Kategorie: Crypto Analysis

Uniswap price continued retreating this week even after a major governance vote. The UNI token crashed to a low of $6.72, which was about 32% below the highest point this month. It is hovering near the lowest level since July 27th. 

Uniswap Foundation

Uniswap is one of the biggest players in the decentralized finance (DeFi) industry. The protocol allows people to swap and earn cryptocurrencies. In addition, users have the ability to build and launch decentralized applications (dApps) in its ecosystem.

Uniswap has grown rapidly in the past few years. According to its website, its trading volume jumped to over $1.1 trillion as it executed over 107 million trades. Data compiled by DeFi Llama shows that its total value locked (TVL) stands at over $5.7 billion, making it the 5th biggest DeFi platform in the world after Maker, Lido, Aave, and Curve.

Some of the applications in its ecosystem are Endaoment, Brink Trade, TrustWallet, Argent, Flipside Crypto, and Sorbet among others.

The UNI price retreated even after a major community in its ecosystem. Community members voted to create the Uniswap Foundation which will support open-source development within the protocol. It will also streamline the issuance of grants.

As a start, the foundation will seek about $74 million from Uniswap’s decentralized autonomous organization (DAO) treasury which has over $3 billion in funds. In a statement, a community member said:

“We want to ensure that there will be a large, thriving ecosystem of organizations that are building on, integrating with, and organizing events in support of the protocol.”

 Uniswap price prediction

The four-hour chart shows that the UNI price has been in a strong bearish trend in the past few weeks. The coin has found a strong support at $6.6581, where it struggled to move below this month. It has moved below the 25-day and 50-day moving average while the Relative Strength Index (RSI) has moved below the neutral point.

Uniswap price has also formed a bearish flag pattern. Therefore, the coin will likely continue falling as sellers target the next key support at $6. A move above the resistance at $7.10 will invalidate the bearish view.

The post Here’s why the Uniswap (UNI) price is at risk of a major plunge appeared first on CoinJournal.

The VGX price surged to the highest point since July 18 as the bidding war for Voyager Digital continued. The token rose to a high of $0.6872, which was almost 400% above the lowest level this year. As a result, its total market cap surged to over $182 million.

Why is Voyager Digital token rising?

Voyager Digital was a leading Canadian cryptocurrency exchange that handled billions of dollars every week. The situation changed a few months ago following the crash of Terra’s ecosystem, Celsius, and Three Arrow Capital. 

Voyager Digital, facing a major cash squeeze, decided to file for voluntary bankruptcy in a bid to organize its resources. It also decided to stop deposits, withdrawals, and the creation of new accounts. The VGX token continued trading.

Behind the scenes, a bidding war by some of the biggest companies in the crypto industry like Coinbase, FTX, and Binance. In total, there were about 22 suitors for the company.

Now, the VGX token price rose after it emerged that FTX and Binance were the main contenders. According to Coindesk, Binance has moved aggressively to acquire those assets. FTX, which made an offer to buy the company last month, is still pursuing the company’s assets. 

Coinbase had partnered with Callaway Capital Management to launch a bid but then walked away. Besides, the company’s stock price has crashed hard this year. 

Therefore, the VGX price is rising as investors focus on the future of Voyager now that it seems like it will be saved by a bigger company. The rise is also part of a short squeeze that has been going on in the past few months.

VGX price prediction

The four-hour chart shows that the Voyager Digital price has been in a bearish trend in the past few weeks. In this period, the coin formed a falling wedge pattern, which is usually a bullish sign. This pattern also explains why the coin has gone parabolic in the past few days. 

Voyager moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the overbought level. Therefore, I suspect that the coin will now retreat as the enthusiasm about the company’s acquisition fades. If this happens, the next key support at $0.3800.

The post VGX Price Prediction as the Voyager Digital Token Flies appeared first on CoinJournal.

