Kategorie: Crypto News

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Shiba Inu flashes a bear signal as correction gets underway – What next?

  • Shiba Inu SHIB is correcting after the latest gains

  • Shiba Inu blockchain partnered with The Third Floor for its metaverse project.

  • The cryptocurrency is entering the consolidation zone

The last one week has been good for crypto buyers as most tokens returned by double digits. However, it is now time for corrections as investors take profits. Shiba Inu SHIB/USD is one of the tokens in a correction wave, and short-term investors should be cautious.

Very few developments have been occurring on Shiba Inu lately. On July 20, the network announced a partnership with The Third Floor. The partnership with the American visualization company will power the blockchain to its metaverse project. Shiba Inu’s metaverse is already a closely monitored event. However, Shiba Inu investors could be waiting for more than just a partnership. The launch of the metaverse will be a game changer, but for now, SHIB investors are merely speculating. 

SHIB/USD has lost by 4.58% in the last 24 hours as of the time of writing. The drop means a lot for SHIB as the cryptocurrency is entering a bearish market.

Shiba Inu forms a bearish pin bar at resistance

Source – TradingView

Technically, SHIB is bearish. MACD indicators are bullish, but that does not align with the technical levels. The token seemed to have overcome resistance at $0.000012 after breaking past it. It is now emerging that it was a false breakout. A bearish reversal has resulted in the formation of a bear pin bar. We expect the price to continue sliding until the cryptocurrency finds support at $0.00001. 

Summary

Shiba Inu token is bearish as correction occurs at key resistance. SHIB may continue to fall and find support at $0.00001. Investors should consider selling now for a chance to buy lower at the support.

The post Shiba Inu flashes a bear signal as correction gets underway – What next? appeared first on CoinJournal.

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Ethereum is that asset institutional investors may soon feel ‘compelled to own’, Bitwise CIO says

Bitwise CIO Matt Hougan sees the crypto market growing 5-10x bigger in the next few years, with the next market cycle likely catalysed by Ethereum’s merge.

Bitwise Asset Management CIO Matt Hougan says Ethereum (ETH) transitioning from a proof-of-work (PoW) to proof-of-stake (Pos) network, and the announcement of the date of the “Merge” is “a massive piece of news” – likely the signal that marks the beginning of a crypto bottom.

Hougan, speaking in an interview with Bloomberg on Friday, also believes the highly anticipated Merge puts Ethereum on the cusp of unprecedented adoption by institutional investors.

The Merge is big, and not just for Ethereum

Last week, Ethereum developer Tim Beiko announced that the highly anticipated Merge update will happen in mid-September, and the crypto market’s reaction helped ETH price soar more than 40% – rising from about $1,200 to over $1,640. Ethereum had dipped below $1k earlier in the month.

Hougan says a bottoming process could be underway as a result of the announcement, with this probably marking the turning point that eventually heralds the next crypto boom.

“We may look back on the merge – or the announcement of the date of the merge – as the single moment that turned us from sort of the crypto winter into at least a sideways move before we go to the next big move.”

As for Ethereum, Hougan says the network is poised for its biggest development since the explosion in decentralised finace (DeFi) in 2020. Ethereum has not seen as much institutional hype as Bitcoin, but the transition, the Bitwise exec believes, will help make the cryptocurrency an even more attractive asset for institutional investors.

“It’s going to transform Ethereum into an asset that institutional investors feel increasingly attracted to, maybe even compelled to own… Institutional investors have only been in Bitcoin primarily, but in the future of crypto they’re going to be in Bitcoin, Ethereum and, I would argue, a wide array of assets.”

Catalyst for 5-10x market growth

DeFi, non-fungilbe tokens (NFTs) and stablecoins were all huge over the last bull market. Before that, it was Ethereum-based initial coin offerings in 2017 and prior to that, Bitcoin’s revolutionary, non-sovereign monetary system in early 2010s. 

The future of crypto could see “five or six other killer products” emerging over the next few years. When this happens, greater adoption could see the market grow 5-10 times. Hougan explained when he thinks this will happen.

“I think it will be the moment that crypto goes mainstream and your friends, your uncles, your cousins are all interacting with the crypto market through gaming, digital identity, music and NFTs ticketing, DeFi and stablecoins for payments,” he opined.

This kind of growth, he argued, might just be “a year or two off.”

During the Ethereum Community Conference (EthCC) in Paris earlier this week, co-founder Vitalik Buterin talked of the “long and complicated” journey that has been the transition to PoS.

He noted that the Merge was just a part of the roadmap that could end with Ethereum as a “a system that is more powerful and robust in so many ways.” But even then, with the pivotal merge, Ethereum would only be “55% complete.”

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Bitgert price prediction as the BRISE recovery stalls

The Bitgert price rebound has cooled as other cryptocurrency prices recoil. BRISE is trading at $0.00000045, which is about 12% below the highest point this week. Other popular cryptocurrencies like Bitcoin, Ethereum, and Safemoon have also retreated.

What is Bitgert?

Bitgert is a relatively small blockchain that seeks to become a leading blockchain platform for developers to build decentralised applications (dApps). Like Ethereum, developers can use it to build apps in all industries like decentralised finance (DeFi), metaverse, NFT, and gaming. 

