Kategorie: Crypto Analysis

The Unifi Protocol price has gone parabolic as it defies the ongoing gravity in the crypto industry. The coin has jumped to a high of $7.08, which is about 75% above the lowest level this week. This makes it the best-performing coin in Binance.

What is UNFI and why is it rising?

Unifi Protocol is a relatively small blockchain project whose governance token is valued at over $40 million. It is a platform that owns a number of products like uTrade, uStake, and Bridge.

uTrade is a decentralized exchange that enables people to swap tokens built by most blockchains. For example, you can easily swap a token like BTT to BNB and pay a small fee. Its fees are significantly smaller than those of other DeFi platforms.

Meanwhile, uStake is a platform that enables people to put their coins to work by just holding them. According to its platform, it has a total value locked of over $6.2 million with an average APR of 14%. The most popular staked tokens in the platform are TRX and UNFI.

The Unifi price has been defying gravity in the past few days since the developers announced that they will upgrade the V2 soon. In the note, they said that while they love UP, the platform had reached a stagnation point.

This upgrade is happening in phases. The first phase will be on the UP token migration. It will then be followed by a situation where idle UNFI tokens will join a liquidity pool and start earning a return. The third phase will be the ability of arbitrage trades to increase the redeem value, with these profits moving t the UP contract. The final stage will be on the Bonded UP, which will supercharge the APR.

Unifi Protocol price prediction

The four-hour chart shows that the UNFI price declined just as the other digital tokens crashed this week. It moved to a low of $4.04 but its recovery has been swifter than other coins. That has seen it move above the 25-day moving average while the Relative Strength Index (RSI) has moved above the neutral point. 

Therefore, there is a likelihood that the Unifi price will keep rising as bulls target the key resistance level at $10. A drop below the support at $5 will invalidate the bullish view.

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The cryptocurrency market has continued its poor start to the week, with some of the major coins and tokens recording losses over the past 24 hours.

The cryptocurrency market has had a poor start to the week. The market lost more than 4% of its value in the last 24 hours and the total cryptocurrency market cap now stands above $950 billion.

Bitcoin is defending the $22k support level after dropping below the $23k psychological level in the last few hours. Ether, on the other hand, was able to bounce back from Monday’s low of $1,165.

Despite the bearish sentiment in the market, some cryptocurrencies have been performing well. LINK, the native token of the Chainlink ecosystem, is one of the top performers amongst the top 30 cryptocurrencies by market cap.

At press time, LINK is trading at $6.31 per coin, up by more than 11% in the last 24 hours.

LINK’s ongoing rally can be attributed to Chainlink’s partnership with Elwood, one of the leading digital assets infrastructure providers in the world.

Elwood announced via a blog post on Monday that it would be contributing its broad asset pricing data to Chainlink decentralized oracle networks (DONs) to generate tamper-resistant oracle reports.

Key levels to watch 

The LINK/USD 4-hour chart is bearish despite the cryptocurrency performing well in the last 24 hours. 

The MACD line remains below the neutral zone as Chainlink has been underperforming in recent weeks. The 14-day RSI of 42 shows that LINK is no longer in the oversold region. If the rally continues, LINK could surge past the first major resistance level at $6.675 before the end of the day.

However, it would need the support of the broader market to move past the $7.1 resistance level.

With the bears still in control, LINK could decline below the $6 psychological level in the short term. Unless there is an extended bearish performance, LINK should comfortably defend its support level at $5.78

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The Tron price crashed hard as investors reacted to the rising risks of its stablecoin that is known as USDD. The TRX token crashed to a low of $0.055, which was the lowest level since January this year. It has crashed by more than 32% from its lowest level in May this year.

USDD de-pegging

Tron is one of the best-known blockchain projects globally. It is a platform that was started by Justin Sun, a computer programmer who paid millions to have lunch with Warren Buffett.

Today, Tron has become a leading blockchain operating system that powers stablecoins worth billions every day. It is also a key player in the Decentralized Finance (DeFi) as the total value locked (TVL) in its ecosystem has surged. It is now the third-biggest player in the sector after Ethereum and BNB Chain.

Tron also recently became a big player in the stablecoins industry as the developers launched a new coin known as USDD. It is an algorithmic coin that has a close resemblance to the now-dead Terra USD. 

USDD saw a lot of growth as its total market cap jumped from zero to over $750 billion in less than two months. Investors bought the coin even as risks of de-pegging remained since it is not backed by anything. 

Learn more about how to trade Tron.

Now, it seems like these risks are coming to life as the price of the USDD stablecoin moved below $1 for the first time on record. At the time of writing, the coin is trading at $0.98, giving it a market cap of $711 million. 

