Kategorie: Crypto Analysis

Solana (SOL/USD) succumbed to the bear cryptocurrency market on Thursday. On CoinMarketCap, SOL was trading with an intraday loss of 6.63% and a weekly 14% drop. 

Solana’s price hit the lowest since June.

Solana trades at $28.9, the lowest price since mid-June. Thursday’s bear momentum in Solana happens amid an inflation report. According to the Labour Department, inflation rose by a yearly 8.2%. The rate surpassed estimates, raising fears that the Fed could hike rates faster in its upcoming meetings. 

Nonetheless, ahead of the inflation report, SOL was already in a sustained bear market. Frequent network outages have largely been responsible. The latest was the Solana DeFi protocol, Mango Market, which lost $100 million in an attack. The drain caused a 23% decline in the total value locked on the Solana blockchain.

How is SOL’s outlook in a bear market amid the weak fundamentals?

Solana price: Where next for SOL as the price declines?

The macro concerns dent the outlook for SOL. Attention is shifting to the US Federal Reserve’s action to tame the rising prices. Analysts earmark a 75-basis point rate hike in November after the higher-than-feared inflation numbers. That aligns with the International Monetary Fund’s thoughts after the Thursday report.

IMF Managing Director Kristalina Georgieva urged the US to use the tools available to control prices. She warned of damaging and spillover impacts if the US doesn’t act. In Europe, ECB’s Governing Council member Joachim Nagel has called for robust rate increases to tame rising prices. 

Looking at SOL in the broader spectrum of the crypto market, the price could remain bearish in line with the Fed’s expectations. In fact, the crypto billionaire forecasts the crypto bear market to last up to six months. He expects a bull run to occur once the Fed pauses the economic tightening. With the possibility far from reality, a bear market could continue, with pockets of bull short runs.

Solana technical analysis

Technically, SOL has been making lower lows and lower highs since hitting a local top at $48. However, the bulls defended the $30 level, resulting in the formation of a double bottom. The buyer strength was still weak as the price remained largely in consolidation mode. The Thursday drop raises questions about whether a further fall is on the card.

Source – TradingView

At $28.9, SOL has lost the support level, which pits the token back to $26. Currently, sellers have the upper hand as sentiment is bearish. The MACD indicator shows a weakening momentum as the moving averages offer resistance above. In our assessment, SOL could still overcome a drop to $26.

While there is a clear break below $30, the daily candlestick is yet to make a close. A potential scenario to invalidate a drop to $26 is when the price closes above the open at or above $30. In such a case, a bullish pin bar would communicate that buyers remain interested in $30. Conversely, if sellers win and the daily candlestick closes below $30, the price could reach the June lows.

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The post Solana price movement amid 6% bear run appeared first on CoinJournal.

Cardano (ADA/USD) has tanked 7% in the past day to a record low of $0.03612. On the weekly scale, the price represents a 16% dip. In general, the overall crypto market is looking bleak. Bitcoin has lost $19k support, trading at $18,357, while Ether is 6% down to $1,215.

Last week, ADA was locked in a descending triangle, with analysts predicting a price under $0.25. Can the crypto survive the bear onslaught? The current market sell-off is anticipated to extend between now up to December. 

Until now, ADA price has failed to benefit from major Cardano fundamentals. The smart contract network successfully deployed Vasil hard fork last month. According to Cardano blockchain insights, the upgrade added 100 smart contracts two weeks after the event.

Despite the optimism around the launch, ADA has remained bearish. In fact, the digital asset has lost 25% of its value in the past month alone. The fork was a major improvement since the launch of the Alonzo hard fork in 2021.

Meanwhile, data from Defillama shows that Cardano’s total value locked is equally down 8% in the past day to $64 million. However, there has been an upsurge in the daily trading volumes by 105% in the past day to $922 million.

ADA finds new support at $0.36 

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Source: TradingView

From the daily chart above, ADA looks bearish below the $0.39 support-turned resistance. In addition, the crypto is below the 20-day and 50-day moving averages. The momentum indicator RSI is at the lowest level of 23.

Concluding thoughts

Cardano has plunged to a new low, currently trading below key support levels. As it is, lower levels could be seen since the crypto space is currently on bearish momentum. Much as the token is at the oversold zone, it could remain so for quite a while.

The post Cardano relinquishes support to a fresh new low. What’s the outlook? appeared first on CoinJournal.

Bitcoin (BTC/USD) sellers are largely exhausted, according to crypto billionaire Mike Novogratz. Novogratz says that after a big sell-off three months ago, most people that wanted to sell Bitcoin have done so. He notes that the BTC price has largely been muted, allowing a potential takeoff once a “good story” builds up. So, is a bullish price reversal imminent? 

Novogratz warns that Bitcoin and other cryptocurrencies will rally once the Fed pauses policy tightening. That’s because the selloff was directly a result of interest rate hikes in recent times. Apparently, the Galaxy Digital CEO expects the Fed to pause rate hikes that will invite a crypto bull rally. However, Novogratz tells investors to expect the bear market to last up to six months. 

The comments by Novogratz come when caution is gripping crypto markets on high inflation. On Thursday, the US reported an 8.2% yearly increase in inflation for September. The gain was more than an expected 8.1%. The elevated prices raise the prospects of a 75 basis point interest rate hike by the Fed in November. The likely decision means that the Novogratz bull scenario could take longer to play out.

Bitcoin was already falling ahead of the price data and was trading at $18,342 as of press time. The price was an intraday drop of 3.87%. 

