Kategorie: Crypto Analysis

• League of Kingdom Arena is a Decentraland competitor.

• It combines the concepts of gaming with NFTs. 

• The number of active users in its ecosystem has dropped.

LOKA price has held quite well in the past few days even as user growth in the ecosystem dropped. League of Kingdom’s token rose to a high of $0.5342, which was the highest level since December 1. It has jumped by over 87% from the lowest level in November. 

What is League of Kingdom Arena and why is it rising?

Gaming and NFTs are two of the biggest use cases for the blockchain industry. Their popularity grew during the Covid-19 pandemic as cryptocurrency prices surged and as people remained locked up in their homes. Some of the top blockchain gaming ecosystems were Sandbox and Decentraland.

League of Kingdom Arena is a blockchain gaming and NFT platform built on Ethereum and accelerated in Polygon. In it, the participants fight for dominion and win rewards as they go up the ladder. In addition, since it is a decentralised ecosystem, people can easily participate in their governance by buying LOKA coins.

There are other ways to participate in the League of Kingdom Arena. For example, you can buy your virtual land, which is viewed as a virtual piece of real estate. Holders of this land earn Ethereum rewards. 

Further, users can adopt Drago and start earning $DST coins. The Drag Soul Token is similar to Axie Infinity’s Smooth Love Potion, which is used to fuel the ecosystem. Also, you can buy the LOKA token and take part in its governance.

LOKA price has done well in the past few weeks even as its ecosystem growth has engaged reverse gear. In the past 30 days, the number of unique active wallets (UAW) in its ecosystem has dropped by 13% to 2,000. The number of transactions has dropped by 33k to 2.96k while the volume of these transactions has crashed by 56%. As shown below, the all-time trends of these metrics has not been encouraging. 

LOKA price prediction

LOKA chart by TradingView

The four-hour chart shows that the LOKA price has been in a strong bullish trend in the past few days. It has moved above the ascending trendline shown in black. Also, the coin rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.

In the near term, the League of Kingdom token price will likely continue rising as buyers target the key resistance level at $0.60. In the long term, however, the coin will likely retreat as sellers target the key point at $0.45.

How to buy League of Kingdom

The post LOKA price prediction as League of Kingdom user growth slides appeared first on CoinJournal.

• Synthetix token extended weekly gains on Tuesday by adding another 6%

• The token trades below a descending trendline

• Bears may attempt to force a correction if buyers weaken at $2.0

Synthetix token price (SNX/USD) initiated an accelerated recovery on Tuesday, jumping by an intraday of 6%. The token’s value has now increased by double digits in the past week. The recovery happens from the November lows of $1.57. The cryptocurrency was trading at $1.91 as of press time. Is it too early to make a bull call?

Fundamentally, SNX is earning bullish momentum from a slightly improved crypto sentiment. Most cryptocurrencies traded in the green in the past week despite falling slightly in the last 24 hours. The recoveries in SNX, however, face a snag as the cryptocurrency heads for resistance at the descending trendline.

SNX meets resistance at the descending trendline

SNX/USD Chart by TradingView

Technical indicators are bullish for SNX. The MACD indicator initiated a bullish crossover, despite remaining in the bear zone. The RSI shows improving momentum, and the reading has moved above the 50 midpoint level. That suggests a high demand for SNX.

SNX buyers now face a test at the descending trendline. That should coincide with a price of $2, implying that bulls could remain in control for at least one or two days.

SNX concluding thoughts

Although SNX buyers could remain in control, for now, bulls must overcome bears at the descending trendline. The price is already facing a correction as it approaches the crucial dynamic resistance level. 

If bulls recover above the crucial zone, $2.7 is the next potential resistance for SNX. Conversely, a rejection at the descending trendline could pit SNX back to the $1.5 bottom.

Where to buy SNX

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 SNX with OKX today Disclaimer

The post Synthetix token soars 6%, but watch for bear repulse at the descending trendline appeared first on CoinJournal.

• Theta token has lost 94% of its value from its ATH

• The cryptocurrency was rejected at the $1 resistance and is correcting

• THETA could end the year below $1 if a breakout does not occur at the crucial resistance

All cryptocurrencies are in tatters, at least for now. However, some tokens have been the worst hit as the crypto winter ravages. Theta Network token (THETA/USD) can be considered extremely bearish this year. A loss of more than 94% from its all-time high tells of a token that was once booming. THETA now trades below $1. But is there a chance to recover before this year ends?

One can only accurately predict THETA’s price action by looking at the general crypto sentiment. As of press time, cryptocurrencies remained mixed. Leading tokens Bitcoin and Ethereum had lost an intraday of 1.44% and 2.50%, respectively. Both cryptocurrencies have made some gains over the past one week. Conversely, THETA was down by an intraday of 1.06%. However, the bear market is still strong owing to the token’s depressed prices. Looking at the longer-term outlook, THETA is still bearish.

