Kategorie: Crypto News

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Is Filecoin bull run over after a surge of more than 69% in a week?

  • Filecoin’s FIL is up 69% in the last week

  • Strong fundamentals are likely the cause of the recent FOMO on FIL

  • FIL could retrace, but the price will remain elevated

Filecoin FIL/USD was trading at $9.41 as of press time. Data by Coinmarketcap shows that the total gains in the week stand at 69.35%. The percentage surge would, of course, be greater, at the weakly high of above $11. As with most bull runs, corrections are bound to happen. We believe Filecoin could correct, but investors should be keen on the token. 

Filecoin gains do not come as a surprise. The token witnessed increased social media mentions and was the center of investor buys at $6. Holon Global, a venture capital firm, previously said it had launched three crypto funds. One fund was for Filecoin’s FIL. That may have increased investor interest amid improved crypto sentiment. 

Another potential driver of Filecoin token gains was a network update. The update showed that over 1,475 projects were entering Filecoin. More than 405 organizations were also building on the network, with about 17.9 EiB total storage power. The developments could have attracted FOMO to FIL, leading to the latest gains. 

Filecoin retreats after the weekly bullish momentum

Source – TradingView

Filecoin is retracing after the latest gains. The RSI pointed to a reading of 83, indicating overbought conditions as the price surged. A series of profit-taking and dying FOMO could lead to an accelerated price correction. The next level to watch for potential buy trades is $8.0. 

Concluding thoughts

Strong fundamentals have been driving Filecoin’s surge for the past week. A potential retracement is likely as investors take profits. Focus on buying on a retracement at $8.0 if the crypto sentiment remains.

The post Is Filecoin bull run over after a surge of more than 69% in a week? appeared first on CoinJournal.

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Billionaire Steve Cohen exits investment in crypto startup Radkl: report

Steve Cohen, a hedge fund billionaire whose move to invest in crypto startup Radkl made headlines across Wall Street, has reportedly ditched the investment, according to Bloomberg.

Cohen invested in the crypto company in September last year.

Radkl still ‘well capitalised’

A Radkl spokesperson confirmed the report, the publication noted, noting that despite the exit of the founder of hedge fund firm Point 72 Asset Management, the startup remains in a good position capital-wise.

The source also claimed the quantitative trading platform, which launched its services in 2021, is still ‘well-capitalised’ and has major support from existing investors. The startup is also seeing significant growth, the report quoted the spokesperson as saying.

Radkl is a firm that sprouted off GTS, the New York Stock Exchange market maker and offers new prop trading functionality for digital assets. The platform experienced massive growth amid last year’s bull run, but like the larger crypto market, hit some lull amid the crypto winter.

Part of its growing pains include the exit of its pioneer managing director Jim Greco and three others. Jason Bell, Allan Erskine, and Beatrice O’Carroll have all exited over the past seven months.

As well as Radkl, Cohen’s other crypto investments include NFT project Recur and participation in a funding round for blockchain analytics provider Messari

The post Billionaire Steve Cohen exits investment in crypto startup Radkl: report appeared first on CoinJournal.

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CRO is up by 5% ahead of the Cronos Chain mainnet upgrade

The cryptocurrency market has been underperforming since the start of the week.

The crypto market is having a poor start to the week. The total market cap remains above $1 trillion despite the broader market losing more than 4% of its value in the last 24 hours.

Bitcoin is down from last week’s $24k high and is trading above the $22k support level. Ether maintains its price above $1,500 despite losing 6% of its value over the last 24 hours.

However, CRO, the native token of the Crypto.com exchange, is the best performer amongst the top 30 cryptocurrencies by market cap. CRO is up by more than 5% in the last 24 hours, outperforming the other major cryptocurrencies in the process. 

The primary catalyst behind CRO’s positive performance is the upcoming Cronos Chain mainnet upgrade. Crypto.com announced that it would support the Cronos mainnet upgrade, slated to take place at the height of block 3,982,500, scheduled for 3 August 2022, 02:00 UTC.

Key levels to watch

The CRO/USD 4-hour chart is bullish as the cryptocurrency has been performing well over the past few days. 

The MACD line is above the neutral zone, indicating strong bullish momentum. The 14-day relative strength index of 64 shows that CRO could enter the overbought region if the rally continues.

At press time, CRO is trading at $0.1439 per coin. If the bulls remain in charge, CRO could surge past the $0.155 resistance level before the end of the day. However, it would need the support of the broader market to breach the $0.160 resistance level in the short term.

The market is still bearish, and CRO could lose some of its gains and drop below the $0.137 support level. However, CRO should maintain its position above the second major support level at $0.1332 in the near term.

