Schlagwort: blockchain analysis

• Binance coin has pushed above $295

• Crypto critic Roubini has accused a “shady” Binance

• The cryptocurrency could hit $330 soon, and $360 next

Binance (BNB/USD) pushed above $295, setting the cryptocurrency on the course above $300. The area around $295 has been a minor resistance zone, although BNB has since fallen back to $292. Investors would be curious whether the current slowdown is a correction back, with a price of $330 in sight. But then, Binance has also come under sharp criticism.

Renowned crypto critic Nouriel Roubini thinks the Binance crypto exchange is the same as collapsed FTX. He says Binance is “much worse and shady.” Roubini, nicknamed “Mr. Doom,” accurately predicted the 2008-2009 financial crisis. Thus, his words may have weight in some quarters. 

Roubini opines that Binance has never revealed its head office. In his view, BNB is an even more dangerous investment than FTT, given that FTX already had a known head office in the Bahamas. Describing BNB as the “same scammy vaporware,” Roubini warns that 87% of the cryptocurrency is hidden in a single wallet. He has also raised questions about the control of crypto stashes of Binance.

Further, Roubini has raised concerns over Binance’s audit. He says that the exchange is audited by the same entity as FTX. The economist believes Binance may not have any audits. Roubini points out that recent calls for crypto reserves by Binance CEO are just gimmicks. He warns that Binance customers will lose their money for good.

Amid the harsh words, Binance has shown resilience. A potential recovery of BNB could be underway amid the intra-day correction.

BNB corrects slightly to the $295 zone 

BNB Chart by TradingView

On the daily chart, BNB is correcting after scathing attacks by Roubini. The cryptocurrency trades at or slightly below a minor resistance-turned-support.

The technical indicators are bullish. The MACD indicator initiated a bullish crossover. The RSI has shifted above the midpoint on the entry of buyers.

What next for BNB?

The latest attacks on Binance add pressure, but that could diminish soon. BNB price could stay bullish and eyes $330 next. From there, the next level for the cryptocurrency is $360.

Where to buy BNB

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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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 BNB with Binance today

The post BNB initiates a mini breakout even as economist thinks Binance is the same as FTX appeared first on CoinJournal.

• Cardano native token lost 3% in 24 hours.

• Cardano hit the highest level of assets minted on the blockchain.

• ADA remains on a downtrend and could find lower levels.

The number of assets minted on the Cardano (ADA/USD) blockchain has hit a new milestone of 7,055,456. The increase in the native assets comes after the Vasil hard fork in September. It shows the impact the upgrade has played on attracting users to the Cardano blockchain.

Further statistics show that as of November 25, the number of projects building on Cardano was 1,146. According to Cardano Weekly Report, there were over 55.3 million transactions on the blockchain as of the date. In summary, there are 106 projects launched on the blockchain and 3,759 Plutus scripts.

However, the increase in activity on Cardano has not been reflected in the price. As of press time, ADA was trading down 3% in the last 24 hours. A technical outlook shows that ADA is on a sustained downtrend.

ADA on a downtrend amid increased on-chain activity

ADA/USD Chart by TradingView

Technically, ADA is bearish. The cryptocurrency trades near its lowest level on a descending channel.

Momentum is weak for ADA, with the MACD indicator remaining below the neutral zone. The RSI is near the oversold level, with a reading of 35. 

Is the bottom near for ADA?

There is no clear bottom price for ADA. Although activity is building on the blockchain, investors are still cautious of the native token as the bear market ravages. 

For a potential bullish reversal, ADA buyers must counter the bearish channel. The key level to watch for a bullish reversal is $0.42. This is the established resistance where the ADA price formed multiple bottoms before crashing lower.

Where to buy ADA

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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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 ADA with OKX today Disclaimer

The post Cardano hits a new milestone, but where are the buyers? appeared first on CoinJournal.

• Litecoin has corrected 6% after a bullish week

• Crypto analyst Peter Brandt thinks LTC printed a bullish pattern

• The cryptocurrency remains bullish and could embark on an uptrend after the correction.

Litecoin (LTC/USD) has been gaining strength in the last one week. As CoinJournal reported, the recovery could be contributed by the next Litecoin halving event. The gains saw it initiate a breakout that has been pushing prices higher. However, the price of LTC is correcting, with an intraday loss of 6%. Will the downturn continue?

Veteran crypto trader Peter Brandt believes LTC has initiated a classic charting pattern for an upside. According to the analyst, the appearance of a bullish double pattern followed by an uptrend is a major trend change signal. Brandt says LTC completed the same pattern in November before embarking on a rally that returned 65%.

Brandt further explains why the double bottom for LTC is a classic one. He says, often, traders tend to mislabel double bottoms. In his view, double bottoms need months between lows. He says the depth of the pattern should be more than 20% of the price of the market.

LTC corrects slightly after a bullish breakout

LTC/USD Chart by TradingView

A technical outlook shows that LTC buyers are still in control despite the price slowing from the $80 level. The daily chart shows a short-term bullish trendline has developed since the double bottom at $50.

The MACD indicator is bullish. The RSI has slowed slightly since the cryptocurrency hit overbought levels as the price reached $80. The bulls are still in control as the RSI remains above the midpoint.

What next for LTC?

Litecoin price is in a correction phase rather than a bearish movement. $64 will remain the reference support should LTC continue to correct downsides. However, the area around $70 should also form a crucial bullish reversal zone.

LTC price target remains at $95 in the medium term. This is the established resistance zone. Investors can hold or buy LTC to the level as long as the bullish momentum remains.

