Kategorie: Crypto Analysis

• Binance coin has recaptured crucial support at $266 after the latest crash

• The cryptocurrency was previously weighed by adverse publicity

• A recovery above $266 sets BNB to the next resistance at $295

Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.

Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.

BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.

BNB recovers above $266 support as price turns mildly bullish

BNB/USD Chart by TradingView

A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.

Is investing in BNB now a good idea?

A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.

Where to buy BNB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

The post Binance coin back to safety as buyers now aim for $295 appeared first on CoinJournal.

• Aptos price has soared by over 87% from its December lows.

• PancakeSwap’s TVL in Aptos has surged to almost $30 million.

• AUX Exchange has seen its assets tumble by over 45% in 7 days.

Aptos price has had a strong start in 2023. The APT crypto price soared to $6 on Tuesday, its highest point since November 8. It has climbed by more than 87% from the lowest point in December. According to CoinMarketCap, Aptos has a market cap of over $741 million.

PancakeSwap TVL soars

Aptos is a relatively new and well-funded public blockchain that was established in 2022. Its backers include the infamous FTX, Andressen Horowitz, and Binance. According to its documentation, the network aims to provide a better platform for developers to build decentralized applications (dApps). 

Aptos is now governed by Aptos Foundation,as we wrote here. It has had a lot of success in the past few months. For example, the total value locked (TVL) in its ecosystem has soared to more than $49 million. This is a remarkable performance since an older and well platform like Cardano has a TVL of about $60 million.

Aptos price has soared mostly because of PancakeSwap, the well-known DeFi platform. Data compiled by DeFi Llama shows that the value of assets in PancakeSwap’s Aptos version has risen by 93% in the past 30 days to over $29.31 million. It has grown by 8% in the past seven days. 

PancakeSwap’s traders love its Aptos version because of its low fees and fast execution. Transaction costs in Aptos are negligible while the speed per transaction is more than 100k per second.

Other DeFi apps in Aptos have had a mixed performance. Ditto has seen its TVL jump by more than 66% in the past 30 days. Similarly, Tortuga and Argo have seen their TVL jump by more than 20% in the same period. 

The main laggard is AUX Exchange, the second-biggest DeFi app in its ecosystem. Its TVL has dropped by over 17% in the past 24 hours and 45% in the past 7 days. 

Aptos price forecast

APT chart by TradingView

The 4H chart shows that the APT price has done well in the past few days. As it rose, the token rose above the important resistance level at $5.45, the highest point in December. It has moved above all moving averages. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level.

Therefore, I suspect that the coin will retreat in the coming days. If this happens, the next key support level to watch will be at $4.50. 

How to buy Aptos

Binance.US

Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.

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The post Aptos Price Heading to the Moon as PancakeSwap TVL Soars appeared first on CoinJournal.

• Litecoin is attempting to break above $80

• The upcoming halving event is seen to boost the price

• A successful breakout will see buyers eye the next resistance at $100

If you have been eyeing Litecoin (LTC/USD), it is time to get even more curious, as the latest price action looks exciting. The area around $80 was a stumbling block to Litecoin during its bullish rally in November. Bears took the chance to push the price lower, retesting the $64 support but bulls resuscitated thereafter.

In a tug-of-war between bulls and bears, the former is seemingly winning as Litecoin attempts to clear the $80 barrier. The cryptocurrency surged to $82, although it is not clear if the daily candlestick will close above to consider a breakout. Should a bullish market be confirmed, a journey to $100 looks very likely. Investors would better watch how the price action plays out next.

If you might have missed it, you could refer to the CoinJournal analysis on how Litecoin’s halving event is influencing price. But aside from this critical event, Litecoin could draw from the slightly improved crypto sentiment to force a breakout. Most cryptocurrencies have staged recoveries as of press time. So how will you tell if a breakout has occurred in LTC price?

LTC surges with higher momentums at $80

LTC/USD Chart by TradingView

On the daily chart technical outlook, momentum is very strong for LTC. The daily candlestick is piercing through the $80 resistance zone. There is a surge in the buy-side volumes, indicating buyers are very active on LTC. The price also stays clear of the moving averages and ascending trendline.

When to consider a breakout?

LTC must clear $80, with the daily candlestick closing above, to consider a successful breakout. If the price closes above this crucial level, buyers may get attracted. LTC could surge to nearly $100, the potential resistance zone. 

On the contrary, if the LTC price closes below $80, the token could be due for a correction. We consider the former a more likely scenario but investors should be open to both.

