Kategorie: Crypto Analysis

The cryptocurrency market is yet to kick the ground running this week and could end the week trading in the negative zone.

The cryptocurrency market has been underperforming since the start of the week. Over the last 24 hours, the total market cap is down by less than 1% and currently stands above $880 billion. 

Bitcoin is looking to surge past the $20k resistance mark again despite going down by 0.5% over the past few hours. Ether, on the hand, is looking to climb above the $1,100 resistance point after adding 1% to its value today.

However, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC is up by more than 10% in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind the ongoing rally is the announcement that Polygon is the only blockchain project chosen to be a part of the Disney Accelerator program. 

The 2022 Disney Accelerator, is a business development program designed to accelerate the growth of innovative companies from around the world.

Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻‍♀️ #disneyfeels

We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X

— Polygon – MATIC 💚 (@0xPolygon) July 13, 2022

Key levels to watch

The MATIC/USD 4-hour chart has turned bullish as Polygon has been performing well over the past 24 hours.

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 61 shows that MATIC is currently not in the oversold region and could rally towards the overbought zone in the coming hours or days.

At press time, MATIC is trading at $0.625. If the rally continues, MATIC could surge past the first major resistance level at 0.70 before the end of the day.

MATIC is retracing some of its earlier gains and could slip below the $0.57 support level if the bears remain in control of the broader cryptocurrency market. 

The post Here is why MATIC is up by more than 10% today appeared first on CoinJournal.

• Dash blockchain enables online payments for over 10,000 digital merchants and retailers.

• DASH has fallen by 2.25% in 24 hours, increasing weakness at a support.

• Price could proceed to $19 if it fails recovery at $40.

DASH, the crypto token of blockchain platform Dash, is down 2.25% in the last 24 hours. The cryptocurrency has fallen by almost 75% this year. DASH still has more room to fall as most cryptocurrencies edge lower. 

Initially developed as a privacy-preserving blockchain, Dash evolved to streamline online commerce. The project’s code was copied from Litecoin. The protocol was meant to allow efficient and less costly payments than Bitcoin. The blockchain boosts 1-second transaction speeds. Currently, Dash is a payment partner for at least 10,000 online merchants. On its website, Dash mentions more than $4.48 billion payments volume in Q4 2021.

The growth of DeFi and digital transactions is a plus for DASH. However, DASH investors may have to put up with a bear market. This analysis finds that DASH could find the next support at $19.

DASH weakens further at the $40 support

Source – TradingView

DASH is deeply in the bear zone, as the MACD indicators show. The cryptocurrency is yet to cross above the 21-day moving average since November 2021. The current $40 price level is a support zone, but DASH is showing signs of breaking below. If the $40 fails to hold, DASH could settle at $19. The level coincides with the price it was back in 2017 before the bull run. Investors should consider buying lower after further declines in the token.

Summary

DASH holds onto the $40 support. However, bearish momentum is on, and the cryptocurrency could break below. The price of DASH could settle next at $19, a 5-year low. Investors should wait to buy at lower prices.

The post DASH is about to relinquish another support with $19 in focus appeared first on CoinJournal.

• Crypto.com token CRO is bearish at a support zone.

• CRO weakness is connected to the crypto market and slashed card rewards.

• The cryptocurrency is almost 10 times below its all-time high.

Crypto.com’s token CRO/USD is barely worth $0.1. The price is a slap for a token that once traded almost at $1. At the current price, CRO trades at a support zone, and investors could be looking to add positions. But, should you buy it now?

We investigate the reasons why CRO has fallen substantially despite numerous sponsorship deals. The bearish crypto sentiment has, of course, been the main source of weakness. The weakness has been connected to actions by central banks to tighten policy. Yet again, on Wednesday, the US labor department reported an annual 9.1% jump in inflation. The increase was higher than estimates of 8.8%. CRO proceeded down after the inflation numbers, which stoked fears across all markets.

