Kategorie: Crypto Analysis

MDX price defied gravity on Thursday as cryptocurrencies plunged. The MDEX token went vertical and reached a high of $0.1300, which was the highest level since May 23rd of this year. It has risen by more than 127% from the lowest level this year. It now has a total market cap of more than $103 million.

What is MDX and why is it rising?

MDEX is a leading blockchain project that provides a decentralized crypto exchange (DEX), Initial Model Offering (IMO), and Decentralized Autonomous Organization (DAO). It is a platform that is deployed on the Binance Smart Chain, HECO, and Ethereum. 

MDEX provides a dual mining mechanism of liquidity mining and transaction mining that provides participants with maximum rewards. Integrating multiple chains makes it possible to be an all-rounded DeFi protocol.

According to its website, MDEX has a total value locked (TVL) of more than $616 million. At the same time, data compiled by CoinMarketCap shows that it handled about $4.8 million worth of transactions in the past 24 hours. This was a 54% increase from the previous day.

It is unclear whether MDX price went parabolic on Thursday. A likely reason is that Mdex recently launched its perpetual trading feature this month. Perpetual futures are products that are similar to stock futures. The only difference is that perpetual futures don’t have an expiry date.

Another possible reason why MDX price rose is the addition of Metallurgy’s token was added to MDEX’s platform. It could also be a pump-and-dump scheme.

Meanwhile, the prices of most cryptocurrencies has crashed in the past few hours. Bitcoin crashed to a low of $18,700 while the total market cap of all digital coins crashed to about $900 billion.

MDX price prediction

The daily chart shows that the MDX price went parabolic on Thursday. It rose to a high of $0.1300, which was the highest level since May 24. It has jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) rose to the overbought level. The coin also rose above the important resistance level at $0.1174, which was the highest point on June 19.

Therefore, the MDEX token will likely retreat as sellers target the key support level at $0.100, which is about 20% below the current level. A move above the resistance point at $0.1300 will invalidate the bearish view.

How to buy Mdex

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 MDX with Binance today

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.

Buy MDX with Swapzone today

The post MDX price prediction as Mdex defies gravity appeared first on CoinJournal.

Chainlink (LINK/USD) has been under pressure of late. The losses in the week stand at 8.28% after accelerating by an intraday of 2%. The cryptocurrency has now lost about 88% of its value since last year’s high of around $53. But is Chainlink set to fall further?

Chainlink price drops to $7.13 amid bearish pressure

LINK bottomed at $6.0 in June as recovery looked sustainable. Currently, LINK trades at $7.13 from a local top of nearly $10 in August. The August high reflected optimism around Chainlink Economics 2.0. In particular, a token staking mechanism introduced by the new roadmap inspired the crypto community. The update also introduces long-term security on the network.

Consequently, the current LINK price reflects a broader concern than the blockchain’s specifics. A weak crypto sentiment due to macro concerns is responsible for the losses. Last week, US job numbers came stronger than expected, raising the speculations of economic tightening.

On Thursday, the US will release the inflation report amid expectations of elevated prices. A high inflation rate will cement the Fed’s resolve to raise rates aggressively to tame prices. Consequently, investors are taking a back seat from risky assets such as Chainlink ahead of the report. 

What’s the outlook for Chainlink price?

Chainlink 2.0 is a game changer for LINK. However, the update should be looked at in the longer term in influencing LINK price. That’s large because cryptocurrencies are showing a lot of correlation with macro events.

Besides, the recession continues to be a big fear. With the recession bells continuing to ring, the near future outlook for LINK remains bleak. Potentially, we will see a further downside before LINK makes a sustained comeback. Should the existing concerns fail to subside, the $6.0 bottom remains in sight.

LINK technical analysis

The daily chart outlook shows bears have overcome a potential rise above $7.5 for LINK. The level has been tested multiple times. On the downside, however, bulls have resisted a decline below the short-term ascending trendline. Who wins?

Source – TradingView

Looking at the daily chart, two possibilities, a bull and bear case, line up for the Chainlink token.

In the bull case, we assume that LINK buyers will continue to defend the ascending trendline. That will allow the price to continue to push high up for a potential breakout above 7.5. For such a possibility, the crypto sentiment must improve. It could also happen due to Chainlink’s specific developments. 

In the bear scenario, LINK bears will push the price below the ascending trendline. That will allow them to defend the $7.5 resistance. If bears manage to do so, then LINK could head back to the yearly bottom at $6.0.

Is the bear scenario more likely? Probably yes, from the technical indicators. The MACD indicator is in the bear zone while momentum is weakening. The recent declines also saw the LINK price move below the moving averages. However, soft inflation data on Thursday could turn the tables and help LINK overcome a possible drop to $6.0. So, we keep both scenarios open.

How to buy Chainlink

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 price: what’s the outlook after an 8% dip? appeared first on CoinJournal.

Shiba Inu (SHIB/USD) trades at merely $0.000010 after losing more than 10% in the week. That comes as investors develop a risk-off attitude towards volatile assets. The current level is a make-or-break point for SHIB, going by the current technical indicators.

The absence of a price catalyst in cryptocurrencies has been fueling a bear market for SHIB. First, the general mood in crypto remains bearish. As of press time, leading cryptocurrencies Bitcoin and Ethereum had fallen by more than 4% and 3%, respectively. The declines happen as investors exercise caution ahead of the US inflation data on Thursday.

