Kategorie: Crypto Analysis

The cryptocurrency market has experienced a mixed performance over the past 24 hours.

The crypto market has experienced a mixed performance since the start of the week. The market is up by less than 1% in the last 24 hours, with the total market cap currently below the $1.3 trillion threshold.

Bitcoin is trading in the green zone but continues to struggle to surpass the $30k resistance level. Ether is also trading around the $2k level after adding less than 1% to its value so far today.

However, LRC, the native token of the Loopring ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap today.

LRC has added more than 6% to its value in the last 24 hours and is up by 20% over the past seven days.

At press time, LRC is trading at $0.5734 per coin. The major catalyst behind LRC’s ongoing rally is the news that Loopring has processed more than $5 billion in cumulative trading volume. 

As a layer-2 protocol, this latest development is an important milestone for the Loopring ecosystem. 

Key levels to watch

The LRC/USD 4-hour chart is currently bullish as Loopring has been performing well so far this week. The technical indicators show that it is one of the best performers amongst the top 100 cryptocurrencies by market cap.

The MACD line has been above the neutral zone for the past few days, indicating bullish momentum. The 14-day relative strength index of 59 shows that LRC could enter the overbought region if the current market momentum is maintained.

If the rally continues, LRC could break past the first major resistance level at $0.6137 before the end of the day. The second resistance level currently stands at $0.7564 and LRC could surge past it with the help of the broader cryptocurrency market. 

The post Why is Loopring up by more than 6% today? appeared first on CoinJournal.

Floki Inu (FLOKI) has seen quite some resurgence over the last two weeks or so. The coin is looking strong right now after smashing past several resistance zones. There are hopes that this could be a decisive trend reversal after weeks of decline. But how far can Floki actually go? Here are some highlights:

• FLOKI had seen gains in 3 straight sessions before retreating yesterday

• The coin has now added 65% in value in less than 10 days

• This uptrend looks strong and is set to continue in the coming days

Data Source: TradingView 

Floki Inu – Why a trend reversal is unlikely

Although all signs appear to point to the fact that Floki is reversing the trend, it’s important to note there are many risk factors that could easily suppress the price. Besides, FLOKI has fallen nearly 90% from its ATH and is on a bearish trend year on year. 

While a 65% gain in 10 days is quite impressive, it is likely a result of the short-term dip-buying activity. Soon enough, Floki Inu buyers will start to lock in profits and as such, we expect the coin to retreat further. Also, from a long-term point of view, the coin continues to face increased regulatory challenges in the UK after its ads were deemed unethical. 

Floki could still deliver some 2x growth in 2022. But for now, the uptrend we are seeing will slow, and the coin will decline sharply.

Why is Floki risky right now?

Most meme coins have seen major sell-offs this year. In a market filled with uncertainty, a lot of investors will obviously offload risk assets, and meme coins are in that category. 

So, unless we see conditions improve in the broader crypto industry, holding FLOKI for long could be a big blunder. But there are of course many short-term plays for speculative traders.

The post Floki Inu (FLOKI) sees a steady resurgence – Is a trend reversal coming? appeared first on Coin Journal.

Chainlink (LINK) has often marketed itself as the platform that will ultimately democratize the blockchain. The coin has had better days no doubt. But in 2022, the price has remained suppressed for the most part. This comes even as LINK continues to report impressive ecosystem updates. Here are some notable developments:

• Chainlink adoption continues to surge in 2022, with more integrations expected this year.

• Cross-chain activity has also increased for LINK in recent weeks.

• Despite this, LINK’s price has failed to rally more than 10% month on month in 2022.

Data Source: TradingView 

Why are ecosystem updates not pushing LINK?

In a normal market, you would expect such important ecosystem news to have a huge impact on the price. In fact, announcing more integrations would have at least given LINK a boost of 20% in a single month. But this is not a normal market. 

In 2022, we have seen very high volatility and slowed investor sentiment. As such, even though underlying fundamentals for LINK remain solidly good, the risk-off sentiment means that investors are just biding their time before they decide to buy. Also, there are other concerns regarding LINK.

For example, the project is facing massive competition from other newer entrants. Chains like Solana and Polkadot are raising the bar when it comes to scalability and access. As such, it seems investors are starting to spread out their money as they try to cash in on every new project. This puts LINK at a disadvantage.

