Kategorie: Crypto Analysis

• FTT holds steady at a $24 support level.

• FTX exchange to acquire BlockFi for $240 million.

• The Crypto sector faces bearish pressure amid macro-economic factors.

As the cryptocurrency sector faces bearish pressure, FTT and other tokens native to crypto exchanges have remained resilient. FTT has only lost 9.6% in the past month since trading at $27, as per data from CoinMarketCap. 

Comparatively, bitcoin has plunged 36% in the bearish market, which is attributed to macroeconomic factors. The hike of interest rates by the US Federal Reserve and the political turmoil in Europe has shifted attention to the less risky assets.

FTT token is currently trading at $24.4 after a 0.65% gain in the past day but remains down 8.98% in the last week. Overall, the token is trading at 69% below its all-time high of $76.4.

FTX gets option to acquire BlockFi for $240 million

FTX has signed a deal with the option to acquire the embattled crypto lender BlockFi for $240 million in a move to benefit from the bearish crypto space. The deal also includes extending the lender a $400 million revolving credit facility. Although the announcement is yet to impact the value of the FTT token, investors are expecting to benefit from the long-term gains from the expansion.

FTX has also been keen on its geographical expansion. The exchange was licensed in the first quarter to operate a virtual asset exchange and clearing house services in the UAE. Aside, The firm’s European subsidiary was awarded a license to offer services to institutional investors.

FTT holds steady at $24 support

Source: Tradingview 

From the daily technical outlook above, FTT is consolidating at the $24 support level after dropping below $35. The token has been on a steady decline since reaching a high of $51 towards the end of March. The RSI is at 42, affirming that the token has not entered the oversold zone, and further downward momentum could be seen. With the token at a key support level, a drop below it will open further weakness, and the FTT can trade lower.

Summary

As macro-economic factors continue to hold down the various crypto assets, FTT will remain largely bearish before a trend reversal. If the token goes below the current support level of $24, it could open further downward pressure. A buy entry is only recommended if the price clears above the current level with the confirmation of a bullish price signal.

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• Monero’s is set for a hardfork on August 13

• The network promises anonymity in crypto transactions

• Monero’s native token XRM/USD is consolidating with a promising bullish recovery

Monero XMR/USD is set to undergo a hardfork on August 13th 2022. The hard fork was initially set to be conducted on July 16. The hardfork promises several things, including improved security on the network. It also includes multisig fixes. The hardfork introduces upgraded Bulletproofs algorithms, which will be dubbed “Bulletproofs+.” In short, just like other hardforks, Monero’s upgrade will be beneficial to the community. 

Founded in 2014, Monero promises privacy to its users. Monero is organized to be an opaque blockchain. The blockchain keeps the identity and details of users anonymous, maintaining privacy. The future growth of Monero is two-fold. Crypto users seeking anonymity will adopt the network more. On the flip side, regulatory action could delay Monero. Regulators could be concerned about identity-blocking blockchains.

Monero consolidates ahead of hardfork

Source – TradingView

Technically, Monero’s XRM/USD is consolidating. However, the price has been making slow gains. XRM/USD currently trades at $117, above a low of $98 in June 2022. The 14-day and 21-day moving averages have joined the support for Monero’s token. The MACD line also crossed above the moving average, signaling building bullish momentum. We project some short-term gains on the token, but the price faces potential resistance at $125. Investors buying ahead of the hardfork must be aware of the potential resistance. The token has support at $110.

Concluding thoughts

Monero blockchain undergoes a hardfork on August 13. Despite the recent price recovery, Monero’s token remains subdued. Bullish signs are emerging, but the $125 resistance could limit the short-term surge. Investors should watch the price behavior as long as the crypto token remains above the $110 support. 

The post Monero’s price movement and prediction as hardfork edges closer appeared first on CoinJournal.

• Cosmos is regarded as the internet of blockchains

• Cosmos’s token ATOM has gained by double digits in 24 hours

• The token is recovering but trades below a key resistance

Cosmos native token ATOM/USD is staging recoveries after recent dive. At the current price of $8.13, the token has added more than 11% in one day. The token is also up from a bottom of $5.5 reached on June 18.

Cosmos refers to itself as the internet of blockchains. It achieves the role by enabling an interconnected ecosystem of apps and services. The goal of Cosmos is to build an optimized ecosystem of decentralized blockchains. The independent blockchains, called “zones,” are connected to a main chain, the Cosmos Hub. Developers can add more chains to the hub, creating a network that communicates with each other. 

Cosmos’ native token ATOM/USD recent gains happen amid the bear crypto market. The gains also defy turmoil surrounding Ignite, the company that originally founded Cosmos. Ignite’s CEO said, on Friday, that he was leaving the company. This week, Ignite also announced it was cutting more than half of its employees.

