Kategorie: Crypto Analysis

The cryptocurrency market is experiencing a mixed start to the week, but LUNA is performing above the other leading coins.

The broader crypto market is experiencing a mixed start to the week. The total market cap is up by less than 1% in the last 24 hours and currently stands above $1.7 trillion.

Bitcoin is up by nearly 2% so far today and could be set to target the $40k resistance level soon. However, the other major cryptocurrencies are currently underperforming.

LUNA, the native token of the Terra ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap.

LUNA has added more than 4% to its value in the last 24 hours and currently trades above $83 per coin. The rally comes as UST, the stablecoin of the Terra ecosystem, overtook BUSD (Binance’s stablecoin) to occupy the tenth place in the cryptocurrency market. 

The rally can also be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Network is one of the leading centralised finance entities currently operating in the crypto space.

Key levels to watch

The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in recent days. However, the technical indicators show LUNA’s price action is improving.

The MACD line is still below the neutral zone, indicating that the recent bearish trend is still affecting LUNA’s performance. The 14-day RSI of 49 shows that LUNA is no longer in the oversold region.

If the positive performance continues, LUNA could surge past the first major resistance level at $90.52 before the end of the day. However, it would need the support of the broader market to cross the $95.31 resistance point. 

If the bears regain control of the market, LUNA could slip below the $80 over the next few hours. Unless there is an extended bearish run, LUNA should comfortably stay above the $75 support level in the short term. 

The post Why is LUNA up by more than 4% today? appeared first on Coin Journal.

Solana price held steady on Monday morning even as the network’s outage challenges continued. The SOL token is trading at $90.50, which is about 11% above the lowest level in April. Its market capitalization remains at over $30 billion, making it one of the biggest cryptocurrencies in the world.

Solana suffers another outage

Solana price did well during the weekend as investors reacted to the latest outage in the network. During the weekend, the network suffered a seven-hour outage as the number of bots in the network rose. According to reports, these bots were attempting to mint NFTs in the network. 

The specific NFT that was being attacked was Candy Machine. The rising number of these bots caused the mainnet to fall out of consensus and crash as nodes collapsed under the weight. 

During the bot attack, traffic to the network soared to over 4 million transactions per second. In normal times, Solana is able to handle less than 3,000 transactions per second.

Solana has seen other outages in the past. For example, in January, it suffered an 18-hour outage. And in 2021, it suffered several multi-day outages, leading to significant disruptions in the network. 

The rising outages in the network have had a negative impact on Solana’s network in the past few months. For one, the total value locked (TVL) in the network has dropped by 24% in the past month. 

However, there have been some positives. For example, Solana was in the spotlight in April as the value of Stepn’s GMT continued jumping. It is now worth over $2 billion, making it the biggest move-to-earn cryptocurrency in the world. As such, Solana is positioning itself to be a major player in the Web 3.0 industry. 

Solana price prediction

The SOL price has been in a bearish trend in the past few weeks. The current price has moved below the April high of $144. The price is approaching the important support level at $76.72, where it has struggled to move below this year. The coin has also dropped below the 25-day and 50-day moving averages while the MACD has moved below the neutral level.

A closer look also shows that the Solana price has formed a head and shoulders pattern. Therefore, there is a likelihood that the coin will have a major bearish breakout in May. This view will be invalidated if the coin moves below $76.72.

The post Solana price prediction for May 2022: Worrying pattern forms appeared first on Coin Journal.

Decentralized exchanges are often seen as an integral part of the crypto industry. As such, over the years more and more DEXs have been launched on Ethereum and other blockchains. But why are DEXs actually getting so much attention from investors? Here are some reasons:

• Many DEXs are solving the liquidity limitations that have curtailed their growth for years.

• DEXs are seen by crypto traders as safer and more private compared to central exchanges.

• Growth in DEX trade volume is going to keep rising in the near future.

Well, for investors looking for the best Ethereum-based DEXs to invest in, we have three coins below that should be perfect.

UniSwap (UNI)

Uniswap (UNI) is the king of DEXs. It was in fact one of the first such platforms to be built on Ethereum. Other DEXs have followed suit, but most are modeled behind the UniSwap original concept.

Data Source: Tradingview 

At the moment, Uniswap remains the biggest DEX on Ethereum. It also recorded nearly $51 billion in trade volume in January, one of the highest in the market. If you are looking for a tried and tested DEX with a proven track record of success, Uniswap is just perfect.

dYdX (DYDX)

dYdX (DYDX) is designed for derivative traders. It offers access to a huge range of perpetual contracts and futures on several crypto assets. It is also fast, secure, and offers lower fees compared to many derivative trading platforms out there. On average, the platform gets around $6.5 billion in daily trading volume.

1Inch Network (1Inch)

1Inch Network (1Inch) is a liquidity aggregator and DEX that offers users peer-to-peer crypto trading. It is also providing the infrastructure needed to expand DeFi all over the world. The network offers cross-chain liquidity aggregation and makes it easier for traders to buy and sell crypto assets with very minimal slippage fees.

The post Best Ethereum DEX coins to buy and hold right now appeared first on Coin Journal.

Shiba Inu price has been disappointing lately. It has crashed by more than 75% from its all-time high, giving it a market capitalization of more than $12 billion. As a result, it is the 15th biggest cryptocurrency in the world. A common question among traders is whether Shiba Inu is a good investment. In this article, we will explain why we believe that SHIB is a good investment. 

