Kategorie: Crypto Analysis

The Maple price jumped sharply on Friday as demand for the Decentralized Finance (DeFi) ecosystem continued growing. MPL rose to a high of $61.30, which was the highest level since April 17th. It has risen by more than 23% from its lowest level this month, bringing its total market cap to more than $296 million.

What is Maple and why it rising?

Decentralized Finance (DeFi) is one of the biggest industries in the blockchain industry with over $210 billion in assets. This is a substantial sum of money considering that the industry was not in existence a few years ago.

Maple is a DeFi platform that offers services that are similar to other popular networks. It describes itself as the Crypto Capital Market as it provides undercollateralized loans for institutional borrowers. The network receives funds or liquidity from users seeking to earn a return and then extends them to institutions.

According to its website, the network has originated loans worth over 1.2 billion USD Coins. From those loans, lenders have received interest worth over 24.4 million USDC. At the time of writing, it has provided about 82 loans.

Some of the loan pools in Maple Finance are provided by Celcius, BlockTower Capital, Alameda Research, and Orthogonal Trading among others. Alameda is the company founded by Sam Bankman, the founder of FTX.

The Maple price is rising as the total value locked in the protocol ticked upwards. According to DeFi Llama, the network now has over $82.4 million in total value locked (TVL). This amount is substantially higher than where it was in March this year.

Maple price prediction

The Maple price has been in a bullish trend in the past few days. It has jumped by more than 22% from the lowest level this month. The coin has moved above the 25-day and 50-day moving averages while the MACD indicator is crossing the neutral level. It has also moved above the important support level at $51.32. It had failed to drop below that support several times this month.

Therefore, it seems like bulls are now in control and that the coin’s price will continue rising as they target the key resistance at $68.88. A drop below the support at $51 will invalidate the bullish view. Here are more cryptocurrencies to invest in.

The post Maple price prediction: What is MPL and is it a good investment? appeared first on Coin Journal.

The broader cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming since Thursday, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark once again, with some of the gains recorded earlier this week now erased. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and could drop below $40k if the bearish trend continues. 

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

DCR, the native token of the Decred ecosystem, is up by more than 21% over the past 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

At press time, DCR is trading at $71.20 per coin. There is no major catalyst behind DCR’s ongoing rally. However, the cryptocurrency has added more than 30% to its value in the last seven days. 

Key levels to watch

The DCR/USD 4-hour chart is the most bullish amongst the top 100 cryptocurrencies by market cap, thanks to the coin’s positive performance over the past week. The technical indicators show that it could rally higher in the coming hours and days.

The MACD line is above the neutral zone, indicating a sustained bullish momentum. The 14-day relative strength index of 60 shows that DCR could enter the overbought region if the rally continues.

In the event of an extended rally, DCR could surpass the first major resistance level at $73.54 over the next few hours. However, it would need the support of the broader market to comfortably move past the $75 psychological level.

The post Why is Decred up by more than 20% in the last 24 hours? appeared first on Coin Journal.

The cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming over the past few hours, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark again, erasing some of the gains recorded earlier this week. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and risks dropping below $40k again.

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

TRX, the native token of the TronDAO ecosystem, is the best performer amongst the top 30 cryptocurrencies by market cap. TRX is up by nearly 10% in the past few hours and currently trades at $0.06808.

The primary catalysts behind TRX’s ongoing rally are the launch of the Decentralized USD (USDD) stablecoin and the launch of the TronDAO Reserve.

TronDAO said USDD is the most decentralized stablecoin in human history and revealed it would be issued on May 5, 2022. 

The team also said TronDAO Reserve is the first decentralized reserve in the industry and is designed to guard the broad blockchain market and industry. 

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing rally. The MACD line is deep within the positive region, signifying strong bullish momentum.

The 14-day RSI of 70 shows that TRX could soon enter the overbought zone if the rally continues.

TRX could surpass the first major resistance level at $0.07204 over the next few hours if the bulls remain in control. However, with the broader market currently in a bearish trend, TRX could lose its support at $0.0670 before the end of the day.

The second major support level at $0.06406 should cap further downward movement in the short term.

The post Here is why TRX is up by nearly 10% today appeared first on Coin Journal.

The broader crypto market has seen a sharp dip in April. But major coins like Bitcoin and Ethereum have stabilized and look like they are ready for the next bull run. For this reason, it may be a great idea to invest in these dips, and here is why:

• The crypto market has stagnated since the start of 2022 and is poised for a breakout

• Dips can always deliver double-digit gains 

• Risk factors in the market including inflation are baked into the pricing

So, if you are thinking of buying the April crypto dip, we have three coins that offer immense potential for great returns.

Helium (HNT)

Helium (HNT) took a beating at the start of April. At one point the coin lost nearly 45% of its value in a single week. HNT has started to recover in fact, over the last few days it has ended in profits in all sessions. 

Data Source: Tradingview 

With this consolidation and price stability, it looks like the upward trajectory will continue. In the end, HNT will recover and try to reach some of the lofty highs it hit in March.

Anchor Protocol (ANC)

The Anchor Protocol (ANC) has also seen some price recovery after dipping at the start of the month. The coin has not pulled up that much but the downtrend has already stopped. With momentum now expected to start building, ANC will go on a bull run. Even if you buy at the current price, there is still so much room for double-digit returns.

Velas (VLX)

Velas (VLX) is yet to break its downtrend but the price action is now solidly above a crucial support zone. It is highly unlikely that the coin will fall below this. As such, VLX is now entering consolidation and in a few weeks, this token will report decisive gains.

The post 3 crypto dips to buy before the end of April appeared first on Coin Journal.

After a very bullish trend in March, Bitcoin (BTC) has slowed significantly in April. The coin dropped below the $40,000 for the first time in weeks. BTC has managed to pair up some of these losses and much of this is down to increased whale buying. Here are the main takeaways:

• Institutional investors and other big wallets bought BTC massively at $38,000.

• This buying activity has pushed the coin above $42,000 once again

• Whale accumulation often suggests a bullish momentum is around the corner.

Data Source: Tradingview 

How will whale activity affect Bitcoin?

In the near term, we expect the price of Bitcoin to maintain a steady upward trajectory. The accumulation of BTC by large wallets is often a sign that more gains are coming. At the moment, BTC remains firmly above the crucial; $40,000 mark. We expect consolidation to continue before the mega-cap strides towards $45,000. 

It is very difficult however to see any more upside above $45,000. In fact, even during its robust March rally, BTC failed to clear $49,000 and would soon fall sharply after. It is likely that most of the dip buyers we saw at the $38,000 prices are short-term investors. 

We expect a majority of them to lock in profit once the coin crosses $45,000. This will lead to a mini sell-off that will return Bitcoin back to $40,000 in the shorter term.

Should you follow the Whales?

Well, the $38,000 price was the most appropriate for BTC investors. But there is enough upside for the coin to hit $45,000 from its current price. You can therefore consider buying and make at least 10% in returns over the coming days. But if you want to hold for the longer term, BTC still has the potential to 2x your money by the end of this year.

The post Bitcoin’s price dip has attracted large whales – Here is what this means appeared first on Coin Journal.