Schlagwort: blockchain analysis

• Nifty Gateway officially launches on the Immutable X network.

• IMX has lost nearly 10% of its value and could dip further before the end of the day.

• The broader crypto market continues its poor performance this week.

Nifty Gatesway launches on Immutable X

IMX, the native token of the Immutable X Layer-2 blockchain, is down by more than 9% in the last 24 hours. At press time, the price of Immutable X stands at $0.44 per coin.

Nifty Gateway, a leading NFT marketplace, officially went live on the Immutable X network on Wednesday. According to the Immutable X team, they would work on high-quality games, looking for a premium drop experience provided by Nifty Gateway.

We’re excited to share that @niftygateway is officially live on ImmutableX!

They are the MOST premium marketplace for NFTs. They are expanding beyond art and into gaming #onIMX where we will work together to onboard the next billion users into web3 🧵
https://t.co/tkKUZ6mqV4 pic.twitter.com/AbBgtfpkvd

— Immutable 🅧 – $IMX (@Immutable) December 7, 2022

This latest cryptocurrency news wasn’t enough to get IMX out of its ongoing bearish trend. The broader cryptocurrency market has also been underperforming over the last 48 hours. The total crypto market currently stands at $840 billion, down by 1.6% in the last 24 hours.

 Bitcoin and Ether, the two leading cryptocurrencies by market cap, have also been bearish lately. Bitcoin is down by more than 1% so far today and is trading around $1,680 per coin, while Ether has lost 2.6% of its value and is now trading at $1,229.

Key levels to watch

The IMX/USD 4-hour chart has turned bearish as Immutable X has been underperforming in the last few days. The broader crypto market is outperforming IMX at the moment.

IMX’s MACD line dropped into the negative zone yesterday, indicating that the bears have taken control of the Immutable X market. The 14-day RSI of 39 shows that IMX could enter the oversold region soon.

With the bears in charge, IMX could dip below the $0.3984 support level before the end of the day. However, unless the bulls recover quickly, IMX could slip toward the $0.3761 support level in the near term. 

Where to buy Immutable X now

Huobi

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The post IMX is down by 9% but will it recover soon after Nifty Gateway launches on Immutable X? appeared first on CoinJournal.

• Dogecoin lost 4.58% on Wednesday in a market correction

• The cryptocurrency still holds a bullish bias

• DOGE is a buy on bullish signals at the support zone of $0.09

An intraday loss of 4.58% may not be good news for investors holding Dogecoin (DOGE/USD). However, it rings well in the ears of investors looking to have a piece of the meme cryptocurrency. That’s because DOGE’s slide takes it back to an important breakout level that has now become support. The level is a buy zone as long as DOGE confirms a bullish reversal. It could happen in the next few days.

The trading in DOGE coincides with unending speculation that Twitter will use cryptocurrency as the payment method. Even as most cryptocurrencies continue to struggle, DOGE is giving investors hope that a recovery is on the horizon. Since the FTX-inspired rally, DOGE has been on a slow but sustained recovery. Buyers are also taking note.

DOGE holders’ distribution indicators show that nearly 70% of buyers of the cryptocurrency hold it for more than a year. These are holders convinced of a return to previous all-time highs, unlike short-term traders who exit at the next profit level. But aside from this key fundamental, DOGE is currently attractive to short-term buyers, as the technical indicators below show.

DOGE retests $0.09 for a potential bullish move

DOGE/USD Chart by TradingView

The daily chart outlook shows DOGE retesting the support at $0.09. That comes as the price was rejected at the 50% Fibonacci retracement level, coinciding with a price of $0.10. The slowdown has resulted in a decline in RSI, although the reading remains above the midpoint.

Potential price action at the $0.09 support could usher in an upside. The support also coincides with the 20-day and 50-day moving averages, giving a confluence of price action for DOGE.

What to watch next for DOGE?

Bullish reversal signals at the $0.09 support will validate buying Dogecoin. The reversal will set DOGE for $0.12, the 61.8% Fibonacci retracement zone. 

Where to buy DOGE 

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.

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The post Wait for a bullish confirmation as Dogecoin retests the $0.09 support appeared first on CoinJournal.

• Chainlink fell by 5% on Wednesday amid a staking feature launch

• The cryptocurrency has set $6 as the important support zone

• LINK could continue to slide further, but whale accumulation is a bullish trigger

Chainlink (LINK/USD) staking is now here. According to a tweet on the official Twitter account, Chainlink Staking v0.1 is live on the Ethereum mainnet. The early access program is stated to be available to about 25 million, who can stake and earn rewards. Chainlink says adding the staking feature will improve the network’s security and attract more users.

Apparently, Chainlink staking has been a much-anticipated development. Investors bought LINK massively when the blockchain announced Chainlink 2.0 Economics with the staking service back in April. That underlined the enthusiasm around the new feature, which kicked off on December 06. Consequently, on-chain data shows that whales are accumulating LINK.

