Kategorie: Crypto Analysis

Litecoin (LTC) has started today’s trading session on the green. After seeing a slump over the past few weeks, the coin appears to be rallying. But despite this, Litecoin (LTC) still remains highly volatile, and it could slide back to $95 in the near term. Here are some highlights though:

• At the time of writing, Litecoin (LTC) was trading at $107.77, up by about 5% in 24-hour intraday trading.
• The coin appears on course to retest its overhead resistance of $112 in the coming days.
• However, other indicators suggest that Litecoin (LTC) could fall back to $95 before it rallies again.

Data Source: Tradingview.com 

Litecoin (LTC) – Price predictions

For the most part of 2022, Litecoin (LTC) has been in the bear market. But despite this, the token did manage to hit highs of $152 this year in an unusually strange bullish surge. 

As it turned out, this was a short-lived run because we have seen a consistent decline. Litecoin (LTC) is now trading at $107, up about 5% in 24 hours. We see the token retesting the $112 resistance, but it is highly unlikely it will break that. 

As a result, more downward pressure is coming, something that will push it back to its $95 support. Besides, sentiment in the crypto market remains very sluggish even though it has slightly improved over the last few days.

Should you buy Litecoin (LTC)

The big answer is Yes. Litecoin is one of the most notable tokens out there with incredible fundamentals. It has also shown great consistency in terms of growth. 

So, for folks who want decent coins for long-term value, Litecoin (LTC) will always be top of the list. But recent bear pressure has wiped out a lot of value here. With the price action expected to swing further down, it would be best to wait a few days before getting in.

The post Here is why Litecoin (LTC) could drop to $95 despite a bullish run in today’s trading session appeared first on Coin Journal.

After a choppy start to the year, Binance Coin (BNB) appears to be consolidating the price action around $350. The coin may be poised for a bullish rally. But downside risks remain quite real with sluggish sentiment in the market and a risk-off approach among investors. But can Binance Coin (BNB) actually rise once more? Here are some highlights:

• Since the start of the week, Binance Coin (BNB) has lost nearly 30% albeit some of those losses are recovering.

• The coin is also trading at around 50% from its all-time high in what has been a major decline.

• But consolidation around the $350 mark may suggest that more bullish action is coming in the near term.

Data Source: Tradingview.com 

Binance Coin (BNB) – Fingers crossed for a bull run

The $350 mark has been one of the strongest support levels for Binance Coin (BNB). The price has been tested before and held strong. At the time of writing, BNB was trading at $370, up 6% in 24 hours. 

As long as the price action plays out above that threshold, then we will likely see a bullish rise that could end BNB past $400. 

However, if bulls cannot defend this position, then an ensuing sell-off will test the next support of $340, something that could put BNB to lows of nearly $200. Besides, downside risks in broader crypto remain quite pronounced with expected volatility in the near term.

Why this is the perfect time to buy Binance Coin (BNB)

There was a time not long ago when Binance Coin (BNB) was trading at well above $500. The recent market crash has given investors a nice dip to buy one of the most prominent crypto assets in the world. So, if you don’t own BNB yet, you will need to get in at $350 or thereabout right now.

The post Binance Coin (BNB) consolidates at $350 – Is a bullish rally now on the cards? appeared first on Coin Journal.

The massive sell-off we saw on ThorChain (RUNE) was nothing short of catastrophic, and that’s being nice. The coin has really spiralled downwards, following other crypto assets in decline. But a small mini-rally the last two days could help RUNE break this downtrend. Here are some highlights and analysis of the price action:

• After hitting highs of $17.25 in a superb rally last year, selling pressure has sent RUNE on the floor with a massive decline.

• At press time, the coin was selling at $4.02, nearly over 70% lower from its October highs.

• Despite this, ThorChain (RUNE) has rallied nearly 20% in the last 24 hours as momentum starts to build.

Data Source: Tradingview.com

Can ThorChain (RUNE) break the downtrend?

Even with the 20% 24-hour rally, there is no question that ThorChain (RUNE) remains firmly in the bear market. The coin is trading at $4.02, and if there is going to be a sustained bullish momentum, it must at least test overhead resistance of around $7 in the near term. 

Whether this will happen remains highly unlikely. Although we have seen some steady gains in the crypto market over the last few days, there is still a lot of uncertainty. 

Any wild price swings could send ThorChain (RUNE) tumbling even further, erasing any hope of a trend reversal in the coming weeks. The good news is that most momentum indicators suggest that ThorChain (RUNE) could get bullish.

Should you buy ThorChain (RUNE)?

At the moment, it’s hard to see any serious demand for ThorChain (RUNE). As risk-off sentiment continues to push investors aware from the trading floor, we do not see enough demand for ThorChain (RUNE) in the near term to push the price that much higher. So, if you are buying for long-term value, well and good. But for short-term traders, this is not the asset to go for.

The post ThorChain (RUNE) hopes to break downward momentum with a recent mini-rally appeared first on Coin Journal.

• LINK/USD extends range-bound price action below resistance

• LINK/USD market eyes a target above $17.73

Across the board, the overall crypto market is trading in a neutral direction. After strong selling pressure took charge of the price movement. And with less concern about fundamental analysis, Chainlink seems to exclude the list of assets governed by an economic release.

Hence buying Chainlink (LINK) from a technical analysis outlook will aid trading decisions.

Technical levels to watch before buying chainlink

Heavy bearish storms drag the value of Chainlink downhill after weak volume among the bulls caused the value of Chainlink to depreciate against the US dollar. At the same time, it is assumed that supply and demand are the major factors that control the price action of the digital currency market.

From north to south LINK/USD trading activities have proved to be a good example of the reaction caused as a result of market supply and demand, which tend to leave a mark on the crypto market price action.

LINK/USD hourly chart technical analysis

Source – TradingViewWith a technical analysis look on the 4-hour chart market investors would discover that the LINK/USD chart pattern is in for a long-term bearish price movement. As $10.59 near-term support endures welcoming the value of the digital asset to balance its feet along with its horizontal support. Alongside buying LINK/USD at this price point would enable a long-term gain for traders because $10.59 serves as the all-time low initial support for the asset.

Final thoughts and trading recommendation 

The upcoming Federal Open Market Committee (FOMC) meeting that’s set to come up on Wednesday would perhaps produce a rise in volatility in the crypto market. After expectations from market players await an interest rate hike announcement from the Fed chairman Jeremy Powell soon.

The post Should you buy chainlink as the price get stuck at $15 appeared first on Coin Journal.

Supply and demand have been termed as the major factor that causes uphill and downhill in the market. However, in a bearish moment such as this period, it’ll be best to have a firsthand approach to the market.

While it’s easier to open a buy or sell order on the flip side, the consequence of inadequate understanding of the market price movement may result in total loss of trading account. And to be able to stay ahead of the market do read below to get a grasp of what Chainlink (LINK) has to offer this week.

LINK/USD technical analysis outlook

However, at the time of writing this analysis, the value of LINK/USD tends to trade along the July 23rd market initial support region. In essence, if the price should plunge below this level, the entire price movement of LINK/USD will meet near-term support at a $10.59 bearish price target.

Weekly price chart

Where could be a positive turning point for the asset

While awaiting the market to complete its bearish price movement, we should however be aware that if this negative price action should extend further, the value of LINK/USD may likely find a resting point at $10.59 If at all the volume of the sellers outweigh the buyers‘ momentum.

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