Kategorie: Crypto Analysis

The cryptocurrency market is trading in the red zone heading into the weekend, with most coins and tokens underperforming at the moment.

It has been a net positive week for the cryptocurrency market, but the bears are in control ahead of the weekend. The market has lost nearly 2% of its value over the past 24 hours, with the total market cap still above $1.1 trillion.

Bitcoin has slipped below the $24k mark after failing to mount a rally past the $25k resistance level on Thursday. Ether is still trading at around $1,900 per coin and is up by less than 1% in the last 24 hours.

However, ANKR, the native coin of the Ankr protocol, is the best performer amongst the top 100 cryptocurrencies by market cap. ANKR is up by 41% in the last 24 hours, outperforming the other major cryptos in the process.

The rally comes a few hours after Binance Labs, the venture capital arm of Binance, announced its strategic investment in Ankr. 

Binance Labs said the investment is geared toward ramping up the work on Ankr’s remote procedure call (RPC) service and building out its Web3 developer suite. It is also the first major investment by Yi He since she was appointed as the head of Binance Labs. 

Key levels to watch

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

The MACD line is deep within the positive zone, thanks to ANKR’s ongoing rally. The coin could soar higher with support from the broader crypto market over the coming days. 

The 14-day RSI of 76 shows that ANKR is close to entering the overbought region. At press time, ANKR is trading at $0.04942 per coin. If the rally continues, it could surge past the first major resistance level at $0.05486 before the end of the day.

However, ANKR would need the support of the broader market to move past the $0.06345 resistance level for the first time since May.

The post Here is why ANKR is up by 41% in the last 24 hours appeared first on CoinJournal.

• AAVE has soared 11.63% in the past day

• The token is currently facing resistance at an important price level

• Aave’s total value locked is up 5.73% in the past day

Aave (AAVE/USD) is an open-source, decentralized, peer-to-peer lending platform. The protocol is known for its flash loans, which are blockchain-based uncollateralized loans. The loans must be repaid within a single block time for the transaction not to be reversed. Its native AAVE token is among the highest gainers in the crypto space.

At an 11.63% jump in the past day, AAVE is benefiting from the ongoing market recovery. The recovery is partly due to a report that the inflation rate is softening. Data from the US Bureau of Labor Statistics show that the consumer price index increased 8.5% YoY in July. This compares to 9.1% recorded in June.

The data has played well for the DeFi tokens. There is an increase in interest for riskier assets among investors. Apart from Aave, other major DeFi tokens are leading the recovery. Fantom and Uniswap have jumped 4.7% and 8.73% in the past day. While the asset class is responding in kind to the positive economic data, market-specific factors are also aligning.

During the 2022 Blockchain Futurist Conference, crypto executives cited the robust DeFi growth. Most analysts said that centralized financial institutions were playing a significant role in the expansion. The sentiment can be affirmed with a 5.73% jump in Aave TVL at $7.43 billion. The bull run is vivid in the short-term chart below.

AAVE/USD is bullish but faces immediate resistance at $118

Source: TradingView 

From the daily chart, AAVE moved from $44 on June 19 to the current price of $109. The surge represents a 147% gain in under two months. Further, the token is trading above the 9-day and 21-day moving averages. However, AAVE is approaching a resistance level.

At $118, AAVE could consolidate or make a retracement before any further uptrend. Nonetheless, the RSI is at 63. The reading, which is at the highest in five months, remains below the overbought zone. If AAVE fails to break above the $118 resistance level, it could retrace to $75 or $44 support.

Concluding thoughts

Aave token is leading gains in the crypto space. DeFi tokens are currently among the top gainers. The token could face resistance at $118. $75 and $44 are the key price levels that could present a buy opportunity.

The post AAVE faces immediate resistance at $118 – Which levels are key? appeared first on CoinJournal.

• Celsius has been facing bankruptcy which forced its native token CEL to tumble.

• CEL has risen by 100% in the past 7 days on a reported short squeeze.

• Analysts warn that the rally could wane due to the lack of fundamentals.

Celsius CEL/USD token is trading at $2.437 as of press time. The trading represents a gain of around 100% in the past one week. However, there are more red flags to caution investors than there are fundamentals.

