Kategorie: Crypto News

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Loopring (LRC) could rally to $1.2 in the near term – Here is the setup

After reporting a sharp fall over the last three days, it seems like Loopring (LRC) has started to consolidate. The coin could find enough demand for another rally in the coming days. But how fast will this happen? More analysis to follow but here are the latest developments:

  • Despite the recent fall, LRC is still within an important upward trend line

  • The coin also shows a bullish signal on the Relative Strength Index (RSI)

  • LRC could surge towards $1.2 before it tries to consolidate once again.

Data Source: Tradingview 

Loopring (LRC) – Analysis and price prediction

The last 3 days have proved quite difficult for LRC holders. The coin has seen a major drop and was in fact down by around 7% in the last 24 hours. But this doesn’t mean the token is in a bear market. 

We are in fact seeing a period of price consolidation within a very important upper trend line. As such, we expect LRC to report more gains in the days ahead. Conservative estimates show that the coin could hit $1.2 before it finds further momentum. This will still represent a gain of around 20% from the current price.

Also, the RSI reading shows LRC is now in oversold territory. This could suggest that any risk of another major sell-off is highly unlikely. This analysis will however be null and void if LRC falls below $0.735.

Why should you buy LRC now?

Loopring is a scaling solution for Ethereum that has a lot of star-studded investors. It’s a project that has great long-term value. There is also an opportunity to make a return on a short-term trade.

Since the coin is roughly trading at around $1 right now, there is a likely 20% upswing in the days ahead if the surge towards $1.2 happens. The perfect entry zone for this short-term play will be between $0.74 and $1.

The post Loopring (LRC) could rally to $1.2 in the near term – Here is the setup appeared first on Coin Journal.

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Near Protocol price surges over 22% today: what is fuelling the uptrend?

Near price has been rising since February 27 and the bullish trend seems to be gaining momentum by the day.

At the time of writing, NEAR is trading at $18.67 up 22.72% in the last 24 hours. It has hit a daily high of $19.64 which is still below the all-time of $20.42 that it set in January this year.

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

What is Near Protocol (NEAR)?

Near Protocol is a community-built blockchain launched in May 2020 with advanced network operability and a faster transaction speed to solve the bottleneck processes experienced in the crypto space. It launched its mainnet on April 22, 2020.

NEAR is the native token of the NEAR protocol.

Near Protocol uses a proof-of-stake (PoS) consensus mechanism that ensures the blockchain offers low transaction fees and high transaction speed.

Why is the Near Protocol price rising?

Several factors have contributed to the current NEAR price hike. Let’s take a look at some of the main factors.

1. More funds to expand the ecosystem

To some extent, the current price hike can be attributed to the new funding round that saw NEAR Protocol net $350 million from Dragon Capital, FXT Ventures, and other organizations to expand its ecosystem.

In January, Near Protocol also managed to raise $150 million for the same course.

2. Barry Silbert announcement

Another reason for the uptrend is the announcement by Barry Silbert, the founder of Digital Coin Group, that NEAR will be the Group’s third-largest crypto holding after Bitcoin and Ethereum. 

3. NEAR’s native stablecoin launch

After a recent newsletter from crypto swing trader, Zoran Cole, there were rumors that NEAR Protocol was planning to launch a native stablecoin, USN, which is another reason for the uptrend.

Speculations are that USN will offer ~20% APR leading to an increased DeFi activity which is beyond Cole’s claims, however, Decrypt is yet to receive a Near protocol response about the accuracy of these rumors. Perhaps, this is another reason for the uptrend.

 

The post Near Protocol price surges over 22% today: what is fuelling the uptrend? appeared first on Coin Journal.

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My Top Cryptocurrency to Buy Right Now

Cryptocurrencies have lost the shine they had in 2021. Most of them have dropped by more than 40% from their all-time highs and the volume of coins being traded every day has fallen. Still, amidst the chaos, some cryptocurrencies will continue doing well. In this report, I will explain why Terra is the best cryptocurrency to buy right now.

What is Terra?

Terra is a leading blockchain project that was started by a group of South Korean software developers. Their goal was to use the inspiration of Bitcoin to build a new form of money that is simple to use and safe. Their first product using its network was a platform known as Chai, which has grown to become one of the most popular fintech app in the country.

Today, Terra is known mostly for its algorithmically-adjusted stablecoins. A stablecoin is a cryptocurrency that is backed by another stable asset like the US dollar. Unlike Tether and USD Coin, Terra’s stablecoins are affected by market forces of demand and supply. When demand for Terra is high and supply is low, its prices increase and vice versa.

ITerra USD is the fourth-biggest stablecoin in the world with a market cap of over $16 billion. It also has TerraKRW (KRT) which has a market value of about $30.7 million. 

Terra has been growing

Terra’s governance coin is known as LUNA. According to CoinGecko, it has a market cap of over $35 billion, making it the eighth biggest coin in the world.

Terra, like other blockchain projects like Solana and Near, has raised billions of dollars from venture capital firms. In February, the developers raised $1 billion through a token sale. At the time, the developers said that they would use these funds to build a Bitcoin reserve for its stablecoins.

And in March, the developers announced that they would buy Bitcoin worth $10 billion and Avalanche worth $200 million. The goal of these purchases is to let them back their stablecoins, which have become very successful.