Bitgert aims to do all that while achieving a substantial scale and without substantial fees. According to its website, Bitgert’s transactions cost less than $0.0001. This means that it can handle millions of transactions for less than $10.

Bitgert has also created a crypto wallet that acts as a gateway to decentralised blockchain applications. The app is easy to use, has substantial security features, and has diverse features. Bigert recently introduced USDC and USDT.  BRISE is the native token for Bitgert.

Still, in all these, Bitgert faces numerous challenges. For example, its ecosystem is significantly smaller than that of other larger platforms like Solana, BNB, and Ethereum. At the same time, there are many upcoming projects like Kadena and Optimism that have all features that Bitgert has.

Most importantly, Burgert may not have the millions of dollars to incentivise developers to build apps. For example, Avalanche has over $500 million in funds to incentivise developers. 

All this explains why Bitgert has a significantly small ecosystem than the other projects. DappRadar does not record any application created using the technology. The same is true with DeFi Llama, a platform that tracks all DeFi projects. 

Bitgert price prediction 

The four-hour chart shows that the BRISE price has bounced back in the past few days. It has risen by about 70% from its lowest level this year. The coin is being supported by the ascending trendline that is shown in black. It has also moved slightly above the 25-day and 50-day moving averages. 

Therefore, there is a likelihood that the bullish trend will continue as long as the coin is above this trendline. If this happens, the next key level to watch will be at this month’s high of $0.00000050.

The post Bitgert price prediction as the BRISE recovery stalls appeared first on CoinJournal.

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Harmony ONE price prediction after the drop of TVL to $43M

The Harmony ONE price has pulled back in the past few days as demand for the coin remains at a substantially low level. The coin has crashed to $0.023, which was the lowest level since July 19th of this year. It has dropped by more than 16% from its highest level on Thursday, bringing its total market cap to over $284 million.

What happened to Harmony?

Harmony is a blockchain project that was recently one of the biggest challengers to Ethereum’s dominance. The network was created using a technology known as sharding that was first introduced by Zilliqa. 

Sharding creates scale and throughput in blockchains by breaking down the blocks into smaller pieces known as shards. Harmony’s sharding solves the two main challenges that Zilliqa has. It introduces the concept of dividing the storage of blockchain data. Further, it solves the challenge of Proof of Work (PoW) by using a proof-of-stake approach. 

As such, Harmony is fully scalable, has secure sharding, is highly efficient, and has consistent cross-shard transactions. All these qualities made it well received by developers. Some of the top applications that have been created in Harmony are DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap. 

Recently, however, the Harmony ONE price has struggled as the number of people using its applications has dropped dramatically. Indeed, the total value locked (TVL) locked in the ecosystem has crashed from over $1.5 billion to just $43 million. 

While most blockchains, including Ethereum, have seen a sharp decline of TVL, Harmony’s has been more dramatic. Analysts believe that the situation is mostly because of the recent $100 million hack that was attributed to North Koreans. The hack happened after the attackers managed to breach a bridge that connected Harmony to Ethereum. 

Therefore, while many blockchains have recovered part of their TVL recently, Harmony’s has continued to drop in the past few months.

Harmony ONE price prediction 

The four-hour chart shows that the ONE price has been attempting to recover in the past few weeks. It has risen by about 42% from its lowest level this year. The coin remains above the ascending trendline that is shown in black. 

Harmony has moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is pointing downwards. 

Therefore, the coin will likely continue falling considering that the recovery has found a strong resistance at about $0.027.

The post Harmony ONE price prediction after the drop of TVL to $43M appeared first on CoinJournal.

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Bitcoin price outlook: What levels are analysts watching?

Bitcoin (BTC) rose to a seven-day high above $24,000 this week, hitting its highest price level since mid-June.  

The benchmark cryptocurrency has however found it hard to break higher, with a subsequent cooling pushing it to lows of $22,600 on Friday evening.

Market observers, including analysts at JPMorgan and Citi say the sentiment across the market is improving as the negativity heightened by recent turmoil dissipates. But what BTC levels are analysts watching?

Analysts share key Bitcoin levels to watch

Popular crypto analyst Rekt Capital says the next important move for BTC/USD this week is to achieve a weekly candle close at or above the 200-week moving average. The key price level then is around $22.8k.

“BTC is see-sawing around the 200-week MA all week,” the analyst said, adding that “the most important thing will be the confirmation relative to the 200-week MA in the form of a Weekly Candle Close. The 200-week MA represents the price point of $22800.”

Crypto trader Mayne suggests bulls need to hold above $22.5k to maintain this week’s positive outlook.

“Simple view, potential range break out. Upside could be juicy if we can hold above $22.5k/range high. Lose the range high, this was likely a deviation. The move above range high becomes your risk as you target shorts back into the range.”

Another analyst, the pseudonymous Shardi B says Nasdaq’s 1.87% dip on Friday may cascade into the crypto market, a likely scenario given the high correlation between risk assets (crypto and equities).

Crypto trader CryptoGodJon says flipping higher and holding above $24.5k could see a breakout to the $27k-$28k range. However, a dip from current levels could easily open up a path to $20k and even lower.

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