Schlagwort: blockchain analysis

• Litecoin price has slumped in the past few weeks as it ignored key events.

• It went through its third halving that reduced its block rewards last week.

Litecoin price has underperformed the market as the hype surrounding the halving event waned. LTC price dropped to a low of $80, the lowest level since June 21st. It has dropped by more than 28% from the highest point this year. 

Litecoin’s price action is a reflection of the overall performance of the crypto industry. Bitcoin, its biggest peer, has remained at the $29,000 level in the past few weeks. Similarly, the total market cap of all cryptocurrencies has remained at $1.12 trillion.

Litecoin price has ignored several important events in the ecosystem. Last week, it went through halving, a process that reduces the block rewards to miners in its ecosystem. Historically, Litecoin and other cryptocurrencies tend to show some volatility before and after a halving event.

Further, it reacted mildly to last week’s credit rating downgrade of America’s debt by Fitch, one of the big three credit rating agencies. In an ideal situation, the credit rating downgrade should have been a good for Bitcoin and other cryptocurrencies because they are designed to be anti-US dollar.

Meanwhile, on-chain metrics shows that the number of Litecoin transactions has been a bit muted in the past few months. On a positive side, the hash rate has remained at an all-time high of 800 TH/s. 

Hash rate is an important metric that looks at the computational power of a network. In most cases, a strong hash rate means that the network is healthier.

Litecoin price prediction

The future price action of Litecoin price will depend on the performance of Bitcoin since the two have a close correlation. On the daily chart, the LTC price has dropped below the important resistance level at $105.75, the highest point in February. 

Most importantly, Litecoin has formed what looks like a head and shoulders pattern, which is usually a bearish sign. It has also dropped below the 50-day and 200-day moving averages. The two averages are about to make a bearish crossover, which is known as a death cross.

The coin has also formed a bearish flag pattern. Therefore, the outlook for Litecoin price is bearish, with the next level to watch being at $71.20.

How to buy Litecoin

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• Shiba Memu token has raised over $1.64 million from investors.

• It is one of the most popular upcoming crypto tokens in the world.

• It combines key industries like AI and meme coins.

Cryptocurrency prices moved sideways even as American equities jumped. Bitcoin remained slightly above $29,000 while the total market cap dropped by 0.42% to $1.16 trillin. The Dow Jones and the Nasdaq 100 indices jumped by over 0.65% as investors embraced a risk-on sentiment. This article will look at the forecast for key cryptocurrencies like Bitcoin Cash, Algorand, and Shiba Memu.

Shiba Memu prediction

Shiba Memu is an upcoming cryptocurrency that is aiming to combine key technologies like artificial intelligence and meme coins. Its goal is to take advantage of the most hyped industries this year.

In AI, some of the best-performing companies and cryptocurrencies have been in the industry. Some of these firms are Nvidia, Microsoft, and C3.ai while the most popular crypto AI platforms are SingularityNET and Fetch.Ai.

Shiba Memu aims to be a better alternative to other popular cryptocurrencies like Shiba Inu, Dogecoin, and Pepe. It is also taking advantage of AI technology by self-marketing. It will do that by self-responding to user inquiries and grow from their feedback.

Shiba Memu will have several technologies, including Natural Language Processing (NLP), Sentiment analysis, predictive analysis, and personalization among others. 

Shiba Memu’s token sale has gained traction in the past few weeks. It has already raised over $1.6 million from global investors. The price of the token is rising on a daily basis. You can buy the Shiba Memu token here.

Bitcoin Cash price prediction

The 4H chart shows that the BCH price has moved sideways in the past few days. This price action has mirrored that of Bitcoin, which has also dropped from the year-to-date high of $31,388 to $29,000. BCH price has moved slightly above the 25-period and 50-period moving averages.

The price was also slightly above the 38.2% Fibonacci Retracement level. At the same time, the Relative Strength Index (RSI) has moved slightly above the neutral point at 60. Therefore, Bitcoin Cash price will likely remain in this range for a while. The key support and resistance levels to watch will be at $219 and $260.

Algorand price prediction

Algorand has been under pressure in the past few months. This pressure intensified recently when AlgoFi, the biggest DeFi platform in the ecosystem collapsed. ALGO price is consolidating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) drifted upwards.

The Average True Range (ATR) has drifted downwards while the price is above the key support level at $0.1043. Volume has been constrained in the past few weeks. Therefore, the token will likely remain in a tight range in the coming days. The key support and resistance levels to watch will be at $0.10 and $0.12.

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WorldCoin, the new blockchain project started by Sam Altman, is going through major headwinds as regulators remain concerned about data privacy. As a result, the WLD token price has plunged by more than 72% from the highest level this year. The total volume of the tokn traded in exchanges has dropped.

Headwinds continue

WorldCoin was recently launched with a lot of hype, mostly because of its founder, who was the creator of ChatGPT. The key challenge for the network is the data collection part of its operations. 

As part of the strategy, the developers are collecting user data by scanning their iris using the Orb device. Many countries, especially in Europe, have warned the company against collecting its users data.

