Kategorie: Crypto Analysis

Tezos (XTZ) is starting to put the choppy days of January well behind it. The coin has been surging over the last seven days despite a somewhat slowed recovery in the broader market. Tezos (XTZ) also announced today that it is signing a new sponsorship deal with Manchester United. Here are some highlights:

At the time of writing, Tezos (XTZ) was trading at around $3.87, up about 6% over the last 24 hours alone.

The coin has also surged in the past week, gaining a whopping 32% in the process.

The new sponsorship deal with Manchester United is reported to be worth £ 20 million a year

Data Source: Tradingview

Tezos (XTZ) – price prediction and outlook

Most coins did not have a good January and a fresh new month of course brings fresh optimism. Well, it seems like Tezos (XTZ) is really taking advantage of improved sentiment in the market. 

The token has been on a massive bullish uptrend over the last 7 days gaining nearly 32%. Tezos (XTZ) is also seeing decent gains in intraday trading. The coin is up around 4%. 

We have also seen an uptick of the trading volume. It’s unclear if the Manchester United deal had anything to do with this. But it is highly unlikely since the news just broke a few hours ago.

Long term outlook for Tezos (XTZ)

As a major smart contracts platform designed to offer an alternative to Ethereum, Tezos (XTZ) has worked quite hard to build its ecosystem. The chain has also created advanced and reliable blockchain infrastructure as it looks to evolve into an efficient and dependable project. 

It is by far one of the most exciting tokens out there. Besides, the sponsorship deal with Manchester United is an indication that the platform is sparing no effort in expanding its reach. So, based on these fundamentals, Tezos (XTZ) will continue to grow in the long term.

The post Tezos (XTZ) Continues to surge upwards as the chain announces a new sponsorship deal with Manchester United appeared first on Coin Journal.

The thing with crypto is that fortunes can be made overnight. We saw it last year and we will see it again in 2022. The key is to however get in on these exciting projects as early as you can. That way, you get to ride the upward momentum as you smile all the way to the bank. Here is a criterion for picking promising projects:

• Always make sure that the coin is backed by very decent fundamentals and not just hot air and hype.

• Preferably, get coins that are yet to be listed in some of the leading exchanges in the world.

• Finally, follow the buzz and excitement around those projects to see if they are genuine or not.

Well, after a sad January for crypto investors, there is some hope. Here are two hot projects to buy in February.

Synthetix (SNX)

Synthetix (SNX) is an Ethereum based DeFi protocol designed to offer automated banking features. The platform utilizes smart contracts. However, what makes Synthetix (SNX) such a superb project is that it can issue a series of synthetic digital assets that can be traded and stored on the blockchain. 

Data Source: Tradingview.com 

These synthetic assets are more like derivatives based on real-world assets like stocks. So, you get to trade a wide range of financial markets using advanced blockchain technology. Synthetix (SNX) is one of the most interesting and innovative projects in the market right now.

Pulse X

Pulse X is a Uniswap (UNI) fork designed to give PulseChain users enough liquidity and a great trading experience. It is important to note that both Pulse X and PulseChain are all projects under development. 

The hope is to have both running at the same time but we expect the PulseChain Mainnet to begin operations either this month or in early March. Also, there is already huge interest in these projects and they seem to have the decent potential for incredible returns.

The post Best new coins to buy in February that could grow 100x this year appeared first on Coin Journal.

Polygon (MATIC) has seen a sharp decline over the last 24 hours. The altcoin has however managed to trade above a crucial support zone as bulls continue to push for price consolidation. But is an instant reversal of downward pressure possible in the coming days? Well, here are some highlights first.

• At press time, Polygon (MATIC) had managed to keep the price action above the crucial; weekly support zone of $1.44.

• This price consolidation comes even as the altcoin sees nearly 10% in daily 24-hour losses.

• If the coin manages to maintain this resilience, it could rally back by 15% in the near term.

Data Source: Tradingview.com 

Polygon (MATIC) – Price prediction and analysis

Despite showing some decent sharp recovery after the January crypto crash, MATIC has been slowing in recent days. The coin, at press time, had lost nearly 10% of its value in 24 hours. 

But crucially, even with this bear pressure, MATIC has managed to resist any decline below its weekly resistance level of $1.44. In fact, the coin is trading well above that threshold. If indeed bulls are able to hold the bears at this price range, then we are likely to see a near-term rally. 

