Kategorie: Crypto News

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Ethereum price heading to $16,000? What could happen next

  • Ethereum recovered by more than 4% on Monday

  • The cryptocurrency has maintained an uptrend

  • A break above $1,250 sets ETH to $16,000 with short-term corrections at $1,350 and $1,450

Relief rallies are here, and even before we go further, Ethereum (ETH/USD) is back above $1,300. To a crypto native, this price level should inform you that Ethereum has overcome a resistance hurdle at $1,250. We have seen it happen before, cryptocurrencies breaking key levels and crashing below them afterward. That’s when you recognise how volatile digital assets are. But of course, you do not want to miss on slight opportunities as they emerge, and Ethereum could be one of them.

Trading up 4.66% as of press time, Ethereum was again showing why investors should never lose hope. Ethereum has been regarded as the home of decentralised finance and non-fungible tokens. Analysts expect these two nascent sectors to continue growing despite getting it rough in 2022. So, timing your investment in Ethereum is all you need, both short and long-term. But is the recent rally an indication of the start of a bullish market?

We would be too cautious about calling a bullish market for Ethereum and any other crypto now. However, as ETH price action shows, $16,000 could be the inevitable target only if…

Ethereum price outlook and analysis

ETH/USD Chart by TradingView

Ethereum’s price outlook shows it has overcome resistance at $1,250. The momentum has increased significantly since the breakout. The moving averages now support the price, with the 20-day MA attempting to close above the 50-day MA. Ethereum has maintained movement above the short-term ascending trendline and trades with higher highs and higher lows.

What next for ETH?

Ethereum price is set for the $1,350 level in the current bullish run. A break above this zone will see buyers target $1,450 next. Still, we set a price target at or above $1,600, the established resistance. For ETH to hit the price level, bulls must keep price above the ascending trendline and moving averages. However, short-term corrections are expected at the near-term resistances of $1,350 and $1,450.

Where to buy ETH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today

The post Ethereum price heading to $16,000? What could happen next appeared first on CoinJournal.

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Solana could maintain bullishness if this happens

  • Solana token has added nearly 50% of value in a week

  • The gains come amid the BONK token launch

  • SOL has overcome a resistance and eyes higher level if it closes above key zone

For the first time since the crash orchestrated by the FTX, Solana (SOL/USD) has recovered above the 50-day moving average. That comes as the SOL price has risen by nearly 50% in the past week, outperforming other major cryptocurrencies at the top. SOL has also recovered above the $15 resistance, giving buyers hopes of a further upside. The fundamentals are good too.

Crypto analytics Token Termina shows that the daily active users on Solana continued to rise in January. Since the start of 2023, the number of active users has increased by 55.9% or 56,000 to 160,000. That suggests that users have not given up on the proclaimed Ethereum killer, which had a set of challenges last year. There are reasons for this rise in active users.

Bonk Inu, or simply BONK, continues to attract fans. Launched just a week and a half ago, BONK has been a crypto sensation, with the dog-themed cryptocurrency rising by four digits in value. The token is based on the Solana network. On its Twitter page, Bonk regards itself as the “first Solana Dog Coin for the people and by the people.” The hype around this token’s launch has given Solana network airtime and attracted users.

Moving averages joint support for SOL 

SOL/USD Chart by TradingView

Technically, Solana has crossed above a crucial resistance at $15. Bulls have failed to break above this key level since early November 2022. Also, the price has moved above the 20-day and 50-day moving averages for the first time since November. A RSI reading of 72 shows an intensified buying of SOL.

Likely price action for SOL

SOL is clearly overbought, as shown by the RSI reading of 72, and could correct downwards. However, we remain optimistic the upside will be maintained to the $18 level as momentum is strong. For the bullish surge to be maintained, SOL must overcome $18. That could set the cryptocurrency for longer-lasting rallies to the $28 zone.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today

The post Solana could maintain bullishness if this happens appeared first on CoinJournal.

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Web3 market expected to grow at a CAGR of about 45% by 2030

  • Web3 market size will grow at a CAGR of nearly 45% between 2022 and 2030, according to research firm Straits Research.
  • Web3 is the new iteration of the internet and will benefit from further developments in blockchain technology, artificial intelligence and machine learning.
  • Growth opportunities are there in areas such as browsing, social media and data storage.

Despite the 2022 crypto winter’s impact, the Web3 market is forecast to grow at a CAGR of 44.8% over the next eight years. While North America remains the largest market for Web3, Asia Pacific is the fastest growing.

