Kategorie: Crypto News

SushiSwap price made a strong recovery on Monday as demand for the DeFi token rose. It rose to a high of $1.4520, which was the highest level since October 20. It has rallied by more than 42% from its lowest level in August of this year. So, will the SUSHI price continue rising?

SUSHI rebound continues

SushiSwap is one of the leading players in the Decentralization Finance (DeFi) industry. It is a platform that is an alternative to other popular platforms like Uniswap, dYdX, and PancakeSwap. A key difference is that it offers liquidity mining.

The platform makes it possible for developers to swap, earn, stack yields, lend, and borrow in a single application. SushiSwap was built on Ethereum, Arbitrum, Polygon, and Harmony among others.

SushiSwap has handled over $228.68 billion in the past few months. It offers more than 16.3k total cryptocurrency pairs to traders. 

SushiSwap price has risen in the past few months as investors react to the recent activity in the network. For example, the community voted for a new Head Chef, Jared Grey last month. Jared was formerly the CEO of EONS, a leading DeFi exchange. Before that, he was the CEO of Bitfineon, a small cryptocurrency exchange.

SUSHI price rose after Jared Grey reached out to Changpeng Zhao, the head of Binance on collaboration. On Sunday, Changpeng said that Binance was investing heavily in DeFi. It is unclear whether Binance will collaborate with SushiSwap anytime soon.

Meanwhile, SushiSwap price has risen ahead of the Meiji upgrade that will replace the current Sushi DAO. Meiji DAO will bring governance on chain and kickstart the Meiji Restoration of Sushi. The new Meiji DAO requires shares instead of tokens, and feature a new quadratic voting mechanism. Also, it will be a fully autonomous on-chain.

SushiSwap price prediction

Is it now safe to buy SushiSwap? The daily chart shows that the SUSHI price has been in a strong bullish trend in the past few months. It has risen above the 50-day moving average while the Relative Strength Index (RSI) has moved above the neutral point. It has formed a cup and handle pattern.

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $1.5788, which is about 10% above the current level. A drop below the support level at $1.3756 will invalidate the bearish view.

How to buy SushiSwap

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.

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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 SUSHI with Binance today

The post SushiSwap price is crawling back: time to buy SUSHI? appeared first on CoinJournal.

Klaytn has started the week excellently after the team proposed a block reward reduction over the weekend.

KLAY, the native coin of the Klaytn blockchain, is the best performer amongst the top 100 cryptocurrencies by market cap so far today.

KLAY has added 25% to its value in the last 24 hours, outperforming the broader cryptocurrency market.

The rally comes after the Klaytn team announced a governance proposal to reduce block reward on its blockchain by 1/3. The block reward reduction is in order to optimise the level of KLAY emission.

According to the team, if the proposal is approved by the Governance Council, the inflation adjustment will be reflected on-chain by the middle of next month.

KLAY’s rally also comes as the broader cryptocurrency market starts the week in a positive manner. The total cryptocurrency market cap stands at $931 billion, up by 1% in the last 24 hours.

Bitcoin has regained its value above $19k after slipping toward the $18,800 mark over the weekend. BTC is now up by nearly 1% so far today.

Ether is also trading above $1,300 after spending the best part of last week trading below that threshold and is now up by more than 2% today. 

Key levels to watch

The KLAY/USDT 4-hour chart is extremely bullish, as Klaytn has been performing well over the past 24 hours. 

KLAY/USDT Chart By TradingView

The MACD line is above the neutral zone, indicating that Klaytn has been performing well over the past few hours. The 14-day relative strength index of 78 also shows that KLAY is heading into the overbought region if the momentum is sustained.

At press time, KLAY is trading at $0.1864. If the rally continues, KLAY could cross the first major resistance level at $0.2234  before the end of the day.

However, it would need the support of the broader cryptocurrency market to reach the $0.2540 resistance level for the first time since August. 

Where to buy now

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.

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Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

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Aave (AAVE/USD) is currently trading for $81.59. The price represents a 10.32% increase in the past week and a 0.64% daily loss. Despite recent volatility in the crypto market, AAVE price is on an upward trajectory.

Although the sentiment could hold, the total value locked in the DeFi blockchain is on a decline. AAVE’s TVL has dipped 7% in the past week to $4.82 billion. The protocol is currently ranked fourth on DefiLlama in the TVL list, deployed across seven networks.

Besides, the whale investor activities seem not to favour AAVE. The latest data from whale alert shows that Tron’s founder, Justin Sun, transferred $50 million of USDT from Aave protocol to an anonymous wallet. Aave’s transactions in the past day have also declined. It is down 12% to $128 million in the period.

Some other fundamentals in the Aave ecosystem relate to the GHO stablecoin. The network recently released a whitepaper for digital assets. AAVE described GHO as a ‘flexible, decentralised, configurable token designed to maintain a stable value.’ From the technical outlook, AAVE struggles to clear a key resistance level.

AAVE faces resistance at $81 

Source: TradingView

According to the daily price outlook above, AAVE moved from $70 on October 14 to the current price of $82. The price is a significant level that has been tested severally. Despite the MACD looking bullish with green histograms, AAVE has entered the overbought zone. Thus, it may be due for a retracement.

Concluding thoughts

Despite AAVE currently looking bullish, it is facing a hurdle at $81. However, it could not be the most appropriate price entry. First, the DeFi crypto is overbought and needs enough buyers to break above the level.

Although the MACD level looks green, AAVE is not out of the woods yet. The price must clear the current resistance to welcome a bullish sentiment. Otherwise, it could retest the immediate support level of $69.

Where to buy AAVE 

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.

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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.

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The post Aave jumps by a weekly 10%. Is it attractive now? appeared first on CoinJournal.

Avalanche (AVAX/USD) has lost 90% of its value since the November 2021 high. The token has been falling alongside other major cryptocurrencies in the bear market. The bear momentum is still high, with the cryptocurrency trading at $15. In the past one week, AVAX has lost more than 5% and is looking to head to $10. What’s happening?

Avalanche has been touted as an alternative platform to Ethereum for DeFi and NFTs. However, the two nascent blockchain sectors have been hit this year. According to data by Dune Analytics, NFT’s weekly trading volume has dropped by a massive 98% this year. The total trading volume at the end of January 2022 was $6.2 billion but now stands at $114. 

NFTs and DeFi decline has been a significant blow to blockchains like Avalanche. That’s because the blockchain had crafted a name around the evolving sectors. Consequently, it may take time before investors flock back, suggesting that a bear market could last longer. Going by the recent decline, bears are in control of AVAX, with a lower price on the horizon.

AVAX price outlook as momentum weakens

Source – TradingView

The daily chart shows AVAX trades on a system of lower lows and lower highs on a weak momentum. The MACD indicator is deep in the bear zone.

At the current level, AVAX is trading at a potential pivot point. However, momentum is weak, giving bears a chance to take the cryptocurrency lower.

What next for AVAX?

With the weak momentum, we rate a reversal chance at $15 very low for AVAX. The cryptocurrency is not a buy since it may continue to slide, finding support at $10. The support is crucial since it marks the zone where the crypto boom started in 2021.

Where to buy AVAX

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.

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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.

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