Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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IMX is down by 9% but will it recover soon after Nifty Gateway launches on Immutable X?

  • Nifty Gateway officially launches on the Immutable X network.

  • IMX has lost nearly 10% of its value and could dip further before the end of the day.

  • The broader crypto market continues its poor performance this week.

Nifty Gatesway launches on Immutable X

IMX, the native token of the Immutable X Layer-2 blockchain, is down by more than 9% in the last 24 hours. At press time, the price of Immutable X stands at $0.44 per coin.

Nifty Gateway, a leading NFT marketplace, officially went live on the Immutable X network on Wednesday. According to the Immutable X team, they would work on high-quality games, looking for a premium drop experience provided by Nifty Gateway.

This latest cryptocurrency news wasn’t enough to get IMX out of its ongoing bearish trend. The broader cryptocurrency market has also been underperforming over the last 48 hours. The total crypto market currently stands at $840 billion, down by 1.6% in the last 24 hours.

 Bitcoin and Ether, the two leading cryptocurrencies by market cap, have also been bearish lately. Bitcoin is down by more than 1% so far today and is trading around $1,680 per coin, while Ether has lost 2.6% of its value and is now trading at $1,229.

Key levels to watch

The IMX/USD 4-hour chart has turned bearish as Immutable X has been underperforming in the last few days. The broader crypto market is outperforming IMX at the moment.

IMX/USD Chart By TradingView

 

IMX’s MACD line dropped into the negative zone yesterday, indicating that the bears have taken control of the Immutable X market. The 14-day RSI of 39 shows that IMX could enter the oversold region soon.

With the bears in charge, IMX could dip below the $0.3984 support level before the end of the day. However, unless the bulls recover quickly, IMX could slip toward the $0.3761 support level in the near term. 

Where to buy Immutable X now

Huobi

Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.

Buy IMX with Huobi today

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Toko token gains 100% on Binance news. Here is the next potential price action

  • TKO rose by 100% on reports of the acquisition of Tokocrypto by Binance 

  • The cryptocurrency has slid by 28% since forming a local top at $0.57

  • TKO could correct to $0.34

Toko (TKO/USD) token is attracting buyers. With a surge of 100%, it may be too late to buy TKO now. But when an opportune moment comes, you could snap the token, thanks to positive cryptocurrency news.

The gains in TKO come amid reports that Binance is acquiring the Indonesian crypto exchange Tokocrypto. We know that Binance is the world’s biggest crypto exchange. Thus, any approach to acquisition is likely to build optimism. TKO, the native token, reacted to the news, rising sharply from $0.283 to $0.57.

Binance is particularly interested in Tokocrypto since it is locally regulated. It is the first entity to be registered under Indonesia’s Commodities Futures Trading Regulatory Agency. Binance already holds an investment in the Indonesian exchange since 2020.

But the sharp gains in TKO may prove difficult to hold, at least for now. As of press time, TKO traded at $0.42, a decline of 28% from its local high. The trading volume had also fallen sharply and was only up 2.99%. However, to an investor monitoring the positive developments of Tokocrypto with Binance, TKO should remain on the waitlist.

TKO corrects but is yet to find support

TKO/USDT Chart by TradingView

Technically, TKO is bullish but faces a correction. From the RSI indicator, a reading of 77 implies that TKO is overbought and a correction is on the horizon. 

The support lies at $0.34, giving bears a chance to push the cryptocurrency lower. The level was a breakout zone that was triggered as the price was pumped.

Concluding thoughts

TKO faces further gains if the reports of the acquisition of Tokocrypto get confirmed by Binance. However, currently, investors face a correction.

If you are looking to buy the token, the level to keep an eye on is $0.34. Also, monitor the developments around the token, as positive news can trigger sharp rises before reaching support.

Where to buy TKO 

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy TKO with Binance today

Wazirx

WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

Buy TKO with Wazirx today

The post Toko token gains 100% on Binance news. Here is the next potential price action appeared first on CoinJournal.

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Wait for a bullish confirmation as Dogecoin retests the $0.09 support

  • Dogecoin lost 4.58% on Wednesday in a market correction

  • The cryptocurrency still holds a bullish bias

  • DOGE is a buy on bullish signals at the support zone of $0.09

An intraday loss of 4.58% may not be good news for investors holding Dogecoin (DOGE/USD). However, it rings well in the ears of investors looking to have a piece of the meme cryptocurrency. That’s because DOGE’s slide takes it back to an important breakout level that has now become support. The level is a buy zone as long as DOGE confirms a bullish reversal. It could happen in the next few days.

The trading in DOGE coincides with unending speculation that Twitter will use cryptocurrency as the payment method. Even as most cryptocurrencies continue to struggle, DOGE is giving investors hope that a recovery is on the horizon. Since the FTX-inspired rally, DOGE has been on a slow but sustained recovery. Buyers are also taking note.

DOGE holders’ distribution indicators show that nearly 70% of buyers of the cryptocurrency hold it for more than a year. These are holders convinced of a return to previous all-time highs, unlike short-term traders who exit at the next profit level. But aside from this key fundamental, DOGE is currently attractive to short-term buyers, as the technical indicators below show.

