Kategorie: Crypto Analysis

Bitcoin recovered its $20k resistance level yesterday but couldn’t maintain it as the broader market embarked on a bearish run.

Bitcoin, the world’s leading cryptocurrency, has been underperforming over the last few hours. It has lost more than 7% of its value in the last 24 hours despite starting the week positively.

The poor performance coincides with that of the broader cryptocurrency market. The total crypto market it currently stands below $920 billion, down by more than 5% in the last 24 hours.

Bitcoin reached the $20k mark earlier this week after performing well. However, the bears regained control of the market, and BTC is now trading at around $18,700 per coin. 

Ether, the second-largest cryptocurrency by market cap, briefly surged past the $1,300 resistance mark earlier this week. However, it is now down by more than 7% in the last 24 hours and is trading around $1,280 per coin.

Key levels to watch

The BTC/USD 4-hour chart is turning bearish as Bitcoin is relinquishing some of the gains it accumulated earlier this year. The technical indicators show that Bitcoin is currently underperforming against the broader market.

BTC/USD Chart By TradingView

The MACD line remains above the neutral zone but could soon fall into the negative region if the bearish trend continues.

Furthermore, the 14-day relative strength index of 41 shows that Bitcoin could enter the oversold region if the bears remain in charge.

At press time, BTC is trading at $18,717 per coin. If the bearish trend continues, Bitcoin could dip below the first major support level at $18,298 over the next few hours.

Bitcoin has managed to stay above $18k in recent weeks, and the bulls could defend their position above that price in the near term.

The bulls could also regain control of the market before the end of the week and push Bitcoin towards the $20k psychological level once again. 

However, unless there is an extended bullish run, Bitcoin should steer clear of the $20,819 resistance level over the next few days. 

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy BTC with eToro today Disclaimer

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.

Buy BTC with Skilling today Disclaimer

The post Bitcoin slips below $19k once again, but can it recover its $20k resistance level soon? appeared first on CoinJournal.

• Bitcoin has jumped above the $20 price level amid a fading momentum

• The token remains correlated to equities, which equally saw some bullishness

• The dollar index, which usually moves inversely to BTC, may be due for a reversal

Bitcoin BTC/USD is up 5% in the past day, the highest level in two weeks. The run-up has driven the token to reclaim the $20,000 price level. In the weekly outlook, BTC is up 6.81%, trading at $20,197 at the time of writing.

Despite the recovery, BTC has remained subdued since trading at $69k in November last year. The sell-off represents 71% loss from the ATH and 56% year-to-date. Nonetheless, a few market dynamics could be behind the positive sentiment – the state of the forex and stocks market.

Digital assets have been moving similarly to the stocks. The trend is far from the notion that cryptos have decoupled from the latter. On Tuesday, S&P 500 jumped 0.7% amid fears of a possible global economic recession. Away from stocks, forex investors are speculating on the US dollar index.

The index, which tracks the dollar against global currencies, is up 18% YTD. BTC has been moving inversely to the metric, more often than not. With the index nearing the top, analysts believe BTC could be preparing for a price pump.

Bitcoin surges amid fading momentum

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy BTC with eToro today Disclaimer

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.

Buy BTC with Skilling today Disclaimer

Source: TradingView

From the daily chart above, bitcoin has been ranging between $18k and $25k since June. Zooming out further, the Stochastic Oscillator is above 80 at the oversold zone. The cryptocurrency is supported by the 20-day MA but faces resistance from the 50-day MA. The next possible resistance is $21,792.

Concluding thoughts

Bitcoin has surged in the daily chart but lacks the strength to maintain the uptrend. Key indicators are currently looking bearish. A price above $21k may welcome a bullish momentum. As it is, Bitcoin may not sustain the pump unless the current sentiment changes.

The post Bitcoin recovers the $20,000 level, but how far can it go? appeared first on CoinJournal.

• Shiba Inu is the most held cryptocurrency by Ethereum whales after stablecoins.

• The cryptocurrency is undergoing a market correction.

• SHIB has to recapture $0.000012 resistance to consider a bullish case.

Shiba Inu SHIB/USD remains the most held cryptocurrency among the top 1,000 Ethereum whales. That excludes the stablecoins USDC, USDT, and stETH, which rank in the first three positions. WhaleStats data show that the whales have a combined $133,680,683 worth of SHIB holding. 

Amid the sizable share, Ethereum whales have reduced their SHIB holding. As of August 25, the total stake was $162,127,202. By then, SHIB was trading at a high of $0.000014. The meme token now trades at $0.000011 amid a market correction.

A large whale holding indicates a belief in Shiba Inu’s recovery. Recently, Shiba Inu’s burn rate rose by more than 1,500%, prompting a price recovery. However, Shiba Inu lacks a sustained momentum to stay bullish. Key developments expected to boost the token, including the Shiba metaverse, remain far from becoming a reality. A series of non-starter developments amid the macro jitters have been responsible for SHIB’s decline.

