Kategorie: Crypto Analysis

The cryptocurrency market has performed well this week, with the total market cap now above $900 billion.

The cryptocurrency had a net positive week this time around. The market added nearly $50 billion to its value in the last seven days, with the total market cap now over $920 billion.

Bitcoin continues to maintain its position as the world’s leading cryptocurrency in terms of market cap. The leading cryptocurrency has lost more than 65% of its value since reaching an all-time high of $69k in November 2021. 

Bitcoin has been able to maintain its value above $20k per coin despite losing nearly 5% of its value in the last seven days. At press time, Bitcoin is trading above the $20,500 mark.

Key levels to watch

The BTC/USD 4-hour chart remains positive despite Bitcoin performing poorly over the last few days. The technical indicators show that Bitcoin could surge higher over the coming days.

The MACD line stands above the neutral zone, indicating positive momentum. The 14-day relative strength index of 54 shows that BTC is no longer in the oversold region and could rally higher soon.

If the bulls regain control of the market, BTC could surge past the $21,661 resistance level over the next two days. Further bullish movement could push BTC above the $22,544 resistance level for the first time this month.

However, the bears are still lurking around and could drag Bitcoin lower during the weekend. Bitcoin could lose its support level above $19,768 over the next few hours or days.

So far this month, Bitcoin has maintained its price above $19k, and the bulls could look to maintain the same momentum over the weekend. Unless there is a massive sell-off in the market, Bitcoin should comfortably stay above the $18,800 support level in the coming days.

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Terra Classic and ApeCoin have the hype factor to them if Bitcoin rebounds.

Key points:

• Glassnode has indicated that Bitcoin chain analysis shows the bottom is in, or it’s very close. 

• Bitcoin tends to uplift the whole market with it whenever it rallies. This means high potential altcoins could be at the bottom as well. 

• In this environment, Terra Classic and ApeCoin could be among the top cryptocurrencies to buy now. 

Bitcoin is the number one cryptocurrency market mover, and the market tends to follow where it goes. In essence, the latest news about Bitcoin could be a good reason for investors to start shopping for undervalued altcoins to buy now.

According to a Bitcoin analysis by Glassnode, Bitcoin has either hit bottom or is very close to it. The Glassnode data shows that long-term investors are not selling their cryptocurrencies despite an average loss of 33%. This indicates that whales expect BTC to make a rebound off $20k, or pretty soon. That’s regardless of whether there is another shakedown or not. 

What this means for altcoins

From the perspective of the altcoins, this is good news. That’s because altcoins are trading at massive lows, and if Bitcoin were to make a rebound, investors chasing a high ROI would take advantage of the super-low alt prices.

In this environment, a couple of altcoins stand out as high potential buys in the short to medium term. Among them are as below:

Terra Classic (LUNC)

Terra Classic (LUNC) stands out as one of the top cryptocurrencies to buy if Bitcoin rebounds and uplifts the entire market. That’s because, after the debacle that saw it almost go to zero, LUNC has attracted a lot of speculators, and many expect it to significantly rebound off its current prices. 

The speculative wave around Terra Classic is driven by the high number of tokens that investors are willing to burn in a bid to shore up the price. Over the past week, Terra Classic has been one of the best-performing cryptocurrencies in the top 100. It is an indicator that Terra Classic could be hugely rewarding to investors if a whole market rebound comes. 

ApeCoin (APE)

ApeCoin (APE) hit the market with a lot of hype in Q1. Unfortunately, a strong bearish wave across the market saw ApeCoin record a considerable drop from its most recent highs. 

However, one thing is clear, the hype around NFTs is still there. For instance, this week, a cyberpunk NFT sold for $2.6 million. If such high-profile sales gain traction again, The Bored Ape Yacht NFTs, being the most popular, could also see a resurge in demand. The same could also trigger a price renaissance for ApeCoin. 

Add to that the potential for Bitcoin to uplift the entire market, and it’s not hard to see why ApeCoin has a bright future ahead both in the short and medium term.

The post Top altcoins to watch as chain analysis points to a Bitcoin bottom appeared first on CoinJournal.

With all indicators pointing to a cryptocurrency market bottom, the move by Disney could uplift MATIC. 

Key points: 

• Polygon has been included in the Disney Accelerator program. 

• Polygon is also benefitting immensely from Ethereum 2.0 since it will handle most Ethereum-based transactions.

• Polygon could emerge as a top performer in the next cryptocurrency bull run based on these factors. 

Despite the bear market, big corporations are still betting big on cryptocurrencies. One of those making moves in the cryptocurrency market is Disney. This week, Disney announced adding Polygon (MATIC) to its accelerator program. It signals the company’s big bet on Web 3.0 and other aspects of the cryptocurrency market. 

