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Algorand’s token is bullish, but where are the buyers?

Algroland (ALGO) logo on a mobile phone being held by a hand to view

  • Algorand network grew as DeFi activity boomed in 2021

  • Algo price bottomed at $0.28, but bullish signals are emerging

  • ALGO will open a bullish move if it clears a minor resistance at $0.31

Algorand ALGO/USD network grew last year on the back of booming DeFi activity. Despite the bear market this year, the network has continued to grow. As of May 7, the total value locked on Algorand was $174.74 million. The TVL eclipses a record high of $134.24 million for 2021 as of the last day of the year. The TVL has, however, fallen back, with a total of $99.11 million at press time. 

Algorand is a proof-of-stake and scalable blockchain. It offers a common platform for creating products and services for a decentralized economy. It goes hand in hand that the growth of DeFi is positive for Algorand. ALGO, its native token, powers the blockchain. The token has plunged this year, owing to the growing macro-concerns.

Recent development regarding Algorand is the network’s partnership with FIFA in May. FIFA announced that Algorand would be the official blockchain sponsor of this year’s World Cup. The sponsorship has the effect of adding media exposure and free advertising for Algorand. ALGO surged by double digits following the announcement. Recent weakness in ALGO underlines a general market issue rather than the network’s fundamentals.

ALGO trapped between $0.28 bottom and short-term resistance

Source – TradingView

Technically, ALGO is making bullish moves. A cross-over of MACD above the moving average line confirms a bullish momentum. The 14-day moving average offers support, although the price is below the 21-day MA. 

ALGO may continue consolidating between $0.28 bottom and $0.31 resistance in the meantime. A break-out above the minor resistance level will open short-term buy opportunities. On the flipside, ALGO may crash back to the $0.28 support if the buying power remains weak.

Summary

Algorand powers DeFi products and services. Its native token ALGO met resistance at $0.31. We project a short-term bullish move after a break past the resistance. The token may also fall back to the $0.28 support.

The post Algorand’s token is bullish, but where are the buyers? appeared first on CoinJournal.

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Decentraland’s MANA may have bottomed at $0.78, but buyers be cautious

  • Decentraland is a blockchain protocol for powering individuals to the Metaverse.

  • MANA/USD has been bearish but is keeping $0.78 support intact.

  • Watch for a potential breakout or MA support for price movement confirmation.

Decentraland’s MANA/USD has held key support of around $0.78 since mid-May. The support coincided with oversold conditions, with the RSI at 19 on May 13. However, potential surges have been muted as the overall crypto sentiment remains weak.

Decentraland aims to power organizations, entities, and individuals to the virtual world or the Metaverse. An array of activities last year saw its native token MANA stage strong gains. On Decentraland, people can acquire virtual assets, including avatars and land. They can also play games. In mid-June, Yahoo said it intends to host virtual events in Decentraland for Hong Kong residents. Samsung and JPMorgan are other entities seeking to enter the Metaverse through Decentraland.

With the growth of virtual assets and Metaverse, Decentraland will benefit. Its native token MANA/USD will surely make a comeback. However, despite MANA/USD holding to a support zone, the situation is still bearish. We believe $0.78 is a key area for investors seeking to buy MANA/USD.

MANA’s price keeps $0.78 support intact despite a bear market

Source – TradingView

MANA/USD holds onto the $0.78 support. The price is consolidating, suggesting a potential breakout could occur soon. The 14-day and 21-day moving averages offer slight support, but we can’t confirm a bullish move now. 

Two scenarios are evident for MANA. A bullish reversal will be confirmed by a cross-over of the 14-day MA above 21-day. The price must remain above both moving averages. A break below the $0.78 support will confirm a bearish momentum. Currently, MANA/USD will keep consolidating as the weak sentiment prevails.

Summary

Decentraland’s MANA is consolidating with no directional movement. The $0.78 support holds the price in place. Watch for key signals before getting in.

The post Decentraland’s MANA may have bottomed at $0.78, but buyers be cautious appeared first on CoinJournal.

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This little-known crypto token has returned 171% in 2 days with surging volume

  • NMR is the native token of Numeraire and has gained by triple digits in two days

  • Numeraire enables equity trading via the Ethereum blockchain

  • Developers hinted at progress on 1 million stock tokens

Numeraire crypto token NMR/USD has staged a massive rally this week. The cryptocurrency had returned 171.74% in just two days as of press time. The token touched a high of $39.5 on June 30. The token traded at a low of $8 on June 29. The changes in the price highlight the intense volatility the token has faced. 

Numeraire is a software that enables users to trade equities on the Ethereum blockchain. Users can execute trades relying on artificial intelligence and expert predictions via blockchain. Two applications on Numeraire’s platform support different types of traders. The first is “Signals,” an avenue for traders to upload their stock market strategies. The second is the “Tournament,” a weekly competition. Traders submit their trading algorithms on stock markets, allowing others to bet on the potential outcome.