DOGE retests $0.09 for a potential bullish move

DOGE/USD Chart by TradingView

The daily chart outlook shows DOGE retesting the support at $0.09. That comes as the price was rejected at the 50% Fibonacci retracement level, coinciding with a price of $0.10. The slowdown has resulted in a decline in RSI, although the reading remains above the midpoint.

Potential price action at the $0.09 support could usher in an upside. The support also coincides with the 20-day and 50-day moving averages, giving a confluence of price action for DOGE.

What to watch next for DOGE?

Bullish reversal signals at the $0.09 support will validate buying Dogecoin. The reversal will set DOGE for $0.12, the 61.8% Fibonacci retracement zone. 

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 Wait for a bullish confirmation as Dogecoin retests the $0.09 support appeared first on CoinJournal.

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Finally! Chainlink gives early access to its staking feature. Who has an edge now?

  • Chainlink fell by 5% on Wednesday amid a staking feature launch

  • The cryptocurrency has set $6 as the important support zone

  • LINK could continue to slide further, but whale accumulation is a bullish trigger

Chainlink (LINK/USD) staking is now here. According to a tweet on the official Twitter account, Chainlink Staking v0.1 is live on the Ethereum mainnet. The early access program is stated to be available to about 25 million, who can stake and earn rewards. Chainlink says adding the staking feature will improve the network’s security and attract more users.

Apparently, Chainlink staking has been a much-anticipated development. Investors bought LINK massively when the blockchain announced Chainlink 2.0 Economics with the staking service back in April. That underlined the enthusiasm around the new feature, which kicked off on December 06. Consequently, on-chain data shows that whales are accumulating LINK.

According to Santiment, whales and sharks hold the largest percentage of Chainlink tokens in supply in five years. The large investors have accumulated 26.8 million LINK worth $194.3 million in the last two months. That represents an increase of nearly 13%.

Conversely, in the past two months and extending to May, LINK price has defended the $6 support level. The level has become so crucial that buyers have arrested the decline quickly every time sellers try to break below. To buyers, this is the most important level to buy LINK and hold ahead of a potentially explosive move. But as the staking feature launches, LINK has fallen slightly and was down by an intraday of 5%.

LINK struggling at the moving averages

LINK/USD Chart by TradingView

A technical outlook shows LINK trading at or slightly below the 20-day and 50-day moving averages. The RSI has shifted to below the midpoint, suggesting the entry of sellers or profit-taking by buyers.

What next for LINK?

We remain bullish on LINK as long as $6 support continues to hold. With increased buying, it is just a matter of time before we see a bullish LINK. A recovery could occur at the moving averages or $6 support. Wait for bullish reversal signals to buy LINK.

Where to buy LINK 

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 LINK 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 LINK with OKX today

The post Finally! Chainlink gives early access to its staking feature. Who has an edge now? appeared first on CoinJournal.

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MAGIC token soars on positive news. Buyers must break key levels to enjoy more gains

  • The magic token has doubled in price in the past week

  • The cryptocurrency has been boosted by potential listing by Coinbase

  • MAGIC is under correction as the cryptocurrency approaches the $0.7 resistance

Ever heard of the Magic (MAGIC/USD) token? With a market cap of $103.31 million, the cryptocurrency is among the lowly ranked at #230. However, buyers are camping for this minor token on positive cryptocurrency news. As of press time, the cryptocurrency was up 10%, but it has more than doubled in price since the start of the month.

The gains in MAGIC happened after US crypto exchange Coinbase said that the cryptocurrency was on its listing roadmap. Other tokens on the Coinbase listing target are Rocket Pool (RPL) and Aragon (ANT). But what is MAGIC?

MAGIC is the native token of Treasure DAO, a project seeking to become a decentralised video game console. The DAO targets games and non-fungible tokens. Among the DAO’s infrastructure is an NFT marketplace Trover and gaming platform Bridgeworld.

MAGIC corrects slightly below the resistance of $0.7

MAGIC/USD Chart by TradingView

A technical outlook shows MAGIC facing resistance as the cryptocurrency approached a key resistance at $0.7. The momentum is still bullish, although MAGIC is overbought, with an RSI reading of $75.

The 20-day moving average is shifting above the 50-day MA, in line with the bullish momentum. Both moving averages offer MAGIC support.

These key levels will be important to bulls

$0.51 – This is the immediate support level for the cryptocurrency. The level has been tested and holds ground even as MAGIC corrects. If bulls defend this level, it will allow them to push higher and initiate a breakout at $0.70. The level is needed to hold for MAGIC to have a chance for further gains.

$0.30 – This is the established support for the cryptocurrency. Although lying deep below, it could be hit if $0.51 fails to hold. That could push MAGIC back into consolidation and potentially wipe out the gains already made.

Where to buy MAGIC

As MAGIC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MAGIC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MAGIC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for MAGIC

Now that you’re connected, you’ll be able to swap for 100s of coins including MAGIC.

The post MAGIC token soars on positive news. Buyers must break key levels to enjoy more gains appeared first on CoinJournal.