Kategorie: Crypto Analysis

The cryptocurrency market will end the week on a positive note after adding more than 2% to its value in the last 24 hours.

The broader crypto market has added more than 2% in the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.26 trillion.

Bitcoin is trading above $30k again after spending the majority of this week below this threshold. Ether, the world’s second-largest cryptocurrency by market cap, is trading at $2,000 again after adding more than 2% over the past few hours.

KNC, the native token of the Kyber Network Crystal, is the best performer amongst the top 100 cryptocurrencies by market cap. Over the last 24 hours, KNC has added more than 24% to its value.

The primary catalyst behind this ongoing rally is the launch of the KyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it would be giving away $2,000 in KNC tokens to the lucky winners.

The team said ten random lucky winners would walk away with $200 in $KNC rewards.

✍️Introducing #KyberSwap’s Referral Campaign! $2000 in $KNC Rewards Up for Grabs When You Share! 🤝

🍀🥳10 random lucky winners walking away with $200 in $KNC rewards!

⏰Campaign is from 20 May to 26 May so hurry! 🏃‍♂️💨

🧐Learn how you can participate: https://t.co/HrsA5tIjNN

— Kyber Network (@KyberNetwork) May 20, 2022

Key levels to watch

The KNC/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that the coin has outperformed many other coins today.

The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 71 shows that KNC could soon enter the overbought region.

At press time, KNC is trading at $2.779 per coin. If the rally continues, KNC could surge past the first major resistance level at $3.13 before the end of the day. In the event of extended positive performance, KNC could trade above the $3.5 resistance level for the first time in three weeks. 

The post Here is why Kyber Network Crystal is up by 24% today appeared first on Coin Journal.

The cryptocurrency market has been underperforming in the last 24 hours, but Tron has performed positively during that period.

The broader crypto market has underperformed for the second-consecutive day this week. The market has lost more than 3% of its value in the last 24 hours, and the total cryptocurrency market cap stands below $1.3 trillion again.

Bitcoin remains the market leader and has lost 2.7% of its value so far today. BTC is now trading at around $29,100 per coin. 

Ether is trading below the $2,000 resistance level once again after losing more than 4% of its value in the last 24 hours.

TRX, the native token of the Tron ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. TRX is up by 1.4% so far today, outperforming the broader cryptocurrency market in the process.

At press time, TRX is trading at $0.072636. There is no obvious catalyst behind TRX’s positive performance. The Tron network’s USDD stablecoin has been gaining traction in recent days despite the recent negative sentiment towards stablecoins.

Key levels to watch

The TRX/USDT 4-hour chart is currently neutral as Tron has been performing well over the past 24 hours. Technical indicators show that TRX is recovering from its recent slump.

The MACD line is within the negative zone but could soon enter the neutral territory if the ongoing performance is maintained. The 14-day relative strength index of 53 shows that TRX is no longer in the oversold region.

If the positive performance continues, TRX could surge past the first major resistance level at $0.07478 before the end of the day. However, it would need the support of the broader crypto market to make a move past the $0.080 resistance level.

With the broader market now bearish, TRX could move in a similar direction and slip below the first major support level at $0.06998 over the next few hours. The second major support level at $0.06704 should cap further downward movement in the short term. 

The post Why is Tron outperforming the broader crypto market today? appeared first on Coin Journal.

Ethereum price drifted lower on Wednesday as its correlation with the Dow Jones and the Nasdaq 100 indices continued. The coin dropped to a low of $1,964, which was its lowest level this week. It was a sea of red as other cryptocurrency prices nosedived.

Don’t fight the Fed

ETH price declined sharply as volatility in the market continued. The closely-watched CBOE volatility index rose by more than 5%.

There were several catalysts for this volatility. First, investors were reacting to the statement by Jerome Powell on Wednesday during an event sponsored by Wall Street Journal. In it, he reiterated that inflation was the biggest challenge facing the economy. He then reiterated that the Fed would do whatever it could to push inflation towards its target of 2.0%. 

