Kategorie: Crypto Analysis

• Uniswap’s native token UNI was added to the Robinhood brokerage trading platform.

• UNI has been bullish for the past month even as most cryptos crashed

• The cryptocurrency has met a minor resistance but could proceed to hit $8.38

Uniswap token UNI/USD has been strong lately. Since the second half of June, UNI has been surging, defying bearish crypto sentiment. In the final weeks of June, the platform overtook Ethereum on fees paid. That illustrates a growing demand for DeFi on the platform.

Again, on July 14, Robinhood announced that it added support for the Uniswap token. The cryptocurrency has been surging since then. The 17th-ranked cryptocurrency by market capitalization has already set a bottom price of $4.15. Investors should look to add positions in UNI on a slight drop as the reference bottom is now set. 

UNI rejected at $7.45, but investors could push it to $8.38

Source -TradingView

Technically, the MACD indicator is very bullish on the Uniswap token. UNI prices have been moving in a system of higher highs and higher lows for a month. The price has currently met a minor resistance at $7.45 and could retreat lower.

Nonetheless, we remain bullish on UNI. Our established resistance for the cryptocurrency is at $8.38. The price is yet to reach the target. Combined with the improved crypto sentiment, UNI will find another bullish push to clear $7.45. Investors should hold the token. For new buyers, consider buying after a potential retracement. The possible short-term support is at $5.6.

Concluding thoughts

Uniswap’s token UNI has met a minor resistance. We remain optimistic the cryptocurrency will reach the established resistance at $8.38. Investors should hold the token for higher profits. The current resistance could hold back the price, and we encourage buying on a retracement for new investors.

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• FTX crypto exchange has remained highly stable in the wake of a market crash

• FTX’s native token FTT is bullish, adding more than 16% in a week

• FTT has broken a key resistance, and buyers could be preparing to add positions

FTX crypto exchange’s token FTT/USD is bullish. The token was up by 4.43% in the last 24 hours, taking total gains in the week to 16.41%. Investors should take note that the token has blasted a key resistance and is aiming higher.

As most cryptocurrencies stumbled recently, fears spread across the sector. Some crypto exchanges, starring a possible liquidity crisis, announced cost-cutting measures. That saw exchanges such as Crypto.com announce a reduction of staff to stay liquid.

However, FTX crypto exchange liquidity remained intact. Its founder, Sam Bankman-Fried, even hinted at bailing out struggling crypto firms. It reassured investors that FTX remained stable. This could have ignited interest in its crypto token FTT. 

FTT embarks on a bullish breakout as price turns bullish

Source -TradingView

Technically, the FTT token has breached a key resistance at $28. The breakout happened after the cryptocurrency remained bullish for the past week. We now need to wait for the closure of the daily candlestick to confirm a bullish move. If the candlestick collapses below the $28 level, the price could slide. However, the crypto sentiment remains strong, and FTT could already be embarking on a bullish push.

 Investors can buy FTT after the confirmation of the bullish momentum. The next key level to watch will be $32.5.

Concluding thoughts

FTT is bullish as crypto sentiment improves. The crypto is backed by Sam Bankman-Fried’s FTX Exchange. FTX has been strong in the wake of a crypto crash. FTT will continue rising if a clear breakout above the $28 resistance occurs.

The post Is the FTT token a buy after rising past a resistance zone? appeared first on CoinJournal.

• Solana blockchain is regarded as an Ethereum killer 

• Solana’s SOL has returned 19% in a week

• The cryptocurrency is about to break past a resistance zone

Solana SOL/USD has returned a massive 19% in the past week. As of the time of writing, the cryptocurrency was up 5% in the last 24 hours. SOL now trades at a resistance level of $42, but bulls look likely to win.

Solana blockchain has often been touted as an Ethereum killer. The name has originated from its similarities to Ethereum. The blockchain offers faster transaction speeds and is less costly than Ethereum. For this reason, investors believed that Solana was a true rival of Ethereum.

