Kategorie: Crypto Analysis

Cryptocurrency prices have had a brutal pullback this week as investors wait for the upcoming Fed interest rate decision. Some coins like Ethereum ans Bitcoin have dropped by more than 10% from their highest points this month. Still, some cryptocurrencies are doing well as they defy gravity. 

Marlin (POND) 

Marlin price has done well in the past 24 hours. According to Binance, the POND coin has risen by over 30%, making it the best-performing coin in its ecosystem. 

For starters, Marlin is a relatively small blockchain project whose token has a total market cap of over $62 million, making it the 342nd biggest cryptocurrency in the world. 

Marlin Protocol is a platform that helps developers building Decentralized Exchanges (DEX), cloud and storage systems, Internet of Things (IoT), and gaming platforms accelerate their projects. It delivers scalability, resiliency, and decentralization at layer 0 by optimizing the network architecture underneath blockchains. 

Spartan Protocol (SPARTA) 

Spartan Protocol is another cryptocurrency that is defying gravity. The SPARTA coin has risen by 10% in the past 24 hours, giving it a market cap of more than $5.7 million.

Spartan Protocol, which is built on the BNB Chain, pairs a unique liquidity-sensitive AMM algorithm with low gas fees and fast settlement to provide a range of open, permissionless DeFi services to users. 

It simply lets people trade easily on the BNB blockchain. According to its website, it has a total value locked of over $1.9 million while the total swap volume has been falling. 

SPARTA price has jumped sharply as investors reacted to news that the coin was added to Bitrue, a leading crypto exchange. 

Komodo (KMD) 

Komodo is another cryptocurrency that is defying gravity. The KMD crypto price has risen by more than 10% in the past 24 hours, giving it a market cap to over $39 million. 

Komodo is a leading blockchain platform that enables developers to build scalable applications. Some of the most notable companies that use Komodo are Abra, Guarda, Travala, ShibaDEX, ChainZilla, and Atomic DEX. 

It is unclear whether these three coins will continue rising this week. Indeed, these days, some of the best performing cryptocurrencies in a given day are some of the worst performing in the following day. For example, the best performing coins on Monday are the worst performers on Tuesday. They include Quant, Near Protocol, Render Token, and Adventure Gold. 

The post Top 3 crypto defying gravity amid the sell-off: POND, SPARTA, KMD appeared first on CoinJournal.

Ethereum and Ethereum Classic are two similar blockchains, yet they carry a stark contrast. Ethereum is ranked the second largest cryptocurrency, with a market cap of $185.4 billion. Ethereum Classic is ranked at position 22 with a market cap of $3.4 billion. So what distinguishes them?

Ethereum Classic is a hard fork of Ethereum

Ethereum classic was founded in 2016 as a hard fork of the Ethereum blockchain. That was after a major hacking incident on Ethereum. Ethereum Classic relies on ETC, its native cryptocurrency, to run transactions. Both Ethereum and Ethereum Classic carry smart contract functionalities. They are decentralized, and privacy protection comes on top for both blockchains. 

Nonetheless, as with most hard forks, the forked blockchains carry some unique attributes. Ethereum Classic is a Proof-of-Work blockchain. Miners have to crack mathematical problems to validate transactions. They subsequently get rewarded with ETC tokens. While Ethereum runs on the PoW consensus mechanism, it is transitioning to Proof-of-Stake. Users will need to stake ETH to become validators, a less energy-intensive process. The shift to PoS or merge is expected from September.

Another major difference is that there is no capped supply for Ethereum. Nonetheless, developers have set a base 4.5% increase every year. A burning mechanism helps to keep the supply in check. Contrary, Ethereum Classic has a fixed supply. The maximum supply in the market is 230 million, and tokens cannot exceed the limit. 

Which should you invest in?

Ethereum ranks ahead of its hard fork with its market valuation. It is already dominant in the NFT and DeFi sectors. For PoS lovers, Ethereum comes top due to the upcoming merge. However, Ethereum Classic comes on top when considering a cheaper ETH alternative. We find both tokens have similar price trends. Investing in either token depends on the interests of the investor.

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• Aave is one of the largest DeFi platforms

• The token has been gaining as cryptocurrencies rose on hopes of DeFi recoveries.

