Kategorie: Crypto Analysis

Nexo price jumped to the highest level since June as the bullish momentum accelerated. The coin rose to a high of $1.2133, which was about 120% above the lowest level in August. As a result, its total market cap jumped to over $620 million.

Nexo buyback

Nexo is a leading fintech company that provides a complete suite of solutions to both retail and institutional customers. 

Its primary product is one that makes it possible for people to borrow collateralized funds using its platform. For example, a Bitcoin holder can take a loan in the form of fiat currencies like euro and US dollar.

In addition, the company has an investment feature that lets people make money by just depositing their cryptocurrencies like AVAX and SOL.

Nexo also has tools that enable people to buy and store cryptocurrencies like BTC and ETH. It also has a product that lets people spend money using their Visa-linked card.

Therefore, Nexo was recently in the spotlight because of the similarity of its products to those of Celsius. Celsius is a company that recently went bankrupt. As a result, there were fears of contagion, which could have affected Nexo. 

Nexo price rallied after the company announced that it will allocate a further $50 million in the company’s buyback program. As a result, the company will periodically buy back the NEXO tokens. The goal is to reduce the outstanding token in circulation and boost confidence among investors. In a statement, the company’s founder said:

“The allocation of an additional $50 million to our buyback plan is a result of our solid liquidity position and Nexo’s ability and readiness to spur on its own products, token, and community, alongside its outward-facing initiatives of injecting liquidity into the industry.”

NEXO price prediction

The four-hour chart shows that the NEXO token made a strong comeback in July. It then continued its recovery in August and soared to the highest point since June. The coin moved above the 25-day and 50-day moving averages. It is also slightly below the 23.6% Fibonacci Retracement level.

Therefore, it seems like the coin has momentum as we move into September. As a result, there is a likelihood that it will rise to the 50% retracement level at $2.15. A drop below the support at $0.9 will invalidate the bullish view.

The post Nexo price recovery accelerated in August. Is it a buy in September? appeared first on CoinJournal.

Uniglo and Tamadoge are the two most hyped cryptocurrencies of 2022. Tamadoge has become extremely popular such that the developers raised $8.5 million within 24 hours from investors. In this article, we will explain what Uniglo is and whether GLO, its native token will be a good investment.

What is Uniglo?

Uniglo is an upcoming blockchain project and cryptocurrency that will be unveiled in the next few months. According to its whitepaper, Uniglo is a community-based social currency that will be backed by digitized tangible assets, cryptocurrencies, and rare NFTs. 

The goal of this cryptocurrency will be to reduce the substantial volatility that exists in the cryptocurrency industry. This is an important thing considering what we have experienced in the crypto industry where the price of most coins has crashed by over 50%. 

There will be 218,750,000 GLO tokens that will have an ultra burn mechanism. 80% of those tokens will be sold to the public while 7.3% will be added to a liquidity pool. 5% of them will go to the Uniglo Foundation while 5% and 2% will go to development and marketing. 

Uniglo price prediction

Like Tamadoge and Sweatcoin, it is impossible to do a Uniglo price prediction since the coin has not been launched. According to the developers, the first pre-sale took place between 15th July and 15th August. The second presale will run until September 15. After that, there will be a token sale between 15th September and 15th October. 

This period will also include the launch of the GLO token through an airdrop. The final major step will be wrapping the token for multi-chain capabilities. 

So, is Uniglo a good cryptocurrency to buy? While Uniglo has been extremely hyped, we believe that it is an extremely risky coin to buy. For one, we have already seen so many crypto scams in the past few months. 

Also, it is unclear who the founders of Uniglo are and whether it is actually registered. Therefore, the recommendation is that you should wait before you invest in it.

The post Uniglo price prediction: What is GLO and will it be a good buy appeared first on CoinJournal.

Stargate Finance price has performed relatively well in the past few days as demand for the coin has risen. STG jumped to a high of $1.15 last week, which was the highest level in months. It has now pulled back slightly and is trading at $0.773, giving it a market cap of over $102 million.

What is Stargate Finance and STG?

Stargate Finance is a fast-growing blockchain platform in the decentralized finance (DeFi) industry that solves a bridging problem. According to its white paper, Stargate solves three key problems that exist in the sector. 

First, existing developers rely on wrapped assets to move native assets between chains. Second, they can only support a small limited network of chains. And finally, they cannot be composed with smart contracts on the destination chain.

Stargate Finance solves this challenge by making it easy for people to move assets across multiple chains. While solutions like the Avalanche Bridge and AnySwap enable this transfer, they have the challenge of instant guaranteed finality and unified liquidity.

