Kategorie: Crypto Analysis

• Kadena is a blazingly fast Ethereum rival that handles over 450k transactions per second.
• Its price has rebounded in the past few weeks as cryptocurrencies rebound.

Kadena price has been in a strong bullish trend in the past few days as investors bought the coin’s dip. The coin surged to a high of $1.2472, the highest level since November 15. It has jumped by more than 200% from the lowest level this year. So, is it safe to buy Kadena?

What is Kadena and is it a good buy?

Kadena is a leading proof-of-work (PoW) layer-1 network that makes it easy for developers to build decentralized applications. It is an Ethereum rival that was created by two ex-JP Morgan employees. 

Kadena is known for several key reasons. First, it is a proof-of-work blockchain like Bitcoin and Litecoin. This means that new coins are validated through mining. While PoW is not an environment-friendly process, Kadena’s developers believe that their technology has lower emissions than other networks.

Second, Kadena is known for the speed of its transaction. While Ethereum handles less than 20 transactions per second (TPS), Kadena handles over 450k. This makes it one of the fastest network in the blockchain industry.

Further, Kadena launched Kadena Eco in 2022 to incentivize developers to the network. Kadena Eco is a $100 million grant program that provides funding to developers who are building projects in the network.

Kadena’s ecosystem is relatively small but its developers hope that it will keep growing. According to DeFi Llama, the network has a total value locked (TVL) of over $9.1 million, with Kaddex having dominance of 82%. At its peak, it had a TVL of over $31 million.

Kadena price has rallied because of the upcoming news and milestones in the network In a tweet, the developers said that they will unveil new Kadena Eco grantees announcements and a roadmap upgrade.

Still, the biggest challenge that Kadena faces is that its industry is getting competitive, with projects like BNB and Tron having a substantial market share.

Kadena price forecast

                                                    Kadena chart by TradingView

The four-hour chart shows that the KDA price has been in a strong bullish trend in the past few weeks. In this period, the coin has rallied above the 25-day and 50-day moving averages while the MACD has moved above the neutral level. 

Kadena’s current price is at the highest point since November 27 while the Relative Strength Index (RSI) has been in a bullish trend. Therefore, Kadena price will likely continue rising as buyers target the key resistance level at $1.200. 

The post Is it safe to buy Kadena as the rebound accelerates? appeared first on CoinJournal.

Digibyte price has been in a slow recovery pace in the past few weeks as investors buy the coin’s dip. The DGB coin was trading at $0.0077 on Monday, which was about 26% above the lowest level this year. According to CoinMarketCap, it has a market cap of over $122 million, making it the 164th biggest coin in the world.

What is Digibyte and is it a good buy?

Digibyte is a proof-of-work (PoW) cryptocurrency that was established in 2014. It was created from the code of Litecoin and has a unique Genesis Block. Since then, it has gone through a series of soft forks and hard forks that led to the improvement of the network.

Digibyte has extensive speed and scalability features. According to its developers, it has a block timing rate of 15 seconds. Like Bitcoin, Digibyte has a supply limit of 21 million coins that will be fully mined by 21 million.

Other features in its ecosystem are multiple algorithms, GPU/FPGA mining, on-chain scaling, and educating the importance of running a full node. 

There are several reasons why Digibyte price has recovered recently. First, this recovery is in line with the performance of other cryptocurrencies, including BTC and ETH. They have all recovered as investors buy the dip.

Second, the coin has gained several integrations recently. For example, it was one of the networks that was added in Atomic DEX ecosystem. It was also added to Santiment’s platform, meaning that users can conduct on-chain analytics on the network. Meanwhile, the Digibyte Foundation was relaunched in November. 

Still, like other coins, Digibyte’s on-chain analytics have not been encouraging as investors ponder the collapse of FTX that we wrote about here. The number of new wallets has been falling while user transactions have declined.

Digibyte price forecast

                    Digibyte chart by TradingView

The four-hour chart shows that the Digibyte price has been in a slow bullish trend in the past few weeks. In this period, it has managed to form an ascending triangle pattern and move above the 25-day and 50-day moving averages. The MACD has moved above the neutral point while the Relative Strength Index (RSI) has moved to the neutral point.

Therefore, the Digibyte price will likely have a bullish breakout as buyers target the next key resistance level at $0.00900. This view will be confirmed if the price moves above the important resistance level at $0.0080. A drop below the support at $0.0075 will invalidate the bullish view.

The post DigiByte price prediction for December 2022 appeared first on CoinJournal.

• Solana token fell the most in November

• Social metrics are negative for the cryptocurrency

• SOL has been consolidating for weeks and faces further downside

Solana (SOL/USD) was one of the worst-performing cryptocurrencies in November. The cryptocurrency came from a high of $38 on November 5 but now trades at just$13.55. The losses came in the wake of the FTX collapse. However, for almost three weeks, SOL has been consolidating at or above $13. Does this signal the entry of buyers?

Solana’s consolidation comes amid a troubling on-chain activity. According to Santiment data, Solana’s spot and futures markets are struggling, with the trade volumes at monthly lows. As of December 2, the open interest on Solana was $208.9 million, a decline of 1.25%.

