Kategorie: Crypto Analysis

• Uniswap’s token has almost doubled its price in less than a month.

• The crypto token is trading past a support zone and is retreating.

• Investors should look for a buying opportunity at suitable support, preferably at $4.7.

Uniswap’s UNI/USD has successfully recovered from the oversold bottom of $3.40. The cryptocurrency is trading at $5.19, retracing from a high of above $6.0 reached on June 26. The latest high implies that Uniswap has almost doubled its price in less than a month.

Uniswap is a dApp-based platform on the Ethereum blockchain. The platform enables Ether transfers to a variety of ERC-20 tokens. UNI, Uniswap’s native token, is an ERC-20 token. Uniswap is unique in that it is a fully decentralized network. The decentralization means it is not owned or operated by a single entity. Uniswap uses an automated liquidity protocol as the trading model. The model incentivizes users with a commission to become liquidity providers. The network is also open source. Any user can copy the code and build their decentralized exchanges.

Uniswap has been trying to live up to the idea of decentralization that it advocates. On June 21, the company announced the purchase of Genie. The NFT marketplace aggregator will let users trade digital products on multiple platforms. Uniswap said it would integrate NFTs into its products, starting with its web app. NFTs will then come to the network’s developer APIs and widgets. Since this announcement, UNI has been bullish, breaking past the $4.7 resistance.

UNI is retracing back to support as bullish momentum develop

Source – TradingView

UNI is trading past the $4.7 support. It hit resistance around $5.8 and is now retreating. The cryptocurrency could settle at the nearest support at $4.7. The weakness could continue at the current level. Investors should look for a bullish reversal at key support.

Summary

Investors should look to buy Uniswap at a suitable support. $4.7 is our reference support, and investors should be keen to buy at that level.

The post Uniswap offers short-term buy opportunities at $4.7 appeared first on CoinJournal.

• Polygon’s token has gained 27% in 7 days

• The network achieved carbon neutrality recently

• MATIC, the native token, is trying to find support after hitting resistance

In this bear crypto market, finding a token with double-digit returns in a week is challenging. However, Polygon’s MATIC/USD has gained 27% in that period. The returns do not suggest that the cryptocurrency is now in bullish momentum. However, it does point out that investors, especially those trading in the short term, should take note.

Polygon is a layer-2 Ethereum scaling solution network. It aims to offer cost-effective and faster transactions on the Ethereum network using sidechains. MATIC is the native token on the Polygon network. DeFi applications find Polygon useful as it helps them avoid costly fees on the core Ethereum network. Some of the DeFi applications that support Polygon include Curve Finance and Aave.

The recent gains in MATIC/USD have largely been fueled by fundamentals. About a week ago, the network announced that it had achieved carbon neutrality. Polygon said that it partnered with KlimaDAO as part of its Green Manifesto. The news sparked a bullish move as the environmental impacts of cryptos have been in the limelight. The network invested $400,000 in carbon credits to kick off the goal. 

MATIC/USD slides after hitting a resistance

Source – TradingView

Looking at the shorter time frame, MATIC is bearish after hitting resistance at $0.62. The level coincided with overbought conditions after the latest news. However, the recent gains offer renewed hopes that MATIC’s recovery is well on course. We believe that investors are not yet done with MATIC, and price recovery could occur soon. Investors should monitor lower levels at $0.49 and $0.39 for price action buy signals. The cryptocurrency will find a lasting bullish momentum if it successfully clears $0.62.

Summary

Polygon is a Layer-2 scaling solution on Ethereum. The network achieved carbon neutrality recently, adding bullish moves for MATIC. The token is currently under retracement.

The post Should you buy Polygon’s MATIC after posting 27% in 7 days? appeared first on CoinJournal.

Steem price has made a strong comeback in the past few weeks. The token jumped to a high of $0.2500, which was the highest point since June 11th. This price was about 64% above the lowest level this month. It has a market cap of over $93 million, making it the 262nd biggest coin in the world.

What is Steem and why is it rising?

Social media has become one of the most important industries in the world. Today, many young people spend hours every day on popular social media platforms like Twitter, Facebook, and TikTok. 

A common challenge for social media users is on how to monetize their work. Many users, especially those on YouTube make money by displaying ads in their content.

Steem is a blockchain project that is changing how creators make money online. It is achieving this by enabling people to create tokens that help monetize their content and grow communities. These Smart Media Tokens (SMT) have near-instant settlements and zero transaction fees. At the same time, creators can use these tokens to fundraise through an Initial Coin Offering (ICO).

