Schlagwort: blockchain analysis

Privacy-focused cryptocurrency Dash (DASH/USD) saw increased buyer interest on Wednesday. As cryptocurrencies turned up, the token’s value increased by 20%, one of the strongest. DASH was riding on the positive sentiment, pushing above the $40 resistance.

Dash offers an open-source platform for cheap and fast financial transactions in a decentralised ecosystem. However, unlike other cryptocurrencies, Dash offers an additional layer of privacy for transactions. Native token DASH surpassed an all-time high of $460 in 2021. The strong gains highlighted investors’ speculations on tokens of platforms that offered greater anonymity in crypto. However, as the crypto winter ravaged this year, DASH has gone underwater. Recent intrigues also involve pressure from regulators against privacy-focused protocols.

About a week ago, reports emerged that the European Union was creating an anti-money laundering proposal. The new rules prohibit crypto firms and lenders from allowing privacy coins, DASH, Monero, and Zcash. That follows another legislation earlier in the year in which officials worked to restrict transactions with non-hosted wallets.

It remains to be seen what the future of privacy coins like DASH will look like. It still makes sense to bet on the token as opportunities emerge. But should you be ready to buy DASH now?

DASH breaks above $40 amid intraday gains

DASH/USD Chart by TradingView

Technically, DASH trades at a monthly high of $42. The MACD indicator has initiated a bullish crossover but remains in a bear zone. 

DASH’s short-term momentum is bullish, although the longer-term trend is bearish. A breakout candlestick can be seen towering above the $40 support.

What next for DASH? 

A successful breakout will be confirmed by how the daily candlestick closes. If the candlestick closes above the support, $40 will become a new support and set DASH for further gains. Buyers will target $47 next or higher, depending on the prevailing crypto sentiment and momentum.

On the contrary, the daily candlestick closing below $40 would leave a bearish pin bar. This is a less likely scenario, given the strong breakout by DASH at the key level. The bear scenario would leave the DASH price vulnerable to $35.

Where to buy DASH

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.

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The post DASH returns 20% in a day. Has the cryptocurrency turned bullish? appeared first on CoinJournal.

Wednesday’s relief rally among most cryptocurrencies underlined investors’ confidence was crawling back. Crypto tokens, such as Bitcoin Cash (BCH/USD), had lost key important levels post the collapse of the FTX exchange. However, the latest bullish rally has helped the token of the Bitcoin fork claim an important level at $110. The cryptocurrency traded at a high of $119 before cooling off slightly. At press time, BCH was trading at $115, above the key support level.

The Wednesday gains are believed to be fueled by investors’ expectations about the Federal Reserve’s shift in policy stance. MacroMicro data shows that interest rates may rise slower than previously anticipated. The positive expectations have slightly lifted crypto and stock markets alike, which have shown a positive correlation. Consequently, investors could have slowed their shorts, although this doesn’t tell about the buy side. 

Nonetheless, the latest gains should bring optimism that investors are still betting on digital assets. The recovery of BCH above $110 should, therefore, raise hopes that further gains are likely. But technical pointers tell us that we can’t confirm this yet.

BCH price analysis and outlook as momentum turn bullish

BCH Chart by TradingView

Looking at the MACD indicator, a bullish crossover has occurred, although we are still below the neutral zone. Momentum has slightly improved. 

The RSI indicator has been recovering for a while now and remains above the midpoint. There are no overbought conditions, suggesting a potential further upside.

Should you buy BCH now?

Buying BCH now could be too early. We need to confirm a breakout by observing the close of the daily candlestick. A slight correction is already underway. The close of the daily candlestick below $110 would invalidate a bullish view.

Where to buy BCH

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 BCH 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 BCH with OKX today Disclaimer

The post Bitcoin Cash reclaims $110 support. A reason to be optimistic about further gains? appeared first on CoinJournal.

As the Argentina football team opened its World Cup match on Tuesday against Saudi Arabia, expectations were high. Argentina were clear favourites, boasting of a star-studded team captained by seven times ballon d’or winner Lionel Messi. The match ended in a shock loss, 2-1, with Messi & Co. only to save face in a packed stadium of bewildered fans. The loss took little time to infiltrate into crypto.

Argentine Football Association Fan Token (ARG/USDT) traded at $7.6 before kickoff. It fell sharply to $4.6, indicating how much Football speculations are getting intertwined into cryptocurrencies. Traders are using soccer-related tokens to bet on the success of their favourite teams. Days before Argentina’s match, ARG had peaked at $9.2. As of press time, the token exchanged hands at $5.58, a nearly half price. Is the token a buy on the dip?

Of course, the World Cup is continuing, and the Argentina soccer team will have a chance to redeem itself. The game on November 26 will give fans a chance to gauge the team once more. A strong performance will reassure fans and uplift ARG and vice versa. A bet on the token could return big on a positive outcome.

