Kategorie: Crypto Analysis

The cryptocurrency market is currently experiencing a mixed performance across the board.

The broader cryptocurrency market has been experiencing a mixed performance over the last 24 hours. The total cryptocurrency market cap remains above $1.9 trillion despite adding less than 1% to its value.

Bitcoin is up by less than 1% in the last 24 hours and currently trades above $41k per coin. Ether maintains its price above $3,000 despite losing less than 1% of its value so far today.

However, CAKE, the native token of the Pancakeswap decentralised exchange, is the best performer amongst the top 50 cryptocurrencies by market cap. CAKE is up by more than 8% in the last 24 hours, outperforming the other top coins and tokens during that period.

The major catalyst behind CAKE’s ongoing positive performance is the completion of its Masterchef V2 migration. The Pancakeswap team announced a few hours ago that the migration to V2 is now complete.

Pancakeswap informed its community members that they will need to migrate their farms and pools staking to the new MasterChef to keep earning staking rewards.

Key levels to watch

The CAKE/USDT 4-hour chart is currently bullish, thanks to Pancakeswap’s ongoing positive performance. The technical indicators show that CAKE is outperforming the other major cryptocurrencies at the moment. 

The MACD line is within the positive region, indicating bullish momentum. The 14-day relative strength index of 72 shows that CAKE is close to entering the overbought zone.

At press time, CAKE is trading at $9.28 per token. If the bullish momentum continues, it could hit the $9.87 mark before the end of the day, surpassing the first major resistance level in the process.

In the event of an extended rally, CAKE will trade above $10 for the first time since January 2022. 

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

Cryptocurrencies have moved from obscurity in the past decade to become one of the biggest and most active asset classes in the world. There are now over 18,000 cryptocurrencies that had a peak market capitalization of over $3 trillion. In this article, we will highlight the best cryptocurrency apps for beginners in 2022.

eToro

eToro is a leading fintech company that is valued at over $8.8 billion. Started in Israel in 2007, the company has grown rapidly and now has millions of customers from around the world. The firm was initially started to offer copy-trading services in the forex industry. Over the years, it has expanded its services to other solutions.

eToro is a good cryptocurrency app for several reasons. First, it offers multiple assets to its traders and investors. In addition to cryptocurrencies, the company lets you buy and sell assets like stocks, currencies, commodities, and exchange-traded funds among others. 

Therefore, you can make money in cryptocurrencies when the stock market is closed. Similarly, you can make money in assets like stocks and commodities when cryptocurrencies are going through challenges.

Second, eToro was the pioneer of copy-trading. This means that you can copy trades and crypto portfolios from experienced professionals. Therefore, if you are a beginner, you will be able to make money in cryptocurrencies by simply copying other people. Similarly, if you are an experienced trader, you will be able to diversify your income by copying other traders. 

Third, eToro has multiple payment options that lets you deposit and withdraw your funds. Some of these options are credit and debit cards, PayPal, Skrill, Neteller, Rapid Transfer, Klarna, Bank Transfer, and Poli among others. Therefore, you can select the option that suits you.

Most importantly, eToro has excellent ratings and reviews from its users. Its Android app has a 4.5* while its iOS app has a 4.6*. This means that its users love it. 

Binance

Binance has emerged to be one of the fastest-growing companies in the world. The firm was established in 2017 and has grown its valuation to over $300 billion. It has almost 100 million customers and it handles over $70 billion of funds every day. Notably, Binance has achieved this milestone without having a headquarters.

Binance operates multiple platforms. It has cryptocurrency apps that are available in Android and iOS ecosystems. Further, it has a web application that can be accessed in all browsers like Chrome and Microsoft Edge.

There are several reasons why Binance is a good cryptocurrency app. First, it provides thousands of assets that you can trade. Unlike Coinbase, Binance takes less time to list new cryptocurrencies. For example, it was the first exchange to list ApeCoin and Shiba Inu when they were launched.

Second, Binance offers various ways to buy and trade digital coins. You can buy cryptocurrencies directly or using its peer-to-peer feature. Most people use the arbitrage strategy to buy a coin cheaply and then sell it at an expensive price in the market.

Third, one can receive discounts when they use the BNB token to trade digital currencies. BNB is the native currency created by Binance.

Further, its applications have excellent reviews from users and its transaction costs are a bit lower than those of other coins.

CoinMarketCap

CoinMarketCap is another popular cryptocurrency app that is highly recommended to beginners. Unlike eToro and Binance, the application does not allow you to buy and sell cryptocurrencies. However, you can use it to make better decisions when trading digital assets. Notably, the application is owned by Binance.

The main feature of CoinMarketCap is the ability to let you identify prices and market capitalization of all cryptocurrencies. The application has other features. For example, you can create a virtual portfolio of cryptocurrencies that you follow. 

Also, you can see the coins that are trending and those that have been added to its platform. For example, if you see ApeCoin jumping, you can move to your exchange and execute your trade.

Further, CoinMarketCap has a news feature that consolidates news and analysis from multiple sources. You can use this information to boost your trading. Therefore, CoinMarketCap is a very useful app for cryptocurrency beginners.

Coinbase

Coinbase is the second-biggest company in the blockchain industry with a market cap of over $38 billion. It is a publicly-traded company that has more than 89 million customers from around the world. Like Binance, Coinbase allows its users to buy and sell cryptocurrencies through its web and mobile applications.

To use Coinbase, you just need to create an account with your name and email address. After verifying your identify, you can easily deposit funds and then start investing or trading digital assets. Some of the most common deposit options are debit and credit cards, bank transfer, PayPal, and Apple Pay among others. 

There are several reasons why Coinbase is a good app for beginners. For example, it is a safe option, has multiple deposit options, and it has minimal fees. 

