Kategorie: Crypto Analysis

The Maker price has been in a consolidation mode in the past few days as investors assess the strength of the DeFi industry and its Dai stablecoin. MKR is trading at $1,544, which is in the same range it has been recently. This price has risen by more than 64% from its lowest level last week. It now has moved to over $1.4 billion, making it the 51st biggest coin in the world.

MKR rally fizzles

Maker is the biggest DeFi platform in the world with more than $10.5 billion locked in its ecosystem. It is a decentralized autonomous organization (DAO) that allows people to generate a stablecoin known as Dai by leveraging collateral assets provided by Maker Governance.

Dai is a stablecoin that is relatively different than Tether and USD Coin. Unlike these two, it is soft-pegged to the US dollar. However, it is decentralized in nature and its collateral assets are deposited in Maker vaults.

The Maker price rose sharply in the past few days as investors embraced Dai after the collapse of Terra LUNA, Terra USD, and affiliated DeFi networks like Anchor Protocol and Astroport. In the past few days, the total market cap of Dai has jumped to more than $6 billion, making it the 17th biggest coin in the world. It has become the third-biggest stablecoin in the world after Tether and USD Coin.

Read our comprehensive review of eToro.

Still, a closer look at its ecosystem shows that people have pulled out their cash from the network after the collapse of Terra. Its total value locked (TVL) in the network has declined to about $10.5 billion, which is the lowest it has been since July last year. At its peak, it had a TVL of over $20 billion.

Maker price prediction

The four-hour chart shows that the MKR price has moved sideways in the past few days. The coin moved slightly above the 25-day moving average while the Relative Strength Index and the Stochastic Oscillator have tilted downwards.

However, a closer look shows that the coin has formed a rising wedge pattern, which is usually a bearish sign. Therefore, the outlook of Maker is bearish, with the next key support level to watch being at $1300. A move above the resistance level at $1,650 will invalidate the bearish view.

The post Maker (MKR) price could soon plummet as rising wedge forms appeared first on Coin Journal.

The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent slump.

The broader crypto market has added more than 2.5% to its value over the last 24 hours. This comes despite a poor start to the week. 

Thanks to the positive performance recorded over the past 24 hours, the total cryptocurrency market cap now stands above $1.3 trillion.

Bitcoin remains the dominant cryptocurrency and could cross the $31k mark if the market rally continues. Ether is also eyeing the $2,100 resistance level after adding nearly 3% to its value in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is one of the best performers amongst the top 20 cryptocurrencies so far today. MATIC, along with Avalanche, Cronos and Litecoin, have added more than 6% to their values in the last 24 hours.

For MATIC, the primary catalyst behind its ongoing positive performance is the partnership between Polygon and Ernst & Young (EY), one of the Big Four auditing firms.

The Polygon team said the partnership will see the entities launch the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet. 

#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk live on Mainnet.

Polygon Nightfall.

Streaming live on @Twitter, @YouTube, and @LinkedIn.
Tomorrow at 12:30 PM ET. pic.twitter.com/IQj3qacMmc

— Polygon – MATIC 💚 (@0xPolygon) May 16, 2022

Key levels to watch 

The MATIC/USD 4-hour chart is bearish. This isn’t surprising as MATIC has underperformed in recent weeks. 

The MACD is below the neutral zone, indicating that the bearish sentiment is not completely over. The 14-day relative strength index of 52 shows that MACD is no longer in the oversold region.

At press time, MATIC is trading at $0.7139. If the rally continues, MATIC could break past the first major resistance level at $0.8087 before the end of the day. However, the resistance level at $0.9568 should cap further upward movement in the short term. 

The post Here is why MATIC is up by more than 6% today appeared first on Coin Journal.

As crypto starts to see some recovery after major losses last week, keen investors will be scanning the market for the best dips to buy. Well, one area where such opportunities are is in DeFi. Most DeFi coins have sharply fallen. Here is why this is the best time to buy:

• DeFi will almost certainly bounce back in the near term

• Decentralized Finance is the future of blockchain technology

• Current dips offer investors the perfect chance to buy heavily discounted DeFi projects.

As noted above, there are many superb dips in the DeFi space to take advantage of. Check out the top 3 listed below:

Uniswap (UNI)

Uniswap (UNI) has seen its value decline by over 25% in the last 7 days. The DEX has also reported sharp losses from its 2022 highs. In fact, UNI is almost 3 times cheaper than it was a few weeks ago. 