Read more about how to buy Shiba Inu.

SHIB is an ERC-20 token

Shiba Inu is known for its association with Dogecoin. Indeed, the coin was created in a bid to become a better alternative to Dogecoin. However, the two coins are radically different. For one, DOGE is built from scratch using proof-of-work technology. Its foundation is similar to that of Bitcoin, which means that anyone can mine it. 

However, Shiba Inu is an Ethereum Request for Comments (ERC-20) token. An ERC is the smart contract standard for building on Ethereum. As a result, Shiba Inu does not have its underlying technology, meaning that it uses the one provided by Ethereum.

This is a good thing considering that Ethereum is now in an upgrade period where its developers are transitioning it from a proof-of-work to a proof-of-stake platform. The Merge of the Beacon Chain and the current Ethereum will happen in the third quarter of 2022. Therefore, this merge will make Shiba Inu faster and more user-friendly.

Shiba Inu is not just a meme coin

One of the top concerns that many people have about Shiba Inu is that it is a network without any utility value. While this was the case when it was started, things have changed dramatically in the past few months. Its developers have increased its utility as they seek to make it a more useful platform.

One of the most useful products is known as ShibaSwap. This is a Decentralized Finance (DeFi) platform that makes it possible for people to swap tokens, buy and sell non-fungible tokens, and even invest to gain returns. 

ShibaSwap is a relatively young product that has a total value locked (TVL) of over $70 million. Therefore, there is a likelihood that the Shiba Inu price will keep growing as this ecosystem grows. There is a possibility that it will grow because of how popular Shiba Inu is among traders. 

Therefore, we believe that Dogecoin and Shiba Inu have a similar relationship like that of Ethereum and Binance. While Bitcoin is mostly used for payments, Ethereum has additional utility value. 

It is possible to stake Shiba Inu

Staking is a process where an investor is able to earn a return for simply depositing their coins in an exchange. Because of how it is built, it is not possible to stake Dogecoin. But it is possible to earn a return by staking Shiba Inu.

One of the easiest methods of earning these returns is using Shiba Swap. To do this, just visit the website and then select bury. The idea is that when you bury your SHIB, you will earn proportionally to your contribution to the pool. 

After staking, you will receive xSHIB which represents your share of the return. These rewards are then distributed every week. At the time of writing, the APY for staking Shiba Inu is 5.50%, which is a reasonable amount.

Read more about the best cryptocurrency exchanges.

Shiba Inu is known for its comebacks

Another reason why we believe that Shiba Inu is a good investment is that the coin is known for its comebacks. When Shiba Inu was started, its price initially jumped to a high of $0.000040. At the time, most people were equating it to Dogecoin, which was then having its best time ever. 

However, these gains were short-lived as the coin crashed by more than 90% and reached an all-time low of $0.0000055. At the time, most people, including myself, believed that the coin had collapsed. This changed in October 2021 when the coin rallied to an all-time high of $0.000090. This means that the coin can always make a comeback. 

History is full of coins that dropped sharply and then bounced back. For example, in 2020, Bitcoin crashed from over $13,000 to $3,500 when the Covid-19 pandemic started. While most people expected its price to keep crashing, it bounced back and reached an all-time high of nearly $70,000. 

Shiba Inu crash is not isolated

Further, Shiba Inu is a good investment because its current crash is not an isolated case. For one, most coins have been in a downward trend for months as worries about the hawkish Federal Reserve continue. Notably, other assets like stocks have also crashed hard, with the Nasdaq 100 falling by more than 10% from its YTD high.

Therefore, this is a good thing because, historically, sharp downward trends don’t last forever. I expect that Shiba Inu and other coins will rebound when the sell-off in stocks ends.  Further, SHIB has an excellent risk-reward ratio because of how cheaply it trades.

The post Is Shiba Inu a Good Investment? 5 Reasons We Think It Is appeared first on Coin Journal.

The cryptocurrency market has continued its slow recovery following its poor start to the week.

The broader cryptocurrency market could end the week on a positive note, thanks to its latest performance. The total crypto market cap has increased by less than 1% and currently stands above $1.8 trillion.

Bitcoin is closing in on the $40k psychological level despite adding less than 1% to its value in the last 24 hours. Ether is up by roughly 2% so far today and looks set to reach the $3,000 mark soon.

BNB, the native token of the Binance ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours. The coin has added more than 4% to its value over the past few hours, outperforming the other major coins and tokens in the process.

The rally is fueled by the news that Coinbase has listed Binance USD (BUSD) stablecoin. Coinbase is a major cryptocurrency exchange and one of Binance’s leading competitors.

Hence, the news that Coinbase was listing Binance’s stablecoin served as the catalyst to push BNB higher. 

Key levels to watch

The BNB/USD 4-hour chart is still bearish as BNB has been underperforming in recent days. However, the technical indicators show that BNB is recovering from its recent slump.

At press time, BNB is trading at $404.90 per coin. The MACD line is still below the neutral zone, but the recent trajectory shows it could cross into the positive territory soon. The 14-day RSI of 57 shows that BNB is no longer in the oversold region.

If the rally continues, BNB could rally past the first major resistance level at $423 before the end of the day. However, the resistance point at $435 should cap further upward movement in the short term.

On the flip side, if the bears regain control of the market, BNB could be forced to defend its major support level at $394. 

The post Why is BNB up by more than 4% today? appeared first on Coin Journal.