Nexo

Nexo is another useful cryptocurrency app for beginners. The company offers a number of cryptocurrency-related services. Its flagship feature is one that lets people deposit their cryptocurrencies and then borrow money. The idea is that your coins will continue gaining in value if cryptocurrency prices rise.

Nexo also offers a yield feature that allows you to earn a return by just depositing your cryptocurrencies. Most importantly, it has introduced a feature that lets users to buy and sell digital coins. Users can get discounts when they hold the NEXO token.

Summary

The number of apps in the cryptocurrency industry is rising. In this article, we have focused on just five applications that we believe are ideal for beginners. Other popular ones are Kraken, Huobi, and CoinGecko.

The post 5 Best Cryptocurrency Apps for Beginners in 2022 appeared first on Coin Journal.

The Bitcoin price rose for the second straight day as sentiment about the industry improved. BTC rose to a high of $41,765, which was substantially higher than this week’s low of $38,800. It remains substantially below the all-time high of near $70,000.

Fear and greed index

Bitcoin tilted higher as investors rushed to buy the dip following this week’s substantial decline. Data shows that the Bitcoin fear and greed index is still in the fear zone of 27. Nonetheless, this level is still better than last week’s extreme fear level of 25.

A closer look at Bitcoin’s performance shows that it is still substantially correlated with traditional assets like stocks. The tech-heavy Nasdaq 100 index has rebounded sharply lately even after the weak results by Netflix. 

The macro-environment has been a bit dynamic lately with some commodities soaring while others are retreating. At the same time, the bond market has continued to send warning signals about the American economy. This week, the 30-year yield crossed the 3% level for the first time since 2018.

A closer look at on-chain data shows that some investors have started to buy the dip. According to Glassnode, a significant amount of Bitcoin supply has been re-accumulated between the $38k and $45k levels. These are important market levels because they determine the current consolidation phase. 

Glassnode also noted that most Bitcoin holders currently bought their coins above the $40,000 level and are mostly long-term holders. At the same time, many people who bought the coins above $50,000 agave already capitulated and redistributed their coins. As a result, as long as Bitcoin is between $35,000 and $42,000, it is still in an accumulation phase.

Bitcoin price prediction

On the hourly chart, we see that the coin has been in a strong bullish trend in the past few days. It has managed to move above the important resistance level at $41,550, which was the highest level on April 13th. 

It has also moved above the 25-day and 50-day exponential moving averages (EMA) while the MACD has continued rising. Therefore, there is a likelihood that the BTC pair will continue rising as bulls target the key resistance at 44,000. Learn how to buy Bitcoin here.

The post Bitcoin price prediction as the fear and greed index remains at 27 appeared first on Coin Journal.

SAND is one of the best performers amongst the top 50 cryptocurrencies by market cap.

The crypto market continues its fine start to the week, with the major coins and tokens currently in the green.

The total cryptocurrency market cap stands above $1.9 trillion at press time, up by nearly 2% in the last 24 hours.

If the momentum is maintained, the total cryptocurrency market cap could soon cross the $2 trillion mark. Bitcoin remains the leading coin by market cap and currently trades above $41k per coin.

SAND, the native token of The Sandbox ecosystem, is one of the best performers amongst the top 50 cryptocurrencies by market cap. The token added more than 10% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The Sandbox announced two major partnerships a few hours ago, and they are the primary catalysts behind SAND’s ongoing rally. 

The Sandbox announced that it has partnered with Apex Athletes to bring Shaun White, Nathan Chen, Chloe Kim, Lindsey Vonn and Ayumu Hirano to The Sandbox Metaverse.

The team also announced that it had partnered with Knotfest and Slipknot to create the Knotverse.

Key levels to watch

The SAND/USD 4-hour chart is currently bullish as SAND recovers from its recent slump. The technical indicators show that SAND is no longer in a bearish trend.

The MACD line is above the neutral zone, indicating positive momentum for The Sandbox. The 14-day relative strength index of 63 shows that SAND could soon enter the overbought region if the bullish momentum continues.

At press time, SAND is trading at $2.989 per coin. If the rally continues, SAND could break past the first major resistance level at $3.116 before the end of the day. In the event of extended bullish performance, SAND could trade above $3.50 for the second time this month. 

The post Here is why SAND is up by more than 10% today appeared first on Coin Journal.

After dipping below the $100 mark over the last few days, Solana (SOL) has managed to rebound. The coin has surged past this important psychological mark, and it is likely that the momentum we have seen will continue in the days ahead. Here are the main takeaways:

• Solana (SOL) is looking to establish a decisive bullish breakout.

• The coin is expected to test its 100-day SMA

• It has established a bullish trend line in recent days that could bring more returns.

Data Source: Tradingview 

How long can SOL stay above $100

The $100 mark has often been the most important psychological mark for SOL bulls. In fact, it was a huge relief to see the coin surge past it. But how long can SOL stay above this? Well, it will depend on several important factors. First, the recent surge has allowed the altcoin to move past the crucial resistance zone of $105. 

The goal for bulls will now be to convert this resistance to support. If SOL can close the day above $105, then it is likely that we will see a sustained period above $100. At the moment, SOL is slightly above this price, having gained around 7% over the last 24 hours. 

Despite this, downside risks still remain. If SOL falls below $105 and fails to find any leg up, we could see more weakness follow in. Ultimately, the coin will bottom at the next support of $95 before attempting to rise again.

Why is SOL a good buy now?

Well, even with the short-term downside risk that SOL faces, it still remains a fairly decent altcoin to buy. Any long-term crypto investor should consider Solana seriously. But for the short term, if you don’t want to take any risk, wait a few days to see how the altcoin holds up above $105.

The post Solana reclaims $100 but downside risk still remains appeared first on Coin Journal.