Kategorie: Crypto Analysis

The cryptocurrency market has performed poorly so far today, but XEC is the best performer amongst the top 100 cryptocurrencies. 

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XEC, the native token of the eCash ecosystem, is the best performer amongst the top 100 cryptocurrencies today. The coin has rallied by more than 30% over the last 24 hours, outperforming the broader market in the process. 

The broader cryptocurrency market has been underperforming in the last two weeks. The market has lost more than 1% of its value so far today, with the total market cap now below the $1 trillion mark once again.

Bitcoin has dropped below $20k for the first time this month. At press time, BTC is trading at $19,813, down by more than 1% so far today. Ether has also lost its support above the $1,500 level and is now trading at $1,449 per coin.

XEC’s rally comes after the development team announced that the Avalanche Post-Consensus would go live on the eCash Mainnet on Sept 14th.

According to the team, Post-Consensus brings 51% attack prevention which increases the security of the network significantly, bringing it on par with leading Proof-of-Work chains. It also brings 1-block finality to eCash, which opens the door for exchanges to enable 1 confirmation deposit.

Key levels to watch

The XEC/USDT 4-hour chart is extremely bullish as eCash is performing excellently amidst a bearish run from the broader market.

The MACD line jumped into the positive zone on Sunday and continues to remain within that territory, indicating bullish momentum. The 14-day RSI of 74 shows that XEC could enter the overbought region if the rally continues.

At press time, XEC is trading at $0.00004883 per coin. If the positive rally is maintained, XEC could surge past the $0.00005357 resistance level before the end of the day. 

However, the second major resistance level at $0.00006362 should prove difficult for XEC unless it gets support from the broader cryptocurrency market. 

The post XEC is up by more than 30% on Monday: Here is why appeared first on CoinJournal.

Bitcoin continues consolidating around the $21k level, and selling volumes are dropping. It is an indicator that the bottom could be in, and what could follow is a steady rise over time before another blow-off top at some point in the future. However, for someone looking for mega gains in the next bull run, Bitcoin may not be the most ideal.

Most analysts expect Bitcoin to hit a peak of $100k in the next bull run. That’s close to 5x its current price. However, 5x is no big deal in crypto circles, where gains of 100x or more are usually possible in bull markets. For such gains, it is best to start looking into cheap altcoins with the potential for explosive growth. If you are unsure of which altcoins hold such potential, below are 3 of them that you should consider.

Shiba Inu (SHIB)

In 2021, Shiba Inu (SHIB) took everyone by surprise when it rallied by over 40,000,000%. However, it has since taken a hit, but there is still a lot of potential for Shiba Inu to do even bigger things in the next bull run. That’s because Shiba Inu’s recently introduced burn tool is taking vast amounts of SHIB out of circulation.

For context, more than 300 million SHIB tokens have been burned out of circulation this week alone. Over time, this accelerated burn rate will help drive up the price. That’s because the demand will continually be chasing an ever-declining number of tokens. With this burning tool in place, you can’t rule out the potential for SHIB to hit $0.1 at some point in the future.

XRP (XRP)

XRP (XRP) did not do so well in the last bull run and failed to retest the highs it last hit in 2017. That aside, XRP has proven to be one of the most resilient cryptocurrencies. Even with the SEC case against Ripple, and the current crypto bear market, XRP is still holding on to its value pretty well.

It is also noteworthy that whales seem to be accumulating on this cryptocurrency. Today, Whale Alert has posted that XRP worth $20 million has been transferred from an exchange to an unknown wallet. It could indicate that big-money investors are taking a more long-term approach to XRP. When you combine this with the fact that Ripple could win the case against the SEC, it becomes clear that XRP could be a gem in the rough at current prices.

Cardano (ADA)

Cardano (ADA) is one of the top cryptocurrencies with high potential and is cheap at the moment. One thing that makes Cardano stand out is that its popularity amongst investors is on the rise. For instance, in the latest brand intimacy rankings, Cardano ranks higher than well-known brands like BMW and IKEA.

It also ranks higher than Bitcoin, which is quite surprising because Bitcoin is the largest cryptocurrency in the market. It’s a good indicator because once bulls return to the market, Cardano could experience a surge in volumes, a factor that could positively impact its price.

The post Top Cheap Cryptocurrencies that can easily 10x your money appeared first on CoinJournal.

Uniswap price continued retreating this week even after a major governance vote. The UNI token crashed to a low of $6.72, which was about 32% below the highest point this month. It is hovering near the lowest level since July 27th. 

Uniswap Foundation

Uniswap is one of the biggest players in the decentralized finance (DeFi) industry. The protocol allows people to swap and earn cryptocurrencies. In addition, users have the ability to build and launch decentralized applications (dApps) in its ecosystem.

Uniswap has grown rapidly in the past few years. According to its website, its trading volume jumped to over $1.1 trillion as it executed over 107 million trades. Data compiled by DeFi Llama shows that its total value locked (TVL) stands at over $5.7 billion, making it the 5th biggest DeFi platform in the world after Maker, Lido, Aave, and Curve.