Besides, short-position trades were active on Solana, with the funding rates remaining in the negative territory. Further indications were that there were more long liquidations ($207,000) than short liquidations ($89,000) worth of SOL.

Clearly, the data is against SOL. Social metrics show limited upside, with the sentiment negative. Consequently, the latest consolidation may signal sellers’ exhaustion rather than buyers’ entry. A break to the downside would welcome a lower price for SOL.

SOL consolidates at $13 amid bearish momentum

SOL/USD Chart by TradingView

Technically, SOL is bearish in the longer-term outlook. The RSI is escaping the oversold level but still remains way below the midpoint. A slight recovery saw SOL move to the 20-day MA, but the price upside is still muted.

When to buy SOL?

Solana’s price is still bearish. Investors looking to buy SOL should wait for the bear market to subside before scooping the token. A break below the consolidation zone could see SOL hit single-digit prices.

Where to buy SOL

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 SOL with OKX today Disclaimer

The post Is Solana’s consolidation a wait for takeoff or a further slide? appeared first on CoinJournal.

• Litecoin performed strongly in November.

• The cryptocurrency witnessed increased accumulation last month.

• LTC has found resistance at $80, paving the way for a breakout or correction.

A strong surge in November took Litecoin (LTC/USD) to $83. That’s nearly double the price of $47 on November 9. The gains also took LTC above a crucial resistance, paving the way for further gains in the cryptocurrency. However, LTC has been consolidating for more than a week since hitting higher levels. 

As CoinJournal previously reported, Litecoin’s halving event, which is months away, could be fueling LTC gains. If the event turns out to be as influential as it was in the past, buyers are not yet done with LTC. A breakout could occur, and a price above $100 is inevitable.

Furthermore, a popular crypto analyst expects LTC to outperform bitcoin. Strategist Justin Bennett says he is bullish on Litecoin in the short term. The comments come even as large whales accumulated at least $40 million worth of LTC in the last two months of November. The positive fundamentals could help LTC maintain an upward trajectory. $80 is turning out to be the crucial level for bulls in the next bull cycle.

LTC finds resistance at $80 in a bullish momentum

LTC/USD Chart by TradingView

On the technical outlook, LTC retested the $80 resistance, and buyers have been rejected again. The price is correcting, although the uptrend remains intact as the token makes higher highs and higher lows.

The moving averages are bullish on LTC and provide support for the cryptocurrency. The RSI remains above the midpoint but below the overbought level. The RSI is, however, coming from an oversold level, indicating that profit-taking could be behind the ongoing correction.

What next for LTC?

LTC price could maintain the uptrend given the strong momentum, but buyers should break above the $80 barrier. The token may undergo a correction to the moving average before continuing with the surge.

Investors should watch the area around $70 if a correction occurs. The level will coincide with a 50% retracement or the 50-day MA.

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 price stalls. Will the token maintain the uptrend? appeared first on CoinJournal.

• Dogecoin has been rising in anticipation of integration into Twitter payments

• Dogecoin has initiated a bullish golden cross

• The cryptocurrency is on a correction but maintains a bullish momentum

Dogecoin (DOGE/USD) has sent another bullish signal – a golden cross. A golden cross occurs when the shorter-term 50-day moving averages approaches and crosses above the 200-day MA. The golden cross is interpreted as a crucial bullish signal.

A golden cross on DOGE happened after the meme cryptocurrency saw increased investor interest. Speculations continue to grow over the acceptance of Dogecoin as a payment token for Twitter. IO Global CEO co-founder Charles Hoskinson shared views regarding the hotly contested topic. Hoskinson says that Elon Musk could use DOGE for payments on Twitter, bringing an additional 200 million people to cryptocurrencies.

Hoskinson says the participation of Binance in Twitter’s acquisition is a move to support crypto integration. The IOG CEO expects BNB to be the other cryptocurrency that could benefit from the crypto use on Musk-owned Twitter.

DOGE corrects after a short-term price appreciation

DOGE/USD Chart by TradingView

On the daily chart outlook, the 50-day MA moved above the 200-day MA (golden cross). It is the first time since October 2021 that the 50-day MA has moved above the 200-day MA. The golden cross could be a strong bullish indicator for DOGE.

DOGE is also on a slight correction after a breakout at $0.09 took the price of the cryptocurrency to $0.11. The MACD indicator has turned bullish and shifted above the neutral zone. Momentum has weakened slightly but remains strong.

When to buy Dogecoin?

The technical outlook and indicators are bullish on Dogecoin price. However, the current correction could continue in the short term. For buyers, $0.09 is the level to watch for a potential bullish reversal and potential buy zone for DOGE.

In the bullish scenario, buyers will target the level around $0.14 next. Further increases in price will depend on the prevailing crypto sentiment and Dogecoin’s own fundamentals. Other resistances lie at $0.15 and $0.17.

Where to buy DOGE

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 DOGE with eToro today Disclaimer

The post Dogecoin confirms a golden cross. Is a bullish rally coming? appeared first on CoinJournal.