Kategorie: Crypto Analysis

The Jasmy Coin price has lost its momentum in the past few weeks as concerns in the cryptocurrency industry continue. The token is trading at $0.01120, which is about 96% below its all-time high. Its performance has mirrored that of other large and small cryptocurrencies like Bitcoin and Dogecoin.

Jasmy loses momentum

Jasmy Coin is a relatively small blockchain project that was started by former senior executives at Sony, one of the biggest firms globally. It is popularly known as Japan’s Bitcoin.

Jasmy describes itself as a platform in the Internet of Things (IoT) space. Precisely, it helps companies and individuals manage their data well. The developers also hope to become leading players in the metaverse industry. They recently launched their metaverse fund that will fund developers in the space. 

Jasmy is still in its early days and has managed to make partnerships with some of the biggest companies in Japan. 

There are several reasons why the JASMY price has dropped sharply in the past few months. First, as you have seen in the crypto market, this decline has been across the board. This means that all coins, including giants like Bitcoin and Ethereum have all declined sharply. Historically, cryptocurrencies tend to be highly correlated.

Second, being a small coin that is not offered broadly, Jasmy has suffered because of liquidity challenges. In other words, people are afraid of buying the coin because they are unsure about its future. 

Further, there have been rising worries about monetary policy globally. The Ged has become one of the most hawkish central banks globally. Its officials have already committed to accelerating interest rate hikes in the coming months. Quantitative tightening is also on the table. Historically, risky assets like Jasmy coin tend to underperform in a period when the Fed is hiking interest rates.

Jasmy Coin price prediction

The four-hour chart shows that the Jasmy Coin price has been crawling back after falling to a record low last week. At the time, the coin fell to $0.0080. It then bounced back and reached a high of $0.015. The coin has remained below the declining trendline that is shown in red. It is also oscillating along the 25-period and 15-period moving averages. 

Therefore, the outlook for the Jasmy Coin is bearish as long as it is below the descending trendline. A move above this weeks high of $0.015 will signal that bulls have prevailed and will push it to $0.020.

The post Jasmy Coin price prediction: Will ‘Japan’s Bitcoin’ Recover? appeared first on Coin Journal.

The cryptocurrency market will end the week on a positive note after adding more than 2% to its value in the last 24 hours.

The broader crypto market has added more than 2% in the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.26 trillion.

Bitcoin is trading above $30k again after spending the majority of this week below this threshold. Ether, the world’s second-largest cryptocurrency by market cap, is trading at $2,000 again after adding more than 2% over the past few hours.

KNC, the native token of the Kyber Network Crystal, is the best performer amongst the top 100 cryptocurrencies by market cap. Over the last 24 hours, KNC has added more than 24% to its value.

The primary catalyst behind this ongoing rally is the launch of the KyberSwap referral campaign. The Kyber Network team announced via Twitter on Friday that it would be giving away $2,000 in KNC tokens to the lucky winners.

The team said ten random lucky winners would walk away with $200 in $KNC rewards.

✍️Introducing #KyberSwap’s Referral Campaign! $2000 in $KNC Rewards Up for Grabs When You Share! 🤝

🍀🥳10 random lucky winners walking away with $200 in $KNC rewards!

⏰Campaign is from 20 May to 26 May so hurry! 🏃‍♂️💨

🧐Learn how you can participate: https://t.co/HrsA5tIjNN

— Kyber Network (@KyberNetwork) May 20, 2022

Key levels to watch

The KNC/USD 4-hour chart is currently the most bullish amongst the top 100 cryptocurrencies by market cap. The technical indicators show that the coin has outperformed many other coins today.

The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 71 shows that KNC could soon enter the overbought region.

At press time, KNC is trading at $2.779 per coin. If the rally continues, KNC could surge past the first major resistance level at $3.13 before the end of the day. In the event of extended positive performance, KNC could trade above the $3.5 resistance level for the first time in three weeks. 

The post Here is why Kyber Network Crystal is up by 24% today appeared first on Coin Journal.

The cryptocurrency market has been underperforming in the last 24 hours, but Tron has performed positively during that period.

The broader crypto market has underperformed for the second-consecutive day this week. The market has lost more than 3% of its value in the last 24 hours, and the total cryptocurrency market cap stands below $1.3 trillion again.