Bitcoin falls to $18,300 amid high inflation

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Source – TradingView

A technical outlook shows Bitcoin crashing below the psychological support of $19,000. A bearish MACD crossover reinforces a bearish outlook on the largest cryptocurrency. 

Should you buy Bitcoin?

$19,000 remains a crucial zone for Bitcoin buyers. Multiple bottoms have occurred at the level highlighting that bulls have defended the zone. That partly supports Novogratz’s view that the selling is over for BTC. However, BTC is not yet a buy.

The breakout candlestick should remain in our interest. A close below the $19,000 support could force BTC to a new low. However, considering the historical price patterns around the level, the daily candlestick could close higher. That would result in a bullish reversal signal and invalidate a bear view.

The post How long can Bitcoin’s bear market last? Crypto billionaire Novogratz shares thoughts appeared first on CoinJournal.

MDX price defied gravity on Thursday as cryptocurrencies plunged. The MDEX token went vertical and reached a high of $0.1300, which was the highest level since May 23rd of this year. It has risen by more than 127% from the lowest level this year. It now has a total market cap of more than $103 million.

What is MDX and why is it rising?

MDEX is a leading blockchain project that provides a decentralized crypto exchange (DEX), Initial Model Offering (IMO), and Decentralized Autonomous Organization (DAO). It is a platform that is deployed on the Binance Smart Chain, HECO, and Ethereum. 

MDEX provides a dual mining mechanism of liquidity mining and transaction mining that provides participants with maximum rewards. Integrating multiple chains makes it possible to be an all-rounded DeFi protocol.

According to its website, MDEX has a total value locked (TVL) of more than $616 million. At the same time, data compiled by CoinMarketCap shows that it handled about $4.8 million worth of transactions in the past 24 hours. This was a 54% increase from the previous day.

It is unclear whether MDX price went parabolic on Thursday. A likely reason is that Mdex recently launched its perpetual trading feature this month. Perpetual futures are products that are similar to stock futures. The only difference is that perpetual futures don’t have an expiry date.

Another possible reason why MDX price rose is the addition of Metallurgy’s token was added to MDEX’s platform. It could also be a pump-and-dump scheme.

Meanwhile, the prices of most cryptocurrencies has crashed in the past few hours. Bitcoin crashed to a low of $18,700 while the total market cap of all digital coins crashed to about $900 billion.

MDX price prediction

The daily chart shows that the MDX price went parabolic on Thursday. It rose to a high of $0.1300, which was the highest level since May 24. It has jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) rose to the overbought level. The coin also rose above the important resistance level at $0.1174, which was the highest point on June 19.

Therefore, the MDEX token will likely retreat as sellers target the key support level at $0.100, which is about 20% below the current level. A move above the resistance point at $0.1300 will invalidate the bearish view.

How to buy Mdex

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The post MDX price prediction as Mdex defies gravity appeared first on CoinJournal.

Chainlink (LINK/USD) has been under pressure of late. The losses in the week stand at 8.28% after accelerating by an intraday of 2%. The cryptocurrency has now lost about 88% of its value since last year’s high of around $53. But is Chainlink set to fall further?

Chainlink price drops to $7.13 amid bearish pressure

LINK bottomed at $6.0 in June as recovery looked sustainable. Currently, LINK trades at $7.13 from a local top of nearly $10 in August. The August high reflected optimism around Chainlink Economics 2.0. In particular, a token staking mechanism introduced by the new roadmap inspired the crypto community. The update also introduces long-term security on the network.

Consequently, the current LINK price reflects a broader concern than the blockchain’s specifics. A weak crypto sentiment due to macro concerns is responsible for the losses. Last week, US job numbers came stronger than expected, raising the speculations of economic tightening.

On Thursday, the US will release the inflation report amid expectations of elevated prices. A high inflation rate will cement the Fed’s resolve to raise rates aggressively to tame prices. Consequently, investors are taking a back seat from risky assets such as Chainlink ahead of the report. 

What’s the outlook for Chainlink price?

Chainlink 2.0 is a game changer for LINK. However, the update should be looked at in the longer term in influencing LINK price. That’s large because cryptocurrencies are showing a lot of correlation with macro events.

Besides, the recession continues to be a big fear. With the recession bells continuing to ring, the near future outlook for LINK remains bleak. Potentially, we will see a further downside before LINK makes a sustained comeback. Should the existing concerns fail to subside, the $6.0 bottom remains in sight.

LINK technical analysis

The daily chart outlook shows bears have overcome a potential rise above $7.5 for LINK. The level has been tested multiple times. On the downside, however, bulls have resisted a decline below the short-term ascending trendline. Who wins?

Source – TradingView

Looking at the daily chart, two possibilities, a bull and bear case, line up for the Chainlink token.

In the bull case, we assume that LINK buyers will continue to defend the ascending trendline. That will allow the price to continue to push high up for a potential breakout above 7.5. For such a possibility, the crypto sentiment must improve. It could also happen due to Chainlink’s specific developments. 

In the bear scenario, LINK bears will push the price below the ascending trendline. That will allow them to defend the $7.5 resistance. If bears manage to do so, then LINK could head back to the yearly bottom at $6.0.

Is the bear scenario more likely? Probably yes, from the technical indicators. The MACD indicator is in the bear zone while momentum is weakening. The recent declines also saw the LINK price move below the moving averages. However, soft inflation data on Thursday could turn the tables and help LINK overcome a possible drop to $6.0. So, we keep both scenarios open.

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