Shiba Inu meets resistance as the price recovers slightly

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

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’s price action shows the token at a key resistance zone around $0.000012. The price is showing limited upside potential. The formation of inside bars from a mother bearish pin bar at the resistance could force a bear market. 

Recently, the 20-day MA crossed below the 50-day MA, affirming a bearish momentum. The RSI shows some upside since the token touched a nearly oversold $0.000010 level. 

Concluding thoughts

Despite some upside, Shiba Inu remains largely bearish. We can confirm a bullish reversal if the token recovers above $0.000012. A bearish movement could see the token retest the $0.000010 support again.

The post What’s the bull case for Shiba Inu as whale holdings remain high? appeared first on CoinJournal.

Harmony ONE price has been in a strong bearish trend in the past few months. It dropped to a low of $0.016, which was the lowest level since February 2021. It has fallen by more than 94% from the highest level, making it one of the worst performers in the industry.

Why has Harmony crashed?

Harmony is a blockchain project that hopes to help developers build fast decentralized applications (dApps). Apps in its ecosystem complete transactions in less than 3 seconds. Some of the top applications in its ecosystem are SushiSwap, Tranquil Finance, and Synapse among others.

Harmony was one of the biggest projects in the blockchain industry. This changed a few months ago afer the giant hack that led to a loss worth over $100 million. According to US investigators, the Horizon Bridge hack was instigated by North Korean hackers.

As a result, the total value locked (TVL) in the network crashed from an all-time high of over $1.3 billion to less than $30 million. This explains why ONE price has crashed in the past few months. Indeed, only 5 applications in its ecosystem have a TVL of over $1 million.

Harmony has been working on how to fix the network after the hack. In a statement, the developers announced that they had decided not to mint tokens to compensate those who lost their funds. They said:

“We propose not minting more ONE tokens nor changing our tokenomics with a hard fork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.”

Still, from a fundamental perspective, Harmony has a long way to go to regain its trust among developers and investors.

Harmony ONE price prediction

The daily chart shows that Harmony has been in a strong bearish trend in the past few months. It has managed to move below the 25-day and 50-day moving averages. Its volume has crashed as demand remains much lower. The MACD has moved to the neutral level.

ONE price has also formed what looks like a head and shoulders pattern. Therefore, the coin will likely have a bearish breakout in the coming weeks. If this happens, the next key support level to watch will be at $0.015.

The post Harmony price prediction: Is ONE a safe coin to buy? appeared first on CoinJournal.

Uniswap price bounced back on Tuesday as investors moved back to blue-chip DeFi projects. UNI, the platform’s token, rose to a high of $6.61, which was the highest level since September 13. It has risen by more than 30% from the lowest level this week.

Uniswap growth continues

Uniswap is a leading blockchain project that seeks to become the biggest decentralized exchange (DEX) in the world. In the past few years, it has handled over $1.1 trillion worth of transactions and processed over 111 million transactions.

In addition, Uniswap has built a protocol that makes it possible for developers to build decentralized apps in the finance industry. Some of the top applications in its ecosystem are Endaoment, TrustWallet, Universe Finance, and Token Terminal among others. 

Uniswap’s UNI token is rising on Tuesday as other cryptocurrency prices rebound. Bitcoin surged back to $20,000 while Ethereum, BNB, XRP, and Solana rose. According to CoinMarketCap, the total market cap of all cryptocurrencies jumped to over $972 million. Historically, cryptocurrencies tend to move in sync.

Uniswap price also rose as the total value locked (TVL) in the ecosystem tilted upwards. According to DeFi Llama, Uniswap has a TVL of over $5.3 billion, making it the fifth biggest DeFi platform in the world. Still, this TVL is much lower than its all-time high of over $10 billion. In terms of trading volume, it is the biggest DEX, far bigger than PancakeSwap.

Uniswap price has also risen recently as the developers make plans to disrupt leading centralized companies like Coinbase and Binance. Speaking at the recent Messari’s Mainnet event, the company’s COO said that it was eying several new products to boost its market share. For example, the firm intends to become a leading player in the NFT industry.

Uniswap price prediction

The daily chart shows that UNI price has been in a consolidation phase in the past few days. The coin has moved above the 25-day and 50-day moving averages. The MACD has also moved slightly below the neutral level. 

This price is slightly below the descending trendline shown in black. Therefore, there is a likelihood that the coin will have a bullish breakout as buyers target the next key resistance level at $10. A move below the support level at $5.25 will invalidate the bullish view.

The post Uniswap price prediction: UNI is ripe for a bullish breakout appeared first on CoinJournal.