Can LINK still deliver good returns?

It’s worth noting that LINK hit an all-time high of $57 a few months ago. The coin is now trading at a mere fraction of that.

Although we do not anticipate LINK hitting its ATH this year or even getting close, there is still some potential for a decisive profit for those who buy now. In fact, it is possible that you could 3x your money by year’s end.

The post Chainlink (LINK) struggles to rally despite important ecosystem updates appeared first on Coin Journal.

The Mirror Protocol has done relatively well in the past few days as investors rush to buy the dip. MIR, its natve token, is trading at $0.40, which is about 115% above the lowest level this month. As a result, its total market cap has risen to just $35 million.

Why is MIR rebounding?

The Mirror Protocol is an important decentralized platform built on the Terra ecosystem. The platform’s goal is to enable people to buy and sell synthetic assets like stocks, commodities, and forex. 

Like all platforms built on Terra’s network, the coin’s price declined sharply this month. At its lowest point this month, MIR was down by almost 100%. 

Now, the cryptocurrency is bouncing back as other Terra coins recover. For example, TerraUSD, the stablecoin that caused all this damage, has risen by more than 10% in the past 24 hours. Similarly, tokens like Anchor Protocol and LUNA have all done well as investors buy the dip.

Analysts believe that some platforms like Mirror and Anchor Protocol will rebuild, possibly in other chains like Ethereum and Solana. They will also likely change their business model to bring in more transparency an focus on other asset-backed stablecoins like USD Coin and Tether.

However, for now, it is relatively difficult to recommend Mirror Protocol as an investment because of the relatively high risks. Like other Terra platforms, it is hard to know whether the recovery plans proposed by the leaders will become successful.

Worse, Mirror Protocol developers have not communicated about how they plan to salvage the project. Their last tweet was on May 4th before the implosion happened.

Mirror Protocol price prediction

On the daily chart, we see that the MIR price has been in a spectacular decline in the past few months. The coin’s sell-off accelerated when it moved below the important support level at $1.090, which was the lowest level on February 25th. 

Mirror Protocol price also crashed below the 25-day and 50-day moving averages. Therefore, despite this rebound, there is a likelihood that the coin’s price will continue falling as bears target the next key support level at $0.19.

The post Mirror Protocol price prediction: Should you buy the MIR dip? appeared first on CoinJournal.

The cryptocurrency market has lost nearly 4% of its value in the last 24 hours.

The broader cryptocurrency market has shed the profits it recorded over the weekend. The total cryptocurrency market cap stands at around $1.255 trillion, down from the $1.3 trillion recorded yesterday.

Bitcoin is trading below the $30k resistance level again after losing 3.9% of its value in the last 24 hours. Ether is down by 5% so far today and currently trades at $1,963 per coin.

However, TRX, the native token of the Terra ecosystem, is currently trading in the green. TRX is up by more than 4% over the last 24 hours, making it the best performer amongst the top 20 cryptocurrencies by market cap.

At press time, TRX is the only cryptocurrency amongst the top 20 trading in the green zone. 

The catalyst behind TRX’s ongoing positive performance is the announcement that Fireblocks now supports TRX and TRC20-based tokens. 

Fireblocks is an enterprise-grade platform known for delivering a secure infrastructure for moving, storing, and issuing digital assets. It provides services to institutional investors. 

THE Tron team said Fireblocks had added support for TRX and all TRC20-based tokens of the TRON DAO blockchain on its digital asset platform.

Key levels to watch

The TRX/USDT 4-hour chart is bullish at the moment, thanks to Tron’s ongoing positive performance. TRX is currently one of the best performers in the market over the last seven days.

The MACD line is within the positive zone, indicating bullish momentum. The 14-day relative strength index of 64 shows that TRX could enter the overbought region if the positive momentum is maintained.

At press time, TRX is trading at $0.08082 per coin. If the rally continues, TRX could surge past the first major resistance level at $0.08272 before the end of the day.

In the event of an extended rally, TRX could move past $0.0852 for the second time this month. 

The post Here is why TRX is up by more than 4% today appeared first on Coin Journal.