Kategorie: Crypto Analysis

A relief rally by most cryptocurrencies on Wednesday was welcome after a dull week. As to whether the gains will be sustainable, time will tell. However, Litecoin (LTC/USD) gains were more promising, setting the token among those that could end the year in the green.

Litecoin saw increased social interest on Wednesday, with the cryptocurrency gaining by 27%. In the last one week, LTC has added 35%, setting it on course to higher prices. The latest performance happens amid positive expectations around LTC’s supply dynamics. 

The gains in LTC come around eight months to its third halving event, expected in July 2023. Market analysts are reading the same trend in the run-up to the third halving event. But what is it exactly?

The mining reward halving or simply halving event occurs every four years on the Litecoin blockchain. During the event, a programmed code reduces rewards or payouts to miners by half. In the next event, the rewards will be cut from 12.5 LTC per block to 6.25 LTC. This has the effect of reducing the inflation of LTC.

If history is to repeat itself, then the LTC price will behave as it did in the 2015 and 2019 halving events. Those are the times the cryptocurrency broke from a prolonged downtrend to recover sharply, months ahead of the event.

While the pre-halving rally could be a bit speculative, Santiment data reinforce increased buying of LTC. Whales have scooped over $42.4 million worth of LTC in the last two weeks. That comes after earlier in the month, MoneyGram launched a service letting trade and hold crypto assets. The allowable digital assets were Litecoin, Bitcoin, and Ethereum. 

LTC hits the May highs in a bullish push

LTC/USD Chart by TradingView

On the daily chart, LTC is on a clear bullish momentum after pushing above the $64 resistance. The resistance has been crucial, stopping bulls from taking LTC higher since May. An RSI of 71 implies that LTC could be slightly overbought.

Should you buy LTC? 

A break above $64 welcomes a bullish short- and medium-term run. However, with the overbought conditions, investors would be better off buying on a retracement towards $64. The next potential LTC price target lies at $95.

Where to buy LTC

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 LTC 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 LTC with OKX today Disclaimer

The post Litecoin shoots high after a breakout. Why you should buy LTC in a bear market appeared first on CoinJournal.

The Binance Coin price has staged a strong recovery in the past few days as cryptocurrencies bounce back. BNB coin rose to a high of $300, which was the highest level since November 11 of this year. It has rallied by over 18% from its lowest level this month.

Why is BNB coin rallying

BNB Coin is the native coin for the Binance Smart Chain ecosystem, which is one of the most popular smart chains in the world. The smart contract platform has been used to build some of the best-known players in the industry like Bitgert, Venus, and PancakeSwap.

BNB Smart Chain is the second-biggest smart chain platform in the world after Ethereum. DeFi Llama tracks 502 DeFi apps built on the network. These apps have a combined total value locked of over $7.5 billion. It also has over $10.52 billion worth of stables, compared to Ethereum’s $89 billion and Tron’s $32 billion.

Some of the biggest DeFi apps in Binance are PancakeSwap, Venus, Alpaca Finance, and BiSwap. Still, PancakeSwap has a market dominance of 51%, making it the main driving force of the network. BNB Chain is also used widely in the NFT, gaming, and the metaverse industries.

It is unclear why the BNB coin has staged a strong recovery in the past few days. A possible reason is that its DeFi TVL has jumped by more than 6% in the past 24 hours. Another reason is that investors are simply buying the dip in the coin after it crashed to a multi-month low.

Meanwhile, there is a perception among investors that Binance is a safe ecosystem that won’t crumble like Genesis and FTX.

Another possible reason is that this could be a dead cat bounce. In price action analysis, a dead cat bounce happens when an asset rises sharply after plunging.

Binance Coin price prediction

                Binance Coin chart by TradingView

The four-hour chart also gives another reason why the Binance Coin price staged a comeback. As shown in blue, the coin has been forming a falling wedge pattern. In price action analysis, this pattern is usually one of the most accurate bullish signs. The coin has moved above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved above the overbought level.

Therefore, there is a likelihood that the coin will continue rising as buyers target the key resistance at $325. At the same time, a retest to $275 is also possible. 

How to buy Binance Coin

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 BNB with eToro 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 BNB with Binance today

The post Binance Coin price analysis: Here’s why BNB is surging appeared first on CoinJournal.

CRV is outperforming the broader cryptocurrency market after launching on the Celo network a few hours ago.

CRV, the native coin of the Curve Finance decentralised exchange, is up by more than 40% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap.

The rally comes after Curve Finance launched on the Celo network. The Celo team announced a few hours ago that Curve Finance had partnered with Stake DAO and Stake Capital to launch on its network. 

📢 @CurveFinance, in partnership with @StakeDAOHQ and @StakeCapital, has just deployed on Celo, promoting real-world adoption of crypto assets.

Why it matters: 🧵⬇️ pic.twitter.com/IDUiDbduDE

— Celo (@CeloOrg) November 22, 2022

Curve Finance’s users will be able to more easily transfer digital assets and move on- and off-chain via Wormhole’s Portal bridge.

This latest cryptocurrency news comes as the broader crypto market recovers from its recent slump. After a poor start to the week, the total crypto market cap is now above $800 billion once again, up by nearly 5% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency, has also bounced back after hitting a new two-year low yesterday. At press time, the price of Bitcoin stands at $16,500, up by more than 5% so far today. 

