Kategorie: Crypto Analysis

Skale Network price bounced back slightly on Thursday as investors waited for Jerome Powell’s statement at the Jackson Hole Symposium. The SKL price rose to a high of $0.063, which was the highest point since August 17. It has risen by about 40% above the lowest level this month.

What is Skale Network?

The smart contract industry is highly competitive, with Ethereum being the market leader. Other top players in the sector are Solana, BNB Chain, and Tron.

Skale Network is a smart contract platform that is changing how this industry operates by giving developers a platform to build applications in all industries. Unlike Ethereum, Skale has zero gas fees and has the possibility of running an unlimited number of fast, on-demand, pooled security blockchains. 

It also enables developers to deploy their own EVM blockchain in minutes without compromising speeds and security. Most importantly, Skale is a fully decentralized platform that is owned by the community. Some of its other features are its on-chain file storage features, modular and linear scaling, and instant finality.

Skale Network price has risen in the past few days because of the strong stats in the ecosystem. Last week, the developers announced that the platform has handled over 3 million transactions. The number has grown to over 3.6 million now. In the past 30 days, it has handled over 2.1 million transactions.

This happened as the number of active users has gone parabolic. In July, it had less than 10k users while in August, the number is approaching close to 20k. This growth has led to a substantial amount of gas fee savings. In August, users have saved over $10 million in gas fees, higher than the $8 million they saved in July.

Skale Network price prediction

The daily chart shows that the SKL price has been in a strong bullish trend in the past few days. It managed to rally from this month’s low of $0.040 to the current $0.054. The coin remains significantly below the important resistance point at $0.092, which was the lowest level in January this year.

Skale is still below the 50-day and 25-day moving averages and it has formed a small inverted head and shoulders pattern. Therefore, the coin will likely continue rising as bulls target the next key resistance point at $0.092.

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ANKR is the best-performing cryptocurrency amongst the top 100 as the broader crypto market continues its recovery.

ANKR, the native coin of the Ankr ecosystem, is up by more than 12% in the last 24 hours. The rally makes ANKR the best-performing cryptocurrency amongst the top 100 coins by market cap.

The rally comes as the broader crypto market continues its recovery following a poor start to the week. The market has added more than 1% to its value over the last 24 hours, with the total market cap still above $1 trillion.

Bitcoin could surge past the $22k mark after adding more than 1% to its value so far today. Ether, the second-largest cryptocurrency by market cap, is trading above $1,700 once again after adding more than 2% to its value in the last 24 hours.

There is no apparent catalyst behind ANKR’s ongoing rally. The Ankr team launched its staking service earlier this month, and the move has positively affected the cryptocurrency. ANKR is now one of the top 100 cryptocurrencies in terms of market cap.

Key levels to watch

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

The MACD line is set to enter into the positive zone thanks to the ongoing rally. Thus, indicating that the bulls are currently in control. 

The 14-day RSI of 61 shows that ANKR could enter the overbought region of the market if it can maintain its ongoing momentum.

At press time, ANKR is trading at $0.0409 per coin. If the rally continues, ANKR could surge past the first major resistance level at $0.050809 before the end of the day.

Unless there is an extended bullish momentum, ANKR could find it hard to top this month’s high of $0.059 in the near term.

The post Why is ANKR up by more than 12% in the last 24 hours? appeared first on CoinJournal.

An old saying in investment cycles is that the best time to buy is when there is blood in the streets. That’s because you get assets at massive discounts and can gain a lot once the markets start moving. At the moment, the entire cryptocurrency market is in this situation. 

Most cryptocurrencies are trading at lows of over 70%. However, one aspect of the crypto market that seems to be at a point of maximum opportunity is NFTs. NFTs have underperformed in recent months, and even in the crypto rally recently, NFT prices remained depressed. Under these conditions, when NFT prices are at their lowest, here are the NFTs that could give a high ROI in case of a rebound.

Bored Ape Yacht Club (BAYC)

Bored Ape Yacht Club (BAYC) is one of the most famous NFT collections in the market today. However, for the better part of 2022, the Bored Ape Yacht Club has been underperforming. In fact, on some platforms that allow for the leverage trading of BAYC NFTs, investors are close to getting liquidated. However, after trending lower for months and fear at its highest, there is a good chance that the Bored Ape Yacht Club could be about to make a rebound. That’s because volumes across the crypto market are drying up, and just a few large orders could trigger a rebound. 

