Kategorie: Crypto Analysis

Cardano price has staged a strong comeback in the past few weeks as demand for the coin rose. ADA was trading at $0.4088, which was about 24% above the lowest level this year. This price is about 86% below the highest level in October 2021. 

NFTs to the rescue?

Cardano is a well-known blockchain project that aims to become a leading player in the smart contract industry. It is an Ethereum rival that has better features like faster speeds and lower transaction costs.

Cardano went mainstream in 2021 as cryptocurrency prices rallied. At the time, it was seen as a better alternative to Ethereum, which was then a proof-of-work (PoW) platform. As ADA rallied, its total market cap jumped to over $90 billion.

Cardano has had limited success in the DeFi industry, a year after it activated its smart contract features. According to DeFi Llama, it has a total value locked (TVL) of more than $88 million, making it much smaller than projects like Klaytn, Moonriver, Hedera, and Gnosis among others.

Most recently, Cardano has found some success in the Non-Fungible Token (NFT) industry. Data compiled by OpencNFT shows that there are more than 7.6k NFT projects in Solana. The volume of these NFTs in the past 24 hours was worth over A1.38 million, which is equivalent to over $552k. 

This growth makes Cardano the fourth-biggest player in NFTs after Ethereum, Solana, and Immutable X. In the past 30 days, Cardano’s NFTs jumped by 190% to over $24 million. This growth is being dominated by collections like The Ape Society, Oremob, Cabins by The Ape, and Clay Nation by Clay.

Therefore, there is a likelihood that Cardano price will continue rising as it becomes supported by the NFT industry. Just this week, the biggest crypto news was the decision by Meta Platforms to get deeper into the industry.

Cardano price prediction

The four-hour chart shows that the ADA price has made a strong recovery in the past few days. In this period, it has managed to move slightly above the 50-day moving average while the Relative Strength Index (RSI) has risen above the neutral point. 

Cardano has also formed what looks like an inverted head and shoulders pattern. In price action analysis, this pattern is usually a bullish sign. Therefore, there is a likelihood that the coin will keep rising as buyers target the next key resistance at $0.50, which is about 22% above the current level.

How to buy Cardano

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.

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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.

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The post Cardano price prediction: How safe is ADA? appeared first on CoinJournal.

Fantom is the best performer amongst the top 100 cryptocurrencies by market cap today following a crucial integration.

FTX, the native coin of the Fantom blockchain, is up by more than 18% in the last 24 hours. The coin is outperforming the other major cryptocurrencies after rallying by nearly 20% so far today.

The rally comes after Fantom Foundation announced that Ramp Network had integrated Fantom. Ramp is a company that builds vital infrastructure connecting crypto to the global financial network.

According to the Fantom team, users onboarding to Fantom via Ramp can expect efficient and reliable transaction settlement. Fantom builders can connect to the Ramp SDK with just a few lines of code, the Fantom Foundation added.

FTM’s rally comes as the broader cryptocurrency market recovers from the slump it suffered earlier this week. The total cryptocurrency market cap stands at $1.03 trillion, up by more than 2% in the last 24 hours.

Bitcoin is trading around $20,600 and could rally towards $21k soon after adding more than 1% to its value today. Ether is also trading close to $1,600 after rallying by 2% in the last 24 hours.

Key levels to watch

The FTM/USD 4-hour chart is bullish, as Fantom has been performing well over the past few hours. The technical indicators show that FTM is outperforming the broader crypto market.

FTM/USD Chart By TradingView

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day relative strength index of 72 also shows that FTM could soon enter the overbought region. 

At press time, FTM is trading at $0.2753 per coin. If the positive trend continues, FTM could surge past the $0.3208 resistance level before the end of the day.

With the support of the broader cryptocurrency market, FTM could rally past the $0.450 resistance level over the coming days.  

Where to buy Fantom 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.

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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 FTM with Skilling today Disclaimer

The post FTM rallies by 18% following Ramp Network’s Fantom integration appeared first on CoinJournal.

Ethereum (ETH/USD) lost an intraday 1.70% on Thursday after a Fed interest rate decision the previous day. The Fed raised rates by 75 basis points. The hike was largely expected, and potentially, the news was priced in the market. However, additional comments raised scepticism that saw most cryptocurrencies fall.

As the Fed continues to fight inflation, officials hinted at more moderate rate increases. The tone was slightly hawkish as investors had hoped the Fed would move slower in the wake of recession concerns. The comments were also not the most hawkish, as the idea of aggressive tightening wasn’t evident. The statement, however, meant that investors must brace for higher rates longer, which spooked markets.

The lower trading of ETH from an intraday high of above $1,600 underlined caution that gripped markets. As of press time, ETH was trading at $1,530 with weakening momentum.

ETH recovers slightly at the 61.8 retracement zone

Source – TradingView

Applying the Fibonacci retracement levels, Ethereum’s swing high lies at $1,663 and swing low of $1,158. The possible retracement levels are $1,227.99 (23.6%), $1,351.61 (38.2%), $1,411.11 (50%), and $1,470.61 (61.8%).

