Kategorie: Crypto Analysis

Yearn Finance (YFI) saw a very decent uptick in December, even as the broader crypto market reported a dip in sentiment. But it seems the coin has lost some of that upward momentum. Although there is still an upside for growth, it looks highly unlimited. YFI could plunge towards $25 000 in the coming days as a result. Here are some of the highlights so far:

• Despite seeing a bullish surge, YFI has entered a downward spiral, losing nearly 17% over the last 7 days.

• At the time of writing, YFI was trading at $29,919, down over 10% in intraday 24-hour trading.

• There appears to be significant bear pressure on the coin, and estimates show a near-term plunge.

Data Source: Tradingview.com 

Yearn Finance (YFI) – price action and analysis

Analysts are becoming increasingly bearish about YFI. There are several reasons for this. First, after recording significant gains in December, the upward trajectory has somewhat stagnated. We were looking to see how long YFI could test the overhead resistance of $33.750 but the coin has since fallen sharply from there and is trading at below $30, 000. 

Also, a look at the chart shows YFI is significantly overbought, leaving very little room for a bullish upside. In fact, the RSI is well into bear market conditions. For this reason, we expect YFI to show some weakness in the price action in the coming days, pushing it well towards $25 000.

Should you buy Yearn Finance (YFI)

Right now, it would be best to wait a bit. The downtrend expected could give investors the chance to buy YFI at a discount. And since this is a promising DeFi project that has superb long-term potential, getting in while the price is low is always highly advised. Just give it a few days and see how the price action plays out.

The post Yearn Finance (YFI) loses uptrend momentum and could plunge towards $25000 appeared first on Coin Journal.

Dogecoin is one of the many altcoins that came into existence after Bitcoin. The developers Jackson Palmer and Billy Marker developed this coin as a joke mimicking a meme that featured a Japanese dog breed called Shiba Inu. The coin later gained popularity and began growing in value as both a digital currency and an investment. Dogecoin is currently ranked number 12 on Coinmarketcap, with an impressive market capitalisation of more than $22.8 billion. Despite being a meme coin and having no real tangible value, there are still a few reasons why you should consider having this coin as part of your crypto investment.

Keep in mind that all cryptocurrencies are volatile. That means that they are prone to sudden market swings. You should only invest that which you would be willing to lose. Additionally, make sure you carry out intensive and extensive research before settling on any coin. That said, here are five reasons why you should invest in Dogecoin.

Dogecoin is popular

Since its inception in 2013, Dogecoin has significantly grown in popularity. In fact, it is arguably the most popular coin after bitcoin. On social media, this coin has a growing list of followers. For instance, it has more than two million followers on Reddit, and the number is growing. Cryptocurrencies have the tendency of growing in value as they attract more supporters and users. Their value is pegged on the number of people that believe in its use and value. On those metrics, Dogecoin is doing fine. Additionally, it has not only had the support of random individuals online but also of high profile personalities such as Tesla’s CEO Elon Musk, Paris Hilton and the popular hip hop artist Snoop Dogg. Such personalities have millions of followers some of whom may get an interest in cryptocurrencies and particularly in Dogecoin, and push its demand higher. The more its demand spikes, the higher its price will be.

Considering that all cryptocurrencies are speculative in nature, their popularity plays an integral role. Dogecoin growth has been spurred by this popularity. If those investing in it continue doing so and continue believing that it will grow in value, then it is more than likely going to grow. The more the hype, the more the growth. Dogecoin is still popular, so investing in it now could be a good idea. However, you should keep an eye on the market just in case another coin starts becoming more popular.

Dogecoin is highly liquid

Liquidity refers to the ease with which a particular commodity or an asset can be converted into cash. This also applies to cryptocurrency or digital coins. The ease with which a coin can be transformed into cash is its liquidity. It is easier to make profits with a highly liquid coin since you can easily buy and sell the coins and take advantage of opportunities for making gains. It is easier to enter and exit trades when the market is highly liquid.

Determining the liquidity of a digital coin is easy. You can simply refer to the various exchanges that list that particular coin and check its trading volume. Looking at Dogecoin, it recorded a trading volume of more than $868 million in the last 24 hours. This volume is quite big considering that this is just a meme coin. It means there is still a significantly high demand for the coin.

Dogecoin nominal price is still low

Dogecoin buying price is still very low as compared to other big coins like bitcoin and Ethereum. This coin’s price is still below a dollar. That means that, unlike bitcoin that you have to buy a fraction due to its very high price, you can buy whole Dogecoins and buy in a sizeable volume.

If you buy about 1000 coins, at less than $1000, you could make a handsome profit if the coin hits about $10. Hitting this price is very possible considering the popularity this coin has garnered in the cryptocurrency circles.

Dogecoin has a team of experienced developers

It is vital for any coin to have a team of good developers if it hopes to have a positive future. It is for this reason that bitcoin and Ethereum continue to dominate the market since there is a team that is constantly carrying out updates and ensuring the security of the projects. In the case of Dogecoin, developers Jackson Palmer and Billy Marker are still pretty much involved in the sustenance of the Dogecoin ecosystem.

Advanced features

It is also important to consider the features of a digital coin before investing in it. Most coins are just generics of mainstream cryptocurrencies that simply aim at raising funds and then going under. Dogecoin is different from most of these coins. Despite having copied most code from bitcoin and then tweaking it to make bitcoin, Dogecoin developers ensured that they actually made an improvement.

