Kategorie: Crypto Analysis

• Algorand has surged 7% in the past day on renewed strengths

• The PoS network recently had a major network update

• Native ALGO token has jumped from key support but faces immediate resistance

Algorand ALGO/USD has gained 7% in the past day, defying Monday’s crypto slump. The token currently exchanges for $0.3389 against the USD, with a market capitalization of $2 billion. At the start of the week, major cryptocurrencies tanked significantly. Bitcoin and Ethereum both dipped below $19,000 and $1,300, respectively.

While Algorand is one of the fastest blockchains, its pump is not tied to anything specific. However, it could partly be related to a recent introduction of a system upgrade. The update boosted the layer-one network to a speed of 6,000 transactions per second.

Algorand is a blockchain built for dApps with an emphasis on scalability, security, and decentralization. It differentiates itself with the use of randomness and pure proof-of-stake algorithm. The consensus model is based on Byzantine protocol. Algorand smart contracts are powered using Turing-complete languages.

Aside from the specifics, Algorand could also be deriving its bullishness from the upcoming FIFA World cup. The world football governing body has entered into a partnership with the blockchain. 

In the deal, the network will support soccer-themed digital collectibles. Nonetheless, like the rest of the cryptocurrencies, Algorand faces strong macroeconomic factors. A potential rate hike by the US Federal Reserve is one of them. On the technical chart, Algorand is on a strong bull run.

ALGO surges from $0.28 support

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Source: TradingView

According to the daily chart above, Algorand made a comeback after retesting support severally. Both the 20-day and 50-day have joined support. However, the Stochastic Oscillator is at the overbought zone, and ALGO is almost at the $0.3509 resistance level.

Concluding thought

The current price level is not a perfect buy entry point for Algorand. The token has surged considerably and may be due for a retracement. The immediate $0.35 resistance and an overbought market require patience before any decision can be made. In that case, it is ideal to wait for a price retracement.

The post How bullish is Algorand after the latest surge? appeared first on CoinJournal.

• Stellar Lumens price has been recovering after a double bottom

• XLM could break out if the Federal Reserve stays dovish

• The token could correct if sentiment weakens

After several days of meltdown, crypto prices are picking up again. One cryptocurrency gaining bullish strength is Stellar Lumens XLM/USD. The cryptocurrency has gained more than 8% in just 24 hours. A broader look also shows a negligible 0.70% loss in the past week. That’s despite most cryptocurrencies losing value by double digits in the last seven days. 

Stellar Lumens is an open network for money transfers. According to its website, Stellar simplifies the process of creating, transferring, and trading all digital forms of money. That also includes dollars and pesos, in addition to Bitcoin and other cryptocurrencies. The aim of stellar is to allow the global financial system to function on a single network.

The current trading of Stellar Lumens is $0.11. It is a significantly low price since it almost touched $0.8 in May 2021. At the low price, investors see XLM attractive ahead of the Federal Reserve rate decision. Can the price move higher from the current level?

XLM nears a resistance after forming a double bottom at $0.10

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Source – TradingView

A technical outlook of Stellar shows the price heading back to $0.115 resistance after it bottomed at $0.10. A double bottom price at the $0.10 level suggests a trend reversal. Buyers are looking to take the price higher. A MACD crossover also confirms a bullish momentum.

Concluding thoughts

If XLM remains bullish, a breakout will occur at $0.115 and attract more buyers. A less hawkish Fed and improved crypto sentiment will reinforce a breakout. If the sentiment weakens, expect a correction at or towards $0.115.

The post Stellar Lumens eyes a breakout as price pumps 8% appeared first on CoinJournal.

Ethereum price has come under intense pressure in 2022 as investors focus on multiple factors. It has fallen by more than 56% this year and by 68% from the highest level in 2021. Its market cap has crashed from an all-time high of over $600 billion to about $190 billion. So, is it safe to buy the ETH dip?

Why has Ethereum crashed?

There are several reasons why Ethereum price has dropped sharply this year. First, macro conditions have changed around the world, leading to fears of a steep recession. For example, inflation has surged to a multi-decade high in most countries while a war in Ukraine is ongoing. Historically, risky assets tend to underperform in a period of shifting macro events.

Second, the Federal Reserve and other key central banks like the European Central Bank (ECB) and the Bank of England (BoE) have all shifted their tones and executed severe rate hikes. In the US, the Fed has delivered several rate hikes and pushed the headline rate up by 225 basis points. It has also hinted that it will continue hiking and implementing quantitative tightening (QT) in the coming months.

Third, internally, Ethereum and other smart contract platforms have been under pressure as key industries struggle. For example, Ethereum’s total value locked in DeFi has dropped from over $75 billion to just $32 billion. The total volume of non-fungible tokens (NFT) traded in Ethereum has also dropped. 

