Kategorie: Crypto Analysis

The cryptocurrency market has lost nearly $100 billion over the past 24 hours, with numerous coins and tokens trading in the red zone.  

The cryptocurrency market has been in a bearish trend for the past few months, and things took another negative turn this week. The total cryptocurrency market cap has dropped below $900 billion, down by more than $2.2 trillion from the all-time high attained in November 2021. 

At press time, the total market cap stands below the $900 billion region. Bitcoin and the other major cryptocurrencies have recorded massive losses over the past few days.

Bitcoin is trading just above the $21k support level, while Ether risks dropping below $1,000 if the bearish trend continues. 

IMX, the native token of the Immutable X ecosystem, is down by more than 6% over the last 24 hours. This latest development comes despite Immutable X announcing a major partnership agreement with TurnerSportsPR.

TurnerSportsPR is a leading sports news brand and houses platforms such as Bleacher Report, TNT and TBS. 

Per the terms of the agreement, Immutable X will work with TurnerSportsPR to build blockchain games for premier sports, powered by StarkWare.

We’re entering into a strategic partnership w/ @TurnerSportsPR to build blockchain games for premier sports, powered by StarkWare

Turner Sports, home to Bleacher Report, TNT, TBS, have been innovating in web3 gaming since 2017 & we’re delighted to have them innovating on IMX L2. pic.twitter.com/ilmHd1MNmA

— Immutable | $IMX ⓧ (@Immutable) June 14, 2022

Key levels to watch

The IMX/USD 4-hour chart is very bearish at the moment as Immutable X has recorded huge losses in the last few days. 

The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 36 shows that IMX could soon enter the oversold region.

At press time, Immutable X is trading at $0.68 per coin. If the bearish trend continues, IMX could drop below the $0.55 resistance level over the next few hours.

Unless there is a massive selloff, IMX should stay above the $0.50 psychological level in the near term.

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The cryptocurrency market has lost nearly $100 billion over the past 24 hours as the bearish trend continues.

The bear market is here, and it is in full motion. The cryptocurrency market has lost more than $2 trillion since the all-time high of $3 trillion was achieved in November 2022.

At press time, the total market cap stands below the $900 billion region. Bitcoin and the other major cryptocurrencies have recorded massive losses over the past few days.

At press time, Bitcoin is trading above the $21k resistance level, down by more than 4% in the last 24 hours.

The cryptocurrency’s performance has improved as it slightly dropped below the $21k level a few hours ago.

Bitcoin’s total market cap has dropped below the $500 billion mark for the first time this year. In November, Bitcoin’s total market cap rose to an all-time high above $1 trillion.

However, the leading cryptocurrency has lost more than 65% of its value since then.

Key levels to watch

The BTC/USD 4-hour chart is extremely bearish as Bitcoin has been underperforming in recent days. The technical indicators show that Bitcoin could record further losses in the short term.

The MACD line is within the negative territory, indicating an extreme bearish condition. The 14-day relative strength index of 26 shows that Bitcoin is currently oversold.

At press time, Bitcoin is trading around $21,183. If the bearish sentiment grows stronger, Bitcoin could retest the $20k support again before the end of the day. However, the leading cryptocurrency should steer clear of the sub $19,300 support level in the short term.

On the flip side, the bulls could mount a recovery challenge and push Bitcoin past the $22k resistance level over the next few hours. However, Bitcoin could find it tough to surge past the second resistance level at $24,012 before the end of the day.

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The Unifi Protocol price has gone parabolic as it defies the ongoing gravity in the crypto industry. The coin has jumped to a high of $7.08, which is about 75% above the lowest level this week. This makes it the best-performing coin in Binance.

What is UNFI and why is it rising?

Unifi Protocol is a relatively small blockchain project whose governance token is valued at over $40 million. It is a platform that owns a number of products like uTrade, uStake, and Bridge.

uTrade is a decentralized exchange that enables people to swap tokens built by most blockchains. For example, you can easily swap a token like BTT to BNB and pay a small fee. Its fees are significantly smaller than those of other DeFi platforms.

Meanwhile, uStake is a platform that enables people to put their coins to work by just holding them. According to its platform, it has a total value locked of over $6.2 million with an average APR of 14%. The most popular staked tokens in the platform are TRX and UNFI.

The Unifi price has been defying gravity in the past few days since the developers announced that they will upgrade the V2 soon. In the note, they said that while they love UP, the platform had reached a stagnation point.

