Kategorie: Crypto Analysis

• Bitcoin Cash is among the top gainers with 24% weekly upside

• BCH is facing potential retracement at the current level  

• Investors should consider a buy above $120

Cryptocurrencies have recorded a significant recovery following a rate hike by the Federal Reserve. Fears of an imminent recession have also ignited a bullish sentiment. With crypto often seen as a hedge against inflation, some are reaping big. One such token is Bitcoin Cash BCH/USD.

Bitcoin Cash was forked from Bitcoin with the promise of a bigger block size and faster transactions. Seen as a more efficient alternative to bitcoin, Bitcoin Cash is living up to the very promise. Its native token has jumped 8.29% in the past day, bringing weekly gains to 24%. Comparatively, Bitcoin has pumped a miniscule 4% in the past 24 hours and 2.44% in the last week..

Zooming out further, despite the closer correlation between Bitcoin and Bitcoin Cash, the latter is showing a stronger recovery. Bitcoin Cash is up 53%, while Bitcoin has surged 16% in the past month. Of course, this is taking into consideration a $450 billion market cap difference between the two tokens. 

Nonetheless, Bitcoin Cash remains susceptible to the factors affecting the original blockchain. Both tokens are down 64% and 87%, respectively, from the highs of last year. Aside from the correlation, Bitcoin Cash is showing some positive developments from the technical outlook.

BCH Faces retracement amid a strong bullish momentum

Source: TradingView

BCH is on a strong bullish momentum, currently trading at $158. The MACD has crossed from below to above the signal line. If the momentum continues, the focus will shift to the $217, which is minor resistance. Further, $281 is the other important level that investors should keep an eye on. On the flip side, BCH could be preparing for a retracement.

The RSI indicator is at the overbought zone, a level that was last seen in March. If this is the case, $120 becomes the immediate fallback for Bitcoin Cash. If the level does not hold, the token can slide further to $92.

Concluding thoughts

BCH is not a buy at the current level. The token could be preparing for a short-term retracement. Investors should watch $120 as a potential entry point and take advantage of the next bull run. 

The post Consider buying Bitcoin Cash on a retracement as price pumps appeared first on CoinJournal.

• Cardano’s Vasil upgrade remains on course amid delays

• Investors have been snapping ADA ahead of the final mainnet launch

• The token eyes a key breakout as the price turns bullish

Cardano ADA/USD investors are anxious. The much-publicized Vasil upgrade on the mainnet remains on course. The Vasil upgrade was already deployed on the Cardano testnet in early July. That strengthened the expectations that the final upgrade was well on course. While the final deployment was expected at the end of July, the Vasil upgrade has been delayed. The Cardano team is still optimistic of the final upgrade in the next few weeks.

The fear of missing out or FOMO is very real. Investors are scrambling for the slightest opportunity in the market. ADA remains those tokens investors remain keen on. That, of course, is due to the anticipated upgrade, which will improve the scalability of the network. There are high expectations that the price of ADA will skyrocket once the upgrade occurs. As a result, whale accumulation has been ongoing.

Cardano eyes a breakout at key $0.52 resistance as price pumps

Source – TradingView

While the Vasil upgrade remains on the to-do list, the price of ADA is pumping. This time, the token is eyeing a breakout of the key level at $0.52. The token already trades at $0.539. We can’t say with sufficiency that the breakout has occurred. We need to wait for the closure of the daily candlestick to ascertain that.

A breakout will be confirmed if the candlestick closes above the resistance zone. If the candlestick closes below the resistance, Cardano will enter another moment of consolidation. For now, we remain watchful, minding that the moving averages and MACD indicators are bullish.

Summary

Cardano is eyeing a break above $0.52. FOMO and improved crypto sentiment are boosting the token. Investors should buy on a breakout above $0.52. The next resistance is at $0.65.

The post Is Cardano set for an explosive move as key breakout gets underway? appeared first on CoinJournal.

The Ravencoin price went parabolic on Friday as investors cheer the soaring cryptocurrency prices. The RVN token rose to a high of $0.042, which was about 152% above the lowest level this year. Its total market cap has risen to over $469 million, making it the 100th biggest cryptocurrency in the world. 

Why is RVN soaring? 

Ravencoin is a top 100 cryptocurrency that has a unique angle. It is a Bitcoin crone that seeks to solve some of its biggest challenges. It was created using the original BTC code. 

Ravencoin handles the challenges that Bitcoin has experienced in the past decade. For example, it is a highly faster cryptocurrency than BTC since it has a block reward time of 1 minute. Bitcoin has a block time of over 10 minutes. 

