Kategorie: Crypto Analysis

• Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

• AVAX trades the $17 support zone

• Future recoveries depend on market sentiment

Avalanche AVAX/USD trades at $17.34, a level it has held since September 18. The price level has been the lowest since early July. At the bottom level, buyers are showing interest after days of consolidation. At press time, the token was up 2.07% in the last 24 hours. The gains were, however, not enough to erase 7.94% losses in the past week. 

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced entry into Avalanche on September 21. The integration will see Boba help Avalanche meet the scalability demands. Boba lauded Avalanche for its fast and low-cost transactions and eco-friendly solutions. Following the integration, Biba will become Avalanche’s first L2.

Avalanche price and prediction

The integration of the Boba network adds a positive sentiment to AVAX when the sentiment is weak. That helped the token recover slightly amid an interest rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX’s in a downtrend. The price has been moving in a pattern of lower highs and lower lows. A recent MACD bearish crossover speaks of the weakening momentum. The moving averages above offer resistance.

Concluding thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended buy. Buyers may keep optimism of recovery at the $17 support. However, with the weak sentiment, a lower price is possible. 

If AVAX holds the support intact, a wave of consolidation may follow. That will enable the token to gather sufficient momentum to go higher. The cryptocurrency has a minor resistance at $22.

The post Avalanche slides to $17 support but is it a buy? appeared first on CoinJournal.

Cryptocurrencies and other assets crashed in 2022 as concerns about interest rates rise. The Federal Reserve has hiked interest rates by 300 basis points and there is a likelihood that it will continue hiking in the coming months. Still, analysts believe that some coins will bounce back in the coming years. Here are some of the best cryptocurrencies to buy now.

Bitcoin

Bitcoin is a cryptocurrency that uses the distributed ledger technology (DLT). It is a coin that helps people move money anonymously. Over the years, most holders buy it for investment purposes. Bitcoin price has been in a strong bearish trend in the past few months. This decline is mostly because of the soaring inflation, interest rates, and low demand among participants.

Bitcoin is still a good cryptocurrency to buy now for several reasons. First, BTC has a long track record of having major dips. For example, in 2018, it dropped from a high of almost $20,000 to about $4,000 in 2020. It then soared to almost $70,000 in 2021. 

Second, BTC has a close correlation with American stock indexes like the Dow Jones and the Nasdaq 100. Indeed, these indices have all declined sharply this year as well. Historically, stocks tend to rebound after going through a major dip. Therefore, if stocks bounce back, there is a likelihood that BTC will also bounce back. Third, as the biggest cryptocurrency in the world, BTC has interest among institutional investors. 

Dogecoin

Dogecoin is a proof-of-work cryptocurrency that was created in 2014. For a long time, it was largely unknown until Elon Musk started promoting it in 2021. After that, it moved from obscurity to become one of the biggest cryptocurrencies in the world. It also pioneered a new type of cryptocurrency known as meme coins. 

Dogecoin price has fallen sharply in the past few months, giving it a market cap of more than $7.8 billion. Still, it is a good investment because of the strong community around it. It is estimated that there are now over 40 million Dogecoin holders around the world. As such, there is still real utility for the coin, which could help it recover.

How to buy Dogecoin

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Solana

Solana is a leading blockchain project that enables developers to build decentralized applications (dApps) in all industries. It is one of the biggest rivals to Ethereum. Unlike other Ethereum-killers, Solana has been used to build applications that have real utility. Some of the top apps in its ecosystem are StepN, Solend, Audius, and Brave. 

Solana price has dropped sharply this year due to the challenges in its ecosystem. For example, the total value locked (TVL) in its ecosystem has crashed from over $15 billion to about $1 billion. Similarly, the regular outages have disincentivised people from moving to the coin. Still, Solana is one of the best Ethereum rival to buy today.

Sweat Economy

The fitness industry is one of the biggest in the world. Sweatcoin is disrupting the industry using the blockchain industry. Sweatcoin makes it possible for people to exercise and make money doing so. In September, the developers launched the Sweat Economy crypto to make it possible for users to cash out their holdings.

SWEAT has crashed hard after launch as was widely expected. This drop happened as existing SWEAT holders moved to cash out. Still, in the long-term, there is a likelihood that the coin will bounce back as the developers launch new features.

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The post What crypto to buy now: 4 of the best coins to buy appeared first on CoinJournal.

EOS successfully completed its network upgrade a few hours ago, but the cryptocurrency has been underperforming ever since.

EOS, the native coin of the EOS network, has been underperforming over the last 24 hours. The coin has lost more than 3% of its value so far today and risks dropping below $1 if the bearish trend continues.

The poor performance comes despite the broader crypto market performing well so far today. In the last 24 hours, the broader crypto market has added less than 1% to its value, with the total crypto market cap now around $922 billion.

Bitcoin climbed above $19k earlier today after adding more than 1% to its value in the last few hours. Ether is looking to surge past the $1,300 resistance level but is down by more than 2% in the last 24 hours.

EOS’s poor performance comes despite the EOS Network Foundation announcing the successful completion of its Antelope Leap 3.1 upgrade on Wednesday, September 21st. 

