Kategorie: Crypto Analysis

• ATOM has been in bullish momentum since June

• The token has been getting boosts from the expected ATOM 2.0

• ATOM formed a double top and is correcting but maintains an uptrend

Cosmos ATOM/USD trades 2.93% lower in the last 7 days as of press time. A bearish MACD crossover confirms a bearish market. The token has, however, recovered 4.83% in 24 hours. Should this send shivers that ATOM is now bearish?

ATOM seemed to lose a bullish surge after getting rejected at $16 twice. That resulted in the formation of a double top. Nonetheless, it should be remembered that the token has been bullish since a low of below $6 in mid-June. The cryptocurrency trades at more than double price at $14.4 from the bottom price. 

ATOM’s strengths emanate from the Cosmoverse conference, which starts on September 26 to 28. This is when fans will have a chance to get the details of the much-speculated ATOM 2.0. In the past, ATOM has been criticized due to its inflationary features. ATOM’s inflation depends on the token’s staking percentages. ATOM 2.0 is expected to address the inflation through a hard cap on the supply or burning mechanism. 

ATOM corrects to the $13 minor support

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Source – TradingView

On the technical front, ATOM is trading slightly above minor support of $14. The latest correction pushed the token below the 20-day MA. However, the token keeps the 50-day MA intact, coinciding with an ascending trendline. 

The MACD indicator shows a bearish crossover in line with ATOM correction. At the current level, the upside looks subdued by a weak momentum. However, the bulls are defending the $13 level.

Concluding thoughts

The Cosmoverse event will be highly watched as it could determine whether ATOM will remain bullish. Still, at the current level, we cannot consider ATOM’s bull run over since it remains above the ascending trendline. If bears manage to take the token below $13, the next level will be $12.

The post Is Cosmos ATOM bull run over? appeared first on CoinJournal.

Injective Protocol price soared to the highest level since September 13 and then quickly erased these gains. The INJ price retreated to a low of $1.6977, giving it a market cap to more than $132 million. This price is about 18.50% from the lowest level this month.

What is Injective and is it a good buy?

Injective Protocol is one of the fastest-growing layer-1 blockchain projects that enable people to buy and trade digital currencies. The protocol also provides tools to help developers build decentralized applications.

It is backed by leading venture capital firms like Pantera, BlockTower, and Hashed among others. Mark Cuban is also an investor in the company. In August, the developers raised a new $40 million fund from Jump Crypto and Alan Howard’s BH Digital. 

This funding will enable developers to continue building its platform and also to increase the utility of the INJ token. In the past few weeks, the developers have also made several announcements to support the brand. For example, they added new validators while it welcomed Helix, a leading exchange that offers no gas fees and lightning-fast transactions.

INJ price rose as investors focused on the growing total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL jumped to more than $84 million, which was the highest level since May 10 of this year. This volume was much higher than the year-to-date low of $35.91 million. This is a sign that its ecosystem is expanding.

INJ price prediction

The four-hour chart shows that the Injective Protocol price jumped to a high of $2, which was the highest level since September 13. It moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. 

The coin is slightly below the descending trendline shown in purple. It has also formed what looks like a cup and handle pattern. Therefore, there is a likelihood that the INJ price will continue rising as bulls target the key resistance level at $2.20. A drop below the support at $1.5 will invalidate the bearish view.

The post Is Injective Protocol’s INJ a good buy as TVL rebounds? appeared first on CoinJournal.

Anchor Protocol price surged to the highest level since September 23 as cryptocurrencies associated with Terra surged. ANC, which has been delisted by several exchanges, rose to a high of $0.1054, which was about 27% above the lowest level on Monday.

Terra ecosystem surges

Anchor Protocol was a pivotal platform for Terra’s ecosystem. It was a DeFi platform that acted like a bank. It allowed people to deposit funds and then earn rewards in form of interest. At its peak, the platform had over $20 billion in total value locked (TVL).

All this came crumbling down in March as Terra USD crashed. UST was an algorithmic stablecoin that powered Anchor’s ecosystem. Therefore, the network crashed when the stablecoin lost its peg.

Anchor Protocol price went parabolic on Monday as cryptocurrencies associated with Terra bounced back. For example, Terra Luna Classic jumped by more than 50% from its lowest level on Monday. Similarly, Terra Luna 2.0 rose by over 20% while Terra’s stablecoin jumped.

