Kategorie: Crypto Analysis

Cardano price moved sideways on Friday as investors focused on major developments in its ecosystem. Ada was trading at $0.4572 on Friday, which was about 7.35% above the lowest level this week. Focus now shifts to the upcoming Vasil upgrade.

Vasil upgrade starts

Cardano is an Ethereum-killer that aims to be a key platform where users can build scalable decentralized applications. Its coin, Ada, is one of the biggest cryptocurrencies in the world with a market cap of more than $15 billion.

Cardano implemented the smart contract technology in 2021. As a result, it made it possible for developers to build and launch apps on its ecosystem. According to Input Output, Cardano has attracted thousands of applications in its ecosystem.

However, the reality is that Cardano has not lived to its hype or its potential. For example, data compiled by DeFi Llama shows that its DeFi platform has a total value locked (TVL) of just $79 million. 

Similarly, a closer look at other platforms like CryptoSlam and DappRadar shows that its ecosystem is much smaller.

Cardano’s developers hope that the Vasil upgrade will lead to more improvements in its ecosystem by improving speeds and boosting efficiency. It will improve Marlowe constant validator and enable Daedalus to support Ledger JS Library v.5.1.0. This upgrade started on Frida and full functionality will become available on September 27 of this year. 

Still, analysts believe that the Vasil upgrade will not have a meaningful impact on ADA price. Fundamentally, it will not attract more developers. And as we saw with Ethereum Merge, the impact of the upgrade have already been priced in.

Cardano price prediction

The four-hour chart shows that Cardano price has been under intense pressure inthe past few weeks. In this period, the coin managed to move below the lower side of the ascending wedge pattern shown in blue. It also formed a head and shoulders pattern and the 25-day and 50-day moving averages.

The Relative Strength Index (RSI) has moved slightly above the neutral point at 50. Therefore, there is a likelihood that the coin will resume the downward trend as sellers target the next key support level at $0.40. A move above the resistance point at $0.47 will invalidate the bearish view.

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• Polkadot is currently trading at $6.34 with weekly losses topping 10%.

• The interconnectivity blockchain is facing pressure from the ongoing crypto sell-off.

• Technical charts show more weakness as the price retest support zone.

Polkadot DOT/USD has hit the floor, currently trading at $6.34. The price represents a 10.85% loss in the past week. DOT continues to suffer from the overall crypto bearish market sentiment. A hawkish Fed and BoE rate hikes are weighing down on the token just as the rest of the digital assets.

Equally important is the political instability rocking Eastern Europe. A possible escalation of the Russian-Ukraine conflict could be imminent. Russian President Putin has called for a partial mobilization to send more troops to Ukraine. 

On the micro-level, Polkadot continues to unveil regular upgrades to enhance the blockchain. There is a stable performance on its parachains as well. Polkadot Insider report ranked Moonbeam’s GLMR token as the most traded on the network as of Sept.20. The parachain had $12.5 million in volumes. Its counterpart, MoonRiver’s MVR token, followed at $6.3 million. 

In the past week alone, Polkadot has recorded more than $77 million in transfer volumes with a daily average of 1,200 new accounts.

More positive fundamentals relate to the platform’s new staking protocol. vDOT staking liquidity pool by Bifrost reported 121,551 minted tokens four days ago. Bifrost Finance is the top parachain on Polkadot and one of the major staking platforms.

DOT retests $6.3 support

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Source: TradingView

According to the daily chart above, DOT dropped from $8 to slightly above $6 in just ten days. The trend of lower highs and lower lows represents a 25% loss. Although the RSI shows some small buying, DOT faces potential consolidation at the 20-day and 50-day MA.

Concluding thoughts

The slide in DOT is not an ideal buying opportunity at the current level. The logic remains that the price is looking exceedingly bearish below key levels. DOT is also trading above the oversold zone at an RSI of 38. Above the benchmark, more downside could be seen before any trend reversal.

The post Is the slide on Polkadot an opportunity to buy? appeared first on CoinJournal.

• Uniswap gained 8% on Thursday immediately after the Fed rate hike.

• Uniswap Foundation announced its first grant totaling $1.8 million for ecosystem growth.

• UNI trades at a support zone.

Uniswap UNI/USD rose more than 8% before cooling down on Thursday. The gains coincided with a surge in trading volumes of more than 70% despite a Fed rate hike. There was no specific driver for the gains, although there were noticeable developments.

On September 21, the Uniswap Foundation announced the first batch of its grants. According to the Foundation, a total of $1.8 million grants will go to 14 recipients. The grant is part of Uniswap’s move to grow the ecosystem. The move comes barely a month after the Uniswap community passed a proposal to establish the program. The grants will be awarded to teams and projects focusing on three areas. These are community growth, governance, and protocol growth.

It should be noted that Uniswap has been losing value since the Ethereum merge occurred a week ago. The DEX, the biggest in the world, has most of its funds locked on the Ethereum platform. The total value locked on Uniswap is $4.97 billion, with $4.77 billion on Ethereum.

