Kategorie: Crypto News

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Litecoin price forecast as the fear and greed index recovers

Litecoin price has crawled back in the past few days as the crypto industry and stock market rebounded. LTC was trading at $61.74 on Tuesday, which was about 52% above the lowest level this year. Its market cap stands at more than $4.4 billion.

Fear and greed index 

Litecoin and other cryptocurrency prices bounced back recently as signs of greed in the market started to emerge. For example, the US dollar index has slipped from the year-to-date high of $109.3 to about $103. The falling USD is a sign that investors have embraced a risk-on sentiment.

Further, the closely watched volatility index (VIX) has dropped to the lowest level in months. This is a sign that volatility in the market has eased slightly.

Meanwhile, the fear and greed index that is tracked by CNN Money has risen from the extreme fear level to the current point at 52. This is a sign that investors are getting a bit greedy. 

Historically, stocks and cryptocurrency prices tend to do well in a period of greed in the market. This also explains why the Nasdaq 100 index is close to exiting its bear market.

At the same time, LTC has jumped as investors predict that the sell-off that took place earlier this month has faded. For one, the contagion that most people were expecting following the crash of Celsius, Voyager Digital, and Three Arrows Capital has not happened.

Further, on-chain data shows that activity in litecoin’s network has continued rising in the past few days. For example, the number of LTC addresses has jumped in the past few weeks although they remain substantially below their highest point in 2021.

Litecoin price prediction

The daily chart shows that the LTC price has made a strong recovery in the past few weeks. This recovery started when the coin dropped to a low of $40.59 this year. It has now managed to move slightly above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. The two moving averages have even made a bullish crossover.

Therefore, the coin will likely continue rising as bulls target the important resistance point at $92.11, which was the lowest level since April this year. A move below the support at $50 will invalidate the bullish view.

The post Litecoin price forecast as the fear and greed index recovers appeared first on CoinJournal.

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Why is Celsius’s CEL token up by 28% in the last 24 hours?

Celsius is the best-performing cryptocurrency amongst the top 100 coins by market cap over the last 24 hours.

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming. The market has added less than 1% to its value in the last 24 hours, with the total market cap now above $1.1 trillion.

Bitcoin is up by 0.38% in the last 24 hours but didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Ether, the second-largest cryptocurrency by market cap, is up by more than 2% in the last 24 hours and currently trading at $1,772 per coin. 

However, CEL, the native token of the Celsius platform, is up by more than 28% in the last 24 hours, making it the best-performing cryptocurrency amongst the top 100 coins by market cap.

At press time, CEL is trading at $1.9 per coin. This represents a 300% surge in price over the past few weeks as CEL dropped below $1 after Celsius halted withdrawals on its platform a few weeks ago. 

CEL has been rallying as traders on Twitter took the opportunity to push the token price higher, similar to what they did with the GameStop stock last year. 

Key levels to watch

The CEL/USD 4-hour chart is extremely bullish as Celsius has been performing excellently over the past few days.

The MACD line is deep into the positive zone, indicating a strong bullish momentum for CEL.

The 14-day relative strength index of 87 shows that CEL is currently in the overbought region.

If the bulls remain in control, CEL could rally past the first major resistance level at $2.125 before the end of the day. In the event of an extended rally, CEL could break past the $2.5 mark for the first time since April 2022.

The post Why is Celsius’s CEL token up by 28% in the last 24 hours? appeared first on CoinJournal.

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Bitcoin continues to struggle to push past the $24k resistance level

The cryptocurrency market has continued its positive start to the week despite some coins and tokens currently underperforming.

The cryptocurrency market is trading in the green zone again. The market has added less than 1% to its value in the last 24 hours, and the total market cap stays above $1.1 trillion.

The broader market is experiencing a mixed performance, with some coins and tokens currently trading in the red zone while others are performing positively. 

Bitcoin is up by 0.38% in the last 24 hours. The leading cryptocurrency didn’t have enough momentum to surge past the $24k resistance level despite trading in the green zone. 

Over the past seven days, Bitcoin has added nearly 5% to its value. This has allowed the leading cryptocurrency to maintain its position above the $20k psychological level.

However, the bulls would need to push higher to enable Bitcoin to move towards the $25k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has been performing well over the past few days. The technical indicators show that the bulls are currently in charge of the market.

