Kategorie: Crypto Analysis

Right after the collapse of the FTX exchange, Tron (TRX/USD) and its associated tokens were gaining. That was after FTX controversially announced that users could withdraw Tron ecosystem tokens. These include the native TRX, SUN, JST, BTT, and HT.

Reports indicated that investors could surrender as much as 80% of their funds to arbitrageurs to enjoy the service. After FTX confirmed it, the tokens went soaring. TRX went up from $0.052 to $0.062 before cooling off, although a better-than-feared inflation rate was also at play.

Nevertheless, the decision to allow TRX withdrawals has been under scrutiny. Many users believe this is a scheme to create huge arbitrage opportunities for market makers on FTX’s order books. It allows the arbitrageurs to acquire TRX tokens cheaply and sell them to FTX customers at exorbitant prices. That comes even as the quant trading company by FTX, Alameda Research, is known for arbitrage strategies.

As it stands, TRX gains are driven by speculations and a sentiment boost from the inflation data. It is, nonetheless, a different scenario if we turn to the technical side of TRX trading.

TRX breaches the asymmetrical triangle

Source – TradingView

On the technical outlook, TRX broke below the ascending trendline of the asymmetrical triangle formed on the daily chart. The break below confirms a bearish market for the token. The latest TRX gains took the price to the breakout zone. The level has been tested, and TRX is proceeding lower.

What next for TRX?

There is a clear bearish market for TRX after the breakout. However, what should give buyers hope is that TRX tested the yearly lows, which could be a bottom price for the cryptocurrency.

Still, we cannot be optimistic about a potential TRX price recovery at the moment. We need patience before the token finds a directional movement.

Where to buy TRX

eToro

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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.

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The post How bullish is TRX after a withdrawal deal with FTX? appeared first on CoinJournal.

Cryptocurrency prices had a difficult week as FTX imploded. The FTX Token price plunged to an all-time low while Solana dropped by over 50%. Aptos, the newly launched cryptocurrency also declined and then crawled back.

Cryptocurrencies dropped for two main reasons. First. FTX was the third-biggest cryptocurrency exchange in the world after Binance and Coinbase. As such, there are worries that the industry will have significant contagion risks. Second, there are fears that the implosion will lead to significant regulations in the industry. 

Aptos price prediction

The three-hour chart shows that the APT price has made a strong recovery after it crashed hard this week. The rebound happened after the coin formed a hammer pattern on Wednesday. In price action analysis, this pattern is usually a bullish sign. 

As the Aptos price rose, it managed to move above the 23.6% Fibonacci Retracement level. It also moved slightly above the 25-day moving average while the Stochastic Oscillator continued rising. It is now approaching the overbought level. The Relative Strength Index (RSI) has also continued rising.

Therefore, this rebound could be a sign of a dead cat bounce. If this happens, the coin will likely resume the bearish trend as sellers target the next key support at $4.50.

How to buy Aptos

Solana price prediction

Solana price crashed hard this week because Alameda Research was one of its biggest holders of the coin. The four-hour chart shows that the SOL price has been in a strong bearish trend in the past few days. It moved to a low of $12.18, the lowest level since last year. It crashed below the key support at $26.62.

Solana has now bounced back slightly. It remains below the 25-day and 50-day MAs while the Stochastic Oscillator moved to the overbought level. It has formed a bearish flag pattern. Therefore, there is a likelihood that the coin will resume the bearish trend during the weekend.

How to buy Solana

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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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.

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FTX Token price prediction

The FTT price has been in a strong sell-off this week. It was reported that Alameda Research owned most of the FTX token in circulation. The coin has now rebounded and made an inverted head and shoulders pattern. 

In price action analysis, this pattern is usually a bullish sign. The Stochastic Oscillator has continued rising. Therefore, the coin will likely continue rising as buyers target the next key resistance level at $5.5. 

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.

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Bitfinex

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

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The post Coin price predictions: Aptos, Solana, FTX Token (FTT) appeared first on CoinJournal.

Band Protocol price has emerged as a shining light in a difficult time for cryptocurrencies. The BAND coin jumped to a high of $2.84, which was about 115% above the lowest level this week. It has risen by over 30% in the past 24 hours, according to data compiled by Binance.

Why is BAND price rising?

Band Protocol is a blockchain project that provides oracle services to developers. An oracle is a product that makes it possible for developers to pull off-chain data and bring it to the on-chain ecosystem. 

For example, assume that you are building a decentralized sports betting platform. You will need external data on games in your platform. Now, instead of getting the off-chain data yourself, you will turn to an oracle provider and use API to incorporate it easily.

Band mostly provides price feeds on cryptocurrencies. These feeds are then common in DeFi platforms like Injective Protocol and Synthetix. It also provides datasets on foreign exchange and commodities.

Band Protocol operates in a highly competitive industry, where Chainlink dominates. Other leading players in the sector are WINKLink and Maker. Chainlink has the biggest market share in the industry by far.

