Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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ThorChain (RUNE) hopes to break downward momentum with a recent mini-rally

The massive sell-off we saw on ThorChain (RUNE) was nothing short of catastrophic, and that’s being nice. The coin has really spiralled downwards, following other crypto assets in decline. But a small mini-rally the last two days could help RUNE break this downtrend. Here are some highlights and analysis of the price action:

  • After hitting highs of $17.25 in a superb rally last year, selling pressure has sent RUNE on the floor with a massive decline.

  • At press time, the coin was selling at $4.02, nearly over 70% lower from its October highs.

  • Despite this, ThorChain (RUNE) has rallied nearly 20% in the last 24 hours as momentum starts to build.

Data Source: Tradingview.com

Can ThorChain (RUNE) break the downtrend?

Even with the 20% 24-hour rally, there is no question that ThorChain (RUNE) remains firmly in the bear market. The coin is trading at $4.02, and if there is going to be a sustained bullish momentum, it must at least test overhead resistance of around $7 in the near term. 

Whether this will happen remains highly unlikely. Although we have seen some steady gains in the crypto market over the last few days, there is still a lot of uncertainty. 

Any wild price swings could send ThorChain (RUNE) tumbling even further, erasing any hope of a trend reversal in the coming weeks. The good news is that most momentum indicators suggest that ThorChain (RUNE) could get bullish.

Should you buy ThorChain (RUNE)?

At the moment, it’s hard to see any serious demand for ThorChain (RUNE). As risk-off sentiment continues to push investors aware from the trading floor, we do not see enough demand for ThorChain (RUNE) in the near term to push the price that much higher. So, if you are buying for long-term value, well and good. But for short-term traders, this is not the asset to go for.

The post ThorChain (RUNE) hopes to break downward momentum with a recent mini-rally appeared first on Coin Journal.

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Should you buy chainlink as the price get stuck at $15

  • LINK/USD extends range-bound price action below resistance

  • LINK/USD market eyes a target above $17.73

Across the board, the overall crypto market is trading in a neutral direction. After strong selling pressure took charge of the price movement. And with less concern about fundamental analysis, Chainlink seems to exclude the list of assets governed by an economic release.

Hence buying Chainlink (LINK) from a technical analysis outlook will aid trading decisions.

Technical levels to watch before buying chainlink

Heavy bearish storms drag the value of Chainlink downhill after weak volume among the bulls caused the value of Chainlink to depreciate against the US dollar. At the same time, it is assumed that supply and demand are the major factors that control the price action of the digital currency market.

From north to south LINK/USD trading activities have proved to be a good example of the reaction caused as a result of market supply and demand, which tend to leave a mark on the crypto market price action.

LINK/USD hourly chart technical analysis

Source – TradingViewWith a technical analysis look on the 4-hour chart market investors would discover that the LINK/USD chart pattern is in for a long-term bearish price movement. As $10.59 near-term support endures welcoming the value of the digital asset to balance its feet along with its horizontal support. Alongside buying LINK/USD at this price point would enable a long-term gain for traders because $10.59 serves as the all-time low initial support for the asset.

Final thoughts and trading recommendation 

The upcoming Federal Open Market Committee (FOMC) meeting that’s set to come up on Wednesday would perhaps produce a rise in volatility in the crypto market. After expectations from market players await an interest rate hike announcement from the Fed chairman Jeremy Powell soon.

The post Should you buy chainlink as the price get stuck at $15 appeared first on Coin Journal.

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Fantom (FTM) surpasses $12 billion in TVL – Is it the most important competitor for Ethereum?

Fantom (FTM) appears to be flexing its muscle as the next big thing. The blockchain is billed as the most direct competitor for Ethereum and based on recent events, it seems it’s living to that billing. Although the project is down today due to broader headwinds in crypto, it is looking like a good bet for the future. Here are some highlights:

  • Fantom (FTM) has surpassed $12 billion in Total Value Look, making it one of the most valuable DeFi out there.

  • The recent surge means that FTM’s TVL is now higher than that of Solana and Avalanche.

  • With this trend, Fantom (FTM) looks poised to compete directly with Ethereum in the near term.

