Kategorie: Crypto News

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CRO consolidates under $0.15 – Could we see a breakout?

  • CRO has dipped 5% in the past day

  • Other tokens native to crypto exchanges are looking bearish

  • CRO is contained below $0.15 and above $1 

Cronos CRO/USD has plunged 5.03% in the past day. The decline is reflected across tokens native to crypto exchanges. BNB is down 1.75%, while FTT has dropped 1.37% in the same period. The bear market is attributed to a slowdown in trading volumes.

The total crypto trading volumes in the past day is at $66.46 billion. It reflects a 4.14% decline compared to that of the previous day. The decline has affected the demand for exchange-native tokens, with Crypto.com’s CRO leading in losses.

Crypto.com is a Singapore-based cryptocurrency exchange founded in 2016. The exchange features a mobile trading app, digital payments, crypto credit cards, and lending services. It is touted as the fastest growing cryptocurrency exchange with upwards of 50 million users.

Recently, Crypto.com won a license to operate in the United Kingdom. The step is part of a wider global expansion that has seen the exchange enter Canada, Italy, and the UAE. The announcement is yet to reflect on the CRO price. The technical outlook shows consolidation and a weak momentum.

CRO consolidates in a horizontal channel 

Source: TradingView

According to the daily chart, CRO has consolidated in a horizontal channel. The price is contained between a range of $0.15 and $0.1. The pattern has been maintained since June 11. Within the channel, CRO has retested the nearest support at $0.14.

The trend following indicator, MACD, shows weakening momentum. The histograms are short, and MACD and Signal line overlap near the neutral point. The RSI is at the medium value of 50.

As CRO remains in consolidation, a bullish or bearish breakout could be imminent. A bullish breakout will only happen if enough buyers will enter the trade. However, if the token loses the current support, it could trade lower.

Summary

Cryptocurrencies native to exchanges are looking bearish amid a decline in trading volumes. CRO is trading in a consolidation with a weakening momentum. Investors should wait for a breakout before making a buy or sell decision.

The post CRO consolidates under $0.15 – Could we see a breakout? appeared first on CoinJournal.

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Back to basics for Decentraland’s MANA as momentum indicator turns bearish

  • Decentraland boomed in 2021, but this year has been relatively quiet

  • The native token MANA is sliding after remaining robust

  • The bear weakness is widespread after a hawkish Fed report

Decentraland’s MANA/USD is slipping again. Bear signals suggest that the price may crash further. However, it is crucial to monitor key levels to evaluate whether investing is worthwhile.

A broader look into the sector shows that most cryptocurrencies are in bear territory. That was after the US Federal Reserve, on Wednesday, sounded hawkish about taming high inflation. The US Central Bank hinted at more rate hikes, a move that spooked markets. Thus the drop in MANA reflects the market sentiment.

Nonetheless, despite the metaverse booming in 2021, this year has been relatively quiet. It seems that the crypto winter swept across all crypto market segments. Nonetheless, numerous projects continue to enter the metaverse space. The developments are yet to spur a rally in Decentraland’s MANA. The metaverse platform has announced limited developments lately. Opportunities in the nascent sector remain in place. The lukewarm state has made tokens like MANA rely on sector-inspired fundamentals. 

Bearish MACD crossover pushing MANA back to $0.77 support?

Source – TradingView

Technically, MANA has lost grip of the 21-day moving averages. The momentum indicator has also crossed below the moving average. The indicators suggest that MANA is set to correct further. The token still has the 50-day MA supporting it.

For the bear weakness to subside, MANA must overcome sliding below the 50-day MA. Otherwise, the token could be back to the $0.77 support. If the weakness continues and the token slips below $0.77, that will welcome a bearish market. At the current price, MANA is just undergoing a correction.

Summary

MANA is falling alongside major cryptos after a hawkish Fed stance. The token is yet to fall below the 50-day MA and support. MANA is not yet in a bearish market.

The post Back to basics for Decentraland’s MANA as momentum indicator turns bearish appeared first on CoinJournal.

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BNB price prediction as Bitgert and Rubic RBC price rebound

The BNB price pulled back to the lowest level since August 4 as cryptocurrencies recoiled. The token dropped to a low of $308, which is about 9.8% below the highest level this month. Still, the price rose by more than 67% from its lowest level this year, giving it a market cap of over $54 billion.

BNB tokens rise

BNB Chain, formerly known as Binance Smart Chain, is a blockchain platform that helps developers build decentralized applications (dApps). 

It is a leading platform that has been used to build some of the biggest applications in the industry. Some of the top applications in the ecosystem are PancakeSwap, Venus, Alpaca Finance, and BiSwap.

BNB Chain has also been used to build some of the top games in the industry. Some of the top games in the ecosystem are MOBOX, SecondLive, Tiny World, and BinaryX.

At the same time, there are several other smaller projects that are seeing significant traction. For example, Rubic, which has a TVL of over $150 million, has risen by over 940% in the past seven days. 

