Kategorie: Crypto Analysis

Tron was one of the best-performing cryptocurrencies last month and has extended its positive performance into the new month.

The cryptocurrency market has retraced some of its earlier gains after losing less than 1% of its value in the last 24 hours. Despite the bearish performance, the total cryptocurrency market cap remains above $1.3 trillion.

Bitcoin maintains its price above $31,500 after adding less than 1% to its value so far today. Ether, on the other hand, is down by 1.6% in the last 24 hours but continues to trade above the $1,900 threshold.

However, the best performer amongst the top 20 cryptocurrencies over the past 24 hours is TRX, the native token of the Tron ecosystem.

TRX has added more than 6% to its value, outperforming the other major cryptocurrencies in the last few hours.

The excellent performance is an extension of what the cryptocurrency recorded last month. TRX is one of the biggest coins that traded in the green zone last month, with Bitcoin and others recording huge losses.

The launch of the USDD stablecoin, the Tron Grand Hackathon and a host of other initiatives pushed TRX to greater heights last month.

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing positive performance. 

The MACD line is within the positive zone, indicating bullish momentum. The 14-day RSI of 64 indicates that TRX could enter the overbought region if the rally continues.

At press time, TRX is trading at $0.086488. If the bulls remain in control, TRX could surge past the first major resistance level at $0.0925 before the end of the day.

An extended bullish performance could see TRX reach the $0.1 level for the first time this year.  

The post TRX makes an excellent start to June after May’s rally appeared first on CoinJournal.

The Optimism price crashed hard on Wednesday as the hype died down. OP, the native token for the ecosystem, is trading at $1.59, which is about 67% below its highest level. As a result, its total market cap has slumped to about $337 million.

What is Optimism?

Optimism is one of the most popular blockchain platforms globally. It is a low-cost layer 2 platform whose goal is to scale applications created in Ethereum.

In the past few months, the number of developers embracing the platform has been in a strong upward trend. They include some of the best-known blockchain projects like Perpetual Protocol, Synthetix, Uniswap, Coinbase Wallet, and Chainlink among others.

According to DeFi Llama, Optimism now has a total value locked (TVL) of over $275 million making it the 15th biggest blockchain in the world. It has also been embraced in other market sectors like gaming and non-fungible tokens.

Optimism also runs an Ethereum bridge that makes it easy and cheap for people to handle Ethereum transactions. According to Dune, the number of users using the bridge increased from 141 on May 30th to 3,980 on Wednesday.

Learn more about how to buy Ethereum.

Therefore, the first day of July was an important one for the Optimism ecosystem as the developers launched their governance token known as OP. It was one of the most hyped airdrops in the industry. According to the developers, a total of 248,699 users were eligible for this airdrop.

The Optimism price rose earlier on after Binance announced that it will start offering the coin in its ecosystem. Now, its price is falling as many of the original buyers start exiting their positions.

Is Optimism a good investment?

Optimism price rose initially after the airdrop and then it crashed hard as many of the original buyers sell. In most cases, cryptocurrencies tend to be highly volatile when they start trading. The same is true for stocks since they tend to be a bit volatile when they get listed in most exchanges. 

At this time, it is a bit early to conduct a technical analysis on Optimism because there is not enough data to work with. Still, from a fundamental perspective, Optimism is a good platform that has more room to grow. Therefore, there is a likelihood that the price will bounce back later this month 

The post Optimism price prediction: Is OP a good investment? appeared first on CoinJournal.

When you factor in the hype, odds favor STEPN winning in short to medium term.

Key Points:

• Cardano has had a lot going on since it launched smart contracts in 2021. It now has a diverse array of projects ranging from a Metaverse project to a stable coin.

• STEPN is revolutionizing the lifestyle space with its cutting-edge Web 3.0 app and rewarding investors handsomely.

• While both are likely to do well long-term, STEPN is likely to benefit from the hype factor. This could see it outperforming ADA in the next bull run.

Cardano (ADA)

Like the rest of the market, Cardano has been underperforming for most of 2022. This is due to the bearish macroeconomic conditions that have hit the entire market. However, like most cryptocurrencies, Cardano’s core metrics are getting better, an indicator that it could bounce bigger than ever once the bear run ends.

For instance, since Cardano introduced smart contracts in October 2021, there has been remarkable progress in Dapp’s activities. The latest project building on Cardano is Djed, a stable coin that is fully backed by reserves. Cardano has also seen a Metaverse project launch on top of it. Since ADA is the utility token of the Cardano network, its value is likely to go as developer activity increases. 

STEPN (GMT)

STEPN is one of the few cryptocurrencies that have weathered the 2022 bear run better than most cryptocurrencies. STEPN launched in September 2021, trading at $0.15. By April 2022, when the rest of the market was heavily bearish, STEPN made an all-time high of $4.11. This means it has given investors an ROI of 10,500% in less than a year. However, STEPN has since crashed by 74% from its all-time highs, but considering its core value, the chances of a bounce-back are high. 

