Kategorie: Crypto News

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Algorand records growth in on-chain activity. Here is what it needs to become bullish

The FIFA World Cup is fast approaching. The Algorand token (ALGO/USD) will likely be in the limelight as the platform is the official blockchain partner of the global event. Aside from increased publicity, Algorand will supply FIFA with blockchain-enabled wallet solutions. Long-term, Algorand could power FIFA’s digital assets, including NFTs and its official cryptocurrency.

Ahead of the important global event next month, Algorand is witnessing increased on-chain activities. Over the past three weeks, the total value locked on the platform has almost doubled. At just $175 million on October 7, the TVL is now at $303.2 million. Besides, as CoinJournal previously reported, Algorand is a crypto to watch in the next bull cycle.

With increases in on-chain activity, ALGO price has been pushing higher too. The gains over the past seven days are 6.45%, despite falling slightly by an intraday 1.50%. However, the cryptocurrency’s price action shows it is yet to overcome a key hurdle.

Algorand price outlook and prediction

Source – TradingView

The recent bullish surges have pushed ALGO above the moving averages. The MACD indicator shows that the momentum is building. However, the indicator is yet to close above the midpoint to consider a bullish market.

ALGO’s key resistance level lies at $0.36. With the cryptocurrency trading at $0.33, further gains are expected in the next few days. 

Should you buy Algorand now?

The price action shows that ALGO could take further leaps to the resistance at $0.36. That translates to an upside of about 10%. Short-term investors may find the trade unattractive due to the risk and reward ratio. 

For sustained gains, ALGO must break the $0.36 barrier. For now, the cryptocurrency should remain on investors’ watchlist due to the building momentum ahead of the FIFA World Cup.

Where to buy ALGO

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 ALGO with eToro today

Capital.com

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.

Buy ALGO with Capital.com today

The post Algorand records growth in on-chain activity. Here is what it needs to become bullish appeared first on CoinJournal.

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Is Alchemy Pay’s ACH a good crypto to buy?

Alchemy Pay price went parabolic and then pulled back sharply on Thursday as demand for the coin rose. ACH, the fast-growing coin, rose to a high of $0.015, which was the highest level since October 14. At its peak, Alchemy was up by more than 50% from its lowest level this month.

What is Alchemy Pay and why is it rising?

Alchemy Pay is a small and fast-growing company that seeks to become the best payment platform in the industry. Its goal is to bridge the gap between fiat and cryptocurrencies. It does that by making it possible for people to pay for their favorite products using cryptocurrencies. 

Alchemy Pay is widely used by some of the leading companies globally. Some of the top companies that have embraced Alchemy are Shopify, Arcadier, Checkout, and Nium.

ACH is the native token for the ecosystem. It is an Ethereum coin that is used to pay for transaction fees, rewards for network use, and lowering transaction costs, and it is pledged by business partners during the onboarding process. In addition, ACH has been used to provide rewards for users.

Alchemy Pay price has done well in the past few days as investors focus on the recent partnerships. This week, Alchemy Pay said that it had partnered with Nest Protocol. The partnership will help to bridge crypto and traditional fiat currencies. As a result, its on-ramp widget provides mainstream-friendly access to crypto services via cards and local mobile wallet.

Meanwhile, ACH price has risen after it made it possible for users to buy Aptos’ APT on its ramp project. Ramp is a platform that makes it possible for people to buy and sell cryptocurrencies cheaply.

ACH price forecast

Is ACH a good crypto to buy? The two-hour chart shows that the Alchemy Pay price rose to a high of $0.015. As it dropped, it moved below the important support at $0.012, which was the highest point on October 17. It remains slightly above the 25-period and 50-period moving averages.

Alchemy Pay’s Relative Strength Index (RSI) has moved below the overbought level. It has moved to the neutral level. Therefore, the coin will likely continue falling as sellers target the next key support level at $0.010. On the flip side, a move above the resistance at $0.13 will invalidate the bearish view. 