Another factor has been responsible for CRO declines in recent weeks. In early May, the crypto exchange announced a reduction of card rewards to customers. The move underlines similar actions taken by crypto firms to remain liquid in the current market. CRO crashed by double digits following the slashed rewards. The token is yet to recover as investors remain cautious. We believe with such developments, CRO is not a buy at the moment and could fall further.

CRO is close to the oversold bottom, but weakness is on

Source – TradingView

Technically, CRO is almost oversold, with an RSI reading of 35. However, the reading is insignificant considering the weak crypto fundamentals. From the daily chart, the cryptocurrency has remained below the 14-day and 21-day moving averages. At the current level, CRO is at a support zone, offering a potential bullish reversal. Nonetheless, the price is extremely bearish, and a further drop is imminent. 

Summary

Crypto.com token is under bear control as inflation numbers surpass estimates. The price sits at a support zone, but further declines are possible. We do not encourage a buy at the support.

The post Should you buy Crypto.com token as price slides to support? appeared first on CoinJournal.

The cryptocurrency market has been underperforming over the last 48 hours. 

The cryptocurrency market has continued its poor performance this week. The total market cap is down by nearly 2% in the last 24 hours, with the major coins currently trading in the red zone. The total market cap currently stands at around $870 billion.

Bitcoin, the world’s leading cryptocurrency, continues to trade below the $20k mark after losing more than 2% of its value in the last 24 hours. Meanwhile, Ether has maintained its price above $1,000 despite losing 2% of its value today.

GMT, the native token of the STEPN walk-to-earn ecosystem, has lost more than 3% of its value in the last 24 hours. This latest development comes despite STEPN announcing two major updates in the last few hours.

On Tuesday, STEPN revealed that it generated $122.5 million in profits through its platform fees in the second quarter. As a result, STEPN will use 5% of the profits to initiate a Q2 GMT buyback and burn program. 

STEPN also introduced a new feature called Health Points (HP) earlier today. The team added that the HP attribute would be displayed in the Sneaker’s background in the form of a capsule.

Key levels to watch

The GMT/USD 4-hour chart is bearish as STEPN has been underperforming over the last 24 hours.

The MACD line is below the neutral zone, indicating bearish momentum. The 14-day relative strength index of 37 shows that GMT could soon enter the oversold region if the bears remain in control.

At press time, GMT is trading at $0.83 per coin. GMT could slip below the $0.731 support level before the end of the day. In the event of an extended bearish performance, GMT could lose its second major support level at around $0.66. 

The post STEPN underperforms despite introducing quarterly buyback and burn appeared first on CoinJournal.

The cryptocurrency market has underperformed for the second-consecutive day this week.

The cryptocurrency market has continued its poor performance this week. The total market cap is down by nearly 2% in the last 24 hours and currently stands around $870 billion.

If the bearish trend continues, the total market cap could slip below the $850 billion mark soon.

Bitcoin continues to trade below the $20k mark after losing more than 2% of its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has maintained its price above $1,000 despite losing 2% of its value today.

However, DCR, the native token of the Decred ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. DCR has added more than 11% to its value over the past few hours.

At the moment, there is no catalyst behind DCR’s ongoing rally. It has outperformed the other major cryptocurrencies and the broader cryptocurrency market over the past 24 hours.

Key levels to watch

The DCR/USD 4-hour chart has turned bullish as Decred has been performing excellently over the past 24 hours. The technical indicators show that it is outperforming the broader crypto market.

The MACD line has crossed into the positive zone as DCR has been performing well so far today. The 14-day relative strength index of 69 shows that DCR could enter the overbought region if the rally continues.

At press time, DCR is trading at $24.46 per coin. If the rally continues, it could surge past the first major resistance level at $27.49 before the end of the day. However, it would need the support of the broader crypto market to move past the $30 resistance point.

The bear market is still in play, and DCR could slip below the $21 support level over the coming hours. However, DCR should comfortably defend its price above $19 in the short term. 

The post Why is Decred up by more than 11% in the last 24 hours? appeared first on CoinJournal.