Kategorie: Crypto Analysis

• Bitcoin Cash is a blockchain hard forked from Bitcoin

• Bitcoin Cash has faster and cheaper transactions than Bitcoin

• BCH has gained by more than 5%, displaying some similarities to Bitcoin

Bitcoin Cash BCH/USD is a cryptocurrency ranked at position 30 by market cap. The cryptocurrency was created from a hard fork of the Bitcoin network on August 1, 2017. Bitcoin Cash was meant to solve the challenge of slow and costly transactions on the Bitcoin network. 

Bitcoin Cash has major resemblances to Bitcoin. Both have a hard cap of 21 million tokens. Besides, Bitcoin Cash is a proof-of-work blockchain like the mother blockchain. However, BCH is faster and carries lower fees. As such, it can support smaller transactions besides having smart contract functionalities.

BCH, the native token of Bitcoin Cash, was not spared by the recent crash. The token trades at $104 from above $400 at the beginning of the year. At press time, BCH has been up 5.10% in the last 24 hours. That’s roughly the same gains as 5.16% recorded for Bitcoin. We find almost similar trends in the price movement of BCH and BTC. Investors could be looking at BCH as an alternative when most cryptocurrencies recover. But should you buy it now?

Bitcoin embarks on a bullish momentum but faces resistance.

Source -TradingView

Technically, BCH has a short-term bullish momentum. The cryptocurrency is recovering as bullish sentiment develops. The MACD indicator has moved above the moving average, signaling a bullish push. The 14-day and 21-day moving averages offer support for BCH. We expect BCH to continue rising in the short term. The cryptocurrency will face resistance at $111. 

Concluding thoughts

Although BCH is recovering, we can’t confirm a lasting bullish momentum. Short-term investors should hold up to $111. Long-term buys are recommended, although a price drop is possible at the $111 resistance.

The post What is Bitcoin Cash, and should you buy it now? appeared first on CoinJournal.

Lido price continued its recovery trend as blue-chip DeFi tokens continued surged. The LDO token rose to a high of $1.2534, which was the highest point on May 26th. It has risen by almost 200% from its lowest level this year.

DeFi blue-chips jump

Lido is a leading player in the decentralized finance (DeFi) industry. It is a platform that provides liquidity solutions for staked assets. One of the best-known staked assets that in Lido is sETH, which is pegged to Ethereum’s Beacon Chain.

According to its website, Lido has over $5.2 billion worth of staked assets in its ecosystem. Most of these assets are linked to its Ethereum platform. The other popular assets are Kusama, Polkadot, Polygon, and Solana. 

Lido is the fourth biggest DeFi platform in the world with a total value locked (TVL) of more than $5.2 billion. The three biggest ones are Maker, Aave, and Curve Finance.

Lido price is rising as investors buy the dip in blue-chip DeFi tokens. Indeed, these tokens have become the best-performing in the industry. They include coins like COMP, AAVE, CRV, and UNI.

It is unclear why these coins have surged recently. A likely reason is that investors believe that the tokens will become dominant players in the financial industry. For example, while many dot com companies went bankrupt during the last dip, many others like Google and Cisco thrived. 

Another reason is that investors believe that DeFi platforms will be more popular than centralized platforms. That’s because recently, many well-known brands in the industry like Celsius, Voyager, and Vauld have gone out of business. 

DeFi platforms are usually more transparent since they are usually built using open source technology. Further, LDO price has risen because Staked Ether seems to be regaining its peg.

Lido price prediction

The four-hour chart shows that the LDO price has been in a strong bullish trend in the past few weeks. The coin has managed to move from a low of $0.4198 in June to the current $1.2534. It has risen above the 25-day and 50-day moving averages. It has also risen above the key resistance levels at $0.9454 and $0.7345. 

Therefore, it seems like there is a bullish momentum, meaning that the coin will keep rising as bulls target the key resistance at $1.50. This view is in line with my previous LDO price.

The post Lido price prediction: Here’s why the LDO token is rising appeared first on CoinJournal.

With up to $5 billion in acquisitions underway, Tron could experience FOMO in 2022.

Key points:

• Tron has a history of high-profile acquisitions that have in the past given it a boost in value.

• Tron founder, Justin Sun, has announced that they are readying $5 billion for another series of acquisitions.

• Going by past performance after such acquisitions, Tron could be the most undervalued top 100 cryptocurrencies to watch in 2022.

It’s a tough time for cryptocurrencies, as external and market-related factors pressure the market. This is also a perfect opportunity to search for undervalued cryptocurrency gems that could do well once the markets rebound.

When looking for hidden gems, one of the critical factors to consider is news that could help drive up the value of a cryptocurrency. On this front, Tron looks like a cryptocurrency that could lead the recovery in the coming weeks. This follows an announcement by the founder that the Tron project was about to go on an acquisition spree. If history is anything to go by, this is an excellent reason to invest in Tron (TRX).

