Kategorie: Crypto Analysis

Stellar Lumen (XLM) is up by more than 2% in the last 24 hours as the broader cryptocurrency market continues its positive start to the week.

XLM, the native coin of the Stellar Lumen blockchain, is up by more than 2% so far today. The coin is currently trading at $0.1124 at press time.

XLM’s performance aligns with that of the broader cryptocurrency market, which is also up by more than 2% in the last 24 hours. However, it has failed to surge past the $0.120 resistance level in recent weeks and could remain there as we head into the last few days of the month. 

What is driving Stellar Lumen’s price higher today?

XLM has been performing well over the last 24 hours, aligning with that of the broader cryptocurrency market. It is up by more than 2% in the last 24 hours and is underperforming against Bitcoin and Ether, the two leading cryptocurrencies by market cap.

Bitcoin is up by more than 4% today and is trading above $20k, while Ether has added more than 10% to its value and currently stands at $1,453. 

Today, SDF announced a $5 million Enterprise Fund investment in @sendwaveapp, a fast-growing mobile money app introducing simpler, cheaper solutions for users to transact and send money affordably. https://t.co/KTdq2ilcd2

— Stellar | #Meridian2022 | Rome, Italy | Oct 11-13 (@StellarOrg) October 24, 2022

XLM is not rallying despite the Stellar Development Foundation (SDF) announcing a $5 million Enterprise Fund investment in Wave, an African mobile money app that endeavors to make Africa the first cashless continent.

What’s the outlook for the Stellar Lumen price?

XLM could rally higher over the coming hours despite underperforming against Bitcoin and Ether. 

At press time, XLM is trading at $0.1124. However, if the broader cryptocurrency market continues its positive start to the week, XLM could rally toward the $0.120 resistance level before the end of the week. 

Stellar Lumen technical analysis

The XLM/USD 4-hour chart is still bearish despite Stellar Lumen performing well over the last 24 hours. The technical indicators show that XLM’s price action is improving.

XLM/USD Chart By TradingView

The MACD line remains below the neutral zone but is slowing moving higher, indicating that the bulls are slowly taking control. 

The 14-day relative strength index of 56 also shows that XLM is no longer in the oversold regions and could soar higher soon.

If the bulls remain in charge, XLM could surge past the first major resistance level at $0.1169 before the end of the day. 

However, XLM would need the support of the broader crypto market to cross the second major resistance level at $0.120 for the first time in three weeks. 

How to buy Stellar Lumen?

Follow these simple steps to buy Stellar Lumen:

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

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

Step 3: Start trading Stellar Lumen:

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

Where to buy Stellar Lumen now

eToro

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Capital.com

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The post Stellar Lumen price below $0.120: Where next for XLM? appeared first on CoinJournal.

The IOTA price has been in a consolidation phase in the past few days as cryptocurrencies recoiled. It was trading at $0.2468, where it has been in the past few weeks. This price is about 25% below its highest level in September. IOTA has a market cap of more than $691 million, making it the 63rd biggest cryptocurrency in the world. 

Is IOTA a good buy? 

IOTA is a leading platform built on top of technology known as Tangle. Tangle is a distributed ledger technology (DLT) that offers everything that blockchain offers and more. Tangle is an open, feeless, and highly scalable protocol that is designed to support transfer of value. 

A DLT is a network of nodes that replicate, share, and synchronize digital data and value spread across many different locations. There is no central administrator, unlike in centralized databases. 

Some of the top features of IOTA’s tangle network are that it is scalable, frictionless, feeless, highly secure, standardized, flexible, and is open source. 

IOTA came in the spotlight recently when the developers launched Shimmer Network. Shimmer is a smart contract platform that aims to compete with leading blockchains like Ethereum, Solana, and Polkadot. Shimmer’s token is known as SMR and has a market cap of more than $103 million. 

Shimmer has been adopted by some developers in the past few weeks. Some of the top applications in its ecosystem are Amnesia Cash, AuditOne, Camels DAO, Fiesta Family, and HiFi Gaming Society among others. 

IOTA price has retreated recently as investors react to the latest evaluation of the Tangle 2.0. The report showed that the platform was extremely powerful that attackers could not break. 

Our 1st performance evaluation of the #Tangle 2.0 consensus protocol was accepted by @EAI_Social 🥳 . We found that – in a Byzantine environment – even powerful attackers can´t break the protocol nor endanger the liveness of honest transactions.
🔗 https://t.co/tJ7ywgMODI#IOTA

— IOTA (@iota) October 24, 2022

Still, analysts believe that IOTA and Shimmer have a long way to go to compete with the likes of Solana and Ethereum.

IOTA price forecast 

The four-hour chart shows that the IOTA price has been in a strong bearish trend in the past few weeks as the enthusiasm of Shimmer faded. 

As it dropped, the coin formed a descending channel shown in black. The coin has managed to move above the upper side of the falling channel. It has moved slightly below the 50-day and 25-day moving averages. 

The coin has also formed a bullish divergence pattern. Therefore, the coin will likely remain in a bearish trend in the coming days as sellers target the next key support level at $0.2362.

How to buy IOTA

The post IOTA price forecast: Will this fallen angel ever rebound? appeared first on CoinJournal.