Some of the applications in its ecosystem are Endaoment, Brink Trade, TrustWallet, Argent, Flipside Crypto, and Sorbet among others.

The UNI price retreated even after a major community in its ecosystem. Community members voted to create the Uniswap Foundation which will support open-source development within the protocol. It will also streamline the issuance of grants.

As a start, the foundation will seek about $74 million from Uniswap’s decentralized autonomous organization (DAO) treasury which has over $3 billion in funds. In a statement, a community member said:

“We want to ensure that there will be a large, thriving ecosystem of organizations that are building on, integrating with, and organizing events in support of the protocol.”

 Uniswap price prediction

The four-hour chart shows that the UNI price has been in a strong bearish trend in the past few weeks. The coin has found a strong support at $6.6581, where it struggled to move below this month. It has moved below the 25-day and 50-day moving average while the Relative Strength Index (RSI) has moved below the neutral point.

Uniswap price has also formed a bearish flag pattern. Therefore, the coin will likely continue falling as sellers target the next key support at $6. A move above the resistance at $7.10 will invalidate the bearish view.

The post Here’s why the Uniswap (UNI) price is at risk of a major plunge appeared first on CoinJournal.

The VGX price surged to the highest point since July 18 as the bidding war for Voyager Digital continued. The token rose to a high of $0.6872, which was almost 400% above the lowest level this year. As a result, its total market cap surged to over $182 million.

Why is Voyager Digital token rising?

Voyager Digital was a leading Canadian cryptocurrency exchange that handled billions of dollars every week. The situation changed a few months ago following the crash of Terra’s ecosystem, Celsius, and Three Arrow Capital. 

Voyager Digital, facing a major cash squeeze, decided to file for voluntary bankruptcy in a bid to organize its resources. It also decided to stop deposits, withdrawals, and the creation of new accounts. The VGX token continued trading.

Behind the scenes, a bidding war by some of the biggest companies in the crypto industry like Coinbase, FTX, and Binance. In total, there were about 22 suitors for the company.

Now, the VGX token price rose after it emerged that FTX and Binance were the main contenders. According to Coindesk, Binance has moved aggressively to acquire those assets. FTX, which made an offer to buy the company last month, is still pursuing the company’s assets. 

Coinbase had partnered with Callaway Capital Management to launch a bid but then walked away. Besides, the company’s stock price has crashed hard this year. 

Therefore, the VGX price is rising as investors focus on the future of Voyager now that it seems like it will be saved by a bigger company. The rise is also part of a short squeeze that has been going on in the past few months.

VGX price prediction

The four-hour chart shows that the Voyager Digital price has been in a bearish trend in the past few weeks. In this period, the coin formed a falling wedge pattern, which is usually a bullish sign. This pattern also explains why the coin has gone parabolic in the past few days. 

Voyager moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the overbought level. Therefore, I suspect that the coin will now retreat as the enthusiasm about the company’s acquisition fades. If this happens, the next key support at $0.3800.

The post VGX Price Prediction as the Voyager Digital Token Flies appeared first on CoinJournal.

The cryptocurrency market could end the week in a bearish tone but ADA is outperforming the other major coins.

ADA, the native token of the Cardano blockchain, is the best performer amongst the top 10 cryptocurrencies by market cap. ADA has added more than 3% to its value, outperforming the broader market in the process.

The cryptocurrency market could end the week in a bearish fashion, with the market losing nearly 2% of its value in the last 24 hours. This has resulted in the total market cap dropping close to the $1 trillion mark.

Bitcoin has maintained its position above the $21k level but continues to struggle to move past the $22k resistance point in recent days. Ether, on the other hand, has dropped below $1,700 after losing more than 2% of its value in the last 24 hours.

ADA’s ongoing positive performance comes as the Cardano development team provided an update on its Vasil upgrade. 

According to Input Output, the development team behind the Cardano blockchain, they continue to work towards bringing the Vasil upgrade to mainnet. The team provided updates on bug issues and other miannet node status. 

📢 The team at IOG, along with @CardanoStiftung and the wider @Cardano technical community continue to work together to bring the #Vasil upgrade to the #Cardano mainnet. 🙌

Here’s a rollout status as of 25th August 🧵👇

1/13

— Input Output (@InputOutputHK) August 25, 2022

Key levels to watch

The ADA/USD 4-hour chart is turning bullish as Cardano has been performing well over the last few hours. The technical indicators show that ADA is outperforming the broader crypto market.

The MACD line is close to entering the positive region, indicating bullish momentum for ADA. the 14-day RSI of 59 shows that ADA could enter the overbought zone if the positive momentum can be maintained.

At press time, ADA is trading at $0.4812 per coin. If the positive rally continues, ADA could surge past the $0.535 resistance level before the end of the day. However, ADA could find it hard to surpass the second major resistance level at $0.577 over the next few hours. 

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