Kategorie: Crypto Analysis

EOS successfully completed its network upgrade a few hours ago, but the cryptocurrency has been underperforming ever since.

EOS, the native coin of the EOS network, has been underperforming over the last 24 hours. The coin has lost more than 3% of its value so far today and risks dropping below $1 if the bearish trend continues.

The poor performance comes despite the broader crypto market performing well so far today. In the last 24 hours, the broader crypto market has added less than 1% to its value, with the total crypto market cap now around $922 billion.

Bitcoin climbed above $19k earlier today after adding more than 1% to its value in the last few hours. Ether is looking to surge past the $1,300 resistance level but is down by more than 2% in the last 24 hours.

EOS’s poor performance comes despite the EOS Network Foundation announcing the successful completion of its Antelope Leap 3.1 upgrade on Wednesday, September 21st. 

This latest development means that the EOS Network is no longer tied to Block.one and Bullish. The team said the switch to Antelope Leap 3.1 would see EOS block producers who operate the public network formally adopt code solely developed under the helm of the EOS Network Foundation (ENF).

Key levels to watch

The EOS/USD 4-hour chart is bearish as EOS has been underperforming over the past few days. 

EOS/USD Chart By TradingView

The MACD line is below the neutral zone, indicating that the EOS market is currently bearish. The 14-day relative strength index of 33 shows that EOS is close to entering the oversold region.

At press time, EOS is trading at $1.23 per coin. If the bearish trend continues, EOS could drop below the $1.1724 support level.

However, with the broader crypto market now performing well, EOS could embark on a recovery. If that happens, EOS could move past the $1.3348 resistance level before the end of the day.

Unless there is an extended bullish run, EOS should stay below the $1.4701 resistance level in the near term. 

Where to buy now

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The post EOS is down by more than 10% today after the Antelope upgrade. Will it dip lower? appeared first on CoinJournal.

Bitcoin is making a rebound, and most top cryptocurrencies are making positive, albeit small, gains. This is an indicator that though all financial markets are in the red right now, cryptocurrencies could be about to make a rebound.

This means it could be time to start looking into cryptocurrencies with strong news that could see them perform well for the remainder of the week and possibly for the rest of the month.

If you are looking to make the most of the market today, below are some of the cryptocurrencies that could easily end the week higher by double-digit percentages. Each of them has strong news backing them up.

XRP (XRP)

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XRP (XRP) is one of the top-performing cryptocurrencies this week. Currently, it is up by over 15% in the week. This follows a spat between the SEC and Ripple’s general counsel, who wondered why the SEC chairman acted like a cryptocurrency cop. 

The growing feeling is that the case between Ripple and the SEC is close to the end and that Ripple has a chance of winning it. If positive news keeps coming off this case, then XRP has the potential could remain in the green for the remaining part of the week. On top of that, if the case ends in Ripple’s favor within the year, XRP could be one of the best-performing cryptocurrencies by the end of 2022. 

EOS (EOS)

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EOS (EOS) has lagged behind the broader cryptocurrency market for a while now. Even in the last bull run, EOS vastly underperformed. However, this week there is reason to be bullish on EOS. That’s because of the Antelope Protocol update. 

Through this update, the EOS network will be able to give users a better experience and make the network more attractive to developers. Among the features that developers will enjoy include EVM cryptographic functions and faster transaction life cycles. Since this gives EOS higher odds of long-term adoption, this crypto could benefit from FOMO in the short term. 

Cardano (ADA)

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Cardano (ADA) is known to rally whenever there is big news around it. This is thanks to the Cardano community’s strength, one of the most passionate in the market. The big news is that Cardano now has more value staked than other top blockchains like Avalanche and Binance Coin. The total value staked on Cardano is $11.49 billion, making it the third most staked network after Ethereum and Solana.

This is likely to draw a lot more attraction to Cardano, given that it is also one of the most scalable networks with some of the lowest transaction costs in the market. In essence, the growing amount of staked value in ADA signals a potential for long-term adoption.

All this puts Cardano in an excellent position to rally in the short term, and hence crypto is worth watching not just this week but heading into October.

The post Three large-cap cryptocurrencies that brave the crypto bear wave this week appeared first on CoinJournal.

• Solana is down 3% in the past week amid bearish pressure 

• An influential analyst is predicting $375-$739 for Solana

• SOL has retested key support with key indicators flashing red lights

Solana SOL/USD has lost 3.24% in the past week to trade slightly above $32. The second-largest proof-of-stake network after Ethereum, currently commands a market cap of $11 billion.

According to its website, Solana is a decentralized computing platform. The layer-one network is powered by SOL, a token used for paying transaction fees and utility. Despite the current value, which is nothing compared to its ATH of $260, there are positive predictions.

A popular anonymous analyst is predicting a bull run for Solana. The strategist, who doubles as a host for InvestAnswers, is basing his prediction on market dominance. He said that Solana could command 10-20% market dominance in a hypothetical situation.

