Kategorie: Crypto Analysis

• Tezos’s blockchain-enabled voting system Electis is gaining traction

• The native token XTZ has surged by 8% in the last one week

• Tezos remains on a clear uptrend making higher prices attenable

Tezos XTZ/USD is not the top gainer in the last week. However, it is among those that have retained gains, with at least an 8% surge in seven days. Expectations of growth of the utility of the blockchain’s native token are triggering the surge. 

Tezos has had no significant news lately. However, optimism is growing around the blockchain’s e-voting system Electis. The encrypted and fully anonymous blockchain-enabled e-voting system has been adopted widely. Over 20,000 votes have been using the voting system since it was launched. 

Recently, on July 15, Electis announced that three bodies of the United Nations have started using the voting system. The organizations include YOUNGO, DG7 Youth Constituency, and the Women and Gender Constituency. The adoption cements Tezos as a blockchain of the future. While there are numerous use cases to be explored, these positive developments could fuel the gains.

Tezos maintains a clear uptrend above support

Source – TradingView

From the technical outlook, Tezos trades above a support zone at $1.6. The token is pushing higher from the 21-day moving average. The token is also supported by the 50-day moving average. The MACD indicator shows a strong bullish momentum building.

We expect the current bullish momentum in Tezos to be sustained. Short corrections to the support are still possible and offer buying opportunities. The token will face resistance at $2.2. If the level is successfully cleared, the next zone to watch is $2.9.

Concluding thoughts

Tezos token remains on an uptrend after reclaiming the $1.6 support. The token will rise to $2.2, where it faces major resistance. Investors should take advantage of any short-term retracements.

The post Tezos prediction as price makes slow but sure gains appeared first on CoinJournal.

• Ethereum Classic has rallied by 140% in a month.

• The token is retreating with declines of 14% in a week

• Messari analyst doesn’t think Ethereum Classic will sustain gains

Ethereum Classic ETC/USD is up 140% in a month. The token has been rising at the back of the expected merge of parent Ethereum. The merge will see Ethereum move from a proof-of-work to a proof-of-stake blockchain. Investors have anticipated that the shift will allow PoW miners to move to Ethereum Classic.

The latest gains in Ethereum Classic had Messari analyst Tom Dunleavy commenting. Dunleavy says ETC’s rally won’t last long. He warns that despite the gains, the users and volumes have remained unchanged. The analyst also points out that applications on the blockchain are non-existent.

Besides, Dunleavy says that the Ethereum merge won’t have a lot of impact on the Ethereum Classic. According to him, ETH mining accounts for 97% of GPU mining revenue. ETC mining is only 2% and would attract few miners. He estimates that ETC mining would generate only $700,000 for miners each day. That compares to Ethereum’s $24 million. 

Ethereum Classic slides to support in a market correction

Source – TradingView

Technically, Ethereum Classic has retreated to a support zone of $34. The bullish momentum is dying despite remaining on an uptrend. We do not recommend a buy at the support as momentum is weakening. If ETC breaks below $34, the next level is $26.

Concluding thoughts

ETC has gained by triple digits in the last one month. The gains have been driven by expected boosts from the Ethereum merge. Analysts fault the gains which have been fueled by hype rather than fundamentals. 

The lack of clear fundamentals and weakening FOMO could lead to further declines in ETC. While investors can capitalize on short-term appreciations in price, we deem the $34 support vulnerable.

The post Ethereum Classic’s rally faulted – Does it still provide an opportunity? appeared first on CoinJournal.

The cryptocurrency market could end the week in a positive fashion after adding more than 1% to its total value in the last 24 hours.

The cryptocurrency market has maintained its positive performance over the past few days. The total market cap is closing in on $1.1 trillion after adding more than 1% to its value in the last 24 hours. 

Bitcoin is trading above $23k once again after adding 1% to its value so far today. Ether continues to maintain its price above the $1,600 psychological level heading into the weekend.

FLOW, the native token of the Flow blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. FLOW has added 39% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind this rally is the announcement by the Flow team that its partnership with Instagram is now active. 

In a tweet on Thursday, the Flow team said select users can now connect their Dapper wallet and showcase their favourite NFTs directly on their Instagram account.

