Kategorie: Crypto Analysis

Ethereum Classic (ETC/USD) buyers have defended the $23 support after the price temporarily broke below it. The price is stabilising slightly above the support after recovering by more than 8% in the past 24 hours. But can the cryptocurrency sustain a further recovery?

Macro developments and Ethereum Classic’s own fundamentals are likely to be key price influencers. For the former, there is a lot of uncertainty regarding the Fed’s action on account of increasing inflation. The inflation surge was responsible for ETC’s decline on Thursday. The consumer price index is expected to remain a thorn, at least in the foreseeable future. There are expectations that the Federal Reserve will act fast to tame the rising inflation.

On Ethereum Classic’s own fundamentals, there are hardly any positive developments. The previous gains on ETC were centred around Ethereum’s shift to a Proof-of-State consensus mechanism. It was expected that the Merge would attract Proof-of-Work miners to Ethereum Classic. It did, as Ethereum Classic saw a rise in hash rate post-Merge. Nonetheless, the hype around the shift has since subsided. ETC has maintained a downtrend, although the potential for recovery remains. 

Ethereum Classic battles the $23 support

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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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Source – TradingView

Technically, it is a mixed scenario for Ethereum Classic. The cryptocurrency now sits at $23 support. A good note to the buyers is that a bullish pin bar formed at the support, reigniting hopes of price recovery.

Conversely, ETC sellers would be delighted with the current weak momentum experienced at the support. The MACD indicator recently initiated a bearish crossover and remains in the bear zone. The moving averages above the current price reinforce a bearish view.

Should you buy ETC?

While we remain optimistic about the ETC comeback after the bullish pin bar, the price may still crash below $23. All the technical indicators show a bearish and/or weak momentum. Consider buying after further bullish price action pointers.

The post Ethereum Classic forms a bullish pin bar at support. What’s the outlook now? appeared first on CoinJournal.

Binance (BNB/USD) trades at $273.7. The trading happened after the cryptocurrency fell to $257 on Thursday. BNB has since left a bullish trail that could interest buyers. But first, let’s look at a short brief. 

For the past week, BNB has been bearish and remains 2% down in the seven days to Friday. About a week ago, Binance Chan was drained, with over $100 million of assets getting moved. The hack was a bear trigger as BNB price has been falling.

Binance has since released an update to fix the cross-chain issue that could have led to the exploit. Recently, CoinJournal reported that the developers had released a temporary patch, v1.1.16. It will fix the BNB Beacon Chain and BNB Smart Chain cross-chain infrastructure. The patch also re-starts the cross-chain communication halted by the attack. 

BNB succumbed to bear pressure again on Thursday after inflation data, pushing the token below the $267 support. A higher-than-expected 8.2% jump in inflation raised prospects that the Federal Reserve could hike rates in November. Bulls seem to defy the flash crash, going by the current price action at the support.

BNB surges above $267 support as price recovers

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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

A technical outlook of BNB shows a bullish pin bar at the $267 support. The token is pushing higher, but we remain cautious due to the weak momentum of the price movement. The MACD indicator is in the bear zone. Similarly, the moving averages offer resistance above.

What way, BNB?

BNB buyers are defending $267, giving the cryptocurrency a real chance to go higher. However, we should wait for momentum to build at the key support before buying. A retest of the support zone followed by bullish reversal signals or improved sentiment could attract buyers.

The post BNB defends $267 support. Should you buy it? appeared first on CoinJournal.

Is there a cryptocurrency that has maintained a sustained surge in this bearish market? The answer is a yes but look beyond the main tokens. Quant (QNT/USD) is one of them and remains in a defiantly bullish mode.

Quant is an Ethereum-based token that powers the Quant Network. The network was launched to make global information exchange seamless. An overledger functionality on the protocol has helped address interoperability issues for other blockchains. The native token QNT allows digital access to applications and services on the network. Enterprises and developers pay access fees to the Quant Treasury based on the equivalence of the native token QNT.

While large cryptos have overshadowed QNT, it is making a statement with the latest gains. On CoinMarketCap, QNT has added 22.33% in the week, with an intraday gain of 16.56%. Ranked #31 by market cap, the cryptocurrency is the highest gainer among its predecessors. The cryptocurrency has been on a non-stop bullish move for the past one month. The bullish momentum, however, started way back in June. CoinJournal investigates why. 

Well, the gains in QNT reflect positive developments. On June 30, Quant announced a tokenisation product tokenise. The product will let developers create digital assets and interoperable tokens on Polygon, Ethereum, and XDC. Again, on August 22, Quant announced a non-fungible token standard, QRC-721, in line with its tokenisation mission.

Lately, Quant issued an update on its Overledger product. The update improved transactions on Ethereum, as well as the functionality of the QRC-721 tokens. There are speculations that Quant could be enjoined in the development of Central Bank Digital Currencies.

