Schlagwort: blockchain analysis

Key takeaways

• The crypto market has turned bearish again after a temporary relief on Wednesday.
• HBAR is down 1% but could rally higher amid a bullish outlook.

SWIFT launches live blockchain trials featuring Hedera

HBAR, the native coin of the Hedera blockchain, is down 1.2% in the last 24 hours despite positive development within the ecosystem. At press time, HBAR is trading at $0.235, but could rally higher in the near term.

The negative performance comes despite the global payments network SWIFT launching live blockchain trials featuring Hedera. In addition to that, asset manager Grayscale filed a Delaware trust for HBAR, a move viewed by some as laying groundwork for a future spot HBAR ETF.

However, HBAR’s value hasn’t increased as the broader crypto market is still bleeding. The bearish market conditions can be attributed to the hawkish FOMC minutes released on Thursday. The recent inflation data and the hawkish FOMC minutes have dented hopes of a September rate cut by the Fed. 

This resulted in Bitcoin dropping below $113k while Ether continues to struggle around the $4,200 mark.

HBAR targets $0.25 despite bearish market conditions

The HBAR/USD 4-hour chart is bearish and efficient thanks to the market’s ongoing correction. The technical indicators are also bearish, suggesting that sellers are currently in charge.

The MACD lines are within the negative territory, while the RSI of 42 shows that HBAR’s current outlook is bearish. If the selling pressure continues, HBAR could drop below yesterday’s low and retest the Monthly low of $0.22461. The bulls would defend this support zone, as failure to do so could see HBAR drop massively to the $0.19 region.

However, the positive developments within the Hedera ecosystem could push HBAR’s price higher in the near term. HBAR could target the 4-hour TLQ at $0.243 before attempting to top the $0.25 level for the second time this week.

The post Hedera price prediction: HBAR eyes $0.25 amid SWIFT blockchain trials appeared first on CoinJournal.

Key takeaways

• BNB surged by over 4% in the last 24 hours to hit a new all-time high of $882.
• Binance’s native coin could rally to the $1k psychological level in the medium term.

Binance’s BNB hits a new all-time high

The cryptocurrency market performed positively on Wednesday following two days of steady decline. Bitcoin bounced back to trade above $114k after dropping to the $111k level earlier this week.

Ether, the leading altcoin by market cap, defended its price around the $4,100 support zone and is now trading around $4,300 per coin. However, BNB, Binance’s native coin, stole the headlines after hitting a new all-time high.

BNB added 4% to its value in the last 24 hours and hit a new all-time high price of $882 four hours ago. The positive performance shows BNB’s resilience during the recent market correction, as the coin didn’t record huge losses. This allowed it to immediately bounce back and hit a new all-time high. The new milestone also showcases Binance’s status as the leading cryptocurrency exchange in the world in terms of trading volume, as its BNB coin continues to gain adoption.

BNB’s rally also comes as Bitcoin’s dominance, measuring the largest crypto’s market share in the total market capitalization of digital assets, is on the brink of making a fresh six-month low. The declining Bitcoin dominance signals that smaller, riskier tokens are taking leadership in market gains, with analysts now suggesting that the altcoin season is here.

BNB eyes $1k as bulls regain control

The BNB/USD 4-hour chart is bullish and efficient thanks to BNB’s recent record high. With efficiency gained, BNB could be getting ready for another leg up. The technical indicators suggest that the bulls are also in control of the market.

The RSI of 59 shows that BNB is not yet in the overbought region and has room for growth. The MACD lines are also within the positive territory, suggesting a bullish momentum.

At press time, BNB is trading at $862, down 2% from its all-time high. If the rally continues, BNB could surge to the $900 mark over the next few hours or days. An extended bullish trend could see BNB test the $1k level for the first time in its history.

The post BNB price forecast: BNB sets a new ATH, targets $1k appeared first on CoinJournal.

Key takeaways

• Cardano’s ADA is the worst performer among the top 10, losing 8% of its value in the last 24 hours.
• The coin could recover above $1 soon after retesting the $0.84 low.

ADA retests $0.84 amid bearish PA

The cryptocurrency market has been bearish since the start of the week, and Cardano’s ADA has been the worst performer among the top 10 coins by market cap. ADA is down 8% in the last 24 hours and briefly dropped to the $0.8400 level.

The bearish performance saw ADA retest the TLQ at $0.8400 and could be getting ready for another leg-up after surpassing the $1 psychological mark last week. Its performance coincides with a massive sell-off in the broader crypto market, with Bitcoin briefly dropping below $113k earlier today.

Ether also dropped below $4,200 while XRP and Solana have failed to keep their prices above $3 and $200, respectively.

ADA to hit $1 if the $0.8400 support holds

The ADA/USD 4-hour chart is bullish and efficient despite Cardano losing 8% of its value in the last 24 hours. The technical indicators are switching bearish, suggesting that sellers are currently in control.