Bitcoin remains the market leader and has lost 2.7% of its value so far today. BTC is now trading at around $29,100 per coin. 

Ether is trading below the $2,000 resistance level once again after losing more than 4% of its value in the last 24 hours.

TRX, the native token of the Tron ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. TRX is up by 1.4% so far today, outperforming the broader cryptocurrency market in the process.

At press time, TRX is trading at $0.072636. There is no obvious catalyst behind TRX’s positive performance. The Tron network’s USDD stablecoin has been gaining traction in recent days despite the recent negative sentiment towards stablecoins.

Key levels to watch

The TRX/USDT 4-hour chart is currently neutral as Tron has been performing well over the past 24 hours. Technical indicators show that TRX is recovering from its recent slump.

The MACD line is within the negative zone but could soon enter the neutral territory if the ongoing performance is maintained. The 14-day relative strength index of 53 shows that TRX is no longer in the oversold region.

If the positive performance continues, TRX could surge past the first major resistance level at $0.07478 before the end of the day. However, it would need the support of the broader crypto market to make a move past the $0.080 resistance level.

With the broader market now bearish, TRX could move in a similar direction and slip below the first major support level at $0.06998 over the next few hours. The second major support level at $0.06704 should cap further downward movement in the short term. 

The post Why is Tron outperforming the broader crypto market today? appeared first on Coin Journal.

Ethereum price drifted lower on Wednesday as its correlation with the Dow Jones and the Nasdaq 100 indices continued. The coin dropped to a low of $1,964, which was its lowest level this week. It was a sea of red as other cryptocurrency prices nosedived.

Don’t fight the Fed

ETH price declined sharply as volatility in the market continued. The closely-watched CBOE volatility index rose by more than 5%.

There were several catalysts for this volatility. First, investors were reacting to the statement by Jerome Powell on Wednesday during an event sponsored by Wall Street Journal. In it, he reiterated that inflation was the biggest challenge facing the economy. He then reiterated that the Fed would do whatever it could to push inflation towards its target of 2.0%. 

Therefore, investors believe that this means that the bank will not come to its rescue like it did in 2018 and during the Covid pandemic. As such, it will continue hiking interest rates by 0.50% in the remaining meetings. It will also start a period of quantitative tightening. As such, Ethereum price is falling as investors avoid fighting the Fed.

Read our Ethereum price prediction.

US stocks correlation

ETH price is also crashing as the correlation with American stocks continues. The Dow Jones declined by more than 1,100 points while the tech-heavy Nasdaq 100 index declined by more than 560 points. 

The decline was triggered by the relatively weakness in the retail sector. The Target stock price crashed by more than 25% while Walmart fell by more than 10% after the firms published weak quarterly results. 

Their results showed that the biggest American companies were seeing wage inflation affect their businesses. As such, the trend could continue in other sectors of the economy. 

In the past few months, there has been a close correlation between American stocks and cryptocurrencies like Ethereum.

The post 2 reasons why the Ethereum price is plummeting appeared first on Coin Journal.

Cryptocurrency prices have had a difficult year in 2022 as investors continue worrying about a number of factors. The most important challenge in the industry is the Federal Reserve, which has committed to do whatever it could to lower inflation. It has already hiked interest rates by 0.75% and hinted that it will continue hiking rates this year. Most importantly, the Fed has said that it will start implementing quantitative tightening.

There have been other challenges in the crypto industry such as regulations and the crash of Terra LUNA, Terra USD, and affiliated platforms like Anchor Protocol. In this article, we will look at some of the best cryptocurrencies to invest for short-term gains. 

ApeCoin (APE)

ApeCoin is a relatively new cryptocurrency that was launched in 2022 by Yuga Labs. It is a digital coin that aims to power the Bored Ape Yacht Club ecosystem, which is the biggest NFT platform in the world. Yuga also hopes that ApeCoin will power its other products such as the metaverse and games. 

At the time of writing, ApeCoin price is trading at $8.50, giving it a market cap of over $2.4 billion. While its price has declined sharply, there is a possibility that it will bounce back as the developers launch new products. This makes it a good cryptocurrency to invest in for the short term.

