Kategorie: Crypto News

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How bullish is Cardano ahead of the Vasil upgrade?

  • Cardano is expected to undergo a network upgrade on September 22

  • The network has witnessed increased asset inflows in the past week

  • ADA is recovering after falling due to inflation data 

Cardano’s ADA/USD highly expected Vasil upgrade is getting close. The development team has earmarked September 22 as the date the hard fork will go live. With enthusiasm around the hard fork, it is highly probable the token will experience buying pressure. 

Well, there is no adequate proof of how Cardano will behave as the hard fork occurs. Nonetheless, a Digital Asset Fund Flows report has highlighted growing interest. For the past week, Cardano has witnessed inflows of $400,000. The rate is 4 times the inflows of $100,000 the previous week. Comparatively, Bitcoin products saw about $13 million in outflows in the past week. Ethereum had $62 million in outflows amid the expected move to a proof-of-stake blockchain.

The increased inflows into ADA suggest expectations that the market has on cryptocurrency. A successful hard fork could allow Cardano to outperform the market. 

ADA price movement and prediction ahead of the Vasil upgrade

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Cardano is recovering after sustained losses following Tuesday’s inflation data. While most cryptocurrencies remain in the red, Cardano has surged by nearly 2% in the last 24 hours. Trading volumes are still down by 17%, highlighting a mixed reaction.

Source – TradingView

On the technical front, ADA slipped below the 50-day MA. It is recovering above the 20-day MA, although the price remains below an important $0.52 resistance. At the current level, ADA lacks a clear directional movement. A bullish momentum will be confirmed if ADA overcomes the $0.52 resistance. The Vasil upgrade could be the next trigger for bullish momentum.

Summary

ADA is recovering after the latest slip. Inflows on Cardano products are growing, which could trigger a surge. Currently, we cannot confirm a bullish bias as the price remains trapped by resistance and 50-day MA.

The post How bullish is Cardano ahead of the Vasil upgrade? appeared first on CoinJournal.

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Decision time as Axie Infinity holds support amid weak momentum

  • Axie Infinity has dipped 2.62% in the past day.

  • Google Cloud recently joined the list of Axie Infinity validators.

  • AXS has retested $12.8 support amid a sluggish momentum.

Axie Infinity AXS/USD has dipped 2.62% in the past 24 hours to trade at slightly above $13. The drop comes despite Google cloud recently joining the list of firms validating transactions on the blockchain.

Google’s entry makes the number of validators on Ronin 18. Ronin is Axie’s gaming-based Ethereum sidechain. The platform was breached in March in one of the largest DeFi hacks of all time. About 10% of the more than $500 million worth of crypto losses has since been recovered.  

Part of the security intervention by Sky Mavis has focused largely on decentralization. The developer aims to expand validators to 21. The effort is yet to have a significant impact on the price of AXS token, which tanked from $75 to $13 after the exploit.

Axie Infinity is a battling game powered by collectible NFT assets. To date, the blockchain game has recorded more than $4 billion in NFT asset sales. Much of the success was registered last year before play-to-earn platforms lost momentum. Axie Infinity is now expanding to free-to-play models, and it remains to be seen how profitable the move will be. On the technical side, AXS is facing a correction. 

AXS retests $12.8 support in a market correction

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Source: TradingView

According to the daily chart above, AXS has retraced from a high of $15.3 to the $12.8 support level. Despite the MACD indicator showing bullish signals, momentum to the upside is weak. RSI is at 40, meaning the bears are still controlling the market. However, a price above the $15 resistance invalidates the bearish sentiment, and AXS could set on recovery.

Concluding thoughts

AXS has retraced to a make-or-break support level. A price below the support could open more weakness, and the token could trade even lower. Concerns around the security of the Ronin network remain a challenge for Axie Infinity in the long run.

The post Decision time as Axie Infinity holds support amid weak momentum appeared first on CoinJournal.

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3 Ethereum competitors to watch even after the merge

The Ethereum merge is likely to entrench Ethereum’s position as a top layer-1 chain. That’s because, with better scaling and lower fees, more developers are likely to find Ethereum even more attractive. 

So, does this mean the platform blockchain market is cornered, and there is no space for other players? Far from it! While Ethereum is likely to entrench its position as the number one platform blockchain, others will still thrive. That’s because Ethereum fees will, on average, still be higher than other players in the industry. 

In fact, at current depressed prices, now could be a good time to invest in layer-1s that have the potential to do well if Ethereum triggers a broader market rally in the short term.

Solana (SOL)

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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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Solana (SOL) takes pride in being one of the fastest platform blockchains and is unmatched regarding transaction costs. Solana can handle up to 50k transactions per second at fees in the pennies. 

While Solana has had security scares recently, developers seem to have confidence in it, as its adoption is growing fast. For instance, Solana NFTs are growing exponentially, and the number of DeFi projects launching on Solana is also on the rise.

One of the big projects moving to Solana and could change its fortunes in short to medium term is Helium. Helium is considering a shift to Solana, and once it happens, it will be a huge credibility boost for Solana.

