Kategorie: Crypto News

• Bitcoin Cash has rejected a decline below $110

• The price of the cryptocurrency has been tied to macro events

• BCH is eyeing a breakout as bear weakness abates

Bitcoin Cash BCH/USD remains resilient despite a bear market. More often, Bitcoin Cash’s price movement has been related to that of Bitcoin. The former, a hard fork of Bitcoin, has been hit by macro events that have dampened its price. 

As of press time, Bitcoin was struggling to retain $19,000. The price action highlights the impact of potential tighter economies on the largest cryptocurrency. BCH was slightly bullish, adding 1.51% in the last 24 hours. The token was barely attempting to rise above $120. But looking at the technical side, buyers have something to smile about for BCH.

BCH rejects decline below $110, highlighting a potential bottom level

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy BCH with eToro today Disclaimer

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.

Buy BCH with Skilling today Disclaimer

On the chart below, BCH has established support at $110. Bulls have defended the $110 level since July. While the bears remain in control, as indicated by the trendline and moving averages, the selling pressure is abating. BCH price has slightly risen above the descending trendline at a potential breakout zone. The price action shows buyers slowly winning against bears at the support zone.

Source – TradingView

The MACD indicator remains in the bear zone. However, the indicator shows that the bearish momentum is weakening. The view could be strengthened if bulls manage to take BCH above the moving averages. In that case, we will consider a sufficient breakout to issue a bull call on the cryptocurrency. 

Concluding thoughts

Bitcoin Cash token is starting to pull bullish moves despite a largely bear market. Bulls have rejected attempts by bears to take the price below the $110 support. With that in mind, we consider $110 as a probable bottom on BCH. The price is attractive if you are looking to hold in the long term. A bullish breakout could usher in more buyers.

The post Bitcoin Cash prediction as price eyes breakout from a descending trendline appeared first on CoinJournal.

• Dogecoin has gained by 7% amid an increased whale activity 

• The meme token is the biggest gainer in the top ten cryptocurrencies by market cap

• DOGE has broken above a descending trendline but is currently overbought

Dogecoin DOGE/USD added more than 7% over the weekend. The jump helped it to become the top gainer in the top 10 crypto bracket. Despite the lack of clear fundamentals, Dogecoin is known to pull moves even during a bearish market. At a time Bitcoin and other major cryptos are on a downturn, investors could be finding an escape through DOGE. 

An IntoTheBlock data on Friday showed that whales were accumulating Dogecoin. As of September 23, the number of 100 million to 1 billion DOGE holders rose by 5.13% in a week. DOGE also added 6 new whales in the week. The addition of whales coincided with a low price of $0.05. It means that whales were finding DOGE attractive at the low valuation. 

A 4-hour chart outlook shows DOGE on an uptrend

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy DOGE with eToro today Disclaimer

Source – TradingView

From the 4-hour chart, buyer activity on DOGE increased as the token bottomed below the bearish trendline. A bullish surge followed, pushing the price to break above the trendline. The meme token also broke above the moving averages. A 20-day MA crossover above the 50-day MA supports the upside potential. From a technical perspective, a bullish reversal has been confirmed on DOGE after the breakout. 

Buyers will try to take DOGE back to $0.07 after the breakout. However, the ride to $0.07 will be characterized by potential short-term corrections as DOGE is currently overbought.

Concluding thoughts

 A retracement towards the breakout zone is an opportunity to buy DOGE. The bullish momentum is strong, but the price is yet to reach the key resistance at $0.07.

The post Dogecoin prediction as price breaks above the descending trendline appeared first on CoinJournal.

• Polygon’s MATIC has lost a quarter of its value from its August high.

• Polygon welcomed Binance stablecoin to its ecosystem on Tuesday.

• MATIC remains vulnerable but expect a bullish reversal soon.

Although Polygon’s MATIC/USD is easily one of the recent top gainers, a bear market remains. Since topping $1 in mid-August, MATIC has been on a downtrend. It currently trades at $0.77, implying a loss of 25% in about a month. 

The latest decline in MATIC was connected to profit taking after being one of the biggest gainers in July. Recently a move by the Federal Reserve to hike the rate also added to the bearish weakness. However, it could be a matter of time before MATIC makes a comeback, as it is known for making strong headlines.

On September 20, Polygon and Avalanche announced their support for Binance USD stablecoin. BUSD is ranked in the seventh position by market capitalization. That increases the stablecoin options for users on both blockchains. The move may not be a significant price trigger for MATIC but it underlines the massive position of Polygon.

MATIC price movement amid a bear market

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy MATIC with eToro today Disclaimer

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.

Buy MATIC with Skilling today Disclaimer

Turning to the technical side, MATIC trades at minor support of $0.77. Nonetheless, the token had already breached the support before correcting upwards. The price action suggests that MATIC is retesting the $0.77. A continuation of the bearish momentum is on the card. Bulls can only arrest the downside if they recover above $0.77.

