Kategorie: Crypto Analysis

Enjin Coin and Immutable X prices are at major risk as the non-fungible tokens (NFT) industry implodes. The ENJ price has crashed by more than 87% from its all-time high, bringing its total market cap to about $610 million. On the other hand, IMX has seen its price crash by over 85% from its record high.

Are NFTs dying?

Enjin and Immutable are leading blockchain projects that hope to solve some of the most important challenges that NFT creators and buyers have. Unlike Ethereum, Cardano, and Bitgert, their whole ecosystem is about NFTs. 

Enjin runs a platform known as Efinity that enables people to mint and sell NFTs. On the other hand, Immutable X is a layer 2 platform that increases the speed and lowers costs of Ethereum NFT platforms. 

Therefore, the two blockchains are at a major risk as the NFT industry crumbles. Recently, OpenSea, the biggest NFT marketplace, announced that it will lay off a substantial number of its employees as volume drops. In a statement, the firm’s CEO blamed the situation to the ongoing cryptocurrency winter.

Now, new data published by Balthazar shows that the monthly sales volume of NFTs in major marketplaces like OpenSea, Magic Eden, LooksRare, and Solanart has dropped sharply in the past few months. The volume of NFTs sales in July was just $676.73 million, down from January’s high of $6 billion. Still, sales to July were higher than those made in 2021.

According to the report, OpenSea is expected to end the year with sales worth over $26.56 billion, up from 2021’ high of $13 billion. 

Still, analysts believe that the volume of NFTs will continue to languish as interest rates and inflation continue rising. At the same time, liquidity will continue being a challenge as demand wanes. Besides, most people who bought NFTs in 2021 and earlier this year have experienced substantial losses. 

Enjin Coin price prediction 

The daily chart shows that the ENJ price has been moving sideways in the past few days. It is trading at $0.64, where it has been recently. As a result, it is oscillating at the 25-day and 50-day moving averages. 

It has also formed a narrow channel that is shown in green. Therefore, there is a likelihood that the coin will have a major bearish breakout as sellers target the next key support level at $0.35.

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The cryptocurrency market has been performing modestly over the past 24 hours, with most coins trading within the green zone.

The cryptocurrency market is recovering from the slumps it experienced earlier this week. The broader market has added less than 1% to its value, with the total market cap still above the $1 trillion mark.

Bitcoin continues to trade around the $23k resistance level despite losing less than 1% of its value in the last 24 hours. Ether is also trading around the $1,600 level and is also down by less than 1% today.

However, NEAR, the native token of the Near blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. NEAR has added more than 8% to its value in the last 24 hours.

The rally comes as the NEAR CON event continues. The NEAR Conference is currently taking place in Lisbon and showcases some of the best projects in the Near ecosystem.

Key levels to watch

The NEAR/USDT 4-hour chart has turned bullish as NEAR has been performing well over the past few days. The technical indicators show that NEAR could rally higher over the coming hours or days. 

The MACD line crossed into the positive zone a few hours, indicating that NEAR is currently in the bullish zone.

The 14-day relative strength index of 61 shows that NEAR could enter the overbought region if the momentum continues. 

At press time, NEAR is trading at $4.567. If the positive momentum is maintained, NEAR could rally past the first major resistance level at $4.831 before the end of the day.

However, it would need the support of the broader cryptocurrency market to trade above the $5 resistance level for the first time in months. 

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• VeChain blockchain endears to solve complex supply chain problems
• VeChain token is recovering alongside other cryptocurrencies
• The token has more upside potential but could face resistance

A snapshot of the crypto market shows that most cryptocurrencies are gaining again. Bitcoin is up by 2.08%, while Ethereum has gained by 5.05% in the last 24 hours. As expected, most altcoins surge whenever the top cryptocurrencies post gains. VeChain VET/USD is one of the cryptos going higher.

VeChain is a blockchain that aims to tackle complex supply chain issues via distributed ledger technology. While the technology remains at an infant stage, the VeChain token saw a lot of interest last year. That pushed the token to a high of $0.28 in April 2021. Since then, the token has lost its mojo and trades at merely $0.029, 10 times less. Investor interest could grow at such attractive valuations, but where are the buyers?

VET has witnessed buyer interest in the past week. With gains of 27%, the token rivals some few cryptocurrencies with similar double-digit gains. That happened after the cryptocurrency remained stable since mid-June. Technical indicators suggest more upside, although long-term recovery will take time.

