Kategorie: Crypto Analysis

Key takeaways

• Bitcoin is up 1% in the last 24 hours but continues to trade below $90k.
• The performance comes despite Trump’s Davos speech on Wednesday, which ended the imposition of new tariffs on European nations against the US purchase of Greenland.

Bitcoin remains below $90k despite improved risk sentiment

Bitcoin is currently in the green after adding 1% to its value in the last 24 hours, ending its six consecutive days of decline. 

The price recovery comes following strengthened global risk sentiment in response to US President Trump’s U-turn on Greenland at the World Economic Forum in Davos.

On Wednesday, Trump mentioned that he had reached an agreement with the North Atlantic Treaty Organization (NATO) on a framework for a future deal on Greenland. This ended the need to impose new tariffs on European nations.

In addition to that, Trump added that he hopes to sign the bill on crypto soon, as the US Congress continues to work on a crypto market structure bill that was postponed last week by the Senate Banking Committee.

However, the positive news hasn’t affected Bitcoin’s price action as it continues to trade below the $90k threshold. 

Institutional demand for Bitcoin is also on the decline. Data obtained from SoSoValue shows that spot Bitcoin ETFs recorded an outflow of $708.71 million on Wednesday, the third consecutive day of withdrawals and the highest single-day outflow since November 20. 

BTC eyes $93k if the $87k support holds

The BTC/USD 4H chart is bearish and efficient as Bitcoin has lost 7% of its value over the last seven days. 

It is currently trading below the 50-day Exponential Moving Average (EMA) at $92,044 and has lost the $90k psychological level. Bitcoin is trading at $89,900 after retesting the midpoint of a horizontal parallel channel at $87,787 earlier this week. 

If BTC continues its ongoing recovery, it could extend the advance toward the 50-day EMA at $92,044.

The RSI on the 4-hour chart is 40, pointing upward toward the neutral 50 level, indicating fading bearish momentum. However, the RSI must stay above the neutral 50 for the bulls to push the price higher. 

The Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover on Tuesday, indicating downward pressure.

However, if BTC closes the daily candle below the $87,787 support, it could extend the fall toward the next support level at $85,569.

The post BTC stays below $90k despite Trump backing off Greenland tariff threats appeared first on CoinJournal.

• Axie Infinity (AXS) price jumps past $2 amid renewed GameFi investor interest.
• On-chain data shows rising exchange balances and declining holders.
• $2 remains a key support, with volatility and profit-taking signalling a looming pullback risk.

Axie Infinity (AXS) has staged an impressive comeback, surging past the $2 mark in the latest rally.

The token’s recovery has captured the attention of GameFi enthusiasts and investors alike.

This rebound comes amid a broader resurgence in the gaming and decentralised finance sector.

Strong AXS price recovery and market momentum

Over the past week, Axie Infinity (AXS) has jumped nearly 92%, highlighting renewed investor interest.

Today, in just 24 hours, the token rose by 19%, with its price currently at $2.406. This surge represents a strong rebound from the $1.06 low recorded earlier this week.

Furthermore, AXS’s market capitalisation now stands at $407 million, supported by over $1 billion in daily trading volume.

Such activity underscores the high liquidity and demand driving the current rally.

The rally is partly fueled by renewed optimism in the GameFi space.

Investors are increasingly attracted to projects like Axie Infinity that combine gaming with blockchain incentives.

South Korean traders, in particular, have contributed significantly to the token’s resurgence, trading AXS at a premium on major exchanges.

Additionally, the project’s development of the bAXS token has provided further momentum by promising new staking and ecosystem benefits.

On-chain data signals caution

Despite the bullish momentum, several on-chain indicators suggest caution.

The number of AXS holders has declined sharply in the past week, signalling profit-taking among investors.

Exchange balances have also risen slightly, indicating potential selling pressure that could slow or reverse gains.

Meanwhile, weekly active addresses on the Ronin network remain below 10,000, showing that user growth has yet to fully recover.

Futures open interest for AXS has reached $130 million, the highest in three years, highlighting elevated speculative activity and liquidation risk.

Furthermore, the transaction flow data presents a mixed picture.

Some investors are withdrawing AXS from exchanges, signalling bullish sentiment.

Others are depositing tokens back onto exchanges, suggesting caution or potential profit-taking.

These conflicting signals emphasise that while the short-term rally is strong, market dynamics remain fragile.

Axie Infinity price forecast

Looking ahead, $2 serves as a critical support level for Axie Infinity.

A sustained move above this point could pave the way for further gains in the short term.

However, the declining holder count and high speculative activity suggest that volatility may persist.

Investors should monitor both trading volume and on-chain metrics to gauge market sentiment.

Long-term growth for Axie Infinity (AXS) will likely depend on revitalising user engagement and expanding its GameFi ecosystem.

Despite the impressive rebound, caution is warranted as the token navigates this critical phase.

The post Axie Infinity surges past $2 as GameFi market revives, but caution looms appeared first on CoinJournal.