Terra ecosystem

In addition to Terra’s ecosystem, another reason why it has become my best cryptocurrency to buy is that its ecosystem has been growing. 

While Terra is known for its stablecoins, the reality is that it is widely used in other places as well. The most notable of them is the fact that Terra is used as a platform for building decentralized finance (DeFi) applications.

The success of Terra’s stablecoins and LUNA in the marketplace has attracted more developers to the ecosystem. In fact, according to DeFi Llama, Terra has become the second-biggest platform for DeFi developers after Ethereum. And if the trend continues, there is a likelihood that it will pass Ethereum in the coming years.

Terra has a total value locked (TVL) of $28 billion. Some of the biggest applications in the ecosystem are some of the largest in the industry.

For example, Anchor Protocol is the biggest DeFi platform built using Terra’s technology. It has a TVL of $15 billion and is still in a strong growth path. It is followed by Lido, which has a TVL of $8.22 billion, and Astroport which has $1.6 billion. Other leading DeFi apps built using Terra are Stader, Mirror Protocol, and Prism Protocol among others.

What is notable is that 11 apps in Terra’s ecosystem have a TVL of more than $100 million. This is a substantial number considering that its ecosystem is still small and growing.

Terra price performance

Another reason why Terra is my best cryptocurrency is that its performance tends to be uncorrelated with Bitcoin and other coins. For example, as shown below, LUNA jumped to an all-time high in 2021. At the time, Bitcoin was still substantially below its all-time high. Moreover, it has outperformed Bitcoin and other coins over the years, making it a good coin to buy.

Learn how to buy Terra here, or invest with our preferred trading platform below.

Buy LUNA here!

*This is not financial advice.

The post My Top Cryptocurrency to Buy Right Now appeared first on Coin Journal.

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Peter Thiel slams Warren Buffett as Bitcoin’s ‘enemy number one’

Peter Thiel, the billionaire co-founder of PayPal and software technology firm Palantir, has blasted Berkshire Hathaway CEO Warren Buffett as Bitcoins ‘number one enemy’.

Thiel’s comments about Buffet and others on an “enemies list” came at the Bitcoin 2022 conference held in Miami. In his keynote speech, Thiel said the person with the most negativity about cryptocurrency, and who does it in the most direct way is the American tycoon and investment guru.

According to the PayPal co-founder, it’s time to expose those working to prevent the adoption of Bitcoin, with the „sociopathic grandpa from Omaha“ – referring to Buffet – top of that list.

In one of his earliest remarks about Bitcoin, Buffet said it was “rat poison” and that he’d never own the cryptocurrency.

“Deeply political” choices 

Other than Buffett, Thiel criticized JP Morgan CEO Jamie Dimon and Larry Fink, the CEO of the world’s largest investment manager BlackRock.

He believes the lack of investments from these funds and banks is due to nothing else but institutional and political bias on Wall Street. According to him, most of the money and investment managers are ready to tout blockchain’s benefits, but when it comes to Bitcoin, then it’s worthless and risky.

“They need to be allocating some of their money to bitcoin,” he noted, adding that the crypto community needed to “push back” for this to happen.

He calls the failure to allocate to bitcoin as a choice that’s just “deeply political” and not at all related to any understanding of the crypto.   

Thiel believes Bitcoin’s value will still rise exponentially in the future, with the community’s push against wrong narratives key to that happening. He said that that is what Bitcoin needs if it has to see another “10x or 100x from here.”

Bitcoin was trading around $43,000 on Friday, about 5% down in the past week. The cryptocurrency has retreated from highs of $48,000 as a drawdown in equities cascaded to the crypto market. In November 2021, Bitcoin surged to an all-time high above $69k.

The post Peter Thiel slams Warren Buffett as Bitcoin’s ‘enemy number one’ appeared first on Coin Journal.

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April Shopping list: 3 altcoins to consider right now

Nexo Logo on a black cell phone

As we start a brand-new month, the crypto market has looked quite good in recent weeks. Investor sentiment is now very positive, and we are starting to see most coins recover the losses at the beginning of the year. So, April is shaping up as a good buyer’s market, and here is why:

  • Most coins have bullish outlooks in the near and medium-term

  • The fears surrounding the conflict in Eastern Europe and fed rate hikes are now priced in.

  • Investors are ending the wait-and-see attitude and jumping back into the market.

With these factors in mind, we thought it would be great to create a list of possible altcoins that you can consider this April. Here it is:

Hedera (HBAR)

Hedera (HBAR) was one of the top-performing coins in the last two weeks of March. But we have seen a sharp fall ever since. This could suggest that the coin has in fact gone through the correction you would expect after a major rally.

Downside risks are therefore relatively low compared to other coins. For this reason, HBAR is a decent buy for April, and with improved sentiment in the market, it’s only a matter of time before it resumes its bull run.

Waves (WAVES)

Just like HBAR, Waves (WAVES) has also seen a substantial correction after an unprecedented rally. The coin has in fact lost around 46% over the last 7 days. Although this is not always a good sign, it’s still an expected outcome given the kind of rally we saw with WAVES.

Nexo (NEXO)

The good thing about Nexo (NEXO) is the fact that it’s been quite steady in recent weeks. Although the coin has surged upwards, it appears to be consolidating gains, and we have not seen any major sharp fall. This could suggest that there is more potential for more positive gains.

The post April Shopping list: 3 altcoins to consider right now appeared first on Coin Journal.