Where to buy LTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy LTC with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy LTC with OKX today Disclaimer

The post Litecoin to $100 looks probable as breakout at resistance gets underway appeared first on CoinJournal.

• Ethereum Classic rose by 5% on Monday to extend the gains made in the week

• The network has witnessed a rise in transactions volumes

• ETC’s price target lies at $26, but correction could occur

The price of Ethereum Classic (ETC/USD) is looking up again after a disastrous 2022. Trading at $21.14, the cryptocurrency has confirmed a trend reversal after a break below a descending trendline. This does not outrightly tell whether we are in a bullish market since ETC has occasionally been a volatile token. However, buyers would be delighted that the upside could continue meanwhile, as the latest price action shows.

The latest Coinjournal analysis showed that miner activity gained momentum on Ethereum Classic towards the start of 2023. The last week has also seen transactions on the network embark on an upside. That coincided with the price surge that continues to be witnessed. On Monday, the price rose by more than 5%, as most cryptocurrencies looked up. Bitcoin and Ethereum, the two leading digital assets, had added 1.93% and 4.58%, respectively.

Ethereum Classic price outlook as the price recovers

ETC/USD Chart by TradingView

From the daily chart outlook, Ethereum Classic has witnessed intensified buying at the $19 bottom. The buying is evidenced by the uptick in RSI from the oversold region to an almost overbought level. The cryptocurrency also recovered above the $1.5 resistance, which could become the reference support. A breakout at the descending trendline also reinforces a bullish bias.

ETC potential price action

We predict that Ethereum Classic will maintain the upside to the next potential resistance at $26. However, applying the Bollinger Bands to the daily chart, we see the cryptocurrency trades at the upper limit. Looking at the prior price action, Ethereum Classic has always trended lower each time it hit the upper limit of the Bollinger Bands. Thus, a correction could occur before the price proceeds to the target.

Another indication of a possible correction is the RSI. With a reading of 68, we are entering overbought levels for ETC. Investors should be cautious before buying ETC based on those technical indicators. Buying on a retracement is recommended.

Where to buy ETC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today Disclaimer

The post Ethereum Classic confirms a trend shakeup. Here is the next price target appeared first on CoinJournal.

• Pi Network is one of the biggest blockchains in the world.

• Huobi listed Pi/USDT, a coin that has been disowned by Pi Network.

Huobi, the global cryptocurrency exchange, made the controversial decision to list Pi Coin last week. Since then, PI/USDT price has surged from a low of $0.0096 to a high of $89. This rebound makes it one of the top-performing cryptocurrencies in the world. But there is a big problem about Huobi’s Pi Network listing.

What is Pi Coin?

Pi Network is one of the biggest players in the blockchain in the world. It is a blockchain project that was started by two Stanford University alumni in 2018. Since its founding, it has thrived as the number of users have grown rapidly.

For example, Pi Network’s Android app has over 50 million downloads while its Twitter account has over 2 million followers. Pi Browser has over 10 million users around the world. The network has over 35 million users globally.

The developers aim to create a cryptocurrency that will be mainstream as it solves the challenges that existing cryptocurrencies have. For example, instead of relying on complex mining hardware, anyone with a smartphone can mine their Pi coins using their smartphones.

Pi Network also aims to create a full ecosystem that will include games and other platforms that will be powered using the Pi coin. However, for now, it is impossible to transform Pi Coins into cash since the coin has not been listed in exchanges.

Pi Coin disowns Huobi’s Pi/USDT

Huobi made the controversial decision to list the Pi/USDT pair, a financial derivative that aims to track the performance of Pi. In a press release, Pi said that it had disapproved the unauthorized decision to list its token without authorization. The company added that it had no affiliation or relationship with Huobi and other related exchanges and that Pi/USDT was not the real coin. The statement added that:

“Throughout this interim Enclosed Mainnet period, the Pi Mainnet is live, albeit with a firewall that prevents any unwanted external connectivity. The firewall ensures there is no connectivity between Pi and other blockchains or crypto exchanges without the explicit authorization of the network.”

So, is Huobi’s Pi Coin a good buy?

PIUSDT chart by TradingView

We believe that the Pi Coin listed by Huobi is not a genuine token to invest in or even trade. As we wrote in this article on Friday, we believe that Huobi is a significantly risky crypto exchange to invest in. If the developers can list a fake coin, what can’t they do?

The post Pi Coin price is soaring in Huobi: What could go wrong? appeared first on CoinJournal.