Kategorie: Crypto Analysis

• Tron has gained 3% in the past day as the crypto market opens lower.

• The network’s surging transactions are partly the cause of the uptick.

• The token, however, remains vulnerable to the overall market sentiment.

TRON TRX/USD is up 3% in the past 24 hours and 4% in the past week. The token is trading for $0.064, the highest gain among the top 15 cryptos. Could it be readying for better gains when crypto hits full recovery?

Several factors are putting the smart contract platform on the winning side. One of them is the surge in transaction volumes. According to data from Tronscan, Tron’s transactions surpassed 4 billion on October 10.

Besides, its total value locked (TVL) is up 2% in the past day at $5.71 billion. Similarly, the number of accounts opened on the dApps network is rising. The figure has reached 115 million in the past two months.

Part of the positive sentiment is the rising developer interest. The same could be due to the network transaction fee reduction. Since then, Tron has seen steady scalability.

Last on the fundamentals is Justin Sun’s rumoured acquisition of Huobi Global. The entrepreneur is alleged to be the actual buyer of the crypto exchange. It is also believed that the purchase was closed with the help of FTX founder Sam Bankman-Fried.

TRON moves on an uptrend after finding support at $0.05

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Source: TradingView

Technically, TRX is on an uptrend. From the daily chart above, the Fibonacci retracement levels are $0.0062 (23.6%), $0.063(38.2%), $0.064(50%), and $0.066(61.8%). The swing high is at $0.07, while $0.059 is the swing low. Further, despite the fact that the RSI is at 64, there is adequate space for more upside.

Concluding thoughts

TRON is trending on a clear upside. Based on the Fibonacci retracement levels, $0.066 is the next level to watch for a possible retracement.

The current uptrend is a potential bullish reversal sign. However, much as Tron has strong fundamentals, the overall crypto sentiment is a significant factor.

The post Tron continues to push higher. Are these bullish reversal signs? appeared first on CoinJournal.

LUNC, the native token of the Terra Classic network, is up by nearly 5% in the last 24 hours and is outperforming some of the other leading cryptocurrencies.

LUNC, the native token of the Terra Classic network, is the best performer amongst the top 50 cryptocurrencies by market cap so far today. Terra Classic is the revamped project of the now-defunct Terra. 

The coin has added nearly 5% to its value in the last 24 hours, outperforming the other major cryptocurrencies like Bitcoin and Ether.

There is no apparent catalyst behind this latest positive performance, as LUNC is recovering from a bearish run it suffered last week. In the last seven days, LUNC has lost more than 7% of its value.

LUNC’s positive performance comes as the broader cryptocurrency market struggles. The total crypto market cap has dropped below $950 billion after the market lost around 1% of its value so far today. 

Bitcoin, the world’s number one cryptocurrency, continues to trade below $20k and is down by less than 1% so far today. Meanwhile, Ether continues to trade above $1,300, despite losing less than 1% of its value in the last 24 hours.

Key levels to watch

The LUNC/USDT 4-hour chart has turned positive, as Terra Classic has been performing well over the last 24 hours. The technical indicators show that LUNC is recovering from last week’s losses.

LUNC/USDT Chart By TradingView

The MACD line has crossed into the positive zone, indicating bullish momentum. The 14-day relative strength of 54 shows that LUNC is now out of the oversold region after performing poorly last week.

At press time, LUNC is trading at $0.0003456 per coin. If the positive trend continues, LUNC could surge past the first major resistance level at $0.0004338 before the end of the day.

However, LUNC would need the support of the broader crypto market to move past the second major resistance level at $0.00052247 in the near term.

Where to buy now

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post Why is Terra Classic’s LUNC outperforming the other top 50 cryptocurrencies today? appeared first on CoinJournal.

• Cardano has failed to gain despite enthusiasm around the Vasil upgrade

• Crypto analyst says ADA could rally as institutional investors show interest

• ADA trades at support with a chance to fall further

Cardano ADA/USD to $1? Well, that was the speculation as Cardano neared its long-awaited Vasil upgrade. Indeed, crypto expert Michaël van de Poppe expected ADA to tap $1 around the event if the upgrade is a success. Third week after the event, ADA trades at merely $0.42 and looks very vulnerable. What went wrong?

A crypto analyst, “Guy,” a pseudonym, has come to the rescue of Cardano. In a discussion with another popular crypto analyst Benjamin Cowen, “Guy” thinks ADA will eventually triumph. He says that Cardano has been lacking institutional investors. He notes that when crypto returns, big investors will look at the successful big upgrades and get excited. In this regard, he mentions Cardano’s Vasil and Ethereum Merge as critical.

