Kategorie: Crypto Analysis

Daily headlines and news about crypto analysis.

Veröffentlicht am

Band Protocol price surges ahead of V2.4 upgrade: Is it a buy?

Band Protocol price popped to the highest level since August 16 after the developers announced plans for the next upgrade. The coin rose to a high of $1.72, which was the highest level since August 17. It jumped by more than 76% from the lowest level this year. 

Why is BAND soaring?

Band Protocol is a Chainlink competitor that provides oracle solutions to a number of blockchain projects. Some of the top projects using the platform are Injective, Loopring, KyberSwap, Homora, and CREAM Finance. Injective has a total market dominance of about 17.30%.

According to DeFi Llama, Band Protocol has a total value secured (TVS) of more than $808 million. This makes it the sixth biggest oracle network after Chainlink, Maker. WINKLink, TWAP, and Pyth. 

In the past few months, the oracle industry has struggled as challenges in the DeFi industry remain. Most providers have seen their TVS crash by billions of dollars. In its peak, Band Protocol had a TVS of more than $5 billion. Chainlink, which had a TVS of $60 billion has dropped to about $30 billion.

Band Protocol price made a strong recovery after the developers announced a new upgrade to its ecosystem. It will happen on November 21st of this year. 

Band Protocol’s BandChain will upgrade to v2.4. It will have three key features. First, it will increase the MaxGas per block to 50M Gas. Second, it will increase the throughput for oracle module by ~10x from optimising owasm runtime. Finally, it will bump cosmos sdk TO V0.45.10 and ibc-go to v3.3.1.

Band Protocol unveiled the voting process for this upgrade. At the time of writing, 10 voters have already cast their votes, with all of them being positive. Therefore BAND price is soaring as investors wait for the new transition.

Band’s upgrade is one of the top cryptocurrency news of this month. Others are the upgrade of the Cosmos ecosystem and Theta’s hard fork.

Band Protocol price

The daily chart shows that the BAND price has been in a tight range in the past few days. It remains more than 50% from the highest point this year. The coin rose above the important resistance level at $1.20, which was the lowest level at July 13. 

Band Protocol price rose above the descending channel shown in green. It also rose above the 25-day and 50-day moving averages. Therefore, there is a likelihood that the coin will rise to a high of $2.11, which was its highest point on June 28. 

The post Band Protocol price surges ahead of V2.4 upgrade: Is it a buy? appeared first on CoinJournal.

Veröffentlicht am

Litecoin soars by 13% following MoneyGram’s adoption announcement

Litecoin is outperforming the other major cryptocurrencies after major adoption news from MoneyGram.

LTC, the native coin of the Litecoin blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. The coin has added more than 13% to its value, outperforming the broader market.

The rally comes after global digital peer-to-peer payments company MoneyGram announced that users in the United State can now buy, sell, and hold Litecoin and a few other cryptocurrencies, including Bitcoin and Ether, via its mobile app. 

Litecoin’s positive performance as the broader crypto market continues its bearish trend. The crypto market has lost less than 1% of its value in the last 24 hours, with the total cryptocurrency market cap still above $1 trillion. 

Bitcoin, the world’s leading cryptocurrency, is also down by less than 1% today and continues to trade above the $20k support level. Ether has maintained its position as the second-largest cryptocurrency by market cap and is still trading above $1,500 despite losing 2% of its value so far today.

Key levels to watch

The LTC/USD 4-hour chart is bullish, as Litecoin has been performing well over the last 24 hours. The technical indicators show that Litecoin is outperforming Bitcoin and the other leading cryptocurrencies. 

LTC/USD Chart By TradingView

The MACD line is above the neutral zone, indicating that Litecoin is currently in a bullish trend. The 14-day relative strength index of 73 shows that Litecoin could soon enter the overbought region.

At press time, Litecoin is trading at $62.16. If the rally continues, LTC could surge past the first major resistance level at $74.68 over the next 24 hours.

However, with the support of the broader cryptocurrency market, Litecoin could trade above the $81 resistance level for the first time since May. 

Where to buy Litecoin 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 LTC 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 LTC with Skilling today

The post Litecoin soars by 13% following MoneyGram’s adoption announcement appeared first on CoinJournal.

Veröffentlicht am

Shiba Inu prediction as price retraces 50%. What should you do?

It’s a risk-off mood in the market once again. Shiba Inu has lost 7% in the last 24 hours as major cryptocurrencies also remain in the red. It has, however, been a good week for the meme cryptocurrency, which remains with a 14% surge in the past seven days. The gains reflected positive optimism around meme tokens.

Wednesday’s slowdown in SHIB price shouldn’t be seen as a bear market, though. For one, market corrections are bound to happen after a strong rally. Yet, the meme token sits on the $0.000012 level, which has now become a support zone. That is the key level that SHIB needed to recapture to set an upside trajectory. 

Furthermore, even as SHIB slowed down, whale activity is on the rise. WhaleStats data show that Shiba Inu whales hit the highest ever at 1,233,301. A majority of these holders are going long-term on the meme token. In fact, the IntoTheBlock data shows that SHIB has the highest number of hodlers. The number of short-term holders has also been stable. 

