Kategorie: Crypto Analysis

• Solana has been dropping for the last 3 months.

• The token is yet to break below key support, the recent breakout zone.

• Solana could head to $60 next if it overcomes the latest weakness.

Solana SOL/USD has lost 1.90% in the last 24 hours. The token remains in the green for the past one week. Our earlier projection set the target at $60, following a key breakout at $43. Solana seems to have lost its previous aggressive bull surge after 3 consecutive days of decline. This thesis interrogates further whether the recent decline is long-lasting or short-lived.

The bearish move of Solana takes the price to $43.44 at press time. We find that Solana’s support is at $43. It suggests that the token is retesting the support, and we are yet to confirm a bearish reversal. 

Further scrutiny of Solana shows that the token is on a clear uptrend. The cryptocurrency has successfully overcome the latest hack-inspired decline. It has maintained a system of higher highs and higher lows. The momentum has still not been the strongest.

Solana remains supported at $43 amid bear weakness

Source – TradingView

Technically, the indicators read bullish for SOL. From the daily chart outlook, the MACD line closed above the moving average, confirming bullish momentum. The 21-day and 50-day moving averages also support the token. 

The current indications are that SOL is undergoing a correction. There is no confirmed bearish reversal. Investors should watch price action at $43 for a potential bullish reversal. In the less likely scenario that $43 fails to hold, SOL could find the next support at $35.

Summary

Solana token has maintained the $43 support despite the latest weakness. The bull case for the token remains in place. The current retracement is a correction likely to open buy opportunities.

The post Has Solana started a bear reversal, or is it just a correction? appeared first on CoinJournal.

• Ripple’s case with SEC continues to drag on, affecting the XRP price

• The native token has gained by 0.97% in a week despite escaping a consolidation zone

• XRP was dislodged from the sixth position by Cardano’s ADA

Ripple XRP/USD is now the 7th largest cryptocurrency after posting negligible gains. Cardano, which has been surging lately, has claimed the 6th spot, previously held by XRP. A spot check of XRP on CoinMarketCap shows the token has just 0.97% gains in a week.

XRP’s failure to inspire a rally after a breakout underlines caution around its case with the SEC. A positive case outcome is expected to be a major boost for XRP. However, with investor sentiment shifting to alternative tokens, XRP could remain subdued.

Nothing confirms the likely winner in the tussle expected to shape the direction of crypto regulation. However, Ripple has been winning small milestones ahead of the expected ruling. On August 3, a US judge Sarah Netburn allowed Ripple access to videos of SEC officials. The case outcome is expected before the end of the year, although delays are still possible.

XRP fails to rally after a breakout from a consolidation channel

Source – TradingView

Technically, XRP has kept the $0.375 support intact. It is the breakout zone from the consolidation channel. However, momentum is weakening, with the MACD line crossing below the moving average. The token is also sliding below the 21-day moving average.

Concluding thoughts

XRP remains bullish, but momentum is waning. That could be due to investor concerns regarding the outcome of the case with the SEC. Should the case outcome be positive, XRP would explode to new levels. 

A positive projection of the case could also trigger XRP jump above the current level. Investors should be aware that XRP could slide further at the current level as momentum wanes.

The post XRP posts sluggish gains as the case with SEC drags on – What next? appeared first on CoinJournal.

• Ethereum Classic gains are cooling but maintain double-digit surges in the week.

• Ethereum Classic has been benefiting from the expected Ethereum shift to PoS.

• ETC may correct further, but momentum is still strong for buyers.

Ethereum Classic ETC/USD is up 12.70% in the past week. However, the token has been weakening. ETC was trading at $41.27 as of press time, below its previous top above $45. The decline elicits questions on whether the recently bullish momentum is now over.

Reflecting, Ethereum Classic gains have largely been attributed to the expected Ethereum merge. Ethereum Classic is a Proof-of-Work blockchain. Investors project that Ethereum’s move to PoS will allow miners to move to Ethereum Classic. The speculation has attracted some disagreements. Some analysts have warned Ethereum Classic carries limited applications. The migration of miners is also faulted and seen to cause negligible impacts.

It remains unclear how much Ethereum’s PoS shift will benefit Ethereum Classic. Nonetheless, the latter continues to enjoy positive publicity. 

