Kategorie: Crypto Markets

• Cardano price reached an intraday high of $0.42 on Thursday.
• The price of ADA token is up more than 63% in 2023 at current levels.
• On-chain metrics and other factors suggest ADA could continue higher, especially is wider sentiment remains positive.

ADA, the native token of the Cardano blockchain ecosystem, was flat around 4 pm ET on Thursday as the market appeared to cool off following a strong showing that started with Bitcoin’s greatest performance of 2023 so far.

While the Cardano price shows a sideways outlook, ADA bulls did have a great break when they pierced resistance at $0.40. Indeed, the cryptocurrency’s value rose as high as $0.42 on leading crypto exchanges. Cardano’s token is up roughly 16% over the past month, with current prices last seen in the first week of February.

What helped ADA prices get higher in recent weeks?

After a brutal 2022 for ADA, Cardano has had a great start in 2023. In fact, ADA/USD is 63% year-to-date at current levels above $0.40.

What then has helped the Cardano price to surge to today’s highs? Mostly, it’s been down to the bullish sentiment experienced across crypto so far in 2023 – even with the slight derailment seen earlier in the week amid a stablecoin crackdown.

However, talk of revisiting algorithmic stablecoins, including Cardano based DJED particularly buoyed ADA markets. 

Data also shows there has also been massive whale activity around ADA in the past two weeks.  On-chain metrics highlight average daily transactions above 1,700, while large investors (whales and sharks) continued to scoop ADA throughout the last three or so months.

As Santiment researchers noted recently, addresses with 10,000 to 10 million ADA had accumulated nearly 660 million tokens approximately worth $235 million since the price crash that followed the collapse of the FTX crypto exchange.

📊 #Cardano’s brutal 2022 is far from a distant memory, even with a nice +45% rally here in 2023. Our latest insight looks at the #onchain upside that is peeking, including a major rise in whale activity, trader losses that lessen future risk, and more. https://t.co/sZPBdzQYyf pic.twitter.com/SvK9Sx5HjS

— Santiment (@santimentfeed) February 14, 2023

Additionally, sentiment is this week more upbeat after Cardano developer Input Output HK announced a key upgrade to the network had successfully gone live. According to the firm, the SECP upgrade adds scalability, and enhances cross-chain interoperability. As such, Cardano now supports more cross-chain dApps.

Are these metrics good for Cardano price? Likely. Indeed ADA bull Dan Gambardello suggests ADA/USD has formed an inverse head & shoulders pattern and predicts the next target could be $0.65. 

Cardano. Inverse head & shoulders. .65 target.#Cardano $ADA pic.twitter.com/p6PA8JareX

— Dan Gambardello (@cryptorecruitr) February 16, 2023

The post Cardano price outlook: What next for ADA after bulls break $0.4? appeared first on CoinJournal.

• Polygon (MATIC) exploded 13% amid a major rally for cryptocurrencies.
• The gains for MATIC price come amid major network developments and partnerships.
• MATIC could surge even higher, but a retreat to support at $1.40 is also likely.

Polygon is among today’s most impressive performers, with the cryptocurrency’s native MATIC surging 13% in the past 24 hours to break to $1.45. Data from CoinGecko shows the Polygon price traded at $1.28 before the rally that came as the rest of the crypto market ripped higher – led by Bitcoin’s jump to above $25,000.

Today’s rally for MATIC adds to a bullish run over the past two days, with the token’s value climbing from lows of $1.14 on Tuesday.

Why could MATIC price go higher?

Polygon price has benefitted from the overall sentiment across the crypto market, which is reflected in the Bitcoin Fear & Greed Index moving from neutral to greed.

However, the upside momentum has also been down to major developments on the Ethereum scaling protocol.  

One of the big announcements is around Square Enix, a leading video game developer from Japan known for titles such as Final Fantasy & Kingdom Hearts. The company is set to launch its Web3 game on the Polygon blockchain. The Plague of Frogs is also coming to Polygon, adding to other partnerships with the National Geographic.

Also key is the upcoming launch of Polygon zkEVM on 27 March 2023, which as CoinJournal recently reported, will bring frictionless scaling to Ethereum. As noted by Orion Depp, Managing Partner at Master Ventures Institutional Investment Management, the zkEVM beta mainnet launch will “revolutionize blockchain transactions.”

Can these developments help MATIC price higher? Crypto trader and investor Luke Martin says MATIC price has only been on the up in 2023 and notes the zkEVM mainnet launch could be fueling the latest pump. 

