Kategorie: Crypto Analysis

Optimism (OP/USD) may be gearing up for a recovery going by the current technical outlook. The token of the Ethereum Layer-1 scaling solution has reclaimed $1. The price is a more than 50% recovery from the lows of $0.66 less than a week ago. Fundamentals are improving too.

Data by DeFiLlama shows that the Total Value Locked on Optimism has been stabilising. Remember that Optimism’s TVL topped $1 billion at the height of a bullish surge in August. It then crashed to $864 million and further down to $810 million. The cryptocurrency’s TVL is currently $940.72 million, commensurate with the price recovery.

There have been positive developments too. Optimism announced the “OP Stack” on October 18. The code consists of modular elements that can be harnessed for custom chains. The OP Stack powers the next-gen Optimism architecture. 

Slight but important news for OP as well. On October 10, the team updated that when it launched the OP token, it set its total supply inflation at 2% per year. However, the team mistakenly put the inflation rate at 20%, something they updated back to 2%.

Consequently, there has been a sustained adoption of OP in the last one month. On October 24, Optimism said that it was handling 150,000 transactions on average every day in the last 30 days. That was an increase of 40% from the previous 90 days. 

OP token reaches the $1.0 resistance – Set to blow it away?

Source – TradingView

The momentum indicator shows a building bullishness for the Optimism token. After remaining subdued below the moving averages, OP has recovered above them again. The cryptocurrency is trading at a key resistance of $1.00. 

What next for OP?

A bull scenario will be confirmed if OP successfully clears above $1.00. With a strong and building momentum, a breakout is a more likely scenario. If the projection comes to fruition, bulls will try to take OP to $1.48.

In the alternative scenario, bulls will be rejected at $1.0. That could welcome a correction below the resistance. The bulls could look to try a breakout another time.

Where to buy OP

The post Has the Optimism token found its footing? Here is what the technical says appeared first on CoinJournal.

Binance BNB/USD continues to surge, again eyeing the $300 price level. The cryptocurrency trades at $287 after adding 5% in the day. The gains in BNB come as other exchange-related tokens continue to struggle. Does it underline Binance’s domination in the cryptocurrency sector?

Data by The Block Research shows that Binance powered 55% of the total spot trades on October 24. The exchange also powered more than 54% of the derivatives trading on the same day. The dominance comes amid regulatory hurdles Binance faces, with regulated exchanges like Coinbase lagging behind. 

The high trading volume on Binance underlies trust in the leading crypto exchange and its growth trajectories. Binance has acquired several licences globally, having widened the net in the Middle East, Italy, Spain, and France. It also plans for further expansion and acquisitions, cementing its position as the largest crypto exchange.

Consequently, when the bull market returns, investors could look at Binance as the preferred destination. The stability of its native token is a testament to the investors’ trust.

BNB outlook and prediction as the price recovers above $266

Source – TradingView

Technically, BNB has overcome the $266 bottom, a level it has held for two months now. The latest surge has seen the cryptocurrency recover above the 20-day and 50-day moving averages.

The MACD indicator is moved above the midpoint and is entering the bullish zone. The indicator shows that momentum is building for the cryptocurrency.

Should you buy BNB?

BNB looks well on course to $300, the key and established resistance. However, we remain cautious of a descending trendline on cryptocurrency.

Each time BNB has attempted to recover, it has been held back before hitting $300. It has formed lower local tops, resulting in a descending trendline. The cryptocurrency is already facing resistance at $286, meaning we may see some correction. 

Consequently, we should wait for further price action to consider whether to buy BNB. Also, for a better risk and reward ratio, it would be better to buy the cryptocurrency lower towards or at $266. 

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.

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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 BNB remains on course to $300 as buyers gather momentum. But… appeared first on CoinJournal.

Bitcoin is looking to trade above the $21k level for the first time this month after adding more than 7% to its value in the last 24 hours.

The cryptocurrency market has continued its excellent start to the week. Bitcoin, the world’s leading cryptocurrency by market cap, has been performing excellently over the last 24 hours.

Bitcoin has added more than 7% to its value so far today. This rally has seen Bitcoin move past the $20k psychology level for the first in two weeks.

At press time, Bitcoin is trading above $20,600 per coin. As the market continues to recover, Bitcoin could rally past the $21k level for the first time this month.

The rally comes as the broader cryptocurrency market continues its excellent start to the week. The total crypto market cap currently stands at $997 billion, up by more than 7% in the last 24 hours.

If the market continues its upward movement, the total market cap could cross the $1 trillion mark before the end of the day. Ether is trading above $1,500 for the first time this month, up by 12% in the last 24 hours. 

Key levels to watch

The BTC/USD 4-hour chart is bullish, as Bitcoin has been performing well over the last 24 hours. The technical indicators show that Bitcoin is performing on par with the broader market. 