• AAVE token has breached a support zone and eyes new lows in a market correction

Aave AAVE/USD is one of the cryptocurrencies to stage recoveries in the recent crypto surge. The cryptocurrency traded at a low of $53 at the beginning of July. It almost doubled in value to a price of $102 on July 19. The token currently trades at $85 as most cryptocurrencies edge lower. 

Aave gained on renewed hopes of the growth of DeFi. The platform is already one of the largest in the decentralized lending and borrowing sector. Aave also lets users earn passive income through staking the token. That has the potential to attract users and facilitate the growth of the DeFi platform. 

The latest above-market returns for AAVE underline trust in the platform and the utility of its token. However, the token now faces a decline, and investors should watch key levels.

AAVE set to correct more as price slides below $86 support

Source – TradingView

In the shorter 4-hour time frame, AAVE is bearish. The MACD line crossed below the moving average as the token slipped below $86 support. The 14-day and 21-day moving averages remain above the price and offer resistance. 

From the technical outlook, AAVE will continue to slide unless it reclaims the $86 support. There is currently no bull trigger, while crypto sentiment remains weak. We expect the cryptocurrency to fall and find support at $75. If the level fails to hold, the next support zone for AAVE is $68. Short-term focused investors should sell now to buy lower. 

Summary

AAVE remains under bear pressure after the recent gains. The cryptocurrency has broken below $86 support. The token could find support at $75 or potentially at $68. 

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• Cardano’s ADA has been surging for the last two weeks

• The token was rejected twice at the resistance resulting in a double top

• ADA could slide, but investors should be keen on a potential breakout

Double tops and double bottoms are important price action signals in financial markets. The “tops” are seen as price peaks and are potential signals of an oncoming bear market. The “bottoms” are interpreted similarly and suggest a potential price jump. 

Cardano ADA/USD is one of the cryptocurrencies that has remained bullish since mid-July. The crypto token rose to a high of $0.54 on July 20 from $0.41 on July 14. That happens amid an increase in whale activity on the network and as most cryptocurrencies gained. After trading slightly above or at resistance, bull exhaustion is evident. We believe ADA could fall further, but investors need not to panic.

ADA under pressure as double top forms at resistance

Source – TradingView

ADA price is under pressure after forming a double top slightly above the $0.52 resistance. The rejection of the price at the same level confirms buyer exhaustion. As a result, ADA will continue to fall in the short term. However, it also communicates that buyer interest remains strong in ADA. That was after buyers tried to clear the $0.52 for the second time. 

ADA has broken below the 14-day and 21-day moving averages. That confirms a slight bearish pressure in the short term. The token has a minor support at $0.48., where the price is likely to settle. A further drop could see ADA settle at $0.44.

Concluding thoughts

Although ADA is under pressure from the double top, buyer interest remains high. We expect only a short-term drop. ADA will see lasting recoveries if it overcomes the consolidation by breaking past the $0.52 resistance.

The post Cardano forms a double top – Are we likely to see a price decline? appeared first on CoinJournal.

• Solana has lost 5% in 24 hours as cryptocurrencies turn red

• The decline in crypto tokens is due to profit-taking after weeks of gains.

• Solana token could break out soon, and investors should be keen.

Solana SOL/USD has lost 5% in the last 24 hours as of press time. Maybe you could be wondering; is it time to buy? Or, you are a bit paranoid that the bear market has kicked in, and you are considering staying away. We urge that Solana could be looking for more bullish power before a major breakout occurs. Investors should watch the token for the potential to buy once that happens.

Looking generally at the crypto sector as of July 25, most tokens remain in the red. While the macro concerns remain, the bear market happens after some robust gains. The declines are, therefore, a result of profit taking from mainly short-term traders. SOL is one of the crypto tokens that saw an attempt to break from a key resistance fail. The slide could see buyers come in again, allowing a stronger bullish push.

Solana crashes back to the consolidation zone after a false breakout

Source – TradingView

On the daily chart, SOL has entered the consolidation zone established at between $32 and $42. It happens after the token temporarily breaches the resistance level in a false breakout. However, we can’t rule out that the breakout will remain valid if SOL holds above the MA. What we are sure of is that SOL remains bullish as long as it remains supported above $32.

At the moment, the token could continue consolidating until bulls overpower bears. The cryptocurrency is a hold. Investors can also add positions at the current level if the price remains supported by MAs. A drop to $32 would also open buy trades.

Summary

SOL remains robust despite a false breakout above $42. The token could find a bullish momentum to push above the consolidation zone. The next potential level is $58.

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