Kategorie: Crypto Analysis

The cryptocurrency market could end the week in a positive fashion after adding more than 1% to its total value in the last 24 hours.

The cryptocurrency market has maintained its positive performance over the past few days. The total market cap is closing in on $1.1 trillion after adding more than 1% to its value in the last 24 hours. 

Bitcoin is trading above $23k once again after adding 1% to its value so far today. Ether continues to maintain its price above the $1,600 psychological level heading into the weekend.

FLOW, the native token of the Flow blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. FLOW has added 39% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind this rally is the announcement by the Flow team that its partnership with Instagram is now active. 

In a tweet on Thursday, the Flow team said select users can now connect their Dapper wallet and showcase their favourite NFTs directly on their Instagram account.

Key levels to watch

The FLOW/USD 4-hour chart is extremely bullish as Flow has been performing excellently over the last 24 hours. The technical indicators show that FLOW is outperforming the broader cryptocurrency market.

The MACD line is deep within the positive zone, indicating bullish momentum. The 14-day relative strength index of 68 shows that FLOW is heading towards the overbought region if the positive momentum can be maintained.

At press time, FLOW is trading at $2.64. If the bulls remain in charge, FLOW could surge past the $3.05 resistance level before the end of the day. However, it would need the support of the broader market to cross the $4 mark for the first time in nearly six months. 

The post Here is why FLOW is up by nearly 40% in the last 24 hours appeared first on CoinJournal.

• Yearn. Finance arbitrages lending platforms for the best rates
• Yearn.Finance token has risen by 44% in a week.
• The cryptocurrency has met resistance, and investors should watch lower levels.

In a week where cryptos have mixed returns, Yearn.Finance YFI/USD is among a few with strong gains. With 44% 7-day returns, the token is only rivaled by Filecoin and Optimism in the top 100 coins. The gains are even more remarkable because YFI has overcome a crucial bottom. Does that set it on course to replicate the gains of last year?

Yearn.Finance runs on the Ethereum blockchain. The protocol has carved a name in crypto by arbitraging diverse lending platforms. They include Compound, Aave, and dYdX. It maximizes returns for the users by selecting the platforms with the most favorable rates. Users also earn YFI tokens by staking on the protocol. Users can lock more crypto assets through “yield farming” to raise their earnings.

The latest gains in YFI underline that investors believe DeFi is the future. Other DeFi platforms such as Aave and Compound have been rising by double digits. It was just a matter of time before Yearn-Finance followed. 

Yearn.Finance hits a resistance after weekly gains

Source – TradingView

YFI has met resistance at $12,400 following the latest gains. The token is sliding and currently trades at $10,630. The MACD indicator is bullish, but the momentum is waning. 

We believe YFI will correct as investors take profit at the resistance zone. However, with the token well above key resistance at $7,250, it is on course to hit higher levels. The cryptocurrency could correct to the support or the moving averages. Investors should sell and consider buying lower.

Summary

YFI has gained by 44% in a week. Investors are taking profits after the token hits the resistance. Investors should buy the token once it settles at suitable support. 

The post What next as Yearn.Finance token shoots 44% in a week? appeared first on CoinJournal.

• Hedera Hashgraph is a PoS distributed ledger using hashgraph consensus algorithm
• Native HBAR trades in a tight range below the $0.08 resistance
• Watch $0.05 support for a potential bullish retracement

Hedera Hashgraph HBAR/USD is a proof-of-stake distributed ledger of transactions. The network uses a distinct algorithm called hashgraph. It was developed to enhance faster transactions. While the crypto market has recovered above $1.05 trillion in market cap, HBAR is struggling.

HBAR has declined by 1.2% in the past day at $0.07. The daily transaction volume has also dipped by as much as 17% in the same period. HBAR loss is even wider in the broader outlook. The tokens have plunged 75% YTD and 86% from the all-time high. Hedera Hashgraph’s market cap is also dwindling.

The token is currently ranked #39 in the crypto list with $1.5 billion in valuation. In the past 24 hours alone, the valuation has dropped by $30 million. The technical price outlook further affirms the bearish sentiment HBAR is facing.  

HBAR locked between $0.05 support and $0.08 resistance

Source: TradingView

HBAR has been contained between $0.08 resistance and $0.05 support level since June 10. An attempt to break above the resistance was rejected on August 1. HBAR is now on a retracement with weak momentum. The RSI indicator is at 51, while the MACD is close to the baseline with no clear trend.