The RSI of 44 shows that ADA could be heading into the oversold territory if the bulls don’t regain control. The MACD lines have also crossed over into a bearish region. 

At press time, ADA is trading at $0.8491 as the $0.8400 support level holds. If the support level continues to hold, ADA could surge past the first major resistance level at $0.9570 before surpassing last week’s high of $1.0198.

However, failure to hold the $0.8400 support level could see ADA take out the TLQ and drop to the next major support zone at $0.7685. An extended bearish performance would see ADA retest August’s low of $0.6820.

The post ADA could bounce back after retesting the $0.84 low; Check forecast appeared first on CoinJournal.

Key takeaways

• ETH is down 1.6% in the last 24 hours and has dropped below $4,200.
• The bears are aiming for $4k as the broader crypto market experiences a sell-off.

ETH fails to defend its price above $4,200

Ether, the second-largest cryptocurrency by market cap, failed to hit a new all-time high last week and has since lost 10% of its value. It is currently down by 1.6% in the last 24 hours and now trades at $4,170 per coin.

The bearish performance comes as the broader cryptocurrency market experiences a sell-off. Bitcoin is down 8% since its all-time high milestone last week and temporarily dropped below $113k. XRP has dropped below $3 while Solana has failed to stay above $200.

Analysts believe that profit-taking is one of the primary reasons behind the bearish price action. In an email to Coinjournal, Ruslan Lienkha, chief of markets, YouHodler, stated that,

Profit-taking is indeed occurring at the moment, and in many cases, it reflects disciplined risk management. This is particularly true in the current environment, where institutional discussions increasingly emphasize that we may be entering the later stages of the bull market. A growing number of fund managers point out that U.S. equities appear overvalued, suggesting that the medium-term bullish trend could be approaching its end.

The analyst added that while long-term investors are generally less affected by these short-term dynamics, those operating within medium-term horizons, such as two- to three-year cycles, often adopt relative strategies that encourage them to secure gains when markets look stretched. In this context, realized profits may signal not so much a lack of confidence in further upside, but rather prudent portfolio management in anticipation of potential volatility.

ETH could drop to $4k as bears remain in control

The ETH/USD 4-hour chart has switched bearish despite the Ethereum price reaching a new yearly high of $4,788 on Thursday. The coin failed to continue its upward trend and declined nearly 14% since then. 

At press time on Wednesday, it trades at around $4,170. The technical indicators are bearish, with the RSI (35) and the MACD lines showing a strong sell-off in the market. 

If the daily resistance at $4,232 holds as resistance, ETH could dip towards its next key support at $3,946. An extended bearish run would see Ether retest the $3,300 low for the second time this month.

However, if ETH recovers and closes above the daily resistance at $4,232, the bulls could push its price higher and target the $4,488 level. It would need the support of the broader crypto market to hit the $4,788 yearly high.

The post Ethereum price prediction: ETH could dip to $4k amid bearish PA appeared first on CoinJournal.

Key takeaways

• Binance’s BNB is trading at $845 after adding 1.5% to its value.
• The coin could surge to a new all-time high as the broader crypto market shows signs of a recovery.

BNB tops $845

The cryptocurrency market has had a bearish start to the week, with Bitcoin hitting the $115k level while Ether dropped below $8,200. However, the market is showing signs of recovery, and most altcoins are now in the green.

One of the strongest coins in recent weeks is BNB, Binance’s native coin. BNB hit a new all-time high of $868 five days ago and has generally been bullish since the start of the year. The recent surge saw its all-time high cross the $120 billion mark for the first time in its history.

After dropping to a low of $818 earlier on Monday, BNB has now bounced back above $840 and could rally to a new all-time high in the coming hours or days. BNB’s rally showcases Binance’s status as the largest cryptocurrency in the world in terms of daily trading volume.

BNB targets $900 amid bullish resurgence

The BNB/USD 4-hour chart remains bullish and efficient despite the market’s recent correction. The technical indicators remain bullish, unlike those of other leading cryptocurrencies like BTC and XRP.

The RSI of 54 shows that BNB hasn’t entered into the bearish territory, and the bulls could easily regain control of the market. The MACD lines are also within the bullish zone, suggesting that buyers are currently in control.

If the market recovery continues, BNB could surpass its all-time high price of $868 over the next few hours. An extended rally would allow BNB to touch the $900 mark for the first time in its history. BNB’s medium-term target remains $1,000 as analysts remain extremely bullish on the coin.

However, if the bulls fail to take control, BNB could retest Monday’s low of $818 and drop lower to the TLQ at $793. 

The post Is BNB heading to a new ATH as market recovery begins? Check forecast appeared first on CoinJournal.