Kategorie: Crypto Analysis

• ApeCoin gained 15% on Wednesday amid growing investor interest
• The token was accepted as a payment method by Gucci
• APE remains supported above a breakout zone with an opportunity for further gains

ApeCoin APE/USD was the center of retail interest on Wednesday. The token rose more than 15%, with social media mentions growing. The gains were widespread across the crypto sector, suggesting that sentiment remains intact. 

The gains in ApeCoin come amid good fundamentals supporting the token. Italian high-end fashion house Gucci announced the acceptance of ApeCoin for purchases in the US. The move allows Gucci to become the first major brand in the US to accept payments in APE. Customers will be allowed to make in-store purchases with APE BitPay. 

The latest announcement increases the utility of ApeCoin’s token. The blockchain also has the Otherside metaverse project in the pipeline. Once the project becomes a reality, ApeCoin will hit new levels. For now, we believe APE has more upside potential, and investors should consider buying.

ApeCoin gains above the breakout zone after acceptance of token by Gucci

Source – TradingView

Technically, ApeCoin is initiating a new bullish momentum above the breakout zone of $6.1. The token is almost overbought, with an RSI reading of 67. That suggests that investors are circling the token amid positive developments. The moving averages also continue to support the token.

We believe ApeCoin will continue rising after the recent bullish push. The token will remain supported at $6.1, and any potential retracement will be rejected at the level. The target is at $9, although it could rise higher if the bullish momentum remains. 

Summary

ApeCoin is bullish after breaking above $6.1. The bullish momentum is supported by the acceptance of the token by Gucci. Crypto sentiment also remains strong. Buy on short retracements or at the current level.

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Lido price continued to outperform its peers as demand for the liquid staking platform jumped. The LDO token rose to a high of $2.74, which was the highest level since May this year. It has jumped by more than 460% from its lowest level this year. Its market cap has jumped to over $1.2 billion, making it the 49th biggest crypto in the world.

Lido demand rising

Lido has grown from a relatively small decentralized finance (DeFi) application to the second-biggest platform in the industry after Maker. Its total value locked (TVL) has jumped to more than $7.19 billion.

Lido is relatively different from other DeFi platforms like Aave, Maker, and Uniswap in that it helps people to earn returns from their cryptocurrencies. It uses networks like Ethereum, Solana, Kusama, Polygon, and Polkadot. 

Ethereum has more than $7 billion in total assets while Polygon has over $31 million in staked assets. Solana has more than $113 million in assets. Before its collapse, Terra was its second-biggest ecosystem with billions in assets.

Lido is best-known for its Lido Staked Ether (STETH), which has a market cap of over $6 billion. Holders of the coin currently earn about 3.9% in returns. Solana has about 5.9% returns while Kusama has about 19.9% returns.

Lido price has gone parabolic in the past few months because of the rising demand for the coin. Indeed, a quick look at Google Trends shows that more people are searching for Lido. The recovery is also because the Liquid Staking Ether has started stabilizing and regaining its peg to ETH. At the time of writing, STETH was trading at $1,612 while ETH was trading at $1,655.

Lido price prediction

The daily chart shows that the LDO price has been in a strong bullish trend in the past few days. It has risen by more than 460% from its lowest level in June. It has moved slightly above the 25-day and 50-day moving averages.

The coin has also formed a break and retest pattern by falling to $1.9195. Therefore, there is a likelihood that Lido will continue rising as bulls target last month’s high of $2.7400. A drop below the support level at $1.9195 will invalidate the bullish view.

The post Lido price prediction as TVL soars to $7.2 billion appeared first on CoinJournal.

• Internet Computer Protocol token is sliding after the latest gains
• The token has been gaining on growing prospects of web3
• ICP is a buy, but investors should wait for the current retracement to settle

Internet Computer Protocol ICP/USD is retracing. 24-hour losses stand at 8.15% as investors take profits. However, that is just a correction as the token remains with a superb 24.35% gain in the past week. The latest drop is an opportunity for buyers, with up to 40% upside potential.

While we can’t ascertain how long the improved crypto sentiment will last, ICP remains on course to $10. That is confirmed by the latest price trends, which show that ICP has broken above a key level. The price has been driven by momentum as most cryptocurrencies surged. In particular, the projected Ethereum merge has been boosting tokens exposed to web3. 

