Kategorie: Crypto News

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Is Crypto.com token about to claim another yearly low?

  • Crypto.com token has been hit by confidence crisis post-FTX collapse

  • Massive withdrawals were reported on Crypto.com earlier this month

  • The toke trades at the lowest in the year and could fall further

It has been a low moment for crypto firm and exchange-related tokens. A prolonged crypto winter has brought a wave of liquidity crisis for most tokens. The latest FTX exchange collapse sent shock waves across the sector. For an exchange that was once ‘secure,’ investors may have learned the hard way. Crypto.com (CRO/USD) is one cryptocurrency that has suffered in the aftermath.

CRO traded at $0.0638, a yearly low. Despite holding to the level for the past two weeks, the cryptocurrency was trading with falling momentum. That comes even as the crypto exchange saw massive investor outflows, days after the collapse of FTX. Crypto.com created “proof of reserves” dashboards post-FTX saga, but that did not soothe investors.

As a confidence crisis sweeps across the crypto sector, it may take time before CRO recovers to its former self. A technical outlook shows that a new yearly low is on the horizon if buyers do not arrest the falling momentum.

CRO is under pressure at a key consolidation area

CRO/USD Chart by TradingView

The daily chart outlook shows CRO on a downward momentum. Pressure is mounting at $0.06, an area the cryptocurrency has been holding for a while now. The RSI is slightly above the oversold level.

A new bottom for CRO?

A prolonged consolidation at $0.06 gives hope that CRO could initiate a recovery. However, with the price remaining under pressure, the cryptocurrency may touch a new low. 

If the price continues lower, $0.057 is the new low to watch. A recovery above $0.075 could ignite a further recovery in the token.

Where to buy CRO

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy CRO with Skilling today

CoinEx

Founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider. CoinEx supports multiple languages and are providing global trading services in nearly 100 countries/regions.

Buy CRO with CoinEx today

The post Is Crypto.com token about to claim another yearly low? appeared first on CoinJournal.

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Should you buy Shiba Inu as whale accumulation intensifies?

  • Shiba Inu has recovered 11% in a week.

  • Shiba Inu token has witnessed increased activity amid improving altcoin sentiment.

  • SHIB is still bearish and could remain vulnerable to $0.0000075.

Shiba Inu (SHIB/USD) large investors are defiantly transacting the token against the prolonged bear market. November 28 WhaleStats data showed that SHIB was among the top 10 cryptocurrencies by trading volume among the biggest Ethereum whales. IntoTheBlock data also showed that large transactions on the Shiba Inu network had increased by 141% in the last 24 hours.

A spike in trading volumes and transactions indicates traders are buying or selling SHIB aggressively. However, a price outlook of SHIB shows the cryptocurrency has gained an intraday of 2.24% and 11% in a week. It suggests that large investors could, in fact, be buying the meme cryptocurrency.

The whale activity on Shiba Inu comes when Santiment data shows growing interest in altcoins. According to the data, Euphoric sentiment has hit a 3-month high for altcoins. As CoinJournal reported, Dogecoin was leading the surge on Musk news. The gains in SHIB reflect the improved sentiment, with the meme cryptocurrency known to follow DOGE moves.

SHIB price outlook and analysis amid weekly recoveries

SHIB/USD Chart by TradingView

On the technical side, the SHIB price is still in a bear market. The MACD indicator has initiated a bullish crossover but remains bearish. The RSI reading of 45 is well below the midpoint.

Besides, recent recoveries have taken SHIB to slightly above $0.000009. However, bulls are yet to recapture important levels. We consider a bearish view for SHIB in the short term.

When to buy SHIB?

SHIB price remains vulnerable as long as buyers do not recapture $0.000012. The level is the established resistance and a focal point for the SHIB trend pivot.

Even as the price recovers slightly, the upside is weak, meaning sellers could try to push the token lower again. In a bear scenario, SHIB could find support at $0.0000075. This is the same low as June before the cryptocurrency initiated a recovery.

Where to buy SHIB

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 SHIB 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 SHIB with OKX today

The post Should you buy Shiba Inu as whale accumulation intensifies? appeared first on CoinJournal.

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Is selling now overdone for the Compound token?

  • The Compound token has been stable after a bear market

  • Prolonged crypto winter and liquidity issues facing crypto firms remain a threat

  • COMP token could accelerate weakness if buying strength remains weak

The Compound token (COMP/USD) looked poised for a sustained recovery in June. Since recovering from the June bottom price of $26, the token remained bullish, hitting $70 in August. Since then, weaknesses have brought the token down to $37. However, for 3 weeks, the cryptocurrency has been trading at the same level. We investigate if it’s worth calling for a buy trade at the crucial zone. But first, why has COMP been unable to replicate gains?

The Compound is a decentralised protocol that makes it possible to lend and borrow crypto. In other words, Compound takes away the role of middlemen in traditional finance. It allows financial services through smart contracts and in a decentralised manner. Coupled with the backing of the Ethereum blockchain, Compound grew as an important DeFi project.

