Kategorie: Crypto News

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Aave correction to continue at it breaks below $86 support

  • Aave is one of the largest DeFi platforms

  • The token has been gaining as cryptocurrencies rose on hopes of DeFi recoveries.

  • AAVE token has breached a support zone and eyes new lows in a market correction

Aave AAVE/USD is one of the cryptocurrencies to stage recoveries in the recent crypto surge. The cryptocurrency traded at a low of $53 at the beginning of July. It almost doubled in value to a price of $102 on July 19. The token currently trades at $85 as most cryptocurrencies edge lower. 

Aave gained on renewed hopes of the growth of DeFi. The platform is already one of the largest in the decentralized lending and borrowing sector. Aave also lets users earn passive income through staking the token. That has the potential to attract users and facilitate the growth of the DeFi platform. 

The latest above-market returns for AAVE underline trust in the platform and the utility of its token. However, the token now faces a decline, and investors should watch key levels.

AAVE set to correct more as price slides below $86 support

Source – TradingView

In the shorter 4-hour time frame, AAVE is bearish. The MACD line crossed below the moving average as the token slipped below $86 support. The 14-day and 21-day moving averages remain above the price and offer resistance. 

From the technical outlook, AAVE will continue to slide unless it reclaims the $86 support. There is currently no bull trigger, while crypto sentiment remains weak. We expect the cryptocurrency to fall and find support at $75. If the level fails to hold, the next support zone for AAVE is $68. Short-term focused investors should sell now to buy lower. 

Summary

AAVE remains under bear pressure after the recent gains. The cryptocurrency has broken below $86 support. The token could find support at $75 or potentially at $68. 

The post Aave correction to continue at it breaks below $86 support appeared first on CoinJournal.

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Analyst: Bitcoin and Ethereum could lead crypto market’s ‘minor pullback’

Bitcoin is trading near $21,900 while Ethereum has dipped below $1,520.

The crypto market was largely green over the past week, with gains for Bitcoin and Ethereum pushing the top two cryptocurrencies to prices above $24,000 and $1,600 respectively.

As of writing, BTC is holding around the $21,900 mark while ETH/USD has dipped slightly to trade near $1,515. Both are in the green over the weekly chart, with most of the altcoin market also showing signs of holding onto recent gains.

However, the market remains beleaguered despite forecasts of a bottom looking like it’s in amid recent deleveraging. 

And analysts are also watching the equities market ahead of this week’s US Federal Reserve meeting. Given, a dump in the stock market could see risk appetite across crypto fade, with potential downsides for BTC and ETH reflected across the broader altcoin market.

Pro says BTC, ETH could fall to support levels

Crypto analyst Rekt Capital said on Monday that it is possible the market could be heading lower after last week’s sharp bounce.

“After a strong week last week, the crypto market looks set for a minor pullback. BTC, ETH and many altcoins appear to be positioned for healthy dips, which could figure as key retests of previous resistances into new supports,” he tweeted.

Glassnode notes that although momentum looks favourable for Bitcoin after the upside above $20,000, the long term outlook suggests otherwise. According to the platform, bulls might have to bear some pressure before establishing a “firm foundation.”

While analysts see $20k as a crucial support level for Bitcoin, Ethereum could dip to support in the $1.4-$1.3k zone.

The post Analyst: Bitcoin and Ethereum could lead crypto market’s ‘minor pullback’ appeared first on CoinJournal.

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MotoGP signs sponsorship deal with Romania blockchain security firm CryptoDATA

The three-year deal sponsorship deal will run from 2022 to 2024 and will have CryptoDATA Tech, which develops blockchain-based cybersecurity solutions for various clients, as the title sponsor for the Austrian Grand Prix.

Dorna Sports, the commercial rights holder of MotoGP, has sealed a multi-year sports partnership with Romanian crypto company Cryptodata Tech, the firms announced on Monday.

Per the companies, CryptoDATA will be the Austrian Grand Prix MotoGP title sponsor over the next three racing seasons – from 2022 to 2024. The blockchain security firm will also take the top billing at the upcoming Red Bull Ring-Spielberg Grand Prix, according to details in the press release.

