Kategorie: Crypto Analysis

Pump and dump schemes have become relatively popular in the cryptocurrency industry these days. It has become so common to see coins surge for no single reason and then crash in the following day. Notably, these regular pumps have become useful trading strategies among market participants. Here are some of the top coins being pumped this weekend.

Prosper (PROS)

Prosper is the best-performing cryptocurrency on Saturday. According to Binance, the PROS token has jumped by over 30%, making it one of its best days. 

Prosper is a significantly tiny cryptocurrency. Data by CoinGecko shows that it has a market cap of just $1.1 million, making it the 1,820th biggest cryptocurrency in the world.

Prosper, which is backed by Clover, Ava Labs, Chainlink, and Bonded Finance, is a blockchain project in the prediction market. It is built using the BNB chain. It helps cryptocurrency traders and analysts make money by predicting the direction of an asset’s trend. 

It is like a betting platform that is backed by smart contract technology. One of its top features is that it has a prediction insurance that uses the PROS coin. Still, with no major catalyst, there is a likelihood that the price will have a pullback soon.

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Quant (QNT)

Quant is another cryptocurrency being pumped in the market this weekend. The coin’s price has jumped by more than 25% in th past 24 hours, bringing its total market cap to over $1.1 billion. It is the 51st biggest cryptocurrency in the world.

Quant is a blockchain project whose goal is to bring interoperable ecosystems and real-world solutions to most people. The project is mostly geared to enterprise customers like banks and insurance companies. 

These firms can use its technology to create their own payment networks, digital currencies, capital market solutions, and compliance products. For example, it is possible to build a stablecoin using this product. The price is likely rising because of the recently launched Overledger 2.10.

BurgerCities (BURGER)

BurgerCities is one of the most popular cryptocurrencies among those involved in pump and dump schemes. It is a cryptocurrency that is valued at over $150 million. It is a blockchain gaming product that helps people play multiple games in the metaverse.

The BURGER price has jumped by more than 25% on Saturday. This rally is mostly because of the recent integration with iZUMi into its protocol. This is part of the network’s growth of its DeFi protocol that includes cooperation with PancakeSwap, Biswap, and BakerySwap among others. 

In addition to BurgerCities, Quant, and Prosper, other cryptocurrencies being pumped are MFT, WING, FIDA, and Unifi.

The post Pump and dump: top 3 cryptos being pumped this weekend appeared first on CoinJournal.

Lido price made a strong pullback during the weekend after staging a strong recovery throughout the week. The LDO token is trading at $0.6980, which is slightly below the weekly high of $0.8790. That price was the highest that Lido had been since June 16th.

LDO is crawling back

Lido DAO is one of the biggest players in the Decentralized Finance (DeFi) industry. It serves an important role in that it lets investors earn interest on their staked assets. For example, ethereum holders can earn more returns on their assets by staking it in their holdings. 

Lido DAO supports a number of smart contract platforms like Ethereum, Solana, Kusama, Polkadot, and Polygon. It was also a leading player in Terra before Terra USD lost its peg in May of this year. Now, the network is winding down on the platform. 

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It is unclear why the Lido price has jumped sharply in the past few weeks. One possible reason is that investors are slowly moving back to its platform. According to Dune Analytics, the total value locked in Lido jumped by 17% this week. It currently sits at over $5.36 billion.

The jump in Lido’s TVL is mostly because cryptocurrency prices did relatively well this week, with Bitcoin soaring to $22,000. The other reason is that inflows to Lido DAO have been relatively strong recently. For example, Lido share of staked ETH rose by 31%.

Another reason why the LDO price has recovered is that stETH is slowly regaining its peg. This is a remarkable development considering that the coin lost its peg recently. It was also affected by the recent crash of Celsius and Three Arrows Capital.

Lido price prediction

Turning to the four-hour chart, we see that the Lido DAO price has done well in the past few weeks. Along the way, the coin managed to move above the important resistance point at $0.7345, which was the highest level since June 25th. It also rose to the highest point in more than three weeks. 

The price remains above the Ichimoku cloud and the 25-period and 50-period moving averages. Therefore, the upward trend will likely continue in the coming days as bulls target the key resistance point at $0.9454. This view will be confirmed if Lido DAO manages to move above the weekly high of $0.8745.

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The VIDT Datalink price has gone parabolic in the past few days even as other cryptocurrencies have recoiled. The token rose to a multi-month high of $0.82, which was about 697% above the lowest level this year. According to CoinGecko, its total market cap has surged to about $29 million.

What is VIDT Datalink?

VIDT Datalink is a blockchain project that seeks to change the data integrity and validation industry. The platform is made up of three key services: VIDT API, VIDT Private Cloud, and VIDT Smart Contract. 

VIDT works in a relatively simple way. It starts with publishing products like Salesforce, SAP, and other software products. These products are then connected to multiple cloud providers like AWS, IBM Cloud, and Google Cloud. Finally, they are linked nu the VIDT API, which is a cost-effective way to use the data integrity platform.