Where to buy LTC

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 LTC 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 LTC with OKX today Disclaimer

The post Litecoin prediction as price corrects above a breakout zone appeared first on CoinJournal.

Despite the cryptocurrency bear market, there were some flashes of hope for the major coins. Traders had high expectations with the Ethereum Merge and that helped to spur gains in Ethereum Classic (ETC). For Ripple (XRP) it was the potential end to the long-running SEC court case that has affected the price. Meanwhile, investors looking for something new are snapping up Metacade throughout the project’s presale. The MCADE utility token will provide loads of features like play-to-earn (P2E) and metaverse themes to supercharge future growth.

What is Metacade?

Metacade is an up-and-coming community-driven Web3 platform where gamers and developers can meet to collaborate and have fun with blockchain games. The ultimate goal of the project is a community-built arcade with a vibrant ecosystem for P2E rewards. Developers can win Metagrants for the top game ideas and gamers can test and review these games before they are accepted to the project. All of that will be backed by the MCADE utility token, which will be used for governance votes, but also prize drawings, gaming tournaments, as well as staking.

More on Metacade tokenomics

Staking is the name given to the locking up of tokens in a platform to earn a reward for DeFi projects usually for an annual interest rate. For the Metacade community, that reward is a share of project revenues, which would be paid out in another currency to avoid inflating the utility token. Once those revenue streams are created, there will also be a token-burn mechanism to reduce the number of coins in circulation. The total fixed supply at the launch will be 2 billion MCADE tokens, with 1.4 billion tokens allocated to the presale.

What happened with Ethereum Classic?

With the cryptocurrency bear market, Ethereum Classic (ETC) bottomed out in June at around $15. The project then rallied to $42 ahead of the Ethereum Merge. The Ethereum project upgrade meant that the project was moving from the energy-intensive proof-of-work mining technology to proof-of-stake. For crypto miners that owned proof-of-work hardware, which meant that they needed a new home, ETC was the easy destination. However, the coin has since dropped back to $22.

What is the outlook for Ripple (XRP)?

The price of Ripple (XRP) has also seen a recent rally with the Ripple team hopeful of an end to the SEC court case. The U.S. market regulator had accused Ripple of releasing a security in the same way that stocks are offered. That would mean added regulation for Ripple and many other crypto tokens. The price of XRP also rallied from a low of $0.30 to its current price of $0.50 but has since stalled there.

Why should you invest in Metacade?

The jump in ETC was a short-term pump based on a migration of miners but there is no major appetite for the coin and miners will be disappointed to be mining for small returns. In the case of Ripple, the XRP token has the potential to rally if they get a favourable ruling, but that is just the start of an uphill climb as the project has been distracted by the court case and has not made any recent developments.

On the other hand, Metacade is a new project bringing a new theme to the P2E universe with a community-led arcade. With the right mix of games, the project could attract a huge number of followers and heavy demand for the MCADE token. ETC and XRP saw a decent rally and the latter has the better outlook for further gains, but Metacade could eclipse them both.

Conclusion

The rally in Ethereum Classic (ETC) was based on the short-term trend of the Ethereum Merge as miners migrated to another chain for earnings. The price of Ripple (XRP) was also short-term as traders hoped for a positive result in the SEC case. That is still not assured and even if they get a win, the project has not shown any development over the last two years. Metacade has the potential to surpass both projects on investment returns as the project is creating a community-led P2E gaming project with metaverse potential. That sentence alone should have investors rushing to the token presale.

You can participate in the Metacade pre-sale here.

The post Ripple (XRP) and Ethereum Classic (ETC) Shed Gains as Metacade Presale Attracts Investors appeared first on CoinJournal.

• Polygon token has lost 2% in the day and 6% in a week

• Bulls continue to defend $0.77 amid weak momentum

• We need further price action to ascertain the potential direction for MATIC.

Polygon’s (MATIC/USD) is one of those cryptocurrencies that has endured the bear turbulence quite well. The cryptocurrency looked prime for a sustained recovery after hitting $1.30 in early November. However, a contagion of risks in the crypto sector pushed MATIC to the $0.77 support. As of press time, the token traded at $0.83, with an intraday loss of 2%.

Polygon has been exceptional in terms of onboarding projects into its ecosystem. The latest cryptocurrency news involved Nike launching an NFT marketplace on Polygon. The around-a-week-old development was welcome among the Polygon enthusiasts. Unique addresses on the network hit a record 190.95 million as of November 14. Nike’s partnership underlines big brands courting Polygon for their web3 plans. Meta is another entity that has announced plans to use Polygon for its NFT project. 

The positive developments have allowed MATIC token to stay bullish, although a weekly loss of 6% should not go unnoticed.

MATIC trades with weak momentum, but bulls defend $0.77

MATIC/USD Chart by TradingView

On the daily chart, momentum is weak for MATIC, with the MACD indicator dipping further into the bearish territory.

A recovery above the $0.77 support was curtailed by the 50-day moving average, which has since forced a correction. The cryptocurrency trades below the 20-day and 50-day MA.

What next for MATIC?

The price of MATIC is mixed. The technical indicators show that the cryptocurrency is bearish. However, the bulls have successfully defended a crucial $0.77 support. It means any potential bullish reversal should begin from the level. Further price action is needed to make a bullish or bearish call.

Where to buy MATIC

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 MATIC 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 MATIC with OKX today Disclaimer

The post Has Polygon’s MATIC lost its mojo, or should you buy it now? appeared first on CoinJournal.