Key takeaways

• PI is up 1% in the last 24 hours, signaling a minor recovery after recording a fresh record low of $0.1502 on Monday.
• Selling pressure persists despite the recent slight recovery. 

Market sentiment remains bearish despite PI’s recovery

PI, the native coin of the Pi Network, is up 1% in the last 24 hours and is now trading at $1.91 per coin. The positive performance comes despite the broader cryptocurrency market recording losses in the last few hours.

According to PiScan, the reserves of centralized exchanges have decreased by 4.24 million PI tokens, indicating large withdrawals over the last 24 hours. The decline in exchange reserves reflects strong buying pressure, allowing PI to recover above $0.19.

Will PI hit $0.20 soon?

The PI/USDT 4-hour chart is bearish and efficient despite the coin adding 1% to its value in the last 24 hours. At press time, PI is trading at $0.191, roughly 30% up from Monday’s low at $0.1502. The recovery aligns with the strong buying pressure and could push PI’s price higher in the near term. 

The RSI of 33 means that PI is slowly escaping the oversold region as buyers step in. The MACD lines are still within the negative territory, indicating that the sellers have yet to fully relinquish control. 

If the recovery continues and PI hits the $0.1919 resistance level, it could rally towards the $0.2060 psychological zone. An extended bullish run would allow PI hit the previous weekly high of $0.2116.

However, a daily candle close below $0.1919 could see PI give up some of its recent gains and retest the support levels at $0.1835 and $0.1632 in the near term.

The post PI rebounds above $0.19 despite selling pressure: Check forecast appeared first on CoinJournal.

Key takeaways

• DUSK has dropped below $0.2, losing 35% of its value in the last 24 hours.
• The coin rallied to $0.32 on Monday, up 150% within a week.

DUSK cools down following its recent surge

DUSK, the native coin of the Dusk Network, has dropped below the $0.20 level, losing more than 35% of its value in the last 24 hours. The bearish performance comes after the coin added 150% to its value within seven days, outperforming major cryptocurrencies.

Data obtained from CoinGlass shows that futures OI at exchanges reached a new all-time high of $47.94 million on Monday and steadied around $39 million on Tuesday. 

During that same period, the OI on the Binance exchange has reached $20.54 million, levels not seen since February 2023. The growing OI means new or additional money is entering the market, resulting in DUSK’s price surging higher. 

Santiment data also shows that the DUSK ecosystem’s trading volume reached a new all-time high of $298.43 million on Monday and steadied around $264.16 million on Tuesday. 

On Monday, Dusk announced its partnership with Chainlink to integrate key standards across DuskEVM. The integration will enable cross-chain interoperability for tokenized real-world assets and support real-time, high-integrity data for compliant financial applications, backed by NPEX, a fully regulated Dutch stock exchange.

Will DUSK rally towards $0.33?

The DUSK/USD 4-hour chart remains bullish and efficient despite the 35% pullback within the last 24 hours. It is still trading above the weekly resistance level at $0.17, with the bulls defending this level.

If the bulls regain control and DUSK closes its daily candle above the weekly resistance level, it could extend the rally toward the December high of $0.33.

The Relative Strength Index (RSI) on the 4-hour chart stands at 74, above the overbought threshold, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover.

However, if the correction persists, DUSK could extend the decline toward the 50% price level at $0.18.

The post DUSK dips 35% after surging 150% in seven days: Check forecast appeared first on CoinJournal.

Key takeaways

• Dogecoin is down 7% in the last 24 hours, making it the worst performer among the top 10.
• The leading memecoin could record further losses as technical indicators switch bearish.

Memecoins underperform as the broader market dips

The cryptocurrency market is having a poor start to the week as Bitcoin, Ether, and XRP are all in the red. The biggest losers remain the memecoins, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), extending the decline from last week.

Dogecoin has lost 7% of its value in the last 24 hours, making it the worst performer among the top 10 leading cryptocurrencies by market cap. It is currently trading below the crucial moving averages, aiming for the immediate support to enable it rally higher. 

The decline in Dogecoin aligns with the broader market pullback, as Bitcoin (BTC) drops below $93,000 on Monday after a leverage-driven rally failed to hold momentum.

DOGE could dip lower if the selling pressure persists

The DOGE/USD 4-Hour chart is bearish and efficient, thanks to Dogecoin losing 7% of its value in the last 24 hours. 

At press time, DOGE is trading at $0.1275, below the 20-day Exponential Moving Average at $0.1375 and the 50-day EMA at $0.1417, maintaining a bearish setup as both averages slope lower.

The Moving Average Convergence Divergence (MACD) histogram on the 4-hour chart has slipped into negative territory and is expanding, suggesting strengthening bearish momentum. 

The Relative Strength Index (RSI) at 37 reflects an increase in selling pressure and is getting closer to the oversold region. 

If the bulls regain control, DOGE could rally towards the $0.14 level in the near term. However, failure to improve the market sentiment could see DOGE slip below the December 31 low at $0.1161. An extended bearish run could allow the bears to target the October 10 low at $0.09500.

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