How to buy Alchemy Pay

Capital.com

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.

Buy ACH with Capital.com today

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ACH with Coinbase today

The post Is Alchemy Pay’s ACH a good crypto to buy? appeared first on CoinJournal.

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Are Bitcoin miners about to capitulate?

Something which is always interesting is assessing the mining activity on Bitcoin, especially in conjunction with what is happening the price and the wider market.

After all, miners are the group who receive those freshly minted bitcoins as the blockchain continues to grow. Receiving this revenue in the native coin of the network means their actions can be indicative.

Something notable is happening at the moment though. The hash rate, which means the amount of computational power being spent by the Bitcoin network – i.e. the number of miners – is rising. And it’s rising a lot.

But at the same time, price is falling.

We are printing all-time high after all-time high in hash rate. The price, however, has cratered, before trading sideways over the last few months around this $20,000 level.

This is unusual. As the chart above shows, the last time we had a violent crash – May 2021 – the hash rate fell, too. This is natural – again, the revenue of these miners is Bitcoin, so why shouldn’t mining activity drop in response to a big price drop?

Instead, the hash rate – and the difficulty of the network – remains high. Most people say this is a good thing. And they’re right – the higher the hash rate, the more secure the network. And the more secure the network, the healthier Bitcoin is.

But does this make sense? Let’s look at this from an economic perspective. Are miners not selling as much as they should be? It seems as we crab sideways following this crash, miners are not letting up. You may point towards Ethereum’s switch to proof-of-stake in September as attracting more miners to Bitcoin, but the dates don’t really line up.

Let’s check if the miners are selling (graph via arcane research).

After the capitulation in the summer, they haven’t really been selling. But could this change soon?

I wrote recently about how I believe we could be one event away from a nasty red wick for Bitcoin. In looking at the underlying mining data, I get more nervous again. Again, this is far from certain – and more a hunch – but let us check the last time we had a hash rate rising with a falling price.

Mid 2018 this happened…and it wasn’t good.

Let us zoom in a little on this time period – the above chart is a bit hectic. In peering into the 2018 window, we see exactly how this same pumping price hash rate occurred despite the falling in price. And then look what happened the price in late 2018. 

So that’s worrying. And there are people pointing this out as a bearish indicator. But as anyone who follows my analysis knows, I am not exactly comfortable with extrapolating past Bitcoin cycles to today.

Yes, this happened in 2018. But look at Bitcoin back then. Had you even heard of it? Because many hadn’t   – it was still a niche asset, not yet making noise in the trad-fi world. Not to mention, the macro climate is entirely different today, with us squarely in a new interest rate paradigm. A point that should never be forgotten in looking at past cycles: none of those cycles happened while we were in the midst of a wider bear market in the economy.

But at the same time, it is not merely the fact this has happened before. For me, I am just a little puzzled that the selling of miners isn’t a bit higher here, or why the hash rate is mooning so aggressively.  

So, in conclusion, this indicator is not causing me to run for the SELL button. But I do like using mining data in conjunction with my wider analysis, and it is a curious happening. And as I wrote last week, I do fear that this crab motion around $20,000 could end with a red wick. It’s a psychologically important level, and once we break hard below it, there is not much resistance.

There are too many variables in the wider market that could easily go south, and Bitcoin has not given up too much since the contagionary wave of the summer – stocks have actually been worse. This underlying mining activity is not quelling those concerns, even if it is not accentuating it.

The post Are Bitcoin miners about to capitulate? appeared first on CoinJournal.

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PODCAST: DeFi & Polygon / Ethereum, with Polygon’s Hamzah Khan

Polygon is the eleventh biggest cryptocurrency in the world – it really needs no introduction. Considered by many as the flagship Layer 2, it helps solve a pretty big problem – that Ethereum is a tough cryptocurrency to use.

Even Vitalik has said that the future is a roll-up economy, with Ethereum as a Layer 1, with projects such as Polygon right there so that regular people can, you know, actually use it – without taking a mortgage out to pay for gas fees.  