The cryptocurrency market could end the week in a bearish tone but ADA is outperforming the other major coins.

ADA, the native token of the Cardano blockchain, is the best performer amongst the top 10 cryptocurrencies by market cap. ADA has added more than 3% to its value, outperforming the broader market in the process.

The cryptocurrency market could end the week in a bearish fashion, with the market losing nearly 2% of its value in the last 24 hours. This has resulted in the total market cap dropping close to the $1 trillion mark.

Bitcoin has maintained its position above the $21k level but continues to struggle to move past the $22k resistance point in recent days. Ether, on the other hand, has dropped below $1,700 after losing more than 2% of its value in the last 24 hours.

ADA’s ongoing positive performance comes as the Cardano development team provided an update on its Vasil upgrade. 

According to Input Output, the development team behind the Cardano blockchain, they continue to work towards bringing the Vasil upgrade to mainnet. The team provided updates on bug issues and other miannet node status. 

📢 The team at IOG, along with @CardanoStiftung and the wider @Cardano technical community continue to work together to bring the #Vasil upgrade to the #Cardano mainnet. 🙌

Here’s a rollout status as of 25th August 🧵👇

1/13

— Input Output (@InputOutputHK) August 25, 2022

Key levels to watch

The ADA/USD 4-hour chart is turning bullish as Cardano has been performing well over the last few hours. The technical indicators show that ADA is outperforming the broader crypto market.

The MACD line is close to entering the positive region, indicating bullish momentum for ADA. the 14-day RSI of 59 shows that ADA could enter the overbought zone if the positive momentum can be maintained.

At press time, ADA is trading at $0.4812 per coin. If the positive rally continues, ADA could surge past the $0.535 resistance level before the end of the day. However, ADA could find it hard to surpass the second major resistance level at $0.577 over the next few hours. 

The post ADA is up by 3% today as the Cardano community prepares for the Vasil upgrade appeared first on CoinJournal.

Bitgert price has crawled back in the past few days as investors cheer its ecosystem growth. BRISE, its native token, rose to a high of $0.0000092, which was the highest level since August 7. It has surged by over 162% from the lowest level this year.

Bitgert TVL soaring

Bitgert is a relatively small but fast-growing blockchain project that seeks to become a leading player in the industry. It is an Ethereum-killer that is substantially faster and cheaper to operate. According to its developers, it is able to handle thousands of transactions per second (tps). 

Bitgert is also significantly cheap to operate since it can handle millions of transactions for pennies. Some of the top applications created in Bitgert are Knit Finance, Midas NFT Marketplace, Briseswap, and Icecream Swap among others. $BRISE is the native token for Bitgert’s ecosystem.

Bitgert price has risen in the past few days as investors cheer the sudden growth of its ecosystem. According to DeFi Llama, Bitget has seen its total value locked (TVL) soar from almost zero to over $9 million. 

This growth has been mostly because of Spynx, which has a TVL of over $6 million. IcecreamSwap has a TVL of over $2.1 million. Therefore, analysts believe that the TVL will continue growing in the coming months.

The next key catalyst for the Bitget price will be the upcoming Jackson Hole Symposium event in the United States. In it, Jerome Powell, the Fed Chair, will have an opportunity to talk about interest rates now that inflation has started falling.

Bitgert price prediction

The four-hour chart shows that the BRISE price has been in a strong bullish trend in the past few weeks. As a result, the coin has become one of the best performing in the market. It has rallied above the 25-day and 50-day moving averages. 

Notably, this rally happened after the coin dropped to a low of $0.00000055, which was the lowest point on August 19. At the same time, it seems like it is forming a double-top pattern, which is usually a bearish sign.

Therefore, while the Bitgert price has some upside, there is a likelihood that it will soon pull back because of the double-top pattern. If this happens, the next key support to watch will be at $0.00000078.

The post Bitgert Price Has Recovered But Beware of a Bearish Pattern appeared first on CoinJournal.

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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