Schlagwort: blockchain analysis

• Ethereum regained the $2,000 level
• The market has rallied in 2023 after bouncing from support seen in the $1,200 area
• Despite breaking the lower highs series, a pullback might be in the cards

The bullish momentum in the cryptocurrency market that started in 2023 continued in the second quarter of the year. Ethereum is one of the main beneficiaries, as it recovered the $2,000 level. 

Ethereum’s price almost doubled from the 2022 lows. Then, back in the last days of 2022, Ethereum traded at $1,200, a level that proved to offer strong support. No one hoped for such a rapid rise, but in trading, especially in crypto trading, things can turn around quickly. 

Now that Ethereum trades above the $2,000 level, the big question is – what happens next? The close above $2,000 is significant from a bullish momentum perspective. However, if not sustained by further gains, we might see a pullback in the short to medium term. 

Ethereum chart by TradingView

Why did cryptocurrencies rally? 

It has to do with the weaker US dollar performance over the same period. Sure enough, the dollar topped a bit earlier, in October of last year, whereas the cryptocurrencies continued declining and bottomed a couple of months later. 

But they did catch up with the dollar’s move. As a comparison, back in October 2022, the EUR/USD traded well below parity, around 0.96. However, it closed the year way higher, around 1.06. 

In the meantime, the EUR/USD rally faded, but it was the cryptocurrency market’s turn to rally. Therefore, one might say that the two are connected, and the key to the rally was the weak US dollar. 

Yesterday, Fed’s Bullard said that it favors more rate hikes. If that is the case, the dollar might strengthen in the short and medium term, meaning a lower EUR/USD. Following the same logic as above, cryptocurrencies might give up some of their 2023 gains. 

Therefore, Ethereum may give up the $2,000 level. If that is the case, buyers are expected in the $1,600 area. 

The post Ethereum price forecast after breaking above $2,000 appeared first on CoinJournal.

Gala token jumped sharply on Tuesday after the developers announced a plan of a new airdrop. The token jumped to a high of $0.048, the highest level since March 19th. It has soared by more than 216% from the lowest level in January this year.

Gala airdrop upcoming

The main reason why GALA price jumped sharply is that the developers announced plans to launch an airdrop of the second version of the token. This airdrop will happen on a 1:1 basis to holders of the current version of the GALA token.

In a blog post, the developers explained the reason for this airdrop. They said that the token will be part of its upgrade of the broader ecosystem as it adopts to the Gala smart contracts on Ethereum. Some of the features of the new token are that it will be secure and more user-friendly. It will also introduce a burn mechanism. 

By introducing burning, the developers hope to reduce the overall volume of the tokens and create more value for holders. As part of this transition, the developers cautioned GALA holders that they must remove their tokens from liquidity pools or smart contracts before May 15th. The statement said:

“We envision a bright future for $GALA and the projects that will be built upon it. This new era for our GALA paves the way for a prosperous and thriving ecosystem that benefits all participants.”

Gala Games is one of the leading players in the blockchain industry. It is a gaming, metaverse, and non-fungible token (NFT) platform. Its primary service is that it enables developers to build and deploy games, which users can play in the ecosystem.

Gala Games is also working to launch its own smart chain, known as GalaChain, which will be more secure, faster, and cheaper.

Gala price prediction

The daily chart shows that the GALA token has been in a strong bullish trend in the past few days. It has jumped above the 25-day and 50-day moving averages. It also retested the key resistance point at $0.048, the highest point on March 18.

Therefore, there is a likelihood that the token will continue rising as buyers target the next key resistance point at $0.062, the highest point on January 27. A drop below the support at $0.043 will invalidate the bullish view.

How to buy GALA token

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy GALA with eToro today Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy GALA with Bitstamp today

The post Gala token jumps as focus shifts to the upcoming V2 airdrop appeared first on CoinJournal.

• Injective Protocol’s token has been one of the best performers this year.

• Oscillators like the RSI and Stochastic have become extremely overbought.

INJ, Injective Protocol’s native token, has continued soaring in the past few months as demand for the DeFi-focused network jumped. The token rose to a high of $9.67, the highest point since February 7 of this year. In all, the token has jumped by more than 736% from the lowest level in December. 

Why is Injective Protocol is soaring

Injective Protocol is a fast-growing platform that aims to change the finance industry. It is one of the few protocols that is designed to disrupt the financial sector. It does this by creating a platform where developers can build quality dApps in the financial industry. The platform has low transaction costs and faster speeds.

There are several reasons why the INJ crypto price has been in a strong bullish trend. First, the developers are now running a hackathon that is seeing tens of developers submit their projects. Winners will receive both funding and mentorship from a team of experienced venture capital firms.

The other important Injective news is that it will now be possible to liquid stake INJ tokens. Liquid staking is a technology that makes it possible for people to stake their tokens in an easy and decentralized manner. 

With liquid staking, users can withdraw their tokens before the maturity period. This staking is being made possible by Stride, a leading Lido DAO alternative for the Cosmos ecosystem. It has over $25 million in total value locked (TVL).

The vote of liquid staking has attracted 57% of token holders, with more than 99% of voters being in the affirmative. Injective has an APY of 16.2% this year while the number of bonded tokens has risen to over 35.2 million tokens.

The most recent INJ news was a new proposal that will help it amplify liquid staking by incentivizing stINJ pool on Astroport.

https://twitter.com/AltcoinPsycho/status/1647664708256690177

INJ price prediction

The daily chart shows that the INJ price has been in a strong bullish trend in the past few months. As it rose, the token managed to move above the key psychological levels of $8, $6, and $5. It has also jumped above all moving averages.

However, oscillators show that the token has become extremely overbought. Therefore, at this stage, a risk/reward analysis mean that it is a bit risky to invest in the token for now. As a result, there is a likelihood that it will pull back and retest the key support level at $4.91, which is about 46% below the current level.

How to buy Injective

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy INJ with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy INJ with KuCoin today

The post Here’s why INJ price has soared and why it could dip by 46% appeared first on CoinJournal.

• Bitcoin’s YTD performance exceeds 80%
• Investors were betting on a pennant formation in March 
• The 28k level invalidates the bullish formation

Bitcoin price bounced from the 2022 lows right from the start of 2023. It rallied more than 80% just a few months.

But Bitcoin YTD performance is in danger if the market is not strong enough to push even higher. Investors bought Bitcoin in March and in the first half of April, hoping that Bitcoin price would reach the measured move of a pennant formation.

A pennant is a bullish continuation pattern. It is made of a consolidation that takes the form of a triangle, and before the consolidation, the market must rally.

It did.

Bitcoin chart by TradingView

A similar rally should follow after the bullish breakout from the triangle. Moreover, the price should reach the measured move, seen above in orange, in about the same time it took the market to rally until the triangle’s formation.

28k is the line in the sand for the pennant

A pennant signals “more of the same.” Because it is a bullish pattern, it signals more upside.

But its “beauty” is that it allows traders to incorporate the time element into the analysis. Whenever this is possible, traders have a competitive advantage. Not only do they have an idea about where the price should go, but also when it should reach that level.

The more time passes without the market reaching the measured move, the more likely it is that the pattern will be invalidated. Such an invalidation would occur if the price drops below the 28k area.

Summing up, Bitcoin’s YTD performance is in danger as time is ticking. A failure to hold above 30k brings the 28k invalidation level into focus.

The post Bitcoin’s YTD performance in danger should this pennant fail appeared first on CoinJournal.