Kategorie: Crypto Analysis

The cryptocurrency market has slightly recovered from its recent losses, but Shiba Inu is currently outperforming the other coins.

The cryptocurrency market has been underperforming since the start of the week, with Bitcoin briefly dropping below the $40k psychological level. The total cryptocurrency market cap has also dropped to the $1.8 trillion level.

However, the broader crypto market has performed well over the past 24 hours. The total cryptocurrency market cap has increased by less than 1%, while Bitcoin is also trading in the green zone again.

However, SHIB, the native token of the Shiba Inu ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. SHIB is up by more than 20% over the past 24 hours, outperforming the other major cryptocurrencies in the process.

The primary catalyst behind this rally is the listing of the meme coin on Robinhood. Robinhood is one of the leading trading platforms globally and has a huge appeal amongst the younger generation. 

Another catalyst is the announcement from the Shiba Inu team that its land sale on the metaverse is now live. To participate in this early access event, users must have LEASH or SHIBOSHI locked and utilize the locking system.

Key levels to watch

The SHIB/USD 4-hour chart is the most bullish amongst the top 20 cryptocurrencies by market cap. 

The MACD line is above the neutral zone, indicating a bullish momentum for Shiba Inu. the 14-day relative strength index of 64 shows that SHIB could soon enter the overbought region if the rally continues.

At press time, SHIB is trading at $0.00002729 per token. In the event of an extended rally, SHIB could break past the $0.0000321 level for the first time since February 2022.

However, Shiba Inu would need the support of the broader cryptocurrency market if it is to trade above $0.000040 for the first time this year. 

The post Here is why Shiba Inu is up by more than 20% today appeared first on Coin Journal.

Cryptocurrencies have not had a good start of the year. According to data compiled by CoinGecko shows that the total market cap of digital coins declined from $2.04 trillion in January to about $1.9 trillion in April. All recovery attempts have stalled. In this article, we will look at the most promising cryptocurrencies to buy and hold in 2022.

1. Ethereum

Ethereum, the second-biggest cryptocurrency, is one of the best ones to buy and hold in 2022. The platform is going through significant changes that will see it attract more developers and investors. The developers are implementing the transition from a proof-of-work to a proof-of-stake network. 

They will also introduce the concept of sharding which will make it significantly faster. As a result, there is a likelihood that more developers will chose it for building their applications. Besides, most of them already use it despite its flaws. Therefore, there is a likelihood that Ethereum price will keep growing in 2022.

Learn how to buy Ethereum with our in-depth guide or invest with our recommended platform below.

2. Chainlink

Chainlink is the biggest smart oracle platform in the industry. Its work is mostly to connect off-chain to off-chain data. Its use is so important in various industries like DeFi and NFTs that require useful external data. Chainlink has a total value secured (TVS) of over $55 billion. Therefore, there is a possibility that the Chainlink price will likely keep rising.

Learn how to buy Chainlink with our in-depth guide or invest with our recommended platform below.

3. Bitcoin

Bitcoin is a safe cryptocurrency to buy and hold because of its important role in the blockchain industry. It is the biggest coin in the world and it tends to set the tone for other coins. In most cases, other cryptocurrencies tend to rise when Bitcoin rises and vice versa. It is also one of the most held digital coins in the world.

Therefore, if cryptocurrency prices will have a positive year in 2022, there is a likelihood that Bitcoin will also rise. Bitcoin is also gaining traction among institutional investors.

Learn how to buy Bitcoin with our in-depth guide or invest with our recommended platform below.

4. Near Protocol

Near Protocol is another promising cryptocurrency to invest in 2022. It is a proof-of-stake cryptocurrency that is gaining substantial traction among developers. The creators are currently implementing the nightshade sharding upgrade that is intended to make it faster and more scalable. 

To build on this mission, Near Protocol raised almost $350 million in April of this year. The fundraising came a few months after the developers raised over $100 million from investors. These funds will go towards building the ecosystem and incentivizing its developers. Further, its total value locked in DeFi has risen to almost $1 billion and there is a likelihood that it will keep growing this year.

