Kategorie: Crypto News

PIVX price jumped sharply on Wednesday even as the prices of other cryptocurrencies nosedived. The token rose to a high of $0.2265, which was the highest level since August 28. At its peak, the coin was up by more than 44% from its lowest level this week.

What is PIVX and why is it rising?

PIVX price defied gravity on Wednesday even as the prices of other digital coins crashed. Bitcoin dropped to a low of $18,000 while the total market cap of all digital cryptocurrencies dropped below $1 trillion.

For starters, PIVX is a privacy-focused cryptocurrency that emerged as a hard fork of Dash. Dash, on the other hand, was created from a hard fork of Litecoin, one of the oldest cryptocurrencies in the world.

There are four main types of transactions in PIVX. First, there is transparent transactions where the sender and recipient’s address are all public. Second, there are de-shielding transaction, where a shield address sends funds to a transparent one. 

Third, there is a shielding transaction where a transparent address sends to a shield one. Finally, there is a shield transaction, where a shield sender sends to another shield address.

Another PIVX feature is that it rewards its users for just holding the token. According to its website, the average daily reward for the token is 2.52 PIV while the estimated annual yield is 9.18%. The total supply locked in masternodes has risen to 24.53%.

It is unclear why the PIVX price is soaring as other cryptocurrencies crash. A possible reason is that this could be a pump and dump scheme. In 2021, users complained after losing over $112 million in a pump and dump scheme of the token. 

PIVX price prediction

The four-hour chart shows that the PIVX price jumped to a high of $0.3450 on August 27 of this year. This was a 140% increase from the lowest level during the month. It then had a freefall as demand for the coin crashed and after it moved to a distribution phase. 

As the coin dropped, it formed a falling wedge pattern that is shown in black. In price action analysis, this pattern is usually a bullish sign, which explains why its price rose. Still, with volume still low, there is a likelihood that the coin will resume the bearish trend in the near term.

The post PIVX price pumps after forming a falling wedge. Is it a buy? appeared first on CoinJournal.

Helium has emerged as the best-performing cryptocurrency amongst the top 100 coins by market cap on Wednesday.

HNT, the native coin of the Helium blockchain, is the best performer amongst the top 100 cryptocurrencies by market cap today. Helium’s performance comes despite the broader crypto market underperforming in the last 24 hours.

The broader cryptocurrency market is trading in the red zone after starting the week positively. The total cryptocurrency market cap is now around $941 billion, down by more than 5% so far today.

Bitcoin has once again dropped below $19k and is currently trading at $18,790, down by more than 5% in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, is also down by more than 8% in the last 24 hours and is currently trading at $1,520 per coin.

Although HNT is the best performer amongst the top 100 cryptocurrencies by market cap today, there is no apparent catalyst behind this move. Despite HNT’s ongoing positive performance, the coin has lost more than 27% of its value in the last seven days.

Key levels to watch

The HNT/USD 4-hour chart remains bearish despite Helium outperforming the market in the last 24 hours. HNT’s technical indicators show that the coin is recovering from its recent slump.

The MACD line dropped into the negative zone on August 25th and continues to remain there. Despite HNT’s positive performance, the MACD line is still within the negative region, indicating that the bears have not relinquished control.

The 14-day relative strength index of 49 shows that HNT is no longer in the oversold region. HNT would need to rally higher to enter the overbought territory over the next few days and weeks.

At press time, HNT is trading at $4.028 per coin. If the recovery continues, HNT could surge past the $4.470 resistance level before the end of the day. 

However, HNT would need the support of the broader market to move past the second major resistance point at $5.017.

The bears are still around and could drag HNT below the $3.7771 support level over the next few hours.  

The post Why is Helium up by more than 7% on Wednesday? appeared first on CoinJournal.