Aside from the macro events, the SHIB fall happens amid delayed projects. That includes the much-anticipated metaverse. The utility of the meme token remains low, and most of its movements have been somewhat speculative. However, whales continue to hold the token on expectations of a price pump. Data by Whalestats shows that SHIB is the most-held cryptocurrency by Ethereum whales. The rank excludes stablecoins, USDC, USDT, and stETH.

Shiba Inu price movement and prediction

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 SHIB 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 SHIB with Capital.com today Disclaimer

Source – TradingView

Shiba Inu trades at crucial support on the daily chart. We call it a make-or-break level because if bulls do not hold it, the price could crash back to the yearly lows. Turning to the MACD indicator, a bearish crossover occurred as the price hit $0.000010.

The momentum is weak at the crucial support. The trading volume is down 49%, highlighting a decline in investors trying to scoop the meme token at the support. 

Should you buy Shiba Inu?

SHIB is not yet a buy. Although a reversal could occur at the current level, sentiment remains weak, and momentum is low. Thus, there are greater chances that SHIB will fall below $0.000010. The probable next support for the cryptocurrency lies at $0.0000080.

The post Shiba Inu slides 9% to find support. What are the odds of a reversal? appeared first on CoinJournal.

Huobi Token (HT/USD) rose another 25% on Wednesday, capping a solid weekly 58% gain. The surge happens amid positive developments for the crypto exchange.

Well, Huobi is trying to redeem itself after a challenging time in the cryptocurrency market. Peers such as Voyager and Celsius have been facing liquidity challenges. That sent panic that other crypto exchanges like Huobi could follow suit. Consequently, the Huobi native token crashed to trade at below $4 earlier this month. That is ten times less than its May 2021 high of almost $40.

As of press time, the Huobi token traded at $6.4 as enthusiasm returned. CoinJournal had reported that About Capital was injecting funds in the crypto exchange. In a press release on October 8, Huobi said its founder Leon Li Lin will sell his stake in the exchange to About Capital. The Hong-Kong based asset manager is expected to inject “sufficient” capital to fund the exchange’s global expansion. 

On October 9 again, Huobi announced a new Global Advisory Board. The board consists of leading blockchain and non-blockchain business leaders. These include Tron founder Justin Sun, one among those speculated to be eyeing the purchase of the crypto exchange. The board will spearhead Huobi’s global expansion. 

Huobi token posts double-digit gains on key developments

Below, the Huobi token is making parabolic moves following positive developments. However, the token has met resistance at $6.8.

Source – TradingView

On the daily chart, the Huobi token is retreating from an overbought resistance at $6.8. With the positive sentiment, the token could break the resistance barrier. However, due to oversold conditions, we urge buying lower after a correction. The potential support lies at $5.55. Alternatively, the token could correct to the 20-day or 50-day MA.

Concluding thoughts

Huobi token could continue to claim higher levels due to positive developments. However, the current valuation of the cryptocurrency is too high for an outright buy. Investors should consider buying lower.

The post Huobi token jumps another 25%. How far can it go? appeared first on CoinJournal.

Meta honcho Mark Zuckerburg is a pantomime villain.

When Facebook announced last year that they were rebranding as “Meta”, in a signal of intent about where they believed the industry at large was heading, it disappointed some.

“How dare they take the metaverse name”, many decried. Yet with the nebulous concept of metaverse now being referred to more as Web3, this chatter has died down a bit.

Meta vision struggling

But what exactly is going on with Meta, and their push to kick off the new age of social media?

Zuckerburg’s announcement did nothing to quell the slew of selling, as Facebook’s share price today trades at $129, a nasty 59% plunge since the rebrand announcement.

Nearly a year to the day of the Meta rebrand, Zuckerburg’s utopian vision of some Ready Player One type of virtual reality world has never seemed so far off.

Thousands of employees are working on this goal, but the results thus far have been underwhelming, to say the least. This week, internal memos were leaked, which the Verge reported on.

They were, I’m sure you agree, sombre in tone.

“Why don’t we love the product we’ve built so much that we use it all the time”? Meta’s VP of Metaverse, Vishal Shah, asked.

“The simple truth is, if we don’t love it, how can we expect our users to love it?” he added.

“The aggregate weight of papercuts, stability issues, and bugs is making it too hard for our community to experience the magic of Horizon” another quote read, referring to Meta’s virtual reality game.

Metaverse tokens lagging market-wide

The fall in metaverse tokens in the year since is stark. Of course, cryptocurrency tokens market-wide have fallen off a cliff, but the scale at which metaverse-related tokens have dropped is nonetheless worrying.

Looking at the nine tokens within the CoinMarketCap top 100 which are classified as “metaverse” related, the average decline since Meta’s rebrand is daunting. I plotted them in the graph below:

Even more concerning is the dropoff in users of these games. While there appeared to be misreporting around the active users on Decentraland – with alarming data suggesting 38 daily active users turning out to be exaggerated – the fact of the matter is that engagement in these metaverse games has collapsed in line with token prices.  

Lately, there has been a lot of misinformation on the number of active users of Decentraland. Some websites are tracking only specific smart contract transactions but reporting them as daily active users DAU, which is inaccurate.

— Decentraland (@decentraland) October 7, 2022

What happens now?

For Zuck, it’s been a tough time. He even fell out of the top 10 richest people in the US this week, yet another bitter pill to swallow.

In all seriousness, the struggles of the vague but seductive metaverse are concerning. Games are struggling to be made with the standard of conventional non-blockchain games. With token prices through the floor, the play-to-earn model has suffered as a result, as without the potential for large earnings, these games are just…less fun.

It will be interesting to see how Zuck and Meta build from here. But for the time being, their metaverse bet thus far has been ill-advised.

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