Schlagwort: blockchain analysis

Avalanche price collapsed to the lowest level on record as challenges in the crypto industry continued. AVAX dropped to a low of $11.78, which was about 42% below the highest level this month. Its market cap has dropped to about $3.5 billion.

Is AVAX a good buy?

Avalanche is a leading blockchain project that makes it possible for developers to build decentralized applications (dApps).

It is known for its blazingly fast speeds and low transaction costs. It can handle a transaction finality of less than 2 seconds and it uses a proof-of-stake (PoS) technology.

Avalanche has been used to build some of the best-known apps in the industry like Aave, Aleph, Trader Joe, Wonderland, and Benqi among others.

Like other cryptocurrencies, AVAX price has come under intense pressure in the past few days because of the collapse of FTX. Investors are simply fearful about contagion risks in the crypto industry.

FTX collapsed after a bank run happened in its exchange. The bank run happened after a report showed the close relationship between Alameda and FTX. According to its balance sheet, Alameda held FTT tokens worth billions of dollars.

Avalanche price also declined because Trader Joe, a DEX in its ecosystem, was a recipient of FTX’s cash. FTX took part in a fundraising by Joepegs, an NFT platform built by TradeJoe. The funding by FTX was completed in June.

Joepegs has then grown to become the biggest NFT platform in Avalanche with over 12,000 users and $3.4 million in secondary sales. Therefore, there are concerns about Avalanche’s more entanglements with FTX.

Trader Joe has seen its total value locked crash by over 30% in the past 30 days. In total, Avalanche’s TVL has dropped from over $22 billion in 2021 to about $1.9 billion.

Avalanche price prediction

                                                                    Avalanche chart by TradingView

The four-hour chart shows that the AVAX price has been in a strong bearish trend in the past few days. It managed to move below the important support level at $12, which was the lowest level on November 14 and November 9.

The coin has moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved below the oversold level. Therefore, by moving below the support at $12, there is a likelihood that the coin will continue falling as sellers target the next key support at $10.

How to buy Avalanche

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 AVAX with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy AVAX with Skilling today Disclaimer

The post Avalanche price prediction after crossing key support appeared first on CoinJournal.

Ripple (XRP/USD) trades at $0.35. a decline of 7% in the day. For another time, the cryptocurrency was rejected at the $0.4 resistance. However, it should be remembered that positive developments of the Ripple case with SEC were a significant bull trigger. XRP traded at a high of $0.55 in late September, in line with the case direction. However, as cryptocurrencies soil after the FTX collapse, XRP has not been an exception.

Aside from the general crypto mood, XRP is poised for growth if Ripple triumphs against the regulator. Recently, Ripple made a small win after a court allowed amicus briefs in the case. As of the November 18 deadline, 14 had filed their briefs for Ripple and 1 for SEC. The final arguments in the longstanding case will be presented to the presiding judge towards the end of this month. After that, it would take another 2-6 months to conclude the case. Still, a long way to go before the bulls get a chance to ride on a post-determination rally should Ripple win. 

So, what’s at stake now is whether XRP could wither the bear market as investors wait for the outcome. From a technical point of view, XRP has done exemplary well, although it is struggling to make significant gains.

XRP maintains a short-term trendline amid weak momentum

XRP/USD Chart by TradingView

A technical outlook shows XRP trading along the short-term trendline since initiating a recovery slightly above the $30 support. However, the trading pattern should be viewed as largely a consolidation rather than a bullish one.

The RSI remains below the midpoint but shows no oversold conditions for XRP.

Should you buy XRP?

Buyers and sellers of XRP are muscling up between the $0.30 and $0.40 levels. A $0.4 remains a key resistance to watch for a confirmation of bullish momentum.

Alternatively, a break below the short-term trendline could take XRP price back to $0.30. With XRP bulls defending $0.30 since June, it remains the level to watch. A break below $0.30 would confirm a bear market.

Where to buy XRP    

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 XRP with eToro today Disclaimer

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy XRP with Capital.com today Disclaimer

The post XRP continues to struggle amid SEC case developments. What you need to watch next appeared first on CoinJournal.

The Mars Token price has been in a consolidation mode in the past few days as investors assess the future of the coin. MRST was trading at $0.0552, where it has been since Wednesday. This price is about 81% below the highest level this month. 

What is Mars Token?

The metaverse industry is expected to have significant growth in the next few years. Mainstream companies like Facebook and Nvidia have all announced their metaverse strategies. 

Mars Labs is a company that is building metaverse gaming products on Polygon’s network. Polygon is the biggest layer 2 network in the world. It helps to accelerate applications built on Ethereum, which helps to lower their transaction costs and boost speeds.

The game being built by Mars Labs will be based on the theme of the red planet. In it, players will enjoy activities inside the planet, play games, acquire virtual real estate, and communicate with community members. 

MARS token will be the native token for the ecosystem just as SAND is used to power The Sandbox. In the beginning, the coin will have a supply limit of 5 billion coins. The token will go through burning which will help to reduce its supply.

MRST price has retreated even after a series of good news. For example, it was listed by OKX, one of the biggest crypto exchange in the world. OnePlanet also launched a competition that saw users earn thousands of MATIC. KLAYswap also had a giveaway in which it provided 30,000 MRST to participants.

