Kategorie: Crypto Analysis

• Ethereum Classic is the best performer amongst the top 50 cryptocurrencies by market cap today.

• ETC is up by more than 4% today and has added 21% to its value in the last seven days.

• The broader crypto market is underperforming after a positive start to the week.

ETC is outperforming the other major cryptocurrencies today

ETC, the native coin of the Ethereum Classic blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap today. It is up by more than 4% in the last 24 hours, and the price of Ethereum Classic now stands at $18.73.

According to the crypto analytics platform Santiment, Ethereum Classic is enjoying a pretty nice rally of its own. Not only is volume high, but ETC is also being shorted big time by traders on exchanges.

This latest cryptocurrency news could be the major catalyst driving ETC higher. The broader crypto market had a positive start to the week but is now retreating. The total crypto market cap stands at $817 billion, down by less than 1% in the last 24 hours. 

Bitcoin and Ether continue to maintain their prices above the $16,800 and $1,250 levels, respectively.

Key levels to watch

The ETC/USD 4-hour chart is bullish as Ethereum Classic has been performing well over the last few days. The technical indicators show that ETC is outperforming the broader crypto market.

The MACD line is deep within the positive territory, indicating that the bulls are in charge of the market. The 14-day relative strength index of 78 shows that ETC could enter the overbought region if the rally continues.

With the bulls in charge, ETC could surge past the first major resistance level at $20.12 before the end of the day. In the event of an extended rally, ETC could trade above the $23 psychological level for the first time since November 2022.

Where to buy Ethereum Classic now

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.

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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 eyes the $20 resistance level after its latest rally appeared first on CoinJournal.

• Bonk has captured the attention of most traders and investors.

• History suggests that Bonk price will implode soon.

• Tokens like Tamadoge, Saudi Shiba Inu, and Dogelon have been forgotten.

Bonk price has made headlines in 2023 as it became one of the best-performing tokens in the world. The token’s price surged to a high of $0.0000036, which was dramatically higher than its all-time low. According to CoinMarketCap, the meme coin’s market cap surged to more than $200 million.

Beware of an upcoming crash

Meme coins have become popular in the financial industry in the past few months. Besides, creating these tokens has become easy because of smart contract platforms like Ethereum and Solana. Also, some developers have made a fortune launching meme coins like Dogecoin, Shiba Inu, Tamadoge, Dogelon Mars, and Floki Inu. 

Bonk is a new meme coin that was launched on Christmas day. It is a meme coin whose developers aim will become the Shiba Inu equivalent of Solana. They hope that it will be used to power the Solana ecosystem, which is going through turmoil because of its exposure to FTX and Alameda. We have covered the link between the entities here.

Bonk has become highly popular in the past few days. Indeed, the total volume of the token traded in the past 24 hours in centralised exchanges rose to $152 million. It has also become popular in Solana Dex platforms like Orca and Saber.

Bonk price prediction

However, there are reasons to be cautious about Bonk price. First, its price action resembles what we saw with other meme coins like Tamadoge and even Saudi Shiba Inu. In this, the token tends to rise sharply and then decline as it moves into the distribution phase.

Second, it appears like Bonk is a way for Solana insiders to make a killing. A quick look at its whitepaper shows that most of the Bonk tokens are allocated to insiders, including the makers of OpenBook. OpenBook is a new iteration of Serum, which collapsed in November.

Third, Bonk price will likely resume the bearish trend as the momentum surrounding it wanes. We saw this with other popular meme tokens before. While Dogelon Mars and its peers were highly popular at their prime, they have since then been forgotten.

Finally, it is hard to imagine a meme coin with no utility do well in a period of high-interest rates. Fed minutes published on Wednesday showed that the committee expects that rates will remain high for a while. Therefore, I expect that BONK will crash to $0.00000011 in the next few days.

How to buy Bonk

The post Bonk price has soared: prepare for a major dive appeared first on CoinJournal.

• Cardano recovered by 4% on Wednesday after hitting a two-year bottom

• Whale activity has been reported to be on the rise

• The cryptocurrency remains on a downtrend with no confirmed bullish momentum

Cardano (ADA/USD) is taking a stride higher after hitting a two-year low of $0.24. Trading at $0.265 as of press time, ADA had returned 4% in the day. The gains in the day come amid increased whale activity.

According to WhaleStats data, ADA was among the top 10 most bought tokens above the biggest BSC whales on December 04. The BNB whales now hold a combined 19.9 million Cardano tokens. The portfolio, worth $5.19 million, however, represents less than 1% of the total. Nonetheless, in the last 30 days, large investors have cut their ADA positions. That potentially explains the huge decline in ADA price in December to the multi-year low.

There are no clear indications for the recent surge in ADA. As CoinJournal previously reported, sentiment data showed that ADA was undervalued as of the end of 2022. Investors could, therefore, be throwing weight on recovery as the price hits depressed levels. But we remain cautious as ADA remains on a downtrend.

