Kategorie: Crypto Analysis

Tron has had a spectacular month in May even as other cryptocurrencies have pulled back and others crashed. The TRX token is trading at $0.081, which is about 30% above the lowest level this month. As a result, its total market cap has risen to about $7.6 billion, making it the 13th biggest coin in the world.

Tron’s successes in May

Tron has seen its ecosystem grow rapidly in May. A good way to look at this is to view the performance of its DeFi ecosystem. According to DeFi Llama, Tron’s total value locked has jumped to more than $5.6 billion. 

This growth has made it the third-biggest player in the industry after Ethereum and BNB. The most successful projects in its ecosystem are JustLend, JustStables, and SunSwap. As such, investors now believe that the ecosystem will continue growing in the future.

The other reason why the Tron price has done well this month has been its newly launched stablecoin known as USDD. According to CoinGecko, the USDD token moved from zero to over $576 million. This makes it the 89th biggest coin in the world.

Still, USDD poses the biggest risk to Tron’s ecosystem. Like TerraUSD, USDD is an algorithmic stablecoin that looks like a UST clone. It is not backed by any real assets like the US dollar. Instead, its stability is based on algorithmic rebalancing.

As a result, USDD faces the same risks that UST and Neutrino faced before. In other words, since there are no assets backing the stablecoin, if it crashes, holders will lose all their tokens. 

Tron price prediction

Turning to the four-hour chart, we see that the TRX price has been in a strong bullish trend lately. This rebound has been supported by the 25-day and 50-day moving averages. It has also retested the important support level at $0.0800, which was the highest level on March 31st. 

A closer look shows that the coin is forming a cup and handle pattern, which is usually a sign of a bullish continuation. Therefore, there is a likelihood that the coin will keep rising as bulls target the key resistance level at $0.09, which is the upper side of the cup.

The post TRX: Tron price has rebounded but USDD is a major risk appeared first on CoinJournal.

The cryptocurrency market could end the week in losses as the bearish trend continues.

The cryptocurrency market has been in a bearish trend over the past few days. Since the start of the week, the market has shed more than $100 billion.

The latest bearish performance saw the market lose more than 5% in the last 24 hours, and the total market cap now stands above $1.1 trillion. The bulls would be forced to ensure that the total cryptocurrency market cap stays above $1 trillion in the coming days.

Bitcoin remains the number one cryptocurrency globally in terms of market cap. BTC has lost more than 2% of its value in the last 24 hours and currently trades above $28k per coin.

Over the past seven days, Bitcoin has lost nearly 4% of its value. The leading cryptocurrency reached an all-time high of $69k in November 2021. However, it has lost more than 50% of its value since then.

If the bearish trend continues, Bitcoin could drop into the $27k zone over the weekend.

Key levels to watch

The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming since the start of the week. The technical indicators show that the leading cryptocurrency is currently struggling.

The MACD line is below the neutral zone and currently reads -32, indicating a bearish sentiment in the market. The 14-day relative strength index of 41 shows that Bitcoin could soon enter the oversold region if the current market momentum is maintained.

At press time, BTC is trading at $28,987. If the bearish trend continues, Bitcoin could slip below the first major resistance level at $28,109 before the end of the day. If there is a massive sell-off, BTC could be forced to defend the second major resistance at $27,649 over the next few days.

However, if the bulls regain control, Bitcoin could attempt to regain its position of around $30k over the next few hours or days. 

The post Bitcoin could dip below the $28k resistance level soon appeared first on CoinJournal.

UST has skyrocketed over the past 24 hours. The coin is getting closer and closer to regaining its dollar peg. The surge comes as Terra prepares for a reboot. The project is planning a major airdrop over the coming days. Here are some pointers:

• UST had crashed nearly 90% against the dollar after it de-pegged

• The coin has recovered and is around $0.8 on the dollar

• However, UST continues to experience massive volatility for a stablecoin.

Data Source: TradingView 

Will UST regain its peg?

Well, it is possible in fact, based on the recovery we have seen over the last two weeks, it won’t be a surprise if the stablecoin finally does it. But that’s not really the most critical point. Stablecoins are supposed to be “stable”. However, the kind of volatility we have seen in UST is just massive. 