Uniswap token recovers at a level at or slightly below the support

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Source – TradingView

If we turn to the technical side, UNI trades at a support zone of $5.6. The trend remains bearish. The token is still under pressure as it has yet to recover above the support, which has now turned into resistance. A recent cross of the 20-day MA below the 50-day MA heightened the bearish weakness. 

Concluding thoughts

UNI has to recover successfully above $5.6 to consider the intra-day gains sustainable. We need to watch the close of the daily candlestick to confirm a potential bullish reversal.

The post How sustainable is Uniswap’s 8% jump amid the rate hike? appeared first on CoinJournal.

• Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

• AVAX trades the $17 support zone

• Future recoveries depend on market sentiment

Avalanche AVAX/USD trades at $17.34, a level it has held since September 18. The price level has been the lowest since early July. At the bottom level, buyers are showing interest after days of consolidation. At press time, the token was up 2.07% in the last 24 hours. The gains were, however, not enough to erase 7.94% losses in the past week. 

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced entry into Avalanche on September 21. The integration will see Boba help Avalanche meet the scalability demands. Boba lauded Avalanche for its fast and low-cost transactions and eco-friendly solutions. Following the integration, Biba will become Avalanche’s first L2.

Avalanche price and prediction

The integration of the Boba network adds a positive sentiment to AVAX when the sentiment is weak. That helped the token recover slightly amid an interest rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX’s in a downtrend. The price has been moving in a pattern of lower highs and lower lows. A recent MACD bearish crossover speaks of the weakening momentum. The moving averages above offer resistance.

Concluding thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended buy. Buyers may keep optimism of recovery at the $17 support. However, with the weak sentiment, a lower price is possible. 

If AVAX holds the support intact, a wave of consolidation may follow. That will enable the token to gather sufficient momentum to go higher. The cryptocurrency has a minor resistance at $22.

The post Avalanche slides to $17 support but is it a buy? appeared first on CoinJournal.

Cryptocurrencies and other assets crashed in 2022 as concerns about interest rates rise. The Federal Reserve has hiked interest rates by 300 basis points and there is a likelihood that it will continue hiking in the coming months. Still, analysts believe that some coins will bounce back in the coming years. Here are some of the best cryptocurrencies to buy now.

Bitcoin

Bitcoin is a cryptocurrency that uses the distributed ledger technology (DLT). It is a coin that helps people move money anonymously. Over the years, most holders buy it for investment purposes. Bitcoin price has been in a strong bearish trend in the past few months. This decline is mostly because of the soaring inflation, interest rates, and low demand among participants.

Bitcoin is still a good cryptocurrency to buy now for several reasons. First, BTC has a long track record of having major dips. For example, in 2018, it dropped from a high of almost $20,000 to about $4,000 in 2020. It then soared to almost $70,000 in 2021. 

Second, BTC has a close correlation with American stock indexes like the Dow Jones and the Nasdaq 100. Indeed, these indices have all declined sharply this year as well. Historically, stocks tend to rebound after going through a major dip. Therefore, if stocks bounce back, there is a likelihood that BTC will also bounce back. Third, as the biggest cryptocurrency in the world, BTC has interest among institutional investors. 

Dogecoin

Dogecoin is a proof-of-work cryptocurrency that was created in 2014. For a long time, it was largely unknown until Elon Musk started promoting it in 2021. After that, it moved from obscurity to become one of the biggest cryptocurrencies in the world. It also pioneered a new type of cryptocurrency known as meme coins. 

Dogecoin price has fallen sharply in the past few months, giving it a market cap of more than $7.8 billion. Still, it is a good investment because of the strong community around it. It is estimated that there are now over 40 million Dogecoin holders around the world. As such, there is still real utility for the coin, which could help it recover.

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Solana

Solana is a leading blockchain project that enables developers to build decentralized applications (dApps) in all industries. It is one of the biggest rivals to Ethereum. Unlike other Ethereum-killers, Solana has been used to build applications that have real utility. Some of the top apps in its ecosystem are StepN, Solend, Audius, and Brave. 

Solana price has dropped sharply this year due to the challenges in its ecosystem. For example, the total value locked (TVL) in its ecosystem has crashed from over $15 billion to about $1 billion. Similarly, the regular outages have disincentivised people from moving to the coin. Still, Solana is one of the best Ethereum rival to buy today.

Sweat Economy

The fitness industry is one of the biggest in the world. Sweatcoin is disrupting the industry using the blockchain industry. Sweatcoin makes it possible for people to exercise and make money doing so. In September, the developers launched the Sweat Economy crypto to make it possible for users to cash out their holdings.

SWEAT has crashed hard after launch as was widely expected. This drop happened as existing SWEAT holders moved to cash out. Still, in the long-term, there is a likelihood that the coin will bounce back as the developers launch new features.

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The post What crypto to buy now: 4 of the best coins to buy appeared first on CoinJournal.