5. Mina Protocol

Mina Protocol is a little-known cryptocurrency that is set to have a good year. Its price has already jumped by about 61% from its year-to-date low. Mina Protocol is a blockchain project that uses zero-knowledge (zk) rollups to help developers build fast applications. Its token has a total market cap of over $1.1 billion.

Mina Protocol developers raised over $92 million from venture capital firms. With its SDK set to be launched in 2022, there is a likelihood that the platform will gain traction. If this happens, the Mina price will likely keep rising as more people interact with its platform.

6. Lido DAO

Lido DAO is a leading blockchain project in the decentralized finance (DeFi) industry. The platform is built in Terra, Ethereum, Solana, Kusama, and Polygon. Its Ethereum and Terra networks are the biggest. Lido’s business is in providing liquidity for staked assets. 

For example, Lido Staked Ether has a market cap of over $9 billion. Lido has a total value locked of over $17 billion. Lido DAO token has a market cap of more than $878 million. There is a likelihood that it will bounce back in 2022 as more people embrace the network.

7. Anchor Protocol

Anchor Protocol is another safe cryptocurrency to buy and hold in 2022. It is one of the leading DeFi platforms in the world with a TVL of over $25 billion. It is the second-biggest DeFi network after Curve and is the biggest one in Terra’s ecosystem.

Anchor Protocol lets people deposit money in its platform and then start earning rewards as others borrow. In early 2022, the Anchor Protocol price declined after the developers announced that they will be tweaking interest rate earned per month. Rates will either go up or down by 1.5% per month. Still, Anchor is a safe cryptocurrency because its ecosystem is still growing.

8. Avalanche

Avalanche is a leading blockchain platform that aims at helping developers build decentralized applications that are fast. While Ethereum handles less than 20 transactions per second, Avalanche can handle as many as 4,000 transactions. It is also a relatively cheap network, with the average price of a transaction being a few cents. 

While the Avalanche network is seeing strong growth, its developers have announced investments worth over $400 million to boost its ecosystem. The first one was Avalanche Rush and the second one is a $290 million for the metaverse. Therefore, the Avalanche price will likely keep rising in 2022.

9. Terra 

Terra is one of the fastest-growing blockchain projects in the industry. The network is well-known for its stablecoins such as Terra USD, which has a market cap of over $16 billion. It has also become a leading player in the DeFi industry. Some of the top DeFi applications in the ecosystem are Anchor Protocol, Lido, and Astroport. As one of the fastest-growing cryptocurrencies in the world, LUNA is a good investment in 2022.

10. Cronos

Cronos is a highly-promising cryptocurrency that is set to have a spectacular growth in 2022. It has also attracted many developers in the network. According to DeFi Llama, the network has hundreds of projects that have a TVL of over $4 billion. Some of the apps in the network are VVS Finance, Tectonic, and MM Finance. Therefore, the Cronos price will likely keep rising.

The post 10 Most Promising Cryptocurrencies to Buy & Hold in 2022 appeared first on Coin Journal.

The Near Protocol price has been in a tight range in the past few days even as other cryptocurrency prices retreat. The coin is trading at $16.6, which is a few points below last week’s high of $20. Its market cap has risen to about $10 billion, making it the 17th biggest coin in the world.

Near plans to disrupt music industry

The Near Protocol price jumped sharply last week after the developers raised $350 million from a group of investors. The developers will use these funds to grow the ecosystem by providing grants to creators. They will also use the funds to expand their development team.

Therefore, the Near price jumped sharply as investors cheered this funding. Also, investors have been optimistic about the growth of its ecosystem. For example, the total value locked (TVL) of the network has risen to almost $1 billion. This growth is mostly because of the numerous projects built using Aurora’s technology.

Meanwhile, the developers announced plans to use the blockchain technology to disrupt the music streaming industry. They also unveiled a new decentralized autonomous organization (DAO) known as MODA DAO. The goal is to ensure that the musicians make money when people listen to their songs. It will also help them monetize their creations using tools like NFTs.