Web 3 market growth forecast 2022-2030

The Web3 market saw significant growth in 2021, with the blockchain industry overall in bullish territory as cryptocurrency prices skyrocketed.

According to Straits Research, the Web3 market size stood at $1.8 billion in 2021. However, with the 2022 bear market wreaking havoc on the entire industry, interest and activity slowed down considerably. The next few years will see the Web3 blockchain market grow at a compound annual growth rate (CAGR) of 44.8% 

Per the latest report on Web3 growth, the period 2022-2030 will see the next evolution phase of the third-generation of the internet.

Straits Research says the industry will get fresh impetus from developments across three key pillars: artificial intelligence (AI), machine learning (ML) and blockchain technology.

As CoinJournal previously highlighted, blockchain remains central to crypto growth, and as Straits Reseach notes, its a key pillar to Web3. In particular, adoption of decentralised protocols across Web3 businesses is going to be big as the technology comes out of the R&D phase over the next year or so.

Overall, the main growth opportunities are across sectors such as browsing, social media and data storage, according to Straits Research. Web3 has indeed already seen significant growth in NFT payments and digital collectibles and will continue to play a huge role in other sectors, including spatial web design and 3D graphics.

The post Web3 market expected to grow at a CAGR of about 45% by 2030 appeared first on CoinJournal.

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Embattled AEX exchange provides new fund retrieval solution for customers

  • The fund retrieval solution will allow customers to retrieve funds trapped on the platform.
  • The solution will be executed by a third-party law firm together with a third-party management company.
  • Customers will have the liberty to choose between the existing solution and the new solution.

AEX crypto exchange has unveiled a new fund retrieval solution for customers. Customers will now be able to choose between the new solution and the previous “soft payment” strategy proposed in December 2022 in retrieving funds trapped on its platform.

After launching the new solution the exchange claimed that the essence of the new solution is to increase the customers’ choices to speed up the fund retrieval process.

AEX crypto exchange is suffering from the ripple effect of the collapsed Three Arrows Capital (3AC) in addition in addition to the complexities of being forced to relocate from China after the country clamped down on crypto activities.

What the new solution entails

The new solution will have three specific measures to simplify the fund retrieval process. The exchange believes that adopting these measures will better protect the rights and interests of its customers.

Some of the other measures that have been taken by AEX include transferring part of the project’s rights to the client at a lower discount through a third-party law firm with the help of a third-party management company.

Customers using the new solution will be required to fill in their real names and sign the equity purchase contract provided by the exchange. They shall also be required to fill in a “Qualified Investor Questionnaire” and then send a certain amount of Acala Dollar (AUSD) to a black hole address for destruction based on newly designed rules.

The post Embattled AEX exchange provides new fund retrieval solution for customers appeared first on CoinJournal.

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GALA token soars 68% as Hollywood stars team up with Gala Games

  • GALA token rose more than 68% to hit highs of $0.04022884.
  • Gains for GALA, the utility token of Gala Games ecosystem, came after the platform announced partnerships with Hollywood stars Dwayne Johnson aka The Rock and Mark Wahlberg.
  • GALA will be the gas token users will need to collect digital tokens.

Gala (GALA), the blockchain gaming ecosystem, is seeing massive buying momentum amid broader interest in cryptocurrencies on Monday.

The GALA token, which is the utility token on the platform, has surged a staggering 68% in the past 24 hours. As of writing, GALA was trading around $0.04022884. GALA has seen $1,241,426,652 traded in the past 24 hours too, the massive gains pushing the cryptocurrency up market ranking – GALA currently has a market cap of $288 million.

As well as major gains against the US dollar, the GALA price is up 58.4% against Bitcoin (BTC) to 0.00000222 BTC and 54.3% against Ether (ETH) to 0.00002904 (as at 9:00 am ET on 9 January).

Gala gains amid major Hollywood announcement

Most cryptocurrencies, certainly all of those in top 10 by market cap are trading in the green at the time of writing. But two of the highest gainers are outside the top 50 – two great projects in Gala and Ziliqa.

While Ziliqa has gained over 50% amid new blockchain developments, GALA is seeing significant buying pressure after Gala Games announced its set to work with Hollywood stars Dwayne Johnson aka ‘The Rock’ and Mark Wahlberg.

Apart from revealing film projects with the Hollywood A-listers, Gala Games is also moving into mobile gaming. 

Notably, GALA is the gas token for both Gala Music and Gala Film. It means millions of fans looking to collect digital items will need gas – which in this case will be GALA.

The post GALA token soars 68% as Hollywood stars team up with Gala Games appeared first on CoinJournal.