Key levels to watch

The FLOW/USD 4-hour chart is extremely bullish as Flow has been performing excellently over the last 24 hours. The technical indicators show that FLOW is outperforming the broader cryptocurrency market.

The MACD line is deep within the positive zone, indicating bullish momentum. The 14-day relative strength index of 68 shows that FLOW is heading towards the overbought region if the positive momentum can be maintained.

At press time, FLOW is trading at $2.64. If the bulls remain in charge, FLOW could surge past the $3.05 resistance level before the end of the day. However, it would need the support of the broader market to cross the $4 mark for the first time in nearly six months. 

The post Here is why FLOW is up by nearly 40% in the last 24 hours appeared first on CoinJournal.

• Yearn. Finance arbitrages lending platforms for the best rates
• Yearn.Finance token has risen by 44% in a week.
• The cryptocurrency has met resistance, and investors should watch lower levels.

In a week where cryptos have mixed returns, Yearn.Finance YFI/USD is among a few with strong gains. With 44% 7-day returns, the token is only rivaled by Filecoin and Optimism in the top 100 coins. The gains are even more remarkable because YFI has overcome a crucial bottom. Does that set it on course to replicate the gains of last year?

Yearn.Finance runs on the Ethereum blockchain. The protocol has carved a name in crypto by arbitraging diverse lending platforms. They include Compound, Aave, and dYdX. It maximizes returns for the users by selecting the platforms with the most favorable rates. Users also earn YFI tokens by staking on the protocol. Users can lock more crypto assets through “yield farming” to raise their earnings.

The latest gains in YFI underline that investors believe DeFi is the future. Other DeFi platforms such as Aave and Compound have been rising by double digits. It was just a matter of time before Yearn-Finance followed. 

Yearn.Finance hits a resistance after weekly gains

Source – TradingView

YFI has met resistance at $12,400 following the latest gains. The token is sliding and currently trades at $10,630. The MACD indicator is bullish, but the momentum is waning. 

We believe YFI will correct as investors take profit at the resistance zone. However, with the token well above key resistance at $7,250, it is on course to hit higher levels. The cryptocurrency could correct to the support or the moving averages. Investors should sell and consider buying lower.

Summary

YFI has gained by 44% in a week. Investors are taking profits after the token hits the resistance. Investors should buy the token once it settles at suitable support. 

The post What next as Yearn.Finance token shoots 44% in a week? appeared first on CoinJournal.

• Hedera Hashgraph is a PoS distributed ledger using hashgraph consensus algorithm
• Native HBAR trades in a tight range below the $0.08 resistance
• Watch $0.05 support for a potential bullish retracement

Hedera Hashgraph HBAR/USD is a proof-of-stake distributed ledger of transactions. The network uses a distinct algorithm called hashgraph. It was developed to enhance faster transactions. While the crypto market has recovered above $1.05 trillion in market cap, HBAR is struggling.

HBAR has declined by 1.2% in the past day at $0.07. The daily transaction volume has also dipped by as much as 17% in the same period. HBAR loss is even wider in the broader outlook. The tokens have plunged 75% YTD and 86% from the all-time high. Hedera Hashgraph’s market cap is also dwindling.

The token is currently ranked #39 in the crypto list with $1.5 billion in valuation. In the past 24 hours alone, the valuation has dropped by $30 million. The technical price outlook further affirms the bearish sentiment HBAR is facing.  

HBAR locked between $0.05 support and $0.08 resistance

Source: TradingView

HBAR has been contained between $0.08 resistance and $0.05 support level since June 10. An attempt to break above the resistance was rejected on August 1. HBAR is now on a retracement with weak momentum. The RSI indicator is at 51, while the MACD is close to the baseline with no clear trend.

Concluding thoughts

The technical analysis points to a bearish momentum in Hedera Hashgraph. Its fundamental aspects lie in the promise for faster transactions and broader crypto adoption. For enthusiasts of blockchain technology, the current price level can be a huge discount. 

However, for short-term traders, patience is recommended, with the key level to watch being the $0.05 support. At this point, a buy is only recommended with the confirmation of a bullish price action signal. Momentum indicators should also be monitored.

The post Watch $0.05 support as Hedera Hashgraph fails to clear resistance appeared first on CoinJournal.