Dogecoin’s journey to $0.07 reignited as price jumps. What next?

  • Dogecoin sends mixed signals amid the latest market recovery
  • The cryptocurrency gained 6% on Wednesday amid high social interest
  • DOGE looks set to reclaim the $0.07 level after intraday gains of 6%

Dogecoin DOGE/USD continues to send mixed signals despite recent recoveries. A bull signal was after breaking above a short-term descending trendline that sent the meme token to $0.068. The ascend was quickly followed by a bearish pin bar below the crucial resistance.

Typically, pin bars communicate price rejection. A bearish pin bar will be characterised by a long wick on the upper side and a small body. It occurs when the price closes significantly lower than the open. That’s exactly what happened to DOGE, as the price hit $0.068. The formation of a bearish pin bar pushed the price down to $0.060.

However, on Wednesday, DOGE rose by 6%, recovering from the $0.060 bottom. LunarCrush ranked the cryptocurrency in the first position by social interest. That came as Elon Musk hinted at proceeding with the Twitter acquisition. Investors have been speculating that the “Doge father” will allow the meme token as payment.

Dogecoin price outlook amid ongoing correction

Source – TradingView

Keeping the breakout on the descending trendline in mind, DOGE should be considered bullish. The proposition arises because the meme token is yet to break below the key support at $0.060. 

Besides, following renewed strengths, DOGE bulls have overcome a slide below the support. The formation of a long bullish bar at the level shows a strong buyer interest, a bull catalyst.

Concluding thoughts

Buyers may take control of DOGE to the $0.07 resistance. Musk news is a key bull trigger that could sustain DOGE to the key level. Investors should consider buying on a potential retracement.

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Is Stellar Lumens a buy after weekly gains?

  • Stellar Lumens has posted 7% gains in a week.
  • The cryptocurrency trades near the lowest levels in nearly two years.
  • XLM, Stellar Lumens native token, is recovering but faces a likely resistance.

Stellar Lumens XLM/USD has added 7% in the past one week. We remain in a large bear market, suggesting that the cryptocurrency is on its way to recovery. The gains are driven by momentum rather than market developments.
Stellar Lumens claims to be an open network for transactions involving all forms of money. The network is designed to connect financial entities and people across the world.

The potential for growth of Stellar Lumens caught the eye of investors in 2021. The token capped a high of nearly $0.8 in May 2021 from merely $0.11 at the start of the year. However, a crypto crash this year has forced XLM to near the lows at the beginning of 2021.

Stellar Lumens initiates recovery but faces a resistance

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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

A technical outlook of XLM shows a moving average crossover. The short-term 20-day moving average has recovered above the 50-day moving average. A bullish MACD crossover also reinforces a bullish view of cryptocurrency. However, the momentum is still weak.

Thoughts on XLM

Technical indicators remain bullish on Stellar Lumens. The cryptocurrency has room for further upside. However, $0.12 is a key resistance to watch.

If XLM is to remain bullish, buyers must overcome the $0.12 resistance. The level has contained the price since June making it important for price action traders. If bulls outwit bears at the resistance, it could set XLM to the next resistance at $0.14.

Based on the above, XLM does not present an attractive buy opportunity despite the indicators sounding bullish. We need a break above the resistance to buy the token.

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What is the GMX token, and why is it surging today?

  • GMX is a DEX that supports spot and perpetual futures on an on-chain interface

  • The token gained after news that it was getting listed by Binance on Wednesday.

  • GMX faces a further correction 

GMX dubs as a decentralised exchange that supports spot and perpetual futures via its on-chain trading interface. Avalanche and Arbitrum power the DEX. GMX supports zero price impact trades at very low swap fees.

A key feature of GMX is that it allows users to borrow up to 30 times their initial margins. Its native token, GMX, provides utility to the ecosystem and facilitates governance. 

GMX token rose nearly 40% before sliding following the latest news. On October 5, Binance announced the listing of the GMX token. Binance said it would open trading for GMX pairs with BTC, BUSD, and USDT. The trading started on 2022-10-05 at 10:00 (UTC). The crypto exchange stated that GMX withdrawals would start on 2022-10-06 at 10:00 (UTC).