There are many use cases of VIDT Datalink. For example, it can be used by luxury brands like Rolex and Breitling to secure their timepieces. The companies can secure these timepieces using the platform’s technology and ensure that it cannot be replicated. When its ownership changes, VIDT’s smart contract features will then be moved to the new owner.

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VIDT also has a lot of usage in the new and growing industry known as non-fungible tokens (NFT). One of the challenges that the industry is facing is how difficult it is to differentiate between genuine and fake products. Creators can use VIDT to ensure that their creations are not counterfeited.

At the core of this platform is the VIDT token. Each time that a publisher timestamps a file or an NFT, one VIDT transaction is made which records all the transactions into several blockchains.

VIDT Datalink price prediction

The daily chart shows that the VIDT price has gone parabolic this week. As it rose, the coin managed to move above the important resistance level at $0.27, which was the lowest point in July 2021. Now, it has moved above the 25-day and 50-day moving averages while oscillators have kept rising. 

I believe that these gains are not sustainable in the short term. As such, there is a high probability that the VIDT token will soon have a sharp pullback. If this happens, the next key support level to watch will be at $0.2736, which is about 46% below the current level.

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Litecoin price is in a consolidation phase as investors wait for the next key catalyst. It is trading at $51.87, which is about 28% above the lowest level in June. Its market cap currently stands at $3.67 billion, making it the 21st biggest cryptocurrency in the world. At its peak, LTC was among the biggest coins globally.

Why has LTC crashed?

Litecoin is a leading cryptocurrency that was created to address the challenges that bitcoin has as a medium of exchange. For example, Litecoin has a bigger supply cap than BTC. It is also significantly faster and its transactions are much cheaper.

LTC has a close correlation to bitcoin. Therefore, the factors that have pushed BTC to $20,000 are the same ones that have caused litecoin to plummet. 

First, there is the issue of the Federal Reserve. In a bid to cushion the American economy from the pandemic, the Fed decided to lower interest rates to a record low. It also implemented quantitative easing (QE), which involved printing trillions of dollars in cash.

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As a result, these actins pushed bond yields at record low and riskier assets at record highs. Stocks and cryptocurrencies surged. Now, the Fed is doing the opposite. The bank has started hiking interest rates and implementing quantitative tightening (QT). Therefore, investors are abandoning riskier assets like litecoin and bitcoin.

Second, on-chain data shows that activity in litecoin’s ecosystem has declined sharply in the past few months. This means that very few people are holding and using litecoin for transactions. 

Finally, the recent happenings in the crypto industry has led to weaker demand for LTC. Some of the most important events are the collapse of Voyager Digital, Celsius, Vauld, and BlockFi. Most investors have exited their crypto investments as they avoid being caught in such a situation.

Litecoin price prediction

The daily chart shows that the LTC price has been in a strong bearish trend in the past few months. The coin managed to cross several important support levels like $92.11 and $100 during this sell-off. It remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is at the neutral point at 50.

Therefore, litecoin will continue in the downward trend as long as it is below the two moving averages. Until this happens, the LTC will likely retest the support at $40.

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It has been a positive week for the cryptocurrency market so far, with the prices of most coins up by over 10% in the last seven days 

The cryptocurrency market has been performing well since the start of the week. Over the past 24 hours, the total market cap has increased by more than 5%, pushing the total market cap close to the $1 trillion mark. 

Bitcoin is trading above $22k once again after adding more than 7% to its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap looks poised to surge past the $1,300 resistance level after adding 6.8% to its value during the same period.

However, AAVE is one of the best performers amongst the top 50 cryptocurrencies by market cap. AAVE has added more than 15% to its value in the last 24 hours, outperforming the other major coins in the process. 

The rally comes as the Aave team proposed the launch of a new stablecoin pegged to the US Dollar to its community. 

Aave Companies is proposing to the DAO the introduction of a native decentralized, collateral-backed stablecoin, GHO, pegged to USD. GHO can be launched on the Aave Protocol, allowing users to mint GHO against their supplied collaterals.

1/ Calling all GHOsts 👻 

We have created an ARC for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO.

Read more below and discuss your thoughts for the snapshot (coming soon)!👇https://t.co/P7tHl9LbBe

— Aave (@AaveAave) July 7, 2022

Key levels to watch

The AAVE/USD 4-hour chart is bullish as Aave has been performing well over the past few hours.

The MACD line is above the neutral zone, indicating bullish momentum for the cryptocurrency. The 14-day RSI of 70 shows that AAVE could soon enter the overbought region if the rally is sustained.

At press time, AAVE is trading at $71.63. The token could move past the $79 resistance level over the coming hours. AAVE could target the $98 resistance level for the first time this month if the market momentum is maintained over the next few days.

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