Kategorie: Crypto Analysis

OAX price has been in a strong bullish trend in the past few weeks, becoming one of the best-performing cryptocurrencies in the world. It has jumped by more than 1,530% from its lowest level in June, bringing its total market cap to more than $25 million. So, is OAX a good buy or sell?

What is OAX and why is it rising?

OAX is a blockchain project that seeks to improve the digital asset ecosystem by solving some of the biggest challenges in the industry. Its platform helps to increase efficiency, transparency, and promotes high standards of governance. In particular, the platform’s goal is more geared towards the decentralized finance (DeFi) industry.

Still, unlike other blockchain projects, the use case for OAX is not yet known. A quick look at the website shows nothing much about it. There is no white paper and the content in the website does not show much details about what it does. There is also no details about its ecosystem.

So, why is this obscure cryptocurrency soaring? It is not clear why OAX has been in a strong bullish trend in the past few weeks. A quick look at its coverage also shows nothing meaningful. Therefore, a possible reason is that this could be a pump and dump scheme.

This is a scheme where a small group of people push a coin or any other asset, let it soar, and then dump it. As a result, many buyers are left holding the bag. We have seen such pumps and dumps several times recently. For example, on Friday, Hong Kong’s authorities charged a group of 13 people with carrying such a scheme. 

OAX price prediction

The daily chart shows that OAX has been in a strong bullish trend in the past few months. It has surged by more than 1,600% from the lowest point in June. Along the way, it has risen above all moving averages and all important resistance levels. Oscillators have continued rising. 

In my view, I believe that this bull run is not sustainable, especially if its cause is an ongoing pump and dump scheme. Therefore, there is a likelihood that the coin will start falling in October as buyers start taking profits.

How to buy OAX

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.

Buy OAX with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy OAX with Swapzone today

The post OAX price: Is this obscure cryptocurrency a good buy? appeared first on CoinJournal.

PancakeSwap price had a strong performance in September as demand for top Decentralized Finance (DeFi) tokens rose. CAKE rose to a high of $5.088, which was the highest level since May 12. It has risen by more than 100% from the lowest level this year, giving it a market cap of more than $676 million.

CAKE had a good September

PancakeSwap is a leading player in the decentralized finance industry and is the biggest DEX in the BNB Smart Chain. It is a platform that makes it possible for people to buy and sell cryptocurrencies in a decentralized manner. According to CoinMarketCap, it handles more than $115 million on a daily basis. 

Unlike Uniswap and dYdX, PancakeSwap the network makes it possible for people to swap tokens and provide liquidity and earn returns. The network has also expanded its ecosystem to include betting and predictions and even NFT trading. 

In total, PancakeSwap has a total value locked (TVL) of more than $2.92 billion. In the past 24 hours, the network raised over $430k in fees leading to revenue of $51k. 

CAKE price has done well in the past few months mostly because of the stability of the DeFi industry. Indeed, other DeFi tokens have done well in the past few weeks. This includes tokens like Lido, Aave, Uniswap, and Maker. 

After the collapse of centralized projects like Celsius, Vauld, and Voyager Token, many analysts believe that users will continue to move to decentralized platforms. For one, they are more secure than centralized ones because of their open-source nature.

PancakeSwap price prediction

The daily chart shows that the CAKE price has been in a strong bullish trend in the past few days. It has risen by more than 100% from the lowest level in June. The coin has risen above the 25-day and 50-day moving averages. It has also moved slightly above the important resistance level at $4.6 while the Relative Strength Index (RSI) has continued rising.

Therefore, there is a likelihood that the coin will continue rising as bulls target the next key resistance level at $7.5, which is about 60% above the current level. This is an important price since it was the lowest point on April 12.

How to buy CAKE

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy CAKE with Skilling 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 CAKE with Capital.com today Disclaimer

The post CAKE price prediction: Will PancakeSwap rise in September? appeared first on CoinJournal.

 Someone wake up Green Day, because September is about to end.

So, what happened this month in crypto? And how do we look as we turn the page to October?

