Kategorie: Crypto Analysis

• Chainlink’s token LINK was recovered from the Grayscale fund

• LINK powers the decentralized oracle network

• The cryptocurrency is robust, although resistance holds it back

Chainlink’s LINK/USD may not be among the week’s strongest tokens. With 7-day gains of around 1.18%, the price has been relatively consolidating. However, it has kept key levels intact, implying a potential price take-off in the next few days.

LINK is the native token of a decentralized oracle network. Chainlink’s oracles are bridges connecting smart crypto contracts and off-chain data. Thus, the network’s continued growth is tied to the demand for smart contracts. Recently, the network announced that its smart protocols were live on the Fantom mainnet. Chainlink also, on June 7, announced a new road map that will introduce staking on the platform. The developments have been positive for LINK, which has been staging recoveries.

The most recent development has, however, been negative for LINK. On July 8, asset manager Grayscale Investments announced the removal of LINK from its Digital Large Cap Fund. The removal also included LTC, BCH, UNI, and DOT. However, the move has caused a little impact on LINK, which has been showing strengths lately. We believe LINK could stage a major comeback if it maintains key levels.

LINK recovering key level of $6.3 after slipping below it

Source – TradingView

The daily chart shows LINK trapped below the $7.4 resistance. The price has attempted a break above the level severally, but bears have taken control. The crypto’s support is currently at $6.3. MACD signal is above the moving average, meaning that the token is still bullish. We believe LINK is staging a recovery soon, although the price could remain subdued for a while. If the price fails to hold $6.3 support, it could slide to $5.6.

Summary

Chainlink’s token is robust despite its removal from the Grayscale fund. The token is recovering the $6.3 support but could remain subdued by the $7.4 resistance. Consider buying above the $5.6 support.

The post Chainlink’s prediction after Grayscale removed the token from its fund appeared first on CoinJournal.

• Cardano’s Vasil update went live on July 3 ahead of the mainnet launch

• Whales have been accumulating the cryptocurrency ahead of the hard fork

• ADA price remains subdued, but recent accumulation points to a potential spike

Cardano’s ADA/USD is a cryptocurrency that investors are highly anticipating a comeback. The optimism relates to the expected mainnet hard fork, enhancing Cardano’s scalability. Initially set for June 29, Cardano developers rescheduled the date to clear critical issues. ADA price has since been moving with the general crypto trends. Investors are accumulating the tokens.

Santiment indicates that ADA investors boosted their holdings by nearly 80 million tokens in June. The investors have holdings that range between 10,000 and 100,000 tokens. The Santiment data also indicated that the sell-off of ADA had reduced significantly since mid-June.

Investors are banking on the Vasil upgrade, which is expected to boost the ADA price soon. The date for the final upgrade is yet to be confirmed. The Vasil update went live on the network testnet on July 3. With these developments, it is worth exploring when to buy ADA.

ADA slips to support amid bearish pressure

Source – TradingView

ADA has been trapped between $0.51 resistance and $0.44 support for a month. The moving average and MACD indicators are currently flashing bearish signs. We view the region as a potential make or break for ADA. Long-term buyers should consider buying at the $0.44 bottom. ADA would experience a lasting momentum if it successfully clears $0.51 resistance. Investors should now watch for price action and a potential bullish reversal at $0.44.

Summary

Cardano is experiencing an increased whale activity despite a bearish market. ADA price is under pressure as technical indicators reveal bearish signs. However, the price remains supported at $0.44, and a bullish reversal could occur.

The post Decision moment for Cardano as whales add another $37 million in June appeared first on CoinJournal.

The WAXP price has done well in the past few days as investors cheer the platform’s growth in the DeFi and gaming industry. WAX is trading at $0.11, which was the highest level since June 27th this year. It has surged by more than 46% from its lowest level in June, bringing its total market cap to over $231 million.

Why is Wax soaring?

WAX is a leading blockchain project that is in the gaming industry. The platform provides all features that developers need to build blockchain services, games, decentralized exchanges, and NFT products. As such, developers of all industries can easily build their products using its WAX Blockchain features.

According to its website, WAX has more than 13 NFT collectors in its ecosystem. These people use the WAX Cloud wallet, which makes it easier for people to buy, collect, and store products in its ecosystem. WAX is used by popular brands like Hasbro, AMC, Atari, and Mattel. 

Read our review of Capital.com.

The WAXP price has risen in the past few days as investors react to the launch of the WAX DeFi platform. This is a platform that provides yields to participants that are based on real economic activity across the WAX ecosystem. 

According to its website, it has a total value locked (TVL) of over $5.8 million, which is remarkable since it is just a few weeks old. Also, the network was launched in a period when both DeFi and other blockchain projects has declined following the turmoil in other platforms like Voyager Digital and Celsius.

WAXP price prediction 

WAXP, like other cryptocurrencies, has had a tough time in the past few months as the cryptocurrencies unravel. On the daily chart, we see that the coin has crashed by more than 90% from its all-time high. The coin remains below the lower side of the descending triangle pattern that is shown in red. 

