Kategorie: Crypto Analysis

Daily headlines and news about crypto analysis.

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Polygon’s MATIC remains attractive, but a key hurdle remains

  • Robinhood announced MATIC transactions on Polygon in addition to Ethereum

  • The support increases liquidity for MATIC token

  • MATIC gains in the past one week are 10%

Talk of making important headlines and defying market sentiment. Polygon’s MATIC/USD is a cryptocurrency to watch whenever one is looking for a good investment. The Ethereum Layer-2 scaling solution has proved to be a reliable blockchain. 

On CoinMarketCap, MATIC has registered more than 10% gains in the past week. Other cryptocurrencies have negligible gains, while others remain in the bear zone. The gains reflect confidence in Polygon and the increasing utility of its native token MATIC.

On August 31, Robinhood announced that users could transact with MATIC on the polygon network. It is additional support to Ethereum, with Robinhood saying more cryptos are coming soon. The support will raise MATIC liquidity and boost the price. The brokerage firm said the addition of MATIC was attributed to the huge fees on Ethereum. 

MATIC is trapped by the $1 resistance as price makes a comeback

Source: TradingView

The weekly chart is the true barometer to illustrate MATIC’s price action. In the weekly chart, it can be seen that MATIC is trapped below the $1 resistance. The price is bullish after the latest retracement but is facing some bear pressure. The bear pressure could be a result of the weak crypto market sentiment.

Concluding thoughts

While Polygon’s MATIC has strong fundamentals, weak market sentiment is a bear trigger. The price faces a key hurdle at $1 while the bottom is at $0.6. While we believe MATIC has room to go higher, caution should be exercised as price battles $1. The $0.78 is short-term support that the price could also slide if a breakout fails at $1. We urge investors to buy when the price crosses $1 or buy now for a long-term hold.

The post Polygon’s MATIC remains attractive, but a key hurdle remains appeared first on CoinJournal.

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Cardano prepares for a breakout as the date for hard fork confirmed

  • Cardano is set for the Vasil hard fork on September 22

  • ADA has surged by more than 12% in the past one week

  • The token faces immediate resistance, but the hard fork is a major bull trigger

Cardano ADA/USD blockchain will undergo the long-awaited hard fork upgrade on September 22. A tweet by the development team on September 2 pointed out that testing all core components was successful. The Vasil upgrade will grow Cardano’s network capacity and reduce transaction costs.

Cardano hard fork comes after several delays, which developers attributed to software bugs. With these issues now ironed out, investors could be looking at Vasil as a critical event. That would be bullish for the native token, which has largely been dented by the market sentiment.

Cardano faces immediate resistance at $0.5 amid weekly gains.

Source – TradingView

From a technical perspective, Cardano is bullish after settling at the $0.44 support. The token has turned bullish ahead of the Vasil upgrade. However, market sentiment remains subdued, adding some breaks to ADA. 

$0.5 is the level to watch as ADA turns bullish. The MACD indicator has turned bullish in line with the price surge. Already, the level of activity on Cardano is rising ahead of the hard fork. In August, the number of on-chain transactions on the network rose 4.49% to 49.1 million. It suggests that investors are finding Cardano attractive, a milestone that will boost ADA price.

Concluding thoughts

Cardano is witnessing a surge in activity ahead of the Vasil upgrade. The upgrade, expected on September 22, is a potential price trigger. ADA price could face resistance at $0.5 even as the overall crypto sentiment remains weak. Investors can buy after a breakout or take advantage of a potential retracement. ADA is a hold for investors looking to lock value.

The post Cardano prepares for a breakout as the date for hard fork confirmed appeared first on CoinJournal.

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Flow price prediction: Is it safe to buy this crypto dip?

Flow price has been in a strong bearish trend in the past few weeks as cryptocurrencies recoil. The coin has crashed to a low of $1.8750, which was about 50% below the highest level in August, giving it a market cap of $1.9 billion.

Flow growth continues

Flow is a leading blockchain project that seeks to become the best platform for developers to build quality applications. It is a proof-of-stake (PoS) platform that is known for fast speeds and low costs of transactions. 

Flow is also known for its high-profile partnerships. For example, it is the blockchain partner for organisations like the NBA, UFC, NFL, LaLiga, Samsung, and Ubisoft among others. According to the developers, there are over 8,000 builders in its ecosystem. It also has over 13 million account wallets and over 2 million transacting wallets.

Flow has seen strong growth in the past few months. In particular,  the network has seen strong growth of its NFTs, especially now that Instagram adopted the network. According to CryptoSlam, the total volume of NFT sales in its ecosystem was over $15.8 million. That was an improvement from the previous two months’ $11 million.

