Kategorie: Crypto Analysis

• Optimism token has, alongside L2 Ethereum solutions been surging ahead of the Merge.

• Optimism witnessed strong fundamentals in July and August.

• OP could fall by a further 22%.

Optimism OP/USD is a Layer-2 scaling for the Ethereum network. Its role is to facilitate less costly and quick transactions on Ethereum. Following the Ethereum Merge, eyes were on alternatives and scaling layers for price reaction. Since the Merge has occurred, it is crucial to evaluate how Optimism has reacted. 

Well, Optimism was the talk of the streets in July and early August as prices pumped. Whereas the gains were driven largely by speculations, a couple of fundamentals helped. One includes the liquidity mining program which Optimism launched on Aave in early August. The development pushed the deposits on Aave to Optimism up by a significant 493%. 

The Ethereum Merge was also adding momentum to Optimism. The Merge is expected to increase the role of scaling solutions through a “Rollup-Centric Roadmap.” The roadmap allows Ethereum to become the data availability and settlement layer. It will leave the scaling role to Layer-2 Protocols.

OP risks another 22% drop as price falls post-Merge

Technicals are not convincing for the Optimism token. On the daily chart, the price drop coincides with a MACD crossover to the bear zone. That allowed the price to fall below the moving averages. 

Source – TradingView

Assuming an extended correction, OP will fall back to the late August lows of $0.98. That represents a drop of around 22%. The bearish prediction will be invalidated if the price recovers above the 20-MA. It should be confirmed with a clear reversal and improved sentiment.

Concluding thoughts

Optimism could continue to fall despite the expected benefit from the Merge. It suggests that the token already benefited from the post-Merge expectations. $0.98 is the next bottom for OP.

The post Where is optimism OP after Ethereum Merge? appeared first on CoinJournal.

• PancakeSwap is a decentralized exchange with a role to play in DeFi.

• CAKE has made solid recoveries and risen on the CoinMarketCap ranking.

• CAKE is pushing above key support of $4.12.

PancakeSwap CAKE/USD is among the few cryptocurrencies that have remained steady. As of press time, the cryptocurrency had gained 2.30% in the last 24 hours. Losses in the week are now 3.23%, quite negligible considering that many tokens had lost by double digits.

On the CoinMarketCap ranking, CAKE has climbed to position 66. That is a significant jump from position 78th on July 20. CAKE shows that it can still go higher as bulls reject a decline below $4.12 following a retracement. 

In the crypto ecosystem, PancakeSwap is classified as a decentralized exchange or DEX. It is a non-custodial peer-to-peer marketplace for buyers and sellers of cryptocurrencies. On PancakeSwap, users can swap tokens and participate in yield farming. With these notable features, PancakeSwap plays a role in the growth of the DeFi sector. The protocol runs on the BNB Chain, and Binance Labs already holds an investment. 

PancakeSwap movement and prediction as recovery continues

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Source – TradingView

A technical outlook shows that CAKE is bullish. Since the recovery started in June, the cryptocurrency has maintained a system of higher highs and higher lows. CAKE recently touched a high of $4.5 before correcting to $4.12. The token has maintained above the 20-day and 50-day moving averages for some time now. The MACD indicator remains in the bull zone despite momentum weakening.

Concluding thoughts

To a short-term trader, any dip is an opportunity to buy CAKE. The current level presents a buying opportunity. Our prediction puts $4.5 as the immediate resistance level. If the price overcomes $4.5, it could head to $5.0 next.

The post PancakeSwap prediction as price rejects decline below $4.12 support appeared first on CoinJournal.

• Fantom blockchain was touted as a leader in smart contracts

• Fantom has been losing TVL since the developers exited

• FTM is under pressure at $0.24

Fantom FTM/USD – a cryptocurrency that once traded at $3.6 exchanges hands at just $0.25. FTM has lost by double digits in the past week. It looks bearish despite recovering 2% in the last 24 hours. Are we set for a further slide or recovery?

In 2021, Fantom blockchain was touted as among the best smart contract protocol for dApps and digital assets. That was due to the blockchain’s high throughput and fast transactions. The expectations that Fantom will drive DeFi growth helped its native token to surge last year. Alongside the utility aspects, such as staking, FTM gained prominence as prices touched new highs.

A totality of uncertainty could be behind the recent drop and weak recovery in FTM. Since the news of the exit of key developer Andre Cronje, Fantom has never been the same. The news was later followed by geopolitical jitters and macro issues, which gave FTM the final blow. These macro events are far from over, while the return of the exited developers remains speculation. The total value locked on Fantom has fallen to just $498.7 million from $8.03 billion in March.

