Kategorie: Crypto Analysis

Tron price has held steady on Saturday as investors focus on the ongoing crypto recovery and the gains made by UNIFI. The TRX token rose to $0.70, which is about 50% above the lowest level this year. Its market cap has jumped to over $6.4 billion, making it the 17th biggest cryptocurrency in the world.

Unifi Protocol and USDD growth

The TRX price has jumped sharply in the past few weeks as cryptocurrencies rebound. Indeed, most coins like Ethereum, Bitcoin, and XRP have all gained recently, with the total market cap of all digital coins soaring to over $1.1 trillion.

Tron has also risen because of the substantial gains made by USDD, the stablecoin that was launched in May this year. USDD is an overcollateralized algorithmic coin that it hopes will become a leading player in the crypto industry. 

Still, there are concerns about the little growth of the coin. After moving from $0 and seeing strong inflows, its market cap has been stuck at $725 million. This is a sign that demand for the coin may have peaked.

For one, investors are scared about its future since the coin is algorithmic in nature and is backed by risky cryptocurrencies like TRX and Bitcoin.

Tron price has jumped because of its expanding DeFi universe. For example, according to DeFi Llama, the total value locked (TVL) in Tron has jumped to over $5.88 billion, making it the third biggest platform after Ethereum and BNB.

Most of this growth has been driven by Unifi Protocol. The total value locked in Unifi has jumped by 581% in the past 30 days to $1.5 million. This is notable since this is a small platform that is gaining traction. Unifi is a platform that offers several products like uTrade, uStake, bridge, and Unifi Bridge.

Tron price prediction

The four-hour chart shows that the TRX price has been in a strong bullish trend in the past few days. It has remained above the ascending trendline shown in red. At the same time, it has moved slightly above the 25-day moving average while the Relative Strength Index (RSI) has moved slightly below the overbought point at 70. 

Therefore, there is a likelihood that Tron price will continue rising in August as demand for the coin rises. If this happens, the next key resistance level to watch will be at $0.80.

The post Tron price prediction as Unifi Protocol TVL explodes appeared first on CoinJournal.

momentum

• The Graph is an indexing protocol for querying other networks

• The Graph token GRT surged by 19.44% in 24 hours

• The token could rise to $0.16, and a potential retracement at $0.13 offers a change for entry.

The Graph GRT/USD may not be the most talked about cryptocurrency. However, the network solves a critical blockchain problem.

The Graph refers to itself as an indexing protocol for querying other networks such as Ethereum. Before the Graph, developers had to come up and run proprietary indexing servers. The process was resource intensive while undermining the security features required in decentralization.

Ranked at position 55 by market cap, The Graph has been making slow but sure gains. Our attention is drawn to 24-hour gains of 19.44%. The gains coincide with an accelerated trading volume which surged by 82%. Investors looking for an alternative to the top major coins should consider The Graph. 

The Graph maintains an uptrend with potential resistance at $0.13

Source – TradingView

Technically, MACD and moving averages are bullish on The Graph token. The cryptocurrency is aiming for the $0.16 resistance, the established resistance. This is after overcoming the bottom price of below $0.10. At the current price of $0.13, the target represents an upside potential of 23%.

Nonetheless, before the token rises to $0.16, it could meet a minor resistance at the $0.13 level. The token is already sliding after hitting the zone. Any potential correction could see The Graph token settle at $0.117. That would open buy trades at a lower level.

Summary

The Graph token is pushing higher as the general crypto sentiment improves. We set our target at $0.16, the main resistance after the token escaped the $0.10 bottom. The price faces some resistance at $0.13. Investors should consider buying on a retracement, potentially at $0.117.

The post The Graph token has a 23% potential from the current bullish momentum appeared first on CoinJournal.

• Bitcoin Cash is among the top gainers with 24% weekly upside

• BCH is facing potential retracement at the current level  

• Investors should consider a buy above $120

Cryptocurrencies have recorded a significant recovery following a rate hike by the Federal Reserve. Fears of an imminent recession have also ignited a bullish sentiment. With crypto often seen as a hedge against inflation, some are reaping big. One such token is Bitcoin Cash BCH/USD.

Bitcoin Cash was forked from Bitcoin with the promise of a bigger block size and faster transactions. Seen as a more efficient alternative to bitcoin, Bitcoin Cash is living up to the very promise. Its native token has jumped 8.29% in the past day, bringing weekly gains to 24%. Comparatively, Bitcoin has pumped a miniscule 4% in the past 24 hours and 2.44% in the last week..

Zooming out further, despite the closer correlation between Bitcoin and Bitcoin Cash, the latter is showing a stronger recovery. Bitcoin Cash is up 53%, while Bitcoin has surged 16% in the past month. Of course, this is taking into consideration a $450 billion market cap difference between the two tokens. 