Key levels to watch

The CRV/USD 4-hour chart has turned bullish as Curve Finance has been rallying over the past 24 hours. The technical indicators show that CRV is outperforming the broader market at the moment.

The MACD line crossed into the positive zone a few hours ago, thanks to Curve Finance’s ongoing rally. The 14-day relative strength index of 68 also shows that CRV could soon enter the overbought region if the rally continues.

At press time, CRV is trading at $0.6495. If the bulls continue to be in control, CRV could surge past the $0.7960 resistance level before the end of the day. In the event of an extended rally, CRV could hit the $0.9578 resistance level over the next few days.

However, the bears might regain control, and that could see CRV fight to defend the first major support level at $0.5885. 

Where to buy Curve Finance 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 CRV 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 CRV with OKX today Disclaimer

The post Curve Finance’s CRV rallies by 41% today after launching on the Celo network appeared first on CoinJournal.

The collapse of the FTX exchange, a once “sound” crypto exchange, has sent new shivers in the sector. For a once thriving crypto exchange that was bailing out struggling firms, the collapse was least expected. The crisis has caused massive crypto downturns, and exchange-linked coins have not been spared. But just much damage did the FTX cause to cryptocurrencies like BNB?

BNB is the native token of the world’s largest cryptocurrency Binance. While Binance has often reassured users of the platform’s transparency, the token has also been getting hit. However, compared to other cryptocurrencies, BNB has been quite stable. The token was trading at $263 at press time, losing 5% in the week.

The FTX debacle calls for deeper transparency in the crypto and blockchain industry. To bring back confidence in the market, Binance CEO Changpeng Zhao introduced proof-of-reserves. The PoR will help users understand how exchanges handle their funds. CZ has since been advocating for a similar model by other crypto exchanges to increase transparency. 

As it stands, crypto confidence remains low, something experts believe will stay down for a while. Bitcoin enthusiast Anthony Pompliano says the confidence game is over for crypto. In his view, the loss of investor morale will push more investors to Bitcoin. He says that is due to Bitcoin’s robust architecture and simplicity.

Aside from the views of experts, BNB may not be safe from the crypto meltdown. A confidence crisis may take longer to wither for an exchange that has been facing regulatory hurdles all over. Still, Binance has shown resilience and a global footprint that cannot be ignored. Consequently, we could have to deal with the weak sentiment as it comes while the rest unfolds for Binance and BNB.

BNB loses support at $266

BNB/USD Chart by TradingView

From the technical outlook, BNB could proceed lower after losing key support at $266. The cryptocurrency is retesting the support-turned-resistance. The RSI is below the midpoint, indicating that there are more sellers.

Should you buy BNB?

BNB price is vulnerable after breaking below $266. The next potential support for the cryptocurrency is $242 if bulls do not defend $266.

Where to buy BNB

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 BNB with eToro 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 BNB with Binance today

The post Is BNB safe from crypto meltdown? appeared first on CoinJournal.

The first stablecoin on Cardano (ADA/USD) has been launched. The USD-based stablecoin, iUSD, was launched by the decentralised synthetic asset issuance protocol, Indigo. The launch of iUSD comes two months after Cardano’s hard fork that allowed the building of dApps on the blockchain. The stablecoin will be valued at $1.

The launch of iUSD could be the first of many expected on Cardano. Djed algorithmic stablecoin is expected to launch in January. Djed launch has been touted as an important milestone for Cardano’s DeFi ambitions. The stablecoin will act as an autonomous bank, facilitating the trading of stable assets. 

Djed’s upcoming launch has also been lauded in the wake of market volatilities orchestrated by the Terra Luna Crash and FTX. Speaking at the Cardano Summit on November 19-21, 2022, COTI CEO Shahaf Bar-Geffen commented. Recent events have called for a safe haven against volatility. COTI’s Bar-Geffen exuded confidence that “Djed will fulfil this role in the Cardano network.” The stablecoin will be decentralised and will carry on-chain proof of reserves.

Aside from the stablecoin launch, Cardano is preparing to launch a privacy-focused blockchain. The new blockchain, dubbed “Midnight,” is expected to challenge other privacy-focused projects like Monero. A new token, “Dust,” will also be launched to run the privacy ecosystem. The projected launch will counter the rising privacy issues raised in blockchain, which other platforms have failed to address.

Amid the positive developments, the market sentiment for ADA is bearish. The cryptocurrency trades at $0.3 in a bear market momentum. 

ADA proceeds lower with no support in sight

ADA/USD Chart by TradingView

On the daily chart, ADA is trading on a clear downtrend. The RSI is below the midpoint, implying that sellers are very active on the cryptocurrency. The moving averages offer support above.

What next for ADA?

There is no clear next level for ADA price. The cryptocurrency is on a free fall since plunging below minor support at $0.35. ADA must recover to key levels and or above moving averages for a bullish reversal to be confirmed. The zones to watch for the cryptocurrency are $0.35 and $0.40.

Where to buy ADA

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 ADA 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 ADA with OKX today Disclaimer

The post Cardano heads further south amid stablecoin launch. What holds for the token next? appeared first on CoinJournal.