Kategorie: Crypto News

• Cardano has failed to gain despite enthusiasm around the Vasil upgrade

• Crypto analyst says ADA could rally as institutional investors show interest

• ADA trades at support with a chance to fall further

Cardano ADA/USD to $1? Well, that was the speculation as Cardano neared its long-awaited Vasil upgrade. Indeed, crypto expert Michaël van de Poppe expected ADA to tap $1 around the event if the upgrade is a success. Third week after the event, ADA trades at merely $0.42 and looks very vulnerable. What went wrong?

A crypto analyst, “Guy,” a pseudonym, has come to the rescue of Cardano. In a discussion with another popular crypto analyst Benjamin Cowen, “Guy” thinks ADA will eventually triumph. He says that Cardano has been lacking institutional investors. He notes that when crypto returns, big investors will look at the successful big upgrades and get excited. In this regard, he mentions Cardano’s Vasil and Ethereum Merge as critical.

While the views above are sentimental, notable developments support them. Earlier this month, Cardano founder Charles Hoskinson said hundreds of projects are courting Cardano. He said that was due to the new capabilities brought by the Vasil upgrade. As a notable example, Hoskinson mentioned a decentralised music streaming platform NEWM.

ADA trades at the support as momentum remains weak

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Source – TradingView

Technically, ADA trades at close to the lowest level in the year. The current level is a support zone, giving ADA a chance to recover. However, momentum is weak, as shown by the MACD indicator, which is deep in bear territory.

Concluding thoughts

Enthusiasm around ADA remains high despite the bear’s weakness. That potentially tells that ADA has been building true but sustainable stories that could inspire a strong comeback. When that happens, time will tell as markets reel from the effects of the projected recession. 

Probably, ADA has been devoid of a speculation-led surge. Thus, when recovery happens, it will be real and sustainable since sound fundamentals will drive it.

The post Where will the next Cardano bull run come from? Analyst answers appeared first on CoinJournal.

• A popular crypto analyst has suggested Algorand will be strong when a bull cycle kicks in.

• Algorand has remained muted despite being the official sponsor of the 2022 FIFA World Cup.

• The cryptocurrency is bearish.

When is the next crypto bull cycle? After a disastrous 2022, industry experts say huge corrections are a normal process, and a bull run should finally set in. 

Blockworks co-founder Jason Yanowitz says in bear crypto markets, losses can range between 85%-90%. If we take, for instance, the highest value of Bitcoin of above $68,000, we find that the cryptocurrency has lost more than 70%. Time for a bull run? Of course, we can’t tell yet, although most cryptocurrencies are displaying multiple bottoms. Whether that indicates, an imminent reversal is a story for another day. 

Like any other crypto enthusiast, you must time bull runs for big and quick money. Algorand ALGO/USD is one of those cryptocurrencies expected to return massively in the next bull cycle.

A popular pseudonymous crypto analyst says Algoraand is well-positioned for a strong run. He pointed to Algorand’s connections with the Massachusetts Institute of Technology. He acknowledges that Algorand’s founder is a computer science and cryptography professor at the University. Coincidentally, MIT is collaborating with the US Fed for its projected digital dollar. According to the analyst, that connection opens a lot of potential around Algorand.

ALGO price action and movement

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Alongside the analyst’s views, CoinJournal reported that Algorand is the official blockchain sponsor of the 2022 World Cup. The cryptocurrency reacted strongly to the news in early May but has succumbed to the weak market sentiment.

Source – TradingView

From the daily chart, ALGO has fallen below the $0.36 support. Momentum is weakening, with a bearish crossover on the MACD indicator.

Should you buy Algorand?

Despite receiving good attention, Agorand is still in a bearish market and not yet a buy. A recovery above $0.36 is needed to consider the further upside. Otherwise, ALGO could slide back to the $0.30 zone.

The post Algorand touted as a crypto to watch in the next bull cycle, but how attractive is it? appeared first on CoinJournal.

• Ravencoin surged on Friday despite a bearish crypto market

• The blockchain, forked from Bitcoin, is a beneficiary of the ETH merge

• Technical indicators are currently bearish, casting doubts on sustained gains

Ravencoin RVN/USD surged 5% on Friday. At the time of writing, the token was trading for $0.03651. Although the pump is not tied to any specific factor, there is a rising interest in Ravencoin among crypto miners. As a PoW blockchain, it was one of the notable gainers after Ethereum’s proof-of-stake merge.

Crypto miners opted for Ravencoin as an alternative to ETH mining. Besides, the blockchain platform has equally seen rapid expansion. This follows a step by FTX crypto exchange to list RVN perpetual features a mid-last month. The futures let investors speculate on the price of RVN.

