Kategorie: Crypto News

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Solana struggles again as price slips below 20-day MA

  • SOL trades at $12 with weak momentum

  • The cryptocurrency is weighed by weak market fundamentals

  • SOL could consolidate further before pushing higher or lower

Solana (SOL/USD) trades with dwindling volumes at $12. For another time, the cryptocurrency faces bear pressure at the now-developed support zone. Bulls have successfully defended the level in the past, and it remains to be seen whether they will for another time. The latest cryptocurrency news has been unforgiving for SOL. 

A myriad of factors has been against Solana price this year. Aside from the macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Raydium lost $2.2 million. The exploit on December 16 has been responsible for much of the weakness of SOL currently. The hacks have been many this year, hitting the native token.

But there is some good news you could want to hear about Solana. According to crypto analytics firm Nansen, Solana competed successfully with Ethereum before the FTX saga. Nansen says in the three months to October, the daily transactions on Solana rarely fell below 200 million. The analytics firm pointed out that the active addresses on the network were between 600,000 to 1.1 million during the period. 

The activity underlined that Solana was catching up with its proclaimed Ethereum killer status. The collapse of FTX brought a new twist, taking the price significantly lower. SOL investors are still reeling from the aftermath.

SOL trades with weak momentum at the $12 support

SOL/USD Chart by TradingView

From the daily chart, the MACD indicator shows a weak and bearish momentum for SOL. Trading volumes on both the buy and sell sides are weak for the cryptocurrency. SOL is currently held at the $12 support.

What next for SOL?

SOL price could continue consolidating at the $12 support until it gathers more liquidity. Based on the fundamental developments, a break higher or lower could occur. Should bears increase, SOL could fall to or below $10.

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 struggles again as price slips below 20-day MA appeared first on CoinJournal.

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Fingers crossed as Dogecoin retreats to the 200-day MA

  • DOGE has lost by double digits in the past week.

  • The cryptocurrency has been weighed by limited fundamentals around its use on Twitter.

  • DOGE faces further lows if it crashes below the 200-day MA.

Dogecoin (DOGE/USD) is again fighting off the onslaught of bears. With a weekly loss of 17%, the meme cryptocurrency is the biggest loser among its peers. Perhaps to underline DOGE’s status as a meme coin, the cryptocurrency has been labelled a “giant con” by CNBC’s Jim Cramer. It is easy to see why the decline has been immense for DOGE. Positive fundamentals have been hard to come by, and investors’ enthusiasm around DOGE’s use on Twitter has subsided.

DOGE fans could be a little disappointed as Elon Musk sends mixed signals around Twitter. The billionaire investor asked his followers if to step down as Twitter CEO. An overwhelming majority of 58% voted “Yes” supporting the proposal.

As you already know, DOGE has been earning support from Musk’s comments and views. His latest tweet does not augur well with DOGE since he relinquishes an important position in the social media giant. Will Musk be able to influence the use of DOGE in Twitter payment from a different role other than the CEO? That would be the question that DOGE fans would ponder. The negative sentiment around it could influence the price of Dogecoin. But investors will, at least, hope that DOGE does not crash below 200-day MA.

DOGE faces pressure as the selling continues below $0.09 support

DOGE/USD Chart by TradingView

Investors have been selling DOGE aggressively since tapping $0.11. That is indicated by the RSI reading shifting from above the midpoint to a near-oversold reading. 

From the daily chart outlook, the price has lost crucial support at $0.09, welcoming a bear market. DOGE has also crashed below the 50-day MA. The cryptocurrency now trades at the 200-day MA, an important level that could spell doom for bulls. 

Will DOGE trade lower or higher?

The next direction for DOGE price will depend on whether the 200-day MA will hold. If bulls resist bears, DOGE could roar back to $0.09. On the flip side, DOGE will head to $0.058 support.

Where to buy DOGE

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 DOGE with eToro today

The post Fingers crossed as Dogecoin retreats to the 200-day MA appeared first on CoinJournal.

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Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

  • Bitcoin was steady below $17,000 on Tuesday

  • A crypto analyst suggests a crossing of price above the 200-day as a bull signal

  • Bitcoin still lacks a directional movement, and further decline is possible

Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.

Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up. 

But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.

BTC gets rejected at the 50-day MA 

BTC/USD Chart by TradingView

On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion. 

Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it. 

Which way is the BTC price?

From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.

Where to buy BTC

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 BTC 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 BTC with OKX today

The post Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal appeared first on CoinJournal.

