Kategorie: Crypto Analysis

MDX price staged a strong recovery this week as investors bought the dip. The coin jumped to a high of $0.12, its highest point since November 7. At its peak, MDEX was up by more than 80% from its lowest level this month.

What is MDEX and why is it rising?

MDEX is a small but fast-growing platform in the decentralized finance (DeFi) industry. It aims to provide a platform where users can do cross-chain transactions on the BNB Chain, HECO, and Ethereum. According to its website, MDEX has a total value locked (TVL) of more than $600 million.

MDEX aims to grow by integrating more chains in its ecosystem. Its dual mining mechanism of liquidity mining and transaction mining gives participants with maximum rewards.

MDX is the native token for MDEX’s ecosystem. It has a total supply limit of about 1.06 billion coins. 10% of them are use for team operations while 7% is used to reward early investors. 49% and 31% of these funds are used for liquidity mining on HECO and BNB, respectively.

It is unclear why MDEX price has bounced back in the past few days considering that most cryptocurrencies have nosedived recently. A possible reason is that many investors have moved to Decentralised Finance now that centralized exchanges have continued imploding.

 Just a few months ago, exchanges like Voyager Digital and Celsius collapsed. And this month, the top crypto news is the collapse of FTX.

Another reason is that the network has continued adding more products in its ecosystem, On Tuesday, it added Trust Wallet to its Innovation Zone. Trust is a fast-growing coin that was recently touted by Changpeng Zhao. MDEX also continued burning more MDX tokens in a bid to boost its value.

MDX price forecast

The four-hour chart shows that the MDEX price has been in a strong recovery in the past few days. In this period, it has managed to move above the important 25-day and 50-day moving averages. The coin’s Relative Strength Index (RSI) has moved slightly below the overbought level. 

MDEX has also formed a bullish flag pattern. Therefore, there is a likelihood that the coin will continue rising as bulls target the next key resistance level at $0.1600. A drop below the key support level at $0.100 will invalidate the bullish view.

How to buy MDEX

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy MDX with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy MDX with Swapzone today

The post MDX price is defying gravity: Is it a good buy? appeared first on CoinJournal.

November has been a difficult month for cryptocurrencies. The most important crypto news was the sudden collapse of FTX, the second-biggest exchange in the world. In the aftermath, the prices of most cryptocurrencies have crashed hard in the past few weeks. Here are some of the top penny cryptos to watch in November.

Bonfida (FIDA)

Bonfida is a blockchain project in Solana’s ecosystem. As a result, FIDA price has been one of the worst-performing cryptocurrencies in November. This happened as most investors dumped Solana and apps in its ecosystem because of their exposure to FTX and Alameda Research.

Bonfida is one of the oldest platforms in Solana’s ecosystem. It offers blockchain products for Solana. Some of the top apps in its ecosystem are Solana Name Service and Jabber. It also helps to bridge the gap between Solana, Serum, and the user.

FIDA price has fallen by more than 80% from its highest level in 2022. Still, there is a likelihood that it will bounce back as concerns about its exposure to Solana and Alameda ease. Indeed, FIDA and SERUM prices have bounced back by over 50% in the past 24 hours.

How to buy Bonfida

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy FIDA with Capital.com today Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy FIDA with Binance today

Algorand (ALGO)

Algorand is one of the leading layer-1 networks in the industry. It is an Ethereum rival that is used by developers who wants to build all types of applications in all industries. Algorand price was trading at $0.27 on Tuesday, meaning that it has plunged by over 88% from its highest point last year. 

Algorand is a good penny crypto to watch in November because of its partnership with FIFA. A few months ago, the network inked a deal with FIFA. As part of the agreement, Algorand is now the official blockchain partner of FIFA.

It was also used to build all of FIFAs NFTs. Also, it will advertise widely in the upcoming FIFA World Cup. Therefore, there is a likelihood that ALGO price will do well during the event.

How to buy Algorand

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 ALGO with eToro today Disclaimer

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy ALGO with Capital.com today Disclaimer

FTX Token

FTX Token is the native token for the FTX ecosystem. It has crashed by more than 90% this month because of the collapse of its parent company. As a result. FTT’s market cap has plunged to about $400 million.

Fundamentally, FTT is a bad investment since its parent company has collapsed. However, this does not mean that it is moving to zero any time soon. Instead, there is a likelihood that it will experience volatility as a short squeeze ensues. We have seen such performances with the likes of Celsius and Voyager Digital.

How to buy FTX token

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy FTT with Binance today

Bitfinex

Bitfinex is a bitcoin exchange platform that provides advanced services for digital currency traders and liquidity providers.

Buy FTT with Bitfinex today

The post Top penny cryptos to watch in November appeared first on CoinJournal.

MATIC is up by more than 1% in the last 24 hours as the broader cryptocurrency market continues to recover from last week’s slump.

MATIC, the native coin of the Polygon network, is up by more than 1% in the last 24 hours. The performance comes as the broader crypto market slowly recovers from its poor outing last week.

