Kategorie: Crypto Analysis

Daily headlines and news about crypto analysis.

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Will MATIC rally higher after Bepop launches its trading features on Polygon?

MATIC, the native coin of the Polygon network, is down by more than 20% today despite Bepop’s recent launch on the blockchain.

MATIC has lost more than 20% of its value over the last 24 hours. The native coin of the Polygon network has been underperforming since the start of the week and could experience further sell-off in the near term.

The poor performance comes despite Polygon announcing a few hours ago that Bebop, a new decentralised trading platform, has launched on Polygon. 

According to Polygon, Bebop gives users an advantage in fast-moving markets by allowing them to enter or exit multiple positions at once while saving money on network fees.

MATIC’s plunge comes as the broader cryptocurrency market experienced a massive sell-off. The FTX struggles over the last couple of days have wiped out billions of dollars from the market. 

The total cryptocurrency market cap is below $900 billion for the first time in a month, down by 10% in the last 24 hours. Bitcoin dropped below the $18k level but has slightly bounced back and is down by more than 8% today. 

Ether is also down by more than 15% today and is now trading around $1,200 per coin.

Key levels to watch

The MATIC/USD 4-hour chart is extremely bearish, as Polygon has been underperforming over the last 24 hours. 

MATIC/USD Chart By TradingView

The MACD line dipped below the neutral zone earlier this week, indicating that the bears are currently in control. The 14-day RSI of 31 shows that MATIC could enter the oversold region if the selling pressure continues.

At press time, MATIC is trading at $0.9046 per coin. If the sell-off continues, MATIC could drop toward the $0.805 support level for the first time in three weeks.

In the event of an extended selling pressure, MATIC could drop below the $0.6470 support level over the coming hours or days. 

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

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

The post Will MATIC rally higher after Bepop launches its trading features on Polygon? appeared first on CoinJournal.

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REEF price prediction as it defies gravity

Reef price defied gravity on Tuesday as cryptocurrency prices retreated. The little-known coin surged to a high of $0.0067, which was the highest level since October 20th. It has jumped by more than 20% from the lowest level this week. 

Why is REEF soaring?

Reef, which stands for Reliable Extensible Efficient and Fast, is an Ethereum Virtual Machine (EVM) network. It is an EVM-compatible blockchain network for Decentralized Finance (DeFi). Some of its top features are fast, scalable, and low transaction costs. It was created using the Substrate Framework.

Reef’s ecosystem is growing. Some of the top applications in its ecosystem are Reef app, Reef extension, Reefscan, Subscan, and Reefswap. Reefswap is similar to Uniswap while Swid is the first NFT marketplace in the Reef ecosystem.

Reef price has done well in the past few weeks as investors cheer the network’s expansion. In October, Pax.world selected Reef to be its platform for it metaverse network. Pax offers advanced audio, video, and chat features for the metaverse. 

Reef price also rallied after Isekaiverse adopted its network for its metaverse growth. Isekaiverse is a next-generation decentralized anime metaverse based on the original TV show Mystic Reign. It was established in 2021. In a note, Reef’s founder said:

“Reef is thrilled to welcome Isekaiverse to our expanding ecosystem. This strategic development is focused on supporting the unique idea of Isekaiverse and delivering exciting opportunities to our communities.”

Another key catalyst for the Reef price was the addition of Binance as a validator of ReefChain. That was a major issue since Binance is the biggest crypto exchange in the world. REEF was also listed in Bitget, a leading crypto exchange.

Reef price forecast

Reef price surged to a high of $0.0066, which was the highest level on October 20th. As it rose, the coin surged above the important resistance level at $0.0057. It rose above the 25-day and 50-day moving average while the Stochastic Oscillator is at the neutral point at 50. 

Reef has dropped by more than 12% from the highest level on Tuesday. It has also formed a head and shoulders pattern. Therefore, there is a likelihood that the coin will have a bearish breakout in the near term. If this happens, the next key support to watch will be at $0.0050.

How to buy Reef

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 REEF with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy REEF with KuCoin today

The post REEF price prediction as it defies gravity appeared first on CoinJournal.

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HFT price prediction: Is Hashflow a good investment

The Hashflow price went parabolic this week as the number of exchange listings jumped. HFT was trading at $0.9530, which is about 365% above the lowest level this week. According to Binance, the coin has jumped by over 520% in the past 24 hours, giving it a market cap has jumped by more than $160 million.

What is Hashflow and why is it rising?

Hashflow is a relatively new blockchain project that seeks to change how the market works. It is a decentralised crypto exchange that has better features than other popular DEX platforms like Uniswap and dYdX. 

Its top features are that it is interoperable across most chains like Solana, Ethereum, and BNB Chain. It also has a zero slippage and has a Maximal Extractable Value (MEV) protected trades. As such, it makes it possible for traders to buy and sell across multiple assets by simply connecting your wallet.

