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Here’s why OKB price is going parabolic and what next

OKB price has made a strong recovery on Friday as investors react to the company’s marketing incentives. The coin jumped to a high of $17.30, which was the highest level since August 26. It has jumped by more than 23% from the lowest level this month, bringing its market cap to over $990 million.

What is OKB and why is it rising?

OKX is a leading exchange that has a strong market share around the world. The company handles over $2.5 billion in the spot market on a daily basis. It also handles over $21 billion in derivatives, making it the second-biggest player after Binance, which handles more than $61 billion.

OKB is the native token for the ecosystem. Like other centralized exchange tokens, OKB is used to reward holders and provide discounts to traders. As part of its value creation, OKX uses 30% of income from the com[[any to buy back OKB from the 300 million that are in circulation. At the same time, they burn tokens after every three months. 

OKB price has rallied this week after the company announced a new campaign to popularize the exchange. The new campaign is known as ‘what is OK’ and will run in some of the best-known platforms globally. In line with this, the company will use Daniel Ricciardo, Pep Guardiola, and Scotty James.

The company hopes that the new campaign will make the brand more popular outside Asia, where it is not well known. In a statement, the Chief Marketing Officer (CMO) of the company said:

“It is now time to introduce OKX to the rest of the world. In the current climate, investors need an exchange that delivers a safe and responsible trading platform, while also offering them a very broad range of ways to pursue their own brand of financial liberty.”

In addition, OKX launched a new global content competition that will give YouTube and Twitter creators a chance to share $100k pool.

OKB price prediction

The four-hour chart shows that the OKB price made a spectacular comeback on Thursday. The token rose to a high of $17.33, which was the highest point in weeks. As it rose, the coin managed to cross the 25-day and 50-day moving averages while the MACD has moved above the neutral point. 

The pair seems to be forming a bullish consolidation pattern. Therefore, there is a likelihood that the coin will keep rising as buyers target the next key resistance at $20.

The post Here’s why OKB price is going parabolic and what next appeared first on CoinJournal.

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Bitcoin tops the $20k level once again after rallying by 7% on Friday

Bitcoin is trading above $20k again after spending most of the week trading below that psychological level.

The cryptocurrency market has underperformed for the best part of the week. However, it seems that the market will end the week in a positive fashion as most cryptocurrencies are trading in the green zone.

The total market cap rose above $1 trillion for the first time in more than a week, indicating bullishness within the market. This comes after the broader market added more than 5% to its value in the last 24 hours.

Bitcoin’s dominance level in the market dropped below 39% for the first time in more than two years. However, that hasn’t stopped the leading cryptocurrency from performing well over the last few days.

Bitcoin has added more than 7% to its value over the last 24 hours, surging past the $20k psychological level. This comes after BTC spent the best part of the week trading around $19k per coin.

Key levels to watch

The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the past 24 hours. The technical indicators show that BTC has been performing better than the broader crypto market. 

The MACD line crossed into positive territory a few hours ago, indicating that the bulls are regaining control of the market. 

The 14-day relative strength index of 73 shows that Bitcoin could be entering the overbought region if the rally can be sustained. 

At press time, BTC is trading at $20,757 per coin. If the positive momentum continues, BTC could move past the $21,476 resistance level of the day.

In the event of extended rally over the weekend, BTC could make a move for the $22,136 resistance level.

The bears might regain control of the market and drag Bitcoin below the $20k psychological level over the weekend. 

The post Bitcoin tops the $20k level once again after rallying by 7% on Friday appeared first on CoinJournal.

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Near Protocol gains 9% as bulls try to outwit bears at $4.2. What next?

  • Near Protocol token surges 9% and reclaims $4.2

  • Crypto recoveries and expected Ethereum Merge potential reasons for the surge

  • Momentum remains weak, but NEAR could start a bullish surge if it sustains $4.2

Near Protocol token NEAR/USD buyers are keeping hopes alive as the token reclaims $4.2. The level is the established support for the token of the Layer-1 network. In a single day, the token surged by more than 9%, erasing some previous losses. The gains took NEAR slightly above $4.2, but the momentum remained weak. Trading volume was also up 6.0% in 24 hours, highlighting increased buying pressure. So why is NEAR gaining?

