Kategorie: Crypto Analysis

The BIFI price has crawled back as yield-optimizing blockchain projects bounce back. Beefy Finance’s token is trading at $0.0082, which is a few points above the intraday low of $0.0077. The current price is about 92% below the highest level in 2021. As a result, its total market cap has crashed to more than $37 million.

Yield optimizer token jumps

Beefy Finance is a leading player in the decentralized finance (DeFi) industry. Its business model is that it offers a multi-chain yield optimizer that allows users to earn compound interest on their crypto holdings. 

By comparing yields of various platforms, Beefy then selects the coin with the biggest yield. It simply maximizes returns from various liquidity pools and automated market-making projects. Beefy is compatible with the leading blockchains like Fantom, BNB Chain, Polygon, Avalanche, and Arbitrum among others.

According to DeFi Llama, the total value locked in Beefy Finance has been in a downward trend. It has crashed from an all-time high of over $1.22 billion to the current $259 million. This decline is in line with that of other DeFi protocols.

BIFI is the governance token for Beefy Finance. The BIFI token has jumped in the past few hours as other yield optimizers rebound. For example, YFII price has jumped by more than 300% in the past two days. Similarly, Yearn Finance has also jumped. Other DeFi tokens like Uniswap and AAVE have also rallied.

This performance is mostly because of the overall rebound of cryptocurrencies and US equities. The Dow Jones index has rallied by more than 3%. Another reason is that investors are simply buying the dip after the coin crashed hard in the past few months.

BIFI price prediction

The four-hour chart shows that the BIFI price has been in a strong bearish trend in the past few months. The sell-off accelerated after the coin moved below the important support level at $0.0133, which was the lowest level in May. It has also crashed below the 25-day and 50-day moving averages.

Therefore, Beefy Finance price will likely continue falling as bears target the next key support level at $0.0070. A move above the resistance at $0.01 will invalidate the bearish view.

The post BIFI Price Prediction as Beefy Finance Crawls Back appeared first on CoinJournal.

Cryptocurrencies are doing well into the weekend. Bitcoin has surged to $21,000 while Ethereum has moved above $1,200. In total, the top market cap of all cryptocurrencies has jumped to over $948 billion. This performance is mostly because of the strength of American equities, with the Dow Jones and Nasdaq 100 rising by more than 711 and 302 points respectively. Here are the best small-cap cryptocurrencies to trade during the weekend.

ARPA (ARPA)

ARPA is one of the best crypto trade during the weekend. It is an extremely small cap coin that has a market cap of $40 million. ARPA is a security-focused blockchain project that is used in industries like fintech and insurance, digital advertising, personal data wallet, and AI among other industries. 

Some of its funders are well-known companies like Arrington, Connect Capital, Genesis, and GBIC among others. ARPA is a layer 2 or sidechain network that supports secure and verifiable computation. Some of the top projects built using ARPA are LINA, MDX, CERE, and CHESS among others.

ARPA is a good crypto to trade because of its price action. The ARPA price formed a strong bottom at $0.025 this week. It has then soared by as much as 123% and reached a high of $0.055. Therefore, there is a possibility that the coin will show more price action during the weekend.

Yearn Finance (YFI)

Yearn Finance is a leading blockchain project in the DeFi industry. It is a DeFi project that allows people to maximize their returns in the market. After depositing tokens, Yearn moves the funds across multiple protocols as it seeks for the highest yield. According to DeFi Llama, Yearn Finance has over $578 million in total value locked (TVL). This is significantly lower than its all-time high of over $5.7 billion. 

Like YFII, the YFI price has surged in the past few days. It has risen by more than 84% from its lowest level this year. This means that it will have some volatility during the weekend, which makes it a good coin to trade.

Navcoin (NAV)

Navcoin is an extremely small-cap cryptocurrency that has a market cap of over $8.6 million. It is a cryptocurrency that was established in 2014 with the goal of enhancing privacy. It is an interoperable coin that can be used outside its ecosystem. 

The Navcoin price has surged in the past few days as investors cheer the launch of a new market-making DAO, The goal is to introduce new professional market-makers to the network in order to get the coin listed in other exchanges. Therefore, the Navcoin price is a good buy because of the expected volatility.

The post Top 3 small-cap crypto to trade this weekend: ARPA, YFI, NAV appeared first on CoinJournal.

The YFII price has rebounded sharply in the past few days as investors buy the coin’s dip. The token is trading at $1,674, which is about 400% above the lowest level during the weekend. This price is still about 85% below its highest point on record. According to CoinGecko, DFI has a market cap of over $42 million.

What is DFI.money and why is it rising?

DFI is a blockchain project that is in the Decentralized Finance (DeFi) space. It is a leading platform that simply allows people to deposit their funds and then they can earn interest. It is a fork of Yearn Finance, one of the biggest blockchains in the world. 