Further, while Bitcoin has a maximum supply limit of 21 million, Ravencoin has over 11 billion, making it more affordable than BTC. The cost of Ravencoin transactions is significantly lower than that of Bitcoin. 

Ravencoin price is rising simply because other cryptocurrency prices are rising as well. For example, BTC has risen to $23,970 and there is a possibility it will rise to over $25,000 in the next few days. The total market cap of all cryptocurrencies has jumped to over $1.14 trillion. 

This performance is mostly because analysts believe that the Federal Reserve will slow interest rate hikes in the coming months because the country has moved to a recession. Data published on Thursday revealed that the country’s economy contracted by 0.9% in the second quarter after falling by 1.6% in Q1. 

Further, the RVN price is rising as investors price in a situation that cryptocurrency prices have bottomed. 

Ravencoin price prediction 

The four-hour chart shows that the RVN price has continued rising in the past few days. It has jumped to the highest level since May this year. At the same time, Ravencoin has jumped above the 25-day and 50-day moving averages while the Relative Strength Index has moved above the overbought level. 

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $0.050. A drop below the support level at $0.035 will invalidate the bullish view. 

The post Ravencoin price bullish trend gains steam. Is RVN a good buy? appeared first on CoinJournal.

• Monero gears for an upgrade in August that will improve security and speed

• The token has been on an uptrend ahead of the upgrade 

• Investors should consider any retracement of the token as an opportunity to buy.

Monero XMR/USD is set for a network upgrade on August 13. The upgrade will see improved security on the privacy-focused network. The upgrade occurs after delays and will require users to update their software. New features such as “view tags” will be introduced and cut wallet sync times by up to 40%. 

The anticipated Monero upgrade has been positive on XMR lately. As of press time, the token was trading at $163. The price compares to a low of below $100 in mid-June. We cannot adequately ascertain whether the gains are directly due to the upgrade. That reflects the fact that cryptocurrencies have been bullish lately. Nonetheless, we cannot ignore the importance of the upgrade to the price of the Monero token. 

The cryptocurrency warrants the attention of an investor. A breakout of key levels allows Monero to surge higher.

Monero surges higher after recapturing $136 amid improved sentiment.

Source – TradingView

Technically, the Monero token is very bullish. The token retested the $143 support after a recent breakout. The moving averages and the MACD indicators are bullish on the token ahead of an upgrade.

The next established resistance level for Monero is $204. That represents an upside potential of 24% from the current level. The token could face some resistance at $181 but could push through to the established $204 level. Investors should buy now or consider potential retracements as opportunities to enter.

Concluding thoughts

Monero will continue pushing higher as the upgrade nears and crypto sentiment grows. Technical indicators also support a price rise, with up to a $204 price level.

The post Should you buy Monero as it maintains an uptrend ahead of the upgrade? appeared first on CoinJournal.

• Synthetix is a derivatives liquidity protocol

• Synthetix token has pushed above a key resistance

• Investors should snap the cryptocurrency on a retracement to $3.5

Synthetix token SNX/USD is trading at $4.04. The price level was reached after the token gained by at least 24% in the past week. The gains in the token come on renewed optimism of DeFi recoveries. DeFi leader Ethereum is projected to be nearing a potential shift to PoS system from PoW. That is adding interest in related protocols such as Synthetix.

In a snapshot, Synthetix is a derivatives liquidity protocol. It links to derivative trading by enabling the creation of synthetic assets that can be traded on the blockchain. Around $423 million is locked in Synthetix protocol, underlining its role in the DeFi sector. 

The recent gains in Synthetix token show that investors believe in the platform. To investors, the latest gains in SNX should invoke interest in the token. A key breakout could allow further gains, and investors should keenly watch. 

SNX breakout at $3.5 sets it on course to top $7

Source – TradingView

Technically, SNX has broken past a resistance level at $3.5. The token remains bullish, with the MACD line remaining above the moving average. The short-term 14-day and 21-day moving averages offer support below, affirming a bullish move.

We believe SNX will continue soaring after the breakout while crypto sentiment remains strong. Nonetheless, the cryptocurrency could retrace back to the $3.5 support. That would allow investors to enter and ride high. We recommend a buy on a retracement. The token has a chance to rise to $7.3, which is the established resistance.

Summary

Synthetix token is bullish after breaking past resistance at $3.5. The price could rise to meet the next resistance at $7.3. Investors should buy the token on a retracement.

The post Buy Synthetix token on a retracement as key breakout occurs appeared first on CoinJournal.