Kategorie: Crypto Analysis

• Ethereum Classic token rose 22% after a Fed rate hike

• Investors see ETC benefiting from Ethereum shift to Proof-of-Stake

• ETC has met resistance, but bullish momentum is strong

Ethereum Classic ETC/USD is one of the top gainer coins on Thursday. The token added more than 22% in 24 hours after the Federal Reserve hiked the interest rate by 75%. The gains were across the crypto sector, with the mother Ethereum token gaining by 11%. 

The gains in ETC and other cryptocurrencies reflected a softer stance by the Fed. Markets feared a 100-basis point hike. A lower hike was welcome, adding a bullish impetus that saw tokens such as ETC gain.

The above-market gains in Ethereum Classic could also be a result of another development. On July 27, news emerged that AntPool had invested $10 million in the cryptocurrency. AntPool already ranks as the third largest BTC mining pool. 

Investors such as AntPool see Ethereum Classic benefiting immensely once Ethereum shifts to PoS. Once the merge is complete, PoW mining on Ethereum will become redundant. That will allow miners to migrate to PoW chains such as Ethereum Classic.

Ethereum meets resistance after a 24-hour surge.

Source – TradingView

Technically, Ethereum Classic has met resistance at $34.5 after robust 24-hour gains. However, the crypto sentiment and token fundamentals remain strong. We believe ETC will continue gaining as Ethereum merges approaches. However, the resistance could send the price lower in a market correction. 

Investors should consider a potential retracement of ETC as an opportunity to buy. The token could slide back towards the $26 support. The token’s next resistance is at $46.

Summary

Ethereum Classic is bullish after the Fed’s rate hike. An expected boom after the Ethereum upgrade is boosting the Ethereum Classic token. Investors should buy the dip since ETC has hit a resistance.

The post Ethereum Classic shoots 22% after Fed decision – Will we see more upsurge? appeared first on CoinJournal.

Synthetix price continued soaring on Thursday as demand for DeFi tokens surged. SNX, its ecosystem token, rose to a high of $4, which was the highest level since May 9th of this year. It has jumped by over 180% from its lowest level this month, bringing its total market cap to over $855 million.

Why is SXN soaring?

Synthetic Network is a leading blockchain platform that describes itself as the derivatives liquidity protocol. It allows users to create synthetic assets that offer unique exposure to real-world assets on the blockchain.

The concept behind Synthetix is easy. Users can create derivatives in assets like forex, commodities, shares, and exchange-traded funds (ETFs). For example, a developer building a DEX can incorporate assets like Apple, crude oil, and copper. Some of the most popular synths in its network are sUSD, sEUR, and sAAPL.

Synthetix price has done well in the past few days for several reasons. First, its developers launched perpetual futures in its platform. Perpetual futures are similar to those in the stock market, with the difference being that they don’t have an expiry date. This product launched and expanded on Optimism, which is a level 2 project.

Second, the developers introduced atomic swaps, which are a new exchange function that allows users to atomically exchange assets with reasonable fees by pricing synth exchanges via a combination of Chainlink and DED oracles. This feature has been incorporated in Curve and 1Inch.

Further, the developers are building the third version of the platform that will be much faster and more efficient. The price also rose after the recent partnership with Jump Crypto.

Third, the Synthetix price has risen because of the booming DeFi industry. The total value locked in all DeFi platforms like Uniswap, Lido, and Curve Finance has jumped to over $84 billion. This is a significant increase from the YTD low of about $70 billion. 

Synthetix price prediction 

The daily chart shows that the SNX price has staged a strong recovery in the past few days. And now, the coin rose to the highest level since May. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level of 70.

Therefore, the coin will likely continue rising as buyers target the next key resistance level at $5. A drop below the support level at $3 will invalidate the bullish view. 

The post Synthetix price prediction: Here’s why SNX just soared to $4 appeared first on CoinJournal.

CRO price moved sideways on Thursday after the developers announced the first cohort of its accelerator program. Cronos is trading at $0.1317, which is about 14% above the lowest level this month. 

Cronos accelerator program 

Cronos is a leading smart contract platform that was unveiled in 2021 by Crypto.com. It is an EVM-compatible platform that has superior speeds, lower transaction costs, and strong compatibility with other chains. Cronos is built on top of Cosmos SDK. 

In just a few months, Cronos has grown its ecosystem rapidly. It now has over 300 projects in all industries like gaming, non-fungible tokens (NFT), and decentralised finance (DeFi). According to DeFi Llama, apps in its ecosystem like MM Finance, VVS Finance, Tectonic, and Ferro have a combined total value locked (TVL) of over $1 billion.

In a statement on Thursday, Cronos unveiled the first cohort of developers who will receive funding as part of its $100 million accelerator program. These developers are spread across all industries like Web3 Gaming, Social Fi, and DeFi among others. Some of those developers are Eyeball Pool, The New Resistance, Wild Forest, and Bubble Maps.