Further, developers can build applications that are based on Steem’s technology. Some of the most popular applications in Steem are Steemit, DTube, and Utopian. According to the developers, Steem is now used by more than 1 million people while the number of Steem apps has risen to 324. They have also paid over $59 million in rewards to creators.

It is unclear why the price of the Steem token has surged in the past few days. The most likely scenario is that investors are buying the tokens dip since it was down by over 70% from its highest point on record. Another reason is the ongoing giveaway by the developers. 

Steem price prediction

The four-hour chart shows that STEEM price has been in a strong bullish trend in the past few weeks. It has managed to move above the 25-day and 50-day moving averages. The coin has even crossed the important resistance level at $0.2163, which was the lowest point on May 31st.

Therefore, there is a possibility that the coin’s price will keep rising as bulls target the key resistance level at $0.2805. This was the highest point on June 9th. A drop below the key support level at $0.2163 will invalidate the bullish view. 

The post Steem price prediction: Is $STEEM a good buy as it rebounds? appeared first on CoinJournal.

The cryptocurrency is trading in the red zone again, with most cryptocurrencies recording losses at the moment. 

The cryptocurrency market has had a poor start to the day. The market lost more than 2% of its value earlier today but is slowly recovering and is only down by 1.25% at the time of this report

The total cryptocurrency market cap stands above $950 billion. Bitcoin, the world’s leading cryptocurrency, is down by 1.3% in the last 24 hours. BTC dropped below the $21k psychological level a few hours ago but is now trading above $21,100.

Ether has maintained its price above $1,200 despite losing 0.7% of its value in the last 24 hours. 

XTZ, the native token of the Tezos blockchain, is one of the best performers amongst the top 40 cryptocurrencies by market cap. XTZ is up by more than 9% in the last 24 hours and currently trades at $1.65 per coin.

The catalyst behind XTZ’s positive performance could be the launch of the Open Web Forum 2022 Hackathon. The hackathon, organised by HackerEarth, is powered by Tezos.

📣 @HackerEarth’s Open Web Forum 2022 #Hackathon is here, powered by @Tezos!

Join creatives w/ technical skills to develop innovative #Web3 solutions and build games on #Tezos where you can journey through an ecosystem full of unique #DApps.

Registration closes July 18! ⤵️

— Tezos (@tezos) June 27, 2022

Key levels to watch

The XTZ/USD 4-hour chart is currently bullish as Tezos is performing positively. The technical indicators show that XTZ is outperforming the other major cryptocurrencies. 

The MACD line is within the positive territory, indicating bullish momentum. The 14-day relative strength index of 66 shows that XTZ could soon enter the overbought region.

If the rally continues, XTZ could surge past the $1.73 resistance level soon. However, it would need the support of the broader market to trade above $1.9 for the first time in two weeks. 

XTZ could drop below the $1.5 support level if the bears regain control of the market in the short term. However, XTZ should comfortably defend its position above the $1.34 support level over the coming hours. 

The post Here is why Tezos’s XTZ is up by more than 9% today appeared first on CoinJournal.

• The Sandbox SAND has gained 43% in the past week.

• Major organizations are building a virtual reality world in the Sandbox.

• The SAND token could rise further if price rejects decline below $1.1.

Sandbox’s SAND/USD is showing renewed hopes. The metaverse token has returned 43% in 7 days. The return is the second-highest in the top 50 cryptocurrencies by market cap. SAND’s gains have been fueled by activity on the blockchain, alongside improving crypto sentiment.

The Sandbox is a blockchain that aims to power entities and individuals to the metaverse. The virtual world enables users to build, own, participate, and monetize their virtual experiences. The Sandbox is an enabler to the metaverse world. Its native token, SAND, is crucial in conducting transactions on the blockchain platform.

The Sandbox has lived to the expectation of a virtual world enabler. Large organizations and celebrities have partnered with the blockchain to move to the metaverse. The latest partnership was with TIME Magazine around a week ago. TIME said the partnership would catapult the brand to a virtual world in The Sandbox. These developments are fueling SAND’s rise alongside an improved sentiment. Investors should, however, watch key levels.

SAND/USD technical analysis

Source – TradingView

Technically, SAND hit resistance at $1.33. Investors could be taking profit after the week’s-long rally. The crypto-token will proceed down to find support at $1.1. However, with the uncertain crypto landscape, SAND could break below the support. If that happens, then the token could crash to the next support at $0.96. If the $1.1 support holds, investors could ride another fresh rally to the $1.33 resistance.

Summary

Investors should watch SAND at $1.1. A buy signal would be triggered if the level holds and crypto sentiment remains robust. A break below would see the token crash to $0.96.

The post The Sandbox token could slide below $1 if it breaks below the key $1.1 level appeared first on CoinJournal.