Similarly, Bomb Money’s token has risen by 181% while Bitgert price has risen by 136%. Other top coins in the BNB Chain like Stader and IInch have risen by 117% and 24% in the past few days.

The BNB price has dropped sharply in the past few days as investors take profits. Other cryptocurrencies like ETH, BNB, and XRP have all dropped.

At the same time, the total value locked (TVL) has dropped from an all-time high of over $21 billion to about $5.6 billion. Further, the volume of all non-fungible tokens (NFT) in BNB has dropped sharply in the past few days. According to CryptoSlam, the total volume of NFTs in the network has dropped by 54% in the past 24 hours to $229k.

BNB price prediction

The four-hour chart shows that the BNB price has been in a strong bearish trend in the past few days. It has dropped from this week’s high of $336 to the current $308. The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been falling. 

Therefore, the coin will likely continue falling as sellers target the lower side of the ascending channel at $290. A move above the resistance level at $322 will invalidate the bearish view.

The post BNB price prediction as Bitgert and Rubic RBC price rebound appeared first on CoinJournal.

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We’d shut down Ethereum staking if threatened by regulators, says Coinbase’s CEO

Coinbase’s CEO says the crypto exchange will abandon Ethereum staking if threatened by regulatory agencies.

The Ethereum blockchain will fully migrate to a Proof of Stake (PoS) mechanism in less than a month. This implies that Ethereum tokens will be staked and not mined.

The move is designed to solve some of the key issues affecting the Ethereum network, including scalability and high transaction fees. 

With the PoS mechanism, ETH holders can stake their coins on various crypto exchanges and platforms, granting them the opportunity to vote for node validators and have a say in how the network operates. 

Coinbase CEO Brian Armstrong responded to a hypothetical scenario on Twitter today regarding Ethereum staking. 

Armstrong stated that in the event of regulatory threats, Coinbase would shut down its Ethereum staking service. He added that Coinbase would do so in order to preserve the integrity of the blockchain network.

However, he added that there could be a legal option where Coinbase will challenge the authorities and hope to reach a better outcome for everyone. 

Coinbase is a publicly listed company and one of the first crypto companies to get listed on a stock exchange. 

Coinbase has been struggling in recent quarters, largely due to the ongoing bear market. Like several crypto companies, Coinbase had to lay off a certain percentage of its staff to enable it to survive the crypto winter.

The San Francisco-founded company’s revenue declined by 61% in the last quarter. Coinbase reported an after-tax loss of $1.1bn, compared with the $1.6bn net profit it registered in the middle of the crypto boom last year.

However, the company said it’s $6.2bn in available capital would enable it to keep investing through the downturn.

The cryptocurrency market has been in a bearish trend over the past nine months, with most coins down by more than 50% from their all-time highs.

The post We’d shut down Ethereum staking if threatened by regulators, says Coinbase’s CEO appeared first on CoinJournal.

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Ethereum price falls for four successive days, has the Merge craze fizzled?

After a strong rally since the beginning of July 2022, the crypto market is once again under selling pressure. The broad crypto market has been retreating for the last four days with Ethereum price sliding below $1,850.

As of press time, Ethereum (ETH) was trading at $1,843.86 with a 5.46% decline over the past 24 hours. It is worth noting that ETH had gained almost 100% since the beginning of July, rekindling hopes of regaining the $2,000 level especially as the community look forward to the much anticipated Ethereum Merge Upgrade.

According to a digital data scientist at Coen Digital, David Kroger, investors and institutions are already gearing up for the Merge. Kroger sad:

“Institutions have been asking us about the Merge, along with the technicalities and probabilities associated with it for several months now.”

However, Kroger added that some players are already taking profits at the current ETH price and that could be one of the reasons why the Ethereum price is currently dropping.

Is the Merge craze fizzling out?

While the larger Ethereum community has shown support for the Ethereum Merge, some, especially miners, have been working to fork the Ethereum blockchain to continue using the proof-of-work (PoW) version of Ethereum.

Vitalik Buterin has however opposed the idea of forking Ethereum to continue using the PoW consensus mechanism saying that Ethereum will not support the Ethereum PoW after the transition to the PoS model is completed.

Arthur Hayes, the BitMEX CEO, has however cautioned that there could be a short spree for ETH if the Merge does not succeed. He said:

“If the merge is not successful, there will be a negatively reflexive relationship between the price and the amount of currency deflation. Therefore, in this scenario, I believe traders will either go short or choose not to own ETH.”

But he Arthur also said that a successful Merge upgrade would lead to a spike in the ETH price. He said:

“If the merge is successful… traders will buy ETH today, knowing that the higher the price goes, the more the network will be used and the more deflationary it will become, driving the price higher, causing the network to be used more, and so on and so forth.”

The post Ethereum price falls for four successive days, has the Merge craze fizzled? appeared first on CoinJournal.