Kategorie: Crypto Analysis

The cryptocurrency market is recovering from the slump it suffered over the past two days.

The cryptocurrency market is trading in the green zone after underperforming over the last two days. The market has added more than 1% to its value in the last 24 hours, but the total market cap remains below $1.3 trillion.

Solana’s poor performance has affected the broader market as the network experienced yet another downtime two days ago.

Bitcoin, the world’s largest cryptocurrency by market cap, maintains its position despite dropping below the $30k mark once again.

The world’s leading cryptocurrency is up by less than 1% over the last 24 hours and currently trades above $29,900 per coin. 

Bitcoin’s total market cap is down to the $570 billion level. This means that Bitcoin has lost more than 50% of its value in the last seven months since hitting an all-time high of $69k in November 2021. At the time, the total cryptocurrency market cap was above $1.1 trillion.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish despite Bitcoin currently trading in the green zone. The technical indicators show that Bitcoin has been underperforming in recent days.

The 14-day relative strength index of 42 shows that Bitcoin could enter the oversold region if the bulls don’t push its price higher. The MACD line is just below the neutral line, indicating slight bearish momentum. 

If the bulls regain further control of the market, Bitcoin could comfortably move past the major resistance level at $30,500. BTC has found it hard to stay above the $32k resistance level, and that could remain the case heading into the weekend.

In the event that the bears regain control, BTC could struggle to defend its position above the first support level at $28,750 over the next few hours or days. 

The post Bitcoin dips below $30k despite the market recovery appeared first on CoinJournal.

The cryptocurrency market has performed poorly for the second consecutive day this week.

The cryptocurrency market has underperformed over the past 24 hours. The market has lost nearly 5% of its value during that period, with the total market cap now below $1.3 trillion.

Bitcoin maintains its price above $30k despite losing 4.5% of its value in the last 24 hours. Ether is trading below $1,900 once again, down by 7% over the past few hours.

SOL, the native token of the Solana ecosystem, is the worst performer amongst the top 10 cryptocurrencies by market cap today. SOL is down by 10% over the last 24 hours.

SOL has been underperforming since the Solana network was halted yesterday. Solana’s validators were not able to process new blocks for the last five hours, causing a total shutdown of all Solana applications.

Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord. https://t.co/gRJJRqEMPn

— Solana Status (@SolanaStatus) June 1, 2022

The downtime was caused by a bug that affected how the Solana blockchain processes a niche type of transaction that’s designed for offline use cases. The Solana network has recorded a few outages over the past year. 

Key levels to watch

The SOL/USD 4-hour chart is bearish as Solana has been underperforming over the past few days. The technical indicators show that Solana is currently in bearish momentum.

The MACD line is below the neutral zone, indicating negative performance. The 14-day RSI of 38 shows that Solana is currently oversold. 

At press time, SOL is trading at $40.9 per coin. If the bearish sentiment thickens, SOL could drop below the first major resistance level at $37 before the end of the day.

An extended negative performance could see Solana trade below the $35 mark for the first time this year. 

The post Here is why Solana is down by 10% today appeared first on CoinJournal.

The GMT price has been in a spectacular downfall in the past few weeks as demand for the coin has evaporated. Stepn’s native token has seen its price fall by more than 76% from its highest level in May, bringing its total market cap to about $621 million. At its peak, it was valued at more than $1 billion.

Why has GMT crashed?

Move-to-earn is a relatively new industry that is changing the NFT, gaming, and exercise industries around the world. Its concept was made popular by SweatCoin, a platform that has more than 30 million users from around the world. 

The concept behind Stepn is relatively easy to understand. First, the developers have created mobile applications that anyone can install in their smartphones. The developers will use the phone’s GPS tool to validate that a person has walked or run.

Second, the developers have come up with an innovative way to make people buy sneakers in the form of NFTs. Therefore, people are able to earn virtual currency that they can convert into cash within a few minutes. 

Learn more about how to invest in crypto.

Stepn’s ecosystem has been in strong growth in the past few months. It has over 560k users from around the world. The platform makes money by taking a commission when people mint NFT tokens in its ecosystem. Also, it takes a cut when NFT trading happens.