Data Source: Tradingview 

If you have always wanted to get it but felt the price was too high, this is the perfect opportunity to pounce. After all, Uniswap is the largest DEX on Ethereum and the largest in the world. The long-term value that it can deliver is simply too good.

Convex Finance (CVX)

Convex Finance (CVX) is one of the biggest liquidity protocols in crypto. The project has nearly $6.6 billion in Total Value Locked so far. It simply allows users to deposit liquidity and earn boosted rewards in return. CVX has however fallen by almost 50% over the last 7 days. This discount makes it a great choice for DeFi dip buyers.

Yearn Finance (YFI)

Yearn Finance (YFI) has dropped out of the top 100 most valuable crypto projects. The coin has lost nearly 35% in a week. YFI is however backed by some outstanding investors and a great pedigree in the market. It’s just a matter of time before it fully recovers.

The post DeFi Dips: Top coins to buy while the price is low appeared first on Coin Journal.

The crypto market is stabilizing after steep losses last week. Most coins are trying to generate demand for bullish runs, and Tezos (XTZ) is not any different. The coin in fact looks poised for a decent uptrend in the coming days. Check out the main takeaways below:

• XTZ is consolidating above its crucial $1.6 support zone

• If the price action remains above this zone at the close of trading today, XTZ could test $2.

• Despite this, the coin remains in a long-term bearish trend.

Data Source: TradingView 

How soon will XTZ cross $2?

It’s actually not easy to answer this. As you know, sentiment in crypto over the last few months has been quite hard to predict. At the moment, it seems investors remain fearful as headwinds in the market continue to wipe away profits. 

However, we expect XTZ to brush across $2 in the days ahead. The key for the altcoin would be to maintain the $1.6 support. As long as bulls keep the price action above this zone at the end of trading today, then we will see more upside towards $2. 

But there is of course a risk that $1.6 could be lost. If this happens, XTZ will likely bottom at $1.3 or thereabout before it makes a comeback. However, despite this short-term upside, the overall trend for XTZ remains bearish. The coin will likely accelerate losses in Q2 2022.

Is Tezos a good coin?

If you are looking at the value proposition that Tezos offers, then you will agree it is a decent project. The recent slump in the price is however worrying. XTZ is in fact down 80% this year. 

Nonetheless, we expect some recovery before 2022 is out, especially if overall sentiment in the market starts to improve. Based on these metrics, XTZ should be a decent buy for long-term investors.

The post Tezos (XTZ) aims for $2 after consolidating above a key support zone appeared first on Coin Journal.

The Avalanche price continues to move in a sideways direction as the cryptocurrencies industry remains on edge. AVAX is trading at $33.40, which is sharply above last week’s low of $22.38. The coin has crashed by more than 77% from its all-time high, bringing its total market cap to about $8.8 billion.

AVAX recovery stalls

Avalanche is a leading blockchain project that aims to become a better alternative to Ethereum. The network has better features that include faster speeds, lower costs, and more interoperability. Some of the most notable projects created in Avalanche are 1Inch, Aave, AllianceBlock, and Atlantis Loans among others.

While the Avalanche ecosystem is growing, there are a few elephants in the room. First, there are growing concerns about the DeFi industry after the tragic collapse of Terra USD, LUNA, and the affiliated DeFi ecosystems like Anchor Protocol and Astroport.

DeFi investors are now aware about how risky the industry is despite the high returns. As you recall, just last week, Anchor Protocol was one of the biggest apps in the DeFi industry with over $18 billion in assets. Now, what has been left behind is a shell of its former self.

Read more about how to buy Avalanche.

The other big elephant in the room is the Federal Reserve. The bank is expected to continue tightening its monetary policy in the coming months even after signs showed that inflation may have peaked. Also, the bank will continue hiking interest rates as the US economy is going through stagflation.

The performance of the AVAX price also mirrors that of other assets. For example, Bitcoin is still hovering at about $30,000, where it has been in the past few days. Similarly, American stocks are still struggling to find direction after they made a spectacular comeback last week.

Avalanche price prediction

Turning to the daily chart, we see that the AVAX price formed a hammer pattern last week when it crashed to a low of $22.5. In price action analysis, this pattern is usually a bullish sign. 

However, a closer look shows that the coin’s price has formed what looks like a bearish flag pattern, which is usually a bearish sign. The Relative Strength Index (RSI) and the moving averages show that the price is still bearish. Therefore, a drop to last week’s low cannot be ruled out.

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