A liquidity crunch impacting crypto firms has slowed the growth of DeFi and leading blockchains in the sector. The latest to fall victim in the sector is BlockFi. The once-popular crypto lender filed for bankruptcy on Monday. BlockFi joins the growing list of Voyager, Celsius, Three Arrows Capital, and FTX, which have faced bankruptcy.

The latest development may not be good cryptocurrency news for protocols such as Compound. Its native token, COMP, is consolidating ahead of the next move.

COMP battling $43 resistance amid price consolidation

COMP/USD Chart by TradingView

Technically, COMP is consolidating in a bear market. The cryptocurrency lost the $43 level, which has now become a resistance zone.

The moving averages are bearish for the cryptocurrency and offer resistance above.

What next for COMP?

While consolidation at $35-$37 suggests that bears are getting exhausted, it does not signal a buyer’s activity. The cryptocurrency lacks the upside, with the resistance and moving averages above a stumbling block.

For the COMP price to go higher, the cryptocurrency must recover above $43. Otherwise, the June lows of $26 remain in sight.

Where to buy COMP

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 COMP 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 COMP with OKX today

The post Is selling now overdone for the Compound token? appeared first on CoinJournal.

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Should you buy Polkadot’s DOT at $5?

  • The Polkadot token has defended $5 for weeks

  • The ecosystem has witnessed an increase in activity

  • The token could remain vulnerable as longer-term momentum is still bearish

Polkadot (DOT/USD) trading at $5 would have been a false dream in November 2021 as it touched $55 ATH. But that is now the reality of the token of once a booming protocol labelled a Layer 0 blockchain. In case you are wondering, why Layer 0?

Polkadot was designed to operate at a deeper level compared to Layer 1 protocols like Solana and Ethereum. The brainchild of Gavin Wood, the Ethereum co-founder, provides the foundation for building other crypto projects. Polkadot was thought of as a new system that could allow different blockchains to interact. Polkadot also maintains the security of each separate blockchain built on it, called parachains. To sum it up, a Layer 0 blockchain acts like a foundational system of Layer 1 protocols.

The promise of cross-chain interoperability boosted Polkadot’s native token. It has not been the case this year, as lower crypto activity has pushed its native token back to a single-digit price. Nonetheless, as CoinJournal reported, activity is building on the Polkadot ecosystem. That has allowed DOT to defend $5 for several weeks. To an investor, does it make sense to scoop it at a low level?

DOT on a downtrend amid stability at $5

DOT/USD Chart by TradingView

On the daily chart technical outlook, DOT maintains a long-term bearish momentum. The cryptocurrency broke below a minor support zone at $5.5. The minor level could still pose a resistance to the bulls.

The MACD indicator remains bearish. However, the bear momentum has slightly improved, implying that buyers have increased at the $5 level.

What next for DOT?

DOT price could remain subdued as the token remains in bear momentum. With the overall bear market staying put, it would be premature to buy DOT now.

Nonetheless, DOT needs to recapture minor support at $5.5 to consider a short-term price appreciation. For a longer-term move, the token must regain the $6.5 level. Otherwise, DOT will remain vulnerable to $4.5.

Where to buy DOT

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 DOT 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 DOT with OKX today

The post Should you buy Polkadot’s DOT at $5? appeared first on CoinJournal.

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Ethereum is gearing for a recovery above $1,250. Here is the price action

  • Ethereum token has gained by 11% in a week

  • The token eyes $1,250 as recovery takes shape

  • We need further confirmations/breakout before buying ETH

Ethereum price (ETH/USD) bulls are relentless despite a prolonged crypto winter. A gain of 11% in the last one week has taken the token to $1,205. The price level is close to the support zone of $1,250. Does this indicate ETH has initiated a bullish reversal?

Far from it – ETH is not yet bullish, but recent recovery boosts chances of it recapturing the $1,250 level. It should be remembered that analysts have been calling for a below $1,000 ETH price to another bottom price. However, Bloomberg senior macro strategist Mike McGlone expects Ethereum to hold up above $1,000. In his view, $1,000 is pretty solid support for ETH. He still warns that the FTX implosion impacts will linger longer before any bullish movement.

ETH price movement and outlook amid slight recoveries

Ethereum printed a low of $1,080 earlier this month after the FTX collapse. Bulls have kept the level intact, despite repeatedly losing the war at $1,250. ETH retested the November bottom and is on recovery towards the resistance again. Investors will eye a potential breakout at the key level to ascertain if higher prices are possible.

ETH/USD Chart by TradingView

The technical indicators show an improved price outlook for Ethereum. A bullish MACD crossover was initiated as the price recovered, although it remains in the bear zone. 

The RSI reading has shifted from the oversold region. However, it remains below the midpoint, indicating that sellers still have the upper hand on the cryptocurrency.

Should you buy ETH?

A price recovery to $1,250 is imminent for the Ethereum token. However, if considering buying ETH, you should wait until a breakout is confirmed above $1,250. A breakout would set up the cryptocurrency for the next potential resistance at $1,450 and $1,650.

On the flip side, if buyers fail to break above $1,250, ETH will remain under the control of bears. A price return to $1,000 is on the horizon or even lower.

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 is gearing for a recovery above $1,250. Here is the price action appeared first on CoinJournal.