So, will the Mars Token price recover? There are several reasons why it could recover. First, the network has an active community of thousands of fans. Its Twitter account has gained over 96k followers. Second, the price could rebound as it gets listed by more exchanges. Finally, there will likely be momentum toward the launch of the metaverse in 2023.

Mars Token price forecast

                    MRST/USD Chart by TradingView

The hourly chart shows that the MRST price has been in a consolidation phase in the past few days. This could be a sign that it is in a price discovery phase. The coin has formed a symmetrical triangle pattern that is shown in black. It is also consolidating at the 25-day moving average. 

Therefore, there is a likelihood that Mars Token will soon have a breakout or breakdown. In case of a bullish breakout, the coin will rise to the key resistance level at $0.60.

How to buy Mars Token

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 MRST with OKX today Disclaimer

The post Mars Token price analysis: MRST could be the next big thing appeared first on CoinJournal.

Cryptocurrency prices remained on edge this week as the collapse of FTX continued. During the week, Genesis, a leading crypto exchange, suspended its withdrawals briefly. Similarly,  a crypto lender associated with Digital Currency Group (DCG) suspended most of its business. Bitcoin remained at $16,000. Here are the top coins to trade during the weekend: SSV, SafePal, and Chiliz.

SSV price prediction

SSV Network is an upcoming blockchain project that provides distributed validator infrastructure services for developers. It is designed for building high-performance, secure, and decentralized ETH staking applications. Some of the products using its network are Infinite Lux, Swell Network, Ankr, and Stader among others.

SSV price has made a modest recovery in the past few days. This recovery happened after the network partnered and provided a grant to Moonstake. Most importantly, it partnered with Lido, the biggest liquid staking platform in the world. Lido will use its distributed validator technology to scale its operations.

The daily chart shows that SSV price has made a strong recovery in the past few days. In this period, it has managed to move from below the 78.6% retracement to 61.8% retracement point. It is also consolidating at the 25-day and 50-day moving averages. 

Therefore, it is clear that SSV Network is not out of the woods yet. A bull run will be confirmed only when it moves above the two MAs and the 50% Fibonacci Retracement level. Therefore, a pullback cannot be ruled out during the weekend.

                                                                   SSV chart by TradingView

How to buy SSV

Safepal price prediction

Safepal is a crypto wallet that helps protect their cryptocurrencies. It has a hardware crypto wallet and mobile applications that are used by thousands of users. The Safepal price has done well in the past few weeks as it rallied by more than 170% from its lowest level this month. This recovery happened as people moved their coins to secure wallets.

On the daily chart, we see that the SFP price made a strong bullish breakout this week. As it rose, it managed to move above the important resistance level at $0.5985, which was the highest level since August of this year. 

SafePal price also moved above all moving averages while the Relative Strength Index (RSI) moved to the overbought level. Therefore, the coin will likely pull back as investors start taking profits. If this happens, it will likely retest the support at $0.60.

                                                                    SFPUSD chart by TradingView

How to buy Safepal

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 SFP with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy SFP with Swapzone today

Chiliz (CHZ)

Chiliz price has done well in the past few days as the World Cup nears. In this period, it has rallied from a low of $0.1445, which was the lowest level this month. It soared to the current $0.240. 

The coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point. The coin will likely continue soaring as the enthusiasm of the upcoming World Cup event nears. This recovery could see it rise to the important resistance at $0.3066.

                                                            CHZUSD chart by TradingView

How to buy Chiliz

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 CHZ with eToro today Disclaimer

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy CHZ with Capital.com today Disclaimer

The post Crypto price prediction: SSV, SafePal (SFP), Chiliz (CHZ) appeared first on CoinJournal.

Litecoin is outperforming the other major cryptocurrencies so far today and is up by more than 7% in the last 24 hours.

LTC, the native coin of the Litecoin blockchain, is up by more than 7% in the last 24 hours. The coin is currently the best performer amongst the top 100 cryptocurrencies by market cap. At press time, the price of Litecoin stands at $62.15. 

There is no catalyst behind LTC’s ongoing positive performance. The rally comes as the broader crypto market embarks on its recovery after underperforming in the last two days.

The total cryptocurrency market cap stands above $835 billion, up by less than 1% in the last 24 hours. This latest cryptocurrency news comes as Bitcoin attempts to move past the $17k resistance level after rising by roughly 2% today. Ether currently stands at $1,218, up by more than 1% in the previous 24 hours.

Key levels to watch

The LTC/USD 4-hour chart is bullish, as Litecoin has been performing well over the last 24 hours. The technical indicators show that LTC is outperforming the broader cryptocurrency market.

The MACD line crossed into the positive zone a few hours ago, indicating that the bulls have regained control of the Litecoin market.

The 14-day relative strength index stands at 61. If the positive performance continues, LTC could enter the overbought region over the next few hours or days.

If the bullish momentum continues, LTC could move past the first major resistance level at $69.04 before the end of the day.

In the event of an extended bullish performance, Litecoin could surpass the $75 resistance level for the first time this month. However, it would need the support of the broader crypto market to reach that level.

The market is not completely bullish, which means the bears could still regain control. If that happens, LTC could slip below the $57 support level over the weekend. 

Where to buy Litecoin now

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

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy LTC with Skilling today Disclaimer

The post Litecoin targets the $70 resistance level again after adding 7% to its value appeared first on CoinJournal.