The coin could realistically test its overhead resistance of $1.75, something that could bring gains of nearly 15%. Eventually, the token is expected to move upwards towards $2.

MATIC – The long-term outlook

Many coins have been hit hard in January, and MATIC is not any different. But even with the recent volatility, we still see a positive long-term outlook for this token. After all, the underlying fundamentals still remain quite remarkable. 

Besides, it is likely that investor appetite for altcoins will continue to grow. As such, tokens like MATIC will see increased demand and positive price movements in the future.

The post Polygon (MATIC) remains above a crucial support zone despite plunging nearly 10% in less than 24 hours appeared first on Coin Journal.

The entity-adjusted dormancy flow has historically been used to mark potential price bottoms in the Bitcoin market.

Bitcoin continues to struggle with sell-off pressure since its dip below $40,000, with a recent bounce fading off near $39k and then Thursday’s downturn pushing it below $37k once again.

Will Clemente, a popular analyst who hosts the Bitcoin Intelligence podcast and writes a newsletter to over 70,000 investors, believes the current price levels put BTC in a position of a potentially huge bounceback move.

According to the analyst, the benchmark digital asset is trading at its fourth most oversold level in history.

And what metric does he look to as an indicator of a possible bullish reversal? He points to Bitcoin’s entity-adjusted dormancy flow.

„Bitcoin is currently the 4th most oversold in its history according to dormancy flow. Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor,“ he tweeted.

Bitcoin is currently the 4th most oversold in its history according to dormancy flow.

Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor. pic.twitter.com/5c2irfOL5L

— Will Clemente (@WClementeIII) January 31, 2022

What’s entity-adjusted dormancy flow?

The dormancy flow basically relates to a measure of whether it’s old coins or new coins that are being moved on-chain every other day. High figures indicate its old coins moving while low figures suggest it’s mostly new coins.

To get the entity-adjusted dormancy flow, the coin destroyed value (dormancy flow) is divided by the market capitalisation.

BTC bottoming

According to the chart, dormancy flow has fallen significantly since the November peak as has the entity adjusted values. Currently, the indicator is below 200,000, with values this low having only been recorded on three other occasions- 2011, 2015, and 2019.

Historically, the market has rallied after the entity adjusted dormancy values fell below 250,000, the latest being in March 2020 and January 2022.

Bitcoin rallied to new highs in each of the previous cases and a similar trajectory would mean the bottom is in around current price ranges. 

The post This metric shows Bitcoin is at its ‘4th most oversold’ level in history,’ says analyst appeared first on Coin Journal.

When many people hear about cryptocurrencies, the first ones they think of are bitcoin and ethereum. Though these two most popular tokens have given investors tremendous profit, there are some other cryptocurrencies that are undervalued but could turn out to be profitable investments this month. This article describes 2 of these cryptocurrencies and why you should consider them.

Cardano (ADA)

Cardano was built by Ethereum co-founder Charles Hoskinson. It was founded on peer-reviews and evidence-based methods. The fast-growing network uses the proof of stake algorithm to create blocks and validate its transactions on its platform, making it more efficient than Ethereum in terms of scalability, interoperability, and sustainability. It also seeks to improve upon Ethereum’s current infrastructure, making experts suggest that it might replace Ethereum in the future.

Many might be blinded by the present ADA low price of around $1.07, not considering that the token has a lot of potentials as the long-awaited Ethereum 2.0 upgrade is yet to happen. Many developers are looking for a way to bypass the high gas fees and high congestion in the Ethereum network. Since Cardano performs many functions better and faster than Ethereum, we expect it to keep gaining developers‘ and investors‘ attention this month and beyond. 

Polygon (MATIC)

Polygon combines Ethereum and sovereign blockchains into a complete multi-chain system. It also solves the problem of high gas fees and slow speed while maintaining high security. It is similar to Polkadot, Avalanche, Cosmos, etc., in its multi-chain system and also has some other advantages over many of them. It is inherently more secure, benefits from the Ethereum network’s effects, and is open and powerful.

Its transaction speed also makes it a good investment opportunity as it processes up to 65,000 transactions per second using a single side chain. These qualities also attract investors and developers, and this underrated token could be a good buy this month.

The price of MATIC is presently around $1.6 moving away from its January low of $1.3. We expect to see more bullish moves this month and beyond.

Conclusion 

The opportunities to invest in the crypto world are becoming bigger every day. You can make the best out of it by making calculated moves.

The post Best two undervalued crypto to buy in February appeared first on Coin Journal.