FTM remains vulnerable as the price weakens at the support

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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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Source – TradingView

A technical outlook shows that FTM has remained on a downtrend since the mid-August high of $0.4. Both the 20-day and 50-day moving averages offer resistance above. An RSI reading of $38 shows investors have been aggressively selling the token. 

Concluding thoughts

FTM remains vulnerable at the $0.24 support zone. There is no bull trigger for the token, and the price lacks momentum. The next potential level is $0.21 if FTM buyers fail to inspire a comeback at the current zone.

The post Fantom recovery looks in tatters as bulls fail to inspire a comeback appeared first on CoinJournal.

• Binance announced the Binance Account Bound token on September 8

• BAB will be an identity verification proof on Binance Chain

• Binance coin lost important support after inflation data

A week ago, Binance BNB/USD announced the launch of the Binance Account Bound token or BAB. The crypto exchange described it as a soul-bound token that will only be used as proof of KYC verification. Users can mint the new token on BNB Chain, participate in projects, and generate rewards.

The launch of BAB coincided with a surge in BNB price and trading volumes on the exchange. BNB trading volumes rose past the 1 billion mark highlighting the significance of the latest development. The prior gains seem to have now waned.

From the technical front, the BNB price initiated a bullish breakout from an inside bar. Our latest call indicated that the breakout makes BNB likely to head to $326. However, Tuesday’s inflation data triggered a bearish market for BNB. That has pushed BNB back to $274, below the key support of $278. Does the price indicate that BNB is bearish?

BNB price movement and prediction as price slides below support

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Source – TradingView

On the technical front, BNB has lost the battle at the $278 support, the 20-day and 50-day moving averages. The MACD line has also closed below the moving averages as bearish pressure mounts. However, we cannot confirm a bearish momentum at the moment.

At the current price, BNB is yet to break below the primary bar, which initiated an inside bar breakout. To confirm a bearish movement, the price needs to clear below $261. At the same time, BNB is not attractive at $274. All the technical indicators are bearish. 

Concluding thoughts

We need more price action to confirm a bullish or bearish bias for BNB. For now, the token has not yet invalidated a bullish bias from the inside bar breakout.

The post Is BNB attractive as it battles $274? appeared first on CoinJournal.

• Crypto.com has plunged 4% in the past day

• Tokens native to crypto exchanges are also looking bearish amid volumes

• CRO has retested key support with a low momentum

Crypto.com CRO/USD price is hovering around $0.1051 after dropping 4.92% in the past day. The token’s weekly losses currently stand at 11.04%. The bearish turn is not specific to CRO. Several tokens native to crypto exchanges are also facing a sell-off.

BNB token is down 6%, while Huobi token and FTT have lost 3.04% and 11% in the past week. The trend can be linked to low trading activities amid a prolonged market correction. Currently, the crypto market capitalization has dropped 3.7% to $961 billion.

Cronos, formally called crypto.com token, is used for payments, trading, and financial services. The digital asset is backed by Crypto.com, one of the fastest-growing crypto exchanges. CRO remains bearish despite the exchange recently adding support for native assets of an NFT platform.

In the deal, users can trade native tokens of Minted, a Cronos Labs Startup. The entity allows for the listing and purchase of over 10 million NFTs on CRO and Ethereum blockchains. Other fundamental aspects holding back CRO are related to regulatory aspects. 

The exchange was recently forced to halt UEFA league sponsorship deals worth $500 million. Crypto.com, which has been known for teaming up with sports companies, cited regulatory concerns. The technical outlook is not looking great either. 

CRO retests $0.1054 support amid a bearish momentum

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Source: TradingView

From the daily chart above, CRO has been trading on a trend of lower highs and lower lows. It moved from $0.1557 on August 13 to the current price of $0.1051, signifying a 32% decline. The downward pressure has driven CRO below the 20-day and 50-day moving averages.

At 13, the Stochastic Oscillator is at the oversold zone, showing that the token could be due for a trend reversal. However, a trend reversal remains subject to a change in sentiment. If that is the case, the immediate resistance level will shift to $0.1213.

Concluding thoughts

CRO is facing bearish pressure amid a waning momentum. Although the token has entered the oversold zone, a trend reversal is not visible. The token has retested support and can trade lower if the level does not hold.

The post CRO on the brink of another low as momentum wanes appeared first on CoinJournal.