Kategorie: Crypto Analysis

Shiba Inu (SHIB/USD) trades at merely $0.000010 after losing more than 10% in the week. That comes as investors develop a risk-off attitude towards volatile assets. The current level is a make-or-break point for SHIB, going by the current technical indicators.

The absence of a price catalyst in cryptocurrencies has been fueling a bear market for SHIB. First, the general mood in crypto remains bearish. As of press time, leading cryptocurrencies Bitcoin and Ethereum had fallen by more than 4% and 3%, respectively. The declines happen as investors exercise caution ahead of the US inflation data on Thursday.

Aside from the macro events, the SHIB fall happens amid delayed projects. That includes the much-anticipated metaverse. The utility of the meme token remains low, and most of its movements have been somewhat speculative. However, whales continue to hold the token on expectations of a price pump. Data by Whalestats shows that SHIB is the most-held cryptocurrency by Ethereum whales. The rank excludes stablecoins, USDC, USDT, and stETH.

Shiba Inu price movement and prediction

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Source – TradingView

Shiba Inu trades at crucial support on the daily chart. We call it a make-or-break level because if bulls do not hold it, the price could crash back to the yearly lows. Turning to the MACD indicator, a bearish crossover occurred as the price hit $0.000010.

The momentum is weak at the crucial support. The trading volume is down 49%, highlighting a decline in investors trying to scoop the meme token at the support. 

Should you buy Shiba Inu?

SHIB is not yet a buy. Although a reversal could occur at the current level, sentiment remains weak, and momentum is low. Thus, there are greater chances that SHIB will fall below $0.000010. The probable next support for the cryptocurrency lies at $0.0000080.

The post Shiba Inu slides 9% to find support. What are the odds of a reversal? appeared first on CoinJournal.

Huobi Token (HT/USD) rose another 25% on Wednesday, capping a solid weekly 58% gain. The surge happens amid positive developments for the crypto exchange.

Well, Huobi is trying to redeem itself after a challenging time in the cryptocurrency market. Peers such as Voyager and Celsius have been facing liquidity challenges. That sent panic that other crypto exchanges like Huobi could follow suit. Consequently, the Huobi native token crashed to trade at below $4 earlier this month. That is ten times less than its May 2021 high of almost $40.

As of press time, the Huobi token traded at $6.4 as enthusiasm returned. CoinJournal had reported that About Capital was injecting funds in the crypto exchange. In a press release on October 8, Huobi said its founder Leon Li Lin will sell his stake in the exchange to About Capital. The Hong-Kong based asset manager is expected to inject “sufficient” capital to fund the exchange’s global expansion. 

On October 9 again, Huobi announced a new Global Advisory Board. The board consists of leading blockchain and non-blockchain business leaders. These include Tron founder Justin Sun, one among those speculated to be eyeing the purchase of the crypto exchange. The board will spearhead Huobi’s global expansion. 

Huobi token posts double-digit gains on key developments

Below, the Huobi token is making parabolic moves following positive developments. However, the token has met resistance at $6.8.

Source – TradingView

On the daily chart, the Huobi token is retreating from an overbought resistance at $6.8. With the positive sentiment, the token could break the resistance barrier. However, due to oversold conditions, we urge buying lower after a correction. The potential support lies at $5.55. Alternatively, the token could correct to the 20-day or 50-day MA.

Concluding thoughts

Huobi token could continue to claim higher levels due to positive developments. However, the current valuation of the cryptocurrency is too high for an outright buy. Investors should consider buying lower.

The post Huobi token jumps another 25%. How far can it go? appeared first on CoinJournal.

Meta honcho Mark Zuckerburg is a pantomime villain.

When Facebook announced last year that they were rebranding as “Meta”, in a signal of intent about where they believed the industry at large was heading, it disappointed some.

“How dare they take the metaverse name”, many decried. Yet with the nebulous concept of metaverse now being referred to more as Web3, this chatter has died down a bit.

Meta vision struggling

But what exactly is going on with Meta, and their push to kick off the new age of social media?

Zuckerburg’s announcement did nothing to quell the slew of selling, as Facebook’s share price today trades at $129, a nasty 59% plunge since the rebrand announcement.

Nearly a year to the day of the Meta rebrand, Zuckerburg’s utopian vision of some Ready Player One type of virtual reality world has never seemed so far off.

Thousands of employees are working on this goal, but the results thus far have been underwhelming, to say the least. This week, internal memos were leaked, which the Verge reported on.

They were, I’m sure you agree, sombre in tone.

“Why don’t we love the product we’ve built so much that we use it all the time”? Meta’s VP of Metaverse, Vishal Shah, asked.

“The simple truth is, if we don’t love it, how can we expect our users to love it?” he added.

“The aggregate weight of papercuts, stability issues, and bugs is making it too hard for our community to experience the magic of Horizon” another quote read, referring to Meta’s virtual reality game.

Metaverse tokens lagging market-wide

The fall in metaverse tokens in the year since is stark. Of course, cryptocurrency tokens market-wide have fallen off a cliff, but the scale at which metaverse-related tokens have dropped is nonetheless worrying.

Looking at the nine tokens within the CoinMarketCap top 100 which are classified as “metaverse” related, the average decline since Meta’s rebrand is daunting. I plotted them in the graph below:

Even more concerning is the dropoff in users of these games. While there appeared to be misreporting around the active users on Decentraland – with alarming data suggesting 38 daily active users turning out to be exaggerated – the fact of the matter is that engagement in these metaverse games has collapsed in line with token prices.  

