Kategorie: Crypto Analysis

• Filecoin’s FIL is up 69% in the last week

• Strong fundamentals are likely the cause of the recent FOMO on FIL

• FIL could retrace, but the price will remain elevated

Filecoin FIL/USD was trading at $9.41 as of press time. Data by Coinmarketcap shows that the total gains in the week stand at 69.35%. The percentage surge would, of course, be greater, at the weakly high of above $11. As with most bull runs, corrections are bound to happen. We believe Filecoin could correct, but investors should be keen on the token. 

Filecoin gains do not come as a surprise. The token witnessed increased social media mentions and was the center of investor buys at $6. Holon Global, a venture capital firm, previously said it had launched three crypto funds. One fund was for Filecoin’s FIL. That may have increased investor interest amid improved crypto sentiment. 

Another potential driver of Filecoin token gains was a network update. The update showed that over 1,475 projects were entering Filecoin. More than 405 organizations were also building on the network, with about 17.9 EiB total storage power. The developments could have attracted FOMO to FIL, leading to the latest gains. 

Filecoin retreats after the weekly bullish momentum

Source – TradingView

Filecoin is retracing after the latest gains. The RSI pointed to a reading of 83, indicating overbought conditions as the price surged. A series of profit-taking and dying FOMO could lead to an accelerated price correction. The next level to watch for potential buy trades is $8.0. 

Concluding thoughts

Strong fundamentals have been driving Filecoin’s surge for the past week. A potential retracement is likely as investors take profits. Focus on buying on a retracement at $8.0 if the crypto sentiment remains.

The post Is Filecoin bull run over after a surge of more than 69% in a week? appeared first on CoinJournal.

The cryptocurrency market has been underperforming since the start of the week.

The crypto market is having a poor start to the week. The total market cap remains above $1 trillion despite the broader market losing more than 4% of its value in the last 24 hours.

Bitcoin is down from last week’s $24k high and is trading above the $22k support level. Ether maintains its price above $1,500 despite losing 6% of its value over the last 24 hours.

However, CRO, the native token of the Crypto.com exchange, is the best performer amongst the top 30 cryptocurrencies by market cap. CRO is up by more than 5% in the last 24 hours, outperforming the other major cryptocurrencies in the process. 

The primary catalyst behind CRO’s positive performance is the upcoming Cronos Chain mainnet upgrade. Crypto.com announced that it would support the Cronos mainnet upgrade, slated to take place at the height of block 3,982,500, scheduled for 3 August 2022, 02:00 UTC.

Key levels to watch

The CRO/USD 4-hour chart is bullish as the cryptocurrency has been performing well over the past few days. 

The MACD line is above the neutral zone, indicating strong bullish momentum. The 14-day relative strength index of 64 shows that CRO could enter the overbought region if the rally continues.

At press time, CRO is trading at $0.1439 per coin. If the bulls remain in charge, CRO could surge past the $0.155 resistance level before the end of the day. However, it would need the support of the broader market to breach the $0.160 resistance level in the short term.

The market is still bearish, and CRO could lose some of its gains and drop below the $0.137 support level. However, CRO should maintain its position above the second major support level at $0.1332 in the near term.

The post CRO is up by 5% ahead of the Cronos Chain mainnet upgrade appeared first on CoinJournal.

• Polkadot’s DOT is cooling after a 20% weekly surge

• The cryptocurrency could slide back to $8 as most cryptocurrencies correct

• Technical indicators suggest that bullish momentum is underway

Cryptocurrencies are taking a breather after recent recoveries. Polkadot’s DOT/USD is one such cryptocurrency, although it is much of a consolidation. At press time, DOT was marginally up 1.77% in 24 hours. However, the total gains in the week are among the highest at 20.79%. Nothing prevents a correction for DOT, but we believe the price will shoot again.

It’s a quiet year for Polkadot’s DOT. The cryptocurrency topped $55 last year but now trades at merely $8.50. With recent gains, one of the key speculations is whether DOT will reclaim its former self. We find it might, but this could take a while.

DOT has already shown the enthusiasm to climb again. It happens, thanks to turning $8, the previous resistance, into support. We see the $8 level as the reference zone for buyers. A retracement is an opportunity to buy, and it’s already happening. 

