Kategorie: Crypto Analysis

Tron (TRX) has rallied impressively this week. The coin is now trying to surge past a strong resistance zone. With good recovery momentum, TRX could see more gains in the near term before any correction. Here are important takeaway points:

• TRX is trying to surge past the $0.075 resistance zone

• If Tron is successful, it could trigger a decisive bull run with impressive gains

• Recovery momentum could play a key role in pushing the price above this mark.

Data Source: Tradingview 

Tron (TRX) – why $0.075 matters

Over the last few weeks, the $0.075 mark has been a huge selling point for TRX. In fact, every time the coin has tried to test this resistance, it has largely been rejected and fallen sharply thereafter. But things are now different. 

First, TRX is very close to this price. It only needs to gain less than 5% to smash past the resistance. Secondly, the coin already has strong recovery momentum. TRX has been trying to pair up some of the losses reported in mid-May. As a result, it has significantly rallied in the last 7 days. We expect this momentum to push the coin well above $0.075. 

But what does this mean for TRX bulls? Well, for starters, converting $0.075 from resistance to support would give the coin a very decent point of consolidation. This could then provide the basis for a decisive bull run that could push TRX well above $1.

Can TRX hit all-time highs in 2022

In general, the crypto market appears to have underperformed in 2022. There is of course a lot of time left for sentiment to turn around. 

But based on what we have seen over the last 6 months, it is unlikely that Tron will hit ATHs in 2022. Despite this, the coin still has the potential to offer 2x or 3x in returns from the current price.

The post Tron’s (TRX) bullish forecast could push the coin above $0.075 in the coming days appeared first on Coin Journal.

The KuCoin Token price declined sharply during the American session on Friday. The token slipped to a session low of $19.34, which was its lowest level since March 28th this year. KCS has declined by more than 12% from its YTD high, bringing its total market cap to over $1.4 billion.

Is KCS a good buy?

KuCoin is one of the biggest companies in the cryptocurrency industry. The firm runs a popular exchange that handles billions of dollars every day.

Like other companies in the industry, KuCoin has launched its personal token known as KCS, which is used to incentivize usage of the platform. Holders of the coin usually receive a discount whenever they use it to trade.

The KuCoin price has held better than other cryptocurrencies in the past few weeks. This performance is mostly because of the funds that the company raised last week. The firm raised $150 million from a group of investors such as Jump Trading, Circle Ventures, and Matrix Partners. It valued the firm at $10 billion.

The new funding round was surprising for two main reasons. First, many venture capital firms are struggling as the value of their holdings have fallen. For example, Tiger Global and Softbank have lost almost $50 billion combined this year. 

Read our comprehensive review of KuCoin here.

Second, the round was surprising since the crypto industry is struggling as it was evidenced in the most recent results by Coinbase. The firm lost over $400 million in the first quarter. Worse, its market cap has dropped to about $14 billion as a publicly-traded company. At its peak, it was valued at over $75 billion.

KuCoin intends to use the funds to expand its business to other sectors like Web3. This will include building decentralized exchanges, games, and other products.

KuCoin token price prediction

Turning to the four-hour chart, we see that the KCS price diverged from other cryptocurrency prices. On the four-hour chart, the coin formed a cup and handle pattern that is shown in black. It has now pulled back and moved sharply below the upper part of the pattern. 

It has also moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index has moved below the oversold level. Therefore, the sell-off will likely continue as sellers target the key support at $18. 

The post KuCoin price has nosedived. Should you buy the KCS dip? appeared first on Coin Journal.

The Jasmy Coin price has lost its momentum in the past few weeks as concerns in the cryptocurrency industry continue. The token is trading at $0.01120, which is about 96% below its all-time high. Its performance has mirrored that of other large and small cryptocurrencies like Bitcoin and Dogecoin.

Jasmy loses momentum

Jasmy Coin is a relatively small blockchain project that was started by former senior executives at Sony, one of the biggest firms globally. It is popularly known as Japan’s Bitcoin.

Jasmy describes itself as a platform in the Internet of Things (IoT) space. Precisely, it helps companies and individuals manage their data well. The developers also hope to become leading players in the metaverse industry. They recently launched their metaverse fund that will fund developers in the space. 

Jasmy is still in its early days and has managed to make partnerships with some of the biggest companies in Japan. 

There are several reasons why the JASMY price has dropped sharply in the past few months. First, as you have seen in the crypto market, this decline has been across the board. This means that all coins, including giants like Bitcoin and Ethereum have all declined sharply. Historically, cryptocurrencies tend to be highly correlated.

