Kategorie: Crypto Analysis

• Cosmos has a cool 34% gain in 7 days

• The cryptocurrency could correct after the latest gains

• Investors should look to add positions on a retracement

Many cryptocurrencies have returned by double digits in the past week. As a result, you expect some corrections as buyer exhaustion settles in. An increase in the number of traders taking profits could also lead to corrections. For short-term traders, knowing when to exit is as important as the entry itself. Cosmos token ATOM/USD is one that investors should be keen on.

A return of 34% in the past week is no mean achievement for Cosmos token. It reveals that investors still believe in the self-proclaimed “Internet of blockchains.” There is no doubt that, given the recent gains, more investors will get in. That will fuel an explosive rise in ATOM price. Similarly, ATOM is a crypto to hold if you are looking for longer-term value. 

However, ATOM is set for a correction after the latest gains. Technical indicators show where to buy next.

Cosmos hits a minor resistance as the price corrects slightly

Source – TradingView

Technically, ATOM trades at a minor resistance of $10. The level coincided with almost overbought conditions from the RSI reading of 65. There is no doubt that the cryptocurrency can break the minor resistance due to its recent strengths. However, we urge that it is a level of interest to short-term traders. Exiting positions at the level will allow entry again at the $8.8 support. The cryptocurrency is still a hold in the long term. 

Concluding thoughts

Cosmos token remains strong despite hitting resistance at $10. The resistance could force a correction back to the $8.8 support. Short-term investors can exit and buy lower. ATOM is still a hold for long-term investors.

The post Cosmos is taking a breather after 34% gains in a week – How to trade it appeared first on CoinJournal.

• Dogecoin was a top trending cryptocurrency on Wednesday

• Binance announced new rewards for users of Dogecoin

• Its native token DOGE saw trading volumes surge while price spiked

Dogecoin DOGE/USD lighted retail traders’ talks on Wednesday. The token trended on popular social investing platform Stocktwits as retail traders circled. On Twitter, DOGE was one of the most mentioned cryptocurrencies. The interest saw the trading volume in the last 24 hours soar 67% as of press time. The price of DOGE was also up by 9% in the same period.

Crypto tokens like DOGE are known to be fueled by a retail frenzy. The rise in social media mentions is a strong price catalyst. On the same day, Binance announced new rewards for DOGE users. Users will be able to stake the token and earn APYs as high as 10%.

We can’t establish the connection of Binance news with the social media frenzy around DOGE. However, we know that the DOGE community can be excited at the least of news, including a sneeze by Elon Musk. The latest development is positive for DOGE lovers, and investors should keep tabs.

DOGE contained by a resistance amid buyer interest

Source – TradingView

Technically, DOGE looks set for a correction after hitting resistance at $0.07. We can’t confirm if a correction will occur as the crypto’s buyer interest remains high. A potential breakout is also a likely event should investors hang on. MACD lines remain above the moving average, revealing that bullish momentum is underway.

Investors should consider a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE could slide back to $0.06. Investors could still find strengths to break past the resistance, and investors should keep watch.

Summary

DOGE is attracting buyer interest. The price has hit a resistance, with a potential breakout or correction. Look to buy above the $0.07 resistance.

The post Dogecoin tests resistance as trading volumes soar and buyer interest rise appeared first on CoinJournal.

• Binance crypto exchange has remained stable in the market crash

• Its token BNB has broken past an ascending triangle

• We recommend buying BNB on a retracement.

Binance coin BNB/USD is strongly bullish as most cryptocurrencies show up. At a price of $262, BNB is past $243, which previously acted as a resistance. We explore more whether BNB is worth buying for the short and long term.

BNB is the native token of the world’s leading crypto exchange Binance. The crypto exchange remains unchallenged at the top spot. Despite a strong bear crypto sector, Binance showed strengths. A few weeks ago, it announced that it sought to fill at least 2,000 positions. That happened despite most crypto exchanges scaling down operations. 

Binance continues to attract regulatory scrutiny owing to its opaque operations. Users have nothing to worry about as Binance continues to be welcomed in major jurisdictions. The crypto-friendly Abu Dhabi is one that granted Binance an in-principle operation license. Due to these fundamentals, the BNB token has a good future and is a good cryptocurrency to invest in. The key question is, should you buy in BNB now?