Source – TradingView

The technical indicators show a bearish market. The MACD indicator is deep in the bear zone while moving averages offer resistance. If MATIC retests $0.77 and fails to go higher, the next support to touch will be $0.62.

Summary

MATIC is retesting a key level. Sellers could look to take the token to $0.62. The bottom support will be tested in a few days to a week’s time if bulls fail at $0.77.

The post When are we likely to see a bullish reversal on Polygon’s MATIC? appeared first on CoinJournal.

Chainlink price has had a difficult performance in 2022 as the cryptocurrency industry has struggled. LINK has crashed by more than 50% this year as the total value secured (TVS) in its platform has fallen from over $60 billion to less than $35 billion. 

SmartCon Conference

September has been a busy month for cryptocurrency-focused events. Early this month, Near Protocol, hosted its NearCon Conference in Lisbon. It was a major event that saw representatives from leading projects like DAO Maker and Sweatcoin.

This week, Messari, the leading data analytics company, hosted the Mainnet event that had guests from companies like Cardano, Binance, Hedera, and Coinbase.

The next major event will be hosted by Chainlink. Starting from September 28th, the SmartCon Conference will have a whole slate of respected people in the tech industry. Some of the top speakers will be Eric Schmidt, the former CEO of Google, Arianna Huffington, Kain Warwick, and Ron Bodkin.

Historically, events tends to have an impact on cryptocurrency prices especially when there is a major announcement. For example, Near Protocol’s price did well during its event as investors reacted to some positive events like the launch of Sweat Economy.

The SmartCon Conference comes at a difficult time for Chainlink and other cryptocurrencies. In the past few months, the prices of most cryptocurrencies like Bitcoin and Ripple have crashed by more than 50% from its all-time high. 

At the same time, the total value locked in decentralized finance (DeFi) has crashed from more than $150 billion to about $54 billion. This is notable since Chainlink is used widely in the DeFi industry, where it provides oracles. Oracles take external data from exchanges and then push it to DeFi platforms like Uniswap and Aave.

Chainlink price prediction

The daily chart shows that Chainlink price dropped to a low of $5.90 earlier this year. Since then, the coin has remained in a consolidation phase and managed to move slightly above the 25-day and 50-day moving averages. The Awesome Oscillator has moved to the neutral level. 

Therefore, there is a likelihood that the coin will continue rising ahead of the upcoming SmartCon Conference. If this happens, the next key resistance level to watch will be at $9.6, which was the highest level in August.

The post Chainlink price prediction ahead of the SmartCon Conference appeared first on CoinJournal.

Bitcoin price came under intense pressure this week as the VIX and the US dollar index (DXY) surged. It moved below the important support level at $20,000 and is trading at $19,125. The BTC/USD and BTC/GBP have crashed by more than 50% this year.

US dollar index surges

The BTC price has been in a steep sell-off in the past few weeks as the US dollar index has bounced back. According to Bloomberg, Bitcoin surged to $112.8, which was the highest level in more than 2 decades. This happened as the British pound dropped to the lowest level since 1987 and is now approaching the parity level.

The euro has dropped below parity and is at the lowest level in more than 20 years. Other currencies like the Swedish krona, Japanese yen, and the Swiss franc have also been in a steep downward trend lately.

The US dollar index strength continued after the Federal Reserve continued its hawkish tone this week. In its meeting, the bank decided to hike interest rates by 0.75%, bringing the year-to-date increase to 300 basis points. Notably, the officials warned that the bank will continue delivering jumbo rate hikes later this year. 

The impact of the hawkish Fed became visible to the market as Bitcoin price crashed below $20,000. American stocks tumbled, with the Dow Jones, S&P 500, and Nasdaq 100 indices crashed by more than 1.80% on Friday. Bitcoin has a close correlation with US stocks. 

At the same time, bond yields continued soaring, with the 2-year yield rising to 4.2%, the highest level in more than a decade. 10-year and 30-year government yields rose to 3.68% and 3.61%, respectively. 

Therefore, there is a likelihood that the BTC price will continue struggling in the coming days as the Fed maintains its hawkish tone.

Bitcoin price prediction

The daily chart shows that the BTC price has been in a strong bearish trend in the past few months. It has moved below all moving averages and crossed the important support level at $20,704, which was the lowest point on June 26. The Relative Strength Index (RSI) has moved slightly below the neutral point.

Therefore, there is a likelihood that Bitcoin price will continue falling as sellers target the next key support level at $18,000. A move above the resistance level at $21,000 will invalidate the bearish view.

The post Bitcoin price prediction as the US dollar index (DXY) spikes appeared first on CoinJournal.