Moving average crossover suggests a bullish moment for DOT

Source – TradingView

Technically, the 14-day moving average moved above the 21-day moving average for DOT. That confirmed a bullish outlook as the price surged above the $8 resistance. Another bullish indicator is the MACD. The MACD line is yet to break below the moving average since June. That suggests that buyers accumulated DOT as it bottomed at $7.98 and are still relentless.

On a technical snapshot, DOT is bullish but could correct up to $8.0. For investors who bought at the bottom price, the token is still a hold as upside potential remains. New investors can consider buying lower.

Summary

Polkadot is bullish, but a correction is imminent. Moving averages and MACD indicators support a further rise. Investors should take advantage of a potential retracement to buy the token.

The post Polkadot prediction as price slides after the recent breakout appeared first on CoinJournal.

• Dogecoin’s bullish strength waned on weak fundamentals

• The cryptocurrency is yet to clear $0.07 successfully 

• DOGE risks further drop or consolidation below the resistance zone

Dogecoin’s DOGE/USD’s bullish rally has not only cooled off. Cracks are emerging that could push the token done once more. Minding that cryptocurrencies can often pull a surprise, investors would be better off selling the meme coin. This thesis explores why. 

One of the fundamental drivers of Dogecoin recently was the anticipation of growth in use cases. Investors speculated that once Doge’s father, Elon Musk, acquires Twitter, he would accept its payments. The acquisition remains in limbo. Still, no major Dogecoin announcements or influencer mentions have happened lately. 

The second factor for DOGE’s lack of bull strength is buyer exhaustion. Attempts to take Doge to $1 by Elon Musk failed terribly. At the bottom price of $0.05, DOGE attempted recoveries as other cryptocurrencies surged. As most tokens surged by double digits, the highest that DOGE hit was $0.078 at the end of June. That’s an upsurge of around 56% from the $0.05 bottom. Nevertheless, the token always crashed below the resistance at $0.07 each time it surged. The token currently trades at $0.069 as it consolidates lower.

DOGE fails another breakout at $0.07 resistance

Source – TradingView

Technically, DOGE is consolidating below the $0.07 resistance. The MACD line is close to the moving average and about to move below it. A bear case is strong as the price lacks bullish power. Investors should sell now before the price slides further. A break above the $0.07 resistance will confirm a bull case.

Concluding thoughts

Dogecoin token could turn bearish after failing to break above the resistance. The cryptocurrency is suffering from a lack of buyers. A bear pressure will push the token down, and it’s time to sell.

The post Time to sell Dogecoin as token fails breakout at key resistance level appeared first on CoinJournal.

• Ripple reported a 50% jump in XRP sales in the second quarter

• The token has pushed above a consolidation channel, but buyer power is weak

• Investors should watch price action at $0.37

Ripple XRP/USD has seen an unprecedented demand lately. A recent report indicated that Ripple sold $409 million worth of XRP tokens in the second quarter. The sales were double that of the previous quarter. That suggested an increase in its On-Demand Liquidity service. The increase in demand could be attributed to investors’ expectations of a price surge. That relates to potential positive outcomes from the case with the SEC.

Despite the second quarter sales, XRP remained in the trenches. It held to a bottom of $0.3 up to mid-July. Ripple attributed the low price of XRP to macro issues and protocol-specific developments. Of course, notwithstanding, the SEC case could go either way.

Still, investors have been optimistic about XRP price recovery. After the price remained in a consolidation zone for nearly 2 months, it broke out on July 30. The breakout occurred after the price pierced through the $0.37 resistance. However, we see this as a mini-breakout as the token has to overcome another tackle at $0.40. That explains why bulls’ power remains weak. However, XRP remains on course for stronger gains and should be on investors’ watch list.

XRP retreats to resistance-turned support after the latest breakout

Source – TradingView

On the daily technical outlook, XRP has touched the $0.37 breakout level after the latest correction. The MACD indicators are bullish on the token, although the momentum is waning. Investors should watch $0.37 for a potential bullish reversal. If XRP breaks below the level, it could slip back to the consolidation zone once more.

Summary

XRP remains in bullish momentum, but bears are pushing the price lower. We need to watch $0.37 for a bullish reversal.

The post XRP’s mini breakout faces bear pressure as bullish momentum fades appeared first on CoinJournal.