Bitcoin and Ethereum lag

Nothing too major, but Bitcoin and Ethereum trended down over the month. Interestingly, Bitcoin drew down more than Ethereum, which is unusual compared to the pattern we have seen historically, where Ethereum is generally the more volatile of the two.

 The Merge was the big news, of course, as Ethereum completed the biggest blockchain upgrade in history on September 15^th. The event came and went without a hitch, although pricing didn’t do much – suggesting it was priced in ahead of time, as many suspected.

In the short-term, there is not much the Merge has affected regarding price, but it will be fascinating to track going forwards now that the pipeline underworking the Ethereum ecosystem has been completely transformed.

I’ve written before about my thoughts that the staking yield could even act as a “risk-free” proxy for the world of De-Fi, helping provide a framework for valuations and laying the groundwork for ETH to mature even more.  

 The groundwork should also allow Ethereum to decouple from Bitcoin. I have long viewed Bitcoin as money and Ethereum as tech, and I think this move further accentuates the dichotomy – money needs proof of work, but the base of a DeFi system does not.

But these are long-term considerations and in the medium-term, we are still very much correlated.

On-chain

Let’s jump on-chain to see any notable indicators that jumped out to me over the month.

Firstly, given Ethereum completed the aforementioned Merge, there is obviously no more need for miners on the network. This is the exact opposite of ground-breaking news, but it is still cool to see the hash rate drop to zero in the below chart.

IntoTheBlock shows a neat graph below of the net issuance of ETH dropping after the Merge. It has not fallen to deflationary, which was a narrative many had pushed in the leadup to the Merge.

As I said in previous analyses, I believe this was more a case of naively following a “deflationary means price go up and I want price to go up so I will say ETH will be deflationary” kind of logic. But again, Merge went perfectly and it’s cool seeing the issuance rate drop so drastically.  

However, perhaps more sombrely is Ethereum fees dropping 80% quarter over quarter. This is for no other reason than a good old-fashioned fall in demand. The macro situation remains absolutely abhorrent and it follows that demand for the network is down (I’m likely being a little harsh as Layer 2’s are partially exacerbating this fall in fees but it is largely due to an overall fall in demand).

Flicking over to Bitcoin, the percentage of long-term holders – aka diamond handers – continues to creep back up towards its all-time high of close to 64%, set this time last year. The data shows that this demographic – defines as those holding Bitcoin for longer than a year – remain unmoved, and this latest bearish month is no different.

Mining

I was curious as to whether there would be an increase in the hash rate on Bitcoin following the Ethereum merge.

Looking at the graph below, showing the last three months, there does not appear to be much movement. This makes sense, I suppose – there are other coins which miners are able to flick over to easier with their equipment rather than Bitcoin.

Top of that list is good old Ethereum Classic – a coin which I had largely forgotten about until I noticed its hash rate had ballooned to an all-time high on the date of the Merge, nearly 4Xing overnight.

Conclusion

In truth, this month was about the Merge and nothing more. We can talk about on-chain indicators all we like, and as a blockchain junkie myself, I am more than happy to do so.

But the reality is that in the short term, the only thing that matters for crypto is the macro situation. The lack of activity on price around the Merge proves this.

Crypto has been, and will continue to, trade like leveraged bets on the S&P 500 going forward. So strap in and tune in to the words of Jerome Powell, because that is all that really matters until we get some macro momentum again and things can start to move.

Welcome back, Green Day.

The post September roundup: Merge comes and goes, markets lag and macro does its thing appeared first on CoinJournal.

Bitgert price erased most of the gains it made in August in September. BRISE, the platform’s native token, slipped to a low of $0.00000046 in September, which was about 65% below the highest level in August. According to CoinMarketCap, Bitgert has a market cap of over $223 million.

Why did BRISE retreat?

Bitgert is an upcoming blockchain project that aims to become the best alternative to popular smart contract providers like Ethereum, Cardano, and Solana. Its key benefits are that Bitgert is significantly faster than its competitors and is much cheaper to operate. 

