Kategorie: Crypto Analysis

Stargate Finance price has performed relatively well in the past few days as demand for the coin has risen. STG jumped to a high of $1.15 last week, which was the highest level in months. It has now pulled back slightly and is trading at $0.773, giving it a market cap of over $102 million.

What is Stargate Finance and STG?

Stargate Finance is a fast-growing blockchain platform in the decentralized finance (DeFi) industry that solves a bridging problem. According to its white paper, Stargate solves three key problems that exist in the sector. 

First, existing developers rely on wrapped assets to move native assets between chains. Second, they can only support a small limited network of chains. And finally, they cannot be composed with smart contracts on the destination chain.

Stargate Finance solves this challenge by making it easy for people to move assets across multiple chains. While solutions like the Avalanche Bridge and AnySwap enable this transfer, they have the challenge of instant guaranteed finality and unified liquidity.

Therefore, a user can transfer assets across chains at a 1:1 ratio. For example, one can swap one Ethereum-based Dai for one Dai on the Avalanche blockchain.

Stargate Finance is available across multiple chains like Ethereum, Avalanche, Arbitrum, BNB, Polygon, Optimism, and Fantom. According to DeFi Llama, Stargate Finance has a total value locked of over $679 million.

STG is the native token for the Stargate ecosystem and users can easily stake it to earn returns. Also, they can participate in its governance.

Stargate Finance price forecast

The four-hour chart shows that the STG price has been in a strong bullish trend in the past few weeks. This saw it jump from $0.3295 to a high of $1.1465. Recently, however, Stargate Finance price has lost bullish momentum and formed a head and shoulders pattern.

It has also dropped below the 25-day and 50-day moving averages. Its volume has also declined. Therefore. There is a likelihood that the coin will have a bearish breakout that will see it drop to the support at $0.5452, which is about 30% below the current level. 

The post Stargate Finance price prediction: What is STG and is it a good buy? appeared first on CoinJournal.

Avalanche is the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap.

AVAX, the native token of the Avalanche blockchain, is up by more than 13% over the last 24 hours. Thus, making it the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap.

AVAX’s positive performance comes as the broader crypto market recovers from its poor start to the week. The broader crypto market is up by more than 4% in the last 24 hours, taking the total crypto market cap close to the $1 trillion mark.

Bitcoin is now trading above $20k once again after adding more than 3% to its value over the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is close to the $1,600 resistance point after rallying by nearly 10% today.

There is no immediate catalyst behind AVAX’s ongoing positive performance. AVAX has recorded huge losses in recent days and is simply recovering from the slump.

Despite today’s rally, AVAX is still down by more than 9% over the past seven days, indicating that the bearish momentum is not yet over.

Key levels to watch

The AVAX/USD 4-hour chart is still bearish despite Avalanche adding more than 13% to its value today. The technical indicators show that AVAX is recovering from its recent slump.

The MACD line remains below the neutral zone, indicating bearish momentum. However, with the bulls now in control, AVAX’s MACD line could move into the positive region in the near term.

The 14-day relative strength index of 49 shows that AVAX is no longer in the oversold region. However, AVAX would need to rally higher to enter the overbought territory.

At press time, AVAX is trading at $20.34 per coin. If the bulls continue to be in charge, AVAX could rally past the $23.02 resistance level before the end of the day. 

Unless there is an extended bullish run, the second major resistance point at $26.29 should cap further upward movement in the near term.

The post Why is Avalanche up by more than 13% on Tuesday? appeared first on CoinJournal.

Optimism price crawled back on Monday as investors bought the dip. The token rose to a high of $1.1150, which was the highest level since August 26. It has risen by more than 10% from the lowest level this month, giving it a market cap of over $240 million. 

Optimism TVL rising

Optimism is a leading blockchain project that help developers to supercharge their Ethereum projects. It is a layer-2 platform that helps them save money and boost speeds. According to its website, it has saved users over $1 billion in gas fees and created more than $800 million in on-chain value. 

Optimism has been used to supercharge some of the leading applications in the industry. Some of the top apps in the ecosystem are Synthetix, Thales, AAVE, Velodrome, Uniswap, and Curve among others. 

According to DeFi Llama, Optimism has seen its total value locked rise to over $856 million. This TVL is slightly below the year-to-date high of almost $1.2 billion. AAVE is the biggest application in the ecosystem with a TVL of over $402 million.

In addition, Optimism has a bridge that makes it possible for people to swap tokens from several blockchains like Ethereum, Polygon, BNB Chain, and Arbitrum to other platforms. 

Optimism price is rising after the strong performance of Perpetual Protocol. Its TVL has risen to over $22 million. According to Binance, the PERP price has risen by over 7% in the past 24 hours.