Most importantly, all trades in Hashflow are commission-free and all prices are executed at their display prices. Hashflow uses a different approach than other DEXes. Instead of using an automated market makers (AMM), it uses the request-for-quote (RFQ) model. RFQ allows professional market makers to manage liquidity pools, which helps traders and liquidity providers to access enhanced efficiency.

Hashflow uses the HFT token, which is the governance token. It is similar to Uniswap’s UNI and Maker’s MKR. 

HFT price jumped sharply as the number of brokers who are listing the coin rose. Some of the top exchanges that have listed Hashflow are Huobi, Kraken, Bitrue, MEXC Global, Coinbase, BitMart, and Gate.io among others.

Historically, cryptocurrency prices tend to rise after being listed in major exchanges. However, these gains tend to be limited.

HFT price forecast

The five-minute chart shows that the HFT price popped after being listed in key exchanges. It rose to a high of $4 and then pulls back to the current $0.90. The coin has now been in consolidation mode since then. At the same time, volume has dropped while the Average True Range (ATR) has continued dropping.

Therefore, the coin will likely have a bearish breakout in the coming days as the momentum fades. A move above the resistance level at $1.18 will invalidate the bearish view.

How to buy Hashflow

The post HFT price prediction: Is Hashflow a good investment appeared first on CoinJournal.

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VET is up by 4% today after the VeChain Foundation sets its mainnet hard fork date

VET is one of the best performers amongst the top 50 cryptocurrencies by market cap so far today.

VET, the native coin of the VeChain Thor blockchain, is up by more than 4% in the last 24 hours. Thanks to its latest rally, VET is outperforming the broader cryptocurrency market.

The positive performance comes after the VeChain Foundation announced that its  Proof of Authority (PoA) 2.0 is set to go live on November 17 at block height 13815000.

The team pointed out that  PoA 2.0 is the most significant mainnet hard fork by VeChain and will greatly improve the blockchain. 

VET’s positive performance comes as the broader crypto market continues to underperform. The crypto market has lost 4% of its value over the past 24 hours, with the total cryptocurrency market cap now below $1 trillion.

Bitcoin has lost more than 4% of its value in the last 24 hours and is now trading below $20k for the first time in more than a week. Ether, the second-largest cryptocurrency by market cap, is down by 5% and is trading below $1,500. 

Key levels to watch

The VET/USD 4-hour chart is bullish, as VeChain has been performing well over the last 24 hours. The technical indicators show that VET is outperforming the broader crypto market. 

VET/USD Chart By TradingView

The MACD line is within the positive zone, indicating that the bulls are currently in charge. The 14-day relative strength index of 57 shows that VeChain could enter the overbought region if it rallies higher.

At press time, VET is trading at $0.02629 per coin. If the bullish trend continues, VET could move past the $0.0305 resistance level over the next few hours.

However, VET could need the support of the broader crypto market to rally above the $0.03375 resistance level for the first time since August. 

Where to buy VeChain now

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 VET with Capital.com today

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 VET with Binance today

The post VET is up by 4% today after the VeChain Foundation sets its mainnet hard fork date appeared first on CoinJournal.

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Ripple’s XRP continues to be choppy. What’s the next likely price action?

Ripple (XRP/USD) is trading for 0.4756 against the dollar. The value represents a 2% drop in the past day and a 5% increase in the last week. Despite the drop in XRP valuation by 2% to $23 billion, the token has registered a 54% increase in daily trading volumes to $1.4 billion.

Part of XRP trading activities could be tied to an increasing whale appetite. A transfer of 100 million XRP tokens worth more than $49 million was recorded three days ago. In addition, the number of XRP investors owning between 1 million and 10 million XRP is rising.

What could be driving whales to add more XRP is the developments in the Ripple – XRP case. Amid the legal tussle, Ripple is attracting support from major industry players. Some of them, including Coinbase and VeriDAO, have applied to be enjoined as friends of the court.

At the same time, the SEC has been faulted for trying to buy time after asking for a timeline extension. The regulator requested more time after several entities joined the case as amicus curiae. The case, projected to conclude in the first quarter of next year, is expected to boost XPR value. However, the daily technical chart shows moments of indecision among the investors.

XRP lack of directional movement to continue?

Source: TradingView

The daily chart above shows a clearly defined consolidation pattern in the price of XRP. The payment cryptocurrency has been locked between a low of $0.4447 and a high of $0.5114. The choppiness has remained in place since the end of September, with the press retracing to the support. Although the MACD indicator shows some bullishness, investors remain indecisive, As shown by a nearly neutral Stochastic Oscillator.

Concluding thought

Although a consolidation pattern often results in a major breakout, either way, none (breakout) is on the horizon. As it stands, investors should remain patient for a clear signal. The fundamentals around the Ripple SEC case are also a key factor in the next likely XRP price action.

Where to buy XRP

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 XRP with eToro today

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 XRP with Capital.com today

The post Ripple’s XRP continues to be choppy. What’s the next likely price action? appeared first on CoinJournal.