The concept behind DFI.Money is that it aggregates various protocols like Compound, dYdx, Aave, and DDEX protocols and finds the one with the highest interest. Therefore, as an investor, you will simply add funds to the network, and then it will farm around and find the one with the highest yield.

After finding that asset, it then returns a proof-of-stake known as yToken, which users can send back at any time and withdraw their tokens and interest. YFII is the governance token for the DFI network.

Like other DeFi tokens, DFI.money has had a difficult period in the past few months as investors worry about the state of the industry. As a result, the total value locked in the industry has fallen from more than $250 billion to less than $75 billion. According to DeFi Llama, DFI has a total value locked of less than $100k, making it a relatively tiny platform.

It is unclear why the YFII price is surging. Since there is no new news about the coin, there is a possibility that investors are pumping the coin.

YFII price prediction

The four-hour chart shows that the YFII price went parabolic on Friday. As it rose, the coin managed to move above the important resistance level at $1,470, which was the highest point on May 14th. It has moved above all moving averages while the Relative Strength Index (RSI) has jumped to the overbought level.

Therefore, in my view, I believe that the coin will retreat soon. If this happens, the next key support level to watch is at $660, which was the highest point on June 16th.

The post YFII Price Prediction: What is DFI Money and Why is It Surging? appeared first on CoinJournal.

The Pi Network is a controversial “cryptocurrency” that has attracted millions of users from around the world. Supporters believe that it is the best alternative to Bitcoin while critics argue that it is a pyramid scheme and a scam. Since it is impossible to do a Pi Network price prediction, we will assess whether it is worth your time.

What is the Pi Network?

Pi Network is a ‘blockchain’ project that seeks to disrupt the cryptocurrency industry in a more environmentally friendly manner. 

It achieves this by solving the biggest challenge that Bitcoin has. With mining difficulty soaring, it has become almost impossible for an ordinary person to mine the coin. Today, Bitcoin mining is dominated by large companies like Hut 8 and Marathon Digital.

Pi Network solves this challenge by making it possible for people to mine using their smartphones. All you need is an Android or iOS smartphone and you are ready to go.

You also need a referral code from someone already in the network. After verifying your details, you will be ready to mine the Pi coin.

Mining is done in a simple way. Just open the application, click a button, and that’s it. As you do that, you will encounter some ads, which the company claims are needed for development purposes. 

Pi Network has become extremely popular. For example, in Android, it has more than 495k reviews, with the average being 4.5. Similarly, in iOS, it has more than 9,000 reviews.

Is Pi Network legit or a scam?

There are two sides to the Pi Network. Some people believe that it is a real cryptocurrency that will become popular with time.

In my view, I believe that it is both a scam and a pyramid scheme. For one, the Pi coins that users accumulate in their wallets are really worthless since one cannot cash out.

The developers have claimed that holders will be able to cash out when it is listed in major exchanges. It is unclear whether Pi Network will ever be listed in platforms like Binance and Coinbase. Besides, they have been talking about the listing for a while.

Most importantly, even when it is listed, it is unclear whether the Pi Network price will be stable. I expect that it will come under intense selling pressure as the current holders cash out. 

Therefore, the only people benefiting are the Pi Network developers who are now making virtually free money when people visit the app.

The post Pi Network: Is This Crypto Legit or Is It a Scam and Pyramid Scheme? appeared first on CoinJournal.

The cryptocurrency market looks set to end the week on a positive note after Bitcoin and others recorded gains in the last few days.

The cryptocurrency market has added more than 3% to its value in the last 24 hours. At press time, the total market cap stands above the $900 billion mark and could reach $950 billion before the end of the day.

Bitcoin looks set to surge past the $21k resistance level after adding more than 2% to its value today. Ether could move past the $1,200 mark if it continues with its current rally.

However, ONE, the native token of the Harmony Protocol, is among the worst performers amongst the leading cryptocurrencies. ONE has lost more than 10% of its value in the last 24 hours and could dip lower in the coming hours.

The negative performance can be attributed to the news that Harmony Protocol was hacked earlier today. On Friday, harmony Protocol announced via Twitter that it had identified a theft occurring on the Horizon bridge, leading to a $100 million loss to the hackers.

1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.

More 🧵

— Harmony 💙 (@harmonyprotocol) June 23, 2022

The cryptocurrency could record further losses in the coming hours despite the efforts of the team to recover the funds.

Key levels to watch

The ONE/USD 4-hour chart is currently bearish as the cryptocurrency has been underperforming over the last few hours. 

The MACD line has slipped below the neutral zone, indicating a bearish trend. The 14-day RSI of 36 shows that ONE is currently in the oversold region and could record further losses soon.

At press time, ONE is trading at $0.0238. If the bearish trend continues, ONE could slip below the $0.020 level for the first time this month. However, the bulls should be able to defend ONE’s position above the $0.018 support level.

The post ONE dips by 10% following Harmony Protocol hack: Will it dip lower? appeared first on CoinJournal.