It is unclear why the BAND price has jumped sharply amid a crypto turmoil. A likely reason is that the developers are working on the upcoming BandChain V2.4 launch. The new upgrade will introduce new features in its ecosystem. 

Band Protocol has removed FTX from data sources since the situation started to unfold. We continue to monitor the situation closely and ensure sufficient sources to aggregate and report price data.

— Band Protocol (@BandProtocol) November 10, 2022

For example, it will change how gas is calculated in its ecosystem in a bid to make it cheaper for data providers. It will also reduce any risks to modifications of the Wasm code, and increase throughput by at least ten times. In other words, it will be able to reduce the time taken to run the same task from the worst-case scenario of 0.4 seconds to 0.03 seconds. 

Band Protocol price forecast

The four-hour chart shows that the BAND price has made a strong recovery in the past two days. In this period, it has managed to move above the 25-day and 50-day moving averages. The Stochastic Oscillator has moved close to the overbought level. At the same time, the Relative Strength Index (RSI) has moved close to the overbought area.

BAND seems to be forming a bullish flag pattern. Therefore, there is a likelihood that it will continue rising during the weekend as buyers target the key resistance level at $3.3.

How to buy BAND

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 BAND 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 BAND with Binance today

The post Band Protocol price forecast as it bounces back appeared first on CoinJournal.

What next after Bitcoin (BTC/USD) broke below its long-term psychological level at $19,000? According to a crypto analyst who predicted the 2021 crash, Bitcoin is headed to $13,000. The pseudonymous analyst tells his 618,400 Twitter followers to expect one “last nuke” that could see altcoins also tank by 30-40%.

It’s not only the popular analyst expecting Bitcoin to plunge. JPMorgan analysts say Bitcoin will reach $13,000 in the wake of Alameda and FTX troubles. The strategists opine that the number of entities with robust balance sheets to cushion those under liquidity crisis is shrinking. The comments come as Binance abandons the projected acquisition of FTX. 

Bitcoin has particularly been under pressure as investors’ concerns about speculative assets grow. Previously, the collapse of crypto lenders like Voyager and Celsius sparked similar market selloffs. Coupled with macroeconomic woes and high inflation, investors could consider risky assets a bad bet.

JPMorgan says that a confidence crisis is settling in the market. The analysts say since FTX had previously obtained a green light for the quality of its balance sheet, the fresh troubles hit investors differently.

BTC on a relief rally after crashing below $19,000

From the daily chart, BTC is enjoying a relief rally after touching a low of below $16,000. The relief gains come after the US annual inflation rose by 7.7% in October. The rate was below the 7.9% estimates. The below-estimated price gain rekindles discussions that the Federal Reserve may slow down the rate hikes in the future. Will BTC sustain the rally and defy the projected $13,000 price?

Source – TradingView

Despite the relief rally, a decline below $19,000 makes a bear case strong for Bitcoin. The current rally may be contained at the resistance if the bear sentiment remains. 

A likely price action could involve a further price appreciation followed by a sharp sell-off at the $19,000 level. That would open BTC to declines to the $16,000 potential support and the $13,000 analyst estimates.

When to buy Bitcoin?

Bitcoin is bearish despite the relief rally. Investors should buy the cryptocurrency after the price settles at suitable support. A breakout above $19,000 could also attract buyers.

Where to buy BTC

eToro

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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.

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The post Bitcoin’s new lower price target set by analysts. Here is what could drive it appeared first on CoinJournal.

Chainlink (LINK/USD) is back in the consolidation zone – between $6 and $8. The token had last week broken past $8 to $9.45, igniting a potential bull run. Following a crypto crash, LINK is back in the consolidation zone. But how do the latest developments help?

LINK staking has been touted as a game changer under Chainlink Economics 2.0. Chainlink 2.0 promises, among other things, a new era of cryptoeconomic security, value, and sustainable growth. The development is key to boosting the adoption of DeFi services and the Web3 ecosystem. LINK staking is core to Chainlink Economics 2.0.

As we already know, the Chainlink community has been gearing up for LINK staking. On November 9, Chainlink developers issued an update that the staking service is on track for launch in December. Stakers can now check their eligibility from Monday.

The insights around LINK staking could, at least, support the token as the market remains in the red. Below is the technical outlook:

 Chainlink retests the bottom of the consolidation channel at $6

Source – TradingView

Chainlink retested the $6 support as the price crashed. The token is recovering, but we cannot issue a bull call. The resistance at $8 remains crucial as the token has been resisted severally at that level. The RSI shows some upside, despite bears remaining in control.

Should you buy Chainlink now?

There are positive fundamentals around the Chainlink token. However, the token is submerged in the wider bear market.

Although bulls have defended the $6 support well, the price recovery could be contained below $8. That could allow LINK to consolidate further before enough buyers enter the market to force a breakout above the resistance. We recommend patience before buying LINK until it finds a directional movement. 

Where to buy LINK

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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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 LINK with Capital.com today Disclaimer

The post Chainlink price prediction as the date of expected LINK staking is announced appeared first on CoinJournal.