Kategorie: Crypto News

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More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds

There were some hopes that Gala (GALA) had started to show signs of recovery. However, this seems like it was more of a false start. At the moment, Gala (GALA) has stagnated and is starting to decline even as sentiment in the broader crypto market improves. More weakness is also expected for the token. Here are some highlights.

  • Gala (GALA), just like most metaverse tokens, has fallen sharply, losing nearly 30% in value in the last one week alone.

  • There was a slight bullish run after the FOMC meeting yesterday but those gains have quickly reversed.

  • At the time of writing, Gala (GALA) was trading at $0.2072, down nearly 5% in 24-hour intraday trading.

Data Source: Tradingview.com 

Gala (GALA) – Price prediction

When GALA started to surge yesterday, most analysts were looking to see if the coin will rise above its overhead resistance of $0.22. But it was a firm rejection. Even though GALA did manage to test the threshold a few times, it has since fallen. 

The pullback suggests that there is more weakness on the metaverse token and a further decline is possible. With January lows of around $0.1, it won’t be a surprise if the coin drops even further. In fact, most analysts see the $0.1 mark as the next probable support level should there be a serious sell-off in the coming days.

Should you buy Gala (GALA)

Metaverse tokens have become quite bearish in the last few weeks. We are seeing sharp declines even though most of these tokens were showing a lot of promise last year. 

At the moment, we believe that the price pressure is more of a correction that will last a few weeks. I would wait if I were you for more pullbacks before getting into GALA. At least that way, you get to buy on the cheap.

The post More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds appeared first on Coin Journal.

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Altcoin Shopping list: 3 tokens to buy during this January slump

The crypto market has simply crashed in January. Most coins are trading in the red and it doesn’t seem like there is enough demand for a rally in the near term. So, this gives bargain hunters the perfect chance to buy heavily discounted coins. Here is why this makes sense:

  • A pullback like this is not new to crypto, in fact, it has happened before and the prices have rebounded sharply.

  • Crypto has seen the rise of many innovative projects, especially in the altcoin space.

  • We will see major rallies in the market no doubt, and those who get in now can make big returns.

Well, the following is your ultimate altcoin shopping list, indicating three of the best tokens to buy right now?

Polygon (MATIC)

Polygon (MATIC) bills itself as an Ethereum scaling solution designed to deliver faster speeds and lower fees. It has actually been making major moves in the last few months, acquiring a series of new projects as well. 

Data source: Tradingview

Polygon and its native token MATIC have also seen immense growth in 2021 and we expect this to continue in the future.  At press time, MATIC was selling for $1.65.

Avalanche (AVAX)

Avalanche (AVAX) is a smart contract platform that also strives to offer better speeds and lower fees. It is also seen as a direct competitor to Ethereum and has been one the fastest-growing tokens in the last 12 months. Right now, AVAX, its native token, is trading at $67.16.

Yearn Finance (YFI)

In case you are thinking of investing money into a DeFi project with a lot of upside potential, then you will enjoy Yearn Finance (YFI). The token has been getting a lot of new features and more investment as well. At the time of writing, it was selling for $24,699.57 with a market cap of around $900 million.

The post Altcoin Shopping list: 3 tokens to buy during this January slump appeared first on Coin Journal.

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Bybit completes Arbitrum integration, funds bitDAO with $134M

Bybit, one of the most dynamically growing cryptocurrency exchanges in the world, has completed the integration of the Arbitrum mainnet, Coin Journal learned from a press release. 

With this integration, exchange users can make deposits and withdrawals in Ether (ETH), Tether (USDT) and USD Coin (USDC) on the Arbitrum network from Jan. 27 onwards.

Arbitrum relieves congestion on Ethereum

Arbitrum aims to relieve congestion on the Ethereum mainnet. The Ethereum Layer 2 (L2) scaling solution is one of the first optimistic rollups with this goal.

The costs of transactions on Ethereum are reduced by using Arbitrum. This is because the latter performs operations off-chain and posts the results to the mainnet to secure proof.

Heradling the next level of trading

As an L2 like Arbitrum allows anyone to ensure correct results, Bybit users will enjoy trustless security rooted on the Ethereum blockchain. That’s not all. Other advantages include Arbitrum’s low gas fees, speed, and rapid throughput.

Most reliable, stable, and liquid exchange

Bybit has proven to be among the most reliable, stable and usable cryptocurrency exchanges and also has the highest liquidity. The exchange boasts a 99.99% up rate all year round with neither downtime nor overload.                     

Ben Zhou, co-founder and CEO of Bybit, commented:   

Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users — with its decentralized, developer-friendly and broad ecosystem support, we continue to offer next level products and services to all crypto lovers.

