Kategorie: Crypto Analysis

• Algorand is expected to get a lot of publicity from this year’s World Cup

• The native token ALGO failed to break above key resistance at $0.36

• ALGO is heading back to a bottom price as TVL drops

Algorand ALGO/USD will be the official blockchain sponsor of this year’s FIFA World Cup. The partnership will be immense in terms of bringing publicity for the blockchain. Still, that hasn’t stopped the native token ALGO from crashing.

In a market characterized by corrections, ALGO traded up 0.20% in the last 24 hours on Friday. However, the token remains in the red zone, with a loss of 5.46% in the last one week. ALGO is reeling from a failed breakout at $0.34. The sentiment remains weak across the crypto sector, with ALGO staring at more losses.

Data by DeFi Llama shows that the total value locked in Algorand is $208.35 million. The TVL is a drop from $231 million on August 8 when the token attempted to breach $0.36. The fall indicates the drop of assets in the protocol that could set the price on a downward spiral. The TVL is still a significant jump from merely $100 million at the start of July.

Algorand is heading to new lows as the price falls below moving averages

Source – TradingView

Technical indicators point to a weakening momentum on ALGO. The token trades below the 21-day and 50-day moving averages. The potential bottom for ALGO is $0.29. If the bear weakness persists, the token could crash to new lows. Bulls must quickly take charge if the price is to be sustained. A lasting bullish momentum is possible if the token overcomes the $0.36 resistance.

Summary

Algorand is still bearish, with the next bottom at $0.29. The price remains vulnerable to new lows if bulls do not arrest the decline.

The post Algorand risks fresh new bottom as weakness persists after a failed breakout appeared first on CoinJournal.

• Meme tokens surged at the start of the week due to risk-on sentiment

• Dogecoin cleared a resistance at $0.072 but is now crashing below

• Projected Fed action and profit-taking could be behind the latest decline

Meme coins started the week on a high note as risk-on sentiment gripped markets. That saw Dogecoin DOGE/USD touch $0.0913 for the first time since May. The token had successfully cleared the $0.072 resistance and turned it into support.

The gains in DOGE underline investors’ interest in risky assets at the slightest of positive information. A week ago, data showed cooling inflation numbers, which boosted most cryptocurrencies. That could have attracted meme token buyers. DOGE and SHIB became top gainers at the start of the week. 

Nonetheless, a Fed report this week spooked markets as officials pointed to more rate hikes. The developments could have brought caution, alongside profit-taking, which forced a sell-off in DOGE. The token now faces a further slump if bulls fail to arrest the bear momentum.

Dogecoin crashes below $0.072 support as sentiment weakens

Source – TradingView

The technical outlook reveals that DOGE has breached below the 0.072 support and 21-day MA. The token is about to break below the 50-day MA. The MACD line remains above the moving average, but the momentum is weakening.

While we can’t confirm the bearish momentum now, DOGE remains vulnerable. The token could slide further to touch the $0.06 support. Investors should consider buying if the token successfully recaptures $0.072.

Concluding thoughts

Dogecoin is bearish after a meme-inspired rally this week. Profit-taking and investor caution around the Fed decision could be behind the current weakness. DOGE will turn bullish if the token reclaims the $0.072. Otherwise, expect the price to fall further to $0.06.

The post Dogecoin rally comes to a halt as price slides back to below key support appeared first on CoinJournal.

• Binance coin has returned more than 77% since the June bottom price.

• The token hit the resistance target at $326, forcing profit-taking activities.

• BNB has temporarily broken below key support, although a bearish momentum is not yet confirmed.

By all means, Binance coin BNB/USD has returned massively for investors who targeted $326 resistance. The level, hit during the first week of August, represents an upsurge of 77% since BNB bottomed at $142. To a technical reader, $326 represents a take-profit zone. That reveals why the token lost momentum after hitting the level. BNB now trades at $280.

BNB slowdown is connected to profit-taking activities rather than weak fundamentals. Whereas the price could climb above $326, investors remain cautious as the recession risks remain. As of press time, most cryptocurrencies remained in the red. However, we can’t confirm a bear market as of now. 

BNB trades at a key level as price slides

Source – TradingView

From the daily chart outlook, BNB is under pressure. The momentum line has crossed below the moving average, suggesting a bearish push. The cryptocurrency has also broken above the 21-day MA but remains supported by the 50-day MA. 

Two scenarios are likely as BNB trades at key support of $285. In the bull case scenario, the daily candle stick could close above the support, leaving a bearish pin bar. That will allow bulls to take control and push the token back to $326. The scenario will see BNB remain supported by the 50-day MA.