The future is Web 3.0, and STEPN is one of the Web 3.0 Apps that have gained traction faster than many other players in this fast-growing space. STEPN is designed to be fun while at the same time adding value to the end-user. That’s because it encourages users to adopt healthy lifestyles while getting rewarded. With most of the upcoming milestones set to make the app even better for users, STEPN has pretty strong growth prospects ahead. This makes the STEPN token one of the best cryptocurrencies to watch in 2022 and beyond.

Which one is a better buy?

Both Cardano and STEPN have what it takes to give investors huge returns once the bear market ends. However, in terms of absolute gains, the odds strongly favor STEPN. That’s because it has a lot of hype around it, and if the past is anything to go by, then the hype is a critical factor in a crypto’s price action. STEPN’s chances of growth are also likely to be magnified by being backed by some pretty big names in crypto, key among them being Binance.

The post Cardano v STEPN – Which one is a better buy? appeared first on CoinJournal.

The Ethereum merge gives Polygon an edge in the short term. 

Key Points:

• With the Ethereum merge close, MATIC has the potential to grow exponentially once the bull market returns.

• Chainlink’s dominance in the decentralized oracles space gives it strong long-term growth prospects.

• While both LINK and MATIC are likely to do well long term, MATIC is likely to outperform LINK short term.

Polygon (MATIC)

Polygon is an Ethereum scaling solution. It is the most robust of all the other Ethereum scaling solutions in the market today. Like the rest of the market, MATIC has been bearish for most of 2022. However, in terms of fundamentals, MATIC is one of the strongest cryptocurrencies today. This has a lot to do with its connection to Ethereum. Ethereum is in the final stages of a merge that will see it run entirely as a Proof-of-Stake blockchain. The merge will also see Ethereum rely heavily on layer-2 solutions like Polygon for scaling. This means demand for Polygon is set to go up over time. Factor in the fact that MATIC is deflationary, and it’s not hard to see why it’s one of the cryptocurrencies that could do well in the next bull run. 

Chainlink (LINK)

Chainlink is a decentralized oracle network. It is the most dominant in the decentralized oracles space and accounts for over 60% of this market. Chainlink, like other cryptocurrencies, has taken a beating in the 2022 bear run. LINK has fallen below $10 for the first time in a long time. However, given how critical decentralized oracles are in the market, the chances are that LINK will bounce back. In fact, when you go by the old investment mantras of sticking to the fundamentals, LINK is easily one of the best cryptocurrencies to buy today and hold for years. 

Which one is a better buy?

Both Polygon and Chainlink are top cryptocurrencies to buy and hold long-term. However, in the short to medium term, the odds favor MATIC outperforming LINK. Once the Ethereum merge happens, the polygon network could see a boost in usage. On top of that, MATIC is deflationary, a factor that will become even more important as network adoption grows.

The post Polygon v Chainlink – Which one is a better buy? appeared first on CoinJournal.

Monero has news that could see it do better in the short term. 

Key Points:

• Monero, one of the best privacy coins in the market, is set to start tail emissions. This will guarantee miner support in perpetuity.

• DASH continues to grow in adoption as a means of everyday trade.

• While Dash and Monero could do well long term, Monero has better prospects in short to medium term. 

Monero (XMR)

Monero is one of the best privacy coins in the market today. One thing that makes Monero stand out is that it has all the characteristics of true money. This is because it is fungible, meaning every Monero coin has the same as the next one. Just like all dollar bills have the same value. This is a feature that even Bitcoin doesn’t have because Bitcoins can be blacklisted for whatever reason. As cryptographic currencies grow in importance in the global economy, Monero has a place as one of those that could gain adoption fast.

Dash (DASH)

Like Monero, Dash is a privacy coin and also one of the older cryptocurrencies in the market today. Dash is also one of the most adopted cryptocurrencies in the world today. For instance, in Latin America, DASH transactions are commonplace. With most cryptocurrencies lacking a clear use case, DASH’s high level of adoption gives it a high potential for growth going into the future. 

Which one is a better buy?

Both Monero and Dash are among the most solid cryptocurrencies today. Their biggest value drivers are tokenomics (low coin supply) and usage for everyday transactions. They don’t just exist for speculative purposes.

However, in the short to medium term, the odds favor Monero. That’s because it has news coming up. On the 9th of June, 2022, Monero will start a fixed reward for miners. The goal is to incentivize miners to keep the network active, even as competition drives mining rewards lower. This is a big deal as it guarantees that Monero will have miners supporting the network in perpetuity.

The post Monero v DASH – Which one is a better buy? appeared first on CoinJournal.