NMR is the native token of Numeraire. The token supports staking on the platform and conducts payments. It also rewards tournament participants. NMRs are also burned whenever participants stake tokens to an incorrect prediction. 

The rise of NMR happened after its developers confirmed progress on 1 million stock NMR tokens. As of press time, the trading volume had surged by double digits in the last 24 hours. It illustrates the growth in investor interest in the crypto token.

 NMR technical analysis

Source – TradingView

Technically, NMR trades around the $23 support zone, a major decline from the previous day’s high. The 21-day and 14-day moving averages continue to support the price. Despite the high trading volume, the token could crash further below if $23 fails to hold. For now, investors should be aware of a potential token dump. 

Summary

NMR rise is connected to the latest announcement. However, we perceive the sentiment as weak, and investors could be caught in a bull trap.

The post This little-known crypto token has returned 171% in 2 days with surging volume appeared first on CoinJournal.

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Key breakout to accelerate Bitcoin weakness as price slips below 200-day MA

  • Bitcoin trades at above $19,000 in a bear market and support area

  • 200-day moving average joined resistance for Bitcoin

  • A breakout of the inside bar pattern could accelerate bear weakness

Bitcoin BTC/USD is trading at 19,580. At the current price, the world’s largest cryptocurrency sits at support. However, Bitcoin may crash below the support as more bearish indicators emerge. Fundamentals and market sentiment also weigh on the price of Bitcoin.

The price of Bitcoin has been so far pegged on the state of the economy. Rising inflation is a bear trigger for Bitcoin. Inflation ignites faster action by central banks to tighten policy. On Thursday, data showed that the Fed’s key inflation gauge rose by 4.7% in May. Despite being lower than estimates of 4.8%, the rate was at levels only seen in the 1980s. 

In its comments, the Fed has hinted at faster rate hikes to tame the costly inflation. Markets anticipate up to a 75 basis point rate hike in July. The faster rate action would be bearish for Bitcoin. Current technical indicators suggest another bear leg is on the horizon.

 The 200-day moving average offers Bitcoin resistance for the first time

Source – TradingView

The weekly chart gives the long-term trend of Bitcoin. The 200-day moving average joined resistance for the cryptocurrency at key support. An RSI reading of 25 may suggest the cryptocurrency is oversold. Nonetheless, this does not mean the bear’s weakness is over. A short-term appreciation in price may be met with a sharp downturn. 

Bitcoin also forms an inside bar pattern at the key support. We need to see whether the weekly candlestick breaks below. A breakout of the inside bar to the downside and below the support will heighten the bear market. The next support is around 11,661.

Concluding thoughts

The 200-day moving average has joined Bitcoin resistance for the first time. The price faces bear pressure at the support. An inside bar breaking out to the downside will weaken the cryptocurrency further.

The post Key breakout to accelerate Bitcoin weakness as price slips below 200-day MA appeared first on CoinJournal.

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DappRadar launches cross-chain token staking solution

DappRadar’s cross-chain token staking is now live, the first in the industry to allow users to stake and claim rewards on any chain regardless of where they stake their RADAR tokens.

DappRadar is making it easy for investors to earn staking rewards on any blockchain with support for the native RADAR token.

This after the Dapp store and dApps data tracking platform’s launch of its cross-chain staking solution on Thursday. According to the DappRadar team, RADAR holders can now stake their tokens on one blockchain and claim staking rewards or withdraw their staked tokens on another chain.

Interoperability

The launch of the cross-chain token staking solution involves LayerZero, an interoperability protocol that allows for cross-chain smart contracts communication.

The protocol enables this for both EVM-compatible and non-EVM compatible chains, which means users will not be limited to those blockchains only compatible with the Ethereum Virtual Machine.

Cross-chain staking support will be available on whichever chain RADAR launches on, the platform said in a blog post. Simply, it means RADAR stakers do not require a bridge to access their staked tokens.

Also beneficial to the RADAR staking community is that APR will be the same across all supported blockchains. No bridging also means users won’t have to bear the associated high gas fees.

Skirmantas Januskas, the CEO and co-founder of DappRadar noted in a statement shared via a press release, that the platform’s product was built with users, “especially margin-sensitive” ones in mind.

He noted that the innovation is now available for use elsewhere in the blockchain industry, adding that the community can achieve more growth and adoption if they “build together.”

DappRadar hosts and tracks over 10,000 dApps across more than 45 blockchains and protocols,with data and insight on DeFi, NFTs and gaming among others.

The post DappRadar launches cross-chain token staking solution appeared first on CoinJournal.