Therefore, a user can transfer assets across chains at a 1:1 ratio. For example, one can swap one Ethereum-based Dai for one Dai on the Avalanche blockchain.

Stargate Finance is available across multiple chains like Ethereum, Avalanche, Arbitrum, BNB, Polygon, Optimism, and Fantom. According to DeFi Llama, Stargate Finance has a total value locked of over $679 million.

STG is the native token for the Stargate ecosystem and users can easily stake it to earn returns. Also, they can participate in its governance.

Stargate Finance price forecast

The four-hour chart shows that the STG price has been in a strong bullish trend in the past few weeks. This saw it jump from $0.3295 to a high of $1.1465. Recently, however, Stargate Finance price has lost bullish momentum and formed a head and shoulders pattern.

It has also dropped below the 25-day and 50-day moving averages. Its volume has also declined. Therefore. There is a likelihood that the coin will have a bearish breakout that will see it drop to the support at $0.5452, which is about 30% below the current level. 

The post Stargate Finance price prediction: What is STG and is it a good buy? appeared first on CoinJournal.

Avalanche is the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap.

AVAX, the native token of the Avalanche blockchain, is up by more than 13% over the last 24 hours. Thus, making it the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap.

AVAX’s positive performance comes as the broader crypto market recovers from its poor start to the week. The broader crypto market is up by more than 4% in the last 24 hours, taking the total crypto market cap close to the $1 trillion mark.

Bitcoin is now trading above $20k once again after adding more than 3% to its value over the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is close to the $1,600 resistance point after rallying by nearly 10% today.

There is no immediate catalyst behind AVAX’s ongoing positive performance. AVAX has recorded huge losses in recent days and is simply recovering from the slump.

Despite today’s rally, AVAX is still down by more than 9% over the past seven days, indicating that the bearish momentum is not yet over.

Key levels to watch

The AVAX/USD 4-hour chart is still bearish despite Avalanche adding more than 13% to its value today. The technical indicators show that AVAX is recovering from its recent slump.

The MACD line remains below the neutral zone, indicating bearish momentum. However, with the bulls now in control, AVAX’s MACD line could move into the positive region in the near term.

The 14-day relative strength index of 49 shows that AVAX is no longer in the oversold region. However, AVAX would need to rally higher to enter the overbought territory.

At press time, AVAX is trading at $20.34 per coin. If the bulls continue to be in charge, AVAX could rally past the $23.02 resistance level before the end of the day. 

Unless there is an extended bullish run, the second major resistance point at $26.29 should cap further upward movement in the near term.

The post Why is Avalanche up by more than 13% on Tuesday? appeared first on CoinJournal.

Optimism price crawled back on Monday as investors bought the dip. The token rose to a high of $1.1150, which was the highest level since August 26. It has risen by more than 10% from the lowest level this month, giving it a market cap of over $240 million. 

Optimism TVL rising

Optimism is a leading blockchain project that help developers to supercharge their Ethereum projects. It is a layer-2 platform that helps them save money and boost speeds. According to its website, it has saved users over $1 billion in gas fees and created more than $800 million in on-chain value. 

Optimism has been used to supercharge some of the leading applications in the industry. Some of the top apps in the ecosystem are Synthetix, Thales, AAVE, Velodrome, Uniswap, and Curve among others. 

According to DeFi Llama, Optimism has seen its total value locked rise to over $856 million. This TVL is slightly below the year-to-date high of almost $1.2 billion. AAVE is the biggest application in the ecosystem with a TVL of over $402 million.

In addition, Optimism has a bridge that makes it possible for people to swap tokens from several blockchains like Ethereum, Polygon, BNB Chain, and Arbitrum to other platforms. 

Optimism price is rising after the strong performance of Perpetual Protocol. Its TVL has risen to over $22 million. According to Binance, the PERP price has risen by over 7% in the past 24 hours.

Optimism price forecast

The four-hour chart shows that the OP price has been in a bearish trend in the past few weeks. It managed to move from a high of $2.2526 in early August to a low of $0.9853. The lowest point was below the 61.8% Fibonacci Retracement level.

The coin has formed a descending channel that is shown in red. It has now moved to the upper side of the descending channel. Optimism has moved to the 25-day and 50-day moving averages while the Stochastic Oscillator has moved to the overbought level.

Therefore, the coin will likely resume the bearish trend and retest the lower side of the channel at $0.900. A move above the resistance at $1.200 will invalidate the bearish view.

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