It is unclear why these coins rose considering that Monday was a tough day for Terra’s ecosystem. In a statement, South Korea’s prosecutors said that they had requested Interpol to issue a red alert on Do Kwon, the founder of Terra. 

These prosecutors accuse Kwon and other associates of circumstantial evidence of escape since he left Singapore a few weeks ago. Also, they took issue with his claim that he was cooperating with prosecutors in different jurisdictions. Primarily, they accused Kwon with crimes related to capital markets laws.

In the past few months, Anchor Protocol and other cryptocurrencies associated with Terra have had occasional pump and dumps. This is one of the reasons why the ANC price jumped sharply on Monday. Still, many traders will find it difficult to trade Anchor since it has been delisted in several exchanges.

Anchor Protocol price prediction

The four-hour chart shows that the ANC price has been in a bearish trend in the past few days. This saw it crash from this month’s high of $0.2147 to a low of $0.083. It then went parabolic on Monday as Terra and USTC price rebounded.

Anchor has moved above the 25-day moving average while the MACD has formed a bullish divergence pattern. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance point at $0.12.

The post Anchor Protocol price prediction as Terra and USTC spikes appeared first on CoinJournal.

• Bitcoin Cash has rejected a decline below $110

• The price of the cryptocurrency has been tied to macro events

• BCH is eyeing a breakout as bear weakness abates

Bitcoin Cash BCH/USD remains resilient despite a bear market. More often, Bitcoin Cash’s price movement has been related to that of Bitcoin. The former, a hard fork of Bitcoin, has been hit by macro events that have dampened its price. 

As of press time, Bitcoin was struggling to retain $19,000. The price action highlights the impact of potential tighter economies on the largest cryptocurrency. BCH was slightly bullish, adding 1.51% in the last 24 hours. The token was barely attempting to rise above $120. But looking at the technical side, buyers have something to smile about for BCH.

BCH rejects decline below $110, highlighting a potential bottom level

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On the chart below, BCH has established support at $110. Bulls have defended the $110 level since July. While the bears remain in control, as indicated by the trendline and moving averages, the selling pressure is abating. BCH price has slightly risen above the descending trendline at a potential breakout zone. The price action shows buyers slowly winning against bears at the support zone.

Source – TradingView

The MACD indicator remains in the bear zone. However, the indicator shows that the bearish momentum is weakening. The view could be strengthened if bulls manage to take BCH above the moving averages. In that case, we will consider a sufficient breakout to issue a bull call on the cryptocurrency. 

Concluding thoughts

Bitcoin Cash token is starting to pull bullish moves despite a largely bear market. Bulls have rejected attempts by bears to take the price below the $110 support. With that in mind, we consider $110 as a probable bottom on BCH. The price is attractive if you are looking to hold in the long term. A bullish breakout could usher in more buyers.

The post Bitcoin Cash prediction as price eyes breakout from a descending trendline appeared first on CoinJournal.

• Dogecoin has gained by 7% amid an increased whale activity 

• The meme token is the biggest gainer in the top ten cryptocurrencies by market cap

• DOGE has broken above a descending trendline but is currently overbought

Dogecoin DOGE/USD added more than 7% over the weekend. The jump helped it to become the top gainer in the top 10 crypto bracket. Despite the lack of clear fundamentals, Dogecoin is known to pull moves even during a bearish market. At a time Bitcoin and other major cryptos are on a downturn, investors could be finding an escape through DOGE. 

An IntoTheBlock data on Friday showed that whales were accumulating Dogecoin. As of September 23, the number of 100 million to 1 billion DOGE holders rose by 5.13% in a week. DOGE also added 6 new whales in the week. The addition of whales coincided with a low price of $0.05. It means that whales were finding DOGE attractive at the low valuation. 

A 4-hour chart outlook shows DOGE on an uptrend

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Source – TradingView

From the 4-hour chart, buyer activity on DOGE increased as the token bottomed below the bearish trendline. A bullish surge followed, pushing the price to break above the trendline. The meme token also broke above the moving averages. A 20-day MA crossover above the 50-day MA supports the upside potential. From a technical perspective, a bullish reversal has been confirmed on DOGE after the breakout. 

Buyers will try to take DOGE back to $0.07 after the breakout. However, the ride to $0.07 will be characterized by potential short-term corrections as DOGE is currently overbought.

Concluding thoughts

 A retracement towards the breakout zone is an opportunity to buy DOGE. The bullish momentum is strong, but the price is yet to reach the key resistance at $0.07.

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