Kategorie: Crypto Analysis

The broader crypto market has seen some consolidating gains this week after a slumpy December. VeChain (VET) has followed major coins like Bitcoin and Ethereum to report gains. In fact, since the start of the week, VeChain (VET) has been up nearly 25%. The coin was also up nearly 5% in intraday trading today. But can this uptrend hold? Here are some highlights first:

• VeChain (VET) has been one of the best performing altcoins in the last 7 days, with gains of up to 25%

• Despite this, the coin is still 50% lower compared to its highs in November and 65% down from its yearly highs.

• Relative Strength Index (RSI) shows bullish momentum is picking up, albeit buying activity is not that intensive.

Data Source: Tradingview.com 

VeChain (VET) – Price action and prediction

The recent weekly gains appear to have pushed VeChain (VET) back into a bull trend after spending the most time in the red this month. Right now, the coin has surged beyond its 50-day simple moving average. We are also looking at a very positive RSI with bullish activity expected in the near term.

VeChain (VET) still has to cross over $0.0963 for any breakout to be seen. At the time of writing, the coin was a bit below that resistance with a price of $0.09174. It is also important to note that VeChain (VET) is still over 65% below its all-time highs this year. It’s highly unlikely the coin will test those numbers again in 2021.

Should you buy VeChain (VET)

VeChain (VET) at one time had peaked to a market cap of nearly $16 billion, showing that it sparked a lot of confidence from investors. The coin has since lost nearly $10 billion in market cap ever since but despite this, the long-term fundamentals are still very good for VET. For folks who just want to buy and hold, it is a decent asset.

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The downtrend for Crypto.com (CRO) over the past few weeks has been quite consistent. The coin was mostly trading slightly lower or above its support of $0.5. Bearish momentum also looked likely to hold till year-end, but a sudden resurgence is bringing back some positive outlook in the near term. At the time of writing, the coin was up nearly 15% in intraday trading. Here are some highlights:

• Despite a consistent downtrend in recent weeks, CRO appears to have snapped out decline with a 15% surge in intraday gains.

• However, the coin is still facing overhead resistance at $0.63 and must sustain today’s gains to cross over that threshold.

• The long-term outlook for CRO remains extremely positive despite recent downtrends and headwinds.

Data source: Tradingview.com

Crypto.com (CRO) – price action and analysis

At press time, CRO was trading at $0.64. This was nearly 15% higher in intraday trading, but most importantly, the coin had managed to break slightly above its overhead resistance of around $0.63. 

Also, the latest price action shows that CRO has surged well over its 50-day moving average, something that could suggest a reversal of the bearish trend we have seen for most of December. 

However, whether the coin can sustain these gains and build up some decent momentum in the near term depends on sentiment across the broader crypto market. If bearish trends swipe through, they will weigh heavily on CRO, eventually pulling it closer or below the $0.5 support.

Should you buy Crypto.com (CRO)

Crypto.com (CRO), one of the leading crypto exchanges in the world, has been making quite some moves this year. The platform has signed multiple endorsements, and advertisement deals with several sports brands in a bit to attract more users. Crypto.com is also doing very well with NFT trading. It’s a good long-term buy, no doubt if fundamentals are anything to go by.

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Cosmos (ATOM) is seeing a bullish breakout in intraday trading, surging over 10% in the last 24 hours. The coin, at the time of writing, was trading at $29.09. Analysts see resistance around $30.76, and it seems ATOM is struggling to break that threshold. But it’s still consolidating, and with the current momentum, the coin is likely to add up to today’s intraday gains. Here are some highlights to note:

• Cosmos (ATOM) is currently trading above its 200-day simple moving average, a positive outlook on its trend.

• ATOM is facing overhead resistance of around $30.76, and despite the 10% surge, its yet to break above that price

• Nonetheless, the coin is above the 20, 50, and 200-day simple moving average, a bullish alignment that will see more growth.

Data Source: Tradingview.com 

Cosmos (ATOM) – price action and predictions

Most momentum indicators on ATOM appear to suggest a bull run is well and truly underway. As noted above, the coin is trading above three key SMAs, a sign that buyer activity is high. Also, the relative strength index shows a bullish resurgence. 

