Kategorie: Crypto Analysis

• Shiba Inu’s burn rate spiked by 1,502% in the last 24 hours

• SHIB remains on a downtrend, having lost 13% in a week

• The token could remain bearish on a hawkish Fed tone

Shiba Inu SHIB/USD has lost 13% of its value in the past one week. The fall extends a losing streak of the loved meme token to nearly two weeks now. Macroeconomic jitters and lack of momentum for meme-labeled assets are driving the decline. 

On the brighter side, the SHIB burn rate skyrocketed by more than 1,500% on September 21. A majority of the burned tokens occurred in a single transaction. About 134,658,618 SHIB was reported to have been burned. 

The spike in SHIB burn rate occurs when Amazon has committed to help in the process. Consequently, the “Amazon burner” has committed to burn about 247 million SHIB. Game developer Travis Johnson will use his Amazon affiliate account to remove more SHIBs from circulation.

SHIB continues to decline despite a spike in token burn

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Shiba Inu has maintained a downtrend, implying that macro concerns are the main highlight of the investors. The token trades at $0.000010, the lowest since July 25. There is no indication that buyers will arrest the decline should the Federal Reserve sound hawkish later today.

Source – TradingView

On the daily chart, SHIB is in a support zone. The token has formed multiple inside bars at the support, but momentum remains weak. If the bear market continues, a bearish breakout from the inside bar could set the price to the $0.000008 bottom. On the contrary, an improved sentiment could see the token aim back for the $0.000012 resistance.

Summary

Shiba Inu token sits at support. There is a potential for a trend continuation if a bearish breakout of the inside bar happens. Bulls could be attracted if the sentiment improves, with a price back to $0.000012 resistance a possibility.

The post Is Shiba Inu’s price decline over? appeared first on CoinJournal.

Binance Coin price lost momentum this year as momentum in the cryptocurrency industry wanes. The BNB price crashed to a low of $183, which was about 61% from the highest level in 2021. It has fallen by 48% this year, meaning that it has done better than other popular coins like BTC and ETH.

BNB ecosystem challenges

Binance Coin is the native cryptocurrency for the BNB Smart Chain network. It is an Ethereum rival that is widely used by developers building decentralized applications (dApps) in all industries like DeFi, games, and non-fungible tokens (NFT).

BNB Chain has been used to build some of the best-known applications in the Web3 industry. For example, it was used to build apps like PancakeSwap, ApeSwap, Bogged Finance, and MOBOX. Other platforms built in BNB Chain are Venus, Alpaca Finance, and Cream Finance among others.

There are several reasons why the Binance Coin price has dropped this year. First, it retreated because of the soaring inflation in key countries like the United States and the UK. As a result, central banks have been forced to hike interest rates. 

The Fed has hiked by 225 basis points this year while the Bank of England has hiked six times. Historically, cryptocurrency prices underperform in a period of high-interest rates. 

Binance Coin price also crashed as the total value locked (TVL) dropped from more than $21 billion to $5.2 billion. As a result, it was overtaken by Tron and is now the third-biggest smart contract platform in the world.

In addition, the BNB price dropped because of the underwhelming performance of the metaverse. After soaring in 2021, the metaverse has struggled this year, with projects like Sandbox and Decentraland losing momentum. BNB Chain was seen as a key player in the metaverse industry.

Binance Coin price prediction

The daily chart shows that the BNB price has been in a bearish trend in the past few weeks. In this period, the coin has crashed from a high of $337 in August to a low of $267. It has formed what looks like an inverted head and shoulders pattern.

Binance Coin price has also formed what looks like a falling wedge pattern, which is usually a bullish sign. Therefore, there is a likelihood that the coin will bounce back in the coming weeks. As such, you should buy BNB when it moves above the key resistance at $337.

How to buy Binance Coin

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The post When should I buy Binance Coin? appeared first on CoinJournal.

After a selloff in the past week, the cryptocurrency market is stabilizing, and selling volumes are dropping. This means it could be an excellent time to start looking for buying opportunities if there is a rally within the week. But where can such a rally come from? What could trigger it? Well, that will depend a lot on the news, and at the moment, the news is pointing to Metaverse cryptocurrencies as potentially big winners this week.

The latest news coming about the Metaverse is coming from South Korea. The country’s regulators are working on a framework that will fast track growth of the Metaverse in the country. Though these are long-term plans, the markets will likely respond positively to this news, which means potential growth in top Metaverse cryptocurrencies.

With this in mind, let’s now look at the top 3 Metaverse cryptocurrencies to keep an eye on this week. 

Decentraland (MANA)

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Decentraland (MANA) is one of the top Metaverse cryptocurrencies by market cap and one of the best-performing ones in the November 2021 cryptocurrency rally. However, it has since lost a lot of value and is currently trading at less than $0.80. This makes it quite affordable to most investors, and as the South Korean news filters into the market, MANA is likely to pump. That’s because it is one of the biggest Metaverse cryptocurrencies in the market now, which makes it easily accessible even to a non-sophisticated investor.