ADA recovers at the bottom of the descending channel

ADA/USD Chart by TradingView

From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel. The 2-year low saw the RSI hit oversold levels meaning that investors had dumped ADA in huge proportions. The daily chart technical outlook still supports a bearish view of the cryptocurrency.

Will ADA recovery continue?

Cardano’s recovery remains tied to the broader crypto sentiment. Many cryptocurrencies posted relief recoveries on Wednesday but were still trading at depressed levels. There is no confirmation that the recoveries will be sustained since we remain in a bear market. 

If ADA maintains the recovery, we need to watch how bulls play out at the upper end of the descending channel. Conversely, ADA remains vulnerable to the $0.24 bottom or lower.

Where to buy ADA

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 ADA 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 ADA with OKX today Disclaimer

The post Cardano gives early signals of a rally. Is this a good opportunity? appeared first on CoinJournal.

• Litecoin has gained 13% in the past week

• The network ended 2022 with record transactions

• Investors speculate further gains, although $80 is a crucial level to watch

Litecoin (LTC/USD) began 2023 on a strong footing. The cryptocurrency is among the top gainers, with a gain of nearly 13% in the week. That comes even as trading volumes rise, with an intraday 22% surge. Does this send a bullish note?

2022 may be a difficult year for all cryptocurrencies, including Litecoin. However, Litecoin saw increasing growth, with 52 million new addresses. According to Litecoin’s update on the last day of 2022, the network processed over 39 million transactions last year. This is a new record, which investors could look at to predict a bullish push in 2023. 

DeFi firm Abra CEO Bill Barhydt thinks Litecoin is “important.” Barhydt says Litecoin is the only p2p decentralised payment ecosystem that has outlived 10 years of uptime. He says Litecoin is also superior to Bitcoin in terms of testing new technologies.

Digging deeper into 2023, analysts expect it to be a busy year for Litecoin. Galaxy Trading expects the token to return up to 100% heading into LTC’s halving event. The price has already been reacting to these important developments.

LTC price outlook as token retests resistance

LTC/USD Chart by TradingView

On the daily chart, LTC is testing a resistance zone around $77-$80. The price has maintained along a short-term trendline after bouncing off from the $64 support. The MACD indicator has turned bullish and shifted above the neutral zone.

Is LTC attractive?

The gain by LTC is an opportunity for buyers to ride the bullish push in 2023. However, sustained gains in the cryptocurrency will depend on whether bulls will overcome resistance at $80. The cryptocurrency is retesting the resistance with an opportunity for a breakout. Investors can buy LTC on the breakout. 

On the flip side, investors could watch how LTC behaves at the short-term trendline. A drop below the trendline could see the cryptocurrency retest the support at $64.

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 remains bullish, but it must overcome a key level appeared first on CoinJournal.

• Near Protocol price jumped on Wednesday.

• This price was in sync with other Sam coins like Solana and Serum.

Near Protocol paused its remarkable sell-off as Sam Coins staged a strong comeback. The coin rose to a high of $1.428, which was the highest level since December 16. It has rallied by more than 14% from its lowest level in 2022.

Sam Coins rebound

Near Protocol is one of the few cryptocurrencies that are known as Sam Coins. Sam refers to Sam Bankman-Fried, the embattled founder of FTX and Alameda Research. At its peak, FTX was valued at over $32 billion, making it the second-biggest exchange in the world after Binance, as we wrote here.

Sam coins are those cryptocurrencies that Bankman and his empire had invested in. As part of his investment, he often received crypto tokens that he could exchange for fiat currencies. Therefore, with his empire dead and with his legal peril increasing, most investors have decided to exit Sam Coins.

Other popular Sam Coins are Solana, Serum, Bonfida, and Ren. Solana has been one of the worst performers in the crypto industry after the collapse of FTX. Its DeFi ecosystem has lost billions of dollars and it currently stands at $350 million.

Near Protocol has also struggled in the past few months. Its popularity among investors has waned while the total value locked (TVL) in its DeFi ecosystem has crashed to $98 million. At its peak in May 2022, Near had over $800 million in assets. Most apps in its ecosystem have lost value in the past 30 days. They include Ref Finance, Burrow, Meta Pool, and Linear Network. The same is true with other apps in its network.

Near Protocol price also rose after the foundation changed how it makes grants. Going forward, the foundation will stop investing in its inbound start-up grants programs. It will also work with DAOs, with processing within 6 to 8 weeks.

Near price prediction

NEAR chart by TradingView

The four-hour chart shows that Near Protocol price has staged a strong recovery in the past few days. As it rose, it moved above the important resistance point at $1.37, which was the highest point on December 27.  It has also moved slightly above the 25-day and 50-day moving averages.

Therefore, Near price will likely resume the bearish trend as the momentum of Sam Coins wanes. If this happens, the next key level to watch will be at $1.30.

How to buy Near Protocol

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 NEAR with OKX 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 NEAR with Binance today

The post Near price stages a slow recovery: Will these gains hold? appeared first on CoinJournal.