Flow has also done well in decentralized finance (DeFi). According to its website, the total value locked (TVL) in its ecosystem has risen to over $3.7 million. This growth was helped by Increment Finance, which is a platform that enables people to deposit, earn, borrow, and trade digital assets.

The recent weakness of Flow is mostly in line with the performance of digital currencies.The prices of most coins like BTC and ETH has been in a strong downward trend as the US dollar index continues rising. 

Flow price forecast

The four-hour chart shows that Flow has been in a strong bearish trend in the past few weeks. Along the way, the coin has managed to move below the 25-day and 50-day moving averages. The Stochastic Oscillator has moved below the oversold level. It has moved slightly above the important support level at $1.6731. 

Therefore, the coin will likely continue falling as sellers target the next key level to watch will be at $1.50. A move above the resistance level to watch will be at $2.20.

The post Flow price prediction: Is it safe to buy this crypto dip? appeared first on CoinJournal.

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Ravencoin is up by 9% on Monday: Here is why

Ravencoin is up by 9% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap.

RVN, the native token of the Ravencoin blockchain, is the best performer amongst the top 100 cryptocurrencies in the last 24 hours. It has added 9% to its value so far today, outperforming the broader market in the process. 

The cryptocurrency market is starting the week in a positive fashion, with the market up by less than 1% over the last 24 hours. The total crypto market cap remains below $1 trillion, despite today’s positive performance.

Bitcoin is still trading below $20k after losing more than 1% of its value in the last seven days. The leading cryptocurrency is still trading in the red zone today. Ether has maintained its position above $1,500 and is up by less than 1% on Monday.

Ravencoin’s positive performance comes after a cold storage wallet was revealed for the RVN coin. The Ice Wallet Storage will soon launch and will support the RVN coin.

Key levels to watch

The RVN/USDT 4-hour chart is positive, as Ravencoin has been performing well over the past 24 hours. The technical indicators show that RVN is outperforming the broader cryptocurrency market.

The MACD line is within the positive region, indicating bullish momentum for Ravencoin. The bullish momentum comes as the broader market is recovering from its recent bearish slump.

The 14-day relative strength index of 61 shows that RVN could enter the overbought region if the rally can be maintained.

At press time, RVN is trading at $0.03203 per coin. If the bullish momentum persists, RVN could surge past the $0.035722 resistance level before the end of the day. However, it would need the support of the broader crypto market to cross the $0.040577 resistance level in the short term.

The bears might regain control of the market and push RVN below the $0.028675 support level. However, RVN should comfortably defend its position above the $0.024799 support level in the near term.

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Ethereum gathers steam for Merge, ENS domains rise and stakers patiently wait

As we get closer and closer to one of the biggest events in the brief history of cryptocurrency – the Ethereum Merge – there are a number of metrics which are suggesting activity is picking up across the space.

Ethereum Name Service

The first is the Ethereum Name Service (ENS), which saw its third highest month of revenue in August. Generating $4.3 million in revenue, the service saw 34,000 accounts register names for the first time.

These names are a neat feature of Ethereum. Instead of providing somebody a long Ethereum address, instead a simple name ending in .eth can be provided, such as harrypotter.eth, for example. This name can be linked to one’s wallet, meaning it’s all that needs to be given when asking for a payment. Simple and intuitive.

The boost in these names being registered shows that people are positioning themselves for the Merge, slated to go live on September 15th.

13 million ETH staked

The amount of ETH locked up in the staking contract is now up to 13 million ETH, which is about 11% of the total supply. At the current market price of $1,635, that translates to over $21 billion of Ethereum locked up in the staking contract.

What is important to note here is that the Merge will not enable withdrawals of this ETH. I had previously speculated about whether a flooding of ETH into the market post-Merge could place downward pressure on the price – after all, much of the Ethereum has been locked up for quite a while, as the above graph shows.

However, investors will not be able to withdraw their ETH until another upgrade is implemented, which is not planned for 6 months to a year down the line. This should dull the concern around the supply/demand level as the Merge goes live. There are also liquid staking alternatives which mean the liquidity has not been totally inexistent to date.

Macro

And so we close in on the watershed moment, only two weeks away as I write this. The big question remains, will this be a “buy the rumour, sell the news” type event, or will Ethereum pump off the back of it.

My thoughts for the moment are simple – I think for the short-term price action, the macro climate is currently far more important, with spiralling inflation. A hawkish Fed and tense geopolitical climate still driving markets across the board.  

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