ICP retreats after an impressive week with the potential to reverse at $7.0

Source – TradingView

Technically, ICP has been moving on a system of higher highs and higher lows. The token has set a weekly high of around $9.7. The weakly high coincided with overbought conditions as the RSI touched 72. That suggests that ICP buyers took profit at the level. 

At the current price of $7.7, ICP is correcting and on its way to finding support at $7.0. Alternatively, the token could find support where the price intersects with the moving averages. Investors should be keen on those levels for a potential bullish reversal. Buy trades should target $10.6 as the next resistance for ICP.

Concluding thoughts

ICP is very bullish despite the current correction. The token could slide further but will get supported at $7.0. ICP buyers should consider buying lower as investor interest remains strong. The token will find resistance slightly above $10.

The post Buy Internet Computer token on a retracement as the price remains very bullish appeared first on CoinJournal.

• Theta network has been touted as a next-generation video streaming platform 
• The network faces competition from other networks
• Theta token has pumped 20% but remains in consolidation mode

Theta Network token THETA/USD has returned more than 20% in the past one week. The gains in the last 24 hours were 2.46% as of press time. The gains consider that THETA has been relatively subdued despite other cryptocurrencies surging. 

Theta Network promises to revolutionize video streaming through the blockchain network. By becoming the next-generation video blockchain network, Theta will rival YouTube. That was evident mid-last year when the network saw exponential growth.

This year, however, Theta has been beset with challenges. It is yet to live to the hype of being a YouTube rival. The booming metaverse applications with almost everything in virtual space have also been a threat. Protocols such as Axie Infinity have been preferred by gamers. However, once Theta proves its course, it is bound to rise. Recent gains attest to expectations of a price pump. But is the token bullish now?

Theta trapped in a consolidation zone despite latest gains

Source – TradingView

On the daily chart technical outlook, Theta token has been very stable above $1.06 support. The token has held to this key level since May. It suggests sellers’ exhaustion and the potential entry of buyers. Nonetheless, the $1.45 resistance has always taken the price back for every surge. That makes the consolidation zone a level to watch.

Moving averages and MACD indicators show a bullish momentum for THETA. Our assessment suggests that a break above $1.45 will confirm bullish momentum. Already, THETA has shown the likelihood of a breakout. Investors should watch the token over the next few days.

Summary

Although Theta token is in the consolidation zone, a potential breakout is on the cards. The token has been stable since May, and a breakout would attract more buyer interest.

The post Is Theta Network token now bullish after double-digit gains? appeared first on CoinJournal.

• The Shiba Inu team teased the much-anticipated game known as “Shiba Eternity.”
• The price of SHIB is still in the red despite the positive development
• Shiba Inu faces a correction or breakout in the next few days

Shiba Inu’s SHIB/USD projected game is around the corner, although no one knows the release date. In an announcement on Tuesday, the developers revealed the name of the game as “Shiba Eternity.” The developers said they were working with Playside Studios to make the game a reality. The game will be available on Apple App Store and Google Play Store. 

Shiba Inu token is yet to respond to the positive developments. As of press time, the token was down 2.68% in the last 24 hours. It still remains in the green for the last one week after the latest gains. A snapshot of the entire crypto industry shows corrections, and Shiba was no exception. 

While the game development is positive for Shiba Inu, investors remain cautious. Shiba Inu metaverse remains a pipe dream. The community may have to wait longer for the land sale as previous milestones have been delayed. As a result, SHIB’s latest recovery has not been due to fundamentals but rather momentum. We find the price currently trapped with two potential outcomes in the next few days.

Shiba Inu holds tightly close to the resistance level

Source – TradingView

Technically, SHIB is in consolidation mode. The token has held close to the $0.000012 resistance and has resisted the decline for almost a week. At the current trading of $0.000011, SHIB remains above the 14-day and 21-day moving averages. That indicates buyers are looking at a possible breakout of $0.000012 resistance.

On the flip side, the MACD indicator shows dying bullish strength. If buyers fail to take the price higher, SHIB could slide back to the support at $0.000010.

Summary

Shiba Inu eyes a breakout of the resistance or a slide back to the consolidation zone. Investors should watch for the two likely outcomes in the next few days.

The post Shiba Inu price update as developers tease the much-anticipated game appeared first on CoinJournal.