Kyber Network Crystal (KNC)

Kyber Network is a relatively small cryptocurrency that could do well in the short term. It is a platform that allows traders to trade or invest in cryptocurrencies from across the chains. This means that you can swap tokens in chains like Ethereum, Polygon, Avalanche, and Cronos among others. According to its website, it has facilitated volumes of more than $7 billion. 

The Kyber Network Price declined sharply after the collapse of Terra. But it has done relatively well since then and I expect that its trend will continue as investors buy the dips. KNC has a market cap of more than $217 million.

Synthetix Network (SNX)

Synthetic Network is another crypto to invest in for short-term gains. It is a blockchain platform that is in the DeFi industry through its derivatives features. Its concept is that it allows developers to create derivatives products across multiple assets like cryptocurrencies, stocks, indices, and commodities. 

As a result, a derivative of Apple makes it possible for one to trade Apple shares in a derivative format. Synthetix has a total value locked (TVL) of more than $538 million. The SNX price will likely do well in the near term as the derivatives industry continues doing well.

STEPN (GMT)

STEPN is a relatively new blockchain project that is in the move-to-earn industry. Its concept is relatively simple. Users install an app in their smartphones and are then rewarded using GMT for running and walking. In addition to this, the network has an NFT element.

STEPN’s market is continually growing as the number of people embrace the platform. Therefore, there is a likelihood that the GMT price will keep rising in the coming months. A key challenge for STEPN is that competition from the likes of Step App and Sweat Coin.

Theta Network (THETA)

Theta Network price has crashed by more than 88% from the all-time high that it reached in 2021. Its market cap has dropped to more than $1.2 billion, making it the 56th biggest cryptocurrency in the world. For starters, Theta is a platform that is changing the video distribution industry. 

It uses a decentralized method where anyone can host videos in their free storage and then earn money from it. The platform launched TDROP,  a platform that lets people mint and buy NFTs. Therefore, while the token has declined sharply, there is a likelihood that it will bounce back in the near term.

The Sandbox (SAND)

The Sandbox is one of the biggest platforms in the gaming, metaverse, and NFT industries. The platform allows people to buy virtual land, host virtual events, play games, and trade NFTs. It has managed to attract leading companies like HSBC and Standard Chartered, which are some of the biggest banks in the industry. 

The SAND price has dropped by more than 85% from its all-time high. Therefore, there is a likelihood that the Sandbox price will have a relief rally in 2022.

Hedera Hashgraph (HBAR)

Hedera Hashgraph has been one of the best cryptocurrencies to buy for short-term gains. For starters, Hedera is a blockchain project that aims to become a better alternative to Ethereum and Solana. It claims to have faster speeds and that its blockchain is carbon negative. Hedera is also owned by some of the leading companies like IBM, Google, LG, Ubisoft, and Boeing. 

The Hedera Hashgraph price has fallen by 83% from its all-time high while its total market cap has moved to $2 billion. With its ecosystem growing, there is a possibility that the HBAR price will bounce back.

Cosmos (ATOM)

The Cosmos price has had a difficult performance this year. The most recent catalyst for the sell-off was the collapse of the Terra ecosystem. This was a notable event since Terra was built using Cosmos’ SDK. Therefore, the ATOM price declined as investors predicted reduced activity. 

However, these fears are likely overblown since Cosmos is much bigger than Terra. Besides, Terra did not collapse because it was built using the SDK. Therefore, ATOM is a good short-term and long-term investment.

Ethereum Name Service (ENS)

Ethereum Name Service is a unique blockchain project that is changing the domain registry business. People can use its network to buy domains that have a .eth suffix. The network has a near-monopoly in this industry. It has also moved to the NFT industry. Therefore, while the ENS price has declined sharply, there is a possibility that the coin will recover.

Learn how to buy Ethereum.

Litecoin (LTC)

Litecoin price has declined sharply this year. To a large extent, the coin has even lost its correlation with Bitcoin. Still, it is one of the oldest coins in the industry, meaning that it has trust of investors. If the digital coins bounce back, there is a possibility that Litecoin will also rise.

Learn how to buy Bitcoin with a debit card.

The post 10 Best Cryptocurrencies to Invest in 2022 for Short-term Gains appeared first on Coin Journal.