The Disney Accelerator program usually invests in projects or companies that Disney intends to collaborate with in its various services. In essence, investors believe that Disney wants to collaborate with Polygon in one way or the other. 

What does this mean for Polygon?

Being chosen for the Disney accelerator program is a big deal for Polygon and a reason to keep an eye on this cryptocurrency. That’s because one of the key considerations when investing in a cryptocurrency is adoption. In this case, Polygon has high prospects of getting adopted by one of the largest corporations in the world.

Besides, this move is also a huge publicity boost for Polygon. Many potential cryptocurrency investors didn’t know about Polygon but now know about it. This puts MATIC ahead of many other cryptocurrencies for a rally once bulls retake market control.

MATIC other good news

The Disney-related news is not the only reason to bet big on MATIC, though. This cryptocurrency is also connected to Ethereum, which could soon give it a tremendous value boost.

Once Ethereum 2.0 goes live, it will rely heavily on layer-2 solutions like Polygon to complete transactions. Polygon, the largest of the Ethereum layer-2 solutions, is likely to benefit the most. The upsurge in transactions could positively affect the price of MATIC, especially when you consider its deflationary nature.

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• The compound token has returned 19% in 24 hours and 21% in one week

• COMP attracted buyer interest at the $28 bottom price

• The cryptocurrency has hit resistance with a potential to break above

Compound token COMP/USD has gained 19% in 24 hours. Well, this may not be unique news since most cryptocurrencies started Monday in the green. However, only a handful have returned by double digits. The compound token is one of them.

Compound has been one of the most highly watched cryptocurrencies in the last week. With gains of 21% in a week, COMP has defied a bearish crypto market, and investors are taking notes. Comparatively, the leading cryptocurrency, Bitcoin, has lost 3.86% in the last seven days. Ethereum has less than 0.5% gains.

COMP’s gains in the last one week confirm a lot of buyer interest at the $28 bottom. The cryptocurrency has risen to meet resistance at $55. At press time, the cryptocurrency trades at $56, temporarily breaking past the resistance level. We believe investors should prepare to buy COMP if the current momentum proves long-lasting.

COMP hits resistance but is yet to successfully close past it

Source – TradingView

On the daily chart, COMP has retreated slightly after breaking past the $55 resistance. MACD indicators are bullish, while the moving averages offer support. We will watch the close of the daily candle for a confirmation of a break-out. A breakout and a confirmation candle on the daily chart will make $55 a buy zone for COMP. For now, we will wait to see how price action plays out at the resistance. A failed breakout could see the token retreat back to $45.

Summary

The compound token is gearing for a breakout at the $55 resistance. We should buy if a breakout occurs with a confirmation of the bullish momentum.

The post Preparing to buy Compound if breakout becomes a success at key resistance appeared first on CoinJournal.

• Bitcoin Cash is a blockchain hard forked from Bitcoin

• Bitcoin Cash has faster and cheaper transactions than Bitcoin

• BCH has gained by more than 5%, displaying some similarities to Bitcoin

Bitcoin Cash BCH/USD is a cryptocurrency ranked at position 30 by market cap. The cryptocurrency was created from a hard fork of the Bitcoin network on August 1, 2017. Bitcoin Cash was meant to solve the challenge of slow and costly transactions on the Bitcoin network. 

Bitcoin Cash has major resemblances to Bitcoin. Both have a hard cap of 21 million tokens. Besides, Bitcoin Cash is a proof-of-work blockchain like the mother blockchain. However, BCH is faster and carries lower fees. As such, it can support smaller transactions besides having smart contract functionalities.

BCH, the native token of Bitcoin Cash, was not spared by the recent crash. The token trades at $104 from above $400 at the beginning of the year. At press time, BCH has been up 5.10% in the last 24 hours. That’s roughly the same gains as 5.16% recorded for Bitcoin. We find almost similar trends in the price movement of BCH and BTC. Investors could be looking at BCH as an alternative when most cryptocurrencies recover. But should you buy it now?

Bitcoin embarks on a bullish momentum but faces resistance.

Source -TradingView

Technically, BCH has a short-term bullish momentum. The cryptocurrency is recovering as bullish sentiment develops. The MACD indicator has moved above the moving average, signaling a bullish push. The 14-day and 21-day moving averages offer support for BCH. We expect BCH to continue rising in the short term. The cryptocurrency will face resistance at $111. 

Concluding thoughts

Although BCH is recovering, we can’t confirm a lasting bullish momentum. Short-term investors should hold up to $111. Long-term buys are recommended, although a price drop is possible at the $111 resistance.

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