Bubble Maps is a platform that provides auditing and analytics visualization tool for tokens and NFTs. Meshlink, on the other hand, is an all-in-one smart-contract management and transaction analytics platform for Web 3 teams. Glass Finance is a DeFi protocol that offers a Discretised-Liquidity-AMM model to improve efficiency. In a statement, Ken Timsit, Managing Director of Cronos Chain said:

“Cronos is dedicated to supporting a vibrant and growing ecosystem of dApps and users of DeFi, GameFi, SocialFi, and infrastructure analytics. Ultimately, this first cohort of the Cronos Accelerator Programme established a precedent for our program to champion projects that have the potential to lead the way in engaging and onboarding the next generation of Web3 users.”

More smart contract platforms have launched accelerator products worth billions of dollars. For example, Avalanche has two programs known as Rush and Multiververse that are providing over $600 million to developers. Just this week, Kadena Eco announced its inaugural list of its grants recipients.

CRO price prediction

The four-hour chart shows that CRO price rose slightly after the Federal Reserve decision. This performance was in line with that of other cryptocurrencies like Ethereum and Solana. It has crossed the 25-day and 50-day moving averages. The two have even made a bullish crossover pattern. 

Cronos has formed an ascending channel shown in blue. It also moved slightly above the important resistance at $0.1285, which was the chin of the double-top pattern. Therefore, the coin will likely continue rising as buyers target the key resistance at $0.15.

The post CRO price steady as Cronos unveils winners of its accelerator program appeared first on CoinJournal.

The cryptocurrency market is slowly recovering after underperforming earlier this week. 

The cryptocurrency market is having an excellent Wednesday after underperforming over the past two days. After dropping below the $1 trillion mark earlier this week, the total cryptocurrency market currently stands above $990 billion after adding more than 3.5% to its total value.

Bitcoin remains the leading cryptocurrency by market and is currently trading above the $21,500 level after rallying by more than 3% in the last 24 hours. 

Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.

Ether is also performing well, up by more than 6% in the last 24 hours and is trading above the $1,400 level.

NEAR, the native token of the Near blockchain, is up by more than 4% in the last 24 hours. The positive performance came after the NEAR Foundation announced its partnership with Fireblocks. 

The Fireblocks integration with NEAR will allow institutional users to now access the NEAR Protocol’s fast and low-cost sharded proof-of-stake blockchain safely and securely.

Key levels to watch

The NEAR/USDT 4-hour chart is bearish despite the Near protocol performing well in the last 24 hours. The technical indicators show that NEAR has been underperforming in the last few days.

The MACD remains within the negative zone, indicating bearish momentum. The 14-day relative strength index of 40 shows that NEAR is no longer within the oversold region.

At press time, NEAR is trading at $3.718 per coin. NEAR could surge past the $4.094 resistance level if the positive performance continues. 

However, it would need the support of the broader market to reach last week’s high of $4.671.

The bears might regain control in the short term and send NEAR towards the $3.20 support level before the end of the day. 

The post Here is why NEAR is up by more than 4% in the last 24 hours appeared first on CoinJournal.

LEVER crypto price jumped sharply on Wednesday as other coins rebounded. The coin rose by about 15%, according to data compiled by Binance. It was trading at $0.0030, which was about 20% below the lowest level this year. The small-cap coin has a market cap of over $41 million.

What is LeverFi and why is it rising?

The Decentralised Finance (DeFi) industry has seen significant growth in the past few years. While the past few months have been challenging, there are signs that it is bouncing back. For example, the total value locked (TVL) in the sector has risen to over $85 billion.

LeverFi is a relatively small blockchain project in the DeFi industry. The network allows users to yield farm using leverage. In other words, its lets traders to deposit yield-bearing collateral and trade the fluctuations in asset prices with up to 10x leverage. 

LeverFi accepts a wide range of assets such as mainstream coins like BTC and ETH and liquidity pool assets like Curve, UNI, and Cake. All these assets are then deployed in platforms like Yearn Finance, Convex, and Pancake to earn yields. These leveraged trades are then settled using the Lever platform.

According to the developers, Lever will be deployed in Ethereum’s blockchain and then scaled in other popular platforms like Avalanche and Arbitrum. 

The LEVER crypto price is rose as investors cheered the recent addition to the Binance platform. This means that users can buy and trade the $LEVER coin in its platform. At the same time, Binance Futures recently added the $LEVER perpetual contracts with up to 20x leverage. 

The current rally is mostly because of the upcoming Ask Me Anything (AMA) of Lever’s platform, which will be hosted by Binance. The company will give over $5,000 worth of rewards.

LEVER crypto price prediction

The hourly chart shows that the LeverFi price bounced back on Wednesday ahead of the upcoming AMA It moved slightly above the descending trendline that is shown in blue. It moved slightly above the 25-day moving average while the Relative Strength Index (RSI) moved below the overbought level. The coin will likely resume the bearish trend and retest the key support level at $0.0025.

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