Overbought Ethereum Classic slides after meeting resistance.

Source – TradingView

From the technical outlook, the Ethereum Classic token entered the overbought level at $45. There is no bear trigger for the cryptocurrency, which also remains supported by the moving averages. ETC has formed a double top at the $45 resistance and is sliding.

We consider the current slide as an action by traders to take profits after the latest gains. Further gains are possible after a correction. The next level to watch for the cryptocurrency is $34 and further down to $26. 

Summary

Ethereum Classic has been benefiting from the expected move of Ethereum to PoS. The cryptocurrency is sliding from an overbought region. Further retracements are possible if the cryptocurrency fails to break past $45. Watch for price action at $34 next.

The post Is the Ethereum Classic’s bull run over, or do buyers have a chance? appeared first on CoinJournal.

Dogecoin price went parabolic on Tuesday as optimism spread in the cryptocurrency industry. It jumped to a high of $0.090, which was the highest level since June 1st of this year. This price is about 78% above the lowest level this year. Its market cap has jumped to over $11.4 billion.

Why is DOGE rising?

Dogecoin is the biggest meme coin in the world. It is a cryptocurrency that aims to be a good alternative to Bitcoin, the biggest digital coin in the world.

Dogecoin price has staged a strong recovery in the past few weeks as investors cheer the improving sentiment in the market. This recovery is in line with the performance of other cryptocurrencies like BTC, ETH, and XRP.

First, it has risen because investors believe the worst has already happened in the cryptocurrency industry following the recent crash of Terra, Three Arrows, and Celsius. At the time, most analysts were expecting a major contagion to happen.

Second, Dogecoin price has also rallied because of the correlation between stocks and cryptocurrencies. Most American stocks have jumped sharply in the past few weeks. The Dow Jones, Nasdaq 100, and S&P 500 indices have jumped by more than 20% from their lowest levels this year. Historically, there is a correlation between stocks and digital coins.

Third, DOGE has also risen because of the ongoing enthusiasm about the upcoming Ethereum merge. This merge, which will combine the PoW version with the Beacon Chain, will make it significantly faster and more efficient. While the merge will not impact Dogecoin, the strong performance of ETH has had a contagion effect in the crypto industry.

Dogecoin price prediction

The four-hour chart shows that the DOGE price has been in a strong bullish trend in the past few days. It has even rallied in the past three straight days. And today, it managed to move above the important resistance point at $0.084, which was the highest point last week. 

Dogecoin price is above the 25-day and 50-day moving averages while the MACD has continued rising. Therefore, the coin will likely continue rising as bulls target the next psychological level of $0.10. A drop below the support level at $0.081 will invalidate the bullish view.

The post Dogecoin price prediction as DOGE goes vertical appeared first on CoinJournal.

The cryptocurrency market continues its poor start to the week, but Chiliz has been performing excellently today.

CHZ, the native token of the Chiliz blockchain, is up by more than 15% over the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

The broader crypto market has been underperforming since the start of the week. The market has lost more than 3% of its value in the last 24 hours, with the total market cap still above $1.1 trillion.

Bitcoin has maintained its price above $24k after losing less than 1% of its value today, while Ether has dipped below the $1,900 resistance level as it is down by 1.2% in the last 24 hours.

CHZ’s rally can be attributed to the Chiliz team tweeting about its upcoming Pequin update. Pequin is the fifth phase of its Scoville testnet update and will lead to the launch of the CHZ cross-chain bridge.

After the Pequin update, Scoville has only one more update before the mainnet launch, which is slated to happen in the third or fourth quarter of the year.

Key levels to watch

The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the past 24 hours.

The MACD line is deep within the positive territory, indicating that CHZ is bullish despite the bearish sentiment in the broader cryptocurrency market.

The 14-day relative strength index of 75 shows that CHZ is close to entering the overbought region. CHZ is up by more than 37% in the last seven days.

At press time, CHZ is trading at $0.20 per coin. If the positive momentum is maintained, CHZ could cross the $0.24 resistance level for the first time since April. In the event of an extended bullish performance, CHZ could trade above the $0.310 resistance level over the next few days.

The post Chiliz is up by more than 15% on Tuesday: Here’s why appeared first on CoinJournal.