Kategorie: Crypto Analysis

The Origin Protocol (OGN/USD) price has been in a consolidation period in the past few days as demand for the coin wanes. The token is trading at $0.27, which is about 84% above the lowest point in May. Its market cap has risen to $234 million.

What is Origin Protocol?

Origin Protocol is a fast-growing blockchain project that seeks to disrupt the biggest verticals in the blockchain industry. It has built projects for decentralized finance (DeFi) and non-fungible tokens (NFT).

For the DeFi industry, the developers have launched Origin Dollar, which is a stablecoin valued at over $68 million. It is a stablecoin whose differentiating feature is the yield it provides to its holders. At the time of writing, Origin Dollar has an APY of 12%. 

It is pegged to the US dollar and secured by other stablecoins like USDT, USDC, and Dai. According to the developers, Origin Dollar holders can insure their coins using Nexus Mutual or InsurAce.

Origin Protocol also runs Origin Story, which is a platform that enables people to create and customize the NFTs. One can also deploy their smart contracts in their NFT marketplaces. 

Finally, it has the Origin Token, which is a digital currency that lets people stake in the Origin ecosystem. According to CoinGecko, OGN has a market cap of over $234 million.

The OGN price has moved sideways in the past few days as investors react to the ongoing release of the Origin Dollar Governance (OGV) token. OGV will become the governance and value accrual token for Origin Dollar stablecoin.

Launching this airdrop will be a long process. Last week, they held a prelaunch of liquidity mining campaigns. Later this month, they will publish the final list of exchanges that will support OGV. The OGV airdrop will happen on July 12th while October 10 will be the deadline to claim it.

Origin Protocol price prediction

The four-hour chart shows that the OGN price has been in a tight range in the past few days. The coin is trading at $0.28, where it has been in the past few days. This price is along the key support level shown in green.

At the same time, the coin is trading along the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has moved to the neutral point. 

Therefore, the outlook of the Origin Protocol price is bearish, with the next key support being at $0.1878, which was the lowest point on May 27th. It is also about 30% below the current price.

The post Origin Protocol price prediction: OGN ripe for a 30% dip appeared first on CoinJournal.

Shiba Inu’s core metrics are getting better despite the market crash

Key points:

• Shiba Inu is currently trading at over 80% off its most recent highs.

• Shiba Inu adoption is on the rise, an indicator that trust in it as a network is rising.

• Once the bull market returns, Shiba Inu is one of the cryptocurrencies with a good rebound chance. 

Shiba Inu (SHIB) was one of the hottest cryptocurrencies to buy in 2020/21. Today, anyone who bought more than $100 worth of SHIB in 2020 and sold by November 2021 is a multi-millionaire. However, like the rest of the market, SHIB has tanked in 2022. It is down by over 80% from its all-time highs. While it may feel like SHIB and meme coin season is over in general, there is a lot to look forward to regarding SHIB.

For instance, Shiba Inu has proven to be a pretty progressive project. It started as just a random meme coin looking to compete with Dogecoin. However, it has since evolved to have a broad ecosystem of developments. One of the more notable ones is the Shiba Inu layer-2 solution designed to scale Shiba Inu payments. This is a big deal as it incentivizes businesses to accept Shiba Inu for payments. It is not surprising that since SHIB launched, the number of businesses accepting it for payments has shot up.

Then there is the recently launched Shiba Inu Metaverse. While transactions in the Shiba Inu Metaverse are settled in Ethereum, the Metaverse is a significant boost to the Shiba Inu brand. It could play a role in SHIB’s value growth going into the future.

There is also the fact that Shiba Inu is a deflationary cryptocurrency. Close to 50% of the SHIB total supply is already burned. This means the price of SHIB is in a unique place to go up in value in the long run.

Is Shiba Inu good crypto to buy now?

Shiba Inu is trading at a massive discount at the moment. When you factor in its fundamentals, such as growing adoption and a deflationary supply, the odds are high that SHIB could do well going into the future. Besides, Bitcoin seems to have found strong support around the $28k price level. If it bounces off this level, it could lift the entire market with it, including Shiba Inu.

The post Why Shiba Inu is still a top cryptocurrency to watch in 2022 appeared first on CoinJournal.