The gains in Celsius token have largely been fueled by retail frenzy. A short squeeze Twitter campaign dubbed #CELShortSqueeze started on August 7, raising bull speculations. The retail frenzy comes amid recent liquidity troubles of Celsius that sent the token crumbling. The crisis forced the crypto lender to file for bankruptcy protection on July 13.

As price pumps, retail traders are reportedly snapping CEL tokens on FTX. The traders are reportedly trying to exert pressure on short sellers and force a short squeeze. Samir Kerbage, Hashdex’s chief product and technology officer, commented on the recent squeeze. Kerbage warned that the upside for CEL remains low since the rally is not fundamentally driven.

Celsius token shoots on a growing retail frenzy

Source – TradingView

Technically, the Celsius token is gaining and has already overcome the $2.0 support. A crossover of the 21-day above the 50-day MA affirms a bullish momentum. At the current price, CEL eyes above $3 next. 

Concluding thoughts

CEL is bullish, and investors would be better off buying above $2.0. However, there are more doubts than convictions. Celsius faces bankruptcy, and there are doubts the current rally is fundamentally driven. 

A retail frenzy on the token with an urge to force a short squeeze may also be unsustainable. Speculating on the crypto token is risky.

The post Celsius token jumps 100% in a week – Are the gains sustainable? appeared first on CoinJournal.

• Theta Network offers a video streaming service akin to YouTube

• The token has been under bearish pressure this year

• THETA broke above the consolidation zone in a potential bullish push

Theta Network token THETA/USD has been consolidating for the last three months. The token has barely surpassed $1.462 since mid-May. It trades at $1.6 in a bullish push likely to take the token to $2.2.

Theta Network is often labeled as the YouTube of blockchain. The label is derived from the fact that it is the only blockchain for decentralized video streaming. On its website, Theta Network refers to itself as the “next generation video and entertainment blockchain.”

Whereas Theta Token has been staging recoveries, dampened crypto sentiment remains a thorn. The token has lacked momentum of its own and has predominantly been moving with the market. The latest inflation data ignited expectations of a lesser aggressive Fed. The data is boosting cryptocurrencies, and THETA may not be an exception. A break above $1.45 is a bull call, but investors must remain cautious.

Theta token turns resistance into support in a bullish push

Source – TradingView

Theta token has turned the $1.45 resistance into new support. The token is now sliding to test the support before making the next move. 

The crossover of the 21-day MA above the 50-day MA is an indication of THETA bullishness. Both moving averages remain below the current price and offer support. The MACD indicator also remains bullish on THETA. 

Concluding thoughts

Investors should watch $1.45 for price action as the Theta token could begin a bullish reversal.

If THETA retests and starts reversal at $1.45, the next price is $2.2, the level lastly traded in May. However, we need to be aware of the overall crypto sentiment, which has largely driven the Theta token.

The post Is Theta token heading to $2 after the latest breakout? appeared first on CoinJournal.

The cryptocurrency market has bounced back excellently after underperforming on Wednesday.

The cryptocurrency market has bounced back from Wednesday’s slump, with virtually all the coins in the top 100 trading in the green zone.

The market has added more than 7% to its value in the last 24 hours, with the total market cap now above $1.1 trillion at press time.

Bitcoin has surpassed the $24k level again after rallying by 7.33% in the last 24 hours. The leading cryptocurrency could be eyeing the $25k psychological level over the next few hours.

Ether briefly touched the $1,900 level a few hours ago before declining to $1,800. At press time, ETH is trading at $1,888 per coin and could be moving towards the $2,000 mark ahead of the Merge.

VET, the native token of the VeChain blockchain, is one of the best performers amongst the top 50 cryptocurrencies by market cap. VET is up by more than 12% in the last 24 hours and currently trades at $0.032 per coin.

VET’s rally comes after the VeChain Foundation announced that it has integrated with US-based logistics software company, OrionOne.

Key levels to watch

The VET/USD 4-hour chart has turned bullish as VeChain has performed excellently over the last 24 hours. The technical indicators show that VET could rally higher soon.

The MACD line is now within the positive zone, thanks to the latest rally. Thus, indicating that bulls are currently in charge of the VET market.

The 14-day relative strength index of 67 shows that VET could move into the overbought region if the rally is sustained.

If the bulls remain in charge, VET could surge past the first major resistance level at $0.0378 before the end of the day. However, it would need the support of the broader market before it can make a move towards the $0.045 resistance level in the short term.

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