It is of importance to note that Ravencoin was forked from bitcoin in 2018. The network aims for the issuance and transfer of new digital assets. Ravencoin is a proof-of-work consensus algorithm network. Its native token, RVN, powers decentralised applications and non-fungible tokens. From the technical outlook, RVN faces hurdles to the upside.

RVN shows some bullishness at the support zone

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Source: TradingView

From the daily chart above, Ravencoin collapsed from $0.0771 in mid-September, shedding off 52% of its value. Technically, Ravencoin is showing some bullishness but remains locked in a broader support zone. 

The momentum indicator, MACD, shows a clear bearish level, while the Stochastic Oscillator is at 32. The latter is slightly above the oversold zone but within the vicinity.

Bottom line

Ravencoin may not sustain the current gains due to largely bearish momentum. From the chart, the token is facing immediate resistance at $0.042. To invalidate the current sentiment, RVN must clear above the resistance level. The key indicators should also turn green. As it is, RVN is not out of the woods yet.

The post Can Ravencoin sustain momentum after 5% gains? appeared first on CoinJournal.

• BNB fell 3% on Friday after an exploit of $100 million

• The cryptocurrency had already hit the target at or around $300 and was set for a correction

• Potential price action/bullish reversal could occur at or close to $267

Binance BNB/USD fell more than 3% on Friday on exploit news. The overnight hack on the BNB Chain led to a loss of at least $100 million. However, BNB Chain estimates the figure at $7 million, with about $560 million initially targeted. 

The exploit forced a network shutdown for hours before resuming. BNB chain promised users that their funds are safe as it works to freeze any transfers. The attack is deemed to have been perpetrated by a bug in the bridge. It enabled the hacker to breach the security proofs of BNB Chain.

As the hacking event unfolds, BNB has taken a hit. As of press time, the cryptocurrency traded at $284, down from the previous day’s high of $297. Technical analysis shows that BNB was imminent for a correction after hitting resistance. In our previous Coinjournal analysis, we illustrated why $300 was an important zone for BNB. With the price reaching $298, we deem the target as already met, although not precisely. 

BNB slides below $300 after the latest exploit

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Source – TradingView

From the technical outlook, BNB is in a correction phase that could last a few days. The MACD indicator remains in the bull zone, but momentum is weakening. With the latest exploit, BNB’s weakness will exacerbate, while a break above $300 will wait for another day. The cryptocurrency could find support at $267. 

Summary

BNB’s weakness is expected to rise further after the hacking incident. However, buyers have been defending $267, making it the ultimate key level to watch. 

The post BNB takes a hit from an exploit. Here is the level to watch appeared first on CoinJournal.

SushiSwap price has made a strong comeback this week as investors react to several important ecosystem news. SUSHI soared to a high of $1.3328, which was the highest level since September 10 of this year. It has jumped by more than 54% from its lowest level this year.

Why is SUSHI soaring?

SushiSwap is one of the biggest players in the Decentralized Finance (DeFi) industry. It is an alternative to Uniswap and PancakeSwap in that it lets people swap tokens at a slightly small cost. Further, the platform has a cross-chain swapping feature and the ability to earn fees by providing liquidity to the network.

SushiSwap product is available across most blockchains like Ethereum, Arbitrum, Polygon, Harmony, and Avalanche. All these versions have a combined market cap of more than $515 million. Ethereum’s version has the biggest share since it has over $373 million in assets. At its peak, SusshiSwap had a total value locked of over $5 billion.

SUSHI price rose sharply this week after some important cryptocurrency news in the ecosystem. First, Sushi DAO announced that it was changing its leadership team. Jared Grey was elected as the “head chef”, the equivalent of a CEO. 

Grey is a highly experienced professional who has established several crypto startups in the past few years. In a statement, he said that he will focus his time on revenue and market share growth. The DAO faces significant competition from the likes of dYdX and Uniswap.

Still, it is unclear how long he will keep his job since several officials have left the organization in the past few months. Jonathan Howard left his CEO role in August.

Another main reason why the SushiSwap price has done well is that GoldenTree Asset Management said that it had invested in the token. It acquired tokens worth over $5.2 million.

SushiSwap price prediction

Turning to the daily chart, we see that the SUSHI price has risen in the past five straight days. In this period, it has risen to the upper side of the symmetrical triangle pattern that is shown in purple. It has also risen slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.

Therefore, I suspect that the SushiSwap price will resume the bearish trend as sellers target the lower side of the triangle pattern at $1.02.

How to buy SushiSwap

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The post SushiSwap price prediction as SUSHI makes a comeback appeared first on CoinJournal.