Therefore, investors believe that this means that the bank will not come to its rescue like it did in 2018 and during the Covid pandemic. As such, it will continue hiking interest rates by 0.50% in the remaining meetings. It will also start a period of quantitative tightening. As such, Ethereum price is falling as investors avoid fighting the Fed.

Read our Ethereum price prediction.

US stocks correlation

ETH price is also crashing as the correlation with American stocks continues. The Dow Jones declined by more than 1,100 points while the tech-heavy Nasdaq 100 index declined by more than 560 points. 

The decline was triggered by the relatively weakness in the retail sector. The Target stock price crashed by more than 25% while Walmart fell by more than 10% after the firms published weak quarterly results. 

Their results showed that the biggest American companies were seeing wage inflation affect their businesses. As such, the trend could continue in other sectors of the economy. 

In the past few months, there has been a close correlation between American stocks and cryptocurrencies like Ethereum.

The post 2 reasons why the Ethereum price is plummeting appeared first on Coin Journal.

Cryptocurrency prices have had a difficult year in 2022 as investors continue worrying about a number of factors. The most important challenge in the industry is the Federal Reserve, which has committed to do whatever it could to lower inflation. It has already hiked interest rates by 0.75% and hinted that it will continue hiking rates this year. Most importantly, the Fed has said that it will start implementing quantitative tightening.

There have been other challenges in the crypto industry such as regulations and the crash of Terra LUNA, Terra USD, and affiliated platforms like Anchor Protocol. In this article, we will look at some of the best cryptocurrencies to invest for short-term gains. 

ApeCoin (APE)

ApeCoin is a relatively new cryptocurrency that was launched in 2022 by Yuga Labs. It is a digital coin that aims to power the Bored Ape Yacht Club ecosystem, which is the biggest NFT platform in the world. Yuga also hopes that ApeCoin will power its other products such as the metaverse and games. 

At the time of writing, ApeCoin price is trading at $8.50, giving it a market cap of over $2.4 billion. While its price has declined sharply, there is a possibility that it will bounce back as the developers launch new products. This makes it a good cryptocurrency to invest in for the short term.

Kyber Network Crystal (KNC)

Kyber Network is a relatively small cryptocurrency that could do well in the short term. It is a platform that allows traders to trade or invest in cryptocurrencies from across the chains. This means that you can swap tokens in chains like Ethereum, Polygon, Avalanche, and Cronos among others. According to its website, it has facilitated volumes of more than $7 billion. 

The Kyber Network Price declined sharply after the collapse of Terra. But it has done relatively well since then and I expect that its trend will continue as investors buy the dips. KNC has a market cap of more than $217 million.

Synthetix Network (SNX)

Synthetic Network is another crypto to invest in for short-term gains. It is a blockchain platform that is in the DeFi industry through its derivatives features. Its concept is that it allows developers to create derivatives products across multiple assets like cryptocurrencies, stocks, indices, and commodities. 

As a result, a derivative of Apple makes it possible for one to trade Apple shares in a derivative format. Synthetix has a total value locked (TVL) of more than $538 million. The SNX price will likely do well in the near term as the derivatives industry continues doing well.

STEPN (GMT)

STEPN is a relatively new blockchain project that is in the move-to-earn industry. Its concept is relatively simple. Users install an app in their smartphones and are then rewarded using GMT for running and walking. In addition to this, the network has an NFT element.

STEPN’s market is continually growing as the number of people embrace the platform. Therefore, there is a likelihood that the GMT price will keep rising in the coming months. A key challenge for STEPN is that competition from the likes of Step App and Sweat Coin.

Theta Network (THETA)

Theta Network price has crashed by more than 88% from the all-time high that it reached in 2021. Its market cap has dropped to more than $1.2 billion, making it the 56th biggest cryptocurrency in the world. For starters, Theta is a platform that is changing the video distribution industry. 

It uses a decentralized method where anyone can host videos in their free storage and then earn money from it. The platform launched TDROP,  a platform that lets people mint and buy NFTs. Therefore, while the token has declined sharply, there is a likelihood that it will bounce back in the near term.

The Sandbox (SAND)

The Sandbox is one of the biggest platforms in the gaming, metaverse, and NFT industries. The platform allows people to buy virtual land, host virtual events, play games, and trade NFTs. It has managed to attract leading companies like HSBC and Standard Chartered, which are some of the biggest banks in the industry. 