June has started quite positively for most coins including BNB. The coin however appears to have slowed down. After a strong relief rally, BNB was firmly rejected at the $330 resistance. Ever since the coin has fallen quite substantially. Here are some of the highlights:

• BNB has fallen below $300 despite a decisive bull run over the past week

• The coin could fall back to its $260 yearly support before any leg up

• But a close above $300 will invalidate this bearish thesis

Data Source: TradingView

BNB price prediction and analysis

The relief rally that we have seen in crypto over the last 7 days has been quite refreshing. However, BNB appears to have lost a lot of momentum after failing to surge past the $330 resistance. There could however be more downside. After trading sideways for the best part of the day, BNB does not appear to have any bullish momentum left. 

Instead, the coin will likely slip further and bottom around its $260 support. This will represent a drop of around 15%. Now, even though a 15% decline is big, it’s not a serious sell-off. If anything, we expect BNB to hold $260 strongly in the coming weeks. 

However, there is still a possibility for more gains if the token can push above $300. After all, the coin is just $10 away from this price. But despite this, due to a lack of enough bullish momentum, we don’t see BNB jumping above $300 in the coming days.

How to trade BNB for now

The downside risk for BNB is capped at $260. Yes, the coin will drop, but bears don’t have enough initiative to breach the strong $260 support. Also, broader sentiment in crypto is getting better.

So, a good play would be to wait for the coin to hit $260 before buying. Also, if BNB surges above $300, you can still buy and exit at $330.

The post Binance Coin inches closer to yearly support despite sideways momentum appeared first on CoinJournal.

Solana has had a 2022 to forget. After crossing over the year well above the $100 mark, the coin has seen several major sell-offs. Right now, it is slightly trading above $35, but the bearish outlook appears to have eased a bit. Here is what you need to know:

• Selling pressure on SOL has eased as the coin finds strong support at $35.

• The altcoin has however not shown any bullish signs, with its uptrend limited to $41.25.

• But consolidation above $35 and improved sentiment in crypto could change all this.

Data Source: TradingView 

The bullish case for Solana

A few weeks ago, it was hard to make any bullish case for Solana. The coin had fallen below $50 and would go one to breach two other crucial support zones. It was in fact expected SOL would likely bottom at $20 before any bull run. 

But this bearish outlook appears to have eased up a bit. Although SOL is not nearly as strong as it was at the start of the year, the altcoin has shown immense resilience. As of now, it has managed to hold the $35 support. This also comes as overall sentiment in the crypto market gets an early June boost.

With these factors, SOL could finally be ready for a decisive bull run. If indeed the coin is able to break the $41.25 ceiling, it could push further up to test $55 before any pullback. But a failure to consolidate above $35 will invalidate this analysis.

Does SOL have any downside risk?

The downside risk for SOL doesn’t seem to be that worrisome right now. In fact, we don’t think the coin will lose the $35 support. Even if it was to somehow fall below that price, expect a quick and fast recovery. 

However, this may affect its bullish run. But with everything else considered, including overall sentiment in the market, SOL should see some gains in the coming weeks.

The post Bearish outlook on Solana eases as the coin begins consolidation appeared first on CoinJournal.

EGLD is down by more than 1% today despite the broader cryptocurrency market performing positively.

The cryptocurrency market has turned around a corner this week after a poor start to the week. The market has added more than 2.5% to its value, and the total market cap now stands close to $1.25 trillion.

Bitcoin is once again trading above $30k per coin after adding more than 3% to its value in the last 24 hours. Ether was able to defend its $1,700 support level after rallying by more than 2% today.

However, EGLD, the native token of the Elrond ecosystem, is one of the worst performers amongst the top 50 cryptocurrencies by market cap. 

EGLD has lost more than 1% of its value over the past 24 hours and currently trades above $66 per coin. 

The coin has been underperforming since reports emerged that there might be an exploit of the Maiar DEX or SC async calls. The glitch reportedly led to some hackers selling EGLD for stablecoin USDC. 

EGLD has come under pressure since the reports emerged and is now underperforming against the broader market.

Key levels to watch

The EGLD/USD 4-hour chart is currently bearish as Elrond has been underperforming over the past few days. The technical indicators show that EGLD is struggling against the US Dollar.

The MACD line is below the neutral zone, indicating selling pressure from the market. The 14-day relative strength index of 36 shows that EGLD is currently in the oversold region.

If the bearish trend continues, EGLD could drop below the $62 resistance mark over the next few hours. Unless there is an extended selling pressure, EGLD should defend its second major support level around the $59 mark in the short term. 

The post Here is why EGLD is underperforming the market today appeared first on CoinJournal.