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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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.

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MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO

  • MicroStrategy CEO Michael Saylor also noted the same thing during an earlier interview.

  • The company’s shares have plunged alongside the rout in crypto and stocks, currently trading -35% year-to-date.  

MicroStrategy will buy more Bitcoin and does not plan to sell any from its current haul, according to the US-based software intelligence company’s Chief Financial Officer.

This is the company’s plan for investing in cryptocurrency, and will continue to be the case despite the current market outlook, Phong Le told the Wall Street Journal.

Bitcoin price reached highs of $69,000 in November but corrected sharply this month to plummet to lows of $33,000 on Monday.

Although the flagship digital asset has recovered 8% on the day to currently around $36,750, the sell-off pressure remains even as US Federal Reserve looks to hike interest rates and geopolitical tensions in Russia/Ukraine mount.

The negative sentiment cropping from these factors continues to weigh on investors in the stock market, with a cascade effect likely to be felt in the crypto market.

Despite the bearish outlook for the broader crypto market, MicroStrategy isn’t swaying from its strategy, the CFO added.

“To the extent we have excess cash flows or we find other ways to raise money, we continue to put it into Bitcoin,” Le told the WSJ.

MicroStrategy holds close to 125, 000 bitcoins, bought at an average price of $30,159.

Apart from adding to its BTC haul, the company is also eyeing new investments in the Bitcoin-backed bond market. Le said that the publicly traded company will venture into this market probably by 2023, although that would depend on liquidity in the market.

The diversification is part of the firm’s constant hunt for other investment opportunities that would contribute to the shareholder gains in Bitcoin.

Le’s comments come days after MicroStrategy CEO Michael Saylor said in an interview that the company wasn’t prepared to sell any of its Bitcoin. They also come after the company’s stock fell sharply on Monday.

The decline had pushed the stock’s overall losses since Friday to 30%, aligning it with the bloodbath witnessed in crypto and tech stocks. The shares are 35% down year-to-date, with a similar outlook for other crypto-centric companies.

The recent declines came as it was revealed that the US Securities and Exchange Commission (SEC) had rejected MicroStrategy’s non-GAAP accounting measures. This relates to the company’s decision to adjust for BTC impairment losses, which they said would clearly reflect on the software firm’s finances.

After the SEC’s disapproval, the firm noted it would make necessary revisions in future earnings reports, which should probably reflect in its Q4 earnings results on 1 February.

The post MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO appeared first on Coin Journal.