Dogecoin uses an advanced SCRYPT in its algorithm, which is structurally different from bitcoin’s SHA256. This script allows for faster block creation and confirmation, making transactions on Dogecoin much faster than bitcoin. Dogecoin platform also prevents double-spending, significantly enhancing peer to peer transactions. These changes show that Dogecoin, despite being perceived as a kind of a joke, has serious mechanisms that apply to digital coins as a whole. If the developers continue improving the code and the coin’s community keeps growing, it could become a serious coin to contend with in this market.

The post 5 Reasons why you should buy Dogecoin today for 2022 gains appeared first on Coin Journal.

As sentiment in the crypto market has improved drastically in the past few days, some coins have managed to ride this positive wave and are seeing outstanding growth. Enjin Coin (ENJ) is one of these coins, in fact, the metaverse related token is now outperforming the broader market, posting gains of nearly 40% over the last 7 days. But does this bullish uptrend have enough left to keep going? Well, check out these highlights.

• At the time of writing, Enjin Coin (ENJ) was trading at $3.23, up about 6.5% in 24-hour intraday trading.

• The coin is also trading above all crucial DMAs, including the 50, 100, and 200-day moving averages.

• Improved sentiment in crypto is likely to help Enjin Coin (ENJ) maintain this uptrend in the near term.

Data source: Tradingview.com 

Enjin Coin (ENJ) – Price action and analysis

Enjin Coin (ENJ) is currently showing a decent bullish alignment in all its technical indicators. For starters, the coin is trading well above its 50-, 100-, and 200-day moving averages. We had expected a bit of resistance around $3, but ENJ has managed to smash past that. 

Right now, the next main hurdle will be $4. We are seeing a bit of consolidation around $3.22, but if ENJ was to break out in the coming days, a push towards $4 could see it reclaim its November highs in no time. But this will largely depend on sentiment across crypto in general.

Should you buy Enjin Coin (ENJ)

Enjin Coin (ENJ) is a decent investment; in fact, in 2021 the coin has delivered some decent growth for investors. The recent surge appears to be digging ENJ out of its December dip, so for long-term buyers, it’s a good time to buy. However, short-term traders can also ride the gains, especially if positive sentiment in crypto pushes into 2022. 

The post Enjin Coin (ENJ) continues bullish surge for the week – Price action and analysis below appeared first on Coin Journal.

Fantom (FTM) is currently on an explosive growth uptrend. The token has in fact gained 72% over the last 7 days, surging well beyond analysts‘ estimates of around $2. At the time of writing, FTM was trading at $2.33, and there is still a lot more to come. Besides, other underlying fundamentals are looking quite positive. Here are some highlights:

• Fantom (FTM) is the second-best 7-day performer among the top 40 cryptocurrencies by market cap, coming only second to the NEAR protocol which is up almost 80%.

• Fantom (FTM) has also seen a surge in Total Value Locked (TVL) this week, ranking only second to Terra (LUNA)

• The current bullish uptrend has not yet peaked and could still go further before the end of 2021

Data Source: Tradingview.com 

Fantom (FTM) – Price action and analysis

At press time, FTM was trading at $2.33, up about 1.3% in intraday trading. The coin is also up nearly 73% over the last 7 days. FTM has outperformed the entire market by a mile and is also beating its competitors like Solana (SOL) and Avalanche (AVAX) which have also posted decent double-digit gains the past week. 

Also, FTM has swept past all the crucial 50, 100, and 200 DMAs. In fact, we were expecting some resistance around the 200-day moving average, which is around $2.04, but so far, the price action suggests that FTM is likely going to sustain its recent gains above that threshold.

Should you buy Fantom (FTM)

When you look at total value locked (TVL) in FTM, especially over the last week, it is clear that Fantom (FTM) is on the rise. Yes, it would still need to double its TVL to catch up with Solana (SOL) or Terra (LUNA), but still, the future potential is excellent. FTM is an ideal asset for the long-term investor. I’d, however, wait a few days for the current bullish trend to lose a bit of momentum and see if there are any dips.

The post Fantom (FTM) has reported explosive growth in the past week – Here is why you should buy appeared first on Coin Journal.

Tezos (XTZ) has seen a short-term decline over the last few months. The coin had in fact plummeted nearly 60% and was trading just around its bottom support of $3.85. But it seems Tezos (XTZ) has broken the downtrend, and after consolidating, the coin has surged over the last few days. But can it hold this momentum, and for how long? First, here are some important highlights:

• After plummeting nearly 60%, Tezos (XTZ) has been surging in recent days. The coin was trading at $4.90 at the time of writing.

• The daily Relative Strength Index or RSI also shows the coin on the neutral zone, suggesting buyer activity could start to pick up.

• Tezos (XTZ) has managed to surge beyond its previous overhead resistance of $4.54, an indication a bullish uptrend is on.

Data source: Tradingview.com 

Tezos (XTZ) – price action and analysis

Like many altcoins in the wider crypto market, Tezos (XTZ) has seen incredible declines in December. Just recently, the coin had tanked, trading around its lower support of $3.85. This was nearly 60% in lost value. It was the ideal dip to buy, and we started to see some consolidation around that price. 

But right now, Tezos (XTZ) has broken the downtrend and reversed towards a bullish momentum. The coin breezed past its $4.54 overhead resistance, and some analysts see it hitting $5.8 in the near term. However, despite these gains, the coin is still lower than its 50-, 100-, and 200-day exponential moving averages.

Should you buy Tezos (XTZ)

Tezos (XTZ) is a great asset to buy for people looking to invest in alternative blockchain networks. The fundamentals of the coin are positive. However, it may take a bit longer for Tezos (XTZ) to deliver its full value. If you decide to invest in it, expect wild short-term volatility, but eventually, long-term gains will be realised.

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