Kategorie: Crypto Analysis

Since dropping below $30,000 a few weeks ago, Bitcoin has had a prolonged period of price consolidation. At one point, we thought the coin was finally ready for a breakout. It pulled up to test $32,000 only to fall back once more. So, when will this consolidation phase end? Here are some highlights:

• Bitcoin shows some weakness despite holding above $30,000

• The coin could bottom to $28,650 in the days ahead

• Consolidation around the $28,650 will be crucial for BTC in the near term.

Data Source: TradingView 

When will the consolidation end?

It’s hard to say how long this consolidation will take. But two things can happen. First, BTC may lose its resilience and plummet below $28,650. This will trigger a massive sell-off that could see a decline of at least 20%. 

The second scenario is more favorable for bulls, but only to a certain extent. You see, despite consolidating between $28,650 and $30,700, Bitcoin has failed to break out decisively. In fact, at the start of the week, we saw the mega-cap surge towards $32,000 for the first time in weeks. However, a pullback came almost instantly. This suggests that upward momentum is very limited for BTC. 

In fact, the coin will likely need about two weeks of low volatility trading to develop enough momentum for a decent uptrend. As long as the price action stays above $28,650, a consolidation phase of two weeks should be enough.

Will BTC see more gains this year?

So far, BTC has seen a net loss since the start of 2022. Some analysts are now warning that the coin could struggle to clear $38,000 over the coming six months. 

There is also some worry that the correction we are seeing right now in crypto hasn’t really bottomed yet. Downside risks for BTC could put enough pressure on the price and push it well below $25,000. However, recovery after that will be almost certain.

The post When Will Bitcoin’s price finish its consolidation? appeared first on CoinJournal.

Polygon appears to be on the verge of a very decisive bullish run. The coin has been suppressed in recent weeks. Even as the broader crypto market has seen some decent gains in June, MATIC has largely been modest in its uptrend. But this is about to change. Here are some highlights:

• MATIC has consolidated within lower highs and higher lows for 3 straight days.

• This consolidation shows resilience, and it could trigger massive demand for MATIC.

• The coin could target $0.9 in this bullish cycle.

Data Source: TradingView 

Polygon’s near-term prospects

Looking at MATIC’s price action over the past two weeks, we see a very strong consolidation. In fact, while the crypto market has actually reported modest gains, MATIC has largely been within this consolidation phase with very limited volatility. As a result, the coin has traded within lower highs and higher lows in 3 straight trading sessions. 

This show of resilience could suggest that MATIC is ready to break the sideways pattern. Besides, momentum indicators on the chart suggest that the coin is due for a decisive bull run.

If indeed MATIC is able to break out in the coming days, the coin will target $0.9 as the bare minimum. This will deliver a 50% upswing from the current price. It is also likely that there will be enough demand to send MATIC above $1. The coin will probably consolidate above $1.1 before it tries to find more direction again.

How likely is this MATIC run?

The conditions are perfect for MATIC to break its sideways pattern. But this also depends on the overall sentiment in the market.

If we continue to see weakness in crypto, then MATIC will remain in a consolidation phase for a bit longer. However, if broader sentiment improves, then you can expect MATIC to outperform most major coins.

The post Why polygon is on the cusp of major price movements appeared first on CoinJournal.

The cryptocurrency market is experiencing a mixed performance today, but Tezos has been performing excellently in the last 24 hours.

The cryptocurrency market has been experiencing a mixed performance over the past few hours. The broader market has lost less than 1% of its value over the past 24 hours and the total market cap now stands below $1.25 trillion.

Bitcoin remains above the $30k support level despite losing 0.9% of its value so far today. Ether is also down by less than 1% and is currently trading at $1,790 per coin.

However, XTZ, the native token of the Tezos ecosystem, is one of the best performers amongst the top 50 cryptocurrencies by market cap.

XTZ is up by more than 8% at press time, outperforming the other major cryptocurrencies. 

XTZ’s ongoing rally can be attributed to the USDT stablecoin launching on the Tezos blockchain. 

Tether announced earlier today that its USDT stablecoin is now live on the Tezos blockchain. Thus, making Tezos, the 12th blockchain USDT, is launching on.

USDT is the leading stablecoin in the world, with a market cap of over $80 billion.

Key levels to watch

The XTZ/USD 4-hour is currently bullish as the cryptocurrency has been performing well in the last 24 hours. The technical indicators show that it is outperforming the other major coins. 

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 72 shows that XTZ could soon enter the overbought region.