Even if the coin was to hit the $1 mark, it is likely to keep falling up and down for the foreseeable future. This will likely keep investors away. Also, this intermittent surge is probably driven by short-term buyers. These are typically investors who are trying to cash in on the latest Terra reboot. They will obviously take their profits, and UST will crash again. 

So, while there is a real path for UST to hit $1, staying there will be an uphill task. Even if Terra manages to reboot successfully, restoring investor confidence in UST will be very hard in the near term.

How to trade UST?

The best way to trade UST is to focus on short-term volatility. There will be opportunities to buy dips and cash out. As of now, the coin is rallying and could get very close to the $1 mark. 

When it does, short it. But good luck finding exchanges that are willing to process that trade. Do not hold UST for the long term unless it consolidates at $1 for a few weeks.

The post UST skyrockets as Terra’s 2.0 airdrop nears appeared first on CoinJournal.

Binance Coin (BNB) has faced some stagnation in the price action over the past week. The coin has largely traded sideways, but there is still some potential for growth if it could break past two crucial resistance zones. Here is what you need to know:

• Binance coin offers significant upside potential with this setup.

• The coin must smash past $336 and then $358 before any run towards $450

• At the moment, it doesn’t seem like there is enough momentum for this

BNB and the road towards $450

Hitting $450 in the near term will be a huge thing for BNB bulls. The coin has after all been suppressed for weeks now. There was even a small window where it fell below the $300 mark. However, it seems there is a path toward $450, but two major hurdles must be overcome. 

The first one is the $336 resistance zone. At the moment, BNB is around 10% away from this. If we see more robust positive action in the market tomorrow, then the coin will likely close the week above $336. Despite this, the next resistance will be the most important one. BNB will need to find enough momentum to reclaim $358 and consolidate there. 

We do not think the coin has enough upward momentum to reach $358. Instead, it will likely test $336 before falling once more towards $310. There is also some downside potential to note. If indeed the price continues to move sideways and fails to make any decisive run towards $336, BNB could eventually tank to $286.

The trading strategy for this setup

Well, the first thing to do would be to assess price momentum in the next two days. If BNB remains to stagnate between $308 and 318, then don’t buy. 

However, if there is a clear break above $320, it is likely the coin will hit $336. After $336, downside risks increase exponentially, so you better exit early.

The post Binance Coin (BNB) could target $450 despite stagnation appeared first on CoinJournal.

The Ankr price made a bearish breakout on Thursday even after the company partnered with Pocket Network. The token is trading at $0.0357, which was about 83% below its all-time high of $0.2142. 

Ankr continues its partnerships

Ankr is a leading blockchain project that specializes in Remote Procedure Call (RPC) services that are needed by most developers. According to the developers, the platform handles over 150 billion RPCs every month as more developers embrace it.

In the past few months, the network has been focused on growing through partnering with other forward-looking companies in the industry. 

For example, in the past six months, the developers have partnered with companies like Near Protocol, IoTeX, Polygon, Solana, Celo, Fantom, and Avalanche, among others.

Last week, the developers inked another partnership deal with Tron, one of the fastest-growing platforms in the industry.

On Thursday, the developers announced that it had partnered with Pocket Network. The partnership will see the Pocket Network node runners earn revenue by supplying nodes to the Ankr Protocol network. The statement said:

“Bringing Pocket onto the Ankr Protocol marks a new era of coverage and decentralization for Ankr and our clients. We love what Pocket has started and the passionate community they’ve fostered.”

Therefore, these partnerships will likely lead to more network activity in Ankr Network, which will help push its price higher. 

Ankr price prediction

The daily chart shows that the Ankr price has been in a strong bearish trend in the past few months. This drop culminated in the drop below the key support level at $0.0505, which was the lowest level on February 25th, The coin has dropped below the 25-day and 50-day moving averages.

At the same time, it has fallen below the descending trendline that is shown in blue. It has also formed a bearish flag pattern. Therefore, the coin will likely keep falling as bears target the key support level at $0.02. 

The post Ankr price prediction as the protocol boosts partnerships appeared first on CoinJournal.