The price is showing some upside close to the 61.8% fib level. However, the momentum is weak, with the price showing little upside. The MACD indicator is bullish but also shows weakening momentum.

Which is the likely price level for ETH?

With the weak momentum, it is unlikely that ETH will recover at the current level. Although the price could recover at the 61.8% fib level, we consider the 50% fib more likely. The latter coincides with a support zone, making it a realistic target.

If ETH reaches the 50% fib level, buyers could look to buy around $1,400 to $1,450. Still, we cannot consider ETH price bearish as key level (s) remain intact.

Where to buy ETH

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 ETH with eToro today Disclaimer

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 ETH with Skilling today Disclaimer

The post Is Ethereum now bearish after the Fed rate decision? appeared first on CoinJournal.

The Mask Network, a protocol that claims to be the portal to a new and open internet, is attracting interest this week. Its native token, MASK, is making parabolic moves. In just two days, MASK has more than doubled in price. The token touched a high of $5.90 on Thursday, from $2.30 on November 2. MASK has been on a bullish momentum for the past week, having recovered from a low of slightly above $1.

Mask Network aims to introduce privacy and Web3 functionalities to social media, including Twitter and Facebook. The web3 platform enables privacy through the encryption of messages disseminated through social media platforms. The network aims to do so through an open-sourced browser extension. Mask also enables other Web3 fields, such as NFTs and DeFi. 

MASK, the native token, is surging on growing prospects of more use cases around Elon Musk’s acquisition of Twitter. The token initially supports Mask Network’s governance. Lately, Binance announced it was launching the “Bluebird Index.”

MASK is one of the cryptocurrencies in the index alongside BNB and DOGE. The move has ignited investors’ interest in MASK, which could be core to Twitter’s payment. That follows a new-found bond between Binance and Musk after the former became a financier in the Twitter acquisition. A technical outlook, however, shows that MASK is overbought and facing resistance.

MASK meets resistance after the latest gains

Source – TradingView

A weekly technical outlook shows that MASK has an established resistance at $5.9. The cryptocurrency has corrected slightly after meeting the resistance. An RSI reading of 70 suggests that the token is overbought. However, the cryptocurrency broke past the 20-day and 50-day MA. A break above the latter could still be invalidated if MASK closes below.

Should you buy MASK?

The idea of using MASK as one of the payment mediums on Twitter could continue to boost the cryptocurrency. Nonetheless, the token is not trading at an attractive level. A correction is likely, and investors could consider buying lower. Alternatively, investors should buy when MASK breaks out at the resistance.

Where to buy MASK

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.

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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.

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The post What is Mask Network, and why is its token surging? – a technical outlook appeared first on CoinJournal.

Arweave price surged to the highest level since July 31st. It rose to a high of $17.62, which was about 131% above the lowest level this year. Its market cap surged to over $512 million, making it the 76th biggest cryptocurrency in the world.

Arweave and Meta partnership

Arweave is a community-owned storage platform that makes it possible for people to permanently store their data. Instead of monthly subscriptions, the platform makes it possible for people to store data with a single upfront payment.

Arweave uses the permaweb, which is a global, permanent web of pages and applications that live forever. The cost to store on Arweave tends to fluctuate over time. On average, it costs between $2.35 to $5 per GB.

Arweave’s ecosystem has grown rapidly in the past few months. Some of the top platforms that use Arweave are Verto, Argora, Mintbase, Nina, and Mask Network among other

Arweave price shot upward on Thursday after the developers unveiled a partnership with Meta Platforms, the parent company of Facebook and Instagram. The company is using Arweave to allow users store their digital collectibles on their Instagram platform.

The statement was made by Stephane Kasriel, who is the Commerce, FinTech, and Web3 at Meta Platforms. He previously worked for companies like PayPal and Upwork. In his statement, he said that the company was rolling out the feature on Polygon and Solana. 

We’re rolling this out on @0xPolygon blockchain to start.💜 We’re also expanding the types of collectibles you can display on Instagram to include videos & adding support for @solana and Phantom. Plus new integrations with @OpenSea and @Arweaveteam! [2/6]

— Stephane Kasriel (@skasriel) November 2, 2022

Arweave price prediction

The daily chart shows that the AR price has been in a consolidation phase in the past few day. This consolidation ended on Thursday when the developers announced the partnership with Meta Platforms. As it rose, it moved above all moving averages while the Relative Strength Index (RSI) has jumped to the overbought level of 70.

Arweave also retested the key resistance level at $17.62, which was the highest point on July 31st. Therefore, I suspect that the coin will soon retreat as the enthusiasm of this partnership fades. If this happens, the next key level to watch will be at $10, which is about 30% below the current level.

The post Arweave price prediction: Here’s why AR is soaring appeared first on CoinJournal.