CryptoPunks 

CryptoPunks is another of the top NFTs in the market today. For months, CryptoPunks NFTs have taken a hit as money flow into the broader cryptocurrency market dried Up. The price is currently flatlining, an indicator that these NFTs could have hit bottom. If the broader market makes a rebound led by a potential bullish breakout for Bitcoin, CryptoPunks is one of the NFTs that could be highly rewarding to investors in the short term.

Battle Infinity 

Outside of the two largest NFTs (BAYC & CryptoPunks), Battle Infinity is one of the top NFTs that could do well in the short term. One thing that makes Battle Infinity stand out as a potentially good investment is that big-money players, commonly known as whales, are buying into Battle Infinity. 

This month, the Battle Infinity 90-day pre-sale raised more than $5 million and was sold out in under 24 hours. With interest from both small and large investors this high, Battle Infinity could be pretty rewarding to investors in the short to medium term.

My Neighbor Alice (ALICE)

After consolidating between the 19th and 23rd of August 2022, My Neighbor Alice (ALICE) is gaining upside momentum. It indicates that bulls are regaining control and that ALICE could have hit bottom. If the current momentum continues, ALICE could easily end the month above the month at $3 or more.

Besides the technicals particularly bullish for this cryptocurrency, ALICE is likely to get a boost from the broader market, which is also showing signs of bear exhaustion as selling volumes drop. For an investor looking to take advantage of the depressed prices, ALICE comes across as a top NFT to consider in the coming weeks.

The post Four undervalued NFTs to buy now appeared first on CoinJournal.

• Solana blockchain has been touted as an Ethereum killer, but frequent hacks are a concern

• The native token SOL has been stable at $35.5

• Price recovery will be determined by the overall crypto sentiment

Solana SOL/USD was trading back to the $26 bottom that was hit in mid-June. The token trades at $35.5, but the price seems to have stabilized in a market correction. SOL has been at the same price level for the last 5 days. The token’s monthly high is at $47.

Solana was one of the most highly watched blockchains in 2021. Owing to its low transaction fees and faster transactions, the blockchain was touted as a true Ethereum killer. Investors looking for a cheaper alternative to Ethereum always moved to Solana.

While SOL remains stable at $35.5, several fundamentals could continue to keep it in check. One is the general crypto sentiment. The cryptocurrencies remain mixed, and short-term appreciations are followed by a correction. That is evident for SOL as the price has been on a correction after tapping $47.

Another major concern for SOL is its own ecosystem. The blockchain has been hit by frequent hacks, which has kept SOL subdued. Investors are growing concerned that SOL may not be a true competitor of Ethereum. Ethereum is shifting to the Proof-of-Stake consensus mechanism that will offer more competition.

SOL remains strong at the $35.5 level for a potential bullish surge

Source – TradingvIEW

A bear market was welcomed when SOL broke below the ascending triangle on August 17. However, the bear weakness has been contained at $35.5. The momentum indicator is in the bear zone as indecision grows at the $35.5 level.

Concluding thoughts

Although SOL is bearish, $35.5 could be the turning point as stability grows. A bullish reversal will see SOL revert to the $42 resistance.

The post Solana maintains stability, but price recovery remains subdued by the outlook appeared first on CoinJournal.

• Avalanche remains one of the key smart contract platforms

• The native token bottomed at $14 but has since doubled in price 

• AVAX trades at $23 after the latest corrections since touching $30

Avalanche AVAX/USD is battling the $21 support, with bulls seemingly looking to win. Nothing is sure, of course, as we remain largely in a bear crypto market. Nonetheless, bulls should remain optimistic about a potential short-term rally.

Avalanche remains one of the top cryptocurrencies despite crashing lately. The native token can be staked and deployed as a unit for transactions. The blockchain protocol became popular in 2021 at the height of the smart contract boom. AVAX rose above $150, ranking among the leading smart contract platforms.

A crypto crash this year and LUNA-inspired volatility gripped AVAX, forcing it to a bottom of $14. The price has been recovering, doubling in August before the correction. While AVAX was trading at $23 at press time, bullish signs are developing. We project a short-term price surge to $27 resistance.

AVAX remains in the consolidation zone after the latest correction

Source – TradingView

Technical analysis shows that AVAX is slowly recovering from the $21 support. The cryptocurrency has formed multiple inside bars at the support. The inside bars indicate indecision and a potential bear exhaustion after the latest correction. A breakout of the inside bar to the upside will confirm a bullish reversal.

On the momentum indicator, there are further bullish signs for AVAX. Although the MACD indicator remains in the bear zone, the weakness is abating. That suggests that AVAX is strongly rejecting any further drop below $21.

Concluding thoughts

A bull case for AVAX will be confirmed by a breakout of the inside bar pattern. The token could still face resistance at $27.

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