Bybit contributes $134M to bitDAO’s treasury 

In related news, Bybit announced it has provided funding to Bitdao.io in the amount of $134 million in Ether, Tether, and USD Coin. 

This is equivalent to 2.5bps of futures trading volume between Nov. 1 and Dec. 31 last year according to a tweet by the exchange. The exchange has also pledged to make recurring contributions.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018. It offers a professional platform where crypto traders can find an ultrafast matching engine, excellent customer service and multilingual community support.

The company provides innovative online spot and derivatives trading services, mining and staking products, and API support to retail and institutional clients around the world.

The post Bybit completes Arbitrum integration, funds bitDAO with $134M appeared first on Coin Journal.

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Stellar trade neutral after price struggle to extend bearish rally

Key points

  • The market lack volatility after oversold price stabilisation

  • $0.25 and $0.14 maintain demand and supply levels

  • Stellar approach smart contract incorporation into its network 

According to the recent announcement from the official Stellar Twitter handle, it seems the stellar coin will present room for innovation in 2022, as the company aims to incorporate smart contracts into the stellar network.

While this could leave a positive impact on the value of the asset. However, Stellar is known for its rapid rise in price towards the close of Q1 and its swift fall in the middle of Q2 in 2021.

And ever since the market crash in May, XLM/USD expanded „swing channel“ price movement below the $0.9 ATH value.

Though there is no significant evidence if the asset will maintain this bearish momentum for long-duration. After $0.14 and $0.25 have been labelled as the initial near-term support and resistance of the market.

With an optimistic viewpoint on the XLM/USD price chart. It should be noted that if the value of Stellar should find its way above the $0.25 near-term resistance, gaining bullish attractions will be the next event that will be recorded in the market. As the bulls are waiting for the price to cross above the $0.25 near-term resistance.

Technical analysis outlook for XLM/USD price action

To explain XLM/USD technical analysis into a simplified term. That will give the trading decision a profitable entry point. Below is the breakdown of stellar price action from the daily time frame.

Source – TradingView

Amidst the recent oversold condition the market has undergone in the last six days. From the daily price chart, XLM/USD extends short-term sideways price action along the middle of the supply and demand levels.

With a small body candlestick pattern printed on the daily price chart, the market volatility was put on a halt after the Average True Range indicator pointed to the south.

Final thought

While we might be in haste to trade XLM/USD, however, market players should take into consideration the exit and entry points that need to be respected before market orders can be executed.

At the moment, $0.25 is acting as near-term resistance, meaning a break above that level will change the entire ecosystem of XLM/USD into a bullish bias. On the other hand, if the price should dip below $0.149 near-term support, the value of the asset will resume a bearish trend to the south.

The post Stellar trade neutral after price struggle to extend bearish rally appeared first on Coin Journal.

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Gal Yosef launches Meta Eagle Club NFT collection

Globally respected 3D artist Gal Yosef is excited to launch his Meta Eagle Club NFT collection, which will be backed by the internationally acclaimed Eden Gallery.

About Gal Yosef

Gal Yosef is well-known in the 3D art and NFT community. He created the swiftly sold out Crypto Bulls Society collection, which earned over $50 million from primary sales and market auctions. He has worked with celebrities like Justin Bieber and DJ Steve Aoki. 

One of his unique NFTs, created through such a collaboration, fetched $214,000 at Sotheby’s. The upcoming Meta Eagle Club NFT collection will feature his lifelike cartoon-style avatars, which are universally adored.

A critical turning point

The collaboration between Gal Yosef and Eden Gallery is a critical turning point in the NFT industry. Projects from accredited artists are emerging front and center.

Through their combined skills and the NFT collection, Gal Yosef and Eden Gallery will bring a new vision to NFT art.

Collection features art world with 12K eagle avatars

The NFT collection, which is the first installment of a series of Gal Yosef’s own collections, features a digital art world named Galyverse. The first collection in this digital world is comprised of 12,000 captivating eagle avatars. Gal Yosef explains the choice of the eagle:

I was searching for a character that could help portray a charismatic avatar, but also one that’s warm and inspiring to others. Depicted as a symbol of freedom in so many different cultures, Eagles, out of the entire animal kingdom, also represent the strong and brave-hearted. Working on the wings and feathers allowed me to soar and explore new heights in 3D art.

Merging art and community

The Meta Eagle Club wants to merge community building with upscale art, an evolving vision, and exclusive physical gallery events. 

It will bring physical artwork to Eagle avatar owners to support NFT collectors. Eden Gallery and RNSNC, its cutting-edge NFT studio, will help make this possible. Collectors will also enjoy additional benefits, including VIP flights around the world.

 

The post Gal Yosef launches Meta Eagle Club NFT collection appeared first on Coin Journal.