Concluding thoughts

The technical analysis points to a bearish momentum in Hedera Hashgraph. Its fundamental aspects lie in the promise for faster transactions and broader crypto adoption. For enthusiasts of blockchain technology, the current price level can be a huge discount. 

However, for short-term traders, patience is recommended, with the key level to watch being the $0.05 support. At this point, a buy is only recommended with the confirmation of a bullish price action signal. Momentum indicators should also be monitored.

The post Watch $0.05 support as Hedera Hashgraph fails to clear resistance appeared first on CoinJournal.

• Avalanche broke past a key resistance but has since stalled
• AVAX lacks a directional bias amid the 50-day MA joining a support
• The token could slide to the resistance-turned-support at $20

Avalanche AVAX/USD trades at $23.3 as of press time. The price is well above the key breakout zone of $20, which has now become support. However, for over two weeks, Avalanche has maintained above $20. Is it a clear lack of buyers, or is the cryptocurrency gathering momentum to go higher?

A brief overview of Avalanche shows that previous movements have been driven by momentum. That is particularly as the token became attractive at the $15 bottom since the Luna-inspired crash. Most of the surge in AVAX has also been due to improving crypto sentiment. At the current level, AVAX needs further triggers to go higher.

AVAX at $41? A week ago, crypto analyst Michaël van de Poppe said that Avalanche could rise to $41. The analyst, who has about 619,600 Twitter followers, says AVAX’s close 50-day MA close is a bull trigger. While we can’t agree or disagree with the prediction, we need to look at the daily chart for an assessment.

AVAX holds above $20 despite a sluggish bullish push

Source – TradingView

On the daily chart, AVAX holds strongly above the $20 support. The 50-day moving average joined the support in mid-July for the first time since April. The cryptocurrency has retested the MA while keeping the support intact.

On the contrary, the MACD indicator shows a falling bullish momentum. Nonetheless, we still see a lack of a directional bias for AVAX rather than a bearish move. $20 is the level to watch or at the intersection with the 50-day MA.

Concluding thoughts

AVAX lacks a directional bias. The 50-day MA joined the support recently. As long as AVAX continues to hold the $20 level, it has a chance to hit higher levels. The next targets are $27 and $37.

The post Avalanche remains above the breakout zone, but where are the buyers? appeared first on CoinJournal.

Band Protocol price has tilted upwards as the decentralized finance (DeFi) industry rebounds. Its token, BAND, rose to a high of $1.7180, which was about 45% above the lowest level in 2022. Its total market cap has risen to over $71 million, making it the 345th biggest coin in the world.

Why is Band Protocol rising?

Band Protocol is a blockchain project that operates in the smart oracle industry. It is mostly used by developers who are building decentralized finance protocols.

Like Chainlink, it is used to provide data in the off-chain market to the on-chain. For example, a builder creating an app to trade stocks can use Band to get this data in an easy way.

Band Protocol is used widely. For example, it is used to provide off-chain cryptocurrency data to platforms like Loopring, Kyber Network, and Cream Finance. Other platforms that use Band Protocol are Homora, Injective, and dForce among others.

Band Protocol is the fifth oracle provider in the industry. Chainlink is the biggest player in the sector followed by Maker, WinkLink, and Pyth. Other notable players in the oracle industry are TWAP, Internal, DIA, and Flux.

Like other providers in the industry, BAND price has struggled in the past few months because of the weak performance of the DeFi industry. Indeed, the total value locked (TVL) in the sector crashed from over $250 billion to less than $70 billion. This crash happened after the meltdown of the Terra ecosystem.

Now, Band Protocol price is rising as investors react to the rebound of the sector. For example, the TVL has risen to over $90 billion. Its total value secured (TVS) has risen to over $539 million.

Many investors believe that the sector recently went through a stress test as volume disappeared. Most of these platforms have survived this test while centralized companies struggled.

Band Protocol price prediction

The four-hour chart shows that the BAND price has been in a strong slow bullish trend in the past few days. As a result, the coin has risen from the YTD low of $1.1870 to the current $1.7170. The coin has moved slightly above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.

Therefore, there is a likelihood that the coin will continue rising as investors target the next key resistance at $2. A drop below the support at $1.5630 will invalidate the bullish view.

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