Kategorie: Crypto Analysis

EGLD is down by more than 1% today despite the broader cryptocurrency market performing positively.

The cryptocurrency market has turned around a corner this week after a poor start to the week. The market has added more than 2.5% to its value, and the total market cap now stands close to $1.25 trillion.

Bitcoin is once again trading above $30k per coin after adding more than 3% to its value in the last 24 hours. Ether was able to defend its $1,700 support level after rallying by more than 2% today.

However, EGLD, the native token of the Elrond ecosystem, is one of the worst performers amongst the top 50 cryptocurrencies by market cap. 

EGLD has lost more than 1% of its value over the past 24 hours and currently trades above $66 per coin. 

The coin has been underperforming since reports emerged that there might be an exploit of the Maiar DEX or SC async calls. The glitch reportedly led to some hackers selling EGLD for stablecoin USDC. 

EGLD has come under pressure since the reports emerged and is now underperforming against the broader market.

Key levels to watch

The EGLD/USD 4-hour chart is currently bearish as Elrond has been underperforming over the past few days. The technical indicators show that EGLD is struggling against the US Dollar.

The MACD line is below the neutral zone, indicating selling pressure from the market. The 14-day relative strength index of 36 shows that EGLD is currently in the oversold region.

If the bearish trend continues, EGLD could drop below the $62 resistance mark over the next few hours. Unless there is an extended selling pressure, EGLD should defend its second major support level around the $59 mark in the short term. 

The post Here is why EGLD is underperforming the market today appeared first on CoinJournal.

A combination of low prices and growing adoption makes it a perfect altcoin to buy now

Key points:

• Vechain is one of the cryptocurrencies with a strong use case, especially in streamlining global supply chains.

• The Vechain Foundation has opened a new office in Europe to grow Vechain’s market share in the fast-growing European market.

• Vechain is trading at 89% off its most recent highs, despite its strong fundamentals.

With the cryptocurrency market still heavily bearish, investors are looking into solid projects that are undervalued today but have a lot of potential going into the future. One such project is Vechain. Vechain (VET) is currently trading at a more than 70% discount from its 2021 highs.

Interestingly, adoption has been growing, and Vechain remains one of the cryptocurrencies with a strong use case and the potential to transform entire industries. For instance, Vechain’s ability to track a commodity across the supply chain until it reaches the end consumer has already seen growing adoption in the fashion industry.

The geopolitical issues facing the world today also create the need for traceability of goods across the supply chain. This factor could see Vechain perform better than most cryptocurrencies once the bull market returns.

Is Vechain a promising cryptocurrency buy today?

The price of Vechain is down by 89% from its most recent highs. This means it is trading at a considerable discount given how huge its fundamentals are in the market. One of the pointers to how undervalued Vechain is; is the proactive nature of its team. The Vechain Foundation recently opened a European Tech Center. 

The Foundation stated that the move is driven by Europe’s growing interest in blockchain-based solutions and that Vechain’s tech is strong enough to handle these needs. It all points to VET’s potential as a cryptocurrency with growth potential once the market gains traction again.

The post Vechain – Why it’s a high potential altcoin to buy in the bear market appeared first on CoinJournal.

The cryptocurrency market has lost the gains it accumulated earlier this week following its poor performance over the last 24 hours.

The crypto market has been in a bearish trend over the past 24 hours. The market has lost more than 5% of its value. The total cryptocurrency market currently stands above $1.2 trillion.

Bitcoin has slipped below $30k again after losing more than 5% of its value over the last 24 hours. Ether could also lose its $1,700 resistance level after declining by more than 7% today.

GALA, the native token of the Gala Games ecosystem, is up by nearly 2% in the last 24 hours, making it one of the top performers amongst the top 100 cryptocurrencies by market cap. 

At press time, GALA is trading at $0.0811 per coin. The positive performance can be attributed to the adoption news surrounding Gala Games over the past 24 hours. The Gala Games team announced a few hours ago that Grit would be the first Gala game to become available on the Epic Games Store. Epic Game Store is one of the largest game stores in the world, with over 194 million users globally.