Optimism price forecast

The four-hour chart shows that the OP price has been in a bearish trend in the past few weeks. It managed to move from a high of $2.2526 in early August to a low of $0.9853. The lowest point was below the 61.8% Fibonacci Retracement level.

The coin has formed a descending channel that is shown in red. It has now moved to the upper side of the descending channel. Optimism has moved to the 25-day and 50-day moving averages while the Stochastic Oscillator has moved to the overbought level.

Therefore, the coin will likely resume the bearish trend and retest the lower side of the channel at $0.900. A move above the resistance at $1.200 will invalidate the bearish view.

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The cryptocurrency market has performed poorly so far today, but XEC is the best performer amongst the top 100 cryptocurrencies. 

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XEC, the native token of the eCash ecosystem, is the best performer amongst the top 100 cryptocurrencies today. The coin has rallied by more than 30% over the last 24 hours, outperforming the broader market in the process. 

The broader cryptocurrency market has been underperforming in the last two weeks. The market has lost more than 1% of its value so far today, with the total market cap now below the $1 trillion mark once again.

Bitcoin has dropped below $20k for the first time this month. At press time, BTC is trading at $19,813, down by more than 1% so far today. Ether has also lost its support above the $1,500 level and is now trading at $1,449 per coin.

XEC’s rally comes after the development team announced that the Avalanche Post-Consensus would go live on the eCash Mainnet on Sept 14th.

According to the team, Post-Consensus brings 51% attack prevention which increases the security of the network significantly, bringing it on par with leading Proof-of-Work chains. It also brings 1-block finality to eCash, which opens the door for exchanges to enable 1 confirmation deposit.

Key levels to watch

The XEC/USDT 4-hour chart is extremely bullish as eCash is performing excellently amidst a bearish run from the broader market.

The MACD line jumped into the positive zone on Sunday and continues to remain within that territory, indicating bullish momentum. The 14-day RSI of 74 shows that XEC could enter the overbought region if the rally continues.

At press time, XEC is trading at $0.00004883 per coin. If the positive rally is maintained, XEC could surge past the $0.00005357 resistance level before the end of the day. 

However, the second major resistance level at $0.00006362 should prove difficult for XEC unless it gets support from the broader cryptocurrency market. 

The post XEC is up by more than 30% on Monday: Here is why appeared first on CoinJournal.

Bitcoin continues consolidating around the $21k level, and selling volumes are dropping. It is an indicator that the bottom could be in, and what could follow is a steady rise over time before another blow-off top at some point in the future. However, for someone looking for mega gains in the next bull run, Bitcoin may not be the most ideal.

Most analysts expect Bitcoin to hit a peak of $100k in the next bull run. That’s close to 5x its current price. However, 5x is no big deal in crypto circles, where gains of 100x or more are usually possible in bull markets. For such gains, it is best to start looking into cheap altcoins with the potential for explosive growth. If you are unsure of which altcoins hold such potential, below are 3 of them that you should consider.

Shiba Inu (SHIB)

In 2021, Shiba Inu (SHIB) took everyone by surprise when it rallied by over 40,000,000%. However, it has since taken a hit, but there is still a lot of potential for Shiba Inu to do even bigger things in the next bull run. That’s because Shiba Inu’s recently introduced burn tool is taking vast amounts of SHIB out of circulation.

For context, more than 300 million SHIB tokens have been burned out of circulation this week alone. Over time, this accelerated burn rate will help drive up the price. That’s because the demand will continually be chasing an ever-declining number of tokens. With this burning tool in place, you can’t rule out the potential for SHIB to hit $0.1 at some point in the future.

XRP (XRP)

XRP (XRP) did not do so well in the last bull run and failed to retest the highs it last hit in 2017. That aside, XRP has proven to be one of the most resilient cryptocurrencies. Even with the SEC case against Ripple, and the current crypto bear market, XRP is still holding on to its value pretty well.

It is also noteworthy that whales seem to be accumulating on this cryptocurrency. Today, Whale Alert has posted that XRP worth $20 million has been transferred from an exchange to an unknown wallet. It could indicate that big-money investors are taking a more long-term approach to XRP. When you combine this with the fact that Ripple could win the case against the SEC, it becomes clear that XRP could be a gem in the rough at current prices.

Cardano (ADA)

Cardano (ADA) is one of the top cryptocurrencies with high potential and is cheap at the moment. One thing that makes Cardano stand out is that its popularity amongst investors is on the rise. For instance, in the latest brand intimacy rankings, Cardano ranks higher than well-known brands like BMW and IKEA.

It also ranks higher than Bitcoin, which is quite surprising because Bitcoin is the largest cryptocurrency in the market. It’s a good indicator because once bulls return to the market, Cardano could experience a surge in volumes, a factor that could positively impact its price.

The post Top Cheap Cryptocurrencies that can easily 10x your money appeared first on CoinJournal.