Lately, there has been a lot of misinformation on the number of active users of Decentraland. Some websites are tracking only specific smart contract transactions but reporting them as daily active users DAU, which is inaccurate.

— Decentraland (@decentraland) October 7, 2022

What happens now?

For Zuck, it’s been a tough time. He even fell out of the top 10 richest people in the US this week, yet another bitter pill to swallow.

In all seriousness, the struggles of the vague but seductive metaverse are concerning. Games are struggling to be made with the standard of conventional non-blockchain games. With token prices through the floor, the play-to-earn model has suffered as a result, as without the potential for large earnings, these games are just…less fun.

It will be interesting to see how Zuck and Meta build from here. But for the time being, their metaverse bet thus far has been ill-advised.

The post Zuckerberg’s metaverse bet is turning sour appeared first on CoinJournal.

HBAR is the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap in the last 24 hours.

HBAR, the native coin of the Hedera blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap over the past few hours. It has added more than 9% to its value today and could rally higher over the next few hours.

The rally comes after the HBAR Foundation, the development team behind the Hedera blockchain, announced that the Dubai International Financial Centre (DIFC) Courts has launched Tejouri, a global digital vault, on the Hedera network. 

We’re excited to announce that the UAE’s @DIFCCourts have launched their global digital vault, @Tejouri_, at @GITEX_GLOBAL 2022. This unique platform functions simultaneously as a cloud vault and an online safe for data 🇦🇪 #GITEX2022 pic.twitter.com/9XickO93m1

— The HBAR Foundation (Accelerating Hedera) (@HBAR_foundation) October 11, 2022

The HBAR Foundation said the Tejouri platform would make it possible for users to upload and secure storage of documents, including insurance contracts, title deeds, Wills, financial certificates, images and multimedia files.

HBAR’s rally comes as the broader cryptocurrency market slowly recovers from its recent slump. The total crypto market cap stands at $923 billion, up by less than 1% in the last 24 hours.

Bitcoin continues to trade above $19k and is also up by less than 1% so far today. Ether is up by less than 1% in the last 24 hours but continues to struggle to surge past the $1,300 resistance level.

Key levels to watch

The HBAR/USD 4-hour chart has turned bullish as Hedera has been performing well over the past few hours. 

HBAR/USD Chart By TradingView

The MACD line crossed into the positive zone a few hours ago, indicating that the bulls control the Hedera market at the moment.

The 14-day relative strength index of 66 shows that HBAR could be entering the overbought region in the coming hours or days if the momentum is sustained.

At press time, HBAR is trading at $0.06344 per coin. If the bulls remain in charge, HBAR could surge past the first major resistance level at $0.07426 before the end of the day. However, it would need the support of the broader market to surpass the $0.08271 resistance level for the first time since August. 

Where to buy now

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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.

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The post HBAR up by 9% today after Tejouri launched on the Hedera blockchain appeared first on CoinJournal.

Litecoin has been underperforming over the last seven days and could record further losses before the end of the week.

LTC, the native coin of the Litecoin blockchain, has been underperforming over the last few days. The coin is down by more than 5% in the last seven days and has lost more than 2% of its value over the past 24 hours.

However, with LTC underperforming at the moment, what is the outlook after this latest dip?

What drove the Litecoin price to dip toward $50?

LTC is trading at around $51 per coin at press time. The cryptocurrency could record further losses and lose its support above the $50 psychological level over the next few hours.

Litecoin’s poor performance comes as the Litecoin Foundation announced on Tuesday, October 11th, that its MWEB feature will soon come to mobile phones.

#MWEB is coming..https://t.co/KrOBLnfkbd

— Litecoin (@litecoin) October 11, 2022

MWEB is a privacy-preserving improvement on the Litecoin network. Essentially, MWEB makes Litecoin a sounder way to transact with as it doesn’t allow the person you’re paying (or, the person you’re receiving money from) to see how much money you hold in your address.

Since the launch of MWEB earlier this year, the feature has only been available for users that have Litecoin Core downloaded on their computer. However, according to David Burkett (MWEB Lead Developer), light-client adoption may be just around the corner.

What’s the outlook for the Litecoin price?

Litecoin has been underperforming despite the news that MWEB could soon be available for mobile users. The poor performance coincides with that of the broader cryptocurrency market.

The broader cryptocurrency market has lost nearly 2% of its value in the last 24 hours, and the total crypto market cap could drop below $900 billion if the momentum is maintained.

Litecoin could drop below $50 soon as the broader cryptocurrency market continues to underperform. 

However, this latest cryptocurrency news could push LTC’s price higher in the near term when the feature is launched for mobile users. The current announcement is not enough to push Litecoin’s price higher in the near term.

Litecoin technical analysis

The LTC/USD 4-hour chart is currently bearish, as Litecoin has been underperforming over the last 24 hours. 

LTC/USD Chart By TradingView

The MACD line is below the neutral zone and continues to drop lower, indicating bearish momentum for Litecoin.

The 14-day relative strength index of 37 shows that Litecoin could enter the oversold region soon if the bears continue to control the market.

Litecoin could drop below $47 support level over the next few hours or days if the current momentum is maintained. However, the bulls should defend LTC around the $43 support level in the short term.

How to buy Litecoin?

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