Kategorie: Crypto Analysis

• BNB has been boosted by recovering crypto market

• The token is currently trading at a resistance of $326

• Watch for a breakout to buy higher; otherwise, sell to snap it lower

Binance coin BNB/USD has been one of the strongest cryptocurrencies recently. At the current trading of $321, BNB has risen by more than 30% in a month. Estimates by CoinMarketCap show that BNB will end August at $360.91. The cryptocurrency is now facing speed bumps, which coincides with resistance at $326. 

BNB powers the world’s largest cryptocurrencies, which explains the recent gains. Investors once again getting back to cryptocurrencies could be boosting the trading volumes. Leading cryptocurrencies, including Bitcoin and Ethereum, escaped their prior bottoms.

BNB hits resistance after the latest pump

Source – TradingView

Technically, BNB is bullish. The cryptocurrency has been moving in a system of higher highs and higher lows since mid-June. The cryptocurrency has also been on an upward momentum. 

BNB has hit resistance at $326, and the bullish momentum has slowed. The cryptocurrency’s bullish momentum still remains in place. An RSI reading of 71 suggests that investors have been piling up on BNB, and it is already overbought.

Concluding thoughts

Although the bullish momentum for BNB has slowed, it remains in place and could break out soon. That is evident from the strong bullish push at the key resistance where the token is currently trading. 

Alternatively, profit-taking at the resistance could force a bear weakness on the BNB. If that becomes a reality, BNB could correct to $288, the next support.

Investors should consider selling now to buy lower or buy after a breakout. The next potential resistance level for BNB is $380. For now, we recommend watching the price action for the next trigger for buy trades.

The post Binance token faces another litmus test as the target hit at $326 appeared first on CoinJournal.

Spell Token price surged to the highest level since May 22nd even as other cryptocurrency prices dropped. The SPELL token rose to a high of $0.00170, which was the highest level since May 21st of this year. It has risen by more than 131% from its lowest point this year.

What is SPELL and why is it rising?

Spell Token is the native token for Abracadabra, decentralized finance (DeFi) platform. Abracadabra is a DeFi platform that helps people to borrow online and leverage up their tokens. It is part of the Frog Nation, a company that owns veNFT and Frog USD.

Borrowers deposit their favorite cryptocurrencies as collaterals and then borrow Magic Internet Money (MIM), a leading stablecoin. MIM is a stablecoin that has a market cap of over $221 million. At its peak, it was one of the biggest stablecoins in the industry. Abracadabra also owns Magic Internet Gold (MIG), a stablecoin that is pegged to the US dollar.

The Spell Token price has been in a strong downward trend in the past few months as demand for the coin waned. It has crashed by more than 90% also as controversies in Frog Nation have kept people away from the platform.

As a result, the total value locked in Abracadabra has crashed from an all-time high $6.7 billion to less than $500 million. This sell-off accelerated after Terra UST lost its peg in May this year. The depeg led to a sharp decline in MIM’s and MIG’s total market cap as investors worried about algorithmic stablecoins.

Therefore, the current strong performance of the Spell Token price is likely because of a short squeeze in the market. This view is supported because there is no major news in the ecosystem and the total inflows into the network have remained low.

Spell Token price prediction

The daily chart shows that the SPELL price has made a strong recovery in the past few days. The coin has formed an inverted head and shoulders pattern and moved slightly above the 25-day and 50-day moving averages.. 

In price action analysis, this pattern is usually a bullish sign. Therefore, the Spell token price will likely continue rising as bulls target the key resistance at $0.0025.

The post Is the Spell Token a buy as it forms an inverted H&S pattern? appeared first on CoinJournal.

Litecoin price has crawled back in the past few days as the crypto industry and stock market rebounded. LTC was trading at $61.74 on Tuesday, which was about 52% above the lowest level this year. Its market cap stands at more than $4.4 billion.

Fear and greed index 

Litecoin and other cryptocurrency prices bounced back recently as signs of greed in the market started to emerge. For example, the US dollar index has slipped from the year-to-date high of $109.3 to about $103. The falling USD is a sign that investors have embraced a risk-on sentiment.

Further, the closely watched volatility index (VIX) has dropped to the lowest level in months. This is a sign that volatility in the market has eased slightly.

Meanwhile, the fear and greed index that is tracked by CNN Money has risen from the extreme fear level to the current point at 52. This is a sign that investors are getting a bit greedy. 

Historically, stocks and cryptocurrency prices tend to do well in a period of greed in the market. This also explains why the Nasdaq 100 index is close to exiting its bear market.

