Kategorie: Crypto Analysis

Injective Protocol price soared to the highest level since September 13 and then quickly erased these gains. The INJ price retreated to a low of $1.6977, giving it a market cap to more than $132 million. This price is about 18.50% from the lowest level this month.

What is Injective and is it a good buy?

Injective Protocol is one of the fastest-growing layer-1 blockchain projects that enable people to buy and trade digital currencies. The protocol also provides tools to help developers build decentralized applications.

It is backed by leading venture capital firms like Pantera, BlockTower, and Hashed among others. Mark Cuban is also an investor in the company. In August, the developers raised a new $40 million fund from Jump Crypto and Alan Howard’s BH Digital. 

This funding will enable developers to continue building its platform and also to increase the utility of the INJ token. In the past few weeks, the developers have also made several announcements to support the brand. For example, they added new validators while it welcomed Helix, a leading exchange that offers no gas fees and lightning-fast transactions.

INJ price rose as investors focused on the growing total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL jumped to more than $84 million, which was the highest level since May 10 of this year. This volume was much higher than the year-to-date low of $35.91 million. This is a sign that its ecosystem is expanding.

INJ price prediction

The four-hour chart shows that the Injective Protocol price jumped to a high of $2, which was the highest level since September 13. It moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. 

The coin is slightly below the descending trendline shown in purple. It has also formed what looks like a cup and handle pattern. Therefore, there is a likelihood that the INJ price will continue rising as bulls target the key resistance level at $2.20. A drop below the support at $1.5 will invalidate the bearish view.

The post Is Injective Protocol’s INJ a good buy as TVL rebounds? appeared first on CoinJournal.

Anchor Protocol price surged to the highest level since September 23 as cryptocurrencies associated with Terra surged. ANC, which has been delisted by several exchanges, rose to a high of $0.1054, which was about 27% above the lowest level on Monday.

Terra ecosystem surges

Anchor Protocol was a pivotal platform for Terra’s ecosystem. It was a DeFi platform that acted like a bank. It allowed people to deposit funds and then earn rewards in form of interest. At its peak, the platform had over $20 billion in total value locked (TVL).

All this came crumbling down in March as Terra USD crashed. UST was an algorithmic stablecoin that powered Anchor’s ecosystem. Therefore, the network crashed when the stablecoin lost its peg.

Anchor Protocol price went parabolic on Monday as cryptocurrencies associated with Terra bounced back. For example, Terra Luna Classic jumped by more than 50% from its lowest level on Monday. Similarly, Terra Luna 2.0 rose by over 20% while Terra’s stablecoin jumped.

It is unclear why these coins rose considering that Monday was a tough day for Terra’s ecosystem. In a statement, South Korea’s prosecutors said that they had requested Interpol to issue a red alert on Do Kwon, the founder of Terra. 

These prosecutors accuse Kwon and other associates of circumstantial evidence of escape since he left Singapore a few weeks ago. Also, they took issue with his claim that he was cooperating with prosecutors in different jurisdictions. Primarily, they accused Kwon with crimes related to capital markets laws.

In the past few months, Anchor Protocol and other cryptocurrencies associated with Terra have had occasional pump and dumps. This is one of the reasons why the ANC price jumped sharply on Monday. Still, many traders will find it difficult to trade Anchor since it has been delisted in several exchanges.

Anchor Protocol price prediction

The four-hour chart shows that the ANC price has been in a bearish trend in the past few days. This saw it crash from this month’s high of $0.2147 to a low of $0.083. It then went parabolic on Monday as Terra and USTC price rebounded.

Anchor has moved above the 25-day moving average while the MACD has formed a bullish divergence pattern. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance point at $0.12.

The post Anchor Protocol price prediction as Terra and USTC spikes appeared first on CoinJournal.

• Bitcoin Cash has rejected a decline below $110

• The price of the cryptocurrency has been tied to macro events

• BCH is eyeing a breakout as bear weakness abates

Bitcoin Cash BCH/USD remains resilient despite a bear market. More often, Bitcoin Cash’s price movement has been related to that of Bitcoin. The former, a hard fork of Bitcoin, has been hit by macro events that have dampened its price. 

As of press time, Bitcoin was struggling to retain $19,000. The price action highlights the impact of potential tighter economies on the largest cryptocurrency. BCH was slightly bullish, adding 1.51% in the last 24 hours. The token was barely attempting to rise above $120. But looking at the technical side, buyers have something to smile about for BCH.