Sandbox (SAND)

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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.

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The Sandbox (SAND) is another large-cap of Metaverse cryptocurrencies that could do well if Metaverse cryptocurrencies gain traction this week. Like Decentraland (MANA), Sandbox (SAND) is one of the larger and hence more visible Metaverse cryptocurrencies that could benefit if there is FOMO around Metaverse cryptocurrencies in the month. Besides being one of the largest Metaverse cryptocurrencies, SAND has a growing ecosystem of games and other virtual assets, making it hugely undervalued at current prices.

Axie Infinity (AXS)

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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.

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Axie Infinity (AXS) is one of the top cryptocurrencies that are building one of the fastest growing play-2-earn ecosystems in crypto. It has one of the most expensive NFTs collections on the market. With its deepening P2E Metaverse, Axie Infinity has pretty good odds of growth long term.

In the short term, Axie Infinity has everything it would take to trigger FOMO if Metaverse cryptocurrencies start gaining upside momentum. One thing that gives Axie Infinity the potential to rally is its proven resilience, even during adverse events. For instance, during the Ronin hack, the price of Axie Infinity remained stable throughout.

This and the fact that Axie Infinity is currently trading at record lows from its most recent all-time highs makes it highly attractive to investors. Axie Infinity buying volumes are already rising, an indicator that bulls are taking the market, and a potentially big move could be underway.

The post Top metaverse cryptocurrencies as South Korea seeks to accelerate metaverse growth appeared first on CoinJournal.

• Algorand has surged 7% in the past day on renewed strengths

• The PoS network recently had a major network update

• Native ALGO token has jumped from key support but faces immediate resistance

Algorand ALGO/USD has gained 7% in the past day, defying Monday’s crypto slump. The token currently exchanges for $0.3389 against the USD, with a market capitalization of $2 billion. At the start of the week, major cryptocurrencies tanked significantly. Bitcoin and Ethereum both dipped below $19,000 and $1,300, respectively.

While Algorand is one of the fastest blockchains, its pump is not tied to anything specific. However, it could partly be related to a recent introduction of a system upgrade. The update boosted the layer-one network to a speed of 6,000 transactions per second.

Algorand is a blockchain built for dApps with an emphasis on scalability, security, and decentralization. It differentiates itself with the use of randomness and pure proof-of-stake algorithm. The consensus model is based on Byzantine protocol. Algorand smart contracts are powered using Turing-complete languages.

Aside from the specifics, Algorand could also be deriving its bullishness from the upcoming FIFA World cup. The world football governing body has entered into a partnership with the blockchain. 

In the deal, the network will support soccer-themed digital collectibles. Nonetheless, like the rest of the cryptocurrencies, Algorand faces strong macroeconomic factors. A potential rate hike by the US Federal Reserve is one of them. On the technical chart, Algorand is on a strong bull run.

ALGO surges from $0.28 support

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Source: TradingView

According to the daily chart above, Algorand made a comeback after retesting support severally. Both the 20-day and 50-day have joined support. However, the Stochastic Oscillator is at the overbought zone, and ALGO is almost at the $0.3509 resistance level.

Concluding thought

The current price level is not a perfect buy entry point for Algorand. The token has surged considerably and may be due for a retracement. The immediate $0.35 resistance and an overbought market require patience before any decision can be made. In that case, it is ideal to wait for a price retracement.

The post How bullish is Algorand after the latest surge? appeared first on CoinJournal.

• Stellar Lumens price has been recovering after a double bottom

• XLM could break out if the Federal Reserve stays dovish

• The token could correct if sentiment weakens

After several days of meltdown, crypto prices are picking up again. One cryptocurrency gaining bullish strength is Stellar Lumens XLM/USD. The cryptocurrency has gained more than 8% in just 24 hours. A broader look also shows a negligible 0.70% loss in the past week. That’s despite most cryptocurrencies losing value by double digits in the last seven days. 

Stellar Lumens is an open network for money transfers. According to its website, Stellar simplifies the process of creating, transferring, and trading all digital forms of money. That also includes dollars and pesos, in addition to Bitcoin and other cryptocurrencies. The aim of stellar is to allow the global financial system to function on a single network.

The current trading of Stellar Lumens is $0.11. It is a significantly low price since it almost touched $0.8 in May 2021. At the low price, investors see XLM attractive ahead of the Federal Reserve rate decision. Can the price move higher from the current level?

XLM nears a resistance after forming a double bottom at $0.10

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Source – TradingView

A technical outlook of Stellar shows the price heading back to $0.115 resistance after it bottomed at $0.10. A double bottom price at the $0.10 level suggests a trend reversal. Buyers are looking to take the price higher. A MACD crossover also confirms a bullish momentum.

Concluding thoughts

If XLM remains bullish, a breakout will occur at $0.115 and attract more buyers. A less hawkish Fed and improved crypto sentiment will reinforce a breakout. If the sentiment weakens, expect a correction at or towards $0.115.

The post Stellar Lumens eyes a breakout as price pumps 8% appeared first on CoinJournal.