The latest Shiba Inu update could also be reassuring. Unquestionably, SHIB’s price has been overwhelmed by delays in key utility-raising projects. One among them is the Shiba Eternity game. Taking to Twitter to respond to a user’s concern, a developer, Shytoshi Kusama reassured that everything was on course. He noted that although not everything is nailed down, updates and deadlines are getting accomplished ahead of time.

SHIB retraces back to a key support 

Source – TradingView

On the daily chart, SHIB is completing the 50% retracement, which lies at the $0.000012 support. This is the level to watch as the cryptocurrency corrects. Should the level hold, SHIB will initiate another leg up, potentially proceeding to $0.000017.

Should you buy SHIB now?

A break above $0.000012 resistance makes SHIB very attractive. The gains align with positive optimism around meme tokens and Shiba Inu’s network activity. 

Investors should consider buying if the $0.000012 level holds, coupled with technical pointers. Analysts already believe the break above the level is not just a one-time burst. Instead, it should be viewed as an indication of further upside. So, keep an eye on the technical level.

Where to buy SHIB

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 SHIB 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 SHIB with Capital.com today

The post Shiba Inu prediction as price retraces 50%. What should you do? appeared first on CoinJournal.

Veröffentlicht am

BNB breakout could usher in new buyers. But here is what needs to happen first

Binance Coin (BNB/USD) traded at $337 on Monday, its highest level since June. In our previous CoinJournal analysis, we indicated that BNB was heading to $300, a crucial resistance level. In this bulletin, we find that BNB broke past the resistance on a strong bullish surge. Buyers could now look at attractive buy zones after the breakout.

The latest BNB gains reflect positive optimism around crypto and Elon Musk’s acquisition of Twitter. On the former, cryptocurrency gains were widespread last week as investors speculated a soft stance by the US Fed. On Twitter’s acquisition, there are growing expectations that BNB will get more utility. Binance was one of the key financiers of Elon Musk. Analysts now expect the crypto exchange to play a role on Twitter. 

The elephant in the room now lies around the rate decision by the Fed. The expectation has slowed down BNB, which was trading at $319 at press time. The price is still quite high compared to the October lows of $266. It is also above the breakout zone, suggesting investors are still active on the token.

BNB faces resistance at $330

Source – TradingView

Turning to the technical side, BNB is contained by the $330 resistance. The token broke past it briefly, but the price on the daily candlestick closed lower. The resistance also coincided with very overbought conditions, with an RSI reading of 78. The indicator still shows that BNB is overbought. 

Which way, BNB?

A breakout above $300 makes a bullish case strong for BNB price. However, the cryptocurrency needs to clear $330 to see a new yearly high. Buyers will remain active if the price is above the breakout zone. The Fed’s decision is another factor that will determine the activity of buyers. 

For now, BNB could remain in a correction phase until the technical and fundamental bits align.

Where to buy BNB

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 BNB 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 BNB with Capital.com today

 

The post BNB breakout could usher in new buyers. But here is what needs to happen first appeared first on CoinJournal.

Veröffentlicht am

Why you need caution trading Bitcoin this week – a brief technical outlook

Bitcoin (BTC/USD) trades at $20,390, a clear price decline since topping $21,000 late last month. There is no doubt that BTC remains resilient against a less reassuring macro outlook. The cryptocurrency has strongly defended the $19,500, which has become a crucial psychological level. Consequently, BTC’s technical outlook remains bullish as long as this level is maintained. But investors may need to exercise caution this week.

The Federal Reserve interest rate decision remains the focal point this week. We already know that inflation has been running higher than estimated. With that in mind, investors have earmarked a 75-basis points rate hike when the Fed issues a statement. The expectation has raised caution in all markets, which has been responsible for the BTC slowdown. A rate hike followed by a hawkish Fed statement could spook markets and force a further price fall.

On the contrary, expectations grew mixed the last one week that Fed may settle for a soft stance. With growing recession fears, analysts projected that the Fed would move slower. For this reason, BTC saw some recoveries to above $21,000.

As the Fed nears its policy decision, mixed expectations may not be good for Bitcoin. That is captured in the price reaction, which has stalled despite remaining stable.

Bitcoin stalls ahead of FOMC decision

Source – TradingView

On the daily chart, Bitcoin met a minor resistance at $21,000. Momentum is weakening, but the MACD indicator remains in the bullish zone.

The 20-day MA crossed above the 50-day MA, suggesting that BTC was heading higher. Both moving averages support the cryptocurrency below.

Should you buy BTC?

The technical indicators and the $19,500 support give a bullish view of the BTC price. However, the sentiment around cryptocurrencies, in general, is mixed. Investors are turning to the Fed statement to assess a bull scenario.

A dovish Fed could be the trigger for BTC to move higher. Similarly, the cryptocurrency could head back to $19,500 on a hawkish Fed. Investors should be patient for now and gauge the BTC price based on the Fed decision.

Where to buy BTC

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 BTC 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 BTC with Skilling today

The post Why you need caution trading Bitcoin this week – a brief technical outlook appeared first on CoinJournal.