This latest development means that the EOS Network is no longer tied to Block.one and Bullish. The team said the switch to Antelope Leap 3.1 would see EOS block producers who operate the public network formally adopt code solely developed under the helm of the EOS Network Foundation (ENF).

Key levels to watch

The EOS/USD 4-hour chart is bearish as EOS has been underperforming over the past few days. 

EOS/USD Chart By TradingView

The MACD line is below the neutral zone, indicating that the EOS market is currently bearish. The 14-day relative strength index of 33 shows that EOS is close to entering the oversold region.

At press time, EOS is trading at $1.23 per coin. If the bearish trend continues, EOS could drop below the $1.1724 support level.

However, with the broader crypto market now performing well, EOS could embark on a recovery. If that happens, EOS could move past the $1.3348 resistance level before the end of the day.

Unless there is an extended bullish run, EOS should stay below the $1.4701 resistance level in the near term. 

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The post EOS is down by more than 10% today after the Antelope upgrade. Will it dip lower? appeared first on CoinJournal.

Bitcoin is making a rebound, and most top cryptocurrencies are making positive, albeit small, gains. This is an indicator that though all financial markets are in the red right now, cryptocurrencies could be about to make a rebound.

This means it could be time to start looking into cryptocurrencies with strong news that could see them perform well for the remainder of the week and possibly for the rest of the month.

If you are looking to make the most of the market today, below are some of the cryptocurrencies that could easily end the week higher by double-digit percentages. Each of them has strong news backing them up.

XRP (XRP)

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XRP (XRP) is one of the top-performing cryptocurrencies this week. Currently, it is up by over 15% in the week. This follows a spat between the SEC and Ripple’s general counsel, who wondered why the SEC chairman acted like a cryptocurrency cop. 

The growing feeling is that the case between Ripple and the SEC is close to the end and that Ripple has a chance of winning it. If positive news keeps coming off this case, then XRP has the potential could remain in the green for the remaining part of the week. On top of that, if the case ends in Ripple’s favor within the year, XRP could be one of the best-performing cryptocurrencies by the end of 2022. 

EOS (EOS)

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EOS (EOS) has lagged behind the broader cryptocurrency market for a while now. Even in the last bull run, EOS vastly underperformed. However, this week there is reason to be bullish on EOS. That’s because of the Antelope Protocol update. 

Through this update, the EOS network will be able to give users a better experience and make the network more attractive to developers. Among the features that developers will enjoy include EVM cryptographic functions and faster transaction life cycles. Since this gives EOS higher odds of long-term adoption, this crypto could benefit from FOMO in the short term. 

Cardano (ADA)

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Cardano (ADA) is known to rally whenever there is big news around it. This is thanks to the Cardano community’s strength, one of the most passionate in the market. The big news is that Cardano now has more value staked than other top blockchains like Avalanche and Binance Coin. The total value staked on Cardano is $11.49 billion, making it the third most staked network after Ethereum and Solana.

This is likely to draw a lot more attraction to Cardano, given that it is also one of the most scalable networks with some of the lowest transaction costs in the market. In essence, the growing amount of staked value in ADA signals a potential for long-term adoption.

All this puts Cardano in an excellent position to rally in the short term, and hence crypto is worth watching not just this week but heading into October.

The post Three large-cap cryptocurrencies that brave the crypto bear wave this week appeared first on CoinJournal.

• Solana is down 3% in the past week amid bearish pressure 

• An influential analyst is predicting $375-$739 for Solana

• SOL has retested key support with key indicators flashing red lights

Solana SOL/USD has lost 3.24% in the past week to trade slightly above $32. The second-largest proof-of-stake network after Ethereum, currently commands a market cap of $11 billion.

According to its website, Solana is a decentralized computing platform. The layer-one network is powered by SOL, a token used for paying transaction fees and utility. Despite the current value, which is nothing compared to its ATH of $260, there are positive predictions.

A popular anonymous analyst is predicting a bull run for Solana. The strategist, who doubles as a host for InvestAnswers, is basing his prediction on market dominance. He said that Solana could command 10-20% market dominance in a hypothetical situation.

The Youtuber, who currently has more than 400,000 subscribers, maintains that Solana could reach $375. In the same breath, he thinks Ethereum could reach as much as 25% market dominance and $15,450. In the best-case scenario, the optimist believes that Solana could trade at $739, given a market dominance of 20%.

While it may sound too good to be true, Solana remains a formidable layer-1 that rivals Ethereum. The network is built on a promise of high scalability. Recently, Solana integrated its first layer-2 scaling solution, Nitro. The layer integrates Cosmos and IBC platforms.

Aside from the fundamentals and rosy predictions, Solana is a bearish market. It has retested key support, and its TVL is also in the red. At the time of writing, Solana TVL was down 1.22% in the past day at $1.29 billion, according to data from DeFi Llama.

SOL retests $32 support

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Source: TradingView

From the technical chart above, SOL has retested support. The digital asset is trading below the 20-day and 50-day moving averages. The duo MA could present points of consolidation to the upside. Further, the Stochastic Oscillator has entered the oversold zone, currently below 20.

Concluding thoughts

Despite Solana being under bearish pressure, it remains a key token to watch in the crypto space. How soon the token can turn around its fortunes is a matter of debate. At the moment, the current price is not a good entry point, and patience should be exercised until a trend reversal is seen.

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