ARG is attempting recovery above the $4.5 support zone

ARG/USDT Chart by TradingView

Technically, momentum has turned bearish for the ARG token. The MACD indicator remains in the bullish zone. ARG is attempting recovery since nearing the $4.5 support. However, the upside lacks momentum.

Should you buy ARG now?

ARG has kept the $4.5 support to signal that it has not entered a lasting bearish market. The token can go higher if fans maintain above the key level. 

Nonetheless, it should be noted that ARG price is driven by on-field factors and speculations. It is nearly impossible to tell with 100% accuracy that the on-field events will be positive to boost ARG.

Buying ARG now is, thus, very speculative. It could return big and can cause losses too. $4.5 is the level to watch if intending to speculate on the soccer fan token.

Where to buy ARG

The post Football and crypto – Argentina’s fan token halves in value. Should you buy it now? appeared first on CoinJournal.

A relief rally by most cryptocurrencies on Wednesday was welcome after a dull week. As to whether the gains will be sustainable, time will tell. However, Litecoin (LTC/USD) gains were more promising, setting the token among those that could end the year in the green.

Litecoin saw increased social interest on Wednesday, with the cryptocurrency gaining by 27%. In the last one week, LTC has added 35%, setting it on course to higher prices. The latest performance happens amid positive expectations around LTC’s supply dynamics. 

The gains in LTC come around eight months to its third halving event, expected in July 2023. Market analysts are reading the same trend in the run-up to the third halving event. But what is it exactly?

The mining reward halving or simply halving event occurs every four years on the Litecoin blockchain. During the event, a programmed code reduces rewards or payouts to miners by half. In the next event, the rewards will be cut from 12.5 LTC per block to 6.25 LTC. This has the effect of reducing the inflation of LTC.

If history is to repeat itself, then the LTC price will behave as it did in the 2015 and 2019 halving events. Those are the times the cryptocurrency broke from a prolonged downtrend to recover sharply, months ahead of the event.

While the pre-halving rally could be a bit speculative, Santiment data reinforce increased buying of LTC. Whales have scooped over $42.4 million worth of LTC in the last two weeks. That comes after earlier in the month, MoneyGram launched a service letting trade and hold crypto assets. The allowable digital assets were Litecoin, Bitcoin, and Ethereum. 

LTC hits the May highs in a bullish push

LTC/USD Chart by TradingView

On the daily chart, LTC is on a clear bullish momentum after pushing above the $64 resistance. The resistance has been crucial, stopping bulls from taking LTC higher since May. An RSI of 71 implies that LTC could be slightly overbought.

Should you buy LTC? 

A break above $64 welcomes a bullish short- and medium-term run. However, with the overbought conditions, investors would be better off buying on a retracement towards $64. The next potential LTC price target lies at $95.

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.

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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.

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The post Litecoin shoots high after a breakout. Why you should buy LTC in a bear market appeared first on CoinJournal.

The Binance Coin price has staged a strong recovery in the past few days as cryptocurrencies bounce back. BNB coin rose to a high of $300, which was the highest level since November 11 of this year. It has rallied by over 18% from its lowest level this month.

Why is BNB coin rallying

BNB Coin is the native coin for the Binance Smart Chain ecosystem, which is one of the most popular smart chains in the world. The smart contract platform has been used to build some of the best-known players in the industry like Bitgert, Venus, and PancakeSwap.

BNB Smart Chain is the second-biggest smart chain platform in the world after Ethereum. DeFi Llama tracks 502 DeFi apps built on the network. These apps have a combined total value locked of over $7.5 billion. It also has over $10.52 billion worth of stables, compared to Ethereum’s $89 billion and Tron’s $32 billion.

Some of the biggest DeFi apps in Binance are PancakeSwap, Venus, Alpaca Finance, and BiSwap. Still, PancakeSwap has a market dominance of 51%, making it the main driving force of the network. BNB Chain is also used widely in the NFT, gaming, and the metaverse industries.

It is unclear why the BNB coin has staged a strong recovery in the past few days. A possible reason is that its DeFi TVL has jumped by more than 6% in the past 24 hours. Another reason is that investors are simply buying the dip in the coin after it crashed to a multi-month low.

Meanwhile, there is a perception among investors that Binance is a safe ecosystem that won’t crumble like Genesis and FTX.

Another possible reason is that this could be a dead cat bounce. In price action analysis, a dead cat bounce happens when an asset rises sharply after plunging.

Binance Coin price prediction

                Binance Coin chart by TradingView

The four-hour chart also gives another reason why the Binance Coin price staged a comeback. As shown in blue, the coin has been forming a falling wedge pattern. In price action analysis, this pattern is usually one of the most accurate bullish signs. The coin has moved above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved above the overbought level.

Therefore, there is a likelihood that the coin will continue rising as buyers target the key resistance at $325. At the same time, a retest to $275 is also possible. 

How to buy Binance Coin

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.

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