Stepn has two cryptocurrencies. Green Metaverse Token (GMT) is the governance coin while Green Satoshi Token (GST) is the utility token. GMT has an unlimited supply while GST has a supply cap of 6 billion tokens.

The GMT price crashed hard in May after the developers decided to deactivate the GPS from China, the most populous country globally. They blamed restrictive regulations for the situation. This explains why the coin has struggled to recover since then. 

GMT price prediction

The four-hour chart shows that the GMT price has been in a strong bearish trend in the past few weeks. It has formed a descending channel that is shown in black. Also, it is consolidating along the 25-day and 50-day moving averages while the MACD indicator is below the neutral level. 

The coin will therefore continue falling as bears target the next key support level at $0.73, which is the lower side of the descending channel. On the other hand, a move above the upper side of the channel at $1.3725 will signal that buyers have prevailed.

The post GMT price prediction for June 2022. Will Stepn recover? appeared first on CoinJournal.

The Biconomy price went parabolic on Wednesday as investors cheered the growth of its ecosystem. BICO, it native token, rose to a multi-week high of $1.01. This was the highest level it has been since May 9th. It has risen by more than 153% from its lowest level in May, bringing its total market cap to about $115 million.

What is Biconomy?

Biconomy is a leading Indian blockchain project that owns two key products: Hyphen and Gasless. Hyphen is a product that helps provide instant cross-chain transactions between multiple Ethereum Virtual Machines (EVM) and layer two platforms like Optimism and Polygon. 

As a result, it helps to promote multichain composability, inter-blockchain liquidity, and improved interoperability. The project, therefore, solves the challenge of linking and onboarding multiple layer 2 platforms. It currently supports Ethereum and Polygon and the developers are building support for Arbitrum and Optimism.

Read our complete review of eToro.

Biconomy also operates a product known as Gasless. This is a product that enables developers to build applications with a superior user experience by leveraging meta-transactions to sponsor gas for all users. According to the platform’s statistics page, the number of users onboarded to web 3 using Gasless rose to 1.79 million from 540k in January. 

At the same time, the total volume of transactions rose to over $1.6 billion in May from $1 billion in January. 95 DAPPs have been integrated in the network, which explains why the Biconomy price has been rising. 

Biconomy price prediction

On the four-hour chart, we see that the BICO price had a similar pattern to Bitcoin and other altcoins. It initially slumped in the first week of May and then started consolidating. It then made a bullish breakout this week as Bitcoin moved above $30,000. 

Biconomy rose to a high of $1 and is now attempting to retest the important support at $0.8. It also remains above the 25-day and 50-day moving averages while the MACD has moved above the neutral level. The price is also above the ascending trendline.

Therefore, the coin will likely have a bullish breakout since it is forming a break and retest pattern. If this happens, the next key resistance level will be at $1. 

The post Biconomy price: BICO break and retest points to more upside appeared first on CoinJournal.

Tron was one of the best-performing cryptocurrencies last month and has extended its positive performance into the new month.

The cryptocurrency market has retraced some of its earlier gains after losing less than 1% of its value in the last 24 hours. Despite the bearish performance, the total cryptocurrency market cap remains above $1.3 trillion.

Bitcoin maintains its price above $31,500 after adding less than 1% to its value so far today. Ether, on the other hand, is down by 1.6% in the last 24 hours but continues to trade above the $1,900 threshold.

However, the best performer amongst the top 20 cryptocurrencies over the past 24 hours is TRX, the native token of the Tron ecosystem.

TRX has added more than 6% to its value, outperforming the other major cryptocurrencies in the last few hours.

The excellent performance is an extension of what the cryptocurrency recorded last month. TRX is one of the biggest coins that traded in the green zone last month, with Bitcoin and others recording huge losses.

The launch of the USDD stablecoin, the Tron Grand Hackathon and a host of other initiatives pushed TRX to greater heights last month.

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing positive performance. 

The MACD line is within the positive zone, indicating bullish momentum. The 14-day RSI of 64 indicates that TRX could enter the overbought region if the rally continues.

At press time, TRX is trading at $0.086488. If the bulls remain in control, TRX could surge past the first major resistance level at $0.0925 before the end of the day.

An extended bullish performance could see TRX reach the $0.1 level for the first time this year.  

The post TRX makes an excellent start to June after May’s rally appeared first on CoinJournal.