In fact, many analysts see the RSI pushing ATOM above its $30.76 resistance, something that could trigger a sustained uptrend or price consolidation around $30. Besides, the coin has largely traded around daily highs today, something that suggests a reversal of this bullish uptrend is unlikely in the near term.

Should you buy Cosmos (ATOM)

Cosmos is an innovative blockchain project designed to give the industry a better alternative to the more expensive and energy-consuming proof-of-work networks. Ever since its launch in 2016, the chain has earned praise and admiration across the board. It is here to stay in fact, Cosmos is expected to be a major player in the blockchain ecosystem in the long term. So, for long-term value investors, it is a great buy.

The post Cosmos (ATOM) is up over 10% in 24-hour bullish breakout – price analysis and prediction appeared first on Coin Journal.

As with most assets in the crypto sector, the best part of December hasn’t been that good for DeFi tokens. A market-wide slump has seen most DeFi tokens slide lower, but we are now starting to see some price consolidation as bulls move in to buy emerging dips. Convex Finance (CVX) has however been a stand-out performer in the DeFi space, not just this year, but also over the past week or so. Here are some highlights:

• In the last 7 days or thereabout, Convex Finance (CVX) has surged by a whopping 50%.

• At press time, the token was trading at $41.39, albeit it had managed to hit highs of $49 in 24-hour intraday trading.

• The token is well above its 200-day simple moving average, indicating a bull trend is already in force.

Data source: Tradingview.com 

Convex Finance (CVX) – price action and analysis

In the last seven days, we have seen CVX break past several overhead resistance levels in its technical charts. It is an apparent bullish surge. In fact, most analysts were seeing the $44 price as the main barrier. Although at press time CVX was relatively lower at $41.38, at one point during intraday trading it had managed to surge well above that resistance. 

This suggests that some price consolidation around $44 is likely in the coming days. Some bullish analysts are even confident that CVX will regain its previous 24-hour highs of $49 and eventually break to consolidate around $50. Either way, Convex Finance (CVX) remains one of the best performing DeFi tokens right now.

Should you buy Convex Finance (CVX)

DeFi has exploded in 2021, and this trend is expected to continue in the near future. While there are many DeFi tokens to buy, based on its performance this year, it seems CVX is a top performer and would likely maintain this trend in the long term. It’s definitely a buy right now.

The post Should you buy Convex Finance (CVX)? – price analysis and prediction appeared first on Coin Journal.

Polygon (MATIC) has surged in intraday trading today, hitting an all-time high of $2.7 at one point. The surge was triggered by the arrival of Uniswap V3 on the Polygon network. Uniswap is seen as a very important player in the growth of DeFi. Launching on Polygon is a huge achievement for MATIC investors. Here is what we know.

• MATIC saw a bullish uptrend in early trading, surging to $2.7, its new all-time high

• Analysts see the uptrend holding in the near term, with MATIC expected to see more gains in the future.

• The deployment of Uniswap v3 is set to lift the profile of the Polygon network and bring more DeFi products in the long run. 

Data Source: Tradingview.com

Polygon (MATIC) – Price action and analysis

The bullish surge seen in intraday trading today was largely expected. After all, the launch of Uniswap v3 on Polygon was always going to be a big deal. However, MATIC has actually been on a somewhat bullish trajectory since the start of the week.

The coin did, however, lose some of its all-time high gains. At the time of writing, it was trading at $2.61. But looking at the chart, MATIC is now on an uptrend, and many analysts believe that it’s going to see more all-time highs before the end of the year. The coin could also benefit from a market-wide bullish uptrend expected to hit crypto early next year.

Should You Buy MATIC?

The future is bright for Polygon (MATIC). With the deployment of Uniswap v3, more and more DeFi projects are expected to launch on the network. Besides, since its inception, Polygon has processed over 1 billion transactions, making it one of the fastest-growing blockchain projects in the world. It is therefore highly recommended, especially for long-term value investors.

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