Kategorie: Crypto Analysis

• LINK has lost 7% due to market correction

• LINK’s recent rally is connected to broader crypto recoveries

• Robinhood listing and entry into Fantom mainnet reinforces Chainlink fundamentals

Cryptocurrencies have been returning huge in the past week. As is expected, market corrections follow. The corrections open up new buy opportunities. That’s exactly what’s happening to Chainlink LINK/USD after losing 7% in a day. 

Chainlink’s LINK recovered successfully from the support of $6.0 as most cryptocurrencies gained. The gains could also be a result of investor interest after Chainlink was listed on Robinhood. 

Another development that could have influenced LINK’s rally is the entry to Fantom Mainnet. Fantom said that both Chainlink Keepers and Chainlink’s Verifiable Random Function went live on its mainnet. That proved that Chainlink was a reliable Oracle provider to smart contracts like Fantom.

LINK’s rally has now hit a snag, and it is important that investors understand the cycles for the token. The technical analysis below illustrates when LINK may rally next.

LINK stalls and corrects with $6.0 in sight

Source – TradingView

A technical outlook of LINK shows uniquely identifiable price patterns that can be useful to investors. The price has remained within the $6.0 and $7.3 range since the start of June. Keen investors would be good buying the support at $6.0 and selling at $7.3. 

As the price hits the resistance, investors can sell now and consider buying the retracement. The token is already under bear pressure as the MACD line crosses below the moving average. The next price in sight is $6.0, although that depends on the prevailing crypto sentiment.

Concluding thoughts

Chainlink’s LINK could continue to correct as technical indicators show. The buying zone is at $6.0, the established support. The established resistance to watch is $7.3. Investors should also watch for a potential breakout above $7.3 for sustained gains.

The post Bearish MACD crossover makes Chainlink vulnerable to $6.0 appeared first on CoinJournal.

The Navcoin price has staged a strong recovery in the past few days as cryptocurrency prices rebound. The NAV token rose to a high of $0.1385, which was the highest level since May 17th. It has risen by more than 186% from its lowest level this year. As a result, its total market cap has jumped to over $10 million.

What is NAV and why is it rising?

Navcoin is a relatively small cryptocurrency that was started in 2014. The developers’ goal was to solve some of the challenges that Bitcoin has. Most importantly, they wanted to solve the privacy challenges that the coin had. 

Navcoin solves the challenge of privacy by ensuring that all transactions are highly private and that no one can track them. It uses a secondary sub-chain known as NavTech that enables transaction anonymization and mixing.

For example, when a person sends Navcoins, the funds first move to the sub chain, where they are tweaked before they get to the recipient. Navcoin was also among the first coins to implement a proof-of-stake consensus.

Navcoin’s developers have also created more features. In addition to the native NAV token, they have launched xNAV, which is a private currency created to protect information by hiding the sending and receiving addresses and amount. They also launched xNAV, which is a wrapped representation of NAV.

The Navcoin price has bounced back in line with the overall recovery of other cryptocurrencies. Indeed, Bitcoin has jumped to over $24,000 while Ether has moved to about $1,500. As a result, the total market cap of all coins has risen to over $1 trillion.

Navcoin has also jumped as investors cheer the strong performance of other privacy tokens. For example, Monero has jumped by more than 5% in the past 24 hours. The same is true with other coins like Dash and ZCash. 

Navcoin price prediction

The daily chart shows that the NAV price has been in a strong bullish trend in the past few days. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level. 

Therefore, the coin will likely keep rising as bulls target the key resistance at $0.50. However, a drop below the support level at $0.106 will invalidate the bullish view.

The post Navcoin price has recovered recently. Is it a good coin to buy? appeared first on CoinJournal.

The cryptocurrency market has cooled down after rallying over the past couple of days.

The cryptocurrency market is trading in the red zone for the first time in nearly a week. The market has lost more than 3% of its total value over the past 24 hours, but the total market cap remains above the $1 trillion mark.

Bitcoin climbed above the $23k resistance level on Wednesday but has lost 3.5% of its value since then. At press time, BTC is trading around $22,800 per coin.

Ether, the native coin of the Ethereum ecosystem, is one of the best performers over the past seven days. ETH has added more than 35% to its value over the last seven days, thanks to the announcement about Ethereum Merge. 