On speed, Bitgert can handle more than 100k transactions per second. This is a high speed considering that giant platforms like Visa and Mastercard process less than 30k transactions per second. At the same time, Bitgert has near zero gas fees. This means that it millions of transactions cost less than $5. 

Bitgert price did well in August as the ecosystem expanded and after the developers announced plans to launch a new operating system. During the month, the total value locked (TVL) of its ecosystem rose to more than $11 million, helped by Spynx. 

In September, however, the situation turned around, with the TVL crashing to less than $6 million. Sphynx’s TVL has dropped by more than 47% in the past 30 days while that of IcecreamSwap dropped by more than 28%.

⚡️ Partnership Ann: @CryptoRubic to integrate Bitgert chain!

Rubic can swap any of 15,000+ tokens, on and between 13 blockchains in one transaction#BRISE #BITGERT pic.twitter.com/iInKK9dAdc

— Bitgert – $BRISE (@bitgertbrise) September 22, 2022

Bitgert had several important announcements in September. For example, Huobi Global listed BRISE, which is a major thing considering that Huobi is one of the leading exchanges in the industry. As a result, Midas NFT and Bitgert announced that they had burned 12.4 billion BRISE.

Bitgert also launched a new influencer grant program as it seeks to grow its ecosystem. Further, Incentive and CryptoRubric integrated with Bitgert. All these are steps in the right direction as Bitgert aims to become a mainstream platform.

Bitgert price prediction

The four-hour chart shows that BRISE has been in an overall bearish trend in the past few weeks. In this period, it formed a descending channel that is shown in green. The coin also managed to move below the 25-day and 50-day moving averages. 

The current price of $0.00000055 is also its lowest point on August 19. At the same time, the MACD and the Awesome Oscillator have continued moving downwards. Therefore, while the overall trend is bearish, a bullish breakout to $0.0000010 will likely happen in October.

The post Bitgert price prediction: Is BRISE a Viable Buy in October? appeared first on CoinJournal.

Filecoin price mirrored that of other cryptocurrencies like Bitcoin and Litecoin. FIL was trading at $6 on Friday, which is slightly above its year-to-date low of $4.9. It has crashed by more than 84% this year, making it one of the worst performers in the cryptocurrency industry.

Filecoin is still growing

Filecoin is a leading blockchain project that seeks to solve some of the biggest challenges in the tech industry. The platform helps to simplify the file storage industry that is now dominated by a few large companies like Microsoft and Google.

Filecoin makes it possible for anyone with a computer or smartphone to share their storage and then receive compensation. These users are paid using FIL, the native token for the ecosystem. 

According to the developers, the number of people using the platform to store files and provide data is increasing. There are now over 20,000 such users who are storing more than 50 million data objects. At the same time, the number of developers using the network has risen to over 7,000. Most of these developers are from the United States, South Korea, and Hong Kong.

The next major catalyst for Filecoin is the upcoming upgrade that will introduce the Filecoin Virtual Machine (FVM). The upgrade, which will happen in early next year, will be a virtual computer that developers can use to build their applications.

Still, there are concerns about the future of Filecoin and other similar decentralized storage platforms. For one, most people and companies find using centralized platforms like AWS and Azure being fine. 

Another challenge is that many file storage providers could find it difficult to be paid in FIL. Unlike stablecoins, the cryptocurrency is highly volatile and has lost more than 80% of its value this year.

Filecoin price prediction

The daily chart shows that the FIL price has been in a tight range in the past few days. As a result, it is consolidating at the 25-day and 50-day moving averages. It has formed a head and shoulders pattern whose neckline is at $4.95. 

At the same time, the MACD and the Awesome Oscillator are hovering at their neutral levels. Therefore, there is a likelihood that the coin will have a bearish breakout. This view will be confirmed if the coin manages to move below the important support at $4.95.

The post Is Filecoin’s FIL a good buy ahead of the FVM launch? appeared first on CoinJournal.