Crypto News Archive - Seite 1454 von 1654 - Finanzmittel Info + Krypto + Geld + Gold

12. April 2022

Ethereum price prediction: Channel signals a drop to $2,650 likely

Ethereum price continued retreating as investors continued worrying about the rising bond yields. ETH crumbled to a low of $2,960, which was the lowest level since March 24th. It has dropped by more than 16% from its highest level this month.

US inflation ahead

There is nothing fundamentally wrong with Ethereum. Indeed, the number of transactions in its network has been steady in the past few months. DeFi, gaming, and non-fungible tokens (NFTs) are all doing modestly well.

At the same time, the transition from a proof-of-work (PoW) network to a proof-of-stake (PoS) is going on. On Monday, developers announced that the first mainnet shadow fork went live as the testing of the network continued.

In all, analysts expect that the merge of the existing Ethereum ecosystem with the beacon chain will complete in June this year. This will be an important milestone that will lead to a strong performance of apps built in Ethereum’s blockchain.

The main reason why Ethereum price is falling is related to the macro picture. The performance of the bond market is signaling that the Fed will keep pushing interest rates substantially higher in the coming months.

The Fed minutes published last week showed that more members of the Federal Open Market Committee (FOMC) were open to more tightening. Some, including the dovish Lael Brainard, have concluded that more hikes and quantitative tightening are necessary.

The latest US inflation data that comes out on Tuesday will send signals of how aggressive the Fed will be. Economists expect these numbers to show that the headline consumer inflation rose to 8.4% while core inflation jumped to 6.6%.

If the numbers are stronger than these, it will send a signal that the Fed will get more aggressive. This hawkish tone explains why Bitcoin, Ethereum, and Nasdaq 100 indices have declined sharply.

Ethereum price prediction

The daily chart shows that the ETH price has been in a strong bearish trend in the past few days. The coin has moved below the upper side of the ascending channel. It has also moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the oversold level.

Therefore, Ethereum price will likely keep falling as bears target the lower side of the channel at about $2,650. A move above the upper side of the channel will invalidate this view.

The post Ethereum price prediction: Channel signals a drop to $2,650 likely appeared first on Coin Journal.

12. April 2022

Bitcoin briefly declines below $40k. Will it drop towards $35k soon?

The broader cryptocurrency market has been underperforming over the past few days.

The cryptocurrency market has been underperforming since the start of the week. In the last 24 hours, the total cryptocurrency market has lost more than 4% of its value, resulting in the total market cap dropping below $1.9 trillion.

Bitcoin remains the leading cryptocurrency by market cap but continues to suffer due to the bearish sentiment currently at play. Over the last 24 hours, Bitcoin has lost more than 5% of its value.

At press time, Bitcoin is trading at $40,171 after briefly declining below the $40k support level a few hours ago. In the past seven days, Bitcoin has lost more than 13% of its value, effectively erasing the gains it had accumulated late last month.

Bitcoin was previously trading around $45k, and the bullish momentum meant it could challenge the $50k psychological level. However, with the current market trend, Bitcoin could struggle to defend its position above $35k over the coming days or weeks.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish as Bitcoin continues to underperform. The technical indicators also show that it is one of the worst performers amongst the top 10 cryptocurrencies by market cap.

The MACD line has dropped below the neutral zone, indicating strong bearish momentum for Bitcoin at the moment.

The 14-day relative strength index of 31 shows that Bitcoin is currently in the oversold region.

If the bearish momentum persists, Bitcoin could drop below the first major support price at $38,886 before the end of the day. However, it should defend its position above the second major support level at $37,528 in the short term.

However, if the bullish momentum returns, Bitcoin could trade above the $42k resistance level over the coming hours. It would need the support of the broader market to reach the $44k level again over the coming hours or days.

The post Bitcoin briefly declines below $40k. Will it drop towards $35k soon? appeared first on Coin Journal.

12. April 2022

MinePlex price is up by more than 49% today: why is the price of PLEX rising?

MinePlex price has been rising since April 6 and its bullish trend seems to be gaining momentum every day.

At the time of writing, PLEX was trading at $1.91; up 49.95% in the last 24 hours. It has hit a daily high of $2.0 and a daily low of $1.18.

Currently, its trading volume is $15.6 million which is slightly higher than the one it had on April 6 trading volume of $15.09 million.

In this article, we will focus on the factors causing the price of PLEX to rally.

Why is MinePlex price rising?

Before we delve into the reasons behind the price hike, let’s first explain what MinePlex is for the sake of those coming across the term for the first time.