While the views above are sentimental, notable developments support them. Earlier this month, Cardano founder Charles Hoskinson said hundreds of projects are courting Cardano. He said that was due to the new capabilities brought by the Vasil upgrade. As a notable example, Hoskinson mentioned a decentralised music streaming platform NEWM.

ADA trades at the support as momentum remains weak

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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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Source – TradingView

Technically, ADA trades at close to the lowest level in the year. The current level is a support zone, giving ADA a chance to recover. However, momentum is weak, as shown by the MACD indicator, which is deep in bear territory.

Concluding thoughts

Enthusiasm around ADA remains high despite the bear’s weakness. That potentially tells that ADA has been building true but sustainable stories that could inspire a strong comeback. When that happens, time will tell as markets reel from the effects of the projected recession. 

Probably, ADA has been devoid of a speculation-led surge. Thus, when recovery happens, it will be real and sustainable since sound fundamentals will drive it.

The post Where will the next Cardano bull run come from? Analyst answers appeared first on CoinJournal.

• A popular crypto analyst has suggested Algorand will be strong when a bull cycle kicks in.

• Algorand has remained muted despite being the official sponsor of the 2022 FIFA World Cup.

• The cryptocurrency is bearish.

When is the next crypto bull cycle? After a disastrous 2022, industry experts say huge corrections are a normal process, and a bull run should finally set in. 

Blockworks co-founder Jason Yanowitz says in bear crypto markets, losses can range between 85%-90%. If we take, for instance, the highest value of Bitcoin of above $68,000, we find that the cryptocurrency has lost more than 70%. Time for a bull run? Of course, we can’t tell yet, although most cryptocurrencies are displaying multiple bottoms. Whether that indicates, an imminent reversal is a story for another day. 

Like any other crypto enthusiast, you must time bull runs for big and quick money. Algorand ALGO/USD is one of those cryptocurrencies expected to return massively in the next bull cycle.

A popular pseudonymous crypto analyst says Algoraand is well-positioned for a strong run. He pointed to Algorand’s connections with the Massachusetts Institute of Technology. He acknowledges that Algorand’s founder is a computer science and cryptography professor at the University. Coincidentally, MIT is collaborating with the US Fed for its projected digital dollar. According to the analyst, that connection opens a lot of potential around Algorand.

ALGO price action and movement

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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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Alongside the analyst’s views, CoinJournal reported that Algorand is the official blockchain sponsor of the 2022 World Cup. The cryptocurrency reacted strongly to the news in early May but has succumbed to the weak market sentiment.

Source – TradingView

From the daily chart, ALGO has fallen below the $0.36 support. Momentum is weakening, with a bearish crossover on the MACD indicator.

Should you buy Algorand?

Despite receiving good attention, Agorand is still in a bearish market and not yet a buy. A recovery above $0.36 is needed to consider the further upside. Otherwise, ALGO could slide back to the $0.30 zone.

The post Algorand touted as a crypto to watch in the next bull cycle, but how attractive is it? appeared first on CoinJournal.

• Ravencoin surged on Friday despite a bearish crypto market

• The blockchain, forked from Bitcoin, is a beneficiary of the ETH merge

• Technical indicators are currently bearish, casting doubts on sustained gains

Ravencoin RVN/USD surged 5% on Friday. At the time of writing, the token was trading for $0.03651. Although the pump is not tied to any specific factor, there is a rising interest in Ravencoin among crypto miners. As a PoW blockchain, it was one of the notable gainers after Ethereum’s proof-of-stake merge.

Crypto miners opted for Ravencoin as an alternative to ETH mining. Besides, the blockchain platform has equally seen rapid expansion. This follows a step by FTX crypto exchange to list RVN perpetual features a mid-last month. The futures let investors speculate on the price of RVN.

It is of importance to note that Ravencoin was forked from bitcoin in 2018. The network aims for the issuance and transfer of new digital assets. Ravencoin is a proof-of-work consensus algorithm network. Its native token, RVN, powers decentralised applications and non-fungible tokens. From the technical outlook, RVN faces hurdles to the upside.

RVN shows some bullishness at the support zone

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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.

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Source: TradingView

From the daily chart above, Ravencoin collapsed from $0.0771 in mid-September, shedding off 52% of its value. Technically, Ravencoin is showing some bullishness but remains locked in a broader support zone. 

The momentum indicator, MACD, shows a clear bearish level, while the Stochastic Oscillator is at 32. The latter is slightly above the oversold zone but within the vicinity.

Bottom line

Ravencoin may not sustain the current gains due to largely bearish momentum. From the chart, the token is facing immediate resistance at $0.042. To invalidate the current sentiment, RVN must clear above the resistance level. The key indicators should also turn green. As it is, RVN is not out of the woods yet.

The post Can Ravencoin sustain momentum after 5% gains? appeared first on CoinJournal.