Kategorie: Crypto Analysis

Solana (SOL/USD) trades at $30.5 after an intraday gain of 2.22%. However, weekly losses total 6.42%. A brief check of the price action shows that this is a support zone for the cryptocurrency. To a technical reader, the area remains of interest. 

Solana has been touted as an Ethereum killer due to its fast speeds and low transaction costs. Yet, the blockchain shares significant similarities with the Ethereum ecosystem. However, the name tag is quickly getting eroded as a series of hacks have hit the Layer-1 blockchain. Rising capital outflows have been commensurate with the price decline.

As of October 13, data by CoinMarketCap shows that Solana had a total capitalisation of $10.6 billion. That was a 13% or $1.43 billion decline from October 6. The drop coincided with a $100 million exploit of Mango Markets, a Solana DeFi protocol. SOL has been under pressure since then, although the market cap has improved slightly to $10.9 billion

While macro issues, including high inflation, are to blame for SOL’s decline, the hacks send wrong market signals. That partly explains why the cryptocurrency is struggling at the $30 level. In our assessment, a further decline is a more probable outcome than a bullish reversal. 

Solana retests $30 supported-turned resistance

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Source – TradingView

The daily chart above shows that $30 has already become a resistance. Potentially, SOL is retesting it before proceeding lower. A lack of positive sentiment is to blame, with the momentum weakening into bear territory. 

Which way, SOL?

A retest of the $30 resistance could force a further decline, with the next potential zone for SOL at $26. However, buyers could try to overcome a further drop and keep SOL above $30. 

Although the bull scenario looks less likely, we should watch for price action at the potential resistance. Bulls must also overcome the descending trendline to consider a more lasting upside.

The post Is Solana about to slide further, or a bullish reversal is imminent? appeared first on CoinJournal.

Injective Protocol price has been in a bullish trend in the past few weeks as investors wait for the upcoming Project X. It also rose as the market focused on the growing total value locked (TVL) in its ecosystem. INJ rose to a high of $2.22, which was the highest level since August 11. Its market cap has risen to over $153 million.

Project X launch coming up

Injective Protocol is a leading blockchain project that is aimed for the Decentralized Finance (DeFi) industry. Built on top of the Cosmos ecosystem, the company is backed by companies like Binance, Pantera, and Jump Crypto.

Injective Protocol aims to be a better alternative to Ethereum in terms of its optimization to DeFi. Some of its features are its cross-chain interoperability, intuitive developer experience, low fees, and is highly environmentally friendly.

INJ price has risen sharply in the past few days as investors focus on the upcoming Project X launch. Project X is the next-generation DeFi protocol that is made up of two key components. First, it has an automated strategy vault for marketing and passive yield generation. 

As such, it will help users provide passive liquidity and access trading strategies that were inaccessible to everyday users. These vaults will act as an Automated Market Maker (AMM) without any impermanent loss risk.

Second, Project X will introduce a one-click launchpad for fundraising and listings. This launchpad will allow any developer to permissionless fundraise for a project and instantly list it on Injective exchange dApps in just a single click.

INJ price has also risen because of the rising total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL in its ecosystem has risen from $35 million in June to over $103 million.

INJ price prediction

The daily chart shows that the Injective Protocol price has been in a bullish trend in the past few months. In this period, it has moved above the ascending trendline shown in green. It moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen above the neutral point.

Therefore, the INJ price will likely continue rising as bulls target the next key resistance level at $3. A move below the support level at $2 will invalidate the bullish view.

How to buy Injective Protocol

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.

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KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

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The post Is Injective Protocol (INJ) cheap ahead of Project X Launch? appeared first on CoinJournal.

Dogecoin price has been in a consolidation phase in the past few days. DOGE was trading at $0.060 where it has been in the past few days. It has fallen by more than 64% this year, making it one of the worst-performing big-cap coins.

Why is DOGE crashing?

Dogecoin has been in a bearish trend as investors worry about multiple things, including high-interest rates and low demand. This decline is in line with that of other cryptocurrencies like Bitcoin and Ethereum. 

The Federal Reserve has embraced an extremely hawkish tone this year. It has hiked interest rates by 300 basis points this year. At the same time, the bank has decided to implement quantitative tightening (QT) policies by reducing its balance sheet.

Historically, risky assets like Bitcoin and Dogecoin tend to underperform in periods of high-interest rates. This also explains why American indices like the Dow Jones and the Nasdaq 100 have plunged as well.

Meanwhile, Dogecoin has crashed because of soaring inflation. Data published last Wednesday showed that the headline consumer price index (CPI) remained at an elevated level in September. This increase was bigger than what analysts were expecting.

As a result, analysts believe that the Federal Reserve will continue hiking interest rates in the coming months. Precisely, they expect that the bank will hike rates by 75 basis points in November and by 50 basis points in December.

DOGE price has also declined because of the falling demand. As you recall, Dogecoin had a strong performance in the first part of 2021 after the endorsement by Elon Musk. Recently, however, Elon Musk has remained muted about Dogecoin. And when he talks, the coin has often reacted mildly. On-chain data shows that Dogecoin activity has been relatively muted in the past few months.