In a nutshell, MinePlex is a mobile crypto bank that enables users to use fiat or cryptocurrencies for transfers, payments, and banking operations. It has two native tokens namely PLEX and MINE.

The PLEX token acts as a payment instrument and as an asset within the ecosystem and it has a mathematical algorithm that allows it to have a predictable price increase. The MINE token, on the other hand, is a non-volatile token with a fixed and it gives value access to the system’s services.

MinePlex has four main components in its ecosystem: an online store MinePlex.Marketplace, a payment system Mineplex.Money, a new digital banking app Mineplex.Finance, and a business development platform MinePlex.Payment.

Now, onto the reason behind the bullish trend of the PLEX price.

New digital banking app, MinePlex.Finance, launch

One of the main factors that have resulted in the current price hike is the recent launch of a new digital banking app, MinePlex which set the coin price skyrocketing.

According to a press release, the new app will bridge main fiat currencies with PLEX tokens:

“MinePlex.Finance is independent from the MinePlex platform, although it requires the use of the project’s own PLEX tokens in order to utilize it. It comes as an advanced solution that can be used as a digital account, a payment app, or a mobile wallet for PLEX tokens and the main fiat.”

The post MinePlex price is up by more than 49% today: why is the price of PLEX rising? appeared first on Coin Journal.

11. April 2022

Dogecoin (DOGE) breaks 100-day SMA – Is a bull run on the way?

Dogecoin (DOGE) may have seen a major boost after Elon Musk floated the idea of bringing it into the Twitter payments ecosystem. The meme coin even surged by around 8% after the news, but it has since fallen sharply from that pump. But what does the future hold? Here are some developments of note:

After the initial Elon pump, DOGE fell by almost 16% in 24 hours
The coin did however manage to remain above its 100-day SMA
Musk’s statements are unlikely to have any material effect on the price action

Data Source: Tradingview

Dogecoin (DOGE) -Why Musk’s pump won’t save it?

Elon Musk is one of the most influential voices in crypto and tech. When he floated the idea that Dogecoin could be included as part of the Twitter payments ecosystem, the price surged. Musk is after all the largest shareholder of Twitter. But it turns out this pump was short-lived as investors confronted the technical indicators.

As a result, DOGE fell by almost 16%. But crucially, the coin has managed to stay well above its 100-day SMA of $0.13. This level has proved to be strong support, and it is unlikely DOGE will breach it.

Once the coin consolidates around this price, we expect bulls to push further towards the 200-day SMA. While we don’t think it’s possible to breach the 200 Day SMA in the near term, a short bull run could still be a great win for bulls.

Does DOGE have a future in payments?

DOGE was the most successful meme coin before Shiba Inu. Over the years, the coin has tried to add more utility to its ecosystem and in fact, many have explored it as a possible payment option.

If indeed Twitter is able to adopt it within its payment ecosystem, then DOGE will easily become a mainstream coin with vast implications for the digital economy.

The post Dogecoin (DOGE) breaks 100-day SMA – Is a bull run on the way? appeared first on Coin Journal.

11. April 2022

Solana (SOL) struggles at a crucial resistance – Here is why it could drop further

Solana (SOL) has struggled to report any gains after trading in losses over the last three sessions in a row. The coin now looks very weak, and unless something drastic happens, it’s headed for further decline. Here are some highlights:

SOL has fallen sharply in the last 24 hours, dropping by almost 10%.
The coin still remains above a crucial $100 support zone
But this is unlikely to hold in the coming days

Data Source: Tradingview

Solana (SOL) – How far can it fall

After surging at the end of March, SOL slowed sharply in April. The coin has fallen from its $140 highs and is now just above the $100 mark. SOL even managed to push below its lowest price in March of $107. This could suggest that we are on the brink of a trend reversal that could see more losses follow.

In fact, if bulls lose the crucial psychological support zone of $100, then the only way for SOL will be downwards. The $100 and the $93 support zones have proved very strong in the past. While there may be some resilience in the days ahead, the $100 will be lost, and bulls will try to consolidate at $93.

But if $93 is also lost, SOL will enter an intense downward spiral that could bottom at $77 before any leg up. This will represent a loss of nearly 30% from its current price and almost a 100% decline from its highest price in March.

Is it good to own Solana?

Solana is a big project, and if you don’t have it yet, this would be a nice time to buy it. However, because there is a significant downside risk, you may want to wait for a week or so.

Based on current indicators on the chart, SOL is likely to bottom. When that happens, you can buy and hold SOL for the future.

The post Solana (SOL) struggles at a crucial resistance – Here is why it could drop further appeared first on Coin Journal.