Kategorie: Crypto Analysis

Cryptocurrencies staged a comeback after the Canadian central bank raised interest rates lower than expected. Coming amid a period of high inflation and high borrowing rates, speculations now shift to whether other jurisdictions will do the same.

The anticipation has driven the crypto market valuation to $996 billion. Also up among the altcoins is the Ethereum-based NFT crypto, ApeCoin APE/USD. The Yuga Labs token climbed 10% in the last week and 1.65% in the past day. The current price per APE is $4.81.

Since launching in March, the ApeCoin ecosystem has expanded significantly in gaming and NFTs. The latest is a plan to launch a new game in Otherside Metaverse – a virtual platform for multiplayer games. According to Yuga Labs co-founder Greg Solana, the game, dubbed Persistent World, will be released in 2023.

While the multiplayer game could strengthen Apecoin’s gaming aspect, its NFT side is also doing well. Blockchain data platform, DappRadar, shows that Apecoin’s Otherdeed NFT (also referred to as dynamic NFT) sold as high as $500k during the week.

Can APE topple the $5 resistance? 

Source: TradingView

On the technical side, APE is bullish after moving from $4.1 to $5 in just seven days. The momentum has placed it above the 20-day moving average but below the 50-day moving average. However, the focus is on whether the NFT token can go past the $5 resistance. As it stands, the RSI momentum indicator is at the neutral 50, meaning the strength to the upside is weak.

Concluding thoughts

At the current resistance level, APE leg up past the $5 resistance depends on if the token will get enough buyers. The overall market sentiment is also something to consider. Considering the technical and fundamental factors, investors should exercise patience until a clear trend is notable.

Where to buy APE

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 What holds for ApeCoin after meeting resistance at $5? appeared first on CoinJournal.

The FIFA World Cup is fast approaching. The Algorand token (ALGO/USD) will likely be in the limelight as the platform is the official blockchain partner of the global event. Aside from increased publicity, Algorand will supply FIFA with blockchain-enabled wallet solutions. Long-term, Algorand could power FIFA’s digital assets, including NFTs and its official cryptocurrency.

Ahead of the important global event next month, Algorand is witnessing increased on-chain activities. Over the past three weeks, the total value locked on the platform has almost doubled. At just $175 million on October 7, the TVL is now at $303.2 million. Besides, as CoinJournal previously reported, Algorand is a crypto to watch in the next bull cycle.

With increases in on-chain activity, ALGO price has been pushing higher too. The gains over the past seven days are 6.45%, despite falling slightly by an intraday 1.50%. However, the cryptocurrency’s price action shows it is yet to overcome a key hurdle.

Algorand price outlook and prediction

Source – TradingView

The recent bullish surges have pushed ALGO above the moving averages. The MACD indicator shows that the momentum is building. However, the indicator is yet to close above the midpoint to consider a bullish market.

ALGO’s key resistance level lies at $0.36. With the cryptocurrency trading at $0.33, further gains are expected in the next few days. 

Should you buy Algorand now?

The price action shows that ALGO could take further leaps to the resistance at $0.36. That translates to an upside of about 10%. Short-term investors may find the trade unattractive due to the risk and reward ratio. 

For sustained gains, ALGO must break the $0.36 barrier. For now, the cryptocurrency should remain on investors’ watchlist due to the building momentum ahead of the FIFA World Cup.

Where to buy ALGO

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 ALGO with eToro today Disclaimer

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 ALGO with Capital.com today Disclaimer

The post Algorand records growth in on-chain activity. Here is what it needs to become bullish appeared first on CoinJournal.

Alchemy Pay price went parabolic and then pulled back sharply on Thursday as demand for the coin rose. ACH, the fast-growing coin, rose to a high of $0.015, which was the highest level since October 14. At its peak, Alchemy was up by more than 50% from its lowest level this month.

What is Alchemy Pay and why is it rising?