However, ETH is down by more than 5% over the last 24 hours and is currently trading below $1,500 per coin.

The market might resume its upward trend in the short term, and if that happens, Ether could rally higher soon.

Key levels to watch

The ETH/USD 4-hour chart is still bullish despite Ether underperforming over the last 24 hours. The technical indicators show that Ether remains on a bullish path and could merely be retracing before surging higher.

The MACD line remains above the neutral zone, indicating bullish momentum. The MACD currently reads 80 and would take a long bearish performance to take it into the negative zone.

The 14-day relative strength index of 56 shows that ETH is no longer in the overbought region. The bulls will need to regain control to push it higher in the short term.

At press time, ETH is trading at $1,483 per coin. If the bearish trend continues, ETH could slip below the $1,382 support level. However, ETH should comfortably defend its position above the $1,300 support level.

If the bulls regain control, ETH could rally past yesterday’s top of $1,599 and trade above $1,600 for the first time in more than two months. 

The post Ether slips by 5% as the broader crypto market retraces appeared first on CoinJournal.

• Cosmos has a cool 34% gain in 7 days

• The cryptocurrency could correct after the latest gains

• Investors should look to add positions on a retracement

Many cryptocurrencies have returned by double digits in the past week. As a result, you expect some corrections as buyer exhaustion settles in. An increase in the number of traders taking profits could also lead to corrections. For short-term traders, knowing when to exit is as important as the entry itself. Cosmos token ATOM/USD is one that investors should be keen on.

A return of 34% in the past week is no mean achievement for Cosmos token. It reveals that investors still believe in the self-proclaimed “Internet of blockchains.” There is no doubt that, given the recent gains, more investors will get in. That will fuel an explosive rise in ATOM price. Similarly, ATOM is a crypto to hold if you are looking for longer-term value. 

However, ATOM is set for a correction after the latest gains. Technical indicators show where to buy next.

Cosmos hits a minor resistance as the price corrects slightly

Source – TradingView

Technically, ATOM trades at a minor resistance of $10. The level coincided with almost overbought conditions from the RSI reading of 65. There is no doubt that the cryptocurrency can break the minor resistance due to its recent strengths. However, we urge that it is a level of interest to short-term traders. Exiting positions at the level will allow entry again at the $8.8 support. The cryptocurrency is still a hold in the long term. 

Concluding thoughts

Cosmos token remains strong despite hitting resistance at $10. The resistance could force a correction back to the $8.8 support. Short-term investors can exit and buy lower. ATOM is still a hold for long-term investors.

The post Cosmos is taking a breather after 34% gains in a week – How to trade it appeared first on CoinJournal.

• Dogecoin was a top trending cryptocurrency on Wednesday

• Binance announced new rewards for users of Dogecoin

• Its native token DOGE saw trading volumes surge while price spiked

Dogecoin DOGE/USD lighted retail traders’ talks on Wednesday. The token trended on popular social investing platform Stocktwits as retail traders circled. On Twitter, DOGE was one of the most mentioned cryptocurrencies. The interest saw the trading volume in the last 24 hours soar 67% as of press time. The price of DOGE was also up by 9% in the same period.

Crypto tokens like DOGE are known to be fueled by a retail frenzy. The rise in social media mentions is a strong price catalyst. On the same day, Binance announced new rewards for DOGE users. Users will be able to stake the token and earn APYs as high as 10%.

We can’t establish the connection of Binance news with the social media frenzy around DOGE. However, we know that the DOGE community can be excited at the least of news, including a sneeze by Elon Musk. The latest development is positive for DOGE lovers, and investors should keep tabs.

DOGE contained by a resistance amid buyer interest

Source – TradingView

Technically, DOGE looks set for a correction after hitting resistance at $0.07. We can’t confirm if a correction will occur as the crypto’s buyer interest remains high. A potential breakout is also a likely event should investors hang on. MACD lines remain above the moving average, revealing that bullish momentum is underway.

Investors should consider a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE could slide back to $0.06. Investors could still find strengths to break past the resistance, and investors should keep watch.

Summary

DOGE is attracting buyer interest. The price has hit a resistance, with a potential breakout or correction. Look to buy above the $0.07 resistance.

The post Dogecoin tests resistance as trading volumes soar and buyer interest rise appeared first on CoinJournal.