Kategorie: Crypto Analysis

• Avalanche remains one of the key smart contract platforms

• The native token bottomed at $14 but has since doubled in price 

• AVAX trades at $23 after the latest corrections since touching $30

Avalanche AVAX/USD is battling the $21 support, with bulls seemingly looking to win. Nothing is sure, of course, as we remain largely in a bear crypto market. Nonetheless, bulls should remain optimistic about a potential short-term rally.

Avalanche remains one of the top cryptocurrencies despite crashing lately. The native token can be staked and deployed as a unit for transactions. The blockchain protocol became popular in 2021 at the height of the smart contract boom. AVAX rose above $150, ranking among the leading smart contract platforms.

A crypto crash this year and LUNA-inspired volatility gripped AVAX, forcing it to a bottom of $14. The price has been recovering, doubling in August before the correction. While AVAX was trading at $23 at press time, bullish signs are developing. We project a short-term price surge to $27 resistance.

AVAX remains in the consolidation zone after the latest correction

Source – TradingView

Technical analysis shows that AVAX is slowly recovering from the $21 support. The cryptocurrency has formed multiple inside bars at the support. The inside bars indicate indecision and a potential bear exhaustion after the latest correction. A breakout of the inside bar to the upside will confirm a bullish reversal.

On the momentum indicator, there are further bullish signs for AVAX. Although the MACD indicator remains in the bear zone, the weakness is abating. That suggests that AVAX is strongly rejecting any further drop below $21.

Concluding thoughts

A bull case for AVAX will be confirmed by a breakout of the inside bar pattern. The token could still face resistance at $27.

The post Avalanche looks set for short-term price appreciation but how far can the price rise? appeared first on CoinJournal.

Bluzelle price rebounded on Wednesday as investors waited for the upcoming integration with Stargate and Gamma 4 launch. The BLZ token rose to a high of $0.100, which was the highest level since August 17. It has rallied by over 33% from its lowest level this month, giving it a market cap of over $32 million.

Bluzelle making important strides

Bluzelle is a relatively small but fast-growing blockchain project that is at the intersection of gaming, non-fungible tokens (NFT), and decentralized finance (DeFi). It was created by former employees of leading gaming companies like Nintendo, Zynga, and Electronic Arts.

Bluzelle has three key products. First, it has BluzelleNet, which is a delegated proof-of-stake platform based on the Cosmos technology. It is an extremely fast platform that can handle over 10,000 transactions per second. BluezelleNet aggregates DeFi products in the Cosmos ecosystem to offer lending, staking, and yield strategies for game assets.

Bluzelle is also building Gamma 4, which is a play-to-earn game that will be launched in the coming months. Users will be able to play and earn rewards. 

Finally, it has Bluzelle R2, which is a decentralized storage platform for files and non-fungible tokens (NFT). 

The BLZ price has done well as investors wait for its integration to the Stargate ecosystem. Developers moved the testnet to Stargate and are now set to move it to the mainnet soon. This also explains why the Stargate (STG) price has jumped by more than 15% in the past 24 hours.

Further, the developers have continued building the Gamma 4 game and they expect that it will be launched in the coming months. They have already completed most parts, including the design, art, battle mechanics, card illustrations, and elementis functioning.

Bluzelle price prediction

The four-hour chart shows that the BLZ price has performed well in the past few days. In this period, the pair managed to move above the ascending trendline that is shown in black. The coin managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved to the overbought level. 

The coin will likely continue rising as bulls target the next key resistance level at $0.1113, which was the highest point on August 11. A drop below the support level at $0.090 will invalidate the bullish view.

The post Bluzelle price prediction: Here’s why BLZ and STG are rising appeared first on CoinJournal.

AVA price went parabolic on Wednesday as demand for traveling jumped. The Travala token rose to a high of $1.2400, which was the highest level since August 1. This price was about 81% above the lowest level this month, giving it a market cap of over $50 million.

Travel demand continuing

Travala.com is a relatively small but fast-growing company that is using the blockchain technology to disrupt the vast travel industry.

The company operates a portal where people can book over 2.2 million hotels and accommodations using cryptocurrencies. It competes with the likes of Priceline, Expedia, and TripAdvisor.

As a blockchain-first company, Travala launched AVA, its native token. AVA is a cryptocurrency that people can use to pay their hotels and accommodations. It is a token based on the Binance Chain (BEP-2), Binance Smart Chain (BEP-20), and Ethereum (ERC-20). 

AVA holders get more perks when they use it to book their accommodations and flights. For example, they receive a 3% discount on the total booking fee. They also receive up to 2% giveback. Other benefits of using AVA are voting rights and access to the proof of travel NFT program.

AVA price has done well in the past few months as global travel rebounded. According to its website, Travala users booked 8,433 room nights in July and 2,057 flights. Its revenue rose by 48% year on year while the number of Smart members rose to 6,568. 