VeChain token gains as bullish momentum accelerate 

Source – TradingView

On the technical outlook, VeChain is bullish but trades below key resistance at $0.033. That represents an upside potential of around 14%. However, VeChain is already overbought, with the RSI reading pointing to 70. That means we might see short-term retracements before the token hits $0.033. We recommend buying in the short term on a potential retracement at the current level.

While long-term gains are possible, buyers should be aware of the key resistance. A breakout of the level would usher in a more lasting bullish momentum.

Summary

VeChain is likely to maintain the current momentum. Some short retracements are possible, although the token’s resistance is at $0.033. Investors should consider buying on short dips and ride the trend to the resistance level.

The post VeChain price prediction as bullish momentum remains on course appeared first on CoinJournal.

• ApeCoin gained 15% on Wednesday amid growing investor interest
• The token was accepted as a payment method by Gucci
• APE remains supported above a breakout zone with an opportunity for further gains

ApeCoin APE/USD was the center of retail interest on Wednesday. The token rose more than 15%, with social media mentions growing. The gains were widespread across the crypto sector, suggesting that sentiment remains intact. 

The gains in ApeCoin come amid good fundamentals supporting the token. Italian high-end fashion house Gucci announced the acceptance of ApeCoin for purchases in the US. The move allows Gucci to become the first major brand in the US to accept payments in APE. Customers will be allowed to make in-store purchases with APE BitPay. 

The latest announcement increases the utility of ApeCoin’s token. The blockchain also has the Otherside metaverse project in the pipeline. Once the project becomes a reality, ApeCoin will hit new levels. For now, we believe APE has more upside potential, and investors should consider buying.

ApeCoin gains above the breakout zone after acceptance of token by Gucci

Source – TradingView

Technically, ApeCoin is initiating a new bullish momentum above the breakout zone of $6.1. The token is almost overbought, with an RSI reading of 67. That suggests that investors are circling the token amid positive developments. The moving averages also continue to support the token.

We believe ApeCoin will continue rising after the recent bullish push. The token will remain supported at $6.1, and any potential retracement will be rejected at the level. The target is at $9, although it could rise higher if the bullish momentum remains. 

Summary

ApeCoin is bullish after breaking above $6.1. The bullish momentum is supported by the acceptance of the token by Gucci. Crypto sentiment also remains strong. Buy on short retracements or at the current level.

The post ApeCoin shoots 15% above the breakout zone as retail interest grows appeared first on CoinJournal.

Lido price continued to outperform its peers as demand for the liquid staking platform jumped. The LDO token rose to a high of $2.74, which was the highest level since May this year. It has jumped by more than 460% from its lowest level this year. Its market cap has jumped to over $1.2 billion, making it the 49th biggest crypto in the world.

Lido demand rising

Lido has grown from a relatively small decentralized finance (DeFi) application to the second-biggest platform in the industry after Maker. Its total value locked (TVL) has jumped to more than $7.19 billion.

Lido is relatively different from other DeFi platforms like Aave, Maker, and Uniswap in that it helps people to earn returns from their cryptocurrencies. It uses networks like Ethereum, Solana, Kusama, Polygon, and Polkadot. 

Ethereum has more than $7 billion in total assets while Polygon has over $31 million in staked assets. Solana has more than $113 million in assets. Before its collapse, Terra was its second-biggest ecosystem with billions in assets.

Lido is best-known for its Lido Staked Ether (STETH), which has a market cap of over $6 billion. Holders of the coin currently earn about 3.9% in returns. Solana has about 5.9% returns while Kusama has about 19.9% returns.

Lido price has gone parabolic in the past few months because of the rising demand for the coin. Indeed, a quick look at Google Trends shows that more people are searching for Lido. The recovery is also because the Liquid Staking Ether has started stabilizing and regaining its peg to ETH. At the time of writing, STETH was trading at $1,612 while ETH was trading at $1,655.

Lido price prediction

The daily chart shows that the LDO price has been in a strong bullish trend in the past few days. It has risen by more than 460% from its lowest level in June. It has moved slightly above the 25-day and 50-day moving averages.

The coin has also formed a break and retest pattern by falling to $1.9195. Therefore, there is a likelihood that Lido will continue rising as bulls target last month’s high of $2.7400. A drop below the support level at $1.9195 will invalidate the bullish view.

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