However, a series of exploits have raised doubts about the potential for Solana. The exploits, together with the bear crypto sentiment, saw SOL token touch a bottom of below $30. That compares to an all-time of $260 in November 2021 at the height of the crypto boom. SOL is still showing that it can reclaim higher levels as crypto sentiment suddenly improves. We believe this week will be monumental for investors looking to add positions to the Solana token.

SOL trades at resistance with the potential for a breakout 

Source – TradingView

SOL’s established resistance is at $42. That is the same level as the current price, suggesting that a breakout could occur. 

A break above the $42 resistance builds a bull case for SOL. The price could rise to find the next resistance, which is established at $58. Still, we need to watch the crypto sentiment to ascertain the viability of $58. A breakout will, however, make $42 the reference support for SOL. 

If SOL fails to break past $42, it could slide back potentially to $32. Nonetheless, with the crypto sentiment improving suddenly, there is a high chance SOL will break past the resistance. We need to watch how that pans out this week.

Summary

SOL is bullish at $42 resistance. Investors should watch for a potential breakout. The next resistance to watch is $58.

The post Solana is crypto to watch as the price remains bullish at key resistance appeared first on CoinJournal.

MATIC is the best performing cryptocurrency amongst the top 20 cryptocurrencies by market cap. 

The cryptocurrency market has performed positively over the weekend, with the bulls taking full control of the market. 

At press time, the total market cap stands above $1 trillion, up by more than 5% in the last 24 hours. 

Bitcoin remains the leading cryptocurrency by market cap and topped the $22k resistance level over the past 24 hours. Ether is eyeing the $1,500 psychological level after adding more than 10% to its value today.

Meanwhile, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC has added more than 25% to its value today, outperforming the other major cryptocurrencies in the process.

The rally comes after CoinLedger, a leading tax reporting platform for cryptocurrency, DeFi, and NFT users, announced earlier today that it had officially integrated with the Polygon blockchain (MATIC).

Thanks to this latest development, users who interact with Polygon via dApps and wallets can now import their transaction history directly to CoinLedger, allowing them to automate all of their capital gains, losses, and income tax reporting.

Key levels to watch

The MATIC/USD 4-hour chart is bullish as Polygon has been performing well over the last 24 hours. 

The MACD line is within the positive zone, indicating bullish momentum. The 14-day RSI of 86 shows that MATIC is currently in the overbought territory.

At press time, MATIC is trading at $0.98 per coin. If the rally continues, MATIC could cross the $1 mark over the next few hours. 

In the event of an extended bullish run, MATIC could also surge past the $1.10 resistance level over the next few hours or days. However, it would need the support of the broader market to embark on a bullish run. 

The post Here is why MATIC is up by more than 25% in the last 24 hours appeared first on CoinJournal.

The cryptocurrency market has performed excellently over the weekend as the bulls take control of the broader market.

The cryptocurrency market has performed excellently over the past 24 hours, adding more than 5% to its total market cap. Thanks to this latest development, the total cryptocurrency market cap now stands above $1 trillion for the first time in more than a month. 

Bitcoin, the world’s leading cryptocurrency by market cap, has struggled in recent weeks. However, the cryptocurrency performed excellently over the weekend, adding more than 4% to its value in the last 24 hours.

At press time, Bitcoin is trading above the $22k resistance level and looks to surge higher over the next few hours. Breaking past the $23k psychological level could ensure that Bitcoin rallies higher over the next few days.

There are no major catalysts behind the general market rally, with most of the coins and tokens currently trading in the green zone. 

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has been performing excellent over the past few days. The technical indicators show that Bitcoin could rally higher before the end of the day.

The MACD line is above the neutral zone, indicating bullish momentum. The MACD line crossed into the positive zone a few days ago. 

The 14-day relative strength index of 73 shows that Bitcoin could soon enter the overbought region.

If the bulls remain in control, Bitcoin could surge past the $23,200 resistance level before the end of the day. In the event of extended bullish performance, BTC could attempt to reach the $24k resistance level over the coming hours or days.

However, the bear market is still in play, and Bitcoin could retrace some of its gains over the next few hours. If that happens, BTC could drop below the $21,247 support level. 

However, Bitcoin should comfortably defend its position above the $20,895 support level in the short term. 

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