Kategorie: Crypto Analysis

• Ripple reported a 50% jump in XRP sales in the second quarter

• The token has pushed above a consolidation channel, but buyer power is weak

• Investors should watch price action at $0.37

Ripple XRP/USD has seen an unprecedented demand lately. A recent report indicated that Ripple sold $409 million worth of XRP tokens in the second quarter. The sales were double that of the previous quarter. That suggested an increase in its On-Demand Liquidity service. The increase in demand could be attributed to investors’ expectations of a price surge. That relates to potential positive outcomes from the case with the SEC.

Despite the second quarter sales, XRP remained in the trenches. It held to a bottom of $0.3 up to mid-July. Ripple attributed the low price of XRP to macro issues and protocol-specific developments. Of course, notwithstanding, the SEC case could go either way.

Still, investors have been optimistic about XRP price recovery. After the price remained in a consolidation zone for nearly 2 months, it broke out on July 30. The breakout occurred after the price pierced through the $0.37 resistance. However, we see this as a mini-breakout as the token has to overcome another tackle at $0.40. That explains why bulls’ power remains weak. However, XRP remains on course for stronger gains and should be on investors’ watch list.

XRP retreats to resistance-turned support after the latest breakout

Source – TradingView

On the daily technical outlook, XRP has touched the $0.37 breakout level after the latest correction. The MACD indicators are bullish on the token, although the momentum is waning. Investors should watch $0.37 for a potential bullish reversal. If XRP breaks below the level, it could slip back to the consolidation zone once more.

Summary

XRP remains in bullish momentum, but bears are pushing the price lower. We need to watch $0.37 for a bullish reversal.

The post XRP’s mini breakout faces bear pressure as bullish momentum fades appeared first on CoinJournal.

Decentralized Exchanges (DEX) have had a strong recovery in the past few weeks as volume increases. Indeed, DEX tokens have outperformed those of centralized exchanges like Huobi, OKX, and FTX token. Investors appear to believe that DEXes have done better during the recent meltdown that has seen many centralized companies like Voyager Digital go out of business.

dYdX (DYDX)

dYdX is a leading decentralized exchange that enables people to buy and trade hundreds of digital currencies. At its peak, the platform used to process over $4 billion worth of cryptocurrencies. Recently, however, the daily volume has dropped to about $700 million because of the ongoing sell-off.

The dYdX price has jumped sharply in the past few weeks. It has risen by over 157% from the year-to-date low. There is a likelihood that the coin will continue rising as the crypto industry stages a comeback. 

Another key catalyst for dYdX is the upcoming launch of the new smart contract platform. In a recent announcement, the developers announced that they were moving from Ethereum and building a new platform in Cosmos. Therefore, there is a likelihood that the coin will remain at elevated levels in August.

Uniswap (UNI)

Uniswap is a leading decentralized exchange that is credited for revolutionizing the industry. It is the biggest DEX, with a total value locked (TVL) of $6.40 billion. It is the fourth-biggest DeFi network after Maker, Lido, and Compound.

Uniswap has millions of users and has helped to handle cryptocurrencies worth over $1 trillion. It has also expanded its ecosystem, with some of its key platforms being Gelato, Sorbet, Rainbow Wallet, and Flipside Crypto among others.

UNI is a good DEX token because of its role as a pioneer and the fact that it has a strong market share. Most importantly, it is a blue-chip network that will likely survive just as Amazon and Google survived the dot com bubble.

Balancer (BAL)

Balancer is another DEX platform that is worth investing in in August. It is a platform that lets people invest in automated portfolios and trade digital tokens. According to DeFi platform has a total value locked of over $1.49 billion. Balancer is the 12th biggest DeFi platform in the world. 

Balancer is a good investment because of its recent launch on Optimism and the rising inflows to the network. The Balancer price has jumped by more than 71% from its lowest level in 2022.

The post Best 3 DEX tokens to buy in July: DYDX, UNI, BAL appeared first on CoinJournal.

YFI price rose for five straight days as investors bought the dip in DeFi cryptocurrencies. Yearn Finance rose to $11,350, which was the highest point since May 12th of this year. It has jumped by about 172% from the lowest level this month, bringing its total market cap to over $358 million.

Yearn Finance recovery

Yearn Finance is one of the oldest blockchain projects in the decentralized finance (DeFi) industry. It was established by Andre Cronje, a leading player in the industry. Cronje is also credited for creating platforms like Wonderland and Abracadabra.

The platform simply enables people to earn returns from their cryptocurrencies. At its peak, Yearn had a total value locked (TVL) of over $6 billion, making it one of the biggest platforms.

Recently, however, the platform has lost steam as the number of people using it to grow their wealth has fallen. According to DeFi Llama, Yearn Finance has a TVL of about $660 million. It has been overtaken by other platforms like Lido, Maker, and Compound. Yearn is built on top of Ethereum, Arbitrum, and Fantom blockchains.