I hosted Hamzah Khan, Head of Defi and Labs at Polygon, to chat all things DeFi and Polygon. We bounced around a lot, but covered on great topics.

We started out technical, for any of you nerds out there. Hamzah chats about zkEVM, or zero-knowledge roll-up technology, which Polygon announced last week had gone live in testnet form, exciting many around the industry.

It was also tough to avoid the Reddit Polygon craze this has been ongoing since the weekend, with the massive NFT collection soaring to reach over three million users on the social media site. Hamzah talks of the behind-the-scenes chat with Reddit, as the company launched the NFTs on Polygon, of course.

We jumped around all of DeFi, really. We discussed how the TVL has come down so much, how Hamzah refers to TVL as “temporary value locked” given its transience, and how the reputation of the industry took a hit this past year as CeFi went under – despite DeFi trucking along so smoothly.

I got my favourite line in there as always – that Ethereum is “a blockchain of the elite” – quizzing Hamzah on what he thought about gas fees, and whether it will ever be solved. And if so, what does a future look like for Polygon?

I also put the question to Hamzah about the centralisation of DeFi. With so much of the space running on centralised stablecoins (even Vitalik said recently that Tether, Circle and other providers could influence the direction of future Ethereum forks), is one of the pillars of DeFi being compromised? And more interestingly, does it have it to be, or is there an alternative?

We dance around these and many more topics, but this is at its heart a 30-minute discussion on DeFi and Polygon, and what role Polygon could play in the future.

As always, I am open to comments either here or on Twitter – and links to listen are below.

 

The post PODCAST: DeFi & Polygon / Ethereum, with Polygon’s Hamzah Khan appeared first on CoinJournal.

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Polkadot reclaims important level. Why buyers should be attentive

After a depressing market, cryptocurrencies are turning up again. On Wednesday, Polkadot (DOT/USD) posted a 7% gain and was back to its resistance at $6.48. Polkadot was one of many tokens to record gains. Ethereum was easily the top gainer coin among the top cryptocurrencies, adding 14% in the day. Bitcoin was up 7% on the same day.

The Wednesday gains were a testament that crypto investors are still active. No notable developments were driving the surge. Instead, the cryptocurrencies were building on their previous developments to make a comeback. Ethereum’s substantial gains were largely a result of its Proof-of-Stake shift, which has been less influential in pricing to date.

For Polkadot, we know that the blockchain has been positioning itself to become the smart contract platform of choice. In particular, Polkadot’s parachains have been touted as a key to blockchains’ interoperability. During the Token2049 conference in September 2022, Parity Technologies CMA Peter Ruchatz shared thoughts on Parachains. He said, in reference to the Polkadot parachains, that blockchains will grow through interoperable systems.

Fast forward, Ethereum’s POS shift happened in September. Ruchatz explains that several blockchain participants are considering connecting to Ethereum via Polkadot. Potentially, Polkadot and its native token DOT will benefit from the Ethereum Merge.

DOT recovers to or slightly above the $6.48 resistance

Source – TradingView

Technically, DOT has overcome a short-term descending trendline. The price pumped but has met resistance at $6.48. The resistance coincides with the 50-day MA. DOT has never recovered above the 50-day MA since mid-August.

Should you buy DOT?

There is no doubt about the long-term bull case for DOT. The blockchain is attracting praise due to its ability to enable blockchain communication. Thus, any value investor would consider DOT attractive, given its low prices from the previous highs.

The litmus test for DOT now shifts to whether the cryptocurrency will successfully clear $6.8. Don’t get it wrong, the cryptocurrency trades at $6.51, but the price cannot be recognised as a breakout yet. We need to see a bull candlestick closing higher to make a bull call.

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

Capital.com

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.

Buy DOT with Capital.com today

The post Polkadot reclaims important level. Why buyers should be attentive appeared first on CoinJournal.