At the same time, LTC has jumped as investors predict that the sell-off that took place earlier this month has faded. For one, the contagion that most people were expecting following the crash of Celsius, Voyager Digital, and Three Arrows Capital has not happened.

Further, on-chain data shows that activity in litecoin’s network has continued rising in the past few days. For example, the number of LTC addresses has jumped in the past few weeks although they remain substantially below their highest point in 2021.

Litecoin price prediction

The daily chart shows that the LTC price has made a strong recovery in the past few weeks. This recovery started when the coin dropped to a low of $40.59 this year. It has now managed to move slightly above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. The two moving averages have even made a bullish crossover.

Therefore, the coin will likely continue rising as bulls target the important resistance point at $92.11, which was the lowest level since April this year. A move below the support at $50 will invalidate the bullish view.

The post Litecoin price forecast as the fear and greed index recovers appeared first on CoinJournal.

Celsius is the best-performing cryptocurrency amongst the top 100 coins by market cap over the last 24 hours.

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming. The market has added less than 1% to its value in the last 24 hours, with the total market cap now above $1.1 trillion.

Bitcoin is up by 0.38% in the last 24 hours but didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Ether, the second-largest cryptocurrency by market cap, is up by more than 2% in the last 24 hours and currently trading at $1,772 per coin. 

However, CEL, the native token of the Celsius platform, is up by more than 28% in the last 24 hours, making it the best-performing cryptocurrency amongst the top 100 coins by market cap.

At press time, CEL is trading at $1.9 per coin. This represents a 300% surge in price over the past few weeks as CEL dropped below $1 after Celsius halted withdrawals on its platform a few weeks ago. 

Good Morning #CelShortSqueeze Gang 🌞☕️

Are you guys buying $CEL and making money?! https://t.co/XQjqOGCUsb pic.twitter.com/zYJJAMzaYQ

— WSB Crypto Mod 🚀🚀🚀 (@traderrocko) August 8, 2022

CEL has been rallying as traders on Twitter took the opportunity to push the token price higher, similar to what they did with the GameStop stock last year. 

Key levels to watch

The CEL/USD 4-hour chart is extremely bullish as Celsius has been performing excellently over the past few days.

The MACD line is deep into the positive zone, indicating a strong bullish momentum for CEL.

The 14-day relative strength index of 87 shows that CEL is currently in the overbought region.

If the bulls remain in control, CEL could rally past the first major resistance level at $2.125 before the end of the day. In the event of an extended rally, CEL could break past the $2.5 mark for the first time since April 2022.

The post Why is Celsius’s CEL token up by 28% in the last 24 hours? appeared first on CoinJournal.

Avalanche price rebound continued on Monday as demand for its NFT solutions rose. The AVAX token rose to a high of $30.16, which was the highest level since May 23rd of this year. It has jumped by over 118% from its lowest level this year. Its market cap has jumped to over $8 billion.

NFT growth

Avalanche is an Ethereum rival that solves some of the biggest challenges that smart contract platforms have. It is a proof-of-stake platform that has blazingly fast speeds and low carbon emissions. It is also known for its large Avalanche Rush and Multiverse funding rounds that are providing developers with millions of funds to build their projects.

Avalanche has been used to build some of the most popular blockchain projects in the industry. Some of the apps in its ecosystem are Benqi, Aave, Trader Joe, and GMX among others. Its total value locked (TVL) stands at over $2.45 billion, making it one of the biggest players in the DeFi industry.

However, this TVL is sharply lower than its all-time high of over $12 billion. At the same time, AAVE has a market dominance of about 45%, which is a bit risky.

It is unclear why Avalanche price went parabolic on Monday. A possible reason is that NFT projects in the platform have done relatively well. Data compiled by CryptoSlam shows that total sales in the ecosystem rose by over 37% in the past 24 hours. 

There were 209 transactions worth over 28,730. Still, this volume is significantly lower than the 52,987 transactions that happened in Solana. Another possible reason why AVAX price is rising is that of fear of missing out (FOMO) now that cryptocurrencies seem to be in a bull run.

Avalanche price prediction

The daily chart shows that the AVAX price has made a strong recovery in the past few weeks. Along the way, the coin managed to move above the important resistance levels at $22.14 and $26.43. It also continued rising and moved above the 25-day and 50-day moving averages. The MACD has also risen to the highest point in years.

Therefore, the coin will likely continue rising as bulls target the next key resistance point at $35. A drop below the support at $28 will invalidate the bullish view.

The post Avalanche price prediction as AVAX crosses key resistance appeared first on CoinJournal.