QNT trends higher as bulls eye $197

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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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Source – TradingView

On the weekly chart, QNT trends upwards. The cryptocurrency has overcome resistance at $152 and is pushing higher. The token has more room to move higher because QNT’s next resistance lies at $197. An RSI reading of 66 also suggests room for upside

Should you buy QNT?

The bullish momentum of QNT makes it attractive in the bear cryptocurrency market. With the strong defiance of the ongoing macro concerns, QNT is a buy toward the $197 resistance. Nonetheless, an attractive entry lies lower, potentially at $152 or $129. Investors should buy the token on clear bullish signs at the mentioned zones.

The post Why is Quant cryptocurrency rising, and how attractive is it? appeared first on CoinJournal.

Is Polygon’s (MATIC/USD) one of the most attractive cryptocurrencies below $1? 

Probably yes, given the stability it has exhibited amid the bear market. After an inflation-inspired flash crash on Thursday, MATIC is back to winning ways. As of press time, MATIC had made an intra-day recovery of 11%. The gains were widespread across the crypto sector. However, the token’s gains were noticeable and looking likely to continue.

Once again, Polygon is making positive headlines with the latest news. As CoinJournal reported, Polygon will power the first-ever blockchain-based enforcement portal for the Indian police. The news is encouraging and shows governments are slowly embracing blockchain for critical missions. The blockchain solution is meant to help curb corruption and power complaint mismanagement within the Indian police force. 

With Polygon at the centre of the important development, it explains why MATIC rose strongly on Friday. In a sector awash with negative sentiment, the development sparked social interest in Polygon. The cryptocurrency saw increased mentions on the social trading platform Stocktwits. 

Besides, we all know that MATIC is now part of Grayscale’s large-cap crypto fund. The addition was done about a week ago as part of the asset manager’s quarterly rebalancing. The addition increases investors’ exposure to cryptocurrencies, which boosts the liquidity of the tokens. The positive development has been a plus for MATIC. But is the price bullish now?

MATIC jumps from a bullish pin bar at the support

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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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Source – TradingView

On the technical front, MATIC formed a bullish pin bar at the $0.77 support. That was after the price crashed below the level following hot inflation numbers.

Ideally, pin bars forming at key resistance or support zones are reversal signals. They communicate a price rejection on the side of the candlestick’s long wick (pin). Its appearance at the support suggests that bulls have successfully defended $0.77. 

Should we expect MATIC to go higher?

The bullish pin bar implies that a higher price looms for MATIC. The recent surges confirm that. Nonetheless, for a sustained surge, MATIC must overcome a descending trendline shown in the daily chart. Potentially, a consolidation could follow before a breakout occurs.

The post Polygon’s MATIC flashes a bullish signal. Should you buy it? appeared first on CoinJournal.

Stellar and Ripple are two of the biggest payment-focused cryptocurrencies in the world. Ripple’s XRP has a market cap of over $25 billion while Stellar’s XLM is valued at over $2.5 billion. Another similarity between the two is that Stellar’s founder, Jed McCaleb, was one of the co-founders of Ripple. So, which is a better buy between XRP and XLM?

The case for XRP

XRP price has crashed by about 40% this year. While the coin has underperformed the S&P 500 and Dow Jones, it has done better than most cryptocurrencies like Bitcoin, Stellar, and Ethereum. It has risen by more than 73% from its lowest level this year.

XRP has done better than other cryptocurrencies in the past few months because of the ongoing case by the Securities and Exchange Commission (SEC). Last month, the judge overseeing ruled that the SEC should provide documents from Hinman, in which was seen as a victory for Ripple. As such, analysts expect that the company has a higher probability of winning the case.

XRP has also risen because of partnerships amid the ongoing cases. For example, this week, it partnered with companies like I-Remit and LemonWay, a leading payment in France and Sweden. 

Therefore, there is a likelihood that the XRP price will continue rising as bulls target the next key resistance level at $0.6595, which is about 32% above the current level.

Stellar faces challenges

Stellar is a blockchain project that makes it possible for people to store and move money. It has a platform that enables people to create digital representations of money like pesos and US dollars. Stellar is mostly used by fintech and other money transfer companies like MoneyGram and Wyre. XLM, its native token, has seen its price crashed by more than 60% this year.

USD Coin is one of the biggest use-case of Stellar. It was used by Circle to build its stabilized USDC, which is one of the most popular stablecoins in the world, with over  $45 billion in market cap.

A key challenge for Stellar is that Binance, the biggest exchange in the world, converted its USDC balances to Binance USD. At the same time, plans by Circle to go public in New York stalled. 

The bottom line

Stellar Lumens and Ripple are some of the biggest payment cryptocurrencies in the world. While the two coins have a correlation, there is a likelihood that Ripple price will do better than Stellar. Besides, it has a catalyst in the ongoing SEC vs Ripple case.

How to buy Ripple

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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 XRP vs XLM: Which is a better buy between Stellar and Ripple? appeared first on CoinJournal.