Kategorie: Crypto News

STG price went parabolic on Friday after being listed in Binance, the biggest exchange in the world. The Stargate Finance token jumped by more than 80% and soared to the highest level since June 1. It has recovered by about 100% from its lowest level this week, giving it a market cap of over $69 million.

Binance lists Stargate Finance

Stargate Finance is a relatively small blockchain project that is in the decentralized finance (DeFi) industry. It describes itself as the first and only bridge that solves the three main challenges that bridges face. 

These challenges are related to instant guaranteed finality, unified liquidity, and native assets. It has features that enable people to wrap all existing DeFi applications. 

Also, users and dAapps can easily transfer native assets cross-chain while accessing unified liquidity pools with instant guaranteed finality. Stargate has a total value locked (TVL) of over $448 million, according to its website.

STG is the native token for Stargate Finance. It is the governance token that helps to run the Decentralized Autonomous Organization (DAO). Stargate liquidity providers can provide their LP tokens in exchange for STG rewards.

The STG price went parabolic on Friday after Binance announced that it will list the coin in its platform. This means that millions of people who use Binance will have access to the coin. 

Historically, cryptocurrencies tend to rise when they get listed by leading exchanges like Coinbase and Robinhood. However, these gains are usually short-lived as investors start to quickly take profit. 

Stargate Finance also rose after OmniBTC integrated with Layer Zero Labs and the platform. This means that users can easily OmniSwap among EVM chains.

STG price prediction

The four-hour chart shows that the Stargate Finance price has been in a downward trend recently. This decline saw it drop to a low of $0.33 this week. It then went parabolic on Friday after the Binance listing. 

As it rose, it managed to move above the important resistance point at $0.5452, which was the highest point on June 28. It also rose above the 25-day and 50-day moving averages.

Therefore, as mentioned, these pumps that happen after a listing are usually temporary. As such, there is a high probability that the coin will drop and even move below the support at $0.50.

The post STG price prediction after Binance listed Stargate Finance appeared first on CoinJournal.

It has been a rollercoaster ride for cryptocurrencies this week. After a rally earlier in the week, the market has nosedived, and many top cryptocurrencies have shed off most of the gains they had made earlier. However, some cryptocurrencies have good odds of doing well in the coming days. These have big news coming up.

Bitcoin, too, is holding strong above the $23k mark despite the market correction and could help give the broader market momentum in the coming days. If you want to trade the market today, here are some of the top cryptocurrencies that are likely to do well soon.

Cronos (CRO)

Cronos (CRO) is one of the top cryptocurrencies likely to do well this week. This has a lot to do with the news that crypto.com is powering a system allowing users to pay for fuel in crypto at gas stations across Australia. 

While the payments will be made in Bitcoin, the impact will also be felt in the price of Cronos. That’s because it is the cryptocurrency that powers the Crypto.com ecosystem. As news of the Australian gas station deals filters into the market, Cronos (CRO) will likely record some positive price action.

Cronos also recently got FCA approval, a factor that could add to its adoption levels in the U.K. This is likely to add to the favourable price momentum, especially if the broader market turns bullish again.

Flow (FLOW)

Flow (FLOW) was one of the best cryptocurrency performers recently. It is still one of the top cryptocurrencies in the green. Its recent rally has much to do with confusion with Marc Andreesen’s backed real estate venture, Flow. 

That said, a lot is going on with the FLOW cryptocurrency that could play well into its price action. One is the rising number of NFTs launching on the flow blockchain. These are adding to the demand for FLOW. If the wave changes and the broader market turns bullish again, FLOW will likely outperform most top cryptocurrencies by a considerable margin. 

Ethereum (ETH)

Ethereum (ETH) has recently been a top cryptocurrency performer, topping a high of $2000 on the 14th of August. In the short term, Ethereum will likely outperform the broader market. That’s because investors are still counting on an even bigger price rally as the merger draws closer. 

Many analysts are already optimistic that the merger will positively influence the price of Ethereum. For instance, Arthur Hayes, the co-founder of Bitmex, believes that the cost of Ethereum could rise due to a mix of investor expectations and the now deflationary nature of Ethereum. He added that the price would continue increasing for years until every human has an Ethereum wallet. 

With such potential and the fact that Ethereum has been in a correction recently, this cryptocurrency could see FOMO buying if the broader market turns green again in the coming days.

The post Three potentially profitable crypto trades as we head into the weekend appeared first on CoinJournal.

• Chainlink’s LINK is correcting after facing a resistance 

• The weakness heightened after the Federal Reserve earmarked further rate increases

• LINK’s weakness could continue until the token finds support, potentially at $7.4

Chainlink’s LINK/USD was rejected at $9.5 on August 12. That is the same level that rejected the token during the June surge. The decline could be due to profit-taking activity as there was no immediate trigger for the selloff. Following the latest rejection, LINK has registered a losing streak over the past one week. The token now trades at $8.09. 

While most cryptos have been recovering lately, a major thorn now is how the Fed reacts to inflation. In a Wednesday’s statement, officials expressed the sentiment that inflation remains an issue. They called for further rate hikes. Crypto markets reacted by turning bearish, with LINK crashing by more than 3%. The depressed sentiment elicits more bear flags for LINK since the correction is yet to hit suitable support.

Chainlink’s technical outlook points to further correction

Source – TradingView

From the daily chart, LINK could find support at $7.4. The cryptocurrency is bearish after losing for the past five days. The momentum indicator crossing below the moving average points to a bearish view. LINK has also broken below the crucial 21-day MA, reinforcing short-term price depreciation.

If LINK breaks below $7.4, bears will take control and push the token back to $6. The token will have breached the 50-day MA and would welcome an accelerated selloff. We consider this scenario less likely unless the crypto sector experiences a prolonged downturn.

Concluding thoughts

Chainlink token could continue to fall further on a broader wave of crypto correction. The most likely zone for bullish reversal is $7.4. Investors should monitor price action as further decline could see it touch $6.0.

The post Is Chainlink’s losing streak now over, or will bears remain in control? appeared first on CoinJournal.