The positive performance can be attributed to Nike revealing that it would be entering the Polygon ecosystem.

Grab your kicks 👟
+ BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾

This is the first step of the journey, and we can’t wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX

— Polygon – MATIC 💜 (@0xPolygon) November 14, 2022

The Polygon team revealed that Nike, one of the leading sports apparel manufacturers in the world, will build its web3 experience on Polygon. 

The performance also comes as the broader cryptocurrency market continues to maintain its positive start to the week. 

The total cryptocurrency market cap stands around $845 billion, up by less than 1% in the last 24 hours. Bitcoin is closing in on the $1,700 resistance level after adding 1% to its value today.

Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% today and is now trading at $1,259 per coin.

Key levels to watch

The MATIC/USD 4-hour chart remains bearish despite MATIC adding more than 1% to its value today. The technical indicators show that MATIC is recovering from last week’s poor performance.

The MACD line is currently below the neutral zone, indicating that the bears still control a large chunk of the market.

The 14-day relative strength index of 47 shows that MATIC is no longer in the oversold region. At press time, MATIC is trading at $0.938 per coin. If the positive trend is maintained, MATIC could trade at around $0.9893 before the end of the day.

MATIC could surge past the second major resistance level at $1.0641 in the near term if it gets support from the broader cryptocurrency market. 

Where to buy Polygon now

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 MATIC with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy MATIC with Skilling today Disclaimer

The post Will MATIC rally higher after Nike announces plan to build its web3 experience on Polygon? appeared first on CoinJournal.

After a series of developments, Polygon (MATIC/USD) is again making airwaves. This time around, the network is entering the metaverse – a new milestone.

On November 12, Polygon announced it was taking the first airport to the metaverse. The blockchain announced that BLR Airport was entering the virtual world. BLR will benefit by showcasing its services to customers in a virtual space. On the other hand, a successful endeavour could see more metaverse projects building on Polygon and raising its token’s utility.

It is still early to speculate how much of a success Polygon’s metaverse endeavours will be. However, we already know that the virtual reality world grew immensely last year, boosting tokens of associated platforms. Thus, the latest cryptocurrency news should be well received by Polygon fans.

Meanwhile, Glassnode data shows that the total number of MATIC addresses has been increasing over the past month. The growth happens amid a largely bear crypto market, indicating that investors hold Polygon highly. Consequently, MATIC has been relatively stable compared to peers in a bear market. 

MATIC price outlook as it hits resistance

Source – TradingView

On the daily chart, momentum is weak for MATIC amid a bearish MACD crossover. However, MATIC is stable, as bulls defended the $0.77 level when the market crashed last week. The cryptocurrency is pushing higher, but the $0.96 resistance is holding it back. 

Is MATIC about to become bullish?

MATIC’s price has recovered slightly, but there is no indication the token could become bullish soon. The cryptocurrency has to clear $0.96 to consider a bullish bias.

The cryptocurrency is open to consolidation at the current level if the price does not get the catalyst to break higher. Investors should wait for a breakout at the key level.

Where to buy MATIC

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 MATIC with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy MATIC with Skilling today Disclaimer

The post Polygon teases a metaverse game changer. Is MATIC now bullish or about to be? appeared first on CoinJournal.

KuCoin token (KCS/USD) was among a handful of cryptocurrencies that posted double-digit gains on Monday. With a surge of about 20%, the token was only rivalled by the Trust Wallet Token in the top 100 list by market cap. The coin is native to the KuCoin crypto exchange.

KuCoin claims to be the world’s largest social trading platform. The exchange lists over 20 million global investors and more than 1 trillion USD accumulated trading volume. Over 700 coins are available on the platform.

While KCS traded at a high of $28 in November 2021, it has come crashing this year. The token trades at just $7.9. That’s a drop of more than 70%. The decline is still favourable compared to some cryptocurrencies, which have lost at least 90% of their value from their all-time highs.

The gains in KCS happen even though confidence levels on crypto exchanges remain low. In light of the concerns, KuCoin assured users of the safety of their funds. The company said it was working on the Merkle-tree proof-of-reserves as an accountability measure. Should the latest price jump reignite hope for further recoveries of KCS?

KuCoin token slowing down after meeting resistance

Source – TradingView

The latest price jump takes the KuCoin token near a resistance at $8.69. The token has slowed down near the resistance zone. 

The MACD indicator remains deep in the bear zone. Although momentum is weak, the severity has lessened following the intra-day gains. 

Should you buy KCS?

The intraday gains are positive for KCS, given that they come when cryptocurrencies are under pressure. However, the momentum could be unsustainable, given the inherent risks and $8.69 resistance. If you are buying KCS now, you should be ready for potential prolonged consolidation.

Where to buy KCS

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy KCS with Skilling today Disclaimer

The post Is KuCoin token becoming a little hero in a depressing crypto market after 20% gains? appeared first on CoinJournal.