Kategorie: Crypto News

• Stellar Lumens has posted 7% gains in a week.
• The cryptocurrency trades near the lowest levels in nearly two years.
• XLM, Stellar Lumens native token, is recovering but faces a likely resistance.

Stellar Lumens XLM/USD has added 7% in the past one week. We remain in a large bear market, suggesting that the cryptocurrency is on its way to recovery. The gains are driven by momentum rather than market developments.
Stellar Lumens claims to be an open network for transactions involving all forms of money. The network is designed to connect financial entities and people across the world.

The potential for growth of Stellar Lumens caught the eye of investors in 2021. The token capped a high of nearly $0.8 in May 2021 from merely $0.11 at the start of the year. However, a crypto crash this year has forced XLM to near the lows at the beginning of 2021.

Stellar Lumens initiates recovery but faces a resistance

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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Source – TradingView

A technical outlook of XLM shows a moving average crossover. The short-term 20-day moving average has recovered above the 50-day moving average. A bullish MACD crossover also reinforces a bullish view of cryptocurrency. However, the momentum is still weak.

Thoughts on XLM

Technical indicators remain bullish on Stellar Lumens. The cryptocurrency has room for further upside. However, $0.12 is a key resistance to watch.

If XLM is to remain bullish, buyers must overcome the $0.12 resistance. The level has contained the price since June making it important for price action traders. If bulls outwit bears at the resistance, it could set XLM to the next resistance at $0.14.

Based on the above, XLM does not present an attractive buy opportunity despite the indicators sounding bullish. We need a break above the resistance to buy the token.

The post Is Stellar Lumens a buy after weekly gains? appeared first on CoinJournal.

• GMX is a DEX that supports spot and perpetual futures on an on-chain interface

• The token gained after news that it was getting listed by Binance on Wednesday.

• GMX faces a further correction 

GMX dubs as a decentralised exchange that supports spot and perpetual futures via its on-chain trading interface. Avalanche and Arbitrum power the DEX. GMX supports zero price impact trades at very low swap fees.

A key feature of GMX is that it allows users to borrow up to 30 times their initial margins. Its native token, GMX, provides utility to the ecosystem and facilitates governance. 

GMX token rose nearly 40% before sliding following the latest news. On October 5, Binance announced the listing of the GMX token. Binance said it would open trading for GMX pairs with BTC, BUSD, and USDT. The trading started on 2022-10-05 at 10:00 (UTC). The crypto exchange stated that GMX withdrawals would start on 2022-10-06 at 10:00 (UTC).

GMX corrects after double-digit gains

Source – TradingView

Technically, GMX rose past $56 resistance as social interest in the token grew on Wednesday. The token has since fallen back and trades below the resistance zone. 

The recent gains forced the token to break above the upper limit of the Bollinger bands. That implied that a correction was likely to happen. The token’s support is at $38, coinciding with the lower limit of the Bollinger bands.

Should you buy GMX

This analysis finds that GMX could continue to face correction after failing to maintain above $56 resistance. In our assessment, the token could have been driven by a retail frenzy. That is emphasised by data by LunarCrush, which shows that GMX was second in terms of social interest on Wednesday.

Of course, listing by a major exchange like Binance is a major boost for GMX. However, as retail interest cools, the price could take a hit.

The post What is the GMX token, and why is it surging today? appeared first on CoinJournal.

HNT is on track for its biggest gain this month as Helium is outperforming the other coins in the top 100.

HNT, the native token of the Helium network, is the best performer amongst the top 100 cryptocurrencies by market cap today. It has added more than 7% to its value so far on Wednesday and could be on track for its biggest daily gain so far in October.

The positive performance comes as the broader crypto market continues its positive start to the week. The total crypto market cap crossed the $950 billion mark after adding less than 1% to its value in the last 24 hours.

Bitcoin, the world’s number one cryptocurrency, is trading above the $20k level for the first time this month after adding 1% to its value in the last few hours.

Ether, the second-largest cryptocurrency by market cap, is, however, down by less than 1% but continues to trade above the $1,300 resistance level.

There is no immediate catalyst behind HNT’s ongoing positive performance. However, if it maintains it, HNT could surge by more than 10% before the end of the day.

Key levels to watch

The HNT/USD 4-hour chart has turned bullish as Helium has been performing well over the last 24 hours. The technical indicators show that Helium is outperforming the broader crypto market.

HNT/USD Chart By TradingView

The 14-day relative strength index of 63 shows that HNT could soon enter the overbought region if the bulls continue to control the market.

The MACD line crossed into the positive territory yesterday, indicating that HNT has overcome its recent bearish trend. 

At press time, HNT is trading at $5.384 per coin. If the bullish trend continues, HNT could move past the first major resistance level at $6.691 before the end of the day.

However, it would need the support of the broader crypto market to target the $8.5 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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Vindax

VinDAX Exchange has been live for cryptocurrency trading for global users since March 2019. VinDAX focuses on providing exchange services for digital cryptocurrency transcations with high security level, excellent efficiency and well-optmized trading fee.

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The post Is Helium on track for its biggest daily gain this month after rallying by more than 7% today? appeared first on CoinJournal.