Further, over 16.7% of the circulating supply of AVA has been locked by Smart users to earn rewards. 75% of all bookings in Travala were made in cryptocurrencies.

Therefore, the Travala price has risen as investors anticipate more growth as the travel industry stages a strong comeback. Indeed, most similar companies like Trip and Priceline have seen their shares climb.

AVA price prediction

The four-hour chart shows that AVA price has been in a bullish trend in the past few days. In this period, the stock managed to move from June’s low of $0.4570 to today’s high of $1.2490. It has moved above the 25-day and 50-day moving averages and the ascending trendline shown in black. 

The Relative Strength Index (RSI) has moved above the overbought level. Therefore, the coin will likely resume the bearish trend as sellers target the next key support at $0.8487.

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NEXO is the best-performing cryptocurrency among the top 100 coins and tokens in the last 24 hours.

NEXO, the native token of the Nexo platform, is the best performer amongst the top 100 cryptocurrencies by market cap today. The coin has added more than 18% to its value so far today, outperforming the broader crypto market.

NEXO’s rally comes as the broader market continues to slowly recover from its recent slump. The broader crypto market has added more than 2% to its value over the last 24 hours, with the total crypto market cap still above $1 trillion.

Bitcoin maintains its price above the $21k resistance level and is up by less than 1% so far today. Ether is eyeing the $1,700 resistance point after adding more than 2% to its value in the last 24 hours.

NEXO’s ongoing rally came after the team revealed its plans for the upcoming Ethereum Merge.

The team said it supports Ethereum’s Proof of Stake (PoS) migration. However, in the event of Proof of Work (PoW) forks, Nexo will evaluate the logistics and support for distribution. If the network is healthy and has significant user value, Nexo will send the forked tokens into its users’ accounts.

Key levels to watch

The NEXO/USD 4-hour chart is bullish as Nexo has been performing excellently over the last 24 hours.

The MACD line has been above the neutral zone since August 5th and continues to remain there, indicating strong bullish momentum for NEXO. 

The 14-day relative strength index of 64 shows that NEXO is slowly moving into the overbought territory. At press time, NEXO is trading at $0.99937 per coin.

If the bullish momentum continues, NEXO could rally past the first major resistance level at $1.172 over the next few hours or days.

However, it would need the support of the broader crypto market to reach the $1.40 psychological level for the first time since May.

The post NEXO is up by more than 18% on Wednesday: Here’s why appeared first on CoinJournal.

Bitcoin technical indicators on the weekly charts show a potentially significant price drop in the coming weeks or months. The moving averages have formed a bearish crossover and could draw a lot of short sellers in the coming days.

However, if past price action is anything to go by, the odds are that Bitcoin could pull a surprise and trap bears. It is safe to assume that Bitcoin is either at the bottom or very close. This means a pump could follow in the foreseeable future.

This also means it’s a good time to start shopping for high-potential altcoins that could do well in the case of a Bitcoin surprise pump. If you are currently in the altcoins market, here are some of the best that is likely to pump if Bitcoin rallies in the remaining days of August.

Shiba Inu (SHIB)

Shiba Inu (SHIB) was a top performer recently and is still one of the high-potential cryptocurrencies to keep an eye on going forward. The recent move to introduce a burning feature whenever one pays for something in SHIB means this cryptocurrency is now highly deflationary.

Besides, Shiba Inu, one of the low-cost cryptocurrencies in the market today, is highly attractive to small-time investors who may not have the money to invest in big cryptos like Bitcoin and Ethereum. If Bitcoin rallies toward the end of the month, SHIB is one of the top cryptocurrencies that could benefit the most.

Ethereum (ETH)

Ethereum (ETH) will remain on investors’ radar for the remainder of August and most of early September. That’s because of the upcoming Ethereum merge. There is a lot of expectation that the merge will trigger an Ethereum rally. As such, if Bitcoin rallies toward the end of the month, Ethereum could easily outperform it. The odds of Ethereum ending the month above the $2000 mark are pretty high.

Ethereum Classic (ETC)

Ethereum Classic (ETC) has been a sleeper for many years, but in recent weeks, it has started to show a lot of momentum. This is all thanks to the idea that it could benefit from an inflow of Ethereum miners, who are about to be rendered redundant by the merge. The anticipation of miners shifting to ETC after the merge is likely to drive a surge of investors towards ETC before and after the merge.

Polygon (MATIC)

Polygon (MATIC) is one of the cryptocurrencies that are closely linked to Ethereum and stands to benefit from the Ethereum merge. That’s because the Ethereum merge will make Ethereum heavily reliant on layer-2 solutions like Polygon. If the merge is a success, investors looking to benefit from the flow of transactions to other chains could start buying into Polygon.

Already Polygon buying volumes are on the rise, indicating that investors could be jumping into MATIC at the moment. If the trend continues, MATIC is without a doubt a top cryptocurrency to watch as we approach the end of the month.

The post Here are Cryptocurrencies that could rally toward the end of August appeared first on CoinJournal.