The SAND price has dropped by more than 85% from its all-time high. Therefore, there is a likelihood that the Sandbox price will have a relief rally in 2022.

Hedera Hashgraph (HBAR)

Hedera Hashgraph has been one of the best cryptocurrencies to buy for short-term gains. For starters, Hedera is a blockchain project that aims to become a better alternative to Ethereum and Solana. It claims to have faster speeds and that its blockchain is carbon negative. Hedera is also owned by some of the leading companies like IBM, Google, LG, Ubisoft, and Boeing. 

The Hedera Hashgraph price has fallen by 83% from its all-time high while its total market cap has moved to $2 billion. With its ecosystem growing, there is a possibility that the HBAR price will bounce back.

Cosmos (ATOM)

The Cosmos price has had a difficult performance this year. The most recent catalyst for the sell-off was the collapse of the Terra ecosystem. This was a notable event since Terra was built using Cosmos’ SDK. Therefore, the ATOM price declined as investors predicted reduced activity. 

However, these fears are likely overblown since Cosmos is much bigger than Terra. Besides, Terra did not collapse because it was built using the SDK. Therefore, ATOM is a good short-term and long-term investment.

Ethereum Name Service (ENS)

Ethereum Name Service is a unique blockchain project that is changing the domain registry business. People can use its network to buy domains that have a .eth suffix. The network has a near-monopoly in this industry. It has also moved to the NFT industry. Therefore, while the ENS price has declined sharply, there is a possibility that the coin will recover.

Learn how to buy Ethereum.

Litecoin (LTC)

Litecoin price has declined sharply this year. To a large extent, the coin has even lost its correlation with Bitcoin. Still, it is one of the oldest coins in the industry, meaning that it has trust of investors. If the digital coins bounce back, there is a possibility that Litecoin will also rise.

Learn how to buy Bitcoin with a debit card.

The post 10 Best Cryptocurrencies to Invest in 2022 for Short-term Gains appeared first on Coin Journal.

The Internet Computer (ICP/USD) price moved sideways as the consolidation in the cryptocurrency industry continued. The token is trading at $8, which is about 36% above the lowest level last week. It remains about 98% below its all-time high, bringing its total market cap to about $1.8 billion.

Will ICP bounce back? 

Internet Computer is a blockchain project that was launched in 2021 by Dfinity, a Swiss-based organization. The platform’s goal is to form a foundation of web 3.0 by helping developers build quality applications. 

Its platform has better features than other blockchains like Ethereum and Solana. For example, its data storage costs are about $0.46 GB per month, which is about 100,000x lower than that of Solana. At the same time, its decentralized applications run 100% on-chain and are owned by DAOs.

According to the developers, its ecosystem has become popular among creators. Some of the most popular applications built using Internet Computer are Fleek, OpenChat, Internet Identity, and Motoko Playground among others. They believe that more developers will embrace the platform in the future.

While activity in the Internet Computer blockchain is rising, the ICP price has not performed equally well. It has lost over 98% of its value and is now the 40th biggest project in the world.

There are several reasons why the ICP price has lagged the market. First, investors have not embraced the coin after its crash that happened shortly after its launch. Second, there are concerns about the competitive nature of the industry. Some of the most notable players it is competing with include Avalanche, Solana, and even Ethereum.

Further, like other cryptocurrencies, investors are afraid of the hawkish stance of the Federal Reserve. The bank has committed to continue hiking interest rates in its bid to fight inflation. Further, the recent crash of Terra LUNA has not helped ICP and other coins.

Internet Computer price prediction

On the four-hour chart, we see that the ICP price has been in a strong downward trend in the past few weeks. It fell to a low of $5.87 during the Terra LUNA bloodbath that happened last week. It has remained below the descending trendline that is shown in purple. The coin has also declined below the 25-day and 50-day moving averages.

Therefore, the path of the least resistance for Internet Computer price is lower, with the next key support level being at $5.50.

The post Internet Computer price prediction: Is ICP a good investment? appeared first on Coin Journal.