Authorities in Kenya last week suspended the data collection as thousands of people participated in the process. These people were promised to receive tokens worth about $50. That was a high figure in a country where the youth unemployment rate stands at a record high.

Now, authorities in Kenya have raided a warehouse belonging to WorldCoin. A report by a Kenyan media company said:

“The officers backed by multi-agency officials went to the offices along Mombasa Road armed with a search warrant and broke in Saturday before leaving with machines they believe stores data gathered by the firm.”

In a recent statement, authorities in the UK warned that the company must work in line with the Data Protection Impact Assessment (DPIA) before collecting user data.

“Organisations must conduct a Data Protection Impact Assessment (DPIA) before starting any processing that is likely to result in high risk, such as processing special category biometric data. Where they identify high risks that they cannot mitigate, they must consult the ICO.”

WLD price has lost steam

WorldCoin’s token, WLD, has been in a tight range in the past few days. On the 30-minute chart, we see that the token has formed a double-bottom pattern, which is usually a bullish sign. The token remains below the important resistance level at $2.20, the lowest point on August 1.

Therefore, the token will likely remain in a consolidation phase in the coming days. A bullish breakout will likely see it rise to about $2.20. A break below the support at $2 will invalidate the bullish view.

The post WorldCoin faces renewed headwinds as WLD price retreats appeared first on CoinJournal.

• The July NFP report was more bearish than bullish for the US dollar
• Ethereum keeps failing at  $2,000, but the series of higher lows remains intact
• Only a break below $1,300 would invalidate the bullish setup 

Market participants view the July NFP report released last Friday as neutral. On expectations of 205k new jobs in July, the US economy delivered 187k – an impressive number, close to the estimate. 

Moreover, the unemployment rate declined to 3.5% from 3.6%, indicating that the labor market remains resilient. 

However, details in the report do not offer such an optimistic perspective. For example, most jobs were created in three sectors alone (government, health, and education). Also, the AHE (Average  Hourly Earnings) increased MoM, suggesting that the Fed’s fight against inflation is far from over. 

Furthermore, the previous NFP number was revised down – again. This was the sixth consecutive month when the jobs number was revised down. 

Therefore,  the July NFP report was more bearish than bullish for the US dollar. Yet, the markets did not react on Friday but might do so in the week ahead. 

Ethereum chart by TradingView

Unless ETH/USD breaks below $1,300 the bullish bias continues

The technical picture looks bullish despite Ethereum being in a consolidation area for the last twelve months. More precisely, it looks like the market builds energy to break higher. 

Therefore, the path of least resistance is to break above $2,000. 

However, the market needs to keep the series of higher lows intact to remain bullish. In other words, the bullish bias would quickly turn bearish if the ETH/USD price drops below $1,300. Until then, expect bulls to keep bidding for a break above the $2,000 resistance level. 

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• Cryptocurrencies remained in a consolidation phase this week.

• Trader Joe, GMX, and Casper Network were among the top movers on Friday.

Cryptocurrencies reacted mildly to the latest US jobs numbers published on Friday. Bitcoin is still loitering at the $20,000 level while the volume traded in exchanges has dropped. This article will look at some of the top cryptocurrencies that made some strong moves on Friday, including GMX, Trader Joe, and Casper.

Trader Joe price prediction

Trader Joe is a leading decentralized exchange that was started operations in Avalanche, one of the top chains in the world. The token rose slightly on Friday after the network launched on Ethereum, the biggest player in the industry. This means that the platform is also in Arbitrum and BNB Chain. 

Trader Joe’s JOE token has been in a strong bearish trend in the past few weeks. In this period, it has dropped by more than 29% from the highest point in June. The token has remained below the 25-period and 50-period moving averages (MA). It has formed a falling wedge pattern, which is usually a bullish sign.

JOE price will likely remain in this range during the weekend since the integration of Ethereum will not have an impact on the network. As such, it will remain between the support and resistance levels at $0.30 and $0.32.

GMX price prediction

GMX is a leading decentralized exchange (DEX) that provides perpetual futures products. It is the biggest DEX in Arbitrum, the biggest layer-2 network in the world. The GMX token rose after the developers launched its V2 on Thursday. This new version will introduce more coins like Dogecoin at lower fees.

GMX token has made a strong bullish comeback in the past few days. This recovery started after the token settled at $49.03, the lowest level since June 19th. It has moved above the 25-day moving average.

At the same time, it has formed an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the token will likely resume the bearish trend and retest the support at $49.03.

How to buy GMX token

Casper price prediction

Casper price has made a strong comeback in the past few days. On the four-hour chart, the pair has risen in the past four straight hours. It has moved above the important resistance level at $0.040, the highest level on July 28th.  It then moved to the key resistance point at June 22nd.

Casper token has jumped above the 50-day and 25-day moving averages. The outlook for Casper’s CSPR is bullish, with the next level to watch being at $0.043. This view will be confirmed if the token jumps above the key resistance at $0.041

How to buy Casper

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