Near Protocol also talked about Naer x Music (NxM), which is a community focused on music, events, NFTs, and music-forward tools. The statement added:

“Music specifically tends to involve multiple participants to make a release come together. But by using smart contracts, especially with the tools built into Mintbase, artists are able to write splits into their contracts for both initial and secondary market sales.”

Near Protocol price prediction

Turning to the daily chart, we see that the Near Protocol price has been in a strong bullish trend. A closer look reveals that it has formed a cup and handle pattern. In price action analysis, this price is usually a sign of a bullish continuation. It is also slightly below the upper side of the cup pattern.

The price has also moved above the 25-day and 50-day moving averages. Therefore, the coin will likely keep rising as bulls target the key resistance at $20.

The post Near Protocol price prediction: cup and handle pattern forms appeared first on Coin Journal.

The broader cryptocurrency market has been underperforming over the past few days.

The cryptocurrency market has been underperforming since the start of the week. In the last 24 hours, the total cryptocurrency market has lost more than 4% of its value, resulting in the total market cap dropping below $1.9 trillion.

Bitcoin remains the leading cryptocurrency by market cap but continues to suffer due to the bearish sentiment currently at play. Over the last 24 hours, Bitcoin has lost more than 5% of its value. 

At press time, Bitcoin is trading at $40,171 after briefly declining below the $40k support level a few hours ago. In the past seven days, Bitcoin has lost more than 13% of its value, effectively erasing the gains it had accumulated late last month.

Bitcoin was previously trading around $45k, and the bullish momentum meant it could challenge the $50k psychological level. However, with the current market trend, Bitcoin could struggle to defend its position above $35k over the coming days or weeks.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish as Bitcoin continues to underperform. The technical indicators also show that it is one of the worst performers amongst the top 10 cryptocurrencies by market cap.

The MACD line has dropped below the neutral zone, indicating strong bearish momentum for Bitcoin at the moment.

The 14-day relative strength index of 31 shows that Bitcoin is currently in the oversold region.

If the bearish momentum persists, Bitcoin could drop below the first major support price at $38,886 before the end of the day. However, it should defend its position above the second major support level at $37,528 in the short term.

However, if the bullish momentum returns, Bitcoin could trade above the $42k resistance level over the coming hours. It would need the support of the broader market to reach the $44k level again over the coming hours or days. 

The post Bitcoin briefly declines below $40k. Will it drop towards $35k soon? appeared first on Coin Journal.

Dogecoin (DOGE) may have seen a major boost after Elon Musk floated the idea of bringing it into the Twitter payments ecosystem. The meme coin even surged by around 8% after the news, but it has since fallen sharply from that pump. But what does the future hold? Here are some developments of note:

• After the initial Elon pump, DOGE fell by almost 16% in 24 hours

• The coin did however manage to remain above its 100-day SMA

• Musk’s statements are unlikely to have any material effect on the price action

Data Source: Tradingview 

Dogecoin (DOGE) -Why Musk’s pump won’t save it?

Elon Musk is one of the most influential voices in crypto and tech. When he floated the idea that Dogecoin could be included as part of the Twitter payments ecosystem, the price surged. Musk is after all the largest shareholder of Twitter. But it turns out this pump was short-lived as investors confronted the technical indicators. 

As a result, DOGE fell by almost 16%. But crucially, the coin has managed to stay well above its 100-day SMA of $0.13. This level has proved to be strong support, and it is unlikely DOGE will breach it. 

Once the coin consolidates around this price, we expect bulls to push further towards the 200-day SMA. While we don’t think it’s possible to breach the 200 Day SMA in the near term, a short bull run could still be a great win for bulls.

Does DOGE have a future in payments?

DOGE was the most successful meme coin before Shiba Inu. Over the years, the coin has tried to add more utility to its ecosystem and in fact, many have explored it as a possible payment option. 

If indeed Twitter is able to adopt it within its payment ecosystem, then DOGE will easily become a mainstream coin with vast implications for the digital economy.

The post Dogecoin (DOGE) breaks 100-day SMA – Is a bull run on the way? appeared first on Coin Journal.