This upgrade is happening in phases. The first phase will be on the UP token migration. It will then be followed by a situation where idle UNFI tokens will join a liquidity pool and start earning a return. The third phase will be the ability of arbitrage trades to increase the redeem value, with these profits moving t the UP contract. The final stage will be on the Bonded UP, which will supercharge the APR.

Unifi Protocol price prediction

The four-hour chart shows that the UNFI price declined just as the other digital tokens crashed this week. It moved to a low of $4.04 but its recovery has been swifter than other coins. That has seen it move above the 25-day moving average while the Relative Strength Index (RSI) has moved above the neutral point. 

Therefore, there is a likelihood that the Unifi price will keep rising as bulls target the key resistance level at $10. A drop below the support at $5 will invalidate the bullish view.

The post Here’s why the Unifi Protocol (UNFI) price is defying gravity appeared first on CoinJournal.

The cryptocurrency market has continued its poor start to the week, with some of the major coins and tokens recording losses over the past 24 hours.

The cryptocurrency market has had a poor start to the week. The market lost more than 4% of its value in the last 24 hours and the total cryptocurrency market cap now stands above $950 billion.

Bitcoin is defending the $22k support level after dropping below the $23k psychological level in the last few hours. Ether, on the other hand, was able to bounce back from Monday’s low of $1,165.

Despite the bearish sentiment in the market, some cryptocurrencies have been performing well. LINK, the native token of the Chainlink ecosystem, is one of the top performers amongst the top 30 cryptocurrencies by market cap.

At press time, LINK is trading at $6.31 per coin, up by more than 11% in the last 24 hours.

LINK’s ongoing rally can be attributed to Chainlink’s partnership with Elwood, one of the leading digital assets infrastructure providers in the world.

Elwood announced via a blog post on Monday that it would be contributing its broad asset pricing data to Chainlink decentralized oracle networks (DONs) to generate tamper-resistant oracle reports.

Key levels to watch 

The LINK/USD 4-hour chart is bearish despite the cryptocurrency performing well in the last 24 hours. 

The MACD line remains below the neutral zone as Chainlink has been underperforming in recent weeks. The 14-day RSI of 42 shows that LINK is no longer in the oversold region. If the rally continues, LINK could surge past the first major resistance level at $6.675 before the end of the day.

However, it would need the support of the broader market to move past the $7.1 resistance level.

With the bears still in control, LINK could decline below the $6 psychological level in the short term. Unless there is an extended bearish performance, LINK should comfortably defend its support level at $5.78

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The Tron price crashed hard as investors reacted to the rising risks of its stablecoin that is known as USDD. The TRX token crashed to a low of $0.055, which was the lowest level since January this year. It has crashed by more than 32% from its lowest level in May this year.

USDD de-pegging

Tron is one of the best-known blockchain projects globally. It is a platform that was started by Justin Sun, a computer programmer who paid millions to have lunch with Warren Buffett.

Today, Tron has become a leading blockchain operating system that powers stablecoins worth billions every day. It is also a key player in the Decentralized Finance (DeFi) as the total value locked (TVL) in its ecosystem has surged. It is now the third-biggest player in the sector after Ethereum and BNB Chain.

Tron also recently became a big player in the stablecoins industry as the developers launched a new coin known as USDD. It is an algorithmic coin that has a close resemblance to the now-dead Terra USD. 

USDD saw a lot of growth as its total market cap jumped from zero to over $750 billion in less than two months. Investors bought the coin even as risks of de-pegging remained since it is not backed by anything. 

Learn more about how to trade Tron.

Now, it seems like these risks are coming to life as the price of the USDD stablecoin moved below $1 for the first time on record. At the time of writing, the coin is trading at $0.98, giving it a market cap of $711 million. 

Therefore, in my view, I believe that USDD is the biggest risk that Tron’s TRX faces. Since it is not backed by anything, there is no reason to believe that its price will not de-peg as happened with Terra.

Tron price prediction

The daily chart shows that the TRX price has been in a strong bullish trend in the past few months. It even defied gravity as other coins crashed. The coin found a lot of resistance at $0.092, which was along the upper line of the ascending channel.

A closer look at the chart shows that the coin has now moved below the lower side of the channel and crossed the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has also crashed below the oversold level.

Therefore, there is a likelihood that the Tron price will continue falling as bears target the next key support at $0.05.

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