The Youtuber, who currently has more than 400,000 subscribers, maintains that Solana could reach $375. In the same breath, he thinks Ethereum could reach as much as 25% market dominance and $15,450. In the best-case scenario, the optimist believes that Solana could trade at $739, given a market dominance of 20%.

While it may sound too good to be true, Solana remains a formidable layer-1 that rivals Ethereum. The network is built on a promise of high scalability. Recently, Solana integrated its first layer-2 scaling solution, Nitro. The layer integrates Cosmos and IBC platforms.

Aside from the fundamentals and rosy predictions, Solana is a bearish market. It has retested key support, and its TVL is also in the red. At the time of writing, Solana TVL was down 1.22% in the past day at $1.29 billion, according to data from DeFi Llama.

SOL retests $32 support

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Source: TradingView

From the technical chart above, SOL has retested support. The digital asset is trading below the 20-day and 50-day moving averages. The duo MA could present points of consolidation to the upside. Further, the Stochastic Oscillator has entered the oversold zone, currently below 20.

Concluding thoughts

Despite Solana being under bearish pressure, it remains a key token to watch in the crypto space. How soon the token can turn around its fortunes is a matter of debate. At the moment, the current price is not a good entry point, and patience should be exercised until a trend reversal is seen.

The post Solana prediction as the price slips again appeared first on CoinJournal.

• Shiba Inu’s burn rate spiked by 1,502% in the last 24 hours

• SHIB remains on a downtrend, having lost 13% in a week

• The token could remain bearish on a hawkish Fed tone

Shiba Inu SHIB/USD has lost 13% of its value in the past one week. The fall extends a losing streak of the loved meme token to nearly two weeks now. Macroeconomic jitters and lack of momentum for meme-labeled assets are driving the decline. 

On the brighter side, the SHIB burn rate skyrocketed by more than 1,500% on September 21. A majority of the burned tokens occurred in a single transaction. About 134,658,618 SHIB was reported to have been burned. 

The spike in SHIB burn rate occurs when Amazon has committed to help in the process. Consequently, the “Amazon burner” has committed to burn about 247 million SHIB. Game developer Travis Johnson will use his Amazon affiliate account to remove more SHIBs from circulation.

SHIB continues to decline despite a spike in token burn

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Shiba Inu has maintained a downtrend, implying that macro concerns are the main highlight of the investors. The token trades at $0.000010, the lowest since July 25. There is no indication that buyers will arrest the decline should the Federal Reserve sound hawkish later today.

Source – TradingView

On the daily chart, SHIB is in a support zone. The token has formed multiple inside bars at the support, but momentum remains weak. If the bear market continues, a bearish breakout from the inside bar could set the price to the $0.000008 bottom. On the contrary, an improved sentiment could see the token aim back for the $0.000012 resistance.

Summary

Shiba Inu token sits at support. There is a potential for a trend continuation if a bearish breakout of the inside bar happens. Bulls could be attracted if the sentiment improves, with a price back to $0.000012 resistance a possibility.

The post Is Shiba Inu’s price decline over? appeared first on CoinJournal.

Binance Coin price lost momentum this year as momentum in the cryptocurrency industry wanes. The BNB price crashed to a low of $183, which was about 61% from the highest level in 2021. It has fallen by 48% this year, meaning that it has done better than other popular coins like BTC and ETH.

BNB ecosystem challenges

Binance Coin is the native cryptocurrency for the BNB Smart Chain network. It is an Ethereum rival that is widely used by developers building decentralized applications (dApps) in all industries like DeFi, games, and non-fungible tokens (NFT).

BNB Chain has been used to build some of the best-known applications in the Web3 industry. For example, it was used to build apps like PancakeSwap, ApeSwap, Bogged Finance, and MOBOX. Other platforms built in BNB Chain are Venus, Alpaca Finance, and Cream Finance among others.

There are several reasons why the Binance Coin price has dropped this year. First, it retreated because of the soaring inflation in key countries like the United States and the UK. As a result, central banks have been forced to hike interest rates. 

The Fed has hiked by 225 basis points this year while the Bank of England has hiked six times. Historically, cryptocurrency prices underperform in a period of high-interest rates. 

Binance Coin price also crashed as the total value locked (TVL) dropped from more than $21 billion to $5.2 billion. As a result, it was overtaken by Tron and is now the third-biggest smart contract platform in the world.

In addition, the BNB price dropped because of the underwhelming performance of the metaverse. After soaring in 2021, the metaverse has struggled this year, with projects like Sandbox and Decentraland losing momentum. BNB Chain was seen as a key player in the metaverse industry.

Binance Coin price prediction

The daily chart shows that the BNB price has been in a bearish trend in the past few weeks. In this period, the coin has crashed from a high of $337 in August to a low of $267. It has formed what looks like an inverted head and shoulders pattern.

Binance Coin price has also formed what looks like a falling wedge pattern, which is usually a bullish sign. Therefore, there is a likelihood that the coin will bounce back in the coming weeks. As such, you should buy BNB when it moves above the key resistance at $337.

How to buy Binance Coin

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The post When should I buy Binance Coin? appeared first on CoinJournal.