BCH rejects decline below $110, highlighting a potential bottom level

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 BCH 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 BCH with Skilling today Disclaimer

On the chart below, BCH has established support at $110. Bulls have defended the $110 level since July. While the bears remain in control, as indicated by the trendline and moving averages, the selling pressure is abating. BCH price has slightly risen above the descending trendline at a potential breakout zone. The price action shows buyers slowly winning against bears at the support zone.

Source – TradingView

The MACD indicator remains in the bear zone. However, the indicator shows that the bearish momentum is weakening. The view could be strengthened if bulls manage to take BCH above the moving averages. In that case, we will consider a sufficient breakout to issue a bull call on the cryptocurrency. 

Concluding thoughts

Bitcoin Cash token is starting to pull bullish moves despite a largely bear market. Bulls have rejected attempts by bears to take the price below the $110 support. With that in mind, we consider $110 as a probable bottom on BCH. The price is attractive if you are looking to hold in the long term. A bullish breakout could usher in more buyers.

The post Bitcoin Cash prediction as price eyes breakout from a descending trendline appeared first on CoinJournal.

• Dogecoin has gained by 7% amid an increased whale activity 

• The meme token is the biggest gainer in the top ten cryptocurrencies by market cap

• DOGE has broken above a descending trendline but is currently overbought

Dogecoin DOGE/USD added more than 7% over the weekend. The jump helped it to become the top gainer in the top 10 crypto bracket. Despite the lack of clear fundamentals, Dogecoin is known to pull moves even during a bearish market. At a time Bitcoin and other major cryptos are on a downturn, investors could be finding an escape through DOGE. 

An IntoTheBlock data on Friday showed that whales were accumulating Dogecoin. As of September 23, the number of 100 million to 1 billion DOGE holders rose by 5.13% in a week. DOGE also added 6 new whales in the week. The addition of whales coincided with a low price of $0.05. It means that whales were finding DOGE attractive at the low valuation. 

A 4-hour chart outlook shows DOGE on an uptrend

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 DOGE with eToro today Disclaimer

Source – TradingView

From the 4-hour chart, buyer activity on DOGE increased as the token bottomed below the bearish trendline. A bullish surge followed, pushing the price to break above the trendline. The meme token also broke above the moving averages. A 20-day MA crossover above the 50-day MA supports the upside potential. From a technical perspective, a bullish reversal has been confirmed on DOGE after the breakout. 

Buyers will try to take DOGE back to $0.07 after the breakout. However, the ride to $0.07 will be characterized by potential short-term corrections as DOGE is currently overbought.

Concluding thoughts

 A retracement towards the breakout zone is an opportunity to buy DOGE. The bullish momentum is strong, but the price is yet to reach the key resistance at $0.07.

The post Dogecoin prediction as price breaks above the descending trendline appeared first on CoinJournal.

• Polygon’s MATIC has lost a quarter of its value from its August high.

• Polygon welcomed Binance stablecoin to its ecosystem on Tuesday.

• MATIC remains vulnerable but expect a bullish reversal soon.

Although Polygon’s MATIC/USD is easily one of the recent top gainers, a bear market remains. Since topping $1 in mid-August, MATIC has been on a downtrend. It currently trades at $0.77, implying a loss of 25% in about a month. 

The latest decline in MATIC was connected to profit taking after being one of the biggest gainers in July. Recently a move by the Federal Reserve to hike the rate also added to the bearish weakness. However, it could be a matter of time before MATIC makes a comeback, as it is known for making strong headlines.

On September 20, Polygon and Avalanche announced their support for Binance USD stablecoin. BUSD is ranked in the seventh position by market capitalization. That increases the stablecoin options for users on both blockchains. The move may not be a significant price trigger for MATIC but it underlines the massive position of Polygon.

MATIC price movement amid a bear market

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 MATIC 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 MATIC with Skilling today Disclaimer

Turning to the technical side, MATIC trades at minor support of $0.77. Nonetheless, the token had already breached the support before correcting upwards. The price action suggests that MATIC is retesting the $0.77. A continuation of the bearish momentum is on the card. Bulls can only arrest the downside if they recover above $0.77.

Source – TradingView

The technical indicators show a bearish market. The MACD indicator is deep in the bear zone while moving averages offer resistance. If MATIC retests $0.77 and fails to go higher, the next support to touch will be $0.62.

Summary

MATIC is retesting a key level. Sellers could look to take the token to $0.62. The bottom support will be tested in a few days to a week’s time if bulls fail at $0.77.

The post When are we likely to see a bullish reversal on Polygon’s MATIC? appeared first on CoinJournal.