THETA back to $1? That could be the realistic bet we can make now for the token. The cryptocurrency tested the level in late November, and buyers may not be done with it yet. A recovery above $1 could ignite a bullish interest for THETA. It is still too early to conclude since the upside looks weak for the token.

THETA outlook as price remains subdued by the $1 resistance

THETA/USD Chart by TradingView

The technical outlook is bearish for THETA. The price tested the $1 resistance and is pushing lower. If buyers overcome a drop below $0.8, THETA could end the year at $1. The RSI is, however, below the midpoint, indicating that sellers remain in charge.

Should we consider a bullish bias?

Not yet! The token is extremely bearish. If considering buying THETA in the short term, at least do so after the price recovers above $1. Lasting recoveries will depend on the crypto sentiment.

Where to buy THETA

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 THETA 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 THETA with OKX today Disclaimer

The post Is there hope for Theta token as the year comes to an end? appeared first on CoinJournal.

• Algorand is bearish despite World Cup sponsorship

• The token has crashed due to a bear market

• ALGO may face further weakness unless bulls recover above $0.28

Algorand (ALGO/USD) was a cryptocurrency expected to shine as the FIFA World Cup kicked off last month. As the official blockchain sponsor of this year’s sporting event, the native token was expected to perform. Already, FIFA created its own NFT platform in September on the Algorand platform. That made it possible for football fans to buy World Cup-themed NFTs powered by Algorand. But as the event enters the best 8, ALGO price remains bearish. Why is this so?

The price action of ALGO is not something new in the crypto world. Tokens of blockchains such as Cardano and Ethereum have failed to take off after major platform upgrades. Consequently, cryptocurrencies tend to make a move after the initial announcement, underlining speculation as the cause of price spikes. ALGO became bullish in May when the sponsorship news came up and has since succumbed to the bear market.

It is certain that Algorand’s partnership with FIFA builds use cases for the platform. For ALGO, investors may have to wait longer for the price of the native token to become bullish. That can’t happen in a bearish market that has swept across all markets. But when can ALGO become bullish?

ALGO analysis and price outlook as the bear market continues

ALGO/USD Chart by TradingView

From the technical outlook, ALGO is bearish. Although the cryptocurrency has found stability at $0.23, it remains extremely bearish. The RSI remains below the midpoint but above the oversold zone. There is room for the cryptocurrency to fall lower.

When will ALGO recover?

A sustainable bullish momentum is possible if the general crypto sentiment improves. Cryptocurrencies are reeling from the bear market, and ALGO is no exception.

In the meantime, ALGO bulls must recapture $0.28 to consider short-term price appreciation possible. That is the crucial level that supported the token before the FTX-inspired crash last month.

Where to buy ALGO

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 ALGO with OKX today Disclaimer

The post Algorand price fails to take off amid World Cup exploits. What next? appeared first on CoinJournal.

• Uniswap price has been in a recovery mode in the past few weeks.

• Analysts expect that decentralized exchanges will thrive in the long term.

• It has formed a bearish divergence pattern.

Uniswap price has made a slow recovery in the past few weeks as demand for its ecosystem rose. UNI rose to a high of $6.15, which was about 30% above the lowest level this year. Its market cap has risen to about $4.6 billion, making it the 17th biggest cryptocurrency in the world.

Uniswap ecosystem growth

Uniswap is changing the blockchain industry. It first decentralized the exchange sector by making it easy for people to swap tokens easily in a decentralized manner. Today, it is the biggest DEX by volume. According to CoinMarketCap, the third version of Uniswap handled tokens worth over $536 million.

Analysts expect that decentralized exchanges will do well in the future because they are relatively safer than centralized platforms. As we have written in these articles, several centralized platforms like FTX, Voyager Digital, Celsius, and BlockFi have collapsed this year. Most decentralized platforms have done relatively well.

Uniswap price has also moved to the non-fungible token (NFT) industry. It has created a platform where people can buy and sell NFTs in a decentralized manner. The most popular NFT collections in its ecosystem are CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Art Blocks among others. 

While Uniswap’s NFT platform is relatively new, its volume has continued growing since it was launched. The benefit of its platform is that it aggregates NFTs from across multiple chains, meaning that it has more listings than the average platform. 

Another benefit is that it is decentralized and there are signs that such platforms are better and safer. Still, the challenge is that there are concerns about the future of NFTs as interest rates remain significantly high. 

Uniswap price prediction

Uniswap chart by TradingView

The four-hour chart shows that the Uniswap price has been in a slow bullish trend in the past few weeks. In this period, the token managed to move from the year-to-date low of $4.7 to a high of $6.55. It is now hovering at the highest level since November 15.

UNI has rallied above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has formed a bearish divergence pattern. In price action analysis, this pattern is usually a sign that the bullish trend is fading. 

It has also formed a small double-top pattern. Therefore, Uniswap will likely continue falling as sellers attempt to retest the support at $6. A move above the resistance at $6.48 will signal that there are more buyers in the market.

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 UNI 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 UNI with OKX today Disclaimer

The post Uniswap price prediction as a bearish divergence forms appeared first on CoinJournal.