Data Source: Tradingview.com 

Fantom (FTM) – Where does it go next

The price action in the broader crypto market has remained quite bearish. Most coins have tumbled, and FTM is not any different. At the time of writing, it was trading at $1.97, down nearly 11% in 24-hour intraday trading. 

But more importantly, FTM has now surged past $12 billion in total value locked. This makes it bigger than Solana and Avalanche in terms of TVL. Shortly after the news was announced, FTM surged by 17% albeit sentiment in broader crypto has weighed on the price, sending it tumbling in the last 24 hours. But despite this, this is a good sign that Fantom is growing and growing fast.

Should you buy Fantom FTM?

Yes, with the kind of growth we have seen in FTM over the last few months, you should have it in your portfolio. The fact that the token is down right now means that you have a rare chance to get in on a discount. This is a long-term play for folks who are looking for Ethereum alternatives.

The post Fantom (FTM) surpasses $12 billion in TVL – Is it the most important competitor for Ethereum? appeared first on Coin Journal.

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Olympus (OHM) hits point of no return, dips nearly 95% from all-time highs

Olympus (OHM) is closely edging towards the point of no return as downward pressure on the price continues to persist. The DAO token is falling sharply, and as sentiment in the market continues to favour a risk-off mentality, it may take a lot of time before OMH recovers. Here are some notable highlights:

At the time of writing, OMH was trading at $64.81, down about 4% in 24-hour intraday trading.

Also, Olympus (OHM) is now trading at over 90% lower from its all-time highs.

The crypto market crash is likely to make the price action even worse, with negative pressure expected in the coming days.

Data Source: Coinmarketcap.com 

Olympus (OHM) – Can it recover?

Many coins have tumbled in the market over the past few weeks. Some are even way lower than all-time highs. So, this is not something unique to Olympus (OHM). But it is worrying to see such a speedy drop in fact, at press time the coin was trading nearly 95% from all-time highs. 

However, even amidst these headwinds, the project has been trying to build up, launching a new 12-month plan designed to usher in a “stronger ecosystem”. Whether this will do anything to lift the downward pressure remains to be seen. But so far, it looks like OMH may be getting into the point of no return.

Should you buy Olympus (OHM)?

Olympus (OHM), for those of you who don’t know about it, is a platform designed to incentivise users to stake the native OHM token. The hope is that OHM will grow to become a crypto reserve, the same way the US dollar is. This sounds a bit far-fetched but when the project launched, it had a huge following. At the moment, it may not be the right time to buy Olympus (OHM) given the headwinds in the market.

The post Olympus (OHM) hits point of no return, dips nearly 95% from all-time highs appeared first on Coin Journal.

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Should you buy bitcoin amidst the ongoing market sell-off?

  • Bitcoin Eyes near term support at $32108
  • The bulls might have a chance along with the support
  • Bitcoin trade with a complete sell-off with little sign of the oversold condition.

Negative market sentiment swept the value of Bitcoin by half of its previous ATH value of $69K in October. At the start of the new trading week on Monday, Bitcoin was spotted in an aggressive red pool of a bearish market.

It was reported that Bitcoin has lost above 50% of its value when compared to the All-Time high value of $69Kin October 2021. With a three month downhill moment yet, there is no sign that this bearish price action will be ending soon

Technical levels to watch before buying Bitcoin

Source – TradingView

Since the value of BTC trade is below the $38890 initial support, the price of bitcoin continues to expand its bearish wings to the South. After strong bearish market volatility was said to have aided the action of the bears towards plunging the price of BTC downward.

In essence, if you must take a long position for BTC/USD digital currency pair, you ought to be aware that the Bitcoin market is currently trading along the $33903 support region. Hence waiting for a bullish retracement above that level will aid your decision to buy the assets.

However, from a technical analysis viewpoint, Bitcoin seems to pose a long-term bearish price action as the value of the assets aims to hit near-term support at $30696.

In general, a good trading recommendation would be to wait for the price to break above $30696 market initial support before considering taking a long position.

Final thought

The ongoing sell-off in the market could be attributed to the difference in the proportion of demand and supply. In addition, the crypto market will tend to rise in value when the demand outweighs its supply. On the other hand, the market will plummet when the market supply outweighs its demand.

The post Should you buy bitcoin amidst the ongoing market sell-off? appeared first on Coin Journal.