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Polygon founder launches Web3 accelerator Beacon

  • Polygon co-founder Sandeep Nailwal has helped launch a Web3-specific accelerator run by top Web3 veterans.
  • Beacon Accelerator started in October with a cohort of 15 companies and 30 founders
  • The inaugural cohort will last 12 weeks and see founder pitch their projects more than 300 leading Web3 investors in January 2023.

Sandeep Nailwal, the co-founder of blockchain network Polygon and Web3-focused investment firm Symbolic Capital, has launched another founder-led project aimed at advancing the growth of the Web3 ecosystem.

The new project Beacon Accelerator launched today, 20 December 2022 under the leadership of some of the most prominent figures in the crypto and Web3 space. It’s a Web3-specific program by founders for founders, Nailwal said in a press release shared with CoinJournal.

As such, Beacon’s founders are from various sectors key to Web3 development, including experts across legal, fundraising, security, and operations.

Core contributors who’ll run the project alongside Nailwal include former DCG chief security Uri Stay, former Sequoia Capital VP Prateek Sharma, and Symbolic Capital co-founder Kenzi Wang. Among topics this team of ‘Core Contributors’ will focus on as they offer mentorship and advice to Beacon’s founders include GameFi, DeFi, metaverse, and consumer apps.

An inaugural cohort of 15 companies and 30 founders

Beacon’s inaugural cohort comprises 15 companies and over 30 founders and started in October. The twelve-week program offers access to topnotch mentors and builders in Web3, remotely available from 12 cities in nine countries.

Mentors for the first cohort will include ecosystem founders, investors, and operators, with such names as Magic Eden co-founder and CEO Jack Lu, Origin Protocol founder Matt Liu and Coinfund partner Evan Fang.

As noted in today’s press release, the inaugural program ends this January and will see projects pitch to a gathering of over 300 leading Web3 investors during a Demo Day to be live streamed across the world.

Nailwal on founding Web3 projects 

Commenting on the launch of the accelerator program and its place in Web3 development, Nailwal said that founding a Web3 project is markedly different from Web2 startups. Founders cannot follow the same playbook applicable in Web2 and that Beacon will help projects navigate the ecosystem.

“Our ultimate goal is to build the greatest network of web3 founders in the world,” Nailwal said, adding that his experience after going through the Binance Labs accelerator had taught him something.

“I found that the greatest resource in any accelerator is the other founders going through the program alongside you. We think that as our alumni network grows, the overall quality of projects being built in web3 will increase as founders help each other find success,” he explained.

The post Polygon founder launches Web3 accelerator Beacon appeared first on CoinJournal.

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Waves planning to launch new stablecoin amid USDN crisis

  • Waves-backed stablecoin Neutrino USD (USDN) lost its dollar peg and is currently trading at $0.5411.
  • The new stablecoin will be undepeggable.
  • A USDN situation resolution plan will be set in motion before the launch of the new stablecoin.

Just days after the Waves-backed stablecoin Neutrino USD (USDN) lost its dollar peg, Waves CEO and founder, Sasha Ivanov, has promised he is going to launch a new “undepeggable” stablecoin.

Ivanov made the revelations via a tweet today where he also announced a USDN situation resolution plan. Ivanov’s tweet read:

“I will launch a new stablecoin,” Waves founder wrote, adding that there is going to be a “USDN situation resolution plan set in motion before.”

Besides stressing that the new stablecoin will be undepeggable, the CEO stressed that the new stablecoin will not be launched until the USDN plan resolution is set in motion.

Neutrino USD stablecoin crisis

The Neutrino USD is an algorithmic stablecoin collateralized by Waves and pegged to the US dollar. In the past few days, the stablecoin has been struggling to maintain its 1:1 peg which it has lost by more than 45% by today.

It is important to note that the current USDN de-pegging is not the first since it saw the first major de-pegging in early April 2022 and has seen several other subsequent de-pegging.

Interestingly, the USDN de-pegging comes at a time when the WAVES token is seeing a significant price drop after the South Korean crypto exchange the Digital Asset eXchange Alliance (DAXA) issued a warning on WAVES on December 8. The stablecoin has failed to regain its dollar peg despite Waves pointing to misinformation being dismantled by centralized exchanges and saying that “no fundamental distress being present in the Waves Ecosystem.”

The post Waves planning to launch new stablecoin amid USDN crisis appeared first on CoinJournal.