Kategorie: Crypto News

The crypto market is having a poor start to the week, and Loopring has already lost more than 9% of its value today.

LRC, the native coin of the Loopring ecosystem, is down by more than 9% in the last 24 hours. The coin is underperforming compared to the broader cryptocurrency market.

LRC’s poor performance can be attributed to Loopring’s recent attack. The Loopring team announced over the weekend that it had experienced a distributed denial-of-service attack (DDoS).

Yesterday we were the target of a coordinated DDoS attack. While funds were never at risk, services were down for 11 hours.

— Loopring💙🏴‍☠️ (@loopringorg) November 5, 2022

Although user funds were not affected, the Loopring network was unavailable for 11 hours. The development team later got the network back online. 

The broader crypto market has also been underperforming so far today. The total crypto market cap stands above $1 trillion, down by more than 2% in the last 24 hours.

Bitcoin is still struggling to top the $21k resistance level and is now trading above $20,700 per coin, down by more than 2% today. Ether is also down by 3% in the last 24 hours and is now trading at $1,562 per coin.

Key levels to watch

The LRC/USD 4-hour chart is still in the bullish zone despite its recent poor performance. The technical indicators show that LRC is underperforming against the broader crypto market.

LRC/USD Chart By TradingView

The MACD line is above the neutral zone but could soon drop into the negative region before the end of the day. The 14-day RSI of 46 also shows that LRC could soon enter the oversold region if the bearish trend continues.

At press time, LRC is trading at $0.325 per coin. If the negative trend continues, LRC could drop below the first major support level at $0.2957 before the end of the day.

However, unless there is an extended bearish run, the bulls should comfortably defend the second major support level at $0.2762. 

Where to buy Loopring now

eToro

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The post LRC is down by 9% after Loopring experienced a DDOS attack over the weekend appeared first on CoinJournal.

For yet another time, Chainlink (LINK/USD) is showing that it is punching below its knees. LINK has been trading within a tight range, with bearish pressure pushing the cryptocurrency below an ascending trendline. The token has since recovered, and a strong bullish momentum is building. So what happened?

LINK added more than 7% on Friday, taking the total gains in the week to 20%. The gains came after crucial cryptocurrency news for Chainlink. According to a Thursday announcement, Chainlink has partnered with Seedify Fund. The entity is a major gaming, metaverse, and NFT launchpad and incubator. Seedify Fund will rely on Chainlink’s oracle services to power growth in NFT and GameFi sectors.

Besides, Chainlink staking remains a key price trigger for growing adoption, boosting the native token. As of the end of October, the number of addresses holding at least 100,000 LINK hit 459, the highest since 2017. The rising investment reflects optimism around Chainlink staking, expected by the end of 2022. Consequently, amid the recent LINK struggles, positive developments could support the price towards the year-end.

LINK crosses above the 200-day MA for the first time since January

Source – TradingView

Technically, LINK has broken past the $8.0 resistance in a bullish push. The cryptocurrency currently trades at $8.4. Buyers are active on the token, with an RSI reading of 65, near the overbought region. 

A key bullish indicator is the price recovery above the 200-day moving average. The last time that LINK traded above the longer-term MA was mid-January 2022. 

What next for LINK?

A breakout at $8.0 will be confirmed by closing the candlestick above the crucial resistance. That will see $8.0 become a support zone and encourage more buyers to snap the token.

On the flip side, in a less likely scenario, LINK will close below $8.0. In such a case, the price may consolidate before gathering momentum to push above the resistance again. 

Buyers need to be patient before buying LINK. However, the bottom line is that LINK is about to turn bullish, and early birds will catch a worm.

Where to buy LINK

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The post Chainlink is about to pull a bullish trigger. Here is what could happen next appeared first on CoinJournal.

Binance native token (BNB/USD) price has hit a new level. At $352, BNB is trading at the highest level since May 09, 2022. That comes as numerous developments continue to trickle in for the world’s largest crypto exchange. From a brief technical outlook, the native token is about to initiate a “golden cross,” and the next move could be unstoppable.

As you already know, Binance continues to be dragged into Twitter’s acquisition developments. Binance CEO Changpeng Zhao is, nonetheless, not keeping it under the sheets, going by his latest comments. CZ said, on Wednesday, that he was ready to join Twitter’s board on Elon Musk’s invitation. Twitter hasn’t invited him yet, but with the now cordial relations with Musk, it remains a possibility. That would, of course, strengthen speculations that BNB will be core to Twitter’s payment methods.

Binance also maintains an eye on growth, and investors could look and see a lot of utility in the native token. As part of an expansion spree, CZ says he is open to investing in banks or even full acquisition. According to CZ, collaboration with banks is a good way to attract new users.

The latest insights have seen BNB continue to soar higher. As of press time, BNB had made an intra-day gain of more than 8%. The token has added 20% in the past week. A key breakout confirms a bullish trend. 

BNB’s 50-day MA eyes a crossover above the 200-day MA for a “golden cross”

Source – TradingView

On the technical side, BNB initiated a breakout above $330 crucial resistance. The token trades near the next resistance at $360. However, a potential “golden cross” could be a strong bullish trigger to take BNB to above $400.

A “golden cross” occurs when the 50-day MA crosses above the 200-day MA. It earmarks the start of long-lasting bullish trends. Looking at the daily chart, the 50-day MA is closing the gap with the 200-day MA. A golden cross could be confirmed soon that will sound bull alarms and set BNB to a lasting recovery.

Should you buy BNB?

BNB remains attractive after the recent breakout. Investors should buy on a retracement as the token is nearing a resistance zone.

Where to buy BNB

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Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post BNB nears a “Golden Cross” as the token confirms another breakout appeared first on CoinJournal.

It is another good day for Polygon (MATIC/USD). CoinJournal reported that tech giant Meta would use Polygon for its digital collectibles. Meta says that creators can make their own NFTs on Instagram, which they can sell to their fans. The company said it was testing the new digital collectibles features with the US creators but will expand to more countries soon.

The chance to help Meta in its NFT endeavours is significant news for Polygon’s native token, MATIC. The cryptocurrency traded up 18% on Friday, with sharp gains likely to continue. There is more notable news fueling MATIC.

After Meta news, reports emerged that JPMorgan had performed its first DeFi trade on the Polygon. The trade was in conjunction with Project Guardian, a pilot blockchain program by the Monetary Authority of Singapore. JPMorgan had selected Polygon instead of Ethereum because of its low transaction cost.

The latest developments are positive for the Ethereum Layer-2 scaling solution. The network has lately witnessed increased activity. As you already know, the Reddit platform has eyes on Polygon for its NFT plans. Recently, BitPay announced support for Polygon and MATIC. These developments have buoyed MATIC, which has remained bullish as other cryptocurrencies whipsawed.

MATIC outlook as price clears a resistance to a 6-month high

MATIC trades at a 6-month high of $1.154. The price has been reached after a key breakout at $0.96, which we use as a key pointer for further gains. 

Source – TradingView

Technically, MATIC has a bullish bias after a break above the $0.96 resistance. Besides, a recent 20-day MA crossover of the 50-day MA underlines a bullish momentum. The next resistance for the cryptocurrency lies at $1.347.

Should you buy MATIC?

MATIC is attractive, given the strong bullish momentum. The fundamentals around the cryptocurrency also support buying it, with higher prices possible.

The current MATIC price could pose minor resistance and force some correction. That could be followed by sharp upticks up to the $1.347 target. Investors should consider potential retracements as opportunities to buy.

Where to buy MATIC

eToro

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The post Polygon’s MATIC clears resistance on Meta news. Here is the next potential target appeared first on CoinJournal.