falling demand. As you recall, Dogecoin had a strong performance in the first part of 2021 after the endorsement by Elon Musk. Recently, however, Elon Musk has remained muted about Dogecoin. And when he talks, the coin has often reacted mildly. On-chain data shows that Dogecoin activity has been relatively muted in the past few months.

Dogecoin price prediction

Should you buy Dogecoin? The daily chart shows that DOGE price has been in a tight range in the past few weeks. In this period, the coin has moved below the 25-day and 50-day moving averages. A closer look shows that it has formed a head and shoulders pattern. In price action analysis, a H&S pattern is usually a bearish sign.

The Relative Strength Index (RSI) has moved slightly below the neutral point. Therefore, Dogecoin will likely have a bearish breakout as sellers target the next key support level at $0.050. A move above the resistance at $0.065 will invalidate the bearish view.

How 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 Should you buy Dogecoin? appeared first on CoinJournal.

VeChain is slowly recovering from its recent slump and could be headed for more gains over the next few days. 

VET, the native coin of the VeChain blockchain, is up by more than 1% in the last 24 hours. Over the past seven days, VET has lost more than 2% of its value.

However, with the broader cryptocurrency market now performing well, will VET recover from its recent slump?

What is driving VET’s price higher today?

VET is up by more than 1% in the last 24 hours. The cryptocurrency maintains its position as one of the top 50 cryptocurrencies by market cap.

There is no apparent catalyst behind VET’s performance today. At press time, VET is trading above the $0.023 psychological level.

The positive performance comes as the broader cryptocurrency market recovers from last week’s slump. The total cryptocurrency market cap is up by more than 1% so far today and currently stands at around $930 billion.

Bitcoin is heading towards the $20k psychological level once again after adding roughly 2% to its value today. Ether is also trading above $1,300 as it is up by nearly 3% in the last 24 hours.

What’s the outlook for the VeChain price?

VeChain has been underperforming over the past seven days. However, its performance resonates with that of the broader cryptocurrency market.

With Bitcoin and the broader cryptocurrency market now recovering, you could expect VeChain to rally higher again in the near term. 

If the bulls can continue to maintain the current market momentum, VET could target August’s high of $0.0333 over the next few days. However, it would need the support of the broader cryptocurrency market to soar higher. 

VeChain technical analysis

The VET/USD 4-hour chart is still bearish despite VeChain performing well over the past 24 hours. However, the technical indicators show that VET is recovering from last week’s poor performance.

VET/USD Chart By TradingView

The MACD line is below the neutral zone but has been rising slowly toward the positive region. Thus, indicating that the bulls are gaining momentum in the market.

The 14-day relative strength index of 43 also shows that VET is no longer in the oversold territory.

If the bulls remain in charge, VET could surge past the first major resistance level at $0.0257 before the end of the day.

However, it would need the support of the broader cryptocurrency market to make a move toward the $0.0267 resistance level over the next few days. 

How to buy VeChain?

Follow these simple steps to buy Litecoin:

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

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

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

Where to buy now

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 VET with Capital.com today Disclaimer

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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The post VeChain price above $0.023: Where next for VET? appeared first on CoinJournal.