Kategorie: Crypto Analysis

The cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming over the past few hours, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark again, erasing some of the gains recorded earlier this week. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and risks dropping below $40k again.

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

TRX, the native token of the TronDAO ecosystem, is the best performer amongst the top 30 cryptocurrencies by market cap. TRX is up by nearly 10% in the past few hours and currently trades at $0.06808.

The primary catalysts behind TRX’s ongoing rally are the launch of the Decentralized USD (USDD) stablecoin and the launch of the TronDAO Reserve.

TronDAO said USDD is the most decentralized stablecoin in human history and revealed it would be issued on May 5, 2022. 

The team also said TronDAO Reserve is the first decentralized reserve in the industry and is designed to guard the broad blockchain market and industry. 

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing rally. The MACD line is deep within the positive region, signifying strong bullish momentum.

The 14-day RSI of 70 shows that TRX could soon enter the overbought zone if the rally continues.

TRX could surpass the first major resistance level at $0.07204 over the next few hours if the bulls remain in control. However, with the broader market currently in a bearish trend, TRX could lose its support at $0.0670 before the end of the day.

The second major support level at $0.06406 should cap further downward movement in the short term.

The post Here is why TRX is up by nearly 10% today appeared first on Coin Journal.

The broader crypto market has seen a sharp dip in April. But major coins like Bitcoin and Ethereum have stabilized and look like they are ready for the next bull run. For this reason, it may be a great idea to invest in these dips, and here is why:

• The crypto market has stagnated since the start of 2022 and is poised for a breakout

• Dips can always deliver double-digit gains 

• Risk factors in the market including inflation are baked into the pricing

So, if you are thinking of buying the April crypto dip, we have three coins that offer immense potential for great returns.

Helium (HNT)

Helium (HNT) took a beating at the start of April. At one point the coin lost nearly 45% of its value in a single week. HNT has started to recover in fact, over the last few days it has ended in profits in all sessions. 

Data Source: Tradingview 

With this consolidation and price stability, it looks like the upward trajectory will continue. In the end, HNT will recover and try to reach some of the lofty highs it hit in March.

Anchor Protocol (ANC)

The Anchor Protocol (ANC) has also seen some price recovery after dipping at the start of the month. The coin has not pulled up that much but the downtrend has already stopped. With momentum now expected to start building, ANC will go on a bull run. Even if you buy at the current price, there is still so much room for double-digit returns.

Velas (VLX)

Velas (VLX) is yet to break its downtrend but the price action is now solidly above a crucial support zone. It is highly unlikely that the coin will fall below this. As such, VLX is now entering consolidation and in a few weeks, this token will report decisive gains.

The post 3 crypto dips to buy before the end of April appeared first on Coin Journal.

After a very bullish trend in March, Bitcoin (BTC) has slowed significantly in April. The coin dropped below the $40,000 for the first time in weeks. BTC has managed to pair up some of these losses and much of this is down to increased whale buying. Here are the main takeaways:

• Institutional investors and other big wallets bought BTC massively at $38,000.

• This buying activity has pushed the coin above $42,000 once again

• Whale accumulation often suggests a bullish momentum is around the corner.

Data Source: Tradingview 

How will whale activity affect Bitcoin?

In the near term, we expect the price of Bitcoin to maintain a steady upward trajectory. The accumulation of BTC by large wallets is often a sign that more gains are coming. At the moment, BTC remains firmly above the crucial; $40,000 mark. We expect consolidation to continue before the mega-cap strides towards $45,000. 

It is very difficult however to see any more upside above $45,000. In fact, even during its robust March rally, BTC failed to clear $49,000 and would soon fall sharply after. It is likely that most of the dip buyers we saw at the $38,000 prices are short-term investors. 

We expect a majority of them to lock in profit once the coin crosses $45,000. This will lead to a mini sell-off that will return Bitcoin back to $40,000 in the shorter term.

Should you follow the Whales?

Well, the $38,000 price was the most appropriate for BTC investors. But there is enough upside for the coin to hit $45,000 from its current price. You can therefore consider buying and make at least 10% in returns over the coming days. But if you want to hold for the longer term, BTC still has the potential to 2x your money by the end of this year.

The post Bitcoin’s price dip has attracted large whales – Here is what this means appeared first on Coin Journal.

Ripple (XRP) has entered a bullish setup that could trigger a decisive uptrend. The coin has regained an important trend line and will look to build momentum in the coming days. But how far can it go? More analysis below but first, here are key takeaways.

• XRP has consolidated gains firmly above the 100-day moving average

• The coin has breached $0.72 and regained an important trend line.

• The momentum could push XRP towards $0.82 in the near term.

Data Source: Tradingview

Ripple (XRP) and the upside potential

The broader crypto market has stabilized after a difficult start to April. Although most coins have not reported record-breaking returns, they have held to most of the gains we saw during the March bull run. 

XRP added 10% to its value last week and has now entered a bullish setup that could bring additional gains of around 15%. The moment the token smashed past $0.72, it entered an important upper trend line. So far, the coin has held this line and appears poised to surge towards $0.83. XRP also remains steadily above its 100-day SMA, something that adds more support to this bullish thesis. 

Despite this, there are still several risk factors. For starters, the relative strength index is still slightly in bear territory. This could make upward momentum very hard to sustain. For this reason, it would be best to approach this setup with effective risk management. In fact, if XRP falls below $0.68, this analysis will become null and void.

Should you buy XRP?

As noted above, some risk still remains for XRP. But the upside potential to gain 15% in the next few days is there. In that case, you can buy XRP but make sure you use small amounts of capital. 

However, if you plan to hold the coin for the long haul, then you can buy it without any worries. XRP’s long-term outlook is very positive.

The post Ripple (XRP) could accelerate to $0.82 in the near term appeared first on Coin Journal.

The cryptocurrency market is currently experiencing a mixed performance across the board.

The broader cryptocurrency market has been experiencing a mixed performance over the last 24 hours. The total cryptocurrency market cap remains above $1.9 trillion despite adding less than 1% to its value.

Bitcoin is up by less than 1% in the last 24 hours and currently trades above $41k per coin. Ether maintains its price above $3,000 despite losing less than 1% of its value so far today.

However, CAKE, the native token of the Pancakeswap decentralised exchange, is the best performer amongst the top 50 cryptocurrencies by market cap. CAKE is up by more than 8% in the last 24 hours, outperforming the other top coins and tokens during that period.

The major catalyst behind CAKE’s ongoing positive performance is the completion of its Masterchef V2 migration. The Pancakeswap team announced a few hours ago that the migration to V2 is now complete.

Pancakeswap informed its community members that they will need to migrate their farms and pools staking to the new MasterChef to keep earning staking rewards.

Key levels to watch

The CAKE/USDT 4-hour chart is currently bullish, thanks to Pancakeswap’s ongoing positive performance. The technical indicators show that CAKE is outperforming the other major cryptocurrencies at the moment. 

The MACD line is within the positive region, indicating bullish momentum. The 14-day relative strength index of 72 shows that CAKE is close to entering the overbought zone.

At press time, CAKE is trading at $9.28 per token. If the bullish momentum continues, it could hit the $9.87 mark before the end of the day, surpassing the first major resistance level in the process.

In the event of an extended rally, CAKE will trade above $10 for the first time since January 2022. 

The post Here is why Pancakeswap is up by nearly 10% today appeared first on Coin Journal.