$MATIC is up only in 2023

Looks like zkEVM mainnet launch in March is adding fuel to the move higher

Have absolutely no idea if zkEVM mainnet launch means the token should be worth more but I’m very happy that everyone else thinks that

Respect the pump 📈 pic.twitter.com/FSbWvhT0bb

— Luke Martin (@VentureCoinist) February 16, 2023

If bears retake control, the first major support zone is near $1.40 and then $1.36.

The post Polygon (MATIC) price jumps 13% to $1.45 – Can it go higher? appeared first on CoinJournal.

• Chainlink (LINK) price outlook suggests bulls will eye $8.00 and then $9.50 if upside momentum holds.
• The cryptocurrency has been in accumulation for more than 300 days.
• A 20% breakout to the suggested highs last reached in November is possible for LINK/USD.

Chainlink (LINK) is changing hands around $7.40, up 7.3% at the time of writing.

It’s not a huge breakout for the 23rd ranked altcoin (by market cap), particularly given the mega swings seen today with Bitcoin hitting multi-month highs above $25,000 and Ethereum testing bearish resolve above $1,700 on Thursday.

LINK price – the bullish case

While the LINK price is facing rejection around $7.50 amid potential slowdown for bulls, a technical outlook for the oracle network’s native token suggests a run to $8 can still happen.

According to crypto analyst Ali, LINK could swing to the upper trendline of a rising channel as the coin has tended to bounce after reaching the support line. Note that this outlook is from a few days when Chainlink price rebounded from the parallel channel’s lower trendline to test resistance around $7.50.

Per the prediction Ali recently shared, LINK might continue with the pattern, which is key after today’s price action saw bulls test the aforementioned supply wall.

#Chainlink eyes $8!$LINK bounced off the lower boundary of the parallel channel noticed on its 4-hour. Now, #LINK could be aiming for the upper edge of this technical formation. https://t.co/mjcyaaV5I4 pic.twitter.com/MtqvKozVOO

— Ali (@ali_charts) February 7, 2023

Another analyst, Inmortal, points to the fact that Chainlink has been in consolidation for more than 300 days. The accumulation could end with a violent breakout. 

Still like $LINK here.

+300 days accumulation could end soon with a violent move. pic.twitter.com/Ll4x9MebM6

— Inmortal (@inmortalcrypto) February 16, 2023

Looking at the Chainlink price chart, a rally above $8.00 could open up a 22% upside path for LINK/USD to target the $9.50 reached on 8 November 2022. 

LINK price – the bearish scenario

As tailwinds could wane amid broader market slowdown, the ascending middle line currently provides the main resistance area.

A sell-off triggered by wider market uncertainty means bears can still target $6.75 and $6.00 remains a crucial buffer zone.

The post Chainlink price analysis: LINK still looks primed for a 20%+ upswing appeared first on CoinJournal.

• Bitcoin miners are having a rather challenging February.
• SEC has recently taken an aggressive stance against crypto.
• H.C. Wainwright analyst still rates four BTC miners at “buy”.

Bitcoin miners had a fantastic January, but February is proving to be a bit more challenging for them.

BTC miners lost big last week

The 11 miners that H.C. Wainwright covers together produced 5,279 bitcoin in total last month and sold 4,278. For the month, the collective gain in their operating hash rate sat at 7.7%.

In February, though, the U.S. Securities and Exchange Commission turned more aggressive against the crypto companies. Last week, it ordered Kraken to terminate its crypto staking services in the United States.

Consequently, bitcoin prices slipped 5.2% in the week that ended on February 12^th. But miners lost a significantly bigger 17.1% (median) even though the network hash rate climbed to 292 EH/s – a 9.5% week-over-week increase.

Miners that’re still worth buying

About a day after Kraken, the U.S. regulator also demanded that Paxos quits minting new BUSD (Binance USD).

Nonetheless, Mike Colonnese – an H.C. Wainwright analyst is convinced that such news don’t have a meaningful effect on miners other than the short-term price pressure. But he also said in a recent research note:

The concern is that recent enforcement by U.S. regulators and uncertainty around crypto legislation in the U.S. could push innovation and retail investors for the sector outside the U.S.

Ones that Colonnese still rates a “buy” include Riot Blockchain, Cleanspark, Cipher Mining, and Hive Blockchain Technologies.

The post How to play BTC miners after the recent SEC crackdown? appeared first on CoinJournal.