The post CRO is up by 5% ahead of the Cronos Chain mainnet upgrade appeared first on CoinJournal.

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Betting big on Web 3.0? Here are three cryptocurrencies to watch

Analysts agree that Web 3.0 will transform the web as we know it. It is a transformation likely to be as revolutionary as Web 1.0, which completely changed how people interact and do business for good. With the prospects for growth in this market, it is an excellent time to start shopping for high-potential Web 3.0 cryptocurrencies to invest in, now that prices are still at record lows. 

Polkadot (DOT)

Polkadot (DOT) is one of the best Web 3.0 cryptocurrencies today for its scaling capabilities. Polkadot can scale thanks to its use of sidechains called parachains. Polkadot also prides itself in interoperability in that Dapps can seamlessly send data from Polkadot to other chains.

It is these capabilities that are driving the adoption of the Polkadot blockchain. The latest wave of adoptions comes from the Web 3 Foundation, which has approved 400 projects that will build on Polkadot. Web 3 Foundation noted that the nature of the projects that have received approval ranges from those creating the entire Web 3.0 stack to those building Dapps for everyday use. 

With such growing demand for Polkadot in the Web 3.0 space, the odds are that DOT’s value will also increase. That’s because you need DOT tokens to transact in the Polkadot ecosystem. 

Filecoin (FIL)

Filecoin (FIL) is one of the top Web 3.0 cryptocurrencies looking to decentralize data storage. In the past week, Filecoin has been one of the best-performing cryptocurrencies, rallying by over 80%.

The rally was triggered by news that the Filecoin Foundation for the Decentralized Web had partnered with Harvard’s Library Innovation Lab. The working relationship is geared towards helping libraries use technology to spread knowledge. This is a big deal as it anchors Filecoin as one of the cryptocurrencies that could lead the way in pushing academia and the book publishing market into Web 3.0.

Given that Filecoin is also growing in adoption in other markets, there is no doubt that Filecoin has a promising future in Web 3.0. It’s a cryptocurrency worth keeping an eye on now that prices are still pretty low.

Theta Network (THETA)

The video streaming market is ripe for disruption by blockchain technology. As currently structured, censorship has become a significant issue affecting content creators and consumers. Web 3.0 can take away the middleman and solve this problem. 

One of the cryptocurrencies leading the way on this front is Theta Network (THETA). Theta aims to decentralize video streaming and has gained traction over the past year. 

Besides growing adoption, the Theta team is working hard to ensure that the Theta blockchain works as it should. For instance, they recently released Theta Metachain. This aims to give Web 3.0 businesses an edge over their more traditional competitors.

With all these factors at play, there is no doubt that Theta is one of the best Web 3.0 cryptocurrencies to buy in 2022.

The post Betting big on Web 3.0? Here are three cryptocurrencies to watch appeared first on CoinJournal.

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Polkadot prediction as price slides after the recent breakout

  • Polkadot’s DOT is cooling after a 20% weekly surge

  • The cryptocurrency could slide back to $8 as most cryptocurrencies correct

  • Technical indicators suggest that bullish momentum is underway

Cryptocurrencies are taking a breather after recent recoveries. Polkadot’s DOT/USD is one such cryptocurrency, although it is much of a consolidation. At press time, DOT was marginally up 1.77% in 24 hours. However, the total gains in the week are among the highest at 20.79%. Nothing prevents a correction for DOT, but we believe the price will shoot again.

It’s a quiet year for Polkadot’s DOT. The cryptocurrency topped $55 last year but now trades at merely $8.50. With recent gains, one of the key speculations is whether DOT will reclaim its former self. We find it might, but this could take a while.

DOT has already shown the enthusiasm to climb again. It happens, thanks to turning $8, the previous resistance, into support. We see the $8 level as the reference zone for buyers. A retracement is an opportunity to buy, and it’s already happening. 

Moving average crossover suggests a bullish moment for DOT

Source – TradingView

Technically, the 14-day moving average moved above the 21-day moving average for DOT. That confirmed a bullish outlook as the price surged above the $8 resistance. Another bullish indicator is the MACD. The MACD line is yet to break below the moving average since June. That suggests that buyers accumulated DOT as it bottomed at $7.98 and are still relentless.

On a technical snapshot, DOT is bullish but could correct up to $8.0. For investors who bought at the bottom price, the token is still a hold as upside potential remains. New investors can consider buying lower.

Summary

Polkadot is bullish, but a correction is imminent. Moving averages and MACD indicators support a further rise. Investors should take advantage of a potential retracement to buy the token.

The post Polkadot prediction as price slides after the recent breakout appeared first on CoinJournal.