Alchemy Pay is a small and fast-growing company that seeks to become the best payment platform in the industry. Its goal is to bridge the gap between fiat and cryptocurrencies. It does that by making it possible for people to pay for their favorite products using cryptocurrencies. 

Alchemy Pay is widely used by some of the leading companies globally. Some of the top companies that have embraced Alchemy are Shopify, Arcadier, Checkout, and Nium.

ACH is the native token for the ecosystem. It is an Ethereum coin that is used to pay for transaction fees, rewards for network use, and lowering transaction costs, and it is pledged by business partners during the onboarding process. In addition, ACH has been used to provide rewards for users.

Alchemy Pay price has done well in the past few days as investors focus on the recent partnerships. This week, Alchemy Pay said that it had partnered with Nest Protocol. The partnership will help to bridge crypto and traditional fiat currencies. As a result, its on-ramp widget provides mainstream-friendly access to crypto services via cards and local mobile wallet.

Meanwhile, ACH price has risen after it made it possible for users to buy Aptos’ APT on its ramp project. Ramp is a platform that makes it possible for people to buy and sell cryptocurrencies cheaply.

ACH price forecast

Is ACH a good crypto to buy? The two-hour chart shows that the Alchemy Pay price rose to a high of $0.015. As it dropped, it moved below the important support at $0.012, which was the highest point on October 17. It remains slightly above the 25-period and 50-period moving averages.

Alchemy Pay’s Relative Strength Index (RSI) has moved below the overbought level. It has moved to the neutral level. Therefore, the coin will likely continue falling as sellers target the next key support level at $0.010. On the flip side, a move above the resistance at $0.13 will invalidate the bearish view. 

How to buy Alchemy Pay

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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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ACH with Coinbase today Disclaimer

The post Is Alchemy Pay’s ACH a good crypto to buy? appeared first on CoinJournal.

After a depressing market, cryptocurrencies are turning up again. On Wednesday, Polkadot (DOT/USD) posted a 7% gain and was back to its resistance at $6.48. Polkadot was one of many tokens to record gains. Ethereum was easily the top gainer coin among the top cryptocurrencies, adding 14% in the day. Bitcoin was up 7% on the same day.

The Wednesday gains were a testament that crypto investors are still active. No notable developments were driving the surge. Instead, the cryptocurrencies were building on their previous developments to make a comeback. Ethereum’s substantial gains were largely a result of its Proof-of-Stake shift, which has been less influential in pricing to date.

For Polkadot, we know that the blockchain has been positioning itself to become the smart contract platform of choice. In particular, Polkadot’s parachains have been touted as a key to blockchains’ interoperability. During the Token2049 conference in September 2022, Parity Technologies CMA Peter Ruchatz shared thoughts on Parachains. He said, in reference to the Polkadot parachains, that blockchains will grow through interoperable systems.

Fast forward, Ethereum’s POS shift happened in September. Ruchatz explains that several blockchain participants are considering connecting to Ethereum via Polkadot. Potentially, Polkadot and its native token DOT will benefit from the Ethereum Merge.

DOT recovers to or slightly above the $6.48 resistance

Source – TradingView

Technically, DOT has overcome a short-term descending trendline. The price pumped but has met resistance at $6.48. The resistance coincides with the 50-day MA. DOT has never recovered above the 50-day MA since mid-August.

Should you buy DOT?

There is no doubt about the long-term bull case for DOT. The blockchain is attracting praise due to its ability to enable blockchain communication. Thus, any value investor would consider DOT attractive, given its low prices from the previous highs.

The litmus test for DOT now shifts to whether the cryptocurrency will successfully clear $6.8. Don’t get it wrong, the cryptocurrency trades at $6.51, but the price cannot be recognised as a breakout yet. We need to see a bull candlestick closing higher to make a bull call.

Where to buy DOT 

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 Polkadot reclaims important level. Why buyers should be attentive appeared first on CoinJournal.

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.