Nonetheless, Bitcoin Cash remains susceptible to the factors affecting the original blockchain. Both tokens are down 64% and 87%, respectively, from the highs of last year. Aside from the correlation, Bitcoin Cash is showing some positive developments from the technical outlook.

BCH Faces retracement amid a strong bullish momentum

Source: TradingView

BCH is on a strong bullish momentum, currently trading at $158. The MACD has crossed from below to above the signal line. If the momentum continues, the focus will shift to the $217, which is minor resistance. Further, $281 is the other important level that investors should keep an eye on. On the flip side, BCH could be preparing for a retracement.

The RSI indicator is at the overbought zone, a level that was last seen in March. If this is the case, $120 becomes the immediate fallback for Bitcoin Cash. If the level does not hold, the token can slide further to $92.

Concluding thoughts

BCH is not a buy at the current level. The token could be preparing for a short-term retracement. Investors should watch $120 as a potential entry point and take advantage of the next bull run. 

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• Cardano’s Vasil upgrade remains on course amid delays

• Investors have been snapping ADA ahead of the final mainnet launch

• The token eyes a key breakout as the price turns bullish

Cardano ADA/USD investors are anxious. The much-publicized Vasil upgrade on the mainnet remains on course. The Vasil upgrade was already deployed on the Cardano testnet in early July. That strengthened the expectations that the final upgrade was well on course. While the final deployment was expected at the end of July, the Vasil upgrade has been delayed. The Cardano team is still optimistic of the final upgrade in the next few weeks.

The fear of missing out or FOMO is very real. Investors are scrambling for the slightest opportunity in the market. ADA remains those tokens investors remain keen on. That, of course, is due to the anticipated upgrade, which will improve the scalability of the network. There are high expectations that the price of ADA will skyrocket once the upgrade occurs. As a result, whale accumulation has been ongoing.

Cardano eyes a breakout at key $0.52 resistance as price pumps

Source – TradingView

While the Vasil upgrade remains on the to-do list, the price of ADA is pumping. This time, the token is eyeing a breakout of the key level at $0.52. The token already trades at $0.539. We can’t say with sufficiency that the breakout has occurred. We need to wait for the closure of the daily candlestick to ascertain that.

A breakout will be confirmed if the candlestick closes above the resistance zone. If the candlestick closes below the resistance, Cardano will enter another moment of consolidation. For now, we remain watchful, minding that the moving averages and MACD indicators are bullish.

Summary

Cardano is eyeing a break above $0.52. FOMO and improved crypto sentiment are boosting the token. Investors should buy on a breakout above $0.52. The next resistance is at $0.65.

The post Is Cardano set for an explosive move as key breakout gets underway? appeared first on CoinJournal.

The Ravencoin price went parabolic on Friday as investors cheer the soaring cryptocurrency prices. The RVN token rose to a high of $0.042, which was about 152% above the lowest level this year. Its total market cap has risen to over $469 million, making it the 100th biggest cryptocurrency in the world. 

Why is RVN soaring? 

Ravencoin is a top 100 cryptocurrency that has a unique angle. It is a Bitcoin crone that seeks to solve some of its biggest challenges. It was created using the original BTC code. 

Ravencoin handles the challenges that Bitcoin has experienced in the past decade. For example, it is a highly faster cryptocurrency than BTC since it has a block reward time of 1 minute. Bitcoin has a block time of over 10 minutes. 

Further, while Bitcoin has a maximum supply limit of 21 million, Ravencoin has over 11 billion, making it more affordable than BTC. The cost of Ravencoin transactions is significantly lower than that of Bitcoin. 

Ravencoin price is rising simply because other cryptocurrency prices are rising as well. For example, BTC has risen to $23,970 and there is a possibility it will rise to over $25,000 in the next few days. The total market cap of all cryptocurrencies has jumped to over $1.14 trillion. 

This performance is mostly because analysts believe that the Federal Reserve will slow interest rate hikes in the coming months because the country has moved to a recession. Data published on Thursday revealed that the country’s economy contracted by 0.9% in the second quarter after falling by 1.6% in Q1. 

Further, the RVN price is rising as investors price in a situation that cryptocurrency prices have bottomed. 

Ravencoin price prediction 

The four-hour chart shows that the RVN price has continued rising in the past few days. It has jumped to the highest level since May this year. At the same time, Ravencoin has jumped above the 25-day and 50-day moving averages while the Relative Strength Index has moved above the overbought level. 

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $0.050. A drop below the support level at $0.035 will invalidate the bullish view. 

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