Kategorie: Crypto News

• Avalanche integrated the Layer-2 solution Boba Network on Wednesday.

• AVAX trades the $17 support zone

• Future recoveries depend on market sentiment

Avalanche AVAX/USD trades at $17.34, a level it has held since September 18. The price level has been the lowest since early July. At the bottom level, buyers are showing interest after days of consolidation. At press time, the token was up 2.07% in the last 24 hours. The gains were, however, not enough to erase 7.94% losses in the past week. 

Avalanche welcomes Boba Network

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Multi-chain Layer-2 chain Boba Network announced entry into Avalanche on September 21. The integration will see Boba help Avalanche meet the scalability demands. Boba lauded Avalanche for its fast and low-cost transactions and eco-friendly solutions. Following the integration, Biba will become Avalanche’s first L2.

Avalanche price and prediction

The integration of the Boba network adds a positive sentiment to AVAX when the sentiment is weak. That helped the token recover slightly amid an interest rate hike by the Federal Reserve. However, we find AVAX between a rock and a hard place as momentum is weak at the support.

Source – TradingView

A technical outlook shows that AVAX’s in a downtrend. The price has been moving in a pattern of lower highs and lower lows. A recent MACD bearish crossover speaks of the weakening momentum. The moving averages above offer resistance.

Concluding thoughts

Despite the Boba Network integration, AVAX is in a bear market and is not a recommended buy. Buyers may keep optimism of recovery at the $17 support. However, with the weak sentiment, a lower price is possible. 

If AVAX holds the support intact, a wave of consolidation may follow. That will enable the token to gather sufficient momentum to go higher. The cryptocurrency has a minor resistance at $22.

The post Avalanche slides to $17 support but is it a buy? appeared first on CoinJournal.

Cryptocurrencies and other assets crashed in 2022 as concerns about interest rates rise. The Federal Reserve has hiked interest rates by 300 basis points and there is a likelihood that it will continue hiking in the coming months. Still, analysts believe that some coins will bounce back in the coming years. Here are some of the best cryptocurrencies to buy now.

Bitcoin

Bitcoin is a cryptocurrency that uses the distributed ledger technology (DLT). It is a coin that helps people move money anonymously. Over the years, most holders buy it for investment purposes. Bitcoin price has been in a strong bearish trend in the past few months. This decline is mostly because of the soaring inflation, interest rates, and low demand among participants.

Bitcoin is still a good cryptocurrency to buy now for several reasons. First, BTC has a long track record of having major dips. For example, in 2018, it dropped from a high of almost $20,000 to about $4,000 in 2020. It then soared to almost $70,000 in 2021. 

Second, BTC has a close correlation with American stock indexes like the Dow Jones and the Nasdaq 100. Indeed, these indices have all declined sharply this year as well. Historically, stocks tend to rebound after going through a major dip. Therefore, if stocks bounce back, there is a likelihood that BTC will also bounce back. Third, as the biggest cryptocurrency in the world, BTC has interest among institutional investors. 

Dogecoin

Dogecoin is a proof-of-work cryptocurrency that was created in 2014. For a long time, it was largely unknown until Elon Musk started promoting it in 2021. After that, it moved from obscurity to become one of the biggest cryptocurrencies in the world. It also pioneered a new type of cryptocurrency known as meme coins. 

Dogecoin price has fallen sharply in the past few months, giving it a market cap of more than $7.8 billion. Still, it is a good investment because of the strong community around it. It is estimated that there are now over 40 million Dogecoin holders around the world. As such, there is still real utility for the coin, which could help it recover.

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Solana

Solana is a leading blockchain project that enables developers to build decentralized applications (dApps) in all industries. It is one of the biggest rivals to Ethereum. Unlike other Ethereum-killers, Solana has been used to build applications that have real utility. Some of the top apps in its ecosystem are StepN, Solend, Audius, and Brave. 

Solana price has dropped sharply this year due to the challenges in its ecosystem. For example, the total value locked (TVL) in its ecosystem has crashed from over $15 billion to about $1 billion. Similarly, the regular outages have disincentivised people from moving to the coin. Still, Solana is one of the best Ethereum rival to buy today.

Sweat Economy

The fitness industry is one of the biggest in the world. Sweatcoin is disrupting the industry using the blockchain industry. Sweatcoin makes it possible for people to exercise and make money doing so. In September, the developers launched the Sweat Economy crypto to make it possible for users to cash out their holdings.

SWEAT has crashed hard after launch as was widely expected. This drop happened as existing SWEAT holders moved to cash out. Still, in the long-term, there is a likelihood that the coin will bounce back as the developers launch new features.

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The post What crypto to buy now: 4 of the best coins to buy appeared first on CoinJournal.