A combination of factors could explain the recent recoveries in NEAR. A spot check indicates that the overall crypto sentiment is improving. Near Protocol is recovering in line with the crypto sentiment. Nonetheless, NEAR gains were above most cryptos. The Ethereum Merge, expected later this month, could be boosting Layer-1 blockchains.

Clearly, there is no specific event boosting Near Protocol token. However, to a technical reader, the current price is one to watch for the next few days. 

Near Protocol token price action on the daily chart

Source – TradingView

NEAR trades at $4.6 after capturing the $4.2 level. The minor breakout could have caused the increased buying pressure at the support. A MACD crossover above the moving average is another bullish indicator for the cryptocurrency. The 20-day moving average has joined support. The price is yet to break above the 50-day MA. 

Final thoughts

NEAR is a potential buy at the current levels as bullish signs emerge. We need to wait for a bullish confirmation after the close of the daily candlestick. If the candlestick crosses below, that could invalidate the bull call. It is nonetheless important to monitor NEAR at the $4.2 level.

The post Near Protocol gains 9% as bulls try to outwit bears at $4.2. What next? appeared first on CoinJournal.

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SEC has authority to crackdown on crypto securities, Gensler says

The SEC chair wants to see cryptocurrency exchanges and brokers register with the agency.

Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC) has once again reaffirmed the agency’s desire to see more crypto companies – exchanges, brokers and so forth – embrace regulation as a step towards consumer protection.

SEC has authority to regulate crypto securities

In a Thursday commentary that Bloomberg reported on, the SEC boss noted that even as they pursue greater involvement and hence accountability from those within the crypto industry, the securities watchdog is already in a position to regulate the space.

According to the regulator, most cryptocurrencies fall under the agency’s regulatory purview by dint of a security’s legal definition. As such, it calls for crypto exchanges, brokers and other providers to embrace compliance.

He said the public within the crypto space deserve to have and enjoy the same protections from crypto issuers as do consumers investing in traditional securities. The comments are not new, with Gensler outlining this same sentiment following the Terra collapse and Three Arrows Capital demise.

He reiterated this perspective in comments that highlighted Bitcoin as a commodity. He repeated the message today as noted by MicroStrategy’s Michael Saylor in a comment shared on Twitter.

The SEC chair also commented on non-compliance and what looks like a reluctance by many to pursue the regulatory goal.

“Not liking the message isn’t the same thing as not receiving it,” the SEC chair said in remarks delivered at a regulatory event in Washington.

The post SEC has authority to crackdown on crypto securities, Gensler says appeared first on CoinJournal.

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Is Ethereum getting to $2,000 as Chainalysis predicts explosive post-merge growth?

  • Chainalysis has projected a strong price rally of Ethereum post-merge

  • The soft date for the Merge is on September 19

  • Ethereum is gaining and looks set back to $2,000 

Ethereum ETH/USD will lead other cryptocurrencies in price after the Merge, according to Chainalysis data. The on-chain analysis firm says the yields that will come after the Merge will attract institutional investors. Chainalysis says increased institutional entry could see Ethereum challenge Bitcoin for the top spot.

Amid the Chainalysis report, the Ethereum ecosystem has been growing thanks to the expected Merge. Institutional stakers have grown from just 200 in January 2021 to top 1,000 at the end of last month. The increased institutional flow indicates growing trust in the blockchain post-merge. 

Ahead of the Merge, which is expected around September 19, Ethereum is recovering. At press time, the cryptocurrency was trading up 8.12% in 24 hours and clinging to $1,630. Ethereum developers finalized the first of the two-step process in the Merge on September 6. That could be giving the bullish boosts being witnessed currently.

Ethereum initiates recovery ahead of the Merge

Source: TradingView

Technically, Ethereum lacks a directional movement after a 50% retracement from the $2,000 level. Still, the price can be considered bullish in a wide bearish market. The 20-day moving average has joined the support. The token is still below the 50-day MA. The RSI shows that ETH is neither overbought nor oversold. 

Summary

While Ethereum is gaining momentum ahead of the expected Merge, it lacks a directional movement. We cannot tell with certainty that the price will rise to $2,000 in the next few days. Nonetheless, with the benefits of the expected Merge, Ethereum remains a cryptocurrency to hold. Investors should monitor the price movements to buy potential retracements.

The post Is Ethereum getting to $2,000 as Chainalysis predicts explosive post-merge growth? appeared first on CoinJournal.