ATOM/USD technical analysis

Source – TradingView

Long-term prediction of any crypto in the current bear market is a challenge. However, we expect Cosmos token to face resistance at $8.7. The level resisted the recent price surge, and bulls are losing power at $8.0. However, the moving averages and MACD indicators suggest a bullish move at the current price. Investors should watch price action, with a price break above $8.7 opening further surges.

Summary

Cosmos token is bullish but faces an immediate resistance at 8.7. Moving averages offer support, while the MACD line also suggests bullish momentum. We recommend watching price behavior at the current level or at the resistance. The price could fall back to $7.0 if it fails to break past $8.7.

The post Cosmos token ATOM forecast as price turns bullish appeared first on CoinJournal.

• BNB faces bearish pressure at a key support level

• The token is down 68% from its ATH

• Crypto market under bearish momentum, BTC trades under $20,000.

Binance’s (BNB/USD) has remained subdued amid an extended bearish momentum in the sector. The token is currently trading at $215.35, after a 3.4% decline in the past day and a 10.72% drop in the past week, as per CoinMarketCap. Comparatively, the flagship token, bitcoin, has tanked 10.96% in the past week, while Ethereum is down 15.41%. Are we about to see a trend reversal in the native Binance token, or can it trade lower?

The ongoing global expansion by Binance has done little to boost the adoption of the native BNB token, which was originally meant for discounting fees. BNB Chain’s auto-burn token mechanism, which saw Binance burn over 1.8 million BNB tokens in April, is yet to boost the value of the cryptocurrency.

The past price data from CoinMarketCap shows that the BNB token is on a downward trend. In the past month, the token has dropped 28.7% from a high of $303. The three-month price outlook shows a decline of 51% from $444. The token has equally plunged 68% from its all-time high of about $675.

BNB finds support at $215

Source: Tradingview

According to the daily chart outlook above, BNB token is looking bearish. The token is currently trading at the support level, having turned the $327 price level into resistance. The 20 and 50-day moving averages offer resistance to the upside, showing potential areas of consolidation in case of a trend reversal. Moreover, with the RSI at 36, BNB could be set for a short-term upward trend reversal.

Overall, the current price level can make an ideal buy entry but with the confirmation of a bullish price signal. We recommend that investors remain patient with price action signals before buying at the current level. A drop below $215 could open further weakness, and the token can go lower.

Summary

BNB token remains largely subdued amid a bearish sentiment in the cryptocurrency sector. However, investors can benefit from short-term price movements before the sentiment changes. Traders should wait until the token has cleared above the $215 level before going long.

The post Should you buy BNB at the current $215 support level? appeared first on CoinJournal.

• Algorand network grew as DeFi activity boomed in 2021

• Algo price bottomed at $0.28, but bullish signals are emerging

• ALGO will open a bullish move if it clears a minor resistance at $0.31

Algorand ALGO/USD network grew last year on the back of booming DeFi activity. Despite the bear market this year, the network has continued to grow. As of May 7, the total value locked on Algorand was $174.74 million. The TVL eclipses a record high of $134.24 million for 2021 as of the last day of the year. The TVL has, however, fallen back, with a total of $99.11 million at press time. 

Algorand is a proof-of-stake and scalable blockchain. It offers a common platform for creating products and services for a decentralized economy. It goes hand in hand that the growth of DeFi is positive for Algorand. ALGO, its native token, powers the blockchain. The token has plunged this year, owing to the growing macro-concerns.

Recent development regarding Algorand is the network’s partnership with FIFA in May. FIFA announced that Algorand would be the official blockchain sponsor of this year’s World Cup. The sponsorship has the effect of adding media exposure and free advertising for Algorand. ALGO surged by double digits following the announcement. Recent weakness in ALGO underlines a general market issue rather than the network’s fundamentals.

ALGO trapped between $0.28 bottom and short-term resistance

Source – TradingView

Technically, ALGO is making bullish moves. A cross-over of MACD above the moving average line confirms a bullish momentum. The 14-day moving average offers support, although the price is below the 21-day MA. 

ALGO may continue consolidating between $0.28 bottom and $0.31 resistance in the meantime. A break-out above the minor resistance level will open short-term buy opportunities. On the flipside, ALGO may crash back to the $0.28 support if the buying power remains weak.

Summary

Algorand powers DeFi products and services. Its native token ALGO met resistance at $0.31. We project a short-term bullish move after a break past the resistance. The token may also fall back to the $0.28 support.

The post Algorand’s token is bullish, but where are the buyers? appeared first on CoinJournal.