Therefore, in my view, I believe that USDD is the biggest risk that Tron’s TRX faces. Since it is not backed by anything, there is no reason to believe that its price will not de-peg as happened with Terra.

Tron price prediction

The daily chart shows that the TRX price has been in a strong bullish trend in the past few months. It even defied gravity as other coins crashed. The coin found a lot of resistance at $0.092, which was along the upper line of the ascending channel.

A closer look at the chart shows that the coin has now moved below the lower side of the channel and crossed the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has also crashed below the oversold level.

Therefore, there is a likelihood that the Tron price will continue falling as bears target the next key support at $0.05.

The post Tron Price is at a Major Risk of USDD De-Pegging appeared first on CoinJournal.

There is a mismatch between LINK’s price and its levels of adoption.

Key points:

• Chainlink has dropped heavily in value and market cap rankings in 2022.

• Nonetheless, it remains one of the most adopted cryptocurrencies for decentralized data.

•  A combination of depressed prices and growing adoption makes LINK a value buy today. 

Chainlink (LINK) has been on a downtrend for most of 2022. While the broader market has primarily been bearish this year, LINK has particularly taken a big hit and even lost its position as a top 20 cryptocurrency by market capitalization.

However, these price dynamics don’t mean that LINK is a lousy investment. It remains solid crypto with good potential long term. For context, consider that LINK has Bitcoin-like dominance in its core markets.

Chainlink is a decentralized oracle cryptocurrency and controls over 60% of this market. This makes it more significant than all its competitors combined. Besides dominance, it is also noteworthy that the decentralized oracles market is growing fast. That’s because it entails supplying smart contracts with decentralized real-world data. Since the Dapps market is on a growth trajectory, the odds are that the demand for Chainlink will keep going up over time.

Is Chainlink a good buy?

From the above analysis, it is clear that Chainlink has a good future ahead of it. As long as the Dapps market is growing, so will the value of LINK. Besides the fundamentals, LINK’s price has dipped from highs of $52 to $7.16. That’s a drop of 86%. While there are no guarantees in crypto, the price drop makes LINK a highly undervalued cryptocurrency. Moreso, when you consider that Chainlink adoption is rising across the cryptocurrency ecosystem.

Conclusion

While Chainlink’s price has tanked and its position in market cap rankings dropped, it is still one of the best out there. Its levels of adoption remain high relative to many other cryptocurrencies in the market today. This makes LINK massively undervalued.

The post Chainlink – A highly undervalued cryptocurrency to buy in 2022 appeared first on CoinJournal.

Growing adoption and deflationary tokenomics make BNB crypto worth buying

Key points:

• BNB is used for paying fees at Binance, the largest exchange in the world. 

• BNB is also deflationary, which means long-term demand will outpace supply.

• BNB is currently trading at over 50% off its all-time highs, making it a perfect buy for long-term investors.

As the bear market rages on, it is only natural for investors to look for cryptocurrencies that offer safety and potential growth. While Bitcoin is the number one on this front, Binance Coin (BNB) is another cryptocurrency with good odds. Going by its price action all through 2022, BNB is among the cryptocurrencies that have held value better than most.

This has a lot to do with its strong use case. Unlike most cryptocurrencies only for speculative purposes, BNB has an actual use case for paying fees across the Binance ecosystem. The best part is that the Binance ecosystem is pretty huge and is continually growing in size, further adding to BNB’s strength. 

Binance launched in 2017 but has since grown to be the largest cryptocurrency exchange by volume. It is also continually adding its product offering, further adding to the use cases for BNB. For instance, the Binance ecosystem now includes the Binance Smart Chain, one of the most significant launch platforms for Dapps today. Essentially, BNB is one of those cryptocurrencies with a very low chance of crashing without warning, as happened to LUNA in May 2022.

Besides the use cases giving BNB some downside protection, there is every reason to believe that BNB could do well going into the future. That’s because its supply is always going down over time. This is all thanks to the Binance Coin burns that happen every quarter. With shrinking supply and growing demand, the odds are that BNB will keep going up over time.

Is Binance Coin a good buy today?

Binance coin is, without a doubt, an excellent cryptocurrency to buy now. For starters, it has solid fundamentals, as discussed above. Then there is the fact that the market is strongly bearish, and BNB prices are more than 50% off their all-time highs. This price correction presents an opportunity to buy BNB at discounted prices in anticipation of the next bull run and the quarterly BNB token burns. 

Conclusion

Binance Coin’s growing usage and shrinking supply play in its favor long term. Now that crypto prices are heavily depressed, BNB presents a buying opportunity for long-term investors.

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