Second, being a small coin that is not offered broadly, Jasmy has suffered because of liquidity challenges. In other words, people are afraid of buying the coin because they are unsure about its future. 

Further, there have been rising worries about monetary policy globally. The Ged has become one of the most hawkish central banks globally. Its officials have already committed to accelerating interest rate hikes in the coming months. Quantitative tightening is also on the table. Historically, risky assets like Jasmy coin tend to underperform in a period when the Fed is hiking interest rates.

Jasmy Coin price prediction

The four-hour chart shows that the Jasmy Coin price has been crawling back after falling to a record low last week. At the time, the coin fell to $0.0080. It then bounced back and reached a high of $0.015. The coin has remained below the declining trendline that is shown in red. It is also oscillating along the 25-period and 15-period moving averages. 

Therefore, the outlook for the Jasmy Coin is bearish as long as it is below the descending trendline. A move above this weeks high of $0.015 will signal that bulls have prevailed and will push it to $0.020.

The post Jasmy Coin price prediction: Will ‘Japan’s Bitcoin’ Recover? appeared first on Coin Journal.

The cryptocurrency market will end the week on a positive note after adding more than 2% to its value in the last 24 hours.

The broader crypto market has added more than 2% in the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.26 trillion.

Bitcoin is trading above $30k again after spending the majority of this week below this threshold. Ether, the world’s second-largest cryptocurrency by market cap, is trading at $2,000 again after adding more than 2% over the past few hours.

KNC, the native token of the Kyber Network Crystal, is the best performer amongst the top 100 cryptocurrencies by market cap. Over the last 24 hours, KNC has added more than 24% to its value.

The primary catalyst behind this ongoing rally is the launch of the KyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it would be giving away $2,000 in KNC tokens to the lucky winners.

The team said ten random lucky winners would walk away with $200 in $KNC rewards.

✍️Introducing #KyberSwap’s Referral Campaign! $2000 in $KNC Rewards Up for Grabs When You Share! 🤝

🍀🥳10 random lucky winners walking away with $200 in $KNC rewards!

⏰Campaign is from 20 May to 26 May so hurry! 🏃‍♂️💨

🧐Learn how you can participate: https://t.co/HrsA5tIjNN

— Kyber Network (@KyberNetwork) May 20, 2022

Key levels to watch

The KNC/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that the coin has outperformed many other coins today.

The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 71 shows that KNC could soon enter the overbought region.

At press time, KNC is trading at $2.779 per coin. If the rally continues, KNC could surge past the first major resistance level at $3.13 before the end of the day. In the event of extended positive performance, KNC could trade above the $3.5 resistance level for the first time in three weeks. 

The post Here is why Kyber Network Crystal is up by 24% today appeared first on Coin Journal.

The cryptocurrency market has been underperforming in the last 24 hours, but Tron has performed positively during that period.

The broader crypto market has underperformed for the second-consecutive day this week. The market has lost more than 3% of its value in the last 24 hours, and the total cryptocurrency market cap stands below $1.3 trillion again.

Bitcoin remains the market leader and has lost 2.7% of its value so far today. BTC is now trading at around $29,100 per coin. 

Ether is trading below the $2,000 resistance level once again after losing more than 4% of its value in the last 24 hours.

TRX, the native token of the Tron ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. TRX is up by 1.4% so far today, outperforming the broader cryptocurrency market in the process.

At press time, TRX is trading at $0.072636. There is no obvious catalyst behind TRX’s positive performance. The Tron network’s USDD stablecoin has been gaining traction in recent days despite the recent negative sentiment towards stablecoins.

Key levels to watch

The TRX/USDT 4-hour chart is currently neutral as Tron has been performing well over the past 24 hours. Technical indicators show that TRX is recovering from its recent slump.

The MACD line is within the negative zone but could soon enter the neutral territory if the ongoing performance is maintained. The 14-day relative strength index of 53 shows that TRX is no longer in the oversold region.

If the positive performance continues, TRX could surge past the first major resistance level at $0.07478 before the end of the day. However, it would need the support of the broader crypto market to make a move past the $0.080 resistance level.

With the broader market now bearish, TRX could move in a similar direction and slip below the first major support level at $0.06998 over the next few hours. The second major support level at $0.06704 should cap further downward movement in the short term. 

The post Why is Tron outperforming the broader crypto market today? appeared first on Coin Journal.