Furthermore, the Gala Games team announced on Monday that it has partnered with Universal Games and Digital Platforms on a Battlestar Galactica Web3 game. 

Key levels to watch

The GALA/USD 4-hour chart is positive as Gala Games has been performing well in the last 24 hours. 

The MACD line remains below the neutral zone despite the positive performance. The 14-day RSI of 55 indicates that GALA is no longer in the oversold region.

If the positive performance continues, GALA could surge past the first major resistance level at $0.087 before the end of the day. However, it would need the support of the broader crypto market to cross the $0.090 resistance level. 

The post Here is why GALA is up by nearly 2% today? appeared first on CoinJournal.

The cryptocurrency market is having an excellent start to the week, with most of the cryptocurrencies currently in the green zone.

The broader crypto market is trading in the green zone. The total cryptocurrency market cap is up by more than 5% today and currently stands close to $1.3 trillion.

Bitcoin remains the market leader, up by more than 6% over the past 24 hours. At press time, BTC is trading above the $31,500 resistance level.

Ether is also performing well, up by 7% so far today and currently trading above $1,900.

ADA, the native token of the Cardano ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. ADA is up by more than 11% so far today and currently trades above $0.62 per coin.

Cardano has been performing well ahead of the network’s Vasil Hard Fork. The upgrade is expected to take place on June 29 and many expect it to massively improve the network’s scalability and performance.

Key levels to watch

The ADA/USD 4-hour chart is currently bullish as the cryptocurrency has been performing well today. The technical indicators show that ADA has been performing well in the last 24 hours.

The MACD line crossed into the positive zone over the weekend as ADA performed excellently. The 14-day relative strength index of 71 shows that ADA could soon enter the overbought region.

If the rally continues, ADA could surge past the first major resistance level at $0.668 before the end of the day. However, it would need the support of the broader market to trade above $0.720 for the first time this month.

On the flip side, ADA could drop below its 50-day EMA of $0.5605 if the bears regain control of the market. 

The post Why is Cardano up by 11% in the last 24 hours? appeared first on CoinJournal.

The Vite crypto price is in a slow recovery process as investors buy the dip. The coin is trading at $0.029, which is about 71% above the lowest level in May this year. It remains about 98% below the highest level on record. This brings its total market cap to about $27.8 million, making it a relatively small coin.

What is VITE and why is it rising?

Vite is a low-cost blockchain project that offers zero fees for web3 users. It uses a technology known as directed acrylic graph (DAG), which is a form of technology where individual transactions are linked to multiple other transactions. As such, there are no blocks of transactions in DAG networks.

As a result, Vite helps to ensure that there is instant confirmations and zero-fee transactions. At the same time, Vite has a ViteBridge, which is a generic and decentralized cross-chain transfer protocol to bridge all blockchains. As a result, it helps to bridge blockchains like Bitcoin, Cosmos, Harmony, Polkadot, and Near Protocol among others.

Another part of the Vite network is known as ViteX, which is a high-performance order-book decentralized exchange. It describes itself as the first DEX built on DAG, meaning that it has no fees and faster execution.

Learn more about how to trade crypto.

Some of the top platforms in Vite’s ecosystem are Viva, ExperimentDAO, ViteScan, and Viterium among others.

The developers have been working hard of late. In March this year, they introduced Solidity++ release on the mainnet. They are now working on ensuring that ViteBridge to deploy Avalanche bridge on testnet and introduce ViteX market orders.

It is unclear why the Vite price is in an upward trend. A potential reason is that the coin was recently added in Binance US ecosystem, meaning that Americans can now trade it.

Vite crypto price prediction

The daily chart shows that the Vite crypto price has been in a strong bullish trend in the past few days. It has managed to move from a low of $0.016. The coin remains below the important resistance level at $0.036, which was the lowest point on March 2.

VITE price has formed a bearish flag pattern and is between the 25-day and 50-day moving averages. Therefore, there is a likelihood that the Vite token price will resume the bearish trend and retest the key support at $0.01690.

The post Here’s why the Vite crypto price is soaring and what next appeared first on CoinJournal.