There are other reasons why Ethereum price has continued falling. For example, the lack of fiscal stimulus and the collapse of Terra, Celsius, and Voyager Digital had an impact on cryptocurrency prices. So, is it safe to buy Ethereum dip?

Where to buy Ethereum coin now

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Ethereum price prediction

The daily chart shows that ETH price crashed to a low of $885 in June of this year. This was a remarkable crash considering that the coin was flirting with $5,000 a few months ago. Now, the coin has staged a brief recovery and moved to the 50-day and 100-day moving averages.

At the same time, the Awesome Oscillator has moved slightly above the neutral point. The price is slightly below the 23.6% Fibonacci Retracement level. 

Therefore, at this stage, it is too early to recommend buying the dip. Instead, traders should wait until Ethereum moves above the two moving averages and create a bullish trend. Besides, there is a likelihood that the recent rebound is part of a bear market rally.

The post Should You Buy the Ethereum Dip? appeared first on CoinJournal.

The cryptocurrency market is recovering from last week’s slump, and Tera Classic’s LUNC is leading the way.

LUNC, the native coin of the Terra Classic ecosystem, is the best performer amongst the top 100 cryptocurrencies in the last 24 hours.

The coin has added more than 13% to its value today, outperforming the other major cryptocurrencies in the market.

LUNC’s rally comes as the broader cryptocurrency market is recovering from its recent slump. The broader market has added nearly 5% to its value today, with the total market cap closing in on the $950 billion mark.

Bitcoin is trading above $19k once again after dropping below that level earlier this week. BTC is up by more than 4% in the last 24 hours.

Ether failed to rally following the Merge event that was completed a few hours ago. After dropping below $1,300 yesterday, ETH is trading at $1,357 at press time, up by more than 4% today.

LUNC’s positive performance comes roughly 24 hours after the Terra Classic team introduced a new feature. 

1/ New feature incoming, #LUNAtics!👇

Now you may get the best price when performing swaps on Terra Station, powered by @tfm_com’s DEX Aggregator 🚀

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) September 19, 2022

The new feature allows Terra Classic users to get the best price when performing swaps on Terra Station.

Key levels to watch

The LUNC/USDT 4-hour chart remains bearish despite LUNC adding more than 13% to its value on Tuesday. 

LUNC/USDT Chart By TradingView

The MACD line is below the neutral zone. However, it has been moving upwards over the last few hours and could enter the positive region if the current market momentum is maintained.

The 14-day relative strength index of 46 shows that LUNC is no longer in the oversold region. 

At press time, LUNC is trading at $0.00029874 per coin. If the rally continues, LUNC could surge past the $0.00035972 resistance level before the end of the day.

However, LUNC would need to embark on a bullish run to cross the $0.00044114 resistance level in the near term. 

Where to buy now 

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post LUNC jumps by 13% after Terra Classic introduces a new feature appeared first on CoinJournal.

• ADA has lost 7% in the past day amid a waning momentum

• Cardano’s Vasil Upgrade is expected to be a game-changer in the network

• Cryptocurrencies are currently facing a sell-off ahead of the Fed’s meeting

Cardano ADA/USD dropped 7% in the past day to consolidate weekly losses at 14%. The token is currently trading at $0.4398. Despite being a major token, Cardano struggles to find unique utility over the top cryptos.

Pressure continues to mount on the scalability aspects of the layer-1 blockchain. Vasil upgrade, set for September 22, is expected to change that. The network’s founder, Charles Hoskinson, said the effect of the fork could be felt as soon as September 27.

Vasil upgrade has been hampered by several delays. The setbacks have been due to bugs and technical issues. Nonetheless, the fork remains the most ambitious upgrade in Cardano. Its benefits include scalability, increased throughput, efficiency, and a reduction in block transmission latency.

On a broader outlook, Cardano’s price is receiving a hit from the macro factors. Investors expect the US Federal Reserve to hike interest rates when it convenes this week. A high-interest rate is projected to shift investments away from riskier assets like cryptocurrencies. The sentiment has pushed major cryptocurrencies, including bitcoin, into the red territory. From the technical chart below, ADA is at the bottom of a consolidation.

ADA trades at the bottom of a horizontal tunnel

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Source: TradingView

The daily chart above shows that ADA has retested the $0.43 resistance level. Currently, momentum is looking largely bearish. The MACD is showing bearish histograms as more sellers enter the market. The RSI is at 41, reducing the chances of a possible trend reversal in the short term.

Concluding thoughts

For investors looking to grow their portfolio in a bear market, Cardano offers minimal chances. The token looks exceedingly bearish and could easily lose the current support. For the upcoming Vasil Upgrade, ADA has priced in. If the current support holds, ADA faces immediate resistance at $0.49.

The post Cardano falls back to the bottom of the consolidation zone. What next? appeared first on CoinJournal.