According to Santiment, whales and sharks hold the largest percentage of Chainlink tokens in supply in five years. The large investors have accumulated 26.8 million LINK worth $194.3 million in the last two months. That represents an increase of nearly 13%.

Conversely, in the past two months and extending to May, LINK price has defended the $6 support level. The level has become so crucial that buyers have arrested the decline quickly every time sellers try to break below. To buyers, this is the most important level to buy LINK and hold ahead of a potentially explosive move. But as the staking feature launches, LINK has fallen slightly and was down by an intraday of 5%.

LINK struggling at the moving averages

LINK/USD Chart by TradingView

A technical outlook shows LINK trading at or slightly below the 20-day and 50-day moving averages. The RSI has shifted to below the midpoint, suggesting the entry of sellers or profit-taking by buyers.

What next for LINK?

We remain bullish on LINK as long as $6 support continues to hold. With increased buying, it is just a matter of time before we see a bullish LINK. A recovery could occur at the moving averages or $6 support. Wait for bullish reversal signals to buy LINK.

Where to buy LINK 

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 LINK with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy LINK with OKX today Disclaimer

The post Finally! Chainlink gives early access to its staking feature. Who has an edge now? appeared first on CoinJournal.

• League of Kingdom Arena is a Decentraland competitor.

• It combines the concepts of gaming with NFTs. 

• The number of active users in its ecosystem has dropped.

LOKA price has held quite well in the past few days even as user growth in the ecosystem dropped. League of Kingdom’s token rose to a high of $0.5342, which was the highest level since December 1. It has jumped by over 87% from the lowest level in November. 

What is League of Kingdom Arena and why is it rising?

Gaming and NFTs are two of the biggest use cases for the blockchain industry. Their popularity grew during the Covid-19 pandemic as cryptocurrency prices surged and as people remained locked up in their homes. Some of the top blockchain gaming ecosystems were Sandbox and Decentraland.

League of Kingdom Arena is a blockchain gaming and NFT platform built on Ethereum and accelerated in Polygon. In it, the participants fight for dominion and win rewards as they go up the ladder. In addition, since it is a decentralised ecosystem, people can easily participate in their governance by buying LOKA coins.

There are other ways to participate in the League of Kingdom Arena. For example, you can buy your virtual land, which is viewed as a virtual piece of real estate. Holders of this land earn Ethereum rewards. 

Further, users can adopt Drago and start earning $DST coins. The Drag Soul Token is similar to Axie Infinity’s Smooth Love Potion, which is used to fuel the ecosystem. Also, you can buy the LOKA token and take part in its governance.

LOKA price has done well in the past few weeks even as its ecosystem growth has engaged reverse gear. In the past 30 days, the number of unique active wallets (UAW) in its ecosystem has dropped by 13% to 2,000. The number of transactions has dropped by 33k to 2.96k while the volume of these transactions has crashed by 56%. As shown below, the all-time trends of these metrics has not been encouraging. 

LOKA price prediction

LOKA chart by TradingView

The four-hour chart shows that the LOKA price has been in a strong bullish trend in the past few days. It has moved above the ascending trendline shown in black. Also, the coin rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.

In the near term, the League of Kingdom token price will likely continue rising as buyers target the key resistance level at $0.60. In the long term, however, the coin will likely retreat as sellers target the key point at $0.45.

How to buy League of Kingdom

The post LOKA price prediction as League of Kingdom user growth slides appeared first on CoinJournal.

• Synthetix token extended weekly gains on Tuesday by adding another 6%

• The token trades below a descending trendline

• Bears may attempt to force a correction if buyers weaken at $2.0

Synthetix token price (SNX/USD) initiated an accelerated recovery on Tuesday, jumping by an intraday of 6%. The token’s value has now increased by double digits in the past week. The recovery happens from the November lows of $1.57. The cryptocurrency was trading at $1.91 as of press time. Is it too early to make a bull call?

Fundamentally, SNX is earning bullish momentum from a slightly improved crypto sentiment. Most cryptocurrencies traded in the green in the past week despite falling slightly in the last 24 hours. The recoveries in SNX, however, face a snag as the cryptocurrency heads for resistance at the descending trendline.

SNX meets resistance at the descending trendline

SNX/USD Chart by TradingView

Technical indicators are bullish for SNX. The MACD indicator initiated a bullish crossover, despite remaining in the bear zone. The RSI shows improving momentum, and the reading has moved above the 50 midpoint level. That suggests a high demand for SNX.

SNX buyers now face a test at the descending trendline. That should coincide with a price of $2, implying that bulls could remain in control for at least one or two days.

SNX concluding thoughts

Although SNX buyers could remain in control, for now, bulls must overcome bears at the descending trendline. The price is already facing a correction as it approaches the crucial dynamic resistance level. 

If bulls recover above the crucial zone, $2.7 is the next potential resistance for SNX. Conversely, a rejection at the descending trendline could pit SNX back to the $1.5 bottom.

Where to buy SNX

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 SNX with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SNX with OKX today Disclaimer

The post Synthetix token soars 6%, but watch for bear repulse at the descending trendline appeared first on CoinJournal.