Recently, however, the coin has made some recovery. It has managed to move above the 25-day moving average and is now approaching the 50-day MA. At the same time, the coin’s Stochastic Oscillator has moved above the overbought level.

Therefore, there is a likelihood that the coin will keep rising as investors target the key resistance point at $0.15. This price is about 40% above the current level. A drop below the support at $0.08 will invalidate the bullish view.

The post WAXP price has popped. Is WAX a good crypto to buy? appeared first on CoinJournal.

The BurgerCities price has gone parabolic in the past few days as demand for the coin jumped. BURGER rose to a high of $3.45, which was the highest level since December. It has jumped by more than 1,100% above the lowest level this year, bringing its total market cap to about $12 million. 

What is BurgerCities and why is it rising?

BurgerCities is a relatively small cryptocurrency that was created in the BNB Chain ecosystem. It is a platform that combines both the metaverse and decentralized finance (DeFi). It is a gaming platform where people compete for rewards. As such, it describes itself as a MetaFi. 

In the BurgerCities ecosystem, people can engage in casual activities like gaming and socializing with the goal of earning rewards. As a metaverse project, it has also integrated the concepts of non-fungible tokens. As such, like Axie Infinity, it is possible for one to make substantial returns by taking part in its gameplay. 

Some of the most important parts of BurgerCities are the Black Market, which integrates a cross-chain aggregator of the major DEX and CEX protocols. There is also the energy plant where users can become liquidity providers and a central bank, which is the single-coin dual-mining revenue aggregator in the network. It is also possible for one to buy virtual property in its ecosystem.

The BurgerCities price is rising as investors react to the recent integration of iZUMi into their aggregation protocol. The partnership came after BurgerCities launched its aggregation protocol. Therefore, the number of DEXs in the ecosystem are MDEX, Biswap, BakerySwap, and Babyswap among others. 

Another reason why the BURGER price is rising is that of pump and dump among market participants. In the past few weeks, we have seen the number of such schemes rise.

BurgerCities price prediction

The BURGER price has made a strong recovery in the past few days. On the daily chart, it has managed to move above the descending trendline shown in blue. It has also jumped above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved above the overbought level. The same is true with other oscillators like the Relative Strength Index (RSI) and the MACD.

Therefore, I suspect that the coin will soon have a pullback as sellers target the blue trendline. This is known as a break and retest pattern. If it happens, the next key support to watch will be at $1.5.

The post BurgerCities price: What is BURGER and why is it soaring? appeared first on CoinJournal.

Pump and dump schemes have become relatively popular in the cryptocurrency industry these days. It has become so common to see coins surge for no single reason and then crash in the following day. Notably, these regular pumps have become useful trading strategies among market participants. Here are some of the top coins being pumped this weekend.

Prosper (PROS)

Prosper is the best-performing cryptocurrency on Saturday. According to Binance, the PROS token has jumped by over 30%, making it one of its best days. 

Prosper is a significantly tiny cryptocurrency. Data by CoinGecko shows that it has a market cap of just $1.1 million, making it the 1,820th biggest cryptocurrency in the world.

Prosper, which is backed by Clover, Ava Labs, Chainlink, and Bonded Finance, is a blockchain project in the prediction market. It is built using the BNB chain. It helps cryptocurrency traders and analysts make money by predicting the direction of an asset’s trend. 

It is like a betting platform that is backed by smart contract technology. One of its top features is that it has a prediction insurance that uses the PROS coin. Still, with no major catalyst, there is a likelihood that the price will have a pullback soon.

Read our review of the best cryptocurrency exchange.

Quant (QNT)

Quant is another cryptocurrency being pumped in the market this weekend. The coin’s price has jumped by more than 25% in th past 24 hours, bringing its total market cap to over $1.1 billion. It is the 51st biggest cryptocurrency in the world.

Quant is a blockchain project whose goal is to bring interoperable ecosystems and real-world solutions to most people. The project is mostly geared to enterprise customers like banks and insurance companies. 

These firms can use its technology to create their own payment networks, digital currencies, capital market solutions, and compliance products. For example, it is possible to build a stablecoin using this product. The price is likely rising because of the recently launched Overledger 2.10.

BurgerCities (BURGER)

BurgerCities is one of the most popular cryptocurrencies among those involved in pump and dump schemes. It is a cryptocurrency that is valued at over $150 million. It is a blockchain gaming product that helps people play multiple games in the metaverse.

The BURGER price has jumped by more than 25% on Saturday. This rally is mostly because of the recent integration with iZUMi into its protocol. This is part of the network’s growth of its DeFi protocol that includes cooperation with PancakeSwap, Biswap, and BakerySwap among others. 

In addition to BurgerCities, Quant, and Prosper, other cryptocurrencies being pumped are MFT, WING, FIDA, and Unifi.

The post Pump and dump: top 3 cryptos being pumped this weekend appeared first on CoinJournal.