Dogecoin DOGE/USD is trading for $0.05979, a 1.28% gain in the past day and 0.75 % in the last week. The uptick could be due to Dogechain, a smart contract platform inspired by the canine-themed token. 

Dogechain DC/USD is up 25% in the past day and 200% in the last week. DC, though distinct from Dogecoin, could also be behind DOGE trading volumes. The volumes increased 37% to $216,705,178 in the period. Elsewhere, although the excitement around Dogecoin seems to have died, Elon Musk’s Twitter deal could revive the blockchain. 

The takeover bid, which has been marred with legal tussles, is expected to rejuvenate DOGE. Earlier in the undertaking, Musk had hinted at the possibility of using DOGE in Twitter transactions.

Lastly, the Dogecoin mining hash rate is up again. It peaked at a seven-month high last week. The metric, which is the computing power for minting crypto, was reported at 815 TH/s, according to Coinwarz. The trajectory is poised to pump the price of the digital asset. Besides the positive sentiment, DOGE is at the lower end of consolidation.

Doge holds onto support amid consolidation

Source: Tradingview

From the daily chart above, DOGE/USD has bounced off the support but remains in a consolidation. The pattern of a high of $0.065 and a low of $0.0.0578 has remained so since September 6. The speed and price change momentum indicator, RSI, is close to the neutral level at 46. Similarly, the MACD shows a weak signal, almost close to neutral.

Concluding thoughts

Despite the meme token holding on to the support, there is a minimal chance of a bullish reversal. The key indicators support the argument – all show a low momentum. The sentiment can, however, change at any price above the resistance. Even so, the momentum indicators should turn bullish to welcome any buy entry.

Where to buy DOGE

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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The post Dogecoin holds onto support. What is the likelihood of a bullish reversal? appeared first on CoinJournal.

Quant (QNT/USD) was at the centre of increased bull interest in the past one month. That saw the cryptocurrency top $220 earlier this month and return massively to investors. As CoinJournal reported, a range of fundamentals was behind the surge.

Quant currently trades at $177, in a market correction after the recent pump. Losses in the past one week amount to 18.59%. With the latest strengths, a potential investor would see the weekly dip as a potential to take the token higher. We feel it could not be the right moment to buy the token.

Quant finds support at $170 amid a market correction.

The technical levels are established at $152, $129, and $88 for Quant. However, the token has found minor support at $170. Although the cryptocurrency tried to push higher from the support, the price was rejected near or at the $197 resistance. The rejection suggests buyers find it hard to break above $200. Bears may take control for a while before more buyers get in.

Which way Quant?

A technical outlook paints a mixed scenario for Quant token. The moving averages and monthly price movement reinforce a bullish view. On the contrary, the MACD indicator shows a declining momentum and a possible bear market.

Going by the current price action, we must wait before buying Quant. A break above $197 will confirm bullish momentum. A break below the $170 level or 20-day MA could force a decline to $152 or, potentially, to $129.

Where to buy QNT

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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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 Is Quant now a buy after the latest correction? appeared first on CoinJournal.

Cardano (ADA/USD) is significantly undervalued. That’s according to data by crypto analytics Santiment. ADA trades at a low of $0.36 after a bearish market the past one week.

Using Cardano’s MVRV Z-Score, Santiment data highlights ADA’s low valuation. Accordingly, the token trades at its lowest level to its realised value. Since the beginning of 2019. A low Z-score signifies an undervalued asset. Is the undervaluation a sign of a market rebound for ADA?

Santiment suggests that ADA doubled in value in just 3 months, the last time its MVRV Z-Score reached low levels. That comes when the analytics firm also reports increasing capitulation across the crypto market. Capitulation is characterised by traders closing their positions at a loss. The situation occurs before the market rebounds.

The latest data occurs even as Cardano remains under pressure. However, the token has recovered some losses, adding an intraday 4.80% on Monday. The gains come barely 24 hours after FTX CEO Sam Bankman-Fried assured members of a spot ADA on the exchange. ADA is the only token in the top 25 on the exchange lacking a spot listing.

AADA is approaching the 23.6% retracement after the latest recoveries

Source – TradingView

From the technical outlook, ADA is initiating a recovery above the $0.32 zone. From the Fibonacci retracement, the cryptocurrency’s swing high lies at $0.5109 and a swing low of $0.3296. The possible retracement levels are $0.37 (23.6%), $0.3988 (38.2%), $0.42 (50%), $0.44 (61.8%).

The key retracement could be at the Fib levels shown above.

Should you buy ADA?

While recovery at $0.32 is a good sign for ADA, we have yet to confirm bullish momentum. The cryptocurrency remains below a crucial support-turned-resistance at $0.42. The level coincides with the 50% or 61.8% retracement. 

Again, the cryptocurrency market outlook remains less convincing. Thus, we might stay in a bear market longer. Most cryptocurrencies are mixed.

Nonetheless, ADA remains attractive for investors seeking a cryptocurrency with underlying fundamental value. Potentially, the return of a bull market would welcome a lasting rally for depressed ADA. 

Where to buy ADA

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 ADA 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 ADA with Capital.com today Disclaimer

The post ADA is undervalued according to insights data. Should you buy it? appeared first on CoinJournal.