The MACD line crossed the neutral zone into the positive territory as Bitcoin rallied higher. Thus, indicating positive momentum for the leading cryptocurrency. 

The 14-day relative strength index of 60 shows that Bitcoin is above the neutral level. If the bulls remain in charge, Bitcoin could enter the overbought region in the coming days or weeks.

At press time, Bitcoin is trading around $23,860 per coin. BTC could surge past the $24k resistance level before the end of the day if the bulls remain in control.

However, it would need to support of the broader cryptocurrency market to move past last month’s high of $24,693 and head towards the $25k psychological level.

The bears might still regain control and push BTC below the $23k support level. However, BTC should comfortably stay above the $22,132 support level in the short term.

The post Bitcoin continues to struggle to push past the $24k resistance level appeared first on CoinJournal.

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Stellar (XLM) and Avalanche (AVAX) take off after listing on Robinhood

Stellar (XLM) and Avalanche (AVAX) coins are rallying after Robinhood announced today that it has added them to the list of tradable digital assets on the popular trading app.

 At the time of writing, XLM was trading at $0.1314 up 6.04% over the past 24 hours while AVAX was trading at $29.73 up 7.5% over the past 24 hours.

Both Avalanche and Stellar Lumen coins have been on a bullish trend since the beginning of August and the news of listing on Robinhood could send the prices of the tokens skyrocketing to new highs. The news has also come at a time when investors and crypto traders believe the crypto market is making a U-turn from its recent bear market.

Robinhood’s expansive crypto offering

Robinhood, which is predominantly known for stock trading, is known for its conservative listing policy especially when it comes to digital assets. But it has significantly expanded its crypto offering list this year.

Robinhood ventured into cryptocurrency in February 2018 by listing Bitcoin and a very small selection of altcoins. Later that year, the popular meme coin, Dogecoin (DOGE) was listed on Robinhood. The listing of Dogecoin sent the price of DOGE skyrocketing and forced the likes of Shiba Inu to start petitioning the trading app to also list it.

In early April 2022, the popular trading app added Solana (SOL), Shiba Inu (SHIB), and Polygon (MATIC) before adding Chainlink (LINK) in late June.

Early this year, Robinhood also started rolling out crypto wallets to allow users to withdraw cryptocurrencies from exchanges. 

The post Stellar (XLM) and Avalanche (AVAX) take off after listing on Robinhood appeared first on CoinJournal.

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Avalanche price prediction as AVAX crosses key resistance

Avalanche price rebound continued on Monday as demand for its NFT solutions rose. The AVAX token rose to a high of $30.16, which was the highest level since May 23rd of this year. It has jumped by over 118% from its lowest level this year. Its market cap has jumped to over $8 billion.

NFT growth

Avalanche is an Ethereum rival that solves some of the biggest challenges that smart contract platforms have. It is a proof-of-stake platform that has blazingly fast speeds and low carbon emissions. It is also known for its large Avalanche Rush and Multiverse funding rounds that are providing developers with millions of funds to build their projects.

Avalanche has been used to build some of the most popular blockchain projects in the industry. Some of the apps in its ecosystem are Benqi, Aave, Trader Joe, and GMX among others. Its total value locked (TVL) stands at over $2.45 billion, making it one of the biggest players in the DeFi industry.

However, this TVL is sharply lower than its all-time high of over $12 billion. At the same time, AAVE has a market dominance of about 45%, which is a bit risky.

It is unclear why Avalanche price went parabolic on Monday. A possible reason is that NFT projects in the platform have done relatively well. Data compiled by CryptoSlam shows that total sales in the ecosystem rose by over 37% in the past 24 hours. 

There were 209 transactions worth over 28,730. Still, this volume is significantly lower than the 52,987 transactions that happened in Solana. Another possible reason why AVAX price is rising is that of fear of missing out (FOMO) now that cryptocurrencies seem to be in a bull run.

Avalanche price prediction

The daily chart shows that the AVAX price has made a strong recovery in the past few weeks. Along the way, the coin managed to move above the important resistance levels at $22.14 and $26.43. It also continued rising and moved above the 25-day and 50-day moving averages. The MACD has also risen to the highest point in years.

Therefore, the coin will likely continue rising as bulls target the next key resistance point at $35. A drop below the support at $28 will invalidate the bullish view.

The post Avalanche price prediction as AVAX crosses key resistance appeared first on CoinJournal.