In the bear scenario, the daily candlestick will close below the support zone. That could be followed by a bear confirmation candlestick. The bear scenario will see BNB move back to $244.

Concluding thoughts

Investors should watch the close of the daily candlestick on BNB. That will reveal whether BNB will enter a bear market or begin a bull reversal.

The post BNB breaches key support but be aware of false breakout as bulls take charge appeared first on CoinJournal.

The cryptocurrency market is currently consolidating after more than 7-months of persistent losses. However, if past cycles are anything to go by, this could indicate that another pump is on the way. 

Already the market is showing bullish signals, as seen in last week’s price action when most altcoins rallied by over 30%. It is a perfect time to start looking into cryptocurrencies likely to outperform the rest of the market in the next crypto bull run. In the very short term, these three hold a lot of potentials to beat the rest of the market.

Cardano (ADA)

Cardano (ADA) remains one of the best cryptocurrencies to buy and hold now. Besides trading in a tight range for over a week, Cardano has lots of good news at the moment that could help drive up the price. Among them is that Cardano will now be available to German investors through two of the country’s most important banks. 

The two, Comdirect and Onvista, have millions of users. If their users start buying Cardano, it will likely impact the price positively. Besides, the news alone validates Cardano as an investment and could trigger FOMO around it.

Celebrities are also showing interest in Cardano-related projects. For instance, Snoop Dogg’s son is involved in Cardano NFTs, specifically the Clay Nation NFTs project. Since such people have influence, he, like other celebrities, is likely to draw investor interest in Cardano NFTs.

This is likely to boost ADA in the short term since the token could surge in demand. It is not surprising that positive sentiment around Cardano is on the rise.

XRP (XRP)

Despite the SEC dampening the mood around XRP (XRP), the token remains resilient. It has good news that has the potential to send its price rocketing if the broader market turns bullish in the short term. 

One of them is that a bank in Brazil is now accepting XRP for on-demand liquidity. The bank, Travelex, has stated that the move to adopt XRP is driven by the need for instant and low-cost transactions without having to tie down capital. This is a big deal and points to the growing use case for XRP, which has been growing consistently over the years. It’s a factor that makes XRP a prime candidate for a pump in the short to medium term. 

Shiba Inu (SHIB)

Shiba Inu (SHIB) was one of the top performers last week and is currently still one of the top trending cryptocurrencies. This indicates that despite the price slowing down, there is still a lot of excitement around SHIB. At the moment, Shiba Inu is currently facing stiff resistance at the 200-day MA. With all the excitement around SHIB, if the 200-day MA resistance is broken, investors could see the price rocket to new heights in the short term. It is a cryptocurrency to keep an eye on in the short term.

The post Top cryptos that could easily double your money in August appeared first on CoinJournal.

PROS price has defied gravity in the past few weeks as demand for the coin rose. The Prosper token jumped to a high of $0.7451, which was the highest level since April 14. It has jumped by over 455% from the lowest level this year, giving it a market cap of over $2.8 million.

What is the Prosper crypto?

Prosper is a relatively small blockchain project that is in the prediction and betting markets. It is backed by Tenzor Capital, Prometheus Labs, Ava Labs, and Bonded Finance. The platform is based on the BNB Chain, formerly known as the Binance Smart Chain. 

The concept behind Prosper is simple. Anyone can visit the website and predict where a certain cryptocurrency will move in a certain duration. 

To do that, users first visit the website and then link their wallets. Metamask is the most recommended wallets. After doing this, you should add the network. Finally, select the currencies you want to predict and select the amount you want to bet. Finally, the system will move you to Metamask to confirm your account. 

Some of the top benefits for using Prosper is that it is retail-oriented, has fiat integration, has an insurance system, and has custom pools owned by members.

PROS is the native token for the Prosper ecosystem. It is used to help users create their custom pools and also insure the process.

PROS token has defied gravity in the past few weeks as demand for its prediction market has risen. According to the developers, the number of users has jumped sharply in the past few weeks.

PROS price prediction

The daily chart shows that the PROS price has been in a strong recovery in the past few weeks. This rebound happened after the coin dropped to a low of $0.1170. It has rallied and moved above the 25-day and 50-day moving averages.

At the same time, the Relative Strength Index (RSI) has surged above the overbought level while the momentum has continued rising. Therefore, the coin will likely keep rising as buyers target the important resistance level at $0.9490, which was the highest level on April 3.

The post PROS price has defied gravity. Is the Prosper coin a buy? appeared first on CoinJournal.