A look at the history

After the cryptocurrency crash of 2018, Tron (TRX) was among the first to recover. This followed the move by Tron to acquire BitTorrent, one of the largest peer-to-peer data sharing networks globally.

Is a repeat about to happen?

So, is Tron about to do a repeat of what happened after BitTorrent. In his most recent comments on Tron, Justin Sun, the cryptocurrency founder, said they were ready to spend $5 billion on acquisitions. He added that the focus would be on platforms that have wide adoption. He said that they would target those in Centralized Finance and Decentralized Finance.

Sun further added that the worst could be over for the market and that what will follow is a clean-up process as the market picks itself back up.

Sun’s comments are a big deal and could have several positive implications for Tron (TRX).

Firstly, once the acquisitions start, Tron could experience FOMO. That’s because, at a time like this, when there is little going on in the market, such news will trigger investor expectations of Tron doing well. The potential for FOMO makes Tron a top cryptocurrency worth keeping an eye on in the coming days.

Besides FOMO, such acquisitions would add significantly to Tron’s intrinsic value. For context, the purchase of BitTorrent added significantly to Tron’s inherent value, which is reflected in its value in the 2020/21 rally.

With $5 billion, there are a lot of projects much more significant than BitTorrent that Tron can buy. This means going into the next bull run, Tron’s intrinsic value will be much higher than it is now. This factor could see Tron do multiple times its current price in the next cryptocurrency bull run.

The post Is Tron (TRX) about to rally ahead of other cryptocurrencies? appeared first on CoinJournal.

• Avalanche’s AVAX crashed as the Luna contagion risks hit the cryptocurrency.

• Buyer interest in AVAX is high at the $16 level.

• Investors should consider buying at low prices.

Avalanche AVAX/USD is one of the cryptocurrencies that crashed alongside LUNA. The cryptocurrency fell by double digits at the same time LUNA and UST crashed. Investor fears grew since Avalanche was one of the cryptos held as reserves by the Luna Guard Foundation. Following the crash, AVAXtouched a low of $16 on June 13 from a high of above $100 in early April.

Avalanche’s token AVAX should be on the bucket list of investors. The cryptocurrency has been robust since June 13, holding a key zone at $16. Whether this indicates a price bottom is yet to tell as the crypto sector remains bearish. Nonetheless, the month-long consolidation suggests buyer interest. As such, we believe AVAX is attractively priced for a good buy. 

Avalanche looks set to break past $21 for a bull rally

Source – TradingView

From the technical outlook, AVAX is consolidating. However, it is slightly bullish, with 24-hour gains of more than 6%. The MACD indicators are bullish too. At the current price of $18, we expect AVAX to continue rising. The $21 resistance will hold back the price, with the cryptocurrency testing the level twice in 30 days. If AVAX overcomes the $21 resistance, it could end its bearish market and begin a bullish rally. Investors should consider buying now to lock value before the market takes off.

Concluding thoughts

The crypto sector remains bearish. At the low valuation of AVAX, we think it is a good buy for long-term investors. Buyer interest is high at the $16 support and could offer a bullish catalyst. AVAX could begin a lasting bullish reversal if it clears the $21 level.

The post Should you buy Avalanche token as the price turns bullish at key support? appeared first on CoinJournal.

• Stellar Lumens is 87% below its ATH.

• The cryptocurrency brings together the global financial systems to blockchain.

• Stellar token XLM is yet to find a bottom.

Stellar Lumens XLM/USD trades slightly above $0.1. Compared to its all-time high of around $0.79 in May 2021, that represents a decline of 87%. This thesis answers the key question of whether investors are good at buying Stellar Lumens at low prices.

Stellar Lumens prides itself on being an open network for safe custody and transfers of money. The platform simplifies the process used to create, transfer, and trade all forms of digital money. That also includes dollars, pesos, and Bitcoin. The network aims to enable all the global financial systems to work together.

Undoubtedly, as digital payments grow, Stellar Lumens will follow suit. This was evident early last month when Novatti Group onboarded Stellar for a new stablecoin. Stellar, alongside Ripple, was selected by the international payments network for the project. The stablecoin will be pegged to the Australian dollar. Last year, Stellar also partnered with payments giant MoneyGram. The partnership will let customers convert their digital money into cash. Such developments highlight the vital role of Stellar and its native token XLM in blockchain.

Stellar Lumens continue downtrend

Source – TradingView

From the weekly chart, Stellar Lumens is yet to find a bottom price. An RSI reading of 31 suggests the cryptocurrency is oversold. However, the token is yet to find support which currently sits at $0.07. We do not think it is yet time to buy Stellar Lumens, although the current level remains attractive. The price will potentially slide lower to find the next support at $0.07.

Summary

Stellar Lumens lacks a catalyst for a potential rally. The cryptocurrency remains viable in line with the growth in digital payments and blockchain. The recent plunge may continue until the cryptocurrency reaches $0.07.

The post Is Stellar Lumens good crypto to buy now after the recent dip? appeared first on CoinJournal.