BTC/USD Chart By TradingView

The MACD line is deep within the positive zone, indicating that the bulls are now in control of the market. The 14-day RSI of 77 also shows that Bitcoin could soon enter the overbought region if the rally continues.

At press time, Bitcoin is trading at $20,604 per coin. If the bullish trend continues, Bitcoin could surge past the first major resistance level at $21,312 before the end of the day.

In the event of an extended bullish run, Bitcoin could trade above $22,600 for the first time in more than a month. 

Where to buy Bitcoin 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 BTC with Skilling today Disclaimer

The post Bitcoin eyes the $22k resistance level after rallying by 7% today to surpass $20,500 appeared first on CoinJournal.

Klaytn (KLAY) may not be a well-known cryptocurrency. However, it is making a name for itself in the nascent metaverse sector. That is after the native token KLAY more than doubled in value within a single day after a community proposal.

KLAY soared from a bottom price of $0.13 to $0.28 on October 23. A spot check shows that the token has been in a bear market since October 2021. Can the token sustain the surge?

As earlier indicated, Klaytn is crafting a name in the metaverse sector dominated by The SandBox and Decentraland. However, it is a public enterprise blockchain with inroads in non-fungible tokens, gaming, and entertainment. The blockchain is rebuilding to a metaverse scope, enabling users to build, play, and work in virtual environments. 

Besides, Klaytn has lined up milestones for the next two years. That includes making the blockchain Ethereum compatible and bringing changes to developer updates and governance. The latest gains in the native token reflect a new update to the network’s tokenomics.

According to an October 23 announcement, Klaytn would slash its block rewards by a third. The block rewards are now 6.4 KLAY, from the previous 9.6 KLAY. The team attributed the change to the global macroeconomic climate. Accordingly, the move will build sustainable growth and attract demand for KLAY. The announcement has ignited interest in the token.

KLAY surges above moving averages as price pumps

Source – TradingView

From the technical lens, KLAY surged above the moving averages amid considerable buyer interest. The cryptocurrency hit near overbought levels as the price doubled.

However, the bullish momentum has since stalled, and KLAY trades at $0.196. A technical outlook shows that the area around $0.25 – $0.30 is a resistance. The price has, therefore, crashed below it.

Should you buy KLAY?

We think buying KLAY now could be a premature decision. There is no confirmed bullish momentum to indicate that the gains are sustainable. Buyers could become attracted if the momentum remains and the token successfully clears $0.30. 

Where to buy KLAY

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.

Buy KLAY with Binance today

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy KLAY with Bitpanda today

The post Is it dinner at dawn for KLAY? Or the intraday gains are set to continue? appeared first on CoinJournal.

After remaining in a bullish momentum since June, PancakeSwap (CAKE/USD) buyers seem to have hit speed bumps. CAKE faced resistance at $5.0 in late September, a level more than double the price it traded during the June lows. The token now trades at $4.45, and bear pressure is mounting.

There is no clear reason for the continued decline in CAKE. It could be due to profit-taking since the token was on a bullish gear as other cryptocurrencies plunged. The bear market happens amid positive news after the hyped launch of Aptos more than a week ago. 

Accordingly, PancakeSwap is positioning itself to become the largest DEX on Aptos. Through a community vote on October 20, a proposal was passed to deploy the DEX mainnet on Aptos. The latter is an entrant Layer-1 blockchain offering low transaction costs and faster speeds.

In the proposed plan, developers will deploy swaps, pools, farms, and initial farm offerings on Aptos in the fourth quarter. CAKE will also be available on the Aptos blockchain. PancakeSwap has attributed the move to Aptos’s low transaction costs, high speeds, and transaction throughput.

Of course, Aptos has been making headlines since its launch. PancakeSwap sees an opportunity ahead of others. However, CAKE is yet to show any positive change, with the price down 3% in the past week. 

A bearish MA crossover is imminent as CAKE trades lower

Source – TradingView

A technical outlook shows CAKE is trading on a descending triangle. Although yet to break out, momentum is weak, and a further decline is likely. 

Our attention is also drawn to the 20-day and 50-day moving averages. The 20-day MA is, for the first time since July, attempting to break below the 50-day MA. A crossover of the short-term below the longer-term MA should be interpreted as a bear sign for the cryptocurrency.

The relative strength index is below the midpoint but shows CAKE is far away from the oversold level. The reading of 47 suggests there are more sellers for the cryptocurrency.

What next for CAKE?

A bear momentum will be confirmed when CAKE breaks below from the descending triangle. A 20-day MA crossover below the 50-day MA will reinforce a bearish bias. The next level to watch will be $4.1.

Where to buy CAKE

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.

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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 PancakeSwap maintains a descending triangle setup. Here is what could happen next appeared first on CoinJournal.