Dogecoin price prediction

Should you buy Dogecoin? The daily chart shows that DOGE price has been in a tight range in the past few weeks. In this period, the coin has moved below the 25-day and 50-day moving averages. A closer look shows that it has formed a head and shoulders pattern. In price action analysis, a H&S pattern is usually a bearish sign.

The Relative Strength Index (RSI) has moved slightly below the neutral point. Therefore, Dogecoin will likely have a bearish breakout as sellers target the next key support level at $0.050. A move above the resistance at $0.065 will invalidate the bearish view.

How to buy DOGE

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The post Should you buy Dogecoin? appeared first on CoinJournal.

VeChain is slowly recovering from its recent slump and could be headed for more gains over the next few days. 

VET, the native coin of the VeChain blockchain, is up by more than 1% in the last 24 hours. Over the past seven days, VET has lost more than 2% of its value.

However, with the broader cryptocurrency market now performing well, will VET recover from its recent slump?

What is driving VET’s price higher today?

VET is up by more than 1% in the last 24 hours. The cryptocurrency maintains its position as one of the top 50 cryptocurrencies by market cap.

There is no apparent catalyst behind VET’s performance today. At press time, VET is trading above the $0.023 psychological level.

The positive performance comes as the broader cryptocurrency market recovers from last week’s slump. The total cryptocurrency market cap is up by more than 1% so far today and currently stands at around $930 billion.

Bitcoin is heading towards the $20k psychological level once again after adding roughly 2% to its value today. Ether is also trading above $1,300 as it is up by nearly 3% in the last 24 hours.

What’s the outlook for the VeChain price?

VeChain has been underperforming over the past seven days. However, its performance resonates with that of the broader cryptocurrency market.

With Bitcoin and the broader cryptocurrency market now recovering, you could expect VeChain to rally higher again in the near term. 

If the bulls can continue to maintain the current market momentum, VET could target August’s high of $0.0333 over the next few days. However, it would need the support of the broader cryptocurrency market to soar higher. 

VeChain technical analysis

The VET/USD 4-hour chart is still bearish despite VeChain performing well over the past 24 hours. However, the technical indicators show that VET is recovering from last week’s poor performance.

VET/USD Chart By TradingView

The MACD line is below the neutral zone but has been rising slowly toward the positive region. Thus, indicating that the bulls are gaining momentum in the market.

The 14-day relative strength index of 43 also shows that VET is no longer in the oversold territory.

If the bulls remain in charge, VET could surge past the first major resistance level at $0.0257 before the end of the day.

However, it would need the support of the broader cryptocurrency market to make a move toward the $0.0267 resistance level over the next few days. 

How to buy VeChain?

Follow these simple steps to buy Litecoin:

Step 1: Open an eToro account: 

Visit the official eToro website and open an account within a few minutes. 

Step 2: Fund your account:

Fund the newly-opened eToro account with your local fiat currency. You can deposit as much as you desire. 

Step 3: Start trading Litecoin:

You can immediately start trading VeChain against a host of other cryptocurrencies like Bitcoin or against fiat currencies like the GBP or USD.

Where to buy now

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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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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.

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The post VeChain price above $0.023: Where next for VET? appeared first on CoinJournal.

Ethereum Classic (ETC/USD) buyers have defended the $23 support after the price temporarily broke below it. The price is stabilising slightly above the support after recovering by more than 8% in the past 24 hours. But can the cryptocurrency sustain a further recovery?

Macro developments and Ethereum Classic’s own fundamentals are likely to be key price influencers. For the former, there is a lot of uncertainty regarding the Fed’s action on account of increasing inflation. The inflation surge was responsible for ETC’s decline on Thursday. The consumer price index is expected to remain a thorn, at least in the foreseeable future. There are expectations that the Federal Reserve will act fast to tame the rising inflation.

On Ethereum Classic’s own fundamentals, there are hardly any positive developments. The previous gains on ETC were centred around Ethereum’s shift to a Proof-of-State consensus mechanism. It was expected that the Merge would attract Proof-of-Work miners to Ethereum Classic. It did, as Ethereum Classic saw a rise in hash rate post-Merge. Nonetheless, the hype around the shift has since subsided. ETC has maintained a downtrend, although the potential for recovery remains. 

Ethereum Classic battles the $23 support

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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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Source – TradingView

Technically, it is a mixed scenario for Ethereum Classic. The cryptocurrency now sits at $23 support. A good note to the buyers is that a bullish pin bar formed at the support, reigniting hopes of price recovery.

Conversely, ETC sellers would be delighted with the current weak momentum experienced at the support. The MACD indicator recently initiated a bearish crossover and remains in the bear zone. The moving averages above the current price reinforce a bearish view.

Should you buy ETC?

While we remain optimistic about the ETC comeback after the bullish pin bar, the price may still crash below $23. All the technical indicators show a bearish and/or weak momentum. Consider buying after further bullish price action pointers.

The post Ethereum Classic forms a bullish pin bar at support. What’s the outlook now? appeared first on CoinJournal.