GMX corrects after double-digit gains

Source – TradingView

Technically, GMX rose past $56 resistance as social interest in the token grew on Wednesday. The token has since fallen back and trades below the resistance zone. 

The recent gains forced the token to break above the upper limit of the Bollinger bands. That implied that a correction was likely to happen. The token’s support is at $38, coinciding with the lower limit of the Bollinger bands.

Should you buy GMX

This analysis finds that GMX could continue to face correction after failing to maintain above $56 resistance. In our assessment, the token could have been driven by a retail frenzy. That is emphasised by data by LunarCrush, which shows that GMX was second in terms of social interest on Wednesday.

Of course, listing by a major exchange like Binance is a major boost for GMX. However, as retail interest cools, the price could take a hit.

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Is Helium on track for its biggest daily gain this month after rallying by more than 7% today?

HNT is on track for its biggest gain this month as Helium is outperforming the other coins in the top 100.

HNT, the native token of the Helium network, is the best performer amongst the top 100 cryptocurrencies by market cap today. It has added more than 7% to its value so far on Wednesday and could be on track for its biggest daily gain so far in October.

The positive performance comes as the broader crypto market continues its positive start to the week. The total crypto market cap crossed the $950 billion mark after adding less than 1% to its value in the last 24 hours.

Bitcoin, the world’s number one cryptocurrency, is trading above the $20k level for the first time this month after adding 1% to its value in the last few hours.

Ether, the second-largest cryptocurrency by market cap, is, however, down by less than 1% but continues to trade above the $1,300 resistance level.

There is no immediate catalyst behind HNT’s ongoing positive performance. However, if it maintains it, HNT could surge by more than 10% before the end of the day.

Key levels to watch

The HNT/USD 4-hour chart has turned bullish as Helium has been performing well over the last 24 hours. The technical indicators show that Helium is outperforming the broader crypto market.

HNT/USD Chart By TradingView

The 14-day relative strength index of 63 shows that HNT could soon enter the overbought region if the bulls continue to control the market.

The MACD line crossed into the positive territory yesterday, indicating that HNT has overcome its recent bearish trend. 

At press time, HNT is trading at $5.384 per coin. If the bullish trend continues, HNT could move past the first major resistance level at $6.691 before the end of the day.

However, it would need the support of the broader crypto market to target the $8.5 resistance level for the first time since August. 

Where to buy 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.

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Vindax

VinDAX Exchange has been live for cryptocurrency trading for global users since March 2019. VinDAX focuses on providing exchange services for digital cryptocurrency transcations with high security level, excellent efficiency and well-optmized trading fee.

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Polygon’s MATIC recovers support. What next?

  • Polygon’s native token MATIC has gained by 8.00%, underlining solid recovery.

  • Brokerage firm Robinhood said it would launch its Web3 wallet on Polygon

  • Bulls are in control, but it remains to be seen of price action at $0.90 and trendline

Polygon’s MATIC/USD could be back to winning ways if the latest gains are to go by. As of press time, MATIC had added 8.00% and looked increasingly bullish. There has been a string of positive developments for the Ethereum Layer-2 scaling solution. Let’s look at the latest.

Robinhood, an online brokerage firm that promises commission-free trading, remains a retail darling. Although the popular trading platform has taken a hit this year, it always elicits excitement on major news.

On September 27, Robinhood announced its Web3 wallet would launch on Polygon. That comes after, earlier, launching MATIC transactions on Polygon. However, MATIC remained largely bearish in September, coinciding with the weak crypto sentiment.

MATIC outlook as recovery continues above $0.76 support

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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If we turn to the technical side, MATIC has recovered the $0.76 support after the price slipped temporarily below. The level remains crucial to a technical reader since bulls have defended it since July. The latest surge could imply that buyers are getting active.

Source – TradingView

Looking at the moving average, MATIC has recovered above the 20-day MA. It is also moving above the 50-day MA. The MACD indicator remains in the bear zone but shows a bullish building momentum. However, MATIC remains trapped by a short-term descending trendline.

Concluding thoughts

A bull case scenario for MATIC could be confirmed by a bullish moving average crossover. The price has to move above the short-term descending trendline. Otherwise, a price rejection at the descending trendline would invalidate any bullish bias. 

Another price point of interest is $0.90. It coincides with a minor resistance and could force a correction.

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