The partnership will also see the Red Bull Ring – Spielberg Grand Prix renamed the CryptoDATA Motorrad Grand Prix von Österreich.

“We’re delighted to announce CryptoDATA as the title sponsor of the Austrian Grand Prix for the next three editions. MotoGP is grounded in innovation and invention, making this the perfect partnership. It’s fantastic to sign a three-event deal with CryptoDATA and we look forward to seeing them take top billing at the Red Bull Ring; one of the most spectacular backdrops on the calendar,” said Manel Arroyo, the Chief Commercial Officer at Dorna Sports. 

In a comment, CryptoDATA Tech co-founder and CEO Ovidiu Toma said the collaboration will help it show how blockchain technology initiatives can benefit the environment and the broader community, including on and off the track.

The partnership will result in great experiences for everyone, he added.

The 2022 CryptoDATA Motorrad Grand Prix von Österreich will take place from 19-21 August.

The post MotoGP signs sponsorship deal with Romania blockchain security firm CryptoDATA appeared first on CoinJournal.

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Bitfinex enables zero-fee USDT deposits and withdrawals on Tezos

Bitfinex customers can now benefit from zero fee deposits and withdrawals of USDT on the Tezos blockchain.

Tether (USDT), the world’s largest and most widely used US dollar-pegged stablecoin, has officially launched on the Tezos blockchain.

USDT is the third largest cryptocurrency by market cap of $65 billion, ranked behind Ethereum and benchmark asset Bitcoin.

USDT live on 12th blockchain

In an announcement on Friday last week, cryptocurrency exchange Bitfinex said that USDT would be enabled on the proof-of-stake (PoS) for deposits and withdrawals, all at zero fees.

USDT going live on Tezos means that the stablecoin is now available on twelve blockchain platforms. These are Ethereum, Tron, Polkadot, Algorand, Avalanche, Solana, EOS, Bitcoin Cash’s Simple Ledger Protocol (SLP), Liquid Network, Kusama and Omni.

XTZ tokens

The native Tezos token XTZ plays a massive role in the blockchain platform’s ecosystem. Apart from allowing users to interact with decentralised applications (dApps), XTZ can be used to pay transaction fees and for network security through staking. 

Customers can buy XTZon Bitfinex via cash via Bank wire, as well as crypto and credit cards.

XTZ, currently trading around $1.60, reached an all-time high of $9.12 in October last year. The cryptocurrency has a market cap of $1.47 billion.

The post Bitfinex enables zero-fee USDT deposits and withdrawals on Tezos appeared first on CoinJournal.

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Cardano forms a double top – Are we likely to see a price decline?

  • Cardano’s ADA has been surging for the last two weeks

  • The token was rejected twice at the resistance resulting in a double top

  • ADA could slide, but investors should be keen on a potential breakout

Double tops and double bottoms are important price action signals in financial markets. The “tops” are seen as price peaks and are potential signals of an oncoming bear market. The “bottoms” are interpreted similarly and suggest a potential price jump. 

Cardano ADA/USD is one of the cryptocurrencies that has remained bullish since mid-July. The crypto token rose to a high of $0.54 on July 20 from $0.41 on July 14. That happens amid an increase in whale activity on the network and as most cryptocurrencies gained. After trading slightly above or at resistance, bull exhaustion is evident. We believe ADA could fall further, but investors need not to panic.

ADA under pressure as double top forms at resistance

Source – TradingView

ADA price is under pressure after forming a double top slightly above the $0.52 resistance. The rejection of the price at the same level confirms buyer exhaustion. As a result, ADA will continue to fall in the short term. However, it also communicates that buyer interest remains strong in ADA. That was after buyers tried to clear the $0.52 for the second time. 

ADA has broken below the 14-day and 21-day moving averages. That confirms a slight bearish pressure in the short term. The token has a minor support at $0.48., where the price is likely to settle. A further drop could see ADA settle at $0.44.

Concluding thoughts

Although ADA is under pressure from the double top, buyer interest remains high. We expect only a short-term drop. ADA will see lasting recoveries if it overcomes the consolidation by breaking past the $0.52 resistance.

The post Cardano forms a double top – Are we likely to see a price decline? appeared first on CoinJournal.