Yearn Finance was created to be the Amazon of the blockchain industry. After depositing funds in its platform, it scours the market to identify the best returns in other protocols like Aave, Curve, and Compound. As such, users can optimize their returns in just a few steps. 

The YFI price is rising as investors predict that there will be more demand for DeFi tokens now that the industry has weathered this year’s crisis. Indeed, many DeFi platforms have been left unscathed even as other centralized platforms like Voyager Digital and Celsius filed for bankruptcy.

YFI price prediction

The four-hour chart shows that the Yearn Finance price has been in a strong bullish trend in the past few days. It has risen above the important resistance level at $8,100, which was the highest point on June 24th. Yearn has rallied above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.

Still, with the coin extremely overbought, there is a likelihood that its price will pull back in the next few trading sessions. If this happens, it will retest the support at $8,109, which is about 30% below the current level.

The post YFI price prediction: Yearn Finance could sink by 30% appeared first on CoinJournal.

Tron price has held steady on Saturday as investors focus on the ongoing crypto recovery and the gains made by UNIFI. The TRX token rose to $0.70, which is about 50% above the lowest level this year. Its market cap has jumped to over $6.4 billion, making it the 17th biggest cryptocurrency in the world.

Unifi Protocol and USDD growth

The TRX price has jumped sharply in the past few weeks as cryptocurrencies rebound. Indeed, most coins like Ethereum, Bitcoin, and XRP have all gained recently, with the total market cap of all digital coins soaring to over $1.1 trillion.

Tron has also risen because of the substantial gains made by USDD, the stablecoin that was launched in May this year. USDD is an overcollateralized algorithmic coin that it hopes will become a leading player in the crypto industry. 

Still, there are concerns about the little growth of the coin. After moving from $0 and seeing strong inflows, its market cap has been stuck at $725 million. This is a sign that demand for the coin may have peaked.

For one, investors are scared about its future since the coin is algorithmic in nature and is backed by risky cryptocurrencies like TRX and Bitcoin.

Tron price has jumped because of its expanding DeFi universe. For example, according to DeFi Llama, the total value locked (TVL) in Tron has jumped to over $5.88 billion, making it the third biggest platform after Ethereum and BNB.

Most of this growth has been driven by Unifi Protocol. The total value locked in Unifi has jumped by 581% in the past 30 days to $1.5 million. This is notable since this is a small platform that is gaining traction. Unifi is a platform that offers several products like uTrade, uStake, bridge, and Unifi Bridge.

Tron price prediction

The four-hour chart shows that the TRX price has been in a strong bullish trend in the past few days. It has remained above the ascending trendline shown in red. At the same time, it has moved slightly above the 25-day moving average while the Relative Strength Index (RSI) has moved slightly below the overbought point at 70. 

Therefore, there is a likelihood that Tron price will continue rising in August as demand for the coin rises. If this happens, the next key resistance level to watch will be at $0.80.

The post Tron price prediction as Unifi Protocol TVL explodes appeared first on CoinJournal.

momentum

• The Graph is an indexing protocol for querying other networks

• The Graph token GRT surged by 19.44% in 24 hours

• The token could rise to $0.16, and a potential retracement at $0.13 offers a change for entry.

The Graph GRT/USD may not be the most talked about cryptocurrency. However, the network solves a critical blockchain problem.

The Graph refers to itself as an indexing protocol for querying other networks such as Ethereum. Before the Graph, developers had to come up and run proprietary indexing servers. The process was resource intensive while undermining the security features required in decentralization.

Ranked at position 55 by market cap, The Graph has been making slow but sure gains. Our attention is drawn to 24-hour gains of 19.44%. The gains coincide with an accelerated trading volume which surged by 82%. Investors looking for an alternative to the top major coins should consider The Graph. 

The Graph maintains an uptrend with potential resistance at $0.13

Source – TradingView

Technically, MACD and moving averages are bullish on The Graph token. The cryptocurrency is aiming for the $0.16 resistance, the established resistance. This is after overcoming the bottom price of below $0.10. At the current price of $0.13, the target represents an upside potential of 23%.

Nonetheless, before the token rises to $0.16, it could meet a minor resistance at the $0.13 level. The token is already sliding after hitting the zone. Any potential correction could see The Graph token settle at $0.117. That would open buy trades at a lower level.

Summary

The Graph token is pushing higher as the general crypto sentiment improves. We set our target at $0.16, the main resistance after the token escaped the $0.10 bottom. The price faces some resistance at $0.13. Investors should consider buying on a retracement, potentially at $0.117.

The post The Graph token has a 23% potential from the current bullish momentum appeared first on CoinJournal.