It will be a good indicator that Solana still has room to grow despite the increasing pressure that Ethereum will put on Layer-1 blockchains going into the future. When you factor in that Solana is way off its most recent highs, it’s clear why it is one of the top cryptocurrencies to watch even after the Ethereum merge.

Terra Classic (LUNC)

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

Terra Classic (LUNC) has been in the news recently, primarily due to the token burn that was implemented as an on-chain tax. While this is the reason for the massive pump witnessed last week, Terra Classic remains one of the most capable Layer-1s in the market. It still has the technical capabilities and lots of projects building on top of it. That’s despite the UST collapse that almost ruined the network. Terra Classic’s scalability, low fees, and now the token burn put it in a unique position to compete with Ethereum even after the Ethereum merge.

Avalanche (AVAX)

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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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Avalanche (AVAX) is another top layer-1 cryptocurrency gaining traction quite fast in adoption. The most recent pointers to Avalanche’s growing adoption include GMX, a decentralized spot trading exchange, and DeFi aggregator 1Inch. Being one of the more stable L-1 chains, Avalanche is likely to record growing adoption even after the Ethereum merge. 

Since Avalanche is trading at record lows compared to its most recent all-time highs, it stands out as one of the top cryptocurrencies to keep an eye on not just in September but for days to come.

The post 3 Ethereum competitors to watch even after the merge appeared first on CoinJournal.

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Web3 platform MYTH becomes the latest project to be adopted by TDeFi

TDeFi, a startup incubator for DeFi assets projects, has announced that it will add MYTH, a Web3 platform built for fantasy, sci-fi, and horror fans. TDeFi works closely with companies and projects as a startup incubator and advisor while MYTH allows the fans to connect with each other through Web3 technology.

MYTH will join more than 45 other projects that are currently using TDeFi’s incubation program. Examples of projects that are in the TDeFi incubation program include Vulcan Forged, Gari, Biconomy, MetAmazonia, Bridge, and Sinverse among others.

MYTH joining TDeFi ecosystem

By joining TDeFi’s ever-growing ecosystem, MYTH will achieve its goal of becoming the go-to ecosystem for sci-fi, fantasy, and horror in the Web3 space.

Besides being adopted by TDeFi, MYTH has been on an upward trajectory with 14 partnerships featuring top names in Web3 gaming, NFT comics, gamified collectibles, and the metaverse. Through this diversification, MYTH is able to deliver original comprehensive fantasy-based content to its community members.

MYTH also has a native token called MYTH token, which is used as a governance token, for incentives and for empowering users to build their creations.

MYTH’s ecosystem is built around community-directed projects, play-to-earn (P2E) fantasy games, digital publishing, and fantasy art collectibles. All these facets support the creation of a unified pop-culture metaverse.

TDeFi’s incubator

TDeFi’s incubator helps projects from the launch phase and through every other phase of a project’s lifecycle until the project becomes a success. It provides startups with access to world-class mentors, necessary tech and tools, marketing, community-building techniques, exchanges, liquidity, partnerships, and industry connections.

One of the main advantages of TDeFi’s incubator program is that it does not require projects to make any upfront payments to join. TDeFi acquires a fixed percentage of a project’s token supply rather than charging a fee.

In addition, every project that qualifies for the TDeFi incubator program automatically becomes a partner to all the events that are hosted by TDeFi like the global hackathon BizThon that is scheduled for October.

The post Web3 platform MYTH becomes the latest project to be adopted by TDeFi appeared first on CoinJournal.

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Eastern Europe crypto exchange giant Zonda expands to Denmark

Zonda recently expanded into Italy and secured a regulatory nod to operate in Canada.

Zonda, a regulated cryptocurrency exchange registered in Estonia, has expanded its services to Denmark, according to a news release.

According to the company, its Danish office will be in Copenhagen, with a team of developers at the location working under Zonda CTO Jakob Lundqvist. 

The team will use the new location to advance Zonda’s technological ambitions and market tools as it caters to both retail and corporate clients.

Zonda eyes European expansion

Founded in 2014, the exchange is one of the largest in Eastern and Central Europe, currently serving over 1 million users and offering more than 60 cryptocurrencies.

Customers can buy or swap any of the supported coins and tokens with crypto (Bitcoin (BTC) and Ethereum (ETH)) and major fiat currencies Euro, the British Pound, the US dollar and the Polish Zloty (PLN). The exchange also supports stablecoins Tether (USDT) and USD Coin (USDC).

The exchange also offers a retail-focused service via ZondaPay app and provides training and other educational services on crypto via its Zonda Academy.

The expansion into Denmark therefore opens the platform to further growth across the continent. Recently, the exchange expanded into the Italian market and is eyeing registration and licenses for the United Kingdom and Switzerland.

Beyond the continent, the company has regulatory approval to offer its services and products in Canada.

The post Eastern Europe crypto exchange giant Zonda expands to Denmark appeared first on CoinJournal.