BNB breakout occurs at the key $243 level

Source – TradingView

$243 was a highly watched level for BNB. This was after rejecting price severally, resulting in the formation of an ascending triangle. Following the recent gains, BNB has breached the resistance and is going higher. The reference bottom is now at $243.

We think you should buy BNB on a retracement. At $263, BNB has met a minor resistance and could correct lower. The retracement would offer a chance to buy and ride up to the next level at $288. After that, BNB could rise to $324.

Summary

BNB has confirmed a bullish momentum after a breakout from an ascending triangle. The cryptocurrency should be bought on a retracement as the price tests a minor resistance.

The post Should you buy BNB after breakout from an ascending triangle? appeared first on CoinJournal.

If you’re an entrepreneur, you’re probably always looking for new ways to maximize your income. This is why an increasing number of investors are turning to the forex market. The international currency trade is the most important economic market in the world. Traders select currency pairs and attempt to predict the next move in value with the aim of profiting from that move.

Inexperienced currency traders may wonder why they should trade currency pairs rather than more traditional investments like stocks and bonds. Many established businesses find this intriguing because of the four patterns.

As for getting started, it’s very simple and inexpensive

With minimal initial outlay and simple economic resources, Forex trading is a money-making opportunity for many businesses. Due to the digitization of this new market, all you need to get started is a workstation, a forex broker account, a broadband connection, and some basic knowledge.

Be sure to do your due diligence on any broker you are considering before signing up. Investing in currency trading does not require a huge initial outlay. It won’t cost as much as starting a new business or moving to a new area.

Are you looking to grow your business? AvaPartner can save you the day. Why? You will have access to professional banners, landing pages and other promotional tools to increase your commissions and customer base. AvaPartner is the name of the affiliate network offered by AvaTrade, an award-winning online currency trading platform.

Improve your personality

Entrepreneurs lead a demanding lifestyle. Trading currency pairs is a convenient option as it can be done even if one only has an hour of free time per day. Also, using social trading makes the process much more reasonable.

Since the forex market is open 24 hours a day, 7 days a week, you can conduct financial transactions whenever it suits you. This means that you can engage in currency trading while still being able to conduct and operate your business effectively.

High liquidity

The level of buying and selling activity in a financial market defines its liquidity. This means that the forex market contains a large number of buyers and sellers who are matched in a split second. Because of this, traders are more likely to profit from their trades as they can buy and sell currency pairs at prices that fall within a respectable range.

Due to this factor, the foreign exchange market is quite liquid. A low probability of price manipulation by a select group of large participants is linked to high market liquidity. It is extremely difficult to manipulate prices in the market due to the huge liquidity and size of the market.

The ability to generate income quickly.

In order to make big profits, several companies trade currency pairs on the international forex market. Every day, the forex market processes trillions of dollars worth of transactions.

Anyone who knows how to trade and uses the perfect combination can make a lot of money quickly. When it comes to forex, unlike stocks, you can generate income in just one day of trading.

The post Why Business Owners Should Explore Forex Currency Pair Trading appeared first on CoinJournal.

The cryptocurrency market has been performing excellently over the past few days, and the rally could continue for a while.

The cryptocurrency market has recorded sustained positive performances over the past few days. The market has added more than 4% to its value in the last 24 hours, with the total market cap now above $1 trillion.

If the market continues with its current trajectory, the total market cap could surge past the $1.1 trillion mark soon. 

Bitcoin has been performing excellently over the last couple of days. In the last seven days, Bitcoin has added more than 20% to its value. BTC is currently trading at $23,500, up by more than 7% in the last 24 hours.

If the bulls could remain in control, Bitcoin and the broader cryptocurrency could record huge gains over the next few days and weeks.

Key levels to watch

The BTC/USD 4-hour chart is positive as Bitcoin has been performing well over the last couple of days. The technical indicators show that Bitcoin is recovering from its recent bear trend.

The MACD line is above the neutral zone and continues to surge higher, indicating bullish momentum. 

The 14-day relative strength index of 68 shows that Bitcoin could enter the overbought region if the positive momentum can be maintained.

At press time, BTC is trading at $23,677 per coin. If the bulls remain in charge, Bitcoin could cross the first major resistance level at $24,756 over the next few hours. 

Bitcoin could move towards the $26k resistance level for the first time in a month if the market embarks on an extended bullish run.

However, the bears can regain control and drag BTC towards the $21,893 support level. In the short term, Bitcoin should comfortably defend its position above the $20k psychological level.

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