At press time, XTZ is trading at $2.213 per coin. If the bullish momentum continues, XTZ could move past the first major resistance level at $2.458 before the end of the day.

However, XTZ would need the support of the broader crypto market to make a move past the $2.7 resistance level. 

The post Here is why Tezos is up by more than 8% today appeared first on CoinJournal.

The Origin Protocol (OGN/USD) price has been in a consolidation period in the past few days as demand for the coin wanes. The token is trading at $0.27, which is about 84% above the lowest point in May. Its market cap has risen to $234 million.

What is Origin Protocol?

Origin Protocol is a fast-growing blockchain project that seeks to disrupt the biggest verticals in the blockchain industry. It has built projects for decentralized finance (DeFi) and non-fungible tokens (NFT).

For the DeFi industry, the developers have launched Origin Dollar, which is a stablecoin valued at over $68 million. It is a stablecoin whose differentiating feature is the yield it provides to its holders. At the time of writing, Origin Dollar has an APY of 12%. 

It is pegged to the US dollar and secured by other stablecoins like USDT, USDC, and Dai. According to the developers, Origin Dollar holders can insure their coins using Nexus Mutual or InsurAce.

Origin Protocol also runs Origin Story, which is a platform that enables people to create and customize the NFTs. One can also deploy their smart contracts in their NFT marketplaces. 

Finally, it has the Origin Token, which is a digital currency that lets people stake in the Origin ecosystem. According to CoinGecko, OGN has a market cap of over $234 million.

The OGN price has moved sideways in the past few days as investors react to the ongoing release of the Origin Dollar Governance (OGV) token. OGV will become the governance and value accrual token for Origin Dollar stablecoin.

Launching this airdrop will be a long process. Last week, they held a prelaunch of liquidity mining campaigns. Later this month, they will publish the final list of exchanges that will support OGV. The OGV airdrop will happen on July 12th while October 10 will be the deadline to claim it.

Origin Protocol price prediction

The four-hour chart shows that the OGN price has been in a tight range in the past few days. The coin is trading at $0.28, where it has been in the past few days. This price is along the key support level shown in green.

At the same time, the coin is trading along the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has moved to the neutral point. 

Therefore, the outlook of the Origin Protocol price is bearish, with the next key support being at $0.1878, which was the lowest point on May 27th. It is also about 30% below the current price.

The post Origin Protocol price prediction: OGN ripe for a 30% dip appeared first on CoinJournal.

Shiba Inu’s core metrics are getting better despite the market crash

Key points:

• Shiba Inu is currently trading at over 80% off its most recent highs.

• Shiba Inu adoption is on the rise, an indicator that trust in it as a network is rising.

• Once the bull market returns, Shiba Inu is one of the cryptocurrencies with a good rebound chance. 

Shiba Inu (SHIB) was one of the hottest cryptocurrencies to buy in 2020/21. Today, anyone who bought more than $100 worth of SHIB in 2020 and sold by November 2021 is a multi-millionaire. However, like the rest of the market, SHIB has tanked in 2022. It is down by over 80% from its all-time highs. While it may feel like SHIB and meme coin season is over in general, there is a lot to look forward to regarding SHIB.

For instance, Shiba Inu has proven to be a pretty progressive project. It started as just a random meme coin looking to compete with Dogecoin. However, it has since evolved to have a broad ecosystem of developments. One of the more notable ones is the Shiba Inu layer-2 solution designed to scale Shiba Inu payments. This is a big deal as it incentivizes businesses to accept Shiba Inu for payments. It is not surprising that since SHIB launched, the number of businesses accepting it for payments has shot up.

Then there is the recently launched Shiba Inu Metaverse. While transactions in the Shiba Inu Metaverse are settled in Ethereum, the Metaverse is a significant boost to the Shiba Inu brand. It could play a role in SHIB’s value growth going into the future.

There is also the fact that Shiba Inu is a deflationary cryptocurrency. Close to 50% of the SHIB total supply is already burned. This means the price of SHIB is in a unique place to go up in value in the long run.

Is Shiba Inu good crypto to buy now?

Shiba Inu is trading at a massive discount at the moment. When you factor in its fundamentals, such as growing adoption and a deflationary supply, the odds are high that SHIB could do well going into the future. Besides, Bitcoin seems to have found strong support around the $28k price level. If it bounces off this level, it could lift the entire market with it, including Shiba Inu.

The post Why Shiba Inu is still a top cryptocurrency to watch in 2022 appeared first on CoinJournal.